UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-21981

American Funds Target Date Retirement Series

(Exact Name of Registrant as Specified in Charter)

333 South Hope Street, 55th Floor

Los Angeles, California 90071

(Address of Principal Executive Offices)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 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^®   Annual report
for the year ended
October 31, 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 the periods ended September 30, 2023 (the most recent calendar quarter-end). Class A share returns reflect the 5.75% maximum sales charge with all distributions reinvested. Also shown are the expense ratios as of the series prospectus dated January 1, 2024 (unaudited).

	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		18.23	%		—			—			12.38	%		0.39	%
American Funds 2060 Target Date Retirement Fund®		18.17			6.37	%		—			7.72			0.39
American Funds 2055 Target Date Retirement Fund®		18.14			6.41			8.35	%		9.51			0.38
American Funds 2050 Target Date Retirement Fund®		17.77			6.49			8.40			7.14			0.38
American Funds 2045 Target Date Retirement Fund®		17.33			6.52			8.37			7.13			0.37
American Funds 2040 Target Date Retirement Fund®		16.70			6.46			8.25			7.06			0.37
American Funds 2035 Target Date Retirement Fund®		14.53			6.01			7.89			6.81			0.35
American Funds 2030 Target Date Retirement Fund®		12.16			5.15			7.05			6.32			0.33
American Funds 2025 Target Date Retirement Fund®		10.07			4.63			6.24			5.72			0.32
American Funds 2020 Target Date Retirement Fund®		8.83			4.11			5.53			5.09			0.31
American Funds 2015 Target Date Retirement Fund®		8.21			3.97			5.10			4.82			0.30
American Funds 2010 Target Date Retirement Fund®		7.31			3.74			4.76			4.54			0.29
Class A shares
American Funds 2065 Target Date Retirement Fund		10.93	%		—			—			10.07	%		0.77	%
American Funds 2060 Target Date Retirement Fund®		11.03			4.75	%		—			6.62			0.73
American Funds 2055 Target Date Retirement Fund®		11.02			4.80			7.37	%		8.68			0.72
American Funds 2050 Target Date Retirement Fund®		10.63			4.90			7.41			6.42			0.71
American Funds 2045 Target Date Retirement Fund®		10.23			4.91			7.39			6.40			0.70
American Funds 2040 Target Date Retirement Fund®		9.68			4.85			7.27			6.34			0.71
American Funds 2035 Target Date Retirement Fund®		7.60			4.41			6.89			6.09			0.68
American Funds 2030 Target Date Retirement Fund®		5.43			3.58			6.06			5.60			0.67
American Funds 2025 Target Date Retirement Fund®		3.42			3.05			5.26			5.00			0.66
American Funds 2020 Target Date Retirement Fund®		2.20			2.52			4.54			4.36			0.64
American Funds 2015 Target Date Retirement Fund®		1.56			2.40			4.13			4.09			0.63
American Funds 2010 Target Date Retirement Fund®		0.81			2.16			3.78			3.81			0.62

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

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

Contents

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

Fellow investors:

It is our pleasure to present the annual report for the American Funds Target Date Retirement Series for the fiscal year ended October 31, 2023.

All 12 of the funds in the Series experienced positive full-year returns, from the 2065 fund’s 9.17% return to 2010 fund’s 2.82% return. Six funds outpaced their respective S&P Target Date Index (as shown on the table on pages 4 and 5). Over their lifetimes, 11 of the 12 funds exceeded their respective S&P target date index benchmark’s average annual total return, with the 2040 and 2035 funds leading by 1.27%.

About the Series

The American Funds Target Date Retirement Series is managed by the Target Date Solutions Committee (TDSC), a group of seasoned investment professionals with varied backgrounds, diverse investment approaches and decades of experience. The Series is composed of a mix of individual American Funds, employed using an objective-based framework supported by rigorous analysis. The mix of funds initially focuses on growth and becomes more income-oriented near and during retirement. This gradual shift over time is referred to as the “glide path.” This strategic approach and use of broadly diversified funds have helped the Series weather challenging market environments. As of January 1, 2023, Michelle Black assumed the principal investment officer role from Brad Vogt while retaining her role as committee chair. Jessica Spaly joined the committee, and Jody Jonsson transitioned out. Brad Vogt remained on the committee until his unexpected passing in September.

The economy

The markets began the reporting period optimistic that inflation had peaked, and this helped the economy in general. Inflation has continued to ease since then, more rapidly in the U.S. than in other regions. The consensus a year ago was that the economy was headed for recession. While there is still uncertainty and doubt about the economic outlook, many market analysts and economists now think a recession is not imminent.

U.S. equities rebounded in the fourth quarter of 2022, having finished their worst year since 2008. The rally continued for three consecutive quarters, through the first two quarters of 2023, before reversing by the third quarter over fears that the U.S. Federal Reserve (the Fed) would keep interest rates higher for longer than had previously been expected. This was mirrored by global central banks indicating they may keep monetary policy tight.

Bond markets also rallied early in the period but stalled in the second quarter of 2023 due to pressure from rising interest rates. However, heading into the third quarter of 2023, the 10-year U.S. Treasury began a slow rise in yield, registering 4.18 on September 1 and 4.99 on October 19,¹ before rallying again in early November. This will be a rate to watch closely as we move into a new reporting period.

Over the period, the world economy continued to show signs of stabilization and growth in some sectors, despite volatility caused by geopolitical strains, notably in energy prices. Key economic considerations in the coming period will include continuing geopolitical conflict and, over the longer run, climate adaptation along with the evolution and adoption of artificial intelligence (AI).

The AI explosion has been a huge market driver over the period and will likely continue to be a major economic force for

¹ CNBC, “U.S. 10 Year Treasury.”

Past results are not predictive of results in future periods.

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. Refer to capitalgroup.com for more information. The expense ratios include the weighted average expenses of the underlying American Funds.

American Funds Target Date Retirement Series 1

years to come. AI is a driver of innovation, and therefore growth, that affects the whole economy, not just the technology sector. It will affect such sectors as health care, food, transportation and more. AI will have significant consequences — as yet unknown — on industries and individuals. This level of change can make investing difficult to navigate. Our position in such an environment is always to first take a long-term view and, using exhaustive research, invest in what makes sense for the long-term well-being of our investors.

The burst of investment in AI mirrors past historical surges in investment and productivity, driven by technological innovation: transportation infrastructure in the 19th century, electrification in the early 20th century and the internet in recent decades. Speculative frenzy often fuels such a bubble, which in turn drives up stock prices and lowers the cost of capital. This enables large-scale investment, with wildly varying returns to investors. Sometimes investment returns are spectacular; sometimes investors suffer large losses, even if society as a whole ends up benefiting. So, we use and advise care and caution.

The climate transition is a particular focus in the European Union (EU) now, with a package of measures that target an emissions reduction of at least 55% by 2030 a legal obligation.² For example, all new cars must have zero CO2 emissions starting in 2035.³

Businesses globally are affected by climate policy, as EU countries are working on new legislation to achieve this goal and net zero CO2 emissions by 2050.

Changes enacted as a result of the new measures will have far-reaching effects, redirecting trillions of dollars globally. Because the climate transition has such significant impact on the economy and on the credit quality of affected businesses and assets, it will also affect the conduct of monetary policy and regulation aimed at ensuring the stability of the financial system as a whole. The good news is that the European Central Bank (ECB) still views its policy objectives as feasible and sees climate targets as attainable in a way that is politically, economically and socially acceptable.⁴ In the U.S., the outcomes are more difficult to evaluate because climate discussions continue to be polarized in American politics.

Going forward, as we watch geopolitical forces and crises rising, abating and taking shape, we focus on fundamental research and investor well-being for the long term. To do that, we put tremendous effort into understanding geopolitical risk in different regions and looking at how it affects investment opportunities large and small. Policy and conflict affect everything from supply chains to prices to quality of life for individuals. All of these factors are important to us, and we put these considerations and more into each decision.

Over decades of careful investing, we have learned to avoid quick reactions to headlines. As always, we take our time and dig into what is going on underneath and use the considerable reach of our full global resources as guides.

The stock market

Global stocks rose in the fourth quarter of 2022 and continued through the second quarter of 2023, as investors welcomed signs that inflation may have peaked in key markets around the world. The rallies were also driven by technology stocks that were lifted by rapid development in generative AI. Shares of NVIDIA soared 52% during the second quarter and 190% year-to-date, as of June 30, 2023. Rival chipmakers Broadcom and Advanced Micro Devices also enjoyed double-digit gains. Apple rose 18%, becoming the world’s first $3 trillion company. Other sectors rallied as well. Pharmaceutical giant Eli Lilly climbed 37% in the second quarter of 2023 over optimism regarding its early-stage Alzheimer’s and obesity drugs.

Markets lost ground in the third quarter of 2023, pressured by rising interest rates, slowing growth in some of the world’s largest economies and renewed fear that the Fed would keep interest rates higher for longer than previously expected. Consumer price increases — while still high on a historical basis — moderated in the U.S., Europe and many other economies.

The bond market

Global fixed income advanced in the early quarters of the reporting period, on adjusted rate expectations by the Fed and ECB. However, bond markets declined in the second quarter of 2023, as the ECB — along with many other central banks around the world — continued to tighten monetary policy. At its July meeting, the Fed boosted its benchmark federal funds rate to a 22-year high. The 11th hike since March 2022 pushed rates to a target range of 5.25% to 5.50%. Although the central bank held rates steady in September, its projections indicated another hike could come by the end of the year.

General expectations are that the Fed could begin cutting rates in 2024, but there are wide discrepancies in predictions about the timing of such rate cuts.

Inside the Series

Over the fiscal year, the 2040, 2045, 2050, 2055, 2060 and 2065 funds’ R-6 shares beat their respective S&P Target Date Index. These funds benefited from the strong performance of their underlying equity-focused funds, resulting in returns above their respective benchmarks for 12 of the 19 underlying funds.

Among underlying fixed income funds, American High-Income Trust^® (5.23%) and American Funds Multi-Sector Income Fund

2	Reuters: “EU countries approve 2035 phaseout of CO2-emitting cars,” by Kate Abnett, March 29, 2023.
3	European Council/Council of the European Union: “Fit for 55.”
4	European Central Bank, “CLIMATE-RELATED INDICATORS: Analytical indicators on carbon emissions.”

Past results are not predictive of results in future periods.

2 American Funds Target Date Retirement Series

(4.99%) were bright spots, but only American Funds Multi-Sector Income Fund and Capital World Bond Fund^® outpaced their benchmarks, the Bloomberg U.S. Aggregate Index and Bloomberg Global Aggregate Index, by 4.63% and 0.51%, respectively. Despite its positive return, American High-Income Trust was a relative laggard compared to its benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (–1.00%). Of the four fixed income funds that declined, American Funds Inflation Linked Bond Fund^® (–2.14%) and American Funds Strategic Bond Fund (–2.18%) slumped the most, lagging their benchmarks, the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index and Bloomberg U.S. Aggregate Index, by 1.42% and 2.54%, respectively.

All of the Series’ underlying equity-focused funds posted positive returns for the fiscal year. Growth-oriented funds posted double-digit returns, with the exception of SMALLCAP World Fund^®, which returned 1.45%. Underlying growth-and-income funds ranged from highs for International Growth and Income Fund (16.46%) and The Investment Company of America^® (15.26%), to a low of 1.12% for American Mutual Fund^®, which lagged its benchmark, the S&P 500 Index, by 9.02%. Despite the positive results in underlying equity-income and balanced funds, their relative returns versus their respective benchmarks were mostly negative. American Funds Global Balanced Fund had the only return higher than its benchmark, the 60%/40% MSCI All Country World Index/Bloomberg Global Aggregate Index (0.31%). Over the long term, the Series has demonstrated strong results as 11 of the 12 funds beat their S&P Target Date benchmarks since inception and, on average, have delivered an annualized lifetime return of 0.70% above their benchmark.

Looking forward

Our focus continues to be the long-term well-being of our investors. Rapidly changing markets and world circumstances are things we cannot predict. However, through our 90-year history, we have seen that people and markets have shown their ability to endure. Our focus on exhaustive, fundamental research and investor well-being is designed for tough and uncertain times.

Careful securities selection remains at the core of our investment process, whether in times of rapid growth or inevitable decline. We continue to encourage you to take a long-term view on investing.

We thank you for your trust in our efforts and look forward to reporting to you next year.

Cordially,

Michelle J. Black
President

December 8, 2023

For current information about the Series, refer to capitalgroup.com.

It is with deep sadness that we note the passing of Brad Vogt, who was integral to the creation and management of American Funds portfolio solutions. He served on the board and management committee of The Capital Group Companies, parent company of the investment adviser to the American Funds. Brad also led the Capital Solutions Group, an investment unit created to manage multi-fund portfolios such as target date funds and was the principal investment officer of the Target Date Solutions Committee until January 1, 2023. Brad was a respected colleague, passionate mentor and insightful investor who embodied our firm’s culture and values. We will greatly miss his leadership, which was marked by grace, humility and tireless advocacy of what was in the best interest of our investors.

The Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. The Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index consists of investment-grade, fixed-rate, publicly placed, dollar-denominated, non-convertible inflation-protected securities issued by the U.S. Treasury that have at least one year remaining to maturity and $250 million par amount outstanding. The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. The S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. The 60%/40% MSCI All Country World Index (ACWI)/Bloomberg Global Aggregate Index blends the MSCI ACWI with the Bloomberg Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. The MSCI All Country World Index is a free-float-adjusted market-capitalization-weighted index designed to measure equity market results in the global developed and emerging markets.

Past results are not predictive of results in future periods.

American Funds Target Date Retirement Series 3

Results at a glance

For periods ended October 31, 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
	1 year			5 years			10 years			Lifetime (since 2/1/07)
American Funds 2065 Target Date Retirement Fund
Class R-6 shares		9.17	%		—			—			11.29	1
Class A shares		8.67			—			—			10.86	1
S&P Target Date 2065+ Index		8.53			—			—			12.32	1
American Funds 2060 Target Date Retirement Fund
Class R-6 shares		9.16			7.40	%		—			7.33	2
Class A shares		8.75			7.03			—			6.97	2
S&P Target Date 2060 Index		8.55			6.90			—			6.68	2
American Funds 2055 Target Date Retirement Fund
Class R-6 shares		9.04			7.44			7.70	%		9.25	3
Class A shares		8.70			7.09			7.35			8.90	3
S&P Target Date 2055 Index		8.48			6.88			6.96			8.67	3
American Funds 2050 Target Date Retirement Fund
Class R-6 shares		8.73			7.54			7.75			6.95
Class A shares		8.37			7.18			7.40			6.61
S&P Target Date 2050 Index		8.44			6.82			6.88			5.84
American Funds 2045 Target Date Retirement Fund
Class R-6 shares		8.44			7.56			7.73			6.94
Class A shares		8.01			7.20			7.38			6.60
S&P Target Date 2045 Index		8.25			6.68			6.72			5.71
American Funds 2040 Target Date Retirement Fund
Class R-6 shares		8.13			7.49			7.63			6.88
Class A shares		7.82			7.13			7.28			6.54
S&P Target Date 2040 Index		7.78			6.38			6.48			5.61
American Funds 2035 Target Date Retirement Fund
Class R-6 shares		6.94			7.00			7.28			6.65
Class A shares		6.63			6.65			6.93			6.31
S&P Target Date 2035 Index		6.95			5.87			6.09			5.38
American Funds 2030 Target Date Retirement Fund
Class R-6 shares		5.71			5.93			6.48			6.18
Class A shares		5.38			5.57			6.12			5.83
S&P Target Date 2030 Index		5.95			5.22			5.56			5.09
American Funds 2025 Target Date Retirement Fund
Class R-6 shares		4.60			5.26			5.73			5.59
Class A shares		4.18			4.90			5.36			5.24
S&P Target Date 2025 Index		5.09			4.60			5.04			4.82

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.

4 American Funds Target Date Retirement Series

Results at a glance (continued)

	Cumulative total returns			Average annual total returns
	1 year			5 years			10 years			Lifetime (since 2/1/07)
American Funds 2020 Target Date Retirement Fund
Class R-6 shares		3.60	%		4.53	%		5.04	%		4.96	%
Class A shares		3.26			4.18			4.69			4.61
S&P Target Date 2020 Index		4.80			3.90			4.47			4.47
American Funds 2015 Target Date Retirement Fund
Class R-6 shares		3.23			4.33			4.67			4.71
Class A shares		2.88			3.98			4.31			4.35
S&P Target Date 2015 Index		4.06			3.73			4.14			4.25
American Funds 2010 Target Date Retirement Fund
Class R-6 shares		2.82			4.05			4.36			4.44
Class A shares		2.54			3.70			4.01			4.08
S&P Target Date 2010 Index		3.99			3.42			3.69			3.92
S&P 500 Index		10.14			11.01			11.18			8.72
MSCI All Country World Index (ACWI) ex USA		12.07			3.46			2.54			2.26
Bloomberg U.S. Aggregate Index		0.36			–0.06			0.88			2.62

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

American Funds Target Date Retirement Series 5

The value of a $10,000 investment

How a hypothetical $10,000 investment has grown (for periods ended October 31, 2023, with all distributions reinvested)

Fund results shown are for Class R-6 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge of 5.75% on a $10,000 investment¹; thus, the net amount invested was $9,425. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, refer to capitalgroup.com.

2065 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2023)

	1 year			Lifetime (since 3/27/20)
Class R-6 shares		9.17	%		11.29	%
Class A shares*		2.40			9.05

* Assumes payment of the maximum 5.75% sales charge.

2060 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2023)

	1 year			5 years			Lifetime (since 3/27/15)
Class R-6 shares		9.16	%		7.40	%		7.33	%
Class A shares*		2.51			5.77			6.24

* Assumes payment of the maximum 5.75% sales charge.

2055 Fund

 

Average annual total returns³ based on a $1,000 investment

(for periods ended October 31, 2023)

	1 year			5 years			10 years
Class R-6 shares		9.04	%		7.44	%		7.70	%
Class A shares*		2.45			5.82			6.71

* Assumes payment of the maximum 5.75% sales charge.

2050 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2023)

	1 year			5 years			10 years
Class R-6 shares		8.73	%		7.54	%		7.75	%
Class A shares*		2.17			5.92			6.76

* Assumes payment of the maximum 5.75% sales charge.

Refer to page 8 for footnotes.

6 American Funds Target Date Retirement Series

2045 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2023)

	1 year			5 years			10 years
Class R-6 shares		8.44	%		7.56	%		7.73	%
Class A shares*		1.83			5.94			6.75

* Assumes payment of the maximum 5.75% sales charge.

2040 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2023)

	1 year			5 years			10 years
Class R-6 shares		8.13	%		7.49	%		7.63	%
Class A shares*		1.63			5.86			6.64

* Assumes payment of the maximum 5.75% sales charge.

2035 Fund

Average annual total returns³ based on a $1,000 investment

(for periods ended October 31, 2023)

	1 year			5 years			10 years
Class R-6 shares		6.94	%		7.00	%		7.28	%
Class A shares*		0.52			5.39			6.30

* Assumes payment of the maximum 5.75% sales charge.

2030 Fund

Average annual total returns³ based on a $1,000 investment

(for periods ended October 31, 2023)

	1 year			5 years			10 years
Class R-6 shares		5.71	%		5.93	%		6.48	%
Class A shares*		–0.70			4.33			5.50

* Assumes payment of the maximum 5.75% sales charge.

American Funds Target Date Retirement Series 7

2025 Fund

Average annual total returns³ based on a $1,000 investment
(for periods ended October 31, 2023)

	1 year			5 years			10 years
Class R-6 shares		4.60	%		5.26	%		5.73	%
Class A shares*		–1.84			3.66			4.74

* Assumes payment of the maximum 5.75% sales charge.

2020 Fund

Average annual total returns³ based on a $1,000 investment

(for periods ended October 31, 2023)

	1 year			5 years			10 years
Class R-6 shares		3.60	%		4.53	%		5.04	%
Class A shares*		–2.70			2.96			4.08

* Assumes payment of the maximum 5.75% sales charge.

2015 Fund

 

Average annual total returns³ based on a $1,000 investment

(for periods ended October 31, 2023)

	1 year			5 years			10 years
Class R-6 shares		3.23	%		4.33	%		4.67	%
Class A shares*		–3.02			2.77			3.70

* Assumes payment of the maximum 5.75% sales charge.

2010 Fund

Average annual total returns³ based on a $1,000 investment

(for periods ended October 31, 2023)

	1 year			5 years			10 years
Class R-6 shares		2.82	%		4.05	%		4.36	%
Class A shares*		–3.35			2.48			3.40

* Assumes payment of the maximum 5.75% sales charge.

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

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

8 American Funds Target Date Retirement Series

Investment approach for American Funds Target Date Retirement Series

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

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

What you own

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

American Funds Target Date Retirement Series glide path

Distinguishing points of our glide path

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

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

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

Our Target Date Solutions Committee frequently monitors the funds in the series. Investment professionals manage the portfolio, moving it from a more growth-oriented strategy to a more income-oriented focus as the target date gets closer. The target date is the year that corresponds roughly to the year in which an investor is assumed to retire and begin taking withdrawals. The funds may be subject to an allocation approach that does not guarantee investors’ retirement goals will be met. The target allocations shown are as of October 31, 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. Refer to capitalgroup.com for current allocations. Changes in the equity allocation within the underlying equity-income and balanced funds may affect the overall equity exposure in the target date funds. For quarterly updates of fund allocations, refer to americanfundsretirement.com.

American Funds Target Date Retirement Series 9

American Funds 2065 Target Date Retirement Fund

Investment portfolio October 31, 2023

Growth funds 45%	Shares		Value (000)
SMALLCAP World Fund, Inc., Class R-6		2,917,732	$	168,557
New Perspective Fund, Class R-6		3,280,222		168,505
AMCAP Fund, Class R-6		3,459,226		118,098
The Growth Fund of America, Class R-6		2,042,239		117,919
The New Economy Fund, Class R-6		1,714,659		84,207
New World Fund, Inc., Class R-6		981,098		67,333
EuroPacific Growth Fund, Class R-6		675,550		33,609
				758,228
Growth-and-income funds 38%
Fundamental Investors, Class R-6		2,352,048		151,590
Capital World Growth and Income Fund, Class R-6		2,814,510		151,589
Washington Mutual Investors Fund, Class R-6		2,582,851		134,721
The Investment Company of America, Class R-6		2,593,268		118,046
American Mutual Fund, Class R-6		1,789,485		84,249
				640,195
Balanced funds 12%
American Balanced Fund, Class R-6		3,467,144		100,894
American Funds Global Balanced Fund, Class R-6		3,098,465		100,886
				201,780
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		7,544,071		86,002
Total investment securities 100% (cost: $1,788,848,000)				1,686,205
Other assets less liabilities 0%				(339	)
Net assets 100%			$	1,685,866

10 American Funds Target Date Retirement Series

American Funds 2065 Target Date Retirement Fund (continued)

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 45%
SMALLCAP World Fund, Inc., Class R-6	$	77,033	$	98,293	$	881	$	(37	)	$	(5,851	)	$	168,557	$	285	$	—
New Perspective Fund, Class R-6		77,006		88,409		1,285		(48	)		4,423			168,505		990		2,723
AMCAP Fund, Class R-6		53,902		58,579		595		(24	)		6,236			118,098		565		—
The Growth Fund of America, Class R-6		53,902		57,906		742		(29	)		6,882			117,919		414		2,133
The New Economy Fund, Class R-6		38,499		40,590		455		(16	)		5,589			84,207		137		—
New World Fund, Inc., Class R-6		30,819		35,248		318		(13	)		1,597			67,333		458		—
EuroPacific Growth Fund, Class R-6		15,396		18,267		248		(10	)		204			33,609		355		—
														758,228
Growth-and-income funds 38%
Fundamental Investors, Class R-6		69,169		78,338		788		(32	)		4,903			151,590		1,893		2,276
Capital World Growth and Income Fund, Class R-6		69,170		77,837		826		(35	)		5,443			151,589		2,540		—
Washington Mutual Investors Fund, Class R-6		61,844		74,399		396		(13	)		(1,113	)		134,721		2,095		3,713
The Investment Company of America, Class R-6		53,765		58,362		500		(19	)		6,438			118,046		1,468		1,892
American Mutual Fund, Class R-6		38,699		49,177		191		(5	)		(3,431	)		84,249		1,412		1,204
														640,195
Balanced funds 12%
American Balanced Fund, Class R-6		46,204		54,825		302		(10	)		177			100,894		1,397		—
American Funds Global Balanced Fund, Class R-6		46,204		54,829		460		(16	)		329			100,886		1,560		—
														201,780
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		38,535		53,250		478		(73	)		(5,232	)		86,002		2,398		—
Total 100%							$	(380	)	$	26,594		$	1,686,205	$	17,967	$	13,941

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

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 11

American Funds 2060 Target Date Retirement Fund

Investment portfolio October 31, 2023

Growth funds 45%	Shares		Value (000)
SMALLCAP World Fund, Inc., Class R-6		15,601,118	$	901,277
New Perspective Fund, Class R-6		17,522,163		900,114
AMCAP Fund, Class R-6		18,486,239		631,120
The Growth Fund of America, Class R-6		10,905,850		629,704
The New Economy Fund, Class R-6		9,153,828		449,544
New World Fund, Inc., Class R-6		5,232,909		359,135
EuroPacific Growth Fund, Class R-6		3,591,625		178,683
				4,049,577
Growth-and-income funds 38%
Capital World Growth and Income Fund, Class R-6		15,014,057		808,657
Fundamental Investors, Class R-6		12,546,695		808,635
Washington Mutual Investors Fund, Class R-6		13,778,045		718,663
The Investment Company of America, Class R-6		13,839,286		629,964
American Mutual Fund, Class R-6		9,606,466		452,272
				3,418,191
Balanced funds 12%
American Funds Global Balanced Fund, Class R-6		16,745,721		545,240
American Balanced Fund, Class R-6		18,572,569		540,462
				1,085,702
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		40,600,588		462,847
Total investment securities 100% (cost: $9,305,722,000)				9,016,317
Other assets less liabilities 0%				(1,254	)
Net assets 100%			$	9,015,063

12 American Funds Target Date Retirement Series

American Funds 2060 Target Date Retirement Fund (continued)

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 45%
SMALLCAP World Fund, Inc., Class R-6	$	628,321	$	290,570	$	6,501	$	657		$	(11,770	)	$	901,277	$	2,191	$	—
New Perspective Fund, Class R-6		624,585		233,949		4,659		1,645			44,594			900,114		7,606		20,920
AMCAP Fund, Class R-6		437,003		146,525		4,844		835			51,601			631,120		3,489		—
The Growth Fund of America, Class R-6		437,002		146,937		4,994		208			50,551			629,704		3,174		16,350
The New Economy Fund, Class R-6		311,947		97,018		2,795		536			42,838			449,544		1,054		—
New World Fund, Inc., Class R-6		249,589		91,208		1,866		591			19,613			359,135		3,528		—
EuroPacific Growth Fund, Class R-6		124,357		48,034		1,132		217			7,207			178,683		2,601		—
														4,049,577
Growth-and-income funds 38%
Capital World Growth and Income Fund, Class R-6		558,013		202,161		5,210		1,102			52,591			808,657		16,497		—
Fundamental Investors, Class R-6		563,250		208,625		6,114		939			41,935			808,635		12,577		15,633
Washington Mutual Investors Fund, Class R-6		505,955		220,014		6,363		1,114			(2,057	)		718,663		13,729		24,377
The Investment Company of America, Class R-6		435,940		151,067		5,019		785			47,191			629,964		9,422		14,619
American Mutual Fund, Class R-6		315,780		158,155		3,295		699			(19,067	)		452,272		9,146		9,258
														3,418,191
Balanced funds 12%
American Funds Global Balanced Fund, Class R-6		374,701		161,988		4,427		67			12,911			545,240		9,770		—
American Balanced Fund, Class R-6		374,692		161,645		4,176		301			8,000			540,462		9,173		—
														1,085,702
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		311,623		184,724		5,586		(330	)		(27,584	)		462,847		14,994		—
Total 100%							$	9,366		$	318,554		$	9,016,317	$	118,951	$	101,157

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

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 13

American Funds 2055 Target Date Retirement Fund

Investment portfolio October 31, 2023

Growth funds 45%	Shares		Value (000)
SMALLCAP World Fund, Inc., Class R-6		25,464,424	$	1,471,080
New Perspective Fund, Class R-6		28,553,097		1,466,773
AMCAP Fund, Class R-6		32,805,103		1,119,966
The Growth Fund of America, Class R-6		19,353,527		1,117,473
The New Economy Fund, Class R-6		16,245,899		797,836
New World Fund, Inc., Class R-6		9,261,810		635,638
EuroPacific Growth Fund, Class R-6		6,371,342		316,974
American Funds Global Insight Fund, Class R-6		13,186,829		253,055
				7,178,795
Growth-and-income funds 38%
Capital World Growth and Income Fund, Class R-6		26,559,909		1,430,517
Fundamental Investors, Class R-6		22,148,562		1,427,475
Washington Mutual Investors Fund, Class R-6		24,504,334		1,278,146
The Investment Company of America, Class R-6		21,839,968		994,155
American Mutual Fund, Class R-6		19,790,344		931,729
				6,062,022
Balanced funds 12%
American Funds Global Balanced Fund, Class R-6		29,646,604		965,294
American Balanced Fund, Class R-6		33,038,876		961,431
				1,926,725
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		71,983,593		820,613
Total investment securities 100% (cost: $16,110,460,000)				15,988,155
Other assets less liabilities 0%				(2,308	)
Net assets 100%			$	15,985,847

14 American Funds Target Date Retirement Series

American Funds 2055 Target Date Retirement Fund (continued)

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 45%
SMALLCAP World Fund, Inc., Class R-6	$	1,147,724	$	341,998	$	11,569	$	2,786		$	(9,859	)	$	1,471,080	$	3,949	$	—
New Perspective Fund, Class R-6		1,138,938		249,130		9,753		3,707			84,751			1,466,773		13,691		37,656
AMCAP Fund, Class R-6		847,552		179,411		8,262		2,457			98,808			1,119,966		6,368		—
The Growth Fund of America, Class R-6		847,611		183,304		9,164		1,940			93,782			1,117,473		6,076		31,296
The New Economy Fund, Class R-6		604,839		115,695		5,442		2,025			80,719			797,836		2,017		—
New World Fund, Inc., Class R-6		484,183		120,993		10,702		1,331			39,833			635,638		6,844		—
EuroPacific Growth Fund, Class R-6		240,694		66,611		6,337		324			15,682			316,974		4,957		—
American Funds Global Insight Fund, Class R-6		143,955		100,335		1,539		255			10,049			253,055		2,220		—
														7,178,795
Growth-and-income funds 38%
Capital World Growth and Income Fund, Class R-6		1,083,652		252,099		12,106		2,907			103,965			1,430,517		30,551		—
Fundamental Investors, Class R-6		1,094,851		262,763		13,852		2,259			81,454			1,427,475		23,399		29,282
Washington Mutual Investors Fund, Class R-6		984,118		307,544		14,166		2,688			(2,038	)		1,278,146		25,443		45,123
The Investment Company of America, Class R-6		781,782		140,516		11,044		1,562			81,339			994,155		15,715		25,600
American Mutual Fund, Class R-6		688,958		288,841		8,543		1,945			(39,472	)		931,729		19,206		19,857
														6,062,022
Balanced funds 12%
American Funds Global Balanced Fund, Class R-6		724,559		224,826		12,600		395			28,114			965,294		17,958		—
American Balanced Fund, Class R-6		724,707		225,065		6,370		1,438			16,591			961,431		17,026		—
														1,926,725
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		600,483		282,841		13,873		(561	)		(48,277	)		820,613		27,529		—
Total 100%							$	27,458		$	635,441		$	15,988,155	$	222,949	$	188,814

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

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 15

American Funds 2050 Target Date Retirement Fund

Investment portfolio October 31, 2023

Growth funds 43%	Shares		Value (000)
New Perspective Fund, Class R-6		41,133,004	$	2,113,002
SMALLCAP World Fund, Inc., Class R-6		33,416,029		1,930,444
AMCAP Fund, Class R-6		48,298,373		1,648,906
The Growth Fund of America, Class R-6		28,525,383		1,647,056
The New Economy Fund, Class R-6		20,434,740		1,003,550
New World Fund, Inc., Class R-6		11,001,290		755,019
American Funds Global Insight Fund, Class R-6		34,005,528		652,566
EuroPacific Growth Fund, Class R-6		9,326,812		464,009
				10,214,552
Growth-and-income funds 37%
Capital World Growth and Income Fund, Class R-6		35,989,065		1,938,371
Fundamental Investors, Class R-6		30,073,703		1,938,250
Washington Mutual Investors Fund, Class R-6		36,407,969		1,899,040
American Mutual Fund, Class R-6		34,206,361		1,610,435
The Investment Company of America, Class R-6		27,205,969		1,238,416
				8,624,512
Equity-income funds 3%
The Income Fund of America, Class R-6		17,765,670		381,784
Capital Income Builder, Class R-6		6,322,750		381,515
				763,299
Balanced funds 12%
American Balanced Fund, Class R-6		55,267,992		1,608,299
American Funds Global Balanced Fund, Class R-6		38,401,446		1,250,351
				2,858,650
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		105,545,992		1,203,224
Total investment securities 100% (cost: $23,309,954,000)				23,664,237
Other assets less liabilities 0%				(3,409	)
Net assets 100%			$	23,660,828

16 American Funds Target Date Retirement Series

American Funds 2050 Target Date Retirement Fund (continued)

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 43%
New Perspective Fund, Class R-6	$	1,703,770	$	289,206	$	13,227	$	6,654		$	126,599		$	2,113,002	$	20,445	$	56,233
SMALLCAP World Fund, Inc., Class R-6		1,607,001		354,814		30,453		(3,944	)		3,026			1,930,444		5,488		—
AMCAP Fund, Class R-6		1,324,294		176,190		10,346		5,347			153,421			1,648,906		9,655		—
The Growth Fund of America, Class R-6		1,324,090		202,643		26,945		1,513			145,755			1,647,056		9,440		48,625
The New Economy Fund, Class R-6		830,163		66,935		6,327		3,451			109,328			1,003,550		2,754		—
New World Fund, Inc., Class R-6		642,555		70,470		16,409		725			57,678			755,019		9,083		—
American Funds Global Insight Fund, Class R-6		490,640		126,260		5,024		642			40,048			652,566		7,566		—
EuroPacific Growth Fund, Class R-6		374,622		72,946		10,178		437			26,182			464,009		7,637		—
														10,214,552
Growth-and-income funds 37%
Capital World Growth and Income Fund, Class R-6		1,563,608		229,354		12,118		4,577			152,950			1,938,371		42,904		—
Fundamental Investors, Class R-6		1,588,110		239,835		13,200		5,472			118,033			1,938,250		32,956		41,446
Washington Mutual Investors Fund, Class R-6		1,582,129		337,590		24,323		4,481			(837	)		1,899,040		39,001		69,166
American Mutual Fund, Class R-6		1,313,341		385,424		23,497		4,801			(69,634	)		1,610,435		34,602		37,307
The Investment Company of America, Class R-6		1,010,488		135,111		15,706		2,848			105,675			1,238,416		20,041		32,879
														8,624,512
Equity-income funds 3%
The Income Fund of America, Class R-6		223,553		184,352		4,298		40			(21,863	)		381,784		11,049		8,289
Capital Income Builder, Class R-6		222,945		171,835		4,650		123			(8,738	)		381,515		11,098		—
														763,299
Balanced funds 12%
American Balanced Fund, Class R-6		1,244,633		344,107		12,306		3,435			28,430			1,608,299		28,835		—
American Funds Global Balanced Fund, Class R-6		1,016,300		209,169		19,611		(552	)		45,045			1,250,351		24,079		—
														2,858,650
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		931,805		376,087		33,010		(1,941	)		(69,717	)		1,203,224		41,555		—
Total 100%							$	38,109		$	941,381		$	23,664,237	$	358,188	$	293,945

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

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 17

American Funds 2045 Target Date Retirement Fund

Investment portfolio October 31, 2023

Growth funds 41%	Shares		Value (000)
New Perspective Fund, Class R-6		38,188,365	$	1,961,736
SMALLCAP World Fund, Inc., Class R-6		33,057,285		1,909,719
AMCAP Fund, Class R-6		54,617,769		1,864,651
The Growth Fund of America, Class R-6		32,258,830		1,862,625
The New Economy Fund, Class R-6		21,589,203		1,060,246
American Funds Global Insight Fund, Class R-6		52,456,970		1,006,649
New World Fund, Inc., Class R-6		11,468,626		787,092
EuroPacific Growth Fund, Class R-6		10,479,121		521,336
				10,974,054
Growth-and-income funds 34%
Capital World Growth and Income Fund, Class R-6		39,255,210		2,114,286
Fundamental Investors, Class R-6		32,712,606		2,108,327
Washington Mutual Investors Fund, Class R-6		37,102,502		1,935,266
American Mutual Fund, Class R-6		39,613,939		1,865,024
The Investment Company of America, Class R-6		25,134,524		1,144,124
				9,167,027
Equity-income funds 7%
The Income Fund of America, Class R-6		44,972,442		966,458
Capital Income Builder, Class R-6		12,447,705		751,094
				1,717,552
Balanced funds 13%
American Balanced Fund, Class R-6		71,689,447		2,086,163
American Funds Global Balanced Fund, Class R-6		41,248,602		1,343,055
				3,429,218
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		118,892,422		1,355,374
Total investment securities 100% (cost: $26,062,132,000)				26,643,225
Other assets less liabilities 0%				(3,978	)
Net assets 100%			$	26,639,247

18 American Funds Target Date Retirement Series

American Funds 2045 Target Date Retirement Fund (continued)

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 41%
New Perspective Fund, Class R-6	$	1,704,745	$	142,437	$	22,718	$	5,955		$	131,317		$	1,961,736	$	20,457	$	56,265
SMALLCAP World Fund, Inc., Class R-6		1,627,934		309,335		30,895		(873	)		4,218			1,909,719		5,549		—
AMCAP Fund, Class R-6		1,529,458		167,437		15,617		7,334			176,039			1,864,651		10,982		—
The Growth Fund of America, Class R-6		1,529,458		202,036		36,729		4,037			163,823			1,862,625		10,848		55,879
The New Economy Fund, Class R-6		872,131		77,808		8,115		4,461			113,961			1,060,246		2,869		—
American Funds Global Insight Fund, Class R-6		784,576		170,963		15,270		1,075			65,305			1,006,649		12,099		—
New World Fund, Inc., Class R-6		653,603		96,353		21,268		(228	)		58,632			787,092		9,239		—
EuroPacific Growth Fund, Class R-6		433,832		72,543		16,670		(1,173	)		32,804			521,336		8,787		—
														10,974,054
Growth-and-income funds 34%
Capital World Growth and Income Fund, Class R-6		1,662,194		300,446		16,110		6,337			161,419			2,114,286		46,539		—
Fundamental Investors, Class R-6		1,688,343		302,133		16,278		7,866			126,263			2,108,327		35,578		44,598
Washington Mutual Investors Fund, Class R-6		1,753,464		215,255		40,609		4,426			2,730			1,935,266		41,344		73,336
American Mutual Fund, Class R-6		1,654,330		314,907		29,173		6,986			(82,026	)		1,865,024		41,727		46,993
The Investment Company of America, Class R-6		946,834		107,127		9,895		3,790			96,268			1,144,124		18,564		30,464
														9,167,027
Equity-income funds 7%
The Income Fund of America, Class R-6		696,826		342,081		15,447		(320	)		(56,682	)		966,458		31,314		25,384
Capital Income Builder, Class R-6		563,244		213,223		13,530		(99	)		(11,744	)		751,094		25,357		—
														1,717,552
Balanced funds 13%
American Balanced Fund, Class R-6		1,654,782		408,410		21,199		4,680			39,490			2,086,163		37,795		—
American Funds Global Balanced Fund, Class R-6		1,082,234		238,378		24,503		(215	)		47,161			1,343,055		25,739		—
														3,429,218
Fixed income funds 5%
U.S. Government Securities Fund, Class R-6		1,072,905		399,259		36,495		(2,155	)		(78,140	)		1,355,374		47,198		—
Total 100%							$	51,884		$	990,838		$	26,643,225	$	431,985	$	332,919

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

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 19

American Funds 2040 Target Date Retirement Fund

Investment portfolio October 31, 2023

Growth funds 38%	Shares		Value (000)
The Growth Fund of America, Class R-6		39,441,676	$	2,277,362
AMCAP Fund, Class R-6		66,011,725		2,253,640
New Perspective Fund, Class R-6		43,638,475		2,241,708
SMALLCAP World Fund, Inc., Class R-6		34,445,041		1,989,890
The New Economy Fund, Class R-6		26,054,688		1,279,546
American Funds Global Insight Fund, Class R-6		66,495,213		1,276,043
New World Fund, Inc., Class R-6		10,299,077		706,826
EuroPacific Growth Fund, Class R-6		4,360,433		216,932
				12,241,947
Growth-and-income funds 33%
Fundamental Investors, Class R-6		36,464,283		2,350,123
Capital World Growth and Income Fund, Class R-6		43,371,069		2,335,965
American Mutual Fund, Class R-6		48,294,078		2,273,685
Washington Mutual Investors Fund, Class R-6		38,966,182		2,032,476
The Investment Company of America, Class R-6		28,738,224		1,308,164
International Growth and Income Fund, Class R-6		15,750,251		504,323
				10,804,736
Equity-income funds 7%
The Income Fund of America, Class R-6		60,822,103		1,307,067
Capital Income Builder, Class R-6		16,230,817		979,368
				2,286,435
Balanced funds 13%
American Balanced Fund, Class R-6		89,739,500		2,611,419
American Funds Global Balanced Fund, Class R-6		50,274,125		1,636,926
				4,248,345
Fixed income funds 9%
U.S. Government Securities Fund, Class R-6		145,316,110		1,656,604
American Funds Inflation Linked Bond Fund, Class R-6		89,093,716		788,479
American Funds Multi-Sector Income Fund, Class R-6		60,509,489		521,592
				2,966,675
Total investment securities 100% (cost: $31,469,157,000)				32,548,138
Other assets less liabilities 0%				(4,916	)
Net assets 100%			$	32,543,222

20 American Funds Target Date Retirement Series

American Funds 2040 Target Date Retirement Fund (continued)

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (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	$	46,517	$	4,146		$	202,932		$	2,277,362	$	13,427	$	69,162
AMCAP Fund, Class R-6		1,899,938		142,951		17,277		9,264			218,764			2,253,640		13,476		—
New Perspective Fund, Class R-6		1,895,390		212,149		16,817		8,793			142,193			2,241,708		22,745		62,558
SMALLCAP World Fund, Inc., Class R-6		1,751,840		257,846		28,004		1,465			6,743			1,989,890		5,955		—
The New Economy Fund, Class R-6		1,077,403		65,457		9,784		5,465			141,005			1,279,546		3,544		—
American Funds Global Insight Fund, Class R-6		1,091,409		98,706		10,482		1,428			94,982			1,276,043		16,831		—
New World Fund, Inc., Class R-6		643,738		9,100		7,959		1,221			60,726			706,826		9,100		—
EuroPacific Growth Fund, Class R-6		237,941		4,677		47,857		4,765			17,406			216,932		4,677		—
														12,241,947
Growth-and-income funds 33%
Fundamental Investors, Class R-6		2,054,721		158,541		20,833		8,541			149,153			2,350,123		41,271		52,133
Capital World Growth and Income Fund, Class R-6		2,029,094		169,112		69,184		(3,822	)		210,765			2,335,965		53,375		—
American Mutual Fund, Class R-6		1,943,236		438,826		17,071		9,089			(100,395	)		2,273,685		50,447		55,199
Washington Mutual Investors Fund, Class R-6		1,796,087		261,435		32,279		7,010			223			2,032,476		43,279		76,808
The Investment Company of America, Class R-6		1,096,514		106,763		9,948		4,472			110,363			1,308,164		21,242		35,280
International Growth and Income Fund, Class R-6		296,549		184,901		3,488		796			25,565			504,323		12,117		3,835
														10,804,736
Equity-income funds 7%
The Income Fund of America, Class R-6		1,094,098		303,294		11,856		935			(79,404	)		1,307,067		45,949		39,190
Capital Income Builder, Class R-6		816,592		191,984		17,469		336			(12,075	)		979,368		35,077		—
														2,286,435
Balanced funds 13%
American Balanced Fund, Class R-6		2,174,152		396,527		19,712		7,221			53,231			2,611,419		48,492		—
American Funds Global Balanced Fund, Class R-6		1,348,557		248,958		20,301		(111	)		59,823			1,636,926		31,517		—
														4,248,345
Fixed income funds 9%
U.S. Government Securities Fund, Class R-6		1,355,199		440,338		41,442		(3,470	)		(94,021	)		1,656,604		58,095		—
American Funds Inflation Linked Bond Fund, Class R-6		481,531		367,919		7,799		(360	)		(52,812	)		788,479		31,982		—
American Funds Multi-Sector Income Fund, Class R-6		317,731		220,905		3,726		123			(13,441	)		521,592		27,271		—
														2,966,675
Total 100%							$	67,307		$	1,141,726		$	32,548,138	$	589,869	$	394,165

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

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 21

American Funds 2035 Target Date Retirement Fund

Investment portfolio October 31, 2023

Growth funds 27%	Shares		Value (000)
The Growth Fund of America, Class R-6		40,367,707	$	2,330,831
AMCAP Fund, Class R-6		65,242,492		2,227,379
New Perspective Fund, Class R-6		31,095,878		1,597,395
SMALLCAP World Fund, Inc., Class R-6		26,462,955		1,528,765
American Funds Global Insight Fund, Class R-6		71,142,290		1,365,221
The New Economy Fund, Class R-6		10,994,059		539,918
New World Fund, Inc., Class R-6		4,290,908		294,485
				9,883,994
Growth-and-income funds 31%
American Mutual Fund, Class R-6		52,810,993		2,486,341
Capital World Growth and Income Fund, Class R-6		45,946,812		2,474,695
Fundamental Investors, Class R-6		35,402,741		2,281,707
Washington Mutual Investors Fund, Class R-6		36,696,617		1,914,095
The Investment Company of America, Class R-6		32,003,557		1,456,802
International Growth and Income Fund, Class R-6		20,932,170		670,248
				11,283,888
Equity-income funds 7%
The Income Fund of America, Class R-6		64,186,025		1,379,358
Capital Income Builder, Class R-6		21,647,174		1,306,190
				2,685,548
Balanced funds 13%
American Balanced Fund, Class R-6		97,612,758		2,840,532
American Funds Global Balanced Fund, Class R-6		53,884,491		1,754,479
				4,595,011
Fixed income funds 22%
U.S. Government Securities Fund, Class R-6		160,239,339		1,826,728
American Funds Inflation Linked Bond Fund, Class R-6		187,225,885		1,656,949
American Funds Mortgage Fund, Class R-6		173,539,143		1,438,639
American Funds Multi-Sector Income Fund, Class R-6		115,754,051		997,800

22 American Funds Target Date Retirement Series

American Funds 2035 Target Date Retirement Fund (continued)

Fixed income funds (continued)	Shares		Value (000)
Intermediate Bond Fund of America, Class R-6		70,731,248	$	850,190
Capital World Bond Fund, Class R-6		36,462,086		554,224
American Funds Strategic Bond Fund, Class R-6		63,513,154		553,835
				7,878,365
Total investment securities 100% (cost: $35,588,332,000)				36,326,806
Other assets less liabilities 0%				(5,751	)
Net assets 100%			$	36,321,055

American Funds Target Date Retirement Series 23

American Funds 2035 Target Date Retirement Fund (continued)

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 27%
The Growth Fund of America, Class R-6	$	1,968,347	$	171,212	$	17,686	$	9,973		$	198,985		$	2,330,831	$	13,439	$	69,227
AMCAP Fund, Class R-6		1,975,490		38,753		16,990		9,469			220,657			2,227,379		13,544		—
New Perspective Fund, Class R-6		1,460,415		65,726		47,389		(2,859	)		121,502			1,597,395		17,525		48,201
SMALLCAP World Fund, Inc., Class R-6		1,517,749		5,159		12,094		6,100			11,851			1,528,765		5,159		—
American Funds Global Insight Fund, Class R-6		1,241,721		19,148		10,282		1,284			113,350			1,365,221		19,148		—
The New Economy Fund, Class R-6		539,327		1,748		74,050		(12,491	)		85,384			539,918		1,800		—
New World Fund, Inc., Class R-6		267,296		3,778		2,255		873			24,793			294,485		3,778		—
														9,883,994
Growth-and-income funds 31%
American Mutual Fund, Class R-6		2,220,564		380,843		18,178		9,658			(106,546	)		2,486,341		55,991		63,077
Capital World Growth and Income Fund, Class R-6		2,180,047		132,794		64,293		(1,237	)		227,384			2,474,695		56,915		—
Fundamental Investors, Class R-6		2,034,605		117,334		24,556		6,414			147,910			2,281,707		40,406		51,144
Washington Mutual Investors Fund, Class R-6		1,737,236		205,688		37,650		5,806			3,015			1,914,095		41,173		72,977
The Investment Company of America, Class R-6		1,253,432		84,806		10,879		4,914			124,529			1,456,802		23,806		40,329
International Growth and Income Fund, Class R-6		607,722		27,669		36,811		(5,243	)		76,911			670,248		19,810		7,859
														11,283,888
Equity-income funds 7%
The Income Fund of America, Class R-6		1,238,783		231,896		10,169		1,887			(83,039	)		1,379,358		50,220		44,372
Capital Income Builder, Class R-6		1,107,037		220,086		9,384		1,335			(12,884	)		1,306,190		46,853		—
														2,685,548
Balanced funds 13%
American Balanced Fund, Class R-6		2,476,652		311,436		20,903		5,029			68,318			2,840,532		53,630		—
American Funds Global Balanced Fund, Class R-6		1,530,205		162,914		12,799		1,826			72,333			1,754,479		34,389		—
														4,595,011
Fixed income funds 22%
U.S. Government Securities Fund, Class R-6		1,529,869		416,290		13,346		(131	)		(105,954	)		1,826,728		64,446		—
American Funds Inflation Linked Bond Fund, Class R-6		1,284,802		512,435		12,090		(2	)		(128,196	)		1,656,949		85,175		—
American Funds Mortgage Fund, Class R-6		907,761		632,160		10,127		136			(91,291	)		1,438,639		51,287		—
American Funds Multi-Sector Income Fund, Class R-6		787,183		239,599		7,206		116			(21,892	)		997,800		58,709		—
Intermediate Bond Fund of America, Class R-6		534,572		342,845		5,943		48			(21,332	)		850,190		25,998		—
Capital World Bond Fund, Class R-62		348,018		224,852		10,329		2,157			(10,474	)		554,224		7,061		—
American Funds Strategic Bond Fund, Class R-62		348,018		254,472		4,070		32			(44,617	)		553,835		24,434		—
														7,878,365
Total 100%							$	45,094		$	870,697		$	36,326,806	$	814,696	$	397,186

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.

24 American Funds Target Date Retirement Series

American Funds 2030 Target Date Retirement Fund

Investment portfolio October 31, 2023

Growth funds 19%	Shares		Value (000)
AMCAP Fund, Class R-6		70,196,201	$	2,396,498
The Growth Fund of America, Class R-6		31,457,687		1,816,367
American Funds Global Insight Fund, Class R-6		69,070,372		1,325,460
SMALLCAP World Fund, Inc., Class R-6		17,321,008		1,000,635
New Perspective Fund, Class R-6		18,328,747		941,548
				7,480,508
Growth-and-income funds 28%
Capital World Growth and Income Fund, Class R-6		51,170,151		2,756,024
American Mutual Fund, Class R-6		56,248,870		2,648,197
Washington Mutual Investors Fund, Class R-6		37,685,633		1,965,683
Fundamental Investors, Class R-6		26,532,516		1,710,021
The Investment Company of America, Class R-6		31,273,407		1,423,565
International Growth and Income Fund, Class R-6		24,436,727		782,464
				11,285,954
Equity-income funds 8%
The Income Fund of America, Class R-6		70,460,873		1,514,204
Capital Income Builder, Class R-6		25,088,606		1,513,847
				3,028,051
Balanced funds 13%
American Balanced Fund, Class R-6		106,697,490		3,104,897
American Funds Global Balanced Fund, Class R-6		58,679,122		1,910,592
				5,015,489
Fixed income funds 32%
American Funds Inflation Linked Bond Fund, Class R-6		261,041,870		2,310,220
The Bond Fund of America, Class R-6		201,815,164		2,155,386
U.S. Government Securities Fund, Class R-6		174,372,040		1,987,841
American Funds Mortgage Fund, Class R-6		237,608,896		1,969,778
Intermediate Bond Fund of America, Class R-6		151,023,511		1,815,303
American Funds Multi-Sector Income Fund, Class R-6		137,023,690		1,181,144
Capital World Bond Fund, Class R-6		50,832,017		772,647
American Funds Strategic Bond Fund, Class R-6		88,296,825		769,948
				12,962,267
Total investment securities 100% (cost: $39,900,698,000)				39,772,269
Other assets less liabilities 0%				(5,957	)
Net assets 100%			$	39,766,312

American Funds Target Date Retirement Series 25

American Funds 2030 Target Date Retirement Fund (continued)

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 19%
AMCAP Fund, Class R-6	$	2,134,024	$	30,861	$	15,891	$	9,149		$	238,355		$	2,396,498	$	14,559	$	—
The Growth Fund of America, Class R-6		1,718,681		105,101		191,580		(29,843	)		214,008			1,816,367		11,623		59,869
American Funds Global Insight Fund, Class R-6		1,231,370		18,989		39,025		(1,448	)		115,574			1,325,460		18,989		—
SMALLCAP World Fund, Inc., Class R-6		1,028,293		3,496		46,382		(14,207	)		29,435			1,000,635		3,495		—
New Perspective Fund, Class R-6		849,143		38,216		15,058		1,333			67,914			941,548		10,190		28,026
														7,480,508
Growth-and-income funds 28%
Capital World Growth and Income Fund, Class R-6		2,511,401		64,627		79,242		(5,733	)		264,971			2,756,024		64,627		—
American Mutual Fund, Class R-6		2,548,210		221,460		17,745		9,106			(112,834	)		2,648,197		62,323		72,369
Washington Mutual Investors Fund, Class R-6		1,836,272		141,853		20,860		6,127			2,291			1,965,683		42,708		75,644
Fundamental Investors, Class R-6		1,552,410		69,263		27,519		3,003			112,864			1,710,021		30,555		38,708
The Investment Company of America, Class R-6		1,242,796		63,376		9,225		4,207			122,411			1,423,565		23,390		39,987
International Growth and Income Fund, Class R-6		695,014		32,020		26,591		(5,454	)		87,475			782,464		23,032		8,988
														11,285,954
Equity-income funds 8%
The Income Fund of America, Class R-6		1,432,570		179,978		9,716		1,959			(90,587	)		1,514,204		56,550		51,313
Capital Income Builder, Class R-6		1,422,896		106,897		9,681		1,718			(7,983	)		1,513,847		57,787		—
														3,028,051
Balanced funds 13%
American Balanced Fund, Class R-6		2,851,343		182,818		20,106		7,806			83,036			3,104,897		60,466		—
American Funds Global Balanced Fund, Class R-6		1,762,993		69,072		12,305		1,826			89,006			1,910,592		38,463		—
														5,015,489
Fixed income funds 32%
American Funds Inflation Linked Bond Fund, Class R-6		1,954,045		556,986		17,078		(287	)		(183,446	)		2,310,220		127,201		—
The Bond Fund of America, Class R-6		1,451,556		819,333		13,174		238			(102,567	)		2,155,386		72,610		—
U.S. Government Securities Fund, Class R-6		1,734,226		383,068		16,209		(400	)		(112,844	)		1,987,841		71,041		—
American Funds Mortgage Fund, Class R-6		1,732,996		370,856		15,351		(427	)		(118,296	)		1,969,778		81,725		—
Intermediate Bond Fund of America, Class R-6		1,451,530		416,556		11,226		27			(41,584	)		1,815,303		61,259		—
American Funds Multi-Sector Income Fund, Class R-6		1,051,361		158,165		7,403		143			(21,122	)		1,181,144		72,739		—
Capital World Bond Fund, Class R-62		690,597		95,850		19,015		4,919			296			772,647		7,947		—
American Funds Strategic Bond Fund, Class R-62		680,522		157,276		5,163		(39	)		(62,648	)		769,948		42,029		—
														12,962,267
Total 100%							$	(6,277	)	$	573,725		$	39,772,269	$	1,055,308	$	374,904

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.

26 American Funds Target Date Retirement Series

American Funds 2025 Target Date Retirement Fund

Investment portfolio October 31, 2023

Growth funds 9%	Shares		Value (000)
AMCAP Fund, Class R-6		33,343,259	$	1,138,339
American Funds Global Insight Fund, Class R-6		49,184,703		943,855
The Growth Fund of America, Class R-6		5,209,254		300,782
New Perspective Fund, Class R-6		3,523,480		181,001
SMALLCAP World Fund, Inc., Class R-6		3,132,117		180,942
				2,744,919
Growth-and-income funds 26%
Capital World Growth and Income Fund, Class R-6		35,422,936		1,907,879
American Mutual Fund, Class R-6		40,396,344		1,901,860
Washington Mutual Investors Fund, Class R-6		29,544,565		1,541,045
The Investment Company of America, Class R-6		20,864,641		949,759
Fundamental Investors, Class R-6		14,696,158		947,167
International Growth and Income Fund, Class R-6		12,819,556		410,482
				7,658,192
Equity-income funds 11%
The Income Fund of America, Class R-6		88,616,085		1,904,360
Capital Income Builder, Class R-6		22,693,540		1,369,328
				3,273,688
Balanced funds 13%
American Balanced Fund, Class R-6		84,438,149		2,457,150
American Funds Global Balanced Fund, Class R-6		42,487,078		1,383,379
				3,840,529
Fixed income funds 41%
The Bond Fund of America, Class R-6		214,141,069		2,287,027
American Funds Inflation Linked Bond Fund, Class R-6		253,226,564		2,241,055
Intermediate Bond Fund of America, Class R-6		142,345,388		1,710,992
American Funds Mortgage Fund, Class R-6		201,900,373		1,673,754

American Funds Target Date Retirement Series 27

American Funds 2025 Target Date Retirement Fund (continued)

Fixed income funds (continued)	Shares		Value (000)
U.S. Government Securities Fund, Class R-6		127,336,943	$	1,451,641
American Funds Multi-Sector Income Fund, Class R-6		126,505,112		1,090,474
American Funds Strategic Bond Fund, Class R-6		88,018,055		767,518
American High-Income Trust, Class R-6		72,657,029		643,741
Capital World Bond Fund, Class R-6		37,924,942		576,459
				12,442,661
Total investment securities 100% (cost: $30,309,725,000)				29,959,989
Other assets less liabilities 0%				(4,864	)
Net assets 100%			$	29,955,125

28 American Funds Target Date Retirement Series

American Funds 2025 Target Date Retirement Fund (continued)

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 9%
AMCAP Fund, Class R-6	$	1,250,541	$	7,516	$	270,081	$	(48,713	)	$	199,076		$	1,138,339	$	7,516	$	—
American Funds Global Insight Fund, Class R-6		880,241		13,574		31,180		(1,642	)		82,862			943,855		13,574		—
The Growth Fund of America, Class R-6		491,926		20,462		257,941		65,449			(19,114	)		300,782		3,327		17,136
New Perspective Fund, Class R-6		255,374		11,493		107,437		35,720			(14,149	)		181,001		3,064		8,429
SMALLCAP World Fund, Inc., Class R-6		257,505		875		84,745		(39,927	)		47,234			180,942		875		—
														2,744,919
Growth-and-income funds 26%
Capital World Growth and Income Fund, Class R-6		1,897,791		47,030		239,824		(24,963	)		227,845			1,907,879		47,030		—
American Mutual Fund, Class R-6		1,924,626		100,018		45,042		7,776			(85,518	)		1,901,860		45,659		54,360
Washington Mutual Investors Fund, Class R-6		1,514,447		95,639		76,818		6,405			1,372			1,541,045		34,554		61,084
The Investment Company of America, Class R-6		890,883		45,153		79,701		1,152			92,272			949,759		16,489		28,664
Fundamental Investors, Class R-6		891,864		39,837		54,293		795			68,964			947,167		17,505		22,332
International Growth and Income Fund, Class R-6		413,533		18,357		71,772		(5,251	)		55,615			410,482		13,057		5,300
														7,658,192
Equity-income funds 11%
The Income Fund of America, Class R-6		1,850,643		179,084		12,865		2,953			(115,455	)		1,904,360		72,497		66,288
Capital Income Builder, Class R-6		1,329,386		53,758		9,263		1,943			(6,496	)		1,369,328		53,758		—
														3,273,688
Balanced funds 13%
American Balanced Fund, Class R-6		2,350,316		48,634		16,546		6,562			68,184			2,457,150		48,635		—
American Funds Global Balanced Fund, Class R-6		1,297,288		28,230		9,350		1,593			65,618			1,383,379		28,230		—
														3,840,529
Fixed income funds 41%
The Bond Fund of America, Class R-6		2,156,407		239,193		15,156		(18	)		(93,399	)		2,287,027		89,025		—
American Funds Inflation Linked Bond Fund, Class R-6		2,042,686		398,175		14,815		15			(185,006	)		2,241,055		132,127		—
Intermediate Bond Fund of America, Class R-6		1,592,025		165,635		11,194		(33	)		(35,441	)		1,710,992		61,113		—
American Funds Mortgage Fund, Class R-6		1,578,041		204,785		11,065		34			(98,041	)		1,673,754		71,276		—
U.S. Government Securities Fund, Class R-6		1,419,117		122,199		9,565		(84	)		(80,026	)		1,451,641		54,094		—
American Funds Multi-Sector Income Fund, Class R-6		1,031,867		83,207		7,192		127			(17,535	)		1,090,474		68,830		—
American Funds Strategic Bond Fund, Class R-62		717,624		117,483		5,407		(49	)		(62,133	)		767,518		43,040		—
American High-Income Trust, Class R-6		500,719		160,250		4,053		263			(13,438	)		643,741		40,420		—
Capital World Bond Fund, Class R-62		567,533		17,279		15,642		4,087			3,202			576,459		5,515		—
														12,442,661
Total 100%							$	14,194		$	86,493		$	29,959,989	$	971,210	$	263,593

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.

American Funds Target Date Retirement Series 29

American Funds 2020 Target Date Retirement Fund

Investment portfolio October 31, 2023

Growth funds 4%	Shares		Value (000)
American Funds Global Insight Fund, Class R-6		17,295,112	$	331,893
AMCAP Fund, Class R-6		6,186,343		211,202
				543,095
Growth-and-income funds 22%
American Mutual Fund, Class R-6		19,026,834		895,783
Capital World Growth and Income Fund, Class R-6		14,349,931		772,887
Washington Mutual Investors Fund, Class R-6		14,182,757		739,773
The Investment Company of America, Class R-6		9,867,109		449,151
Fundamental Investors, Class R-6		6,881,335		443,502
International Growth and Income Fund, Class R-6		1,019,625		32,649
				3,333,745
Equity-income funds 17%
The Income Fund of America, Class R-6		76,485,839		1,643,680
Capital Income Builder, Class R-6		14,474,838		873,412
				2,517,092
Balanced funds 12%
American Balanced Fund, Class R-6		41,135,762		1,197,051
American Funds Global Balanced Fund, Class R-6		18,575,656		604,823
				1,801,874
Fixed income funds 45%
The Bond Fund of America, Class R-6		112,733,852		1,203,997
American Funds Inflation Linked Bond Fund, Class R-6		135,460,314		1,198,824
American Funds Mortgage Fund, Class R-6		109,092,929		904,380
Intermediate Bond Fund of America, Class R-6		75,230,271		904,268
U.S. Government Securities Fund, Class R-6		66,185,165		754,511
American Funds Multi-Sector Income Fund, Class R-6		70,165,741		604,829
American High-Income Trust, Class R-6		51,361,811		455,066
American Funds Strategic Bond Fund, Class R-6		52,005,870		453,491
Capital World Bond Fund, Class R-6		19,895,593		302,413
				6,781,779
Total investment securities 100% (cost: $14,981,201,000)				14,977,585
Other assets less liabilities 0%				(2,510	)
Net assets 100%			$	14,975,075

30 American Funds Target Date Retirement Series

American Funds 2020 Target Date Retirement Fund (continued)

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 4%
American Funds Global Insight Fund, Class R-6	$	388,275	$	5,898	$	99,383	$	(6,590	)	$	43,693		$	331,893	$	5,898	$	—
AMCAP Fund, Class R-6		291,026		1,586		116,463		(13,286	)		48,339			211,202		1,586		—
														543,095
Growth-and-income funds 22%
American Mutual Fund, Class R-6		952,555		54,385		75,978		6,996			(42,175	)		895,783		22,313		26,670
Capital World Growth and Income Fund, Class R-6		853,524		29,136		201,897		(26,036	)		118,160			772,887		19,862		—
Washington Mutual Investors Fund, Class R-6		795,705		54,453		117,828		16,127			(8,684	)		739,773		17,632		31,149
The Investment Company of America, Class R-6		480,996		25,345		105,898		13,928			34,780			449,151		8,128		15,092
Fundamental Investors, Class R-6		480,395		22,998		98,001		5,840			32,270			443,502		8,782		11,287
International Growth and Income Fund, Class R-6		65,675		2,279		45,421		7,188			2,928			32,649		1,474		805
														3,333,745
Equity-income funds 17%
The Income Fund of America, Class R-6		1,636,442		146,957		42,310		1,352			(98,761	)		1,643,680		62,830		58,225
Capital Income Builder, Class R-6		881,336		34,750		41,506		1,731			(2,899	)		873,412		34,750		—
														2,517,092
Balanced funds 12%
American Balanced Fund, Class R-6		1,277,295		26,219		150,607		(6,491	)		50,635			1,197,051		25,260		—
American Funds Global Balanced Fund, Class R-6		633,088		12,927		76,243		(9,713	)		44,764			604,823		12,836		—
														1,801,874
Fixed income funds 45%
The Bond Fund of America, Class R-6		1,232,622		76,225		57,889		(7,928	)		(39,033	)		1,203,997		48,713		—
American Funds Inflation Linked Bond Fund, Class R-6		1,234,382		159,621		90,489		(13,197	)		(91,493	)		1,198,824		77,812		—
American Funds Mortgage Fund, Class R-6		923,461		61,671		29,278		(2,853	)		(48,621	)		904,380		39,869		—
Intermediate Bond Fund of America, Class R-6		924,988		57,591		60,355		(4,509	)		(13,447	)		904,268		34,081		—
U.S. Government Securities Fund, Class R-6		770,576		51,268		25,984		(3,168	)		(38,181	)		754,511		28,703		—
American Funds Multi-Sector Income Fund, Class R-6		627,029		40,441		54,119		(1,210	)		(7,312	)		604,829		40,441		—
American High-Income Trust, Class R-6		475,957		33,499		46,080		(2,767	)		(5,543	)		455,066		33,498		—
American Funds Strategic Bond Fund, Class R-62		455,765		40,217		5,727		(95	)		(36,669	)		453,491		26,679		—
Capital World Bond Fund, Class R-62		304,376		9,150		15,703		945			3,645			302,413		2,732		—
														6,781,779
Total 100%							$	(43,736	)	$	(53,604	)	$	14,977,585	$	553,879	$	143,228

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.

American Funds Target Date Retirement Series 31

American Funds 2015 Target Date Retirement Fund

Investment portfolio October 31, 2023

Growth funds 1%	Shares		Value (000)
American Funds Global Insight Fund, Class R-6		982,450	$	18,853
AMCAP Fund, Class R-6		274,664		9,377
				28,230
Growth-and-income funds 20%
American Mutual Fund, Class R-6		6,005,291		282,729
Capital World Growth and Income Fund, Class R-6		4,371,140		235,430
Washington Mutual Investors Fund, Class R-6		3,764,342		196,348
The Investment Company of America, Class R-6		3,110,566		141,593
Fundamental Investors, Class R-6		1,597,307		102,946
				959,046
Equity-income funds 19%
The Income Fund of America, Class R-6		28,107,368		604,028
Capital Income Builder, Class R-6		4,699,788		283,585
				887,613
Balanced funds 11%
American Balanced Fund, Class R-6		11,652,896		339,099
American Funds Global Balanced Fund, Class R-6		5,826,968		189,726
				528,825
Fixed income funds 49%
The Bond Fund of America, Class R-6		39,110,204		417,697
Intermediate Bond Fund of America, Class R-6		33,331,966		400,650
American Funds Inflation Linked Bond Fund, Class R-6		43,046,815		380,964
American Funds Mortgage Fund, Class R-6		34,282,451		284,202
American Funds Multi-Sector Income Fund, Class R-6		22,433,595		193,378
Short-Term Bond Fund of America, Class R-6		19,793,408		185,266
American Funds Strategic Bond Fund, Class R-6		20,098,408		175,258
American High-Income Trust, Class R-6		16,480,887		146,021
Capital World Bond Fund, Class R-6		6,391,441		97,150
U.S. Government Securities Fund, Class R-6		4,508,231		51,394
				2,331,980
Total investment securities 100% (cost: $4,670,391,000)				4,735,694
Other assets less liabilities 0%				(841	)
Net assets 100%			$	4,734,853

32 American Funds Target Date Retirement Series

American Funds 2015 Target Date Retirement Fund (continued)

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 1%
American Funds Global Insight Fund, Class R-6	$	43,193	$	666	$	29,226	$	(1,945	)	$	6,165		$	18,853	$	666	$	—
AMCAP Fund, Class R-6		21,963		99		15,204		(3,643	)		6,162			9,377		98		—
														28,230
Growth-and-income funds 20%
American Mutual Fund, Class R-6		302,908		18,733		27,894		3,215			(14,233	)		282,729		7,061		8,449
Capital World Growth and Income Fund, Class R-6		251,246		9,685		52,492		(5,439	)		32,430			235,430		5,908		—
Washington Mutual Investors Fund, Class R-6		223,134		14,914		44,044		8,550			(6,206	)		196,348		4,849		8,614
The Investment Company of America, Class R-6		152,650		7,944		34,529		4,862			10,666			141,593		2,590		4,773
Fundamental Investors, Class R-6		122,728		5,292		34,938		7,690			2,174			102,946		2,182		2,835
														959,046
Equity-income funds 19%
The Income Fund of America, Class R-6		640,569		48,964		49,739		1,330			(37,096	)		604,028		23,778		22,266
Capital Income Builder, Class R-6		302,576		12,365		31,836		2,217			(1,737	)		283,585		11,582		—
														887,613
Balanced funds 11%
American Balanced Fund, Class R-6		378,365		8,391		61,169		(2,519	)		16,031			339,099		7,330		—
American Funds Global Balanced Fund, Class R-6		200,354		4,188		25,857		(3,260	)		14,301			189,726		4,061		—
														528,825
Fixed income funds 49%
The Bond Fund of America, Class R-6		418,159		18,715		2,788		(71	)		(16,318	)		417,697		16,652		—
Intermediate Bond Fund of America, Class R-6		376,839		35,735		3,695		11			(8,240	)		400,650		14,404		—
American Funds Inflation Linked Bond Fund, Class R-6		390,646		38,177		14,785		(2,323	)		(30,751	)		380,964		24,512		—
American Funds Mortgage Fund, Class R-6		294,023		12,616		6,334		(467	)		(15,636	)		284,202		12,616		—
American Funds Multi-Sector Income Fund, Class R-6		199,780		12,922		16,516		(409	)		(2,399	)		193,378		12,921		—
Short-Term Bond Fund of America, Class R-6		139,988		47,354		1,025		3			(1,054	)		185,266		5,609		—
American Funds Strategic Bond Fund, Class R-62		171,623		18,972		1,129		(4	)		(14,204	)		175,258		10,135		—
American High-Income Trust, Class R-6		153,978		10,794		16,006		(1,385	)		(1,360	)		146,021		10,793		—
Capital World Bond Fund, Class R-62		97,319		2,934		4,509		406			1,000			97,150		900		—
U.S. Government Securities Fund, Class R-6		103,169		3,042		52,148		(7,700	)		5,031			51,394		3,042		—
														2,331,980
Total 100%							$	(881	)	$	(55,274	)	$	4,735,694	$	181,689	$	46,937

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.

American Funds Target Date Retirement Series 33

American Funds 2010 Target Date Retirement Fund

Investment portfolio October 31, 2023

Growth-and-income funds 17%	Shares		Value (000)
American Mutual Fund, Class R-6		4,076,306	$	191,912
Washington Mutual Investors Fund, Class R-6		2,806,510		146,388
Capital World Growth and Income Fund, Class R-6		2,324,433		125,194
The Investment Company of America, Class R-6		2,439,121		111,029
Fundamental Investors, Class R-6		688,391		44,367
				618,890
Equity-income funds 24%
The Income Fund of America, Class R-6		28,891,641		620,881
Capital Income Builder, Class R-6		4,132,600		249,361
				870,242
Balanced funds 9%
American Balanced Fund, Class R-6		8,916,011		259,456
American Funds Global Balanced Fund, Class R-6		2,790,573		90,861
				350,317
Fixed income funds 50%
Intermediate Bond Fund of America, Class R-6		32,832,614		394,648
The Bond Fund of America, Class R-6		34,176,662		365,007
Short-Term Bond Fund of America, Class R-6		29,496,038		276,083
American Funds Inflation Linked Bond Fund, Class R-6		30,228,006		267,518
American Funds Mortgage Fund, Class R-6		30,388,255		251,919
American Funds Strategic Bond Fund, Class R-6		17,108,861		149,189
American Funds Multi-Sector Income Fund, Class R-6		13,975,197		120,466
American High-Income Trust, Class R-6		2,723,707		24,132
Capital World Bond Fund, Class R-6		1,101,917		16,749
				1,865,711
Total investment securities 100% (cost: $3,768,734,000)				3,705,160
Other assets less liabilities 0%				(353	)
Net assets 100%			$	3,704,807

34 American Funds Target Date Retirement Series

American Funds 2010 Target Date Retirement Fund (continued)

Investments in affiliates¹

	Value at 11/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 10/31/2023 (000)		Dividend income (000)			Capital gain distributions received (000)
Growth-and-income funds 17%
American Mutual Fund, Class R-6	$	211,781	$	16,392	$	28,933	$	1,325		$	(8,653	)	$	191,912	$	4,883		$	5,887
Washington Mutual Investors Fund, Class R-6		157,243		16,282		28,873		1,957			(221	)		146,388		3,468			6,137
Capital World Growth and Income Fund, Class R-6		149,253		8,782		49,150		644			15,665			125,194		3,364			—
The Investment Company of America, Class R-6		118,285		10,313		29,731		2,205			9,957			111,029		1,994			3,686
Fundamental Investors, Class R-6		55,960		3,334		19,464		3,738			799			44,367		973			1,269
														618,890
Equity-income funds 24%
The Income Fund of America, Class R-6		628,579		83,520		55,169		(2,665	)		(33,384	)		620,881		23,877			21,835
Capital Income Builder, Class R-6		258,719		11,772		21,300		(139	)		309			249,361		9,964			—
														870,242
Balanced funds 9%
American Balanced Fund, Class R-6		276,120		8,168		34,594		(1,265	)		11,027			259,456		5,436			—
American Funds Global Balanced Fund, Class R-6		112,503		2,834		31,265		(2,266	)		9,055			90,861		2,086			—
														350,317
Fixed income funds 50%
Intermediate Bond Fund of America, Class R-6		394,003		37,079		28,464		(1,304	)		(6,666	)		394,648		14,621			—
The Bond Fund of America, Class R-6		370,578		26,023		17,502		(1,466	)		(12,626	)		365,007		14,577			—
Short-Term Bond Fund of America, Class R-6		261,574		34,717		18,814		(726	)		(668	)		276,083		9,299			—
American Funds Inflation Linked Bond Fund, Class R-6		284,962		26,034		19,730		(3,175	)		(20,573	)		267,518		17,907			—
American Funds Mortgage Fund, Class R-6		252,619		21,424		7,784		(773	)		(13,567	)		251,919		10,967			—
American Funds Strategic Bond Fund, Class R-62		151,241		14,239		4,220		(155	)		(11,916	)		149,189		8,868			—
American Funds Multi-Sector Income Fund, Class R-6		131,973		8,295		18,323		(406	)		(1,073	)		120,466		8,295			—
American High-Income Trust, Class R-6		48,240		2,693		26,689		(2,124	)		2,012			24,132		2,693			—
Capital World Bond Fund, Class R-62		31,869		753		17,323		(2,536	)		3,986			16,749		(2	)		—
														1,865,711
Total 100%							$	(9,131	)	$	(56,537	)	$	3,705,160	$	143,270		$	38,814

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.

American Funds Target Date Retirement Series 35

Financial statements

Statements of assets and liabilities
at October 31, 2023 (dollars in thousands)

	2065 Fund			2060 Fund			2055 Fund		2050 Fund		2045 Fund
Assets:
Investment securities of affiliated issuers, at value	$	1,686,205		$	9,016,317		$	15,988,155	$	23,664,237	$	26,643,225
Receivables for:
Sales of investments		—			—			—		5,312		2,289
Sales of fund’s shares		4,622			14,874			21,194		25,944		22,564
Dividends		336			1,828			3,251		4,814		5,422
Total assets		1,691,163			9,033,019			16,012,600		23,700,307		26,673,500
Liabilities:
Payables for:
Purchases of investments		3,391			6,783			4,894		4,814		5,422
Repurchases of fund’s shares		1,582			9,896			19,577		31,223		24,853
Services provided by related parties		322			1,251			2,220		3,334		3,853
Trustees’ deferred compensation		2			26			62		108		125
Total liabilities		5,297			17,956			26,753		39,479		34,253
Net assets at October 31, 2023	$	1,685,866		$	9,015,063		$	15,985,847	$	23,660,828	$	26,639,247
Net assets consist of:
Capital paid in on shares of beneficial interest	$	1,767,669		$	9,156,138		$	15,836,074	$	22,887,882	$	25,570,451
Total (accumulated loss) distributable earnings		(81,803	)		(141,075	)		149,773		772,946		1,068,796
Net assets at October 31, 2023	$	1,685,866		$	9,015,063		$	15,985,847	$	23,660,828	$	26,639,247
Investment securities of affiliated issuers, at cost	$	1,788,848		$	9,305,722		$	16,110,460	$	23,309,954	$	26,062,132

Refer to the notes to financial statements.

36 American Funds Target Date Retirement Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2023 (continued) (dollars in thousands)

	2040 Fund		2035 Fund		2030 Fund		2025 Fund		2020 Fund
Assets:
Investment securities of affiliated issuers, at value	$	32,548,138	$	36,326,806	$	39,772,269	$	29,959,989	$	14,977,585
Receivables for:
Sales of investments		11,715		4,615		14,482		10,905		16,277
Sales of fund’s shares		25,769		29,348		35,641		19,907		7,899
Dividends		9,730		22,197		38,036		38,382		21,414
Total assets		32,595,352		36,382,966		39,860,428		30,029,183		15,023,175
Liabilities:
Payables for:
Purchases of investments		9,730		22,197		38,036		38,382		21,414
Repurchases of fund’s shares		37,516		34,078		49,910		30,822		24,182
Services provided by related parties		4,719		5,449		5,945		4,655		2,369
Trustees’ deferred compensation		165		187		225		199		135
Total liabilities		52,130		61,911		94,116		74,058		48,100
Net assets at October 31, 2023	$	32,543,222	$	36,321,055	$	39,766,312	$	29,955,125	$	14,975,075
Net assets consist of:
Capital paid in on shares of beneficial interest	$	30,866,416	$	34,865,132	$	39,090,757	$	29,599,846	$	14,630,103
Total (accumulated loss) distributable earnings		1,676,806		1,455,923		675,555		355,279		344,972
Net assets at October 31, 2023	$	32,543,222	$	36,321,055	$	39,766,312	$	29,955,125	$	14,975,075
Investment securities of affiliated issuers, at cost	$	31,469,157	$	35,588,332	$	39,900,698	$	30,309,725	$	14,981,201

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 37

Financial statements (continued)

Statements of assets and liabilities
at October 31, 2023 (continued) (dollars in thousands)

	2015 Fund		2010 Fund
Assets:
Investment securities of affiliated issuers, at value	$	4,735,694	$	3,705,160
Receivables for:
Sales of investments		2,524		3,015
Sales of fund’s shares		1,681		3,500
Dividends		7,249		5,786
Total assets		4,747,148		3,717,461
Liabilities:
Payables for:
Purchases of investments		7,249		5,786
Repurchases of fund’s shares		4,205		6,314
Services provided by related parties		790		518
Trustees’ deferred compensation		51		36
Total liabilities		12,295		12,654
Net assets at October 31, 2023	$	4,734,853	$	3,704,807
Net assets consist of:
Capital paid in on shares of beneficial interest	$	4,546,051	$	3,677,612
Total (accumulated loss) distributable earnings		188,802		27,195
Net assets at October 31, 2023	$	4,734,853	$	3,704,807
Investment securities of affiliated issuers, at cost	$	4,670,391	$	3,768,734

Refer to the notes to financial statements.

38 American Funds Target Date Retirement Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 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	$	193,826	$	791,363	$	1,252,838	$	1,920,920	$	2,120,043
	Shares outstanding		14,136		55,966		60,052		115,215		124,676
	Net asset value per share	$	13.71	$	14.14	$	20.86	$	16.67	$	17.00
Class C:	Net assets	$	14,430	$	81,561	$	97,323	$	142,419	$	145,905
	Shares outstanding		1,067		5,907		4,804		8,816		8,838
	Net asset value per share	$	13.52	$	13.81	$	20.26	$	16.15	$	16.51
Class T:	Net assets	$	14	$	13	$	12	$	13	$	12
	Shares outstanding		1		1		1		1		1
	Net asset value per share	$	13.81	$	14.23	$	20.94	$	16.73	$	17.05
Class F-1:	Net assets	$	2,728	$	32,686	$	50,986	$	75,471	$	95,085
	Shares outstanding		199		2,311		2,462		4,565		5,638
	Net asset value per share	$	13.74	$	14.14	$	20.71	$	16.53	$	16.86
Class F-2:	Net assets	$	12,888	$	58,496	$	70,449	$	107,026	$	132,883
	Shares outstanding		934		4,105		3,368		6,412		7,799
	Net asset value per share	$	13.80	$	14.25	$	20.91	$	16.69	$	17.04
Class F-3:	Net assets	$	533	$	10,257	$	12,132	$	14,383	$	11,883
	Shares outstanding		39		721		579		859		696
	Net asset value per share	$	13.82	$	14.23	$	20.97	$	16.75	$	17.07
Class R-1:	Net assets	$	880	$	7,484	$	10,563	$	17,545	$	25,880
	Shares outstanding		65		541		525		1,087		1,571
	Net asset value per share	$	13.61	$	13.84	$	20.11	$	16.14	$	16.47
Class R-2:	Net assets	$	102,644	$	325,764	$	559,380	$	798,461	$	999,435
	Shares outstanding		7,590		23,609		27,743		49,480		60,901
	Net asset value per share	$	13.52	$	13.80	$	20.16	$	16.14	$	16.41
Class R-2E:	Net assets	$	12,164	$	75,506	$	135,253	$	201,059	$	244,242
	Shares outstanding		893		5,413		6,628		12,344		14,697
	Net asset value per share	$	13.62	$	13.95	$	20.41	$	16.29	$	16.62
Class R-3:	Net assets	$	128,399	$	482,597	$	827,940	$	1,286,425	$	1,429,413
	Shares outstanding		9,405		34,452		40,289		78,421		85,495
	Net asset value per share	$	13.65	$	14.01	$	20.55	$	16.40	$	16.72
Class R-4:	Net assets	$	77,820	$	438,278	$	855,353	$	1,241,085	$	1,394,178
	Shares outstanding		5,670		30,970		41,064		74,615		82,142
	Net asset value per share	$	13.72	$	14.15	$	20.83	$	16.63	$	16.97
Class R-5E:	Net assets	$	69,151	$	289,253	$	464,635	$	693,318	$	810,218
	Shares outstanding		5,019		20,394		22,314		41,680		47,780
	Net asset value per share	$	13.78	$	14.18	$	20.82	$	16.63	$	16.96
Class R-5:	Net assets	$	25,521	$	112,619	$	246,121	$	326,849	$	365,149
	Shares outstanding		1,849		7,886		11,654		19,362		21,189
	Net asset value per share	$	13.80	$	14.28	$	21.12	$	16.88	$	17.23
Class R-6:	Net assets	$	1,044,868	$	6,309,186	$	11,402,862	$	16,835,854	$	18,864,921
	Shares outstanding		75,622		441,230		539,015		1,000,900		1,099,472
	Net asset value per share	$	13.82	$	14.30	$	21.15	$	16.82	$	17.16

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 39

Financial statements (continued)

Statements of assets and liabilities
at October 31, 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	$	2,704,406	$	3,157,101	$	3,765,147	$	3,472,720	$	2,117,412
	Shares outstanding		162,422		197,444		253,759		255,793		173,996
	Net asset value per share	$	16.65	$	15.99	$	14.84	$	13.58	$	12.17
Class C:	Net assets	$	169,800	$	190,855	$	220,834	$	186,906	$	107,947
	Shares outstanding		10,494		12,262		15,298		14,135		9,085
	Net asset value per share	$	16.18	$	15.57	$	14.44	$	13.22	$	11.88
Class T:	Net assets	$	12	$	12	$	11	$	11	$	10
	Shares outstanding		1		1		1		1		1
	Net asset value per share	$	16.70	$	16.04	$	14.87	$	13.61	$	12.19
Class F-1:	Net assets	$	144,136	$	183,106	$	152,493	$	90,271	$	43,485
	Shares outstanding		8,727		11,538		10,372		6,707		3,600
	Net asset value per share	$	16.52	$	15.87	$	14.70	$	13.46	$	12.08
Class F-2:	Net assets	$	174,670	$	222,788	$	298,449	$	236,600	$	136,415
	Shares outstanding		10,479		13,915		20,098		17,422		11,215
	Net asset value per share	$	16.67	$	16.01	$	14.85	$	13.58	$	12.16
Class F-3:	Net assets	$	19,979	$	32,592	$	38,794	$	33,780	$	20,762
	Shares outstanding		1,195		2,030		2,605		2,479		1,701
	Net asset value per share	$	16.72	$	16.05	$	14.89	$	13.63	$	12.21
Class R-1:	Net assets	$	32,222	$	34,258	$	42,107	$	23,678	$	8,191
	Shares outstanding		1,992		2,217		2,900		1,785		683
	Net asset value per share	$	16.18	$	15.45	$	14.52	$	13.26	$	12.00
Class R-2:	Net assets	$	1,167,059	$	1,360,553	$	1,315,722	$	1,000,454	$	444,446
	Shares outstanding		72,393		87,767		91,367		75,827		37,382
	Net asset value per share	$	16.12	$	15.50	$	14.40	$	13.19	$	11.89
Class R-2E:	Net assets	$	288,895	$	347,293	$	393,067	$	296,051	$	143,946
	Shares outstanding		17,741		22,240		27,079		22,277		12,078
	Net asset value per share	$	16.28	$	15.62	$	14.52	$	13.29	$	11.92
Class R-3:	Net assets	$	1,764,513	$	2,058,987	$	2,264,130	$	1,656,030	$	787,590
	Shares outstanding		107,506		130,703		154,737		123,636		65,408
	Net asset value per share	$	16.41	$	15.75	$	14.63	$	13.39	$	12.04
Class R-4:	Net assets	$	1,738,924	$	2,004,250	$	2,295,243	$	1,701,602	$	883,262
	Shares outstanding		104,656		125,636		154,983		125,544		72,646
	Net asset value per share	$	16.62	$	15.95	$	14.81	$	13.55	$	12.16
Class R-5E:	Net assets	$	1,000,796	$	1,009,967	$	1,120,577	$	851,910	$	422,214
	Shares outstanding		60,241		63,265		75,677		62,868		34,789
	Net asset value per share	$	16.61	$	15.96	$	14.81	$	13.55	$	12.14
Class R-5:	Net assets	$	415,075	$	532,915	$	549,055	$	409,773	$	198,066
	Shares outstanding		24,619		32,930		36,562		29,848		16,108
	Net asset value per share	$	16.86	$	16.18	$	15.02	$	13.73	$	12.30
Class R-6:	Net assets	$	22,922,735	$	25,186,378	$	27,310,683	$	19,995,339	$	9,661,329
	Shares outstanding		1,365,088		1,563,116		1,827,219		1,461,098		788,527
	Net asset value per share	$	16.79	$	16.11	$	14.95	$	13.69	$	12.25

Refer to the notes to financial statements.

40 American Funds Target Date Retirement Series

Financial statements (continued)

Statements of assets and liabilities
at October 31, 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	$	786,228	$	513,860
	Shares outstanding		69,865		47,859
	Net asset value per share	$	11.25	$	10.74
Class C:	Net assets	$	25,768	$	19,589
	Shares outstanding		2,335		1,861
	Net asset value per share	$	11.03	$	10.53
Class T:	Net assets	$	10	$	10
	Shares outstanding		1		1
	Net asset value per share	$	11.27	$	10.75
Class F-1:	Net assets	$	11,503	$	9,688
	Shares outstanding		1,029		908
	Net asset value per share	$	11.17	$	10.67
Class F-2:	Net assets	$	46,875	$	41,207
	Shares outstanding		4,168		3,842
	Net asset value per share	$	11.25	$	10.73
Class F-3:	Net assets	$	6,629	$	8,622
	Shares outstanding		588		801
	Net asset value per share	$	11.28	$	10.76
Class R-1:	Net assets	$	5,588	$	2,393
	Shares outstanding		507		225
	Net asset value per share	$	11.02	$	10.67
Class R-2:	Net assets	$	143,586	$	75,673
	Shares outstanding		13,022		7,174
	Net asset value per share	$	11.03	$	10.55
Class R-2E:	Net assets	$	48,064	$	39,887
	Shares outstanding		4,358		3,788
	Net asset value per share	$	11.03	$	10.53
Class R-3:	Net assets	$	263,512	$	173,426
	Shares outstanding		23,642		16,286
	Net asset value per share	$	11.15	$	10.65
Class R-4:	Net assets	$	219,327	$	211,386
	Shares outstanding		19,503		19,712
	Net asset value per share	$	11.25	$	10.72
Class R-5E:	Net assets	$	108,720	$	91,185
	Shares outstanding		9,694		8,521
	Net asset value per share	$	11.21	$	10.70
Class R-5:	Net assets	$	68,971	$	51,664
	Shares outstanding		6,074		4,772
	Net asset value per share	$	11.35	$	10.83
Class R-6:	Net assets	$	3,000,072	$	2,466,217
	Shares outstanding		265,402		228,564
	Net asset value per share	$	11.30	$	10.79

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 41

Financial statements (continued)

Statements of operations
for the year ended October 31, 2023 (dollars in thousands)

	2065 Fund			2060 Fund			2055 Fund			2050 Fund			2045 Fund
Investment income:
Income:
Dividends from affiliated issuers	$	17,967		$	118,951		$	222,949		$	358,188		$	431,985
Fees and expenses*:
Distribution services		1,939			8,798			15,220			22,973			26,661
Transfer agent services		806			3,753			6,626			10,022			11,746
Reports to shareholders		10			65			120			183			208
Registration statement and prospectus		80			373			616			853			970
Trustees’ compensation		4			27			51			78			89
Auditing and legal		2			11			21			31			36
Custodian		1			4			8			12			14
Other		—	†		3			5			8			9
Total fees and expenses		2,842			13,034			22,667			34,160			39,733
Net investment income		15,125			105,917			200,282			324,028			392,252
Net realized gain and unrealized appreciation (depreciation):
Net realized loss on sale of investments in affiliated issuers		(274	)		(4,402	)		(5,950	)		(21,557	)		(27,933	)
Net realized (loss) gain on in-kind redemptions		(106	)		13,768			33,408			59,666			79,817
Capital gain distributions received from affiliated issuers		13,941			101,157			188,814			293,945			332,919
		13,561			110,523			216,272			332,054			384,803
Net unrealized appreciation (depreciation) on investments in affiliated issuers		26,594			318,554			635,441			941,381			990,838
Net realized gain and unrealized appreciation (depreciation)		40,155			429,077			851,713			1,273,435			1,375,641
Net increase in net assets resulting from operations	$	55,280		$	534,994		$	1,051,995		$	1,597,463		$	1,767,893

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

Refer to the notes to financial statements.

42 American Funds Target Date Retirement Series

Financial statements (continued)

Statements of operations
for the year ended October 31, 2023 (continued) (dollars in thousands)

	2040 Fund			2035 Fund			2030 Fund			2025 Fund			2020 Fund
Investment income:
Income:
Dividends from affiliated issuers	$	589,869		$	814,696		$	1,055,308		$	971,210		$	553,879
Fees and expenses*:
Distribution services		32,844			38,455			42,892			34,921			18,308
Transfer agent services		14,447			16,724			18,531			15,060			7,943
Reports to shareholders		256			288			323			254			132
Registration statement and prospectus		1,135			1,283			1,401			945			362
Trustees’ compensation		111			125			140			111			58
Auditing and legal		43			49			54			43			22
Custodian		17			20			22			18			9
Other		12			13			15			12			6
Total fees and expenses		48,865			56,957			63,378			51,364			26,840
Net investment income		541,004			757,739			991,930			919,846			527,039
Net realized gain and unrealized appreciation (depreciation):
Net realized loss on sale of investments in affiliated issuers		(27,164	)		(41,746	)		(79,350	)		(33,963	)		(60,692	)
Net realized (loss) gain on in-kind redemptions		94,471			86,840			73,073			48,157			16,956
Capital gain distributions received from affiliated issuers		394,165			397,186			374,904			263,593			143,228
		461,472			442,280			368,627			277,787			99,492
Net unrealized appreciation (depreciation) on investments in affiliated issuers		1,141,726			870,697			573,725			86,493			(53,604	)
Net realized gain and unrealized appreciation (depreciation)		1,603,198			1,312,977			942,352			364,280			45,888
Net increase in net assets resulting from operations	$	2,144,202		$	2,070,716		$	1,934,282		$	1,284,126		$	572,927

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

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 43

Financial statements (continued)

Statements of operations
for the year ended October 31, 2023 (continued) (dollars in thousands)

	2015 Fund			2010 Fund
Investment income:
Income:
Dividends from affiliated issuers	$	181,689		$	143,270
Fees and expenses*:
Distribution services		6,053			4,071
Transfer agent services		2,578			1,774
Reports to shareholders		42			33
Registration statement and prospectus		115			101
Trustees’ compensation		18			14
Auditing and legal		7			6
Custodian		3			2
Other		2			2
Total fees and expenses		8,818			6,003
Net investment income		172,871			137,267
Net realized gain and unrealized appreciation (depreciation):
Net realized loss on sale of investments in affiliated issuers		(7,091	)		(13,845	)
Net realized (loss) gain on in-kind redemptions		6,210			4,714
Capital gain distributions received from affiliated issuers		46,937			38,814
		46,056			29,683
Net unrealized appreciation (depreciation) on investments in affiliated issuers		(55,274	)		(56,537	)
Net realized gain and unrealized appreciation (depreciation)		(9,218	)		(26,854	)
Net increase in net assets resulting from operations	$	163,653		$	110,413

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

Refer to the notes to financial statements.

44 American Funds Target Date Retirement Series

Financial statements (continued)

Statements of changes in net assets (dollars in thousands)

	2065 Fund						2060 Fund						2055 Fund
	Year ended October 31,						Year ended October 31,						Year ended October 31,
	2023			2022			2023			2022			2023			2022
Operations:
Net investment income	$	15,125		$	5,137		$	105,917		$	61,464		$	200,282		$	129,238
Net realized gain		13,561			27,565			110,523			363,491			216,272			761,466
Net unrealized appreciation (depreciation)		26,594			(166,219	)		318,554			(1,877,718	)		635,441			(3,856,917	)
Net increase (decrease) in net assets resulting from operations		55,280			(133,517	)		534,994			(1,452,763	)		1,051,995			(2,966,213	)
Distributions paid to shareholders		(32,146	)		(6,270	)		(400,155	)		(216,856	)		(846,104	)		(539,938	)
Net capital share transactions		892,746			525,311			2,628,406			1,940,398			3,643,464			2,860,873
Total increase (decrease) in net assets		915,880			385,524			2,763,245			270,779			3,849,355			(645,278	)
Net assets:
Beginning of year		769,986			384,462			6,251,818			5,981,039			12,136,492			12,781,770
End of year	$	1,685,866		$	769,986		$	9,015,063		$	6,251,818		$	15,985,847		$	12,136,492
		2050 Fund						2045 Fund						2040 Fund
		Year ended October 31,						Year ended October 31,						Year ended October 31,
		2023			2022			2023			2022			2023			2022
Operations:
Net investment income	$	324,028		$	220,597		$	392,252		$	276,163		$	541,004		$	379,560
Net realized gain		332,054			1,198,217			384,803			1,263,511			461,472			1,414,975
Net unrealized appreciation (depreciation)		941,381			(6,023,647	)		990,838			(6,634,369	)		1,141,726			(7,995,049	)
Net increase (decrease) in net assets resulting from operations		1,597,463			(4,604,833	)		1,767,893			(5,094,695	)		2,144,202			(6,200,514	)
Distributions paid to shareholders		(1,344,820	)		(913,877	)		(1,481,241	)		(1,121,283	)		(1,755,501	)		(1,514,768	)
Net capital share transactions		4,417,222			3,528,684			4,445,525			3,969,831			4,860,640			4,315,033
Total increase (decrease) in net assets		4,669,865			(1,990,026	)		4,732,177			(2,246,147	)		5,249,341			(3,400,249	)
Net assets:
Beginning of year		18,990,963			20,980,989			21,907,070			24,153,217			27,293,881			30,694,130
End of year	$	23,660,828		$	18,990,963		$	26,639,247		$	21,907,070		$	32,543,222		$	27,293,881

Refer to the notes to financial statements.

American Funds Target Date Retirement Series 45

Financial statements (continued)

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

	2035 Fund						2030 Fund						2025 Fund
	Year ended October 31,						Year ended October 31,						Year ended October 31,
	2023			2022			2023			2022			2023			2022
Operations:
Net investment income	$	757,739		$	497,906		$	991,930		$	666,371		$	919,846		$	649,747
Net realized gain		442,280			1,200,059			368,627			922,153			277,787			505,669
Net unrealized appreciation (depreciation)		870,697			(8,229,748	)		573,725			(8,273,300	)		86,493			(6,124,367	)
Net increase (decrease) in net assets resulting from operations		2,070,716			(6,531,783	)		1,934,282			(6,684,776	)		1,284,126			(4,968,951	)
Distributions paid to shareholders		(1,719,406	)		(1,812,589	)		(1,614,161	)		(2,518,868	)		(1,193,144	)		(2,069,029	)
Net capital share transactions		4,878,047			4,866,968			3,887,880			5,026,021			766,905			2,387,245
Total increase (decrease) in net assets		5,229,357			(3,477,404	)		4,208,001			(4,177,623	)		857,887			(4,650,735	)
Net assets:
Beginning of year		31,091,698			34,569,102			35,558,311			39,735,934			29,097,238			33,747,973
End of year	$	36,321,055		$	31,091,698		$	39,766,312		$	35,558,311		$	29,955,125		$	29,097,238
		2020 Fund						2015 Fund						2010 Fund
		Year ended October 31,						Year ended October 31,						Year ended October 31,
		2023			2022			2023			2022			2023			2022
Operations:
Net investment income	$	527,039		$	412,942		$	172,871		$	133,714		$	137,267		$	99,388
Net realized gain		99,492			233,844			46,056			49,884			29,683			33,283
Net unrealized appreciation (depreciation)		(53,604	)		(2,988,981	)		(55,274	)		(867,043	)		(56,537	)		(603,076	)
Net increase (decrease) in net assets resulting from operations		572,927			(2,342,195	)		163,653			(683,445	)		110,413			(470,405	)
Distributions paid to shareholders		(633,028	)		(1,173,411	)		(188,753	)		(294,879	)		(137,515	)		(170,312	)
Net capital share transactions		(647,419	)		(71,246	)		(224,300	)		(34,754	)		(162,964	)		103,374
Total increase (decrease) in net assets		(707,520	)		(3,586,852	)		(249,400	)		(1,013,078	)		(190,066	)		(537,343	)
Net assets:
Beginning of year		15,682,595			19,269,447			4,984,253			5,997,331			3,894,873			4,432,216
End of year	$	14,975,075		$	15,682,595		$	4,734,853		$	4,984,253		$	3,704,807		$	3,894,873

Refer to the notes to financial statements.

46 American Funds Target Date Retirement Series

Notes to financial statements

1. Organization

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

Each fund in the series is designed for investors who plan to retire in, or close to, the year designated in the fund’s name. Depending on its proximity to its target date, each fund seeks to achieve the following objectives to varying degrees: growth, income and conservation of capital. As each fund approaches and passes its target date, it will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds. Each fund will attempt to achieve its investment objectives by investing in a mix of American Funds (the “underlying funds”) in different combinations and weightings. Capital Research and Management Company (“CRMC”), the series’ investment adviser, is also the investment adviser of the underlying funds.

Each fund in the series has 14 share classes consisting of six retail share classes (Classes A, C, T, F-1, F-2 and F-3) and eight retirement plan share classes (Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6). The eight retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The funds’ share classes are described further in the following table:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Class A	Up to 5.75%	None (except 1.00% for certain redemptions within 18 months of purchase without an initial sales charge)	None
Class C	None	1.00% for redemptions within one year of purchase	Class C converts to Class A after eight years
Class T*	Up to 2.50%	None	None
Classes F-1, F-2 and F-3	None	None	None
Classes R-1, R-2, R-2E, R-3, R-4, R-5E, R-5 and R-6	None	None	None

* Class T shares of each fund are not available for purchase.

Holders of all share classes of each fund have equal pro rata rights to the assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for distribution and transfer agent services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each share class of each fund.

2. Significant accounting policies

Each fund in the series is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies in this section, as well as the valuation policies described in the next section on valuation.

American Funds Target Date Retirement Series 47

Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. Dividend income is recognized on the ex-dividend date.

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

Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution and transfer agent services, are charged directly to the respective share class of each fund.

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

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

3. Valuation

Security valuation — The net asset value per share of each 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. 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.

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 October 31, 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.

48 American Funds Target Date Retirement Series

Fund structure — Each fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in each fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as each fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by each fund. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that each fund’s investment adviser does 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 determining the overall asset allocation of the fund or 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; changes in inflation rates; 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), bank failures 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 the issuer’s 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. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

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.

American Funds Target Date Retirement Series 49

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

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 of debt securities which may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change 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 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.

50 American Funds Target Date Retirement Series

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

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets. 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.

American Funds Target Date Retirement Series 51

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 intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended October 31, 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 year, none of the funds incurred any significant interest or penalties.

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

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses, cost of investments sold and capital losses related to sales of certain securities within 30 days of purchase. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Additional tax basis disclosures for each fund as of October 31, 2023, were as follows (dollars in thousands):

	2065 Fund			2060 Fund			2055 Fund			2050 Fund			2045 Fund			2040 Fund
Undistributed ordinary income	$	7,800		$	52,223		$	98,547		$	160,332		$	197,913		$	275,002
Undistributed long-term capital gains		13,793			101,113			188,522			288,023			323,937			380,512
Gross unrealized appreciation on investments		1,169			134,432			423,335			962,008			1,173,568			1,695,030
Gross unrealized depreciation on investments		(104,563	)		(428,817	)		(560,568	)		(637,310	)		(626,498	)		(673,574	)
Net unrealized (depreciation) appreciation on investments		(103,394	)		(294,385	)		(137,233	)		324,698			547,070			1,021,456
Cost of investments		1,789,599			9,310,702			16,125,388			23,339,539			26,096,155			31,526,682
Reclassification from total accumulated loss/ distributable earnings to capital paid in on shares of beneficial interest		2,036			26,100			54,201			91,042			115,341			135,899
		2035 Fund			2030 Fund			2025 Fund			2020 Fund			2015 Fund			2010 Fund
Undistributed ordinary income	$	407,757		$	562,087		$	519,616		$	293,621		$	96,007		$	77,018
Undistributed long-term capital gains		358,772			305,540			220,505			92,301			38,501			27,526
Gross unrealized appreciation on investments		1,990,282			1,998,457			1,873,879			1,060,815			388,438			188,205
Gross unrealized depreciation on investments		(1,300,702	)		(2,190,303	)		(2,258,522	)		(1,101,631	)		(334,092	)		(265,517	)
Net unrealized (depreciation) appreciation on investments		689,580			(191,846	)		(384,643	)		(40,816	)		54,346			(77,312	)
Cost of investments		35,637,226			39,964,115			30,344,632			15,018,401			4,681,348			3,782,472
Reclassification from total accumulated loss/ distributable earnings to capital paid in on shares of beneficial interest		133,709			128,650			106,950			52,645			19,749			16,208

52 American Funds Target Date Retirement Series

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

2065 Fund

	Year ended October 31, 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

2060 Fund

	Year ended October 31, 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		137			1,647		1,784		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	$	45,053		$	355,102	$	400,155	$	54,857		$	161,999	$	216,856

Refer to the end of the tables for footnote.

American Funds Target Date Retirement Series 53

2055 Fund 

	Year ended October 31, 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

2050 Fund 

	Year ended October 31, 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		—			8,344		8,344		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			768		901		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		406			11,403		11,809		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	$	172,752		$	1,172,068	$	1,344,820	$	179,047		$	734,830	$	913,877

Refer to the end of the tables for footnote.

54 American Funds Target Date Retirement Series

2045 Fund

	Year ended October 31, 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	$	15,490		$	105,959	$	121,449	$	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		7,341			41,287		48,628		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

2040 Fund

	Year ended October 31, 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	$	25,309		$	124,604	$	149,913	$	21,185		$	115,173	$	136,358
Class C		452			8,630		9,082		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	$	337,135		$	1,418,366	$	1,755,501	$	271,503		$	1,243,265	$	1,514,768

Refer to the end of the tables for footnote.

American Funds Target Date Retirement Series 55

2035 Fund
	Year ended October 31, 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	$	40,261		$	111,090	$	151,351	$	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	$	496,508		$	1,222,898	$	1,719,406	$	338,841		$	1,473,748	$	1,812,589

2030 Fund
	Year ended October 31, 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	$	62,508		$	91,419		$	153,927		$	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		5,572			7,115			12,687			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

Refer to the end of the tables for footnote.

56 American Funds Target Date Retirement Series

2025 Fund

	Year ended October 31, 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		5,798			4,347			10,145			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	$	670,381		$	522,763		$	1,193,144		$	396,886		$	1,672,143	$	2,069,029

2020 Fund
	Year ended October 31, 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

Refer to the end of the tables for footnote.

American Funds Target Date Retirement Series 57

2015 Fund
	Year ended October 31, 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

2010 Fund
	Year ended October 31, 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.

58 American Funds Target Date Retirement Series

Class-specific fees and expenses — Expenses that are specific to individual share classes of each fund are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

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

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

For Class A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. This share class reimburses AFD for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit is not exceeded. As of October 31, 2023, there were no unreimbursed expenses subject to reimbursement for any of the funds’ Class A shares.

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.

American Funds Target Date Retirement Series 59

For the year ended October 31, 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		$451		$150
Class C		116		11
Class T		—		—	*
Class F-1		6		3
Class F-2		Not applicable		9
Class F-3		Not applicable		—	*
Class R-1		8		1
Class R-2		638		295
Class R-2E		55		18
Class R-3		509		152
Class R-4		156		62
Class R-5E		Not applicable		80
Class R-5		Not applicable		10
Class R-6		Not applicable		15
Total class-specific expenses		$1,939		$806

2060 Fund
Share class	Distribution services		Transfer agent services
Class A		$1,848		$707
Class C		782		76
Class T		—		—	*
Class F-1		84		37
Class F-2		Not applicable		51
Class F-3		Not applicable		—	*
Class R-1		69		7
Class R-2		2,355		1,096
Class R-2E		414		139
Class R-3		2,240		674
Class R-4		1,006		405
Class R-5E		Not applicable		392
Class R-5		Not applicable		57
Class R-6		Not applicable		112
Total class-specific expenses		$8,798		$3,753

2055 Fund
Share class	Distribution services		Transfer agent services
Class A		$2,999		$1,155
Class C		951		93
Class T		—		—	*
Class F-1		129		57
Class F-2		Not applicable		60
Class F-3		Not applicable		—	*
Class R-1		107		10
Class R-2		4,161		1,938
Class R-2E		774		261
Class R-3		4,039		1,218
Class R-4		2,060		832
Class R-5E		Not applicable		663
Class R-5		Not applicable		127
Class R-6		Not applicable		212
Total class-specific expenses		$15,220		$6,626

2050 Fund
Share class	Distribution services		Transfer agent services
Class A		$4,550		$1,812
Class C		1,430		140
Class T		—		—	*
Class F-1		196		87
Class F-2		Not applicable		93
Class F-3		Not applicable		—	*
Class R-1		179		18
Class R-2		6,022		2,809
Class R-2E		1,183		400
Class R-3		6,365		1,921
Class R-4		3,048		1,233
Class R-5E		Not applicable		1,009
Class R-5		Not applicable		178
Class R-6		Not applicable		322
Total class-specific expenses		$22,973		$10,022

Refer to the end of the tables for footnote.

60 American Funds Target Date Retirement Series

2045 Fund
Share class	Distribution services		Transfer agent services
Class A		$5,063		$2,006
Class C		1,469		143
Class T		—		—	*
Class F-1		242		107
Class F-2		Not applicable		119
Class F-3		Not applicable		—	*
Class R-1		258		26
Class R-2		7,589		3,536
Class R-2E		1,516		515
Class R-3		7,096		2,143
Class R-4		3,428		1,386
Class R-5E		Not applicable		1,202
Class R-5		Not applicable		197
Class R-6		Not applicable		366
Total class-specific expenses		$26,661		$11,746

2040 Fund
Share class	Distribution services		Transfer agent services
Class A		$6,607		$2,580
Class C		1,728		168
Class T		—		—	*
Class F-1		374		166
Class F-2		Not applicable		155
Class F-3		Not applicable		—	*
Class R-1		326		33
Class R-2		8,867		4,136
Class R-2E		1,729		585
Class R-3		8,886		2,684
Class R-4		4,327		1,752
Class R-5E		Not applicable		1,506
Class R-5		Not applicable		234
Class R-6		Not applicable		448
Total class-specific expenses		$32,844		$14,447

2035 Fund
Share class	Distribution services		Transfer agent services
Class A		$7,691		$3,011
Class C		1,962		190
Class T		—		—	*
Class F-1		467		208
Class F-2		Not applicable		202
Class F-3		Not applicable		1
Class R-1		342		34
Class R-2		10,444		4,868
Class R-2E		2,112		718
Class R-3		10,455		3,159
Class R-4		4,982		2,015
Class R-5E		Not applicable		1,533
Class R-5		Not applicable		288
Class R-6		Not applicable		497
Total class-specific expenses		$38,455		$16,724

2030 Fund
Share class	Distribution services		Transfer agent services
Class A		$9,485		$3,660
Class C		2,308		224
Class T		—		—	*
Class F-1		403		180
Class F-2		Not applicable		278
Class F-3		Not applicable		1
Class R-1		438		44
Class R-2		10,210		4,761
Class R-2E		2,440		828
Class R-3		11,714		3,541
Class R-4		5,894		2,389
Class R-5E		Not applicable		1,762
Class R-5		Not applicable		313
Class R-6		Not applicable		550
Total class-specific expenses		$42,892		$18,531

2025 Fund
Share class	Distribution services		Transfer agent services
Class A		$8,962		$3,456
Class C		2,034		196
Class T		—		—	*
Class F-1		248		111
Class F-2		Not applicable		234
Class F-3		Not applicable		1
Class R-1		263		26
Class R-2		8,108		3,783
Class R-2E		1,896		647
Class R-3		8,882		2,690
Class R-4		4,528		1,840
Class R-5E		Not applicable		1,408
Class R-5		Not applicable		246
Class R-6		Not applicable		422
Total class-specific expenses		$34,921		$15,060

2020 Fund
Share class	Distribution services		Transfer agent services
Class A		$5,390		$2,176
Class C		1,238		118
Class T		—		—	*
Class F-1		113		51
Class F-2		Not applicable		141
Class F-3		Not applicable		—	*
Class R-1		91		9
Class R-2		3,717		1,737
Class R-2E		983		338
Class R-3		4,372		1,327
Class R-4		2,404		980
Class R-5E		Not applicable		732
Class R-5		Not applicable		122
Class R-6		Not applicable		212
Total class-specific expenses		$18,308		$7,943

Refer to the end of the tables for footnote.

American Funds Target Date Retirement Series 61

2015 Fund
Share class	Distribution services		Transfer agent services
Class A		$2,034		$810
Class C		311		30
Class T		—		—	*
Class F-1		30		14
Class F-2		Not applicable		46
Class F-3		Not applicable		—	*
Class R-1		60		6
Class R-2		1,200		562
Class R-2E		325		111
Class R-3		1,485		451
Class R-4		608		248
Class R-5E		Not applicable		194
Class R-5		Not applicable		41
Class R-6		Not applicable		65
Total class-specific expenses		$6,053		$2,578

2010 Fund
Share class	Distribution services		Transfer agent services
Class A		$1,339		$533
Class C		228		22
Class T		—		—	*
Class F-1		26		12
Class F-2		Not applicable		40
Class F-3		Not applicable		—	*
Class R-1		23		2
Class R-2		618		288
Class R-2E		276		95
Class R-3		989		300
Class R-4		572		233
Class R-5E		Not applicable		164
Class R-5		Not applicable		31
Class R-6		Not applicable		54
Total class-specific expenses		$4,071		$1,774

* Amount less than one thousand.

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

	Current fees		Increase in value of deferred amounts		Total trustees’ compensation
2065 Fund	$	3	$	1	$	4
2060 Fund		23		4		27
2055 Fund		43		8		51
2050 Fund		66		12		78
2045 Fund		75		14		89
2040 Fund		93		18		111
2035 Fund		105		20		125
2030 Fund		117		23		140
2025 Fund		92		19		111
2020 Fund		48		10		58
2015 Fund		15		3		18
2010 Fund		12		2		14

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

7. Indemnifications

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

62 American Funds Target Date Retirement Series

8. Investment transactions

The funds engaged in purchases and sales of investment securities of affiliated issuers during the year ended October 31, 2023, as follows (dollars in thousands):

	Purchases		Sales
2065 Fund	$	895,266	$	8,467
2060 Fund		2,487,696		66,981
2055 Fund		3,341,973		155,323
2050 Fund		3,972,328		281,629
2045 Fund		4,080,131		390,520
2040 Fund		4,500,534		459,803
2035 Fund		4,803,645		482,797
2030 Fund		4,286,119		630,963
2025 Fund		2,217,869		1,448,774
2020 Fund		946,616		1,550,479
2015 Fund		332,502		523,730
2010 Fund		332,654		456,486

American Funds Target Date Retirement Series 63

9. Capital share transactions

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

2065 Fund

	Sales*				Reinvestments of distributions					Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount		Shares
Year ended October 31, 2023
Class A	$	100,958		7,238	$	4,140		319		$	(18,816	)		(1,347	)	$	86,282		6,210
Class C		8,253		599		264		21			(1,592	)		(115	)		6,925		505
Class T		—		—		—		—			—			—			—		—
Class F-1		1,612		116		69		5			(777	)		(56	)		904		65
Class F-2		7,491		533		261		20			(1,276	)		(91	)		6,476		462
Class F-3		177		13		14		1			(2	)		—	†		189		14
Class R-1		316		23		20		2			(79	)		(6	)		257		19
Class R-2		62,275		4,512		2,049		159			(23,564	)		(1,710	)		40,760		2,961
Class R-2E		7,748		555		214		17			(1,829	)		(130	)		6,133		442
Class R-3		82,299		5,913		2,547		197			(25,301	)		(1,815	)		59,545		4,295
Class R-4		49,791		3,550		1,685		129			(17,602	)		(1,248	)		33,874		2,431
Class R-5E		46,219		3,298		1,388		107			(11,904	)		(847	)		35,703		2,558
Class R-5		16,092		1,149		581		44			(4,670	)		(330	)		12,003		863
Class R-6		737,483		52,370		18,910		1,451			(152,698	)		(10,893	)		603,695		42,928
Total net increase (decrease)	$	1,120,714		79,869	$	32,142		2,472		$	(260,110	)		(18,588	)	$	892,746		63,753
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.

64 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
Year ended October 31, 2023
Class A	$	218,794		15,181	$	37,095		2,773	$	(82,116	)		(5,693	)	$	173,773		12,261
Class C		20,511		1,453		3,852		293		(11,588	)		(815	)		12,775		931
Class T		—		—		—		—		—			—			—		—
Class F-1		6,362		443		1,777		133		(6,445	)		(442	)		1,694		134
Class F-2		17,912		1,236		2,943		219		(11,233	)		(782	)		9,622		673
Class F-3		6,472		466		341		25		(1,232	)		(85	)		5,581		406
Class R-1		2,857		202		318		24		(1,342	)		(95	)		1,833		131
Class R-2		119,927		8,503		15,382		1,170		(83,855	)		(5,955	)		51,454		3,718
Class R-2E		33,100		2,320		3,556		268		(22,795	)		(1,637	)		13,861		951
Class R-3		196,382		13,741		21,851		1,644		(112,302	)		(7,860	)		105,931		7,525
Class R-4		187,038		12,951		20,169		1,506		(102,593	)		(7,145	)		104,614		7,312
Class R-5E		118,474		8,200		13,225		987		(53,827	)		(3,732	)		77,872		5,455
Class R-5		41,396		2,851		6,050		449		(32,008	)		(2,229	)		15,438		1,071
Class R-6		2,596,175		178,207		273,329		20,262		(815,546	)		(55,865	)		2,053,958		142,604
Total net increase (decrease)	$	3,565,400		245,754	$	399,888		29,753	$	(1,336,882	)		(92,335	)	$	2,628,406		183,172
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 65

2055 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2023
Class A	$	269,499		12,672	$	69,563		3,522	$	(128,165	)		(6,021	)	$	210,897			10,173
Class C		19,864		959		5,459		283		(15,765	)		(760	)		9,558			482
Class T		—		—		—		—		—			—			—			—
Class F-1		7,829		372		3,057		156		(6,774	)		(319	)		4,112			209
Class F-2		22,309		1,043		3,765		191		(12,146	)		(573	)		13,928			661
Class F-3		2,171		104		772		39		(1,480	)		(70	)		1,463			73
Class R-1		3,292		160		585		30		(2,568	)		(126	)		1,309			64
Class R-2		174,251		8,450		31,101		1,619		(141,373	)		(6,870	)		63,979			3,199
Class R-2E		46,401		2,221		7,511		387		(36,782	)		(1,794	)		17,130			814
Class R-3		278,684		13,283		45,699		2,342		(209,011	)		(9,979	)		115,372			5,646
Class R-4		284,432		13,374		47,814		2,425		(198,450	)		(9,395	)		133,796			6,404
Class R-5E		160,035		7,546		26,078		1,325		(99,711	)		(4,712	)		86,402			4,159
Class R-5		63,196		2,936		15,035		754		(55,913	)		(2,621	)		22,318			1,069
Class R-6		3,701,079		171,809		589,480		29,518		(1,327,359	)		(61,557	)		2,963,200			139,770
Total net increase (decrease)	$	5,033,042		234,929	$	845,919		42,591	$	(2,235,497	)		(104,797	)	$	3,643,464			172,723
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.

66 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
Year ended October 31, 2023
Class A	$	323,134		18,999	$	113,663		7,175	$	(194,431	)		(11,416	)	$	242,366			14,758
Class C		26,266		1,589		8,339		540		(27,182	)		(1,640	)		7,423			489
Class T		—		—		—		—		—			—			—			—
Class F-1		9,857		582		4,919		313		(13,732	)		(813	)		1,044			82
Class F-2		31,944		1,874		6,118		387		(19,865	)		(1,174	)		18,197			1,087
Class F-3		3,495		207		901		56		(2,948	)		(173	)		1,448			90
Class R-1		3,740		227		995		64		(3,231	)		(193	)		1,504			98
Class R-2		221,351		13,404		45,808		2,969		(203,047	)		(12,333	)		64,112			4,040
Class R-2E		55,646		3,337		11,810		760		(48,250	)		(2,941	)		19,206			1,156
Class R-3		356,052		21,255		74,480		4,766		(286,120	)		(17,100	)		144,412			8,921
Class R-4		350,381		20,589		73,763		4,669		(278,337	)		(16,522	)		145,807			8,736
Class R-5E		191,290		11,261		41,373		2,622		(130,999	)		(7,726	)		101,664			6,157
Class R-5		66,940		3,896		22,193		1,387		(82,257	)		(4,803	)		6,876			480
Class R-6		4,686,455		273,442		940,198		59,021		(1,963,490	)		(114,423	)		3,663,163			218,040
Total net increase (decrease)	$	6,326,551		370,662	$	1,344,560		84,729	$	(3,253,889	)		(191,257	)	$	4,417,222			264,134
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 67

2045 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2023
Class A	$	335,965		19,365	$	121,302		7,479	$	(206,405	)		(11,875	)	$	250,862			14,969
Class C		25,306		1,499		8,112		512		(26,977	)		(1,592	)		6,441			419
Class T		—		—		—		—		—			—			—			—
Class F-1		13,889		803		5,769		358		(13,740	)		(796	)		5,918			365
Class F-2		32,094		1,845		7,659		472		(21,911	)		(1,261	)		17,842			1,056
Class F-3		5,342		305		614		38		(3,104	)		(180	)		2,852			163
Class R-1		5,525		327		1,346		85		(3,472	)		(206	)		3,399			206
Class R-2		242,889		14,467		54,546		3,464		(223,049	)		(13,300	)		74,386			4,631
Class R-2E		60,899		3,580		16,841		1,058		(106,687	)		(6,511	)		(28,947	)		(1,873	)
Class R-3		388,896		22,739		79,991		5,003		(329,294	)		(19,266	)		139,593			8,476
Class R-4		370,790		21,344		79,481		4,909		(295,915	)		(17,169	)		154,356			9,084
Class R-5E		216,210		12,481		48,628		3,011		(186,245	)		(10,822	)		78,593			4,670
Class R-5		67,453		3,834		23,937		1,460		(88,982	)		(5,098	)		2,408			196
Class R-6		4,845,141		277,253		1,032,657		63,276		(2,139,976	)		(122,211	)		3,737,822			218,318
Total net increase (decrease)	$	6,610,399		379,842	$	1,480,883		91,125	$	(3,645,757	)		(210,287	)	$	4,445,525			260,680
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.

68 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
Year ended October 31, 2023
Class A	$	396,950		23,378	$	149,680		9,402	$	(285,682	)		(16,788	)	$	260,948			15,992
Class C		27,929		1,688		9,079		583		(32,827	)		(1,978	)		4,181			293
Class T		—		—		—		—		—			—			—			—
Class F-1		19,956		1,181		8,481		537		(24,618	)		(1,455	)		3,819			263
Class F-2		47,074		2,762		9,458		594		(31,389	)		(1,850	)		25,143			1,506
Class F-3		10,080		589		1,144		72		(8,513	)		(501	)		2,711			160
Class R-1		5,388		325		1,621		104		(4,262	)		(254	)		2,747			175
Class R-2		257,629		15,619		60,353		3,889		(246,952	)		(15,021	)		71,030			4,487
Class R-2E		63,046		3,779		15,604		998		(57,544	)		(3,492	)		21,106			1,285
Class R-3		427,884		25,523		95,423		6,062		(387,038	)		(23,090	)		136,269			8,495
Class R-4		415,424		24,401		96,516		6,075		(364,417	)		(21,617	)		147,523			8,859
Class R-5E		243,845		14,382		57,784		3,643		(213,236	)		(12,577	)		88,393			5,448
Class R-5		67,985		3,952		27,737		1,725		(121,290	)		(7,094	)		(25,568	)		(1,417	)
Class R-6		5,338,680		312,124		1,222,147		76,337		(2,438,489	)		(142,495	)		4,122,338			245,966
Total net increase (decrease)	$	7,321,870		429,703	$	1,755,027		110,021	$	(4,216,257	)		(248,212	)	$	4,860,640			291,512
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 69

2035 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2023
Class A	$	475,479		29,041	$	150,991		9,754	$	(331,738	)		(20,274	)	$	294,732			18,521
Class C		29,017		1,820		8,612		568		(37,661	)		(2,359	)		(32	)		29
Class T		—		—		—		—		—			—			—			—
Class F-1		31,443		1,928		9,128		594		(32,852	)		(2,023	)		7,719			499
Class F-2		50,790		3,096		10,649		688		(37,780	)		(2,315	)		23,659			1,469
Class F-3		9,022		553		1,796		116		(10,385	)		(643	)		433			26
Class R-1		6,535		411		1,477		98		(5,196	)		(328	)		2,816			181
Class R-2		291,519		18,332		59,525		3,942		(287,862	)		(18,132	)		63,182			4,142
Class R-2E		78,357		4,868		17,702		1,166		(114,074	)		(7,277	)		(18,015	)		(1,243	)
Class R-3		496,295		30,795		97,055		6,348		(481,596	)		(29,913	)		111,754			7,230
Class R-4		478,009		29,216		95,874		6,210		(404,825	)		(24,906	)		169,058			10,520
Class R-5E		265,847		16,262		53,052		3,438		(282,283	)		(17,415	)		36,616			2,285
Class R-5		88,125		5,335		28,999		1,855		(114,470	)		(6,959	)		2,654			231
Class R-6		5,722,018		348,066		1,183,636		76,118		(2,722,183	)		(165,306	)		4,183,471			258,878
Total net increase (decrease)	$	8,022,456		489,723	$	1,718,496		110,895	$	(4,862,905	)		(297,850	)	$	4,878,047			302,768
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.

70 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
Year ended October 31, 2023
Class A	$	518,514		34,051	$	153,577		10,548	$	(481,400	)		(31,663	)	$	190,691			12,936
Class C		33,753		2,273		8,152		572		(49,504	)		(3,330	)		(7,599	)		(485	)
Class T		—		—		—		—		—			—			—			—
Class F-1		28,419		1,892		6,442		447		(37,193	)		(2,460	)		(2,332	)		(121	)
Class F-2		73,306		4,804		12,608		867		(65,704	)		(4,320	)		20,210			1,351
Class F-3		16,688		1,092		1,732		119		(13,894	)		(904	)		4,526			307
Class R-1		7,231		483		1,479		103		(7,917	)		(527	)		793			59
Class R-2		268,757		18,152		46,603		3,277		(291,056	)		(19,703	)		24,304			1,726
Class R-2E		86,833		5,822		15,365		1,075		(103,450	)		(6,978	)		(1,252	)		(81	)
Class R-3		489,457		32,624		88,367		6,141		(541,234	)		(36,085	)		36,590			2,680
Class R-4		491,875		32,284		94,698		6,518		(530,578	)		(35,039	)		55,995			3,763
Class R-5E		246,831		16,261		49,944		3,444		(306,975	)		(20,240	)		(10,200	)		(535	)
Class R-5		83,175		5,408		26,736		1,818		(159,521	)		(10,395	)		(49,610	)		(3,169	)
Class R-6		5,809,484		380,046		1,107,907		75,780		(3,291,627	)		(214,984	)		3,625,764			240,842
Total net increase (decrease)	$	8,154,323		535,192	$	1,613,610		110,709	$	(5,880,053	)		(386,628	)	$	3,887,880			259,273
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 71

2025 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2023
Class A	$	430,340		30,836	$	134,984		10,006	$	(546,391	)		(39,172	)	$	18,933			1,670
Class C		25,554		1,874		6,538		494		(53,215	)		(3,900	)		(21,123	)		(1,532	)
Class T		—		—		—		—		—			—			—			—
Class F-1		17,293		1,245		3,808		285		(28,555	)		(2,061	)		(7,454	)		(531	)
Class F-2		59,355		4,258		10,015		744		(74,114	)		(5,321	)		(4,744	)		(319	)
Class F-3		9,199		660		1,486		110		(10,273	)		(736	)		412			34
Class R-1		4,263		312		829		62		(9,052	)		(663	)		(3,960	)		(289	)
Class R-2		182,014		13,392		33,450		2,534		(279,941	)		(20,623	)		(64,477	)		(4,697	)
Class R-2E		69,626		5,078		12,046		908		(139,014	)		(10,299	)		(57,342	)		(4,313	)
Class R-3		339,748		24,662		62,017		4,645		(498,900	)		(36,197	)		(97,135	)		(6,890	)
Class R-4		358,997		25,738		67,944		5,044		(502,790	)		(36,151	)		(75,849	)		(5,369	)
Class R-5E		189,294		13,567		38,705		2,878		(332,366	)		(23,913	)		(104,367	)		(7,468	)
Class R-5		62,273		4,426		19,898		1,462		(154,122	)		(10,941	)		(71,951	)		(5,053	)
Class R-6		3,978,142		283,541		800,277		59,017		(3,522,457	)		(250,659	)		1,255,962			91,899
Total net increase (decrease)	$	5,726,098		409,589	$	1,191,997		88,189	$	(6,151,190	)		(440,636	)	$	766,905			57,142
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.

72 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
Year ended October 31, 2023
Class A	$	174,356		13,912	$	86,843		7,113	$	(385,801	)		(30,788	)	$	(124,602	)		(9,763	)
Class C		9,185		747		3,976		331		(35,695	)		(2,907	)		(22,534	)		(1,829	)
Class T		—		—		—		—		—			—			—			—
Class F-1		9,524		768		1,865		154		(16,162	)		(1,292	)		(4,773	)		(370	)
Class F-2		28,311		2,255		6,127		503		(46,206	)		(3,702	)		(11,768	)		(944	)
Class F-3		10,657		854		691		57		(5,301	)		(425	)		6,047			486
Class R-1		1,038		84		273		23		(3,395	)		(274	)		(2,084	)		(167	)
Class R-2		74,350		6,055		15,655		1,303		(152,965	)		(12,492	)		(62,960	)		(5,134	)
Class R-2E		31,033		2,516		5,836		486		(66,373	)		(5,405	)		(29,504	)		(2,403	)
Class R-3		137,702		11,106		31,575		2,607		(286,065	)		(23,047	)		(116,788	)		(9,334	)
Class R-4		161,862		12,907		36,724		3,010		(292,217	)		(23,417	)		(93,631	)		(7,500	)
Class R-5E		87,467		7,011		20,558		1,691		(200,239	)		(16,006	)		(92,214	)		(7,304	)
Class R-5		21,066		1,669		9,981		811		(72,956	)		(5,766	)		(41,909	)		(3,286	)
Class R-6		1,809,653		143,740		412,442		33,641		(2,272,794	)		(180,296	)		(50,699	)		(2,915	)
Total net increase (decrease)	$	2,556,204		203,624	$	632,546		51,730	$	(3,836,169	)		(305,817	)	$	(647,419	)		(50,463	)
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 73

2015 Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended October 31, 2023
Class A	$	52,016		4,486	$	30,672		2,709	$	(143,534	)		(12,392	)	$	(60,846	)		(5,197	)
Class C		2,074		182		959		86		(12,256	)		(1,077	)		(9,223	)		(809	)
Class T		—		—		—		—		—			—			—			—
Class F-1		1,595		138		418		37		(2,015	)		(175	)		(2	)		—	†
Class F-2		8,437		731		1,881		166		(12,345	)		(1,070	)		(2,027	)		(173	)
Class F-3		1,046		91		269		24		(874	)		(76	)		441			39
Class R-1		801		70		177		16		(1,394	)		(123	)		(416	)		(37	)
Class R-2		21,805		1,919		4,545		407		(45,847	)		(4,031	)		(19,497	)		(1,705	)
Class R-2E		10,984		964		1,846		166		(27,821	)		(2,456	)		(14,991	)		(1,326	)
Class R-3		37,796		3,292		10,039		893		(90,115	)		(7,851	)		(42,280	)		(3,666	)
Class R-4		41,165		3,572		8,970		793		(84,674	)		(7,333	)		(34,539	)		(2,968	)
Class R-5E		28,494		2,463		5,080		451		(58,105	)		(5,022	)		(24,531	)		(2,108	)
Class R-5		5,458		468		3,112		274		(19,245	)		(1,648	)		(10,675	)		(906	)
Class R-6		637,668		54,941		120,563		10,632		(763,945	)		(65,761	)		(5,714	)		(188	)
Total net increase (decrease)	$	849,339		73,317	$	188,531		16,654	$	(1,262,170	)		(109,015	)	$	(224,300	)		(19,044	)
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.

74 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
Year ended October 31, 2023
Class A	$	35,191		3,183	$	18,649		1,720	$	(97,441	)		(8,801	)	$	(43,601	)		(3,898	)
Class C		1,760		163		624		58		(7,793	)		(717	)		(5,409	)		(496	)
Class T		—		—		—		—		—			—			—			—
Class F-1		1,731		158		344		32		(2,137	)		(194	)		(62	)		(4	)
Class F-2		12,777		1,159		1,491		138		(13,038	)		(1,183	)		1,230			114
Class F-3		2,699		242		372		34		(3,534	)		(319	)		(463	)		(43	)
Class R-1		570		52		58		6		(218	)		(20	)		410			38
Class R-2		16,443		1,515		2,142		200		(27,677	)		(2,543	)		(9,092	)		(828	)
Class R-2E		11,439		1,048		1,501		141		(27,042	)		(2,488	)		(14,102	)		(1,299	)
Class R-3		33,336		3,037		6,184		573		(70,536	)		(6,439	)		(31,016	)		(2,829	)
Class R-4		44,878		4,059		7,579		700		(74,141	)		(6,729	)		(21,684	)		(1,970	)
Class R-5E		20,709		1,881		4,150		384		(50,815	)		(4,619	)		(25,956	)		(2,354	)
Class R-5		5,935		535		2,184		201		(16,331	)		(1,465	)		(8,212	)		(729	)
Class R-6		643,154		58,063		92,034		8,475		(740,195	)		(66,692	)		(5,007	)		(154	)
Total net increase (decrease)	$	830,622		75,095	$	137,312		12,662	$	(1,130,898	)		(102,209	)	$	(162,964	)		(14,452	)
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 75

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			Ratio of net income (loss) to average net assets3
Class A:
10/31/2023	$	13.07	$	.15		$	.97		$	1.12		$	(.07	)	$	(.41	)	$	(.48	)	$	13.71		8.67	%	$	194			.39	%		.39	%		.77	%		1.05	%
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
10/31/20206,7		10.00		.05			2.61			2.66			—			—			—			12.66		26.60	8		7			.60	9		.38	9		.75	9		.67	9
Class C:
10/31/2023		12.93		.04			.96			1.00			—	10		(.41	)		(.41	)		13.52		7.91			14			1.10			1.10			1.48			.32
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	)
10/31/20206,7		10.00		—	10		2.63			2.63			—			—			—			12.63		26.30	8		—	11		1.17	9		1.00	9		1.37	9		—	9,12
Class T:
10/31/2023		13.15		.21			.95			1.16			(.09	)		(.41	)		(.50	)		13.81		9.09	13		—	11		.06	13		.06	13		.44	13		1.47	13
10/31/2022		17.01		.17			(3.79	)		(3.62	)		(.11	)		(.13	)		(.24	)		13.15		(21.57	)13		—	11		.08	13		.08	13		.45	13		1.14	13
10/31/2021		12.69		.16			4.27			4.43			(.10	)		(.01	)		(.11	)		17.01		35.01	13		—	11		.24	13		.11	13		.48	13		1.02	13
10/31/20206,7		10.00		.07			2.62			2.69			—			—			—			12.69		26.90	8,13		—	11		.48	9,13		.02	9,13		.39	9,13		.94	9,13
Class F-1:
10/31/2023		13.09		.15			.98			1.13			(.07	)		(.41	)		(.48	)		13.74		8.82			3			.37			.37			.75			1.08
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
10/31/20206,7		10.00		.06			2.62			2.68			—			—			—			12.68		26.70	8		—	11		.47	9		.28	9		.65	9		.77	9
Class F-2:
10/31/2023		13.14		.19			.98			1.17			(.10	)		(.41	)		(.51	)		13.80		9.11			13			.10			.10			.48			1.32
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
10/31/20206,7		10.00		.07			2.62			2.69			—			—			—			12.69		26.90	8		—	11		.27	9		.03	9		.40	9		.86	9
Class F-3:
10/31/2023		13.16		.21			.96			1.17			(.10	)		(.41	)		(.51	)		13.82		9.17			1			.01			.01			.39			1.48
10/31/2022		17.02		.17			(3.77	)		(3.60	)		(.13	)		(.13	)		(.26	)		13.16		(21.49	)		—	11		.01			.01			.38			1.18
10/31/2021		12.69		.17			4.27			4.44			(.10	)		(.01	)		(.11	)		17.02		35.09			—	11		.10			.03			.40			1.08
10/31/20206,7		10.00		.07			2.62			2.69			—			—			—			12.69		26.90	8		—	11		.30	9		—	9,12		.37	9		.99	9
Class R-1:
10/31/2023		13.01		.05			.96			1.01			—			(.41	)		(.41	)		13.61		7.93			1			1.09			1.09			1.47			.38
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	)
10/31/20206,7		10.00		.07			2.62			2.69			—			—			—			12.69		26.90	8,13		—	11		.45	9,13		.06	9,13		.43	9,13		.90	9,13
Class R-2:
10/31/2023		12.93		.05			.95			1.00			—			(.41	)		(.41	)		13.52		7.90			103			1.11			1.11			1.49			.35
10/31/2022		16.78		.01			(3.73	)		(3.72	)		—	10		(.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	)
10/31/20206,7		10.00		—	10		2.61			2.61			—			—			—			12.61		26.10	8		7			1.31	9		1.11	9		1.48	9		(.04	)9
Class R-2E:
10/31/2023		13.01		.09			.96			1.05			(.03	)		(.41	)		(.44	)		13.62		8.24			12			.80			.80			1.18			.63
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
10/31/20206,7		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:
10/31/2023		13.03		.11			.96			1.07			(.04	)		(.41	)		(.45	)		13.65		8.40			128			.66			.66			1.04			.78
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
10/31/20206,7		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.

76 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			Ratio of net income (loss) to average net assets3
Class R-4:
10/31/2023	$	13.08	$	.15	$	.97		$	1.12		$	(.07	)	$	(.41	)	$	(.48	)	$	13.72		8.76	%	$	78		.36	%		.36	%		.74	%		1.09	%
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
10/31/20206,7		10.00		.05		2.62			2.67			—			—			—			12.67		26.70	8		3		.57	9		.36	9		.73	9		.71	9
Class R-5E:
10/31/2023		13.13		.18		.97			1.15			(.09	)		(.41	)		(.50	)		13.78		9.00			69		.16			.16			.54			1.27
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
10/31/20206,7		10.00		.07		2.61			2.68			—			—			—			12.68		26.80	8		3		.35	9		.17	9		.54	9		.99	9
Class R-5:
10/31/2023		13.15		.19		.97			1.16			(.10	)		(.41	)		(.51	)		13.80		9.05			25		.06			.06			.44			1.38
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
10/31/20206,7		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:
10/31/2023		13.16		.20		.97			1.17			(.10	)		(.41	)		(.51	)		13.82		9.17			1,045		.01			.01			.39			1.40
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
10/31/20206,7		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 77

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			Ratio of net income (loss) to average net assets
Class A:
10/31/2023	$	13.81	$	.16		$	1.00		$	1.16		$	(.07	)	$	(.76	)	$	(.83	)	$	14.14		8.75	%	$	791			.35	%		.73	%		1.14	%
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
Class C:
10/31/2023		13.53		.06			.98			1.04			—			(.76	)		(.76	)		13.81		7.95			82			1.09			1.47			.41
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
Class T:
10/31/2023		13.88		.22			1.00			1.22			(.11	)		(.76	)		(.87	)		14.23		9.12	13		—	11		.06	13		.44	13		1.49	13
10/31/2022		18.34		.18			(3.99	)		(3.81	)		(.16	)		(.49	)		(.65	)		13.88		(21.55	)13		—	11		.08	13		.45	13		1.15	13
10/31/2021		13.97		.17			4.62			4.79			(.11	)		(.31	)		(.42	)		18.34		34.86	13		—	11		.15	13		.52	13		.99	13
10/31/2020		13.20		.19			1.05			1.24			(.13	)		(.34	)		(.47	)		13.97		9.48	13		—	11		.16	13		.54	13		1.45	13
10/31/2019		12.16		.20			1.25			1.45			(.10	)		(.31	)		(.41	)		13.20		12.54	13		—	11		.16	13		.55	13		1.58	13
Class F-1:
10/31/2023		13.80		.17			.99			1.16			(.06	)		(.76	)		(.82	)		14.14		8.75			33			.37			.75			1.15
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
Class F-2:
10/31/2023		13.91		.20			1.00			1.20			(.10	)		(.76	)		(.86	)		14.25		9.01			58			.10			.48			1.40
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
Class F-3:
10/31/2023		13.89		.20			1.02			1.22			(.12	)		(.76	)		(.88	)		14.23		9.13			10			.01			.39			1.35
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
Class R-1:
10/31/2023		13.56		.05			.99			1.04			—			(.76	)		(.76	)		13.84		7.94			7			1.11			1.49			.37
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		—	10		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
Class R-2:
10/31/2023		13.52		.06			.98			1.04			—			(.76	)		(.76	)		13.80		7.96			326			1.11			1.49			.40
10/31/2022		17.91		.02			(3.92	)		(3.90	)		—	10		(.49	)		(.49	)		13.52		(22.38	)		269			1.11			1.48			.11
10/31/2021		13.68		—	10		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
Class R-2E:
10/31/2023		13.63		.10			.99			1.09			(.01	)		(.76	)		(.77	)		13.95		8.27			76			.81			1.19			.72
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

Refer to the end of the tables for footnotes.

78 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			Ratio of net income (loss) to average net assets
Class R-3:
10/31/2023	$	13.68	$	.12	$	1.00		$	1.12		$	(.03	)	$	(.76	)	$	(.79	)	$	14.01		8.48	%	$	483		.66	%		1.04	%		.84	%
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
Class R-4:
10/31/2023		13.81		.16		1.01			1.17			(.07	)		(.76	)		(.83	)		14.15		8.78			438		.36			.74			1.13
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
Class R-5E:
10/31/2023		13.85		.19		1.00			1.19			(.10	)		(.76	)		(.86	)		14.18		8.92			289		.16			.54			1.33
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
Class R-5:
10/31/2023		13.94		.21		1.00			1.21			(.11	)		(.76	)		(.87	)		14.28		9.03			113		.06			.44			1.45
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
Class R-6:
10/31/2023		13.95		.21		1.02			1.23			(.12	)		(.76	)		(.88	)		14.30		9.16			6,309		.01			.39			1.46
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

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 79

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			Ratio of net income to average net assets
Class A:
10/31/2023	$	20.52	$	.25		$	1.46		$	1.71		$	(.12	)	$	(1.25	)	$	(1.37	)	$	20.86		8.70	%	$	1,253			.35	%		.72	%		1.16	%
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
Class C:
10/31/2023		19.99		.09			1.43			1.52			—			(1.25	)		(1.25	)		20.26		7.92			97			1.08			1.45			.44
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
Class T:
10/31/2023		20.58		.32			1.46			1.78			(.17	)		(1.25	)		(1.42	)		20.94		9.05	13		—	11		.06	13		.43	13		1.51	13
10/31/2022		27.30		.27			(5.85	)		(5.58	)		(.22	)		(.92	)		(1.14	)		20.58		(21.36	)13		—	11		.08	13		.45	13		1.16	13
10/31/2021		20.89		.25			6.89			7.14			(.18	)		(.55	)		(.73	)		27.30		34.80	13		—	11		.14	13		.51	13		1.00	13
10/31/2020		19.85		.29			1.58			1.87			(.20	)		(.63	)		(.83	)		20.89		9.56	13		—	11		.15	13		.53	13		1.46	13
10/31/2019		18.47		.30			1.87			2.17			(.19	)		(.60	)		(.79	)		19.85		12.52	13		—	11		.14	13		.53	13		1.60	13
Class F-1:
10/31/2023		20.37		.25			1.44			1.69			(.10	)		(1.25	)		(1.35	)		20.71		8.69			51			.37			.74			1.16
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
Class F-2:
10/31/2023		20.57		.30			1.46			1.76			(.17	)		(1.25	)		(1.42	)		20.91		8.94			71			.10			.47			1.42
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
Class F-3:
10/31/2023		20.61		.33			1.46			1.79			(.18	)		(1.25	)		(1.43	)		20.97		9.13			12			.01			.38			1.53
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
Class R-1:
10/31/2023		19.86		.08			1.42			1.50			—			(1.25	)		(1.25	)		20.11		7.87			11			1.10			1.47			.41
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		—	10		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
Class R-2:
10/31/2023		19.90		.09			1.42			1.51			—			(1.25	)		(1.25	)		20.16		7.90			559			1.11			1.48			.42
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			—	10		(.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
Class R-2E:
10/31/2023		20.09		.15			1.43			1.58			(.01	)		(1.25	)		(1.26	)		20.41		8.22			135			.81			1.18			.74
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

Refer to the end of the tables for footnotes.

80 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			Ratio of net income to average net assets
Class R-3:
10/31/2023	$	20.22	$	.18	$	1.45		$	1.63		$	(.05	)	$	(1.25	)	$	(1.30	)	$	20.55		8.40	%	$	828		.66	%		1.03	%		.86	%
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
Class R-4:
10/31/2023		20.48		.25		1.46			1.71			(.11	)		(1.25	)		(1.36	)		20.83		8.71			855		.36			.73			1.16
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
Class R-5E:
10/31/2023		20.48		.29		1.45			1.74			(.15	)		(1.25	)		(1.40	)		20.82		8.91			465		.16			.53			1.36
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
Class R-5:
10/31/2023		20.75		.32		1.47			1.79			(.17	)		(1.25	)		(1.42	)		21.12		9.05			246		.06			.43			1.48
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
Class R-6:
10/31/2023		20.79		.32		1.47			1.79			(.18	)		(1.25	)		(1.43	)		21.15		9.04			11,403		.01			.38			1.49
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

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 81

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			Ratio of net income to average net assets
Class A:
10/31/2023	$	16.47	$	.21	$	1.11		$	1.32		$	(.12	)	$	(1.00	)	$	(1.12	)	$	16.67		8.37	%	$	1,921			.34	%		.71	%		1.26	%
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
Class C:
10/31/2023		15.99		.09		1.07			1.16			—			(1.00	)		(1.00	)		16.15		7.55			142			1.08			1.45			.53
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			—	10		(.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
Class T:
10/31/2023		16.51		.27		1.11			1.38			(.16	)		(1.00	)		(1.16	)		16.73		8.76	13		—	11		.06	13		.43	13		1.59	13
10/31/2022		21.76		.23		(4.54	)		(4.31	)		(.19	)		(.75	)		(.94	)		16.51		(20.72	)13		—	11		.08	13		.45	13		1.23	13
10/31/2021		16.70		.20		5.48			5.68			(.15	)		(.47	)		(.62	)		21.76		34.61	13		—	11		.14	13		.50	13		1.02	13
10/31/2020		15.90		.23		1.28			1.51			(.17	)		(.54	)		(.71	)		16.70		9.62	13		—	11		.15	13		.53	13		1.46	13
10/31/2019		14.84		.24		1.50			1.74			(.16	)		(.52	)		(.68	)		15.90		12.52	13		—	11		.14	13		.53	13		1.60	13
Class F-1:
10/31/2023		16.33		.21		1.10			1.31			(.11	)		(1.00	)		(1.11	)		16.53		8.38			76			.37			.74			1.25
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
Class F-2:
10/31/2023		16.49		.26		1.10			1.36			(.16	)		(1.00	)		(1.16	)		16.69		8.63			107			.10			.47			1.50
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
Class F-3:
10/31/2023		16.54		.27		1.11			1.38			(.17	)		(1.00	)		(1.17	)		16.75		8.77			14			.01			.38			1.61
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
Class R-1:
10/31/2023		15.98		.08		1.08			1.16			—			(1.00	)		(1.00	)		16.14		7.56			18			1.10			1.47			.50
10/31/2022		21.11		.04		(4.42	)		(4.38	)		—	10		(.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
Class R-2:
10/31/2023		15.97		.08		1.09			1.17			—			(1.00	)		(1.00	)		16.14		7.62			799			1.11			1.48			.51
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			—	10		(.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
Class R-2E:
10/31/2023		16.10		.14		1.09			1.23			(.04	)		(1.00	)		(1.04	)		16.29		7.93			201			.81			1.18			.82
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

Refer to the end of the tables for footnotes.

82 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			Ratio of net income to average net assets
Class R-3:
10/31/2023	$	16.21	$	.16	$	1.09		$	1.25		$	(.06	)	$	(1.00	)	$	(1.06	)	$	16.40		8.06	%	$	1,286		.66	%		1.03	%		.95	%
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
Class R-4:
10/31/2023		16.43		.21		1.10			1.31			(.11	)		(1.00	)		(1.11	)		16.63		8.33			1,241		.36			.73			1.25
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
Class R-5E:
10/31/2023		16.43		.25		1.10			1.35			(.15	)		(1.00	)		(1.15	)		16.63		8.59			693		.16			.53			1.45
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
Class R-5:
10/31/2023		16.66		.27		1.11			1.38			(.16	)		(1.00	)		(1.16	)		16.88		8.70			327		.06			.43			1.57
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
Class R-6:
10/31/2023		16.61		.27		1.11			1.38			(.17	)		(1.00	)		(1.17	)		16.82		8.73			16,836		.01			.38			1.58
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

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 83

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			Ratio of net income to average net assets
Class A:
10/31/2023	$	16.80	$	.24	$	1.05		$	1.29		$	(.14	)	$	(.95	)	$	(1.09	)	$	17.00		8.01	%	$	2,120			.34	%		.70	%		1.35	%
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
Class C:
10/31/2023		16.33		.11		1.03			1.14			(.01	)		(.95	)		(.96	)		16.51		7.26			146			1.08			1.44			.62
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
Class T:
10/31/2023		16.84		.29		1.05			1.34			(.18	)		(.95	)		(1.13	)		17.05		8.34	13		—	11		.06	13		.42	13		1.68	13
10/31/2022		22.03		.25		(4.42	)		(4.17	)		(.19	)		(.83	)		(1.02	)		16.84		(19.90	)13		—	11		.08	13		.44	13		1.32	13
10/31/2021		16.98		.22		5.47			5.69			(.17	)		(.47	)		(.64	)		22.03		34.12	13		—	11		.14	13		.50	13		1.09	13
10/31/2020		16.21		.25		1.25			1.50			(.19	)		(.54	)		(.73	)		16.98		9.39	13		—	11		.15	13		.53	13		1.52	13
10/31/2019		15.15		.25		1.51			1.76			(.17	)		(.53	)		(.70	)		16.21		12.45	13		—	11		.14	13		.53	13		1.65	13
Class F-1:
10/31/2023		16.67		.23		1.04			1.27			(.13	)		(.95	)		(1.08	)		16.86		7.97			95			.37			.73			1.34
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
Class F-2:
10/31/2023		16.83		.28		1.06			1.34			(.18	)		(.95	)		(1.13	)		17.04		8.33			133			.10			.46			1.59
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
Class F-3:
10/31/2023		16.86		.29		1.07			1.36			(.20	)		(.95	)		(1.15	)		17.07		8.42			12			.01			.37			1.69
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
Class R-1:
10/31/2023		16.29		.10		1.04			1.14			(.01	)		(.95	)		(.96	)		16.47		7.25			26			1.10			1.46			.59
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
Class R-2:
10/31/2023		16.24		.10		1.03			1.13			(.01	)		(.95	)		(.96	)		16.41		7.20			1,000			1.10			1.46			.60
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
Class R-2E:
10/31/2023		16.43		.17		1.02			1.19			(.05	)		(.95	)		(1.00	)		16.62		7.56			244			.81			1.17			1.00
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

Refer to the end of the tables for footnotes.

84 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			Ratio of net income to average net assets
Class R-3:
10/31/2023	$	16.53	$	.18	$	1.04		$	1.22		$	(.08	)	$	(.95	)	$	(1.03	)	$	16.72		7.70	%	$	1,429		.66	%		1.02	%		1.04	%
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
Class R-4:
10/31/2023		16.77		.23		1.05			1.28			(.13	)		(.95	)		(1.08	)		16.97		7.98			1,394		.36			.72			1.34
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
Class R-5E:
10/31/2023		16.76		.27		1.05			1.32			(.17	)		(.95	)		(1.12	)		16.96		8.24			810		.16			.52			1.55
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
Class R-5:
10/31/2023		17.01		.29		1.07			1.36			(.19	)		(.95	)		(1.14	)		17.23		8.34			365		.06			.42			1.67
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
Class R-6:
10/31/2023		16.94		.29		1.08			1.37			(.20	)		(.95	)		(1.15	)		17.16		8.44			18,865		.01			.37			1.67
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

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 85

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			Ratio of net income to average net assets
Class A:
10/31/2023	$	16.43	$	.26	$	.98		$	1.24		$	(.17	)	$	(.85	)	$	(1.02	)	$	16.65		7.82	%	$	2,704			.35	%		.71	%		1.53	%
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
Class C:
10/31/2023		15.99		.13		.95			1.08			(.04	)		(.85	)		(.89	)		16.18		6.98			170			1.08			1.44			.81
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
Class T:
10/31/2023		16.47		.32		.97			1.29			(.21	)		(.85	)		(1.06	)		16.70		8.14	13		—	11		.06	13		.42	13		1.87	13
10/31/2022		21.45		.26		(4.18	)		(3.92	)		(.20	)		(.86	)		(1.06	)		16.47		(19.29	)13		—	11		.08	13		.43	13		1.43	13
10/31/2021		16.66		.23		5.19			5.42			(.17	)		(.46	)		(.63	)		21.45		33.19	13		—	11		.14	13		.49	13		1.16	13
10/31/2020		15.94		.25		1.19			1.44			(.19	)		(.53	)		(.72	)		16.66		9.21	13		—	11		.15	13		.52	13		1.58	13
10/31/2019		14.92		.26		1.46			1.72			(.18	)		(.52	)		(.70	)		15.94		12.39	13		—	11		.14	13		.52	13		1.70	13
Class F-1:
10/31/2023		16.30		.26		.97			1.23			(.16	)		(.85	)		(1.01	)		16.52		7.83			144			.37			.73			1.53
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
Class F-2:
10/31/2023		16.45		.30		.98			1.28			(.21	)		(.85	)		(1.06	)		16.67		8.08			175			.10			.46			1.77
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
Class F-3:
10/31/2023		16.50		.32		.98			1.30			(.23	)		(.85	)		(1.08	)		16.72		8.16			20			.01			.37			1.90
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
Class R-1:
10/31/2023		15.98		.13		.96			1.09			(.04	)		(.85	)		(.89	)		16.18		7.04			32			1.10			1.46			.78
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
Class R-2:
10/31/2023		15.93		.13		.95			1.08			(.04	)		(.85	)		(.89	)		16.12		6.96			1,167			1.10			1.46			.79
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
Class R-2E:
10/31/2023		16.09		.18		.95			1.13			(.09	)		(.85	)		(.94	)		16.28		7.24			289			.81			1.17			1.10
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

Refer to the end of the tables for footnotes.

86 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			Ratio of net income to average net assets
Class R-3:
10/31/2023	$	16.21	$	.21	$	.96		$	1.17		$	(.12	)	$	(.85	)	$	(.97	)	$	16.41		7.42	%	$	1,764		.66	%		1.02	%		1.23	%
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
Class R-4:
10/31/2023		16.39		.26		.98			1.24			(.16	)		(.85	)		(1.01	)		16.62		7.85			1,739		.36			.72			1.53
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
Class R-5E:
10/31/2023		16.40		.29		.97			1.26			(.20	)		(.85	)		(1.05	)		16.61		7.98			1,001		.16			.52			1.73
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
Class R-5:
10/31/2023		16.63		.32		.98			1.30			(.22	)		(.85	)		(1.07	)		16.86		8.10			415		.06			.42			1.87
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
Class R-6:
10/31/2023		16.57		.32		.98			1.30			(.23	)		(.85	)		(1.08	)		16.79		8.13			22,923		.01			.37			1.85
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

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 87

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			Ratio of net income to average net assets
Class A:
10/31/2023	$	15.81	$	.32	$	.70		$	1.02		$	(.22	)	$	(.62	)	$	(.84	)	$	15.99		6.63	%	$	3,157			.35	%		.69	%		1.96	%
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
Class C:
10/31/2023		15.40		.20		.69			.89			(.10	)		(.62	)		(.72	)		15.57		5.86			191			1.09			1.43			1.24
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
Class T:
10/31/2023		15.85		.38		.69			1.07			(.26	)		(.62	)		(.88	)		16.04		6.95	13		—	11		.05	13		.39	13		2.30	13
10/31/2022		20.36		.29		(3.74	)		(3.45	)		(.21	)		(.85	)		(1.06	)		15.85		(17.92	)13		—	11		.09	13		.43	13		1.63	13
10/31/2021		16.23		.24		4.55			4.79			(.21	)		(.45	)		(.66	)		20.36		30.12	13		—	11		.14	13		.48	13		1.26	13
10/31/2020		15.57		.26		1.10			1.36			(.21	)		(.49	)		(.70	)		16.23		8.84	13		—	11		.15	13		.51	13		1.64	13
10/31/2019		14.57		.26		1.41			1.67			(.19	)		(.48	)		(.67	)		15.57		12.26	13		—	11		.14	13		.51	13		1.78	13
Class F-1:
10/31/2023		15.69		.32		.70			1.02			(.22	)		(.62	)		(.84	)		15.87		6.62			183			.37			.71			1.96
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
Class F-2:
10/31/2023		15.83		.36		.70			1.06			(.26	)		(.62	)		(.88	)		16.01		6.89			223			.10			.44			2.21
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
Class F-3:
10/31/2023		15.87		.39		.69			1.08			(.28	)		(.62	)		(.90	)		16.05		6.97			33			.01			.35			2.36
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
Class R-1:
10/31/2023		15.30		.19		.68			.87			(.10	)		(.62	)		(.72	)		15.45		5.82			34			1.10			1.44			1.22
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
Class R-2:
10/31/2023		15.34		.19		.68			.87			(.09	)		(.62	)		(.71	)		15.50		5.79			1,361			1.10			1.44			1.22
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
Class R-2E:
10/31/2023		15.45		.25		.68			.93			(.14	)		(.62	)		(.76	)		15.62		6.16			347			.81			1.15			1.58
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

Refer to the end of the tables for footnotes.

88 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			Ratio of net income to average net assets
Class R-3:
10/31/2023	$	15.58	$	.27	$	.69		$	.96		$	(.17	)	$	(.62	)	$	(.79	)	$	15.75		6.28	%	$	2,059		.66	%		1.00	%		1.66	%
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
Class R-4:
10/31/2023		15.77		.32		.70			1.02			(.22	)		(.62	)		(.84	)		15.95		6.60			2,004		.36			.70			1.95
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
Class R-5E:
10/31/2023		15.79		.36		.68			1.04			(.25	)		(.62	)		(.87	)		15.96		6.77			1,010		.16			.50			2.19
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
Class R-5:
10/31/2023		15.99		.38		.70			1.08			(.27	)		(.62	)		(.89	)		16.18		6.92			533		.06			.40			2.28
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
Class R-6:
10/31/2023		15.93		.38		.70			1.08			(.28	)		(.62	)		(.90	)		16.11		6.94			25,186		.01			.35			2.28
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

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 89

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			Ratio of net income to average net assets
Class A:
10/31/2023	$	14.70	$	.35	$	.43		$	.78		$	(.26	)	$	(.38	)	$	(.64	)	$	14.84		5.38	%	$	3,765			.35	%		.67	%		2.33	%
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
Class C:
10/31/2023		14.31		.24		.41			.65			(.14	)		(.38	)		(.52	)		14.44		4.60			221			1.08			1.40			1.61
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
Class T:
10/31/2023		14.73		.41		.41			.82			(.30	)		(.38	)		(.68	)		14.87		5.65	13		—	11		.05	13		.37	13		2.66	13
10/31/2022		18.73		.31		(3.12	)		(2.81	)		(.21	)		(.98	)		(1.19	)		14.73		(16.12	)13		—	11		.08	13		.40	13		1.89	13
10/31/2021		15.60		.25		3.51			3.76			(.26	)		(.37	)		(.63	)		18.73		24.59	13		—	11		.14	13		.46	13		1.41	13
10/31/2020		15.07		.27		.89			1.16			(.23	)		(.40	)		(.63	)		15.60		7.82	13		—	11		.14	13		.48	13		1.77	13
10/31/2019		14.17		.29		1.23			1.52			(.21	)		(.41	)		(.62	)		15.07		11.37	13		—	11		.14	13		.50	13		2.02	13
Class F-1:
10/31/2023		14.57		.35		.41			.76			(.25	)		(.38	)		(.63	)		14.70		5.30			152			.37			.69			2.31
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
Class F-2:
10/31/2023		14.71		.39		.43			.82			(.30	)		(.38	)		(.68	)		14.85		5.64			298			.10			.42			2.58
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
Class F-3:
10/31/2023		14.75		.40		.43			.83			(.31	)		(.38	)		(.69	)		14.89		5.73			39			.01			.33			2.65
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
Class R-1:
10/31/2023		14.39		.24		.41			.65			(.14	)		(.38	)		(.52	)		14.52		4.56			42			1.10			1.42			1.58
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
Class R-2:
10/31/2023		14.27		.23		.42			.65			(.14	)		(.38	)		(.52	)		14.40		4.59			1,316			1.10			1.42			1.58
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
Class R-2E:
10/31/2023		14.39		.28		.42			.70			(.19	)		(.38	)		(.57	)		14.52		4.89			393			.81			1.13			1.90
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

Refer to the end of the tables for footnotes.

90 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			Ratio of net income to average net assets
Class R-3:
10/31/2023	$	14.50	$	.30	$	.42		$	.72		$	(.21	)	$	(.38	)	$	(.59	)	$	14.63		5.00	%	$	2,264		.66	%		.98	%		2.03	%
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
Class R-4:
10/31/2023		14.67		.35		.42			.77			(.25	)		(.38	)		(.63	)		14.81		5.34			2,295		.36			.68			2.33
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
Class R-5E:
10/31/2023		14.67		.39		.42			.81			(.29	)		(.38	)		(.67	)		14.81		5.59			1,121		.16			.48			2.54
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
Class R-5:
10/31/2023		14.87		.41		.42			.83			(.30	)		(.38	)		(.68	)		15.02		5.69			549		.06			.38			2.66
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
Class R-6:
10/31/2023		14.81		.41		.42			.83			(.31	)		(.38	)		(.69	)		14.95		5.71			27,311		.01			.33			2.65
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

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 91

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			Ratio of net income to average net assets
Class A:
10/31/2023	$	13.55	$	.39	$	.17		$	.56		$	(.29	)	$	(.24	)	$	(.53	)	$	13.58		4.18	%	$	3,473			.35	%		.66	%		2.79	%
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
Class C:
10/31/2023		13.20		.28		.16			.44			(.18	)		(.24	)		(.42	)		13.22		3.36			187			1.09			1.40			2.07
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
Class T:
10/31/2023		13.58		.43		.17			.60			(.33	)		(.24	)		(.57	)		13.61		4.46	13		—	11		.06	13		.37	13		3.10	13
10/31/2022		16.89		.33		(2.60	)		(2.27	)		(.21	)		(.83	)		(1.04	)		13.58		(14.42	)13		—	11		.08	13		.39	13		2.18	13
10/31/2021		14.53		.25		2.69			2.94			(.29	)		(.29	)		(.58	)		16.89		20.64	13		—	11		.14	13		.44	13		1.57	13
10/31/2020		14.05		.26		.77			1.03			(.24	)		(.31	)		(.55	)		14.53		7.44	13		—	11		.14	13		.46	13		1.87	13
10/31/2019		13.22		.29		1.07			1.36			(.21	)		(.32	)		(.53	)		14.05		10.84	13		—	11		.14	13		.48	13		2.14	13
Class F-1:
10/31/2023		13.43		.39		.16			.55			(.28	)		(.24	)		(.52	)		13.46		4.18			90			.36			.67			2.79
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
Class F-2:
10/31/2023		13.55		.42		.18			.60			(.33	)		(.24	)		(.57	)		13.58		4.46			236			.10			.41			3.05
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
Class F-3:
10/31/2023		13.60		.44		.17			.61			(.34	)		(.24	)		(.58	)		13.63		4.54			34			.01			.32			3.16
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
Class R-1:
10/31/2023		13.23		.28		.16			.44			(.17	)		(.24	)		(.41	)		13.26		3.38			24			1.10			1.41			2.06
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
Class R-2:
10/31/2023		13.17		.28		.16			.44			(.18	)		(.24	)		(.42	)		13.19		3.33			1,000			1.10			1.41			2.05
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
Class R-2E:
10/31/2023		13.26		.34		.15			.49			(.22	)		(.24	)		(.46	)		13.29		3.71			296			.81			1.12			2.45
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

Refer to the end of the tables for footnotes.

92 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			Ratio of net income to average net assets
Class R-3:
10/31/2023	$	13.36	$	.34	$	.17		$	.51		$	(.24	)	$	(.24	)	$	(.48	)	$	13.39		3.85	%	$	1,656		.66	%		.97	%		2.49	%
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
Class R-4:
10/31/2023		13.52		.39		.16			.55			(.28	)		(.24	)		(.52	)		13.55		4.14			1,702		.36			.67			2.79
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
Class R-5E:
10/31/2023		13.52		.42		.17			.59			(.32	)		(.24	)		(.56	)		13.55		4.39			852		.16			.47			3.03
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
Class R-5:
10/31/2023		13.69		.44		.17			.61			(.33	)		(.24	)		(.57	)		13.73		4.52			410		.06			.37			3.13
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
Class R-6:
10/31/2023		13.65		.44		.18			.62			(.34	)		(.24	)		(.58	)		13.69		4.60			19,995		.01			.32			3.11
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

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 93

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			Ratio of net income to average net assets
Class A:
10/31/2023	$	12.25	$	.39	$	.01		$	.40		$	(.30	)	$	(.18	)	$	(.48	)	$	12.17		3.26	%	$	2,117			.34	%		.64	%		3.12	%
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
Class C:
10/31/2023		11.95		.29		.02			.31			(.20	)		(.18	)		(.38	)		11.88		2.53			108			1.09			1.39			2.39
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
Class T:
10/31/2023		12.27		.43		.01			.44			(.34	)		(.18	)		(.52	)		12.19		3.55	13		—	11		.07	13		.37	13		3.40	13
10/31/2022		14.94		.33		(2.07	)		(1.74	)		(.22	)		(.71	)		(.93	)		12.27		(12.51	)13		—	11		.07	13		.36	13		2.48	13
10/31/2021		13.24		.28		2.03			2.31			(.34	)		(.27	)		(.61	)		14.94		17.86	13		—	11		.13	13		.42	13		1.93	13
10/31/2020		13.06		.30		.42			.72			(.27	)		(.27	)		(.54	)		13.24		5.61	13		—	11		.14	13		.44	13		2.33	13
10/31/2019		12.38		.32		.88			1.20			(.24	)		(.28	)		(.52	)		13.06		10.13	13		—	11		.15	13		.46	13		2.58	13
Class F-1:
10/31/2023		12.16		.39		.01			.40			(.30	)		(.18	)		(.48	)		12.08		3.23			44			.36			.66			3.16
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
Class F-2:
10/31/2023		12.24		.42		.02			.44			(.34	)		(.18	)		(.52	)		12.16		3.53			136			.10			.40			3.37
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
Class F-3:
10/31/2023		12.29		.42		.03			.45			(.35	)		(.18	)		(.53	)		12.21		3.62			21			.01			.31			3.38
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
Class R-1:
10/31/2023		12.05		.29		.03			.32			(.19	)		(.18	)		(.37	)		12.00		2.57			8			1.10			1.40			2.36
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
Class R-2:
10/31/2023		11.96		.29		.02			.31			(.20	)		(.18	)		(.38	)		11.89		2.51			445			1.10			1.40			2.38
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
Class R-2E:
10/31/2023		11.99		.33		.02			.35			(.24	)		(.18	)		(.42	)		11.92		2.85			144			.81			1.11			2.70
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

Refer to the end of the tables for footnotes.

94 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			Ratio of net income to average net assets
Class R-3:
10/31/2023	$	12.11	$	.35	$	.02		$	.37		$	(.26	)	$	(.18	)	$	(.44	)	$	12.04		2.97	%	$	788		.66	%		.96	%		2.83	%
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
Class R-4:
10/31/2023		12.23		.39		.02			.41			(.30	)		(.18	)		(.48	)		12.16		3.28			883		.36			.66			3.12
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
Class R-5E:
10/31/2023		12.21		.42		.02			.44			(.33	)		(.18	)		(.51	)		12.14		3.54			422		.16			.46			3.36
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
Class R-5:
10/31/2023		12.37		.44		.01			.45			(.34	)		(.18	)		(.52	)		12.30		3.61			198		.06			.36			3.44
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
Class R-6:
10/31/2023		12.33		.43		.02			.45			(.35	)		(.18	)		(.53	)		12.25		3.60			9,661		.01			.31			3.44
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

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 95

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 (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets4			Net effective expense ratio5			Ratio of net income to average net assets
Class A:
10/31/2023	$	11.34	$	.38	$	(.05	)	$	.33		$	(.29	)	$	(.13	)	$	(.42	)	$	11.25		2.88	%	$	786			.34	%		.63	%		3.26	%
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
Class C:
10/31/2023		11.11		.29		(.05	)		.24			(.19	)		(.13	)		(.32	)		11.03		2.11			26			1.09			1.38			2.56
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
Class T:
10/31/2023		11.35		.41		(.04	)		.37			(.32	)		(.13	)		(.45	)		11.27		3.26	13		—	11		.07	13		.36	13		3.53	13
10/31/2022		13.51		.31		(1.79	)		(1.48	)		(.23	)		(.45	)		(.68	)		11.35		(11.62	)13		—	11		.07	13		.36	13		2.54	13
10/31/2021		12.03		.26		1.75			2.01			(.33	)		(.20	)		(.53	)		13.51		17.14	13		—	11		.13	13		.41	13		2.02	13
10/31/2020		11.99		.29		.26			.55			(.27	)		(.24	)		(.51	)		12.03		4.62	13		—	11		.14	13		.43	13		2.48	13
10/31/2019		11.39		.32		.77			1.09			(.25	)		(.24	)		(.49	)		11.99		10.04	13		—	11		.15	13		.46	13		2.77	13
Class F-1:
10/31/2023		11.25		.37		(.04	)		.33			(.28	)		(.13	)		(.41	)		11.17		2.92			11			.36			.65			3.21
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
Class F-2:
10/31/2023		11.33		.40		(.03	)		.37			(.32	)		(.13	)		(.45	)		11.25		3.24			47			.10			.39			3.50
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
Class F-3:
10/31/2023		11.37		.42		(.05	)		.37			(.33	)		(.13	)		(.46	)		11.28		3.24			7			.01			.30			3.58
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
Class R-1:
10/31/2023		11.10		.28		(.03	)		.25			(.20	)		(.13	)		(.33	)		11.02		2.19			6			1.10			1.39			2.50
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
Class R-2:
10/31/2023		11.10		.28		(.03	)		.25			(.19	)		(.13	)		(.32	)		11.03		2.19			144			1.10			1.39			2.50
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
Class R-2E:
10/31/2023		11.11		.33		(.06	)		.27			(.22	)		(.13	)		(.35	)		11.03		2.43			48			.81			1.10			2.88
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

Refer to the end of the tables for footnotes.

96 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 (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets4			Net effective expense ratio5			Ratio of net income to average net assets
Class R-3:
10/31/2023	$	11.22	$	.34	$	(.03	)	$	.31		$	(.25	)	$	(.13	)	$	(.38	)	$	11.15		2.69	%	$	263		.66	%		.95	%		2.96	%
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
Class R-4:
10/31/2023		11.33		.38		(.05	)		.33			(.28	)		(.13	)		(.41	)		11.25		2.92			219		.36			.65			3.26
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
Class R-5E:
10/31/2023		11.30		.40		(.05	)		.35			(.31	)		(.13	)		(.44	)		11.21		3.08			109		.16			.45			3.48
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
Class R-5:
10/31/2023		11.44		.41		(.05	)		.36			(.32	)		(.13	)		(.45	)		11.35		3.16			69		.06			.35			3.55
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
Class R-6:
10/31/2023		11.39		.41		(.04	)		.37			(.33	)		(.13	)		(.46	)		11.30		3.23			3,000		.01			.30			3.56
10/31/2022		13.56		.32		(1.79	)		(1.47	)		(.25	)		(.45	)		(.70	)		11.39		(11.55	)		3,025		—	12		.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

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 97

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 (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2,3			Net assets, end of year (in millions)			Ratio of expenses to average net assets before reimbursement4			Ratio of expenses to average net assets after reimbursement3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class A:
10/31/2023	$	10.83	$	.36	$	(.08	)	$	.28		$	(.27	)	$	(.10	)	$	(.37	)	$	10.74		2.54	%	$	514			.34	%		.34	%		.62	%		3.30	%
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
Class C:
10/31/2023		10.62		.28		(.09	)		.19			(.18	)		(.10	)		(.28	)		10.53		1.71			20			1.09			1.09			1.37			2.57
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
Class T:
10/31/2023		10.85		.39		(.09	)		.30			(.30	)		(.10	)		(.40	)		10.75		2.76	13		—	11		.07	13		.07	13		.35	13		3.57	13
10/31/2022		12.61		.29		(1.56	)		(1.27	)		(.21	)		(.28	)		(.49	)		10.85		(10.51	)13		—	11		.07	13		.07	13		.34	13		2.47	13
10/31/2021		11.38		.24		1.46			1.70			(.31	)		(.16	)		(.47	)		12.61		15.18	13		—	11		.13	13		.13	13		.40	13		1.95	13
10/31/2020		11.29		.27		.23			.50			(.25	)		(.16	)		(.41	)		11.38		4.53	13		—	11		.15	13		.15	13		.59	13		2.44	13
10/31/2019		10.72		.30		.68			.98			(.24	)		(.17	)		(.41	)		11.29		9.57	13		—	11		.15	13		.15	13		.46	13		2.77	13
Class F-1:
10/31/2023		10.77		.36		(.09	)		.27			(.27	)		(.10	)		(.37	)		10.67		2.48			10			.36			.36			.64			3.25
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
Class F-2:
10/31/2023		10.83		.39		(.09	)		.30			(.30	)		(.10	)		(.40	)		10.73		2.75			41			.10			.10			.38			3.51
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
Class F-3:
10/31/2023		10.86		.41		(.10	)		.31			(.31	)		(.10	)		(.41	)		10.76		2.83			9			.01			.01			.29			3.67
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
Class R-1:
10/31/2023		10.78		.27		(.08	)		.19			(.20	)		(.10	)		(.30	)		10.67		1.72			2			1.10			1.10			1.38			2.47
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
Class R-2:
10/31/2023		10.64		.28		(.10	)		.18			(.17	)		(.10	)		(.27	)		10.55		1.70			76			1.10			1.10			1.38			2.56
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

Refer to the end of the tables for footnotes.

98 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 (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2,3			Net assets, end of year (in millions)		Ratio of expenses to average net assets before reimbursement4			Ratio of expenses to average net assets after reimbursement3,4			Net effective expense ratio3,5			Ratio of net income to average net assets3
Class R-2E:
10/31/2023	$	10.62	$	.32	$	(.10	)	$	.22		$	(.21	)	$	(.10	)	$	(.31	)	$	10.53		2.01	%	$	40		.81	%		.81	%		1.09	%		2.94	%
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
Class R-3:
10/31/2023		10.75		.33		(.10	)		.23			(.23	)		(.10	)		(.33	)		10.65		2.11			173		.66			.66			.94			3.00
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
Class R-4:
10/31/2023		10.82		.36		(.10	)		.26			(.26	)		(.10	)		(.36	)		10.72		2.41			211		.36			.36			.64			3.28
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
Class R-5E:
10/31/2023		10.80		.39		(.10	)		.29			(.29	)		(.10	)		(.39	)		10.70		2.67			91		.16			.16			.44			3.55
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
Class R-5:
10/31/2023		10.93		.40		(.10	)		.30			(.30	)		(.10	)		(.40	)		10.83		2.75			52		.06			.06			.34			3.60
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
Class R-6:
10/31/2023		10.89		.40		(.09	)		.31			(.31	)		(.10	)		(.41	)		10.79		2.82			2,466		.01			.01			.29			3.60
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

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 99

Financial highlights (continued)

	Year ended October 31,
Portfolio turnover rate for all share classes	2023			2022			2021			2020			2019
2065 Fund		1	%14		2	%		13	%		22	%6,7,8
2060 Fund		1	14		2			12			3	14		—	%15
2055 Fund		1	14		3			14	14		3	14		—	15
2050 Fund		1			2			14	14		4	14		—	15
2045 Fund		2	14		—	15		15	14		4	14		—	15
2040 Fund		1			4			17	14		5	14		—	15
2035 Fund		1			6			17	14		9	14		—	15
2030 Fund		2	14		9			21			8	14		—	15
2025 Fund		5	14		12			18	14		12	14		—	15
2020 Fund		6			15			20	14		13	14		2
2015 Fund		7			17			21	14		13			6
2010 Fund		8			18			20	14		12			5

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 certain share classes for 2010 Fund and 2065 Fund and 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	Based on operations for a period that is less than a full year.
7	For the period March 27, 2020, commencement of operations, through October 31, 2020.
8	Not annualized.
9	Annualized.
10	Amount less than $.01.
11	Amount less than $1 million.
12	Amount less than .01%.
13	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.
14	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.
15	Amount is either less than 1% or there is no turnover.

Refer to the notes to financial statements.

100 American Funds Target Date Retirement Series

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of American Funds Target Date Retirement Series comprising the American Funds 2065 Target Date Retirement Fund, American Funds 2060 Target Date Retirement Fund, American Funds 2055 Target Date Retirement Fund, American Funds 2050 Target Date Retirement Fund, American Funds 2045 Target Date Retirement Fund, American Funds 2040 Target Date Retirement Fund, American Funds 2035 Target Date Retirement Fund, American Funds 2030 Target Date Retirement Fund, American Funds 2025 Target Date Retirement Fund, American Funds 2020 Target Date Retirement Fund, American Funds 2015 Target Date Retirement Fund, and American Funds 2010 Target Date Retirement Fund (the “Funds”), including the investment portfolios, as of October 31, 2023; the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for the Funds, except American Funds 2065 Target Date Retirement Fund; the related statement of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and the period from March 27, 2020 (commencement of operations) through October 31, 2020 for American Funds 2065 Target Date Retirement Fund; and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds, except American Funds 2065 Target Date Retirement Fund, as of October 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of American Funds 2065 Target Date Retirement Fund as of October 31, 2023; the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and the period from March 27, 2020 (commencement of operations) through October 31, 2020, for American Funds 2065 Target Date Retirement Fund, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of October 31, 2023, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Costa Mesa, California
December 8, 2023

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

American Funds Target Date Retirement Series 101

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including distribution and service (12b-1) fees and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (May 1, 2023, through October 31, 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.

102 American Funds Target Date Retirement Series

Expense example (continued)

2065 Fund

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	981.39	$	1.95		.39	%	$	3.85		.77	%
Class A – assumed 5% return		1,000.00		1,023.24		1.99		.39			3.92		.77
Class C – actual return		1,000.00		977.59		5.53		1.11			7.43		1.49
Class C – assumed 5% return		1,000.00		1,019.61		5.65		1.11			7.58		1.49
Class T – actual return		1,000.00		982.91		.55		.11			2.45		.49
Class T – assumed 5% return		1,000.00		1,024.65		.56		.11			2.50		.49
Class F-1 – actual return		1,000.00		982.14		1.85		.37			3.75		.75
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89		.37			3.82		.75
Class F-2 – actual return		1,000.00		982.91		.50		.10			2.40		.48
Class F-2 – assumed 5% return		1,000.00		1,024.70		.51		.10			2.45		.48
Class F-3 – actual return		1,000.00		983.62		.05		.01			1.95		.39
Class F-3 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.99		.39
Class R-1 – actual return		1,000.00		977.73		5.43		1.09			7.33		1.47
Class R-1 – assumed 5% return		1,000.00		1,019.71		5.55		1.09			7.48		1.47
Class R-2 – actual return		1,000.00		977.59		5.48		1.10			7.38		1.48
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60		1.10			7.53		1.48
Class R-2E – actual return		1,000.00		979.16		3.99		.80			5.89		1.18
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08		.80			6.01		1.18
Class R-3 – actual return		1,000.00		979.91		3.29		.66			5.19		1.04
Class R-3 – assumed 5% return		1,000.00		1,021.88		3.36		.66			5.30		1.04
Class R-4 – actual return		1,000.00		981.41		1.80		.36			3.70		.74
Class R-4 – assumed 5% return		1,000.00		1,023.39		1.84		.36			3.77		.74
Class R-5E – actual return		1,000.00		982.89		.75		.15			2.65		.53
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77		.15			2.70		.53
Class R-5 – actual return		1,000.00		982.91		.30		.06			2.20		.44
Class R-5 – assumed 5% return		1,000.00		1,024.90		.31		.06			2.24		.44
Class R-6 – actual return		1,000.00		983.62		.05		.01			1.95		.39
Class R-6 – assumed 5% return		1,000.00		1,025.16		.05		.01			1.99		.39

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 103

Expense example (continued)

2060 Fund

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	981.26	$	1.75			.35	%	$	3.65		.73	%
Class A – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.72		.73
Class C – actual return		1,000.00		978.05		5.38			1.08			7.28		1.46
Class C – assumed 5% return		1,000.00		1,019.76		5.50			1.08			7.43		1.46
Class T – actual return		1,000.00		983.42		.50			.10			2.40		.48
Class T – assumed 5% return		1,000.00		1,024.70		.51			.10			2.45		.48
Class F-1 – actual return		1,000.00		981.26		1.85			.37			3.75		.75
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89			.37			3.82		.75
Class F-2 – actual return		1,000.00		982.77		.50			.10			2.40		.48
Class F-2 – assumed 5% return		1,000.00		1,024.70		.51			.10			2.45		.48
Class F-3 – actual return		1,000.00		983.42		—	5		—	6		1.90		.38
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.94		.38
Class R-1 – actual return		1,000.00		978.09		5.48			1.10			7.38		1.48
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.53		1.48
Class R-2 – actual return		1,000.00		978.03		5.48			1.10			7.38		1.48
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.53		1.48
Class R-2E – actual return		1,000.00		979.64		3.99			.80			5.89		1.18
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			6.01		1.18
Class R-3 – actual return		1,000.00		980.41		3.24			.65			5.14		1.03
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			5.24		1.03
Class R-4 – actual return		1,000.00		981.27		1.75			.35			3.65		.73
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.72		.73
Class R-5E – actual return		1,000.00		982.67		.75			.15			2.65		.53
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.70		.53
Class R-5 – actual return		1,000.00		982.79		.25			.05			2.15		.43
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			2.19		.43
Class R-6 – actual return		1,000.00		983.50		—	5		—	6		1.90		.38
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.94		.38

Refer to the end of the tables for footnotes.

104 American Funds Target Date Retirement Series

Expense example (continued)

2055 Fund

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	981.19	$	1.75			.35	%	$	3.60		.72	%
Class A – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.67		.72
Class C – actual return		1,000.00		977.81		5.38			1.08			7.23		1.45
Class C – assumed 5% return		1,000.00		1,019.76		5.50			1.08			7.37		1.45
Class T – actual return		1,000.00		982.63		.50			.10			2.35		.47
Class T – assumed 5% return		1,000.00		1,024.70		.51			.10			2.40		.47
Class F-1 – actual return		1,000.00		981.05		1.85			.37			3.70		.74
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89			.37			3.77		.74
Class F-2 – actual return		1,000.00		982.14		.50			.10			2.35		.47
Class F-2 – assumed 5% return		1,000.00		1,024.70		.51			.10			2.40		.47
Class F-3 – actual return		1,000.00		983.12		—	5		—	6		1.85		.37
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.89		.37
Class R-1 – actual return		1,000.00		977.63		5.48			1.10			7.33		1.47
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.48		1.47
Class R-2 – actual return		1,000.00		977.22		5.48			1.10			7.33		1.47
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.48		1.47
Class R-2E – actual return		1,000.00		979.37		3.99			.80			5.84		1.17
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.96		1.17
Class R-3 – actual return		1,000.00		979.97		3.24			.65			5.09		1.02
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			5.19		1.02
Class R-4 – actual return		1,000.00		981.16		1.75			.35			3.60		.72
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.67		.72
Class R-5E – actual return		1,000.00		982.08		.75			.15			2.60		.52
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.65		.52
Class R-5 – actual return		1,000.00		982.78		.25			.05			2.10		.42
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			2.14		.42
Class R-6 – actual return		1,000.00		982.80		—	5		—	6		1.85		.37
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.89		.37

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 105

Expense example (continued)

2050 Fund

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	979.43	$	1.70			.34	%	$	3.54		.71	%
Class A – assumed 5% return		1,000.00		1,023.49		1.73			.34			3.62		.71
Class C – actual return		1,000.00		975.83		5.38			1.08			7.22		1.45
Class C – assumed 5% return		1,000.00		1,019.76		5.50			1.08			7.37		1.45
Class T – actual return		1,000.00		981.23		.50			.10			2.35		.47
Class T – assumed 5% return		1,000.00		1,024.70		.51			.10			2.40		.47
Class F-1 – actual return		1,000.00		979.85		1.85			.37			3.69		.74
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89			.37			3.77		.74
Class F-2 – actual return		1,000.00		981.19		.50			.10			2.35		.47
Class F-2 – assumed 5% return		1,000.00		1,024.70		.51			.10			2.40		.47
Class F-3 – actual return		1,000.00		981.83		—	5		—	6		1.85		.37
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.89		.37
Class R-1 – actual return		1,000.00		976.41		5.48			1.10			7.32		1.47
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.48		1.47
Class R-2 – actual return		1,000.00		976.41		5.48			1.10			7.32		1.47
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.48		1.47
Class R-2E – actual return		1,000.00		977.79		3.99			.80			5.83		1.17
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.96		1.17
Class R-3 – actual return		1,000.00		977.93		3.24			.65			5.09		1.02
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			5.19		1.02
Class R-4 – actual return		1,000.00		979.39		1.75			.35			3.59		.72
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.67		.72
Class R-5E – actual return		1,000.00		980.54		.75			.15			2.60		.52
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.65		.52
Class R-5 – actual return		1,000.00		981.40		.25			.05			2.10		.42
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			2.14		.42
Class R-6 – actual return		1,000.00		981.33		—	5		—	6		1.85		.37
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.89		.37

Refer to the end of the tables for footnotes.

106 American Funds Target Date Retirement Series

Expense example (continued)

2045 Fund

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	978.13	$	1.70			.34	%	$	3.49		.70	%
Class A – assumed 5% return		1,000.00		1,023.49		1.73			.34			3.57		.70
Class C – actual return		1,000.00		974.62		5.38			1.08			7.17		1.44
Class C – assumed 5% return		1,000.00		1,019.76		5.50			1.08			7.32		1.44
Class T – actual return		1,000.00		979.32		.50			.10			2.29		.46
Class T – assumed 5% return		1,000.00		1,024.70		.51			.10			2.35		.46
Class F-1 – actual return		1,000.00		977.96		1.84			.37			3.64		.73
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89			.37			3.72		.73
Class F-2 – actual return		1,000.00		979.87		.50			.10			2.30		.46
Class F-2 – assumed 5% return		1,000.00		1,024.70		.51			.10			2.35		.46
Class F-3 – actual return		1,000.00		979.90		—	5		—	6		1.80		.36
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.84		.36
Class R-1 – actual return		1,000.00		974.56		5.47			1.10			7.27		1.46
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.43		1.46
Class R-2 – actual return		1,000.00		974.46		5.47			1.10			7.27		1.46
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.43		1.46
Class R-2E – actual return		1,000.00		976.49		3.99			.80			5.78		1.16
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.90		1.16
Class R-3 – actual return		1,000.00		976.63		3.24			.65			5.03		1.01
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			5.14		1.01
Class R-4 – actual return		1,000.00		978.10		1.75			.35			3.54		.71
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.62		.71
Class R-5E – actual return		1,000.00		979.22		.75			.15			2.54		.51
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.60		.51
Class R-5 – actual return		1,000.00		979.53		.25			.05			2.05		.41
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			2.09		.41
Class R-6 – actual return		1,000.00		980.01		—	5		—	6		1.80		.36
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.84		.36

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 107

Expense example (continued)

2040 Fund

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	977.69	$	1.74			.35	%	$	3.54		.71	%
Class A – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.62		.71
Class C – actual return		1,000.00		974.12		5.37			1.08			7.17		1.44
Class C – assumed 5% return		1,000.00		1,019.76		5.50			1.08			7.32		1.44
Class T – actual return		1,000.00		978.90		.50			.10			2.29		.46
Class T – assumed 5% return		1,000.00		1,024.70		.51			.10			2.35		.46
Class F-1 – actual return		1,000.00		978.10		1.84			.37			3.64		.73
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89			.37			3.72		.73
Class F-2 – actual return		1,000.00		978.86		.50			.10			2.29		.46
Class F-2 – assumed 5% return		1,000.00		1,024.70		.51			.10			2.35		.46
Class F-3 – actual return		1,000.00		979.49		—	5		—	6		1.80		.36
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.84		.36
Class R-1 – actual return		1,000.00		974.12		5.47			1.10			7.26		1.46
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.43		1.46
Class R-2 – actual return		1,000.00		974.02		5.47			1.10			7.26		1.46
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.43		1.46
Class R-2E – actual return		1,000.00		975.43		3.98			.80			5.78		1.16
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.90		1.16
Class R-3 – actual return		1,000.00		976.20		3.24			.65			5.03		1.01
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			5.14		1.01
Class R-4 – actual return		1,000.00		977.65		1.74			.35			3.54		.71
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.62		.71
Class R-5E – actual return		1,000.00		978.21		.75			.15			2.54		.51
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.60		.51
Class R-5 – actual return		1,000.00		979.09		.25			.05			2.05		.41
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			2.09		.41
Class R-6 – actual return		1,000.00		979.01		—	5		—	6		1.80		.36
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.84		.36

Refer to the end of the tables for footnotes.

108 American Funds Target Date Retirement Series

Expense example (continued)

2035 Fund

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	973.22	$	1.74			.35	%	$	3.43		.69	%
Class A – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.52		.69
Class C – actual return		1,000.00		969.50		5.36			1.08			7.05		1.42
Class C – assumed 5% return		1,000.00		1,019.76		5.50			1.08			7.22		1.42
Class T – actual return		1,000.00		974.48		.50			.10			2.19		.44
Class T – assumed 5% return		1,000.00		1,024.70		.51			.10			2.24		.44
Class F-1 – actual return		1,000.00		973.02		1.84			.37			3.53		.71
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89			.37			3.62		.71
Class F-2 – actual return		1,000.00		973.84		.50			.10			2.19		.44
Class F-2 – assumed 5% return		1,000.00		1,024.70		.51			.10			2.24		.44
Class F-3 – actual return		1,000.00		974.49		—	5		—	6		1.69		.34
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.73		.34
Class R-1 – actual return		1,000.00		969.26		5.46			1.10			7.15		1.44
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.32		1.44
Class R-2 – actual return		1,000.00		969.35		5.46			1.10			7.15		1.44
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.32		1.44
Class R-2E – actual return		1,000.00		970.78		3.97			.80			5.66		1.14
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.80		1.14
Class R-3 – actual return		1,000.00		971.02		3.23			.65			4.92		.99
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			5.04		.99
Class R-4 – actual return		1,000.00		972.57		1.74			.35			3.43		.69
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.52		.69
Class R-5E – actual return		1,000.00		973.77		.75			.15			2.44		.49
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.50		.49
Class R-5 – actual return		1,000.00		974.12		.25			.05			1.94		.39
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			1.99		.39
Class R-6 – actual return		1,000.00		974.59		—	5		—	6		1.69		.34
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.73		.34

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 109

Expense example (continued)

2030 Fund

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	967.40	$	1.74			.35	%	$	3.32		.67	%
Class A – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.41		.67
Class C – actual return		1,000.00		963.96		5.40			1.09			6.98		1.41
Class C – assumed 5% return		1,000.00		1,019.71		5.55			1.09			7.17		1.41
Class T – actual return		1,000.00		968.10		.45			.09			2.03		.41
Class T – assumed 5% return		1,000.00		1,024.75		.46			.09			2.09		.41
Class F-1 – actual return		1,000.00		967.10		1.83			.37			3.42		.69
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89			.37			3.52		.69
Class F-2 – actual return		1,000.00		968.70		.50			.10			2.08		.42
Class F-2 – assumed 5% return		1,000.00		1,024.70		.51			.10			2.14		.42
Class F-3 – actual return		1,000.00		968.77		—	5		—	6		1.59		.32
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.63		.32
Class R-1 – actual return		1,000.00		964.14		5.45			1.10			7.03		1.42
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.22		1.42
Class R-2 – actual return		1,000.00		963.85		5.40			1.09			6.98		1.41
Class R-2 – assumed 5% return		1,000.00		1,019.71		5.55			1.09			7.17		1.41
Class R-2E – actual return		1,000.00		965.42		3.96			.80			5.55		1.12
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.70		1.12
Class R-3 – actual return		1,000.00		965.68		3.22			.65			4.81		.97
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			4.94		.97
Class R-4 – actual return		1,000.00		967.34		1.74			.35			3.32		.67
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.41		.67
Class R-5E – actual return		1,000.00		968.60		.74			.15			2.33		.47
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.40		.47
Class R-5 – actual return		1,000.00		969.03		.25			.05			1.84		.37
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			1.89		.37
Class R-6 – actual return		1,000.00		969.52		—	5		—	6		1.59		.32
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.63		.32

Refer to the end of the tables for footnotes.

110 American Funds Target Date Retirement Series

Expense example (continued)

2025 Fund

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	963.12	$	1.78			.36	%	$	3.32		.67	%
Class A – assumed 5% return		1,000.00		1,023.39		1.84			.36			3.41		.67
Class C – actual return		1,000.00		959.36		5.38			1.09			6.91		1.40
Class C – assumed 5% return		1,000.00		1,019.71		5.55			1.09			7.12		1.40
Class T – actual return		1,000.00		963.89		.50			.10			2.03		.41
Class T – assumed 5% return		1,000.00		1,024.70		.51			.10			2.09		.41
Class F-1 – actual return		1,000.00		962.81		1.83			.37			3.36		.68
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89			.37			3.47		.68
Class F-2 – actual return		1,000.00		964.49		.50			.10			2.03		.41
Class F-2 – assumed 5% return		1,000.00		1,024.70		.51			.10			2.09		.41
Class F-3 – actual return		1,000.00		965.30		—	5		—	6		1.54		.31
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.58		.31
Class R-1 – actual return		1,000.00		959.48		5.43			1.10			6.96		1.41
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.17		1.41
Class R-2 – actual return		1,000.00		959.27		5.38			1.09			6.91		1.40
Class R-2 – assumed 5% return		1,000.00		1,019.71		5.55			1.09			7.12		1.40
Class R-2E – actual return		1,000.00		960.96		3.95			.80			5.49		1.11
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.65		1.11
Class R-3 – actual return		1,000.00		961.24		3.21			.65			4.75		.96
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			4.89		.96
Class R-4 – actual return		1,000.00		963.04		1.73			.35			3.27		.66
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.36		.66
Class R-5E – actual return		1,000.00		963.73		.74			.15			2.28		.46
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.35		.46
Class R-5 – actual return		1,000.00		964.86		.25			.05			1.78		.36
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			1.84		.36
Class R-6 – actual return		1,000.00		964.76		—	5		—	6		1.54		.31
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.58		.31

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 111

Expense example (continued)

2020 Fund

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	960.54	$	1.68			.34	%	$	3.16		.64	%
Class A – assumed 5% return		1,000.00		1,023.49		1.73			.34			3.26		.64
Class C – actual return		1,000.00		956.52		5.42			1.10			6.90		1.40
Class C – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.12		1.40
Class T – actual return		1,000.00		961.35		.49			.10			1.98		.40
Class T – assumed 5% return		1,000.00		1,024.70		.51			.10			2.04		.40
Class F-1 – actual return		1,000.00		960.25		1.83			.37			3.31		.67
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89			.37			3.41		.67
Class F-2 – actual return		1,000.00		961.26		.49			.10			1.98		.40
Class F-2 – assumed 5% return		1,000.00		1,024.70		.51			.10			2.04		.40
Class F-3 – actual return		1,000.00		962.17		—	5		—	6		1.48		.30
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.53		.30
Class R-1 – actual return		1,000.00		956.94		5.43			1.10			6.91		1.40
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.12		1.40
Class R-2 – actual return		1,000.00		956.56		5.38			1.09			6.85		1.39
Class R-2 – assumed 5% return		1,000.00		1,019.71		5.55			1.09			7.07		1.39
Class R-2E – actual return		1,000.00		958.20		3.95			.80			5.43		1.10
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.60		1.10
Class R-3 – actual return		1,000.00		958.60		3.21			.65			4.69		.95
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			4.84		.95
Class R-4 – actual return		1,000.00		960.51		1.73			.35			3.21		.65
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.31		.65
Class R-5E – actual return		1,000.00		961.21		.74			.15			2.22		.45
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.29		.45
Class R-5 – actual return		1,000.00		961.69		.25			.05			1.73		.35
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			1.79		.35
Class R-6 – actual return		1,000.00		961.54		—	5		—	6		1.48		.30
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.53		.30

Refer to the end of the tables for footnotes.

112 American Funds Target Date Retirement Series

Expense example (continued)

2015 Fund

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	960.72	$	1.63			.33	%	$	3.06		.62	%
Class A – assumed 5% return		1,000.00		1,023.54		1.68			.33			3.16		.62
Class C – actual return		1,000.00		956.63		5.38			1.09			6.81		1.38
Class C – assumed 5% return		1,000.00		1,019.71		5.55			1.09			7.02		1.38
Class T – actual return		1,000.00		962.42		.49			.10			1.93		.39
Class T – assumed 5% return		1,000.00		1,024.70		.51			.10			1.99		.39
Class F-1 – actual return		1,000.00		960.45		1.83			.37			3.26		.66
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89			.37			3.36		.66
Class F-2 – actual return		1,000.00		962.36		.49			.10			1.93		.39
Class F-2 – assumed 5% return		1,000.00		1,024.70		.51			.10			1.99		.39
Class F-3 – actual return		1,000.00		962.45		—	5		—	6		1.43		.29
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.48		.29
Class R-1 – actual return		1,000.00		957.43		5.43			1.10			6.86		1.39
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.07		1.39
Class R-2 – actual return		1,000.00		957.47		5.43			1.10			6.86		1.39
Class R-2 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.07		1.39
Class R-2E – actual return		1,000.00		958.30		3.95			.80			5.38		1.09
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.55		1.09
Class R-3 – actual return		1,000.00		959.56		3.21			.65			4.64		.94
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			4.79		.94
Class R-4 – actual return		1,000.00		961.54		1.73			.35			3.16		.64
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.26		.64
Class R-5E – actual return		1,000.00		961.40		.74			.15			2.18		.44
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.24		.44
Class R-5 – actual return		1,000.00		961.87		.25			.05			1.68		.34
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			1.73		.34
Class R-6 – actual return		1,000.00		962.52		—	5		—	6		1.43		.29
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.48		.29

Refer to the end of the tables for footnotes.

American Funds Target Date Retirement Series 113

Expense example (continued)

2010 Fund

	Beginning account value 5/1/2023		Ending account value 10/31/2023		Expenses paid during period1,2			Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Class A – actual return	$	1,000.00	$	960.64	$	1.63			.33	%	$	3.01		.61	%
Class A – assumed 5% return		1,000.00		1,023.54		1.68			.33			3.11		.61
Class C – actual return		1,000.00		957.27		5.43			1.10			6.81		1.38
Class C – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.02		1.38
Class T – actual return		1,000.00		961.53		.49			.10			1.88		.38
Class T – assumed 5% return		1,000.00		1,024.70		.51			.10			1.94		.38
Class F-1 – actual return		1,000.00		960.40		1.83			.37			3.21		.65
Class F-1 – assumed 5% return		1,000.00		1,023.34		1.89			.37			3.31		.65
Class F-2 – actual return		1,000.00		961.47		.49			.10			1.88		.38
Class F-2 – assumed 5% return		1,000.00		1,024.70		.51			.10			1.94		.38
Class F-3 – actual return		1,000.00		961.58		—	5		—	6		1.38		.28
Class F-3 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.43		.28
Class R-1 – actual return		1,000.00		956.95		5.43			1.10			6.81		1.38
Class R-1 – assumed 5% return		1,000.00		1,019.66		5.60			1.10			7.02		1.38
Class R-2 – actual return		1,000.00		956.48		5.38			1.09			6.76		1.37
Class R-2 – assumed 5% return		1,000.00		1,019.71		5.55			1.09			6.97		1.37
Class R-2E – actual return		1,000.00		958.15		3.95			.80			5.33		1.08
Class R-2E – assumed 5% return		1,000.00		1,021.17		4.08			.80			5.50		1.08
Class R-3 – actual return		1,000.00		958.60		3.21			.65			4.59		.93
Class R-3 – assumed 5% return		1,000.00		1,021.93		3.31			.65			4.74		.93
Class R-4 – actual return		1,000.00		959.72		1.73			.35			3.11		.63
Class R-4 – assumed 5% return		1,000.00		1,023.44		1.79			.35			3.21		.63
Class R-5E – actual return		1,000.00		961.36		.74			.15			2.13		.43
Class R-5E – assumed 5% return		1,000.00		1,024.45		.77			.15			2.19		.43
Class R-5 – actual return		1,000.00		961.81		.25			.05			1.63		.33
Class R-5 – assumed 5% return		1,000.00		1,024.95		.26			.05			1.68		.33
Class R-6 – actual return		1,000.00		961.68		—	5		—	6		1.38		.28
Class R-6 – assumed 5% return		1,000.00		1,025.21		—	5		—	6		1.43		.28

1	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
2	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
3	The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
4	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests. The annualized weighted average expense ratio of the underlying funds for the period reflects the net actual expense ratio of each underlying fund for the period, annualized and weighted for the fund’s relative average investment therein during the period.
5	Amount less than $.01.
6	Amount less than .01%.

114 American Funds Target Date Retirement Series

Tax information unaudited

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The series hereby designates the following amounts for the year ended October 31, 2023:

	2065 Fund			2060 Fund			2055 Fund			2050 Fund
Long-term capital gains	$	26,856,000		$	355,102,000		$	753,677,000		$	1,172,069,000
Foreign taxes (per share)	$	0.0031		$	0.0043		$	0.0067		$	0.0050
Foreign source income (per share)	$	0.0246		$	0.0327		$	0.0509		$	0.0385
Qualified dividend income		100	%		100	%		100	%		100	%
Corporate dividends received deduction		100	%		100	%		100	%		100	%
U.S. government income that may be exempt from state taxation	$	1,963,000		$	13,243,000		$	24,702,000		$	39,721,000
	2045 Fund			2040 Fund			2035 Fund			2030 Fund
Long-term capital gains	$	1,259,384,000		$	1,418,366,000		$	1,222,898,000		$	921,249,000
Foreign taxes (per share)	$	0.0048		$	0.0041		$	0.0030		$	0.0022
Foreign source income (per share)	$	0.0376		$	0.0364		$	0.0307		$	0.0273
Qualified dividend income		100	%		100	%		100	%	$	609,070,000
Section 199A dividends		—			—			—		$	6,252,000
Section 163(j) interest dividends		—			—		$	139,764,000		$	382,252,000
Corporate dividends received deduction		100	%		100	%	$	413,794,000		$	386,495,000
U.S. government income that may be exempt from state taxation	$	48,383,000		$	93,430,000		$	196,031,000		$	310,325,000
	2025 Fund			2020 Fund			2015 Fund			2010 Fund
Long-term capital gains	$	522,763,000		$	222,297,000		$	56,036,000		$	35,333,000
Foreign taxes (per share)	$	0.0015		$	0.0009		$	0.0007		$	0.0005
Foreign source income (per share)	$	0.0219		$	0.0131		$	0.0104		$	0.0072
Qualified dividend income	$	505,183,000		$	257,436,000		$	80,797,000		$	64,733,000
Section 199A dividends	$	6,398,000		$	4,594,000		$	1,619,000		$	1,506,000
Section 163(j) interest dividends	$	476,335,000		$	312,180,000		$	102,760,000		$	78,983,000
Corporate dividends received deduction	$	264,804,000		$	140,778,000		$	43,549,000		$	33,600,000
U.S. government income that may be exempt from state taxation	$	304,171,000		$	174,735,000		$	56,286,000		$	45,875,000

Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2024, to determine the calendar year amounts to be included on their 2023 tax returns. Shareholders should consult their tax advisors.

American Funds Target Date Retirement Series 115

Board of trustees and other officers

Independent trustees¹

Name and year of birth	Year first elected a trustee of the series2	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee	Other directorships3 held by trustee
Francisco G. Cigarroa, MD, 1957	2021	Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research	88	None
Nariman Farvardin, 1956	2018	President, Stevens Institute of Technology	93	None
Jennifer C. Feikin, 1968	2022	Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California	102	Hertz Global Holdings, Inc.
Leslie Stone Heisz, 1961	2022	Former Managing Director, Lazard (retired 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management	102	Edwards Lifesciences; Public Storage, Inc.
Mary Davis Holt, 1950	2015–2016 2017	Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003)	89	None
Merit E. Janow, 1958	2007	Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs	99	Aptiv (autonomous and green vehicle technology); Mastercard Incorporated
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive)	2010	President and CEO, Bipartisan Policy Center; former President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina	93	None
Alexandra Trower, 1964	2018	Former Executive Vice President, Global Communications, and Corporate Officer, The Estée Lauder Companies	88	None
Paul S. Williams, 1959	2020	Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm)	88	Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Public Storage, Inc.

Interested trustee^4,5

Name, year of birth and position with series	Year first elected a trustee or officer of the series2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series	Number of portfolios in fund complex overseen by trustee	Other directorships3 held by trustee
Michael C. Gitlin, 1970	2019	Partner – Capital Fixed Income Investors, Capital Research and Management Company; President, Chief Executive Officer and Director, The Capital Group Companies, Inc.6; Vice Chairman and Director, Capital Research and Management Company	88	None

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

Refer to page 117 for footnotes.

116 American Funds Target Date Retirement Series

Other officers⁵

Name, year of birth and position with series	Year first elected an officer of the series2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series
Michelle J. Black, 1971 President	2020	Partner — Capital Solutions Group, Capital Research and Management Company; Partner — Capital Solutions Group, Capital Bank and Trust Company6
Walt Burkley, 1966 Principal Executive Officer	2018	General Counsel — Fund Business Management Group, Capital Research and Management Company; General Counsel and Secretary, The Capital Group Companies, Inc.6; Director, Capital Research Company6; Director, Capital Research and Management Company
Michael W. Stockton, 1967 Executive Vice President	2021	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
David A. Hoag, 1965 Senior Vice President	2020	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Samir Mathur, 1965 Senior Vice President	2020	Partner — Capital Solutions Group, Capital Research and Management Company
Wesley K. Phoa, 1966 Senior Vice President	2012	Partner — Capital Solutions Group, Capital Research and Management Company
Jessica C. Spaly, 1977 Senior Vice President	2023	Partner — Capital Research Global Investors, Capital Research and Management Company
Shannon Ward, 1964 Senior Vice President	2020	Partner — Capital Fixed Income Investors, Capital Research and Management Company
Rich Lang, 1969 Vice President	2015	Senior Vice President — Capital Group Institutional Investment Services Division, American Funds Distributors, Inc.6
Maria Manotok, 1974 Vice President	2010	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.6; Senior Vice President, Secretary and Director, Capital Group Companies Global6; Senior Vice President, Secretary and Director, Capital Group International, Inc.6
Courtney R. Taylor, 1975 Secretary	2010–2014 2023	Assistant Vice President — Fund Business Management Group, Capital Research and Management Company
Gregory F. Niland, 1971 Treasurer	2007	Vice President — Investment Operations, Capital Research and Management Company
Susan K. Countess, 1966 Assistant Secretary	2014	Associate — Fund Business Management Group, Capital Research and Management Company
Randall F. Buonviri, 1988 Assistant Treasurer	2023	Assistant Vice President — Investment Operations, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Vice President — Investment Operations, Capital Research and Management Company

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

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American Funds Target Date Retirement Series 123

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

124 American Funds Target Date Retirement Series

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectus and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or 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 December 31, 2023, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

The S&P 500 and S&P Target Date indexes are products 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

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

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

	AFTDF
Registrant:

a)  Audit Fees:
Audit	2022	85,000
	2023	91,000
b)  Audit-Related Fees:
	2022	37,000
	2023	39,000
c)  Tax Fees:
	2022	48,000
	2023	49,000
	The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns.
d)  All Other Fees:
	2022	None
	2023	None
	Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):
a)  Audit Fees:
	Not Applicable
b)  Audit-Related Fees:
	2022	2,221,000
	2023	2,183,000
	The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants.
c)  Tax Fees:

	2022	394,000
	2023	None
	The tax fees consist of consulting services relating to the Registrant’s investments.
d)  All Other Fees:
	2022	None
	2023	None
	The other fees consist of subscription services related to an accounting research tool.
	All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee.  The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services.  Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.
	Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $2,701,000 for fiscal year 2022 and $2,271,000 for fiscal year 2023. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

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

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

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

ITEM 12 – Exhibits

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

SIGNATURES

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

AMERICAN FUNDS TARGET DATE RETIREMENT SERIES

By __/s/ Walter R. Burkley________________

Walter R. Burkley,

Principal Executive Officer

Date: December 29, 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: December 29, 2023

By ___/s/ Gregory F. Niland__________________

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: December 29, 2023