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: 811-21981

American Funds Target Date Retirement Series

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(Address of Principal Executive Offices)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2022

Gregory F. Niland

American Funds Target Date Retirement Series

5300 Robin Hood Road

Norfolk, Virginia 23513

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

American Funds
Target Date Retirement Series^®   Annual report
for the year ended
October 31, 2022  

A balanced approach
that seeks to build
and preserve wealth
through retirement

Depending on the proximity to its target date, each fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. Each fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, each fund seeks to balance total return and stability over time.

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

Fund results shown in this report, unless otherwise indicated, are for Class R-6 shares. Class A share results are shown at net asset value unless otherwise indicated. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.

Here are the average annual total returns on a $1,000 investment for the periods ended September 30, 2022 (the most recent calendar quarter-end). Class A share returns reflect the 5.75% maximum sales charge with all distributions reinvested. Also shown are the expense ratios as of the series prospectus dated January 1, 2023 (unaudited). The expense ratios are restated to reflect current fees.

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime*			Expense ratios
Class R-6 shares
American Funds® 2065 Target Date Retirement Fund		–21.76	%		—			—			10.13	%		0.38	%
American Funds 2060 Target Date Retirement Fund®		–21.77			5.11	%		—			6.40			0.38
American Funds 2055 Target Date Retirement Fund®		–21.59			5.15			8.53	%		8.85			0.38
American Funds 2050 Target Date Retirement Fund®		–21.00			5.31			8.62			6.50			0.38
American Funds 2045 Target Date Retirement Fund®		–20.21			5.36			8.63			6.51			0.37
American Funds 2040 Target Date Retirement Fund®		–19.58			5.34			8.57			6.47			0.36
American Funds 2035 Target Date Retirement Fund®		–18.14			5.17			8.36			6.34			0.35
American Funds 2030 Target Date Retirement Fund®		–16.41			4.42			7.72			5.96			0.33
American Funds 2025 Target Date Retirement Fund®		–14.86			3.95			6.98			5.44			0.32
American Funds 2020 Target Date Retirement Fund®		–13.19			3.41			6.01			4.85			0.30
American Funds 2015 Target Date Retirement Fund®		–12.42			3.16			5.43			4.61			0.30
American Funds 2010 Target Date Retirement Fund®		–11.26			2.98			4.95			4.37			0.28
Class A shares
American Funds® 2065 Target Date Retirement Fund		–26.55	%		—			—			7.15	%		0.77	%
American Funds 2060 Target Date Retirement Fund®		–26.52			3.49	%		—			5.21			0.71
American Funds 2055 Target Date Retirement Fund®		–26.35			3.56			7.54	%		8.00			0.72
American Funds 2050 Target Date Retirement Fund®		–25.79			3.72			7.62			5.75			0.72
American Funds 2045 Target Date Retirement Fund®		–25.09			3.77			7.64			5.76			0.71
American Funds 2040 Target Date Retirement Fund®		–24.47			3.74			7.57			5.73			0.70
American Funds 2035 Target Date Retirement Fund®		–23.16			3.58			7.36			5.60			0.69
American Funds 2030 Target Date Retirement Fund®		–21.51			2.82			6.72			5.21			0.67
American Funds 2025 Target Date Retirement Fund®		–20.01			2.38			5.98			4.70			0.67
American Funds 2020 Target Date Retirement Fund®		–18.48			1.82			5.03			4.10			0.64
American Funds 2015 Target Date Retirement Fund®		–17.62			1.62			4.46			3.86			0.63
American Funds 2010 Target Date Retirement Fund®		–16.59			1.43			3.97			3.61			0.63

* Since February 1,2007,for all funds except 2065 Fund (which commenced operations on March 27,2020),2060 Fund (which commenced operations on March 27, 2015) and 2055 Fund (which commenced operations on February 1, 2010).

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

Contents

1	Letter to investors
4	Results at a glance
6	The value of a $10,000 investment
9	Investment approach for American Funds Target Date Retirement Series
10	Investment portfolios
36	Financial statements
115	Board of trustees and other officers

Fellow investors:

It is our pleasure to present the annual report for the American Funds Target Date Retirement Series for the fiscal year ended October 31, 2022.

All 12 of the funds in the series experienced negative full-year returns, ranging from the 2010 fund’s –10.45% return to the 2060 fund’s –21.51% return. Four funds outpaced their respective S&P Target Date Index (as shown on the table on pages 4 and 5). Over their lifetimes, 11 of the 12 funds in the series exceeded their benchmark’s average annual total return, with the 2035 fund leading by 1.35%.

As of January 1, 2022, the series utilizes the S&P Target Date Index, which more closely reflects how the series is managed, as its primary prospectus benchmark index, as opposed to the S&P Target Date Through Index.

About the series

The American Funds Target Date Retirement Series is managed by the Target Date Solutions Committee, a group of seasoned investment professionals with varied backgrounds, diverse investment approaches and decades of experience. The series is composed of a mix of individual American Funds, employed using an objective-based framework supported by rigorous analysis. The mix of funds initially focuses on growth and becomes more income-oriented near and during retirement. This gradual shift over time is referred to as the “glide path.” This strategic approach and use of broadly diversified funds have helped the series weather challenging market environments.

The economy

Following strong gains for global equities toward the end of the last reporting period (October 2021), the world experienced separate and tumultuous crises going into the first quarter of 2022 and continuing throughout the year. This year we’ve seen record inflation, a bear market leading to a probable recession, the continuation of the COVID-19 pandemic with its far-reaching effects, and a new ground war in Europe that caused global disruption to energy and agriculture markets. All these factors combined had drastic effects on global markets. Such tumultuous events aren’t new, but most haven’t happened for decades, and never all at once.

Despite such strong headwinds, we believe there are still reasons for optimism. Companies and people are remarkably resilient. For example, in response to the natural gas supply shock in Europe, households have lowered thermostats and heavy industry has found alternatives to industrial gas. As a result, the pursuit of sustainability has gained momentum as it becomes clear that resisting change is much riskier than it was formerly perceived to be.

During this reporting period, inflation hit its highest levels in 40 years. In February, the Consumer Price Index climbed 7.9% from the previous year. Gasoline prices surged 38% and grocery spending spiked 8.6%. Excluding food and energy, core inflation rose 6.4%, including a 41.2% increase in used car prices. While we saw a rise in inflation in early 2021, it became a much more significant problem than expected over most of 2022.

Russian tanks rolled into Ukraine in Europe’s first major land war since World War II. Of course, the most dire consequences of war are death, suffering and destruction in the war zone and

The target date funds invest in Class R-6 shares of the underlying funds. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com for more information. The expense ratios include the weighted average expenses of the underlying American Funds.

American Funds Target Date Retirement Series 1

occupied territories. But the war has also had a profound impact on the global economy and markets.

The conflict sent energy prices soaring amid the sabotage of the Nord Stream 1 pipeline and appeals for allied nations to shun Russian oil and gas. The spike in gas prices, the likes of which we haven’t seen since the 1970s, is having huge social and economic costs in Europe. European countries have amassed enough reserves to make it through the winter of 2022–2023, but prices remain high enough to drive many households below the poverty line, putting an immense strain on European governments. Germany, the largest economy in Europe, risks deindustrialization if shortages persist.

Ukraine is a key supplier of grain and, along with Russia, a major provider of fertilizer products. As such, the war has disrupted agricultural markets, triggering a global food crisis — evidenced by a spike in food prices in developed nations and food supply deficiencies in developing mrket countries.

Until this year, the U.K. was seen as a stable country, but economists have noted that it appears to be exhibiting developing-country behavior in the marketplace. The country has been through a complex period of political turmoil that saw a revolving door of prime ministers and controversial tax-cut plans that were ultimately dropped. In October 2022, the U.K. Gilt 30-year bond declined 400 basis points, a loss of nearly half its value for holders of the instrument.

China’s economy declined as well, mainly due to a collapsing property market and to China’s zero-COVID policy. In last year’s annual report, we noted that the property market in China had been shaken, but this subsequently threatened to evolve into a financial crisis. Shutdowns and restrictions due to the zero-COVID policy have had a severe impact on domestic economic activity and global supply chains.

In addition to these events, the challenging global effects of the pandemic, such as severe supply chain problems and a dramatic shrinking of the labor force in most regions, have persisted, dashing hopes for a quick resolution.

As a note on the actions of the U.S. Federal Reserve and other central banks, it might be tempting to assume that the Fed drives market behaviors. However, in practice, the Fed reacts to world events and their impact on economies and markets. With inflation rising to levels not seen since the beginning of the 1980s, the Fed increased its key policy rate by 50 basis points in May, then 75 basis points in June — the largest single rate hike by the U.S. central bank since 1994. Then, the Fed raised the rate another 75 basis points in July and did the same again in September. Many other central banks moved aggressively to hike interest rates as well.

While U.S. gross domestic product declined in the first and second quarters of 2022, it rose 2.6% in the third amid countering increases in wages and inflation. This created signs of hope for long-term economic resilience but did not allay recession fears.

The stock market

Global equity markets realized gains in 2021, fueled by strong returns from growth stocks and ongoing government sti mulus measures. U.S. equities outpaced nearly all other developed markets, with investors shrugging off spiking COVID-19 cases from the highly contagious omicron variant.

However, equity gains faded quickly due to volatility in the new year, caused by higher inflation, rising rates and the Russia-Ukraine war, which accelerated a broad selloff that commenced in late 2021. Despite a robust July rally, stocks fell sharply again in the second and third quarters of 2022, owing to these continuing concerns and slowing global economic growth fueling recession worries.

From the end of last year to May 2022, growth stocks declined more than value stocks, a derailing of a decades-long trend.

The bond market

Fixed income markets came under pressure at the end of 2021 amid rising inflation and central bank actions. The Fed and the Bank of England both hiked rates during the first quarter, and the Fed moved to reduce its bond-buying program, as did other central banks. Bonds declined sharply as high inflation and the initiation of interest rate hikes weighed on fixed income markets. The Bloomberg U.S. Aggregate Index lost 5.93% over the first quarter of 2022. The U.S. Treasury yield curve flattened significantly as short-term rates rose.

Bond markets tumbled around the world in the third quarter as central banks fought inflation with more rate hikes. Some major economies saw consumer prices rise by 8% to 10% annualized, surpassing 40-year highs.

Inside the series

Over the fiscal year, the more conservative 2010, 2015, 2020 and 2025 funds beat their respective S&P Target Date Index. These funds benefited from the relative

2 American Funds Target Date Retirement Series

resiliency of their underlying fixed income funds, resulting in a positive excess return for eight out of the 10 underlying funds.

Despite fiscal-year declines for American High-Income Trust^® (9.45%) and American Funds Mortgage Fund^® (12.54%), both fixed income funds outpaced their benchmarks, by 2.31% and 2.50%, respectively. Capital World Bond Fund^® was the relative laggard among the fixed income funds, declining by 22.07% for the fiscal year versus a 20.79% decline for its benchmark, resulting in a –1.28% excess return.

The series’ underlying equity funds were mixed, as fiscal-year results for growth-oriented funds were negative compared to their benchmarks. While dividend-paying stocks in the series’ underlying equity funds were negative overall, they were mostly positive versus their respective benchmarks. American Mutual Fund^® led with a 12.18% excess return. Over the long term, the series has demonstrated strong results: With the exception of the 2065 fund, all funds beat their respective S&P Target Date Index since inception by an average of 0.70% per year.

Looking forward

Hope for the future should rest on past success. History shows that economies and markets have stronger recoveries following major wars and recessions. The decades following World War II saw flourishing innovation and prosperity. People and markets have shown their ability to endure, and once we get through this difficult time, we could be well-positioned for a similarly prosperous future.

Finally, our 90-year focus on exhaustive, fundamental research and investor well-being is designed for tough times. While no one could have predicted the extreme nature of this year’s turmoil, it is the reason we seek to invest in solid, stable, mature companies that we expect will be able to live up to their commitments.

Careful securities selection remains at the core of our investment process. We continue to encourage you to take a long-term view on investing.

As always, we thank you for your trust in our efforts and look forward to reporting to you next year.

Cordially,

Bradley J. Vogt
President

December 8, 2022

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

American Funds Target Date Retirement Series 3

Results at a glance

For periods ended October 31, 2022, with all distributions reinvested for Class R-6 and A shares

Past results are not predictive of results in future periods.

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime (since 2/1/07)
American Funds 2065 Target Date Retirement Fund
Class R-6 shares		–21.49	%		—			—			12.12	%1
Class A shares		–21.75			—			—			11.72	1
S&P Target Date 2065+ Index		–17.46			—			—			13.82	1
American Funds 2060 Target Date Retirement Fund
Class R-6 shares		–21.51			5.83	%		—			7.09	2
Class A shares		–21.77			5.47			—			6.74	2
S&P Target Date 2060 Index		–17.56			5.33			—			6.44	2
American Funds 2055 Target Date Retirement Fund
Class R-6 shares		–21.30			5.89			9.19	%		9.26	3
Class A shares		–21.58			5.53			8.83			8.91	3
S&P Target Date 2055 Index		–17.52			5.28			8.49			8.68	3
American Funds 2050 Target Date Retirement Fund
Class R-6 shares		–20.64			6.05			9.27			6.84
Class A shares		–20.90			5.69			8.92			6.50
S&P Target Date 2050 Index		–17.50			5.23			8.35			5.68
American Funds 2045 Target Date Retirement Fund
Class R-6 shares		–19.83			6.10			9.28			6.85
Class A shares		–20.08			5.75			8.94			6.51
S&P Target Date 2045 Index		–17.36			5.13			8.13			5.55
American Funds 2040 Target Date Retirement Fund
Class R-6 shares		–19.18			6.06			9.21			6.80
Class A shares		–19.48			5.71			8.85			6.46
S&P Target Date 2040 Index		–17.10			4.92			7.84			5.47
American Funds 2035 Target Date Retirement Fund
Class R-6 shares		–17.84			5.78			8.94			6.63
Class A shares		–18.12			5.44			8.58			6.29
S&P Target Date 2035 Index		–16.50			4.57			7.42			5.28
American Funds 2030 Target Date Retirement Fund
Class R-6 shares		–16.03			4.95			8.21			6.20
Class A shares		–16.35			4.58			7.85			5.86
S&P Target Date 2030 Index		–15.49			4.11			6.84			5.04
American Funds 2025 Target Date Retirement Fund
Class R-6 shares		–14.40			4.44			7.41			5.65
Class A shares		–14.61			4.10			7.05			5.31
S&P Target Date 2025 Index		–14.66			3.65			6.21			4.80

Refer to page 5 for footnotes.

4 American Funds Target Date Retirement Series

Results at a glance (continued)

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime (since 2/1/07)
American Funds 2020 Target Date Retirement Fund
Class R-6 shares		–12.42	%		3.91	%		6.40	%		5.05	%
Class A shares		–12.72			3.55			6.04			4.70
S&P Target Date 2020 Index		–14.42			2.98			5.46			4.45
American Funds 2015 Target Date Retirement Fund
Class R-6 shares		–11.55			3.70			5.80			4.80
Class A shares		–11.83			3.36			5.45			4.44
S&P Target Date 2015 Index		–13.56			2.93			4.97			4.26
American Funds 2010 Target Date Retirement Fund
Class R-6 shares		–10.45			3.48			5.27			4.54
Class A shares		–10.80			3.12			4.91			4.18
S&P Target Date 2010 Index		–13.14			2.61			4.27			3.92
S&P 500 Index		–14.61			10.44			12.79			8.63
MSCI All Country World Index (ACWI) ex USA		–24.73			–0.60			3.27			1.66
Bloomberg U.S. Aggregate Index		–15.68			–0.54			0.74			2.77

The S&P Target Date indexes are a series of unmanaged indexes composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time. The S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. Source: S&P Dow Jones Indices LLC. The MSCI ACWI ex USA Index is a free float-adjusted market capitalization-weighted index designed to measure developed and emerging equity markets excluding the U.S., and its results reflect dividends net of withholding taxes. Source: MSCI. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. Source: Bloomberg Index Services Limited. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the funds have lagged the indexes.

1	For the period March 27, 2020, commencement of 2065 Fund operations, through most recent fiscal year-end.
2	For the period March 27, 2015, commencement of 2060 Fund operations, through most recent fiscal year-end.
3	For the period February 1, 2010, commencement of 2055 Fund operations, through most recent fiscal year-end.

American Funds Target Date Retirement Series 5

The value of a $10,000 investment

How a hypothetical $10,000 investment has grown (for periods ended October 31, 2022, with all distributions reinvested)

Fund results shown are for Class R-6 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge of 5.75% on a $10,000 investment¹; thus, the net amount invested was $9,425. 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.

2065 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			Lifetime (since 3/27/20)
Class R-6 shares		–21.49	%		12.12	%
Class A shares*		–26.24			9.20

* Assumes payment of the maximum 5.75% sales charge.

2060 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			Lifetime (since 3/27/15)
Class R-6 shares		–21.51	%		5.83	%		7.09	%
Class A shares*		–26.25			4.23			5.91

* Assumes payment of the maximum 5.75% sales charge.

2055 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class R-6 shares		–21.30	%		5.89	%		9.19	%
Class A shares*		–26.08			4.29			8.19

* Assumes payment of the maximum 5.75% sales charge.

2050 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class R-6 shares		-20.64	%		6.05	%		9.27	%
Class A shares*		–25.46			4.44			8.27

* Assumes payment of the maximum 5.75% sales charge.

Refer to page 8 for footnotes.

6 American Funds Target Date Retirement Series

2045 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class R-6 shares		–19.83	%		6.10	%		9.28	%
Class A shares*		–24.67			4.50			8.29

* Assumes payment of the maximum 5.75% sales charge.

2040 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class R-6 shares		–19.18	%		6.06	%		9.21	%
Class A shares*		–24.12			4.46			8.20

* Assumes payment of the maximum 5.75% sales charge.

2035 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class R-6 shares		–17.84	%		5.78	%		8.94	%
Class A shares*		–22.83			4.20			7.94

* Assumes payment of the maximum 5.75% sales charge.

2030 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class R-6 shares		–16.03	%		4.95	%		8.21	%
Class A shares*		–21.16			3.35			7.21

* Assumes payment of the maximum 5.75% sales charge.

Refer to page 8 for footnotes.

American Funds Target Date Retirement Series 7

2025 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class R-6 shares		–14.40	%		4.44	%		7.41	%
Class A shares*		–19.53			2.87			6.42

* Assumes payment of the maximum 5.75% sales charge.

2020 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class R-6 shares		–12.42	%		3.91	%		6.40	%
Class A shares*		–17.74			2.33			5.42

* Assumes payment of the maximum 5.75% sales charge.

2015 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class R-6 shares		–11.55	%		3.70	%		5.80	%
Class A shares*		–16.88			2.15			4.83

* Assumes payment of the maximum 5.75% sales charge.

2010 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2022)

	1 year			5 years			10 years
Class R-6 shares		–10.45	%		3.48	%		5.27	%
Class A shares*		–15.93			1.91			4.29

* Assumes payment of the maximum 5.75% sales charge.

1	As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
2	The S&P Target Date Indexes are a series of unmanaged indexes composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time.
3	The investment adviser has in the past reimbursed certain expenses for all share classes. Investment results reflect the reimbursements, without which they would have been lower.

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

8 American Funds Target Date Retirement Series

Investment approach for American Funds Target Date Retirement Series

The funds in this series are designed to balance your long-term needs for total return and stability. Each of the 12 target date funds manages risk over time, adjusting the blend of assets as its target retirement date approaches and passes. Because maximizing growth should be a priority early in one’s investing life, the allocation to growth-oriented funds will be highest during the years furthest from retirement. As one nears and enters retirement, and there may be less time to recover from a severe stock market shock, the funds will increasingly emphasize income-oriented funds.

The chart below shows the anticipated shifts in each target date fund over time. As you can see, even into retirement a fairly substantial portion will remain invested in funds that concentrate on stocks. We believe that with retirement lasting two decades or longer for many people, an equity component makes sense, particularly in the early years of retirement.

What you own

Each of the target date funds is a diversified blend of American Funds, which may include growth, growth-and-income, equity-income, balanced and fixed income funds. The investment portfolios beginning on page 10 show a breakdown of American Funds in each target date fund. Although some of the target date funds have the same initial allocation, those closest to their target retirement date will begin to shift their allocations sooner.

American Funds Target Date Retirement Series glide path

Distinguishing points of our glide path

• The funds in the series are managed for approximately 30 years past retirement so that participants can use a single fund for their entire lives.

• The funds have meaningful equity exposure approaching and throughout retirement to help participants manage the risk of outliving their savings.

• The funds place a growing emphasis on dividends, with the objective of generating income and managing volatility.

Our Target Date Solutions Committee frequently monitors the funds in the series. Investment professionals manage the portfolio, moving it from a more growth-oriented strategy to a more income-oriented focus as the target date gets closer. The target date is the year that corresponds roughly to the year in which an investor is assumed to retire and begin taking withdrawals. The funds may be subject to an allocation approach that does not guarantee investors’ retirement goals will be met. The target allocations shown are as of October 31, 2022, and are subject to the oversight committee’s discretion. The investment adviser anticipates assets will be invested within a range that deviates no more than 10% above or below the allocations shown in the prospectus/characteristics statement. Underlying funds may be added or removed during the year. Visit capitalgroup.com for current allocations. Changes in the equity allocation within the underlying equity-income and balanced funds may affect the overall equity exposure in the target date funds. For quarterly updates of fund allocations, visit americanfundsretirement.com.

American Funds Target Date Retirement Series 9

American Funds 2065 Target Date Retirement Fund

Investment portfolio October 31, 2022

Growth funds 45%	Shares		Value (000)
SMALLCAP World Fund, Inc., Class R-61		1,348,380	$	77,033
New Perspective Fund, Class R-6		1,616,084		77,006
AMCAP Fund, Class R-61		1,760,352		53,902
The Growth Fund of America, Class R-6		1,019,905		53,902
The New Economy Fund, Class R-61		886,870		38,499
New World Fund, Inc., Class R-6		491,766		30,819
EuroPacific Growth Fund, Class R-6		335,566		15,396
				346,557
Growth-and-income funds 38%
Capital World Growth and Income Fund, Class R-6		1,417,992		69,170
Fundamental Investors, Class R-6		1,152,443		69,169
Washington Mutual Investors Fund, Class R-6		1,191,136		61,844
The Investment Company of America, Class R-6		1,297,726		53,765
American Mutual Fund, Class R-6		789,935		38,699
				292,647
Balanced funds 12%
American Balanced Fund, Class R-6		1,638,462		46,204
American Funds Global Balanced Fund, Class R-6		1,492,861		46,204
				92,408
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		3,205,880		38,535
Total investment securities 100% (cost: $899,384,000)				770,147
Other assets less liabilities 0%				(161	)
Net assets 100%			$	769,986

10 American Funds Target Date Retirement Series

American Funds 2065 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 45%
SMALLCAP World Fund, Inc., Class R-61	$	38,455	$	63,778	$	373	$	(48	)	$	(24,779	)	$	77,033	$	—	$	3,703
New Perspective Fund, Class R-6		38,455		60,133		335		(34	)		(21,213	)		77,006		271		2,802
AMCAP Fund, Class R-61		26,918		43,253		153		(15	)		(16,101	)		53,902		—		3,575
The Growth Fund of America, Class R-6		26,918		42,645		203		(25	)		(15,433	)		53,902		117		2,361
The New Economy Fund, Class R-61		19,228		30,870		146		(14	)		(11,439	)		38,499		—		1,565
New World Fund, Inc., Class R-6		15,382		24,144		179		(21	)		(8,507	)		30,819		143		1,085
EuroPacific Growth Fund, Class R-6		7,691		12,262		54		(6	)		(4,497	)		15,396		145		379
														346,557
Growth-and-income funds 38%
Capital World Growth and Income Fund, Class R-6		38,455		48,998		3,677		38			(14,644	)		69,170		1,107		1,978
Fundamental Investors, Class R-6		34,609		47,770		81		(4	)		(13,125	)		69,169		812		3,629
Washington Mutual Investors Fund, Class R-6		30,764		37,084		353		(12	)		(5,639	)		61,844		822		1,964
The Investment Company of America, Class R-6		30,764		35,792		3,746		86			(9,131	)		53,765		654		2,009
American Mutual Fund, Class R-6		19,228		21,732		220		(12	)		(2,029	)		38,699		567		656
														292,647
Balanced funds 12%
American Balanced Fund, Class R-6		19,227		33,364		329		(8	)		(6,050	)		46,204		546		878
American Funds Global Balanced Fund, Class R-6		19,228		35,817		221		(7	)		(8,613	)		46,204		649		1,100
														92,408
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		19,228		25,205		842		(37	)		(5,019	)		38,535		781		—
Total 100%							$	(119	)	$	(166,219	)	$	770,147	$	6,614	$	27,684

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 11

American Funds 2060 Target Date Retirement Fund

Investment portfolio October 31, 2022

Growth funds 45%	Shares		Value (000)
SMALLCAP World Fund, Inc., Class R-61		10,998,092	$	628,321
New Perspective Fund, Class R-6		13,107,769		624,585
AMCAP Fund, Class R-61		14,271,798		437,003
The Growth Fund of America, Class R-6		8,268,731		437,002
The New Economy Fund, Class R-61		7,186,069		311,947
New World Fund, Inc., Class R-6		3,982,587		249,589
EuroPacific Growth Fund, Class R-6		2,710,482		124,357
				2,812,804
Growth-and-income funds 38%
Fundamental Investors, Class R-6		9,384,370		563,250
Capital World Growth and Income Fund, Class R-6		11,439,371		558,013
Washington Mutual Investors Fund, Class R-6		9,744,905		505,955
The Investment Company of America, Class R-6		10,522,333		435,940
American Mutual Fund, Class R-6		6,445,800		315,780
				2,378,938
Balanced funds 12%
American Funds Global Balanced Fund, Class R-6		12,106,674		374,701
American Balanced Fund, Class R-6		13,286,955		374,692
				749,393
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		25,925,367		311,623
Total investment securities 100% (cost: $6,860,717,000)				6,252,758
Other assets less liabilities 0%				(940	)
Net assets 100%			$	6,251,818

12 American Funds Target Date Retirement Series

American Funds 2060 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 45%
SMALLCAP World Fund, Inc., Class R-61	$	591,348	$	330,983	$	925	$	481		$	(293,566	)	$	628,321	$	—	$	50,451
New Perspective Fund, Class R-6		603,869		261,296		926		454			(240,108	)		624,585		3,691		38,177
AMCAP Fund, Class R-61		420,886		195,474		1,698		312			(177,971	)		437,003		—		37,767
The Growth Fund of America, Class R-6		425,249		193,988		2,726		432			(179,941	)		437,002		1,577		31,932
The New Economy Fund, Class R-61		299,182		146,513		459		211			(133,500	)		311,947		—		21,154
New World Fund, Inc., Class R-6		235,623		109,869		370		162			(95,695	)		249,589		1,938		14,633
EuroPacific Growth Fund, Class R-6		117,231		57,637		183		69			(50,397	)		124,357		1,920		4,813
														2,812,804
Growth-and-income funds 38%
Fundamental Investors, Class R-6		538,279		175,738		2,213		390			(148,944	)		563,250		8,852		45,721
Capital World Growth and Income Fund, Class R-6		598,100		182,237		61,306		1,738			(162,756	)		558,013		11,529		27,246
Washington Mutual Investors Fund, Class R-6		478,484		88,951		1,736		328			(60,072	)		505,955		8,814		21,972
The Investment Company of America, Class R-6		478,484		119,135		61,298		3,531			(103,912	)		435,940		6,834		25,677
American Mutual Fund, Class R-6		298,995		40,002		481		176			(22,912	)		315,780		6,184		9,278
														2,378,938
Balanced funds 12%
American Funds Global Balanced Fund, Class R-6		298,855		173,706		4,297		(71	)		(93,492	)		374,701		7,026		15,039
American Balanced Fund, Class R-6		298,856		141,345		1,132		131			(64,508	)		374,692		5,783		11,377
														749,393
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		298,663		66,889		3,895		(90	)		(49,944	)		311,623		8,221		—
Total 100%							$	8,254		$	(1,877,718	)	$	6,252,758	$	72,369	$	355,237

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 13

American Funds 2055 Target Date Retirement Fund

Investment portfolio October 31, 2022

Growth funds 45%	Shares		Value (000)
SMALLCAP World Fund, Inc., Class R-61		20,089,669	$	1,147,724
New Perspective Fund, Class R-6		23,902,158		1,138,938
The Growth Fund of America, Class R-6		16,038,057		847,611
AMCAP Fund, Class R-61		27,679,697		847,552
The New Economy Fund, Class R-61		13,933,176		604,839
New World Fund, Inc., Class R-6		7,725,913		484,183
EuroPacific Growth Fund, Class R-6		5,246,169		240,694
American Funds Global Insight Fund, Class R-6		8,188,573		143,955
				5,455,496
Growth-and-income funds 38%
Fundamental Investors, Class R-6		18,241,430		1,094,851
Capital World Growth and Income Fund, Class R-6		22,215,098		1,083,652
Washington Mutual Investors Fund, Class R-6		18,954,515		984,118
The Investment Company of America, Class R-6		18,869,939		781,782
American Mutual Fund, Class R-6		14,063,232		688,958
				4,633,361
Balanced funds 12%
American Balanced Fund, Class R-6		25,698,848		724,707
American Funds Global Balanced Fund, Class R-6		23,410,618		724,559
				1,449,266
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		49,956,965		600,483
Total investment securities 100% (cost: $12,896,352,000)				12,138,606
Other assets less liabilities 0%				(2,114	)
Net assets 100%			$	12,136,492

14 American Funds Target Date Retirement Series

American Funds 2055 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 45%
SMALLCAP World Fund, Inc., Class R-61	$	1,217,119	$	517,208	$	3,171	$	(480	)	$	(582,952	)	$	1,147,724	$	—	$	102,511
New Perspective Fund, Class R-6		1,242,674		388,335		18,415		1,443			(475,099	)		1,138,938		7,500		77,570
The Growth Fund of America, Class R-6		912,693		332,443		24,355		144			(373,314	)		847,611		3,332		67,484
AMCAP Fund, Class R-61		903,641		320,403		10,118		(942	)		(365,432	)		847,552		—		77,245
The New Economy Fund, Class R-61		640,709		241,608		617		345			(277,206	)		604,839		—		44,642
New World Fund, Inc., Class R-6		499,790		182,311		498		228			(197,648	)		484,183		4,085		30,846
EuroPacific Growth Fund, Class R-6		248,027		96,505		246		99			(103,691	)		240,694		4,020		10,038
American Funds Global Insight Fund, Class R-6		99,751		69,422		100		3			(25,121	)		143,955		904		—
														5,455,496
Growth-and-income funds 38%
Fundamental Investors, Class R-6		1,145,755		257,509		2,556		534			(306,391	)		1,094,851		18,191		95,976
Capital World Growth and Income Fund, Class R-6		1,273,515		268,386		128,080		3,641			(333,810	)		1,083,652		23,413		58,027
Washington Mutual Investors Fund, Class R-6		1,030,140		90,797		10,520		577			(126,876	)		984,118		18,306		46,418
The Investment Company of America, Class R-6		973,813		129,569		128,259		18,999			(212,340	)		781,782		13,014		50,784
American Mutual Fund, Class R-6		686,610		57,328		2,974		244			(52,250	)		688,958		14,044		21,333
														4,633,361
Balanced funds 12%
American Balanced Fund, Class R-6		637,312		221,322		1,313		238			(132,852	)		724,707		11,970		24,214
American Funds Global Balanced Fund, Class R-6		637,292		281,114		775		203			(193,275	)		724,559		14,479		32,060
														1,449,266
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		635,255		97,417		30,571		(2,958	)		(98,660	)		600,483		16,775		—
Total 100%							$	22,318		$	(3,856,917	)	$	12,138,606	$	150,033	$	739,148

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 15

American Funds 2050 Target Date Retirement Fund

Investment portfolio October 31, 2022

Growth funds 44%	Shares		Value (000)
New Perspective Fund, Class R-6		35,755,937	$	1,703,770
SMALLCAP World Fund, Inc., Class R-61		28,128,849		1,607,001
AMCAP Fund, Class R-61		43,249,298		1,324,294
The Growth Fund of America, Class R-6		25,053,742		1,324,090
The New Economy Fund, Class R-61		19,123,767		830,163
New World Fund, Inc., Class R-6		10,252,993		642,555
American Funds Global Insight Fund, Class R-6		27,908,961		490,640
EuroPacific Growth Fund, Class R-6		8,165,261		374,622
				8,297,135
Growth-and-income funds 37%
Fundamental Investors, Class R-6		26,459,673		1,588,110
Washington Mutual Investors Fund, Class R-6		30,472,441		1,582,129
Capital World Growth and Income Fund, Class R-6		32,054,277		1,563,608
American Mutual Fund, Class R-6		26,808,344		1,313,341
The Investment Company of America, Class R-6		24,390,262		1,010,488
				7,057,676
Equity-income funds 2%
The Income Fund of America, Class R-6		9,817,871		223,553
Capital Income Builder, Class R-6		3,686,879		222,945
				446,498
Balanced funds 12%
American Balanced Fund, Class R-6		44,135,932		1,244,633
American Funds Global Balanced Fund, Class R-6		32,836,818		1,016,300
				2,260,933
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		77,521,241		931,805
Total investment securities 100% (cost: $19,581,145,000)				18,994,047
Other assets less liabilities 0%				(3,084	)
Net assets 100%			$	18,990,963

16 American Funds Target Date Retirement Series

American Funds 2050 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 44%
New Perspective Fund, Class R-6	$	1,915,758	$	542,270	$	37,988	$	4,149		$	(720,419	)	$	1,703,770	$	11,361	$	117,500
SMALLCAP World Fund, Inc., Class R-61		1,793,018		660,137		6,489		(24	)		(839,641	)		1,607,001		—		148,261
AMCAP Fund, Class R-61		1,485,765		443,585		17,367		2,652			(590,341	)		1,324,294		—		122,783
The Growth Fund of America, Class R-6		1,502,328		468,136		46,617		4,492			(604,249	)		1,324,090		5,379		108,923
The New Economy Fund, Class R-61		971,361		264,734		1,647		1,063			(405,348	)		830,163		—		66,494
New World Fund, Inc., Class R-6		732,651		190,859		1,305		633			(280,283	)		642,555		5,939		44,849
American Funds Global Insight Fund, Class R-6		493,932		103,192		879		22			(105,627	)		490,640		4,449		—
EuroPacific Growth Fund, Class R-6		406,064		135,127		717		306			(166,158	)		374,622		6,559		16,308
														8,297,135
Growth-and-income funds 37%
Fundamental Investors, Class R-6		1,795,952		265,765		3,164		1,750			(472,193	)		1,588,110		27,769		148,709
Washington Mutual Investors Fund, Class R-6		1,696,143		113,578		20,089		2,218			(209,721	)		1,582,129		29,909		76,021
Capital World Growth and Income Fund, Class R-6		1,916,794		266,013		115,115		4,179			(508,263	)		1,563,608		35,425		90,485
American Mutual Fund, Class R-6		1,342,021		82,211		9,604		983			(102,270	)		1,313,341		27,168		41,265
The Investment Company of America, Class R-6		1,319,485		99,888		140,781		27,304			(295,408	)		1,010,488		17,758		70,487
														7,057,676
Equity-income funds 2%
The Income Fund of America, Class R-6		161,473		88,242		303		75			(25,934	)		223,553		6,019		6,356
Capital Income Builder, Class R-6		161,462		87,240		303		65			(25,519	)		222,945		6,732		—
														446,498
Balanced funds 12%
American Balanced Fund, Class R-6		1,210,697		263,682		2,423		1,089			(228,412	)		1,244,633		20,701		41,988
American Funds Global Balanced Fund, Class R-6		1,042,756		260,503		2,104		548			(285,403	)		1,016,300		21,492		48,696
														2,260,933
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		1,036,889		87,079		31,293		(2,412	)		(158,458	)		931,805		26,723		—
Total 100%							$	49,092		$	(6,023,647	)	$	18,994,047	$	253,383	$	1,149,125

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 17

American Funds 2045 Target Date Retirement Fund

Investment portfolio October 31, 2022

Growth funds 42%	Shares		Value (000)
New Perspective Fund, Class R-6		35,776,392	$	1,704,745
SMALLCAP World Fund, Inc., Class R-61		28,495,258		1,627,934
AMCAP Fund, Class R-61		49,949,638		1,529,458
The Growth Fund of America, Class R-6		28,939,601		1,529,458
The New Economy Fund, Class R-61		20,090,558		872,131
American Funds Global Insight Fund, Class R-6		44,628,879		784,576
New World Fund, Inc., Class R-6		10,429,273		653,603
EuroPacific Growth Fund, Class R-6		9,455,800		433,832
				9,135,737
Growth-and-income funds 35%
Washington Mutual Investors Fund, Class R-6		33,772,425		1,753,464
Fundamental Investors, Class R-6		28,129,680		1,688,343
Capital World Growth and Income Fund, Class R-6		34,075,313		1,662,194
American Mutual Fund, Class R-6		33,768,728		1,654,330
The Investment Company of America, Class R-6		22,853,826		946,834
				7,705,165
Equity-income funds 6%
The Income Fund of America, Class R-6		30,602,824		696,826
Capital Income Builder, Class R-6		9,314,433		563,244
				1,260,070
Balanced funds 12%
American Balanced Fund, Class R-6		58,680,223		1,654,782
American Funds Global Balanced Fund, Class R-6		34,967,178		1,082,234
				2,737,016
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		89,259,957		1,072,905
Total investment securities 100% (cost: $22,320,638,000)				21,910,893
Other assets less liabilities 0%				(3,823	)
Net assets 100%			$	21,907,070

18 American Funds Target Date Retirement Series

American Funds 2045 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 42%
New Perspective Fund, Class R-6	$	2,013,613	$	439,618	$	1,104	$	687		$	(748,069	)	$	1,704,745	$	12,012	$	124,237
SMALLCAP World Fund, Inc., Class R-61		1,827,036		660,000		3,193		(486	)		(855,423	)		1,627,934		—		151,463
AMCAP Fund, Class R-61		1,721,828		490,622		943		599			(682,648	)		1,529,458		—		142,775
The Growth Fund of America, Class R-6		1,735,761		498,896		7,348		(977	)		(696,874	)		1,529,458		6,250		126,555
The New Economy Fund, Class R-61		970,093		313,262		523		341			(411,042	)		872,131		—		66,515
American Funds Global Insight Fund, Class R-6		812,373		143,861		449		11			(171,220	)		784,576		7,142		—
New World Fund, Inc., Class R-6		704,669		220,409		386		188			(271,277	)		653,603		5,648		42,650
EuroPacific Growth Fund, Class R-6		469,879		153,471		253		112			(189,377	)		433,832		7,423		18,505
														9,135,737
Growth-and-income funds 35%
Washington Mutual Investors Fund, Class R-6		1,869,358		117,430		3,115		603			(230,812	)		1,753,464		33,154		84,276
Fundamental Investors, Class R-6		1,913,690		275,940		1,071		612			(500,828	)		1,688,343		29,540		158,163
Capital World Growth and Income Fund, Class R-6		1,898,536		302,326		1,073		521			(538,116	)		1,662,194		37,653		96,233
American Mutual Fund, Class R-6		1,705,113		86,214		9,572		299			(127,724	)		1,654,330		34,248		51,966
The Investment Company of America, Class R-6		1,120,636		83,713		630		312			(257,197	)		946,834		16,846		66,868
														7,705,165
Equity-income funds 6%
The Income Fund of America, Class R-6		665,014		127,184		425		88			(95,035	)		696,826		22,460		25,610
Capital Income Builder, Class R-6		568,398		70,986		333		66			(75,873	)		563,244		21,495		—
														1,260,070
Balanced funds 12%
American Balanced Fund, Class R-6		1,776,670		182,032		2,690		413			(301,643	)		1,654,782		27,611		55,818
American Funds Global Balanced Fund, Class R-6		1,196,455		182,996		690		181			(296,708	)		1,082,234		22,384		50,139
														2,737,016
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		1,188,398		106,880		36,038		(1,832	)		(184,503	)		1,072,905		30,998		—
Total 100%							$	1,738		$	(6,634,369	)	$	21,910,893	$	314,864	$	1,261,773

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 19

American Funds 2040 Target Date Retirement Fund

Investment portfolio October 31, 2022

Growth funds 38%	Shares		Value (000)
AMCAP Fund, Class R-61		62,048,932	$	1,899,938
The Growth Fund of America, Class R-6		35,887,514		1,896,655
New Perspective Fund, Class R-6		39,777,339		1,895,390
SMALLCAP World Fund, Inc., Class R-61		30,664,105		1,751,840
American Funds Global Insight Fund, Class R-6		62,082,397		1,091,409
The New Economy Fund, Class R-61		24,819,225		1,077,403
New World Fund, Inc., Class R-6		10,271,863		643,738
EuroPacific Growth Fund, Class R-6		5,186,164		237,941
				10,494,314
Growth-and-income funds 34%
Fundamental Investors, Class R-6		34,233,938		2,054,721
Capital World Growth and Income Fund, Class R-6		41,596,838		2,029,094
American Mutual Fund, Class R-6		39,665,967		1,943,236
Washington Mutual Investors Fund, Class R-6		34,593,355		1,796,087
The Investment Company of America, Class R-6		26,466,676		1,096,514
International Growth and Income Fund, Class R-6		10,361,597		296,549
				9,216,201
Equity-income funds 7%
The Income Fund of America, Class R-6		48,049,973		1,094,098
Capital Income Builder, Class R-6		13,504,088		816,592
				1,910,690
Balanced funds 13%
American Balanced Fund, Class R-6		77,097,608		2,174,152
American Funds Global Balanced Fund, Class R-6		43,572,111		1,348,557
				3,522,709
Fixed income funds 8%
U.S. Government Securities Fund, Class R-6		112,745,327		1,355,199
American Funds Inflation Linked Bond Fund, Class R-6		49,951,397		481,531
American Funds Multi-Sector Income Fund, Class R-6		36,353,607		317,731
				2,154,461
Total investment securities 100% (cost: $27,361,120,000)				27,298,375
Other assets less liabilities 0%				(4,494	)
Net assets 100%			$	27,293,881

20 American Funds Target Date Retirement Series

American Funds 2040 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 38%
AMCAP Fund, Class R-61	$	2,204,313	$	558,062	$	5,531	$	2,291		$	(859,197	)	$	1,899,938	$	—	$	178,340
The Growth Fund of America, Class R-6		2,222,508		588,175		33,027		(2,976	)		(878,025	)		1,896,655		7,973		161,446
New Perspective Fund, Class R-6		2,177,784		541,652		11,613		378			(812,811	)		1,895,390		12,972		134,165
SMALLCAP World Fund, Inc., Class R-61		2,010,214		697,613		23,377		(7,772	)		(924,838	)		1,751,840		—		165,525
American Funds Global Insight Fund, Class R-6		1,208,373		131,886		2,413		61			(246,498	)		1,091,409		10,630		—
The New Economy Fund, Class R-61		1,230,552		364,443		2,392		1,562			(516,762	)		1,077,403		—		83,853
New World Fund, Inc., Class R-6		766,839		168,417		1,517		737			(290,738	)		643,738		6,102		46,082
EuroPacific Growth Fund, Class R-6		391,082		28,231		41,793		(9,388	)		(130,191	)		237,941		6,052		14,834
														10,494,314
Growth-and-income funds 34%
Fundamental Investors, Class R-6		2,328,486		337,953		6,809		2,187			(607,096	)		2,054,721		35,869		191,635
Capital World Growth and Income Fund, Class R-6		2,311,508		369,247		4,672		2,278			(649,267	)		2,029,094		45,533		116,041
American Mutual Fund, Class R-6		2,169,770		127,421		190,560		(7,002	)		(156,393	)		1,943,236		42,564		66,028
Washington Mutual Investors Fund, Class R-6		2,066,090		147,556		161,682		(8,546	)		(247,331	)		1,796,087		35,925		92,918
The Investment Company of America, Class R-6		1,225,389		154,124		2,482		1,247			(281,764	)		1,096,514		18,639		73,009
International Growth and Income Fund, Class R-6		205,101		174,185		459		155			(82,433	)		296,549		8,079		9,681
														9,216,201
Equity-income funds 7%
The Income Fund of America, Class R-6		1,207,216		129,291		76,323		(7,376	)		(158,710	)		1,094,098		39,144		46,212
Capital Income Builder, Class R-6		902,996		79,812		49,365		(4,168	)		(112,683	)		816,592		33,391		—
														1,910,690
Balanced funds 13%
American Balanced Fund, Class R-6		2,438,726		180,675		39,802		(1,148	)		(404,299	)		2,174,152		37,243		76,155
American Funds Global Balanced Fund, Class R-6		1,515,366		204,089		3,145		818			(368,571	)		1,348,557		28,006		63,377
														3,522,709
Fixed income funds 8%
U.S. Government Securities Fund, Class R-6		1,885,533		299,493		559,044		(67,728	)		(203,055	)		1,355,199		46,629		—
American Funds Inflation Linked Bond Fund, Class R-6		231,563		300,560		499		64			(50,157	)		481,531		8,293		—
American Funds Multi-Sector Income Fund, Class R-6		—		331,961		—		—			(14,230	)		317,731		4,700		—
														2,154,461
Total 100%							$	(104,326	)	$	(7,995,049	)	$	27,298,375	$	427,744	$	1,519,301

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 21

American Funds 2035 Target Date Retirement Fund

Investment portfolio October 31, 2022

Growth funds 29%	Shares		Value (000)
AMCAP Fund, Class R-61		64,516,317	$	1,975,490
The Growth Fund of America, Class R-6		37,244,032		1,968,347
SMALLCAP World Fund, Inc., Class R-61		26,566,588		1,517,749
New Perspective Fund, Class R-6		30,648,803		1,460,415
American Funds Global Insight Fund, Class R-6		70,632,570		1,241,721
The New Economy Fund, Class R-61		12,424,017		539,327
New World Fund, Inc., Class R-6		4,265,134		267,296
				8,970,345
Growth-and-income funds 32%
American Mutual Fund, Class R-6		45,326,884		2,220,564
Capital World Growth and Income Fund, Class R-6		44,691,408		2,180,047
Fundamental Investors, Class R-6		33,898,792		2,034,605
Washington Mutual Investors Fund, Class R-6		33,459,860		1,737,236
The Investment Company of America, Class R-6		30,254,205		1,253,432
International Growth and Income Fund, Class R-6		21,234,183		607,722
				10,033,606
Equity-income funds 8%
The Income Fund of America, Class R-6		54,404,196		1,238,783
Capital Income Builder, Class R-6		18,307,203		1,107,037
				2,345,820
Balanced funds 13%
American Balanced Fund, Class R-6		87,824,519		2,476,652
American Funds Global Balanced Fund, Class R-6		49,441,206		1,530,205
				4,006,857
Fixed income funds 18%
U.S. Government Securities Fund, Class R-6		127,276,947		1,529,869
American Funds Inflation Linked Bond Fund, Class R-6		133,278,267		1,284,802
American Funds Mortgage Fund, Class R-6		103,625,719		907,761
American Funds Multi-Sector Income Fund, Class R-6		90,066,679		787,183

22 American Funds Target Date Retirement Series

American Funds 2035 Target Date Retirement Fund (continued)

Fixed income funds (continued)	Shares		Value (000)
Intermediate Bond Fund of America, Class R-6		43,638,531	$	534,572
American Funds Strategic Bond Fund, Class R-6		36,866,311		348,018
Capital World Bond Fund, Class R-6		22,746,273		348,018
				5,740,223
Total investment securities 100% (cost: $31,229,074,000)				31,096,851
Other assets less liabilities 0%				(5,153	)
Net assets 100%			$	31,091,698

American Funds Target Date Retirement Series 23

American Funds 2035 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 29%
AMCAP Fund, Class R-61	$	2,369,241	$	532,193	$	14,155	$	(2,480	)	$	(909,309	)	$	1,975,490	$	—	$	191,125
The Growth Fund of America, Class R-6		2,387,331		553,293		29,926		(6,384	)		(935,967	)		1,968,347		8,588		173,900
SMALLCAP World Fund, Inc., Class R-61		1,802,270		549,526		15,217		(5,863	)		(812,967	)		1,517,749		—		144,475
New Perspective Fund, Class R-6		1,971,356		210,837		21,534		(3,164	)		(697,080	)		1,460,415		11,759		121,625
American Funds Global Insight Fund, Class R-6		1,294,673		223,668		772		19			(275,867	)		1,241,721		11,482		—
The New Economy Fund, Class R-61		931,023		63,841		99,251		(38,108	)		(318,178	)		539,327		—		63,534
New World Fund, Inc., Class R-6		437,734		29,245		48,333		(2,249	)		(149,101	)		267,296		3,420		25,825
														8,970,345
Growth-and-income funds 32%
American Mutual Fund, Class R-6		2,444,062		134,042		173,235		(9,099	)		(175,206	)		2,220,564		48,273		74,483
Capital World Growth and Income Fund, Class R-6		2,394,290		457,115		1,448		706			(670,616	)		2,180,047		47,560		120,254
Fundamental Investors, Class R-6		2,296,695		336,505		1,383		810			(598,022	)		2,034,605		35,434		189,293
Washington Mutual Investors Fund, Class R-6		1,977,561		136,545		131,586		(7,886	)		(237,398	)		1,737,236		34,531		89,224
The Investment Company of America, Class R-6		1,379,017		190,943		836		427			(316,119	)		1,253,432		21,096		82,281
International Growth and Income Fund, Class R-6		666,145		160,871		397		139			(219,036	)		607,722		20,085		28,011
														10,033,606
Equity-income funds 8%
The Income Fund of America, Class R-6		1,348,346		119,630		43,812		(4,322	)		(181,059	)		1,238,783		43,836		51,289
Capital Income Builder, Class R-6		1,128,616		128,651		1,531		150			(148,849	)		1,107,037		42,634		—
														2,345,820
Balanced funds 13%
American Balanced Fund, Class R-6		2,714,517		226,091		7,384		(471	)		(456,101	)		2,476,652		41,978		85,276
American Funds Global Balanced Fund, Class R-6		1,679,239		270,576		1,050		275			(418,835	)		1,530,205		31,954		71,286
														4,006,857
Fixed income funds 18%
U.S. Government Securities Fund, Class R-6		2,593,375		259,801		979,808		(120,817	)		(222,682	)		1,529,869		60,420		—
American Funds Inflation Linked Bond Fund, Class R-6		929,420		530,801		7,417		3			(168,005	)		1,284,802		33,731		—
American Funds Mortgage Fund, Class R-6		656,826		375,138		425		5			(123,783	)		907,761		14,057		—
American Funds Multi-Sector Income Fund, Class R-6		—		825,678		—		—			(38,495	)		787,183		12,476		—
Intermediate Bond Fund of America, Class R-6		519,070		205,010		123,015		(8,888	)		(57,605	)		534,572		12,727		—
American Funds Strategic Bond Fund, Class R-6		—		376,579		—		—			(28,561	)		348,018		2,209		—
Capital World Bond Fund, Class R-6		654,741		295,555		426,746		(104,625	)		(70,907	)		348,018		16,904		—
														5,740,223
Total 100%							$	(311,822	)	$	(8,229,748	)	$	31,096,851	$	555,154	$	1,511,881

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

24 American Funds Target Date Retirement Series

American Funds 2030 Target Date Retirement Fund

Investment portfolio October 31, 2022

Growth funds 20%	Shares		Value (000)
AMCAP Fund, Class R-61		69,693,807	$	2,134,024
The Growth Fund of America, Class R-6		32,519,979		1,718,681
American Funds Global Insight Fund, Class R-6		70,043,771		1,231,370
SMALLCAP World Fund, Inc., Class R-61		17,999,176		1,028,293
New Perspective Fund, Class R-6		17,820,427		849,143
				6,961,511
Growth-and-income funds 29%
American Mutual Fund, Class R-6		52,014,897		2,548,210
Capital World Growth and Income Fund, Class R-6		51,484,239		2,511,401
Washington Mutual Investors Fund, Class R-6		35,367,325		1,836,272
Fundamental Investors, Class R-6		25,864,884		1,552,410
The Investment Company of America, Class R-6		29,997,496		1,242,796
International Growth and Income Fund, Class R-6		24,284,190		695,014
				10,386,103
Equity-income funds 8%
The Income Fund of America, Class R-6		62,914,808		1,432,570
Capital Income Builder, Class R-6		23,530,614		1,422,896
				2,855,466
Balanced funds 13%
American Balanced Fund, Class R-6		101,111,440		2,851,343
American Funds Global Balanced Fund, Class R-6		56,962,627		1,762,993
				4,614,336
Fixed income funds 30%
American Funds Inflation Linked Bond Fund, Class R-6		202,701,733		1,954,045
U.S. Government Securities Fund, Class R-6		144,278,401		1,734,226
American Funds Mortgage Fund, Class R-6		197,830,594		1,732,996
The Bond Fund of America, Class R-6		130,888,686		1,451,556
Intermediate Bond Fund of America, Class R-6		118,492,284		1,451,530
American Funds Multi-Sector Income Fund, Class R-6		120,293,046		1,051,361
Capital World Bond Fund, Class R-6		45,137,033		690,597
American Funds Strategic Bond Fund, Class R-6		72,089,209		680,522
				10,746,833
Total investment securities 100% (cost: $36,266,403,000)				35,564,249
Other assets less liabilities 0%				(5,938	)
Net assets 100%			$	35,558,311

American Funds Target Date Retirement Series 25

American Funds 2030 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 20%
AMCAP Fund, Class R-61	$	2,489,897	$	647,846	$	37,134	$	(3,168	)	$	(963,417	)	$	2,134,024	$	—	$	203,069
The Growth Fund of America, Class R-6		2,227,142		421,164		69,856		(4,622	)		(855,147	)		1,718,681		7,934		160,651
American Funds Global Insight Fund, Class R-6		1,399,986		121,606		6,170		(201	)		(283,851	)		1,231,370		12,277		—
SMALLCAP World Fund, Inc., Class R-61		1,332,833		295,149		18,289		(1,745	)		(579,655	)		1,028,293		—		104,059
New Perspective Fund, Class R-6		1,087,592		159,954		6,257		1,367			(393,513	)		849,143		6,472		66,935
														6,961,511
Growth-and-income funds 29%
American Mutual Fund, Class R-6		2,806,502		149,957		200,089		(3,711	)		(204,449	)		2,548,210		55,175		85,319
Capital World Growth and Income Fund, Class R-6		2,771,976		518,798		10,084		3,918			(773,207	)		2,511,401		54,648		137,985
Washington Mutual Investors Fund, Class R-6		2,010,672		135,221		61,968		(1,855	)		(245,798	)		1,836,272		35,337		90,496
Fundamental Investors, Class R-6		1,989,437		216,489		138,181		(13,736	)		(501,599	)		1,552,410		29,916		163,224
The Investment Company of America, Class R-6		1,467,648		119,617		9,080		1,384			(336,773	)		1,242,796		22,017		87,355
International Growth and Income Fund, Class R-6		763,938		184,143		2,249		766			(251,584	)		695,014		23,039		31,957
														10,386,103
Equity-income funds 8%
The Income Fund of America, Class R-6		1,547,141		128,432		31,710		(526	)		(210,767	)		1,432,570		50,056		58,371
Capital Income Builder, Class R-6		1,548,337		98,889		25,537		40			(198,833	)		1,422,896		56,888		—
														2,855,466
Balanced funds 13%
American Balanced Fund, Class R-6		3,139,775		243,752		9,591		4,336			(526,929	)		2,851,343		48,190		97,507
American Funds Global Balanced Fund, Class R-6		1,941,771		301,738		5,931		1,561			(476,146	)		1,762,993		36,317		81,279
														4,614,336
Fixed income funds 30%
American Funds Inflation Linked Bond Fund, Class R-6		1,693,463		564,744		23,510		605			(281,257	)		1,954,045		60,668		—
U.S. Government Securities Fund, Class R-6		2,579,873		211,718		702,095		(87,489	)		(267,781	)		1,734,226		61,349		—
American Funds Mortgage Fund, Class R-6		1,938,075		174,227		95,945		(6,489	)		(276,872	)		1,732,996		31,957		—
The Bond Fund of America, Class R-6		746,663		913,318		2,418		77			(206,084	)		1,451,556		28,223		4,185
Intermediate Bond Fund of America, Class R-6		2,334,662		331,021		975,463		(83,108	)		(155,582	)		1,451,530		46,187		—
American Funds Multi-Sector Income Fund, Class R-6		—		1,102,708		—		—			(51,347	)		1,051,361		16,714		—
Capital World Bond Fund, Class R-6		1,926,060		266,671		1,071,746		(257,643	)		(172,745	)		690,597		43,379		—
American Funds Strategic Bond Fund, Class R-6		—		740,486		—		—			(59,964	)		680,522		4,670		—
														10,746,833
Total 100%							$	(450,239	)	$	(8,273,300	)	$	35,564,249	$	731,413	$	1,372,392

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

26 American Funds Target Date Retirement Series

American Funds 2025 Target Date Retirement Fund

Investment portfolio October 31, 2022

Growth funds 11%	Shares		Value (000)
AMCAP Fund, Class R-61		40,840,644	$	1,250,541
American Funds Global Insight Fund, Class R-6		50,070,564		880,241
The Growth Fund of America, Class R-6		9,307,965		491,926
SMALLCAP World Fund, Inc., Class R-61		4,507,360		257,505
New Perspective Fund, Class R-6		5,359,372		255,374
				3,135,587
Growth-and-income funds 26%
American Mutual Fund, Class R-6		39,286,102		1,924,626
Capital World Growth and Income Fund, Class R-6		38,905,100		1,897,791
Washington Mutual Investors Fund, Class R-6		29,168,862		1,514,447
Fundamental Investors, Class R-6		14,859,443		891,864
The Investment Company of America, Class R-6		21,503,331		890,883
International Growth and Income Fund, Class R-6		14,449,098		413,533
				7,533,144
Equity-income funds 11%
The Income Fund of America, Class R-6		81,275,506		1,850,643
Capital Income Builder, Class R-6		21,984,217		1,329,386
				3,180,029
Balanced funds 12%
American Balanced Fund, Class R-6		83,344,528		2,350,316
American Funds Global Balanced Fund, Class R-6		41,915,601		1,297,288
				3,647,604
Fixed income funds 40%
The Bond Fund of America, Class R-6		194,446,078		2,156,407
American Funds Inflation Linked Bond Fund, Class R-6		211,896,870		2,042,686
Intermediate Bond Fund of America, Class R-6		129,961,188		1,592,025
American Funds Mortgage Fund, Class R-6		180,141,617		1,578,041

American Funds Target Date Retirement Series 27

American Funds 2025 Target Date Retirement Fund (continued)

Fixed income funds (continued)	Shares		Value (000)
U.S. Government Securities Fund, Class R-6		118,063,021	$	1,419,117
American Funds Multi-Sector Income Fund, Class R-6		118,062,641		1,031,867
American Funds Strategic Bond Fund, Class R-6		76,019,501		717,624
Capital World Bond Fund, Class R-6		37,093,660		567,533
American High-Income Trust, Class R-6		55,512,100		500,719
				11,606,019
Total investment securities 100% (cost: $29,538,612,000)				29,102,383
Other assets less liabilities 0%				(5,145	)
Net assets 100%			$	29,097,238

28 American Funds Target Date Retirement Series

American Funds 2025 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 11%
AMCAP Fund, Class R-61	$	1,749,950	$	197,881	$	72,187	$	(5,811	)	$	(619,292	)	$	1,250,541	$	—	$	128,663
American Funds Global Insight Fund, Class R-6		986,036		92,607		1,149		29			(197,282	)		880,241		8,663		—
The Growth Fund of America, Class R-6		939,773		69,288		178,430		(2,474	)		(336,231	)		491,926		3,261		66,027
SMALLCAP World Fund, Inc., Class R-61		472,349		36,947		55,715		(26,379	)		(169,697	)		257,505		—		36,947
New Perspective Fund, Class R-6		485,336		32,428		98,662		15,166			(178,894	)		255,374		2,859		29,569
														3,135,587
Growth-and-income funds 26%
American Mutual Fund, Class R-6		2,279,860		130,449		326,286		6,662			(166,059	)		1,924,626		43,184		69,438
Capital World Growth and Income Fund, Class R-6		2,244,124		318,084		43,670		(7,939	)		(612,808	)		1,897,791		43,766		111,918
Washington Mutual Investors Fund, Class R-6		1,717,679		116,433		111,805		(2,888	)		(204,972	)		1,514,447		29,846		76,458
Fundamental Investors, Class R-6		1,012,406		152,451		10,347		(116	)		(262,530	)		891,864		15,627		83,393
The Investment Company of America, Class R-6		1,031,373		107,647		12,638		(1,205	)		(234,294	)		890,883		15,577		61,502
International Growth and Income Fund, Class R-6		538,693		48,704		2,733		77			(171,208	)		413,533		15,196		22,577
														7,533,144
Equity-income funds 11%
The Income Fund of America, Class R-6		1,824,963		285,236		4,487		676			(255,745	)		1,850,643		60,923		68,832
Capital Income Builder, Class R-6		1,441,339		75,828		2,270		461			(185,972	)		1,329,386		52,782		—
														3,180,029
Balanced funds 12%
American Balanced Fund, Class R-6		2,669,812		172,328		48,681		(2,258	)		(440,885	)		2,350,316		40,786		83,066
American Funds Global Balanced Fund, Class R-6		1,532,480		132,191		1,821		544			(366,106	)		1,297,288		27,937		63,326
														3,647,604
Fixed income funds 40%
The Bond Fund of America, Class R-6		2,047,668		557,644		34,431		(3,827	)		(410,647	)		2,156,407		57,343		10,664
American Funds Inflation Linked Bond Fund, Class R-6		1,900,996		506,706		61,994		(2,006	)		(301,016	)		2,042,686		67,768		—
Intermediate Bond Fund of America, Class R-6		2,981,947		168,098		1,277,313		(100,573	)		(180,134	)		1,592,025		54,177		—
American Funds Mortgage Fund, Class R-6		1,770,237		121,643		55,988		(3,966	)		(253,885	)		1,578,041		29,140		—
U.S. Government Securities Fund, Class R-6		1,862,900		90,854		266,969		(33,208	)		(234,460	)		1,419,117		45,265		—
American Funds Multi-Sector Income Fund, Class R-6		—		1,082,178		—		—			(50,311	)		1,031,867		16,410		—
American Funds Strategic Bond Fund, Class R-6		—		780,642		—		—			(63,018	)		717,624		4,895		—
Capital World Bond Fund, Class R-6		1,631,184		184,716		889,561		(206,677	)		(152,129	)		567,533		36,462		—
American High-Income Trust, Class R-6		633,233		204,699		229,422		(30,999	)		(76,792	)		500,719		34,790		—
														11,606,019
Total 100%							$	(406,711	)	$	(6,124,367	)	$	29,102,383	$	706,657	$	912,380

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 29

American Funds 2020 Target Date Retirement Fund

Investment portfolio October 31, 2022

Growth funds 4%	Shares		Value (000)
American Funds Global Insight Fund, Class R-6		22,086,160	$	388,275
AMCAP Fund, Class R-61		9,504,434		291,026
				679,301
Growth-and-income funds 23%
American Mutual Fund, Class R-6		19,443,863		952,555
Capital World Growth and Income Fund, Class R-6		17,497,406		853,524
Washington Mutual Investors Fund, Class R-6		15,325,601		795,705
The Investment Company of America, Class R-6		11,609,858		480,996
Fundamental Investors, Class R-6		8,003,922		480,395
International Growth and Income Fund, Class R-6		2,294,715		65,675
				3,628,850
Equity-income funds 16%
The Income Fund of America, Class R-6		71,868,337		1,636,442
Capital Income Builder, Class R-6		14,574,761		881,336
				2,517,778
Balanced funds 12%
American Balanced Fund, Class R-6		45,294,145		1,277,295
American Funds Global Balanced Fund, Class R-6		20,455,199		633,088
				1,910,383
Fixed income funds 45%
American Funds Inflation Linked Bond Fund, Class R-6		128,047,931		1,234,382
The Bond Fund of America, Class R-6		111,147,147		1,232,622
Intermediate Bond Fund of America, Class R-6		75,509,247		924,988
American Funds Mortgage Fund, Class R-6		105,417,948		923,461
U.S. Government Securities Fund, Class R-6		64,107,785		770,576
American Funds Multi-Sector Income Fund, Class R-6		71,742,462		627,029
American High-Income Trust, Class R-6		52,766,845		475,957
American Funds Strategic Bond Fund, Class R-6		48,280,247		455,765
Capital World Bond Fund, Class R-6		19,893,839		304,376
				6,949,156
Total investment securities 100% (cost: $15,635,480,000)				15,685,468
Other assets less liabilities 0%				(2,873	)
Net assets 100%			$	15,682,595

30 American Funds Target Date Retirement Series

American Funds 2020 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 4%
American Funds Global Insight Fund, Class R-6	$	513,980	$	4,909	$	32,014	$	(3,022	)	$	(95,578	)	$	388,275	$	4,475	$	—
AMCAP Fund, Class R-61		455,026		42,565		50,611		(2,376	)		(153,578	)		291,026		—		32,219
														679,301
Growth-and-income funds 23%
American Mutual Fund, Class R-6		1,166,655		73,251		211,293		33,298			(109,356	)		952,555		21,523		34,684
Capital World Growth and Income Fund, Class R-6		1,087,793		176,576		116,272		(4,823	)		(289,750	)		853,524		20,775		53,784
Washington Mutual Investors Fund, Class R-6		973,925		81,124		151,568		20,759			(128,535	)		795,705		16,103		40,850
The Investment Company of America, Class R-6		588,463		68,583		45,932		2,714			(132,832	)		480,996		8,625		34,168
Fundamental Investors, Class R-6		588,468		81,016		39,895		1,494			(150,688	)		480,395		8,818		47,373
International Growth and Income Fund, Class R-6		120,693		7,893		29,248		2,542			(36,205	)		65,675		2,881		5,012
														3,628,850
Equity-income funds 16%
The Income Fund of America, Class R-6		1,852,862		163,667		140,131		(86	)		(239,870	)		1,636,442		57,615		68,519
Capital Income Builder, Class R-6		1,037,879		44,528		76,792		2,338			(126,617	)		881,336		36,453		—
														2,517,778
Balanced funds 12%
American Balanced Fund, Class R-6		1,550,498		70,102		95,507		(1,830	)		(245,968	)		1,277,295		22,747		47,355
American Funds Global Balanced Fund, Class R-6		767,977		54,250		8,504		436			(181,071	)		633,088		13,797		31,371
														1,910,383
Fixed income funds 45%
American Funds Inflation Linked Bond Fund,
Class R-6		1,327,250		235,038		134,042		(179	)		(193,685	)		1,234,382		46,215		—
The Bond Fund of America, Class R-6		1,529,179		89,139		115,196		(8,312	)		(262,188	)		1,232,622		37,572		7,627
Intermediate Bond Fund of America, Class R-6		1,715,701		75,506		707,461		(45,723	)		(113,035	)		924,988		30,472		—
American Funds Mortgage Fund, Class R-6		1,142,578		31,954		95,790		(7,543	)		(147,738	)		923,461		17,493		—
U.S. Government Securities Fund, Class R-6		951,938		31,396		74,082		(6,903	)		(131,773	)		770,576		23,184		—
American Funds Multi-Sector Income Fund, Class R-6		—		667,285		9,427		(356	)		(30,473	)		627,029		10,074		—
American High-Income Trust, Class R-6		956,034		53,700		402,393		(46,247	)		(85,137	)		475,957		42,069		—
American Funds Strategic Bond Fund, Class R-6		—		496,088		—		—			(40,323	)		455,765		3,127		—
Capital World Bond Fund, Class R-6		946,186		64,640		506,570		(105,299	)		(94,581	)		304,376		20,442		—
														6,949,156
Total 100%							$	(169,118	)	$	(2,988,981	)	$	15,685,468	$	444,460	$	402,962

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 31

American Funds 2015 Target Date Retirement Fund

Investment portfolio October 31, 2022

Growth funds 1%	Shares		Value (000)
American Funds Global Insight Fund, Class R-6		2,456,939	$	43,193
AMCAP Fund, Class R-61		717,287		21,963
				65,156
Growth-and-income funds 21%
American Mutual Fund, Class R-6		6,183,062		302,908
Capital World Growth and Income Fund, Class R-6		5,150,587		251,246
Washington Mutual Investors Fund, Class R-6		4,297,652		223,134
The Investment Company of America, Class R-6		3,684,543		152,650
Fundamental Investors, Class R-6		2,044,781		122,728
				1,052,666
Equity-income funds 19%
The Income Fund of America, Class R-6		28,132,130		640,569
Capital Income Builder, Class R-6		5,003,737		302,576
				943,145
Balanced funds 12%
American Balanced Fund, Class R-6		13,417,190		378,365
American Funds Global Balanced Fund, Class R-6		6,473,469		200,354
				578,719
Fixed income funds 47%
The Bond Fund of America, Class R-6		37,705,949		418,159
American Funds Inflation Linked Bond Fund, Class R-6		40,523,442		390,646
Intermediate Bond Fund of America, Class R-6		30,762,348		376,839
American Funds Mortgage Fund, Class R-6		33,564,306		294,023
American Funds Multi-Sector Income Fund, Class R-6		22,858,197		199,780
American Funds Strategic Bond Fund, Class R-6		18,180,426		171,623
American High-Income Trust, Class R-6		17,070,713		153,978
Short-Term Bond Fund of America, Class R-6		14,892,364		139,988
U.S. Government Securities Fund, Class R-6		8,583,092		103,169
Capital World Bond Fund, Class R-6		6,360,705		97,319
				2,345,524
Total investment securities 100% (cost: $4,864,633,000)				4,985,210
Other assets less liabilities 0%				(957	)
Net assets 100%			$	4,984,253

32 American Funds Target Date Retirement Series

American Funds 2015 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 1%
American Funds Global Insight Fund, Class R-6	$	75,185	$	651	$	19,278	$	(1,893	)	$	(11,472	)	$	43,193	$	651	$	—
AMCAP Fund, Class R-61		39,039		2,741		6,433		(1,675	)		(11,709	)		21,963		—		2,741
														65,156
Growth-and-income funds 21%
American Mutual Fund, Class R-6		361,928		28,184		63,310		10,214			(34,108	)		302,908		6,778		10,821
Capital World Growth and Income Fund, Class R-6		301,167		63,816		30,191		(2,824	)		(80,722	)		251,246		5,952		15,046
Washington Mutual Investors Fund, Class R-6		277,949		23,482		47,384		7,833			(38,746	)		223,134		4,601		11,738
The Investment Company of America, Class R-6		181,974		24,411		12,966		(106	)		(40,663	)		152,650		2,709		10,695
Fundamental Investors, Class R-6		157,924		20,953		16,308		(378	)		(39,463	)		122,728		2,356		12,823
														1,052,666
Equity-income funds 19%
The Income Fund of America, Class R-6		748,636		66,022		79,266		641			(95,464	)		640,569		22,953		27,687
Capital Income Builder, Class R-6		361,747		15,450		31,766		1,749			(44,604	)		302,576		12,644		—
														943,145
Balanced funds 12%
American Balanced Fund, Class R-6		461,980		20,814		30,820		(1,310	)		(72,299	)		378,365		6,762		14,052
American Funds Global Balanced Fund, Class R-6		239,792		19,516		2,356		(276	)		(56,322	)		200,354		4,330		9,837
														578,719
Fixed income funds 47%
The Bond Fund of America, Class R-6		474,983		47,599		16,781		(1,631	)		(86,011	)		418,159		12,155		2,394
American Funds Inflation Linked Bond Fund, Class R-6		415,777		64,122		27,813		(429	)		(61,011	)		390,646		14,565		—
Intermediate Bond Fund of America, Class R-6		648,962		45,526		254,509		(19,799	)		(43,341	)		376,839		12,156		—
American Funds Mortgage Fund, Class R-6		356,436		8,105		21,180		(2,158	)		(47,180	)		294,023		5,563		—
American Funds Multi-Sector Income Fund, Class R-6		—		212,339		2,748		(102	)		(9,709	)		199,780		3,204		—
American Funds Strategic Bond Fund, Class R-6		—		186,808		—		—			(15,185	)		171,623		1,178		—
American High-Income Trust, Class R-6		298,208		14,105		116,891		(19,652	)		(21,792	)		153,978		13,276		—
Short-Term Bond Fund of America, Class R-6		110,155		42,990		5,128		(287	)		(7,742	)		139,988		1,921		—
U.S. Government Securities Fund, Class R-6		193,631		3,872		71,713		(4,474	)		(18,147	)		103,169		3,872		—
Capital World Bond Fund, Class R-6		292,998		21,011		153,944		(31,393	)		(31,353	)		97,319		6,421		—
														2,345,524
Total 100%							$	(67,950	)	$	(867,043	)	$	4,985,210	$	144,047	$	117,834

1	Fund did not produce income during the last 12 months.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 33

American Funds 2010 Target Date Retirement Fund

Investment portfolio October 31, 2022

Growth-and-income funds 18%	Shares		Value (000)
American Mutual Fund, Class R-6		4,322,933	$	211,781
Washington Mutual Investors Fund, Class R-6		3,028,572		157,243
Capital World Growth and Income Fund, Class R-6		3,059,725		149,253
The Investment Company of America, Class R-6		2,855,051		118,285
Fundamental Investors, Class R-6		932,363		55,960
				692,522
Equity-income funds 23%
The Income Fund of America, Class R-6		27,605,567		628,579
Capital Income Builder, Class R-6		4,278,467		258,719
				887,298
Balanced funds 10%
American Balanced Fund, Class R-6		9,791,499		276,120
American Funds Global Balanced Fund, Class R-6		3,634,970		112,503
				388,623
Fixed income funds 49%
Intermediate Bond Fund of America, Class R-6		32,163,511		394,003
The Bond Fund of America, Class R-6		33,415,531		370,578
American Funds Inflation Linked Bond Fund, Class R-6		29,560,379		284,962
Short-Term Bond Fund of America, Class R-6		27,827,059		261,574
American Funds Mortgage Fund, Class R-6		28,837,816		252,619
American Funds Strategic Bond Fund, Class R-6		16,021,308		151,241
American Funds Multi-Sector Income Fund, Class R-6		15,099,822		131,973
American High-Income Trust, Class R-6		5,348,050		48,240
Capital World Bond Fund, Class R-6		2,082,941		31,869
				1,927,059
Total investment securities 100% (cost: $3,902,539,000)				3,895,502
Other assets less liabilities 0%				(629	)
Net assets 100%			$	3,894,873

34 American Funds Target Date Retirement Series

American Funds 2010 Target Date Retirement Fund (continued)

Investments in affiliates¹

	Value of affiliates at 11/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Value of affiliates at 10/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 18%
American Mutual Fund, Class R-6	$	249,578	$	26,267	$	47,371	$	1,532		$	(18,225	)	$	211,781	$	4,739	$	7,482
Washington Mutual Investors Fund, Class R-6		178,662		24,353		25,064		221			(20,929	)		157,243		3,088		7,803
Capital World Growth and Income Fund, Class R-6		186,952		48,786		35,123		(1,838	)		(49,524	)		149,253		3,700		9,390
The Investment Company of America, Class R-6		134,332		29,659		15,146		(96	)		(30,464	)		118,285		2,071		7,986
Fundamental Investors, Class R-6		72,144		10,422		8,276		(121	)		(18,209	)		55,960		1,083		5,893
														692,522
Equity-income funds 23%
The Income Fund of America, Class R-6		667,274		90,497		40,520		(330	)		(88,342	)		628,579		21,361		24,803
Capital Income Builder, Class R-6		284,298		24,964		15,197		382			(35,728	)		258,719		10,267		—
														887,298
Balanced funds 10%
American Balanced Fund, Class R-6		313,190		24,353		9,988		263			(51,698	)		276,120		4,744		9,642
American Funds Global Balanced Fund, Class R-6		144,785		12,340		11,408		(548	)		(32,666	)		112,503		2,555		5,905
														388,623
Fixed income funds 49%
Intermediate Bond Fund of America, Class R-6		681,063		79,303		299,994		(21,890	)		(44,479	)		394,003		12,789		—
The Bond Fund of America, Class R-6		382,088		74,988		12,148		(847	)		(73,503	)		370,578		10,332		1,969
American Funds Inflation Linked Bond Fund, Class R-6		277,896		67,353		18,200		(5	)		(42,082	)		284,962		9,540		—
Short-Term Bond Fund of America, Class R-6		298,494		41,048		59,754		(2,567	)		(15,647	)		261,574		4,267		—
American Funds Mortgage Fund, Class R-6		279,014		24,017		9,784		(460	)		(40,168	)		252,619		4,599		—
American Funds Strategic Bond Fund, Class R-6		—		164,525		—		—			(13,284	)		151,241		1,034		—
American Funds Multi-Sector Income Fund, Class R-6		—		141,387		2,855		(144	)		(6,415	)		131,973		2,132		—
American High-Income Trust, Class R-6		142,109		5,368		82,203		(7,106	)		(9,928	)		48,240		5,368		—
Capital World Bond Fund, Class R-6		141,156		3,653		87,119		(14,036	)		(11,785	)		31,869		2,698		—
														1,927,059
Total 100%							$	(47,590	)	$	(603,076	)	$	3,895,502	$	106,367	$	80,873

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

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 35

Financial statements

Statements of assets and liabilities
at October 31, 2022 (dollars in thousands)

	2065 Fund			2060 Fund			2055 Fund			2050 Fund		2045 Fund
Assets:
Investment securities of affiliated issuers, at value	$	770,147		$	6,252,758		$	12,138,606		$	18,994,047	$	21,910,893
Receivables for:
Sales of investments		—			—			—			—		—
Sales of fund’s shares		2,766			12,149			20,387			21,255		35,156
Dividends		37			308			600			941		1,088
Total assets		772,950			6,265,215			12,159,593			19,016,243		21,947,137
Liabilities:
Payables for:
Purchases of investments		1,039			6,366			7,106			2,412		15,925
Repurchases of fund’s shares		1,761			6,044			14,092			19,883		20,591
Services provided by related parties		164			972			1,862			2,909		3,462
Trustees’ deferred compensation		—	*		15			41			76		89
Total liabilities		2,964			13,397			23,101			25,280		40,067
Net assets at October 31, 2022	$	769,986		$	6,251,818		$	12,136,492		$	18,990,963	$	21,907,070
Net assets consist of:
Capital paid in on shares of beneficial interest	$	872,887		$	6,501,632		$	12,138,409		$	18,379,618	$	21,009,585
Total (accumulated loss) distributable earnings		(102,901	)		(249,814	)		(1,917	)		611,345		897,485
Net assets at October 31, 2022	$	769,986		$	6,251,818		$	12,136,492		$	18,990,963	$	21,907,070
Investment securities of affiliated issuers, at cost	$	899,384		$	6,860,717		$	12,896,352		$	19,581,145	$	22,320,638

Refer to the end of the statements of assets and liabilities for footnote.

Refer to the notes to financial statements.

36 American Funds Target Date Retirement Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2022 (continued) (dollars in thousands)

	2040 Fund		2035 Fund		2030 Fund		2025 Fund		2020 Fund
Assets:
Investment securities of affiliated issuers, at value	$	27,298,375	$	31,096,851	$	35,564,249	$	29,102,383	$	15,685,468
Receivables for:
Sales of investments		3,183		—		17,419		4,715		11,339
Sales of fund’s shares		25,896		29,857		30,587		19,090		10,461
Dividends		2,828		7,840		15,370		19,585		12,620
Total assets		27,330,282		31,134,548		35,627,625		29,145,773		15,719,888
Liabilities:
Payables for:
Purchases of investments		2,828		11,759		15,370		19,586		12,620
Repurchases of fund’s shares		29,191		25,849		48,001		23,835		21,842
Services provided by related parties		4,262		5,105		5,774		4,960		2,718
Trustees’ deferred compensation		120		137		169		154		113
Total liabilities		36,401		42,850		69,314		48,535		37,293
Net assets at October 31, 2022	$	27,293,881	$	31,091,698	$	35,558,311	$	29,097,238	$	15,682,595
Net assets consist of:
Capital paid in on shares of beneficial interest	$	25,869,877	$	29,853,376	$	35,074,227	$	28,725,991	$	15,224,877
Total (accumulated loss) distributable earnings		1,424,004		1,238,322		484,084		371,247		457,718
Net assets at October 31, 2022	$	27,293,881	$	31,091,698	$	35,558,311	$	29,097,238	$	15,682,595
Investment securities of affiliated issuers, at cost	$	27,361,120	$	31,229,074	$	36,266,403	$	29,538,612	$	15,635,480

Refer to the end of the statements of assets and liabilities for footnote.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 37

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2022 (continued) (dollars in thousands)

	2015 Fund		2010 Fund
Assets:
Investment securities of affiliated issuers, at value	$	4,985,210	$	3,895,502
Receivables for:
Sales of investments		3,694		11,455
Sales of fund’s shares		3,171		3,259
Dividends		4,298		3,236
Total assets		4,996,373		3,913,452
Liabilities:
Payables for:
Purchases of investments		4,298		3,236
Repurchases of fund’s shares		6,877		14,708
Services provided by related parties		901		604
Trustees’ deferred compensation		44		31
Total liabilities		12,120		18,579
Net assets at October 31, 2022	$	4,984,253	$	3,894,873
Net assets consist of:
Capital paid in on shares of beneficial interest	$	4,750,602	$	3,824,368
Total (accumulated loss) distributable earnings		233,651		70,505
Net assets at October 31, 2022	$	4,984,253	$	3,894,873
Investment securities of affiliated issuers, at cost	$	4,864,633	$	3,902,539

Refer to the end of the statements of assets and liabilities for footnote.

Refer to the notes to financial statements.

38 American Funds Target Date Retirement Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2022 (continued) (dollars and shares in thousands, except per-share amounts)

		2065 Fund		2060 Fund		2055 Fund		2050 Fund		2045 Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	103,631	$	603,487	$	1,023,371	$	1,654,350	$	1,843,170
	Shares outstanding		7,926		43,705		49,879		100,457		109,707
	Net asset value per share	$	13.07	$	13.81	$	20.52	$	16.47	$	16.80
Class C:	Net assets	$	7,263	$	67,310	$	86,377	$	133,118	$	137,481
	Shares outstanding		562		4,976		4,322		8,327		8,419
	Net asset value per share	$	12.93	$	13.53	$	19.99	$	15.99	$	16.33
Class T:	Net assets	$	13	$	13	$	12	$	12	$	12
	Shares outstanding		1		1		1		1		1
	Net asset value per share	$	13.15	$	13.88	$	20.58	$	16.51	$	16.84
Class F-1:	Net assets	$	1,756	$	30,055	$	45,898	$	73,225	$	87,892
	Shares outstanding		134		2,177		2,253		4,483		5,273
	Net asset value per share	$	13.09	$	13.80	$	20.37	$	16.33	$	16.67
Class F-2:	Net assets	$	6,202	$	47,728	$	55,677	$	87,795	$	113,512
	Shares outstanding		472		3,432		2,707		5,325		6,743
	Net asset value per share	$	13.14	$	13.91	$	20.57	$	16.49	$	16.83
Class F-3:	Net assets	$	330	$	4,375	$	10,440	$	12,711	$	8,987
	Shares outstanding		25		315		506		769		533
	Net asset value per share	$	13.16	$	13.89	$	20.61	$	16.54	$	16.86
Class R-1:	Net assets	$	599	$	5,565	$	9,153	$	15,806	$	22,247
	Shares outstanding		46		410		461		989		1,365
	Net asset value per share	$	13.01	$	13.56	$	19.86	$	15.98	$	16.29
Class R-2:	Net assets	$	59,843	$	268,928	$	488,518	$	725,883	$	913,752
	Shares outstanding		4,629		19,891		24,544		45,440		56,270
	Net asset value per share	$	12.93	$	13.52	$	19.90	$	15.97	$	16.24
Class R-2E:	Net assets	$	5,872	$	60,812	$	116,792	$	180,185	$	272,283
	Shares outstanding		451		4,462		5,814		11,188		16,570
	Net asset value per share	$	13.01	$	13.63	$	20.09	$	16.10	$	16.43
Class R-3:	Net assets	$	66,570	$	368,486	$	700,569	$	1,126,907	$	1,273,056
	Shares outstanding		5,110		26,927		34,643		69,500		77,019
	Net asset value per share	$	13.03	$	13.68	$	20.22	$	16.21	$	16.53
Class R-4:	Net assets	$	42,372	$	326,812	$	709,803	$	1,082,119	$	1,224,866
	Shares outstanding		3,239		23,658		34,660		65,879		73,058
	Net asset value per share	$	13.08	$	13.81	$	20.48	$	16.43	$	16.77
Class R-5E:	Net assets	$	32,315	$	206,844	$	371,803	$	583,770	$	722,382
	Shares outstanding		2,461		14,939		18,155		35,523		43,110
	Net asset value per share	$	13.13	$	13.85	$	20.48	$	16.43	$	16.76
Class R-5:	Net assets	$	12,961	$	94,967	$	219,637	$	314,582	$	357,127
	Shares outstanding		986		6,815		10,585		18,882		20,993
	Net asset value per share	$	13.15	$	13.94	$	20.75	$	16.66	$	17.01
Class R-6:	Net assets	$	430,259	$	4,166,436	$	8,298,442	$	13,000,500	$	14,930,303
	Shares outstanding		32,694		298,626		399,245		782,860		881,154
	Net asset value per share	$	13.16	$	13.95	$	20.79	$	16.61	$	16.94

Refer to the end of the statements of assets and liabilities for footnote.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 39

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2022 (continued) (dollars and shares in thousands, except per-share amounts)

		2040 Fund		2035 Fund		2030 Fund		2025 Fund		2020 Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	2,406,341	$	2,828,706	$	3,540,270	$	3,442,363	$	2,250,269
	Shares outstanding		146,430		178,923		240,823		254,123		183,759
	Net asset value per share	$	16.43	$	15.81	$	14.70	$	13.55	$	12.25
Class C:	Net assets	$	163,075	$	188,359	$	225,829	$	206,740	$	130,462
	Shares outstanding		10,201		12,233		15,783		15,667		10,914
	Net asset value per share	$	15.99	$	15.40	$	14.31	$	13.20	$	11.95
Class T:	Net assets	$	12	$	12	$	11	$	11	$	10
	Shares outstanding		1		1		1		1		1
	Net asset value per share	$	16.47	$	15.85	$	14.73	$	13.58	$	12.27
Class F-1:	Net assets	$	137,985	$	173,230	$	152,852	$	97,222	$	48,259
	Shares outstanding		8,464		11,039		10,493		7,238		3,970
	Net asset value per share	$	16.30	$	15.69	$	14.57	$	13.43	$	12.16
Class F-2:	Net assets	$	147,621	$	197,032	$	275,825	$	240,453	$	148,862
	Shares outstanding		8,973		12,446		18,747		17,741		12,159
	Net asset value per share	$	16.45	$	15.83	$	14.71	$	13.55	$	12.24
Class F-3:	Net assets	$	17,088	$	31,803	$	33,912	$	33,243	$	14,927
	Shares outstanding		1,035		2,004		2,298		2,445		1,215
	Net asset value per share	$	16.50	$	15.87	$	14.75	$	13.60	$	12.29
Class R-1:	Net assets	$	29,043	$	31,150	$	40,876	$	27,445	$	10,248
	Shares outstanding		1,817		2,036		2,841		2,074		850
	Net asset value per share	$	15.98	$	15.30	$	14.39	$	13.23	$	12.05
Class R-2:	Net assets	$	1,081,610	$	1,282,562	$	1,279,578	$	1,060,202	$	508,528
	Shares outstanding		67,906		83,625		89,641		80,524		42,516
	Net asset value per share	$	15.93	$	15.34	$	14.27	$	13.17	$	11.96
Class R-2E:	Net assets	$	264,696	$	362,787	$	390,779	$	352,601	$	173,656
	Shares outstanding		16,456		23,483		27,160		26,590		14,481
	Net asset value per share	$	16.09	$	15.45	$	14.39	$	13.26	$	11.99
Class R-3:	Net assets	$	1,604,581	$	1,923,775	$	2,204,546	$	1,744,224	$	905,333
	Shares outstanding		99,011		123,473		152,057		130,526		74,742
	Net asset value per share	$	16.21	$	15.58	$	14.50	$	13.36	$	12.11
Class R-4:	Net assets	$	1,570,534	$	1,815,362	$	2,218,226	$	1,769,975	$	980,184
	Shares outstanding		95,797		115,116		151,220		130,913		80,146
	Net asset value per share	$	16.39	$	15.77	$	14.67	$	13.52	$	12.23
Class R-5E:	Net assets	$	898,572	$	962,595	$	1,118,161	$	951,111	$	514,153
	Shares outstanding		54,793		60,980		76,212		70,336		42,093
	Net asset value per share	$	16.40	$	15.79	$	14.67	$	13.52	$	12.21
Class R-5:	Net assets	$	432,927	$	522,882	$	590,820	$	477,915	$	239,902
	Shares outstanding		26,036		32,699		39,731		34,901		19,394
	Net asset value per share	$	16.63	$	15.99	$	14.87	$	13.69	$	12.37
Class R-6:	Net assets	$	18,539,796	$	20,771,443	$	23,486,626	$	18,693,733	$	9,757,802
	Shares outstanding		1,119,122		1,304,238		1,586,377		1,369,199		791,442
	Net asset value per share	$	16.57	$	15.93	$	14.81	$	13.65	$	12.33

Refer to the end of the statements of assets and liabilities for footnote.

Refer to the notes to financial statements.

40 American Funds Target Date Retirement Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2022 (continued) (dollars and shares in thousands, except per-share amounts)

		2015 Fund		2010 Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class A:	Net assets	$	850,962	$	560,768
	Shares outstanding		75,062		51,757
	Net asset value per share	$	11.34	$	10.83
Class C:	Net assets	$	34,915	$	25,018
	Shares outstanding		3,144		2,357
	Net asset value per share	$	11.11	$	10.62
Class T:	Net assets	$	10	$	10
	Shares outstanding		1		1
	Net asset value per share	$	11.35	$	10.85
Class F-1:	Net assets	$	11,576	$	9,826
	Shares outstanding		1,029		912
	Net asset value per share	$	11.25	$	10.77
Class F-2:	Net assets	$	49,188	$	40,366
	Shares outstanding		4,341		3,728
	Net asset value per share	$	11.33	$	10.83
Class F-3:	Net assets	$	6,243	$	9,168
	Shares outstanding		549		844
	Net asset value per share	$	11.37	$	10.86
Class R-1:	Net assets	$	6,036	$	2,019
	Shares outstanding		544		187
	Net asset value per share	$	11.10	$	10.78
Class R-2:	Net assets	$	163,470	$	85,132
	Shares outstanding		14,727		8,002
	Net asset value per share	$	11.10	$	10.64
Class R-2E:	Net assets	$	63,139	$	54,037
	Shares outstanding		5,684		5,087
	Net asset value per share	$	11.11	$	10.62
Class R-3:	Net assets	$	306,502	$	205,389
	Shares outstanding		27,308		19,115
	Net asset value per share	$	11.22	$	10.75
Class R-4:	Net assets	$	254,496	$	234,597
	Shares outstanding		22,471		21,682
	Net asset value per share	$	11.33	$	10.82
Class R-5E:	Net assets	$	133,355	$	117,473
	Shares outstanding		11,802		10,875
	Net asset value per share	$	11.30	$	10.80
Class R-5:	Net assets	$	79,829	$	60,113
	Shares outstanding		6,980		5,501
	Net asset value per share	$	11.44	$	10.93
Class R-6:	Net assets	$	3,024,532	$	2,490,957
	Shares outstanding		265,590		228,718
	Net asset value per share	$	11.39	$	10.89

* Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 41

Financial statements (continued)

Statements of operations
for the year ended October 31, 2022 (dollars in thousands)

	2065 Fund			2060 Fund			2055 Fund			2050 Fund			2045 Fund
Investment income:
Income:
Dividends from affiliated issuers	$	6,614		$	72,369		$	150,033		$	253,383		$	314,864
Fees and expenses*:
Distribution services		1,026			7,528			14,270			22,547			26,548
Transfer agent services		407			3,051			5,945			9,350			11,154
Reports to shareholders		4			43			89			143			165
Registration statement and prospectus		38			262			448			677			754
Trustees’ compensation		1			7			14			23			27
Auditing and legal		1			8			16			25			29
Custodian		—	†		4			9			14			16
Other		—	†		2			4			7			8
Total fees and expenses		1,477			10,905			20,795			32,786			38,701
Net investment income		5,137			61,464			129,238			220,597			276,163
Net realized gain and unrealized depreciation:
Net realized (loss) gain on sale of investments in affiliated issuers		(119	)		4,473			16,804			30,787			(4,864	)
Net realized gain on in-kind redemptions		—			3,781			5,514			18,305			6,602
Capital gain distributions received from affiliated issuers		27,684			355,237			739,148			1,149,125			1,261,773
		27,565			363,491			761,466			1,198,217			1,263,511
Net unrealized depreciation on investments in affiliated issuers		(166,219	)		(1,877,718	)		(3,856,917	)		(6,023,647	)		(6,634,369	)
Net realized gain and unrealized depreciation		(138,654	)		(1,514,227	)		(3,095,451	)		(4,825,430	)		(5,370,858	)
Net decrease in net assets resulting from operations	$	(133,517	)	$	(1,452,763	)	$	(2,966,213	)	$	(4,604,833	)	$	(5,094,695	)

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

42 American Funds Target Date Retirement Series

Financial statements (continued)

Statements of operations
for the year ended October 31, 2022 (continued) (dollars in thousands)

	2040 Fund			2035 Fund			2030 Fund			2025 Fund			2020 Fund
Investment income:
Income:
Dividends from affiliated issuers	$	427,744		$	555,154		$	731,413		$	706,657		$	444,460
Fees and expenses*:
Distribution services		33,059			39,432			44,915			39,583			22,050
Transfer agent services		13,884			16,387			18,514			16,034			8,878
Reports to shareholders		208			238			274			231			128
Registration statement and prospectus		931			1,076			1,207			950			400
Trustees’ compensation		34			38			44			37			21
Auditing and legal		37			42			48			41			22
Custodian		21			23			27			23			13
Other		10			12			13			11			6
Total fees and expenses		48,184			57,248			65,042			56,910			31,518
Net investment income		379,560			497,906			666,371			649,747			412,942
Net realized gain and unrealized depreciation:
Net realized (loss) gain on sale of investments in affiliated issuers		(133,453	)		(320,745	)		(494,577	)		(419,825	)		(195,062	)
Net realized gain on in-kind redemptions		29,127			8,923			44,338			13,114			25,944
Capital gain distributions received from affiliated issuers		1,519,301			1,511,881			1,372,392			912,380			402,962
		1,414,975			1,200,059			922,153			505,669			233,844
Net unrealized depreciation on investments in affiliated issuers		(7,995,049	)		(8,229,748	)		(8,273,300	)		(6,124,367	)		(2,988,981	)
Net realized gain and unrealized depreciation		(6,580,074	)		(7,029,689	)		(7,351,147	)		(5,618,698	)		(2,755,137	)
Net decrease in net assets resulting from operations	$	(6,200,514	)	$	(6,531,783	)	$	(6,684,776	)	$	(4,968,951	)	$	(2,342,195	)

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 43

Financial statements (continued)

Statements of operations
for the year ended October 31, 2022 (continued) (dollars in thousands)

	2015 Fund			2010 Fund
Investment income:
Income:
Dividends from affiliated issuers	$	144,047		$	106,367
Fees and expenses*:
Distribution services		7,274			4,888
Transfer agent services		2,877			1,942
Reports to shareholders		41			31
Registration statement and prospectus		121			104
Trustees’ compensation		7			5
Auditing and legal		7			5
Custodian		4			3
Other		2			1
Total fees and expenses		10,333			6,979
Net investment income		133,714			99,388
Net realized gain and unrealized depreciation:
Net realized (loss) gain on sale of investments in affiliated issuers		(68,885	)		(50,812	)
Net realized gain on in-kind redemptions		935			3,222
Capital gain distributions received from affiliated issuers		117,834			80,873
		49,884			33,283
Net unrealized depreciation on investments in affiliated issuers		(867,043	)		(603,076	)
Net realized gain and unrealized depreciation		(817,159	)		(569,793	)
Net decrease in net assets resulting from operations	$	(683,445	)	$	(470,405	)

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

Refer to the notes to financial statements.

44 American Funds Target Date Retirement Series

Financial statements (continued)

Statements of changes in net assets (dollars in thousands)

	2065 Fund						2060 Fund						2055 Fund
	Year ended October 31,						Year ended October 31,						Year ended October 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income	$	5,137		$	1,353		$	61,464		$	42,518		$	129,238		$	98,974
Net realized gain		27,565			4,161			363,491			190,264			761,466			489,179
Net unrealized (depreciation) appreciation		(166,219	)		35,713			(1,877,718	)		1,036,764			(3,856,917	)		2,355,347
Net (decrease) increase in net assets resulting from operations		(133,517	)		41,227			(1,452,763	)		1,269,546			(2,966,213	)		2,943,500
Distributions paid to shareholders		(6,270	)		(476	)		(216,856	)		(101,778	)		(539,938	)		(279,621	)
Net capital share transactions		525,311			300,160			1,940,398			1,518,470			2,860,873			2,094,440
Total increase (decrease) in net assets		385,524			340,911			270,779			2,686,238			(645,278	)		4,758,319
Net assets:
Beginning of year		384,462			43,551			5,981,039			3,294,801			12,781,770			8,023,451
End of year	$	769,986		$	384,462		$	6,251,818		$	5,981,039		$	12,136,492		$	12,781,770
		2050 Fund						2045 Fund						2040 Fund
		Year ended October 31,						Year ended October 31,						Year ended October 31,
		2022			2021			2022			2021			2022			2021
Operations:
Net investment income	$	220,597		$	171,450		$	276,163		$	213,084		$	379,560		$	293,523
Net realized gain		1,198,217			822,745			1,263,511			1,021,914			1,414,975			1,364,435
Net unrealized (depreciation) appreciation		(6,023,647	)		3,942,941			(6,634,369	)		4,430,983			(7,995,049	)		5,463,774
Net (decrease) increase in net assets resulting from operations		(4,604,833	)		4,937,136			(5,094,695	)		5,665,981			(6,200,514	)		7,121,732
Distributions paid to shareholders		(913,877	)		(499,780	)		(1,121,283	)		(592,874	)		(1,514,768	)		(786,145	)
Net capital share transactions		3,528,684			2,849,117			3,969,831			2,988,728			4,315,033			3,528,061
Total increase (decrease) in net assets		(1,990,026	)		7,286,473			(2,246,147	)		8,061,835			(3,400,249	)		9,863,648
Net assets:
Beginning of year		20,980,989			13,694,516			24,153,217			16,091,382			30,694,130			20,830,482
End of year	$	18,990,963		$	20,980,989		$	21,907,070		$	24,153,217		$	27,293,881		$	30,694,130

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 45

Financial statements (continued)

Statements of changes in net assets (continued) (dollars in thousands)

	2035 Fund						2030 Fund						2025 Fund
	Year ended October 31,						Year ended October 31,						Year ended October 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income	$	497,906		$	358,844		$	666,371		$	476,077		$	649,747		$	462,801
Net realized gain		1,200,059			1,645,711			922,153			2,349,037			505,669			1,930,650
Net unrealized (depreciation) appreciation		(8,229,748	)		5,418,519			(8,273,300	)		4,527,231			(6,124,367	)		3,116,584
Net (decrease) increase in net assets resulting from operations		(6,531,783	)		7,423,074			(6,684,776	)		7,352,345			(4,968,951	)		5,510,035
Distributions paid to shareholders		(1,812,589	)		(958,701	)		(2,518,868	)		(1,160,645	)		(2,069,029	)		(1,028,604	)
Net capital share transactions		4,866,968			4,231,161			5,026,021			4,521,835			2,387,245			3,039,117
Total increase (decrease) in net assets		(3,477,404	)		10,695,534			(4,177,623	)		10,713,535			(4,650,735	)		7,520,548
Net assets:
Beginning of year		34,569,102			23,873,568			39,735,934			29,022,399			33,747,973			26,227,425
End of year	$	31,091,698		$	34,569,102		$	35,558,311		$	39,735,934		$	29,097,238		$	33,747,973
		2020 Fund						2015 Fund						2010 Fund
		Year ended October 31,						Year ended October 31,						Year ended October 31,
		2022			2021			2022			2021			2022			2021
Operations:
Net investment income	$	412,942		$	344,511		$	133,714		$	112,041		$	99,388		$	80,333
Net realized gain		233,844			1,067,295			49,884			247,744			33,283			139,176
Net unrealized (depreciation) appreciation		(2,988,981	)		1,556,128			(867,043	)		534,621			(603,076	)		363,982
Net (decrease) increase in net assets resulting from operations		(2,342,195	)		2,967,934			(683,445	)		894,406			(470,405	)		583,491
Distributions paid to shareholders		(1,173,411	)		(750,954	)		(294,879	)		(226,836	)		(170,312	)		(152,768	)
Net capital share transactions		(71,246	)		246,459			(34,754	)		31,801			103,374			167,843
Total increase (decrease) in net assets		(3,586,852	)		2,463,439			(1,013,078	)		699,371			(537,343	)		598,566
Net assets:
Beginning of year		19,269,447			16,806,008			5,997,331			5,297,960			4,432,216			3,833,650
End of year	$	15,682,595		$	19,269,447		$	4,984,253		$	5,997,331		$	3,894,873		$	4,432,216

Refer to the notes to financial statements.

46 American Funds Target Date Retirement Series

Notes to financial statements

1. Organization

American Funds Target Date Retirement Series (the “series”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company. The series consists of 12 funds (the “funds”) — American Funds 2065 Target Date Retirement Fund (“2065 Fund”), American Funds 2060 Target Date Retirement Fund (“2060 Fund”), American Funds 2055 Target Date Retirement Fund (“2055 Fund”), American Funds 2050 Target Date Retirement Fund (“2050 Fund”), American Funds 2045 Target Date Retirement Fund (“2045 Fund”), American Funds 2040 Target Date Retirement Fund (“2040 Fund”), American Funds 2035 Target Date Retirement Fund (“2035 Fund”), American Funds 2030 Target Date Retirement Fund (“2030 Fund”), American Funds 2025 Target Date Retirement Fund (“2025 Fund”), American Funds 2020 Target Date Retirement Fund (“2020 Fund”), American Funds 2015 Target Date Retirement Fund (“2015 Fund”) and American Funds 2010 Target Date Retirement Fund (“2010 Fund”). The assets of each fund are segregated, with each fund accounted for separately.

Each fund in the series is designed for investors who plan to retire in, or close to, the year designated in the fund’s name. Depending on its proximity to its target date, each fund seeks to achieve the following objectives to varying degrees: growth, income and conservation of capital. As each fund approaches and passes its target date, it will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds. 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 of 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 1.00% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Class C	None	1.00% 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 of each fund 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.

American Funds Target Date Retirement Series 47

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.

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 unaudited 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.

In-kind redemptions — The funds normally redeem shares in cash; however, under certain conditions and circumstances, payment of the redemption price wholly or partly with portfolio securities or other fund assets may be permitted. A redemption of shares in-kind is based upon the closing value of the shares being redeemed as of the trade date. Realized gains or losses resulting from redemptions of shares in-kind are reflected separately in each fund’s statement of operations.

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 designated 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 team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The 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 facilitated by the investment adviser’s global risk management 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. As of October 31, 2022, 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.

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. For investors who are close to or in retirement, each fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk each fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.

48 American Funds Target Date Retirement Series

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 each fund. 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 or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

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 financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in 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 quality of these securities.

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

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the 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 assessing credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.

American Funds Target Date Retirement Series 49

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in lower quality, higher yielding debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined by the investment adviser to be of equivalent quality, which securities are sometimes referred to as “junk bonds.”

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.

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 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 U.S. 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. U.S. government securities are subject to market risk, interest rate risk and credit risk.

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 cause the underlying fund to lose significantly more than 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. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

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

50 American Funds Target Date Retirement Series

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 or difficult to determine, 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 to try to limit losses, or may be forced to sell at a loss.

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. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.

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

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 regulated investment companies and each 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 year ended October 31, 2022, 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 year, 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.

American Funds Target Date Retirement Series 51

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, cost of investments sold and capital losses related to sales of certain securities within 30 days of purchase. 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. The funds may also designate a portion of the amount paid to redeeming shareholders as distributions for tax purposes.

Additional tax basis disclosures for each fund as of October 31, 2022, were as follows (dollars in thousands):

	2065 Fund			2060 Fund			2055 Fund			2050 Fund			2045 Fund			2040 Fund
Undistributed ordinary income	$	—		$	3,679		$	11,465		$	40,400		$	63,005		$	112,515
Undistributed long-term capital gains		26,850			355,062			753,611			1,171,945			1,259,370			1,418,169
Gross unrealized appreciation on investments		323			97,571			285,984			568,444			645,416			950,848
Gross unrealized depreciation on investments		(130,075	)		(706,112	)		(1,052,935	)		(1,169,369	)		(1,070,219	)		(1,057,409	)
Net unrealized (depreciation) appreciation on investments		(129,752	)		(608,541	)		(766,951	)		(600,925	)		(424,803	)		(106,561	)
Cost of investments		899,899			6,861,299			12,905,557			19,594,972			22,335,696			27,404,936
Reclassification from total accumulated loss/ distributable earnings to capital paid in on shares of beneficial interest		4,494			43,576			80,883			125,256			113,724			152,633
		2035 Fund			2030 Fund			2025 Fund			2020 Fund			2015 Fund			2010 Fund
Undistributed ordinary income	$	192,750		$	318,585		$	328,896		$	212,976		$	69,381		$	53,418
Undistributed long-term capital gains		1,222,712			920,919			522,511			222,201			55,991			35,282
Gross unrealized appreciation on investments		1,234,208			1,419,137			1,424,977			914,935			381,210			183,980
Gross unrealized depreciation on investments		(1,411,213	)		(2,174,391	)		(1,904,986	)		(892,285	)		(272,892	)		(202,149	)
Net unrealized (depreciation) appreciation on investments		(177,005	)		(755,254	)		(480,009	)		22,650			108,318			(18,169	)
Cost of investments		31,273,856			36,319,503			29,582,392			15,662,818			4,876,892			3,913,671
Reclassification from total accumulated loss/ distributable earnings to capital paid in on shares of beneficial interest		134,219			163,498			121,898			89,059			21,620			18,847

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

2065 Fund

	Year ended October 31, 2022									Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	430		$	474		$	904		$	61		$	6		$	67
Class C		9			30			39			3			1			4
Class T		—	*		—	*		—	*		—	*		—	*		—	*
Class F-1		6			7			13			2			—	*		2
Class F-2		31			27			58			3			—	*		3
Class F-3		1			1			2			—	*		—	*		—	*
Class R-1		2			5			7			—	*		—	*		—	*
Class R-2		40			292			332			47			7			54
Class R-2E		9			23			32			4			1			5
Class R-3		175			304			479			51			7			58
Class R-4		177			199			376			39			4			43
Class R-5E		133			124			257			24			2			26
Class R-5		70			60			130			13			1			14
Class R-6		1,987			1,654			3,641			185			15			200
Total	$	3,070		$	3,200		$	6,270		$	432		$	44		$	476

Refer to the end of the tables for footnote.

52 American Funds Target Date Retirement Series

2060 Fund

	Year ended October 31, 2022							Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	4,919		$	16,762	$	21,681	$	2,449		$	8,452		$	10,901
Class C		90			2,052		2,142		—	*		1,137			1,137
Class T		—	*		1		1		—	*		—	*		—	*
Class F-1		253			874		1,127		110			367			477
Class F-2		522			1,400		1,922		261			661			922
Class F-3		36			89		125		12			28			40
Class R-1		13			167		180		3			71			74
Class R-2		249			8,267		8,516		—	*		4,781			4,781
Class R-2E		264			1,864		2,128		111			939			1,050
Class R-3		1,925			10,330		12,255		944			5,449			6,393
Class R-4		2,865			10,133		12,998		1,388			5,352			6,740
Class R-5E		1,791			5,143		6,934		1,031			2,759			3,790
Class R-5		1,089			2,836		3,925		604			1,488			2,092
Class R-6		40,841			102,081		142,922		18,953			44,428			63,381
Total	$	54,857		$	161,999	$	216,856	$	25,866		$	75,912		$	101,778

2055 Fund

	Year ended October 31, 2022									Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	7,458		$	39,268		$	46,726		$	5,403		$	20,288		$	25,691
Class C		—			3,595			3,595			18			1,949			1,967
Class T		—	*		—	*		—	*		—	*		—	*		—	*
Class F-1		346			1,921			2,267			258			957			1,215
Class F-2		519			2,030			2,549			318			894			1,212
Class F-3		113			409			522			71			185			256
Class R-1		—			389			389			17			194			211
Class R-2		—			20,793			20,793			—	*		11,989			11,989
Class R-2E		308			4,892			5,200			273			2,598			2,871
Class R-3		2,839			28,139			30,978			2,342			15,379			17,721
Class R-4		5,522			31,149			36,671			4,195			17,776			21,971
Class R-5E		3,297			14,118			17,415			2,708			8,070			10,778
Class R-5		2,326			8,900			11,226			1,970			5,405			7,375
Class R-6		78,221			283,386			361,607			48,875			127,489			176,364
Total	$	100,949		$	438,989		$	539,938		$	66,448		$	213,173		$	279,621

Refer to the end of the tables for footnote.

American Funds Target Date Retirement Series 53

2050 Fund

	Year ended October 31, 2022							Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	13,878		$	67,710	$	81,588	$	9,517		$	37,811		$	47,328
Class C		80			5,776		5,856		35			3,293			3,328
Class T		—	*		1		1		—	*		—	*		—	*
Class F-1		610			3,086		3,696		373			1,469			1,842
Class F-2		920			3,436		4,356		579			1,728			2,307
Class F-3		126			435		561		54			149			203
Class R-1		3			745		748		8			438			446
Class R-2		—			32,136		32,136		—	*		19,760			19,760
Class R-2E		610			7,975		8,585		434			4,636			5,070
Class R-3		5,474			47,766		53,240		4,055			28,850			32,905
Class R-4		9,715			50,690		60,405		6,772			30,614			37,386
Class R-5E		5,560			22,589		28,149		4,578			14,540			19,118
Class R-5		3,815			13,898		17,713		3,047			8,867			11,914
Class R-6		138,256			478,587		616,843		84,600			233,573			318,173
Total	$	179,047		$	734,830	$	913,877	$	114,052		$	385,728		$	499,780

2045 Fund

	Year ended October 31, 2022							Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	15,048		$	81,029	$	96,077	$	11,986		$	41,717		$	53,703
Class C		54			6,463		6,517		142			3,377			3,519
Class T		—	*		1		1		—	*		—	*		—	*
Class F-1		676			3,804		4,480		499			1,714			2,213
Class F-2		1,179			4,836		6,015		818			2,187			3,005
Class F-3		110			418		528		63			157			220
Class R-1		9			1,097		1,106		36			543			579
Class R-2		—	*		43,949		43,949		706			24,510			25,216
Class R-2E		931			13,024		13,955		852			6,770			7,622
Class R-3		6,003			58,588		64,591		5,584			31,946			37,530
Class R-4		10,293			60,318		70,611		8,845			34,744			43,589
Class R-5E		6,749			30,157		36,906		6,144			17,332			23,476
Class R-5		4,116			16,481		20,597		3,770			9,826			13,596
Class R-6		157,495			598,455		755,950		108,592			270,014			378,606
Total	$	202,663		$	918,620	$	1,121,283	$	148,037		$	444,837		$	592,874

Refer to the end of the tables for footnote.

54 American Funds Target Date Retirement Series

2040 Fund

	Year ended October 31, 2022							Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	21,185		$	115,173	$	136,358	$	17,673		$	56,247		$	73,920
Class C		154			8,277		8,431		268			4,099			4,367
Class T		—	*		1		1		—	*		—	*		—	*
Class F-1		1,195			6,707		7,902		928			2,932			3,860
Class F-2		1,584			6,597		8,181		1,119			2,794			3,913
Class F-3		177			685		862		110			258			368
Class R-1		13			1,397		1,410		46			681			727
Class R-2		334			56,238		56,572		1,614			29,802			31,416
Class R-2E		1,011			13,376		14,387		1,002			6,734			7,736
Class R-3		8,482			80,112		88,594		8,432			42,088			50,520
Class R-4		14,879			86,132		101,011		13,124			45,785			58,909
Class R-5E		8,776			39,721		48,497		8,458			22,291			30,749
Class R-5		5,462			22,217		27,679		5,053			12,329			17,382
Class R-6		208,251			806,632		1,014,883		150,706			351,572			502,278
Total	$	271,503		$	1,243,265	$	1,514,768	$	208,533		$	577,612		$	786,145

2035 Fund

	Year ended October 31, 2022							Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	27,656		$	139,426	$	167,082	$	25,298		$	65,550		$	90,848
Class C		394			10,080		10,474		678			4,904			5,582
Class T		—	*		1		1		—	*		—	*		—	*
Class F-1		1,674			8,694		10,368		1,464			3,726			5,190
Class F-2		2,375			9,417		11,792		1,861			3,925			5,786
Class F-3		382			1,417		1,799		229			457			686
Class R-1		50			1,502		1,552		121			707			828
Class R-2		1,796			70,134		71,930		4,731			37,046			41,777
Class R-2E		1,841			19,165		21,006		2,159			9,458			11,617
Class R-3		12,505			100,377		112,882		14,211			51,352			65,563
Class R-4		18,671			99,511		118,182		18,767			52,231			70,998
Class R-5E		10,555			45,095		55,650		11,050			24,293			35,343
Class R-5		6,914			26,794		33,708		6,934			14,329			21,263
Class R-6		254,028			942,135		1,196,163		201,663			401,557			603,220
Total	$	338,841		$	1,473,748	$	1,812,589	$	289,166		$	669,535		$	958,701

Refer to the end of the tables for footnote.

American Funds Target Date Retirement Series 55

2030 Fund

	Year ended October 31, 2022							Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	38,543		$	216,778	$	255,321	$	45,479		$	72,481		$	117,960
Class C		745			14,702		15,447		1,683			5,097			6,780
Class T		—	*		1		1		—	*		—	*		—	*
Class F-1		1,665			9,652		11,317		2,088			3,280			5,368
Class F-2		3,693			16,529		20,222		3,678			5,001			8,679
Class F-3		424			1,784		2,208		373			486			859
Class R-1		123			2,616		2,739		280			823			1,103
Class R-2		3,209			85,914		89,123		10,466			32,974			43,440
Class R-2E		2,359			25,209		27,568		4,010			8,956			12,966
Class R-3		16,932			143,216		160,148		26,779			53,515			80,294
Class R-4		26,104			151,616		177,720		33,480			55,644			89,124
Class R-5E		13,691			65,693		79,384		18,711			26,375			45,086
Class R-5		8,786			38,470		47,256		10,759			14,441			25,200
Class R-6		313,111			1,317,303		1,630,414		314,245			409,541			723,786
Total	$	429,385		$	2,089,483	$	2,518,868	$	472,031		$	688,614		$	1,160,645

2025 Fund

	Year ended October 31, 2022							Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	42,120		$	201,333	$	243,453	$	56,198		$	63,529		$	119,727
Class C		905			13,169		14,074		2,355			4,399			6,754
Class T		—	*		1		1		—	*		—	*		—	*
Class F-1		1,177			5,832		7,009		1,822			2,019			3,841
Class F-2		3,505			13,598		17,103		4,221			4,181			8,402
Class F-3		509			1,860		2,369		366			350			716
Class R-1		93			1,688		1,781		322			601			923
Class R-2		3,911			68,411		72,322		12,765			24,832			37,597
Class R-2E		2,590			22,895		25,485		5,395			8,248			13,643
Class R-3		16,268			113,006		129,274		29,801			40,682			70,483
Class R-4		23,655			117,471		141,126		36,484			42,835			79,319
Class R-5E		13,130			54,379		67,509		20,060			20,410			40,470
Class R-5		8,090			30,761		38,851		11,755			11,496			23,251
Class R-6		280,933			1,027,739		1,308,672		319,088			304,390			623,478
Total	$	396,886		$	1,672,143	$	2,069,029	$	500,632		$	527,972		$	1,028,604

Refer to the end of the tables for footnote.

56 American Funds Target Date Retirement Series

2020 Fund

	Year ended October 31, 2022							Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	34,849		$	127,697	$	162,546	$	54,380		$	47,128		$	101,508
Class C		1,028			8,236		9,264		2,449			3,063			5,512
Class T		—	*		1		1		—	*		—	*		—	*
Class F-1		757			2,876		3,633		1,378			1,195			2,573
Class F-2		2,756			8,437		11,193		3,565			2,781			6,346
Class F-3		315			918		1,233		288			217			505
Class R-1		38			608		646		233			319			552
Class R-2		3,402			32,343		35,745		10,879			13,996			24,875
Class R-2E		1,798			10,548		12,346		4,102			4,470			8,572
Class R-3		11,512			57,626		69,138		24,706			25,003			49,709
Class R-4		17,449			65,783		83,232		31,819			28,272			60,091
Class R-5E		8,943			29,119		38,062		17,160			13,697			30,857
Class R-5		5,354			16,124		21,478		8,673			6,701			15,374
Class R-6		185,126			539,768		724,894		253,075			191,405			444,480
Total	$	273,327		$	900,084	$	1,173,411	$	412,707		$	338,247		$	750,954

2015 Fund

	Year ended October 31, 2022									Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	15,336		$	34,307		$	49,643		$	24,128		$	15,555		$	39,683
Class C		356			1,547			1,903			769			716			1,485
Class T		—	*		—	*		—	*		—	*		—	*		—	*
Class F-1		215			497			712			393			255			648
Class F-2		1,004			1,904			2,908			1,365			800			2,165
Class F-3		143			261			404			91			52			143
Class R-1		48			240			288			132			129			261
Class R-2		1,596			7,459			9,055			3,878			3,642			7,520
Class R-2E		790			2,600			3,390			1,607			1,290			2,897
Class R-3		4,627			13,470			18,097			9,320			6,898			16,218
Class R-4		4,927			11,295			16,222			8,467			5,618			14,085
Class R-5E		2,624			5,316			7,940			5,296			3,161			8,457
Class R-5		1,738			3,255			4,993			2,577			1,495			4,072
Class R-6		63,525			115,799			179,324			82,352			46,850			129,202
Total	$	96,929		$	197,950		$	294,879		$	140,375		$	86,461		$	226,836

Refer to the end of the tables for footnote.

American Funds Target Date Retirement Series 57

2010 Fund

	Year ended October 31, 2022									Year ended October 31, 2021
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	9,660		$	14,482		$	24,142		$	14,684		$	8,047		$	22,731
Class C		262			714			976			455			360			815
Class T		—	*		—	*		—	*		—	*		—	*		—	*
Class F-1		149			227			376			220			122			342
Class F-2		691			887			1,578			866			431			1,297
Class F-3		144			177			321			151			73			224
Class R-1		15			44			59			36			27			63
Class R-2		748			2,361			3,109			1,798			1,422			3,220
Class R-2E		724			1,560			2,284			1,216			819			2,035
Class R-3		2,771			5,583			8,354			5,903			3,759			9,662
Class R-4		4,374			6,782			11,156			7,689			4,249			11,938
Class R-5E		2,294			3,097			5,391			3,756			1,903			5,659
Class R-5		1,258			1,589			2,847			1,863			919			2,782
Class R-6		49,247			60,472			109,719			62,023			29,977			92,000
Total	$	72,337		$	97,975		$	170,312		$	100,660		$	52,108		$	152,768

* 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 each fund’s financial highlights tables.

Class-specific fees and expenses — Expenses that are specific to individual share classes of each fund 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

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 October 31, 2022, unreimbursed expenses subject to reimbursement totaled $24,000 for 2065 Fund’s Class A shares. There were no unreimbursed expenses subject to reimbursement on any other funds.

58 American Funds Target Date Retirement Series

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.

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.

For the year ended October 31, 2022, the class-specific expenses of each fund under these agreements were as follows (dollars in thousands):

2065 Fund
Share class	Distribution services		Transfer agent services
Class A		$239		$65
Class C		55		4
Class T		—		—	*
Class F-1		3		2
Class F-2		Not applicable		4
Class F-3		Not applicable		—	*
Class R-1		6		1
Class R-2		356		167
Class R-2E		25		8
Class R-3		257		78
Class R-4		85		34
Class R-5E		Not applicable		34
Class R-5		Not applicable		5
Class R-6		Not applicable		5
Total class-specific expenses		$1,026		$407
2060 Fund
Share class		Distribution services		Transfer agent services
Class A		$1,515		$481
Class C		697		56
Class T		—		—	*
Class F-1		79		38
Class F-2		Not applicable		44
Class F-3		Not applicable		—	*
Class R-1		58		6
Class R-2		2,094		984
Class R-2E		376		127
Class R-3		1,837		555
Class R-4		872		351
Class R-5E		Not applicable		294
Class R-5		Not applicable		50
Class R-6		Not applicable		65
Total class-specific expenses		$7,528		$3,051
2055 Fund
Share class		Distribution services		Transfer agent services
Class A		$2,659		$850
Class C		922		74
Class T		—		—	*
Class F-1		126		62
Class F-2		Not applicable		50
Class F-3		Not applicable		—	*
Class R-1		99		10
Class R-2		3,978		1,869
Class R-2E		765		259
Class R-3		3,712		1,123
Class R-4		2,009		811
Class R-5E		Not applicable		576
Class R-5		Not applicable		123
Class R-6		Not applicable		138
Total class-specific expenses		$14,270		$5,945
2050 Fund
Share class		Distribution services		Transfer agent services
Class A		$4,331		$1,404
Class C		1,435		115
Class T		—		—	*
Class F-1		199		97
Class F-2		Not applicable		81
Class F-3		Not applicable		—	*
Class R-1		180		18
Class R-2		5,953		2,797
Class R-2E		1,201		407
Class R-3		6,098		1,846
Class R-4		3,150		1,273
Class R-5E		Not applicable		907
Class R-5		Not applicable		181
Class R-6		Not applicable		224
Total class-specific expenses		$22,547		$9,350

Refer to the end of the tables for footnote.

American Funds Target Date Retirement Series 59

2045 Fund
Share class	Distribution services		Transfer agent services
Class A		$4,830		$1,562
Class C		1,488		119
Class T		—		—	*
Class F-1		232		114
Class F-2		Not applicable		104
Class F-3		Not applicable		—	*
Class R-1		247		24
Class R-2		7,512		3,530
Class R-2E		1,820		615
Class R-3		6,936		2,101
Class R-4		3,483		1,409
Class R-5E		Not applicable		1,113
Class R-5		Not applicable		204
Class R-6		Not applicable		259
Total class-specific expenses		$26,548		$11,154
2040 Fund
Share class		Distribution services		Transfer agent services
Class A		$6,421		$2,067
Class C		1,789		143
Class T		—		—	*
Class F-1		376		185
Class F-2		Not applicable		136
Class F-3		Not applicable		—	*
Class R-1		309		30
Class R-2		9,002		4,231
Class R-2E		1,751		593
Class R-3		8,799		2,665
Class R-4		4,612		1,866
Class R-5E		Not applicable		1,391
Class R-5		Not applicable		251
Class R-6		Not applicable		326
Total class-specific expenses		$33,059		$13,884
2035 Fund
Share class		Distribution services		Transfer agent services
Class A		$7,544		$2,416
Class C		2,087		167
Class T		—		—	*
Class F-1		472		232
Class F-2		Not applicable		185
Class F-3		Not applicable		1
Class R-1		324		32
Class R-2		10,812		5,082
Class R-2E		2,402		812
Class R-3		10,612		3,214
Class R-4		5,179		2,096
Class R-5E		Not applicable		1,490
Class R-5		Not applicable		295
Class R-6		Not applicable		365
Total class-specific expenses		$39,432		$16,387
2030 Fund
Share class		Distribution services		Transfer agent services
Class A		$9,546		$3,054
Class C		2,494		199
Class T		—		—	*
Class F-1		423		208
Class F-2		Not applicable		261
Class F-3		Not applicable		1
Class R-1		450		44
Class R-2		10,697		5,031
Class R-2E		2,591		877
Class R-3		12,301		3,725
Class R-4		6,413		2,596
Class R-5E		Not applicable		1,759
Class R-5		Not applicable		344
Class R-6		Not applicable		415
Total class-specific expenses		$44,915		$18,514
2025 Fund
Share class		Distribution services		Transfer agent services
Class A		$9,815		$3,007
Class C		2,351		187
Class T		—		—	*
Class F-1		265		131
Class F-2		Not applicable		228
Class F-3		Not applicable		1
Class R-1		306		30
Class R-2		9,058		4,268
Class R-2E		2,444		831
Class R-3		10,128		3,068
Class R-4		5,216		2,114
Class R-5E		Not applicable		1,544
Class R-5		Not applicable		285
Class R-6		Not applicable		340
Total class-specific expenses		$39,583		$16,034
2020 Fund
Share class		Distribution services		Transfer agent services
Class A		$6,274		$1,991
Class C		1,522		121
Class T		—		—	*
Class F-1		136		68
Class F-2		Not applicable		146
Class F-3		Not applicable		—	*
Class R-1		117		11
Class R-2		4,437		2,092
Class R-2E		1,202		408
Class R-3		5,362		1,628
Class R-4		3,000		1,216
Class R-5E		Not applicable		862
Class R-5		Not applicable		151
Class R-6		Not applicable		184
Total class-specific expenses		$22,050		$8,878

Refer to the end of the tables for footnote.

60 American Funds Target Date Retirement Series

2015 Fund
Share class	Distribution services		Transfer agent services
Class A		$2,320		$760
Class C		412		33
Class T		—		—	*
Class F-1		35		17
Class F-2		Not applicable		48
Class F-3		Not applicable		—	*
Class R-1		67		7
Class R-2		1,457		685
Class R-2E		427		145
Class R-3		1,805		549
Class R-4		751		305
Class R-5E		Not applicable		227
Class R-5		Not applicable		45
Class R-6		Not applicable		56
Total class-specific expenses		$7,274		$2,877
2010 Fund
Share class		Distribution services		Transfer agent services
Class A		$1,590		$490
Class C		290		23
Class T		—		—	*
Class F-1		24		12
Class F-2		Not applicable		35
Class F-3		Not applicable		—	*
Class R-1		19		2
Class R-2		731		344
Class R-2E		386		131
Class R-3		1,160		352
Class R-4		688		279
Class R-5E		Not applicable		196
Class R-5		Not applicable		33
Class R-6		Not applicable		45
Total class-specific expenses		$4,888		$1,942

* 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 decrease in the value of the deferred amounts as follows (dollars in thousands):

	Current fees		Decrease in value of deferred amounts			Total trustees’ compensation
2065 Fund		$ 2		$ (1	)		$ 1
2060 Fund		13		(6	)		7
2055 Fund		26		(12	)		14
2050 Fund		42		(19	)		23
2045 Fund		49		(22	)		27
2040 Fund		62		(28	)		34
2035 Fund		70		(32	)		38
2030 Fund		81		(37	)		44
2025 Fund		68		(31	)		37
2020 Fund		38		(17	)		21
2015 Fund		12		(5	)		7
2010 Fund		9		(4	)		5

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.

American Funds Target Date Retirement Series 61

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 engaged in purchases and sales of investment securities of affiliated issuers during the year ended October 31, 2022, as follows (dollars in thousands):

	Purchases		Sales
2065 Fund	$	562,848	$	10,912
2060 Fund		2,283,764		143,645
2055 Fund		3,551,675		362,567
2050 Fund		4,422,241		438,188
2045 Fund		4,455,840		69,835
2040 Fund		5,914,846		1,216,505
2035 Fund		7,192,137		2,129,262
2030 Fund		8,047,645		3,503,302
2025 Fund		5,665,682		3,786,559
2020 Fund		2,613,210		3,042,728
2015 Fund		932,518		1,010,785
2010 Fund		893,283		780,149

62 American Funds Target Date Retirement Series

9. Capital share transactions

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

2065 Fund

	Sales*				Reinvestments of distributions						Repurchases*						Net increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount		Shares
Year ended October 31, 2022
Class A	$	84,056		5,743	$	905			54		$	(15,679	)		(1,074	)	$	69,282		4,723
Class C		5,544		386		39			3			(744	)		(52	)		4,839		337
Class T		—		—		—			—			—			—			—		—
Class F-1		1,566		109		12			1			(486	)		(34	)		1,092		76
Class F-2		4,768		326		58			3			(683	)		(48	)		4,143		281
Class F-3		283		19		1			—	†		(1	)		—	†		283		19
Class R-1		72		5		7			—	†		(15	)		(1	)		64		4
Class R-2		47,730		3,318		332			20			(14,259	)		(975	)		33,803		2,363
Class R-2E		5,670		399		32			1			(1,658	)		(114	)		4,044		286
Class R-3		56,107		3,895		478			28			(16,819	)		(1,155	)		39,766		2,768
Class R-4		40,492		2,796		376			23			(14,021	)		(1,007	)		26,847		1,812
Class R-5E		28,630		1,982		257			15			(6,886	)		(467	)		22,001		1,530
Class R-5		12,625		851		131			8			(4,422	)		(307	)		8,334		552
Class R-6		395,645		27,180		3,641			215			(88,473	)		(6,073	)		310,813		21,322
Total net increase (decrease)	$	683,188		47,009	$	6,269			371		$	(164,146	)		(11,307	)	$	525,311		36,073
Year ended October 31, 2021
Class A	$	45,911		2,933	$	67			5		$	(4,393	)		(279	)	$	41,585		2,659
Class C		3,350		215		3			—	†		(265	)		(17	)		3,088		198
Class T		—		—		—			—			—			—			—		—
Class F-1		876		57		2			—	†		(178	)		(11	)		700		46
Class F-2		2,936		184		3			—	†		(264	)		(17	)		2,675		167
Class F-3		38		3		—	†		—	†		—	†		—	†		38		3
Class R-1		647		41		—	†		—	†		(2	)		—	†		645		41
Class R-2		36,798		2,398		54			4			(10,407	)		(669	)		26,445		1,733
Class R-2E		2,725		176		4			—	†		(1,134	)		(71	)		1,595		105
Class R-3		37,893		2,461		57			4			(10,988	)		(713	)		26,962		1,752
Class R-4		24,272		1,566		43			3			(6,450	)		(405	)		17,865		1,164
Class R-5E		16,509		1,062		26			2			(5,163	)		(332	)		11,372		732
Class R-5		7,340		471		14			1			(2,178	)		(142	)		5,176		330
Class R-6		202,965		12,944		201			14			(41,152	)		(2,665	)		162,014		10,293
Total net increase (decrease)	$	382,260		24,511	$	474			33		$	(82,574	)		(5,321	)	$	300,160		19,223

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 63

2060 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Year ended October 31, 2022
Class A	$	204,122		13,171	$	21,514		1,210	$	(71,343	)		(4,545	)	$	154,293		9,836
Class C		20,294		1,325		2,138		122		(10,202	)		(662	)		12,230		785
Class T		—		—		—		—		—			—			—		—
Class F-1		14,500		892		1,122		63		(7,358	)		(463	)		8,264		492
Class F-2		17,102		1,090		1,917		107		(11,931	)		(747	)		7,088		450
Class F-3		2,410		157		124		7		(461	)		(29	)		2,073		135
Class R-1		2,987		194		180		10		(1,640	)		(109	)		1,527		95
Class R-2		113,457		7,500		8,514		485		(78,040	)		(5,077	)		43,931		2,908
Class R-2E		30,284		1,980		2,129		121		(22,126	)		(1,421	)		10,287		680
Class R-3		176,823		11,581		12,250		693		(99,910	)		(6,481	)		89,163		5,793
Class R-4		167,162		10,840		12,998		730		(135,074	)		(8,773	)		45,086		2,797
Class R-5E		117,189		7,538		6,934		389		(50,329	)		(3,214	)		73,794		4,713
Class R-5		41,833		2,691		3,917		219		(28,817	)		(1,860	)		16,933		1,050
Class R-6		1,937,956		125,125		142,922		7,971		(605,149	)		(38,482	)		1,475,729		94,614
Total net increase (decrease)	$	2,846,119		184,084	$	216,659		12,127	$	(1,122,380	)		(71,863	)	$	1,940,398		124,348
Year ended October 31, 2021
Class A	$	184,122		10,973	$	10,770		691	$	(64,583	)		(3,855	)	$	130,309		7,809
Class C		20,625		1,255		1,135		74		(12,004	)		(731	)		9,756		598
Class T		—		—		—		—		—			—			—		—
Class F-1		16,329		976		475		31		(6,944	)		(410	)		9,860		597
Class F-2		22,152		1,310		919		59		(7,580	)		(449	)		15,491		920
Class F-3		2,006		117		40		3		(335	)		(20	)		1,711		100
Class R-1		2,279		136		74		5		(735	)		(43	)		1,618		98
Class R-2		108,590		6,585		4,773		310		(79,367	)		(4,811	)		33,996		2,084
Class R-2E		30,302		1,831		1,049		68		(16,843	)		(1,024	)		14,508		875
Class R-3		157,872		9,474		6,390		412		(97,071	)		(5,843	)		67,191		4,043
Class R-4		158,732		9,489		6,740		432		(156,079	)		(9,548	)		9,393		373
Class R-5E		99,167		5,924		3,790		243		(73,744	)		(4,264	)		29,213		1,903
Class R-5		36,376		2,143		2,092		133		(19,849	)		(1,178	)		18,619		1,098
Class R-6		1,643,773		97,104		63,379		4,039		(530,347	)		(31,573	)		1,176,805		69,570
Total net increase (decrease)	$	2,482,325		147,317	$	101,626		6,500	$	(1,065,481	)		(63,749	)	$	1,518,470		90,068

Refer to the end of the tables for footnotes.

64 American Funds Target Date Retirement Series

2055 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	262,592		11,374	$	46,685		1,770	$	(120,730	)		(5,203	)	$	188,547			7,941
Class C		19,957		883		3,593		139		(12,587	)		(560	)		10,963			462
Class T		—		—		—		—		—			—			—			—
Class F-1		10,193		437		2,260		86		(8,025	)		(348	)		4,428			175
Class F-2		19,680		850		2,540		96		(8,710	)		(374	)		13,510			572
Class F-3		2,441		104		521		20		(1,307	)		(55	)		1,655			69
Class R-1		3,293		147		389		15		(2,583	)		(116	)		1,099			46
Class R-2		170,561		7,671		20,781		806		(149,270	)		(6,614	)		42,072			1,863
Class R-2E		39,536		1,759		5,200		200		(35,411	)		(1,556	)		9,325			403
Class R-3		267,448		11,837		30,974		1,188		(205,821	)		(8,990	)		92,601			4,035
Class R-4		258,754		11,254		36,670		1,392		(274,179	)		(12,002	)		21,245			644
Class R-5E		171,594		7,431		17,412		662		(109,463	)		(4,750	)		79,543			3,343
Class R-5		69,994		3,006		11,177		420		(85,815	)		(3,534	)		(4,644	)		(108	)
Class R-6		3,032,381		130,671		361,596		13,569		(993,448	)		(42,629	)		2,400,529			101,611
Total net increase (decrease)	$	4,328,424		187,424	$	539,798		20,363	$	(2,007,349	)		(86,731	)	$	2,860,873			121,056
Year ended October 31, 2021
Class A	$	237,426		9,503	$	25,666		1,104	$	(118,094	)		(4,737	)	$	144,998			5,870
Class C		21,459		883		1,965		86		(14,540	)		(595	)		8,884			374
Class T		—		—		—		—		—			—			—			—
Class F-1		17,455		707		1,212		52		(8,179	)		(328	)		10,488			431
Class F-2		20,155		807		1,209		52		(7,082	)		(282	)		14,282			577
Class F-3		3,171		128		256		11		(576	)		(22	)		2,851			117
Class R-1		5,908		250		212		9		(2,531	)		(103	)		3,589			156
Class R-2		167,006		6,841		11,978		526		(152,590	)		(6,248	)		26,394			1,119
Class R-2E		44,146		1,798		2,871		126		(30,969	)		(1,277	)		16,048			647
Class R-3		266,189		10,763		17,718		770		(222,382	)		(9,014	)		61,525			2,519
Class R-4		280,511		11,290		21,970		947		(413,220	)		(16,876	)		(110,739	)		(4,639	)
Class R-5E		160,137		6,456		10,777		465		(156,098	)		(6,087	)		14,816			834
Class R-5		77,256		3,046		7,334		313		(58,618	)		(2,330	)		25,972			1,029
Class R-6		2,759,858		109,166		176,359		7,514		(1,060,885	)		(42,310	)		1,875,332			74,370
Total net increase (decrease)	$	4,060,677		161,638	$	279,527		11,975	$	(2,245,764	)		(90,209	)	$	2,094,440			83,404

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 65

2050 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	329,728		17,819	$	81,484		3,877	$	(189,474	)		(10,148	)	$	221,738			11,548
Class C		28,917		1,602		5,849		285		(20,780	)		(1,158	)		13,986			729
Class T		—		—		—		—		—			—			—			—
Class F-1		15,934		853		3,686		177		(9,782	)		(535	)		9,838			495
Class F-2		30,400		1,627		4,337		206		(18,094	)		(981	)		16,643			852
Class F-3		4,540		244		560		27		(1,046	)		(54	)		4,054			217
Class R-1		4,170		231		748		36		(4,543	)		(253	)		375			14
Class R-2		223,572		12,501		32,113		1,564		(205,938	)		(11,347	)		49,747			2,718
Class R-2E		51,391		2,849		8,585		416		(52,106	)		(2,851	)		7,870			414
Class R-3		347,082		19,128		53,223		2,564		(290,540	)		(15,857	)		109,765			5,835
Class R-4		314,924		17,101		60,405		2,881		(413,264	)		(22,514	)		(37,935	)		(2,532	)
Class R-5E		227,789		12,308		28,148		1,343		(138,332	)		(7,434	)		117,605			6,217
Class R-5		81,295		4,350		17,709		834		(116,619	)		(6,046	)		(17,615	)		(862	)
Class R-6		3,912,067		211,467		616,829		29,178		(1,496,283	)		(80,423	)		3,032,613			160,222
Total net increase (decrease)	$	5,571,809		302,080	$	913,676		43,388	$	(2,956,801	)		(159,601	)	$	3,528,684			185,867
Year ended October 31, 2021
Class A	$	335,138		16,816	$	47,277		2,547	$	(207,513	)		(10,446	)	$	174,902			8,917
Class C		30,746		1,583		3,323		183		(21,735	)		(1,119	)		12,334			647
Class T		—		—		—		—		—			—			—			—
Class F-1		30,330		1,554		1,836		100		(12,735	)		(645	)		19,431			1,009
Class F-2		31,732		1,595		2,292		124		(17,005	)		(856	)		17,019			863
Class F-3		6,861		350		199		11		(1,400	)		(68	)		5,660			293
Class R-1		6,257		327		446		25		(4,319	)		(220	)		2,384			132
Class R-2		223,104		11,473		19,742		1,087		(228,044	)		(11,732	)		14,802			828
Class R-2E		57,988		2,960		5,070		277		(46,780	)		(2,402	)		16,278			835
Class R-3		355,593		18,086		32,900		1,794		(354,412	)		(18,077	)		34,081			1,803
Class R-4		387,413		19,572		37,377		2,018		(617,826	)		(31,768	)		(193,036	)		(10,178	)
Class R-5E		202,098		10,218		19,118		1,034		(244,417	)		(11,973	)		(23,201	)		(721	)
Class R-5		98,003		4,832		11,902		636		(91,410	)		(4,529	)		18,495			939
Class R-6		3,979,771		198,644		318,159		17,060		(1,547,962	)		(77,755	)		2,749,968			137,949
Total net increase (decrease)	$	5,745,034		288,010	$	499,641		26,896	$	(3,395,558	)		(171,590	)	$	2,849,117			143,316

Refer to the end of the tables for footnotes.

66 American Funds Target Date Retirement Series

2045 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	353,052		18,718	$	95,941		4,513	$	(208,731	)		(10,930	)	$	240,262			12,301
Class C		29,343		1,597		6,516		313		(22,048	)		(1,215	)		13,811			695
Class T		—		—		—		—		—			—			—			—
Class F-1		24,146		1,287		4,456		211		(14,365	)		(767	)		14,237			731
Class F-2		32,532		1,736		5,995		282		(19,639	)		(1,038	)		18,888			980
Class F-3		2,855		153		505		24		(2,645	)		(147	)		715			30
Class R-1		4,837		268		1,107		53		(4,678	)		(264	)		1,266			57
Class R-2		256,921		14,188		43,912		2,123		(239,887	)		(13,099	)		60,946			3,212
Class R-2E		67,965		3,688		13,955		669		(65,121	)		(3,544	)		16,799			813
Class R-3		387,888		20,973		64,559		3,079		(342,496	)		(18,437	)		109,951			5,615
Class R-4		347,255		18,465		70,600		3,327		(427,715	)		(22,706	)		(9,860	)		(914	)
Class R-5E		264,658		14,079		36,905		1,743		(157,054	)		(8,251	)		144,509			7,571
Class R-5		89,611		4,727		20,587		959		(128,518	)		(6,544	)		(18,320	)		(858	)
Class R-6		4,198,210		222,085		755,927		35,357		(1,577,510	)		(83,637	)		3,376,627			173,805
Total net increase (decrease)	$	6,059,273		321,964	$	1,120,965		52,653	$	(3,210,407	)		(170,579	)	$	3,969,831			204,038
Year ended October 31, 2021
Class A	$	341,703		16,911	$	53,656		2,848	$	(225,121	)		(11,212	)	$	170,238			8,547
Class C		28,350		1,441		3,518		191		(19,859	)		(1,009	)		12,009			623
Class T		—		—		—		—		—			—			—			—
Class F-1		33,616		1,692		2,206		118		(13,504	)		(668	)		22,318			1,142
Class F-2		38,475		1,904		2,995		160		(16,414	)		(808	)		25,056			1,256
Class F-3		4,768		237		194		10		(1,168	)		(57	)		3,794			190
Class R-1		8,146		417		579		31		(3,832	)		(193	)		4,893			255
Class R-2		259,618		13,199		25,196		1,372		(268,447	)		(13,682	)		16,367			889
Class R-2E		72,198		3,638		7,622		411		(54,827	)		(2,793	)		24,993			1,256
Class R-3		411,690		20,659		37,497		2,016		(390,232	)		(19,650	)		58,955			3,025
Class R-4		401,583		19,989		43,580		2,318		(786,094	)		(39,601	)		(340,931	)		(17,294	)
Class R-5E		266,504		13,349		23,471		1,251		(303,699	)		(14,681	)		(13,724	)		(81	)
Class R-5		96,620		4,707		13,588		714		(93,381	)		(4,599	)		16,827			822
Class R-6		4,411,593		216,930		378,597		19,989		(1,802,257	)		(89,250	)		2,987,933			147,669
Total net increase (decrease)	$	6,374,864		315,073	$	592,699		31,429	$	(3,978,835	)		(198,203	)	$	2,988,728			148,299

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 67

2040 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	412,060		22,313	$	136,129		6,595	$	(283,971	)		(15,374	)	$	264,218			13,534
Class C		31,204		1,732		8,421		417		(27,334	)		(1,526	)		12,291			623
Class T		—		—		—		—		—			—			—			—
Class F-1		33,496		1,791		7,849		383		(25,126	)		(1,371	)		16,219			803
Class F-2		47,906		2,581		8,154		395		(26,609	)		(1,463	)		29,451			1,513
Class F-3		7,953		433		862		42		(4,172	)		(231	)		4,643			244
Class R-1		7,146		400		1,410		70		(4,555	)		(253	)		4,001			217
Class R-2		278,464		15,629		56,534		2,807		(281,879	)		(15,718	)		53,119			2,718
Class R-2E		64,031		3,576		14,388		709		(64,376	)		(3,544	)		14,043			741
Class R-3		421,845		23,303		88,574		4,340		(410,232	)		(22,431	)		100,187			5,212
Class R-4		390,004		21,178		100,987		4,902		(582,395	)		(31,809	)		(91,404	)		(5,729	)
Class R-5E		319,285		17,285		48,497		2,358		(186,472	)		(10,018	)		181,310			9,625
Class R-5		94,688		5,045		27,676		1,328		(140,570	)		(7,389	)		(18,206	)		(1,016	)
Class R-6		4,644,552		251,597		1,014,837		48,908		(1,914,228	)		(103,710	)		3,745,161			196,795
Total net increase (decrease)	$	6,752,634		366,863	$	1,514,318		73,254	$	(3,951,919	)		(214,837	)	$	4,315,033			225,280
Year ended October 31, 2021
Class A	$	435,926		22,159	$	73,846		4,009	$	(310,572	)		(15,848	)	$	199,200			10,320
Class C		34,220		1,778		4,362		242		(23,162	)		(1,202	)		15,420			818
Class T		—		—		—		—		—			—			—			—
Class F-1		50,254		2,584		3,847		210		(25,040	)		(1,287	)		29,061			1,507
Class F-2		48,204		2,445		3,902		212		(21,025	)		(1,057	)		31,081			1,600
Class F-3		8,621		439		364		20		(2,554	)		(129	)		6,431			330
Class R-1		10,827		572		727		40		(7,274	)		(375	)		4,280			237
Class R-2		280,316		14,574		31,395		1,744		(295,383	)		(15,375	)		16,328			943
Class R-2E		78,856		4,075		7,735		426		(66,948	)		(3,495	)		19,643			1,006
Class R-3		471,720		24,245		50,506		2,771		(496,790	)		(25,593	)		25,436			1,423
Class R-4		500,296		25,643		58,894		3,204		(845,397	)		(43,671	)		(286,207	)		(14,824	)
Class R-5E		259,883		13,270		30,749		1,676		(343,353	)		(16,968	)		(52,721	)		(2,022	)
Class R-5		109,142		5,465		17,380		936		(126,630	)		(6,387	)		(108	)		14
Class R-6		5,158,759		260,349		502,264		27,134		(2,140,806	)		(108,550	)		3,520,217			178,933
Total net increase (decrease)	$	7,447,024		377,598	$	785,971		42,624	$	(4,704,934	)		(239,937	)	$	3,528,061			180,285

Refer to the end of the tables for footnotes.

68 American Funds Target Date Retirement Series

2035 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	503,677		28,411	$	166,740		8,529	$	(345,361	)		(19,456	)	$	325,056			17,484
Class C		34,890		2,015		10,462		546		(34,999	)		(2,052	)		10,353			509
Class T		—		—		—		—		—			—			—			—
Class F-1		40,319		2,280		10,310		531		(31,301	)		(1,805	)		19,328			1,006
Class F-2		56,002		3,180		11,438		585		(39,311	)		(2,249	)		28,129			1,516
Class F-3		10,978		600		1,800		92		(4,286	)		(245	)		8,492			447
Class R-1		8,046		476		1,545		81		(5,134	)		(299	)		4,457			258
Class R-2		303,983		17,835		71,892		3,764		(337,971	)		(19,891	)		37,904			1,708
Class R-2E		87,125		5,064		21,005		1,095		(87,537	)		(5,065	)		20,593			1,094
Class R-3		511,845		29,434		112,865		5,842		(518,042	)		(29,698	)		106,668			5,578
Class R-4		454,340		25,791		118,154		6,056		(591,293	)		(33,720	)		(18,799	)		(1,873	)
Class R-5E		321,374		18,247		55,648		2,854		(206,253	)		(11,587	)		170,769			9,514
Class R-5		124,589		7,124		33,672		1,706		(154,276	)		(8,604	)		3,985			226
Class R-6		5,139,371		289,846		1,196,113		60,902		(2,185,451	)		(124,299	)		4,150,033			226,449
Total net increase (decrease)	$	7,596,539		430,303	$	1,811,644		92,583	$	(4,541,215	)		(258,970	)	$	4,866,968			263,916
Year ended October 31, 2021
Class A	$	573,306		30,368	$	90,721		5,123	$	(373,668	)		(19,924	)	$	290,359			15,567
Class C		44,745		2,424		5,578		321		(30,391	)		(1,646	)		19,932			1,099
Class T		—		—		—		—		—			—			—			—
Class F-1		69,770		3,762		5,176		294		(32,314	)		(1,726	)		42,632			2,330
Class F-2		73,195		3,890		5,529		312		(29,930	)		(1,590	)		48,794			2,612
Class F-3		11,335		592		620		35		(1,113	)		(60	)		10,842			567
Class R-1		10,100		560		825		48		(4,220	)		(230	)		6,705			378
Class R-2		346,888		18,797		41,749		2,411		(384,284	)		(20,854	)		4,353			354
Class R-2E		108,976		5,905		11,617		667		(91,586	)		(4,999	)		29,007			1,573
Class R-3		590,634		31,763		65,531		3,743		(572,405	)		(30,819	)		83,760			4,687
Class R-4		550,931		29,410		70,980		4,017		(984,321	)		(52,813	)		(362,410	)		(19,386	)
Class R-5E		328,266		17,597		35,342		2,002		(381,417	)		(19,772	)		(17,809	)		(173	)
Class R-5		115,565		6,070		21,254		1,190		(119,042	)		(6,272	)		17,777			988
Class R-6		5,906,878		311,201		603,207		33,926		(2,452,866	)		(129,642	)		4,057,219			215,485
Total net increase (decrease)	$	8,730,589		462,339	$	958,129		54,089	$	(5,457,557	)		(290,347	)	$	4,231,161			226,081

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 69

2030 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	612,394		37,268	$	254,721		14,310	$	(502,763	)		(30,876	)	$	364,352			20,702
Class C		41,096		2,554		15,421		885		(40,174	)		(2,553	)		16,343			886
Class T		—		—		—		—		—			—			—			—
Class F-1		38,719		2,381		11,116		630		(40,231	)		(2,495	)		9,604			516
Class F-2		82,870		5,037		20,056		1,128		(64,295	)		(3,983	)		38,631			2,182
Class F-3		12,594		788		2,188		123		(6,075	)		(382	)		8,707			529
Class R-1		7,602		481		2,738		156		(7,791	)		(494	)		2,549			143
Class R-2		293,791		18,494		89,004		5,115		(349,664	)		(21,875	)		33,131			1,734
Class R-2E		89,145		5,575		27,568		1,576		(102,505	)		(6,334	)		14,208			817
Class R-3		530,316		32,837		160,107		9,097		(601,281	)		(37,294	)		89,142			4,640
Class R-4		516,947		31,538		177,708		10,000		(763,834	)		(46,973	)		(69,179	)		(5,435	)
Class R-5E		347,707		21,264		79,381		4,475		(264,186	)		(15,996	)		162,902			9,743
Class R-5		140,248		8,310		47,249		2,631		(183,579	)		(11,069	)		3,918			(128	)
Class R-6		5,557,847		337,985		1,630,382		91,185		(2,836,516	)		(172,785	)		4,351,713			256,385
Total net increase (decrease)	$	8,271,276		504,512	$	2,517,639		141,311	$	(5,762,894	)		(353,109	)	$	5,026,021			292,714
Year ended October 31, 2021
Class A	$	760,746		43,269	$	117,698		7,056	$	(493,756	)		(28,102	)	$	384,688			22,223
Class C		51,413		2,994		6,764		413		(37,556	)		(2,186	)		20,621			1,221
Class T		—		—		—		—		—			—			—			—
Class F-1		57,845		3,332		5,351		324		(36,650	)		(2,102	)		26,546			1,554
Class F-2		103,502		5,885		8,612		517		(51,152	)		(2,909	)		60,962			3,493
Class F-3		16,457		937		858		51		(6,934	)		(386	)		10,381			602
Class R-1		15,907		929		1,103		67		(5,559	)		(321	)		11,451			675
Class R-2		338,609		19,705		43,387		2,657		(418,472	)		(24,356	)		(36,476	)		(1,994	)
Class R-2E		126,139		7,309		12,965		790		(96,529	)		(5,590	)		42,575			2,509
Class R-3		662,570		38,202		80,212		4,859		(702,786	)		(40,478	)		39,996			2,583
Class R-4		694,299		39,675		89,084		5,350		(1,058,374	)		(60,782	)		(274,991	)		(15,757	)
Class R-5E		358,020		20,457		45,086		2,711		(471,022	)		(26,354	)		(67,916	)		(3,186	)
Class R-5		127,079		7,142		25,185		1,497		(152,960	)		(8,619	)		(696	)		20
Class R-6		6,521,365		368,892		723,769		43,210		(2,940,440	)		(166,556	)		4,304,694			245,546
Total net increase (decrease)	$	9,833,951		558,728	$	1,160,074		69,502	$	(6,472,190	)		(368,741	)	$	4,521,835			259,489

Refer to the end of the tables for footnotes.

70 American Funds Target Date Retirement Series

2025 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	563,540		37,378	$	242,847		15,093	$	(589,398	)		(39,514	)	$	216,989			12,957
Class C		30,906		2,112		14,064		891		(47,442	)		(3,275	)		(2,472	)		(272	)
Class T		—		—		—		—		—			—			—			—
Class F-1		21,055		1,422		6,955		436		(25,237	)		(1,693	)		2,773			165
Class F-2		82,636		5,448		16,921		1,054		(68,985	)		(4,629	)		30,572			1,873
Class F-3		9,075		594		2,362		147		(5,861	)		(387	)		5,576			354
Class R-1		6,176		422		1,781		113		(8,298	)		(560	)		(341	)		(25	)
Class R-2		221,873		15,219		72,272		4,592		(327,310	)		(22,393	)		(33,165	)		(2,582	)
Class R-2E		68,828		4,739		25,485		1,612		(120,291	)		(8,192	)		(25,978	)		(1,841	)
Class R-3		416,850		28,077		129,204		8,121		(633,261	)		(42,984	)		(87,207	)		(6,786	)
Class R-4		417,706		27,722		141,103		8,786		(717,526	)		(48,163	)		(158,717	)		(11,655	)
Class R-5E		285,435		19,124		67,509		4,211		(268,292	)		(17,962	)		84,652			5,373
Class R-5		88,458		5,861		38,845		2,395		(174,872	)		(11,543	)		(47,569	)		(3,287	)
Class R-6		4,338,742		286,964		1,308,610		80,928		(3,245,220	)		(217,428	)		2,402,132			150,464
Total net increase (decrease)	$	6,551,280		435,082	$	2,067,958		128,379	$	(6,231,993	)		(418,723	)	$	2,387,245			144,738
Year ended October 31, 2021
Class A	$	792,482		49,535	$	119,369		7,802	$	(556,774	)		(34,748	)	$	355,077			22,589
Class C		48,388		3,087		6,743		449		(39,072	)		(2,487	)		16,059			1,049
Class T		—		—		—		—		—			—			—			—
Class F-1		33,389		2,119		3,826		252		(29,661	)		(1,872	)		7,554			499
Class F-2		83,380		5,196		8,353		547		(60,547	)		(3,742	)		31,186			2,001
Class F-3		21,304		1,322		658		43		(6,916	)		(434	)		15,046			931
Class R-1		8,885		572		923		61		(6,800	)		(432	)		3,008			201
Class R-2		287,854		18,395		37,583		2,507		(361,881	)		(23,114	)		(36,444	)		(2,212	)
Class R-2E		105,194		6,701		13,643		907		(122,330	)		(7,803	)		(3,493	)		(195	)
Class R-3		554,356		35,107		70,449		4,653		(664,598	)		(42,002	)		(39,793	)		(2,242	)
Class R-4		582,929		36,529		79,304		5,194		(1,076,856	)		(67,494	)		(414,623	)		(25,771	)
Class R-5E		362,720		22,818		40,469		2,654		(447,296	)		(27,474	)		(44,107	)		(2,002	)
Class R-5		120,715		7,460		23,241		1,507		(162,364	)		(10,039	)		(18,408	)		(1,072	)
Class R-6		5,600,112		347,342		623,429		40,561		(3,055,486	)		(189,643	)		3,168,055			198,260
Total net increase (decrease)	$	8,601,708		536,183	$	1,027,990		67,137	$	(6,590,581	)		(411,284	)	$	3,039,117			192,036

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 71

2020 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	277,704		20,447	$	162,140		11,378	$	(396,045	)		(29,568	)	$	43,799			2,257
Class C		15,406		1,156		9,259		661		(33,591	)		(2,578	)		(8,926	)		(761	)
Class T		—		—		—		—		—			—			—			—
Class F-1		7,010		532		3,626		256		(12,336	)		(936	)		(1,700	)		(148	)
Class F-2		36,942		2,742		11,119		782		(42,411	)		(3,174	)		5,650			350
Class F-3		5,653		412		1,228		86		(6,672	)		(507	)		209			(9	)
Class R-1		1,815		141		646		46		(4,805	)		(352	)		(2,344	)		(165	)
Class R-2		92,658		7,033		35,737		2,551		(178,482	)		(13,539	)		(50,087	)		(3,955	)
Class R-2E		43,664		3,322		12,346		881		(69,212	)		(5,256	)		(13,202	)		(1,053	)
Class R-3		194,890		14,672		69,090		4,886		(378,778	)		(28,566	)		(114,798	)		(9,008	)
Class R-4		209,192		15,470		83,181		5,841		(488,156	)		(36,492	)		(195,783	)		(15,181	)
Class R-5E		137,242		10,212		38,046		2,682		(181,701	)		(13,460	)		(6,413	)		(566	)
Class R-5		55,071		3,932		21,477		1,496		(123,366	)		(9,085	)		(46,818	)		(3,657	)
Class R-6		2,170,885		160,723		724,843		50,653		(2,576,561	)		(191,181	)		319,167			20,195
Total net increase (decrease)	$	3,248,132		240,794	$	1,172,738		82,199	$	(4,492,116	)		(334,694	)	$	(71,246	)		(11,701	)
Year ended October 31, 2021
Class A	$	423,495		29,663	$	101,123		7,392	$	(487,911	)		(34,196	)	$	36,707			2,859
Class C		28,260		2,011		5,506		410		(29,502	)		(2,108	)		4,264			313
Class T		—		—		—		—		—			—			—			—
Class F-1		14,181		1,003		2,553		188		(20,382	)		(1,432	)		(3,648	)		(241	)
Class F-2		57,797		4,067		6,281		460		(40,895	)		(2,860	)		23,183			1,667
Class F-3		8,284		570		490		35		(2,723	)		(189	)		6,051			416
Class R-1		3,207		230		551		41		(6,430	)		(456	)		(2,672	)		(185	)
Class R-2		125,677		8,983		24,851		1,846		(237,092	)		(16,903	)		(86,564	)		(6,074	)
Class R-2E		54,096		3,845		8,572		637		(84,916	)		(6,064	)		(22,248	)		(1,582	)
Class R-3		245,219		17,372		49,696		3,662		(462,426	)		(32,691	)		(167,511	)		(11,657	)
Class R-4		312,759		21,954		60,090		4,399		(695,678	)		(48,792	)		(322,829	)		(22,439	)
Class R-5E		183,845		12,931		30,857		2,266		(324,400	)		(22,482	)		(109,698	)		(7,285	)
Class R-5		69,668		4,852		15,358		1,115		(131,640	)		(9,137	)		(46,614	)		(3,170	)
Class R-6		3,105,037		216,315		444,472		32,372		(2,611,471	)		(181,645	)		938,038			67,042
Total net increase (decrease)	$	4,631,525		323,796	$	750,400		54,823	$	(5,135,466	)		(358,955	)	$	246,459			19,664

Refer to the end of the tables for footnotes.

72 American Funds Target Date Retirement Series

2015 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	71,573		5,797	$	49,488		3,789	$	(147,520	)		(12,026	)	$	(26,459	)		(2,440	)
Class C		3,325		273		1,903		148		(9,078	)		(758	)		(3,850	)		(337	)
Class T		—		—		—		—		—			—			—			—
Class F-1		1,483		122		710		55		(3,234	)		(273	)		(1,041	)		(96	)
Class F-2		9,857		793		2,889		222		(11,217	)		(912	)		1,529			103
Class F-3		1,668		133		354		27		(2,275	)		(184	)		(253	)		(24	)
Class R-1		1,495		122		287		23		(1,553	)		(129	)		229			16
Class R-2		26,902		2,217		9,052		703		(61,139	)		(5,055	)		(25,185	)		(2,135	)
Class R-2E		14,181		1,175		3,390		264		(22,746	)		(1,865	)		(5,175	)		(426	)
Class R-3		60,050		4,893		18,094		1,395		(122,373	)		(9,984	)		(44,229	)		(3,696	)
Class R-4		56,490		4,605		16,222		1,243		(113,354	)		(9,215	)		(40,642	)		(3,367	)
Class R-5E		36,077		2,945		7,941		611		(65,959	)		(5,233	)		(21,941	)		(1,677	)
Class R-5		23,198		1,792		4,993		379		(22,630	)		(1,819	)		5,561			352
Class R-6		747,271		59,990		179,293		13,707		(799,862	)		(64,800	)		126,702			8,897
Total net increase (decrease)	$	1,053,570		84,857	$	294,616		22,566	$	(1,382,940	)		(112,253	)	$	(34,754	)		(4,830	)
Year ended October 31, 2021
Class A	$	104,287		8,034	$	39,547		3,184	$	(185,095	)		(14,306	)	$	(41,261	)		(3,088	)
Class C		4,843		380		1,484		121		(8,705	)		(683	)		(2,378	)		(182	)
Class T		—		—		—		—		—			—			—			—
Class F-1		1,502		117		640		52		(4,911	)		(381	)		(2,769	)		(212	)
Class F-2		11,222		866		2,148		173		(10,564	)		(814	)		2,806			225
Class F-3		4,692		360		103		8		(720	)		(54	)		4,075			314
Class R-1		713		56		261		21		(2,653	)		(208	)		(1,679	)		(131	)
Class R-2		34,862		2,736		7,493		611		(67,999	)		(5,348	)		(25,644	)		(2,001	)
Class R-2E		20,451		1,613		2,897		237		(31,690	)		(2,516	)		(8,342	)		(666	)
Class R-3		87,603		6,806		16,218		1,315		(166,065	)		(12,928	)		(62,244	)		(4,807	)
Class R-4		82,627		6,384		14,080		1,135		(192,063	)		(14,807	)		(95,356	)		(7,288	)
Class R-5E		50,231		3,916		8,457		685		(92,636	)		(7,128	)		(33,948	)		(2,527	)
Class R-5		13,955		1,070		4,070		326		(31,933	)		(2,437	)		(13,908	)		(1,041	)
Class R-6		1,007,732		77,557		129,200		10,386		(824,483	)		(63,332	)		312,449			24,611
Total net increase (decrease)	$	1,424,720		109,895	$	226,598		18,254	$	(1,619,517	)		(124,942	)	$	31,801			3,207

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 73

2010 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2022
Class A	$	74,441		6,379	$	23,987		1,947	$	(104,112	)		(8,958	)	$	(5,684	)		(632	)
Class C		4,638		398		973		80		(7,926	)		(693	)		(2,315	)		(215	)
Class T		—		—		—		—		—			—			—			—
Class F-1		3,035		268		374		30		(2,306	)		(202	)		1,103			96
Class F-2		19,144		1,676		1,579		129		(14,488	)		(1,267	)		6,235			538
Class F-3		3,597		309		321		26		(1,304	)		(113	)		2,614			222
Class R-1		800		69		59		5		(452	)		(40	)		407			34
Class R-2		23,383		2,022		3,102		255		(32,255	)		(2,813	)		(5,770	)		(536	)
Class R-2E		23,811		2,025		2,283		188		(32,182	)		(2,795	)		(6,088	)		(582	)
Class R-3		55,677		4,788		8,351		682		(86,456	)		(7,400	)		(22,428	)		(1,930	)
Class R-4		60,238		5,122		11,156		906		(109,747	)		(9,370	)		(38,353	)		(3,342	)
Class R-5E		25,864		2,215		5,390		439		(35,480	)		(3,044	)		(4,226	)		(390	)
Class R-5		14,441		1,210		2,848		229		(19,505	)		(1,622	)		(2,216	)		(183	)
Class R-6		809,243		68,700		109,712		8,884		(738,860	)		(63,119	)		180,095			14,465
Total net increase (decrease)	$	1,118,312		95,181	$	170,135		13,800	$	(1,185,073	)		(101,436	)	$	103,374			7,545
Year ended October 31, 2021
Class A	$	94,363		7,766	$	22,539		1,926	$	(126,382	)		(10,419	)	$	(9,480	)		(727	)
Class C		7,596		632		803		70		(5,937	)		(497	)		2,462			205
Class T		—		—		—		—		—			—			—			—
Class F-1		3,387		280		343		30		(3,405	)		(282	)		325			28
Class F-2		14,819		1,214		1,282		110		(8,562	)		(702	)		7,539			622
Class F-3		3,498		287		224		19		(2,020	)		(168	)		1,702			138
Class R-1		341		28		63		6		(613	)		(51	)		(209	)		(17	)
Class R-2		32,042		2,675		3,198		276		(41,695	)		(3,488	)		(6,455	)		(537	)
Class R-2E		21,470		1,819		2,036		177		(21,371	)		(1,798	)		2,135			198
Class R-3		72,955		6,038		9,659		830		(127,518	)		(10,554	)		(44,904	)		(3,686	)
Class R-4		65,745		5,431		11,937		1,022		(112,034	)		(9,192	)		(34,352	)		(2,739	)
Class R-5E		73,136		6,050		5,658		486		(89,484	)		(7,323	)		(10,690	)		(787	)
Class R-5		17,423		1,429		2,782		236		(29,189	)		(2,394	)		(8,984	)		(729	)
Class R-6		995,992		81,901		92,001		7,850		(819,239	)		(67,320	)		268,754			22,431
Total net increase (decrease)	$	1,402,767		115,550	$	152,525		13,038	$	(1,387,449	)		(114,188	)	$	167,843			14,400

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

74 American Funds Target Date Retirement Series

Financial highlights

2065 Fund

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income (loss) to average net assets3
Class A:
10/31/2022	$	16.94	$	.11		$	(3.76	)	$	(3.65	)	$	(.09	)	$	(.13	)	$	(.22	)	$	13.07		(21.75	)%	$	104			.39	%		.39	%		.76	%		.78	%
10/31/2021		12.66		.10			4.27			4.37			(.08	)		(.01	)		(.09	)		16.94		34.61			54			.44			.40			.77			.60
10/31/20207,8		10.00		.05			2.61			2.66			—			—			—			12.66		26.60	9		7			.60	10		.38	10		.75	10		.67	10
Class C:
10/31/2022		16.80		.01			(3.73	)		(3.72	)		(.02	)		(.13	)		(.15	)		12.93		(22.33	)		7			1.09			1.09			1.46			.07
10/31/2021		12.63		(.01	)		4.25			4.24			(.06	)		(.01	)		(.07	)		16.80		33.63			4			1.12			1.09			1.46			(.09	)
10/31/20207,8		10.00		—	11		2.63			2.63			—			—			—			12.63		26.30	9		—	12		1.17	10		1.00	10		1.37	10		—	10,13
Class T:
10/31/2022		17.01		.17			(3.79	)		(3.62	)		(.11	)		(.13	)		(.24	)		13.15		(21.57	)14		—	12		.08	14		.08	14		.45	14		1.14	14
10/31/2021		12.69		.16			4.27			4.43			(.10	)		(.01	)		(.11	)		17.01		35.01	14		—	12		.24	14		.11	14		.48	14		1.02	14
10/31/20207,8		10.00		.07			2.62			2.69			—			—			—			12.69		26.90	9,14		—	12		.48	10,14		.02	10,14		.39	10,14		.94	10,14
Class F-1:
10/31/2022		16.96		.12			(3.78	)		(3.66	)		(.08	)		(.13	)		(.21	)		13.09		(21.83	)		2			.37			.37			.74			.81
10/31/2021		12.68		.11			4.27			4.38			(.09	)		(.01	)		(.10	)		16.96		34.73			1			.42			.37			.74			.67
10/31/20207,8		10.00		.06			2.62			2.68			—			—			—			12.68		26.70	9		—	12		.47	10		.28	10		.65	10		.77	10
Class F-2:
10/31/2022		17.01		.16			(3.78	)		(3.62	)		(.12	)		(.13	)		(.25	)		13.14		(21.59	)		6			.09			.09			.46			1.08
10/31/2021		12.69		.15			4.27			4.42			(.09	)		(.01	)		(.10	)		17.01		34.99			3			.12			.10			.47			.91
10/31/20207,8		10.00		.07			2.62			2.69			—			—			—			12.69		26.90	9		—	12		.27	10		.03	10		.40	10		.86	10
Class F-3:
10/31/2022		17.02		.17			(3.77	)		(3.60	)		(.13	)		(.13	)		(.26	)		13.16		(21.49	)		—	12		.01			.01			.38			1.18
10/31/2021		12.69		.17			4.27			4.44			(.10	)		(.01	)		(.11	)		17.02		35.09			—	12		.10			.03			.40			1.08
10/31/20207,8		10.00		.07			2.62			2.69			—			—			—			12.69		26.90	9		—	12		.30	10		—	10,13		.37	10		.99	10
Class R-1:
10/31/2022		16.91		.02			(3.76	)		(3.74	)		(.03	)		(.13	)		(.16	)		13.01		(22.34	)		1			1.08			1.08			1.45			.14
10/31/2021		12.69		(.04	)		4.36			4.32			(.09	)		(.01	)		(.10	)		16.91		34.17			1			1.06			1.06			1.43			(.22	)
10/31/20207,8		10.00		.07			2.62			2.69			—			—			—			12.69		26.90	9,14		—	12		.45	10,14		.06	10,14		.43	10,14		.90	10,14
Class R-2:
10/31/2022		16.78		.01			(3.73	)		(3.72	)		—	11		(.13	)		(.13	)		12.93		(22.33	)		60			1.11			1.11			1.48			.06
10/31/2021		12.61		(.01	)		4.24			4.23			(.05	)		(.01	)		(.06	)		16.78		33.62			38			1.17			1.12			1.49			(.05	)
10/31/20207,8		10.00		—	11		2.61			2.61			—			—			—			12.61		26.10	9		7			1.31	10		1.11	10		1.48	10		(.04	)10
Class R-2E:
10/31/2022		16.87		.05			(3.75	)		(3.70	)		(.03	)		(.13	)		(.16	)		13.01		(22.12	)		6			.81			.81			1.18			.34
10/31/2021		12.64		.04			4.25			4.29			(.05	)		(.01	)		(.06	)		16.87		34.02			3			.87			.82			1.19			.25
10/31/20207,8		10.00		.02			2.62			2.64			—			—			—			12.64		26.40	9		1			1.01	10		.79	10		1.16	10		.27	10
Class R-3:
10/31/2022		16.89		.07			(3.75	)		(3.68	)		(.05	)		(.13	)		(.18	)		13.03		(22.00	)		67			.66			.66			1.03			.51
10/31/2021		12.64		.05			4.27			4.32			(.06	)		(.01	)		(.07	)		16.89		34.29			39			.72			.67			1.04			.34
10/31/20207,8		10.00		.03			2.61			2.64			—			—			—			12.64		26.40	9		8			.91	10		.66	10		1.03	10		.45	10
Class R-4:
10/31/2022		16.95		.12			(3.77	)		(3.65	)		(.09	)		(.13	)		(.22	)		13.08		(21.81	)		42			.36			.36			.73			.82
10/31/2021		12.67		.10			4.27			4.37			(.08	)		(.01	)		(.09	)		16.95		34.63			24			.42			.38			.75			.65
10/31/20207,8		10.00		.05			2.62			2.67			—			—			—			12.67		26.70	9		3			.57	10		.36	10		.73	10		.71	10
Class R-5E:
10/31/2022		16.99		.14			(3.76	)		(3.62	)		(.11	)		(.13	)		(.24	)		13.13		(21.60	)		32			.16			.16			.53			1.01
10/31/2021		12.68		.14			4.27			4.41			(.09	)		(.01	)		(.10	)		16.99		34.90			16			.22			.17			.54			.85
10/31/20207,8		10.00		.07			2.61			2.68			—			—			—			12.68		26.80	9		3			.35	10		.17	10		.54	10		.99	10

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 75

Financial highlights (continued)

2065 Fund (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2,3			Net assets, end of year (in millions)		Ratio of expenses to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income (loss) to average net assets3
Class R-5:
10/31/2022	$	17.01	$	.16	$	(3.77	)	$	(3.61	)	$	(.12	)	$	(.13	)	$	(.25	)	$	13.15		(21.53	)%	$	13		.06	%		.06	%		.43	%		1.11	%
10/31/2021		12.69		.16		4.26			4.42			(.09	)		(.01	)		(.10	)		17.01		34.99			7		.12			.08			.45			.98
10/31/20207,8		10.00		.08		2.61			2.69			—			—			—			12.69		26.90	9		1		.33	10		.07	10		.44	10		1.03	10
Class R-6:
10/31/2022		17.02		.17		(3.77	)		(3.60	)		(.13	)		(.13	)		(.26	)		13.16		(21.49	)		430		.01			.01			.38			1.15
10/31/2021		12.69		.15		4.29			4.44			(.10	)		(.01	)		(.11	)		17.02		35.09			194		.07			.03			.40			.95
10/31/20207,8		10.00		.09		2.60			2.69			—			—			—			12.69		26.90	9		14		.18	10		.04	10		.41	10		1.16	10

Refer to the end of the tables for footnotes.

76 American Funds Target Date Retirement Series

Financial highlights (continued)

2060 Fund

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income (loss) to average net assets
Class A:
10/31/2022	$	18.27	$	.14		$	(3.98	)	$	(3.84	)	$	(.13	)	$	(.49	)	$	(.62	)	$	13.81		(21.77	)%	$	604			.34	%		.71	%		.88	%
10/31/2021		13.92		.13			4.62			4.75			(.09	)		(.31	)		(.40	)		18.27		34.65			619			.34			.71			.77
10/31/2020		13.16		.15			1.05			1.20			(.10	)		(.34	)		(.44	)		13.92		9.25			363			.38			.76			1.15
10/31/2019		12.14		.16			1.26			1.42			(.09	)		(.31	)		(.40	)		13.16		12.22			232			.40			.79			1.27
10/31/2018		12.20		.14			(.01	)		.13			(.08	)		(.11	)		(.19	)		12.14		1.06			130			.37			.77			1.10
Class C:
10/31/2022		17.92		.02			(3.91	)		(3.89	)		(.01	)		(.49	)		(.50	)		13.53		(22.34	)		67			1.08			1.45			.14
10/31/2021		13.68		.01			4.54			4.55			—			(.31	)		(.31	)		17.92		33.66			75			1.08			1.45			.04
10/31/2020		12.96		.06			1.02			1.08			(.02	)		(.34	)		(.36	)		13.68		8.43			49			1.11			1.49			.44
10/31/2019		11.96		.06			1.26			1.32			(.01	)		(.31	)		(.32	)		12.96		11.46			34			1.12			1.51			.51
10/31/2018		12.05		.04			—	11		.04			(.02	)		(.11	)		(.13	)		11.96		.25			20			1.13			1.53			.34
Class T:
10/31/2022		18.34		.18			(3.99	)		(3.81	)		(.16	)		(.49	)		(.65	)		13.88		(21.55	)14		—	12		.08	14		.45	14		1.15	14
10/31/2021		13.97		.17			4.62			4.79			(.11	)		(.31	)		(.42	)		18.34		34.86	14		—	12		.15	14		.52	14		.99	14
10/31/2020		13.20		.19			1.05			1.24			(.13	)		(.34	)		(.47	)		13.97		9.48	14		—	12		.16	14		.54	14		1.45	14
10/31/2019		12.16		.20			1.25			1.45			(.10	)		(.31	)		(.41	)		13.20		12.54	14		—	12		.16	14		.55	14		1.58	14
10/31/2018		12.22		.17			(.02	)		.15			(.10	)		(.11	)		(.21	)		12.16		1.20	14		—	12		.17	14		.57	14		1.36	14
Class F-1:
10/31/2022		18.27		.13			(3.98	)		(3.85	)		(.13	)		(.49	)		(.62	)		13.80		(21.83	)		30			.38			.75			.84
10/31/2021		13.93		.12			4.62			4.74			(.09	)		(.31	)		(.40	)		18.27		34.57			31			.37			.74			.73
10/31/2020		13.17		.15			1.05			1.20			(.10	)		(.34	)		(.44	)		13.93		9.24			15			.38			.76			1.15
10/31/2019		12.15		.15			1.27			1.42			(.09	)		(.31	)		(.40	)		13.17		12.26			9			.39			.78			1.23
10/31/2018		12.21		.13			—	11		.13			(.08	)		(.11	)		(.19	)		12.15		1.04			5			.39			.79			.99
Class F-2:
10/31/2022		18.39		.17			(3.99	)		(3.82	)		(.17	)		(.49	)		(.66	)		13.91		(21.57	)		48			.09			.46			1.12
10/31/2021		14.00		.17			4.65			4.82			(.12	)		(.31	)		(.43	)		18.39		35.02			55			.09			.46			1.00
10/31/2020		13.23		.19			1.05			1.24			(.13	)		(.34	)		(.47	)		14.00		9.52			29			.10			.48			1.41
10/31/2019		12.20		.18			1.27			1.45			(.11	)		(.31	)		(.42	)		13.23		12.50			17			.12			.51			1.46
10/31/2018		12.25		.16			.01			.17			(.11	)		(.11	)		(.22	)		12.20		1.32			9			.13			.53			1.27
Class F-3:
10/31/2022		18.36		.18			(3.98	)		(3.80	)		(.18	)		(.49	)		(.67	)		13.89		(21.49	)		4			.01			.38			1.20
10/31/2021		13.98		.18			4.64			4.82			(.13	)		(.31	)		(.44	)		18.36		35.08			3			.01			.38			1.07
10/31/2020		13.21		.17			1.08			1.25			(.14	)		(.34	)		(.48	)		13.98		9.59			1			.02			.40			1.27
10/31/2019		12.17		.22			1.25			1.47			(.12	)		(.31	)		(.43	)		13.21		12.69			6			.03			.42			1.77
10/31/2018		12.23		.19			(.03	)		.16			(.11	)		(.11	)		(.22	)		12.17		1.28			7			.04			.44			1.47
Class R-1:
10/31/2022		17.98		.01			(3.92	)		(3.91	)		(.02	)		(.49	)		(.51	)		13.56		(22.36	)		6			1.10			1.47			.09
10/31/2021		13.74		—	11		4.56			4.56			(.01	)		(.31	)		(.32	)		17.98		33.60			6			1.11			1.48			(.01	)
10/31/2020		13.01		.04			1.04			1.08			(.01	)		(.34	)		(.35	)		13.74		8.40			3			1.14			1.52			.28
10/31/2019		12.01		.07			1.26			1.33			(.02	)		(.31	)		(.33	)		13.01		11.47			1			1.10			1.49			.60
10/31/2018		12.10		.04			—	11		.04			(.02	)		(.11	)		(.13	)		12.01		.27			1			1.10			1.50			.33
Class R-2:
10/31/2022		17.91		.02			(3.92	)		(3.90	)		—	11		(.49	)		(.49	)		13.52		(22.38	)		269			1.11			1.48			.11
10/31/2021		13.68		—	11		4.54			4.54			—			(.31	)		(.31	)		17.91		33.58			304			1.11			1.48			.02
10/31/2020		12.96		.06			1.02			1.08			(.02	)		(.34	)		(.36	)		13.68		8.42			204			1.12			1.50			.44
10/31/2019		11.96		.07			1.25			1.32			(.01	)		(.31	)		(.32	)		12.96		11.44			148			1.13			1.52			.53
10/31/2018		12.06		.04			(.01	)		.03			(.02	)		(.11	)		(.13	)		11.96		.22			92			1.14			1.54			.35
Class R-2E:
10/31/2022		18.05		.06			(3.94	)		(3.88	)		(.05	)		(.49	)		(.54	)		13.63		(22.14	)		61			.81			1.18			.42
10/31/2021		13.77		.05			4.58			4.63			(.04	)		(.31	)		(.35	)		18.05		34.05			68			.81			1.18			.30
10/31/2020		13.04		.09			1.04			1.13			(.06	)		(.34	)		(.40	)		13.77		8.74			40			.82			1.20			.71
10/31/2019		12.04		.10			1.26			1.36			(.05	)		(.31	)		(.36	)		13.04		11.75			27			.83			1.22			.79
10/31/2018		12.14		.07			.01			.08			(.07	)		(.11	)		(.18	)		12.04		.57			14			.84			1.24			.58

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 77

Financial highlights (continued)

2060 Fund (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income (loss) to average net assets
Class R-3:
10/31/2022	$	18.12	$	.09	$	(3.96	)	$	(3.87	)	$	(.08	)	$	(.49	)	$	(.57	)	$	13.68		(22.07	)%	$	368		.66	%		1.03	%		.56	%
10/31/2021		13.82		.08		4.58			4.66			(.05	)		(.31	)		(.36	)		18.12		34.22			383		.66			1.03			.45
10/31/2020		13.08		.11		1.04			1.15			(.07	)		(.34	)		(.41	)		13.82		8.91			236		.67			1.05			.86
10/31/2019		12.07		.12		1.26			1.38			(.06	)		(.31	)		(.37	)		13.08		11.91			158		.68			1.07			.96
10/31/2018		12.15		.10		(.01	)		.09			(.06	)		(.11	)		(.17	)		12.07		.69			91		.69			1.09			.77
Class R-4:
10/31/2022		18.27		.13		(3.98	)		(3.85	)		(.12	)		(.49	)		(.61	)		13.81		(21.79	)		327		.36			.73			.87
10/31/2021		13.92		.12		4.62			4.74			(.08	)		(.31	)		(.39	)		18.27		34.57			381		.36			.73			.73
10/31/2020		13.16		.16		1.04			1.20			(.10	)		(.34	)		(.44	)		13.92		9.27			285		.37			.75			1.17
10/31/2019		12.13		.16		1.27			1.43			(.09	)		(.31	)		(.40	)		13.16		12.30			190		.38			.77			1.25
10/31/2018		12.20		.14		(.01	)		.13			(.09	)		(.11	)		(.20	)		12.13		.98			105		.39			.79			1.07
Class R-5E:
10/31/2022		18.31		.16		(3.98	)		(3.82	)		(.15	)		(.49	)		(.64	)		13.85		(21.61	)		207		.16			.53			1.04
10/31/2021		13.95		.16		4.63			4.79			(.12	)		(.31	)		(.43	)		18.31		34.87			187		.16			.53			.95
10/31/2020		13.18		.19		1.05			1.24			(.13	)		(.34	)		(.47	)		13.95		9.50			116		.17			.55			1.41
10/31/2019		12.16		.18		1.26			1.44			(.11	)		(.31	)		(.42	)		13.18		12.43			75		.17			.56			1.39
10/31/2018		12.22		.15		.01			.16			(.11	)		(.11	)		(.22	)		12.16		1.22			27		.18			.58			1.21
Class R-5:
10/31/2022		18.42		.18		(4.00	)		(3.82	)		(.17	)		(.49	)		(.66	)		13.94		(21.51	)		95		.06			.43			1.16
10/31/2021		14.03		.18		4.65			4.83			(.13	)		(.31	)		(.44	)		18.42		34.97			106		.06			.43			1.05
10/31/2020		13.25		.20		1.06			1.26			(.14	)		(.34	)		(.48	)		14.03		9.60			66		.07			.45			1.51
10/31/2019		12.21		.20		1.26			1.46			(.11	)		(.31	)		(.42	)		13.25		12.59			48		.08			.47			1.61
10/31/2018		12.26		.18		(.01	)		.17			(.11	)		(.11	)		(.22	)		12.21		1.31			35		.10			.50			1.38
Class R-6:
10/31/2022		18.44		.19		(4.01	)		(3.82	)		(.18	)		(.49	)		(.67	)		13.95		(21.51	)		4,166		.01			.38			1.20
10/31/2021		14.04		.19		4.65			4.84			(.13	)		(.31	)		(.44	)		18.44		35.07			3,763		.01			.38			1.09
10/31/2020		13.26		.20		1.06			1.26			(.14	)		(.34	)		(.48	)		14.04		9.64			1,888		.02			.40			1.48
10/31/2019		12.22		.20		1.27			1.47			(.12	)		(.31	)		(.43	)		13.26		12.64			1,069		.03			.42			1.57
10/31/2018		12.27		.18		(.01	)		.17			(.11	)		(.11	)		(.22	)		12.22		1.36			477		.04			.44			1.41

Refer to the end of the tables for footnotes.

78 American Funds Target Date Retirement Series

Financial highlights (continued)

2055 Fund

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class A:
10/31/2022	$	27.25	$	.21		$	(5.85	)	$	(5.64	)	$	(.17	)	$	(.92	)	$	(1.09	)	$	20.52		(21.58	)%	$	1,023			.33	%		.70	%		.89	%
10/31/2021		20.85		.20			6.90			7.10			(.15	)		(.55	)		(.70	)		27.25		34.62			1,143			.33			.70			.79
10/31/2020		19.83		.24			1.58			1.82			(.17	)		(.63	)		(.80	)		20.85		9.27			752			.35			.73			1.21
10/31/2019		18.45		.25			1.88			2.13			(.15	)		(.60	)		(.75	)		19.83		12.31			581			.36			.75			1.33
10/31/2018		18.66		.22			(.02	)		.20			(.14	)		(.27	)		(.41	)		18.45		1.02			431			.34			.74			1.16
Class C:
10/31/2022		26.59		.04			(5.72	)		(5.68	)		—			(.92	)		(.92	)		19.99		(22.15	)		86			1.07			1.44			.16
10/31/2021		20.39		.01			6.75			6.76			(.01	)		(.55	)		(.56	)		26.59		33.59			103			1.07			1.44			.05
10/31/2020		19.42		.09			1.55			1.64			(.04	)		(.63	)		(.67	)		20.39		8.51			71			1.09			1.47			.48
10/31/2019		18.09		.11			1.85			1.96			(.03	)		(.60	)		(.63	)		19.42		11.43			57			1.11			1.50			.58
10/31/2018		18.32		.07			(.01	)		.06			(.02	)		(.27	)		(.29	)		18.09		.29			42			1.11			1.51			.39
Class T:
10/31/2022		27.30		.27			(5.85	)		(5.58	)		(.22	)		(.92	)		(1.14	)		20.58		(21.36	)14		—	12		.08	14		.45	14		1.16	14
10/31/2021		20.89		.25			6.89			7.14			(.18	)		(.55	)		(.73	)		27.30		34.80	14		—	12		.14	14		.51	14		1.00	14
10/31/2020		19.85		.29			1.58			1.87			(.20	)		(.63	)		(.83	)		20.89		9.56	14		—	12		.15	14		.53	14		1.46	14
10/31/2019		18.47		.30			1.87			2.17			(.19	)		(.60	)		(.79	)		19.85		12.52	14		—	12		.14	14		.53	14		1.60	14
10/31/2018		18.68		.27			(.04	)		.23			(.17	)		(.27	)		(.44	)		18.47		1.21	14		—	12		.14	14		.54	14		1.39	14
Class F-1:
10/31/2022		27.06		.20			(5.80	)		(5.60	)		(.17	)		(.92	)		(1.09	)		20.37		(21.61	)		46			.38			.75			.86
10/31/2021		20.73		.19			6.84			7.03			(.15	)		(.55	)		(.70	)		27.06		34.49			56			.37			.74			.74
10/31/2020		19.71		.23			1.58			1.81			(.16	)		(.63	)		(.79	)		20.73		9.30			34			.37			.75			1.17
10/31/2019		18.36		.25			1.86			2.11			(.16	)		(.60	)		(.76	)		19.71		12.24			22			.38			.77			1.33
10/31/2018		18.58		.21			(.01	)		.20			(.15	)		(.27	)		(.42	)		18.36		1.02			18			.37			.77			1.07
Class F-2:
10/31/2022		27.30		.26			(5.84	)		(5.58	)		(.23	)		(.92	)		(1.15	)		20.57		(21.36	)		56			.09			.46			1.13
10/31/2021		20.89		.26			6.90			7.16			(.20	)		(.55	)		(.75	)		27.30		34.89			58			.09			.46			1.02
10/31/2020		19.85		.29			1.59			1.88			(.21	)		(.63	)		(.84	)		20.89		9.61			33			.10			.48			1.47
10/31/2019		18.48		.29			1.88			2.17			(.20	)		(.60	)		(.80	)		19.85		12.55			24			.10			.49			1.55
10/31/2018		18.69		.25			(.01	)		.24			(.18	)		(.27	)		(.45	)		18.48		1.24			14			.11			.51			1.28
Class F-3:
10/31/2022		27.36		.28			(5.86	)		(5.58	)		(.25	)		(.92	)		(1.17	)		20.61		(21.33	)		10			.01			.38			1.22
10/31/2021		20.93		.28			6.91			7.19			(.21	)		(.55	)		(.76	)		27.36		35.00			12			.01			.38			1.10
10/31/2020		19.89		.31			1.59			1.90			(.23	)		(.63	)		(.86	)		20.93		9.67			7			.01			.39			1.57
10/31/2019		18.51		.32			1.87			2.19			(.21	)		(.60	)		(.81	)		19.89		12.65			6			.02			.41			1.70
10/31/2018		18.70		.28			(.01	)		.27			(.19	)		(.27	)		(.46	)		18.51		1.41			5			.01			.41			1.44
Class R-1:
10/31/2022		26.43		.03			(5.68	)		(5.65	)		—			(.92	)		(.92	)		19.86		(22.17	)		9			1.10			1.47			.13
10/31/2021		20.31		—	11		6.72			6.72			(.05	)		(.55	)		(.60	)		26.43		33.58			11			1.11			1.48			.01
10/31/2020		19.34		.08			1.54			1.62			(.02	)		(.63	)		(.65	)		20.31		8.44			5			1.14			1.52			.42
10/31/2019		18.03		.10			1.84			1.94			(.03	)		(.60	)		(.63	)		19.34		11.36			4			1.14			1.53			.57
10/31/2018		18.25		.07			(.01	)		.06			(.01	)		(.27	)		(.28	)		18.03		.27			4			1.14			1.54			.35
Class R-2:
10/31/2022		26.49		.03			(5.70	)		(5.67	)		—			(.92	)		(.92	)		19.90		(22.20	)		488			1.11			1.48			.13
10/31/2021		20.32		.01			6.71			6.72			—	11		(.55	)		(.55	)		26.49		33.53			601			1.10			1.47			.03
10/31/2020		19.35		.09			1.54			1.63			(.03	)		(.63	)		(.66	)		20.32		8.49			438			1.12			1.50			.48
10/31/2019		18.02		.11			1.84			1.95			(.02	)		(.60	)		(.62	)		19.35		11.42			379			1.11			1.50			.60
10/31/2018		18.25		.08			(.02	)		.06			(.02	)		(.27	)		(.29	)		18.02		.29			306			1.12			1.52			.41
Class R-2E:
10/31/2022		26.71		.10			(5.74	)		(5.64	)		(.06	)		(.92	)		(.98	)		20.09		(21.95	)		117			.81			1.18			.42
10/31/2021		20.47		.08			6.77			6.85			(.06	)		(.55	)		(.61	)		26.71		33.96			144			.81			1.18			.32
10/31/2020		19.50		.15			1.55			1.70			(.10	)		(.63	)		(.73	)		20.47		8.79			98			.81			1.19			.75
10/31/2019		18.17		.15			1.87			2.02			(.09	)		(.60	)		(.69	)		19.50		11.81			74			.81			1.20			.83
10/31/2018		18.44		.12			(.01	)		.11			(.11	)		(.27	)		(.38	)		18.17		.52			44			.81			1.21			.63

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 79

Financial highlights (continued)

2055 Fund (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class R-3:
10/31/2022	$	26.87	$	.13	$	(5.77	)	$	(5.64	)	$	(.09	)	$	(.92	)	$	(1.01	)	$	20.22		(21.83	)%	$	701		.66	%		1.03	%		.57	%
10/31/2021		20.59		.12		6.79			6.91			(.08	)		(.55	)		(.63	)		26.87		34.11			823		.66			1.03			.47
10/31/2020		19.59		.18		1.56			1.74			(.11	)		(.63	)		(.74	)		20.59		8.98			578		.67			1.05			.91
10/31/2019		18.24		.19		1.86			2.05			(.10	)		(.60	)		(.70	)		19.59		11.92			478		.67			1.06			1.03
10/31/2018		18.46		.16		(.02	)		.14			(.09	)		(.27	)		(.36	)		18.24		.70			367		.67			1.07			.83
Class R-4:
10/31/2022		27.19		.20		(5.83	)		(5.63	)		(.16	)		(.92	)		(1.08	)		20.48		(21.59	)		710		.36			.73			.88
10/31/2021		20.81		.19		6.87			7.06			(.13	)		(.55	)		(.68	)		27.19		34.50			925		.36			.73			.75
10/31/2020		19.78		.24		1.59			1.83			(.17	)		(.63	)		(.80	)		20.81		9.34			804		.36			.74			1.22
10/31/2019		18.41		.25		1.87			2.12			(.15	)		(.60	)		(.75	)		19.78		12.27			653		.36			.75			1.30
10/31/2018		18.62		.22		(.02	)		.20			(.14	)		(.27	)		(.41	)		18.41		1.01			444		.37			.77			1.12
Class R-5E:
10/31/2022		27.19		.25		(5.83	)		(5.58	)		(.21	)		(.92	)		(1.13	)		20.48		(21.43	)		372		.15			.52			1.07
10/31/2021		20.81		.24		6.88			7.12			(.19	)		(.55	)		(.74	)		27.19		34.81			403		.16			.53			.96
10/31/2020		19.78		.29		1.57			1.86			(.20	)		(.63	)		(.83	)		20.81		9.53			291		.16			.54			1.46
10/31/2019		18.42		.28		1.87			2.15			(.19	)		(.60	)		(.79	)		19.78		12.48			228		.16			.55			1.50
10/31/2018		18.63		.25		(.01	)		.24			(.18	)		(.27	)		(.45	)		18.42		1.23			131		.16			.56			1.29
Class R-5:
10/31/2022		27.54		.27		(5.90	)		(5.63	)		(.24	)		(.92	)		(1.16	)		20.75		(21.38	)		220		.06			.43			1.16
10/31/2021		21.06		.27		6.96			7.23			(.20	)		(.55	)		(.75	)		27.54		34.97			294		.06			.43			1.07
10/31/2020		20.00		.32		1.59			1.91			(.22	)		(.63	)		(.85	)		21.06		9.66			203		.06			.44			1.60
10/31/2019		18.61		.32		1.87			2.19			(.20	)		(.60	)		(.80	)		20.00		12.58			209		.07			.46			1.67
10/31/2018		18.81		.28		(.03	)		.25			(.18	)		(.27	)		(.45	)		18.61		1.30			193		.07			.47			1.44
Class R-6:
10/31/2022		27.58		.28		(5.90	)		(5.62	)		(.25	)		(.92	)		(1.17	)		20.79		(21.30	)		8,298		.01			.38			1.21
10/31/2021		21.09		.28		6.97			7.25			(.21	)		(.55	)		(.76	)		27.58		35.03			8,209		.01			.38			1.10
10/31/2020		20.03		.31		1.61			1.92			(.23	)		(.63	)		(.86	)		21.09		9.70			4,709		.01			.39			1.51
10/31/2019		18.64		.31		1.89			2.20			(.21	)		(.60	)		(.81	)		20.03		12.62			3,140		.02			.41			1.62
10/31/2018		18.83		.28		(.01	)		.27			(.19	)		(.27	)		(.46	)		18.64		1.39			1,711		.02			.42			1.44

Refer to the end of the tables for footnotes.

80 American Funds Target Date Retirement Series

Financial highlights (continued)

2050 Fund

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class A:
10/31/2022	$	21.72	$	.18	$	(4.53	)	$	(4.35	)	$	(.15	)	$	(.75	)	$	(.90	)	$	16.47		(20.90	)%	$	1,654			.33	%		.70	%		.96	%
10/31/2021		16.67		.16		5.48			5.64			(.12	)		(.47	)		(.59	)		21.72		34.41			1,931			.33			.69			.82
10/31/2020		15.88		.20		1.27			1.47			(.14	)		(.54	)		(.68	)		16.67		9.36			1,334			.34			.72			1.24
10/31/2019		14.83		.20		1.50			1.70			(.13	)		(.52	)		(.65	)		15.88		12.23			1,109			.36			.75			1.34
10/31/2018		15.02		.18		(.01	)		.17			(.12	)		(.24	)		(.36	)		14.83		1.06			872			.34			.74			1.17
Class C:
10/31/2022		21.12		.04		(4.41	)		(4.37	)		(.01	)		(.75	)		(.76	)		15.99		(21.48	)		133			1.07			1.44			.22
10/31/2021		16.25		.01		5.33			5.34			—	11		(.47	)		(.47	)		21.12		33.36			160			1.07			1.43			.07
10/31/2020		15.51		.08		1.24			1.32			(.04	)		(.54	)		(.58	)		16.25		8.57			113			1.09			1.47			.48
10/31/2019		14.49		.09		1.48			1.57			(.03	)		(.52	)		(.55	)		15.51		11.47			91			1.10			1.49			.59
10/31/2018		14.71		.06		(.02	)		.04			(.02	)		(.24	)		(.26	)		14.49		.23			68			1.11			1.51			.39
Class T:
10/31/2022		21.76		.23		(4.54	)		(4.31	)		(.19	)		(.75	)		(.94	)		16.51		(20.72	)14		—	12		.08	14		.45	14		1.23	14
10/31/2021		16.70		.20		5.48			5.68			(.15	)		(.47	)		(.62	)		21.76		34.61	14		—	12		.14	14		.50	14		1.02	14
10/31/2020		15.90		.23		1.28			1.51			(.17	)		(.54	)		(.71	)		16.70		9.62	14		—	12		.15	14		.53	14		1.46	14
10/31/2019		14.84		.24		1.50			1.74			(.16	)		(.52	)		(.68	)		15.90		12.52	14		—	12		.14	14		.53	14		1.60	14
10/31/2018		15.04		.22		(.03	)		.19			(.15	)		(.24	)		(.39	)		14.84		1.19	14		—	12		.14	14		.54	14		1.39	14
Class F-1:
10/31/2022		21.55		.17		(4.49	)		(4.32	)		(.15	)		(.75	)		(.90	)		16.33		(20.95	)		73			.38			.75			.92
10/31/2021		16.56		.15		5.43			5.58			(.12	)		(.47	)		(.59	)		21.55		34.28			86			.37			.73			.76
10/31/2020		15.78		.19		1.27			1.46			(.14	)		(.54	)		(.68	)		16.56		9.35			49			.37			.75			1.18
10/31/2019		14.74		.19		1.50			1.69			(.13	)		(.52	)		(.65	)		15.78		12.27			34			.38			.77			1.30
10/31/2018		14.94		.17		(.01	)		.16			(.12	)		(.24	)		(.36	)		14.74		1.02			25			.37			.77			1.08
Class F-2:
10/31/2022		21.74		.22		(4.52	)		(4.30	)		(.20	)		(.75	)		(.95	)		16.49		(20.70	)		88			.09			.46			1.20
10/31/2021		16.68		.21		5.48			5.69			(.16	)		(.47	)		(.63	)		21.74		34.74			97			.09			.45			1.05
10/31/2020		15.89		.23		1.28			1.51			(.18	)		(.54	)		(.72	)		16.68		9.61			60			.09			.47			1.46
10/31/2019		14.83		.23		1.51			1.74			(.16	)		(.52	)		(.68	)		15.89		12.60			44			.10			.49			1.52
10/31/2018		15.03		.21		(.02	)		.19			(.15	)		(.24	)		(.39	)		14.83		1.22			30			.11			.51			1.34
Class F-3:
10/31/2022		21.80		.24		(4.53	)		(4.29	)		(.22	)		(.75	)		(.97	)		16.54		(20.63	)		13			.01			.38			1.28
10/31/2021		16.73		.22		5.49			5.71			(.17	)		(.47	)		(.64	)		21.80		34.78			12			.01			.37			1.07
10/31/2020		15.93		.30		1.23			1.53			(.19	)		(.54	)		(.73	)		16.73		9.74			4			.01			.39			1.87
10/31/2019		14.87		.24		1.52			1.76			(.18	)		(.52	)		(.70	)		15.93		12.66			9			.01			.40			1.56
10/31/2018		15.05		.21		.01			.22			(.16	)		(.24	)		(.40	)		14.87		1.41			3			.01			.41			1.32
Class R-1:
10/31/2022		21.11		.04		(4.42	)		(4.38	)		—	11		(.75	)		(.75	)		15.98		(21.52	)		16			1.10			1.47			.20
10/31/2021		16.24		.01		5.34			5.35			(.01	)		(.47	)		(.48	)		21.11		33.40			21			1.11			1.47			.05
10/31/2020		15.49		.07		1.23			1.30			(.01	)		(.54	)		(.55	)		16.24		8.46			14			1.14			1.52			.44
10/31/2019		14.46		.09		1.48			1.57			(.02	)		(.52	)		(.54	)		15.49		11.46			12			1.13			1.52			.58
10/31/2018		14.67		.06		(.02	)		.04			(.01	)		(.24	)		(.25	)		14.46		.18			11			1.14			1.54			.37
Class R-2:
10/31/2022		21.10		.04		(4.42	)		(4.38	)		—			(.75	)		(.75	)		15.97		(21.54	)		726			1.11			1.48			.19
10/31/2021		16.23		.01		5.33			5.34			—	11		(.47	)		(.47	)		21.10		33.36			902			1.10			1.46			.06
10/31/2020		15.49		.07		1.24			1.31			(.03	)		(.54	)		(.57	)		16.23		8.52			680			1.11			1.49			.48
10/31/2019		14.47		.09		1.47			1.56			(.02	)		(.52	)		(.54	)		15.49		11.40			598			1.11			1.50			.61
10/31/2018		14.68		.06		(.01	)		.05			(.02	)		(.24	)		(.26	)		14.47		.26			498			1.11			1.51			.41
Class R-2E:
10/31/2022		21.26		.09		(4.44	)		(4.35	)		(.06	)		(.75	)		(.81	)		16.10		(21.30	)		180			.81			1.18			.49
10/31/2021		16.34		.07		5.36			5.43			(.04	)		(.47	)		(.51	)		21.26		33.77			229			.81			1.17			.34
10/31/2020		15.59		.12		1.25			1.37			(.08	)		(.54	)		(.62	)		16.34		8.85			163			.81			1.19			.77
10/31/2019		14.58		.13		1.47			1.60			(.07	)		(.52	)		(.59	)		15.59		11.70			136			.81			1.20			.86
10/31/2018		14.81		.10		—	11		.10			(.09	)		(.24	)		(.33	)		14.58		.59			94			.81			1.21			.64

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 81

Financial highlights (continued)

2050 Fund (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class R-3:
10/31/2022	$	21.40	$	.12	$	(4.47	)	$	(4.35	)	$	(.09	)	$	(.75	)	$	(.84	)	$	16.21		(21.19	)%	$	1,127		.66	%		1.03	%		.64	%
10/31/2021		16.44		.10		5.40			5.50			(.07	)		(.47	)		(.54	)		21.40		33.97			1,362		.66			1.02			.50
10/31/2020		15.68		.15		1.24			1.39			(.09	)		(.54	)		(.63	)		16.44		8.98			1,017		.66			1.04			.93
10/31/2019		14.64		.16		1.48			1.64			(.08	)		(.52	)		(.60	)		15.68		11.93			896		.66			1.05			1.04
10/31/2018		14.84		.13		(.01	)		.12			(.08	)		(.24	)		(.32	)		14.64		.73			727		.67			1.07			.85
Class R-4:
10/31/2022		21.66		.18		(4.52	)		(4.34	)		(.14	)		(.75	)		(.89	)		16.43		(20.90	)		1,082		.36			.73			.95
10/31/2021		16.62		.15		5.46			5.61			(.10	)		(.47	)		(.57	)		21.66		34.35			1,482		.36			.72			.77
10/31/2020		15.84		.20		1.26			1.46			(.14	)		(.54	)		(.68	)		16.62		9.32			1,306		.36			.74			1.23
10/31/2019		14.78		.20		1.50			1.70			(.12	)		(.52	)		(.64	)		15.84		12.31			1,113		.36			.75			1.32
10/31/2018		14.98		.18		(.02	)		.16			(.12	)		(.24	)		(.36	)		14.78		1.00			842		.37			.77			1.14
Class R-5E:
10/31/2022		21.67		.21		(4.51	)		(4.30	)		(.19	)		(.75	)		(.94	)		16.43		(20.79	)		584		.15			.52			1.13
10/31/2021		16.63		.20		5.46			5.66			(.15	)		(.47	)		(.62	)		21.67		34.65			635		.15			.51			.99
10/31/2020		15.84		.23		1.27			1.50			(.17	)		(.54	)		(.71	)		16.63		9.58			500		.16			.54			1.47
10/31/2019		14.80		.22		1.50			1.72			(.16	)		(.52	)		(.68	)		15.84		12.45			423		.16			.55			1.46
10/31/2018		14.99		.20		—	11		.20			(.15	)		(.24	)		(.39	)		14.80		1.26			227		.15			.55			1.26
Class R-5:
10/31/2022		21.96		.23		(4.57	)		(4.34	)		(.21	)		(.75	)		(.96	)		16.66		(20.70	)		315		.06			.43			1.24
10/31/2021		16.84		.22		5.53			5.75			(.16	)		(.47	)		(.63	)		21.96		34.79			434		.06			.42			1.10
10/31/2020		16.03		.26		1.27			1.53			(.18	)		(.54	)		(.72	)		16.84		9.68			317		.06			.44			1.61
10/31/2019		14.96		.26		1.50			1.76			(.17	)		(.52	)		(.69	)		16.03		12.58			351		.06			.45			1.69
10/31/2018		15.14		.23		(.01	)		.22			(.16	)		(.24	)		(.40	)		14.96		1.36			357		.07			.47			1.48
Class R-6:
10/31/2022		21.89		.24		(4.55	)		(4.31	)		(.22	)		(.75	)		(.97	)		16.61		(20.64	)		13,000		.01			.38			1.28
10/31/2021		16.79		.23		5.51			5.74			(.17	)		(.47	)		(.64	)		21.89		34.84			13,630		.01			.37			1.12
10/31/2020		15.98		.25		1.29			1.54			(.19	)		(.54	)		(.73	)		16.79		9.76			8,138		.01			.39			1.53
10/31/2019		14.92		.25		1.51			1.76			(.18	)		(.52	)		(.70	)		15.98		12.61			5,959		.01			.40			1.63
10/31/2018		15.10		.23		(.01	)		.22			(.16	)		(.24	)		(.40	)		14.92		1.41			3,578		.01			.41			1.45

Refer to the end of the tables for footnotes.

82 American Funds Target Date Retirement Series

Financial highlights (continued)

2045 Fund

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class A:
10/31/2022	$	21.99	$	.20	$	(4.41	)	$	(4.21	)	$	(.15	)	$	(.83	)	$	(.98	)	$	16.80		(20.08	)%	$	1,843			.33	%		.69	%		1.06	%
10/31/2021		16.96		.18		5.46			5.64			(.14	)		(.47	)		(.61	)		21.99		33.82			2,142			.32			.68			.89
10/31/2020		16.20		.21		1.25			1.46			(.16	)		(.54	)		(.70	)		16.96		9.14			1,507			.34			.72			1.29
10/31/2019		15.13		.21		1.53			1.74			(.14	)		(.53	)		(.67	)		16.20		12.30			1,254			.35			.74			1.40
10/31/2018		15.34		.19		(.05	)		.14			(.12	)		(.23	)		(.35	)		15.13		.92			998			.33			.72			1.22
Class C:
10/31/2022		21.41		.06		(4.30	)		(4.24	)		(.01	)		(.83	)		(.84	)		16.33		(20.67	)		138			1.07			1.43			.32
10/31/2021		16.55		.03		5.32			5.35			(.02	)		(.47	)		(.49	)		21.41		32.80			166			1.07			1.43			.15
10/31/2020		15.83		.09		1.22			1.31			(.05	)		(.54	)		(.59	)		16.55		8.39			117			1.09			1.47			.55
10/31/2019		14.80		.10		1.50			1.60			(.04	)		(.53	)		(.57	)		15.83		11.43			98			1.10			1.49			.63
10/31/2018		15.04		.07		(.05	)		.02			(.03	)		(.23	)		(.26	)		14.80		.10			74			1.10			1.49			.44
Class T:
10/31/2022		22.03		.25		(4.42	)		(4.17	)		(.19	)		(.83	)		(1.02	)		16.84		(19.90	)14		—	12		.08	14		.44	14		1.32	14
10/31/2021		16.98		.22		5.47			5.69			(.17	)		(.47	)		(.64	)		22.03		34.12	14		—	12		.14	14		.50	14		1.09	14
10/31/2020		16.21		.25		1.25			1.50			(.19	)		(.54	)		(.73	)		16.98		9.39	14		—	12		.15	14		.53	14		1.52	14
10/31/2019		15.15		.25		1.51			1.76			(.17	)		(.53	)		(.70	)		16.21		12.45	14		—	12		.14	14		.53	14		1.65	14
10/31/2018		15.36		.23		(.06	)		.17			(.15	)		(.23	)		(.38	)		15.15		1.12	14		—	12		.14	14		.53	14		1.43	14
Class F-1:
10/31/2022		21.83		.19		(4.37	)		(4.18	)		(.15	)		(.83	)		(.98	)		16.67		(20.12	)		88			.38			.74			1.01
10/31/2021		16.85		.17		5.42			5.59			(.14	)		(.47	)		(.61	)		21.83		33.76			99			.37			.73			.83
10/31/2020		16.09		.20		1.25			1.45			(.15	)		(.54	)		(.69	)		16.85		9.18			57			.37			.75			1.24
10/31/2019		15.05		.20		1.52			1.72			(.15	)		(.53	)		(.68	)		16.09		12.19			43			.38			.77			1.34
10/31/2018		15.27		.18		(.04	)		.14			(.13	)		(.23	)		(.36	)		15.05		.89			30			.37			.76			1.12
Class F-2:
10/31/2022		22.03		.24		(4.41	)		(4.17	)		(.20	)		(.83	)		(1.03	)		16.83		(19.91	)		114			.09			.45			1.29
10/31/2021		16.99		.23		5.46			5.69			(.18	)		(.47	)		(.65	)		22.03		34.11			127			.09			.45			1.11
10/31/2020		16.22		.25		1.26			1.51			(.20	)		(.54	)		(.74	)		16.99		9.44			77			.10			.48			1.54
10/31/2019		15.16		.25		1.52			1.77			(.18	)		(.53	)		(.71	)		16.22		12.55			58			.10			.49			1.59
10/31/2018		15.37		.21		(.03	)		.18			(.16	)		(.23	)		(.39	)		15.16		1.16			32			.10			.49			1.33
Class F-3:
10/31/2022		22.06		.26		(4.41	)		(4.15	)		(.22	)		(.83	)		(1.05	)		16.86		(19.83	)		9			.01			.37			1.39
10/31/2021		17.01		.24		5.47			5.71			(.19	)		(.47	)		(.66	)		22.06		34.22			11			.01			.37			1.17
10/31/2020		16.23		.25		1.28			1.53			(.21	)		(.54	)		(.75	)		17.01		9.57			5			.01			.39			1.54
10/31/2019		15.17		.27		1.51			1.78			(.19	)		(.53	)		(.72	)		16.23		12.59			3			.01			.40			1.73
10/31/2018		15.37		.24		(.04	)		.20			(.17	)		(.23	)		(.40	)		15.17		1.27			2			.01			.40			1.51
Class R-1:
10/31/2022		21.37		.05		(4.29	)		(4.24	)		(.01	)		(.83	)		(.84	)		16.29		(20.71	)		22			1.10			1.46			.29
10/31/2021		16.53		.02		5.32			5.34			(.03	)		(.47	)		(.50	)		21.37		32.79			28			1.11			1.47			.11
10/31/2020		15.81		.07		1.23			1.30			(.04	)		(.54	)		(.58	)		16.53		8.30			17			1.13			1.51			.47
10/31/2019		14.78		.09		1.49			1.58			(.02	)		(.53	)		(.55	)		15.81		11.34			13			1.13			1.52			.62
10/31/2018		15.01		.06		(.04	)		.02			(.02	)		(.23	)		(.25	)		14.78		.13			11			1.13			1.52			.41
Class R-2:
10/31/2022		21.29		.05		(4.27	)		(4.22	)		—			(.83	)		(.83	)		16.24		(20.68	)		914			1.11			1.47			.29
10/31/2021		16.46		.02		5.29			5.31			(.01	)		(.47	)		(.48	)		21.29		32.75			1,130			1.10			1.46			.12
10/31/2020		15.75		.09		1.20			1.29			(.04	)		(.54	)		(.58	)		16.46		8.30			859			1.11			1.49			.55
10/31/2019		14.72		.10		1.49			1.59			(.03	)		(.53	)		(.56	)		15.75		11.43			784			1.11			1.50			.66
10/31/2018		14.95		.07		(.05	)		.02			(.02	)		(.23	)		(.25	)		14.72		.13			665			1.11			1.50			.45
Class R-2E:
10/31/2022		21.53		.11		(4.32	)		(4.21	)		(.06	)		(.83	)		(.89	)		16.43		(20.45	)		272			.81			1.17			.59
10/31/2021		16.63		.08		5.35			5.43			(.06	)		(.47	)		(.53	)		21.53		33.16			339			.81			1.17			.41
10/31/2020		15.90		.13		1.23			1.36			(.09	)		(.54	)		(.63	)		16.63		8.68			241			.81			1.19			.83
10/31/2019		14.87		.14		1.50			1.64			(.08	)		(.53	)		(.61	)		15.90		11.73			212			.81			1.20			.91
10/31/2018		15.14		.11		(.04	)		.07			(.11	)		(.23	)		(.34	)		14.87		.43			151			.81			1.20			.71

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 83

Financial highlights (continued)

2045 Fund (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class R-3:
10/31/2022	$	21.65	$	.14	$	(4.35	)	$	(4.21	)	$	(.08	)	$	(.83	)	$	(.91	)	$	16.53		(20.34	)%	$	1,273		.66	%		1.02	%		.73	%
10/31/2021		16.71		.11		5.38			5.49			(.08	)		(.47	)		(.55	)		21.65		33.41			1,546		.66			1.02			.56
10/31/2020		15.97		.16		1.23			1.39			(.11	)		(.54	)		(.65	)		16.71		8.83			1,143		.66			1.04			.99
10/31/2019		14.93		.17		1.49			1.66			(.09	)		(.53	)		(.62	)		15.97		11.86			1,027		.66			1.05			1.10
10/31/2018		15.15		.14		(.05	)		.09			(.08	)		(.23	)		(.31	)		14.93		.59			857		.66			1.05			.89
Class R-4:
10/31/2022		21.94		.20		(4.40	)		(4.20	)		(.14	)		(.83	)		(.97	)		16.77		(20.08	)		1,225		.36			.72			1.04
10/31/2021		16.91		.17		5.45			5.62			(.12	)		(.47	)		(.59	)		21.94		33.82			1,623		.36			.72			.84
10/31/2020		16.15		.21		1.24			1.45			(.15	)		(.54	)		(.69	)		16.91		9.15			1,544		.36			.74			1.29
10/31/2019		15.09		.21		1.52			1.73			(.14	)		(.53	)		(.67	)		16.15		12.23			1,363		.36			.75			1.37
10/31/2018		15.31		.19		(.06	)		.13			(.12	)		(.23	)		(.35	)		15.09		.86			1,020		.36			.75			1.18
Class R-5E:
10/31/2022		21.93		.23		(4.39	)		(4.16	)		(.18	)		(.83	)		(1.01	)		16.76		(19.93	)		722		.15			.51			1.23
10/31/2021		16.91		.21		5.45			5.66			(.17	)		(.47	)		(.64	)		21.93		34.09			779		.15			.51			1.06
10/31/2020		16.15		.25		1.23			1.48			(.18	)		(.54	)		(.72	)		16.91		9.34			602		.16			.54			1.55
10/31/2019		15.10		.23		1.53			1.76			(.18	)		(.53	)		(.71	)		16.15		12.46			531		.16			.55			1.52
10/31/2018		15.31		.20		(.02	)		.18			(.16	)		(.23	)		(.39	)		15.10		1.14			301		.15			.54			1.28
Class R-5:
10/31/2022		22.25		.25		(4.45	)		(4.20	)		(.21	)		(.83	)		(1.04	)		17.01		(19.88	)		357		.06			.42			1.32
10/31/2021		17.15		.24		5.51			5.75			(.18	)		(.47	)		(.65	)		22.25		34.17			486		.06			.42			1.17
10/31/2020		16.36		.27		1.26			1.53			(.20	)		(.54	)		(.74	)		17.15		9.50			361		.06			.44			1.67
10/31/2019		15.28		.27		1.52			1.79			(.18	)		(.53	)		(.71	)		16.36		12.57			395		.06			.45			1.75
10/31/2018		15.48		.24		(.05	)		.19			(.16	)		(.23	)		(.39	)		15.28		1.21			417		.07			.46			1.49
Class R-6:
10/31/2022		22.16		.26		(4.43	)		(4.17	)		(.22	)		(.83	)		(1.05	)		16.94		(19.83	)		14,930		.01			.37			1.37
10/31/2021		17.08		.25		5.49			5.74			(.19	)		(.47	)		(.66	)		22.16		34.26			15,677		.01			.37			1.20
10/31/2020		16.30		.26		1.27			1.53			(.21	)		(.54	)		(.75	)		17.08		9.53			9,561		.01			.39			1.59
10/31/2019		15.23		.26		1.53			1.79			(.19	)		(.53	)		(.72	)		16.30		12.61			7,082		.01			.40			1.69
10/31/2018		15.43		.24		(.04	)		.20			(.17	)		(.23	)		(.40	)		15.23		1.27			4,328		.01			.40			1.50

Refer to the end of the tables for footnotes.

84 American Funds Target Date Retirement Series

Financial highlights (continued)

2040 Fund

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class A:
10/31/2022	$	21.41	$	.21	$	(4.17	)	$	(3.96	)	$	(.16	)	$	(.86	)	$	(1.02	)	$	16.43		(19.48	)%	$	2,406			.33	%		.68	%		1.16	%
10/31/2021		16.64		.19		5.18			5.37			(.14	)		(.46	)		(.60	)		21.41		32.90			2,845			.33			.68			.96
10/31/2020		15.92		.22		1.19			1.41			(.16	)		(.53	)		(.69	)		16.64		9.02			2,039			.34			.71			1.36
10/31/2019		14.90		.22		1.47			1.69			(.15	)		(.52	)		(.67	)		15.92		12.15			1,735			.36			.74			1.44
10/31/2018		15.13		.20		(.07	)		.13			(.13	)		(.23	)		(.36	)		14.90		.86			1,399			.34			.73			1.27
Class C:
10/31/2022		20.86		.08		(4.07	)		(3.99	)		(.02	)		(.86	)		(.88	)		15.99		(20.03	)		163			1.08			1.43			.42
10/31/2021		16.24		.04		5.07			5.11			(.03	)		(.46	)		(.49	)		20.86		31.94			200			1.07			1.42			.21
10/31/2020		15.57		.10		1.16			1.26			(.06	)		(.53	)		(.59	)		16.24		8.19			142			1.09			1.46			.61
10/31/2019		14.59		.10		1.45			1.55			(.05	)		(.52	)		(.57	)		15.57		11.30			124			1.10			1.48			.69
10/31/2018		14.85		.07		(.06	)		.01			(.04	)		(.23	)		(.27	)		14.59		.05			95			1.10			1.49			.49
Class T:
10/31/2022		21.45		.26		(4.18	)		(3.92	)		(.20	)		(.86	)		(1.06	)		16.47		(19.29	)14		—	12		.08	14		.43	14		1.43	14
10/31/2021		16.66		.23		5.19			5.42			(.17	)		(.46	)		(.63	)		21.45		33.19	14		—	12		.14	14		.49	14		1.16	14
10/31/2020		15.94		.25		1.19			1.44			(.19	)		(.53	)		(.72	)		16.66		9.21	14		—	12		.15	14		.52	14		1.58	14
10/31/2019		14.92		.26		1.46			1.72			(.18	)		(.52	)		(.70	)		15.94		12.39	14		—	12		.14	14		.52	14		1.70	14
10/31/2018		15.15		.23		(.06	)		.17			(.17	)		(.23	)		(.40	)		14.92		1.06	14		—	12		.14	14		.53	14		1.49	14
Class F-1:
10/31/2022		21.25		.20		(4.14	)		(3.94	)		(.15	)		(.86	)		(1.01	)		16.30		(19.50	)		138			.38			.73			1.11
10/31/2021		16.53		.18		5.15			5.33			(.15	)		(.46	)		(.61	)		21.25		32.82			163			.37			.72			.90
10/31/2020		15.82		.21		1.19			1.40			(.16	)		(.53	)		(.69	)		16.53		9.01			102			.37			.74			1.30
10/31/2019		14.82		.21		1.46			1.67			(.15	)		(.52	)		(.67	)		15.82		12.11			71			.37			.75			1.39
10/31/2018		15.07		.19		(.07	)		.12			(.14	)		(.23	)		(.37	)		14.82		.78			50			.37			.76			1.20
Class F-2:
10/31/2022		21.43		.25		(4.16	)		(3.91	)		(.21	)		(.86	)		(1.07	)		16.45		(19.27	)		148			.09			.44			1.39
10/31/2021		16.65		.23		5.19			5.42			(.18	)		(.46	)		(.64	)		21.43		33.23			160			.09			.44			1.18
10/31/2020		15.93		.25		1.20			1.45			(.20	)		(.53	)		(.73	)		16.65		9.28			98			.09			.46			1.59
10/31/2019		14.91		.25		1.48			1.73			(.19	)		(.52	)		(.71	)		15.93		12.48			76			.10			.48			1.67
10/31/2018		15.15		.22		(.06	)		.16			(.17	)		(.23	)		(.40	)		14.91		1.03			49			.10			.49			1.40
Class F-3:
10/31/2022		21.49		.27		(4.18	)		(3.91	)		(.22	)		(.86	)		(1.08	)		16.50		(19.20	)		17			.01			.36			1.47
10/31/2021		16.69		.25		5.21			5.46			(.20	)		(.46	)		(.66	)		21.49		33.36			17			.01			.36			1.27
10/31/2020		15.97		.26		1.20			1.46			(.21	)		(.53	)		(.74	)		16.69		9.33			8			.01			.38			1.59
10/31/2019		14.94		.28		1.47			1.75			(.20	)		(.52	)		(.72	)		15.97		12.60			4			.01			.39			1.84
10/31/2018		15.17		.23		(.05	)		.18			(.18	)		(.23	)		(.41	)		14.94		1.15			3			.01			.40			1.48
Class R-1:
10/31/2022		20.86		.07		(4.08	)		(4.01	)		(.01	)		(.86	)		(.87	)		15.98		(20.10	)		29			1.10			1.45			.39
10/31/2021		16.25		.03		5.07			5.10			(.03	)		(.46	)		(.49	)		20.86		31.87			33			1.11			1.46			.17
10/31/2020		15.56		.09		1.16			1.25			(.03	)		(.53	)		(.56	)		16.25		8.16			22			1.14			1.51			.58
10/31/2019		14.57		.10		1.45			1.55			(.04	)		(.52	)		(.56	)		15.56		11.29			21			1.13			1.51			.68
10/31/2018		14.80		.07		(.06	)		.01			(.01	)		(.23	)		(.24	)		14.57		.04			19			1.13			1.52			.46
Class R-2:
10/31/2022		20.78		.07		(4.05	)		(3.98	)		(.01	)		(.86	)		(.87	)		15.93		(20.05	)		1,082			1.11			1.46			.40
10/31/2021		16.19		.04		5.03			5.07			(.02	)		(.46	)		(.48	)		20.78		31.82			1,355			1.10			1.45			.20
10/31/2020		15.51		.09		1.17			1.26			(.05	)		(.53	)		(.58	)		16.19		8.21			1,040			1.11			1.48			.60
10/31/2019		14.52		.11		1.44			1.55			(.04	)		(.52	)		(.56	)		15.51		11.34			962			1.11			1.49			.72
10/31/2018		14.77		.08		(.07	)		.01			(.03	)		(.23	)		(.26	)		14.52		.05			856			1.11			1.50			.51
Class R-2E:
10/31/2022		20.98		.12		(4.08	)		(3.96	)		(.07	)		(.86	)		(.93	)		16.09		(19.81	)		265			.81			1.16			.69
10/31/2021		16.32		.09		5.10			5.19			(.07	)		(.46	)		(.53	)		20.98		32.31			330			.80			1.15			.49
10/31/2020		15.65		.14		1.16			1.30			(.10	)		(.53	)		(.63	)		16.32		8.42			240			.81			1.18			.89
10/31/2019		14.65		.14		1.47			1.61			(.09	)		(.52	)		(.61	)		15.65		11.75			219			.81			1.19			.96
10/31/2018		14.93		.11		(.06	)		.05			(.10	)		(.23	)		(.33	)		14.65		.29			155			.81			1.20			.73

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 85

Financial highlights (continued)

2040 Fund (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class R-3:
10/31/2022	$	21.12	$	.15	$	(4.11	)	$	(3.96	)	$	(.09	)	$	(.86	)	$	(.95	)	$	16.21		(19.67	)%	$	1,605		.66	%		1.01	%		.84	%
10/31/2021		16.43		.12		5.12			5.24			(.09	)		(.46	)		(.55	)		21.12		32.45			1,981		.66			1.01			.64
10/31/2020		15.74		.17		1.17			1.34			(.12	)		(.53	)		(.65	)		16.43		8.61			1,518		.66			1.03			1.05
10/31/2019		14.72		.17		1.47			1.64			(.10	)		(.52	)		(.62	)		15.74		11.91			1,377		.66			1.04			1.15
10/31/2018		14.97		.15		(.08	)		.07			(.09	)		(.23	)		(.32	)		14.72		.45			1,183		.66			1.05			.94
Class R-4:
10/31/2022		21.35		.21		(4.16	)		(3.95	)		(.15	)		(.86	)		(1.01	)		16.39		(19.48	)		1,570		.36			.71			1.15
10/31/2021		16.59		.18		5.17			5.35			(.13	)		(.46	)		(.59	)		21.35		32.85			2,168		.36			.71			.91
10/31/2020		15.88		.22		1.18			1.40			(.16	)		(.53	)		(.69	)		16.59		8.96			1,930		.36			.73			1.35
10/31/2019		14.85		.22		1.48			1.70			(.15	)		(.52	)		(.67	)		15.88		12.23			1,756		.36			.74			1.44
10/31/2018		15.10		.19		(.08	)		.11			(.13	)		(.23	)		(.36	)		14.85		.73			1,419		.36			.75			1.24
Class R-5E:
10/31/2022		21.36		.24		(4.15	)		(3.91	)		(.19	)		(.86	)		(1.05	)		16.40		(19.31	)		898		.15			.50			1.33
10/31/2021		16.60		.22		5.18			5.40			(.18	)		(.46	)		(.64	)		21.36		33.14			965		.15			.50			1.13
10/31/2020		15.88		.26		1.18			1.44			(.19	)		(.53	)		(.72	)		16.60		9.22			783		.16			.53			1.64
10/31/2019		14.87		.23		1.48			1.71			(.18	)		(.52	)		(.70	)		15.88		12.38			770		.16			.54			1.55
10/31/2018		15.11		.20		(.04	)		.16			(.17	)		(.23	)		(.40	)		14.87		1.00			424		.15			.54			1.31
Class R-5:
10/31/2022		21.64		.27		(4.21	)		(3.94	)		(.21	)		(.86	)		(1.07	)		16.63		(19.20	)		433		.06			.41			1.44
10/31/2021		16.81		.25		5.23			5.48			(.19	)		(.46	)		(.65	)		21.64		33.24			585		.06			.41			1.24
10/31/2020		16.08		.28		1.19			1.47			(.21	)		(.53	)		(.74	)		16.81		9.27			454		.06			.43			1.73
10/31/2019		15.03		.27		1.49			1.76			(.19	)		(.52	)		(.71	)		16.08		12.59			510		.06			.44			1.80
10/31/2018		15.27		.25		(.09	)		.16			(.17	)		(.23	)		(.40	)		15.03		1.03			541		.06			.45			1.56
Class R-6:
10/31/2022		21.57		.27		(4.19	)		(3.92	)		(.22	)		(.86	)		(1.08	)		16.57		(19.18	)		18,540		.01			.36			1.48
10/31/2021		16.75		.25		5.23			5.48			(.20	)		(.46	)		(.66	)		21.57		33.36			19,892		.01			.36			1.27
10/31/2020		16.02		.27		1.20			1.47			(.21	)		(.53	)		(.74	)		16.75		9.36			12,454		.01			.38			1.65
10/31/2019		14.99		.27		1.48			1.75			(.20	)		(.52	)		(.72	)		16.02		12.56			9,766		.01			.39			1.75
10/31/2018		15.22		.24		(.06	)		.18			(.18	)		(.23	)		(.41	)		14.99		1.15			6,262		.01			.40			1.56

Refer to the end of the tables for footnotes.

86 American Funds Target Date Retirement Series

Financial highlights (continued)

2035 Fund

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class A:
10/31/2022	$	20.32	$	.24	$	(3.73	)	$	(3.49	)	$	(.17	)	$	(.85	)	$	(1.02	)	$	15.81		(18.12	)%	$	2,829			.33	%		.67	%		1.37	%
10/31/2021		16.21		.20		4.54			4.74			(.18	)		(.45	)		(.63	)		20.32		29.81			3,281			.33			.67			1.05
10/31/2020		15.54		.22		1.12			1.34			(.18	)		(.49	)		(.67	)		16.21		8.72			2,364			.35			.71			1.41
10/31/2019		14.55		.23		1.40			1.63			(.16	)		(.48	)		(.64	)		15.54		11.96			2,036			.36			.73			1.52
10/31/2018		14.79		.20		(.09	)		.11			(.14	)		(.21	)		(.35	)		14.55		.71			1,638			.34			.72			1.33
Class C:
10/31/2022		19.83		.11		(3.66	)		(3.55	)		(.03	)		(.85	)		(.88	)		15.40		(18.74	)		188			1.08			1.42			.63
10/31/2021		15.84		.06		4.44			4.50			(.06	)		(.45	)		(.51	)		19.83		28.92			232			1.07			1.41			.31
10/31/2020		15.22		.10		1.08			1.18			(.07	)		(.49	)		(.56	)		15.84		7.84			168			1.09			1.45			.66
10/31/2019		14.26		.11		1.39			1.50			(.06	)		(.48	)		(.54	)		15.22		11.13			148			1.10			1.47			.77
10/31/2018		14.52		.08		(.08	)		—	11		(.05	)		(.21	)		(.26	)		14.26		(.05	)		118			1.10			1.48			.55
Class T:
10/31/2022		20.36		.29		(3.74	)		(3.45	)		(.21	)		(.85	)		(1.06	)		15.85		(17.92	)14		—	12		.09	14		.43	14		1.63	14
10/31/2021		16.23		.24		4.55			4.79			(.21	)		(.45	)		(.66	)		20.36		30.12	14		—	12		.14	14		.48	14		1.26	14
10/31/2020		15.57		.26		1.10			1.36			(.21	)		(.49	)		(.70	)		16.23		8.84	14		—	12		.15	14		.51	14		1.64	14
10/31/2019		14.57		.26		1.41			1.67			(.19	)		(.48	)		(.67	)		15.57		12.26	14		—	12		.14	14		.51	14		1.78	14
10/31/2018		14.81		.23		(.09	)		.14			(.17	)		(.21	)		(.38	)		14.57		.91	14		—	12		.14	14		.52	14		1.55	14
Class F-1:
10/31/2022		20.19		.23		(3.72	)		(3.49	)		(.16	)		(.85	)		(1.01	)		15.69		(18.21	)		173			.38			.72			1.32
10/31/2021		16.11		.19		4.52			4.71			(.18	)		(.45	)		(.63	)		20.19		29.83			203			.37			.71			1.00
10/31/2020		15.46		.21		1.10			1.31			(.17	)		(.49	)		(.66	)		16.11		8.62			124			.37			.73			1.36
10/31/2019		14.48		.22		1.40			1.62			(.16	)		(.48	)		(.64	)		15.46		11.95			90			.37			.74			1.47
10/31/2018		14.73		.19		(.09	)		.10			(.14	)		(.21	)		(.35	)		14.48		.69			66			.37			.75			1.26
Class F-2:
10/31/2022		20.35		.28		(3.73	)		(3.45	)		(.22	)		(.85	)		(1.07	)		15.83		(17.95	)		197			.09			.43			1.61
10/31/2021		16.22		.24		4.56			4.80			(.22	)		(.45	)		(.67	)		20.35		30.21			222			.09			.43			1.28
10/31/2020		15.56		.26		1.10			1.36			(.21	)		(.49	)		(.70	)		16.22		8.90			135			.09			.45			1.65
10/31/2019		14.57		.26		1.41			1.67			(.20	)		(.48	)		(.68	)		15.56		12.29			107			.10			.47			1.74
10/31/2018		14.81		.22		(.08	)		.14			(.17	)		(.21	)		(.38	)		14.57		.94			75			.10			.48			1.43
Class F-3:
10/31/2022		20.39		.30		(3.74	)		(3.44	)		(.23	)		(.85	)		(1.08	)		15.87		(17.85	)		32			.01			.35			1.69
10/31/2021		16.25		.26		4.56			4.82			(.23	)		(.45	)		(.68	)		20.39		30.31			32			.01			.35			1.35
10/31/2020		15.58		.27		1.11			1.38			(.22	)		(.49	)		(.71	)		16.25		9.03			16			.01			.37			1.74
10/31/2019		14.59		.23		1.45			1.68			(.21	)		(.48	)		(.69	)		15.58		12.33			14			.01			.38			1.52
10/31/2018		14.82		.22		(.06	)		.16			(.18	)		(.21	)		(.39	)		14.59		1.06			10			.01			.39			1.42
Class R-1:
10/31/2022		19.71		.10		(3.63	)		(3.53	)		(.03	)		(.85	)		(.88	)		15.30		(18.77	)		31			1.10			1.44			.59
10/31/2021		15.76		.05		4.43			4.48			(.08	)		(.45	)		(.53	)		19.71		28.91			35			1.11			1.45			.28
10/31/2020		15.14		.10		1.07			1.17			(.06	)		(.49	)		(.55	)		15.76		7.80			22			1.13			1.49			.63
10/31/2019		14.18		.11		1.38			1.49			(.05	)		(.48	)		(.53	)		15.14		11.14			21			1.13			1.50			.75
10/31/2018		14.42		.08		(.09	)		(.01	)		(.02	)		(.21	)		(.23	)		14.18		(.11	)		17			1.13			1.51			.54
Class R-2:
10/31/2022		19.75		.10		(3.64	)		(3.54	)		(.02	)		(.85	)		(.87	)		15.34		(18.76	)		1,283			1.11			1.45			.60
10/31/2021		15.78		.05		4.43			4.48			(.06	)		(.45	)		(.51	)		19.75		28.86			1,618			1.10			1.44			.30
10/31/2020		15.16		.10		1.08			1.18			(.07	)		(.49	)		(.56	)		15.78		7.83			1,287			1.11			1.47			.66
10/31/2019		14.20		.11		1.38			1.49			(.05	)		(.48	)		(.53	)		15.16		11.12			1,216			1.11			1.48			.79
10/31/2018		14.45		.08		(.08	)		—	11		(.04	)		(.21	)		(.25	)		14.20		(.04	)		1,051			1.11			1.49			.57
Class R-2E:
10/31/2022		19.89		.15		(3.66	)		(3.51	)		(.08	)		(.85	)		(.93	)		15.45		(18.53	)		363			.81			1.15			.90
10/31/2021		15.88		.11		4.45			4.56			(.10	)		(.45	)		(.55	)		19.89		29.27			445			.80			1.14			.59
10/31/2020		15.25		.15		1.08			1.23			(.11	)		(.49	)		(.60	)		15.88		8.19			331			.81			1.17			.95
10/31/2019		14.30		.15		1.38			1.53			(.10	)		(.48	)		(.58	)		15.25		11.41			293			.81			1.18			1.04
10/31/2018		14.58		.12		(.08	)		.04			(.11	)		(.21	)		(.32	)		14.30		.24			214			.81			1.19			.80

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 87

Financial highlights (continued)

2035 Fund (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class R-3:
10/31/2022	$	20.04	$	.18	$	(3.68	)	$	(3.50	)	$	(.11	)	$	(.85	)	$	(.96	)	$	15.58		(18.39	)%	$	1,924		.66	%		1.00	%		1.05	%
10/31/2021		16.00		.14		4.48			4.62			(.13	)		(.45	)		(.58	)		20.04		29.40			2,363		.66			1.00			.73
10/31/2020		15.36		.17		1.09			1.26			(.13	)		(.49	)		(.62	)		16.00		8.31			1,811		.66			1.02			1.10
10/31/2019		14.38		.18		1.39			1.57			(.11	)		(.48	)		(.59	)		15.36		11.65			1,661		.66			1.03			1.23
10/31/2018		14.62		.15		(.09	)		.06			(.09	)		(.21	)		(.30	)		14.38		.42			1,416		.66			1.04			1.00
Class R-4:
10/31/2022		20.27		.24		(3.73	)		(3.49	)		(.16	)		(.85	)		(1.01	)		15.77		(18.15	)		1,815		.36			.70			1.35
10/31/2021		16.16		.19		4.53			4.72			(.16	)		(.45	)		(.61	)		20.27		29.82			2,372		.36			.70			1.01
10/31/2020		15.50		.22		1.10			1.32			(.17	)		(.49	)		(.66	)		16.16		8.66			2,204		.36			.72			1.41
10/31/2019		14.51		.22		1.41			1.63			(.16	)		(.48	)		(.64	)		15.50		11.97			2,035		.36			.73			1.51
10/31/2018		14.75		.20		(.09	)		.11			(.14	)		(.21	)		(.35	)		14.51		.71			1,609		.36			.74			1.30
Class R-5E:
10/31/2022		20.29		.27		(3.72	)		(3.45	)		(.20	)		(.85	)		(1.05	)		15.79		(17.97	)		963		.15			.49			1.54
10/31/2021		16.18		.23		4.54			4.77			(.21	)		(.45	)		(.66	)		20.29		30.10			1,044		.15			.49			1.22
10/31/2020		15.51		.27		1.09			1.36			(.20	)		(.49	)		(.69	)		16.18		8.89			835		.16			.52			1.74
10/31/2019		14.53		.24		1.41			1.65			(.19	)		(.48	)		(.67	)		15.51		12.17			886		.16			.53			1.65
10/31/2018		14.77		.20		(.06	)		.14			(.17	)		(.21	)		(.38	)		14.53		.92			540		.15			.53			1.33
Class R-5:
10/31/2022		20.54		.29		(3.77	)		(3.48	)		(.22	)		(.85	)		(1.07	)		15.99		(17.91	)		523		.06			.40			1.64
10/31/2021		16.37		.26		4.58			4.84			(.22	)		(.45	)		(.67	)		20.54		30.21			667		.06			.40			1.34
10/31/2020		15.69		.28		1.11			1.39			(.22	)		(.49	)		(.71	)		16.37		8.98			515		.06			.42			1.77
10/31/2019		14.68		.28		1.41			1.69			(.20	)		(.48	)		(.68	)		15.69		12.33			564		.06			.43			1.88
10/31/2018		14.91		.25		(.10	)		.15			(.17	)		(.21	)		(.38	)		14.68		1.00			590		.06			.44			1.62
Class R-6:
10/31/2022		20.46		.30		(3.75	)		(3.45	)		(.23	)		(.85	)		(1.08	)		15.93		(17.84	)		20,771		.01			.35			1.68
10/31/2021		16.31		.26		4.57			4.83			(.23	)		(.45	)		(.68	)		20.46		30.26			22,055		.01			.35			1.36
10/31/2020		15.63		.27		1.12			1.39			(.22	)		(.49	)		(.71	)		16.31		9.07			14,062		.01			.37			1.71
10/31/2019		14.63		.27		1.42			1.69			(.21	)		(.48	)		(.69	)		15.63		12.37			10,860		.01			.38			1.83
10/31/2018		14.87		.25		(.10	)		.15			(.18	)		(.21	)		(.39	)		14.63		.99			7,024		.01			.39			1.62

Refer to the end of the tables for footnotes.

88 American Funds Target Date Retirement Series

Financial highlights (continued)

2030 Fund

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class A:
10/31/2022	$	18.71	$	.26	$	(3.12	)	$	(2.86	)	$	(.17	)	$	(.98	)	$	(1.15	)	$	14.70		(16.35	)%	$	3,540			.33	%		.65	%		1.61	%
10/31/2021		15.58		.21		3.52			3.73			(.23	)		(.37	)		(.60	)		18.71		24.40			4,118			.34			.66			1.19
10/31/2020		15.05		.23		.90			1.13			(.20	)		(.40	)		(.60	)		15.58		7.61			3,083			.35			.69			1.53
10/31/2019		14.15		.25		1.24			1.49			(.18	)		(.41	)		(.59	)		15.05		11.13			2,686			.37			.73			1.75
10/31/2018		14.42		.21		(.12	)		.09			(.15	)		(.21	)		(.36	)		14.15		.54			2,186			.35			.72			1.45
Class C:
10/31/2022		18.24		.14		(3.04	)		(2.90	)		(.05	)		(.98	)		(1.03	)		14.31		(16.92	)		226			1.08			1.40			.87
10/31/2021		15.22		.08		3.43			3.51			(.12	)		(.37	)		(.49	)		18.24		23.43			272			1.07			1.39			.46
10/31/2020		14.73		.12		.87			.99			(.10	)		(.40	)		(.50	)		15.22		6.80			208			1.09			1.43			.80
10/31/2019		13.86		.14		1.22			1.36			(.08	)		(.41	)		(.49	)		14.73		10.34			187			1.10			1.46			1.01
10/31/2018		14.14		.10		(.11	)		(.01	)		(.06	)		(.21	)		(.27	)		13.86		(.17	)		148			1.10			1.47			.70
Class T:
10/31/2022		18.73		.31		(3.12	)		(2.81	)		(.21	)		(.98	)		(1.19	)		14.73		(16.12	)14		—	12		.08	14		.40	14		1.89	14
10/31/2021		15.60		.25		3.51			3.76			(.26	)		(.37	)		(.63	)		18.73		24.59	14		—	12		.14	14		.46	14		1.41	14
10/31/2020		15.07		.27		.89			1.16			(.23	)		(.40	)		(.63	)		15.60		7.82	14		—	12		.14	14		.48	14		1.77	14
10/31/2019		14.17		.29		1.23			1.52			(.21	)		(.41	)		(.62	)		15.07		11.37	14		—	12		.14	14		.50	14		2.02	14
10/31/2018		14.43		.25		(.12	)		.13			(.18	)		(.21	)		(.39	)		14.17		.82	14		—	12		.14	14		.51	14		1.68	14
Class F-1:
10/31/2022		18.55		.25		(3.08	)		(2.83	)		(.17	)		(.98	)		(1.15	)		14.57		(16.36	)		153			.38			.70			1.57
10/31/2021		15.46		.20		3.49			3.69			(.23	)		(.37	)		(.60	)		18.55		24.36			185			.37			.69			1.17
10/31/2020		14.95		.22		.89			1.11			(.20	)		(.40	)		(.60	)		15.46		7.53			130			.37			.71			1.49
10/31/2019		14.06		.25		1.23			1.48			(.18	)		(.41	)		(.59	)		14.95		11.14			98			.37			.73			1.74
10/31/2018		14.33		.21		(.12	)		.09			(.15	)		(.21	)		(.36	)		14.06		.57			77			.37			.74			1.42
Class F-2:
10/31/2022		18.72		.30		(3.11	)		(2.81	)		(.22	)		(.98	)		(1.20	)		14.71		(16.14	)		276			.09			.41			1.86
10/31/2021		15.59		.25		3.52			3.77			(.27	)		(.37	)		(.64	)		18.72		24.68			310			.09			.41			1.43
10/31/2020		15.06		.27		.90			1.17			(.24	)		(.40	)		(.64	)		15.59		7.88			204			.09			.43			1.77
10/31/2019		14.17		.29		1.23			1.52			(.22	)		(.41	)		(.63	)		15.06		11.38			154			.10			.46			2.00
10/31/2018		14.43		.24		(.11	)		.13			(.18	)		(.21	)		(.39	)		14.17		.84			107			.10			.47			1.64
Class F-3:
10/31/2022		18.77		.31		(3.12	)		(2.81	)		(.23	)		(.98	)		(1.21	)		14.75		(16.08	)		34			.01			.33			1.93
10/31/2021		15.63		.27		3.52			3.79			(.28	)		(.37	)		(.65	)		18.77		24.77			33			.01			.33			1.49
10/31/2020		15.10		.29		.89			1.18			(.25	)		(.40	)		(.65	)		15.63		7.94			18			.01			.35			1.91
10/31/2019		14.19		.30		1.25			1.55			(.23	)		(.41	)		(.64	)		15.10		11.58			15			.01			.37			2.07
10/31/2018		14.45		.26		(.12	)		.14			(.19	)		(.21	)		(.40	)		14.19		.91			8			.01			.38			1.78
Class R-1:
10/31/2022		18.34		.13		(3.05	)		(2.92	)		(.05	)		(.98	)		(1.03	)		14.39		(16.96	)		41			1.10			1.42			.84
10/31/2021		15.30		.07		3.47			3.54			(.13	)		(.37	)		(.50	)		18.34		23.46			49			1.11			1.43			.42
10/31/2020		14.80		.11		.87			.98			(.08	)		(.40	)		(.48	)		15.30		6.70			31			1.14			1.48			.76
10/31/2019		13.91		.14		1.22			1.36			(.06	)		(.41	)		(.47	)		14.80		10.29			31			1.13			1.49			1.00
10/31/2018		14.16		.10		(.11	)		(.01	)		(.03	)		(.21	)		(.24	)		13.91		(.17	)		29			1.13			1.50			.67
Class R-2:
10/31/2022		18.20		.13		(3.04	)		(2.91	)		(.04	)		(.98	)		(1.02	)		14.27		(17.03	)		1,279			1.11			1.43			.85
10/31/2021		15.18		.08		3.43			3.51			(.12	)		(.37	)		(.49	)		18.20		23.46			1,600			1.10			1.42			.45
10/31/2020		14.69		.12		.87			.99			(.10	)		(.40	)		(.50	)		15.18		6.77			1,365			1.11			1.45			.80
10/31/2019		13.81		.15		1.21			1.36			(.07	)		(.41	)		(.48	)		14.69		10.36			1,311			1.11			1.47			1.03
10/31/2018		14.09		.10		(.12	)		(.02	)		(.05	)		(.21	)		(.26	)		13.81		(.23	)		1,167			1.11			1.48			.71
Class R-2E:
10/31/2022		18.33		.18		(3.05	)		(2.87	)		(.09	)		(.98	)		(1.07	)		14.39		(16.70	)		391			.81			1.13			1.14
10/31/2021		15.29		.13		3.44			3.57			(.16	)		(.37	)		(.53	)		18.33		23.78			483			.80			1.12			.73
10/31/2020		14.80		.16		.88			1.04			(.15	)		(.40	)		(.55	)		15.29		7.06			364			.81			1.15			1.08
10/31/2019		13.92		.18		1.23			1.41			(.12	)		(.41	)		(.53	)		14.80		10.71			325			.81			1.17			1.28
10/31/2018		14.22		.14		(.11	)		.03			(.12	)		(.21	)		(.33	)		13.92		.11			240			.81			1.18			.95

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 89

Financial highlights (continued)

2030 Fund (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class R-3:
10/31/2022	$	18.46	$	.21	$	(3.07	)	$	(2.86	)	$	(.12	)	$	(.98	)	$	(1.10	)	$	14.50		(16.58	)%	$	2,204		.66	%		.98	%		1.29	%
10/31/2021		15.39		.15		3.47			3.62			(.18	)		(.37	)		(.55	)		18.46		23.96			2,722		.66			.98			.89
10/31/2020		14.88		.18		.89			1.07			(.16	)		(.40	)		(.56	)		15.39		7.26			2,229		.66			1.00			1.24
10/31/2019		13.99		.21		1.22			1.43			(.13	)		(.41	)		(.54	)		14.88		10.82			2,087		.66			1.02			1.47
10/31/2018		14.26		.17		(.12	)		.05			(.11	)		(.21	)		(.32	)		13.99		.26			1,823		.66			1.03			1.14
Class R-4:
10/31/2022		18.67		.26		(3.11	)		(2.85	)		(.17	)		(.98	)		(1.15	)		14.67		(16.36	)		2,218		.36			.68			1.60
10/31/2021		15.54		.20		3.52			3.72			(.22	)		(.37	)		(.59	)		18.67		24.40			2,924		.36			.68			1.16
10/31/2020		15.02		.23		.89			1.12			(.20	)		(.40	)		(.60	)		15.54		7.56			2,680		.36			.70			1.54
10/31/2019		14.12		.25		1.24			1.49			(.18	)		(.41	)		(.59	)		15.02		11.14			2,550		.36			.72			1.76
10/31/2018		14.39		.21		(.12	)		.09			(.15	)		(.21	)		(.36	)		14.12		.54			2,106		.36			.73			1.45
Class R-5E:
10/31/2022		18.67		.29		(3.11	)		(2.82	)		(.20	)		(.98	)		(1.18	)		14.67		(16.19	)		1,118		.15			.47			1.79
10/31/2021		15.55		.24		3.51			3.75			(.26	)		(.37	)		(.63	)		18.67		24.61			1,241		.15			.47			1.38
10/31/2020		15.02		.28		.88			1.16			(.23	)		(.40	)		(.63	)		15.55		7.81			1,083		.16			.50			1.86
10/31/2019		14.13		.27		1.24			1.51			(.21	)		(.41	)		(.62	)		15.02		11.34			1,169		.16			.52			1.88
10/31/2018		14.39		.22		(.09	)		.13			(.18	)		(.21	)		(.39	)		14.13		.82			692		.15			.52			1.48
Class R-5:
10/31/2022		18.91		.31		(3.15	)		(2.84	)		(.22	)		(.98	)		(1.20	)		14.87		(16.11	)		591		.06			.38			1.89
10/31/2021		15.74		.27		3.54			3.81			(.27	)		(.37	)		(.64	)		18.91		24.73			754		.06			.38			1.49
10/31/2020		15.20		.29		.89			1.18			(.24	)		(.40	)		(.64	)		15.74		7.90			627		.06			.40			1.89
10/31/2019		14.28		.31		1.24			1.55			(.22	)		(.41	)		(.63	)		15.20		11.51			668		.06			.42			2.12
10/31/2018		14.54		.26		(.13	)		.13			(.18	)		(.21	)		(.39	)		14.28		.84			720		.06			.43			1.75
Class R-6:
10/31/2022		18.83		.31		(3.12	)		(2.81	)		(.23	)		(.98	)		(1.21	)		14.81		(16.03	)		23,487		.01			.33			1.93
10/31/2021		15.68		.27		3.53			3.80			(.28	)		(.37	)		(.65	)		18.83		24.76			25,045		.01			.33			1.51
10/31/2020		15.14		.28		.91			1.19			(.25	)		(.40	)		(.65	)		15.68		7.99			17,000		.01			.35			1.85
10/31/2019		14.23		.30		1.25			1.55			(.23	)		(.41	)		(.64	)		15.14		11.54			13,616		.01			.37			2.07
10/31/2018		14.49		.26		(.12	)		.14			(.19	)		(.21	)		(.40	)		14.23		.91			9,046		.01			.38			1.77

Refer to the end of the tables for footnotes.

90 American Funds Target Date Retirement Series

Financial highlights (continued)

2025 Fund

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class A:
10/31/2022	$	16.86	$	.28	$	(2.59	)	$	(2.31	)	$	(.17	)	$	(.83	)	$	(1.00	)	$	13.55		(14.61	)%	$	3,442			.34	%		.65	%		1.89	%
10/31/2021		14.51		.22		2.68			2.90			(.26	)		(.29	)		(.55	)		16.86		20.37			4,067			.34			.64			1.35
10/31/2020		14.03		.23		.77			1.00			(.21	)		(.31	)		(.52	)		14.51		7.23			3,172			.35			.67			1.64
10/31/2019		13.20		.25		1.08			1.33			(.18	)		(.32	)		(.50	)		14.03		10.62			2,784			.37			.71			1.88
10/31/2018		13.48		.21		(.17	)		.04			(.15	)		(.17	)		(.32	)		13.20		.25			2,315			.34			.69			1.56
Class C:
10/31/2022		16.45		.17		(2.53	)		(2.36	)		(.06	)		(.83	)		(.89	)		13.20		(15.24	)		207			1.08			1.39			1.16
10/31/2021		14.18		.10		2.62			2.72			(.16	)		(.29	)		(.45	)		16.45		19.47			262			1.08			1.38			.62
10/31/2020		13.73		.12		.76			.88			(.12	)		(.31	)		(.43	)		14.18		6.46			211			1.09			1.41			.90
10/31/2019		12.93		.15		1.06			1.21			(.09	)		(.32	)		(.41	)		13.73		9.78			191			1.10			1.44			1.14
10/31/2018		13.22		.11		(.17	)		(.06	)		(.06	)		(.17	)		(.23	)		12.93		(.49	)		157			1.10			1.45			.80
Class T:
10/31/2022		16.89		.33		(2.60	)		(2.27	)		(.21	)		(.83	)		(1.04	)		13.58		(14.42	)14		—	12		.08	14		.39	14		2.18	14
10/31/2021		14.53		.25		2.69			2.94			(.29	)		(.29	)		(.58	)		16.89		20.64	14		—	12		.14	14		.44	14		1.57	14
10/31/2020		14.05		.26		.77			1.03			(.24	)		(.31	)		(.55	)		14.53		7.44	14		—	12		.14	14		.46	14		1.87	14
10/31/2019		13.22		.29		1.07			1.36			(.21	)		(.32	)		(.53	)		14.05		10.84	14		—	12		.14	14		.48	14		2.14	14
10/31/2018		13.50		.24		(.17	)		.07			(.18	)		(.17	)		(.35	)		13.22		.46	14		—	12		.14	14		.49	14		1.78	14
Class F-1:
10/31/2022		16.73		.28		(2.58	)		(2.30	)		(.17	)		(.83	)		(1.00	)		13.43		(14.70	)		97			.38			.69			1.86
10/31/2021		14.41		.21		2.66			2.87			(.26	)		(.29	)		(.55	)		16.73		20.35			118			.37			.67			1.34
10/31/2020		13.93		.22		.78			1.00			(.21	)		(.31	)		(.52	)		14.41		7.27			95			.37			.69			1.58
10/31/2019		13.12		.25		1.06			1.31			(.18	)		(.32	)		(.50	)		13.93		10.52			64			.38			.72			1.87
10/31/2018		13.40		.21		(.17	)		.04			(.15	)		(.17	)		(.32	)		13.12		.26			55			.37			.72			1.53
Class F-2:
10/31/2022		16.87		.32		(2.60	)		(2.28	)		(.21	)		(.83	)		(1.04	)		13.55		(14.45	)		241			.09			.40			2.13
10/31/2021		14.52		.26		2.67			2.93			(.29	)		(.29	)		(.58	)		16.87		20.65			268			.09			.39			1.60
10/31/2020		14.03		.27		.77			1.04			(.24	)		(.31	)		(.55	)		14.52		7.59			201			.09			.41			1.89
10/31/2019		13.21		.29		1.07			1.36			(.22	)		(.32	)		(.54	)		14.03		10.85			164			.10			.44			2.13
10/31/2018		13.48		.24		(.16	)		.08			(.18	)		(.17	)		(.35	)		13.21		.56			114			.11			.46			1.76
Class F-3:
10/31/2022		16.92		.33		(2.59	)		(2.26	)		(.23	)		(.83	)		(1.06	)		13.60		(14.34	)		33			.01			.32			2.23
10/31/2021		14.56		.26		2.70			2.96			(.31	)		(.29	)		(.60	)		16.92		20.75			35			.01			.31			1.63
10/31/2020		14.07		.28		.78			1.06			(.26	)		(.31	)		(.57	)		14.56		7.64			17			.01			.33			1.96
10/31/2019		13.24		.31		1.07			1.38			(.23	)		(.32	)		(.55	)		14.07		10.98			12			.01			.35			2.28
10/31/2018		13.51		.25		(.16	)		.09			(.19	)		(.17	)		(.36	)		13.24		.63			11			.01			.36			1.86
Class R-1:
10/31/2022		16.49		.17		(2.55	)		(2.38	)		(.05	)		(.83	)		(.88	)		13.23		(15.32	)		27			1.10			1.41			1.13
10/31/2021		14.21		.10		2.63			2.73			(.16	)		(.29	)		(.45	)		16.49		19.50			35			1.10			1.40			.60
10/31/2020		13.75		.12		.75			.87			(.10	)		(.31	)		(.41	)		14.21		6.41			27			1.12			1.44			.89
10/31/2019		12.94		.15		1.06			1.21			(.08	)		(.32	)		(.40	)		13.75		9.78			29			1.13			1.47			1.12
10/31/2018		13.22		.10		(.16	)		(.06	)		(.05	)		(.17	)		(.22	)		12.94		(.49	)		25			1.13			1.48			.76
Class R-2:
10/31/2022		16.41		.17		(2.53	)		(2.36	)		(.05	)		(.83	)		(.88	)		13.17		(15.27	)		1,060			1.11			1.42			1.14
10/31/2021		14.14		.10		2.61			2.71			(.15	)		(.29	)		(.44	)		16.41		19.48			1,364			1.10			1.40			.61
10/31/2020		13.69		.12		.75			.87			(.11	)		(.31	)		(.42	)		14.14		6.42			1,206			1.11			1.43			.90
10/31/2019		12.88		.15		1.06			1.21			(.08	)		(.32	)		(.40	)		13.69		9.81			1,188			1.11			1.45			1.17
10/31/2018		13.17		.11		(.17	)		(.06	)		(.06	)		(.17	)		(.23	)		12.88		(.53	)		1,096			1.11			1.46			.82
Class R-2E:
10/31/2022		16.52		.21		(2.55	)		(2.34	)		(.09	)		(.83	)		(.92	)		13.26		(15.04	)		353			.81			1.12			1.43
10/31/2021		14.23		.14		2.63			2.77			(.19	)		(.29	)		(.48	)		16.52		19.82			470			.81			1.11			.90
10/31/2020		13.78		.16		.75			.91			(.15	)		(.31	)		(.46	)		14.23		6.71			407			.81			1.13			1.19
10/31/2019		12.98		.19		1.06			1.25			(.13	)		(.32	)		(.45	)		13.78		10.11			387			.81			1.15			1.43
10/31/2018		13.29		.14		(.15	)		(.01	)		(.13	)		(.17	)		(.30	)		12.98		(.14	)		300			.81			1.16			1.07

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 91

Financial highlights (continued)

2025 Fund (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class R-3:
10/31/2022	$	16.64	$	.23	$	(2.56	)	$	(2.33	)	$	(.12	)	$	(.83	)	$	(.95	)	$	13.36		(14.92	)%	$	1,744		.66	%		.97	%		1.58	%
10/31/2021		14.33		.17		2.64			2.81			(.21	)		(.29	)		(.50	)		16.64		20.00			2,285		.66			.96			1.05
10/31/2020		13.87		.19		.75			.94			(.17	)		(.31	)		(.48	)		14.33		6.87			2,000		.66			.98			1.34
10/31/2019		13.05		.21		1.07			1.28			(.14	)		(.32	)		(.46	)		13.87		10.29			1,897		.66			1.00			1.60
10/31/2018		13.33		.17		(.17	)		—	11		(.11	)		(.17	)		(.28	)		13.05		(.04	)		1,692		.66			1.01			1.24
Class R-4:
10/31/2022		16.83		.28		(2.59	)		(2.31	)		(.17	)		(.83	)		(1.00	)		13.52		(14.67	)		1,770		.36			.67			1.89
10/31/2021		14.48		.21		2.68			2.89			(.25	)		(.29	)		(.54	)		16.83		20.35			2,399		.36			.66			1.33
10/31/2020		14.00		.23		.77			1.00			(.21	)		(.31	)		(.52	)		14.48		7.25			2,437		.36			.68			1.65
10/31/2019		13.17		.25		1.08			1.33			(.18	)		(.32	)		(.50	)		14.00		10.62			2,390		.36			.70			1.89
10/31/2018		13.45		.21		(.17	)		.04			(.15	)		(.17	)		(.32	)		13.17		.26			1,968		.36			.71			1.55
Class R-5E:
10/31/2022		16.83		.31		(2.59	)		(2.28	)		(.20	)		(.83	)		(1.03	)		13.52		(14.50	)		951		.15			.46			2.07
10/31/2021		14.48		.25		2.68			2.93			(.29	)		(.29	)		(.58	)		16.83		20.64			1,093		.15			.45			1.53
10/31/2020		14.00		.28		.74			1.02			(.23	)		(.31	)		(.54	)		14.48		7.42			970		.16			.48			1.98
10/31/2019		13.18		.27		1.08			1.35			(.21	)		(.32	)		(.53	)		14.00		10.82			1,132		.16			.50			2.02
10/31/2018		13.46		.21		(.14	)		.07			(.18	)		(.17	)		(.35	)		13.18		.46			705		.15			.50			1.57
Class R-5:
10/31/2022		17.03		.33		(2.62	)		(2.29	)		(.22	)		(.83	)		(1.05	)		13.69		(14.41	)		478		.05			.36			2.18
10/31/2021		14.65		.27		2.70			2.97			(.30	)		(.29	)		(.59	)		17.03		20.70			651		.06			.36			1.66
10/31/2020		14.16		.28		.77			1.05			(.25	)		(.31	)		(.56	)		14.65		7.53			575		.06			.38			1.98
10/31/2019		13.31		.30		1.09			1.39			(.22	)		(.32	)		(.54	)		14.16		11.02			637		.06			.40			2.24
10/31/2018		13.59		.25		(.18	)		.07			(.18	)		(.17	)		(.35	)		13.31		.49			656		.06			.41			1.85
Class R-6:
10/31/2022		16.99		.33		(2.61	)		(2.28	)		(.23	)		(.83	)		(1.06	)		13.65		(14.40	)		18,694		.01			.32			2.22
10/31/2021		14.61		.27		2.71			2.98			(.31	)		(.29	)		(.60	)		16.99		20.81			20,701		.01			.31			1.68
10/31/2020		14.12		.28		.78			1.06			(.26	)		(.31	)		(.57	)		14.61		7.62			14,909		.01			.33			1.95
10/31/2019		13.28		.30		1.09			1.39			(.23	)		(.32	)		(.55	)		14.12		11.03			11,967		.01			.35			2.21
10/31/2018		13.56		.26		(.18	)		.08			(.19	)		(.17	)		(.36	)		13.28		.55			8,004		.01			.36			1.88

Refer to the end of the tables for footnotes.

92 American Funds Target Date Retirement Series

Financial highlights (continued)

2020 Fund

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class A:
10/31/2022	$	14.92	$	.29	$	(2.06	)	$	(1.77	)	$	(.19	)	$	(.71	)	$	(.90	)	$	12.25		(12.72	)%	$	2,250			.33	%		.62	%		2.19	%
10/31/2021		13.22		.24		2.04			2.28			(.31	)		(.27	)		(.58	)		14.92		17.65			2,707			.35			.64			1.70
10/31/2020		13.04		.27		.42			.69			(.24	)		(.27	)		(.51	)		13.22		5.41			2,362			.35			.65			2.10
10/31/2019		12.37		.29		.87			1.16			(.21	)		(.28	)		(.49	)		13.04		9.82			2,218			.36			.67			2.34
10/31/2018		12.66		.24		(.21	)		.03			(.17	)		(.15	)		(.32	)		12.37		.17			1,985			.35			.68			1.89
Class C:
10/31/2022		14.58		.19		(2.02	)		(1.83	)		(.09	)		(.71	)		(.80	)		11.95		(13.38	)		131			1.08			1.37			1.46
10/31/2021		12.94		.14		1.99			2.13			(.22	)		(.27	)		(.49	)		14.58		16.74			170			1.08			1.37			.97
10/31/2020		12.78		.17		.41			.58			(.15	)		(.27	)		(.42	)		12.94		4.62			147			1.09			1.39			1.37
10/31/2019		12.13		.20		.85			1.05			(.12	)		(.28	)		(.40	)		12.78		9.01			146			1.10			1.41			1.59
10/31/2018		12.43		.14		(.20	)		(.06	)		(.09	)		(.15	)		(.24	)		12.13		(.58	)		126			1.10			1.43			1.14
Class T:
10/31/2022		14.94		.33		(2.07	)		(1.74	)		(.22	)		(.71	)		(.93	)		12.27		(12.51	)14		—	12		.07	14		.36	14		2.48	14
10/31/2021		13.24		.28		2.03			2.31			(.34	)		(.27	)		(.61	)		14.94		17.86	14		—	12		.13	14		.42	14		1.93	14
10/31/2020		13.06		.30		.42			.72			(.27	)		(.27	)		(.54	)		13.24		5.61	14		—	12		.14	14		.44	14		2.33	14
10/31/2019		12.38		.32		.88			1.20			(.24	)		(.28	)		(.52	)		13.06		10.13	14		—	12		.15	14		.46	14		2.58	14
10/31/2018		12.67		.27		(.21	)		.06			(.20	)		(.15	)		(.35	)		12.38		.40	14		—	12		.14	14		.47	14		2.10	14
Class F-1:
10/31/2022		14.81		.29		(2.04	)		(1.75	)		(.19	)		(.71	)		(.90	)		12.16		(12.72	)		48			.38			.67			2.17
10/31/2021		13.14		.24		2.01			2.25			(.31	)		(.27	)		(.58	)		14.81		17.52			61			.37			.66			1.70
10/31/2020		12.97		.27		.41			.68			(.24	)		(.27	)		(.51	)		13.14		5.35			57			.37			.67			2.08
10/31/2019		12.29		.29		.88			1.17			(.21	)		(.28	)		(.49	)		12.97		9.96			49			.38			.69			2.34
10/31/2018		12.59		.23		(.21	)		.02			(.17	)		(.15	)		(.32	)		12.29		.11			45			.37			.70			1.87
Class F-2:
10/31/2022		14.92		.33		(2.07	)		(1.74	)		(.23	)		(.71	)		(.94	)		12.24		(12.57	)		149			.09			.38			2.44
10/31/2021		13.22		.28		2.04			2.32			(.35	)		(.27	)		(.62	)		14.92		17.94			176			.09			.38			1.94
10/31/2020		13.04		.31		.42			.73			(.28	)		(.27	)		(.55	)		13.22		5.68			134			.09			.39			2.36
10/31/2019		12.37		.32		.87			1.19			(.24	)		(.28	)		(.52	)		13.04		10.14			119			.10			.41			2.59
10/31/2018		12.66		.26		(.20	)		.06			(.20	)		(.15	)		(.35	)		12.37		.42			93			.11			.44			2.10
Class F-3:
10/31/2022		14.96		.34		(2.06	)		(1.72	)		(.24	)		(.71	)		(.95	)		12.29		(12.39	)		15			.01			.30			2.53
10/31/2021		13.26		.29		2.04			2.33			(.36	)		(.27	)		(.63	)		14.96		17.98			18			.01			.30			2.00
10/31/2020		13.08		.32		.42			.74			(.29	)		(.27	)		(.56	)		13.26		5.74			11			.01			.31			2.43
10/31/2019		12.40		.34		.87			1.21			(.25	)		(.28	)		(.53	)		13.08		10.27			8			.01			.32			2.72
10/31/2018		12.69		.28		(.21	)		.07			(.21	)		(.15	)		(.36	)		12.40		.49			6			.01			.34			2.19
Class R-1:
10/31/2022		14.66		.18		(2.04	)		(1.86	)		(.04	)		(.71	)		(.75	)		12.05		(13.44	)		10			1.10			1.39			1.40
10/31/2021		12.99		.14		2.00			2.14			(.20	)		(.27	)		(.47	)		14.66		16.74			15			1.11			1.40			.96
10/31/2020		12.83		.17		.40			.57			(.14	)		(.27	)		(.41	)		12.99		4.51			15			1.13			1.43			1.34
10/31/2019		12.15		.19		.88			1.07			(.11	)		(.28	)		(.39	)		12.83		9.13			18			1.13			1.44			1.57
10/31/2018		12.43		.14		(.21	)		(.07	)		(.06	)		(.15	)		(.21	)		12.15		(.62	)		17			1.13			1.46			1.11
Class R-2:
10/31/2022		14.58		.19		(2.03	)		(1.84	)		(.07	)		(.71	)		(.78	)		11.96		(13.41	)		509			1.11			1.40			1.44
10/31/2021		12.94		.14		1.98			2.12			(.21	)		(.27	)		(.48	)		14.58		16.68			678			1.10			1.39			.97
10/31/2020		12.77		.17		.41			.58			(.14	)		(.27	)		(.41	)		12.94		4.63			680			1.11			1.41			1.37
10/31/2019		12.11		.20		.85			1.05			(.11	)		(.28	)		(.39	)		12.77		9.02			731			1.11			1.42			1.62
10/31/2018		12.40		.14		(.20	)		(.06	)		(.08	)		(.15	)		(.23	)		12.11		(.57	)		728			1.11			1.44			1.14
Class R-2E:
10/31/2022		14.62		.23		(2.03	)		(1.80	)		(.12	)		(.71	)		(.83	)		11.99		(13.16	)		174			.81			1.10			1.73
10/31/2021		12.97		.18		1.99			2.17			(.25	)		(.27	)		(.52	)		14.62		17.05			227			.81			1.10			1.26
10/31/2020		12.81		.21		.41			.62			(.19	)		(.27	)		(.46	)		12.97		4.93			222			.81			1.11			1.65
10/31/2019		12.16		.23		.86			1.09			(.16	)		(.28	)		(.44	)		12.81		9.38			230			.81			1.12			1.87
10/31/2018		12.48		.17		(.20	)		(.03	)		(.14	)		(.15	)		(.29	)		12.16		(.30	)		173			.81			1.14			1.40

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 93

Financial highlights (continued)

2020 Fund (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class R-3:
10/31/2022	$	14.76	$	.25	$	(2.05	)	$	(1.80	)	$	(.14	)	$	(.71	)	$	(.85	)	$	12.11		(13.04	)%	$	905		.66	%		.95	%		1.89	%
10/31/2021		13.08		.20		2.02			2.22			(.27	)		(.27	)		(.54	)		14.76		17.30			1,236		.66			.95			1.41
10/31/2020		12.92		.23		.40			.63			(.20	)		(.27	)		(.47	)		13.08		4.97			1,248		.66			.96			1.81
10/31/2019		12.24		.25		.88			1.13			(.17	)		(.28	)		(.45	)		12.92		9.61			1,342		.66			.97			2.05
10/31/2018		12.53		.20		(.21	)		(.01	)		(.13	)		(.15	)		(.28	)		12.24		(.13	)		1,284		.66			.99			1.58
Class R-4:
10/31/2022		14.90		.29		(2.06	)		(1.77	)		(.19	)		(.71	)		(.90	)		12.23		(12.78	)		980		.35			.64			2.20
10/31/2021		13.20		.24		2.03			2.27			(.30	)		(.27	)		(.57	)		14.90		17.61			1,420		.36			.65			1.69
10/31/2020		13.02		.27		.42			.69			(.24	)		(.27	)		(.51	)		13.20		5.40			1,554		.36			.66			2.12
10/31/2019		12.34		.29		.88			1.17			(.21	)		(.28	)		(.49	)		13.02		9.88			1,692		.36			.67			2.36
10/31/2018		12.63		.24		(.21	)		.03			(.17	)		(.15	)		(.32	)		12.34		.19			1,633		.36			.69			1.88
Class R-5E:
10/31/2022		14.88		.32		(2.06	)		(1.74	)		(.22	)		(.71	)		(.93	)		12.21		(12.61	)		514		.15			.44			2.37
10/31/2021		13.19		.27		2.03			2.30			(.34	)		(.27	)		(.61	)		14.88		17.84			635		.15			.44			1.90
10/31/2020		13.01		.32		.39			.71			(.26	)		(.27	)		(.53	)		13.19		5.57			659		.15			.45			2.46
10/31/2019		12.34		.31		.88			1.19			(.24	)		(.28	)		(.52	)		13.01		10.10			886		.16			.47			2.46
10/31/2018		12.63		.24		(.18	)		.06			(.20	)		(.15	)		(.35	)		12.34		.39			590		.15			.48			1.91
Class R-5:
10/31/2022		15.06		.34		(2.09	)		(1.75	)		(.23	)		(.71	)		(.94	)		12.37		(12.49	)		240		.05			.34			2.50
10/31/2021		13.34		.29		2.05			2.34			(.35	)		(.27	)		(.62	)		15.06		17.96			347		.06			.35			2.02
10/31/2020		13.16		.32		.41			.73			(.28	)		(.27	)		(.55	)		13.34		5.65			350		.06			.36			2.44
10/31/2019		12.47		.34		.88			1.22			(.25	)		(.28	)		(.53	)		13.16		10.24			428		.06			.37			2.69
10/31/2018		12.76		.28		(.22	)		.06			(.20	)		(.15	)		(.35	)		12.47		.43			505		.06			.39			2.19
Class R-6:
10/31/2022		15.01		.34		(2.07	)		(1.73	)		(.24	)		(.71	)		(.95	)		12.33		(12.42	)		9,758		.01			.30			2.52
10/31/2021		13.30		.29		2.05			2.34			(.36	)		(.27	)		(.63	)		15.01		18.00			11,579		.01			.30			2.03
10/31/2020		13.12		.32		.42			.74			(.29	)		(.27	)		(.56	)		13.30		5.73			9,367		.01			.31			2.43
10/31/2019		12.44		.34		.87			1.21			(.25	)		(.28	)		(.53	)		13.12		10.24			8,414		.01			.32			2.66
10/31/2018		12.72		.28		(.20	)		.08			(.21	)		(.15	)		(.36	)		12.44		.57			6,238		.01			.34			2.21

Refer to the end of the tables for footnotes.

94 American Funds Target Date Retirement Series

Financial highlights (continued)

2015 Fund

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class A:
10/31/2022	$	13.50	$	.28	$	(1.79	)	$	(1.51	)	$	(.20	)	$	(.45	)	$	(.65	)	$	11.34		(11.83	)%	$	851			.33	%		.62	%		2.27	%
10/31/2021		12.02		.23		1.76			1.99			(.31	)		(.20	)		(.51	)		13.50		16.91			1,046			.35			.63			1.80
10/31/2020		11.98		.27		.25			.52			(.24	)		(.24	)		(.48	)		12.02		4.40			968			.34			.63			2.28
10/31/2019		11.38		.29		.77			1.06			(.22	)		(.24	)		(.46	)		11.98		9.80			978			.36			.67			2.54
10/31/2018		11.71		.25		(.26	)		(.01	)		(.19	)		(.13	)		(.32	)		11.38		(.19	)		935			.34			.66			2.16
Class C:
10/31/2022		13.24		.18		(1.76	)		(1.58	)		(.10	)		(.45	)		(.55	)		11.11		(12.50	)		35			1.08			1.37			1.52
10/31/2021		11.79		.14		1.72			1.86			(.21	)		(.20	)		(.41	)		13.24		16.09			46			1.08			1.36			1.07
10/31/2020		11.76		.18		.25			.43			(.16	)		(.24	)		(.40	)		11.79		3.63			43			1.10			1.39			1.53
10/31/2019		11.18		.20		.75			.95			(.13	)		(.24	)		(.37	)		11.76		8.91			47			1.11			1.42			1.80
10/31/2018		11.51		.16		(.25	)		(.09	)		(.11	)		(.13	)		(.24	)		11.18		(.90	)		45			1.11			1.43			1.38
Class T:
10/31/2022		13.51		.31		(1.79	)		(1.48	)		(.23	)		(.45	)		(.68	)		11.35		(11.62	)14		—	12		.07	14		.36	14		2.54	14
10/31/2021		12.03		.26		1.75			2.01			(.33	)		(.20	)		(.53	)		13.51		17.14	14		—	12		.13	14		.41	14		2.02	14
10/31/2020		11.99		.29		.26			.55			(.27	)		(.24	)		(.51	)		12.03		4.62	14		—	12		.14	14		.43	14		2.48	14
10/31/2019		11.39		.32		.77			1.09			(.25	)		(.24	)		(.49	)		11.99		10.04	14		—	12		.15	14		.46	14		2.77	14
10/31/2018		11.73		.27		(.26	)		.01			(.22	)		(.13	)		(.35	)		11.39		(.03	)14		—	12		.15	14		.47	14		2.35	14
Class F-1:
10/31/2022		13.40		.27		(1.78	)		(1.51	)		(.19	)		(.45	)		(.64	)		11.25		(11.90	)		12			.38			.67			2.23
10/31/2021		11.94		.23		1.74			1.97			(.31	)		(.20	)		(.51	)		13.40		16.83			15			.37			.65			1.79
10/31/2020		11.91		.26		.25			.51			(.24	)		(.24	)		(.48	)		11.94		4.33			16			.37			.66			2.24
10/31/2019		11.32		.29		.76			1.05			(.22	)		(.24	)		(.46	)		11.91		9.74			14			.38			.69			2.52
10/31/2018		11.65		.25		(.26	)		(.01	)		(.19	)		(.13	)		(.32	)		11.32		(.19	)		13			.37			.69			2.13
Class F-2:
10/31/2022		13.50		.31		(1.80	)		(1.49	)		(.23	)		(.45	)		(.68	)		11.33		(11.68	)		49			.09			.38			2.50
10/31/2021		12.02		.27		1.75			2.02			(.34	)		(.20	)		(.54	)		13.50		17.21			57			.09			.37			2.04
10/31/2020		11.98		.30		.25			.55			(.27	)		(.24	)		(.51	)		12.02		4.68			48			.10			.39			2.51
10/31/2019		11.39		.32		.76			1.08			(.25	)		(.24	)		(.49	)		11.98		10.04			44			.10			.41			2.81
10/31/2018		11.72		.27		(.25	)		.02			(.22	)		(.13	)		(.35	)		11.39		.06			38			.11			.43			2.33
Class F-3:
10/31/2022		13.54		.32		(1.79	)		(1.47	)		(.25	)		(.45	)		(.70	)		11.37		(11.57	)		6			.01			.30			2.59
10/31/2021		12.05		.27		1.77			2.04			(.35	)		(.20	)		(.55	)		13.54		17.34			8			.01			.29			2.02
10/31/2020		12.01		.32		.24			.56			(.28	)		(.24	)		(.52	)		12.05		4.75			3			.01			.30			2.71
10/31/2019		11.42		.34		.75			1.09			(.26	)		(.24	)		(.50	)		12.01		10.08			4			.01			.32			2.91
10/31/2018		11.74		.28		(.24	)		.04			(.23	)		(.13	)		(.36	)		11.42		.22			4			.01			.33			2.45
Class R-1:
10/31/2022		13.22		.18		(1.76	)		(1.58	)		(.09	)		(.45	)		(.54	)		11.10		(12.54	)		6			1.10			1.39			1.50
10/31/2021		11.77		.14		1.72			1.86			(.21	)		(.20	)		(.41	)		13.22		16.03			7			1.11			1.39			1.07
10/31/2020		11.75		.18		.23			.41			(.15	)		(.24	)		(.39	)		11.77		3.51			8			1.14			1.43			1.51
10/31/2019		11.15		.20		.76			.96			(.12	)		(.24	)		(.36	)		11.75		8.95			9			1.13			1.44			1.76
10/31/2018		11.47		.15		(.25	)		(.10	)		(.09	)		(.13	)		(.22	)		11.15		(.94	)		10			1.14			1.46			1.35
Class R-2:
10/31/2022		13.22		.18		(1.75	)		(1.57	)		(.10	)		(.45	)		(.55	)		11.10		(12.49	)		163			1.11			1.40			1.51
10/31/2021		11.78		.14		1.71			1.85			(.21	)		(.20	)		(.41	)		13.22		16.00			223			1.10			1.38			1.06
10/31/2020		11.75		.18		.24			.42			(.15	)		(.24	)		(.39	)		11.78		3.58			222			1.12			1.41			1.53
10/31/2019		11.16		.20		.76			.96			(.13	)		(.24	)		(.37	)		11.75		8.93			255			1.11			1.42			1.81
10/31/2018		11.49		.16		(.26	)		(.10	)		(.10	)		(.13	)		(.23	)		11.16		(.96	)		274			1.11			1.43			1.39
Class R-2E:
10/31/2022		13.23		.22		(1.75	)		(1.53	)		(.14	)		(.45	)		(.59	)		11.11		(12.21	)		63			.81			1.10			1.80
10/31/2021		11.79		.17		1.72			1.89			(.25	)		(.20	)		(.45	)		13.23		16.32			81			.81			1.09			1.35
10/31/2020		11.76		.21		.25			.46			(.19	)		(.24	)		(.43	)		11.79		3.91			80			.82			1.11			1.81
10/31/2019		11.18		.23		.76			.99			(.17	)		(.24	)		(.41	)		11.76		9.28			87			.81			1.12			2.07
10/31/2018		11.54		.19		(.26	)		(.07	)		(.16	)		(.13	)		(.29	)		11.18		(.67	)		84			.81			1.13			1.63

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 95

Financial highlights (continued)

2015 Fund (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets4			Net effective expense ratio5,6			Ratio of net income to average net assets
Class R-3:
10/31/2022	$	13.37	$	.24	$	(1.79	)	$	(1.55	)	$	(.15	)	$	(.45	)	$	(.60	)	$	11.22		(12.19	)%	$	307		.66	%		.95	%		1.95	%
10/31/2021		11.90		.19		1.75			1.94			(.27	)		(.20	)		(.47	)		13.37		16.63			415		.66			.94			1.51
10/31/2020		11.87		.23		.24			.47			(.20	)		(.24	)		(.44	)		11.90		4.01			426		.66			.95			1.96
10/31/2019		11.28		.26		.75			1.01			(.18	)		(.24	)		(.42	)		11.87		9.39			457		.66			.97			2.25
10/31/2018		11.60		.21		(.25	)		(.04	)		(.15	)		(.13	)		(.28	)		11.28		(.41	)		483		.66			.98			1.83
Class R-4:
10/31/2022		13.48		.28		(1.78	)		(1.50	)		(.20	)		(.45	)		(.65	)		11.33		(11.81	)		254		.35			.64			2.25
10/31/2021		12.00		.23		1.75			1.98			(.30	)		(.20	)		(.50	)		13.48		16.86			348		.36			.64			1.77
10/31/2020		11.96		.27		.25			.52			(.24	)		(.24	)		(.48	)		12.00		4.39			398		.36			.65			2.27
10/31/2019		11.36		.29		.77			1.06			(.22	)		(.24	)		(.46	)		11.96		9.77			442		.36			.67			2.55
10/31/2018		11.69		.25		(.26	)		(.01	)		(.19	)		(.13	)		(.32	)		11.36		(.17	)		453		.36			.68			2.14
Class R-5E:
10/31/2022		13.45		.30		(1.78	)		(1.48	)		(.22	)		(.45	)		(.67	)		11.30		(11.66	)		133		.15			.44			2.43
10/31/2021		11.98		.26		1.74			2.00			(.33	)		(.20	)		(.53	)		13.45		17.12			181		.15			.43			2.00
10/31/2020		11.94		.31		.23			.54			(.26	)		(.24	)		(.50	)		11.98		4.55			192		.16			.45			2.64
10/31/2019		11.35		.31		.77			1.08			(.25	)		(.24	)		(.49	)		11.94		9.99			251		.16			.47			2.69
10/31/2018		11.68		.25		(.23	)		.02			(.22	)		(.13	)		(.35	)		11.35		.05			200		.15			.47			2.14
Class R-5:
10/31/2022		13.61		.32		(1.80	)		(1.48	)		(.24	)		(.45	)		(.69	)		11.44		(11.55	)		80		.05			.34			2.56
10/31/2021		12.11		.28		1.76			2.04			(.34	)		(.20	)		(.54	)		13.61		17.27			90		.06			.34			2.11
10/31/2020		12.07		.31		.25			.56			(.28	)		(.24	)		(.52	)		12.11		4.66			93		.06			.35			2.58
10/31/2019		11.47		.33		.76			1.09			(.25	)		(.24	)		(.49	)		12.07		10.06			119		.06			.37			2.88
10/31/2018		11.80		.29		(.27	)		.02			(.22	)		(.13	)		(.35	)		11.47		.09			140		.07			.39			2.44
Class R-6:
10/31/2022		13.56		.32		(1.79	)		(1.47	)		(.25	)		(.45	)		(.70	)		11.39		(11.55	)		3,025		—	13		.29			2.58
10/31/2021		12.07		.28		1.76			2.04			(.35	)		(.20	)		(.55	)		13.56		17.31			3,480		.01			.29			2.11
10/31/2020		12.03		.31		.25			.56			(.28	)		(.24	)		(.52	)		12.07		4.74			2,801		.01			.30			2.59
10/31/2019		11.43		.33		.77			1.10			(.26	)		(.24	)		(.50	)		12.03		10.16			2,564		.01			.32			2.86
10/31/2018		11.76		.29		(.26	)		.03			(.23	)		(.13	)		(.36	)		11.43		.16			1,996		.01			.33			2.47

Refer to the end of the tables for footnotes.

96 American Funds Target Date Retirement Series

Financial highlights (continued)

2010 Fund

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2,3			Net assets, end of year (in  millions)			Ratio of expense to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class A:
10/31/2022	$	12.60	$	.25	$	(1.55	)	$	(1.30	)	$	(.19	)	$	(.28	)	$	(.47	)	$	10.83		(10.80	)%	$	561			.34	%		.34	%		.61	%		2.18	%
10/31/2021		11.37		.21		1.46			1.67			(.28	)		(.16	)		(.44	)		12.60		14.96			660			.34			.34			.61			1.73
10/31/2020		11.28		.25		.23			.48			(.23	)		(.16	)		(.39	)		11.37		4.31			604			.35			.35			.79			2.22
10/31/2019		10.71		.28		.67			.95			(.21	)		(.17	)		(.38	)		11.28		9.32			559			.37			.37			.68			2.54
10/31/2018		11.01		.24		(.26	)		(.02	)		(.19	)		(.09	)		(.28	)		10.71		(.28	)		528			.36			.36			.68			2.18
Class C:
10/31/2022		12.36		.17		(1.53	)		(1.36	)		(.10	)		(.28	)		(.38	)		10.62		(11.38	)		25			1.08			1.08			1.35			1.44
10/31/2021		11.16		.12		1.44			1.56			(.20	)		(.16	)		(.36	)		12.36		14.11			32			1.07			1.07			1.34			.99
10/31/2020		11.09		.17		.22			.39			(.16	)		(.16	)		(.32	)		11.16		3.52			26			1.09			1.09			1.53			1.51
10/31/2019		10.53		.19		.67			.86			(.13	)		(.17	)		(.30	)		11.09		8.48			28			1.10			1.10			1.41			1.80
10/31/2018		10.83		.15		(.25	)		(.10	)		(.11	)		(.09	)		(.20	)		10.53		(1.01	)		25			1.10			1.10			1.42			1.42
Class T:
10/31/2022		12.61		.29		(1.56	)		(1.27	)		(.21	)		(.28	)		(.49	)		10.85		(10.51	)14		—	12		.07	14		.07	14		.34	14		2.47	14
10/31/2021		11.38		.24		1.46			1.70			(.31	)		(.16	)		(.47	)		12.61		15.18	14		—	12		.13	14		.13	14		.40	14		1.95	14
10/31/2020		11.29		.27		.23			.50			(.25	)		(.16	)		(.41	)		11.38		4.53	14		—	12		.15	14		.15	14		.59	14		2.44	14
10/31/2019		10.72		.30		.68			.98			(.24	)		(.17	)		(.41	)		11.29		9.57	14		—	12		.15	14		.15	14		.46	14		2.77	14
10/31/2018		11.03		.26		(.27	)		(.01	)		(.21	)		(.09	)		(.30	)		10.72		(.14	)14		—	12		.15	14		.15	14		.47	14		2.38	14
Class F-1:
10/31/2022		12.53		.25		(1.55	)		(1.30	)		(.18	)		(.28	)		(.46	)		10.77		(10.80	)		10			.37			.37			.64			2.16
10/31/2021		11.31		.21		1.45			1.66			(.28	)		(.16	)		(.44	)		12.53		14.93			10			.37			.37			.64			1.69
10/31/2020		11.22		.24		.24			.48			(.23	)		(.16	)		(.39	)		11.31		4.34			9			.38			.38			.82			2.17
10/31/2019		10.66		.28		.66			.94			(.21	)		(.17	)		(.38	)		11.22		9.26			8			.38			.38			.69			2.61
10/31/2018		10.97		.23		(.26	)		(.03	)		(.19	)		(.09	)		(.28	)		10.66		(.36	)		8			.38			.38			.70			2.16
Class F-2:
10/31/2022		12.59		.28		(1.54	)		(1.26	)		(.22	)		(.28	)		(.50	)		10.83		(10.50	)		40			.09			.09			.36			2.42
10/31/2021		11.36		.24		1.46			1.70			(.31	)		(.16	)		(.47	)		12.59		15.26			40			.09			.09			.36			1.96
10/31/2020		11.27		.28		.23			.51			(.26	)		(.16	)		(.42	)		11.36		4.60			29			.10			.10			.54			2.48
10/31/2019		10.71		.30		.67			.97			(.24	)		(.17	)		(.41	)		11.27		9.57			24			.10			.10			.41			2.79
10/31/2018		11.02		.26		(.27	)		(.01	)		(.21	)		(.09	)		(.30	)		10.71		(.12	)		18			.11			.11			.43			2.35
Class F-3:
10/31/2022		12.63		.29		(1.55	)		(1.26	)		(.23	)		(.28	)		(.51	)		10.86		(10.47	)		9			.01			.01			.28			2.49
10/31/2021		11.39		.25		1.47			1.72			(.32	)		(.16	)		(.48	)		12.63		15.40			8			.01			.01			.28			2.08
10/31/2020		11.30		.27		.25			.52			(.27	)		(.16	)		(.43	)		11.39		4.67			6			.01			.01			.45			2.43
10/31/2019		10.74		.29		.69			.98			(.25	)		(.17	)		(.42	)		11.30		9.62			4			.02			.01			.32			2.62
10/31/2018		11.04		.28		(.27	)		.01			(.22	)		(.09	)		(.31	)		10.74		.04			1			.01			.01			.33			2.56
Class R-1:
10/31/2022		12.54		.16		(1.54	)		(1.38	)		(.10	)		(.28	)		(.38	)		10.78		(11.42	)		2			1.10			1.10			1.37			1.42
10/31/2021		11.33		.12		1.46			1.58			(.21	)		(.16	)		(.37	)		12.54		14.10			2			1.11			1.11			1.38			1.00
10/31/2020		11.22		.17		.23			.40			(.13	)		(.16	)		(.29	)		11.33		3.57			2			1.06			1.06			1.50			1.54
10/31/2019		10.63		.19		.67			.86			(.10	)		(.17	)		(.27	)		11.22		8.43			2			1.14			1.14			1.45			1.79
10/31/2018		10.90		.15		(.26	)		(.11	)		(.07	)		(.09	)		(.16	)		10.63		(1.04	)		3			1.14			1.14			1.46			1.42
Class R-2:
10/31/2022		12.38		.16		(1.53	)		(1.37	)		(.09	)		(.28	)		(.37	)		10.64		(11.46	)		85			1.11			1.11			1.38			1.43
10/31/2021		11.18		.12		1.44			1.56			(.20	)		(.16	)		(.36	)		12.38		14.09			106			1.10			1.10			1.37			.99
10/31/2020		11.09		.16		.23			.39			(.14	)		(.16	)		(.30	)		11.18		3.57			101			1.12			1.12			1.56			1.48
10/31/2019		10.53		.19		.67			.86			(.13	)		(.17	)		(.30	)		11.09		8.49			109			1.11			1.11			1.42			1.81
10/31/2018		10.83		.15		(.26	)		(.11	)		(.10	)		(.09	)		(.19	)		10.53		(1.09	)		108			1.11			1.11			1.43			1.43

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 97

Financial highlights (continued)

2010 Fund (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2,3			Net assets, end of year (in  millions)		Ratio of expense to average net assets before reimburse- ments4			Ratio of expenses to average net assets after reimburse- ments3,4			Net effective expense ratio3,5,6			Ratio of net income to average net assets3
Class R-2E:
10/31/2022	$	12.36	$	.20	$	(1.53	)	$	(1.33	)	$	(.13	)	$	(.28	)	$	(.41	)	$	10.62		(11.18	)%	$	54		.81	%		.81	%		1.08	%		1.71	%
10/31/2021		11.16		.15		1.44			1.59			(.23	)		(.16	)		(.39	)		12.36		14.46			70		.81			.81			1.08			1.25
10/31/2020		11.09		.20		.21			.41			(.18	)		(.16	)		(.34	)		11.16		3.78			61		.82			.82			1.26			1.78
10/31/2019		10.54		.22		.67			.89			(.17	)		(.17	)		(.34	)		11.09		8.79			56		.82			.82			1.13			2.06
10/31/2018		10.86		.18		(.25	)		(.07	)		(.16	)		(.09	)		(.25	)		10.54		(.72	)		45		.81			.81			1.13			1.70
Class R-3:
10/31/2022		12.49		.22		(1.54	)		(1.32	)		(.14	)		(.28	)		(.42	)		10.75		(10.99	)		205		.66			.66			.93			1.87
10/31/2021		11.27		.17		1.45			1.62			(.24	)		(.16	)		(.40	)		12.49		14.62			263		.66			.66			.93			1.44
10/31/2020		11.19		.21		.22			.43			(.19	)		(.16	)		(.35	)		11.27		3.94			279		.67			.67			1.11			1.93
10/31/2019		10.63		.24		.67			.91			(.18	)		(.17	)		(.35	)		11.19		8.95			298		.67			.67			.98			2.24
10/31/2018		10.93		.20		(.26	)		(.06	)		(.15	)		(.09	)		(.24	)		10.63		(.61	)		285		.67			.67			.99			1.85
Class R-4:
10/31/2022		12.58		.25		(1.55	)		(1.30	)		(.18	)		(.28	)		(.46	)		10.82		(10.78	)		235		.35			.35			.62			2.18
10/31/2021		11.35		.21		1.46			1.67			(.28	)		(.16	)		(.44	)		12.58		14.97			315		.36			.36			.63			1.73
10/31/2020		11.26		.25		.23			.48			(.23	)		(.16	)		(.39	)		11.35		4.31			315		.36			.36			.80			2.22
10/31/2019		10.69		.28		.67			.95			(.21	)		(.17	)		(.38	)		11.26		9.31			324		.36			.36			.67			2.54
10/31/2018		10.99		.24		(.26	)		(.02	)		(.19	)		(.09	)		(.28	)		10.69		(.29	)		310		.37			.37			.69			2.17
Class R-5E:
10/31/2022		12.56		.28		(1.55	)		(1.27	)		(.21	)		(.28	)		(.49	)		10.80		(10.60	)		118		.15			.15			.42			2.37
10/31/2021		11.34		.23		1.46			1.69			(.31	)		(.16	)		(.47	)		12.56		15.14			141		.16			.16			.43			1.90
10/31/2020		11.24		.28		.23			.51			(.25	)		(.16	)		(.41	)		11.34		4.59			137		.16			.16			.60			2.52
10/31/2019		10.69		.29		.67			.96			(.24	)		(.17	)		(.41	)		11.24		9.42			154		.16			.16			.47			2.67
10/31/2018		10.99		.24		(.24	)		—	11		(.21	)		(.09	)		(.30	)		10.69		(.08	)		104		.16			.16			.48			2.22
Class R-5:
10/31/2022		12.70		.29		(1.56	)		(1.27	)		(.22	)		(.28	)		(.50	)		10.93		(10.46	)		60		.05			.05			.32			2.49
10/31/2021		11.46		.25		1.46			1.71			(.31	)		(.16	)		(.47	)		12.70		15.24			72		.06			.06			.33			2.05
10/31/2020		11.36		.29		.23			.52			(.26	)		(.16	)		(.42	)		11.46		4.67			74		.06			.06			.50			2.54
10/31/2019		10.79		.32		.66			.98			(.24	)		(.17	)		(.41	)		11.36		9.60			81		.07			.07			.38			2.90
10/31/2018		11.09		.27		(.26	)		.01			(.22	)		(.09	)		(.31	)		10.79		(.02	)		108		.07			.07			.39			2.47
Class R-6:
10/31/2022		12.66		.29		(1.55	)		(1.26	)		(.23	)		(.28	)		(.51	)		10.89		(10.45	)		2,491		.01			.01			.28			2.51
10/31/2021		11.42		.25		1.47			1.72			(.32	)		(.16	)		(.48	)		12.66		15.36			2,713		.01			.01			.28			2.05
10/31/2020		11.33		.29		.23			.52			(.27	)		(.16	)		(.43	)		11.42		4.65			2,191		.01			.01			.45			2.54
10/31/2019		10.76		.31		.68			.99			(.25	)		(.17	)		(.42	)		11.33		9.70			1,905		.01			.01			.32			2.85
10/31/2018		11.06		.27		(.26	)		.01			(.22	)		(.09	)		(.31	)		10.76		.04			1,380		.01			.01			.33			2.50

Refer to the end of the tables for footnotes.

98 American Funds Target Date Retirement Series

Financial highlights (continued)

	Year ended October 31,
Portfolio turnover rate for all share classes	2022			2021			2020			2019			2018
2065 Fund		2	%		13	%		22	%7,8,9
2060 Fund		2			12			3	15		—	%16		3	%
2055 Fund		3			14	15		3	15		—	16		—	16
2050 Fund		2			14	15		4	15		—	16		—	16
2045 Fund		—	16		15	15		4	15		—	16		—	16
2040 Fund		4			17	15		5	15		—	16		—	16
2035 Fund		6			17	15		9	15		—	16		—	16
2030 Fund		9			21			8	15		—	16		—	16
2025 Fund		12			18	15		12	15		—	16		—	16
2020 Fund		15			20	15		13	15		2			2
2015 Fund		17			21	15		13			6			7
2010 Fund		18			20	15		12			5			8

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges.
3	This column reflects the impact, if any, of certain reimbursements from CRMC. During some of the years shown, CRMC reimbursed a portion of transfer agent services fees for Class F-3 shares on 2010 Fund and/or reimbursed a portion of miscellaneous fees and expenses during 2065 Fund’s 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. Refer to the 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	For the period March 27, 2020, commencement of operations, through October 31, 2020.
9	Not annualized.
10	Annualized.
11	Amount less than $.01.
12	Amount less than $1 million.
13	Amount less than .01%.
14	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.
15	Includes the value of securities sold due to in-kind redemptions. The rate shown would have been reduced by up to two percentage points if the value of securities sold due to in-kind redemptions were excluded.
16	Amount is either less than 1% or there is no turnover.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 99

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of American Funds Target Date Retirement Series:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of the American Funds Target Date Retirement Series (the “Funds”) comprising the American Funds 2065 Target Date Retirement Fund, American Funds 2060 Target Date Retirement Fund, American Funds 2055 Target Date Retirement Fund, American Funds 2050 Target Date Retirement Fund, American Funds 2045 Target Date Retirement Fund, American Funds 2040 Target Date Retirement Fund, American Funds 2035 Target Date Retirement Fund, American Funds 2030 Target Date Retirement Fund, American Funds 2025 Target Date Retirement Fund, American Funds 2020 Target Date Retirement Fund, American Funds 2015 Target Date Retirement Fund and American Funds 2010 Target Date Retirement Fund, including the investment portfolios, as of October 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for the Funds, except American Funds 2065 Target Date Retirement Fund; the related statement of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and the period from March 27, 2020 (commencement of operations) through October 31, 2020 for American Funds 2065 Target Date Retirement Fund; and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds, except American Funds 2065 Target Date Retirement Fund, as of October 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of American Funds 2065 Target Date Retirement Fund as of October 31, 2022; the results of its operations for the year ended October 31, 2022, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and the period from March 27, 2020 (commencement of operations) through October 31, 2020, for American Funds 2065 Target Date Retirement Fund, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of October 31, 2022, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Costa Mesa, California

December 8, 2022

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

100 American Funds Target Date Retirement Series

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 (May 1, 2022, through October 31, 2022).

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.

American Funds Target Date Retirement Series 101

Expense example (continued)

2065 Fund

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	922.43	$	1.94		.40	%	$	3.73		.77	%
Class A – assumed 5% return		1,000.00		1,023.19		2.04		.40			3.92		.77
Class C – actual return		1,000.00		918.97		5.32		1.10			7.11		1.47
Class C – assumed 5% return		1,000.00		1,019.66		5.60		1.10			7.48		1.47
Class T – actual return		1,000.00		923.46		.53		.11			2.33		.48
Class T – assumed 5% return		1,000.00		1,024.65		.56		.11			2.45		.48
Class F-1 – actual return		1,000.00		921.84		1.84		.38			3.63		.75
Class F-1 – assumed 5% return		1,000.00		1,023.29		1.94		.38			3.82		.75
Class F-2 – actual return		1,000.00		923.40		.48		.10			2.28		.47
Class F-2 – assumed 5% return		1,000.00		1,024.70		.51		.10			2.40		.47
Class F-3 – actual return		1,000.00		924.16		.05		.01			1.84		.38
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.94		.38
Class R-1 – actual return		1,000.00		919.43		5.23		1.08			7.02		1.45
Class R-1 – assumed 5% return		1,000.00		1,019.76		5.50		1.08			7.37		1.45
Class R-2 – actual return		1,000.00		918.97		5.37		1.11			7.16		1.48
Class R-2 – assumed 5% return		1,000.00		1,019.61		5.65		1.11			7.53		1.48
Class R-2E – actual return		1,000.00		920.73		3.92		.81			5.71		1.18
Class R-2E – assumed 5% return		1,000.00		1,021.12		4.13		.81			6.01		1.18
Class R-3 – actual return		1,000.00		921.49		3.20		.66			4.99		1.03
Class R-3 – assumed 5% return		1,000.00		1,021.88		3.36		.66			5.24		1.03
Class R-4 – actual return		1,000.00		922.43		1.74		.36			3.54		.73
Class R-4 – assumed 5% return		1,000.00		1,023.39		1.84		.36			3.72		.73
Class R-5E – actual return		1,000.00		923.34		.78		.16			2.57		.53
Class R-5E – assumed 5% return		1,000.00		1,024.40		.82		.16			2.70		.53
Class R-5 – actual return		1,000.00		924.10		.29		.06			2.09		.43
Class R-5 – assumed 5% return		1,000.00		1,024.90		.31		.06			2.19		.43
Class R-6 – actual return		1,000.00		924.16		.05		.01			1.84		.38
Class R-6 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.94		.38

Refer to the end of the tables for footnotes.

102 American Funds Target Date Retirement Series

Expense example (continued)

2060 Fund

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	922.51	$	1.60			.33	%	$	3.39		.70	%
Class A – assumed 5% return		1,000.00		1,023.54		1.68			.33			3.57		.70
Class C – actual return		1,000.00		919.16		5.22			1.08			7.01		1.45
Class C – assumed 5% return		1,000.00		1,019.76		5.50			1.08			7.37		1.45
Class T – actual return		1,000.00		923.49		.44			.09			2.23		.46
Class T – assumed 5% return		1,000.00		1,024.75		.46			.09			2.35		.46
Class F-1 – actual return		1,000.00		921.84		1.84			.38			3.63		.75
Class F-1 – assumed 5% return		1,000.00		1,023.29		1.94			.38			3.82		.75
Class F-2 – actual return		1,000.00		923.64		.44			.09			2.23		.46
Class F-2 – assumed 5% return		1,000.00		1,024.75		.46			.09			2.35		.46
Class F-3 – actual return		1,000.00		924.16		—	5		—	6		1.79		.37
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.89		.37
Class R-1 – actual return		1,000.00		918.70		5.32			1.10			7.11		1.47
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.48		1.47
Class R-2 – actual return		1,000.00		919.10		5.32			1.10			7.11		1.47
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.48		1.47
Class R-2E – actual return		1,000.00		920.32		3.87			.80			5.66		1.17
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.96		1.17
Class R-3 – actual return		1,000.00		920.60		3.15			.65			4.94		1.02
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			5.19		1.02
Class R-4 – actual return		1,000.00		921.90		1.70			.35			3.49		.72
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.67		.72
Class R-5E – actual return		1,000.00		923.34		.73			.15			2.52		.52
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.65		.52
Class R-5 – actual return		1,000.00		923.79		.24			.05			2.04		.42
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			2.14		.42
Class R-6 – actual return		1,000.00		923.84		—	5		—	6		1.79		.37
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.89		.37

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 103

Expense example (continued)

2055 Fund

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	923.07	$	1.65			.34	%	$	3.44		.71	%
Class A – assumed 5% return		1,000.00		1,023.49		1.73			.34			3.62		.71
Class C – actual return		1,000.00		919.92		5.18			1.07			6.97		1.44
Class C – assumed 5% return		1,000.00		1,019.81		5.45			1.07			7.32		1.44
Class T – actual return		1,000.00		924.10		.44			.09			2.23		.46
Class T – assumed 5% return		1,000.00		1,024.75		.46			.09			2.35		.46
Class F-1 – actual return		1,000.00		922.96		1.84			.38			3.64		.75
Class F-1 – assumed 5% return		1,000.00		1,023.29		1.94			.38			3.82		.75
Class F-2 – actual return		1,000.00		924.50		.44			.09			2.23		.46
Class F-2 – assumed 5% return		1,000.00		1,024.75		.46			.09			2.35		.46
Class F-3 – actual return		1,000.00		924.21		—	5		—	6		1.79		.37
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.89		.37
Class R-1 – actual return		1,000.00		919.44		5.32			1.10			7.11		1.47
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.48		1.47
Class R-2 – actual return		1,000.00		919.16		5.32			1.10			7.11		1.47
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.48		1.47
Class R-2E – actual return		1,000.00		920.72		3.87			.80			5.66		1.17
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.96		1.17
Class R-3 – actual return		1,000.00		921.18		3.15			.65			4.94		1.02
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			5.19		1.02
Class R-4 – actual return		1,000.00		922.93		1.70			.35			3.49		.72
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.67		.72
Class R-5E – actual return		1,000.00		923.77		.73			.15			2.52		.52
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.65		.52
Class R-5 – actual return		1,000.00		924.27		.24			.05			2.04		.42
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			2.14		.42
Class R-6 – actual return		1,000.00		924.82		—	5		—	6		1.80		.37
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.89		.37

Refer to the end of the tables for footnotes.

104 American Funds Target Date Retirement Series

Expense example (continued)

2050 Fund

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	924.76	$	1.55			.32	%	$	3.35		.69	%
Class A – assumed 5% return		1,000.00		1,023.59		1.63			.32			3.52		.69
Class C – actual return		1,000.00		921.09		5.18			1.07			6.97		1.44
Class C – assumed 5% return		1,000.00		1,019.81		5.45			1.07			7.32		1.44
Class T – actual return		1,000.00		925.45		.44			.09			2.23		.46
Class T – assumed 5% return		1,000.00		1,024.75		.46			.09			2.35		.46
Class F-1 – actual return		1,000.00		924.16		1.84			.38			3.64		.75
Class F-1 – assumed 5% return		1,000.00		1,023.29		1.94			.38			3.82		.75
Class F-2 – actual return		1,000.00		925.88		.44			.09			2.23		.46
Class F-2 – assumed 5% return		1,000.00		1,024.75		.46			.09			2.35		.46
Class F-3 – actual return		1,000.00		926.09		—	5		—	6		1.80		.37
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.89		.37
Class R-1 – actual return		1,000.00		921.04		5.33			1.10			7.12		1.47
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.48		1.47
Class R-2 – actual return		1,000.00		920.46		5.32			1.10			7.12		1.47
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.48		1.47
Class R-2E – actual return		1,000.00		922.11		3.88			.80			5.67		1.17
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.96		1.17
Class R-3 – actual return		1,000.00		922.59		3.15			.65			4.94		1.02
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			5.19		1.02
Class R-4 – actual return		1,000.00		924.60		1.70			.35			3.49		.72
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.67		.72
Class R-5E – actual return		1,000.00		925.11		.73			.15			2.52		.52
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.65		.52
Class R-5 – actual return		1,000.00		925.56		.24			.05			2.04		.42
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			2.14		.42
Class R-6 – actual return		1,000.00		926.37		—	5		—	6		1.80		.37
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.89		.37

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 105

Expense example (continued)

2045 Fund

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	926.13	$	1.60			.33	%	$	3.35		.69	%
Class A – assumed 5% return		1,000.00		1,023.54		1.68			.33			3.52		.69
Class C – actual return		1,000.00		922.60		5.19			1.07			6.93		1.43
Class C – assumed 5% return		1,000.00		1,019.81		5.45			1.07			7.27		1.43
Class T – actual return		1,000.00		926.81		.44			.09			2.19		.45
Class T – assumed 5% return		1,000.00		1,024.75		.46			.09			2.29		.45
Class F-1 – actual return		1,000.00		926.12		1.84			.38			3.59		.74
Class F-1 – assumed 5% return		1,000.00		1,023.29		1.94			.38			3.77		.74
Class F-2 – actual return		1,000.00		926.76		.44			.09			2.19		.45
Class F-2 – assumed 5% return		1,000.00		1,024.75		.46			.09			2.29		.45
Class F-3 – actual return		1,000.00		927.40		—	5		—	6		1.75		.36
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.84		.36
Class R-1 – actual return		1,000.00		922.42		5.33			1.10			7.07		1.46
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.43		1.46
Class R-2 – actual return		1,000.00		922.72		5.33			1.10			7.08		1.46
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.43		1.46
Class R-2E – actual return		1,000.00		923.55		3.88			.80			5.62		1.16
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.90		1.16
Class R-3 – actual return		1,000.00		924.49		3.15			.65			4.90		1.01
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			5.14		1.01
Class R-4 – actual return		1,000.00		926.01		1.70			.35			3.45		.71
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.62		.71
Class R-5E – actual return		1,000.00		927.00		.73			.15			2.48		.51
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.60		.51
Class R-5 – actual return		1,000.00		927.49		.24			.05			1.99		.41
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			2.09		.41
Class R-6 – actual return		1,000.00		927.21		—	5		—	6		1.75		.36
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.84		.36

Refer to the end of the tables for footnotes.

106 American Funds Target Date Retirement Series

Expense example (continued)

2040 Fund

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	926.68	$	1.60			.33	%	$	3.30		.68	%
Class A – assumed 5% return		1,000.00		1,023.54		1.68			.33			3.47		.68
Class C – actual return		1,000.00		923.74		5.24			1.08			6.93		1.43
Class C – assumed 5% return		1,000.00		1,019.76		5.50			1.08			7.27		1.43
Class T – actual return		1,000.00		927.89		.44			.09			2.14		.44
Class T – assumed 5% return		1,000.00		1,024.75		.46			.09			2.24		.44
Class F-1 – actual return		1,000.00		926.66		1.85			.38			3.55		.73
Class F-1 – assumed 5% return		1,000.00		1,023.29		1.94			.38			3.72		.73
Class F-2 – actual return		1,000.00		927.81		.44			.09			2.14		.44
Class F-2 – assumed 5% return		1,000.00		1,024.75		.46			.09			2.24		.44
Class F-3 – actual return		1,000.00		928.54		—	5		—	6		1.70		.35
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.79		.35
Class R-1 – actual return		1,000.00		923.16		5.33			1.10			7.03		1.45
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.37		1.45
Class R-2 – actual return		1,000.00		923.48		5.33			1.10			7.03		1.45
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.37		1.45
Class R-2E – actual return		1,000.00		925.24		3.88			.80			5.58		1.15
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.85		1.15
Class R-3 – actual return		1,000.00		925.75		3.16			.65			4.85		1.00
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			5.09		1.00
Class R-4 – actual return		1,000.00		926.51		1.70			.35			3.40		.70
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.57		.70
Class R-5E – actual return		1,000.00		927.60		.73			.15			2.43		.50
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.55		.50
Class R-5 – actual return		1,000.00		928.54		.24			.05			1.94		.40
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			2.04		.40
Class R-6 – actual return		1,000.00		928.81		—	5		—	6		1.70		.35
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.79		.35

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 107

Expense example (continued)

2035 Fund

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	928.90	$	1.60			.33	%	$	3.26		.67	%
Class A – assumed 5% return		1,000.00		1,023.54		1.68			.33			3.41		.67
Class C – actual return		1,000.00		925.48		5.24			1.08			6.89		1.42
Class C – assumed 5% return		1,000.00		1,019.76		5.50			1.08			7.22		1.42
Class T – actual return		1,000.00		929.62		.44			.09			2.09		.43
Class T – assumed 5% return		1,000.00		1,024.75		.46			.09			2.19		.43
Class F-1 – actual return		1,000.00		928.41		1.85			.38			3.50		.72
Class F-1 – assumed 5% return		1,000.00		1,023.29		1.94			.38			3.67		.72
Class F-2 – actual return		1,000.00		929.54		.44			.09			2.09		.43
Class F-2 – assumed 5% return		1,000.00		1,024.75		.46			.09			2.19		.43
Class F-3 – actual return		1,000.00		930.25		—	5		—	6		1.65		.34
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.73		.34
Class R-1 – actual return		1,000.00		925.02		5.29			1.09			6.94		1.43
Class R-1 – assumed 5% return		1,000.00		1,019.71		5.55			1.09			7.27		1.43
Class R-2 – actual return		1,000.00		925.22		5.34			1.10			6.99		1.44
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.32		1.44
Class R-2E – actual return		1,000.00		926.81		3.89			.80			5.54		1.14
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.80		1.14
Class R-3 – actual return		1,000.00		927.38		3.16			.65			4.81		.99
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			5.04		.99
Class R-4 – actual return		1,000.00		928.74		1.70			.35			3.35		.69
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.52		.69
Class R-5E – actual return		1,000.00		929.92		.73			.15			2.38		.49
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.50		.49
Class R-5 – actual return		1,000.00		930.19		.24			.05			1.90		.39
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			1.99		.39
Class R-6 – actual return		1,000.00		930.49		—	5		—	6		1.65		.34
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.73		.34

Refer to the end of the tables for footnotes.

108 American Funds Target Date Retirement Series

Expense example (continued)

2030 Fund

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	930.97	$	1.65			.34	%	$	3.21		.66	%
Class A – assumed 5% return		1,000.00		1,023.49		1.73			.34			3.36		.66
Class C – actual return		1,000.00		928.02		5.25			1.08			6.80		1.40
Class C – assumed 5% return		1,000.00		1,019.76		5.50			1.08			7.12		1.40
Class T – actual return		1,000.00		932.28		.39			.08			1.95		.40
Class T – assumed 5% return		1,000.00		1,024.80		.41			.08			2.04		.40
Class F-1 – actual return		1,000.00		930.99		1.85			.38			3.41		.70
Class F-1 – assumed 5% return		1,000.00		1,023.29		1.94			.38			3.57		.70
Class F-2 – actual return		1,000.00		932.19		.44			.09			2.00		.41
Class F-2 – assumed 5% return		1,000.00		1,024.75		.46			.09			2.09		.41
Class F-3 – actual return		1,000.00		932.36		—	5		—	6		1.56		.32
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.63		.32
Class R-1 – actual return		1,000.00		927.80		5.35			1.10			6.90		1.42
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.22		1.42
Class R-2 – actual return		1,000.00		927.22		5.34			1.10			6.90		1.42
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.22		1.42
Class R-2E – actual return		1,000.00		928.99		3.89			.80			5.45		1.12
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.70		1.12
Class R-3 – actual return		1,000.00		930.09		3.16			.65			4.72		.97
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			4.94		.97
Class R-4 – actual return		1,000.00		931.43		1.70			.35			3.26		.67
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.41		.67
Class R-5E – actual return		1,000.00		932.01		.73			.15			2.29		.47
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.40		.47
Class R-5 – actual return		1,000.00		932.29		.24			.05			1.80		.37
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			1.89		.37
Class R-6 – actual return		1,000.00		933.21		—	5		—	6		1.56		.32
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.63		.32

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 109

Expense example (continued)

2025 Fund

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	934.49	$	1.71			.35	%	$	3.22		.66	%
Class A – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.36		.66
Class C – actual return		1,000.00		930.89		5.26			1.08			6.76		1.39
Class C – assumed 5% return		1,000.00		1,019.76		5.50			1.08			7.07		1.39
Class T – actual return		1,000.00		935.27		.39			.08			1.90		.39
Class T – assumed 5% return		1,000.00		1,024.80		.41			.08			1.99		.39
Class F-1 – actual return		1,000.00		933.94		1.85			.38			3.36		.69
Class F-1 – assumed 5% return		1,000.00		1,023.29		1.94			.38			3.52		.69
Class F-2 – actual return		1,000.00		935.13		.44			.09			1.95		.40
Class F-2 – assumed 5% return		1,000.00		1,024.75		.46			.09			2.04		.40
Class F-3 – actual return		1,000.00		935.99		—	5		—	6		1.51		.31
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.58		.31
Class R-1 – actual return		1,000.00		930.37		5.30			1.09			6.81		1.40
Class R-1 – assumed 5% return		1,000.00		1,019.71		5.55			1.09			7.12		1.40
Class R-2 – actual return		1,000.00		930.74		5.35			1.10			6.86		1.41
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.17		1.41
Class R-2E – actual return		1,000.00		931.83		3.90			.80			5.40		1.11
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.65		1.11
Class R-3 – actual return		1,000.00		932.31		3.17			.65			4.68		.96
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			4.89		.96
Class R-4 – actual return		1,000.00		934.35		1.71			.35			3.22		.66
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.36		.66
Class R-5E – actual return		1,000.00		934.99		.73			.15			2.24		.46
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.35		.46
Class R-5 – actual return		1,000.00		935.11		.24			.05			1.76		.36
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			1.84		.36
Class R-6 – actual return		1,000.00		935.57		—	5		—	6		1.51		.31
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.58		.31

Refer to the end of the tables for footnotes.

110 American Funds Target Date Retirement Series

Expense example (continued)

2020 Fund

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	937.98	$	1.61			.33	%	$	3.03		.62	%
Class A – assumed 5% return		1,000.00		1,023.54		1.68			.33			3.16		.62
Class C – actual return		1,000.00		933.59		5.26			1.08			6.68		1.37
Class C – assumed 5% return		1,000.00		1,019.76		5.50			1.08			6.97		1.37
Class T – actual return		1,000.00		938.79		.34			.07			1.76		.36
Class T – assumed 5% return		1,000.00		1,024.85		.36			.07			1.84		.36
Class F-1 – actual return		1,000.00		937.55		1.86			.38			3.27		.67
Class F-1 – assumed 5% return		1,000.00		1,023.29		1.94			.38			3.41		.67
Class F-2 – actual return		1,000.00		938.65		.44			.09			1.86		.38
Class F-2 – assumed 5% return		1,000.00		1,024.75		.46			.09			1.94		.38
Class F-3 – actual return		1,000.00		939.61		—	5		—	6		1.42		.29
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.48		.29
Class R-1 – actual return		1,000.00		933.38		5.36			1.10			6.77		1.39
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.07		1.39
Class R-2 – actual return		1,000.00		933.65		5.36			1.10			6.77		1.39
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.07		1.39
Class R-2E – actual return		1,000.00		935.26		3.90			.80			5.32		1.09
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.55		1.09
Class R-3 – actual return		1,000.00		935.86		3.17			.65			4.59		.94
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			4.79		.94
Class R-4 – actual return		1,000.00		937.16		1.71			.35			3.12		.64
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.26		.64
Class R-5E – actual return		1,000.00		937.79		.73			.15			2.15		.44
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.24		.44
Class R-5 – actual return		1,000.00		938.55		.24			.05			1.66		.34
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			1.73		.34
Class R-6 – actual return		1,000.00		939.07		—	5		—	6		1.42		.29
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.48		.29

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 111

Expense example (continued)

2015 Fund

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	940.30	$	1.61			.33	%	$	3.03		.62	%
Class A – assumed 5% return		1,000.00		1,023.54		1.68			.33			3.16		.62
Class C – actual return		1,000.00		936.76		5.27			1.08			6.69		1.37
Class C – assumed 5% return		1,000.00		1,019.76		5.50			1.08			6.97		1.37
Class T – actual return		1,000.00		941.13		.34			.07			1.76		.36
Class T – assumed 5% return		1,000.00		1,024.85		.36			.07			1.84		.36
Class F-1 – actual return		1,000.00		939.06		1.86			.38			3.27		.67
Class F-1 – assumed 5% return		1,000.00		1,023.29		1.94			.38			3.41		.67
Class F-2 – actual return		1,000.00		941.02		.44			.09			1.86		.38
Class F-2 – assumed 5% return		1,000.00		1,024.75		.46			.09			1.94		.38
Class F-3 – actual return		1,000.00		941.22		—	5		—	6		1.42		.29
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.48		.29
Class R-1 – actual return		1,000.00		935.92		5.37			1.10			6.78		1.39
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.07		1.39
Class R-2 – actual return		1,000.00		935.92		5.37			1.10			6.78		1.39
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.07		1.39
Class R-2E – actual return		1,000.00		937.55		3.91			.80			5.32		1.09
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.55		1.09
Class R-3 – actual return		1,000.00		938.13		3.18			.65			4.59		.94
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			4.79		.94
Class R-4 – actual return		1,000.00		940.25		1.71			.35			3.13		.64
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.26		.64
Class R-5E – actual return		1,000.00		940.88		.73			.15			2.15		.44
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.24		.44
Class R-5 – actual return		1,000.00		941.57		.24			.05			1.66		.34
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			1.73		.34
Class R-6 – actual return		1,000.00		941.33		—	5		—	6		1.42		.29
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.48		.29

Refer to the end of the tables for footnotes.

112 American Funds Target Date Retirement Series

Expense example (continued)

2010 Fund

	Beginning account value 5/1/2022		Ending account value 10/31/2022		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	943.38	$	1.71			.35	%	$	3.04		.62	%
Class A – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.16		.62
Class C – actual return		1,000.00		940.66		5.28			1.08			6.60		1.35
Class C – assumed 5% return		1,000.00		1,019.76		5.50			1.08			6.87		1.35
Class T – actual return		1,000.00		944.30		.34			.07			1.67		.34
Class T – assumed 5% return		1,000.00		1,024.85		.36			.07			1.73		.34
Class F-1 – actual return		1,000.00		943.09		1.86			.38			3.18		.65
Class F-1 – assumed 5% return		1,000.00		1,023.29		1.94			.38			3.31		.65
Class F-2 – actual return		1,000.00		945.03		.44			.09			1.76		.36
Class F-2 – assumed 5% return		1,000.00		1,024.75		.46			.09			1.84		.36
Class F-3 – actual return		1,000.00		945.17		—	5		—	6		1.32		.27
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.38		.27
Class R-1 – actual return		1,000.00		939.84		5.33			1.09			6.65		1.36
Class R-1 – assumed 5% return		1,000.00		1,019.71		5.55			1.09			6.92		1.36
Class R-2 – actual return		1,000.00		939.93		5.33			1.09			6.65		1.36
Class R-2 – assumed 5% return		1,000.00		1,019.71		5.55			1.09			6.92		1.36
Class R-2E – actual return		1,000.00		940.66		3.91			.80			5.23		1.07
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.45		1.07
Class R-3 – actual return		1,000.00		942.15		3.18			.65			4.50		.92
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			4.69		.92
Class R-4 – actual return		1,000.00		943.33		1.71			.35			3.04		.62
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.16		.62
Class R-5E – actual return		1,000.00		944.06		.74			.15			2.06		.42
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.14		.42
Class R-5 – actual return		1,000.00		944.68		.25			.05			1.57		.32
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			1.63		.32
Class R-6 – actual return		1,000.00		945.32		—	5		—	6		1.32		.27
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.38		.27

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.
5	Amount less than $.01.
6	Amount less than .01%.

American Funds Target Date Retirement Series 113

Tax information unaudited

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The series hereby designates the following amounts for the year ended October 31, 2022:

	2065 Fund			2060 Fund			2055 Fund			2050 Fund
Long-term capital gains	$	4,033,000		$	161,999,000		$	438,990,000		$	734,830,000
Foreign taxes (per share)	$	0.0011		$	0.0018		$	0.0029		$	0.0024
Foreign source income (per share)	$	0.0184		$	0.0273		$	0.0441		$	0.0361
Qualified dividend income		100	%		100	%		100	%		100	%
Section 163(j) interest dividends	$	514,000		$	11,095,000		$	17,576,000		$	37,198,000
Corporate dividends received deduction	$	2,936,000		$	44,087,000		$	95,342,000		$	162,774,000
U.S. government income that may be exempt from state taxation	$	702,000		$	8,036,000		$	16,657,000		$	27,765,000
	2045 Fund			2040 Fund			2035 Fund			2030 Fund
Long-term capital gains	$	918,621,000		$	1,243,266,000		$	1,473,749,000		$	2,089,483,000
Foreign taxes (per share)	$	0.0023		$	0.0020		$	0.0013		$	0.0010
Foreign source income (per share)	$	0.0351		$	0.0371		$	0.0405		$	0.0425
Qualified dividend income		100	%		100	%		100	%	$	328,361,000
Section 199A dividends		—			—			—		$	5,718,000
Section 163(j) interest dividends	$	30,948,000		$	56,057,000		$	133,046,000		$	220,840,000
Corporate dividends received deduction	$	195,341,000		$	246,199,000		$	242,510,000		$	254,152,000
U.S. government income that may be exempt from state taxation	$	34,490,000		$	58,707,000		$	112,519,000		$	181,362,000
	2025 Fund			2020 Fund			2015 Fund			2010 Fund
Long-term capital gains	$	1,672,144,000		$	900,084,000		$	197,951,000		$	97,975,000
Foreign taxes (per share)	$	0.0007		$	0.0005		$	0.0003		$	0.0001
Foreign source income (per share)	$	0.0368		$	0.0277		$	0.0213		$	0.0130
Qualified dividend income	$	234,947,000		$	151,206,000		$	48,163,000		$	33,434,000
Section 199A dividends	$	5,758,000		$	4,414,000		$	1,608,000		$	1,390,000
Section 163(j) interest dividends	$	203,304,000		$	161,208,000		$	61,575,000		$	46,194,000
Corporate dividends received deduction	$	234,947,000		$	140,124,000		$	45,199,000		$	33,434,000
U.S. government income that may be exempt from state taxation	$	184,102,000		$	113,551,000		$	35,635,000		$	27,350,000

Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2023, to determine the calendar year amounts to be included on their 2022 tax returns. Shareholders should consult their tax advisors.

114 American Funds Target Date Retirement Series

Board of trustees and other officers

Independent trustees¹

Name and year of birth	Year first elected a trustee of the series2	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee	Other directorships3 held by trustee
Francisco G. Cigarroa, MD, 1957	2021	Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research	86	None
James G. Ellis, 1947	2010	Former Dean and Professor of Marketing, Marshall School of  Business, University of Southern California	96	Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation
Nariman Farvardin, 1956	2018	President, Stevens Institute of Technology	91	None
Mary Davis Holt, 1950	2015–2016 2017	Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003)	87	None
Merit E. Janow, 1958	2007	Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs	93	Aptiv (autonomous and green vehicle technology); Mastercard Incorporated
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive)	2010	President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center	91	None
Alexandra Trower, 1964	2018	Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies	86	None
Paul S. Williams, 1959	2020	Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm)	86	Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc.

Interested trustees^4,5

Name, year of birth and position with series	Year first elected a trustee or officer of the series2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series	Number of portfolios in fund complex overseen by trustee	Other directorships3 held by trustee
Bradley J. Vogt, 1965 President	2012	Partner — Capital Research Global Investors, Capital Research and Management Company; Partner — Capital Research Global Investors, Capital Bank and Trust Company6	30	None
Michael C. Gitlin, 1970	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.6	86	None

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

Refer to page 116 for footnotes.

American Funds Target Date Retirement Series 115

Other officers⁵

Name, year of birth and position with series	Year first elected an officer of the series2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series
Walt Burkley, 1966 Principal Executive Officer	2018	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Director, Capital Research Company6; Director, Capital Research and Management Company
Michael W. Stockton, 1967 Executive Vice President	2021	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Michelle J. Black, 1971 Senior Vice President	2020	Partner — Capital Solutions Group, Capital Research and Management Company
David A. Hoag, 1965 Senior Vice President	2020	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Partner — Capital Fixed Income Investors, Capital Bank and Trust Company6
Joanna F. Jonsson, 1963 Senior Vice President	2014	Partner — Capital World Investors, Capital Research and Management Company; Vice Chair, President and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.6
Samir Mathur, 1965 Senior Vice President	2020	Partner — Capital Solutions Group, Capital Research and Management Company
Wesley K. Phoa, 1966 Senior Vice President	2012	Partner — Capital Fixed Income Investors, Capital Bank and Trust Company6; Partner — Capital Solutions Group, Capital Research and Management Company
Shannon Ward, 1964 Senior Vice President	2021	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Rich Lang, 1969 Vice President	2015	Senior Vice President — Capital Group Institutional Investment Services Division, American Funds Distributors, Inc.6
Maria Manotok, 1974 Vice President	2010	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.6; Senior Vice President, Secretary and Director, Capital Group Companies Global6; Senior Vice President, Secretary and Director, Capital Group International, Inc.6
Steven I. Koszalka, 1964 Secretary	2006	Vice President — Fund Business Management Group, Capital Research and Management Company
Gregory F. Niland, 1971 Treasurer	2007	Vice President — Investment Operations, Capital Research and Management Company
Susan K. Countess, 1966 Assistant Secretary	2014	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2015	Senior Vice President — Investment Operations, Capital Research and Management Company

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

116 American Funds Target Date Retirement Series

Office of the series
333 South Hope Street
Los Angeles, CA 90071-1406

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 nearest you.)

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

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

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

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

Independent registered public accounting firm
Deloitte & Touche LLP
695 Town Center Drive
Suite 1000
Costa Mesa, CA 92626-7188

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

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the 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 Target Date Retirement 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 Target Date Retirement Series portfolios.

American Funds Target Date Retirement 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 Target Date Retirement 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 December 31, 2022, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

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MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

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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^TM — 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 90% of 10-year periods and 99% 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, 2021.
2	Based on Class F-2 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2021. 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, 2021. 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. S&P 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 63% of the time, based on the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.

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

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

ITEM 2 – Code of Ethics

The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made by calling 800/421-4225 or to the Secretary of the Registrant, 333 South Hope Street, 55th Floor, Los Angeles, California 90071.

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

	AFTDF
Registrant:

a)  Audit Fees:
Audit	2021	83,000
	2022	85,000
b)  Audit-Related Fees:
	2021	29,000
	2022	37,000
c)  Tax Fees:
	2021	47,000
	2022	48,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.
d)  All Other Fees:
	2021	None
	2022	None
	Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):
a)  Audit Fees:
	Not Applicable
b)  Audit-Related Fees:
	2021	1,442,000
	2022	2,221,000
	The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants.
c)  Tax Fees:

	2021	1,000
	2022	394,000
	The tax fees consist of consulting services relating to the Registrant’s investments.
d)  All Other Fees:
	2021	2,000
	2022	None
	The other fees consist of subscription services related to an accounting research tool.
	All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee.  The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services.  Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.
	Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $1,520,000 for fiscal year 2021 and $2,701,000 for fiscal year 2022. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

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

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

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

ITEM 12 – Exhibits

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

SIGNATURES

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

AMERICAN FUNDS TARGET DATE RETIREMENT SERIES

By __/s/ Walter R. Burkley________________

Walter R. Burkley,

Principal Executive Officer

Date: December 30, 2022

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: December 30, 2022

By ___/s/ Gregory F. Niland__________________

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: December 30, 2022