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: April 30, 2023

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^®

Semi-annual report
for the six months ended
April 30, 2023

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 bond, equity-income and balanced funds as it approaches its target date, with bond and equity-income funds increasing after the 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, refer to capitalgroup.com.

Here are the average annual total returns on a $1,000 investment for periods ended March 31, 2023 (the most recent calendar quarter-end). Class A share returns reflect the 5.75% maximum sales charge. Also shown are the expense ratios as of the series prospectus dated January 1, 2023. The expense ratios are as of each fund’s prospectus available at the time of publication. 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		–7.15	%		—			—			13.77	%		0.38	%
American Funds 2060 Target Date Retirement Fund®		–7.22			7.01	%		—			7.94			0.38
American Funds 2055 Target Date Retirement Fund®		–7.11			7.07			9.08	%		9.71			0.38
American Funds 2050 Target Date Retirement Fund®		–6.93			7.20			9.14			7.25			0.38
American Funds 2045 Target Date Retirement Fund®		–6.72			7.24			9.14			7.24			0.37
American Funds 2040 Target Date Retirement Fund®		–6.45			7.20			9.05			7.19			0.36
American Funds 2035 Target Date Retirement Fund®		–6.10			6.86			8.73			6.99			0.35
American Funds 2030 Target Date Retirement Fund®		–5.45			6.03			7.96			6.54			0.33
American Funds 2025 Target Date Retirement Fund®		–4.99			5.51			7.16			5.96			0.32
American Funds 2020 Target Date Retirement Fund®		–4.51			4.99			6.29			5.33			0.30
American Funds 2015 Target Date Retirement Fund®		–4.27			4.78			5.76			5.07			0.30
American Funds 2010 Target Date Retirement Fund®		–3.68			4.54			5.30			4.79			0.28
Class A shares
American Funds® 2065 Target Date Retirement Fund		–12.82	%		—			—			11.15	%		0.77	%
American Funds 2060 Target Date Retirement Fund®		–12.85			5.40	%		—			6.78			0.72
American Funds 2055 Target Date Retirement Fund®		–12.74			5.46			8.08	%		8.87			0.72
American Funds 2050 Target Date Retirement Fund®		–12.51			5.59			8.16			6.52			0.72
American Funds 2045 Target Date Retirement Fund®		–12.37			5.62			8.15			6.51			0.71
American Funds 2040 Target Date Retirement Fund®		–12.11			5.58			8.04			6.45			0.70
American Funds 2035 Target Date Retirement Fund®		–11.79			5.25			7.73			6.26			0.69
American Funds 2030 Target Date Retirement Fund®		–11.14			4.42			6.97			5.80			0.67
American Funds 2025 Target Date Retirement Fund®		–10.71			3.91			6.18			5.22			0.67
American Funds 2020 Target Date Retirement Fund®		–10.30			3.39			5.29			4.59			0.64
American Funds 2015 Target Date Retirement Fund®		–10.10			3.21			4.78			4.32			0.63
American Funds 2010 Target Date Retirement Fund®		–9.58			2.94			4.32			4.04			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.

Fellow investors:

Results for American Funds Target Date Retirement Series for the periods ended April 30, 2023, are shown in the table below, as well as results of each fund’s benchmark.

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

Contents

2	Results at a glance
4	Investment approach for American Funds Target Date Retirement Series
5	Investment portfolios
31	Financial statements
42	Notes to financial statements
70	Financial highlights

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 and net expenses higher. The expense ratios include the weighted average expenses of the underlying American Funds.

American Funds Target Date Retirement Series 1

Results at a glance

For periods ended April 30, 2023, 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
	6 months			1 year			5 years			10 years			Lifetime (since 2/1/07)
American Funds 2065 Target Date Retirement Fund
Class R-6 shares		10.99	%		2.57	%		—			—			13.85	%1
Class A shares		10.73			2.14			—			—			13.43	1
S&P Target Date 2065+ Index		11.57			2.76			—			—			15.50	1
American Funds 2060 Target Date Retirement Fund
Class R-6 shares		10.99			2.54			7.17	%		—			8.03	2
Class A shares		10.82			2.23			6.82			—			7.67	2
S&P Target Date 2060 Index		11.71			2.79			7.00			—			7.50	2
American Funds 2055 Target Date Retirement Fund
Class R-6 shares		10.95			2.61			7.23			8.92	%		9.763
Class A shares		10.78			2.26			6.88			8.58			9.413
S&P Target Date 2055 Index		11.66			2.76			6.95			8.22			9.253
American Funds 2050 Target Date Retirement Fund
Class R-6 shares		10.80			2.64			7.36			9.01			7.30
Class A shares		10.64			2.32			7.01			8.65			6.96
S&P Target Date 2050 Index		11.61			2.72			6.90			8.11			6.22
American Funds 2045 Target Date Retirement Fund
Class R-6 shares		10.65			2.60			7.41			8.99			7.30
Class A shares		10.43			2.27			7.05			8.64			6.95
S&P Target Date 2045 Index		11.47			2.69			6.79			7.91			6.08
American Funds 2040 Target Date Retirement Fund
Class R-6 shares		10.45			2.58			7.36			8.90			7.24
Class A shares		10.28			2.20			7.00			8.54			6.89
S&P Target Date 2040 Index		11.09			2.54			6.54			7.63			5.99
American Funds 2035 Target Date Retirement Fund
Class R-6 shares		9.73			2.10			7.02			8.57			7.03
Class A shares		9.56			1.77			6.66			8.21			6.69
S&P Target Date 2035 Index		10.41			2.37			6.11			7.21			5.76
American Funds 2030 Target Date Retirement Fund
Class R-6 shares		9.03			1.75			6.19			7.80			6.58
Class A shares		8.93			1.41			5.83			7.44			6.23
S&P Target Date 2030 Index		9.53			2.26			5.55			6.61			5.47
American Funds 2025 Target Date Retirement Fund
Class R-6 shares		8.42			1.43			5.71			7.01			6.00
Class A shares		8.17			1.08			5.34			6.65			5.65
S&P Target Date 2025 Index		8.79			2.08			5.03			6.01			5.19

Refer to page 3 for footnotes.

2 American Funds Target Date Retirement Series

Results at a glance (continued)

	Cumulative total returns						Average annual total returns
	6 months			1 year			5 years			10 years			Lifetime (since 2/1/07)
American Funds 2020 Target Date Retirement Fund
Class R-6 shares		7.75	%		1.18	%		5.18	%		6.16	%		5.38	%
Class A shares		7.50			0.83			4.82			5.80			5.02
S&P Target Date 2020 Index		8.52			1.68			4.39			5.34			4.84
American Funds 2015 Target Date Retirement Fund
Class R-6 shares		7.25			0.96			5.00			5.64			5.11
Class A shares		7.08			0.69			4.64			5.28			4.74
S&P Target Date 2015 Index		7.78			1.59			4.25			4.91			4.61
American Funds 2010 Target Date Retirement Fund
Class R-6 shares		6.92			1.07			4.75			5.19			4.83
Class A shares		6.74			0.70			4.38			4.83			4.47
S&P Target Date 2010 Index		7.79			1.76			3.99			4.35			4.28
S&P 500 Index		8.63			2.66			11.45			12.20			8.91
MSCI All Country World Index (ACWI) ex USA		20.65			3.05			2.50			3.97			2.79
Bloomberg U.S. Aggregate Index		6.91			–0.43			1.18			1.32			3.11

The Standard & Poor’s 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 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 Ltd. The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the funds have lagged their respective indexes.

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 and S&P Target Date indexes are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by Capital Group. Copyright © 2023 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

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 3

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 5 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.

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 April 30, 2023, 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. For quarterly updates of fund allocations, visit americanfundsretirement.com.

4 American Funds Target Date Retirement Series

American Funds 2065 Target Date Retirement Fund	unaudited
Investment portfolio April 30, 2023

Growth funds 45%	Shares		Value (000)
New Perspective Fund, Class R-6		2,383,622	$	125,808
SMALLCAP World Fund, Inc., Class R-6		2,015,824		125,808
AMCAP Fund, Class R-61		2,571,249		88,065
The Growth Fund of America, Class R-6		1,586,762		88,065
The New Economy Fund, Class R-6		1,299,128		62,904
New World Fund, Inc., Class R-6		701,464		50,323
EuroPacific Growth Fund, Class R-6		462,188		25,161
				566,134
Growth-and-income funds 38%
Capital World Growth and Income Fund, Class R-6		2,044,174		113,227
Fundamental Investors, Class R-6		1,747,597		113,227
Washington Mutual Investors Fund, Class R-6		1,884,405		100,646
The Investment Company of America, Class R-6		1,971,023		88,065
American Mutual Fund, Class R-6		1,269,501		62,904
				478,069
Balanced funds 12%
American Funds Global Balanced Fund, Class R-6		2,201,999		75,485
American Balanced Fund, Class R-6		2,527,102		75,484
				150,969
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		5,024,264		62,904
Total investment securities 100% (cost: $1,306,570,000)				1,258,076
Other assets less liabilities 0%				(243	)
Net assets 100%			$	1,257,833

American Funds Target Date Retirement Series 5

American Funds 2065 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 4/30/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 45%
New Perspective Fund, Class R-6	$	77,006	$	39,566	$	1,024	$	(35	)	$	10,295	$	125,808	$	990	$	2,723
SMALLCAP World Fund, Inc., Class R-6		77,033		41,327		620		(23	)		8,091		125,808		285		—
AMCAP Fund, Class R-61		53,902		26,571		413		(16	)		8,021		88,065		—		—
The Growth Fund of America, Class R-6		53,902		30,410		561		(21	)		4,335		88,065		414		2,133
The New Economy Fund, Class R-6		38,499		19,312		325		(12	)		5,430		62,904		137		—
New World Fund, Inc., Class R-6		30,819		14,826		215		(9	)		4,902		50,323		458		—
EuroPacific Growth Fund, Class R-6		15,396		6,813		196		(8	)		3,156		25,161		250		—
													566,134
Growth-and-income funds 38%
Capital World Growth and Income Fund, Class R-6		69,170		34,218		592		(27	)		10,458		113,227		1,014		—
Fundamental Investors, Class R-6		69,169		37,749		554		(24	)		6,887		113,227		989		1,058
Washington Mutual Investors Fund, Class R-6		61,844		36,646		188		(7	)		2,351		100,646		995		973
The Investment Company of America, Class R-6		53,765		29,116		319		(12	)		5,515		88,065		608		1,893
American Mutual Fund, Class R-6		38,699		23,597		59		(2	)		669		62,904		622		1,204
													478,069
Balanced funds 12%
American Funds Global Balanced Fund, Class R-6		46,204		24,007		302		(12	)		5,588		75,485		488		—
American Balanced Fund, Class R-6		46,204		26,266		145		(6	)		3,165		75,484		651		—
													150,969
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		38,535		22,893		344		(60	)		1,880		62,904		778		—
Total 100%							$	(274	)	$	80,743	$	1,258,076	$	8,679	$	9,984

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.

6 American Funds Target Date Retirement Series

American Funds 2060 Target Date Retirement Fund	unaudited
Investment portfolio April 30, 2023

Growth funds 45%	Shares		Value (000)
New Perspective Fund, Class R-6		15,367,366	$	811,090
SMALLCAP World Fund, Inc., Class R-6		12,996,148		811,089
The Growth Fund of America, Class R-6		10,251,891		568,980
AMCAP Fund, Class R-61		16,577,891		567,793
The New Economy Fund, Class R-6		8,373,574		405,448
New World Fund, Inc., Class R-6		4,520,392		324,293
EuroPacific Growth Fund, Class R-6		2,976,712		162,052
				3,650,745
Growth-and-income funds 38%
Capital World Growth and Income Fund, Class R-6		13,179,188		729,995
Fundamental Investors, Class R-6		11,267,097		729,995
Washington Mutual Investors Fund, Class R-6		12,148,730		648,864
The Investment Company of America, Class R-6		12,724,702		568,540
American Mutual Fund, Class R-6		8,182,251		405,430
				3,082,824
Balanced funds 12%
American Funds Global Balanced Fund, Class R-6		14,197,760		486,699
American Balanced Fund, Class R-6		16,293,834		486,697
				973,396
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		32,443,488		406,193
Total investment securities 100% (cost: $8,127,912,000)				8,113,158
Other assets less liabilities 0%				(1,182	)
Net assets 100%			$	8,111,976

American Funds Target Date Retirement Series 7

American Funds 2060 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 4/30/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 45%
New Perspective Fund, Class R-6	$	624,585	$	112,609	$	—	$	—		$	73,896	$	811,090	$	7,611	$	20,920
SMALLCAP World Fund, Inc., Class R-6		628,321		122,827		1,822		(882	)		62,645		811,089		2,191		—
The Growth Fund of America, Class R-6		437,002		104,734		1,730		(879	)		29,853		568,980		3,174		16,350
AMCAP Fund, Class R-61		437,003		74,840		1,578		(37	)		57,565		567,793		—		—
The New Economy Fund, Class R-6		311,947		54,850		461		(196	)		39,308		405,448		1,054		—
New World Fund, Inc., Class R-6		249,589		37,447		—		—			37,257		324,293		3,528		—
EuroPacific Growth Fund, Class R-6		124,357		14,132		199		(2	)		23,764		162,052		1,960		—
													3,650,745
Growth-and-income funds 38%
Capital World Growth and Income Fund, Class R-6		558,013		94,682		1,027		(241	)		78,568		729,995		7,412		—
Fundamental Investors, Class R-6		563,250		119,185		1,916		(501	)		49,977		729,995		7,263		8,108
Washington Mutual Investors Fund, Class R-6		505,955		128,300		2,173		(305	)		17,087		648,864		7,271		7,487
The Investment Company of America, Class R-6		435,940		95,775		1,755		(380	)		38,960		568,540		4,372		14,619
American Mutual Fund, Class R-6		315,780		86,179		959		(64	)		4,494		405,430		4,520		9,258
													3,082,824
Balanced funds 12%
American Funds Global Balanced Fund, Class R-6		374,701		71,779		1,614		(334	)		42,167		486,699		3,508		—
American Balanced Fund, Class R-6		374,692		89,780		1,361		(223	)		23,809		486,697		4,775		—
													973,396
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		311,623		82,956		2,198		(43	)		13,855		406,193		5,522		—
Total 100%							$	(4,087	)	$	593,205	$	8,113,158	$	64,161	$	76,742

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.

8 American Funds Target Date Retirement Series

American Funds 2055 Target Date Retirement Fund	unaudited
Investment portfolio April 30, 2023

Growth funds 45%	Shares		Value (000)
New Perspective Fund, Class R-6		26,347,402	$	1,390,616
SMALLCAP World Fund, Inc., Class R-6		22,281,940		1,390,616
The Growth Fund of America, Class R-6		18,922,751		1,050,213
AMCAP Fund, Class R-61		30,596,642		1,047,935
The New Economy Fund, Class R-6		15,433,451		747,288
New World Fund, Inc., Class R-6		8,331,148		597,676
EuroPacific Growth Fund, Class R-6		5,482,258		298,454
American Funds Global Insight Fund, Class R-6		10,377,631		208,487
				6,731,285
Growth-and-income funds 38%
Fundamental Investors, Class R-6		20,781,746		1,346,449
Capital World Growth and Income Fund, Class R-6		24,288,478		1,345,339
Washington Mutual Investors Fund, Class R-6		22,384,916		1,195,578
The Investment Company of America, Class R-6		21,150,799		945,018
American Mutual Fund, Class R-6		17,187,121		851,622
				5,684,006
Balanced funds 12%
American Balanced Fund, Class R-6		30,037,954		897,234
American Funds Global Balanced Fund, Class R-6		26,166,373		896,983
				1,794,217
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		60,032,937		751,612
Total investment securities 100% (cost: $14,594,757,000)				14,961,120
Other assets less liabilities 0%				(2,164	)
Net assets 100%			$	14,958,956

American Funds Target Date Retirement Series 9

American Funds 2055 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 4/30/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 45%
New Perspective Fund, Class R-6	$	1,138,938	$	120,209	$	317	$	(130	)	$	131,916	$	1,390,616	$	13,691	$	37,656
SMALLCAP World Fund, Inc., Class R-6		1,147,724		133,838		2,096		(840	)		111,990		1,390,616		3,949		—
The Growth Fund of America, Class R-6		847,611		151,188		1,929		(986	)		54,329		1,050,213		6,076		31,296
AMCAP Fund, Class R-61		847,552		93,302		1,109		(24	)		108,214		1,047,935		—		—
The New Economy Fund, Class R-6		604,839		69,092		327		(13	)		73,697		747,288		2,017		—
New World Fund, Inc., Class R-6		484,183		48,883		6,617		(22	)		71,249		597,676		6,844		—
EuroPacific Growth Fund, Class R-6		240,694		16,796		4,302		(205	)		45,471		298,454		3,793		—
American Funds Global Insight Fund, Class R-6		143,955		42,136		—		—			22,396		208,487		2,220		—
													6,731,285
Growth-and-income funds 38%
Fundamental Investors, Class R-6		1,094,851		162,565		4,642		(1,083	)		94,758		1,346,449		13,793		15,538
Capital World Growth and Income Fund, Class R-6		1,083,652		114,977		2,942		(90	)		149,742		1,345,339		14,142		—
Washington Mutual Investors Fund, Class R-6		984,118		184,660		5,011		(562	)		32,373		1,195,578		13,785		14,346
The Investment Company of America, Class R-6		781,782		101,321		3,733		(645	)		66,293		945,018		7,521		25,600
American Mutual Fund, Class R-6		688,958		155,611		2,616		(173	)		9,842		851,622		9,626		19,858
													5,684,006
Balanced funds 12%
American Balanced Fund, Class R-6		724,707		127,889		187		(23	)		44,848		897,234		9,073		—
American Funds Global Balanced Fund, Class R-6		724,559		99,004		6,430		(516	)		80,366		896,983		6,646		—
													1,794,217
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		600,483		131,003		6,417		(82	)		26,625		751,612		10,399		—
Total 100%							$	(5,394	)	$	1,124,109	$	14,961,120	$	123,575	$	144,294

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.

10 American Funds Target Date Retirement Series

American Funds 2050 Target Date Retirement Fund	unaudited
Investment portfolio April 30, 2023

Growth funds 43%	Shares		Value (000)
New Perspective Fund, Class R-6		38,773,408	$	2,046,460
SMALLCAP World Fund, Inc., Class R-6		30,240,876		1,887,333
The Growth Fund of America, Class R-6		28,803,975		1,598,621
AMCAP Fund, Class R-61		46,573,334		1,595,137
The New Economy Fund, Class R-6		20,180,752		977,152
New World Fund, Inc., Class R-6		10,451,770		749,810
American Funds Global Insight Fund, Class R-6		30,512,770		613,001
EuroPacific Growth Fund, Class R-6		8,333,924		453,699
				9,921,213
Growth-and-income funds 37%
Fundamental Investors, Class R-6		29,172,849		1,890,109
Capital World Growth and Income Fund, Class R-6		34,055,963		1,886,360
Washington Mutual Investors Fund, Class R-6		34,044,671		1,818,326
American Mutual Fund, Class R-6		30,716,054		1,521,980
The Investment Company of America, Class R-6		27,113,046		1,211,411
				8,328,186
Equity-income funds 3%
Capital Income Builder, Class R-6		4,885,935		317,634
The Income Fund of America, Class R-6		13,803,380		317,616
				635,250
Balanced funds 12%
American Balanced Fund, Class R-6		51,028,465		1,524,220
American Funds Global Balanced Fund, Class R-6		35,169,568		1,205,613
				2,729,833
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		91,297,893		1,143,050
Total investment securities 100% (cost: $21,645,852,000)				22,757,532
Other assets less liabilities 0%				(3,825	)
Net assets 100%			$	22,753,707

American Funds Target Date Retirement Series 11

American Funds 2050 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 4/30/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 43%
New Perspective Fund, Class R-6	$	1,703,770	$	147,343	$	—	$	—		$	195,347	$	2,046,460	$	20,445	$	56,233
SMALLCAP World Fund, Inc., Class R-6		1,607,001		144,113		18,301		(9,483	)		164,003		1,887,333		5,488		—
The Growth Fund of America, Class R-6		1,324,090		193,601		—		—			80,930		1,598,621		9,440		48,625
AMCAP Fund, Class R-61		1,324,294		104,494		—		—			166,349		1,595,137		—		—
The New Economy Fund, Class R-6		830,163		47,845		—		—			99,144		977,152		2,754		—
New World Fund, Inc., Class R-6		642,555		25,328		11,674		(1,004	)		94,605		749,810		9,083		—
American Funds Global Insight Fund, Class R-6		490,640		51,239		1,021		(20	)		72,163		613,001		7,566		—
EuroPacific Growth Fund, Class R-6		374,622		16,009		6,916		(393	)		70,377		453,699		5,903		—
													9,921,213
Growth-and-income funds 37%
Fundamental Investors, Class R-6		1,588,110		167,247		—		—			134,752		1,890,109		19,719		22,309
Capital World Growth and Income Fund, Class R-6		1,563,608		107,853		—		—			214,899		1,886,360		20,256		—
Washington Mutual Investors Fund, Class R-6		1,582,129		196,905		10,427		(1,272	)		50,991		1,818,326		21,546		22,708
American Mutual Fund, Class R-6		1,313,341		204,446		13,469		(306	)		17,968		1,521,980		17,778		37,306
The Investment Company of America, Class R-6		1,010,488		115,632		—		—			85,291		1,211,411		9,695		32,879
													8,328,186
Equity-income funds 3%
Capital Income Builder, Class R-6		222,945		78,968		2,397		(233	)		18,351		317,634		5,734		—
The Income Fund of America, Class R-6		223,553		93,379		2,040		(263	)		2,987		317,616		5,232		8,289
													635,250
Balanced funds 12%
American Balanced Fund, Class R-6		1,244,633		205,298		2,246		(272	)		76,807		1,524,220		15,487		—
American Funds Global Balanced Fund, Class R-6		1,016,300		89,773		11,452		(1,683	)		112,675		1,205,613		9,193		—
													2,729,833
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		931,805		182,566		12,272		(188	)		41,139		1,143,050		15,999		—
Total 100%							$	(15,117	)	$	1,698,778	$	22,757,532	$	201,318	$	228,349

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.

12 American Funds Target Date Retirement Series

American Funds 2045 Target Date Retirement Fund	unaudited
Investment portfolio April 30, 2023

Growth funds 41%	Shares		Value (000)
New Perspective Fund, Class R-6		37,530,407	$	1,980,855
SMALLCAP World Fund, Inc., Class R-6		30,321,016		1,892,334
The Growth Fund of America, Class R-6		32,764,336		1,818,421
AMCAP Fund, Class R-61		52,975,648		1,814,416
The New Economy Fund, Class R-6		21,307,811		1,031,724
American Funds Global Insight Fund, Class R-6		47,499,967		954,274
New World Fund, Inc., Class R-6		10,773,167		772,867
EuroPacific Growth Fund, Class R-6		9,436,327		513,714
				10,778,605
Growth-and-income funds 35%
Fundamental Investors, Class R-6		32,014,395		2,074,213
Capital World Growth and Income Fund, Class R-6		37,341,585		2,068,350
Washington Mutual Investors Fund, Class R-6		35,364,882		1,888,838
American Mutual Fund, Class R-6		36,524,975		1,809,813
The Investment Company of America, Class R-6		25,141,404		1,123,318
				8,964,532
Equity-income funds 6%
The Income Fund of America, Class R-6		38,246,067		880,042
Capital Income Builder, Class R-6		10,746,340		698,620
				1,578,662
Balanced funds 13%
American Balanced Fund, Class R-6		66,871,598		1,997,455
American Funds Global Balanced Fund, Class R-6		37,698,704		1,292,311
				3,289,766
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		104,134,932		1,303,769
Total investment securities 100% (cost: $24,427,692,000)				25,915,334
Other assets less liabilities 0%				(3,923	)
Net assets 100%			$	25,911,411

American Funds Target Date Retirement Series 13

American Funds 2045 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 4/30/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 41%
New Perspective Fund, Class R-6	$	1,704,745	$	91,425	$	7,616	$	(1,731	)	$	194,032	$	1,980,855	$	20,457	$	56,266
SMALLCAP World Fund, Inc., Class R-6		1,627,934		124,444		16,288		(7,564	)		163,808		1,892,334		5,549		—
The Growth Fund of America, Class R-6		1,529,458		199,499		2,822		(1,433	)		93,719		1,818,421		10,848		55,879
AMCAP Fund, Class R-61		1,529,458		95,794		1,381		(30	)		190,575		1,814,416		—		—
The New Economy Fund, Class R-6		872,131		55,621		—		—			103,972		1,031,724		2,869		—
American Funds Global Insight Fund, Class R-6		784,576		63,061		7,758		(152	)		114,547		954,274		12,099		—
New World Fund, Inc., Class R-6		653,603		39,277		15,297		(2,412	)		97,696		772,867		9,239		—
EuroPacific Growth Fund, Class R-6		433,832		12,243		12,722		(2,324	)		82,685		513,714		6,836		—
													10,778,605
Growth-and-income funds 35%
Fundamental Investors, Class R-6		1,688,343		240,080		—		—			145,790		2,074,213		21,104		23,609
Capital World Growth and Income Fund, Class R-6		1,662,194		176,314		—		—			229,842		2,068,350		21,799		—
Washington Mutual Investors Fund, Class R-6		1,753,464		107,646		25,832		(3,157	)		56,717		1,888,838		23,422		25,167
American Mutual Fund, Class R-6		1,654,330		149,042		14,942		(339	)		21,722		1,809,813		21,980		46,993
The Investment Company of America, Class R-6		946,834		97,552		—		—			78,932		1,123,318		8,990		30,464
													8,964,532
Equity-income funds 6%
The Income Fund of America, Class R-6		696,826		183,616		8,237		(1,083	)		8,920		880,042		15,667		25,384
Capital Income Builder, Class R-6		563,244		99,628		7,899		(841	)		44,488		698,620		13,965		—
													1,578,662
Balanced funds 13%
American Balanced Fund, Class R-6		1,654,782		246,443		5,337		(872	)		102,439		1,997,455		20,455		—
American Funds Global Balanced Fund, Class R-6		1,082,234		105,736		14,098		(1,681	)		120,120		1,292,311		9,798		—
													3,289,766
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		1,072,905		198,240		14,538		(221	)		47,383		1,303,769		18,307		—
Total 100%							$	(23,840	)	$	1,897,387	$	25,915,334	$	243,384	$	263,762

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.

14 American Funds Target Date Retirement Series

American Funds 2040 Target Date Retirement Fund	unaudited
Investment portfolio April 30, 2023

Growth funds 38%	Shares		Value (000)
The Growth Fund of America, Class R-6		40,202,698	$	2,231,250
AMCAP Fund, Class R-61		65,009,474		2,226,575
New Perspective Fund, Class R-6		42,006,901		2,217,124
SMALLCAP World Fund, Inc., Class R-6		31,942,998		1,993,563
American Funds Global Insight Fund, Class R-6		62,919,219		1,264,047
The New Economy Fund, Class R-6		26,019,022		1,259,841
New World Fund, Inc., Class R-6		10,374,301		744,252
EuroPacific Growth Fund, Class R-6		4,582,261		249,458
				12,186,110
Growth-and-income funds 33%
Fundamental Investors, Class R-6		36,120,712		2,340,261
Capital World Growth and Income Fund, Class R-6		42,134,608		2,333,836
American Mutual Fund, Class R-6		44,925,946		2,226,081
Washington Mutual Investors Fund, Class R-6		37,775,021		2,017,564
The Investment Company of America, Class R-6		28,536,175		1,274,996
International Growth and Income Fund, Class R-6		12,358,076		430,679
				10,623,417
Equity-income funds 7%
The Income Fund of America, Class R-6		55,452,190		1,275,955
Capital Income Builder, Class R-6		14,719,745		956,930
				2,232,885
Balanced funds 13%
American Balanced Fund, Class R-6		85,494,783		2,553,729
American Funds Global Balanced Fund, Class R-6		46,463,604		1,592,772
				4,146,501
Fixed income funds 9%
U.S. Government Securities Fund, Class R-6		127,802,441		1,600,087
American Funds Inflation Linked Bond Fund, Class R-6		71,121,200		666,406
American Funds Multi-Sector Income Fund, Class R-6		49,130,270		447,085
				2,713,578
Total investment securities 100% (cost: $29,694,491,000)				31,902,491
Other assets less liabilities 0%				(4,675	)
Net assets 100%			$	31,897,816

American Funds Target Date Retirement Series 15

American Funds 2040 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 4/30/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 38%
The Growth Fund of America, Class R-6	$	1,896,655	$	220,146	$	—	$	—		$	114,449		$	2,231,250	$	13,427	$	69,162
AMCAP Fund, Class R-61		1,899,938		91,565		—		—			235,072			2,226,575		—		—
New Perspective Fund, Class R-6		1,895,390		107,509		—		—			214,225			2,217,124		22,745		62,558
SMALLCAP World Fund, Inc., Class R-6		1,751,840		88,564		12,872		(5,767	)		171,798			1,993,563		5,955		—
American Funds Global Insight Fund, Class R-6		1,091,409		16,831		1,143		(23	)		156,973			1,264,047		16,831		—
The New Economy Fund, Class R-6		1,077,403		54,183		—		—			128,255			1,259,841		3,544		—
New World Fund, Inc., Class R-6		643,738		9,099		2,427		(829	)		94,671			744,252		9,100		—
EuroPacific Growth Fund, Class R-6		237,941		3,749		34,991		2,849			39,910			249,458		3,749		—
														12,186,110
Growth-and-income funds 33%
Fundamental Investors, Class R-6		2,054,721		115,588		495		(157	)		170,604			2,340,261		25,048		28,585
Capital World Growth and Income Fund, Class R-6		2,029,094		81,439		51,528		(10,997	)		285,828			2,333,836		25,851		—
American Mutual Fund, Class R-6		1,943,236		256,569		—		—			26,276			2,226,081		26,360		55,199
Washington Mutual Investors Fund, Class R-6		1,796,087		182,050		16,394		(1,207	)		57,028			2,017,564		24,345		25,779
The Investment Company of America, Class R-6		1,096,514		87,877		—		—			90,605			1,274,996		10,309		35,280
International Growth and Income Fund, Class R-6		296,549		66,552		—		—			67,578			430,679		3,576		3,835
														10,623,417
Equity-income funds 7%
The Income Fund of America, Class R-6		1,094,098		171,550		2,014		(39	)		12,360			1,275,955		23,838		39,190
Capital Income Builder, Class R-6		816,592		87,849		10,094		(606	)		63,189			956,930		19,800		—
														2,232,885
Balanced funds 13%
American Balanced Fund, Class R-6		2,174,152		247,378		—		—			132,199			2,553,729		26,568		—
American Funds Global Balanced Fund, Class R-6		1,348,557		105,142		7,980		(1,934	)		148,987			1,592,772		12,093		—
														4,146,501
Fixed income funds 9%
U.S. Government Securities Fund, Class R-6		1,355,199		199,929		13,495		(618	)		59,072			1,600,087		22,737		—
American Funds Inflation Linked Bond Fund, Class R-6		481,531		199,465		2,119		(427	)		(12,044	)		666,406		31,992		—
American Funds Multi-Sector Income Fund, Class R-6		317,731		115,644		—		—			13,710			447,085		11,022		—
														2,713,578
Total 100%							$	(19,755	)	$	2,270,745		$	31,902,491	$	338,890	$	319,588

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.

16 American Funds Target Date Retirement Series

American Funds 2035 Target Date Retirement Fund	unaudited
Investment portfolio April 30, 2023

Growth funds 28%	Shares		Value (000)
The Growth Fund of America, Class R-6		40,658,890	$	2,256,569
AMCAP Fund, Class R-61		65,336,873		2,237,788
SMALLCAP World Fund, Inc., Class R-6		26,653,840		1,663,466
New Perspective Fund, Class R-6		31,369,571		1,655,686
American Funds Global Insight Fund, Class R-6		71,655,459		1,439,558
The New Economy Fund, Class R-6		12,161,859		588,877
New World Fund, Inc., Class R-6		4,321,860		310,050
				10,151,994
Growth-and-income funds 32%
American Mutual Fund, Class R-6		50,557,171		2,505,108
Capital World Growth and Income Fund, Class R-6		45,160,210		2,501,424
Fundamental Investors, Class R-6		35,082,211		2,272,977
Washington Mutual Investors Fund, Class R-6		35,732,354		1,908,465
The Investment Company of America, Class R-6		31,976,124		1,428,693
International Growth and Income Fund, Class R-6		20,694,295		721,196
				11,337,863
Equity-income funds 7%
The Income Fund of America, Class R-6		59,891,028		1,378,093
Capital Income Builder, Class R-6		19,362,044		1,258,726
				2,636,819
Balanced funds 13%
American Balanced Fund, Class R-6		93,850,814		2,803,324
American Funds Global Balanced Fund, Class R-6		50,647,478		1,736,195
				4,539,519
Fixed income funds 20%
U.S. Government Securities Fund, Class R-6		141,848,227		1,775,940
American Funds Inflation Linked Bond Fund, Class R-6		166,505,577		1,560,157
American Funds Mortgage Fund, Class R-6		135,318,598		1,239,518
American Funds Multi-Sector Income Fund, Class R-6		104,542,037		951,332

American Funds Target Date Retirement Series 17

American Funds 2035 Target Date Retirement Fund (continued)

Fixed income funds (continued)	Shares		Value (000)
Intermediate Bond Fund of America, Class R-6		58,021,933	$	734,558
American Funds Strategic Bond Fund, Class R-6		49,776,173		483,327
Capital World Bond Fund, Class R-6		29,292,523		483,327
				7,228,159
Total investment securities 100% (cost: $33,690,248,000)				35,894,354
Other assets less liabilities 0%				(5,659	)
Net assets 100%			$	35,888,695

18 American Funds Target Date Retirement Series

American Funds 2035 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 4/30/2023 (000)		Dividend income (000)			Capital gain distributions received (000)
Growth funds 28%
The Growth Fund of America, Class R-6	$	1,968,347	$	171,212	$	—	$	—		$	117,010		$	2,256,569	$	13,439		$	69,227
AMCAP Fund, Class R-61		1,975,490		25,208		—		—			237,090			2,237,788		—			—
SMALLCAP World Fund, Inc., Class R-6		1,517,749		5,159		—		—			140,558			1,663,466		5,159			—
New Perspective Fund, Class R-6		1,460,415		65,726		32,462		(9,025	)		171,032			1,655,686		17,525			48,201
American Funds Global Insight Fund, Class R-6		1,241,721		19,148		—		—			178,689			1,439,558		19,148			—
The New Economy Fund, Class R-6		539,327		1,748		13,906		(4,660	)		66,368			588,877		1,748			—
New World Fund, Inc., Class R-6		267,296		3,778		—		—			38,976			310,050		3,778			—
														10,151,994
Growth-and-income funds 32%
American Mutual Fund, Class R-6		2,220,564		253,372		—		—			31,172			2,505,108		29,928			63,077
Capital World Growth and Income Fund, Class R-6		2,180,047		70,878		45,803		(8,677	)		304,979			2,501,424		27,677			—
Fundamental Investors, Class R-6		2,034,605		78,754		7,338		(2,253	)		169,209			2,272,977		24,665			28,306
Washington Mutual Investors Fund, Class R-6		1,737,236		139,813		23,372		(1,900	)		56,688			1,908,465		23,340			24,934
The Investment Company of America, Class R-6		1,253,432		72,627		—		—			102,634			1,428,693		11,627			40,329
International Growth and Income Fund, Class R-6		607,722		14,579		31,743		(6,401	)		137,039			721,196		6,720			7,859
														11,337,863
Equity-income funds 7%
The Income Fund of America, Class R-6		1,238,783		124,919		—		—			14,391			1,378,093		26,629			44,372
Capital Income Builder, Class R-6		1,107,037		66,541		—		—			85,148			1,258,726		26,680			—
														2,636,819
Balanced funds 13%
American Balanced Fund, Class R-6		2,476,652		177,058		—		—			149,614			2,803,324		29,745			—
American Funds Global Balanced Fund, Class R-6		1,530,205		39,814		—		—			166,176			1,736,195		13,486			—
														4,539,519
Fixed income funds 20%
U.S. Government Securities Fund, Class R-6		1,529,869		180,290		—		—			65,781			1,775,940		25,562			—
American Funds Inflation Linked Bond Fund, Class R-6		1,284,802		310,774		—		—			(35,419	)		1,560,157		85,210			—
American Funds Mortgage Fund, Class R-6		907,761		288,656		—		—			43,101			1,239,518		20,170			—
American Funds Multi-Sector Income Fund, Class R-6		787,183		131,565		—		—			32,584			951,332		25,771			—
Intermediate Bond Fund of America, Class R-6		534,572		180,633		—		—			19,353			734,558		10,023			—
American Funds Strategic Bond Fund, Class R-63		348,018		124,463		208		—			11,054			483,327		15,754			—
Capital World Bond Fund, Class R-63		348,018		106,731		6,475		1,951			33,102			483,327		(1,122	)		—
														7,228,159
Total 100%							$	(30,965	)	$	2,336,329		$	35,894,354	$	462,662		$	326,305

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.
3	A portion of the fund’s income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and dividend income amounts reflect the return of capital distribution.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 19

American Funds 2030 Target Date Retirement Fund	unaudited
Investment portfolio April 30, 2023

Growth funds 19%	Shares		Value (000)
AMCAP Fund, Class R-61		70,229,151	$	2,405,349
The Growth Fund of America, Class R-6		34,625,862		1,921,735
American Funds Global Insight Fund, Class R-6		69,564,250		1,397,546
SMALLCAP World Fund, Inc., Class R-6		17,428,925		1,087,739
New Perspective Fund, Class R-6		18,614,607		982,479
				7,794,848
Growth-and-income funds 29%
Capital World Growth and Income Fund, Class R-6		50,906,228		2,819,696
American Mutual Fund, Class R-6		56,016,160		2,775,600
Washington Mutual Investors Fund, Class R-6		36,659,574		1,957,988
Fundamental Investors, Class R-6		26,283,515		1,702,909
The Investment Company of America, Class R-6		31,216,108		1,394,736
International Growth and Income Fund, Class R-6		24,135,451		841,120
				11,492,049
Equity-income funds 8%
Capital Income Builder, Class R-6		24,158,904		1,570,570
The Income Fund of America, Class R-6		68,148,629		1,568,100
				3,138,670
Balanced funds 13%
American Balanced Fund, Class R-6		105,926,086		3,164,012
American Funds Global Balanced Fund, Class R-6		57,611,831		1,974,934
				5,138,946
Fixed income funds 31%
American Funds Inflation Linked Bond Fund, Class R-6		241,300,143		2,260,982
American Funds Mortgage Fund, Class R-6		217,147,347		1,989,070
U.S. Government Securities Fund, Class R-6		158,843,893		1,988,725
The Bond Fund of America, Class R-6		167,013,461		1,942,366
Intermediate Bond Fund of America, Class R-6		137,454,311		1,740,172
American Funds Multi-Sector Income Fund, Class R-6		129,452,413		1,178,017
Capital World Bond Fund, Class R-6		48,018,763		792,310
American Funds Strategic Bond Fund, Class R-6		81,183,617		788,293
				12,679,935
Total investment securities 100% (cost: $38,531,787,000)				40,244,448
Other assets less liabilities 0%				(6,226	)
Net assets 100%			$	40,238,222

20 American Funds Target Date Retirement Series

American Funds 2030 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 4/30/2023 (000)		Dividend income (000)			Capital gain distributions received (000)
Growth funds 19%
AMCAP Fund, Class R-61	$	2,134,024	$	16,303	$	—	$	—		$	255,022		$	2,405,349	$	—		$	—
The Growth Fund of America, Class R-6		1,718,681		105,101		188		(68	)		98,209			1,921,735		11,623			59,869
American Funds Global Insight Fund, Class R-6		1,231,370		18,989		29,084		(2,479	)		178,750			1,397,546		18,989			—
SMALLCAP World Fund, Inc., Class R-6		1,028,293		3,496		39,468		(18,069	)		113,487			1,087,739		3,495			—
New Perspective Fund, Class R-6		849,143		38,216		—		—			95,120			982,479		10,190			28,026
														7,794,848
Growth-and-income funds 29%
Capital World Growth and Income Fund, Class R-6		2,511,401		31,681		61,182		(12,788	)		350,584			2,819,696		31,681			—
American Mutual Fund, Class R-6		2,548,210		192,878		547		(2	)		35,061			2,775,600		33,740			72,368
Washington Mutual Investors Fund, Class R-6		1,836,272		74,268		8,151		(889	)		56,488			1,957,988		24,411			26,356
Fundamental Investors, Class R-6		1,552,410		40,358		15,210		(2,600	)		127,951			1,702,909		18,761			21,597
The Investment Company of America, Class R-6		1,242,796		51,487		—		—			100,453			1,394,736		11,500			39,987
International Growth and Income Fund, Class R-6		695,014		16,753		21,447		(6,644	)		157,444			841,120		7,765			8,988
														11,492,049
Equity-income funds 8%
Capital Income Builder, Class R-6		1,422,896		39,271		—		—			108,403			1,570,570		34,037			—
The Income Fund of America, Class R-6		1,432,570		118,988		—		—			16,542			1,568,100		30,673			51,313
														3,138,670
Balanced funds 13%
American Balanced Fund, Class R-6		2,851,343		139,767		—		—			172,902			3,164,012		33,958			—
American Funds Global Balanced Fund, Class R-6		1,762,993		21,281		—		—			190,660			1,974,934		15,452			—
														5,138,946
Fixed income funds 31%
American Funds Inflation Linked Bond Fund, Class R-6		1,954,045		361,976		2,578		(283	)		(52,178	)		2,260,982		127,210			—
American Funds Mortgage Fund, Class R-6		1,732,996		178,076		2,929		(360	)		81,287			1,989,070		35,549			—
U.S. Government Securities Fund, Class R-6		1,734,226		183,842		3,753		(325	)		74,735			1,988,725		28,677			—
The Bond Fund of America, Class R-6		1,451,556		417,148		—		—			73,662			1,942,366		28,866			—
Intermediate Bond Fund of America, Class R-6		1,451,530		237,667		—		—			50,975			1,740,172		25,395			—
American Funds Multi-Sector Income Fund, Class R-6		1,051,361		82,983		—		—			43,673			1,178,017		33,114			—
Capital World Bond Fund, Class R-63		690,597		46,474		14,188		4,882			64,545			792,310		(4,427	)		—
American Funds Strategic Bond Fund, Class R-63		680,522		87,126		395		—			21,040			788,293		28,989			—
														12,679,935
Total 100%							$	(39,625	)	$	2,414,815		$	40,244,448	$	589,648		$	308,504

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.
3	A portion of the fund’s income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and dividend income amounts reflect the return of capital distribution.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 21

American Funds 2025 Target Date Retirement Fund	unaudited
Investment portfolio April 30, 2023

Growth funds 10%	Shares		Value (000)
AMCAP Fund, Class R-61		38,043,252	$	1,302,981
American Funds Global Insight Fund, Class R-6		49,503,881		994,533
The Growth Fund of America, Class R-6		8,077,767		448,316
New Perspective Fund, Class R-6		4,819,519		254,374
SMALLCAP World Fund, Inc., Class R-6		4,070,935		254,067
				3,254,271
Growth-and-income funds 26%
Capital World Growth and Income Fund, Class R-6		37,783,003		2,092,801
American Mutual Fund, Class R-6		40,239,571		1,993,871
Washington Mutual Investors Fund, Class R-6		29,338,954		1,566,993
The Investment Company of America, Class R-6		22,353,781		998,767
Fundamental Investors, Class R-6		15,245,515		987,757
International Growth and Income Fund, Class R-6		13,803,650		481,057
				8,121,246
Equity-income funds 11%
The Income Fund of America, Class R-6		87,720,078		2,018,439
Capital Income Builder, Class R-6		22,493,243		1,462,286
				3,480,725
Balanced funds 12%
American Balanced Fund, Class R-6		84,292,096		2,517,806
American Funds Global Balanced Fund, Class R-6		42,262,583		1,448,761
				3,966,567
Fixed income funds 41%
The Bond Fund of America, Class R-6		205,182,040		2,386,267
American Funds Inflation Linked Bond Fund, Class R-6		242,561,211		2,272,799
American Funds Mortgage Fund, Class R-6		190,983,074		1,749,405
Intermediate Bond Fund of America, Class R-6		137,739,958		1,743,788

22 American Funds Target Date Retirement Series

American Funds 2025 Target Date Retirement Fund (continued)

Fixed income funds (continued)	Shares		Value (000)
U.S. Government Securities Fund, Class R-6		122,936,191	$	1,539,161
American Funds Multi-Sector Income Fund, Class R-6		122,339,907		1,113,293
American Funds Strategic Bond Fund, Class R-6		82,167,273		797,844
Capital World Bond Fund, Class R-6		37,573,427		619,962
American High-Income Trust, Class R-6		66,082,005		607,954
				12,830,473
Total investment securities 100% (cost: $30,390,777,000)				31,653,282
Other assets less liabilities 0%				(5,059	)
Net assets 100%			$	31,648,223

American Funds Target Date Retirement Series 23

American Funds 2025 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 4/30/2023 (000)		Dividend income (000)			Capital gain distributions received (000)
Growth funds 10%
AMCAP Fund, Class R-61	$	1,250,541	$	—	$	93,632	$	(21,567	)	$	167,639		$	1,302,981	$	—		$	—
American Funds Global Insight Fund, Class R-6		880,241		13,574		24,764		(2,441	)		127,923			994,533		13,574			—
The Growth Fund of America, Class R-6		491,926		20,463		87,592		14,678			8,841			448,316		3,327			17,136
New Perspective Fund, Class R-6		255,374		11,493		38,959		9,185			17,281			254,374		3,064			8,429
SMALLCAP World Fund, Inc., Class R-6		257,505		875		27,928		(13,323	)		36,938			254,067		875			—
														3,254,271
Growth-and-income funds 26%
Capital World Growth and Income Fund, Class R-6		1,897,791		23,461		81,689		(13,592	)		266,830			2,092,801		23,461			—
American Mutual Fund, Class R-6		1,924,626		79,486		32,202		346			21,615			1,993,871		25,126			54,359
Washington Mutual Investors Fund, Class R-6		1,514,447		41,587		33,346		(1,104	)		45,409			1,566,993		19,949			21,638
The Investment Company of America, Class R-6		890,883		36,903		948		(25	)		71,954			998,767		8,239			28,664
Fundamental Investors, Class R-6		891,864		23,218		—		—			72,675			987,757		10,810			12,408
International Growth and Income Fund, Class R-6		413,533		9,806		30,320		(5,381	)		93,419			481,057		4,506			5,300
														8,121,246
Equity-income funds 11%
The Income Fund of America, Class R-6		1,850,643		146,039		—		—			21,757			2,018,439		39,452			66,288
Capital Income Builder, Class R-6		1,329,386		31,800		—		—			101,100			1,462,286		31,800			—
														3,480,725
Balanced funds 12%
American Balanced Fund, Class R-6		2,350,316		27,651		—		—			139,839			2,517,806		27,651			—
American Funds Global Balanced Fund, Class R-6		1,297,288		11,353		—		—			140,120			1,448,761		11,353			—
														3,966,567
Fixed income funds 41%
The Bond Fund of America, Class R-6		2,156,407		123,295		—		—			106,565			2,386,267		39,244			—
American Funds Inflation Linked Bond Fund, Class R-6		2,042,686		285,732		—		—			(55,619	)		2,272,799		132,145			—
American Funds Mortgage Fund, Class R-6		1,578,041		98,314		—		—			73,050			1,749,405		31,586			—
Intermediate Bond Fund of America, Class R-6		1,592,025		97,610		—		—			54,153			1,743,788		26,460			—
U.S. Government Securities Fund, Class R-6		1,419,117		60,215		—		—			59,829			1,539,161		22,546			—
American Funds Multi-Sector Income Fund, Class R-6		1,031,867		38,754		—		—			42,672			1,113,293		31,852			—
American Funds Strategic Bond Fund, Class R-63		717,624		58,682		411		—			21,949			797,844		29,927			—
Capital World Bond Fund, Class R-63		567,533		7,815		11,764		4,066			52,312			619,962		(3,949	)		—
American High-Income Trust, Class R-6		500,719		96,752		—		—			10,483			607,954		17,410			—
														12,830,473
Total 100%							$	(29,158	)	$	1,698,734		$	31,653,282	$	550,408		$	214,222

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.
3	A portion of the fund’s income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and dividend income amounts reflect the return of capital distribution.

Refer to the notes to financial statements.

24 American Funds Target Date Retirement Series

American Funds 2020 Target Date Retirement Fund	unaudited
Investment portfolio April 30, 2023

Growth funds 4%	Shares		Value (000)
American Funds Global Insight Fund, Class R-6		19,108,904	$	383,898
AMCAP Fund, Class R-61		7,912,184		270,992
				654,890
Growth-and-income funds 23%
American Mutual Fund, Class R-6		19,836,131		982,880
Capital World Growth and Income Fund, Class R-6		15,682,057		868,629
Washington Mutual Investors Fund, Class R-6		15,367,907		820,800
The Investment Company of America, Class R-6		11,061,937		494,248
Fundamental Investors, Class R-6		7,628,304		494,238
International Growth and Income Fund, Class R-6		1,496,050		52,137
				3,712,932
Equity-income funds 16%
The Income Fund of America, Class R-6		74,906,851		1,723,607
Capital Income Builder, Class R-6		14,461,705		940,155
				2,663,762
Balanced funds 12%
American Balanced Fund, Class R-6		44,074,921		1,316,518
American Funds Global Balanced Fund, Class R-6		19,274,758		660,739
				1,977,257
Fixed income funds 45%
The Bond Fund of America, Class R-6		111,895,483		1,301,344
American Funds Inflation Linked Bond Fund, Class R-6		137,732,822		1,290,557
Intermediate Bond Fund of America, Class R-6		77,134,795		976,527
American Funds Mortgage Fund, Class R-6		106,470,086		975,266
U.S. Government Securities Fund, Class R-6		64,970,247		813,427
American Funds Multi-Sector Income Fund, Class R-6		72,084,160		655,966
American High-Income Trust, Class R-6		53,600,863		493,128
American Funds Strategic Bond Fund, Class R-6		50,213,436		487,572
Capital World Bond Fund, Class R-6		19,725,938		325,478
				7,319,265
Total investment securities 100% (cost: $15,466,670,000)				16,328,106
Other assets less liabilities 0%				(2,728	)
Net assets 100%			$	16,325,378

American Funds Target Date Retirement Series 25

American Funds 2020 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 4/30/2023 (000)		Dividend income (000)			Capital gain distributions received (000)
Growth funds 4%
American Funds Global Insight Fund, Class R-6	$	388,275	$	5,898	$	62,658	$	(6,283	)	$	58,666		$	383,898	$	5,898		$	—
AMCAP Fund, Class R-61		291,026		—		52,307		(15,951	)		48,224			270,992		—			—
														654,890
Growth-and-income funds 23%
American Mutual Fund, Class R-6		952,555		44,454		25,625		2,989			8,507			982,880		12,382			26,670
Capital World Growth and Income Fund, Class R-6		853,524		19,464		116,485		(19,354	)		131,480			868,629		10,191			—
Washington Mutual Investors Fund, Class R-6		795,705		27,335		26,016		2,882			20,894			820,800		10,419			11,245
The Investment Company of America, Class R-6		480,996		21,454		46,063		694			37,167			494,248		4,237			15,092
Fundamental Investors, Class R-6		480,395		14,888		39,551		(2,983	)		41,489			494,238		5,604			6,527
International Growth and Income Fund, Class R-6		65,675		1,419		28,340		4,252			9,131			52,137		614			805
														3,712,932
Equity-income funds 16%
The Income Fund of America, Class R-6		1,636,442		102,933		33,684		(1,124	)		19,040			1,723,607		34,479			58,225
Capital Income Builder, Class R-6		881,336		20,628		28,191		617			65,765			940,155		20,629			—
														2,663,762
Balanced funds 12%
American Balanced Fund, Class R-6		1,277,295		14,706		50,472		(3,654	)		78,643			1,316,518		14,706			—
American Funds Global Balanced Fund, Class R-6		633,088		5,335		44,620		(6,461	)		73,397			660,739		5,335			—
														1,977,257
Fixed income funds 45%
The Bond Fund of America, Class R-6		1,232,622		26,485		18,103		(1,368	)		61,708			1,301,344		21,986			—
American Funds Inflation Linked Bond Fund, Class R-6		1,234,382		123,436		34,673		(3,555	)		(29,033	)		1,290,557		77,827			—
Intermediate Bond Fund of America, Class R-6		924,988		32,755		12,391		(489	)		31,664			976,527		15,116			—
American Funds Mortgage Fund, Class R-6		923,461		21,566		12,144		(820	)		43,203			975,266		18,079			—
U.S. Government Securities Fund, Class R-6		770,576		19,633		9,012		(668	)		32,898			813,427		12,101			—
American Funds Multi-Sector Income Fund, Class R-6		627,029		19,222		16,020		(402	)		26,137			655,966		19,221			—
American High-Income Trust, Class R-6		475,957		15,659		7,993		(73	)		9,578			493,128		15,659			—
American Funds Strategic Bond Fund, Class R-63		455,765		20,852		2,651		(24	)		13,630			487,572		18,888			—
Capital World Bond Fund, Class R-63		304,376		4,191		13,406		1,057			29,260			325,478		(2,227	)		—
														7,319,265
Total 100%							$	(50,718	)	$	811,448		$	16,328,106	$	321,144		$	118,564

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.
3	A portion of the fund’s income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and dividend income amounts reflect the return of capital distribution.

Refer to the notes to financial statements.

26 American Funds Target Date Retirement Series

American Funds 2015 Target Date Retirement Fund	unaudited
Investment portfolio April 30, 2023

Growth funds 1%	Shares		Value (000)
American Funds Global Insight Fund, Class R-6		1,628,430	$	32,715
AMCAP Fund, Class R-61		499,855		17,120
				49,835
Growth-and-income funds 21%
American Mutual Fund, Class R-6		6,268,359		310,597
Capital World Growth and Income Fund, Class R-6		4,676,234		259,017
Washington Mutual Investors Fund, Class R-6		4,184,572		223,498
The Investment Company of America, Class R-6		3,511,357		156,887
Fundamental Investors, Class R-6		1,855,344		120,208
				1,070,207
Equity-income funds 19%
The Income Fund of America, Class R-6		28,383,467		653,103
Capital Income Builder, Class R-6		4,804,470		312,339
				965,442
Balanced funds 11%
American Balanced Fund, Class R-6		12,705,399		379,510
American Funds Global Balanced Fund, Class R-6		6,071,081		208,117
				587,627
Fixed income funds 48%
The Bond Fund of America, Class R-6		38,415,892		446,777
Intermediate Bond Fund of America, Class R-6		32,460,629		410,951
American Funds Inflation Linked Bond Fund, Class R-6		43,659,952		409,094
American Funds Mortgage Fund, Class R-6		33,880,251		310,343
American Funds Multi-Sector Income Fund, Class R-6		23,025,809		209,535
American Funds Strategic Bond Fund, Class R-6		19,066,870		185,139
Short-Term Bond Fund of America, Class R-6		18,143,826		172,911
American High-Income Trust, Class R-6		17,182,896		158,083
Capital World Bond Fund, Class R-6		6,364,560		105,015
U.S. Government Securities Fund, Class R-6		7,083,389		88,684
				2,496,532
Total investment securities 100% (cost: $4,826,030,000)				5,169,643
Other assets less liabilities 0%				(888	)
Net assets 100%			$	5,168,755

American Funds Target Date Retirement Series 27

American Funds 2015 Target Date Retirement Fund (continued)

Investments in affiliates²

	Value of affiliates at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 4/30/2023 (000)		Dividend income (000)			Capital gain distributions received (000)
Growth funds 1%
American Funds Global Insight Fund, Class R-6	$	43,193	$	666	$	16,384	$	(1,456	)	$	6,696		$	32,715	$	666		$	—
AMCAP Fund, Class R-61		21,963		—		7,078		(2,324	)		4,559			17,120		—			—
														49,835
Growth-and-income funds 21%
American Mutual Fund, Class R-6		302,908		15,467		11,493		1,401			2,314			310,597		3,921			8,449
Capital World Growth and Income Fund, Class R-6		251,246		5,694		30,959		(4,141	)		37,177			259,017		2,996			—
Washington Mutual Investors Fund, Class R-6		223,134		7,416		13,679		1,759			4,868			223,498		2,887			3,128
The Investment Company of America, Class R-6		152,650		6,706		14,445		315			11,661			156,887		1,339			4,773
Fundamental Investors, Class R-6		122,728		3,343		15,534		1,943			7,728			120,208		1,412			1,656
														1,070,207
Equity-income funds 19%
The Income Fund of America, Class R-6		640,569		37,280		31,732		(6	)		6,992			653,103		13,140			22,266
Capital Income Builder, Class R-6		302,576		7,716		20,535		1,248			21,334			312,339		6,932			—
														965,442
Balanced funds 11%
American Balanced Fund, Class R-6		378,365		5,356		26,364		(2,128	)		24,281			379,510		4,294			—
American Funds Global Balanced Fund, Class R-6		200,354		1,814		15,194		(2,271	)		23,414			208,117		1,687			—
														587,627
Fixed income funds 48%
The Bond Fund of America, Class R-6		418,159		8,491		331		(46	)		20,504			446,777		7,473			—
Intermediate Bond Fund of America, Class R-6		376,839		22,636		1,374		15			12,835			410,951		6,254			—
American Funds Inflation Linked Bond Fund, Class R-6		390,646		33,207		4,485		(467	)		(9,807	)		409,094		24,520			—
American Funds Mortgage Fund, Class R-6		294,023		5,747		2,893		(301	)		13,767			310,343		5,747			—
American Funds Multi-Sector Income Fund, Class R-6		199,780		6,133		4,586		(115	)		8,323			209,535		6,133			—
American Funds Strategic Bond Fund, Class R-63		171,623		8,479		99		—			5,136			185,139		7,117			—
Short-Term Bond Fund of America, Class R-6		139,988		30,851		—		—			2,072			172,911		2,193			—
American High-Income Trust, Class R-6		153,978		5,060		4,001		(330	)		3,376			158,083		5,060			—
Capital World Bond Fund, Class R-63		97,319		1,340		3,323		496			9,183			105,015		(695	)		—
U.S. Government Securities Fund, Class R-6		103,169		1,505		20,153		(2,460	)		6,623			88,684		1,505			—
														2,496,532
Total 100%							$	(8,868	)	$	223,036		$	5,169,643	$	104,581		$	40,272

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.
3	A portion of the fund’s income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and dividend income amounts reflect the return of capital distribution.

Refer to the notes to financial statements.

28 American Funds Target Date Retirement Series

American Funds 2010 Target Date Retirement Fund	unaudited
Investment portfolio April 30, 2023

Growth-and-income funds 17%	Shares		Value (000)
American Mutual Fund, Class R-6		4,316,314	$	213,873
Washington Mutual Investors Fund, Class R-6		3,023,618		161,491
Capital World Growth and Income Fund, Class R-6		2,624,510		145,372
The Investment Company of America, Class R-6		2,712,571		121,198
Fundamental Investors, Class R-6		813,370		52,698
				694,632
Equity-income funds 23%
The Income Fund of America, Class R-6		28,923,997		665,541
Capital Income Builder, Class R-6		4,160,433		270,470
				936,011
Balanced funds 10%
American Balanced Fund, Class R-6		9,476,991		283,078
American Funds Global Balanced Fund, Class R-6		3,068,525		105,189
				388,267
Fixed income funds 50%
Intermediate Bond Fund of America, Class R-6		32,916,023		416,717
The Bond Fund of America, Class R-6		33,470,144		389,258
American Funds Inflation Linked Bond Fund, Class R-6		31,160,168		291,971
Short-Term Bond Fund of America, Class R-6		29,543,956		281,554
American Funds Mortgage Fund, Class R-6		29,230,918		267,755
American Funds Strategic Bond Fund, Class R-6		16,522,552		160,434
American Funds Multi-Sector Income Fund, Class R-6		14,921,049		135,782
American High-Income Trust, Class R-6		4,313,187		39,681
Capital World Bond Fund, Class R-6		1,655,546		27,316
				2,010,468
Total investment securities 100% (cost: $3,874,611,000)				4,029,378
Other assets less liabilities 0%				(639	)
Net assets 100%			$	4,028,739

American Funds Target Date Retirement Series 29

American Funds 2010 Target Date Retirement Fund (continued)

Investments in affiliates¹

	Value of affiliates at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 4/30/2023 (000)		Dividend income (000)			Capital gain distributions received (000)
Growth-and-income funds 17%
American Mutual Fund, Class R-6	$	211,781	$	13,101	$	13,683	$	158		$	2,516		$	213,873	$	2,734		$	5,887
Washington Mutual Investors Fund, Class R-6		157,243		10,064		10,704		429			4,459			161,491		2,048			2,204
Capital World Growth and Income Fund, Class R-6		149,253		4,971		28,242		(1,802	)		21,192			145,372		1,749			—
The Investment Company of America, Class R-6		118,285		7,880		14,384		139			9,278			121,198		1,038			3,686
Fundamental Investors, Class R-6		55,960		2,137		9,774		1,219			3,156			52,698		638			750
														694,632
Equity-income funds 23%
The Income Fund of America, Class R-6		628,579		63,653		34,268		(2,587	)		10,164			665,541		12,997			21,835
Capital Income Builder, Class R-6		258,719		7,158		14,837		(646	)		20,076			270,470		5,924			—
														936,011
Balanced funds 10%
American Balanced Fund, Class R-6		276,120		4,919		14,288		(1,232	)		17,559			283,078		3,163			—
American Funds Global Balanced Fund, Class R-6		112,503		1,265		20,095		(3,043	)		14,559			105,189		901			—
														388,267
Fixed income funds 50%
Intermediate Bond Fund of America, Class R-6		394,003		20,730		11,248		(396	)		13,628			416,717		6,424			—
The Bond Fund of America, Class R-6		370,578		10,655		10,063		(1,371	)		19,459			389,258		6,561			—
American Funds Inflation Linked Bond Fund, Class R-6		284,962		22,979		8,443		(1,124	)		(6,403	)		291,971		17,908			—
Short-Term Bond Fund of America, Class R-6		261,574		23,261		6,954		(191	)		3,864			281,554		3,861			—
American Funds Mortgage Fund, Class R-6		252,619		8,142		4,611		(548	)		12,153			267,755		4,950			—
American Funds Strategic Bond Fund, Class R-62		151,241		7,748		3,090		(146	)		4,681			160,434		6,291			—
American Funds Multi-Sector Income Fund, Class R-6		131,973		3,986		5,631		(100	)		5,554			135,782		3,985			—
American High-Income Trust, Class R-6		48,240		1,456		11,048		(806	)		1,839			39,681		1,456			—
Capital World Bond Fund, Class R-62		31,869		401		8,229		(795	)		4,070			27,316		(354	)		—
														2,010,468
Total 100%							$	(12,842	)	$	161,804		$	4,029,378	$	82,274		$	34,362

1	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
2	A portion of the fund’s income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and dividend income amounts reflect the return of capital distribution.

Refer to the notes to financial statements.

30 American Funds Target Date Retirement Series

Financial statements
Statements of assets and liabilities	unaudited
at April 30, 2023	(dollars in thousands)

	2065 Fund			2060 Fund		2055 Fund		2050 Fund		2045 Fund
Assets:
Investment securities of affiliated issuers, at value	$	1,258,076		$	8,113,158	$	14,961,120	$	22,757,532	$	25,915,334
Receivables for:
Sales of investments		—			—		—		—		—
Sales of fund’s shares		6,503			22,137		28,473		35,046		36,367
Dividends		190			1,251		2,322		3,543		4,044
Total assets		1,264,769			8,136,546		14,991,915		22,796,121		25,955,745
Liabilities:
Payables for:
Purchases of investments		5,966			18,164		20,478		26,929		22,567
Repurchases of fund’s shares		726			5,230		10,312		12,161		17,858
Services provided by related parties		243			1,153		2,114		3,226		3,795
Trustees’ deferred compensation		1			23		55		98		114
Total liabilities		6,936			24,570		32,959		42,414		44,334
Net assets at April 30, 2023	$	1,257,833		$	8,111,976	$	14,958,956	$	22,753,707	$	25,911,411
Net assets consist of:
Capital paid in on shares of beneficial interest	$	1,294,934		$	8,038,065	$	14,431,257	$	21,390,380	$	24,133,832
Total (accumulated loss) distributable earnings		(37,101	)		73,911		527,699		1,363,327		1,777,579
Net assets at April 30, 2023	$	1,257,833		$	8,111,976	$	14,958,956	$	22,753,707	$	25,911,411
Investment securities of affiliated issuers, at cost	$	1,306,570		$	8,127,912	$	14,594,757	$	21,645,852	$	24,427,692

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 31

Financial statements (continued)
Statements of assets and liabilities	unaudited
at April 30, 2023 (continued)	(dollars in thousands)

	2040 Fund		2035 Fund		2030 Fund		2025 Fund		2020 Fund
Assets:
Investment securities of affiliated issuers, at value	$	31,902,491	$	35,894,354	$	40,244,448	$	31,653,282	$	16,328,106
Receivables for:
Sales of investments		—		—		—		2,895		1,250
Sales of fund’s shares		34,840		41,674		40,202		25,767		12,854
Dividends		7,141		16,479		29,886		32,036		18,714
Total assets		31,944,472		35,952,507		40,314,536		31,713,980		16,360,924
Liabilities:
Payables for:
Purchases of investments		24,633		33,436		43,305		32,036		18,714
Repurchases of fund’s shares		17,288		24,742		26,685		28,647		14,102
Services provided by related parties		4,583		5,461		6,114		4,887		2,600
Trustees’ deferred compensation		152		173		210		187		130
Total liabilities		46,656		63,812		76,314		65,757		35,546
Net assets at April 30, 2023	$	31,897,816	$	35,888,695	$	40,238,222	$	31,648,223	$	16,325,378
Net assets consist of:
Capital paid in on shares of beneficial interest	$	29,343,605	$	33,303,436	$	38,126,467	$	30,061,791	$	15,313,940
Total (accumulated loss) distributable earnings		2,554,211		2,585,259		2,111,755		1,586,432		1,011,438
Net assets at April 30, 2023	$	31,897,816	$	35,888,695	$	40,238,222	$	31,648,223	$	16,325,378
Investment securities of affiliated issuers, at cost	$	29,694,491	$	33,690,248	$	38,531,787	$	30,390,777	$	15,466,670

Refer to the notes to financial statements.

32 American Funds Target Date Retirement Series

Financial statements (continued)
Statements of assets and liabilities	unaudited
at April 30, 2023 (continued)	(dollars in thousands)

	2015 Fund		2010 Fund
Assets:
Investment securities of affiliated issuers, at value	$	5,169,643	$	4,029,378
Receivables for:
Sales of investments		—		1,242
Sales of fund’s shares		3,989		2,157
Dividends		6,289		5,010
Total assets		5,179,921		4,037,787
Liabilities:
Payables for:
Purchases of investments		7,013		5,010
Repurchases of fund’s shares		3,219		3,399
Services provided by related parties		885		604
Trustees’ deferred compensation		49		35
Total liabilities		11,166		9,048
Net assets at April 30, 2023	$	5,168,755	$	4,028,739
Net assets consist of:
Capital paid in on shares of beneficial interest	$	4,769,391	$	3,833,263
Total (accumulated loss) distributable earnings		399,364		195,476
Net assets at April 30, 2023	$	5,168,755	$	4,028,739
Investment securities of affiliated issuers, at cost	$	4,826,030	$	3,874,611

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 33

Financial statements (continued)
Statements of assets and liabilities	unaudited
at April 30, 2023 (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	$	158,448	$	743,267	$	1,213,515	$	1,905,349	$	2,112,636
	Shares outstanding		11,341		51,597		57,077		111,977		121,554
	Net asset value per share	$	13.97	$	14.41	$	21.26	$	17.02	$	17.38
Class C:	Net assets	$	12,161	$	80,549	$	98,287	$	147,667	$	152,507
	Shares outstanding		879		5,705		4,744		8,924		9,004
	Net asset value per share	$	13.83	$	14.12	$	20.72	$	16.55	$	16.94
Class T:	Net assets	$	14	$	13	$	13	$	13	$	13
	Shares outstanding		1		1		1		1		1
	Net asset value per share	$	14.05	$	14.47	$	21.31	$	17.05	$	17.41
Class F-1:	Net assets	$	2,477	$	34,357	$	52,358	$	79,675	$	98,383
	Shares outstanding		177		2,384		2,480		4,722		5,707
	Net asset value per share	$	13.99	$	14.41	$	21.11	$	16.87	$	17.24
Class F-2:	Net assets	$	9,882	$	54,676	$	63,875	$	100,337	$	128,461
	Shares outstanding		704		3,772		3,001		5,898		7,385
	Net asset value per share	$	14.04	$	14.50	$	21.29	$	17.01	$	17.39
Class F-3:	Net assets	$	445	$	9,773	$	12,142	$	14,538	$	10,714
	Shares outstanding		32		675		569		852		615
	Net asset value per share	$	14.05	$	14.47	$	21.33	$	17.06	$	17.42
Class R-1:	Net assets	$	799	$	6,626	$	10,853	$	18,828	$	25,975
	Shares outstanding		57		468		527		1,139		1,537
	Net asset value per share	$	13.92	$	14.15	$	20.57	$	16.53	$	16.90
Class R-2:	Net assets	$	85,462	$	316,610	$	560,707	$	806,955	$	1,024,148
	Shares outstanding		6,180		22,439		27,185		48,813		60,827
	Net asset value per share	$	13.83	$	14.11	$	20.63	$	16.53	$	16.84
Class R-2E:	Net assets	$	9,202	$	68,519	$	128,371	$	197,265	$	244,728
	Shares outstanding		661		4,811		6,159		11,840		14,375
	Net asset value per share	$	13.91	$	14.24	$	20.84	$	16.66	$	17.02
Class R-3:	Net assets	$	102,538	$	451,455	$	811,006	$	1,282,271	$	1,424,954
	Shares outstanding		7,362		31,588		38,668		76,473		83,258
	Net asset value per share	$	13.93	$	14.29	$	20.97	$	16.77	$	17.12
Class R-4:	Net assets	$	62,479	$	403,026	$	823,821	$	1,222,353	$	1,371,071
	Shares outstanding		4,469		27,955		38,809		72,004		79,031
	Net asset value per share	$	13.98	$	14.42	$	21.23	$	16.98	$	17.35
Class R-5E:	Net assets	$	54,145	$	262,978	$	446,025	$	672,922	$	797,474
	Shares outstanding		3,862		18,219		21,040		39,677		46,057
	Net asset value per share	$	14.02	$	14.43	$	21.20	$	16.96	$	17.32
Class R-5:	Net assets	$	19,929	$	110,607	$	245,705	$	346,642	$	378,896
	Shares outstanding		1,419		7,614		11,434		20,150		21,543
	Net asset value per share	$	14.04	$	14.53	$	21.49	$	17.20	$	17.59
Class R-6:	Net assets	$	739,852	$	5,569,520	$	10,492,278	$	15,958,892	$	18,141,451
	Shares outstanding		52,653		383,001		487,531		931,228		1,036,217
	Net asset value per share	$	14.05	$	14.54	$	21.52	$	17.14	$	17.51

Refer to the notes to financial statements.

34 American Funds Target Date Retirement Series

Financial statements (continued)
Statements of assets and liabilities	unaudited
at April 30, 2023 (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	$	2,723,770	$	3,181,414	$	3,877,312	$	3,678,403	$	2,327,689
	Shares outstanding		159,930		193,578		252,817		260,929		183,664
	Net asset value per share	$	17.03	$	16.43	$	15.34	$	14.10	$	12.67
Class C:	Net assets	$	177,571	$	201,473	$	238,633	$	209,415	$	126,560
	Shares outstanding		10,689		12,547		15,934		15,196		10,190
	Net asset value per share	$	16.61	$	16.06	$	14.98	$	13.78	$	12.42
Class T:	Net assets	$	13	$	12	$	12	$	11	$	11
	Shares outstanding		1		1		1		1		1
	Net asset value per share	$	17.06	$	16.46	$	15.36	$	14.12	$	12.68
Class F-1:	Net assets	$	152,724	$	187,965	$	164,447	$	102,165	$	42,678
	Shares outstanding		9,040		11,522		10,820		7,309		3,392
	Net asset value per share	$	16.89	$	16.31	$	15.20	$	13.98	$	12.58
Class F-2:	Net assets	$	167,734	$	219,262	$	301,984	$	254,829	$	150,423
	Shares outstanding		9,851		13,340		19,699		18,094		11,889
	Net asset value per share	$	17.03	$	16.44	$	15.33	$	14.08	$	12.65
Class F-3:	Net assets	$	18,285	$	31,916	$	38,708	$	34,741	$	21,406
	Shares outstanding		1,071		1,938		2,519		2,460		1,687
	Net asset value per share	$	17.07	$	16.47	$	15.37	$	14.12	$	12.69
Class R-1:	Net assets	$	33,150	$	34,473	$	45,102	$	26,810	$	9,049
	Shares outstanding		1,996		2,163		2,994		1,939		722
	Net asset value per share	$	16.61	$	15.94	$	15.06	$	13.82	$	12.54
Class R-2:	Net assets	$	1,192,573	$	1,408,093	$	1,379,112	$	1,101,020	$	503,476
	Shares outstanding		72,053		88,041		92,306		80,066		40,509
	Net asset value per share	$	16.55	$	15.99	$	14.94	$	13.75	$	12.43
Class R-2E:	Net assets	$	288,264	$	344,529	$	410,312	$	311,995	$	164,631
	Shares outstanding		17,268		21,417		27,285		22,558		13,234
	Net asset value per share	$	16.69	$	16.09	$	15.04	$	13.83	$	12.44
Class R-3:	Net assets	$	1,801,229	$	2,109,694	$	2,377,476	$	1,806,096	$	888,666
	Shares outstanding		107,131		130,096		156,959		129,664		70,757
	Net asset value per share	$	16.81	$	16.22	$	15.15	$	13.93	$	12.56
Class R-4:	Net assets	$	1,733,908	$	1,995,629	$	2,383,564	$	1,831,533	$	971,423
	Shares outstanding		102,023		121,705		155,708		130,138		76,715
	Net asset value per share	$	17.00	$	16.40	$	15.31	$	14.07	$	12.66
Class R-5E:	Net assets	$	1,006,675	$	1,014,811	$	1,181,603	$	942,497	$	487,494
	Shares outstanding		59,301		61,909		77,279		67,052		38,607
	Net asset value per share	$	16.98	$	16.39	$	15.29	$	14.06	$	12.63
Class R-5:	Net assets	$	450,763	$	559,234	$	607,616	$	478,568	$	234,813
	Shares outstanding		26,177		33,670		39,204		33,621		18,363
	Net asset value per share	$	17.22	$	16.61	$	15.50	$	14.23	$	12.79
Class R-6:	Net assets	$	22,151,157	$	24,600,190	$	27,232,341	$	20,870,140	$	10,397,059
	Shares outstanding		1,291,929		1,487,959		1,765,761		1,471,255		816,206
	Net asset value per share	$	17.15	$	16.53	$	15.42	$	14.19	$	12.74

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 35

Financial statements (continued)
Statements of assets and liabilities	unaudited
at April 30, 2023 (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	$	865,171	$	573,145
	Shares outstanding		73,877		51,254
	Net asset value per share	$	11.71	$	11.18
Class C:	Net assets	$	32,183	$	23,576
	Shares outstanding		2,792		2,142
	Net asset value per share	$	11.53	$	11.00
Class T:	Net assets	$	11	$	11
	Shares outstanding		1		1
	Net asset value per share	$	11.71	$	11.18
Class F-1:	Net assets	$	12,474	$	10,892
	Shares outstanding		1,073		980
	Net asset value per share	$	11.63	$	11.11
Class F-2:	Net assets	$	49,046	$	44,267
	Shares outstanding		4,196		3,968
	Net asset value per share	$	11.69	$	11.16
Class F-3:	Net assets	$	7,216	$	9,067
	Shares outstanding		616		811
	Net asset value per share	$	11.72	$	11.19
Class R-1:	Net assets	$	5,908	$	2,395
	Shares outstanding		513		215
	Net asset value per share	$	11.51	$	11.15
Class R-2:	Net assets	$	163,098	$	82,551
	Shares outstanding		14,159		7,486
	Net asset value per share	$	11.52	$	11.03
Class R-2E:	Net assets	$	54,095	$	46,539
	Shares outstanding		4,702		4,233
	Net asset value per share	$	11.51	$	10.99
Class R-3:	Net assets	$	302,228	$	200,623
	Shares outstanding		26,015		18,061
	Net asset value per share	$	11.62	$	11.11
Class R-4:	Net assets	$	245,829	$	227,261
	Shares outstanding		21,003		20,346
	Net asset value per share	$	11.70	$	11.17
Class R-5E:	Net assets	$	131,585	$	111,876
	Shares outstanding		11,285		10,048
	Net asset value per share	$	11.66	$	11.13
Class R-5:	Net assets	$	81,361	$	60,409
	Shares outstanding		6,895		5,364
	Net asset value per share	$	11.80	$	11.26
Class R-6:	Net assets	$	3,218,550	$	2,636,127
	Shares outstanding		274,064		234,966
	Net asset value per share	$	11.74	$	11.22

Refer to the notes to financial statements.

36 American Funds Target Date Retirement Series

Financial statements (continued)
Statements of operations	unaudited
for the six months ended April 30, 2023	(dollars in thousands)

	2065 Fund			2060 Fund			2055 Fund			2050 Fund			2045 Fund
Investment income:
Income:
Dividends from affiliated issuers	$	8,679		$	64,161		$	123,575		$	201,318		$	243,384
Fees and expenses*:
Distribution services		811			4,032			7,113			10,866			12,717
Transfer agent services		338			1,731			3,124			4,787			5,649
Reports to shareholders		4			31			58			89			102
Registration statement and prospectus		72			322			523			712			809
Trustees’ compensation		3			16			31			47			54
Auditing and legal		—	†		4			6			10			11
Custodian		—	†		2			4			7			8
Other		—	†		2			5			7			8
Total fees and expenses		1,228			6,140			10,864			16,525			19,358
Less reimbursement of fees and expenses:
Miscellaneous fee reimbursement		42			—			—			—			—
Net investment income		7,493			58,021			112,711			184,793			224,026
Net realized gain and unrealized appreciation:
Net realized loss on sale of investments in affiliated issuers		(274	)		(4,087	)		(5,394	)		(15,117	)		(23,840	)
Capital gain distributions received from affiliated issuers		9,984			76,742			144,294			228,349			263,762
		9,710			72,655			138,900			213,232			239,922
Net unrealized appreciation on investments in affiliated issuers		80,743			593,205			1,124,109			1,698,778			1,897,387
Net realized gain and unrealized appreciation		90,453			665,860			1,263,009			1,912,010			2,137,309
Net increase in net assets resulting from operations	$	97,946		$	723,881		$	1,375,720		$	2,096,803		$	2,361,335

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

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 37

Financial statements (continued)
Statements of operations	unaudited
for the six months ended April 30, 2023 (continued)	(dollars in thousands)

	2040 Fund			2035 Fund			2030 Fund			2025 Fund			2020 Fund
Investment income:
Income:
Dividends from affiliated issuers	$	338,890		$	462,662		$	589,648		$	550,408		$	321,144
Fees and expenses*:
Distribution services		15,617			18,533			20,930			17,303			9,229
Transfer agent services		6,976			8,136			9,134			7,584			4,073
Reports to shareholders		127			143			162			130			69
Registration statement and prospectus		938			1,062			1,154			753			263
Trustees’ compensation		67			76			87			70			37
Auditing and legal		14			16			18			15			8
Custodian		9			11			12			10			5
Other		10			12			13			11			6
Total fees and expenses		23,758			27,989			31,510			25,876			13,690
Less reimbursement of fees and expenses:
Miscellaneous fee reimbursement		—			—			—			—			—
Net investment income		315,132			434,673			558,138			524,532			307,454
Net realized gain and unrealized appreciation:
Net realized loss on sale of investments in affiliated issuers		(19,755	)		(30,965	)		(39,625	)		(29,158	)		(50,718	)
Capital gain distributions received from affiliated issuers		319,588			326,305			308,504			214,222			118,564
		299,833			295,340			268,879			185,064			67,846
Net unrealized appreciation on investments in affiliated issuers		2,270,745			2,336,329			2,414,815			1,698,734			811,448
Net realized gain and unrealized appreciation		2,570,578			2,631,669			2,683,694			1,883,798			879,294
Net increase in net assets resulting from operations	$	2,885,710		$	3,066,342		$	3,241,832		$	2,408,330		$	1,186,748

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

Refer to the notes to financial statements.

38 American Funds Target Date Retirement Series

Financial statements (continued)
Statements of operations	unaudited
for the six months ended April 30, 2023 (continued)	(dollars in thousands)

	2015 Fund			2010 Fund
Investment income:
Income:
Dividends from affiliated issuers	$	104,581		$	82,274
Fees and expenses*:
Distribution services		3,111			2,095
Transfer agent services		1,320			910
Reports to shareholders		22			17
Registration statement and prospectus		84			77
Trustees’ compensation		12			9
Auditing and legal		2			2
Custodian		2			1
Other		2			1
Total fees and expenses		4,555			3,112
Less reimbursement of fees and expenses:
Miscellaneous fee reimbursement		—			—
Net investment income		100,026			79,162
Net realized gain and unrealized appreciation:
Net realized loss on sale of investments in affiliated issuers		(8,868	)		(12,842	)
Capital gain distributions received from affiliated issuers		40,272			34,362
		31,404			21,520
Net unrealized appreciation on investments in affiliated issuers		223,036			161,804
Net realized gain and unrealized appreciation		254,440			183,324
Net increase in net assets resulting from operations	$	354,466		$	262,486

*	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.

American Funds Target Date Retirement Series 39

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

	2065 Fund						2060 Fund						2055 Fund
	Six months ended April 30, 2023*			Year ended October 31, 2022			Six months ended April 30, 2023*			Year ended October 31, 2022			Six months ended April 30, 2023*			Year ended October 31, 2022
Operations:
Net investment income	$	7,493		$	5,137		$	58,021		$	61,464		$	112,711		$	129,238
Net realized gain		9,710			27,565			72,655			363,491			138,900			761,466
Net unrealized appreciation (depreciation)		80,743			(166,219	)		593,205			(1,877,718	)		1,124,109			(3,856,917	)
Net increase (decrease) in net assets resulting from operations		97,946			(133,517	)		723,881			(1,452,763	)		1,375,720			(2,966,213	)
Distributions paid to shareholders		(32,146	)		(6,270	)		(400,156	)		(216,856	)		(846,104	)		(539,938	)
Net capital share transactions		422,047			525,311			1,536,433			1,940,398			2,292,848			2,860,873
Total increase (decrease) in net assets		487,847			385,524			1,860,158			270,779			2,822,464			(645,278	)
Net assets:
Beginning of period		769,986			384,462			6,251,818			5,981,039			12,136,492			12,781,770
End of period	$	1,257,833		$	769,986		$	8,111,976		$	6,251,818		$	14,958,956		$	12,136,492
		2050 Fund						2045 Fund						2040 Fund
	Six months ended April 30, 2023*			Year ended October 31, 2022			Six months ended April 30, 2023*			Year ended October 31, 2022			Six months ended April 30, 2023*			Year ended October 31, 2022
Operations:
Net investment income	$	184,793		$	220,597		$	224,026		$	276,163		$	315,132		$	379,560
Net realized gain		213,232			1,198,217			239,922			1,263,511			299,833			1,414,975
Net unrealized appreciation (depreciation)		1,698,778			(6,023,647	)		1,897,387			(6,634,369	)		2,270,745			(7,995,049	)
Net increase (decrease) in net assets resulting from operations		2,096,803			(4,604,833	)		2,361,335			(5,094,695	)		2,885,710			(6,200,514	)
Distributions paid to shareholders		(1,344,821	)		(913,877	)		(1,481,241	)		(1,121,283	)		(1,755,503	)		(1,514,768	)
Net capital share transactions		3,010,762			3,528,684			3,124,247			3,969,831			3,473,728			4,315,033
Total increase (decrease) in net assets		3,762,744			(1,990,026	)		4,004,341			(2,246,147	)		4,603,935			(3,400,249	)
Net assets:
Beginning of period		18,990,963			20,980,989			21,907,070			24,153,217			27,293,881			30,694,130
End of period	$	22,753,707		$	18,990,963		$	25,911,411		$	21,907,070		$	31,897,816		$	27,293,881

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

40 American Funds Target Date Retirement Series

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

	2035 Fund						2030 Fund						2025 Fund
	Six months ended April 30, 2023*			Year ended October 31, 2022			Six months ended April 30, 2023*			Year ended October 31, 2022			Six months ended April 30, 2023*			Year ended October 31, 2022
Operations:
Net investment income	$	434,673		$	497,906		$	558,138		$	666,371		$	524,532		$	649,747
Net realized gain		295,340			1,200,059			268,879			922,153			185,064			505,669
Net unrealized appreciation (depreciation)		2,336,329			(8,229,748	)		2,414,815			(8,273,300	)		1,698,734			(6,124,367	)
Net increase (decrease) in net assets resulting from operations		3,066,342			(6,531,783	)		3,241,832			(6,684,776	)		2,408,330			(4,968,951	)
Distributions paid to shareholders		(1,719,405	)		(1,812,589	)		(1,614,161	)		(2,518,868	)		(1,193,145	)		(2,069,029	)
Net capital share transactions		3,450,060			4,866,968			3,052,240			5,026,021			1,335,800			2,387,245
Total increase (decrease) in net assets		4,796,997			(3,477,404	)		4,679,911			(4,177,623	)		2,550,985			(4,650,735	)
Net assets:
Beginning of period		31,091,698			34,569,102			35,558,311			39,735,934			29,097,238			33,747,973
End of period	$	35,888,695		$	31,091,698		$	40,238,222		$	35,558,311		$	31,648,223		$	29,097,238
	2020 Fund						2015 Fund						2010 Fund
	Six months ended April 30, 2023*			Year ended October 31, 2022			Six months ended April 30, 2023*			Year ended October 31, 2022			Six months ended April 30, 2023*			Year ended October 31, 2022
Operations:
Net investment income	$	307,454		$	412,942		$	100,026		$	133,714		$	79,162		$	99,388
Net realized gain		67,846			233,844			31,404			49,884			21,520			33,283
Net unrealized appreciation (depreciation)		811,448			(2,988,981	)		223,036			(867,043	)		161,804			(603,076	)
Net increase (decrease) in net assets resulting from operations		1,186,748			(2,342,195	)		354,466			(683,445	)		262,486			(470,405	)
Distributions paid to shareholders		(633,028	)		(1,173,411	)		(188,753	)		(294,879	)		(137,515	)		(170,312	)
Net capital share transactions		89,063			(71,246	)		18,789			(34,754	)		8,895			103,374
Total increase (decrease) in net assets		642,783			(3,586,852	)		184,502			(1,013,078	)		133,866			(537,343	)
Net assets:
Beginning of period		15,682,595			19,269,447			4,984,253			5,997,331			3,894,873			4,432,216
End of period	$	16,325,378		$	15,682,595		$	5,168,755		$	4,984,253		$	4,028,739		$	3,894,873

* Unaudited.

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 41

Notes to financial statements unaudited

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.

42 American Funds Target Date Retirement Series

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.

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

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 April 30, 2023, 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.

American Funds Target Date Retirement Series 43

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 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 United States — Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, 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 United States. Investments outside the United States 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 United States. In addition, the value of investments outside the United States 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 United States may be heightened in connection with investments in emerging markets.

44 American Funds Target Date Retirement Series

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.

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.

American Funds Target Date Retirement Series 45

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 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, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

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.

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 period ended April 30, 2023, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

46 American Funds Target Date Retirement Series

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

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses 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.

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

	2065 Fund			2060 Fund			2055 Fund			2050 Fund			2045 Fund			2040 Fund
As of October 31, 2022
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
As of April 30, 2023
Gross unrealized appreciation on investments		1,269			169,035			571,253			1,278,707			1,616,572			2,397,149
Gross unrealized depreciation on investments		(50,552	)		(188,456	)		(219,262	)		(193,982	)		(162,601	)		(243,845	)
Net unrealized (depreciation) appreciation on investments investments		(49,283	)		(19,421	)		351,991			1,084,725			1,453,971			2,153,304
Cost of investments		1,307,359			8,132,579			14,609,129			21,672,807			24,461,363			29,749,187
		2035 Fund			2030 Fund			2025 Fund			2020 Fund			2015 Fund			2010 Fund
As of October 31, 2022
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
As of April 30, 2023
Gross unrealized appreciation on investments		2,695,004			2,650,954			2,409,802			1,410,590			512,492			278,975
Gross unrealized depreciation on investments		(539,792	)		(1,001,713	)		(1,185,772	)		(578,520	)		(179,570	)		(136,870	)
Net unrealized (depreciation) appreciation on investments investments		2,155,212			1,649,241			1,224,030			832,070			332,922			142,105
Cost of investments		33,739,142			38,595,207			30,429,252			15,496,036			4,836,721			3,887,273

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

2065 Fund

	Six months ended April 30, 2023									Year ended October 31, 2022
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	568		$	3,572		$	4,140		$	430		$	474		$	904
Class C		—	*		264			264			9			30			39
Class T		—	*		—	*		—	*		—	*		—	*		—	*
Class F-1		10			59			69			6			7			13
Class F-2		49			212			261			31			27			58
Class F-3		3			12			15			1			1			2
Class R-1		—			20			20			2			5			7
Class R-2		—			2,050			2,050			40			292			332
Class R-2E		13			200			213			9			23			32
Class R-3		220			2,328			2,548			175			304			479
Class R-4		237			1,448			1,685			177			199			376
Class R-5E		250			1,138			1,388			133			124			257
Class R-5		113			468			581			70			60			130
Class R-6		3,828			15,084			18,912			1,987			1,654			3,641
Total	$	5,291		$	26,855		$	32,146		$	3,070		$	3,200		$	6,270

Refer to the end of the tables for footnote.

American Funds Target Date Retirement Series 47

2060 Fund

	Six months ended April 30, 2023							Year ended October 31, 2022
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class A	$	3,251		$	34,061	$	37,312	$	4,919		$	16,762	$	21,681
Class C		—			3,859		3,859		90			2,052		2,142
Class T		—	*		1		1		—	*		1		1
Class F-1		138			1,647		1,785		253			874		1,127
Class F-2		356			2,593		2,949		522			1,400		1,922
Class F-3		46			296		342		36			89		125
Class R-1		—			318		318		13			167		180
Class R-2		—	*		15,389		15,389		249			8,267		8,516
Class R-2E		41			3,516		3,557		264			1,864		2,128
Class R-3		827			21,028		21,855		1,925			10,330		12,255
Class R-4		1,642			18,527		20,169		2,865			10,133		12,998
Class R-5E		1,499			11,727		13,226		1,791			5,143		6,934
Class R-5		764			5,296		6,060		1,089			2,836		3,925
Class R-6		36,490			236,844		273,334		40,841			102,081		142,922
Total	$	45,054		$	355,102	$	400,156	$	54,857		$	161,999	$	216,856

2055 Fund

	Six months ended April 30, 2023							Year ended October 31, 2022
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	5,895		$	63,726	$	69,621	$	7,458		$	39,268		$	46,726
Class C		—	*		5,460		5,460		—			3,595			3,595
Class T		—	*		1		1		—	*		—	*		—	*
Class F-1		233			2,832		3,065		346			1,921			2,267
Class F-2		441			3,327		3,768		519			2,030			2,549
Class F-3		99			673		772		113			409			522
Class R-1		—			585		585		—			389			389
Class R-2		—			31,108		31,108		—			20,793			20,793
Class R-2E		87			7,423		7,510		308			4,892			5,200
Class R-3		1,699			44,007		45,706		2,839			28,139			30,978
Class R-4		3,742			44,089		47,831		5,522			31,149			36,671
Class R-5E		2,832			23,247		26,079		3,297			14,118			17,415
Class R-5		1,828			13,268		15,096		2,326			8,900			11,226
Class R-6		75,572			513,930		589,502		78,221			283,386			361,607
Total	$	92,428		$	753,676	$	846,104	$	100,949		$	438,989		$	539,938

Refer to the end of the tables for footnote.

48 American Funds Target Date Retirement Series

2050 Fund

	Six months ended April 30, 2023							Year ended October 31, 2022
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class A	$	12,018		$	101,803	$	113,821	$	13,878		$	67,710	$	81,588
Class C		—			8,343		8,343		80			5,776		5,856
Class T		—	*		1		1		—	*		1		1
Class F-1		482			4,451		4,933		610			3,086		3,696
Class F-2		840			5,312		6,152		920			3,436		4,356
Class F-3		133			769		902		126			435		561
Class R-1		—			995		995		3			745		748
Class R-2		—			45,829		45,829		—			32,136		32,136
Class R-2E		407			11,403		11,810		610			7,975		8,585
Class R-3		4,349			70,138		74,487		5,474			47,766		53,240
Class R-4		7,258			66,515		73,773		9,715			50,690		60,405
Class R-5E		5,323			36,050		41,373		5,560			22,589		28,149
Class R-5		3,125			19,074		22,199		3,815			13,898		17,713
Class R-6		138,818			801,385		940,203		138,256			478,587		616,843
Total	$	172,753		$	1,172,068	$	1,344,821	$	179,047		$	734,830	$	913,877

2045 Fund

	Six months ended April 30, 2023							Year ended October 31, 2022
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class A	$	15,489		$	105,959	$	121,448	$	15,048		$	81,029	$	96,077
Class C		83			8,025		8,108		54			6,463		6,517
Class T		—	*		1		1		—	*		1		1
Class F-1		705			5,092		5,797		676			3,804		4,480
Class F-2		1,223			6,454		7,677		1,179			4,836		6,015
Class F-3		110			534		644		110			418		528
Class R-1		10			1,335		1,345		9			1,097		1,106
Class R-2		313			54,247		54,560		—	*		43,949		43,949
Class R-2E		894			15,947		16,841		931			13,024		13,955
Class R-3		6,274			73,753		80,027		6,003			58,588		64,591
Class R-4		9,618			69,908		79,526		10,293			60,318		70,611
Class R-5E		7,342			41,287		48,629		6,749			30,157		36,906
Class R-5		3,911			20,034		23,945		4,116			16,481		20,597
Class R-6		175,886			856,807		1,032,693		157,495			598,455		755,950
Total	$	221,858		$	1,259,383	$	1,481,241	$	202,663		$	918,620	$	1,121,283

Refer to the end of the tables for footnote.

American Funds Target Date Retirement Series 49

2040 Fund

	Six months ended April 30, 2023							Year ended October 31, 2022
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class A	$	25,312		$	124,604	$	149,916	$	21,185		$	115,173	$	136,358
Class C		451			8,630		9,081		154			8,277		8,431
Class T		—	*		1		1		—	*		1		1
Class F-1		1,381			7,149		8,530		1,195			6,707		7,902
Class F-2		1,912			7,587		9,499		1,584			6,597		8,181
Class F-3		243			901		1,144		177			685		862
Class R-1		81			1,540		1,621		13			1,397		1,410
Class R-2		2,640			57,732		60,372		334			56,238		56,572
Class R-2E		1,509			14,095		15,604		1,011			13,376		14,387
Class R-3		11,454			83,984		95,438		8,482			80,112		88,594
Class R-4		15,610			80,953		96,563		14,879			86,132		101,011
Class R-5E		11,163			46,623		57,786		8,776			39,721		48,497
Class R-5		5,697			22,043		27,740		5,462			22,217		27,679
Class R-6		259,684			962,524		1,222,208		208,251			806,632		1,014,883
Total	$	337,137		$	1,418,366	$	1,755,503	$	271,503		$	1,243,265	$	1,514,768

2035 Fund

	Six months ended April 30, 2023							Year ended October 31, 2022
Share class	Ordinary income			Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class A	$	40,260		$	111,090	$	151,350	$	27,656		$	139,426	$	167,082
Class C		1,172			7,454		8,626		394			10,080		10,474
Class T		—	*		1		1		—	*		1		1
Class F-1		2,373			6,796		9,169		1,674			8,694		10,368
Class F-2		3,272			7,669		10,941		2,375			9,417		11,792
Class F-3		558			1,238		1,796		382			1,417		1,799
Class R-1		215			1,263		1,478		50			1,502		1,552
Class R-2		7,790			51,748		59,538		1,796			70,134		71,930
Class R-2E		3,330			14,372		17,702		1,841			19,165		21,006
Class R-3		20,810			76,261		97,071		12,505			100,377		112,882
Class R-4		24,937			71,033		95,970		18,671			99,511		118,182
Class R-5E		15,430			37,623		53,053		10,555			45,095		55,650
Class R-5		8,805			20,207		29,012		6,914			26,794		33,708
Class R-6		367,555			816,143		1,183,698		254,028			942,135		1,196,163
Total	$	496,507		$	1,222,898	$	1,719,405	$	338,841		$	1,473,748	$	1,812,589

Refer to the end of the tables for footnote.

50 American Funds Target Date Retirement Series

2030 Fund

	Six months ended April 30, 2023									Year ended October 31, 2022
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains		Total distributions paid
Class A	$	62,509		$	91,419		$	153,928		$	38,543		$	216,778	$	255,321
Class C		2,233			5,934			8,167			745			14,702		15,447
Class T		—	*		—	*		—	*		—	*		1		1
Class F-1		2,585			3,906			6,491			1,665			9,652		11,317
Class F-2		5,571			7,115			12,686			3,693			16,529		20,222
Class F-3		780			952			1,732			424			1,784		2,208
Class R-1		400			1,079			1,479			123			2,616		2,739
Class R-2		12,542			34,075			46,617			3,209			85,914		89,123
Class R-2E		5,051			10,314			15,365			2,359			25,209		27,568
Class R-3		31,189			57,187			88,376			16,932			143,216		160,148
Class R-4		37,858			56,866			94,724			26,104			151,616		177,720
Class R-5E		21,510			28,435			49,945			13,691			65,693		79,384
Class R-5		11,851			14,887			26,738			8,786			38,470		47,256
Class R-6		498,834			609,079			1,107,913			313,111			1,317,303		1,630,414
Total	$	692,913		$	921,248		$	1,614,161		$	429,385		$	2,089,483	$	2,518,868

2025 Fund

	Six months ended April 30, 2023									Year ended October 31, 2022
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains		Total distributions paid
Class A	$	73,381		$	62,014		$	135,395		$	42,120		$	201,333	$	243,453
Class C		2,771			3,769			6,540			905			13,169		14,074
Class T		—	*		—	*		—	*		—	*		1		1
Class F-1		2,066			1,770			3,836			1,177			5,832		7,009
Class F-2		5,799			4,347			10,146			3,505			13,598		17,103
Class F-3		863			623			1,486			509			1,860		2,369
Class R-1		345			484			829			93			1,688		1,781
Class R-2		14,006			19,466			33,472			3,911			68,411		72,322
Class R-2E		5,669			6,377			12,046			2,590			22,895		25,485
Class R-3		30,670			31,351			62,021			16,268			113,006		129,274
Class R-4		36,503			31,449			67,952			23,655			117,471		141,126
Class R-5E		21,827			16,879			38,706			13,130			54,379		67,509
Class R-5		11,439			8,462			19,901			8,090			30,761		38,851
Class R-6		465,043			335,772			800,815			280,933			1,027,739		1,308,672
Total	$	670,382		$	522,763		$	1,193,145		$	396,886		$	1,672,143	$	2,069,029

Refer to the end of the tables for footnote.

American Funds Target Date Retirement Series 51

2020 Fund

	Six months ended April 30, 2023									Year ended October 31, 2022
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains		Total distributions paid
Class A	$	55,288		$	31,926		$	87,214		$	34,849		$	127,697	$	162,546
Class C		2,114			1,863			3,977			1,028			8,236		9,264
Class T		—	*		—	*		—	*		—	*		1		1
Class F-1		1,175			692			1,867			757			2,876		3,633
Class F-2		4,072			2,127			6,199			2,756			8,437		11,193
Class F-3		461			233			694			315			918		1,233
Class R-1		141			132			273			38			608		646
Class R-2		8,288			7,368			15,656			3,402			32,343		35,745
Class R-2E		3,355			2,481			5,836			1,798			10,548		12,346
Class R-3		18,739			12,848			31,587			11,512			57,626		69,138
Class R-4		23,060			13,665			36,725			17,449			65,783		83,232
Class R-5E		13,372			7,186			20,558			8,943			29,119		38,062
Class R-5		6,583			3,398			9,981			5,354			16,124		21,478
Class R-6		274,083			138,378			412,461			185,126			539,768		724,894
Total	$	410,731		$	222,297		$	633,028		$	273,327		$	900,084	$	1,173,411

2015 Fund

	Six months ended April 30, 2023									Year ended October 31, 2022
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	21,321		$	9,556		$	30,877		$	15,336		$	34,307		$	49,643
Class C		568			391			959			356			1,547			1,903
Class T		—	*		—	*		—	*		—	*		—	*		—	*
Class F-1		286			132			418			215			497			712
Class F-2		1,346			548			1,894			1,004			1,904			2,908
Class F-3		193			76			269			143			261			404
Class R-1		107			70			177			48			240			288
Class R-2		2,682			1,866			4,548			1,596			7,459			9,055
Class R-2E		1,169			677			1,846			790			2,600			3,390
Class R-3		6,565			3,474			10,039			4,627			13,470			18,097
Class R-4		6,152			2,819			8,971			4,927			11,295			16,222
Class R-5E		3,583			1,498			5,081			2,624			5,316			7,940
Class R-5		2,220			891			3,111			1,738			3,255			4,993
Class R-6		86,525			34,038			120,563			63,525			115,799			179,324
Total	$	132,717		$	56,036		$	188,753		$	96,929		$	197,950		$	294,879

Refer to the end of the tables for footnote.

52 American Funds Target Date Retirement Series

2010 Fund

	Six months ended April 30, 2023									Year ended October 31, 2022
Share class	Ordinary income			Long-term capital gains			Total distributions paid			Ordinary income			Long-term capital gains			Total distributions paid
Class A	$	13,671		$	5,117		$	18,788		$	9,660		$	14,482		$	24,142
Class C		397			227			624			262			714			976
Class T		—	*		—	*		—	*		—	*		—	*		—	*
Class F-1		252			93			345			149			227			376
Class F-2		1,117			374			1,491			691			887			1,578
Class F-3		281			91			372			144			177			321
Class R-1		39			20			59			15			44			59
Class R-2		1,364			784			2,148			748			2,361			3,109
Class R-2E		1,011			490			1,501			724			1,560			2,284
Class R-3		4,309			1,875			6,184			2,771			5,583			8,354
Class R-4		5,494			2,086			7,580			4,374			6,782			11,156
Class R-5E		3,085			1,065			4,150			2,294			3,097			5,391
Class R-5		1,640			543			2,183			1,258			1,589			2,847
Class R-6		69,523			22,567			92,090			49,247			60,472			109,719
Total	$	102,183		$	35,332		$	137,515		$	72,337		$	97,975		$	170,312

* 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 April 30, 2023, unreimbursed expenses subject to reimbursement totaled $1,000 for 2065 Fund’s Class A shares. There were no unreimbursed expenses subject to reimbursement on any other funds.

American Funds Target Date Retirement Series 53

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 six months ended April 30, 2023, 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		$193		$61
Class C		47		5
Class T		—		—	*
Class F-1		3		1
Class F-2		Not applicable		3
Class F-3		Not applicable		—	*
Class R-1		3		—	*
Class R-2		269		128
Class R-2E		22		8
Class R-3		209		64
Class R-4		65		26
Class R-5E		Not applicable		33
Class R-5		Not applicable		4
Class R-6		Not applicable		5
Total class-specific expenses		$811		$338

2055 Fund

Share class	Distribution services		Transfer agent services
Class A		$1,375		$524
Class C		453		43
Class T		—		—
Class F-1		61		26
Class F-2		Not applicable		27
Class F-3		Not applicable		—	*
Class R-1		50		5
Class R-2		1,964		933
Class R-2E		363		127
Class R-3		1,887		581
Class R-4		960		395
Class R-5E		Not applicable		314
Class R-5		Not applicable		61
Class R-6		Not applicable		88
Total class-specific expenses		$7,113		$3,124

2060 Fund

Share class	Distribution services		Transfer agent services
Class A		$839		$315
Class C		365		35
Class T		—		—
Class F-1		40		17
Class F-2		Not applicable		23
Class F-3		Not applicable		—	*
Class R-1		30		3
Class R-2		1,094		520
Class R-2E		190		66
Class R-3		1,019		313
Class R-4		455		186
Class R-5E		Not applicable		181
Class R-5		Not applicable		27
Class R-6		Not applicable		45
Total class-specific expenses		$4,032		$1,731

2050 Fund

Share class	Distribution services		Transfer agent services
Class A		$2,117		$833
Class C		691		66
Class T		—		—	*
Class F-1		95		41
Class F-2		Not applicable		42
Class F-3		Not applicable		—	*
Class R-1		86		9
Class R-2		2,877		1,369
Class R-2E		561		197
Class R-3		2,999		925
Class R-4		1,440		594
Class R-5E		Not applicable		487
Class R-5		Not applicable		87
Class R-6		Not applicable		137
Total class-specific expenses		$10,866		$4,787

Refer to the end of the tables for footnote.

54 American Funds Target Date Retirement Series

2045 Fund
Share class	Distribution services		Transfer agent services
Class A		$2,391		$926
Class C		711		68
Class T		—		—	*
Class F-1		117		50
Class F-2		Not applicable		55
Class F-3		Not applicable		—	*
Class R-1		122		12
Class R-2		3,638		1,731
Class R-2E		752		261
Class R-3		3,363		1,038
Class R-4		1,623		668
Class R-5E		Not applicable		586
Class R-5		Not applicable		97
Class R-6		Not applicable		157
Total class-specific expenses		$12,717		$5,649

2035 Fund
Share class	Distribution services		Transfer agent services
Class A		$3,660		$1,405
Class C		961		91
Class T		—		—
Class F-1		226		96
Class F-2		Not applicable		94
Class F-3		Not applicable		—	*
Class R-1		164		17
Class R-2		5,052		2,404
Class R-2E		1,039		365
Class R-3		5,043		1,560
Class R-4		2,388		984
Class R-5E		Not applicable		760
Class R-5		Not applicable		143
Class R-6		Not applicable		217
Total class-specific expenses		$18,533		$8,136

2025 Fund
Share class	Distribution services		Transfer agent services
Class A		$4,293		$1,666
Class C		1,030		97
Class T		—		—	*
Class F-1		124		53
Class F-2		Not applicable		114
Class F-3		Not applicable		—	*
Class R-1		136		14
Class R-2		4,059		1,936
Class R-2E		965		339
Class R-3		4,438		1,377
Class R-4		2,258		936
Class R-5E		Not applicable		731
Class R-5		Not applicable		129
Class R-6		Not applicable		192
Total class-specific expenses		$17,303		$7,584

2040 Fund
Share class	Distribution services		Transfer agent services
Class A		$3,043		$1,198
Class C		841		80
Class T		—		—	*
Class F-1		181		77
Class F-2		Not applicable		71
Class F-3		Not applicable		—	*
Class R-1		156		15
Class R-2		4,267		2,030
Class R-2E		827		291
Class R-3		4,239		1,309
Class R-4		2,063		852
Class R-5E		Not applicable		742
Class R-5		Not applicable		117
Class R-6		Not applicable		194
Total class-specific expenses		$15,617		$6,976

2030 Fund
Share class	Distribution services		Transfer agent services
Class A		$4,590		$1,733
Class C		1,146		108
Class T		—		—
Class F-1		199		85
Class F-2		Not applicable		132
Class F-3		Not applicable		—	*
Class R-1		216		22
Class R-2		4,997		2,383
Class R-2E		1,200		423
Class R-3		5,710		1,766
Class R-4		2,872		1,186
Class R-5E		Not applicable		892
Class R-5		Not applicable		160
Class R-6		Not applicable		244
Total class-specific expenses		$20,930		$9,134

2020 Fund
Share class	Distribution services		Transfer agent services
Class A		$2,619		$1,066
Class C		640		59
Class T		—		—	*
Class F-1		57		25
Class F-2		Not applicable		69
Class F-3		Not applicable		—	*
Class R-1		47		5
Class R-2		1,904		911
Class R-2E		508		181
Class R-3		2,239		695
Class R-4		1,215		506
Class R-5E		Not applicable		393
Class R-5		Not applicable		65
Class R-6		Not applicable		98
Total class-specific expenses		$9,229		$4,073

Refer to the end of the tables for footnote.

American Funds Target Date Retirement Series 55

2015 Fund
Share class	Distribution services		Transfer agent services
Class A		$1,048		$399
Class C		165		15
Class T		—		—	*
Class F-1		15		6
Class F-2		Not applicable		23
Class F-3		Not applicable		—	*
Class R-1		31		3
Class R-2		611		293
Class R-2E		167		59
Class R-3		763		237
Class R-4		311		129
Class R-5E		Not applicable		104
Class R-5		Not applicable		22
Class R-6		Not applicable		30
Total class-specific expenses		$3,111		$1,320

2010 Fund
Share class	Distribution services		Transfer agent services
Class A		$694		$263
Class C		119		11
Class T		—		—	*
Class F-1		13		6
Class F-2		Not applicable		19
Class F-3		Not applicable		—	*
Class R-1		11		1
Class R-2		317		152
Class R-2E		148		53
Class R-3		506		157
Class R-4		287		120
Class R-5E		Not applicable		87
Class R-5		Not applicable		16
Class R-6		Not applicable		25
Total class-specific expenses		$2,095		$910

* Amount less than one thousand.

Miscellaneous fee reimbursement — CRMC reimbursed a portion of miscellaneous fees and expenses for 2065 Fund during its startup period. This reimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the six months ended April 30, 2023, total fees and expenses reimbursed by CRMC were $42,000. CRMC may recoup all or a portion of this reimbursement by the end of the current fiscal year. Fees and expenses in the fund’s statement of operations are presented gross of the reimbursement from CRMC.

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

	Current fees		Increase in value of deferred amounts		Total trustees’ compensation
2065 Fund	$	2	$	1	$	3
2060 Fund		12		4		16
2055 Fund		23		8		31
2050 Fund		35		12		47
2045 Fund		40		14		54
2040 Fund		50		17		67
2035 Fund		57		19		76
2030 Fund		65		22		87
2025 Fund		52		18		70
2020 Fund		27		10		37
2015 Fund		9		3		12
2010 Fund		7		2		9

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.

56 American Funds Target Date Retirement Series

7. Indemnifications

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

8. Investment transactions

The funds engaged in purchases and sales of investment securities of affiliated issuers during the six months ended April 30, 2023, as follows (dollars in thousands):

	Purchases		Sales
2065 Fund	$	413,317	$	5,857
2060 Fund		1,275,149		18,792
2055 Fund		1,752,474		48,675
2050 Fund		2,172,039		92,215
2045 Fund		2,285,659		154,765
2040 Fund		2,508,679		155,552
2035 Fund		2,653,445		154,623
2030 Fund		2,504,128		184,534
2025 Fund		1,344,880		451,382
2020 Fund		562,312		673,725
2015 Fund		214,905		242,508
2010 Fund		214,507		228,751

American Funds Target Date Retirement Series 57

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
Six months ended April 30, 2023
Class A	$	49,033		3,613	$	4,139		319		$	(6,990	)		(517	)	$	46,182		3,415
Class C		4,568		339		264		20			(564	)		(42	)		4,268		317
Class T		—		—		—		—			—			—			—		—
Class F-1		959		70		69		5			(436	)		(32	)		592		43
Class F-2		3,415		251		261		20			(523	)		(39	)		3,153		232
Class F-3		75		6		14		1			(1	)		—	†		88		7
Class R-1		141		10		20		1			(6	)		—	†		155		11
Class R-2		29,957		2,230		2,049		159			(11,209	)		(838	)		20,797		1,551
Class R-2E		3,243		239		214		17			(617	)		(46	)		2,840		210
Class R-3		38,573		2,849		2,547		197			(10,721	)		(794	)		30,399		2,252
Class R-4		21,265		1,563		1,685		130			(6,272	)		(463	)		16,678		1,230
Class R-5E		21,939		1,613		1,388		107			(4,294	)		(319	)		19,033		1,401
Class R-5		7,294		536		581		45			(2,048	)		(148	)		5,827		433
Class R-6		326,211		23,874		18,911		1,451			(73,087	)		(5,366	)		272,035		19,959
Total net increase (decrease)	$	506,673		37,193	$	32,142		2,472		$	(116,768	)		(8,604	)	$	422,047		31,061
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

Refer to the end of the tables for footnotes.

58 American Funds Target Date Retirement Series

2060 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Six months ended April 30, 2023
Class A	$	110,395		7,848	$	37,096		2,773	$	(38,433	)		(2,729	)	$	109,058		7,892
Class C		10,810		782		3,853		293		(4,781	)		(346	)		9,882		729
Class T		—		—		—		—		—			—			—		—
Class F-1		3,411		243		1,777		132		(2,392	)		(168	)		2,796		207
Class F-2		8,958		635		2,942		219		(7,259	)		(514	)		4,641		340
Class F-3		5,273		386		341		25		(723	)		(51	)		4,891		360
Class R-1		1,340		96		318		24		(871	)		(62	)		787		58
Class R-2		59,498		4,320		15,382		1,171		(40,384	)		(2,943	)		34,496		2,548
Class R-2E		15,789		1,136		3,556		268		(14,309	)		(1,055	)		5,036		349
Class R-3		95,983		6,884		21,851		1,644		(53,706	)		(3,867	)		64,128		4,661
Class R-4		92,576		6,569		20,169		1,506		(52,750	)		(3,778	)		59,995		4,297
Class R-5E		59,311		4,205		13,226		987		(26,790	)		(1,912	)		45,747		3,280
Class R-5		21,154		1,494		6,050		449		(16,006	)		(1,144	)		11,198		799
Class R-6		1,260,971		88,863		273,328		20,262		(350,521	)		(24,750	)		1,183,778		84,375
Total net increase (decrease)	$	1,745,469		123,461	$	399,889		29,753	$	(608,925	)		(43,319	)	$	1,536,433		109,895
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

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 59

2055 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended April 30, 2023
Class A	$	139,517		6,705	$	69,563		3,522	$	(62,987	)		(3,029	)	$	146,093			7,198
Class C		10,536		519		5,459		283		(7,728	)		(380	)		8,267			422
Class T		—		—		—		—		—			—			—			—
Class F-1		4,547		220		3,057		156		(3,076	)		(149	)		4,528			227
Class F-2		9,518		458		3,765		191		(7,410	)		(355	)		5,873			294
Class F-3		1,624		78		772		39		(1,141	)		(54	)		1,255			63
Class R-1		1,925		95		585		30		(1,181	)		(59	)		1,329			66
Class R-2		87,424		4,333		31,101		1,619		(66,548	)		(3,311	)		51,977			2,641
Class R-2E		21,521		1,055		7,511		388		(21,924	)		(1,098	)		7,108			345
Class R-3		136,596		6,666		45,699		2,342		(101,825	)		(4,983	)		80,470			4,025
Class R-4		142,894		6,883		47,814		2,425		(106,381	)		(5,159	)		84,327			4,149
Class R-5E		84,921		4,094		26,078		1,325		(52,104	)		(2,534	)		58,895			2,885
Class R-5		31,745		1,512		15,035		754		(29,396	)		(1,417	)		17,384			849
Class R-6		1,847,199		87,958		589,480		29,518		(611,337	)		(29,190	)		1,825,342			88,286
Total net increase (decrease)	$	2,519,967		120,576	$	845,919		42,592	$	(1,073,038	)		(51,718	)	$	2,292,848			111,450
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

Refer to the end of the tables for footnotes.

60 American Funds Target Date Retirement Series

2050 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended April 30, 2023
Class A	$	166,544		10,003	$	113,663		7,176	$	(94,278	)		(5,659	)	$	185,929			11,520
Class C		14,186		875		8,339		540		(13,279	)		(818	)		9,246			597
Class T		—		—		—		—		—			—			—			—
Class F-1		4,880		295		4,919		313		(6,094	)		(369	)		3,705			239
Class F-2		14,782		888		6,118		387		(11,686	)		(702	)		9,214			573
Class F-3		2,366		142		901		56		(1,952	)		(115	)		1,315			83
Class R-1		2,167		134		995		65		(794	)		(49	)		2,368			150
Class R-2		110,867		6,858		45,808		2,968		(104,077	)		(6,453	)		52,598			3,373
Class R-2E		27,631		1,691		11,810		760		(28,791	)		(1,799	)		10,650			652
Class R-3		174,918		10,676		74,480		4,765		(138,332	)		(8,468	)		111,066			6,973
Class R-4		173,853		10,462		73,763		4,669		(148,310	)		(9,006	)		99,306			6,125
Class R-5E		96,482		5,812		41,373		2,622		(70,807	)		(4,280	)		67,048			4,154
Class R-5		34,372		2,044		22,193		1,387		(35,940	)		(2,163	)		20,625			1,268
Class R-6		2,388,832		142,800		940,198		59,021		(891,338	)		(53,453	)		2,437,692			148,368
Total net increase (decrease)	$	3,211,880		192,680	$	1,344,560		84,729	$	(1,545,678	)		(93,334	)	$	3,010,762			184,075
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

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 61

2045 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended April 30, 2023
Class A	$	174,455		10,252	$	121,301		7,479	$	(100,146	)		(5,884	)	$	195,610			11,847
Class C		14,294		861		8,112		512		(13,084	)		(788	)		9,322			585
Class T		—		—		—		—		—			—			—			—
Class F-1		7,331		432		5,769		358		(6,031	)		(356	)		7,069			434
Class F-2		16,842		987		7,658		472		(14,030	)		(817	)		10,470			642
Class F-3		2,747		160		614		38		(1,984	)		(116	)		1,377			82
Class R-1		2,822		170		1,345		85		(1,381	)		(83	)		2,786			172
Class R-2		127,169		7,728		54,546		3,464		(108,764	)		(6,635	)		72,951			4,557
Class R-2E		31,185		1,869		16,841		1,058		(82,643	)		(5,122	)		(34,617	)		(2,195	)
Class R-3		184,213		11,012		79,990		5,003		(163,259	)		(9,776	)		100,944			6,239
Class R-4		183,607		10,812		79,481		4,909		(164,501	)		(9,748	)		98,587			5,973
Class R-5E		108,698		6,415		48,628		3,011		(109,073	)		(6,479	)		48,253			2,947
Class R-5		31,133		1,810		23,937		1,460		(46,198	)		(2,720	)		8,872			550
Class R-6		2,532,042		148,224		1,032,659		63,276		(962,078	)		(56,437	)		2,602,623			155,063
Total net increase (decrease)	$	3,416,538		200,732	$	1,480,881		91,125	$	(1,773,172	)		(104,961	)	$	3,124,247			186,896
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

Refer to the end of the tables for footnotes.

62 American Funds Target Date Retirement Series

2040 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended April 30, 2023
Class A	$	206,398		12,391	$	149,683		9,402	$	(138,394	)		(8,293	)	$	217,687			13,500
Class C		15,380		945		9,078		583		(16,951	)		(1,040	)		7,507			488
Class T		—		—		—		—		—			—			—			—
Class F-1		10,930		660		8,481		537		(10,270	)		(621	)		9,141			576
Class F-2		21,680		1,300		9,458		595		(16,929	)		(1,017	)		14,209			878
Class F-3		4,110		247		1,144		72		(4,710	)		(283	)		544			36
Class R-1		2,951		181		1,621		104		(1,730	)		(106	)		2,842			179
Class R-2		133,375		8,243		60,353		3,889		(128,602	)		(7,985	)		65,126			4,147
Class R-2E		31,264		1,908		15,604		998		(33,781	)		(2,094	)		13,087			812
Class R-3		215,591		13,114		95,423		6,063		(181,340	)		(11,057	)		129,674			8,120
Class R-4		196,997		11,832		96,516		6,074		(192,912	)		(11,680	)		100,601			6,226
Class R-5E		124,973		7,531		57,784		3,643		(110,538	)		(6,666	)		72,219			4,508
Class R-5		33,384		1,983		27,737		1,725		(59,451	)		(3,567	)		1,670			141
Class R-6		2,754,210		164,703		1,222,147		76,336		(1,136,936	)		(68,232	)		2,839,421			172,807
Total net increase (decrease)	$	3,751,243		225,038	$	1,755,029		110,021	$	(2,032,544	)		(122,641	)	$	3,473,728			212,418
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

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 63

2035 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended April 30, 2023
Class A	$	239,846		14,889	$	150,990		9,754	$	(160,906	)		(9,988	)	$	229,930			14,655
Class C		15,820		1,006		8,612		568		(19,869	)		(1,260	)		4,563			314
Class T		—		—		—		—		—			—			—			—
Class F-1		15,130		941		9,128		594		(16,836	)		(1,052	)		7,422			483
Class F-2		22,969		1,424		10,649		688		(19,568	)		(1,218	)		14,050			894
Class F-3		5,707		355		1,796		116		(8,619	)		(537	)		(1,116	)		(66	)
Class R-1		3,448		220		1,477		98		(2,997	)		(191	)		1,928			127
Class R-2		151,183		9,652		59,525		3,942		(143,423	)		(9,178	)		67,285			4,416
Class R-2E		30,915		1,962		17,702		1,166		(80,117	)		(5,194	)		(31,500	)		(2,066	)
Class R-3		246,833		15,567		97,054		6,347		(242,255	)		(15,291	)		101,632			6,623
Class R-4		229,047		14,260		95,874		6,210		(221,613	)		(13,881	)		103,308			6,589
Class R-5E		129,732		8,072		53,052		3,438		(168,397	)		(10,581	)		14,387			929
Class R-5		42,542		2,618		28,999		1,855		(56,414	)		(3,502	)		15,127			971
Class R-6		2,977,991		184,367		1,183,636		76,118		(1,238,583	)		(76,764	)		2,923,044			183,721
Total net increase (decrease)	$	4,111,163		255,333	$	1,718,494		110,894	$	(2,379,597	)		(148,637	)	$	3,450,060			217,590
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

Refer to the end of the tables for footnotes.

64 American Funds Target Date Retirement Series

2030 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended April 30, 2023
Class A	$	258,680		17,196	$	153,577		10,548	$	(236,530	)		(15,750	)	$	175,727			11,994
Class C		17,835		1,214		8,152		572		(24,034	)		(1,635	)		1,953			151
Class T		—		—		—		—		—			—			—			—
Class F-1		17,275		1,162		6,442		447		(19,206	)		(1,282	)		4,511			327
Class F-2		33,069		2,195		12,608		867		(31,717	)		(2,110	)		13,960			952
Class F-3		8,124		540		1,732		119		(6,614	)		(438	)		3,242			221
Class R-1		3,733		253		1,479		103		(2,976	)		(203	)		2,236			153
Class R-2		134,999		9,227		46,603		3,278		(143,730	)		(9,840	)		37,872			2,665
Class R-2E		43,613		2,960		15,365		1,074		(57,171	)		(3,909	)		1,807			125
Class R-3		250,457		16,885		88,367		6,141		(268,633	)		(18,124	)		70,191			4,902
Class R-4		223,920		14,910		94,698		6,517		(252,773	)		(16,939	)		65,845			4,488
Class R-5E		125,017		8,350		49,944		3,444		(160,312	)		(10,727	)		14,649			1,067
Class R-5		37,475		2,472		26,736		1,819		(72,722	)		(4,818	)		(8,511	)		(527	)
Class R-6		3,046,152		202,112		1,107,907		75,780		(1,485,301	)		(98,508	)		2,668,758			179,384
Total net increase (decrease)	$	4,200,349		279,476	$	1,613,610		110,709	$	(2,761,719	)		(184,283	)	$	3,052,240			205,902
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

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 65

2025 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended April 30, 2023
Class A	$	226,190		16,329	$	134,984		10,006	$	(270,380	)		(19,529	)	$	90,794			6,806
Class C		12,937		955		6,538		494		(26,032	)		(1,920	)		(6,557	)		(471	)
Class T		—		—		—		—		—			—			—			—
Class F-1		11,597		838		3,808		284		(14,423	)		(1,051	)		982			71
Class F-2		31,902		2,306		10,015		744		(37,202	)		(2,697	)		4,715			353
Class F-3		5,094		369		1,486		110		(6,430	)		(464	)		150			15
Class R-1		2,026		149		829		62		(4,707	)		(346	)		(1,852	)		(135	)
Class R-2		94,644		7,012		33,451		2,534		(134,905	)		(10,004	)		(6,810	)		(458	)
Class R-2E		30,269		2,225		12,046		908		(95,877	)		(7,165	)		(53,562	)		(4,032	)
Class R-3		170,996		12,504		62,017		4,646		(246,624	)		(18,012	)		(13,611	)		(862	)
Class R-4		174,065		12,586		67,944		5,044		(253,892	)		(18,405	)		(11,883	)		(775	)
Class R-5E		97,704		7,067		38,705		2,878		(181,899	)		(13,229	)		(45,490	)		(3,284	)
Class R-5		31,758		2,275		19,898		1,462		(70,004	)		(5,017	)		(18,348	)		(1,280	)
Class R-6		2,138,932		153,769		800,277		59,018		(1,541,937	)		(110,731	)		1,397,272			102,056
Total net increase (decrease)	$	3,028,114		218,384	$	1,191,998		88,190	$	(2,884,312	)		(208,570	)	$	1,335,800			98,004
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

Refer to the end of the tables for footnotes.

66 American Funds Target Date Retirement Series

2020 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended April 30, 2023
Class A	$	93,096		7,451	$	86,843		7,112	$	(183,024	)		(14,658	)	$	(3,085	)		(95	)
Class C		4,608		377		3,976		331		(17,526	)		(1,432	)		(8,942	)		(724	)
Class T		—		—		—		—		—			—			—			—
Class F-1		1,783		143		1,865		154		(10,969	)		(875	)		(7,321	)		(578	)
Class F-2		16,246		1,298		6,127		503		(25,799	)		(2,071	)		(3,426	)		(270	)
Class F-3		8,830		710		691		57		(3,663	)		(295	)		5,858			472
Class R-1		609		49		273		23		(2,480	)		(200	)		(1,598	)		(128	)
Class R-2		38,203		3,123		15,655		1,304		(78,666	)		(6,434	)		(24,808	)		(2,007	)
Class R-2E		13,965		1,140		5,836		486		(35,205	)		(2,873	)		(15,404	)		(1,247	)
Class R-3		68,999		5,584		31,575		2,608		(150,572	)		(12,177	)		(49,998	)		(3,985	)
Class R-4		79,269		6,357		36,724		3,010		(159,031	)		(12,798	)		(43,038	)		(3,431	)
Class R-5E		47,883		3,859		20,558		1,691		(112,582	)		(9,036	)		(44,141	)		(3,486	)
Class R-5		11,646		927		9,981		810		(34,812	)		(2,768	)		(13,185	)		(1,031	)
Class R-6		971,042		77,570		412,442		33,641		(1,085,333	)		(86,447	)		298,151			24,764
Total net increase (decrease)	$	1,356,179		108,588	$	632,546		51,730	$	(1,899,662	)		(152,064	)	$	89,063			8,254
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	)

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 67

2015 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended April 30, 2023
Class A	$	28,373		2,446	$	30,672		2,709	$	(73,366	)		(6,340	)	$	(14,321	)		(1,185	)
Class C		971		85		959		86		(5,946	)		(523	)		(4,016	)		(352	)
Class T		—		—		—		—		—			—			—			—
Class F-1		1,024		89		418		37		(943	)		(82	)		499			44
Class F-2		4,237		368		1,881		167		(7,823	)		(680	)		(1,705	)		(145	)
Class F-3		1,022		89		269		24		(530	)		(46	)		761			67
Class R-1		454		40		177		16		(976	)		(87	)		(345	)		(31	)
Class R-2		12,965		1,146		4,545		407		(24,104	)		(2,121	)		(6,594	)		(568	)
Class R-2E		7,151		628		1,846		166		(20,090	)		(1,776	)		(11,093	)		(982	)
Class R-3		19,215		1,676		10,039		893		(44,258	)		(3,862	)		(15,004	)		(1,293	)
Class R-4		20,973		1,828		8,970		793		(47,076	)		(4,089	)		(17,133	)		(1,468	)
Class R-5E		15,799		1,372		5,080		451		(26,901	)		(2,340	)		(6,022	)		(517	)
Class R-5		2,862		246		3,112		273		(7,039	)		(604	)		(1,065	)		(85	)
Class R-6		347,413		30,048		120,564		10,632		(373,150	)		(32,206	)		94,827			8,474
Total net increase (decrease)	$	462,459		40,061	$	188,532		16,654	$	(632,202	)		(54,756	)	$	18,789			1,959
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	)

Refer to the end of the tables for footnotes.

68 American Funds Target Date Retirement Series

2010 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended April 30, 2023
Class A	$	19,703		1,783	$	18,649		1,720	$	(44,287	)		(4,006	)	$	(5,935	)		(503	)
Class C		1,132		104		624		58		(4,102	)		(377	)		(2,346	)		(215	)
Class T		—		—		—		—		—			—			—			—
Class F-1		1,475		135		344		32		(1,087	)		(99	)		732			68
Class F-2		7,825		713		1,491		138		(6,720	)		(611	)		2,596			240
Class F-3		1,350		122		372		35		(2,099	)		(190	)		(377	)		(33	)
Class R-1		362		33		58		6		(117	)		(11	)		303			28
Class R-2		9,410		870		2,142		200		(17,255	)		(1,586	)		(5,703	)		(516	)
Class R-2E		6,719		617		1,501		140		(17,442	)		(1,611	)		(9,222	)		(854	)
Class R-3		19,090		1,743		6,184		573		(36,882	)		(3,370	)		(11,608	)		(1,054	)
Class R-4		17,715		1,610		7,579		700		(40,091	)		(3,646	)		(14,797	)		(1,336	)
Class R-5E		9,840		895		4,150		385		(23,002	)		(2,107	)		(9,012	)		(827	)
Class R-5		3,813		343		2,184		200		(7,577	)		(680	)		(1,580	)		(137	)
Class R-6		372,007		33,684		92,034		8,475		(398,197	)		(35,911	)		65,844			6,248
Total net increase (decrease)	$	470,441		42,652	$	137,312		12,662	$	(598,858	)		(54,205	)	$	8,895			1,109
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

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

American Funds Target Date Retirement Series 69

Financial highlights

2065 Fund 

			Income (loss) from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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:
4/30/20236,7	$	13.07	$	.09		$	1.29		$	1.38		$	(.07	)	$	(.41	)	$	(.48	)	$	13.97		10.73	%8	$	158			.41	%9		.40	%9		.78	%9		1.36	%9
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
10/31/20207,10		10.00		.05			2.61			2.66			—			—			—			12.66		26.60	8		7			.60	9		.38	9		.75	9		.67	9
Class C:
4/30/20236,7		12.93		.04			1.27			1.31			—	11		(.41	)		(.41	)		13.83		10.38	8		12			1.11	9		1.10	9		1.48	9		.63	9
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	)
10/31/20207,10		10.00		—	11		2.63			2.63			—			—			—			12.63		26.30	8		—	12		1.17	9		1.00	9		1.37	9		—	9,13
Class T:
4/30/20236,7		13.15		.13			1.27			1.40			(.09	)		(.41	)		(.50	)		14.05		10.99	8,14		—	12		.02	9,14		.01	9,14		.39	9,14		1.86	9,14
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
10/31/20207,10		10.00		.07			2.62			2.69			—			—			—			12.69		26.90	8,14		—	12		.48	9,14		.02	9,14		.39	9,14		.94	9,14
Class F-1:
4/30/20236,7		13.09		.09			1.29			1.38			(.07	)		(.41	)		(.48	)		13.99		10.80	8		3			.37	9		.36	9		.74	9		1.38	9
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
10/31/20207,10		10.00		.06			2.62			2.68			—			—			—			12.68		26.70	8		—	12		.47	9		.28	9		.65	9		.77	9
Class F-2:
4/30/20236,7		13.14		.11			1.30			1.41			(.10	)		(.41	)		(.51	)		14.04		11.01	8		10			.10	9		.10	9		.48	9		1.64	9
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
10/31/20207,10		10.00		.07			2.62			2.69			—			—			—			12.69		26.90	8		—	12		.27	9		.03	9		.40	9		.86	9
Class F-3:
4/30/20236,7		13.16		.12			1.28			1.40			(.10	)		(.41	)		(.51	)		14.05		10.99	8		—	12		.02	9		.01	9		.39	9		1.81	9
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
10/31/20207,10		10.00		.07			2.62			2.69			—			—			—			12.69		26.90	8		—	12		.30	9		—	9,13		.37	9		.99	9
Class R-1:
4/30/20236,7		13.01		.05			1.27			1.32			—			(.41	)		(.41	)		13.92		10.39	8		1			1.09	9		1.09	9		1.47	9		.69	9
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	)
10/31/20207,10		10.00		.07			2.62			2.69			—			—			—			12.69		26.90	8,14		—	12		.45	9,14		.06	9,14		.43	9,14		.90	9,14
Class R-2:
4/30/20236,7		12.93		.04			1.27			1.31			—			(.41	)		(.41	)		13.83		10.38	8		85			1.12	9		1.11	9		1.49	9		.67	9
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	)
10/31/20207,10		10.00		—	11		2.61			2.61			—			—			—			12.61		26.10	8		7			1.31	9		1.11	9		1.48	9		(.04	)9
Class R-2E:
4/30/20236,7		13.01		.06			1.28			1.34			(.03	)		(.41	)		(.44	)		13.91		10.54	8		9			.82	9		.81	9		1.19	9		.95	9
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
10/31/20207,10		10.00		.02			2.62			2.64			—			—			—			12.64		26.40	8		1			1.01	9		.79	9		1.16	9		.27	9
Class R-3:
4/30/20236,7		13.03		.07			1.28			1.35			(.04	)		(.41	)		(.45	)		13.93		10.63	8		103			.67	9		.66	9		1.04	9		1.11	9
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
10/31/20207,10		10.00		.03			2.61			2.64			—			—			—			12.64		26.40	8		8			.91	9		.66	9		1.03	9		.45	9

Refer to the end of the tables for footnotes.

70 American Funds Target Date Retirement Series

Financial highlights (continued)

2065 Fund (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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-4:
4/30/20236,7	$	13.08	$	.10	$	1.28		$	1.38		$	(.07	)	$	(.41	)	$	(.48	)	$	13.98		10.82	%8	$	63		.37	%9		.36	%9		.74	%9		1.42	%9
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
10/31/20207,10		10.00		.05		2.62			2.67			—			—			—			12.67		26.70	8		3		.57	9		.36	9		.73	9		.71	9
Class R-5E:
4/30/20236,7		13.13		.11		1.28			1.39			(.09	)		(.41	)		(.50	)		14.02		10.90	8		54		.17	9		.16	9		.54	9		1.58	9
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
10/31/20207,10		10.00		.07		2.61			2.68			—			—			—			12.68		26.80	8		3		.35	9		.17	9		.54	9		.99	9
Class R-5:
4/30/20236,7		13.15		.12		1.28			1.40			(.10	)		(.41	)		(.51	)		14.04		10.95	8		20		.07	9		.06	9		.44	9		1.71	9
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
10/31/20207,10		10.00		.08		2.61			2.69			—			—			—			12.69		26.90	8		1		.33	9		.07	9		.44	9		1.03	9
Class R-6:
4/30/20236,7		13.16		.12		1.28			1.40			(.10	)		(.41	)		(.51	)		14.05		10.99	8		740		.02	9		.01	9		.39	9		1.71	9
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
10/31/20207,10		10.00		.09		2.60			2.69			—			—			—			12.69		26.90	8		14		.18	9		.04	9		.41	9		1.16	9

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 71

Financial highlights (continued)

2060 Fund

			Income (loss) from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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:
4/30/20236,7	$	13.81	$	.10		$	1.33		$	1.43		$	(.07	)	$	(.76	)	$	(.83	)	$	14.41		10.82	%8	$	743			.35	%9		.73	%9		1.46	%9
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:
4/30/20236,7		13.53		.05			1.30			1.35			—			(.76	)		(.76	)		14.12		10.38	8		81			1.09	9		1.47	9		.73	9
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:
4/30/20236,7		13.88		.13			1.33			1.46			(.11	)		(.76	)		(.87	)		14.47		10.96	8,14		—	12		.01	9,14		.39	9,14		1.87	9,14
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:
4/30/20236,7		13.80		.10			1.33			1.43			(.06	)		(.76	)		(.82	)		14.41		10.83	8		34			.37	9		.75	9		1.46	9
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:
4/30/20236,7		13.91		.12			1.33			1.45			(.10	)		(.76	)		(.86	)		14.50		10.92	8		55			.10	9		.48	9		1.72	9
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:
4/30/20236,7		13.89		.11			1.35			1.46			(.12	)		(.76	)		(.88	)		14.47		10.97	8		10			.01	9		.39	9		1.51	9
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:
4/30/20236,7		13.56		.05			1.30			1.35			—			(.76	)		(.76	)		14.15		10.35	8		7			1.11	9		1.49	9		.69	9
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

Refer to the end of the tables for footnotes.

72 American Funds Target Date Retirement Series

Financial highlights (continued)

2060 Fund (continued)

			Income (loss) from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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-2:
4/30/20236,7	$	13.52	$	.05		$	1.30		$	1.35		$	—	11	$	(.76	)	$	(.76	)	$	14.11		10.38	%8	$	317		1.12	%9		1.50	%9		.71	%9
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:
4/30/20236,7		13.63		.07			1.31			1.38			(.01	)		(.76	)		(.77	)		14.24		10.52	8		68		.82	9		1.20	9		1.07	9
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
Class R-3:
4/30/20236,7		13.68		.08			1.32			1.40			(.03	)		(.76	)		(.79	)		14.29		10.65	8		451		.66	9		1.04	9		1.15	9
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:
4/30/20236,7		13.81		.10			1.34			1.44			(.07	)		(.76	)		(.83	)		14.42		10.85	8		403		.36	9		.74	9		1.45	9
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:
4/30/20236,7		13.85		.11			1.33			1.44			(.10	)		(.76	)		(.86	)		14.43		10.84	8		263		.17	9		.55	9		1.64	9
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:
4/30/20236,7		13.94		.13			1.33			1.46			(.11	)		(.76	)		(.87	)		14.53		10.94	8		111		.06	9		.44	9		1.78	9
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:
4/30/20236,7		13.95		.13			1.34			1.47			(.12	)		(.76	)		(.88	)		14.54		10.99	8		5,569		.01	9		.39	9		1.78	9
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.

American Funds Target Date Retirement Series 73

Financial highlights (continued)

2055 Fund

			Income (loss) from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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:
4/30/20236,7	$	20.52	$	.15		$	1.96		$	2.11		$	(.12	)	$	(1.25	)	$	(1.37	)	$	21.26		10.78	%8	$	1,214			.35	%9		.73	%9		1.49	%9
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:
4/30/20236,7		19.99		.08			1.90			1.98			—	11		(1.25	)		(1.25	)		20.72		10.37	8		98			1.08	9		1.46	9		.76	9
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:
4/30/20236,7		20.58		.20			1.95			2.15			(.17	)		(1.25	)		(1.42	)		21.31		10.97	8,14		—	12		.01	9,14		.39	9,14		1.90	9,14
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:
4/30/20236,7		20.37		.15			1.94			2.09			(.10	)		(1.25	)		(1.35	)		21.11		10.79	8		52			.36	9		.74	9		1.49	9
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:
4/30/20236,7		20.57		.18			1.96			2.14			(.17	)		(1.25	)		(1.42	)		21.29		10.92	8		64			.10	9		.48	9		1.75	9
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:
4/30/20236,7		20.61		.19			1.96			2.15			(.18	)		(1.25	)		(1.43	)		21.33		11.00	8		12			.01	9		.39	9		1.85	9
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:
4/30/20236,7		19.86		.07			1.89			1.96			—			(1.25	)		(1.25	)		20.57		10.34	8		11			1.11	9		1.49	9		.73	9
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

Refer to the end of the tables for footnotes.

74 American Funds Target Date Retirement Series

Financial highlights (continued)

2055 Fund (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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-2:
4/30/20236,7	$	19.90	$	.07	$	1.91		$	1.98		$	—		$	(1.25	)	$	(1.25	)	$	20.63		10.42	%8	$	561		1.12	%9		1.50	%9		.74	%9
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:
4/30/20236,7		20.09		.11		1.90			2.01			(.01	)		(1.25	)		(1.26	)		20.84		10.50	8		128		.82	9		1.20	9		1.08	9
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
Class R-3:
4/30/20236,7		20.22		.12		1.93			2.05			(.05	)		(1.25	)		(1.30	)		20.97		10.62	8		811		.66	9		1.04	9		1.19	9
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:
4/30/20236,7		20.48		.15		1.96			2.11			(.11	)		(1.25	)		(1.36	)		21.23		10.80	8		824		.36	9		.74	9		1.49	9
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:
4/30/20236,7		20.48		.17		1.95			2.12			(.15	)		(1.25	)		(1.40	)		21.20		10.90	8		446		.16	9		.54	9		1.69	9
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:
4/30/20236,7		20.75		.19		1.97			2.16			(.17	)		(1.25	)		(1.42	)		21.49		10.96	8		246		.06	9		.44	9		1.81	9
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:
4/30/20236,7		20.79		.19		1.97			2.16			(.18	)		(1.25	)		(1.43	)		21.52		10.95	8		10,492		.01	9		.39	9		1.81	9
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.

American Funds Target Date Retirement Series 75

Financial highlights (continued)

2050 Fund

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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:
4/30/20236,7	$	16.47	$	.13	$	1.54		$	1.67		$	(.12	)	$	(1.00	)	$	(1.12	)	$	17.02		10.64	%8	$	1,905			.34	%9		.71	%9		1.61	%9
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:
4/30/20236,7		15.99		.07		1.49			1.56			—			(1.00	)		(1.00	)		16.55		10.22	8		148			1.08	9		1.45	9		.87	9
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:
4/30/20236,7		16.51		.17		1.53			1.70			(.16	)		(1.00	)		(1.16	)		17.05		10.84	8,14		—	12		.01	9,14		.38	9,14		2.00	9,14
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:
4/30/20236,7		16.33		.13		1.52			1.65			(.11	)		(1.00	)		(1.11	)		16.87		10.61	8		80			.36	9		.73	9		1.60	9
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:
4/30/20236,7		16.49		.15		1.53			1.68			(.16	)		(1.00	)		(1.16	)		17.01		10.72	8		100			.10	9		.47	9		1.84	9
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:
4/30/20236,7		16.54		.16		1.53			1.69			(.17	)		(1.00	)		(1.17	)		17.06		10.78	8		15			.01	9		.38	9		1.95	9
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:
4/30/20236,7		15.98		.07		1.48			1.55			—			(1.00	)		(1.00	)		16.53		10.16	8		19			1.11	9		1.48	9		.83	9
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

Refer to the end of the tables for footnotes.

76 American Funds Target Date Retirement Series

Financial highlights (continued)

2050 Fund (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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-2:
4/30/20236,7	$	15.97	$	.07	$	1.49		$	1.56		$	—		$	(1.00	)	$	(1.00	)	$	16.53		10.23	%8	$	807		1.12	%9		1.49	%9		.84	%9
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:
4/30/20236,7		16.10		.10		1.50			1.60			(.04	)		(1.00	)		(1.04	)		16.66		10.39	8		197		.82	9		1.19	9		1.17	9
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
Class R-3:
4/30/20236,7		16.21		.11		1.51			1.62			(.06	)		(1.00	)		(1.06	)		16.77		10.49	8		1,282		.66	9		1.03	9		1.29	9
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:
4/30/20236,7		16.43		.13		1.53			1.66			(.11	)		(1.00	)		(1.11	)		16.98		10.61	8		1,222		.36	9		.73	9		1.59	9
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:
4/30/20236,7		16.43		.15		1.53			1.68			(.15	)		(1.00	)		(1.15	)		16.96		10.74	8		673		.16	9		.53	9		1.79	9
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:
4/30/20236,7		16.66		.16		1.54			1.70			(.16	)		(1.00	)		(1.16	)		17.20		10.76	8		347		.06	9		.43	9		1.91	9
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:
4/30/20236,7		16.61		.16		1.54			1.70			(.17	)		(1.00	)		(1.17	)		17.14		10.80	8		15,959		.01	9		.38	9		1.92	9
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.

American Funds Target Date Retirement Series 77

Financial highlights (continued)

2045 Fund

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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:
4/30/20236,7	$	16.80	$	.14	$	1.53		$	1.67		$	(.14	)	$	(.95	)	$	(1.09	)	$	17.38		10.43	%8	$	2,113			.34	%9		.70	%9		1.71	%9
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:
4/30/20236,7		16.33		.08		1.49			1.57			(.01	)		(.95	)		(.96	)		16.94		10.05	8		153			1.08	9		1.44	9		.97	9
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:
4/30/20236,7		16.84		.18		1.52			1.70			(.18	)		(.95	)		(1.13	)		17.41		10.62	8,14		—	12		.01	9,14		.37	9,14		2.11	9,14
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:
4/30/20236,7		16.67		.14		1.51			1.65			(.13	)		(.95	)		(1.08	)		17.24		10.40	8		98			.36	9		.72	9		1.70	9
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:
4/30/20236,7		16.83		.16		1.53			1.69			(.18	)		(.95	)		(1.13	)		17.39		10.56	8		128			.10	9		.46	9		1.95	9
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:
4/30/20236,7		16.86		.17		1.54			1.71			(.20	)		(.95	)		(1.15	)		17.42		10.64	8		11			.01	9		.37	9		2.05	9
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:
4/30/20236,7		16.29		.08		1.49			1.57			(.01	)		(.95	)		(.96	)		16.90		10.05	8		26			1.11	9		1.47	9		.94	9
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

Refer to the end of the tables for footnotes.

78 American Funds Target Date Retirement Series

Financial highlights (continued)

2045 Fund (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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-2:
4/30/20236,7	$	16.24	$	.08	$	1.48		$	1.56		$	(.01	)	$	(.95	)	$	(.96	)	$	16.84		10.01	%8	$	1,024		1.12	%9		1.48	%9		.95	%9
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:
4/30/20236,7		16.43		.12		1.47			1.59			(.05	)		(.95	)		(1.00	)		17.02		10.15	8		245		.82	9		1.18	9		1.42	9
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
Class R-3:
4/30/20236,7		16.53		.12		1.50			1.62			(.08	)		(.95	)		(1.03	)		17.12		10.28	8		1,425		.66	9		1.02	9		1.40	9
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:
4/30/20236,7		16.77		.14		1.52			1.66			(.13	)		(.95	)		(1.08	)		17.35		10.40	8		1,371		.36	9		.72	9		1.69	9
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:
4/30/20236,7		16.76		.16		1.52			1.68			(.17	)		(.95	)		(1.12	)		17.32		10.53	8		797		.16	9		.52	9		1.91	9
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:
4/30/20236,7		17.01		.17		1.55			1.72			(.19	)		(.95	)		(1.14	)		17.59		10.61	8		379		.06	9		.42	9		2.03	9
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:
4/30/20236,7		16.94		.17		1.55			1.72			(.20	)		(.95	)		(1.15	)		17.51		10.65	8		18,141		.01	9		.37	9		2.02	9
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.

American Funds Target Date Retirement Series 79

Financial highlights (continued)

2040 Fund

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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:
4/30/20236,7	$	16.43	$	.16	$	1.46		$	1.62		$	(.17	)	$	(.85	)	$	(1.02	)	$	17.03		10.28	%8	$	2,724			.34	%9		.70	%9		1.97	%9
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:
4/30/20236,7		15.99		.10		1.41			1.51			(.04	)		(.85	)		(.89	)		16.61		9.82	8		177			1.08	9		1.44	9		1.23	9
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:
4/30/20236,7		16.47		.20		1.45			1.65			(.21	)		(.85	)		(1.06	)		17.06		10.48	8,14		—	12		.01	9,14		.37	9,14		2.36	9,14
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:
4/30/20236,7		16.30		.16		1.44			1.60			(.16	)		(.85	)		(1.01	)		16.89		10.24	8		153			.36	9		.72	9		1.95	9
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:
4/30/20236,7		16.45		.18		1.46			1.64			(.21	)		(.85	)		(1.06	)		17.03		10.42	8		168			.10	9		.46	9		2.20	9
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:
4/30/20236,7		16.50		.20		1.45			1.65			(.23	)		(.85	)		(1.08	)		17.07		10.42	8		18			.01	9		.37	9		2.35	9
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:
4/30/20236,7		15.98		.10		1.42			1.52			(.04	)		(.85	)		(.89	)		16.61		9.89	8		33			1.11	9		1.47	9		1.20	9
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

Refer to the end of the tables for footnotes.

80 American Funds Target Date Retirement Series

Financial highlights (continued)

2040 Fund (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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-2:
4/30/20236,7	$	15.93	$	.10	$	1.41		$	1.51		$	(.04	)	$	(.85	)	$	(.89	)	$	16.55		9.82	%8	$	1,193		1.11	%9		1.47	%9		1.21	%9
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:
4/30/20236,7		16.09		.12		1.42			1.54			(.09	)		(.85	)		(.94	)		16.69		9.95	8		288		.82	9		1.18	9		1.53	9
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
Class R-3:
4/30/20236,7		16.21		.13		1.44			1.57			(.12	)		(.85	)		(.97	)		16.81		10.04	8		1,801		.66	9		1.02	9		1.65	9
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:
4/30/20236,7		16.39		.16		1.46			1.62			(.16	)		(.85	)		(1.01	)		17.00		10.31	8		1,734		.36	9		.72	9		1.95	9
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:
4/30/20236,7		16.40		.18		1.45			1.63			(.20	)		(.85	)		(1.05	)		16.98		10.38	8		1,007		.16	9		.52	9		2.15	9
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:
4/30/20236,7		16.63		.19		1.47			1.66			(.22	)		(.85	)		(1.07	)		17.22		10.40	8		451		.06	9		.42	9		2.29	9
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:
4/30/20236,7		16.57		.19		1.47			1.66			(.23	)		(.85	)		(1.08	)		17.15		10.45	8		22,151		.01	9		.37	9		2.28	9
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.

American Funds Target Date Retirement Series 81

Financial highlights (continued)

2035 Fund

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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:
4/30/20236,7	$	15.81	$	.19	$	1.27		$	1.46		$	(.22	)	$	(.62	)	$	(.84	)	$	16.43		9.56	%8	$	3,181			.34	%9		.68	%9		2.43	%9
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:
4/30/20236,7		15.40		.13		1.25			1.38			(.10	)		(.62	)		(.72	)		16.06		9.19	8		202			1.09	9		1.43	9		1.70	9
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:
4/30/20236,7		15.85		.23		1.26			1.49			(.26	)		(.62	)		(.88	)		16.46		9.75	8,14		—	12		.01	9,14		.35	9,14		2.84	9,14
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:
4/30/20236,7		15.69		.19		1.27			1.46			(.22	)		(.62	)		(.84	)		16.31		9.58	8		188			.36	9		.70	9		2.43	9
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:
4/30/20236,7		15.83		.21		1.28			1.49			(.26	)		(.62	)		(.88	)		16.44		9.76	8		219			.10	9		.44	9		2.69	9
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:
4/30/20236,7		15.87		.23		1.27			1.50			(.28	)		(.62	)		(.90	)		16.47		9.77	8		32			.01	9		.35	9		2.86	9
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:
4/30/20236,7		15.30		.13		1.23			1.36			(.10	)		(.62	)		(.72	)		15.94		9.18	8		34			1.10	9		1.44	9		1.69	9
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

Refer to the end of the tables for footnotes.

82 American Funds Target Date Retirement Series

Financial highlights (continued)

2035 Fund (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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-2:
4/30/20236,7	$	15.34	$	.13	$	1.23		$	1.36		$	(.09	)	$	(.62	)	$	(.71	)	$	15.99		9.13	%8	$	1,408		1.11	%9		1.45	%9		1.68	%9
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:
4/30/20236,7		15.45		.17		1.23			1.40			(.14	)		(.62	)		(.76	)		16.09		9.35	8		345		.82	9		1.16	9		2.11	9
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
Class R-3:
4/30/20236,7		15.58		.17		1.26			1.43			(.17	)		(.62	)		(.79	)		16.22		9.45	8		2,110		.66	9		1.00	9		2.12	9
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:
4/30/20236,7		15.77		.19		1.28			1.47			(.22	)		(.62	)		(.84	)		16.40		9.61	8		1,996		.36	9		.70	9		2.42	9
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:
4/30/20236,7		15.79		.21		1.26			1.47			(.25	)		(.62	)		(.87	)		16.39		9.65	8		1,015		.16	9		.50	9		2.68	9
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:
4/30/20236,7		15.99		.22		1.29			1.51			(.27	)		(.62	)		(.89	)		16.61		9.76	8		559		.06	9		.40	9		2.75	9
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:
4/30/20236,7		15.93		.22		1.28			1.50			(.28	)		(.62	)		(.90	)		16.53		9.73	8		24,600		.01	9		.35	9		2.75	9
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.

American Funds Target Date Retirement Series 83

Financial highlights (continued)

2030 Fund

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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:
4/30/20236,7	$	14.70	$	.21	$	1.07		$	1.28		$	(.26	)	$	(.38	)	$	(.64	)	$	15.34		8.93	%8	$	3,877			.35	%9		.67	%9		2.78	%9
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:
4/30/20236,7		14.31		.15		1.04			1.19			(.14	)		(.38	)		(.52	)		14.98		8.52	8		239			1.08	9		1.40	9		2.05	9
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:
4/30/20236,7		14.73		.24		1.07			1.31			(.30	)		(.38	)		(.68	)		15.36		9.13	8,14		—	12		.01	9,14		.33	9,14		3.17	9,14
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:
4/30/20236,7		14.57		.20		1.06			1.26			(.25	)		(.38	)		(.63	)		15.20		8.88	8		164			.36	9		.68	9		2.75	9
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:
4/30/20236,7		14.71		.23		1.07			1.30			(.30	)		(.38	)		(.68	)		15.33		9.06	8		302			.10	9		.42	9		3.03	9
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:
4/30/20236,7		14.75		.23		1.08			1.31			(.31	)		(.38	)		(.69	)		15.37		9.13	8		39			.01	9		.33	9		3.09	9
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:
4/30/20236,7		14.39		.15		1.04			1.19			(.14	)		(.38	)		(.52	)		15.06		8.45	8		45			1.11	9		1.43	9		2.01	9
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

Refer to the end of the tables for footnotes.

84 American Funds Target Date Retirement Series

Financial highlights (continued)

2030 Fund (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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-2:
4/30/20236,7	$	14.27	$	.15	$	1.04		$	1.19		$	(.14	)	$	(.38	)	$	(.52	)	$	14.94		8.51	%8	$	1,379		1.12	%9		1.44	%9		2.02	%9
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:
4/30/20236,7		14.39		.17		1.05			1.22			(.19	)		(.38	)		(.57	)		15.04		8.64	8		410		.82	9		1.14	9		2.34	9
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
Class R-3:
4/30/20236,7		14.50		.18		1.06			1.24			(.21	)		(.38	)		(.59	)		15.15		8.74	8		2,377		.66	9		.98	9		2.47	9
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:
4/30/20236,7		14.67		.21		1.06			1.27			(.25	)		(.38	)		(.63	)		15.31		8.90	8		2,384		.36	9		.68	9		2.77	9
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:
4/30/20236,7		14.67		.22		1.07			1.29			(.29	)		(.38	)		(.67	)		15.29		9.01	8		1,182		.16	9		.48	9		2.98	9
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:
4/30/20236,7		14.87		.23		1.08			1.31			(.30	)		(.38	)		(.68	)		15.50		9.06	8		608		.06	9		.38	9		3.09	9
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:
4/30/20236,7		14.81		.23		1.07			1.30			(.31	)		(.38	)		(.69	)		15.42		9.03	8		27,232		.01	9		.33	9		3.09	9
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.

American Funds Target Date Retirement Series 85

Financial highlights (continued)

2025 Fund

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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:
4/30/20236,7	$	13.55	$	.23	$	.85		$	1.08		$	(.29	)	$	(.24	)	$	(.53	)	$	14.10		8.17	%8	$	3,678			.34	%9		.65	%9		3.28	%9
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:
4/30/20236,7		13.20		.17		.83			1.00			(.18	)		(.24	)		(.42	)		13.78		7.73	8		209			1.08	9		1.39	9		2.55	9
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:
4/30/20236,7		13.58		.25		.86			1.11			(.33	)		(.24	)		(.57	)		14.12		8.38	8,14		—	12		.02	9,14		.33	9,14		3.66	9,14
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:
4/30/20236,7		13.43		.22		.85			1.07			(.28	)		(.24	)		(.52	)		13.98		8.21	8		102			.36	9		.67	9		3.28	9
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:
4/30/20236,7		13.55		.24		.86			1.10			(.33	)		(.24	)		(.57	)		14.08		8.30	8		255			.10	9		.41	9		3.53	9
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:
4/30/20236,7		13.60		.25		.85			1.10			(.34	)		(.24	)		(.58	)		14.12		8.30	8		35			.01	9		.32	9		3.66	9
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:
4/30/20236,7		13.23		.17		.83			1.00			(.17	)		(.24	)		(.41	)		13.82		7.75	8		27			1.10	9		1.41	9		2.52	9
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

Refer to the end of the tables for footnotes.

86 American Funds Target Date Retirement Series

Financial highlights (continued)

2025 Fund (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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-2:
4/30/20236,7	$	13.17	$	.17	$	.83		$	1.00		$	(.18	)	$	(.24	)	$	(.42	)	$	13.75		7.72	%8	$	1,101		1.11	%9		1.42	%9		2.52	%9
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:
4/30/20236,7		13.26		.20		.83			1.03			(.22	)		(.24	)		(.46	)		13.83		7.92	8		312		.82	9		1.13	9		3.02	9
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
Class R-3:
4/30/20236,7		13.36		.20		.85			1.05			(.24	)		(.24	)		(.48	)		13.93		8.03	8		1,806		.66	9		.97	9		2.97	9
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:
4/30/20236,7		13.52		.22		.85			1.07			(.28	)		(.24	)		(.52	)		14.07		8.14	8		1,832		.36	9		.67	9		3.27	9
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:
4/30/20236,7		13.52		.24		.86			1.10			(.32	)		(.24	)		(.56	)		14.06		8.32	8		942		.16	9		.47	9		3.53	9
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:
4/30/20236,7		13.69		.25		.86			1.11			(.33	)		(.24	)		(.57	)		14.23		8.33	8		479		.06	9		.37	9		3.61	9
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:
4/30/20236,7		13.65		.25		.87			1.12			(.34	)		(.24	)		(.58	)		14.19		8.42	8		20,870		.01	9		.32	9		3.60	9
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.

American Funds Target Date Retirement Series 87

Financial highlights (continued)

2020 Fund

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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:
4/30/20236,7	$	12.25	$	.23	$	.67		$	.90		$	(.30	)	$	(.18	)	$	(.48	)	$	12.67		7.50	%8	$	2,328			.33	%9		.62	%9		3.68	%9
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:
4/30/20236,7		11.95		.18		.67			.85			(.20	)		(.18	)		(.38	)		12.42		7.19	8		127			1.09	9		1.38	9		2.93	9
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:
4/30/20236,7		12.27		.25		.68			.93			(.34	)		(.18	)		(.52	)		12.68		7.71	8,14		—	12		.04	9,14		.33	9,14		4.01	9,14
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:
4/30/20236,7		12.16		.23		.67			.90			(.30	)		(.18	)		(.48	)		12.58		7.51	8		43			.36	9		.65	9		3.75	9
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:
4/30/20236,7		12.24		.24		.69			.93			(.34	)		(.18	)		(.52	)		12.65		7.70	8		150			.10	9		.39	9		3.92	9
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:
4/30/20236,7		12.29		.24		.69			.93			(.35	)		(.18	)		(.53	)		12.69		7.69	8		21			.01	9		.30	9		3.92	9
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:
4/30/20236,7		12.05		.18		.68			.86			(.19	)		(.18	)		(.37	)		12.54		7.19	8		9			1.10	9		1.39	9		2.88	9
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

Refer to the end of the tables for footnotes.

88 American Funds Target Date Retirement Series

Financial highlights (continued)

2020 Fund (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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-2:
4/30/20236,7	$	11.96	$	.18	$	.67		$	.85		$	(.20	)	$	(.18	)	$	(.38	)	$	12.43		7.17	%8	$	503		1.11	%9		1.40	%9		2.92	%9
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:
4/30/20236,7		11.99		.20		.67			.87			(.24	)		(.18	)		(.42	)		12.44		7.33	8		165		.82	9		1.11	9		3.25	9
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
Class R-3:
4/30/20236,7		12.11		.21		.68			.89			(.26	)		(.18	)		(.44	)		12.56		7.42	8		889		.66	9		.95	9		3.37	9
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:
4/30/20236,7		12.23		.23		.68			.91			(.30	)		(.18	)		(.48	)		12.66		7.53	8		971		.36	9		.65	9		3.67	9
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:
4/30/20236,7		12.21		.24		.69			.93			(.33	)		(.18	)		(.51	)		12.63		7.72	8		487		.16	9		.45	9		3.91	9
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:
4/30/20236,7		12.37		.25		.69			.94			(.34	)		(.18	)		(.52	)		12.79		7.74	8		235		.06	9		.35	9		3.97	9
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:
4/30/20236,7		12.33		.25		.69			.94			(.35	)		(.18	)		(.53	)		12.74		7.75	8		10,397		.01	9		.30	9		3.98	9
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.

American Funds Target Date Retirement Series 89

Financial highlights (continued)

2015 Fund

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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:
4/30/20236,7	$	11.34	$	.22	$	.57		$	.79		$	(.29	)	$	(.13	)	$	(.42	)	$	11.71		7.08	%8	$	865			.34	%9		.63	%9		3.80	%9
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:
4/30/20236,7		11.11		.17		.57			.74			(.19	)		(.13	)		(.32	)		11.53		6.74	8		32			1.08	9		1.37	9		3.08	9
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:
4/30/20236,7		11.35		.24		.57			.81			(.32	)		(.13	)		(.45	)		11.71		7.29	8,14		—	12		.04	9,14		.33	9,14		4.13	9,14
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:
4/30/20236,7		11.25		.21		.58			.79			(.28	)		(.13	)		(.41	)		11.63		7.15	8		13			.36	9		.65	9		3.75	9
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:
4/30/20236,7		11.33		.23		.58			.81			(.32	)		(.13	)		(.45	)		11.69		7.27	8		49			.10	9		.39	9		4.05	9
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:
4/30/20236,7		11.37		.24		.57			.81			(.33	)		(.13	)		(.46	)		11.72		7.26	8		7			.01	9		.30	9		4.15	9
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:
4/30/20236,7		11.10		.17		.57			.74			(.20	)		(.13	)		(.33	)		11.51		6.73	8		6			1.10	9		1.39	9		3.04	9
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

Refer to the end of the tables for footnotes.

90 American Funds Target Date Retirement Series

Financial highlights (continued)

2015 Fund (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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-2:
4/30/20236,7	$	11.10	$	.17	$	.57		$	.74		$	(.19	)	$	(.13	)	$	(.32	)	$	11.52		6.72	%8	$	163		1.11	%9		1.40	%9		3.03	%9
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:
4/30/20236,7		11.11		.20		.55			.75			(.22	)		(.13	)		(.35	)		11.51		6.89	8		54		.82	9		1.11	9		3.47	9
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
Class R-3:
4/30/20236,7		11.22		.20		.58			.78			(.25	)		(.13	)		(.38	)		11.62		7.02	8		302		.66	9		.95	9		3.49	9
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:
4/30/20236,7		11.33		.22		.56			.78			(.28	)		(.13	)		(.41	)		11.70		7.03	8		246		.36	9		.65	9		3.81	9
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:
4/30/20236,7		11.30		.23		.57			.80			(.31	)		(.13	)		(.44	)		11.66		7.22	8		132		.16	9		.45	9		4.02	9
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:
4/30/20236,7		11.44		.24		.57			.81			(.32	)		(.13	)		(.45	)		11.80		7.25	8		81		.06	9		.35	9		4.07	9
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:
4/30/20236,7		11.39		.24		.57			.81			(.33	)		(.13	)		(.46	)		11.74		7.25	8		3,219		.01	9		.30	9		4.10	9
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.

American Funds Target Date Retirement Series 91

Financial highlights (continued)

2010 Fund

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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 to average net assets3
Class A:
4/30/20236,7	$	10.83	$	.21	$	.51		$	.72		$	(.27	)	$	(.10	)	$	(.37	)	$	11.18		6.74	%8	$	573			.34	%9		.34	%9		.62	%9		3.83	%9
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:
4/30/20236,7		10.62		.17		.49			.66			(.18	)		(.10	)		(.28	)		11.00		6.25	8		24			1.08	9		1.08	9		1.36	9		3.09	9
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:
4/30/20236,7		10.85		.23		.50			.73			(.30	)		(.10	)		(.40	)		11.18		6.87	8,14		—	12		.04	9,14		.04	9,14		.32	9,14		4.16	9,14
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:
4/30/20236,7		10.77		.21		.50			.71			(.27	)		(.10	)		(.37	)		11.11		6.71	8		11			.36	9		.36	9		.64	9		3.78	9
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:
4/30/20236,7		10.83		.22		.51			.73			(.30	)		(.10	)		(.40	)		11.16		6.86	8		44			.10	9		.10	9		.38	9		4.06	9
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:
4/30/20236,7		10.86		.23		.51			.74			(.31	)		(.10	)		(.41	)		11.19		6.94	8		9			.01	9		.01	9		.29	9		4.22	9
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:
4/30/20236,7		10.78		.16		.51			.67			(.20	)		(.10	)		(.30	)		11.15		6.30	8		2			1.11	9		1.11	9		1.39	9		3.01	9
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

Refer to the end of the tables for footnotes.

92 American Funds Target Date Retirement Series

Financial highlights (continued)

2010 Fund (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total 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 to average net assets3
Class R-2:
4/30/20236,7	$	10.64	$	.17	$	.49		$	.66		$	(.17	)	$	(.10	)	$	(.27	)	$	11.03		6.33	%8	$	83		1.12	%9		1.12	%9		1.40	%9		3.08	%9
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
Class R-2E:
4/30/20236,7		10.62		.19		.49			.68			(.21	)		(.10	)		(.31	)		10.99		6.47	8		47		.82	9		.82	9		1.10	9		3.49	9
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:
4/30/20236,7		10.75		.19		.50			.69			(.23	)		(.10	)		(.33	)		11.11		6.52	8		201		.66	9		.66	9		.94	9		3.52	9
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:
4/30/20236,7		10.82		.21		.50			.71			(.26	)		(.10	)		(.36	)		11.17		6.71	8		227		.36	9		.36	9		.64	9		3.81	9
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:
4/30/20236,7		10.80		.22		.50			.72			(.29	)		(.10	)		(.39	)		11.13		6.79	8		112		.16	9		.16	9		.44	9		4.09	9
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:
4/30/20236,7		10.93		.23		.50			.73			(.30	)		(.10	)		(.40	)		11.26		6.83	8		60		.06	9		.06	9		.34	9		4.13	9
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:
4/30/20236,7		10.89		.23		.51			.74			(.31	)		(.10	)		(.41	)		11.22		6.92	8		2,636		.01	9		.01	9		.29	9		4.13	9
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.

American Funds Target Date Retirement Series 93

Financial highlights (continued)

	Six months ended			Year ended October 31,
Portfolio turnover rate for all share classes	April 30, 20236,7,8			2022			2021			2020			2019			2018
2065 Fund		1	%		2	%		13	%		22	%7,8,10
2060 Fund		—	16		2			12			3	15		—	%16		3	%
2055 Fund		—	16		3			14	15		3	15		—	16		—	16
2050 Fund		—	16		2			14	15		4	15		—	16		—	16
2045 Fund		1			—	16		15	15		4	15		—	16		—	16
2040 Fund		1			4			17	15		5	15		—	16		—	16
2035 Fund		—	16		6			17	15		9	15		—	16		—	16
2030 Fund		—	16		9			21			8	15		—	16		—	16
2025 Fund		1			12			18	15		12	15		—	16		—	16
2020 Fund		3			15			20	15		13	15		2			2
2015 Fund		4			17			21	15		13			6			7
2010 Fund		5			18			20	15		12			5			8

1	Based on average shares outstanding.
2	Total returns exclude any applicable sales charges, including contingent deferred sales charges.
3	This column reflects the impact, if any, of certain reimbursements from CRMC. During 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	Not annualized.
9	Annualized.
10	For the period March 27, 2020, commencement of operations, through October 31, 2020.
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.

94 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 (November 1, 2022, through April 30, 2023).

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 95

Expense example (continued)

2065 Fund

	Beginning account value 11/1/2022		Ending account value 4/30/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,107.28	$	2.09		.40	%	$	4.08		.78	%
Class A – assumed 5% return		1,000.00		1,022.81		2.01		.40			3.91		.78
Class C – actual return		1,000.00		1,103.83		5.74		1.10			7.72		1.48
Class C – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.40		1.48
Class T – actual return		1,000.00		1,109.87		.05		.01			2.04		.39
Class T – assumed 5% return		1,000.00		1,024.74		.05		.01			1.96		.39
Class F-1 – actual return		1,000.00		1,108.05		1.88		.36			3.87		.74
Class F-1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.71		.74
Class F-2 – actual return		1,000.00		1,110.11		.52		.10			2.51		.48
Class F-2 – assumed 5% return		1,000.00		1,024.30		.50		.10			2.41		.48
Class F-3 – actual return		1,000.00		1,109.89		.05		.01			2.04		.39
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.96		.39
Class R-1 – actual return		1,000.00		1,103.91		5.69		1.09			7.67		1.47
Class R-1 – assumed 5% return		1,000.00		1,019.39		5.46		1.09			7.35		1.47
Class R-2 – actual return		1,000.00		1,103.77		5.79		1.11			7.77		1.49
Class R-2 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.45		1.49
Class R-2E – actual return		1,000.00		1,105.44		4.23		.81			6.21		1.19
Class R-2E – assumed 5% return		1,000.00		1,020.78		4.06		.81			5.96		1.19
Class R-3 – actual return		1,000.00		1,106.25		3.45		.66			5.43		1.04
Class R-3 – assumed 5% return		1,000.00		1,021.52		3.31		.66			5.21		1.04
Class R-4 – actual return		1,000.00		1,108.24		1.88		.36			3.87		.74
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.71		.74
Class R-5E – actual return		1,000.00		1,108.95		.84		.16			2.82		.54
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.71		.54
Class R-5 – actual return		1,000.00		1,109.51		.31		.06			2.30		.44
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			2.21		.44
Class R-6 – actual return		1,000.00		1,109.89		.05		.01			2.04		.39
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.96		.39

Refer to the end of the tables for footnotes.

96 American Funds Target Date Retirement Series

Expense example (continued)

2060 Fund

	Beginning account value 11/1/2022		Ending account value 4/30/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,108.22	$	1.83		.35	%	$	3.82		.73	%
Class A – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.66		.73
Class C – actual return		1,000.00		1,103.77		5.69		1.09			7.67		1.47
Class C – assumed 5% return		1,000.00		1,019.39		5.46		1.09			7.35		1.47
Class T – actual return		1,000.00		1,109.57		.05		.01			2.04		.39
Class T – assumed 5% return		1,000.00		1,024.74		.05		.01			1.96		.39
Class F-1 – actual return		1,000.00		1,108.32		1.93		.37			3.92		.75
Class F-1 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.76		.75
Class F-2 – actual return		1,000.00		1,109.24		.52		.10			2.51		.48
Class F-2 – assumed 5% return		1,000.00		1,024.30		.50		.10			2.41		.48
Class F-3 – actual return		1,000.00		1,109.68		.05		.01			2.04		.39
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.96		.39
Class R-1 – actual return		1,000.00		1,103.53		5.79		1.11			7.77		1.49
Class R-1 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.45		1.49
Class R-2 – actual return		1,000.00		1,103.84		5.84		1.12			7.82		1.50
Class R-2 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.50		1.50
Class R-2E – actual return		1,000.00		1,105.24		4.28		.82			6.26		1.20
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			6.01		1.20
Class R-3 – actual return		1,000.00		1,106.52		3.45		.66			5.43		1.04
Class R-3 – assumed 5% return		1,000.00		1,021.52		3.31		.66			5.21		1.04
Class R-4 – actual return		1,000.00		1,108.52		1.88		.36			3.87		.74
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.71		.74
Class R-5E – actual return		1,000.00		1,108.35		.89		.17			2.88		.55
Class R-5E – assumed 5% return		1,000.00		1,023.95		.85		.17			2.76		.55
Class R-5 – actual return		1,000.00		1,109.39		.31		.06			2.30		.44
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			2.21		.44
Class R-6 – actual return		1,000.00		1,109.90		.05		.01			2.04		.39
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.96		.39

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 97

Expense example (continued)

2055 Fund

	Beginning account value 11/1/2022		Ending account value 4/30/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,107.79	$	1.83		.35	%	$	3.82		.73	%
Class A – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.66		.73
Class C – actual return		1,000.00		1,103.71		5.63		1.08			7.62		1.46
Class C – assumed 5% return		1,000.00		1,019.44		5.41		1.08			7.30		1.46
Class T – actual return		1,000.00		1,109.72		.05		.01			2.04		.39
Class T – assumed 5% return		1,000.00		1,024.74		.05		.01			1.96		.39
Class F-1 – actual return		1,000.00		1,107.92		1.88		.36			3.87		.74
Class F-1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.71		.74
Class F-2 – actual return		1,000.00		1,109.19		.52		.10			2.51		.48
Class F-2 – assumed 5% return		1,000.00		1,024.30		.50		.10			2.41		.48
Class F-3 – actual return		1,000.00		1,109.99		.05		.01			2.04		.39
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.96		.39
Class R-1 – actual return		1,000.00		1,103.37		5.79		1.11			7.77		1.49
Class R-1 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.45		1.49
Class R-2 – actual return		1,000.00		1,104.20		5.84		1.12			7.83		1.50
Class R-2 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.50		1.50
Class R-2E – actual return		1,000.00		1,105.04		4.28		.82			6.26		1.20
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			6.01		1.20
Class R-3 – actual return		1,000.00		1,106.17		3.45		.66			5.43		1.04
Class R-3 – assumed 5% return		1,000.00		1,021.52		3.31		.66			5.21		1.04
Class R-4 – actual return		1,000.00		1,107.97		1.88		.36			3.87		.74
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.71		.74
Class R-5E – actual return		1,000.00		1,108.99		.84		.16			2.82		.54
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.71		.54
Class R-5 – actual return		1,000.00		1,109.61		.31		.06			2.30		.44
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			2.21		.44
Class R-6 – actual return		1,000.00		1,109.51		.05		.01			2.04		.39
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.96		.39

Refer to the end of the tables for footnotes.

98 American Funds Target Date Retirement Series

Expense example (continued)

2050 Fund

	Beginning account value 11/1/2022		Ending account value 4/30/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,106.44	$	1.78		.34	%	$	3.71		.71	%
Class A – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.56		.71
Class C – actual return		1,000.00		1,102.16		5.63		1.08			7.56		1.45
Class C – assumed 5% return		1,000.00		1,019.44		5.41		1.08			7.25		1.45
Class T – actual return		1,000.00		1,108.37		.05		.01			1.99		.38
Class T – assumed 5% return		1,000.00		1,024.74		.05		.01			1.91		.38
Class F-1 – actual return		1,000.00		1,106.06		1.88		.36			3.81		.73
Class F-1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.66		.73
Class F-2 – actual return		1,000.00		1,107.16		.52		.10			2.46		.47
Class F-2 – assumed 5% return		1,000.00		1,024.30		.50		.10			2.36		.47
Class F-3 – actual return		1,000.00		1,107.84		.05		.01			1.99		.38
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.91		.38
Class R-1 – actual return		1,000.00		1,101.56		5.78		1.11			7.71		1.48
Class R-1 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.40		1.48
Class R-2 – actual return		1,000.00		1,102.25		5.84		1.12			7.77		1.49
Class R-2 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.45		1.49
Class R-2E – actual return		1,000.00		1,103.86		4.28		.82			6.21		1.19
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			5.96		1.19
Class R-3 – actual return		1,000.00		1,104.94		3.44		.66			5.38		1.03
Class R-3 – assumed 5% return		1,000.00		1,021.52		3.31		.66			5.16		1.03
Class R-4 – actual return		1,000.00		1,106.13		1.88		.36			3.81		.73
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.66		.73
Class R-5E – actual return		1,000.00		1,107.44		.84		.16			2.77		.53
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.66		.53
Class R-5 – actual return		1,000.00		1,107.65		.31		.06			2.25		.43
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			2.16		.43
Class R-6 – actual return		1,000.00		1,108.03		.05		.01			1.99		.38
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.91		.38

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 99

Expense example (continued)

2045 Fund

	Beginning account value 11/1/2022		Ending account value 4/30/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,104.29	$	1.77		.34	%	$	3.65		.70	%
Class A – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.51		.70
Class C – actual return		1,000.00		1,100.49		5.62		1.08			7.50		1.44
Class C – assumed 5% return		1,000.00		1,019.44		5.41		1.08			7.20		1.44
Class T – actual return		1,000.00		1,106.25		.05		.01			1.93		.37
Class T – assumed 5% return		1,000.00		1,024.74		.05		.01			1.86		.37
Class F-1 – actual return		1,000.00		1,104.03		1.88		.36			3.76		.72
Class F-1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.61		.72
Class F-2 – actual return		1,000.00		1,105.59		.52		.10			2.40		.46
Class F-2 – assumed 5% return		1,000.00		1,024.30		.50		.10			2.31		.46
Class F-3 – actual return		1,000.00		1,106.43		.05		.01			1.93		.37
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.86		.37
Class R-1 – actual return		1,000.00		1,100.53		5.78		1.11			7.66		1.47
Class R-1 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.35		1.47
Class R-2 – actual return		1,000.00		1,100.14		5.83		1.12			7.71		1.48
Class R-2 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.40		1.48
Class R-2E – actual return		1,000.00		1,101.53		4.27		.82			6.15		1.18
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			5.91		1.18
Class R-3 – actual return		1,000.00		1,102.75		3.44		.66			5.32		1.02
Class R-3 – assumed 5% return		1,000.00		1,021.52		3.31		.66			5.11		1.02
Class R-4 – actual return		1,000.00		1,103.96		1.88		.36			3.76		.72
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.61		.72
Class R-5E – actual return		1,000.00		1,105.35		.84		.16			2.71		.52
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.61		.52
Class R-5 – actual return		1,000.00		1,106.06		.31		.06			2.19		.42
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			2.11		.42
Class R-6 – actual return		1,000.00		1,106.51		.05		.01			1.93		.37
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.86		.37

Refer to the end of the tables for footnotes.

100 American Funds Target Date Retirement Series

Expense example (continued)

2040 Fund

	Beginning account value 11/1/2022		Ending account value 4/30/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,102.79	$	1.77		.34	%	$	3.65		.70	%
Class A – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.51		.70
Class C – actual return		1,000.00		1,098.19		5.62		1.08			7.49		1.44
Class C – assumed 5% return		1,000.00		1,019.44		5.41		1.08			7.20		1.44
Class T – actual return		1,000.00		1,104.75		.05		.01			1.93		.37
Class T – assumed 5% return		1,000.00		1,024.74		.05		.01			1.86		.37
Class F-1 – actual return		1,000.00		1,102.43		1.88		.36			3.75		.72
Class F-1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.61		.72
Class F-2 – actual return		1,000.00		1,104.19		.52		.10			2.40		.46
Class F-2 – assumed 5% return		1,000.00		1,024.30		.50		.10			2.31		.46
Class F-3 – actual return		1,000.00		1,104.22		.05		.01			1.93		.37
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.86		.37
Class R-1 – actual return		1,000.00		1,098.88		5.78		1.11			7.65		1.47
Class R-1 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.35		1.47
Class R-2 – actual return		1,000.00		1,098.18		5.77		1.11			7.65		1.47
Class R-2 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.35		1.47
Class R-2E – actual return		1,000.00		1,099.45		4.27		.82			6.14		1.18
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			5.91		1.18
Class R-3 – actual return		1,000.00		1,100.37		3.44		.66			5.31		1.02
Class R-3 – assumed 5% return		1,000.00		1,021.52		3.31		.66			5.11		1.02
Class R-4 – actual return		1,000.00		1,103.11		1.88		.36			3.75		.72
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.61		.72
Class R-5E – actual return		1,000.00		1,103.84		.83		.16			2.71		.52
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.61		.52
Class R-5 – actual return		1,000.00		1,104.04		.31		.06			2.19		.42
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			2.11		.42
Class R-6 – actual return		1,000.00		1,104.48		.05		.01			1.93		.37
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.86		.37

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 101

Expense example (continued)

2035 Fund

	Beginning account value 11/1/2022		Ending account value 4/30/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,095.60	$	1.77		.34	%	$	3.53		.68	%
Class A – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.41		.68
Class C – actual return		1,000.00		1,091.92		5.65		1.09			7.42		1.43
Class C – assumed 5% return		1,000.00		1,019.39		5.46		1.09			7.15		1.43
Class T – actual return		1,000.00		1,097.49		.05		.01			1.82		.35
Class T – assumed 5% return		1,000.00		1,024.74		.05		.01			1.76		.35
Class F-1 – actual return		1,000.00		1,095.75		1.87		.36			3.64		.70
Class F-1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.51		.70
Class F-2 – actual return		1,000.00		1,097.57		.52		.10			2.29		.44
Class F-2 – assumed 5% return		1,000.00		1,024.30		.50		.10			2.21		.44
Class F-3 – actual return		1,000.00		1,097.69		.05		.01			1.82		.35
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.76		.35
Class R-1 – actual return		1,000.00		1,091.76		5.71		1.10			7.47		1.44
Class R-1 – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.20		1.44
Class R-2 – actual return		1,000.00		1,091.33		5.76		1.11			7.52		1.45
Class R-2 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.25		1.45
Class R-2E – actual return		1,000.00		1,093.51		4.26		.82			6.02		1.16
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			5.81		1.16
Class R-3 – actual return		1,000.00		1,094.51		3.43		.66			5.19		1.00
Class R-3 – assumed 5% return		1,000.00		1,021.52		3.31		.66			5.01		1.00
Class R-4 – actual return		1,000.00		1,096.06		1.87		.36			3.64		.70
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.51		.70
Class R-5E – actual return		1,000.00		1,096.47		.83		.16			2.60		.50
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.51		.50
Class R-5 – actual return		1,000.00		1,097.59		.31		.06			2.08		.40
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			2.01		.40
Class R-6 – actual return		1,000.00		1,097.33		.05		.01			1.82		.35
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.76		.35

Refer to the end of the tables for footnotes.

102 American Funds Target Date Retirement Series

Expense example (continued)

2030 Fund

	Beginning account value 11/1/2022		Ending account value 4/30/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,089.28	$	1.81		.35	%	$	3.47		.67	%
Class A – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.36		.67
Class C – actual return		1,000.00		1,085.17		5.58		1.08			7.24		1.40
Class C – assumed 5% return		1,000.00		1,019.44		5.41		1.08			7.00		1.40
Class T – actual return		1,000.00		1,091.30		.05		.01			1.71		.33
Class T – assumed 5% return		1,000.00		1,024.74		.05		.01			1.66		.33
Class F-1 – actual return		1,000.00		1,088.78		1.86		.36			3.52		.68
Class F-1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.41		.68
Class F-2 – actual return		1,000.00		1,090.59		.52		.10			2.18		.42
Class F-2 – assumed 5% return		1,000.00		1,024.30		.50		.10			2.11		.42
Class F-3 – actual return		1,000.00		1,091.35		.05		.01			1.71		.33
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.66		.33
Class R-1 – actual return		1,000.00		1,084.49		5.74		1.11			7.39		1.43
Class R-1 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.15		1.43
Class R-2 – actual return		1,000.00		1,085.12		5.79		1.12			7.44		1.44
Class R-2 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.20		1.44
Class R-2E – actual return		1,000.00		1,086.44		4.24		.82			5.90		1.14
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			5.71		1.14
Class R-3 – actual return		1,000.00		1,087.36		3.42		.66			5.07		.98
Class R-3 – assumed 5% return		1,000.00		1,021.52		3.31		.66			4.91		.98
Class R-4 – actual return		1,000.00		1,088.97		1.86		.36			3.52		.68
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.41		.68
Class R-5E – actual return		1,000.00		1,090.12		.83		.16			2.49		.48
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.41		.48
Class R-5 – actual return		1,000.00		1,090.63		.31		.06			1.97		.38
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			1.91		.38
Class R-6 – actual return		1,000.00		1,090.29		.05		.01			1.71		.33
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.66		.33

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 103

Expense example (continued)

2025 Fund

	Beginning account value 11/1/2022		Ending account value 4/30/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,081.67	$	1.75		.34	%	$	3.35		.65	%
Class A – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.26		.65
Class C – actual return		1,000.00		1,077.35		5.56		1.08			7.16		1.39
Class C – assumed 5% return		1,000.00		1,019.44		5.41		1.08			6.95		1.39
Class T – actual return		1,000.00		1,083.78		.10		.02			1.70		.33
Class T – assumed 5% return		1,000.00		1,024.70		.10		.02			1.66		.33
Class F-1 – actual return		1,000.00		1,082.07		1.86		.36			3.46		.67
Class F-1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.36		.67
Class F-2 – actual return		1,000.00		1,083.02		.52		.10			2.12		.41
Class F-2 – assumed 5% return		1,000.00		1,024.30		.50		.10			2.06		.41
Class F-3 – actual return		1,000.00		1,082.96		.05		.01			1.65		.32
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.61		.32
Class R-1 – actual return		1,000.00		1,077.48		5.67		1.10			7.26		1.41
Class R-1 – assumed 5% return		1,000.00		1,019.34		5.51		1.10			7.05		1.41
Class R-2 – actual return		1,000.00		1,077.22		5.72		1.11			7.31		1.42
Class R-2 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.10		1.42
Class R-2E – actual return		1,000.00		1,079.22		4.23		.82			5.83		1.13
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			5.66		1.13
Class R-3 – actual return		1,000.00		1,080.34		3.40		.66			5.00		.97
Class R-3 – assumed 5% return		1,000.00		1,021.52		3.31		.66			4.86		.97
Class R-4 – actual return		1,000.00		1,081.39		1.86		.36			3.46		.67
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.36		.67
Class R-5E – actual return		1,000.00		1,083.17		.83		.16			2.43		.47
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.36		.47
Class R-5 – actual return		1,000.00		1,083.26		.31		.06			1.91		.37
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			1.86		.37
Class R-6 – actual return		1,000.00		1,084.16		.05		.01			1.65		.32
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.61		.32

Refer to the end of the tables for footnotes.

104 American Funds Target Date Retirement Series

Expense example (continued)

2020 Fund

	Beginning account value 11/1/2022		Ending account value 4/30/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,075.02	$	1.70		.33	%	$	3.19		.62	%
Class A – assumed 5% return		1,000.00		1,023.16		1.66		.33			3.11		.62
Class C – actual return		1,000.00		1,071.87		5.60		1.09			7.09		1.38
Class C – assumed 5% return		1,000.00		1,019.39		5.46		1.09			6.90		1.38
Class T – actual return		1,000.00		1,077.13		.21		.04			1.70		.33
Class T – assumed 5% return		1,000.00		1,024.60		.20		.04			1.66		.33
Class F-1 – actual return		1,000.00		1,075.06		1.85		.36			3.34		.65
Class F-1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.26		.65
Class F-2 – actual return		1,000.00		1,077.02		.51		.10			2.01		.39
Class F-2 – assumed 5% return		1,000.00		1,024.30		.50		.10			1.96		.39
Class F-3 – actual return		1,000.00		1,076.91		.05		.01			1.54		.30
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.51		.30
Class R-1 – actual return		1,000.00		1,071.86		5.65		1.10			7.14		1.39
Class R-1 – assumed 5% return		1,000.00		1,019.34		5.51		1.10			6.95		1.39
Class R-2 – actual return		1,000.00		1,071.65		5.70		1.11			7.19		1.40
Class R-2 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.00		1.40
Class R-2E – actual return		1,000.00		1,073.32		4.22		.82			5.71		1.11
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			5.56		1.11
Class R-3 – actual return		1,000.00		1,074.21		3.39		.66			4.89		.95
Class R-3 – assumed 5% return		1,000.00		1,021.52		3.31		.66			4.76		.95
Class R-4 – actual return		1,000.00		1,075.30		1.85		.36			3.34		.65
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.26		.65
Class R-5E – actual return		1,000.00		1,077.23		.82		.16			2.32		.45
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.26		.45
Class R-5 – actual return		1,000.00		1,077.38		.31		.06			1.80		.35
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			1.76		.35
Class R-6 – actual return		1,000.00		1,077.46		.05		.01			1.55		.30
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.51		.30

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 105

Expense example (continued)

2015 Fund

	Beginning account value 11/1/2022		Ending account value 4/30/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,070.84	$	1.75		.34	%	$	3.23		.63	%
Class A – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.16		.63
Class C – actual return		1,000.00		1,067.36		5.54		1.08			7.02		1.37
Class C – assumed 5% return		1,000.00		1,019.44		5.41		1.08			6.85		1.37
Class T – actual return		1,000.00		1,072.91		.21		.04			1.70		.33
Class T – assumed 5% return		1,000.00		1,024.60		.20		.04			1.66		.33
Class F-1 – actual return		1,000.00		1,071.54		1.85		.36			3.34		.65
Class F-1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.26		.65
Class F-2 – actual return		1,000.00		1,072.74		.51		.10			2.00		.39
Class F-2 – assumed 5% return		1,000.00		1,024.30		.50		.10			1.96		.39
Class F-3 – actual return		1,000.00		1,072.63		.05		.01			1.54		.30
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.51		.30
Class R-1 – actual return		1,000.00		1,067.30		5.64		1.10			7.12		1.39
Class R-1 – assumed 5% return		1,000.00		1,019.34		5.51		1.10			6.95		1.39
Class R-2 – actual return		1,000.00		1,067.25		5.69		1.11			7.18		1.40
Class R-2 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			7.00		1.40
Class R-2E – actual return		1,000.00		1,068.88		4.21		.82			5.69		1.11
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			5.56		1.11
Class R-3 – actual return		1,000.00		1,070.19		3.39		.66			4.88		.95
Class R-3 – assumed 5% return		1,000.00		1,021.52		3.31		.66			4.76		.95
Class R-4 – actual return		1,000.00		1,070.33		1.85		.36			3.34		.65
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.26		.65
Class R-5E – actual return		1,000.00		1,072.18		.82		.16			2.31		.45
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.26		.45
Class R-5 – actual return		1,000.00		1,072.48		.31		.06			1.80		.35
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			1.76		.35
Class R-6 – actual return		1,000.00		1,072.48		.05		.01			1.54		.30
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.51		.30

Refer to the end of the tables for footnotes.

106 American Funds Target Date Retirement Series

Expense example (continued)

2010 Fund

	Beginning account value 11/1/2022		Ending account value 4/30/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	1,067.42	$	1.74		.34	%	$	3.18		.62	%
Class A – assumed 5% return		1,000.00		1,023.11		1.71		.34			3.11		.62
Class C – actual return		1,000.00		1,062.55		5.52		1.08			6.96		1.36
Class C – assumed 5% return		1,000.00		1,019.44		5.41		1.08			6.80		1.36
Class T – actual return		1,000.00		1,068.67		.21		.04			1.64		.32
Class T – assumed 5% return		1,000.00		1,024.60		.20		.04			1.61		.32
Class F-1 – actual return		1,000.00		1,067.09		1.85		.36			3.28		.64
Class F-1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.21		.64
Class F-2 – actual return		1,000.00		1,068.65		.51		.10			1.95		.38
Class F-2 – assumed 5% return		1,000.00		1,024.30		.50		.10			1.91		.38
Class F-3 – actual return		1,000.00		1,069.37		.05		.01			1.49		.29
Class F-3 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.45		.29
Class R-1 – actual return		1,000.00		1,062.97		5.68		1.11			7.11		1.39
Class R-1 – assumed 5% return		1,000.00		1,019.29		5.56		1.11			6.95		1.39
Class R-2 – actual return		1,000.00		1,063.26		5.73		1.12			7.16		1.40
Class R-2 – assumed 5% return		1,000.00		1,019.24		5.61		1.12			7.00		1.40
Class R-2E – actual return		1,000.00		1,064.66		4.20		.82			5.63		1.10
Class R-2E – assumed 5% return		1,000.00		1,020.73		4.11		.82			5.51		1.10
Class R-3 – actual return		1,000.00		1,065.23		3.38		.66			4.81		.94
Class R-3 – assumed 5% return		1,000.00		1,021.52		3.31		.66			4.71		.94
Class R-4 – actual return		1,000.00		1,067.13		1.85		.36			3.28		.64
Class R-4 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.21		.64
Class R-5E – actual return		1,000.00		1,067.92		.82		.16			2.26		.44
Class R-5E – assumed 5% return		1,000.00		1,024.00		.80		.16			2.21		.44
Class R-5 – actual return		1,000.00		1,068.34		.31		.06			1.74		.34
Class R-5 – assumed 5% return		1,000.00		1,024.50		.30		.06			1.71		.34
Class R-6 – actual return		1,000.00		1,069.17		.05		.01			1.49		.29
Class R-6 – assumed 5% return		1,000.00		1,024.74		.05		.01			1.45		.29

1	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
2	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
3	The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
4	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests. The annualized weighted average expense ratio of the underlying funds for the period reflects the net actual expense ratio of each underlying fund for the period, annualized and weighted for the fund’s relative average investment therein during the period.

American Funds Target Date Retirement Series 107

Approval of Investment Advisory and Service Agreement

The series’ board has approved the continuation of the series’ Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through April 30, 2024. The board approved the agreement following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all the series’ independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

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

1. Nature, extent and quality of services

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

2. Investment results

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

3. Advisory fees and total expenses

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

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

108 American Funds Target Date Retirement Series

4. Ancillary benefits

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

5. Adviser financial information

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

American Funds Target Date Retirement Series 109

Liquidity Risk Management Program unaudited

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

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

The series’ board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2021, through September 30, 2022. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.

110 American Funds Target Date Retirement Series

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American Funds Target Date Retirement Series 111

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112 American Funds Target Date Retirement Series

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American Funds Target Date Retirement Series 113

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American Funds Target Date Retirement Series 115

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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 refer to 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.

Refer to 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 June 30, 2023, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2023 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

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.

BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

American Funds Distributors, Inc.

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 28 years of investment industry experience, including 22 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-focused funds have beaten their Lipper peer indexes in 91% of 10-year periods and 99% of 20-year periods.² Relative to their peers, our fixed income funds have helped investors achieve better 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, 2022.
2	Based on Class R-6 share results for rolling monthly 10- and 20-year periods starting with the first 10- or 20-year period after each mutual fund’s inception through December 31, 2022. 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. Past results are not predictive of results in future periods.
3	Based on Class R-6 share results as of December 31, 2022. Ten of the 12 taxable fixed income American Funds that have been in existence for the three-year period showed a three-year correlation lower than their respective Morningstar peer group averages. 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 mutual fund management fees were in the lowest quintile 62% of the time, based on the 20-year period ended December 31, 2022, versus comparable Lipper categories, excluding funds of funds.

Class R-6 shares were first offered on May 1, 2009. Class R-6 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 May 1, 2009, also include hypothetical returns because those funds’ Class R-6 shares sold after the funds’ date of first offering. For Short-Term Bond Fund of America, shares first sold on November 20, 2009; results prior to that date are hypothetical, except for the period between May 7, 2009, and June 15, 2009, a short period when the fund had shareholders and actual results were calculated. Refer to each fund’s prospectus for more information on specific expenses.

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

ITEM 2 – Code of Ethics

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

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

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

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

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

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

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

ITEM 12 – Exhibits

(a)(1)	Not applicable for filing of semi-annual reports to shareholders.
(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

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

AMERICAN FUNDS TARGET DATE RETIREMENT SERIES

By __/s/ Walter R. Burkley____________________

Walter R. Burkley,

Principal Executive Officer

Date: June 30, 2023

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

By __/s/ Walter R. Burkley_________________

Walter R. Burkley,

Principal Executive Officer

Date: June 30, 2023

By ___/s/ Gregory F. Niland    __________

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: June 30, 2023