0001380175 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:C000247307Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:C000247308Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:C000247309Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:C000247310Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:C000247311Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:C000247312Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:C000247313Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:C000247314Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:C000247315Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:C000247316Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:C000247317Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:C000247318Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:C000247319Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:C000247320Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member rr:RiskLoseMoneyMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member rr:RiskNotInsuredMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:AllocationRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:FundStructureMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:UnderlyingFundRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:MarketConditionsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:IssuerRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:InvestingInStocksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:InvestingOutsideTheUnitedStatesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:InvestingInDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:InvestingInSecuritiesBackedByTheUSGovernmentMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:InterestRateRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000083553Member ck0001380175:ManagementMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:C000216978Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:C000216979Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:C000216980Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:C000216981Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:C000216982Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:C000216983Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:C000216984Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:C000216985Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:C000216986Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:C000216987Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:C000216988Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:C000216989Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:C000216990Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:C000216991Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member rr:RiskNotInsuredMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member rr:RiskLoseMoneyMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:AllocationRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:FundStructureMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:UnderlyingFundRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:MarketConditionsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:IssuerRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:InvestingInStocksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:InvestingOutsideTheUnitedStatesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:InvestingInDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:InvestingInSecuritiesBackedByTheUSGovernmentMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:InterestRateRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:ManagementMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member rr:AfterTaxesOnDistributionsMember ck0001380175:C000216984Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001380175:C000216984Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:index_SP_Target_Date_2065_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:index_SP_500_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:index_MSCI_All_Country_World_ex_USA_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000067479Member ck0001380175:index_Bloomberg_US_Aggregate_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:C000150454Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:C000150455Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:C000150456Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:C000150457Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:C000150459Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:C000150460Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:C000150461Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:C000150462Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:C000150463Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:C000150464Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:C000150465Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:C000164849Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:C000179966Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:C000189469Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member rr:RiskNotInsuredMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member rr:RiskLoseMoneyMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:AllocationRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:FundStructureMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:UnderlyingFundRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:MarketConditionsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:IssuerRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:InvestingInStocksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:InvestingOutsideTheUnitedStatesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:InvestingInDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:InvestingInSecuritiesBackedByTheUSGovernmentMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:InterestRateRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:ManagementMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member rr:AfterTaxesOnDistributionsMember ck0001380175:C000150454Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001380175:C000150454Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:index_SP_Target_Date_2060_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:index_SP_500_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:index_MSCI_All_Country_World_ex_USA_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000047903Member ck0001380175:index_Bloomberg_US_Aggregate_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:C000082210Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:C000082211Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:C000082212Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:C000082213Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:C000082214Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:C000082215Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:C000082216Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:C000135770Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:C000135771Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:C000135772Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:C000148412Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:C000164848Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:C000179965Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:C000189468Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member rr:RiskNotInsuredMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member rr:RiskLoseMoneyMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:AllocationRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:FundStructureMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:UnderlyingFundRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:MarketConditionsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:IssuerRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:InvestingInStocksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:InvestingOutsideTheUnitedStatesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:InvestingInDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:InvestingInSecuritiesBackedByTheUSGovernmentMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:InterestRateRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:ManagementMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member rr:AfterTaxesOnDistributionsMember ck0001380175:C000082210Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001380175:C000082210Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:index_SP_Target_Date_2055_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:index_SP_500_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:index_MSCI_All_Country_World_ex_USA_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000027236Member ck0001380175:index_Bloomberg_US_Aggregate_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:C000042423Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:C000042424Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:C000042425Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:C000042426Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:C000042427Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:C000042428Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:C000078493Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:C000135766Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:C000135767Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:C000135768Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:C000148411Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:C000164847Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:C000179964Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:C000189467Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member rr:RiskNotInsuredMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member rr:RiskLoseMoneyMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:AllocationRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:FundStructureMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:UnderlyingFundRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:MarketConditionsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:IssuerRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:InvestingInStocksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:InvestingOutsideTheUnitedStatesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:InvestingInDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:InvestingInSecuritiesBackedByTheUSGovernmentMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:InterestRateRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:ManagementMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member rr:AfterTaxesOnDistributionsMember ck0001380175:C000042423Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001380175:C000042423Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:index_SP_Target_Date_2050_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:index_SP_500_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:index_MSCI_All_Country_World_ex_USA_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015563Member ck0001380175:index_Bloomberg_US_Aggregate_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:C000042417Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:C000042418Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:C000042419Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:C000042420Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:C000042421Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:C000042422Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:C000078492Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:C000135762Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:C000135763Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:C000135764Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:C000148410Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:C000164846Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:C000179963Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:C000189466Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member rr:RiskNotInsuredMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member rr:RiskLoseMoneyMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:AllocationRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:FundStructureMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:UnderlyingFundRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:MarketConditionsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:IssuerRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:InvestingInStocksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:InvestingOutsideTheUnitedStatesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:InvestingInDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:InvestingInSecuritiesBackedByTheUSGovernmentMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:InterestRateRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:ManagementMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member rr:AfterTaxesOnDistributionsMember ck0001380175:C000042417Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001380175:C000042417Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:index_SP_Target_Date_2045_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:index_SP_500_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:index_MSCI_All_Country_World_ex_USA_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015562Member ck0001380175:index_Bloomberg_US_Aggregate_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:C000042411Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:C000042412Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:C000042413Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:C000042414Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:C000042415Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:C000042416Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:C000078491Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:C000135758Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:C000135759Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:C000135760Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:C000148409Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:C000164845Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:C000179962Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:C000189465Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member rr:RiskNotInsuredMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member rr:RiskLoseMoneyMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:AllocationRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:FundStructureMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:UnderlyingFundRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:MarketConditionsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:IssuerRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:InvestingInStocksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:InvestingOutsideTheUnitedStatesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:InvestingInDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:InvestingInSecuritiesBackedByTheUSGovernmentMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:InterestRateRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:ManagementMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member rr:AfterTaxesOnDistributionsMember ck0001380175:C000042411Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001380175:C000042411Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:index_SP_Target_Date_2040_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:index_SP_500_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:index_MSCI_All_Country_World_ex_USA_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015561Member ck0001380175:index_Bloomberg_US_Aggregate_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:C000135755Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:C000135756Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:C000148408Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:C000164844Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:C000179961Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:C000189464Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:C000042405Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:C000042406Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:C000042407Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:C000042408Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:C000042409Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:C000042410Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:C000078490Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:C000135754Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member rr:RiskNotInsuredMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member rr:RiskLoseMoneyMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:AllocationRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:FundStructureMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:UnderlyingFundRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:MarketConditionsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:IssuerRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:InvestingInStocksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:InvestingOutsideTheUnitedStatesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:InvestingInDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:InvestingInSecuritiesBackedByTheUSGovernmentMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:InterestRateRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:ManagementMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member rr:AfterTaxesOnDistributionsMember ck0001380175:C000042405Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001380175:C000042405Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:index_SP_Target_Date_2035_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:index_SP_500_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:index_MSCI_All_Country_World_ex_USA_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015560Member ck0001380175:index_Bloomberg_US_Aggregate_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:C000042399Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:C000042400Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:C000042401Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:C000042402Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:C000042403Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:C000042404Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:C000078489Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:C000135750Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:C000135751Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:C000135752Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:C000148407Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:C000164843Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:C000179960Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:C000189463Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member rr:RiskNotInsuredMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member rr:RiskLoseMoneyMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:AllocationRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:FundStructureMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:UnderlyingFundRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:MarketConditionsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:IssuerRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:InvestingInStocksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:InvestingOutsideTheUnitedStatesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:InvestingInDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:InvestingInSecuritiesBackedByTheUSGovernmentMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:InvestingInMortgagerelatedAndOtherAssetbackedSecuritiesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:InvestingInInflationlinkedBondsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:InvestingInDerivativesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:InterestRateRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:LiquidityRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:ManagementMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member rr:AfterTaxesOnDistributionsMember ck0001380175:C000042399Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001380175:C000042399Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:index_SP_Target_Date_2030_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:index_SP_500_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:index_MSCI_All_Country_World_ex_USA_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015559Member ck0001380175:index_Bloomberg_US_Aggregate_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:C000042393Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:C000042394Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:C000042395Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:C000042396Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:C000042397Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:C000042398Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:C000078488Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:C000135746Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:C000135747Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:C000135748Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:C000148406Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:C000164842Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:C000179959Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:C000189462Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member rr:RiskNotInsuredMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member rr:RiskLoseMoneyMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:AllocationRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:FundStructureMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:UnderlyingFundRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:MarketConditionsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:IssuerRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:InvestingInDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:InvestingInLowerRatedDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:InvestingInInflationlinkedBondsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:InvestingInMortgagerelatedAndOtherAssetbackedSecuritiesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:InvestingInSecuritiesBackedByTheUSGovernmentMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:InvestingInDerivativesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:InterestRateRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:LiquidityRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:InvestingInStocksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:InvestingOutsideTheUnitedStatesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:ManagementMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member rr:AfterTaxesOnDistributionsMember ck0001380175:C000042393Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001380175:C000042393Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:index_SP_Target_Date_2025_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:index_SP_500_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:index_MSCI_All_Country_World_ex_USA_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015558Member ck0001380175:index_Bloomberg_US_Aggregate_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:C000042387Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:C000042388Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:C000042389Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:C000042390Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:C000042391Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:C000042392Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:C000078487Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:C000135741Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:C000135742Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:C000135743Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:C000148405Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:C000164841Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:C000179958Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:C000189461Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member rr:RiskNotInsuredMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member rr:RiskLoseMoneyMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:AllocationRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:FundStructureMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:UnderlyingFundRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:MarketConditionsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:IssuerRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:InvestingInDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:InvestingInLowerRatedDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:InvestingInInflationlinkedBondsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:InvestingInMortgagerelatedAndOtherAssetbackedSecuritiesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:InvestingInSecuritiesBackedByTheUSGovernmentMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:InvestingInDerivativesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:InterestRateRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:LiquidityRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:InvestingInStocksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:InvestingOutsideTheUnitedStatesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:ManagementMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member rr:AfterTaxesOnDistributionsMember ck0001380175:C000042387Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001380175:C000042387Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:index_SP_Target_Date_2020_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:index_SP_500_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:index_MSCI_All_Country_World_ex_USA_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015557Member ck0001380175:index_Bloomberg_US_Aggregate_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:C000042381Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:C000042382Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:C000042383Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:C000042384Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:C000042385Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:C000042386Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:C000078486Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:C000135738Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:C000135739Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:C000135740Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:C000148404Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:C000164840Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:C000179957Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:C000189460Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member rr:RiskNotInsuredMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member rr:RiskLoseMoneyMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:AllocationRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:FundStructureMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:UnderlyingFundRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:MarketConditionsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:IssuerRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:InvestingInDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:InvestingInLowerRatedDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:InvestingInInflationlinkedBondsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:InvestingInMortgagerelatedAndOtherAssetbackedSecuritiesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:InvestingInSecuritiesBackedByTheUSGovernmentMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:InvestingInDerivativesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:InterestRateRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:LiquidityRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:InvestingInStocksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:InvestingOutsideTheUnitedStatesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:ManagementMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member rr:AfterTaxesOnDistributionsMember ck0001380175:C000042384Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001380175:C000042384Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:index_SP_Target_Date_2015_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:index_SP_500_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:index_MSCI_All_Country_World_ex_USA_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015556Member ck0001380175:index_Bloomberg_US_Aggregate_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:C000042376Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:C000042377Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:C000042378Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:C000042379Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:C000042380Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:C000077951Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:C000135734Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:C000135735Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:C000135736Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:C000148403Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:C000164839Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:C000179956Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:C000189459Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:C000042375Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member rr:RiskNotInsuredMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member rr:RiskLoseMoneyMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:AllocationRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:FundStructureMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:UnderlyingFundRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:MarketConditionsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:IssuerRisksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:InvestingInDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:InvestingInLowerRatedDebtInstrumentsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:InvestingInInflationlinkedBondsMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:InvestingInMortgagerelatedAndOtherAssetbackedSecuritiesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:InvestingInSecuritiesBackedByTheUSGovernmentMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:InvestingInDerivativesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:InterestRateRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:LiquidityRiskMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:InvestingInStocksMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:InvestingOutsideTheUnitedStatesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:ManagementMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member rr:AfterTaxesOnDistributionsMember ck0001380175:C000042375Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member rr:AfterTaxesOnDistributionsAndSalesMember ck0001380175:C000042375Member 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:index_SP_Target_Date_2010_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:index_SP_500_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:index_MSCI_All_Country_World_ex_USA_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 0001380175 ck0001380175:S000015555Member ck0001380175:index_Bloomberg_US_Aggregate_Index_reflects_no_deductions_for_sales_charges_account_fees_expenses_or_US_federal_income_taxesMember 2023-12-18 2023-12-18 pure iso4217:USD N-1A AMERICAN FUNDS TARGET DATE RETIREMENT SERIES 2024-01-01 2024-01-01 AAFJX CCGDX TDABX FATSX FBAJX FCBEX RAADX AAOTX CCLTX TDTTX FAXTX FBMTX FCQTX RAQTX AANTX CCKTX TDSSX FAWTX FBKTX FCKTX RANTX AAMTX CCJTX TDFWX FAJTX FBJTX FCJTX RAMTX AALTX CCITX TDFYX FAITX FBITX DITFX RAITX AAHTX CCHTX TDFUX FATTX FBHTX FCHTX RAHTX AAGTX CCGTX TDFOX FAUTX FBGTX FCGTX RAKTX AAFTX CCFTX TDFHX FAQTX FBFTX FDFTX RAFTX AAETX CCETX TDFMX FAETX FBETX FCETX RAETX AADTX CCDTX TDLMX FAPTX FBDTX FDDTX RADTX AACTX CCCTX TDAMX FAOTX FBCTX FCCTX RACTX AABTX CCBTX TDQMX FAKTX FBBTX FDBTX RAJTX AAATX CCATX TDMMX FAATX FBATX DJTFX RAATX RAABX RBAHX RCADX RCAEX RAAJX REAGX RFBFX RBOTX RBEOX RCPTX RDLTX RHLTX REOTX RFVTX RBNTX RBENX RCNTX RDKTX RHKTX REMTX RFUTX RBMTX RBEMX RCMTX RDJTX RHJTX REKTX RFKTX RBITX RBHEX RCITX RDITX RHITX REITX RFITX RBHTX RBHHX RCHTX RDHTX RHHTX REHTX RFHTX RBKTX RBEKX RCKTX RDGTX RHGTX REGTX RFGTX RBFTX RBEFX RCFTX RDFTX RHFTX REFTX RFFTX RBETX RBEEX RCETX RDETX RHETX REETX RFETX RBDTX RBEDX RCDTX RDDTX RHDTX REDTX RFDTX RBCTX RBEHX RCCTX RDCTX RHCTX RECTX RRCTX RBJTX RBEJX RCJTX RDBTX RHBTX REJTX RFJTX RBATX RBEAX RCATX RDATX RHATX REATX RFTTX American Funds 2070 Target Date Retirement Fund Investment objectives Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time. This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. More information about these and other discounts is available from your financial professional, in the “Sales charge reductions and waivers” sections on page 111 of the prospectus and on page 110 of the fund’s statement of additional information, and in the sales charge waiver appendix to the prospectus. Fees and expenses of the fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. 25000 Shareholder fees (fees paid directly from your investment) 0.0575 0 0.025 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0 0.003 0.01 0.0025 0.0025 0 0 0.01 0.001 0.001 0.001 0.0012 0.001 0.0001 0.0011 0.0038 0.0038 0.0038 0.0038 0.0038 0.0038 0.0038 0.0078 0.0148 0.0073 0.0075 0.0048 0.0039 0.0149 0 0 0 0 0 0 0 0.0075 0.006 0.005 0.0025 0 0 0 0.0036 0.002 0.0016 0.0011 0.0016 0.0006 0.0001 0.0038 0.0038 0.0038 0.0038 0.0038 0.0038 0.0038 0.0149 0.0118 0.0104 0.0074 0.0054 0.0044 0.0039 A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Based on estimated amounts for the current fiscal year. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 650 251 323 77 49 40 152 152 120 810 468 478 240 154 125 471 471 375 For the share classes listed to the right, you would pay the following if you did not redeem your shares: 106 76 55 45 40 151 331 237 173 141 125 468 The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results. Because the fund has not commenced investment operations as of the date of this prospectus, information regarding the fund‘s portfolio turnover rate is not shown. Portfolio turnover Principal investment strategies The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the United States. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments. The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed. The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund’s investment objective. According to its current investment approach, the investment adviser will continue to manage the fund for approximately 30 years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. 30 years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time. The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative – both prior to and after retirement – as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of January 1, 2024. Investment approach <img alt="" src="image_002.jpg"/> The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders. Principal risks You may lose money by investing in the fund. Allocation risk — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the 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 the 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. Fund structure — The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the 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 the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the 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 the fund’s investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the 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 the fund. Underlying fund risks — Because the fund’s investments consist of underlying funds, the 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. Investing outside the United States — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers 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 United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets. 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 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. 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. Management — The investment adviser to the 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. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. Because the fund intends to begin investment operations on May 3, 2024, information regarding investment results is not available as of the date of this prospectus. Investment results Because the fund intends to begin investment operations on May 3, 2024, information regarding investment results is not available as of the date of this prospectus. American Funds 2065 Target Date Retirement Fund Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time. Investment objectives This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. More information about these and other discounts is available from your financial professional, in the “Sales charge reductions and waivers” sections on page 111 of the prospectus and on page 110 of the fund’s statement of additional information, and in the sales charge waiver appendix to the prospectus. Fees and expenses of the fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. 25000 Shareholder fees (fees paid directly from your investment) 0.0575 0 0.025 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0 0.0029 0.01 0.0025 0.0025 0 0 0.0098 0.001 0.001 0.001 0.0012 0.001 0.0001 0.0011 0.0038 0.0038 0.0038 0.0038 0.0038 0.0038 0.0038 0.0077 0.0148 0.0073 0.0075 0.0048 0.0039 0.0147 0 0 0 0 0 0 0 0.0075 0.006 0.005 0.0025 0 0 0 0.0036 0.002 0.0016 0.0011 0.0016 0.0006 0.0001 0.0038 0.0038 0.0038 0.0038 0.0038 0.0038 0.0038 0.0149 0.0118 0.0104 0.0074 0.0054 0.0044 0.0039 A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 649 251 323 77 49 40 150 152 120 807 468 478 240 154 125 465 471 375 978 808 646 417 269 219 803 813 649 1474 1576 1134 930 604 493 1757 1779 1432 For the share classes listed to the right, you would pay the following if you did not redeem your shares: 106 76 55 45 40 151 331 237 173 141 125 468 574 411 302 246 219 808 1271 918 677 555 493 1576 The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 1% of the average value of its portfolio. Portfolio turnover 0.01 The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the United States. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments. The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed. The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund’s investment objective. According to its current investment approach, the investment adviser will continue to manage the fund for approximately 30 years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. 30 years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time. The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative – both prior to and after retirement – as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of January 1, 2024. Investment approach <img alt="" src="image_003.jpg"/> The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders. Principal investment strategies Principal risks You may lose money by investing in the fund. Allocation risk — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the 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 the 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. Fund structure — The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the 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 the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the 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 the fund’s investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the 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 the fund. Underlying fund risks — Because the fund’s investments consist of underlying funds, the 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. Investing outside the United States — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers 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 United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets. 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 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. 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. Management — The investment adviser to the 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. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com. Investment results The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. capitalgroup.com Average annual total returns For the periods ended December 31, 2022 (with maximum sales charge for Class A): 2020-03-27 2020-03-27 2020-03-27 2020-03-27 2020-03-27 -0.1964 0.1255 2020-03-27 -0.2457 0.0974 -0.2518 0.0923 -0.1407 0.076 2020-03-27 -0.2127 0.1139 2020-03-27 -0.1997 0.1218 2020-03-27 -0.1971 0.1247 2020-03-27 -0.1964 0.1255 2020-03-27 -0.2055 0.1174 2020-03-27 -0.2057 0.113 2020-03-27 -0.2032 0.1166 2020-03-27 -0.2019 0.1181 2020-03-27 -0.1992 0.1216 2020-03-27 -0.1981 0.1236 2020-03-27 -0.1969 0.1248 -0.1595 0.1435 -0.1811 0.1796 -0.16 0.1064 -0.1301 -0.0386 After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). American Funds 2060 Target Date Retirement Fund Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time. Investment objectives This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. More information about these and other discounts is available from your financial professional, in the “Sales charge reductions and waivers” sections on page 111 of the prospectus and on page 110 of the fund’s statement of additional information, and in the sales charge waiver appendix to the prospectus. Fees and expenses of the fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. 25000 Shareholder fees (fees paid directly from your investment) 0.0575 0 0.025 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0 0.0025 0.0099 0.0025 0.0025 0 0 0.01 0.001 0.001 0.001 0.0012 0.001 0.0001 0.0011 0.0038 0.0038 0.0038 0.0038 0.0038 0.0038 0.0038 0.0073 0.0147 0.0073 0.0075 0.0048 0.0039 0.0149 0 0 0 0 0 0 0 0.0075 0.006 0.005 0.0025 0 0 0 0.0036 0.0021 0.0016 0.0011 0.0016 0.0006 0.0001 0.0038 0.0038 0.0038 0.0038 0.0038 0.0038 0.0038 0.0149 0.0119 0.0104 0.0074 0.0054 0.0044 0.0039 A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 645 250 323 77 49 40 152 152 121 795 465 478 240 154 125 471 471 378 958 803 646 417 269 219 813 813 654 1429 1557 1134 930 604 493 1779 1779 1443 For the share classes listed to the right, you would pay the following if you did not redeem your shares: 106 76 55 45 40 150 331 237 173 141 125 465 574 411 302 246 219 803 1271 918 677 555 493 1557 The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 1% of the average value of its portfolio. Portfolio turnover 0.01 The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the United States. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments. The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed. The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund’s investment objective. According to its current investment approach, the investment adviser will continue to manage the fund for approximately 30 years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. 30 years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time. The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative – both prior to and after retirement – as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of January 1, 2024. Investment approach <img alt="" src="image_005.jpg"/> The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders. Principal investment strategies Principal risks You may lose money by investing in the fund. Allocation risk — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the 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 the 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. Fund structure — The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the 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 the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the 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 the fund’s investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the 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 the fund. Underlying fund risks — Because the fund’s investments consist of underlying funds, the 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. Investing outside the United States — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers 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 United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets. 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 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. 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. Management — The investment adviser to the 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. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com. Investment results The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. capitalgroup.com Average annual total returns For the periods ended December 31, 2022 (with maximum sales charge for Class A): 2015-03-27 2015-03-27 2015-03-27 2015-03-27 2015-03-27 -0.1966 0.0582 0.0734 2015-03-27 -0.2453 0.0422 0.0617 -0.2556 0.0332 0.0544 -0.1375 0.0328 0.0488 2015-03-27 -0.2129 0.0466 0.0619 2015-03-27 -0.1999 0.0543 0.0698 2015-03-27 -0.1977 0.0572 0.0724 2017-01-27 -0.1963 0.0582 0.079 2015-03-27 -0.2054 0.0466 0.0626 2015-03-27 -0.2054 0.0467 0.0619 2015-03-27 -0.2031 0.0497 0.0656 2015-03-27 -0.2019 0.0513 0.0665 2015-03-27 -0.1996 0.0544 0.0697 2015-11-20 -0.1978 0.0566 0.0782 2015-03-27 -0.1971 0.0575 0.0729 -0.1601 0.0535 0.0678 -0.1811 0.0942 0.1041 -0.16 0.0088 0.0303 -0.1301 0.0002 0.0068 After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). American Funds 2055 Target Date Retirement Fund Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time. Investment objectives This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. More information about these and other discounts is available from your financial professional, in the “Sales charge reductions and waivers” sections on page 111 of the prospectus and on page 110 of the fund’s statement of additional information, and in the sales charge waiver appendix to the prospectus. Fees and expenses of the fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. 25000 Shareholder fees (fees paid directly from your investment) 0.0575 0 0.025 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0 0.0025 0.0098 0.0025 0.0025 0 0 0.01 0.001 0.001 0.001 0.0012 0.001 0.0001 0.0011 0.0037 0.0037 0.0037 0.0037 0.0037 0.0037 0.0037 0.0072 0.0145 0.0072 0.0074 0.0047 0.0038 0.0148 0 0 0 0 0 0 0 0.0075 0.006 0.005 0.0025 0 0 0 0.0035 0.0021 0.0016 0.0011 0.0016 0.0006 0.0001 0.0037 0.0037 0.0037 0.0037 0.0037 0.0037 0.0037 0.0147 0.0118 0.0103 0.0073 0.0053 0.0043 0.0038 A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 644 248 322 76 48 39 151 150 120 792 459 474 237 151 122 468 465 375 953 792 641 411 263 213 808 803 649 1418 1537 1122 918 591 480 1768 1757 1432 For the share classes listed to the right, you would pay the following if you did not redeem your shares: 105 75 54 44 39 148 328 233 170 138 122 459 569 406 296 241 213 792 1259 906 665 542 480 1537 The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 1% of the average value of its portfolio. Portfolio turnover 0.01 The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the United States. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments. The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed. The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund’s investment objective. According to its current investment approach, the investment adviser will continue to manage the fund for approximately 30 years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. 30 years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time. The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative – both prior to and after retirement – as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of January 1, 2024. Investment approach <img alt="" src="image_007.jpg"/> The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders. Principal investment strategies Principal risks You may lose money by investing in the fund. Allocation risk — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the 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 the 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. Fund structure — The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the 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 the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the 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 the fund’s investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the 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 the fund. Underlying fund risks — Because the fund’s investments consist of underlying funds, the 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. Investing outside the United States — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers 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 United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets. 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 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. 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. Management — The investment adviser to the 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. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com. Investment results The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. capitalgroup.com Average annual total returns For the periods ended December 31, 2022 (with maximum sales charge for Class A): 2010-02-01 2010-02-01 2010-02-01 2010-02-01 2010-02-01 -0.195 0.0587 0.0919 0.0939 2010-02-01 -0.2439 0.0428 0.0819 0.0854 -0.2553 0.0323 0.0727 -0.1359 -0.0332 0.0657 2014-02-21 -0.2106 0.0474 0.0636 2014-02-21 -0.198 0.0549 0.0707 2014-02-21 -0.1957 0.0578 0.0735 2017-01-27 -0.1947 0.0588 0.0795 2010-02-01 -0.2036 0.047 0.0797 0.0818 2010-02-01 -0.2038 0.0472 0.0802 0.0822 2014-08-29 -0.2012 0.0504 0.0636 2010-02-01 -0.1999 0.052 0.0847 0.0867 2010-02-01 -0.1977 0.0551 0.0881 0.09 2015-11-20 -0.1962 0.0571 0.0786 2010-02-01 -0.1952 0.0583 0.0913 0.0933 -0.1597 0.0531 0.0846 0.0886 -0.1811 0.0942 0.1256 0.1245 -0.16 0.0088 0.038 0.0422 -0.1301 0.0002 0.0106 0.0213 After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). American Funds 2050 Target Date Retirement Fund Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time. Investment objectives This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. More information about these and other discounts is available from your financial professional, in the “Sales charge reductions and waivers” sections on page 111 of the prospectus and on page 110 of the fund’s statement of additional information, and in the sales charge waiver appendix to the prospectus. Fees and expenses of the fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. 25000 Shareholder fees (fees paid directly from your investment) 0.0575 0 0.025 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0 0.0024 0.0098 0.0025 0.0025 0 0 0.01 0.001 0.001 0.001 0.0012 0.001 0.0001 0.0011 0.0037 0.0037 0.0037 0.0037 0.0037 0.0037 0.0037 0.0071 0.0145 0.0072 0.0074 0.0047 0.0038 0.0148 0 0 0 0 0 0 0 0.0075 0.006 0.005 0.0025 0 0 0 0.0036 0.0021 0.0016 0.0011 0.0016 0.0006 0.0001 0.0037 0.0037 0.0037 0.0037 0.0037 0.0037 0.0037 0.0148 0.0118 0.0103 0.0073 0.0053 0.0043 0.0038 A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 643 248 322 76 48 39 151 151 120 789 459 474 237 151 122 468 468 375 947 792 641 411 263 213 808 808 649 1407 1534 1122 918 591 480 1768 1768 1432 For the share classes listed to the right, you would pay the following if you did not redeem your shares: 105 75 54 44 39 148 328 233 170 138 122 459 569 406 296 241 213 792 1259 906 665 542 480 1534 The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 1% of the average value of its portfolio. Portfolio turnover 0.01 The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the United States. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments. The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed. The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund’s investment objective. According to its current investment approach, the investment adviser will continue to manage the fund for approximately 30 years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. 30 years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time. The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative – both prior to and after retirement – as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of January 1, 2024. Investment approach <img alt="" src="image_009.jpg"/> The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders. Principal investment strategies Principal risks You may lose money by investing in the fund. Allocation risk — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the 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 the 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. Fund structure — The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the 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 the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the 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 the fund’s investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the 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 the fund. Underlying fund risks — Because the fund’s investments consist of underlying funds, the 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. Investing outside the United States — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers 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 United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets. 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 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. 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. Management — The investment adviser to the 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. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com. Investment results The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. capitalgroup.com Average annual total returns For the periods ended December 31, 2022 (with maximum sales charge for Class A): 2009-07-13 2009-07-13 2009-07-13 2009-07-13 2009-07-13 -0.189 0.0604 0.0928 0.1058 2007-02-01 -0.2381 0.0446 0.0828 0.0623 -0.2499 0.0337 0.0729 -0.1322 0.0346 0.0662 2014-02-21 -0.2051 0.0491 0.0647 2014-02-21 -0.1917 0.0567 0.0717 2014-02-21 -0.1899 0.0595 0.0745 2017-01-27 -0.1892 0.0603 0.0809 2007-02-01 -0.1977 0.0487 0.0806 0.0579 2007-02-01 -0.1977 0.049 0.0811 0.0583 2014-08-29 -0.1958 0.0519 0.0645 2007-02-01 -0.1944 0.0536 0.0857 0.0626 2007-02-01 -0.192 0.0568 0.089 0.066 2015-11-20 -0.19 0.059 0.0799 2007-02-01 -0.1892 0.0599 0.0923 0.0692 -0.1597 0.0526 0.0833 0.099 -0.1811 0.0942 0.1256 0.1359 -0.16 0.0088 0.038 0.0569 -0.1301 0.0002 0.0106 0.0235 After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). American Funds 2045 Target Date Retirement Fund Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time. Investment objectives This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. More information about these and other discounts is available from your financial professional, in the “Sales charge reductions and waivers” sections on page 111 of the prospectus and on page 110 of the fund’s statement of additional information, and in the sales charge waiver appendix to the prospectus. Fees and expenses of the fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. 25000 Shareholder fees (fees paid directly from your investment) 0.0575 0 0.025 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0 0.0024 0.0098 0.0025 0.0025 0 0 0.01 0.001 0.001 0.001 0.0012 0.001 0.0001 0.0011 0.0036 0.0036 0.0036 0.0036 0.0036 0.0036 0.0036 0.007 0.0144 0.0071 0.0073 0.0046 0.0037 0.0147 0 0 0 0 0 0 0 0.0075 0.006 0.005 0.0025 0 0 0 0.0035 0.0021 0.0016 0.0011 0.0016 0.0006 0.0001 0.0036 0.0036 0.0036 0.0036 0.0036 0.0036 0.0036 0.0146 0.0117 0.0102 0.0072 0.0052 0.0042 0.0037 A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 642 247 321 75 47 38 150 149 119 786 456 471 233 148 119 465 462 372 942 787 635 406 258 208 803 797 644 1395 1523 1110 906 579 468 1757 1746 1420 For the share classes listed to the right, you would pay the following if you did not redeem your shares: 104 74 53 43 38 147 325 230 167 135 119 456 563 401 291 235 208 787 1248 894 653 530 468 1523 The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 2% of the average value of its portfolio. Portfolio turnover 0.02 The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the United States. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments. The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed. The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund’s investment objective. According to its current investment approach, the investment adviser will continue to manage the fund for approximately 30 years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. 30 years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time. The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative – both prior to and after retirement – as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of January 1, 2024. Investment approach <img alt="" src="image_011.jpg"/> The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders. Principal investment strategies Principal risks You may lose money by investing in the fund. Allocation risk — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the 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 the 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. Fund structure — The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the 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 the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the 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 the fund’s investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the 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 the fund. Underlying fund risks — Because the fund’s investments consist of underlying funds, the 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. Investing outside the United States — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers 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 United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets. 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 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. 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. Management — The investment adviser to the 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. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com. Investment results The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. capitalgroup.com Average annual total returns For the periods ended December 31, 2022 (with maximum sales charge for Class A): 2009-07-13 2009-07-13 2009-07-13 2009-07-13 2009-07-13 -0.1819 0.0611 0.0929 0.1059 2007-02-01 -0.231 0.0453 0.083 0.0624 -0.2424 0.0342 0.0732 -0.1283 0.0351 0.0664 2014-02-21 -0.1978 0.0499 0.0648 2014-02-21 -0.1845 0.0573 0.0718 2014-02-21 -0.1822 0.0602 0.0746 2017-01-27 -0.1817 0.0613 0.0814 2007-02-01 -0.1907 0.0494 0.0808 0.058 2007-02-01 -0.1904 0.0497 0.0813 0.0584 2014-08-29 -0.1878 0.0529 0.0647 2007-02-01 -0.1871 0.0544 0.0858 0.0627 2007-02-01 -0.1845 0.0575 0.0891 0.0661 2015-11-20 -0.183 0.0596 0.0801 2007-02-01 -0.182 0.0607 0.0925 0.0693 -0.1584 0.0516 0.0811 0.0974 -0.1811 0.0942 0.1256 0.1359 -0.16 0.0088 0.038 0.0569 -0.1301 0.0002 0.0106 0.0235 After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). American Funds 2040 Target Date Retirement Fund Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time. Investment objectives This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. More information about these and other discounts is available from your financial professional, in the “Sales charge reductions and waivers” sections on page 111 of the prospectus and on page 110 of the fund’s statement of additional information, and in the sales charge waiver appendix to the prospectus. Fees and expenses of the fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. 25000 Shareholder fees (fees paid directly from your investment) 0.0575 0 0.025 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0 0.0025 0.0098 0.0025 0.0025 0 0 0.01 0.001 0.001 0.001 0.0012 0.001 0.0001 0.0011 0.0036 0.0036 0.0036 0.0036 0.0036 0.0036 0.0036 0.0071 0.0144 0.0071 0.0073 0.0046 0.0037 0.0147 0 0 0 0 0 0 0 0.0075 0.006 0.005 0.0025 0 0 0 0.0035 0.0021 0.0016 0.0011 0.0016 0.0006 0.0001 0.0036 0.0036 0.0036 0.0036 0.0036 0.0036 0.0036 0.0146 0.0117 0.0102 0.0072 0.0052 0.0042 0.0037 A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 643 247 321 75 47 38 150 149 119 789 456 471 233 148 119 465 462 372 947 787 635 406 258 208 803 797 644 1407 1525 1110 906 579 468 1757 1746 1420 For the share classes listed to the right, you would pay the following if you did not redeem your shares: 104 74 53 43 38 147 325 230 167 135 119 456 563 401 291 235 208 787 1248 894 653 530 468 1525 The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 1% of the average value of its portfolio. Portfolio turnover 0.01 The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the United States. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments. The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed. The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund’s investment objective. According to its current investment approach, the investment adviser will continue to manage the fund for approximately 30 years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. 30 years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time. The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative – both prior to and after retirement – as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of January 1, 2024. Investment approach <img alt="" src="image_013.jpg"/> The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders. Principal investment strategies Principal risks You may lose money by investing in the fund. Allocation risk — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the 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 the 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. Fund structure — The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the 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 the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the 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 the fund’s investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the 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 the fund. Underlying fund risks — Because the fund’s investments consist of underlying funds, the 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. Investing outside the United States — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers 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 United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets. 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 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. 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. Management — The investment adviser to the 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. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com. Investment results The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. capitalgroup.com Average annual total returns For the periods ended December 31, 2022 (with maximum sales charge for Class A): 2009-07-27 2009-07-27 2009-07-27 2009-07-27 2009-07-27 -0.1755 0.061 0.0923 0.0992 2007-02-01 -0.2255 0.045 0.0822 0.0619 -0.2366 0.0338 0.0721 -0.1256 0.0348 0.0656 2014-02-21 -0.1921 0.0496 0.064 2014-02-21 -0.1785 0.0571 0.071 2014-02-21 -0.1764 0.0601 0.0739 2017-01-27 -0.1757 0.061 0.0807 2007-02-01 -0.1844 0.0492 0.0801 0.0576 2007-02-01 -0.1844 0.0494 0.0806 0.0579 2014-08-29 -0.1824 0.0524 0.0637 2007-02-01 -0.181 0.0541 0.0851 0.0623 2007-02-01 -0.1786 0.0572 0.0884 0.0657 2015-11-20 -0.1769 0.0594 0.0793 2007-02-01 -0.1757 0.0605 0.0917 0.0689 -0.1556 0.0497 0.0784 0.0885 -0.1811 0.0942 0.1256 0.129 -0.16 0.0088 0.038 0.0478 -0.1301 0.0002 0.0106 0.024 After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). American Funds 2035 Target Date Retirement Fund Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time. Investment objectives This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. More information about these and other discounts is available from your financial professional, in the “Sales charge reductions and waivers” sections on page 111 of the prospectus and on page 110 of the fund’s statement of additional information, and in the sales charge waiver appendix to the prospectus. Fees and expenses of the fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. 25000 Shareholder fees (fees paid directly from your investment) 0.0575 0 0.025 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0 0.0024 0.0098 0.0025 0.0025 0 0 0.01 0.001 0.001 0.001 0.0012 0.001 0.0001 0.0011 0.0034 0.0034 0.0034 0.0034 0.0034 0.0034 0.0034 0.0068 0.0142 0.0069 0.0071 0.0044 0.0035 0.0145 0 0 0 0 0 0 0 0.0075 0.006 0.005 0.0025 0 0 0 0.0035 0.0021 0.0016 0.0011 0.0016 0.0006 0.0001 0.0034 0.0034 0.0034 0.0034 0.0034 0.0034 0.0034 0.0144 0.0115 0.01 0.007 0.005 0.004 0.0035 A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 640 245 319 73 45 36 148 147 117 780 449 465 227 141 113 459 456 365 932 776 625 395 246 197 792 787 633 1373 1500 1087 883 555 443 1735 1724 1398 For the share classes listed to the right, you would pay the following if you did not redeem your shares: 102 72 51 41 36 145 318 224 160 128 113 449 552 390 280 224 197 776 1225 871 628 505 443 1500 The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 1% of the average value of its portfolio. Portfolio turnover 0.01 The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the United States. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments. The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed. The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund’s investment objective. According to its current investment approach, the investment adviser will continue to manage the fund for approximately 30 years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. 30 years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time. The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative – both prior to and after retirement – as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of January 1, 2024. Investment approach <img alt="" src="image_015.jpg"/> The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders. Principal investment strategies Principal risks You may lose money by investing in the fund. Allocation risk — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the 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 the 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. Fund structure — The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the 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 the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the 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 the fund’s investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the 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 the fund. Underlying fund risks — Because the fund’s investments consist of underlying funds, the 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. Investing outside the United States — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers 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 United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets. 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 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. 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. Management — The investment adviser to the 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. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com. Investment results The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. capitalgroup.com Average annual total returns For the periods ended December 31, 2022 (with maximum sales charge for Class A): 2009-07-13 2009-07-13 2009-07-13 2009-07-13 2009-07-13 -0.1624 0.0587 0.0896 0.1033 2007-02-01 -0.1655 0.0551 0.086 0.0642 -0.176 0.0438 0.0758 -0.091 0.0426 0.0687 2014-02-21 -0.1797 0.0473 0.0617 2014-02-21 -0.1655 0.0548 0.0686 2014-02-21 -0.1631 0.0577 0.0715 2017-01-27 -0.1625 0.0587 0.0776 2007-02-01 -0.1719 0.0469 0.0774 0.056 2007-02-01 -0.1721 0.047 0.0779 0.0563 2014-08-29 -0.1692 0.0502 0.0613 2007-02-01 -0.1682 0.0518 0.0824 0.0607 2007-02-01 -0.1652 0.055 0.0858 0.0641 2015-11-20 -0.1639 0.0571 0.0764 2007-02-01 -0.1628 0.0581 0.0891 0.0672 -0.1499 0.0463 0.0742 0.0912 -0.1811 0.0942 0.1256 0.1359 -0.16 0.0088 0.038 0.0569 -0.1301 0.0002 0.0106 0.0235 After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). American Funds 2030 Target Date Retirement Fund Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time. Investment objectives This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. More information about these and other discounts is available from your financial professional, in the “Sales charge reductions and waivers” sections on page 111 of the prospectus and on page 110 of the fund’s statement of additional information, and in the sales charge waiver appendix to the prospectus. Fees and expenses of the fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. 25000 Shareholder fees (fees paid directly from your investment) 0.0575 0 0.025 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0 0.0025 0.0098 0.0025 0.0025 0 0 0.01 0.001 0.001 0.001 0.0012 0.001 0.0001 0.001 0.0032 0.0032 0.0032 0.0032 0.0032 0.0032 0.0032 0.0067 0.014 0.0067 0.0069 0.0042 0.0033 0.0142 0 0 0 0 0 0 0 0.0075 0.006 0.005 0.0025 0 0 0 0.0035 0.0021 0.0016 0.0011 0.0016 0.0006 0.0001 0.0032 0.0032 0.0032 0.0032 0.0032 0.0032 0.0032 0.0142 0.0113 0.0098 0.0068 0.0048 0.0038 0.0033 A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 640 243 317 70 43 34 145 145 115 777 443 459 221 135 106 449 449 359 927 766 614 384 235 185 776 776 622 1362 1480 1064 859 530 418 1702 1702 1375 For the share classes listed to the right, you would pay the following if you did not redeem your shares: 100 69 49 39 34 143 312 218 154 122 106 443 542 379 269 213 185 766 1201 847 604 480 418 1480 The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 2% of the average value of its portfolio. Portfolio turnover 0.02 The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the United States. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments. The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed. The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund’s investment objective. According to its current investment approach, the investment adviser will continue to manage the fund for approximately 30 years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. 30 years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time. The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative – both prior to and after retirement – as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of January 1, 2024. Investment approach <img alt="" src="image_017.jpg"/> The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders. Principal investment strategies Principal risks You may lose money by investing in the fund. Allocation risk — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the 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 the 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. Fund structure — The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the 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 the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the 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 the fund’s investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the 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 the fund. Underlying fund risks — Because the fund’s investments consist of underlying funds, the 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. Investing outside the United States — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers 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 United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets. 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 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 mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing an underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks. Investing in inflation-linked bonds — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure. Investing in inflation-linked bonds may also reduce an underlying fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the underlying fund. Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the underlying fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund’s use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund’s returns and increase the underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable, the underlying fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract). Interest rate risk — The values and liquidity of the securities held by the underlying fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. The underlying fund may invest in variable and floating rate securities. When the underlying fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, the underlying fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates. Liquidity risk — Certain underlying fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs or to try to limit losses, or may be forced to sell at a loss. Management — The investment adviser to the 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. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com. Investment results The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. capitalgroup.com Average annual total returns For the periods ended December 31, 2022 (with maximum sales charge for Class A): 2009-07-13 2009-07-13 2009-07-13 2009-07-13 2009-07-13 -0.145 0.0509 0.0825 0.0979 2007-02-01 -0.1475 0.0473 0.0788 0.06 -0.1568 0.036 0.0685 -0.082 0.0363 0.0625 2014-02-21 -0.162 0.0396 0.0541 2014-02-21 -0.1476 0.0471 0.0611 2014-02-21 -0.1455 0.05 0.064 2017-01-27 -0.1445 0.0509 0.0676 2007-02-01 -0.1536 0.0393 0.0705 0.0519 2007-02-01 -0.1543 0.0394 0.0709 0.0522 2014-08-29 -0.1514 0.0425 0.0534 2007-02-01 -0.1498 0.0442 0.0755 0.0566 2007-02-01 -0.1476 0.0472 0.0787 0.0599 2015-11-20 -0.1458 0.0495 0.0673 2007-02-01 -0.1449 0.0504 0.082 0.0631 -0.1396 0.0417 0.0684 0.0857 -0.1811 0.0942 0.1256 0.1359 -0.16 0.0088 0.038 0.0569 -0.1301 0.0002 0.0106 0.0235 After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). American Funds 2025 Target Date Retirement Fund Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time. Investment objectives This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. More information about these and other discounts is available from your financial professional, in the “Sales charge reductions and waivers” sections on page 111 of the prospectus and on page 110 of the fund’s statement of additional information, and in the sales charge waiver appendix to the prospectus. Fees and expenses of the fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. 25000 Shareholder fees (fees paid directly from your investment) 0.0575 0 0.025 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0 0.0025 0.0099 0.0025 0.0025 0 0 0.0099 0.001 0.001 0.001 0.0012 0.001 0.0001 0.001 0.0031 0.0031 0.0031 0.0031 0.0031 0.0031 0.0031 0.0066 0.014 0.0066 0.0068 0.0041 0.0032 0.014 0 0 0 0 0 0 0 0.0075 0.006 0.005 0.0025 0 0 0 0.0035 0.0021 0.0016 0.0011 0.0016 0.0006 0.0001 0.0031 0.0031 0.0031 0.0031 0.0031 0.0031 0.0031 0.0141 0.0112 0.0097 0.0067 0.0047 0.0037 0.0032 A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 639 243 316 69 42 33 143 144 114 774 443 456 218 132 103 443 446 356 922 766 609 379 230 180 766 771 617 1350 1477 1052 847 518 406 1680 1691 1363 For the share classes listed to the right, you would pay the following if you did not redeem your shares: 99 68 48 38 33 143 309 214 151 119 103 443 536 373 263 208 180 766 1190 835 591 468 406 1477 The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 5% of the average value of its portfolio. Portfolio turnover 0.05 The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the United States. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments. The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed. The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund’s investment objective. According to its current investment approach, the investment adviser will continue to manage the fund for approximately 30 years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. 30 years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time. The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative – both prior to and after retirement – as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of January 1, 2024. Investment approach <img alt="" src="image_019.jpg"/> The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders. Principal investment strategies Principal risks You may lose money by investing in the fund. Allocation risk — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the 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 the 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. Fund structure — The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the 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 the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the 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 the fund’s investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the 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 the fund. Underlying fund risks — Because the fund’s investments consist of underlying funds, the 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 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. 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. Investing in stocks — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date. Investing outside the United States — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers 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 United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets. Management — The investment adviser to the 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. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com. Investment results The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. capitalgroup.com Average annual total returns For the periods ended December 31, 2022 (with maximum sales charge for Class A): 2009-07-13 2009-07-13 2009-07-13 2009-07-13 2009-07-13 -0.1274 0.0469 0.0748 0.0911 2007-02-01 -0.1304 0.0434 0.0712 0.0546 -0.1397 0.0323 0.061 -0.073 0.0328 0.0559 2014-02-21 -0.1452 0.0356 0.0476 2014-02-21 -0.1311 0.043 0.0544 2014-02-21 -0.1284 0.0459 0.0572 2017-01-27 -0.1273 0.0469 0.0604 2007-02-01 -0.1368 0.0354 0.0628 0.0465 2007-02-01 -0.1373 0.0354 0.0633 0.0468 2014-08-29 -0.1348 0.0385 0.0467 2007-02-01 -0.1332 0.0401 0.0678 0.0512 2007-02-01 -0.1304 0.0433 0.0711 0.0545 2015-11-20 -0.1287 0.0454 0.0603 2007-02-01 -0.1275 0.0465 0.0744 0.0577 -0.1313 0.0375 0.0623 0.0797 -0.1811 0.0942 0.1256 0.1359 -0.16 0.0088 0.038 0.0569 -0.1301 0.0002 0.0106 0.0235 After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). American Funds 2020 Target Date Retirement Fund Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it continues past its target date. In this way, the fund seeks to balance total return and stability over time. Investment objectives This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. More information about these and other discounts is available from your financial professional, in the “Sales charge reductions and waivers” sections on page 111 of the prospectus and on page 110 of the fund’s statement of additional information, and in the sales charge waiver appendix to the prospectus. Fees and expenses of the fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. 25000 Shareholder fees (fees paid directly from your investment) 0.0575 0 0.025 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0 0.0024 0.01 0.0025 0.0025 0 0 0.01 0.001 0.001 0.001 0.0012 0.001 0.0001 0.001 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.0064 0.014 0.0065 0.0067 0.004 0.0031 0.014 0 0 0 0 0 0 0 0.0075 0.006 0.005 0.0025 0 0 0 0.0035 0.0021 0.0016 0.0011 0.0016 0.0006 0.0001 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.014 0.0111 0.0096 0.0066 0.0046 0.0036 0.0031 A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 637 243 315 68 41 32 143 143 113 768 443 453 214 128 100 443 443 353 911 766 603 373 224 174 766 766 612 1327 1472 1040 835 505 393 1680 1680 1352 For the share classes listed to the right, you would pay the following if you did not redeem your shares: 98 67 47 37 32 143 306 211 148 116 100 443 531 368 258 202 174 766 1178 822 579 456 393 1472 The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 6% of the average value of its portfolio. Portfolio turnover 0.06 The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth funds, growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth funds seek long-term growth primarily through investing in both U.S. stocks and stocks of issuers domiciled outside the United States. Growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments. The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed. The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund’s investment objective. According to its current investment approach, the investment adviser will continue to manage the fund for approximately 30 years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. 30 years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time. The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative – both prior to and after retirement – as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of January 1, 2024. Investment approach <img alt="" src="image_021.jpg"/> The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders. Principal investment strategies Principal risks You may lose money by investing in the fund. Allocation risk — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the 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 the 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. Fund structure — The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the 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 the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the 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 the fund’s investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the 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 the fund. Underlying fund risks — Because the fund’s investments consist of underlying funds, the 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 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. 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. Investing in stocks — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date. Investing outside the United States — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers 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 United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets. Management — The investment adviser to the 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. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com. Investment results The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. capitalgroup.com Average annual total returns For the periods ended December 31, 2022 (with maximum sales charge for Class A): 2009-07-13 2009-07-13 2009-07-13 2009-07-13 2009-07-13 -0.1101 0.0421 0.0655 0.0817 2007-02-01 -0.113 0.0386 0.0618 0.0486 -0.1228 0.0266 0.0514 -0.063 0.0285 0.0477 2014-02-21 -0.1281 0.0309 0.0421 2014-02-21 -0.1135 0.0383 0.049 2014-02-21 -0.111 0.0412 0.0518 2017-01-27 -0.1105 0.0421 0.0531 2007-02-01 -0.1202 0.0305 0.0535 0.0406 2007-02-01 -0.1196 0.0307 0.054 0.041 2014-08-29 -0.1175 0.0338 0.0411 2007-02-01 -0.1165 0.0353 0.0584 0.0452 2007-02-01 -0.1136 0.0384 0.0617 0.0485 2015-11-20 -0.1118 0.0407 0.0536 2007-02-01 -0.1109 0.0416 0.0649 0.0517 -0.1281 0.0314 0.055 0.0724 -0.1811 0.0942 0.1256 0.1359 -0.16 0.0088 0.038 0.0569 -0.1301 0.0002 0.0106 0.0235 After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). American Funds 2015 Target Date Retirement Fund Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it continues past its target date. In this way, the fund seeks to balance total return and stability over time. Investment objectives This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. More information about these and other discounts is available from your financial professional, in the “Sales charge reductions and waivers” sections on page 111 of the prospectus and on page 110 of the fund’s statement of additional information, and in the sales charge waiver appendix to the prospectus. Fees and expenses of the fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. 25000 Shareholder fees (fees paid directly from your investment) 0.0575 0 0.025 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0 0.0024 0.0099 0.0025 0.0025 0 0 0.01 0.001 0.001 0.001 0.0012 0.001 0.0001 0.001 0.0029 0.0029 0.0029 0.0029 0.0029 0.0029 0.0029 0.0063 0.0138 0.0064 0.0066 0.0039 0.003 0.0139 0 0 0 0 0 0 0 0.0075 0.006 0.005 0.0025 0 0 0 0.0035 0.0021 0.0016 0.0011 0.0016 0.0006 0.0001 0.0029 0.0029 0.0029 0.0029 0.0029 0.0029 0.0029 0.0139 0.011 0.0095 0.0065 0.0045 0.0035 0.003 A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 636 240 314 67 40 31 142 142 112 765 437 450 211 125 97 440 440 350 906 755 598 368 219 169 761 761 606 1316 1452 1028 822 493 381 1669 1669 1340 For the share classes listed to the right, you would pay the following if you did not redeem your shares: 97 66 46 36 31 140 303 208 144 113 97 437 525 362 252 197 169 755 1166 810 567 443 381 1452 The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 7% of the average value of its portfolio. Portfolio turnover 0.07 The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments. The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed. The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund’s investment objective. According to its current investment approach, the investment adviser will continue to manage the fund for approximately 30 years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. 30 years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time. The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative – both prior to and after retirement – as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of January 1, 2024. Investment approach <img alt="" src="image_023.jpg"/> The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders. Principal investment strategies Principal risks You may lose money by investing in the fund. Allocation risk — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the 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 the 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. Fund structure — The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the 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 the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the 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 the fund’s investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the 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 the fund. Underlying fund risks — Because the fund’s investments consist of underlying funds, the 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 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. 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. Investing in stocks — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date. Investing outside the United States — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers 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 United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets. Management — The investment adviser to the 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. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com. Investment results The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. capitalgroup.com Average annual total returns For the periods ended December 31, 2022 (with maximum sales charge for Class A): 2009-07-13 2009-07-13 2009-07-13 2009-07-13 2009-07-13 -0.1025 0.04 0.0596 0.0755 2007-02-01 -0.1057 0.0366 0.056 0.046 -0.1152 0.0251 0.045 -0.059 0.0266 0.0424 2014-02-21 -0.1206 0.0288 0.0387 2014-02-21 -0.1055 0.0363 0.0456 2014-02-21 -0.103 0.039 0.0483 2017-01-27 -0.1026 0.0399 0.0494 2007-02-01 -0.112 0.0286 0.0478 0.0381 2007-02-01 -0.1121 0.0287 0.0482 0.0385 2014-08-29 -0.1095 0.0316 0.0378 2007-02-01 -0.1084 0.0331 0.0526 0.0427 2007-02-01 -0.1055 0.0365 0.056 0.046 2015-11-20 -0.1031 0.0386 0.0508 2007-02-01 -0.1025 0.0395 0.0591 0.0491 -0.1216 0.0307 0.0501 0.0662 -0.1811 0.0942 0.1256 0.1359 -0.16 0.0088 0.038 0.0569 -0.1301 0.0002 0.0106 0.0235 After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). American Funds 2010 Target Date Retirement Fund Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it continues past its target date. In this way, the fund seeks to balance total return and stability over time. Investment objectives This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. For example, in addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class F-2 or F-3 shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. More information about these and other discounts is available from your financial professional, in the “Sales charge reductions and waivers” sections on page 111 of the prospectus and on page 110 of the fund’s statement of additional information, and in the sales charge waiver appendix to the prospectus. Fees and expenses of the fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in American Funds. 25000 Shareholder fees (fees paid directly from your investment) 0.0575 0 0.025 0 0 0 0 0 0 0 0 0 0 0 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0 0.0024 0.0099 0.0025 0.0025 0 0 0.01 0.001 0.001 0.001 0.0012 0.001 0.0001 0.001 0.0028 0.0028 0.0028 0.0028 0.0028 0.0028 0.0028 0.0062 0.0137 0.0063 0.0065 0.0038 0.0029 0.0138 0 0 0 0 0 0 0 0.0075 0.006 0.005 0.0025 0 0 0 0.0035 0.0021 0.0016 0.0011 0.0016 0.0006 0.0001 0.0028 0.0028 0.0028 0.0028 0.0028 0.0028 0.0028 0.0138 0.0109 0.0094 0.0064 0.0044 0.0034 0.0029 A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. You may be required to pay brokerage commissions on your purchases and sales of Class F-2 or F-3 shares of the fund, which are not reflected in the example. Example Although your actual costs may be higher or lower, based on these assumptions your costs would be: 635 239 313 66 39 30 140 140 111 762 434 447 208 122 93 437 437 347 901 750 592 362 213 163 755 755 601 1305 1441 1017 810 480 368 1657 1657 1329 For the share classes listed to the right, you would pay the following if you did not redeem your shares: 96 65 45 35 30 139 300 205 141 109 93 434 520 357 246 191 163 750 1155 798 555 431 368 1441 The fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results. During the most recent fiscal year, the fund’s portfolio turnover rate was 8% of the average value of its portfolio. Portfolio turnover 0.08 The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments. The fund is designed for investors who plan to retire in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date. In an effort to achieve the fund’s overall investment objective, the fund will continue to provide equity and fixed income exposure in varying amounts after the target date has passed. The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund’s investment objective. According to its current investment approach, the investment adviser will continue to manage the fund for approximately 30 years after the fund reaches its target date. As reflected in the glide path below, the fund’s asset allocations will change throughout this period. 30 years after its target date, the fund may be combined with other funds in a single portfolio with an investment allocation that will not evolve beyond that which is in effect at that time. The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative – both prior to and after retirement – as time elapses. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund’s asset allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. The allocations shown reflect the target allocations as of January 1, 2024. Investment approach <img alt="" src="image_025.jpg"/> The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 40% target allocation to growth-and-income funds is not expected to be greater than 50% nor less than 30%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders. Principal investment strategies Principal risks You may lose money by investing in the fund. Allocation risk — Investments in the fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of the fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, the 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 the 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. Fund structure — The fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in the 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 the fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the 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 the fund’s investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the 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 the fund. Underlying fund risks — Because the fund’s investments consist of underlying funds, the 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 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. 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. Investing in stocks — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. Income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date. Investing outside the United States — Securities of issuers domiciled outside the United States or with significant operations or revenues outside the United States, and securities tied economically to countries outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers 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 United States. Investments outside the United States may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the United States may be heightened in connection with investments in emerging markets. Management — The investment adviser to the 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. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. This information provides some indication of the risks of investing in the fund. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. Updated information on the fund’s investment results can be obtained by visiting capitalgroup.com. Investment results The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results. The S&P 500 Index represents a portion of the equity securities in the U.S. in which certain underlying funds may invest. The MSCI® All Country World ex USA Index represents a portion of the equity securities outside the U.S. in which certain underlying funds may invest. The Bloomberg U.S. Aggregate Index represents a portion of the fixed-income securities in which certain underlying funds may invest. Past investment results are not predictive of future investment results. capitalgroup.com Average annual total returns For the periods ended December 31, 2022 (with maximum sales charge for Class A): 2009-07-13 2009-07-13 2009-07-13 2009-07-13 2009-07-13 -0.0915 0.038 0.0547 0.0712 2007-02-01 -0.095 0.0343 0.051 0.0433 -0.104 0.024 0.0403 -0.0531 0.0247 0.038 2014-02-21 -0.1102 0.0268 0.0362 2014-02-21 -0.0946 0.0342 0.0431 2014-02-21 -0.0927 0.037 0.0458 2017-01-27 -0.091 0.0381 0.0467 2007-02-01 -0.102 0.0265 0.0429 0.0355 2007-02-01 -0.1021 0.0264 0.0433 0.0358 2014-08-29 -0.099 0.0297 0.0353 2007-02-01 -0.0978 0.0311 0.0477 0.0401 2007-02-01 -0.0947 0.0343 0.0509 0.0433 2015-11-20 -0.0929 0.0365 0.0481 2007-02-01 -0.0924 0.0375 0.0541 0.0465 -0.1144 0.0282 0.0437 0.0585 -0.1811 0.0942 0.1256 0.1359 -0.16 0.0088 0.038 0.0569 -0.1301 0.0002 0.0106 0.0235 After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). After-tax returns are shown only for Class A shares; after-tax returns for other share classes will vary. After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account (IRA). ~ http://www.american.com/20231218/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001380175_S000083553Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001380175_S000083553Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExample20003 column dei_LegalEntityAxis compact ck0001380175_S000083553Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExampleNoRedemption20004 column dei_LegalEntityAxis compact ck0001380175_S000083553Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleShareholderFees20007 column dei_LegalEntityAxis compact ck0001380175_S000067479Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAnnualFundOperatingExpenses20008 column dei_LegalEntityAxis compact ck0001380175_S000067479Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExample20009 column dei_LegalEntityAxis compact ck0001380175_S000067479Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExampleNoRedemption20010 column dei_LegalEntityAxis compact ck0001380175_S000067479Member row primary compact * ~ 0.1732 -0.1964 ~ http://www.american.com/20231218/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_LegalEntityAxis compact ck0001380175_S000067479Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_LegalEntityAxis compact ck0001380175_S000067479Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleShareholderFees20015 column dei_LegalEntityAxis compact ck0001380175_S000047903Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAnnualFundOperatingExpenses20016 column dei_LegalEntityAxis compact ck0001380175_S000047903Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExample20017 column dei_LegalEntityAxis compact ck0001380175_S000047903Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExampleNoRedemption20018 column dei_LegalEntityAxis compact ck0001380175_S000047903Member row primary compact * ~ 0.0841 0.2249 -0.0564 0.2501 0.1944 0.1719 -0.1966 ~ http://www.american.com/20231218/role/ScheduleAnnualTotalReturnsBarChart20019 column dei_LegalEntityAxis compact ck0001380175_S000047903Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAverageAnnualReturnsTransposed20020 column dei_LegalEntityAxis compact ck0001380175_S000047903Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleShareholderFees20023 column dei_LegalEntityAxis compact ck0001380175_S000027236Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAnnualFundOperatingExpenses20024 column dei_LegalEntityAxis compact ck0001380175_S000027236Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExample20025 column dei_LegalEntityAxis compact ck0001380175_S000027236Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExampleNoRedemption20026 column dei_LegalEntityAxis compact ck0001380175_S000027236Member row primary compact * ~ 0.2659 0.0701 0.0063 0.0830 0.2263 -0.0565 0.2509 0.1939 0.1728 -0.1950 ~ http://www.american.com/20231218/role/ScheduleAnnualTotalReturnsBarChart20027 column dei_LegalEntityAxis compact ck0001380175_S000027236Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAverageAnnualReturnsTransposed20028 column dei_LegalEntityAxis compact ck0001380175_S000027236Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleShareholderFees20031 column dei_LegalEntityAxis compact ck0001380175_S000015563Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAnnualFundOperatingExpenses20032 column dei_LegalEntityAxis compact ck0001380175_S000015563Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExample20033 column dei_LegalEntityAxis compact ck0001380175_S000015563Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExampleNoRedemption20034 column dei_LegalEntityAxis compact ck0001380175_S000015563Member row primary compact * ~ 0.2665 0.0702 0.0065 0.0833 0.2261 -0.0561 0.2504 0.1942 0.1727 -0.1890 ~ http://www.american.com/20231218/role/ScheduleAnnualTotalReturnsBarChart20035 column dei_LegalEntityAxis compact ck0001380175_S000015563Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAverageAnnualReturnsTransposed20036 column dei_LegalEntityAxis compact ck0001380175_S000015563Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleShareholderFees20039 column dei_LegalEntityAxis compact ck0001380175_S000015562Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAnnualFundOperatingExpenses20040 column dei_LegalEntityAxis compact ck0001380175_S000015562Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExample20041 column dei_LegalEntityAxis compact ck0001380175_S000015562Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExampleNoRedemption20042 column dei_LegalEntityAxis compact ck0001380175_S000015562Member row primary compact * ~ 0.2651 0.0709 0.0064 0.0827 0.2244 -0.0558 0.2468 0.1921 0.1718 -0.1819 ~ http://www.american.com/20231218/role/ScheduleAnnualTotalReturnsBarChart20043 column dei_LegalEntityAxis compact ck0001380175_S000015562Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAverageAnnualReturnsTransposed20044 column dei_LegalEntityAxis compact ck0001380175_S000015562Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleShareholderFees20047 column dei_LegalEntityAxis compact ck0001380175_S000015561Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAnnualFundOperatingExpenses20048 column dei_LegalEntityAxis compact ck0001380175_S000015561Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExample20049 column dei_LegalEntityAxis compact ck0001380175_S000015561Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExampleNoRedemption20050 column dei_LegalEntityAxis compact ck0001380175_S000015561Member row primary compact * ~ 0.2666 0.0696 0.0058 0.0817 0.2198 -0.0552 0.2440 0.1877 0.1683 -0.1755 ~ http://www.american.com/20231218/role/ScheduleAnnualTotalReturnsBarChart20051 column dei_LegalEntityAxis compact ck0001380175_S000015561Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAverageAnnualReturnsTransposed20052 column dei_LegalEntityAxis compact ck0001380175_S000015561Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleShareholderFees20055 column dei_LegalEntityAxis compact ck0001380175_S000015560Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAnnualFundOperatingExpenses20056 column dei_LegalEntityAxis compact ck0001380175_S000015560Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExample20057 column dei_LegalEntityAxis compact ck0001380175_S000015560Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExampleNoRedemption20058 column dei_LegalEntityAxis compact ck0001380175_S000015560Member row primary compact * ~ 0.2597 0.0702 0.0059 0.0800 0.2104 -0.0514 0.2329 0.1755 0.1554 -0.1624 ~ http://www.american.com/20231218/role/ScheduleAnnualTotalReturnsBarChart20059 column dei_LegalEntityAxis compact ck0001380175_S000015560Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAverageAnnualReturnsTransposed20060 column dei_LegalEntityAxis compact ck0001380175_S000015560Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleShareholderFees20063 column dei_LegalEntityAxis compact ck0001380175_S000015559Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAnnualFundOperatingExpenses20064 column dei_LegalEntityAxis compact ck0001380175_S000015559Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExample20065 column dei_LegalEntityAxis compact ck0001380175_S000015559Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExampleNoRedemption20066 column dei_LegalEntityAxis compact ck0001380175_S000015559Member row primary compact * ~ 0.2564 0.0706 0.0047 0.0771 0.1840 -0.0416 0.2006 0.1516 0.1316 -0.1450 ~ http://www.american.com/20231218/role/ScheduleAnnualTotalReturnsBarChart20067 column dei_LegalEntityAxis compact ck0001380175_S000015559Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAverageAnnualReturnsTransposed20068 column dei_LegalEntityAxis compact ck0001380175_S000015559Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleShareholderFees20071 column dei_LegalEntityAxis compact ck0001380175_S000015558Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAnnualFundOperatingExpenses20072 column dei_LegalEntityAxis compact ck0001380175_S000015558Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExample20073 column dei_LegalEntityAxis compact ck0001380175_S000015558Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExampleNoRedemption20074 column dei_LegalEntityAxis compact ck0001380175_S000015558Member row primary compact * ~ 0.2376 0.0666 0.0013 0.0736 0.1532 -0.0347 0.1785 0.1367 0.1143 -0.1274 ~ http://www.american.com/20231218/role/ScheduleAnnualTotalReturnsBarChart20075 column dei_LegalEntityAxis compact ck0001380175_S000015558Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAverageAnnualReturnsTransposed20076 column dei_LegalEntityAxis compact ck0001380175_S000015558Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleShareholderFees20079 column dei_LegalEntityAxis compact ck0001380175_S000015557Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAnnualFundOperatingExpenses20080 column dei_LegalEntityAxis compact ck0001380175_S000015557Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExample20081 column dei_LegalEntityAxis compact ck0001380175_S000015557Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExampleNoRedemption20082 column dei_LegalEntityAxis compact ck0001380175_S000015557Member row primary compact * ~ 0.1871 0.0674 0.0019 0.0705 0.1287 -0.0269 0.1558 0.1099 0.1064 -0.1101 ~ http://www.american.com/20231218/role/ScheduleAnnualTotalReturnsBarChart20083 column dei_LegalEntityAxis compact ck0001380175_S000015557Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAverageAnnualReturnsTransposed20084 column dei_LegalEntityAxis compact ck0001380175_S000015557Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleShareholderFees20087 column dei_LegalEntityAxis compact ck0001380175_S000015556Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAnnualFundOperatingExpenses20088 column dei_LegalEntityAxis compact ck0001380175_S000015556Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExample20089 column dei_LegalEntityAxis compact ck0001380175_S000015556Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExampleNoRedemption20090 column dei_LegalEntityAxis compact ck0001380175_S000015556Member row primary compact * ~ 0.1572 0.0664 -0.0062 0.0755 0.1119 -0.0272 0.1494 0.0996 0.1027 -0.1025 ~ http://www.american.com/20231218/role/ScheduleAnnualTotalReturnsBarChart20091 column dei_LegalEntityAxis compact ck0001380175_S000015556Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAverageAnnualReturnsTransposed20092 column dei_LegalEntityAxis compact ck0001380175_S000015556Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleShareholderFees20095 column dei_LegalEntityAxis compact ck0001380175_S000015555Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAnnualFundOperatingExpenses20096 column dei_LegalEntityAxis compact ck0001380175_S000015555Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExample20097 column dei_LegalEntityAxis compact ck0001380175_S000015555Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleExpenseExampleNoRedemption20098 column dei_LegalEntityAxis compact ck0001380175_S000015555Member row primary compact * ~ 0.1255 0.0679 -0.0084 0.0745 0.1041 -0.0249 0.1388 0.0925 0.0932 -0.0915 ~ http://www.american.com/20231218/role/ScheduleAnnualTotalReturnsBarChart20099 column dei_LegalEntityAxis compact ck0001380175_S000015555Member row primary compact * ~ ~ http://www.american.com/20231218/role/ScheduleAverageAnnualReturnsTransposed20100 column dei_LegalEntityAxis compact ck0001380175_S000015555Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ Calendar year total returns for Class R-6 shares (Class R shares are not subject to sales charges.) The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.  Highest 0.1933 2020-06-30 Lowest -0.1520 2022-06-30 The fund's total return for the nine months ended 0.0867 2023-09-30 Highest/Lowest quarterly results during this period were:   Highest 19.33% (quarter ended June 30, 2020)   Lowest -15.20% (quarter ended June 30, 2022)   The fund's total return for the nine months ended September 30, 2023, was 8.67%. (Class R shares are not subject to sales charges.) Calendar year total returns for Class R-6 shares (Class R shares are not subject to sales charges.) The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.  Highest 0.1913 2020-06-30 Lowest -0.1753 2020-03-31 The fund's total return for the nine months ended 0.0867 2023-09-30 Highest/Lowest quarterly results during this period were:   Highest 19.13% (quarter ended June 30, 2020)   Lowest -17.53% (quarter ended March 31, 2020)   The fund's total return for the nine months ended September 30, 2023, was 8.67%. (Class R shares are not subject to sales charges.) Calendar year total returns for Class R-6 shares (Class R shares are not subject to sales charges.) The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.  Highest 0.1921 2020-06-30 Lowest -0.1759 2020-03-31 The fund's total return for the nine months ended 0.0856 2023-09-30 Highest/Lowest quarterly results during this period were:   Highest 19.21% (quarter ended June 30, 2020)   Lowest -17.59% (quarter ended March 31, 2020)   The fund's total return for the nine months ended September 30, 2023, was 8.56%.   (Class R shares are not subject to sales charges.) Calendar year total returns for Class R-6 shares (Class R shares are not subject to sales charges.) The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.  Highest 0.1923 2020-06-30 Lowest -0.1762 2020-03-31 The fund's total return for the nine months ended 0.0816 2023-09-30 Highest/Lowest quarterly results during this period were:   Highest 19.23% (quarter ended June 30, 2020)   Lowest -17.62% (quarter ended March 31, 2020)   The fund's total return for the nine months ended September 30, 2023, was 8.16%.   (Class R shares are not subject to sales charges.) Calendar year total returns for Class R-6 shares (Class R shares are not subject to sales charges.) The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.  Highest 0.1882 2020-06-30 Lowest -0.1731 2020-03-31 The fund's total return for the nine months ended 0.0773 2023-09-30 Highest/Lowest quarterly results during this period were:   Highest 18.82% (quarter ended June 30, 2020)   Lowest -17.31% (quarter ended March 31, 2020)   The fund's total return for the nine months ended September 30, 2023, was 7.73%.   (Class R shares are not subject to sales charges.) Calendar year total returns for Class R-6 shares (Class R shares are not subject to sales charges.) The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.  Highest 0.1844 2020-06-30 Lowest -0.1702 2020-03-31 The fund's total return for the nine months ended 0.0725 2023-09-30 Highest/Lowest quarterly results during this period were:   Highest 18.44% (quarter ended June 30, 2020)   Lowest -17.02% (quarter ended March 31, 2020)   The fund's total return for the nine months ended September 30, 2023, was 7.25%.   (Class R shares are not subject to sales charges.) Calendar year total returns for Class R-6 shares (Class R shares are not subject to sales charges.) The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.  Highest 0.1715 2020-06-30 Lowest -0.1567 2020-03-31 The fund's total return for the nine months ended 0.0579 2023-09-30 Highest/Lowest quarterly results during this period were:   Highest 17.15% (quarter ended June 30, 2020)   Lowest -15.67% (quarter ended March 31, 2020)   The fund's total return for the nine months ended September 30, 2023, was 5.79%.   (Class R shares are not subject to sales charges.) Calendar year total returns for Class R-6 shares (Class R shares are not subject to sales charges.) The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.  Highest 0.1383 2020-06-30 Lowest -0.1256 2020-03-31 The fund's total return for the nine months ended 0.0432 2023-09-30 Highest/Lowest quarterly results during this period were:   Highest 13.83% (quarter ended June 30, 2020)   Lowest -12.56% (quarter ended March 31, 2020)   The fund's total return for the nine months ended September 30, 2023, was 4.32%.   (Class R shares are not subject to sales charges.) Calendar year total returns for Class R-6 shares (Class R shares are not subject to sales charges.) The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.  Highest 0.1207 2020-06-30 Lowest -0.1026 2020-03-31 The fund's total return for the nine months ended 0.0273 2023-09-30 Highest/Lowest quarterly results during this period were:   Highest 12.07% (quarter ended June 30, 2020)   Lowest -10.26% (quarter ended March 31, 2020)   The fund's total return for the nine months ended September 30, 2023, was 2.73%.   (Class R shares are not subject to sales charges.) Calendar year total returns for Class R-6 shares (Class R shares are not subject to sales charges.) The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.  Highest 0.0979 2020-06-30 Lowest -0.0885 2020-03-31 The fund's total return for the nine months ended 0.0180 2023-09-30 Highest/Lowest quarterly results during this period were:   Highest 9.79% (quarter ended June 30, 2020)   Lowest -8.85% (quarter ended March 31, 2020)   The fund's total return for the nine months ended September 30, 2023, was 1.80%.   (Class R shares are not subject to sales charges.) Calendar year total returns for Class R-6 shares (Class R shares are not subject to sales charges.) The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.  Highest 0.0903 2020-06-30 Lowest -0.0867 2020-03-31 The fund's total return for the nine months ended 0.0142 2023-09-30 Highest/Lowest quarterly results during this period were:   Highest 9.03% (quarter ended June 30, 2020)   Lowest -8.67% (quarter ended March 31, 2020)   The fund's total return for the nine months ended September 30, 2023, was 1.42%.   (Class R shares are not subject to sales charges.) Calendar year total returns for Class R-6 shares (Class R shares are not subject to sales charges.) The following bar chart shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compare with a broad measure of securities market results and other applicable measures of market results.  Highest 0.0831 2020-06-30 Lowest -0.0775 2020-03-31 The fund's total return for the nine months ended 0.0092 2023-09-30 Highest/Lowest quarterly results during this period were:   Highest 8.31% (quarter ended June 30, 2020)   Lowest -7.75% (quarter ended March 31, 2020)   The fund's total return for the nine months ended September 30, 2023, was 0.92%.   (Class R shares are not subject to sales charges.) false 2023-12-18 2023-10-31 485BPOS 0001380175 A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Based on estimated amounts for the current fiscal year. A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees. A contingent deferred sales charge of 1.00% applies on certain redemptions made within 18 months following purchases of $1 million or more made without an initial sales charge. Contingent deferred sales charge is calculated based on the lesser of the offering price and market value of shares being sold. Restated to reflect current fees.