SEC. File Nos. 333-138648
811-21981
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
Registration Statement
Under
the Securities Act of 1933
Post-Effective Amendment No. 11
and
Registration Statement
Under
the Investment Company Act of 1940
Amendment No. 13
AMERICAN FUNDS TARGET DATE RETIREMENT SERIES
(Exact Name of Registrant as Specified in Charter)
333 South Hope Street
Los Angeles, California 90071-1447
(Address of Principal Executive Offices)
Registrant's telephone number, including area
code:
(213) 486-9200
Steven I. Koszalka, Secretary
American Funds Target Date Retirement Series
333 South Hope Street
Los Angeles, California 90071-1406
(Name and Address of Agent for Service)
__________________
Copies to:
Michael Glazer
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, CA 90071-3106
(Counsel for the Registrant)
Approximate date of proposed public offering:
It is proposed that this filing become effective
on January 1, 2013, pursuant to paragraph (b) of rule 485.
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American
Funds Target Date Retirement Series
®
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Ticker
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Class A
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Class R-1
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Class R-2
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Class R-3
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Class R-4
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Class R-5
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Class R-6
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American Funds 2055 Target Date Retirement Fund
®
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AAMTX
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RAMTX
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RBMTX
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RCMTX
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RDJTX
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REKTX
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RFKTX
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American Funds 2050 Target Date Retirement Fund
®
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AALTX
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RAITX
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RBITX
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RCITX
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RDITX
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REITX
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RFITX
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American Funds 2045 Target Date Retirement Fund
®
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AAHTX
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RAHTX
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RBHTX
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RCHTX
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RDHTX
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REHTX
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RFHTX
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American Funds 2040 Target Date Retirement Fund
®
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AAGTX
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RAKTX
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RBKTX
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RCKTX
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RDGTX
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REGTX
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RFGTX
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American Funds 2035 Target Date Retirement Fund
®
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AAFTX
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RAFTX
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RBFTX
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RCFTX
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RDFTX
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REFTX
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RFFTX
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American Funds 2030 Target Date Retirement Fund
®
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AAETX
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RAETX
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RBETX
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RCETX
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RDETX
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REETX
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RFETX
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American Funds 2025 Target Date Retirement Fund
®
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AADTX
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RADTX
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RBDTX
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RCDTX
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RDDTX
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REDTX
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RFDTX
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American Funds 2020 Target Date Retirement Fund
®
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AACTX
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RACTX
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RBCTX
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RCCTX
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RDCTX
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RECTX
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RRCTX
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American Funds 2015 Target Date Retirement Fund
®
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AABTX
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RAJTX
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RBJTX
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RCJTX
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RDBTX
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REJTX
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RFJTX
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American Funds 2010 Target Date Retirement Fund
®
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AAATX
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RAATX
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RBATX
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RCATX
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RDATX
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REATX
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RFTTX
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Prospectus
January 1, 2013
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Table
of contents
Summaries:
American Funds 2055
Target Date Retirement Fund 1
American Funds 2050
Target Date Retirement Fund 7
American Funds 2045
Target Date Retirement Fund 13
American Funds 2040
Target Date Retirement Fund 19
American Funds 2035
Target Date Retirement Fund 25
American Funds 2030
Target Date Retirement Fund 31
American Funds 2025
Target Date Retirement Fund 37
American Funds 2020
Target Date Retirement Fund 43
American Funds 2015
Target Date Retirement Fund 49
American Funds 2010
Target Date Retirement Fund 55
Investment
objectives, strategies and risks 61
Information regarding the underlying funds 65
Management
and organization 70
Shareholder information 72
Purchase,
exchange and sale of shares 73
How to sell shares 74
Distributions
and taxes 75
Sales charges 76
Sales
charge reductions and waivers 77
Rollovers from retirement plans to IRAs 79
Plans
of distribution 79
Other compensation to dealers 80
Fund
expenses 80
Financial highlights 81
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The U.S. Securities and Exchange Commission has not approved or disapproved of these securities. Further, it has not determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
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American Funds 2055 Target Date Retirement
Fund
Investment objectives
Depending on the proximity to its target date, 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 bond, 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.
Fees and expenses of the fund
This table describes the fees and expenses that you
may pay if you buy and hold shares of the fund. You may qualify for a Class A sales charge discount 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 and in the “Sales charge reductions and waivers” section on page 77 of the prospectus
and on page 71 of the fund’s statement of additional information.
Shareholder fees
(fees paid directly from your investment)
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Class A
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All R share
classes
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Maximum sales charge (load) imposed on
purchases (as a percentage of offering
price)
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5.75%
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none
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Maximum deferred sales charge (load)
(as a percentage of the amount redeemed)
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1.00
1
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none
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Maximum sales charge (load) imposed
on reinvested dividends
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none
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none
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Redemption or exchange fees
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none
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none
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Annual fund operating
expenses
(expenses that you pay each year as a percentage
of the value of your investment)
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Share
classes
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A
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R-1
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R-2
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R-3
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R-4
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R-5
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R-6
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Management fees
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0.10%
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0.10%
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0.10%
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0.10%
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0.10%
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0.10%
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0.10%
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Distribution and/or service (12b-1) fees
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0.19
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1.00
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0.75
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0.50
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0.25
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none
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none
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Other expenses
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0.27
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0.29
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0.44
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0.33
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0.25
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0.19
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0.17
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Acquired (underlying) fund fees and expenses
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0.41
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0.41
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0.41
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0.41
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0.41
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0.41
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0.41
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Total annual fund operating expenses
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0.97
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1.80
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1.70
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1.34
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1.01
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0.70
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0.68
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Fee waiver and/or expense reimbursement
2
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0.18
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0.20
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0.18
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0.19
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0.20
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0.18
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0.20
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Total annual fund operating expenses after fee waiver
and/or expense reimbursement
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0.79
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1.60
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1.52
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1.15
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0.81
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0.52
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0.48
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1
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A contingent deferred sales charge of 1.00% applies
on certain redemptions within one year following purchases
of $1 million or more made without an initial sales
charge.
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2
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The investment adviser is currently waiving its management
fee of .10%. In addition, the investment adviser is currently
reimbursing a portion of the other expenses for each share
class. This waiver and reimbursement will be in effect through
at least December 31, 2013. The adviser may elect at its
discretion to extend, modify or terminate the reimbursement
at that time. The waiver may only be modified or terminated
with the approval of the fund’s board.
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American Funds Target Date Retirement Series / Prospectus
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Example
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 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. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:
Share classes
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1 year
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3 years
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5 years
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10 years
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A
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$651
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$849
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$1,064
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$1,681
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R-1
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163
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547
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956
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2,100
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R-2
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155
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518
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906
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1,994
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R-3
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117
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406
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716
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1,596
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R-4
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83
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302
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538
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1,218
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R-5
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53
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206
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372
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854
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R-6
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49
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197
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359
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828
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Portfolio turnover
The fund pays 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 10% of the average value of its portfolio.
American Funds Target Date Retirement Series / Prospectus
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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 such as growth funds, growth-and-income funds, equity-income funds and a balanced fund and bond funds. The fund
categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing
in both U.S. stocks and stocks of issuers domiciled outside the U.S. 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 bond
investments, while bond funds seek current income through bond investments.
The investment adviser may periodically rebalance or modify the asset
mix of the funds and change the underlying fund investments. According to its current investment approach, the investment adviser
will continue to manage the fund for approximately thirty years after the fund reaches its target date. Thirty 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 chart illustrates the current investment approach
of the fund by showing how its investment in the various fund categories will change over time.
Current investment approach
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 continuously
monitor the fund and may make modifications to either the investment approach or the underlying fund allocations that the investment
adviser believes could benefit shareholders.
American Funds Target Date Retirement Series / Prospectus
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Principal risks
This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to
tolerate potentially sharp declines in value.
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.
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.
Market conditions —
The prices of,
and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline due to market
conditions and other factors, including those directly involving the issuers of securities held by the underlying funds.
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, short-term 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 will be more significant for the fund in the years preceding its target date because a greater proportion of the fund’s
assets will consist of underlying funds that primarily invest in stocks.
Investing in bonds —
Rising interest
rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject
to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to
redeem, call or refinance a security before its stated maturity, which may result in the underlying fund having to reinvest the
proceeds in lower yielding securities.
Bonds and other debt securities are subject to credit
risk, which is the possibility that the credit strength of an issuer will weaken 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. Credit risk is gauged, in part, by the
credit ratings of the 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. 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 bonds —
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 bonds rated Ba1 or BB+
or below by Nationally Recognized Statistical Rating Organizations or unrated but determined by the underlying fund’s investment
adviser to be of equivalent quality. Such securities are considered speculative and are sometimes referred to as “junk bonds.”
The value of the underlying funds may be similarly affected.
Investing outside the United States —
Securities
of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because
of adverse political, social, economic or market developments in the countries or regions in which the issuer operates. 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. 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 settlement and accounting practices and different regulatory,
legal and reporting standards, and may be more difficult to value, than those in the United States. 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 employed by the investment adviser in this process 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. You
should consider how this fund fits into your overall investment program.
American Funds Target Date Retirement Series / Prospectus
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Investment results
The following bar chart shows the fund’s investment
results for its first full calendar year of operations, and the following table shows how the fund’s average annual total
returns for various periods compare with different broad measures of market results. This information provides some indication
of the risks of investing in the fund. The MSCI All Country World ex USA Index represents a portion of the equity securities in
which certain underlying funds may invest. The Barclays 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 americanfunds.com.
Average annual total
returns
For the periods ended December 31, 2011
(with maximum sales charge):
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Share class
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Inception date
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1 year
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Lifetime
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A
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2/1/2010
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–8.19%
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3.15%
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Share classes
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Inception date
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1 year
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Lifetime
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R-1
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2/1/2010
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–3.37%
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5.58%
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R-2
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2/1/2010
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–3.33
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5.61
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R-3
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2/1/2010
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–3.05
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5.99
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R-4
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2/1/2010
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–2.71
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6.34
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R-5
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2/1/2010
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–2.33
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6.69
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R-6
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2/1/2010
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–2.29
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6.73
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Indexes
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1 year
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Lifetime
(from Class A inception
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S&P 500 (reflects no deductions for sales charges, account fees, expenses
or U.S. federal income taxes)
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2.09%
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10.07%
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MSCI All Country World ex USA Index (reflects no deductions for sales charges,
account fees, expenses or U.S. federal income taxes)
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–13.71
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0.29
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Barclays U.S. Aggregate Index (reflects no deductions for sales charges, account
fees, expenses or U.S. federal income taxes)
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7.84
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6.77
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American Funds Target Date Retirement Series / Prospectus
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Management
Investment adviser
Capital Research and
Management Company
SM
Portfolio oversight committee
The investment
adviser’s Portfolio Oversight Committee develops the allocation approach and selects the underlying funds in which the fund
invests. The members of the Portfolio Oversight Committee are:
Investment
professional/
Series title
(if
applicable)
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Investment
professional
experience in this fund
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Primary
title with investment adviser
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John
H. Smet
Vice Chairman of the Board
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3 years
(since the series’
inception)
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Senior Vice President – Fixed
Income,
Capital Research and Management Company
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Alan
N. Berro
Senior Vice President
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3 years
(since the series’
inception)
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Senior Vice President – Capital
World Investors
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James
B. Lovelace
Senior Vice President
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3 years
(since the series’
inception)
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Senior Vice President – Capital
Research Global Investors
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Wesley
K.-S. Phoa
Senior Vice President
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1 year
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Senior Vice President – Fixed
Income, Capital Research Company
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Andrew
B. Suzman
Senior Vice President
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1 year
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Senior Vice President – Capital
World Investors
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Bradley
J. Vogt
Senior Vice President
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1 year
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Senior Vice President – Capital
Research Global Investors
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Purchase and sale of fund shares
The minimum amount to establish an IRA account is $250 and
the minimum to add to an account is $50.
For a payroll deduction retirement plan account or payroll
deduction IRA, the minimum is $25 to establish or add to an account.
For IRAs, you may sell (redeem) shares through your
dealer or financial adviser or by writing to American Funds Service Company at P.O. Box 6007, Indianapolis, Indiana 46206-6007;
telephoning American Funds Service Company at 800/421-4225; faxing American Funds Service Company at 888/421-4351; or accessing
our website at americanfunds.com.
Eligible retirement plans generally may open an account
and purchase Class A or R shares by contacting any investment dealer authorized to sell these classes of the fund’s shares.
Investment dealers may impose transaction charges in addition to those described in this prospectus. Please contact your plan administrator
or recordkeeper in order to sell (redeem) shares from your retirement plan.
Tax information
Dividends and capital gains distributed by the fund
to tax-deferred retirement plan accounts and IRAs are not currently taxable.
Payments to broker-dealers and other financial
intermediaries
If you purchase shares of the fund through a broker-dealer
or other financial intermediary (such as a bank), the fund and the fund’s distributor or its affiliates may pay the intermediary
for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer
or other intermediary and your individual financial adviser to recommend the fund over another investment. Ask your individual
financial adviser or visit your financial intermediary’s website for more information.
American Funds Target Date Retirement Series / Prospectus
6
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American Funds 2050 Target Date Retirement
Fund
Investment objectives
Depending on the proximity to its target date, 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 bond, 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.
Fees and expenses of the fund
This table describes the fees and expenses that you
may pay if you buy and hold shares of the fund. You may qualify for a Class A sales charge discount 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 and in the “Sales charge reductions and waivers” section on page 77 of the prospectus
and on page 71 of the fund’s statement of additional information.
Shareholder fees
(fees paid directly from your investment)
|
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Class A
|
All R share
classes
|
Maximum sales charge (load) imposed on
purchases (as a percentage of offering
price)
|
5.75%
|
none
|
Maximum deferred sales charge (load)
(as a percentage of the amount redeemed)
|
1.00
1
|
none
|
Maximum sales charge (load) imposed
on reinvested dividends
|
none
|
none
|
Redemption or exchange fees
|
none
|
none
|
Annual fund operating
expenses
(expenses that you pay each year as a percentage
of the value of your investment)
|
|
Share
classes
|
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A
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R-1
|
R-2
|
R-3
|
R-4
|
R-5
|
R-6
|
Management fees
|
0.10%
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0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
Distribution and/or service (12b-1) fees
|
0.22
|
1.00
|
0.75
|
0.50
|
0.25
|
none
|
none
|
Other expenses
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0.16
|
0.16
|
0.34
|
0.21
|
0.13
|
0.09
|
0.04
|
Acquired (underlying) fund fees and expenses
|
0.41
|
0.41
|
0.41
|
0.41
|
0.41
|
0.41
|
0.41
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Total annual fund operating expenses
|
0.89
|
1.67
|
1.60
|
1.22
|
0.89
|
0.60
|
0.55
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Fee waiver
2
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0.10
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0.10
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0.10
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0.10
|
0.10
|
0.10
|
0.10
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Total annual fund operating expenses after fee waiver
|
0.79
|
1.57
|
1.50
|
1.12
|
0.79
|
0.50
|
0.45
|
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1
|
A contingent deferred sales charge of 1.00% applies
on certain redemptions within one year following purchases
of $1 million or more made without an initial sales
charge.
|
|
2
|
The investment adviser is currently waiving its management
fee of .10%. This waiver will be in effect through at least
December 31, 2013. The waiver may only be modified or terminated
with the approval of the fund’s board.
|
American Funds Target Date Retirement Series / Prospectus
7
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Example
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 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. Although your actual costs may
be higher or lower, based on these assumptions your costs would be:
Share classes
|
1 year
|
3 years
|
5 years
|
10 years
|
A
|
$651
|
$833
|
$1,030
|
$1,599
|
R-1
|
160
|
517
|
898
|
1,968
|
R-2
|
153
|
495
|
861
|
1,892
|
R-3
|
114
|
377
|
661
|
1,468
|
R-4
|
81
|
274
|
483
|
1,087
|
R-5
|
51
|
182
|
325
|
740
|
R-6
|
46
|
166
|
297
|
680
|
Portfolio turnover
The fund pays 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 3% of the average value of its portfolio.
American Funds Target Date Retirement Series / Prospectus
8
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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 such as growth funds, growth-and-income funds, equity-income funds and a balanced fund and bond funds. The fund
categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing
in both U.S. stocks and stocks of issuers domiciled outside the U.S. 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 bond
investments, while bond funds seek current income through bond investments.
The investment adviser may periodically rebalance or modify
the asset mix of the funds and change the underlying fund investments. According to its current investment approach, the investment
adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. Thirty 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 chart illustrates the current investment approach
of the fund by showing how its investment in the various fund categories will change over time.
Current investment approach
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 continuously
monitor the fund and may make modifications to either the investment approach or the underlying fund allocations that the investment
adviser believes could benefit shareholders.
American Funds Target Date Retirement Series / Prospectus
9
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Principal risks
This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to
tolerate potentially sharp declines in value.
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.
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.
Market conditions —
The prices of,
and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline due to market
conditions and other factors, including those directly involving the issuers of securities held by the underlying funds.
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, short-term 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 will be more significant for the fund in the years preceding its target date because a greater proportion of the fund’s
assets will consist of underlying funds that primarily invest in stocks.
Investing in bonds —
Rising interest
rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject
to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to
redeem, call or refinance a security before its stated maturity, which may result in the underlying fund having to reinvest the
proceeds in lower yielding securities.
Bonds and other debt securities are subject to credit
risk, which is the possibility that the credit strength of an issuer will weaken 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. Credit risk is gauged, in part, by the
credit ratings of the 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. 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 bonds —
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 bonds rated Ba1 or BB+
or below by Nationally Recognized Statistical Rating Organizations or unrated but determined by the underlying fund’s investment
adviser to be of equivalent quality. Such securities are considered speculative and are sometimes referred to as “junk bonds.”
The value of the underlying funds may be similarly affected.
Investing outside the United States —
Securities
of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because
of adverse political, social, economic or market developments in the countries or regions in which the issuer operates. 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. 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 settlement and accounting practices and different regulatory,
legal and reporting standards, and may be more difficult to value, than those in the United States. 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 employed by the investment adviser in this process 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. You
should consider how this fund fits into your overall investment program.
American Funds Target Date Retirement Series / Prospectus
10
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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 different broad measures of market results. This information provides some indication of the risks of investing
in the fund. The MSCI All Country World ex USA Index represents a portion of the equity securities in which certain underlying
funds may invest. The Barclays 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 americanfunds.com.
Average annual total
returns
For the periods ended December 31, 2011
(with maximum sales charge):
|
Share class
|
Inception date
|
1 year
|
Lifetime
|
A
|
2/1/2007
|
–8.18%
|
–0.92%
|
Share classes
|
Inception date
|
1 year
|
Lifetime
|
R-1
|
2/1/2007
|
–3.37%
|
–0.49%
|
R-2
|
2/1/2007
|
–3.31
|
–0.48
|
R-3
|
2/1/2007
|
–3.02
|
–0.08
|
R-4
|
2/1/2007
|
–2.70
|
0.26
|
R-5
|
2/1/2007
|
–2.42
|
0.55
|
R-6
|
7/13/2009
|
–2.28
|
13.47
|
Indexes
|
1 year
|
Lifetime
(from Class A inception
|
S&P 500 (reflects no deductions for sales charges, account fees, expenses
or U.S. federal income taxes)
|
2.09%
|
–0.67%
|
MSCI All Country World ex USA Index (reflects no deductions for sales charges,
account fees, expenses or U.S. federal income taxes)
|
–13.71
|
–3.30
|
Barclays U.S. Aggregate Index (reflects no deductions for sales charges, account
fees, expenses or U.S. federal income taxes)
|
7.84
|
6.63
|
American Funds Target Date Retirement Series / Prospectus
11
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Management
Investment adviser
Capital Research and
Management Company
SM
Portfolio oversight committee
The investment
adviser’s Portfolio Oversight Committee develops the allocation approach and selects the underlying funds in which the fund
invests. The members of the Portfolio Oversight Committee are:
Investment
professional/
Series title
(if
applicable)
|
Investment
professional
experience in this fund
|
Primary
title with investment adviser
|
John
H. Smet
Vice Chairman of the Board
|
6 years
(since the series’
inception)
|
Senior Vice President – Fixed
Income,
Capital Research and Management Company
|
Alan
N. Berro
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
World Investors
|
James
B. Lovelace
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
Research Global Investors
|
Wesley
K.-S. Phoa
Senior Vice President
|
1 year
|
Senior Vice President – Fixed
Income, Capital Research Company
|
Andrew
B. Suzman
Senior Vice President
|
1 year
|
Senior Vice President – Capital
World Investors
|
Bradley
J. Vogt
Senior Vice President
|
1 year
|
Senior Vice President – Capital
Research Global Investors
|
Purchase and sale of fund shares
The minimum amount to establish an IRA account is $250 and
the minimum to add to an account is $50.
For a payroll deduction retirement plan account or payroll
deduction IRA, the minimum is $25 to establish or add to an account.
For IRAs, you may sell (redeem) shares through your
dealer or financial adviser or by writing to American Funds Service Company at P.O. Box 6007, Indianapolis, Indiana 46206-6007;
telephoning American Funds Service Company at 800/421-4225; faxing American Funds Service Company at 888/421-4351; or accessing
our website at americanfunds.com.
Eligible retirement plans generally may open an account
and purchase Class A or R shares by contacting any investment dealer authorized to sell these classes of the fund’s shares.
Investment dealers may impose transaction charges in addition to those described in this prospectus. Please contact your plan administrator
or recordkeeper in order to sell (redeem) shares from your retirement plan.
Tax information
Dividends and capital gains distributed by the fund
to tax-deferred retirement plan accounts and IRAs are not currently taxable.
Payments to broker-dealers and other financial
intermediaries
If you purchase shares of the fund through a broker-dealer
or other financial intermediary (such as a bank), the fund and the fund’s distributor or its affiliates may pay the intermediary
for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer
or other intermediary and your individual financial adviser to recommend the fund over another investment. Ask your individual
financial adviser or visit your financial intermediary’s website for more information.
American Funds Target Date Retirement Series / Prospectus
12
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American Funds 2045 Target Date Retirement
Fund
Investment objectives
Depending on the proximity to its target date, 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 bond, 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.
Fees and expenses of the fund
This table describes the fees and expenses that you
may pay if you buy and hold shares of the fund. You may qualify for a Class A sales charge discount 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 and in the “Sales charge reductions and waivers” section on page 77 of the prospectus
and on page 71 of the fund’s statement of additional information.
Shareholder fees
(fees paid directly from your investment)
|
|
Class A
|
All R share classes
|
Maximum sales charge (load) imposed on
purchases (as a percentage of offering price)
|
5.75%
|
none
|
Maximum deferred sales charge (load)
(as a percentage of the amount redeemed)
|
1.00
1
|
none
|
Maximum sales charge (load) imposed
on reinvested dividends
|
none
|
none
|
Redemption or exchange fees
|
none
|
none
|
Annual fund operating
expenses
(expenses that you pay each year as a percentage
of the value of your investment)
|
|
Share
classes
|
|
A
|
R-1
|
R-2
|
R-3
|
R-4
|
R-5
|
R-6
|
Management fees
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
Distribution and/or service (12b-1) fees
|
0.22
|
1.00
|
0.75
|
0.50
|
0.25
|
none
|
none
|
Other expenses
|
0.16
|
0.16
|
0.33
|
0.21
|
0.13
|
0.08
|
0.04
|
Acquired (underlying) fund fees and expenses
|
0.41
|
0.41
|
0.41
|
0.41
|
0.41
|
0.41
|
0.41
|
Total annual fund operating expenses
|
0.89
|
1.67
|
1.59
|
1.22
|
0.89
|
0.59
|
0.55
|
Fee waiver
2
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
Total annual fund operating expenses after fee waiver
|
0.79
|
1.57
|
1.49
|
1.12
|
0.79
|
0.49
|
0.45
|
|
1
|
A contingent deferred sales charge of 1.00% applies
on certain redemptions within one year following purchases
of $1 million or more made without an initial sales
charge.
|
|
2
|
The investment adviser is currently waiving its management
fee of .10%. This waiver will be in effect through at least
December 31, 2013. The waiver may only be modified or terminated
with the approval of the fund’s board.
|
American Funds Target Date Retirement Series / Prospectus
13
|
Example
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 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. Although your actual costs may
be higher or lower, based on these assumptions your costs would be:
Share classes
|
1 year
|
3 years
|
5 years
|
10 years
|
A
|
$651
|
$833
|
$1,030
|
$1,599
|
R-1
|
160
|
517
|
898
|
1,968
|
R-2
|
152
|
492
|
856
|
1,881
|
R-3
|
114
|
377
|
661
|
1,468
|
R-4
|
81
|
274
|
483
|
1,087
|
R-5
|
50
|
179
|
319
|
728
|
R-6
|
46
|
166
|
297
|
680
|
Portfolio turnover
The fund pays 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 3% of the average value of its portfolio.
American Funds Target Date Retirement Series / Prospectus
14
|
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 such as growth funds, growth-and-income funds, equity-income funds and a balanced fund and bond funds. The fund
categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing
in both U.S. stocks and stocks of issuers domiciled outside the U.S. 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 bond
investments, while bond funds seek current income through bond investments.
The investment adviser may periodically rebalance or modify
the asset mix of the funds and change the underlying fund investments. According to its current investment approach, the investment
adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. Thirty 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 chart illustrates the current investment approach
of the fund by showing how its investment in the various fund categories will change over time.
Current investment approach
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 continuously
monitor the fund and may make modifications to either the investment approach or the underlying fund allocations that the investment
adviser believes could benefit shareholders.
American Funds Target Date Retirement Series / Prospectus
15
|
Principal risks
This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to
tolerate potentially sharp declines in value.
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.
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.
Market conditions —
The prices of,
and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline due to market
conditions and other factors, including those directly involving the issuers of securities held by the underlying funds.
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, short-term 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 will be more significant for the fund in the years preceding its target date because a greater proportion of the fund’s
assets will consist of underlying funds that primarily invest in stocks.
Investing in bonds —
Rising interest
rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject
to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to
redeem, call or refinance a security before its stated maturity, which may result in the underlying fund having to reinvest the
proceeds in lower yielding securities.
Bonds and other debt securities are subject to credit
risk, which is the possibility that the credit strength of an issuer will weaken 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. Credit risk is gauged, in part, by the
credit ratings of the 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. 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 bonds —
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 bonds rated Ba1 or BB+
or below by Nationally Recognized Statistical Rating Organizations or unrated but determined by the underlying fund’s investment
adviser to be of equivalent quality. Such securities are considered speculative and are sometimes referred to as “junk bonds.”
The value of the underlying funds may be similarly affected.
Investing outside the United States —
Securities
of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because
of adverse political, social, economic or market developments in the countries or regions in which the issuer operates. 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. 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 settlement and accounting practices and different regulatory,
legal and reporting standards, and may be more difficult to value, than those in the United States. 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 employed by the investment adviser in this process 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. You
should consider how this fund fits into your overall investment program.
American Funds Target Date Retirement Series / Prospectus
16
|
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 different broad measures of market results. This information provides some indication of the risks of investing
in the fund. The MSCI All Country World ex USA Index represents a portion of the equity securities in which certain underlying
funds may invest. The Barclays 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 americanfunds.com.
Average annual total
returns
For the periods ended December 31, 2011
(with maximum sales charge):
|
Share class
|
Inception date
|
1 year
|
Lifetime
|
A
|
2/1/2007
|
–8.27%
|
–0.93%
|
Share classes
|
Inception date
|
1 year
|
Lifetime
|
R-1
|
2/1/2007
|
–3.40%
|
–0.48%
|
R-2
|
2/1/2007
|
–3.36
|
–0.47
|
R-3
|
2/1/2007
|
–3.01
|
–0.07
|
R-4
|
2/1/2007
|
–2.58
|
0.27
|
R-5
|
2/1/2007
|
–2.31
|
0.56
|
R-6
|
7/13/2009
|
–2.29
|
13.46
|
Indexes
|
1 year
|
Lifetime
(from Class A inception
|
S&P 500 (reflects no deductions for sales charges, account fees, expenses
or U.S. federal income taxes)
|
2.09%
|
–0.67%
|
MSCI All Country World ex USA Index (reflects no deductions for sales charges,
account fees, expenses or U.S. federal income taxes)
|
–13.71
|
–3.30
|
Barclays U.S. Aggregate Index (reflects no deductions for sales charges, account
fees, expenses or U.S. federal income taxes)
|
7.84
|
6.63
|
American Funds Target Date Retirement Series / Prospectus
17
|
Management
Investment adviser
Capital Research and
Management Company
SM
Portfolio oversight committee
The investment
adviser’s Portfolio Oversight Committee develops the allocation approach and selects the underlying funds in which the fund
invests. The members of the Portfolio Oversight Committee are:
Investment
professional/
Series title
(if
applicable)
|
Investment
professional
experience in this fund
|
Primary
title with investment adviser
|
John
H. Smet
Vice Chairman of the Board
|
6 years
(since the series’
inception)
|
Senior Vice President – Fixed
Income,
Capital Research and Management Company
|
Alan
N. Berro
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
World Investors
|
James
B. Lovelace
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
Research Global Investors
|
Wesley
K.-S. Phoa
Senior Vice President
|
1 year
|
Senior Vice President – Fixed
Income, Capital Research Company
|
Andrew
B. Suzman
Senior Vice President
|
1 year
|
Senior Vice President – Capital
World Investors
|
Bradley
J. Vogt
Senior Vice President
|
1 year
|
Senior Vice President – Capital
Research Global Investors
|
Purchase and sale of fund shares
The minimum amount to establish an IRA account is $250 and
the minimum to add to an account is $50.
For a payroll deduction retirement plan account or payroll
deduction IRA, the minimum is $25 to establish or add to an account.
For IRAs, you may sell (redeem) shares through your
dealer or financial adviser or by writing to American Funds Service Company at P.O. Box 6007, Indianapolis, Indiana 46206-6007;
telephoning American Funds Service Company at 800/421-4225; faxing American Funds Service Company at 888/421-4351; or accessing
our website at americanfunds.com.
Eligible retirement plans generally may open an account
and purchase Class A or R shares by contacting any investment dealer authorized to sell these classes of the fund’s shares.
Investment dealers may impose transaction charges in addition to those described in this prospectus. Please contact your plan administrator
or recordkeeper in order to sell (redeem) shares from your retirement plan.
Tax information
Dividends and capital gains distributed by the fund
to tax-deferred retirement plan accounts and IRAs are not currently taxable.
Payments to broker-dealers and other financial
intermediaries
If you purchase shares of the fund through a broker-dealer
or other financial intermediary (such as a bank), the fund and the fund’s distributor or its affiliates may pay the intermediary
for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer
or other intermediary and your individual financial adviser to recommend the fund over another investment. Ask your individual
financial adviser or visit your financial intermediary’s website for more information.
American Funds Target Date Retirement Series / Prospectus
18
|
American Funds 2040 Target Date Retirement
Fund
Investment objectives
Depending on the proximity to its target date, 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 bond, 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.
Fees and expenses of the fund
This table describes the fees and expenses that you
may pay if you buy and hold shares of the fund. You may qualify for a Class A sales charge discount 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 and in the “Sales charge reductions and waivers” section on page 77 of the prospectus
and on page 71 of the fund’s statement of additional information.
Shareholder fees
(fees paid directly from your investment)
|
|
Class A
|
All R share classes
|
Maximum sales charge (load) imposed on
purchases (as a percentage of offering price)
|
5.75%
|
none
|
Maximum deferred sales charge (load)
(as a percentage of the amount redeemed)
|
1.00
1
|
none
|
Maximum sales charge (load) imposed
on reinvested dividends
|
none
|
none
|
Redemption or exchange fees
|
none
|
none
|
Annual fund operating
expenses
(expenses that you pay each year as a percentage
of the value of your investment)
|
|
Share
classes
|
|
A
|
R-1
|
R-2
|
R-3
|
R-4
|
R-5
|
R-6
|
Management fees
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
Distribution and/or service (12b-1) fees
|
0.21
|
1.00
|
0.75
|
0.50
|
0.25
|
none
|
none
|
Other expenses
|
0.16
|
0.15
|
0.32
|
0.20
|
0.12
|
0.08
|
0.03
|
Acquired (underlying) fund fees and expenses
|
0.41
|
0.41
|
0.41
|
0.41
|
0.41
|
0.41
|
0.41
|
Total annual fund operating expenses
|
0.88
|
1.66
|
1.58
|
1.21
|
0.88
|
0.59
|
0.54
|
Fee waiver
2
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
Total annual fund operating expenses after fee waiver
|
0.78
|
1.56
|
1.48
|
1.11
|
0.78
|
0.49
|
0.44
|
|
1
|
A contingent deferred sales charge of 1.00% applies
on certain redemptions within one year following purchases
of $1 million or more made without an initial sales
charge.
|
|
2
|
The investment adviser is currently waiving its management
fee of .10%. This waiver will be in effect through at least
December 31, 2013. The waiver may only be modified or terminated
with the approval of the fund’s board.
|
American Funds Target Date Retirement Series / Prospectus
19
|
Example
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 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. Although your actual costs may
be higher or lower, based on these assumptions your costs would be:
Share classes
|
1 year
|
3 years
|
5 years
|
10 years
|
A
|
$650
|
$830
|
$1,025
|
$1,588
|
R-1
|
159
|
514
|
893
|
1,957
|
R-2
|
151
|
489
|
851
|
1,870
|
R-3
|
113
|
374
|
655
|
1,457
|
R-4
|
80
|
271
|
478
|
1,075
|
R-5
|
50
|
179
|
319
|
728
|
R-6
|
45
|
163
|
292
|
667
|
Portfolio turnover
The fund pays 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.
American Funds Target Date Retirement Series / Prospectus
20
|
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 such as growth funds, growth-and-income funds, equity-income funds and a balanced fund and bond funds. The fund
categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing
in both U.S. stocks and stocks of issuers domiciled outside the U.S. 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 bond
investments, while bond funds seek current income through bond investments.
The investment adviser may periodically rebalance or modify
the asset mix of the funds and change the underlying fund investments. According to its current investment approach, the investment
adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. Thirty 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 chart illustrates the current investment approach
of the fund by showing how its investment in the various fund categories will change over time.
Current investment approach
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 continuously
monitor the fund and may make modifications to either the investment approach or the underlying fund allocations that the investment
adviser believes could benefit shareholders.
American Funds Target Date Retirement Series / Prospectus
21
|
Principal risks
This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to
tolerate potentially sharp declines in value.
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.
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.
Market conditions —
The prices of,
and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline due to market
conditions and other factors, including those directly involving the issuers of securities held by the underlying funds.
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, short-term 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 will be more significant for the fund in the years preceding its target date because a greater proportion of the fund’s
assets will consist of underlying funds that primarily invest in stocks.
Investing in bonds —
Rising interest
rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject
to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to
redeem, call or refinance a security before its stated maturity, which may result in the underlying fund having to reinvest the
proceeds in lower yielding securities.
Bonds and other debt securities are subject to credit
risk, which is the possibility that the credit strength of an issuer will weaken 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. Credit risk is gauged, in part, by the
credit ratings of the 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. 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 bonds —
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 bonds rated Ba1 or BB+
or below by Nationally Recognized Statistical Rating Organizations or unrated but determined by the underlying fund’s investment
adviser to be of equivalent quality. Such securities are considered speculative and are sometimes referred to as “junk bonds.”
The value of the underlying funds may be similarly affected.
Investing outside the United States —
Securities
of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because
of adverse political, social, economic or market developments in the countries or regions in which the issuer operates. 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. 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 settlement and accounting practices and different regulatory,
legal and reporting standards, and may be more difficult to value, than those in the United States. 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 employed by the investment adviser in this process 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. You
should consider how this fund fits into your overall investment program.
American Funds Target Date Retirement Series / Prospectus
22
|
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 different broad measures of market results. This information provides some indication of the risks of investing
in the fund. The MSCI All Country World ex USA Index represents a portion of the equity securities in which certain underlying
funds may invest. The Barclays 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 americanfunds.com.
Average annual total
returns
For the periods ended December 31, 2011
(with maximum sales charge):
|
Share class
|
Inception date
|
1 year
|
Lifetime
|
A
|
2/1/2007
|
–8.16%
|
–0.91%
|
Share classes
|
Inception date
|
1 year
|
Lifetime
|
R-1
|
2/1/2007
|
–3.40%
|
–0.47%
|
R-2
|
2/1/2007
|
–3.28
|
–0.46
|
R-3
|
2/1/2007
|
–2.91
|
–0.06
|
R-4
|
2/1/2007
|
–2.70
|
0.26
|
R-5
|
2/1/2007
|
–2.31
|
0.58
|
R-6
|
7/27/2009
|
–2.28
|
10.06
|
Indexes
|
1 year
|
Lifetime
(from Class A inception
|
S&P 500 (reflects no deductions for sales charges, account fees, expenses
or U.S. federal income taxes)
|
2.09%
|
–0.67%
|
MSCI All Country World ex USA Index (reflects no deductions for sales charges,
account fees, expenses or U.S. federal income taxes)
|
–13.71
|
–3.30
|
Barclays U.S. Aggregate Index (reflects no deductions for sales charges, account
fees, expenses or U.S. federal income taxes)
|
7.84
|
6.63
|
American Funds Target Date Retirement Series / Prospectus
23
|
Management
Investment adviser
Capital Research and
Management Company
SM
Portfolio oversight committee
The investment
adviser’s Portfolio Oversight Committee develops the allocation approach and selects the underlying funds in which the fund
invests. The members of the Portfolio Oversight Committee are:
Investment
professional/
Series title
(if
applicable)
|
Investment
professional
experience in this fund
|
Primary
title with investment adviser
|
John
H. Smet
Vice Chairman of the Board
|
6 years
(since the series’
inception)
|
Senior Vice President – Fixed
Income,
Capital Research and Management Company
|
Alan
N. Berro
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
World Investors
|
James
B. Lovelace
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
Research Global Investors
|
Wesley
K.-S. Phoa
Senior Vice President
|
1 year
|
Senior Vice President – Fixed
Income, Capital Research Company
|
Andrew
B. Suzman
Senior Vice President
|
1 year
|
Senior Vice President – Capital
World Investors
|
Bradley
J. Vogt
Senior Vice President
|
1 year
|
Senior Vice President – Capital
Research Global Investors
|
Purchase and sale of fund shares
The minimum amount to establish an IRA account is $250 and
the minimum to add to an account is $50.
For a payroll deduction retirement plan account or payroll
deduction IRA, the minimum is $25 to establish or add to an account.
For IRAs, you may sell (redeem) shares through your
dealer or financial adviser or by writing to American Funds Service Company at P.O. Box 6007, Indianapolis, Indiana 46206-6007;
telephoning American Funds Service Company at 800/421-4225; faxing American Funds Service Company at 888/421-4351; or accessing
our website at americanfunds.com.
Eligible retirement plans generally may open an account
and purchase Class A or R shares by contacting any investment dealer authorized to sell these classes of the fund’s shares.
Investment dealers may impose transaction charges in addition to those described in this prospectus. Please contact your plan administrator
or recordkeeper in order to sell (redeem) shares from your retirement plan.
Tax information
Dividends and capital gains distributed by the fund
to tax-deferred retirement plan accounts and IRAs are not currently taxable.
Payments to broker-dealers and other financial
intermediaries
If you purchase shares of the fund through a broker-dealer
or other financial intermediary (such as a bank), the fund and the fund’s distributor or its affiliates may pay the intermediary
for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer
or other intermediary and your individual financial adviser to recommend the fund over another investment. Ask your individual
financial adviser or visit your financial intermediary’s website for more information.
American Funds Target Date Retirement Series / Prospectus
24
|
American Funds 2035 Target Date Retirement
Fund
Investment objectives
Depending on the proximity to its target date, 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 bond, 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.
Fees and expenses of the fund
This table describes the fees and expenses that you
may pay if you buy and hold shares of the fund. You may qualify for a Class A sales charge discount 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 and in the “Sales charge reductions and waivers” section on page 77 of the prospectus
and on page 71 of the fund’s statement of additional information.
Shareholder fees
(fees paid directly from your investment)
|
|
Class A
|
All R share classes
|
Maximum sales charge (load) imposed on
purchases (as a percentage of offering price)
|
5.75%
|
none
|
Maximum deferred sales charge (load)
(as a percentage of the amount redeemed)
|
1.00
1
|
none
|
Maximum sales charge (load) imposed
on reinvested dividends
|
none
|
none
|
Redemption or exchange fees
|
none
|
none
|
Annual fund operating
expenses
(expenses that you pay each year as a percentage
of the value of your investment)
|
|
Share
classes
|
|
A
|
R-1
|
R-2
|
R-3
|
R-4
|
R-5
|
R-6
|
Management fees
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
Distribution and/or service (12b-1) fees
|
0.22
|
0.99
|
0.75
|
0.50
|
0.25
|
none
|
none
|
Other expenses
|
0.15
|
0.16
|
0.32
|
0.20
|
0.12
|
0.07
|
0.03
|
Acquired (underlying) fund fees and expenses
|
0.40
|
0.40
|
0.40
|
0.40
|
0.40
|
0.40
|
0.40
|
Total annual fund operating expenses
|
0.87
|
1.65
|
1.57
|
1.20
|
0.87
|
0.57
|
0.53
|
Fee waiver
2
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
Total annual fund operating expenses after fee waiver
|
0.77
|
1.55
|
1.47
|
1.10
|
0.77
|
0.47
|
0.43
|
|
1
|
A contingent deferred sales charge of 1.00% applies
on certain redemptions within one year following purchases
of $1 million or more made without an initial sales
charge.
|
|
2
|
The investment adviser is currently waiving its management
fee of .10%. This waiver will be in effect through at least
December 31, 2013. The waiver may only be modified or terminated
with the approval of the fund’s board.
|
American Funds Target Date Retirement Series / Prospectus
25
|
Example
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 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. Although your actual costs may
be higher or lower, based on these assumptions your costs would be:
Share classes
|
1 year
|
3 years
|
5 years
|
10 years
|
A
|
$649
|
$827
|
$1,020
|
$1,577
|
R-1
|
158
|
511
|
888
|
1,946
|
R-2
|
150
|
486
|
846
|
1,859
|
R-3
|
112
|
371
|
650
|
1,446
|
R-4
|
79
|
268
|
472
|
1,063
|
R-5
|
48
|
173
|
308
|
704
|
R-6
|
44
|
160
|
286
|
655
|
Portfolio turnover
The fund pays 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 3% of the average value of its portfolio.
American Funds Target Date Retirement Series / Prospectus
26
|
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 such as growth funds, growth-and-income funds, equity-income funds and a balanced fund and bond funds. The fund
categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing
in both U.S. stocks and stocks of issuers domiciled outside the U.S. 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 bond
investments, while bond funds seek current income through bond investments.
The investment adviser may periodically rebalance or modify
the asset mix of the funds and change the underlying fund investments. According to its current investment approach, the investment
adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. Thirty 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 chart illustrates the current investment approach
of the fund by showing how its investment in the various fund categories will change over time.
Current investment approach
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 continuously
monitor the fund and may make modifications to either the investment approach or the underlying fund allocations that the investment
adviser believes could benefit shareholders.
American Funds Target Date Retirement Series / Prospectus
27
|
Principal risks
This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to
tolerate potentially sharp declines in value.
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.
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.
Market conditions —
The prices of,
and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline due to market
conditions and other factors, including those directly involving the issuers of securities held by the underlying funds.
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, short-term 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 will be more significant for the fund in the years preceding its target date because a greater proportion of the fund’s
assets will consist of underlying funds that primarily invest in stocks.
Investing in bonds —
Rising interest
rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject
to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to
redeem, call or refinance a security before its stated maturity, which may result in the underlying fund having to reinvest the
proceeds in lower yielding securities.
Bonds and other debt securities are subject to credit
risk, which is the possibility that the credit strength of an issuer will weaken 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. Credit risk is gauged, in part, by the
credit ratings of the 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. 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 bonds —
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 bonds rated Ba1 or BB+
or below by Nationally Recognized Statistical Rating Organizations or unrated but determined by the underlying fund’s investment
adviser to be of equivalent quality. Such securities are considered speculative and are sometimes referred to as “junk bonds.”
The value of the underlying funds may be similarly affected.
Investing outside the United States —
Securities
of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because
of adverse political, social, economic or market developments in the countries or regions in which the issuer operates. 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. 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 settlement and accounting practices and different regulatory,
legal and reporting standards, and may be more difficult to value, than those in the United States. 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 employed by the investment adviser in this process 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. You
should consider how this fund fits into your overall investment program.
American Funds Target Date Retirement Series / Prospectus
28
|
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 different broad measures of market results. This information provides some indication of the risks of investing
in the fund. The MSCI All Country World ex USA Index represents a portion of the equity securities in which certain underlying
funds may invest. The Barclays 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 americanfunds.com.
Average annual total
returns
For the periods ended December 31, 2011
(with maximum sales charge):
|
Share class
|
Inception date
|
1 year
|
Lifetime
|
A
|
2/1/2007
|
–7.97%
|
–0.88%
|
Share classes
|
Inception date
|
1 year
|
Lifetime
|
R-1
|
2/1/2007
|
–3.14%
|
–0.45%
|
R-2
|
2/1/2007
|
–3.13
|
–0.44
|
R-3
|
2/1/2007
|
–2.76
|
–0.04
|
R-4
|
2/1/2007
|
–2.45
|
0.29
|
R-5
|
2/1/2007
|
–2.16
|
0.59
|
R-6
|
7/13/2009
|
–2.13
|
13.47
|
Indexes
|
1 year
|
Lifetime
(from Class A inception
|
S&P 500 (reflects no deductions for sales charges, account fees, expenses
or U.S. federal income taxes)
|
2.09%
|
–0.67%
|
MSCI All Country World ex USA Index (reflects no deductions for sales charges,
account fees, expenses or U.S. federal income taxes)
|
–13.71
|
–3.30
|
Barclays U.S. Aggregate Index (reflects no deductions for sales charges, account
fees, expenses or U.S. federal income taxes)
|
7.84
|
6.63
|
American Funds Target Date Retirement Series / Prospectus
29
|
Management
Investment adviser
Capital Research and
Management Company
SM
Portfolio oversight committee
The investment
adviser’s Portfolio Oversight Committee develops the allocation approach and selects the underlying funds in which the fund
invests. The members of the Portfolio Oversight Committee are:
Investment
professional/
Series title
(if
applicable)
|
Investment
professional
experience in this fund
|
Primary
title with investment adviser
|
John
H. Smet
Vice Chairman of the Board
|
6 years
(since the series’
inception)
|
Senior Vice President – Fixed
Income,
Capital Research and Management Company
|
Alan
N. Berro
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
World Investors
|
James
B. Lovelace
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
Research Global Investors
|
Wesley
K.-S. Phoa
Senior Vice President
|
1 year
|
Senior Vice President – Fixed
Income, Capital Research Company
|
Andrew
B. Suzman
Senior Vice President
|
1 year
|
Senior Vice President – Capital
World Investors
|
Bradley
J. Vogt
Senior Vice President
|
1 year
|
Senior Vice President – Capital
Research Global Investors
|
Purchase and sale of fund shares
The minimum amount to establish an IRA account is $250 and
the minimum to add to an account is $50.
For a payroll deduction retirement plan account or payroll
deduction IRA, the minimum is $25 to establish or add to an account.
For IRAs, you may sell (redeem) shares through your
dealer or financial adviser or by writing to American Funds Service Company at P.O. Box 6007, Indianapolis, Indiana 46206-6007;
telephoning American Funds Service Company at 800/421-4225; faxing American Funds Service Company at 888/421-4351; or accessing
our website at americanfunds.com.
Eligible retirement plans generally may open an account
and purchase Class A or R shares by contacting any investment dealer authorized to sell these classes of the fund’s shares.
Investment dealers may impose transaction charges in addition to those described in this prospectus. Please contact your plan administrator
or recordkeeper in order to sell (redeem) shares from your retirement plan.
Tax information
Dividends and capital gains distributed by the fund
to tax-deferred retirement plan accounts and IRAs are not currently taxable.
Payments to broker-dealers and other financial
intermediaries
If you purchase shares of the fund through a broker-dealer
or other financial intermediary (such as a bank), the fund and the fund’s distributor or its affiliates may pay the intermediary
for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer
or other intermediary and your individual financial adviser to recommend the fund over another investment. Ask your individual
financial adviser or visit your financial intermediary’s website for more information.
American Funds Target Date Retirement Series / Prospectus
30
|
American Funds 2030 Target Date Retirement
Fund
Investment objectives
Depending on the proximity to its target date, 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 bond, 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.
Fees and expenses of the fund
This table describes the fees and expenses that you
may pay if you buy and hold shares of the fund. You may qualify for a Class A sales charge discount 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 and in the “Sales charge reductions and waivers” section on page 77 of the prospectus
and on page 71 of the fund’s statement of additional information.
Shareholder fees
(fees paid directly from your investment)
|
|
Class A
|
All R share classes
|
Maximum sales charge (load) imposed on
purchases (as a percentage of offering price)
|
5.75%
|
none
|
Maximum deferred sales charge (load)
(as a percentage of the amount redeemed)
|
1.00
1
|
none
|
Maximum sales charge (load) imposed
on reinvested dividends
|
none
|
none
|
Redemption or exchange fees
|
none
|
none
|
Annual fund operating
expenses
(expenses that you pay each year as a percentage
of the value of your investment)
|
|
|
|
A
|
R-1
|
R-2
|
R-3
|
R-4
|
R-5
|
R-6
|
Management fees
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
Distribution and/or service (12b-1) fees
|
0.22
|
0.99
|
0.75
|
0.50
|
0.25
|
none
|
none
|
Other expenses
|
0.15
|
0.15
|
0.32
|
0.19
|
0.12
|
0.07
|
0.03
|
Acquired (underlying) fund fees and expenses
|
0.40
|
0.40
|
0.40
|
0.40
|
0.40
|
0.40
|
0.40
|
Total annual fund operating expenses
|
0.87
|
1.64
|
1.57
|
1.19
|
0.87
|
0.57
|
0.53
|
Fee waiver
2
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
Total annual fund operating expenses after fee waiver
|
0.77
|
1.54
|
1.47
|
1.09
|
0.77
|
0.47
|
0.43
|
|
1
|
A contingent deferred sales charge of 1.00% applies
on certain redemptions within one year following purchases
of $1 million or more made without an initial sales
charge.
|
|
2
|
The investment adviser is currently waiving its management
fee of .10%. This waiver will be in effect through at least
December 31, 2013. The waiver may only be modified or terminated
with the approval of the fund’s board.
|
American Funds Target Date Retirement Series / Prospectus
31
|
Example
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 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. Although your actual costs may
be higher or lower, based on these assumptions your costs would be:
Share classes
|
1 year
|
3 years
|
5 years
|
10 years
|
A
|
$649
|
$827
|
$1,020
|
$1,577
|
R-1
|
157
|
508
|
882
|
1,935
|
R-2
|
150
|
486
|
846
|
1,859
|
R-3
|
111
|
368
|
645
|
1,434
|
R-4
|
79
|
268
|
472
|
1,063
|
R-5
|
48
|
173
|
308
|
704
|
R-6
|
44
|
160
|
286
|
655
|
Portfolio turnover
The fund pays 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 4% of the average value of its portfolio.
American Funds Target Date Retirement Series / Prospectus
32
|
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 such as growth funds, growth-and-income funds, equity-income funds and a balanced fund and bond funds. The fund
categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing
in both U.S. stocks and stocks of issuers domiciled outside the U.S. 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 bond
investments, while bond funds seek current income through bond investments.
The investment adviser may periodically rebalance or modify
the asset mix of the funds and change the underlying fund investments. According to its current investment approach, the investment
adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. Thirty 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 chart illustrates the current investment approach
of the fund by showing how its investment in the various fund categories will change over time.
Current investment approach
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 continuously
monitor the fund and may make modifications to either the investment approach or the underlying fund allocations that the investment
adviser believes could benefit shareholders.
American Funds Target Date Retirement Series / Prospectus
33
|
Principal risks
This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to
tolerate potentially sharp declines in value.
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.
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.
Market conditions —
The prices of,
and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline due to market
conditions and other factors, including those directly involving the issuers of securities held by the underlying funds.
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, short-term 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 will be more significant for the fund in the years preceding its target date because a greater proportion of the fund’s
assets will consist of underlying funds that primarily invest in stocks.
Investing in bonds —
Rising interest
rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject
to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to
redeem, call or refinance a security before its stated maturity, which may result in the underlying fund having to reinvest the
proceeds in lower yielding securities.
Bonds and other debt securities are subject to credit
risk, which is the possibility that the credit strength of an issuer will weaken 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. Credit risk is gauged, in part, by the
credit ratings of the 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. 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 bonds —
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 bonds rated Ba1 or BB+
or below by Nationally Recognized Statistical Rating Organizations or unrated but determined by the underlying fund’s investment
adviser to be of equivalent quality. Such securities are considered speculative and are sometimes referred to as “junk bonds.”
The value of the underlying funds may be similarly affected.
Investing outside the United States —
Securities
of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because
of adverse political, social, economic or market developments in the countries or regions in which the issuer operates. 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. 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 settlement and accounting practices and different regulatory,
legal and reporting standards, and may be more difficult to value, than those in the United States. 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 employed by the investment adviser in this process 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. You
should consider how this fund fits into your overall investment program.
American Funds Target Date Retirement Series / Prospectus
34
|
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 different broad measures of market results. This information provides some indication of the risks of investing
in the fund. The MSCI All Country World ex USA Index represents a portion of the equity securities in which certain underlying
funds may invest. The Barclays 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 americanfunds.com.
Average annual total
returns
For the periods ended December 31, 2011
(with maximum sales charge):
|
Share class
|
Inception date
|
1 year
|
Lifetime
|
A
|
2/1/2007
|
–7.76%
|
–0.81%
|
Share classes
|
Inception date
|
1 year
|
Lifetime
|
R-1
|
2/1/2007
|
–2.88%
|
–0.36%
|
R-2
|
2/1/2007
|
–2.73
|
–0.36
|
R-3
|
2/1/2007
|
–2.37
|
0.05
|
R-4
|
2/1/2007
|
–2.03
|
0.39
|
R-5
|
2/1/2007
|
–1.86
|
0.67
|
R-6
|
7/13/2009
|
–1.82
|
13.51
|
Indexes
|
1 year
|
Lifetime
(from Class A inception
|
S&P 500 (reflects no deductions for sales charges, account fees, expenses
or U.S. federal income taxes)
|
2.09%
|
–0.67%
|
MSCI All Country World ex USA Index (reflects no deductions for sales charges,
account fees, expenses or U.S. federal income taxes)
|
–13.71
|
–3.30
|
Barclays U.S. Aggregate Index (reflects no deductions for sales charges, account
fees, expenses or U.S. federal income taxes)
|
7.84
|
6.63
|
American Funds Target Date Retirement Series / Prospectus
35
|
Management
Investment adviser
Capital Research and
Management Company
SM
Portfolio oversight committee
The investment
adviser’s Portfolio Oversight Committee develops the allocation approach and selects the underlying funds in which the fund
invests. The members of the Portfolio Oversight Committee are:
Investment
professional/
Series title
(if
applicable)
|
Investment
professional
experience in this fund
|
Primary
title with investment adviser
|
John
H. Smet
Vice Chairman of the Board
|
6 years
(since the series’
inception)
|
Senior Vice President – Fixed
Income,
Capital Research and Management Company
|
Alan
N. Berro
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
World Investors
|
James
B. Lovelace
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
Research Global Investors
|
Wesley
K.-S. Phoa
Senior Vice President
|
1 year
|
Senior Vice President – Fixed
Income, Capital Research Company
|
Andrew
B. Suzman
Senior Vice President
|
1 year
|
Senior Vice President – Capital
World Investors
|
Bradley
J. Vogt
Senior Vice President
|
1 year
|
Senior Vice President – Capital
Research Global Investors
|
Purchase and sale of fund shares
The minimum amount to establish an IRA account is $250 and
the minimum to add to an account is $50.
For a payroll deduction retirement plan account or payroll
deduction IRA, the minimum is $25 to establish or add to an account.
For IRAs, you may sell (redeem) shares through your
dealer or financial adviser or by writing to American Funds Service Company at P.O. Box 6007, Indianapolis, Indiana 46206-6007;
telephoning American Funds Service Company at 800/421-4225; faxing American Funds Service Company at 888/421-4351; or accessing
our website at americanfunds.com.
Eligible retirement plans generally may open an account
and purchase Class A or R shares by contacting any investment dealer authorized to sell these classes of the fund’s shares.
Investment dealers may impose transaction charges in addition to those described in this prospectus. Please contact your plan administrator
or recordkeeper in order to sell (redeem) shares from your retirement plan.
Tax information
Dividends and capital gains distributed by the fund
to tax-deferred retirement plan accounts and IRAs are not currently taxable.
Payments to broker-dealers and other financial
intermediaries
If you purchase shares of the fund through a broker-dealer
or other financial intermediary (such as a bank), the fund and the fund’s distributor or its affiliates may pay the intermediary
for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer
or other intermediary and your individual financial adviser to recommend the fund over another investment. Ask your individual
financial adviser or visit your financial intermediary’s website for more information.
American Funds Target Date Retirement Series / Prospectus
36
|
American Funds 2025 Target Date Retirement
Fund
Investment objectives
Depending on the proximity to its target date, 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 bond, 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.
Fees and expenses of the fund
This table describes the fees and expenses that you
may pay if you buy and hold shares of the fund. You may qualify for a Class A sales charge discount 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 and in the “Sales charge reductions and waivers” section on page 77 of the prospectus
and on page 71 of the fund’s statement of additional information.
Shareholder fees
(fees paid directly from your investment)
|
|
Class A
|
All R share classes
|
Maximum sales charge (load) imposed on
purchases (as a percentage of offering price)
|
5.75%
|
none
|
Maximum deferred sales charge (load)
(as a percentage of the amount redeemed)
|
1.00
1
|
none
|
Maximum sales charge (load) imposed
on reinvested dividends
|
none
|
none
|
Redemption or exchange fees
|
none
|
none
|
Annual fund operating
expenses
(expenses that you pay each year as a percentage
of the value of your investment)
|
|
Share
classes
|
|
A
|
R-1
|
R-2
|
R-3
|
R-4
|
R-5
|
R-6
|
Management fees
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
Distribution and/or service (12b-1) fees
|
0.23
|
1.00
|
0.75
|
0.50
|
0.25
|
none
|
none
|
Other expenses
|
0.14
|
0.15
|
0.32
|
0.20
|
0.12
|
0.07
|
0.03
|
Acquired (underlying) fund fees and expenses
|
0.39
|
0.39
|
0.39
|
0.39
|
0.39
|
0.39
|
0.39
|
Total annual fund operating expenses
|
0.86
|
1.64
|
1.56
|
1.19
|
0.86
|
0.56
|
0.52
|
Fee waiver
2
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
Total annual fund operating expenses after fee waiver
|
0.76
|
1.54
|
1.46
|
1.09
|
0.76
|
0.46
|
0.42
|
|
1
|
A contingent deferred sales charge of 1.00% applies
on certain redemptions within one year following purchases
of $1 million or more made without an initial sales
charge.
|
|
2
|
The investment adviser is currently waiving its management
fee of .10%. This waiver will be in effect through at least
December 31, 2013. The waiver may only be modified or terminated
with the approval of the fund’s board.
|
American Funds Target Date Retirement Series / Prospectus
37
|
Example
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 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. Although your actual costs may
be higher or lower, based on these assumptions your costs would be:
Share classes
|
1 year
|
3 years
|
5 years
|
10 years
|
A
|
$648
|
$824
|
$1,015
|
$1,566
|
R-1
|
157
|
508
|
882
|
1,935
|
R-2
|
149
|
483
|
840
|
1,848
|
R-3
|
111
|
368
|
645
|
1,434
|
R-4
|
78
|
264
|
467
|
1,052
|
R-5
|
47
|
169
|
303
|
692
|
R-6
|
43
|
157
|
281
|
643
|
Portfolio turnover
The fund pays 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 3% of the average value of its portfolio.
American Funds Target Date Retirement Series / Prospectus
38
|
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 such as growth funds, growth-and-income funds, equity-income funds and a balanced fund and bond funds. The fund
categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing
in both U.S. stocks and stocks of issuers domiciled outside the U.S. 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 bond
investments, while bond funds seek current income through bond investments.
The investment adviser may periodically rebalance or modify
the asset mix of the funds and change the underlying fund investments. According to its current investment approach, the investment
adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. Thirty 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 chart illustrates the current investment approach
of the fund by showing how its investment in the various fund categories will change over time.
Current investment approach
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 continuously
monitor the fund and may make modifications to either the investment approach or the underlying fund allocations that the investment
adviser believes could benefit shareholders.
American Funds Target Date Retirement Series / Prospectus
39
|
Principal risks
This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to
tolerate potentially sharp declines in value.
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.
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.
Market conditions —
The prices of,
and the income generated by, the bonds and other securities held by the underlying funds may decline due to market conditions
and other factors, including those directly involving the issuers of securities held by the underlying funds.
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, short-term 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 will be more significant for the fund in the years preceding its target date because a greater proportion of the fund’s
assets will consist of underlying funds that primarily invest in stocks.
Investing in bonds —
Rising interest
rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject
to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to
redeem, call or refinance a security before its stated maturity, which may result in the underlying fund having to reinvest the
proceeds in lower yielding securities.
Bonds and other debt securities are subject to credit
risk, which is the possibility that the credit strength of an issuer will weaken 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. Credit risk is gauged, in part, by the
credit ratings of the 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. 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 bonds —
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 bonds rated Ba1 or BB+
or below by Nationally Recognized Statistical Rating Organizations or unrated but determined by the underlying fund’s investment
adviser to be of equivalent quality. Such securities are considered speculative and are sometimes referred to as “junk bonds.”
The value of the underlying funds may be similarly affected.
Investing outside the United States —
Securities
of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because
of adverse political, social, economic or market developments in the countries or regions in which the issuer operates. 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. 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 settlement and accounting practices and different regulatory,
legal and reporting standards, and may be more difficult to value, than those in the United States. 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 employed by the investment adviser in this process 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.
American Funds Target Date Retirement Series / Prospectus
40
|
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. You
should consider how this fund fits into your overall investment program.
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 different broad measures of market results. This information provides some indication of the risks of investing
in the fund. The MSCI All Country World ex USA Index represents a portion of the equity securities in which certain underlying
funds may invest. The Barclays 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 americanfunds.com.
Average annual total
returns
For the periods ended December 31, 2011
(with maximum sales charge):
|
Share class
|
Inception date
|
1 year
|
Lifetime
|
A
|
2/1/2007
|
–6.99%
|
–0.85%
|
Share classes
|
Inception date
|
1 year
|
Lifetime
|
R-1
|
2/1/2007
|
–2.04%
|
–0.40%
|
R-2
|
2/1/2007
|
–1.99
|
–0.40
|
R-3
|
2/1/2007
|
–1.61
|
0.02
|
R-4
|
2/1/2007
|
–1.30
|
0.34
|
R-5
|
2/1/2007
|
–1.01
|
0.63
|
R-6
|
7/13/2009
|
–0.97
|
13.26
|
Indexes
|
1 year
|
Lifetime
(from Class A inception
|
S&P 500 (reflects no deductions for sales charges, account fees, expenses
or U.S. federal income taxes)
|
2.09%
|
–0.67%
|
MSCI All Country World ex USA Index (reflects no deductions for sales charges,
account fees, expenses or U.S. federal income taxes)
|
–13.71
|
–3.30
|
Barclays U.S. Aggregate Index (reflects no deductions for sales charges, account
fees, expenses or U.S. federal income taxes)
|
7.84
|
6.63
|
American Funds Target Date Retirement Series / Prospectus
41
|
Management
Investment adviser
Capital Research and
Management Company
SM
Portfolio oversight committee
The investment
adviser’s Portfolio Oversight Committee develops the allocation approach and selects the underlying funds in which the fund
invests. The members of the Portfolio Oversight Committee are:
Investment
professional/
Series title
(if
applicable)
|
Investment
professional
experience in this fund
|
Primary
title with investment adviser
|
John
H. Smet
Vice Chairman of the Board
|
6 years
(since the series’
inception)
|
Senior Vice President – Fixed
Income,
Capital Research and Management Company
|
Alan
N. Berro
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
World Investors
|
James
B. Lovelace
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
Research Global Investors
|
Wesley
K.-S. Phoa
Senior Vice President
|
1 year
|
Senior Vice President – Fixed
Income, Capital Research Company
|
Andrew
B. Suzman
Senior Vice President
|
1 year
|
Senior Vice President – Capital
World Investors
|
Bradley
J. Vogt
Senior Vice President
|
1 year
|
Senior Vice President – Capital
Research Global Investors
|
Purchase and sale of fund shares
The minimum amount to establish an IRA account is $250 and
the minimum to add to an account is $50.
For a payroll deduction retirement plan account or payroll
deduction IRA, the minimum is $25 to establish or add to an account.
For IRAs, you may sell (redeem) shares through your
dealer or financial adviser or by writing to American Funds Service Company at P.O. Box 6007, Indianapolis, Indiana 46206-6007;
telephoning American Funds Service Company at 800/421-4225; faxing American Funds Service Company at 888/421-4351; or accessing
our website at americanfunds.com.
Eligible retirement plans generally may open an account
and purchase Class A or R shares by contacting any investment dealer authorized to sell these classes of the fund’s shares.
Investment dealers may impose transaction charges in addition to those described in this prospectus. Please contact your plan administrator
or recordkeeper in order to sell (redeem) shares from your retirement plan.
Tax information
Dividends and capital gains distributed by the fund
to tax-deferred retirement plan accounts and IRAs are not currently taxable.
Payments to broker-dealers and other financial
intermediaries
If you purchase shares of the fund through a broker-dealer
or other financial intermediary (such as a bank), the fund and the fund’s distributor or its affiliates may pay the intermediary
for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer
or other intermediary and your individual financial adviser to recommend the fund over another investment. Ask your individual
financial adviser or visit your financial intermediary’s website for more information.
American Funds Target Date Retirement Series / Prospectus
42
|
American Funds 2020 Target Date Retirement
Fund
Investment objectives
Depending on the proximity to its target date, 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 bond, 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.
Fees and expenses of the fund
This table describes the fees and expenses that you
may pay if you buy and hold shares of the fund. You may qualify for a Class A sales charge discount 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 and in the “Sales charge reductions and waivers” section on page 77 of the prospectus
and on page 71 of the fund’s statement of additional information.
Shareholder fees
(fees paid directly from your investment)
|
|
Class A
|
All R share classes
|
Maximum sales charge (load) imposed on
purchases (as a percentage of offering price)
|
5.75%
|
none
|
Maximum deferred sales charge (load)
(as a percentage of the amount redeemed)
|
1.00
1
|
none
|
Maximum sales charge (load) imposed
on reinvested dividends
|
none
|
none
|
Redemption or exchange fees
|
none
|
none
|
Annual fund operating
expenses
(expenses that you pay each year as a percentage
of the value of your investment)
|
|
Share
classes
|
|
A
|
R-1
|
R-2
|
R-3
|
R-4
|
R-5
|
R-6
|
Management fees
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
Distribution and/or service (12b-1) fees
|
0.23
|
1.00
|
0.75
|
0.50
|
0.25
|
none
|
none
|
Other expenses
|
0.14
|
0.15
|
0.32
|
0.19
|
0.12
|
0.07
|
0.02
|
Acquired (underlying) fund fees and expenses
|
0.37
|
0.37
|
0.37
|
0.37
|
0.37
|
0.37
|
0.37
|
Total annual fund operating expenses
|
0.84
|
1.62
|
1.54
|
1.16
|
0.84
|
0.54
|
0.49
|
Fee waiver
2
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
Total annual fund operating expenses after fee waiver
|
0.74
|
1.52
|
1.44
|
1.06
|
0.74
|
0.44
|
0.39
|
|
1
|
A contingent deferred sales charge of 1.00% applies
on certain redemptions within one year following purchases
of $1 million or more made without an initial sales
charge.
|
|
2
|
The investment adviser is currently waiving its management
fee of .10%. This waiver will be in effect through at least
December 31, 2013. The waiver may only be modified or terminated
with the approval of the fund’s board.
|
American Funds Target Date Retirement Series / Prospectus
43
|
Example
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 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. Although your actual costs may
be higher or lower, based on these assumptions your costs would be:
Share classes
|
1 year
|
3 years
|
5 years
|
10 years
|
A
|
$646
|
$818
|
$1,005
|
$1,544
|
R-1
|
155
|
501
|
872
|
1,914
|
R-2
|
147
|
477
|
830
|
1,826
|
R-3
|
108
|
359
|
629
|
1,400
|
R-4
|
76
|
258
|
456
|
1,028
|
R-5
|
45
|
163
|
292
|
667
|
R-6
|
40
|
147
|
264
|
606
|
Portfolio turnover
The fund pays 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 4% of the average value of its portfolio.
American Funds Target Date Retirement Series / Prospectus
44
|
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 such as growth funds, growth-and-income funds, equity-income funds and a balanced fund and bond funds. The fund
categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing
in both U.S. stocks and stocks of issuers domiciled outside the U.S. 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 bond
investments, while bond funds seek current income through bond investments.
The investment adviser may periodically rebalance or modify
the asset mix of the funds and change the underlying fund investments. According to its current investment approach, the investment
adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. Thirty 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 chart illustrates the current investment approach
of the fund by showing how its investment in the various fund categories will change over time.
Current investment approach
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 continuously
monitor the fund and may make modifications to either the investment approach or the underlying fund allocations that the investment
adviser believes could benefit shareholders.
American Funds Target Date Retirement Series / Prospectus
45
|
Principal risks
This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to
tolerate potentially sharp declines in value.
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.
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.
Market conditions —
The prices of,
and the income generated by, the bonds and other securities held by the underlying funds may decline due to market conditions
and other factors, including those directly involving the issuers of securities held by the underlying funds.
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, short-term 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 will be more significant for the fund in the years preceding its target date because a greater proportion of the fund’s
assets will consist of underlying funds that primarily invest in stocks.
Investing in bonds —
Rising interest
rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject
to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to
redeem, call or refinance a security before its stated maturity, which may result in the underlying fund having to reinvest the
proceeds in lower yielding securities.
Bonds and other debt securities are subject to credit
risk, which is the possibility that the credit strength of an issuer will weaken 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. Credit risk is gauged, in part, by the
credit ratings of the 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. 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 bonds —
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 bonds rated Ba1 or BB+
or below by Nationally Recognized Statistical Rating Organizations or unrated but determined by the underlying fund’s investment
adviser to be of equivalent quality. Such securities are considered speculative and are sometimes referred to as “junk bonds.”
The value of the underlying funds may be similarly affected.
Investing outside the United States
—
The prices of securities of issuers domiciled outside the United States or with significant operations outside the United States
may decline due to conditions specific to the countries or regions in which the issuer is domiciled or operates, including adverse
political, social, economic or market changes in such countries or regions. The securities of issuers domiciled in certain countries
outside the United States may be more volatile, less liquid and/or more difficult to value than those of U.S. issuers. Issuers
in countries outside the United States may also be subject to different tax and accounting policies and different auditing, reporting,
legal and regulatory standards. In addition, the value of investments outside the United States may be reduced by foreign taxes,
including foreign withholding taxes on interest and dividends. Issuers in countries outside the United States may also be subject
to different government and legal systems that make it difficult for the underlying fund to exercise its rights as a shareholder
of the company. Further, there may be increased risks of delayed settlement of securities purchased or sold by an underlying fund.
These investments may also be affected by changes in foreign currency exchange rates against the U.S. dollar and/or currencies
of other countries. 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 employed by the investment adviser in this process 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. You
should consider how this fund fits into your overall investment program.
American Funds Target Date Retirement Series / Prospectus
46
|
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 different broad measures of market results. This information provides some indication of the risks of investing
in the fund. The MSCI All Country World ex USA Index represents a portion of the equity securities in which certain underlying
funds may invest. The Barclays 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 americanfunds.com.
Average annual total
returns
For the periods ended December 31, 2011
(with maximum sales charge):
|
Share class
|
Inception date
|
1 year
|
Lifetime
|
A
|
2/1/2007
|
–4.99%
|
–0.46%
|
Share classes
|
Inception date
|
1 year
|
Lifetime
|
R-1
|
2/1/2007
|
0.06%
|
0.01%
|
R-2
|
2/1/2007
|
0.10
|
0.02
|
R-3
|
2/1/2007
|
0.46
|
0.42
|
R-4
|
2/1/2007
|
0.77
|
0.75
|
R-5
|
2/1/2007
|
1.06
|
1.04
|
R-6
|
7/13/2009
|
1.10
|
12.98
|
Indexes
|
1 year
|
Lifetime
(from Class A inception
|
S&P 500 (reflects no deductions for sales charges, account fees, expenses
or U.S. federal income taxes)
|
2.09%
|
–0.67%
|
MSCI All Country World ex USA Index (reflects no deductions for sales charges,
account fees, expenses or U.S. federal income taxes)
|
–13.71
|
–3.30
|
Barclays U.S. Aggregate Index (reflects no deductions for sales charges, account
fees, expenses or U.S. federal income taxes)
|
7.84
|
6.63
|
American Funds Target Date Retirement Series / Prospectus
47
|
Management
Investment adviser
Capital Research and
Management Company
SM
Portfolio oversight committee
The investment
adviser’s Portfolio Oversight Committee develops the allocation approach and selects the underlying funds in which the fund
invests. The members of the Portfolio Oversight Committee are:
Investment
professional/
Series title
(if
applicable)
|
Investment
professional
experience in this fund
|
Primary
title with investment adviser
|
John
H. Smet
Vice Chairman of the Board
|
6 years
(since the series’
inception)
|
Senior Vice President – Fixed
Income,
Capital Research and Management Company
|
Alan
N. Berro
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
World Investors
|
James
B. Lovelace
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
Research Global Investors
|
Wesley
K.-S. Phoa
Senior Vice President
|
1 year
|
Senior Vice President – Fixed
Income, Capital Research Company
|
Andrew
B. Suzman
Senior Vice President
|
1 year
|
Senior Vice President – Capital
World Investors
|
Bradley
J. Vogt
Senior Vice President
|
1 year
|
Senior Vice President – Capital
Research Global Investors
|
Purchase and sale of fund shares
The minimum amount to establish an IRA account is $250 and
the minimum to add to an account is $50.
For a payroll deduction retirement plan account or payroll
deduction IRA, the minimum is $25 to establish or add to an account.
For IRAs, you may sell (redeem) shares through your
dealer or financial adviser or by writing to American Funds Service Company at P.O. Box 6007, Indianapolis, Indiana 46206-6007;
telephoning American Funds Service Company at 800/421-4225; faxing American Funds Service Company at 888/421-4351; or accessing
our website at americanfunds.com.
Eligible retirement plans generally may open an account
and purchase Class A or R shares by contacting any investment dealer authorized to sell these classes of the fund’s shares.
Investment dealers may impose transaction charges in addition to those described in this prospectus. Please contact your plan administrator
or recordkeeper in order to sell (redeem) shares from your retirement plan.
Tax information
Dividends and capital gains distributed by the fund
to tax-deferred retirement plan accounts and IRAs are not currently taxable.
Payments to broker-dealers and other financial
intermediaries
If you purchase shares of the fund through a broker-dealer
or other financial intermediary (such as a bank), the fund and the fund’s distributor or its affiliates may pay the intermediary
for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer
or other intermediary and your individual financial adviser to recommend the fund over another investment. Ask your individual
financial adviser or visit your financial intermediary’s website for more information.
American Funds Target Date Retirement Series / Prospectus
48
|
American Funds 2015 Target Date Retirement
Fund
Investment objectives
Depending on the proximity to its target date, 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 bond, 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.
Fees and expenses of the fund
This table describes the fees and expenses that you
may pay if you buy and hold shares of the fund. You may qualify for a Class A sales charge discount 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 and in the “Sales charge reductions and waivers” section on page 77 of the prospectus
and on page 71 of the fund’s statement of additional information.
Shareholder fees
(fees paid directly from your investment)
|
|
Class A
|
All R share
classes
|
Maximum sales charge (load) imposed on
purchases (as a percentage of offering
price)
|
5.75%
|
none
|
Maximum deferred sales charge (load)
(as a percentage of the amount redeemed)
|
1.00
1
|
none
|
Maximum sales charge (load) imposed
on reinvested dividends
|
none
|
none
|
Redemption or exchange fees
|
none
|
none
|
Annual fund operating
expenses
(expenses that you pay each year as a percentage
of the value of your investment)
|
|
Share
classes
|
|
A
|
R-1
|
R-2
|
R-3
|
R-4
|
R-5
|
R-6
|
Management fees
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
Distribution and/or service (12b-1) fees
|
0.24
|
1.00
|
0.75
|
0.50
|
0.25
|
none
|
none
|
Other expenses
|
0.15
|
0.15
|
0.32
|
0.20
|
0.12
|
0.07
|
0.03
|
Acquired (underlying) fund fees and expenses
|
0.34
|
0.34
|
0.34
|
0.34
|
0.34
|
0.34
|
0.34
|
Total annual fund operating expenses
|
0.83
|
1.59
|
1.51
|
1.14
|
0.81
|
0.51
|
0.47
|
Fee waiver
2
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
Total annual fund operating expenses after fee waiver
|
0.73
|
1.49
|
1.41
|
1.04
|
0.71
|
0.41
|
0.37
|
|
1
|
A contingent deferred sales charge of 1.00% applies
on certain redemptions within one year following purchases
of $1 million or more made without an initial sales
charge.
|
|
2
|
The investment adviser is currently waiving its management
fee of .10%. This waiver will be in effect through at least
December 31, 2013. The waiver may only be modified or terminated
with the approval of the fund’s board.
|
American Funds Target Date Retirement Series / Prospectus
49
|
Example
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 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. Although your actual costs may
be higher or lower, based on these assumptions your costs would be:
Share classes
|
1 year
|
3 years
|
5 years
|
10 years
|
A
|
$645
|
$815
|
$1,000
|
$1,533
|
R-1
|
152
|
492
|
856
|
1,881
|
R-2
|
144
|
467
|
814
|
1,793
|
R-3
|
106
|
352
|
618
|
1,377
|
R-4
|
73
|
249
|
440
|
992
|
R-5
|
42
|
153
|
275
|
631
|
R-6
|
38
|
141
|
253
|
582
|
Portfolio turnover
The fund pays 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.
American Funds Target Date Retirement Series / Prospectus
50
|
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 such as growth funds, growth-and-income funds, equity-income funds and a balanced fund and bond funds. The fund
categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing
in both U.S. stocks and stocks of issuers domiciled outside the U.S. 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 bond
investments, while bond funds seek current income through bond investments.
The investment adviser may periodically rebalance or modify
the asset mix of the funds and change the underlying fund investments. According to its current investment approach, the investment
adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. Thirty 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 chart illustrates the current investment approach
of the fund by showing how its investment in the various fund categories will change over time.
Current investment approach
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 continuously
monitor the fund and may make modifications to either the investment approach or the underlying fund allocations that the investment
adviser believes could benefit shareholders.
American Funds Target Date Retirement Series / Prospectus
51
|
Principal risks
This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to
tolerate potentially sharp declines in value.
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.
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.
Market conditions —
The prices of,
and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline due to market
conditions and other factors, including those directly involving the issuers of securities held by the underlying funds.
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, short-term 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 will be more significant for the fund in the years preceding its target date because a greater proportion of the fund’s
assets will consist of underlying funds that primarily invest in stocks.
Investing in bonds —
Rising interest
rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject
to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to
redeem, call or refinance a security before its stated maturity, which may result in the underlying fund having to reinvest the
proceeds in lower yielding securities.
Bonds and other debt securities are subject to credit
risk, which is the possibility that the credit strength of an issuer will weaken 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. Credit risk is gauged, in part, by the
credit ratings of the 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. 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 bonds —
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 bonds rated Ba1 or BB+
or below by Nationally Recognized Statistical Rating Organizations or unrated but determined by the underlying fund’s investment
adviser to be of equivalent quality. Such securities are considered speculative and are sometimes referred to as “junk bonds.”
The value of the underlying funds may be similarly affected.
Investing outside the United States —
Securities
of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because
of adverse political, social, economic or market developments in the countries or regions in which the issuer operates. 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. 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 settlement and accounting practices and different regulatory,
legal and reporting standards, and may be more difficult to value, than those in the United States. 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 the underlying fund’s investments. Consequently, the underlying
funds are subject to the risk that the methods and analyses employed by the investment adviser in this process 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. You
should consider how this fund fits into your overall investment program.
American Funds Target Date Retirement Series / Prospectus
52
|
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 different broad measures of market results. This information provides some indication of the risks of investing
in the fund. The MSCI All Country World ex USA Index represents a portion of the equity securities in which certain underlying
funds may invest. The Barclays 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 americanfunds.com.
Average annual total
returns
For the periods ended December 31, 2011
(with maximum sales charge):
|
Share class
|
Inception date
|
1 year
|
Lifetime
|
A
|
2/1/2007
|
–4.03%
|
0.09%
|
Share classes
|
Inception date
|
1 year
|
Lifetime
|
R-1
|
2/1/2007
|
1.13%
|
0.57%
|
R-2
|
2/1/2007
|
1.30
|
0.61
|
R-3
|
2/1/2007
|
1.66
|
0.99
|
R-4
|
2/1/2007
|
1.97
|
1.32
|
R-5
|
2/1/2007
|
2.26
|
1.64
|
R-6
|
7/13/2009
|
2.31
|
12.56
|
Indexes
|
1 year
|
Lifetime
(from Class A inception
|
S&P 500 (reflects no deductions for sales charges, account fees, expenses
or U.S. federal income taxes)
|
2.09%
|
–0.67%
|
MSCI All Country World ex USA Index (reflects no deductions for sales charges,
account fees, expenses or U.S. federal income taxes)
|
–13.71
|
–3.30
|
Barclays U.S. Aggregate Index (reflects no deductions for sales charges, account
fees, expenses or U.S. federal income taxes)
|
7.84
|
6.63
|
American Funds Target Date Retirement Series / Prospectus
53
|
Management
Investment adviser
Capital Research and
Management Company
SM
Portfolio oversight committee
The investment
adviser’s Portfolio Oversight Committee develops the allocation approach and selects the underlying funds in which the fund
invests. The members of the Portfolio Oversight Committee are:
Investment
professional/
Series title
(if
applicable)
|
Investment
professional
experience in this fund
|
Primary
title with investment adviser
|
John
H. Smet
Vice Chairman of the Board
|
6 years
(since the series’
inception)
|
Senior Vice President – Fixed
Income,
Capital Research and Management Company
|
Alan
N. Berro
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
World Investors
|
James
B. Lovelace
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
Research Global Investors
|
Wesley
K.-S. Phoa
Senior Vice President
|
1 year
|
Senior Vice President – Fixed
Income, Capital Research Company
|
Andrew
B. Suzman
Senior Vice President
|
1 year
|
Senior Vice President – Capital
World Investors
|
Bradley
J. Vogt
Senior Vice President
|
1 year
|
Senior Vice President – Capital
Research Global Investors
|
Purchase and sale of fund shares
The minimum amount to establish an IRA account is $250 and
the minimum to add to an account is $50.
For a payroll deduction retirement plan account or payroll
deduction IRA, the minimum is $25 to establish or add to an account.
For IRAs, you may sell (redeem) shares through your
dealer or financial adviser or by writing to American Funds Service Company at P.O. Box 6007, Indianapolis, Indiana 46206-6007;
telephoning American Funds Service Company at 800/421-4225; faxing American Funds Service Company at 888/421-4351; or accessing
our website at americanfunds.com.
Eligible retirement plans generally may open an account
and purchase Class A or R shares by contacting any investment dealer authorized to sell these classes of the fund’s shares.
Investment dealers may impose transaction charges in addition to those described in this prospectus. Please contact your plan administrator
or recordkeeper in order to sell (redeem) shares from your retirement plan.
Tax information
Dividends and capital gains distributed by the fund
to tax-deferred retirement plan accounts and IRAs are not currently taxable.
Payments to broker-dealers and other financial
intermediaries
If you purchase shares of the fund through a broker-dealer
or other financial intermediary (such as a bank), the fund and the fund’s distributor or its affiliates may pay the intermediary
for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer
or other intermediary and your individual financial adviser to recommend the fund over another investment. Ask your individual
financial adviser or visit your financial intermediary’s website for more information.
American Funds Target Date Retirement Series / Prospectus
54
|
American Funds 2010 Target Date Retirement
Fund
Investment objectives
Depending on the proximity to its target date, 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 bond, 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.
Fees and expenses of the fund
This table describes the fees and expenses that you
may pay if you buy and hold shares of the fund. You may qualify for a Class A sales charge discount 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 and in the “Sales charge reductions and waivers” section on page 77 of the prospectus
and on page 71 of the fund’s statement of additional information.
Shareholder fees
(fees paid directly from your investment)
|
|
Class A
|
All R share
classes
|
Maximum sales charge (load) imposed on
purchases (as a percentage of offering
price)
|
5.75%
|
none
|
Maximum deferred sales charge (load)
(as a percentage of the amount redeemed)
|
1.00
1
|
none
|
Maximum sales charge (load) imposed
on reinvested dividends
|
none
|
none
|
Redemption or exchange fees
|
none
|
none
|
Annual fund operating
expenses
(expenses that you pay each year as a percentage
of the value of your investment)
|
|
Share
classes
|
|
A
|
R-1
|
R-2
|
R-3
|
R-4
|
R-5
|
R-6
|
Management fees
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
0.10%
|
Distribution and/or service (12b-1) fees
|
0.24
|
1.00
|
0.75
|
0.50
|
0.25
|
none
|
none
|
Other expenses
|
0.15
|
0.15
|
0.33
|
0.20
|
0.12
|
0.07
|
0.03
|
Acquired (underlying) fund fees and expenses
|
0.33
|
0.33
|
0.33
|
0.33
|
0.33
|
0.33
|
0.33
|
Total annual fund operating expenses
|
0.82
|
1.58
|
1.51
|
1.13
|
0.80
|
0.50
|
0.46
|
Fee waiver
2
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
Total annual fund operating expenses after fee waiver
|
0.72
|
1.48
|
1.41
|
1.03
|
0.70
|
0.40
|
0.36
|
|
1
|
A contingent deferred sales charge of 1.00% applies
on certain redemptions within one year following purchases
of $1 million or more made without an initial sales
charge.
|
|
2
|
The investment adviser is currently waiving its management
fee of .10%. This waiver will be in effect through at least
December 31, 2013. The waiver may only be modified or terminated
with the approval of the fund’s board.
|
American Funds Target Date Retirement Series / Prospectus
55
|
Example
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 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. Although your actual costs may
be higher or lower, based on these assumptions your costs would be:
Share classes
|
1 year
|
3 years
|
5 years
|
10 years
|
A
|
$644
|
$812
|
$995
|
$1,521
|
R-1
|
151
|
489
|
851
|
1,870
|
R-2
|
144
|
467
|
814
|
1,793
|
R-3
|
105
|
349
|
613
|
1,366
|
R-4
|
72
|
245
|
434
|
980
|
R-5
|
41
|
150
|
270
|
619
|
R-6
|
37
|
138
|
248
|
569
|
Portfolio turnover
The fund pays 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 10% of the average value of its portfolio.
American Funds Target Date Retirement Series / Prospectus
56
|
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 such as growth funds, growth-and-income funds, equity-income funds and a balanced fund and bond funds. The fund
categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through investing
in both U.S. stocks and stocks of issuers domiciled outside the U.S. 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 bond
investments, while bond funds seek current income through bond investments.
The investment adviser may periodically rebalance or modify
the asset mix of the funds and change the underlying fund investments. According to its current investment approach, the investment
adviser will continue to manage the fund for approximately thirty years after the fund reaches its target date. Thirty years after
its target date, the fund’s investment allocation will not evolve beyond that which is in effect at that time.
The following chart illustrates the current investment approach
of the fund by showing how its investment in the various fund categories will change over time.
Current investment approach
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 continuously
monitor the fund and may make modifications to either the investment approach or the underlying fund allocations that the investment
adviser believes could benefit shareholders.
American Funds Target Date Retirement Series / Prospectus
57
|
Principal risks
This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to
tolerate potentially sharp declines in value.
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.
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.
Market conditions —
The prices of,
and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline due to market
conditions and other factors, including those directly involving the issuers of securities held by the underlying funds.
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, short-term 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 will be more significant for the fund in the years preceding its target date because a greater proportion of the fund’s
assets will consist of underlying funds that primarily invest in stocks.
Investing in bonds —
Rising interest
rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject
to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to
redeem, call or refinance a security before its stated maturity, which may result in the underlying fund having to reinvest the
proceeds in lower yielding securities.
Bonds and other debt securities are subject to credit
risk, which is the possibility that the credit strength of an issuer will weaken 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. Credit risk is gauged, in part, by the
credit ratings of the 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. 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 bonds —
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 bonds rated Ba1 or BB+
or below by Nationally Recognized Statistical Rating Organizations or unrated but determined by the underlying fund’s investment
adviser to be of equivalent quality. Such securities are considered speculative and are sometimes referred to as “junk bonds.”
The value of the underlying funds may be similarly affected.
Investing outside the United States —
Securities
of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because
of adverse political, social, economic or market developments in the countries or regions in which the issuer operates. 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. 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 settlement and accounting practices and different regulatory,
legal and reporting standards, and may be more difficult to value, than those in the United States. 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 the underlying fund’s investments. Consequently, the underlying
funds are subject to the risk that the methods and analyses employed by the investment adviser in this process 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. You
should consider how this fund fits into your overall investment program.
American Funds Target Date Retirement Series / Prospectus
58
|
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 different broad measures of market results. This information provides some indication of the risks of investing
in the fund. The MSCI All Country World ex USA Index represents a portion of the equity securities in which certain underlying
funds may invest. The Barclays 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 americanfunds.com.
Average annual total
returns
For the periods ended December 31, 2011
(with maximum sales charge):
|
Share class
|
Inception date
|
1 year
|
Lifetime
|
A
|
2/1/2007
|
–2.63%
|
0.44%
|
Share classes
|
Inception date
|
1 year
|
Lifetime
|
R-1
|
2/1/2007
|
2.62%
|
0.94%
|
R-2
|
2/1/2007
|
2.68
|
0.94
|
R-3
|
2/1/2007
|
3.03
|
1.34
|
R-4
|
2/1/2007
|
3.36
|
1.67
|
R-5
|
2/1/2007
|
3.76
|
1.99
|
R-6
|
7/13/2009
|
3.71
|
12.64
|
Indexes
|
1 year
|
Lifetime
(from Class A inception
|
S&P 500 (reflects no deductions for sales charges, account fees, expenses
or U.S. federal income taxes)
|
2.09%
|
–0.67%
|
MSCI All Country World ex USA Index (reflects no deductions for sales charges,
account fees, expenses or U.S. federal income taxes)
|
–13.71
|
–3.30
|
Barclays U.S. Aggregate Index (reflects no deductions for sales charges, account
fees, expenses or U.S. federal income taxes)
|
7.84
|
6.63
|
Management
Investment adviser
Capital Research and
Management Company
SM
Portfolio oversight committee
The investment
adviser’s Portfolio Oversight Committee develops the allocation approach and selects the underlying funds in which the fund
invests. The members of the Portfolio Oversight Committee are:
Investment
professional/
Series title
(if
applicable)
|
Investment
professional
experience in this fund
|
Primary
title with investment adviser
|
John
H. Smet
Vice Chairman of the Board
|
6 years
(since the series’
inception)
|
Senior Vice President – Fixed
Income,
Capital Research and Management Company
|
Alan
N. Berro
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
World Investors
|
James
B. Lovelace
Senior Vice President
|
6 years
(since the series’
inception)
|
Senior Vice President – Capital
Research Global Investors
|
Wesley
K.-S. Phoa
Senior Vice President
|
1 year
|
Senior Vice President – Fixed
Income, Capital Research Company
|
Andrew
B. Suzman
Senior Vice President
|
1 year
|
Senior Vice President – Capital
World Investors
|
Bradley
J. Vogt
Senior Vice President
|
1 year
|
Senior Vice President – Capital
Research Global Investors
|
American Funds Target Date Retirement Series / Prospectus
59
|
Purchase and sale of fund shares
The minimum amount to establish an IRA account is $250 and
the minimum to add to an account is $50.
For a payroll deduction retirement plan account or payroll
deduction IRA, the minimum is $25 to establish or add to an account.
For IRAs, you may sell (redeem) shares through your
dealer or financial adviser or by writing to American Funds Service Company at P.O. Box 6007, Indianapolis, Indiana 46206-6007;
telephoning American Funds Service Company at 800/421-4225; faxing American Funds Service Company at 888/421-4351; or accessing
our website at americanfunds.com.
Eligible retirement plans generally may open an account
and purchase Class A or R shares by contacting any investment dealer authorized to sell these classes of the fund’s shares.
Investment dealers may impose transaction charges in addition to those described in this prospectus. Please contact your plan administrator
or recordkeeper in order to sell (redeem) shares from your retirement plan.
Tax information
Dividends and capital gains distributed by the fund
to tax-deferred retirement plan accounts and IRAs are not currently taxable.
Payments to broker-dealers and other financial
intermediaries
If you purchase shares of a fund through a broker-dealer
or other financial intermediary (such as a bank), the fund and the fund’s distributor or its affiliates may pay the intermediary
for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer
or other intermediary and your individual financial adviser to recommend the fund over another investment. Ask your individual
financial adviser or visit your financial intermediary’s website for more information.
American Funds Target Date Retirement Series / Prospectus
60
|
Investment objectives, strategies and risks
Except where the context indicates otherwise, all references
herein to the “fund” apply to each of the funds in the series.
The investment objectives, strategies and risks of each
fund are summarized below:
Each fund in the series is designed for investors who plan
to retire in, or close to, the year designated in the fund’s name. Depending on its proximity to its target date, each fund
will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. For example, the
2055 Fund, a fund with more years before its target date, will emphasize growth more than a fund closer to its target date such
as the 2010 Fund. As each fund approaches and passes its target date, it will increasingly emphasize income and conservation of
capital by investing a greater portion of its assets in bond, equity-income and balanced funds. In this way, each fund seeks to
balance total return and stability over time. These objectives may be modified by the series’ board of trustees without shareholder
approval.
Each fund’s investment objective is subject to
change only upon 60 days’ written notice to shareholders. Each 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 such as growth funds, growth-and-income funds, equity-income funds and a balanced fund, and bond funds. Further,
the fund categories represent differing investment objectives. For example, growth funds seek long-term growth primarily through
investing in both U.S. stocks and stocks of issuers domiciled outside the U.S. 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 bond investments, while bond funds seek current income through bond investments.
To the extent a fund invests in one or more underlying
American Funds, it will invest in Class R-6 shares of such underlying funds. Class R-6 shares have relatively low expenses,
which reduce overall fund expenses. 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. In addition to investing in a mix of American Funds, each fund may also invest in funds in the American Funds Insurance
Series or other funds managed by Capital Research and Management Company and its affiliates, subject to obtaining any necessary
regulatory approvals and notifying shareholders in advance.
The investment adviser may periodically rebalance or modify
the asset mix of the funds and change the underlying fund investments. According to its current investment approach, the investment
adviser will continue to manage each fund for approximately thirty years after the fund reaches its target date. Thirty years after
its target date, each 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 chart illustrates the current investment approach
of each fund by showing how its investment in the various fund categories will change over time.
Current investment approach
The investment adviser anticipates that each 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 continuously
monitor the funds and may make modifications to either the investment approach or the underlying fund allocations that the investment
adviser believes could benefit shareholders.
Each fund may, from time to time, take temporary defensive
positions by holding all, or a significant portion, of its assets in cash, money market instruments, shares of money market funds
or other securities that may be deemed appropriate by the fund’s investment adviser.
American Funds Target Date Retirement Series / Prospectus
61
|
Target Fund allocations
The following table details the percentage allocation of each
fund to the underlying American Funds as of January 1, 2013.
*
|
2055
|
2050
|
2045
|
2040
|
2035
|
2030
|
2025
|
2020
|
2015
|
2010
|
Growth
|
|
|
|
|
|
|
|
|
|
|
AMCAP Fund®
|
7%
|
7%
|
7%
|
7%
|
7%
|
7%
|
6%
|
4%
|
4%
|
2%
|
EuroPacific Growth Fund®
|
4
|
4
|
4
|
4
|
4
|
4
|
4
|
3
|
3
|
0
|
The Growth Fund of America®
|
7
|
7
|
7
|
7
|
7
|
7
|
6
|
4
|
3
|
1
|
The New Economy Fund®
|
4
|
4
|
4
|
4
|
4
|
4
|
3
|
0
|
0
|
0
|
New Perspective Fund®
|
7
|
7
|
7
|
7
|
7
|
7
|
7
|
5
|
5
|
2
|
New World Fund®
|
4
|
4
|
4
|
4
|
4
|
4
|
3
|
1
|
0
|
0
|
SMALLCAP World Fund®
|
7
|
7
|
7
|
7
|
7
|
7
|
6
|
3
|
0
|
0
|
Growth allocation
|
40
|
40
|
40
|
40
|
40
|
40
|
35
|
20
|
15
|
5
|
Growth-and-Income
|
|
|
|
|
|
|
|
|
|
|
American Mutual Fund®
|
8%
|
8%
|
8%
|
8%
|
7%
|
6%
|
6%
|
6%
|
6%
|
6%
|
Capital World Growth
and Income Fund
SM
|
7
|
7
|
7
|
7
|
6
|
5
|
5
|
5
|
5
|
4
|
Fundamental Investors
SM
|
8
|
8
|
8
|
8
|
7
|
6
|
6
|
6
|
5
|
4
|
International Growth
and Income Fund
SM
|
4
|
4
|
4
|
4
|
4
|
3
|
3
|
3
|
2
|
1
|
The Investment Company of America®
|
9
|
9
|
9
|
9
|
8
|
7
|
7
|
7
|
6
|
5
|
Washington Mutual Investors
Fund
SM
|
9
|
9
|
9
|
9
|
8
|
8
|
8
|
8
|
6
|
5
|
Growth-and-Income allocation
|
45
|
45
|
45
|
45
|
40
|
35
|
35
|
35
|
30
|
25
|
Equity-Income and Balanced
|
|
|
|
|
|
|
|
|
|
|
American Balanced Fund®
|
4%
|
4%
|
4%
|
4%
|
5%
|
8%
|
8%
|
8%
|
8%
|
7%
|
Capital Income Builder®
|
3
|
3
|
3
|
3
|
5
|
6
|
6
|
6
|
6
|
9
|
The Income Fund of America®
|
3
|
3
|
3
|
3
|
5
|
6
|
6
|
6
|
6
|
9
|
Equity-Income and Balanced allocation
|
10
|
10
|
10
|
10
|
15
|
20
|
20
|
20
|
20
|
25
|
Bond
|
|
|
|
|
|
|
|
|
|
|
American Funds Mortgage
Fund
SM
|
0%
|
0%
|
0%
|
0%
|
0%
|
0%
|
0%
|
5%
|
5%
|
10%
|
American High-Income Trust®
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
5
|
The Bond Fund of America®
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
5
|
10
|
Capital World Bond Fund®
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
5
|
5
|
5
|
Intermediate Bond Fund of America®
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
5
|
10
|
10
|
U.S. Government Securities Fund®
|
5
|
5
|
5
|
5
|
5
|
5
|
10
|
10
|
10
|
5
|
Bond allocation
|
5
|
5
|
5
|
5
|
5
|
5
|
10
|
25
|
35
|
45
|
|
*
|
The investment adviser may periodically rebalance or modify
the asset mix of the funds and change the underlying investments.
|
American Funds Target Date Retirement Series / Prospectus
62
|
Investments in each fund are subject to risks related
to the investment adviser's allocation choices. The selection of the underlying funds and the allocation of 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, each fund's equity exposure may result in investment volatility that could reduce an investor's
available retirement assets at a time when the investor has a need to withdraw funds. For investors who are further from retirement,
there is a risk a 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.
Because each fund's investments are concentrated in
the underlying funds, each fund's risks are directly related to the risks of the underlying funds. For this reason, it is important
to understand the risks associated with investing in the underlying funds.
The prices of, and the income generated by, the common
stocks, bonds and other securities held by the underlying funds may decline due to market conditions and other factors, including
those directly involving the issuers of securities held by the underlying funds.
The growth-oriented common stocks and other equity-type
securities (such as preferred stocks, convertible preferred stocks and convertible bonds) held by an underlying fund may involve
larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case
of smaller capitalization stocks.
The income provided by income-oriented stocks and other
equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) held by an underlying fund
may be reduced by changes in the dividend policies of the companies in which the underlying fund invests and the capital resources
available for dividend payments at such companies.
These risks will be more significant for a fund in the years
preceding its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily
invest in stocks.
The prices of, and the income generated by, most bonds
and other debt securities held by an underlying fund may be affected by changing interest rates and by changes in the effective
maturities and credit ratings of these securities. For example, the prices of debt securities in an underlying fund’s portfolio
generally will decline when interest rates rise and increase when interest rates fall.
In addition, falling interest rates may cause an issuer
to redeem, call or refinance a debt security before its stated maturity, which may result in an underlying fund having to reinvest
the proceeds in lower yielding securities. Longer maturity debt securities generally have higher rates of interest 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 will weaken 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. 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 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.
Certain of the underlying funds invest in lower quality
debt securities (rated Ba1 or BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the underlying
fund's investment adviser, or unrated but determined to be of equivalent quality by the underlying fund's investment adviser),
including those of issuers domiciled outside the U.S. Such securities are sometimes referred to as “junk bonds.”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 junk bonds. As a result,
the value of the underlying fund may be similarly affected.
There may be little trading in the secondary market for
particular bonds or other debt securities, which may make them more difficult to value, acquire or sell.
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.
The average maturities of the securities in which each
underlying bond fund invests will vary from short term to long term. The underlying bond funds invest in debt securities using
a range of quality standards. For more information, please refer to “Information regarding the underlying funds” section
of this prospectus.
The prices of securities of issuers domiciled outside
the United States or with significant operations outside the United States may decline due to conditions specific to the countries
or regions in which the issuer is domiciled or operates, including adverse political, social, economic or market changes in such
countries or regions. The securities of issuers domiciled in certain countries outside the United States may be more volatile,
less liquid and/or more difficult to value than those of U.S. issuers. Issuers in countries outside the United States may also
be subject to different tax and accounting policies and different auditing, reporting, legal and regulatory standards. In addition,
the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest
and dividends. Issuers in countries outside the United States may also be subject to different government and legal systems that
make it difficult for the underlying fund to exercise its rights as a shareholder of the company. Further, there may be increased
risks of delayed settlement of securities purchased or sold by an underlying fund. These investments may also be affected by changes
in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. The risks of investing outside
the United States may be heightened in connection with investments in emerging markets.
The investment adviser to the fund and to the underlying
funds actively manages each underlying fund’s investments. Consequently, an underlying fund is subject to the risk that
the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause
the underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.
American Funds Target Date Retirement Series / Prospectus
63
|
Fund comparative indexes
The investment
results tables in this prospectus show how the fund’s average annual total returns compare with various broad measures of
market results. The Standard & Poor’s 500 Composite Index is a market capitalization-weighted index based on the average
weighted results of 500 widely held common stocks. This index is unmanaged, and its results include reinvested dividends and/or
distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
The MSCI All Country World ex USA Index is a free float-adjusted market capitalization-weighted index that is designed to measure
equity market results in the global developed and emerging markets, excluding the United States. The index consists of more than
40 developed and emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000,
and dividends net of withholding taxes thereafter. This index is unmanaged, and its results include reinvested dividends and/or
distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
The Barclays U.S. Aggregate Index represents the U.S.
investment-grade fixed-rate bond market. This index is unmanaged, and its results include reinvested distributions but do not
reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
Fund results
All fund results in this
prospectus reflect the reinvestment of dividends and capital gain distributions, if any. Unless otherwise noted, fund results
reflect any fee waivers and/or expense reimbursements in effect during the periods presented.
American Funds Target Date Retirement Series / Prospectus
64
|
Information regarding the underlying funds
The investment objectives and principal investment strategies
of the underlying funds are summarized below and on the following pages. They should not be construed as an offer to purchase
the underlying funds. Underlying fund information is as of the most recent underlying fund prospectus prior to the date of this
prospectus. For additional and more current information regarding the underlying funds, investors should read the current prospectuses
and statements of additional information of the underlying funds.
Each fund will invest in some, but not all, of the underlying
funds listed below. Some underlying funds may not be underlying investments for any fund, while others may serve as underlying
investments for multiple funds.
The fund relies on the professional judgment of the
investment adviser to the fund and to the underlying funds to make decisions about the underlying fund’s portfolio investments.
The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion,
represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is
through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors.
Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.
Underlying funds – Growth funds
AMCAP Fund
The fund’s investment objective
is to provide you with long-term growth of capital.
The fund invests primarily in common stocks of U.S. companies
that have solid long-term growth records and the potential for good future growth.
EuroPacific Growth Fund
The fund’s investment
objective is to provide you with long-term growth of capital.
The fund invests primarily in common stocks of issuers in
Europe and the Pacific Basin that the investment adviser believes have the potential for growth. Growth stocks are stocks that
the investment adviser believes have the potential for above-average capital appreciation.
Normally the fund will invest at least 80% of its net
assets in securities of issuers in Europe and the Pacific Basin. A country will be considered part of Europe if it is part of
the MSCI European indexes, and part of the Pacific Basin if any of its borders touches the Pacific Ocean. The fund may invest
a portion of its assets in common stocks and other securities of companies in countries with emerging or developing economies
and/or markets.
The Growth Fund of America
The fund’s investment
objective is to provide you with growth of capital.
The fund invests primarily in common stocks and seeks to
invest in companies that appear to offer superior opportunities for growth of capital. The fund may invest a portion of its assets
in securities of issuers domiciled outside the United States.
The New Economy Fund
The investment objective of
the fund is long-term growth of capital. Current income is a secondary consideration.
The fund seeks to achieve its objectives by investing in
securities of companies that can benefit from innovation, exploit new technologies or provide products and services that meet the
demands of an evolving global economy.
In pursuing its investment objectives, the fund invests
primarily in common stocks that the investment adviser believes have the potential for growth. The fund also invests in common
stocks with the potential to pay dividends. The fund may invest a significant portion of its assets in issuers based outside the
United States, including those based in emerging and developing countries.
New Perspective Fund
The fund’s primary investment
objective is to provide you with long-term growth of capital. Future income is a secondary objective.
The fund seeks to take advantage of investment opportunities
generated by changes in international trade patterns and economic and political relationships by investing in common stocks of
companies located around the world.
In pursuing its primary investment objective, the fund invests
primarily in common stocks that the investment adviser believes have the potential for growth. In pursuing its secondary objective,
the fund invests in common stocks of companies with the potential to pay dividends in the future.
New World Fund
The fund’s investment objective
is long-term capital appreciation.
The fund invests primarily in common stocks of companies
with significant exposure to countries with developing economies and/or markets. Many of these countries may be referred to as
emerging countries or emerging markets. The fund may also invest in debt securities of issuers, including issuers of lower rated
bonds (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 to be of equivalent quality by the fund’s investment adviser), with exposure
to these countries. Bonds rated Ba1 or BB+ or below are sometimes referred to as “junk bonds.”
Under normal market conditions, the fund will invest at
least 35% of its assets in equity and debt securities of issuers primarily based in qualified countries that have developing economies
and/or markets.
In determining whether a country is qualified, the fund’s
investment adviser will consider such factors as the country’s per capita gross domestic product, the percentage of the
country’s economy that is industrialized, market capital as a percentage of gross domestic product, the overall regulatory
environment, the presence of government regulation limiting or banning foreign ownership, and restrictions on repatriation of
initial capital, dividends, interest and/or capital gains.
The fund may invest in equity securities of any company,
regardless of where it is based, if the fund’s investment adviser determines that a significant portion of the company’s
assets or revenues (generally 20% or more) is attributable to developing countries. In addition, the fund may invest up to 25%
of its assets in nonconvertible debt securities of issuers, including issuers of lower rated bonds and government bonds, that are
primarily based in qualified countries or that have a significant portion of their assets or revenues attributable to developing
countries. The fund may also, to a limited extent, invest in securities of issuers based in nonqualified developing countries.
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SMALLCAP World Fund
The fund’s investment objective
is to provide you with long-term growth of capital.
Normally the fund invests at least 80% of its net assets
in growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and
convertible bonds) of companies with small market capitalizations. The investment adviser currently defines “small market
capitalization” companies to be companies with market capitalizations of $4.0 billion or less. The investment adviser has
periodically re-evaluated and adjusted this definition and may continue to do so in the future. The fund may continue to hold
securities of a portfolio company that subsequently appreciates above the small market capitalization threshold. Because of this,
the fund may have less than 80% of its net assets in small market capitalization stocks at any given time. Under normal circumstances,
the fund will invest a significant portion of its assets outside the United States, including in emerging markets.
Underlying funds – Growth-and-income
funds
American Mutual Fund
The fund strives for the balanced
accomplishment of three objectives: current income, growth of capital and conservation of principal.
The fund seeks to invest primarily in common stocks of companies
that are likely to participate in the growth of the American economy and whose dividends appear to be sustainable. The fund invests
primarily in securities of issuers domiciled in the United States and Canada.
The fund’s equity investments are limited to securities
of companies that are included on its eligible list. In light of the fund’s investment objectives and policies, securities
are added to, or deleted from, the eligible list by the fund’s board of trustees after reviewing and acting upon the recommendations
of the fund’s investment adviser. The investment adviser bases its recommendations on a number of factors, such as the fund’s
investment objectives and policies, whether a company is considered a leader in its industry and a company’s dividend payment
prospects. Although the fund focuses on investments in medium to larger capitalization companies, the fund’s investments
are not limited to a particular capitalization size.
The fund may also invest in bonds and other debt securities,
including those issued by the U.S. government and by federal agencies and instrumentalities. Debt securities purchased by the fund
are rated investment grade or better or determined by the fund’s investment adviser to be of equivalent quality.
Capital World Growth and Income Fund
The fund’s
investment objective is to provide you with long-term growth of capital while providing current income.
The fund invests primarily in common stocks of well-established
companies located around the world, many of which have the potential to pay dividends. The fund invests, on a global basis, in
common stocks that are denominated in U.S. dollars or other currencies. Under normal market circumstances the fund will invest
a significant portion of its assets in securities of issuers domiciled outside the United States, including those based in developing
countries.
The fund is designed for investors seeking both capital
appreciation and income. In pursuing its objective, the fund tends to invest in stocks that the investment adviser believes to
be relatively resilient to market declines.
Fundamental Investors
The fund’s investment
objective is to achieve long-term growth of capital and income.
The fund seeks to invest primarily in common stocks of companies
that appear to offer superior opportunities for capital growth and most of which have a history of paying dividends. In addition,
the fund may invest significantly in securities of issuers domiciled outside the United States.
International Growth and Income Fund
The fund’s
investment objective is to provide you with long-term growth of capital while providing current income.
The fund invests primarily in stocks of larger, well-established
companies domiciled outside the United States, including in emerging and developing countries, that the investment adviser believes
have the potential for growth and/or to pay dividends. The fund currently intends to invest at least 90% of its assets in securities
of issuers domiciled outside the United States and whose securities are primarily listed on exchanges outside the United States
and cash and cash equivalents. The fund therefore expects to be invested in numerous countries outside the United States.
The fund is designed for investors seeking both capital
appreciation and income. In pursuing its objective, the fund focuses on stocks of companies with strong earnings that pay dividends.
The Investment Company of America
The fund’s
investment objectives are to achieve long-term growth of capital and income.
The fund invests primarily in common stocks, most of which
have a history of paying dividends. The fund’s investments are limited to securities of companies that are included on its
eligible list. In light of the fund’s investment objectives and policies, securities are added to, or deleted from, the eligible
list by the fund’s board of trustees after reviewing and acting upon the recommendations of the fund’s investment adviser.
The investment adviser bases its recommendations on a number of factors, such as the fund’s investment objectives and policies,
whether a company is considered a leader in its industry and a company’s dividend payment prospects. Although the fund focuses
on investments in medium to larger capitalization companies, the fund’s investments are not limited to a particular capitalization
size. In the selection of common stocks and other securities for investment, potential for capital appreciation and future dividends
are given more weight than current yield.
The fund may invest up to 15% of its assets, at the time
of purchase, in securities of issuers domiciled outside the United States.
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Washington Mutual Investors Fund
The fund’s
investment objective is to produce income and to provide an opportunity for growth of principal consistent with sound common stock
investing.
The fund invests primarily in common stocks of established
companies that are listed on, or meet the financial listing requirements of, the New York Stock Exchange and have a strong record
of earnings and dividends. The fund strives to accomplish its objective through fundamental research, careful selection and broad
diversification. In the selection of common stocks and other securities for investment, current and potential yield as well as
the potential for long-term capital appreciation are considered. The fund seeks to provide an above-average yield in its quarterly
income distribution in relation to Standard & Poor’s 500 Composite Index (a broad, unmanaged index). The fund strives
to maintain a fully invested, diversified portfolio, consisting primarily of high-quality common stocks.
The fund has Investment Standards originally based upon
criteria established by the United States District Court for the District of Columbia for determining eligibility under the Court’s
Legal List procedure, which was in effect for many years. The fund has an “Eligible List” — based on the Investment
Standards and approved by the fund’s board of trustees — of investments considered appropriate for a prudent investor
seeking opportunities for income and growth of principal consistent with common stock investing. The investment adviser is required
to select the fund's investments exclusively from the issuers on the Eligible List. The investment adviser monitors the Eligible
List and makes recommendations to the board of trustees regarding changes necessary for continued compliance with the fund’s
Investment Standards.
Underlying funds – Equity-income
and balanced funds
American Balanced Fund
The investment objectives
of the fund are: (1) conservation of capital, (2) current income and (3) long-term growth of capital and income.
The fund approaches the management of its investments as
if they constituted the complete investment program of the prudent investor. The fund invests in a broad range of securities, including
common stocks and investment-grade bonds (rated Baa3 or better or BBB- or better by Nationally Recognized Statistical Rating Organizations
designated by the fund’s investment adviser or unrated but determined to be of equivalent quality). The fund also invests
in securities issued and guaranteed by the U.S. government and by federal agencies and instrumentalities. In addition, the fund
may invest a portion of its assets in common stocks, most of which have a history of paying dividends, bonds and other securities
of issuers domiciled outside the United States.
Normally the fund will maintain at least 50% of the value
of its assets in common stocks and at least 25% of the value of its assets in debt securities, including money market securities.
Although the fund focuses on investments in medium to larger capitalization companies, the fund’s investments are not limited
to a particular capitalization size.
Capital Income Builder
The fund has two primary investment
objectives. It seeks (1) to provide you with a level of current income that exceeds the average yield on U.S. stocks generally
and (2) to provide you with a growing stream of income over the years. The fund’s secondary objective is to provide you with
growth of capital.
The fund normally will invest at least 90% of its assets
in income-producing securities (with at least 50% of its assets in common stocks and other equity securities). The fund invests
primarily in a broad range of income-producing securities, including common stocks and bonds. In seeking to provide you with a
level of current income that exceeds the average yield on U.S. stocks, the fund generally looks to the average yield on stocks
of companies listed on the S&P 500. The fund may also invest significantly in common stocks, bonds and other securities of
issuers domiciled outside the United States.
The Income Fund of America
The fund’s investment
objectives are to provide you with current income while secondarily striving for capital growth.
Normally the fund invests primarily in income-producing
securities. These include equity securities, such as dividend-paying common stocks, and debt securities, such as interest-paying
bonds.
Generally at least 60% of the fund’s assets will
be invested in common stocks and other equity-type securities. However, the composition of the fund’s investments in equity,
debt and cash or money market instruments may vary substantially depending on various factors, including market conditions. The
fund may also invest up to 25% of its assets in equity securities of issuers domiciled outside the United States, including issuers
in emerging and developing countries. In addition, the fund may invest up to 20% of its assets in lower quality, higher yielding
nonconvertible debt securities (rated Ba1 and BB+ or below by Nationally Recognized Statistical Rating Organizations designated
by the fund’s investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser).
Such securities are sometimes referred to as “junk bonds.” The fund may also invest up to 10% of its assets in debt
securities of issuers domiciled outside the United States; however, these securities must be denominated in U.S. dollars.
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Underlying funds – Bond funds
American Funds Mortgage Fund
The fund’s investment
objective is to provide current income and preservation of capital.
Normally at least 80% of the fund’s assets will
be invested in mortgage-related securities, including securities collateralized by mortgage loans and contracts for future delivery
of such securities (such as to be announced contracts and mortgage dollar rolls). The fund will invest primarily in mortgage-related
securities that are sponsored or guaranteed by the U.S. government, such as securities issued by government-sponsored entities
that are not backed by the full faith and credit of the U.S. government, and nongovernment mortgage-related securities that are
rated in the Aaa or AAA rating category (by Nationally Recognized Statistical Rating Organizations designated by the fund’s
investment adviser) or unrated but determined to be of equivalent quality by the fund’s investment adviser. The fund may
also invest a portion of its assets in debt issued by federal agencies. Each contract for future delivery is normally of short
duration and is replaced by another contract prior to maturity. Each such transaction is reflected as turnover in the fund’s
portfolio, resulting in a higher portfolio turnover rate than funds that do not employ this investment strategy.
American High-Income Trust
The fund’s primary
investment objective is to provide you with a high level of current income. Its secondary investment objective is capital appreciation.
The fund invests primarily in higher yielding and generally
lower quality debt securities (rated Ba1 or below or BB+ or below by Nationally Recognized Statistical Rating Organizations or
unrated but determined by the fund’s investment adviser to be of equivalent quality), including corporate loan obligations.
Such securities are sometimes referred to as “junk bonds.” The fund may also invest a portion of its assets in securities
of issuers domiciled outside the United States.
The fund is designed for investors seeking a high level
of current income and who are able to tolerate greater credit risk and price fluctuations than those that exist in funds investing
in higher quality debt securities.
The Bond Fund of America
The fund’s investment
objective is to provide as high a level of current income as is consistent with the preservation of capital.
The fund seeks to maximize your level of current income
and preserve your capital by investing primarily in bonds. Normally the fund invests at least 80% of its assets in bonds and other
debt securities. The fund invests a majority of its assets in debt securities with quality ratings of A3 or better or A- or better
by Nationally Recognized Statistical Ratings Organizations designated by the fund’s investment adviser, or in debt securities
that are unrated but determined to be of equivalent quality by the fund’s investment adviser, including securities issued
and guaranteed by the United States and other governments, securities of corporate issuers and securities backed by mortgages and
other assets.
The fund may also invest in debt securities and mortgage-backed
securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full
faith and credit of the U.S. government. The fund invests in debt securities with a wide range of maturities.
The fund’s current practice is not to invest more
than 10% of its assets in debt securities rated Ba1 and BB+ or below by Nationally Recognized Statistical Ratings Organizations
designated by the fund’s investment adviser or in debt securities that are unrated but determined by the fund’s investment
adviser to be of equivalent quality. Securities rated Ba1 and BB+ or below are sometimes referred to as “junk bonds.”
Capital World Bond Fund
The fund’s investment
objective is to provide you, over the long term, with a high level of total return consistent with prudent investment management.
Total return comprises the income generated by the fund and the changes in the market value of the fund’s investments.
Under normal market circumstances, the fund will invest
at least 80% of its assets in bonds. The fund invests primarily in debt securities of governmental, supranational and corporate
issuers denominated in various currencies, including U.S. dollars. The fund may invest substantially in securities of issuers
domiciled outside the United States, including issuers domiciled in developing countries. Normally the fund’s debt obligations
will consist substantially of investment-grade bonds (rated Baa3 or better or BBB– or better by Nationally Recognized Statistical
Rating Organizations designated by the fund’s investment adviser or unrated but determined to be of equivalent quality by
the fund’s investment adviser). The fund may also invest up to 25% of its assets 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 to be of equivalent quality by the fund’s investment adviser). Such securities
are sometimes referred to as “junk bonds.” The total return of the fund will be the result of interest income, changes
in the market value of the fund’s investments and changes in the values of other currencies relative to the U.S. dollar.
The fund is nondiversified, which allows it to invest a
greater percentage of its assets in any one issuer than would otherwise be the case. However, the fund intends to limit its investments
in the securities of any single issuer.
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Intermediate Bond Fund of America
The
fund’s investment objective is to provide you with current income consistent with the maturity and quality standards described
in its prospectus and preservation of capital.
The fund maintains a portfolio of bonds, other debt securities
and money market instruments having a dollar-weighted average maturity of no less than three years and no greater than five years
under normal market conditions. The fund invests primarily in bonds and other debt securities with quality ratings of A–
or better or A3 or better (by a Nationally Recognized Statistical Rating Organization designated by the fund’s investment
adviser) or unrated but determined to be of equivalent quality by the fund’s investment adviser. The fund may invest up to
10% of its assets in bonds and other debt securities rated in the BBB or Baa rating category (by a Nationally Recognized Statistical
Rating Organization designated by the fund’s investment adviser) or in unrated securities determined to be of equivalent
quality by the fund’s investment adviser.
The fund primarily invests in intermediate-term debt
securities denominated in U.S. dollars. These include securities issued and guaranteed by the U.S. government, debt securities
and mortgage-backed securities issued by government-sponsored entities and federal agencies, and instrumentalities that are not
backed by the full faith and credit of the U.S. government. In addition, the fund may invest in mortgage-backed securities issued
by private issuers and asset-backed securities (securities backed by assets such as auto loans, credit card receivables or other
providers of credit).
The fund may also invest in asset-backed securities
(securities backed by assets such as auto loans, credit card receivables or other providers of credit).
U.S. Government Securities Fund
The fund’s
investment objective is to provide a high level of current income consistent with prudent investment risk and preservation of capital.
Normally the fund’s assets will be invested primarily
in securities that are guaranteed or sponsored by the U.S. government, including bonds and other debt securities denominated in
U.S. dollars. The fund may also invest in mortgage-backed securities issued by federal agencies and instrumentalities that are
not backed by the full faith and credit of the U.S. government. The fund invests in debt securities with a wide range of maturities.
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Management and organization
Investment adviser
Capital Research and
Management Company, an experienced investment management organization founded in 1931, serves as the investment adviser to the
funds and other funds, including the underlying American Funds. Capital Research and Management Company is a wholly owned subsidiary
of The Capital Group Companies, Inc. and is located at 333 South Hope Street, Los Angeles, California 90071. Capital
Research and Management Company manages the investment portfolio and business affairs of the funds. The total management fee paid
by each fund, as a percentage of average net assets, for the previous fiscal year appears in the Annual Fund Operating Expenses
table under “Fees and expenses of the fund.” Please see the statement of additional information for further details.
A discussion regarding the basis for the approval of the investment advisory and service agreement by the series' board of trustees
is contained in the series' semi-annual report to shareholders for the fiscal period ended April 30, 2012.
Capital Research and Management Company manages equity
assets through three equity investment divisions and fixed-income assets through its fixed-income division. The three equity investment
divisions make investment decisions on an independent basis and include Capital World Investors, Capital Research Global Investors
and a third equity investment division.
The equity investment divisions may, in the future,
be incorporated as wholly owned subsidiaries of Capital Research and Management Company. In that event, Capital Research and Management
Company would continue to be the investment adviser, and day-to-day investment management of equity assets would continue to be
carried out through one or more of these subsidiaries. Although not currently contemplated, Capital Research and Management Company
could incorporate its fixed-income division in the future and engage it to provide day-to-day investment management of fixed-income
assets. Capital Research and Management Company and each of the funds it advises have received an exemptive order from the U.S.
Securities and Exchange Commission that allows Capital Research and Management Company to use, upon approval of the fund’s
board, its management subsidiaries and affiliates to provide day-to-day investment management services to the fund, including
making changes to the management subsidiaries and affiliates providing such services. The fund’s shareholders have approved
this arrangement; however, there is no assurance that Capital Research and Management Company will incorporate its investment
divisions or exercise any authority under the exemptive order.
Portfolio holdings
Portfolio holdings
information for each fund in the series is available on the American Funds website at americanfunds.com. A description of the
funds’ policies and procedures regarding disclosure of information about their portfolio holdings is available in the statement
of additional information.
Multiple Portfolio Counselor System
®
for the underlying funds
Capital Research and Management Company uses a system of multiple portfolio counselors in
managing mutual fund assets for the underlying funds. Under this approach, the portfolio of each underlying fund is divided into
segments managed by individual counselors who decide how their respective segments will be invested. In addition, Capital Research
and Management Company’s investment analysts may make investment decisions with respect to a portion of an underlying fund’s
portfolio. Investment decisions are subject to the underlying fund’s objective(s), policies and restrictions and the oversight
of the appropriate investment-related committees of Capital Research and Management Company and its investment divisions.
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Portfolio management for the series
Capital
Research and Management Company is the investment adviser to the American Funds Target Date Retirement Series. For each fund in
the series, the Portfolio Oversight Committee develops the allocation approach and selects the underlying funds.
The table below shows the investment experience and
role in management for each of the series’ investment professionals.
Investment
professional
|
Investment
experience
|
Experience
in this series
|
Role
in management of the series
|
John H. Smet
|
Investment professional for 31 years in total; 29 years with
Capital Research and Management Company or affiliate
|
6 years
(since
the series’ inception)
|
Serves as a member of the Portfolio
Oversight Committee
|
Alan N. Berro
|
Investment professional for 27
years in total; 22 years with Capital Research and Management Company or affiliate
|
6 years
(since
the series’ inception)
|
Serves as a member of the Portfolio Oversight Committee
|
James B. Lovelace
|
Investment
professional for 31 years, all with Capital Research and Management Company or affiliate
|
6 years
(since
the series’ inception)
|
Serves as a member of the Portfolio Oversight Committee
|
Wesley K.-S. Phoa
|
Investment professional for
19 years in total; 14 years with Capital Research and Management Company or affiliate
|
1 year
|
Serves as a member of the Portfolio
Oversight Committee
|
Andrew B. Suzman
|
Investment professional for
20 years, all with Capital Research and Management Company or affiliate
|
1 year
|
Serves as a member of the Portfolio
Oversight Committee
|
Bradley J. Vogt
|
Investment professional for
25 years, all with Capital Research and Management Company or affiliate
|
1 year
|
Serves as a member of the Portfolio
Oversight Committee
|
Information regarding the investment professionals’
compensation, their ownership of securities in the series and other accounts they manage is in the statement of additional information.
Certain privileges and/or services described on the
following pages of this prospectus and in the statement of additional information may not be available to you, depending
on your investment dealer or retirement plan recordkeeper. Please see your financial adviser, investment dealer or retirement
plan recordkeeper for more information.
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Shareholder information
Shareholder services
American Funds Service Company,
the fund‘s transfer agent, offers a wide range of services that you can use to alter your investment program should your
needs or circumstances change. These services may be terminated or modified at any time upon 60 days’ written notice.
A more detailed description of policies and services
is included in the series’ statement of additional information and the owner’s guide sent to new American Funds shareholders
entitled
Welcome
.
These documents are available by writing to or calling American Funds Service Company.
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Unless otherwise noted, references to Class R shares
on the following pages refer to Class R-1, R-2, R-3, R-4, R-5 and R-6 shares.
Purchase, exchange and sale of shares
The series’ transfer agent, on behalf of the
series and American Funds Distributors,
®
the series’ distributor, is required by law to obtain certain personal
information from you or any other person(s) acting on your behalf in order to verify your or such person's identity. If you do
not provide the information, the transfer agent may not be able to open your account. If the transfer agent is unable to verify
your identity or that of any other person(s) authorized to act on your behalf, or believes it has identified potentially criminal
activity, the series and American Funds Distributors reserve the right to close your account or take such other action they deem
reasonable or required by law.
When purchasing shares, you should designate the fund
or funds in which you wish to invest. Subject to the exception below, if no fund is designated, your money will be held uninvested
(without liability to the transfer agent for loss of income or appreciation pending receipt of proper instructions) until investment
instructions are received, but for no more than three business days. Your investment will be made at the net asset value (plus
any applicable sales charge in the case of Class A shares) next determined after investment instructions are received and accepted
by the transfer agent. If investment instructions are not received, your money will be invested in Class A shares of American
Funds Money Market Fund
®
on the third business day after receipt of your investment.
If the amount of your cash investment is $10,000 or
less, no fund is designated, and you made a cash investment (excluding exchanges) within the last 16 months, your money will be
invested in the same proportion and in the same fund or funds and in the same class of shares in which your last cash investment
was made.
Different procedures may apply to certain employer-sponsored
arrangements, including, but not limited to, SEPs and SIMPLE IRAs.
Valuing shares
The net asset value of
each share class of each fund in the series is calculated based upon the net asset values of the underlying funds in which each
fund invests. The prospectuses for the underlying funds explain the circumstances under which the underlying funds will use fair
value pricing and the effects of using fair value pricing. The net asset value of each share class of the fund is the value of
a single share of that class. The fund calculates the net asset value each day the New York Stock Exchange is open for trading
as of approximately 4 p.m. New York time, the normal close of regular trading. Assets are valued primarily on the basis of
market quotations. However, the underlying funds have adopted procedures for making “fair value” determinations if
market quotations are not readily available or are not considered reliable. For example, if events occur between the close of
markets outside the United States and the close of regular trading on the New York Stock Exchange that, in the opinion of
the investment adviser, materially affect the value of any of the underlying fund’s securities that principally trade in
those international markets, those securities will be valued in accordance with fair value procedures. Use of these procedures
is intended to result in more appropriate net asset values. In addition, such use is intended to reduce potential arbitrage opportunities
otherwise available to short-term investors.
Because the underlying funds may hold securities that are
primarily listed on foreign exchanges that trade on weekends or days when the fund does not price its shares, the values of securities
held in the fund may change on days when you will not be able to purchase or redeem fund shares.
Your shares will be purchased at the net asset value (plus
any applicable sales charge, in the case of Class A shares) or sold at the net asset value next determined after American Funds
Service Company receives your request, provided that your request contains all information and legal documentation necessary to
process the transaction. A contingent deferred sales charge may apply at the time you sell certain Class A shares.
Purchase of Class A shares
Tax-deferred
plans and investors wishing to establish an individual retirement account (IRA) generally
may open an account and purchase
Class A shares by contacting any financial adviser (who may impose transaction charges in addition to those described in
this prospectus) authorized to sell the fund’s shares. You may purchase additional shares in various ways, including through
your financial adviser and by mail, telephone, the Internet and bank wire.
Purchase of Class R shares
Class R shares
are generally available only to retirement plans established under Internal Revenue Code sections 401(a) (including 401(k) plans),
403(b) or 457, and to nonqualified deferred compensation plans and certain voluntary employee benefit association and post-retirement
benefit plans. Class R shares also are generally available only to retirement plans where plan level or omnibus accounts are held
on the books of the fund’s adviser. Class R-5 and R-6 shares are generally available only to fee-based programs or through
retirement plan intermediaries. Class R shares generally are not available to retail nonretirement accounts, traditional
and Roth individual retirement accounts (IRAs), Coverdell Education Savings Accounts, SEPs, SARSEPs, and SIMPLE IRAs.
Purchases by employer-sponsored retirement
plans
Eligible retirement plans generally may open an account and purchase Class A or R shares by contacting
any investment dealer (who may impose transaction charges in addition to those described in this prospectus) authorized to sell
these classes of the fund’s shares. Some or all R share classes may not be available through certain investment dealers.
Additional shares may be purchased through a plan’s administrator or recordkeeper.
Class A shares are generally not available for retirement
plans using the PlanPremier
®
or Recordkeeper Direct
®
recordkeeping programs.
Employer-sponsored retirement plans that are eligible
to purchase Class R shares may instead purchase Class A shares and pay the applicable Class A sales charge, provided
that their recordkeepers can properly apply a sales charge on plan investments. These plans are not eligible to make initial purchases
of $1 million or more in Class A shares and thereby invest in Class A shares without a sales charge, nor are they eligible
to establish a statement of intention that qualifies them to purchase Class A shares without a sales charge. More information
about statements of intention can be found under “Sales charge reductions and waivers” in this prospectus. Plans investing
in Class A shares with a sales charge may purchase additional Class A shares in accordance with the sales charge table
in this prospectus.
Employer-sponsored retirement plans that invested
in Class A shares without any sales charge before April 1, 2004, and that continue to meet the eligibility requirements in effect
as of that date for purchasing Class A shares at net asset value, may continue to purchase Class A shares without any initial
or contingent deferred sales charge.
A 403(b) plan may not invest in Class A shares unless
it was invested in Class A shares before January 1, 2009.
American Funds Target Date Retirement Series / Prospectus
73
|
Purchase minimums and maximums
Purchase
minimums described in this prospectus may be waived in certain cases. In addition, each fund reserves the right to redeem the
shares of any shareholder for their then current net asset value per share if the shareholder’s aggregate investment in
the fund falls below the fund’s minimum initial investment amount. See the statement of additional information for details.
For accounts established with an automatic investment plan,
the initial purchase minimum of $250 may be waived if the purchases (including purchases through exchanges from another fund) made
under the plan are sufficient to reach $250 within five months of account establishment.
Exchange
Generally, you may exchange your
shares for shares of the same class of other funds in the series or other American Funds without a sales charge. Exchanges of
shares from American Funds Money Market Fund initially purchased without a sales charge generally will be subject to the appropriate
sales charge.
See “Transactions by telephone, fax or the Internet”
under the section “How to sell shares” in this prospectus for information regarding electronic exchanges.
Please see the statement of additional information for details
and limitations on moving investments in certain share classes to different share classes and on moving investments held in certain
accounts to different accounts.
How to sell shares
You may sell (redeem) shares in any of the following ways:
Employer-sponsored retirement plans
Shares held in eligible retirement plans may be sold
through the plan’s administrator or recordkeeper.
Through your dealer or financial adviser (certain charges
may apply)
• Shares held for you in your dealer’s name
must be sold through the dealer.
Writing to American Funds Service Company
• Requests must be signed by the registered shareholder(s).
• A signature guarantee is required if the redemption
is:
— more than $125,000;
— made payable to someone
other than the registered shareholder(s); or
— sent to an address other
than the address of record or to an address of record that has been changed within the last 10 days.
• American Funds Service
Company reserves the right to require signature guarantee(s) on any redemption.
Telephoning or faxing American Funds Service Company or
using the Internet
|
·
|
Redemptions
by
telephone,
fax
or
the
Internet
(including
American
FundsLine
®
and
americanfunds.com)
are
limited
to
$125,000
per
American
Funds
shareholder
each day.
|
|
·
|
Checks must be made payable to the registered shareholder.
|
|
·
|
Checks must be mailed to an address of record that has been used with the account for at least 10 days.
|
If you recently purchased shares and subsequently request
a redemption of those shares, you will receive proceeds from the redemption once a sufficient period of time has passed to reasonably
ensure that checks or drafts (including certified or cashier’s checks) for the shares purchased have cleared (normally 10
business days).
Although payment of redemptions normally will be in
cash, the series’ declaration of trust permits payment of the redemption price wholly or partly with portfolio securities
or other fund assets under conditions and circumstances determined by the series’ board of trustees.
Transactions by telephone, fax or the Internet
Generally,
IRA and other individual type retirement account shareholders are automatically eligible to redeem or exchange shares by telephone,
fax or the Internet, unless you notify us in writing that you do not want any or all of these services. You may reinstate these
services at any time.
Unless you decide not to have telephone, fax or Internet
services on your account(s), you agree to hold the series, American Funds Service Company, any of its affiliates or mutual funds
managed by such affiliates, and each of their respective directors, trustees, officers, employees and agents harmless from any
losses, expenses, costs or liabilities (including attorney fees) that may be incurred in connection with the exercise of these
privileges, provided that American Funds Service Company employs reasonable procedures to confirm that the instructions received
from any person with appropriate account information are genuine. If reasonable procedures are not employed, American Funds Service
Company and/or the series may be liable for losses due to unauthorized or fraudulent instructions.
American Funds Target Date Retirement Series / Prospectus
74
|
Frequent trading of fund shares
The series
and American Funds Distributors reserve the right to reject any purchase order for any reason. The funds in the series are not
designed to serve as vehicles for frequent trading. Frequent trading of fund shares may lead to increased costs to one or more
of the funds and less efficient management of one or more funds’ portfolios, potentially resulting in dilution of the value
of the shares held by long-term shareholders. Accordingly, purchases, including those that are part of exchange activity that
the series or American Funds Distributors has determined could involve actual or potential harm to one or more of the funds, may
be rejected.
The series’ board determined not to adopt the
purchase blocking policy currently employed by the other American Funds. The board made this decision because the nature of the
funds does not lend itself to abusive market timing activities. However, American Funds Service Company will monitor for frequent
trading in the funds’ shares, and all transactions in fund shares are subject to the right of the series, American Funds
Distributors and American Funds Service Company to restrict potentially abusive trading. See the statement of additional information
for more information about how American Funds Service Company may address other potentially abusive trading activity in the American
Funds.
Distributions and taxes
Dividends and distributions
The fund intends to distribute
dividends, usually in December.
Capital gains, if any, are usually distributed in December.
When a dividend or a capital gain is distributed, the net asset value per share is reduced by the amount of the payment.
All dividends and capital gain distributions paid to shareholders
will be automatically reinvested.
Taxes on dividends and distributions
Dividends and
capital gains distributed by each fund to tax-deferred retirement plan accounts and IRAs are not currently taxable.
Taxes on transactions
Exchanges within
tax-favored retirement plan accounts and IRAs will not result in a capital gain or loss for federal or state income tax purposes.
With limited exceptions, distributions from a retirement plan account are taxable as ordinary income.
Please see your tax adviser for more information.
American Funds Target Date Retirement Series / Prospectus
75
|
Sales charges
Class A shares
The initial sales charge
you pay each time you buy Class A shares differs depending upon the fund in which you invest and the amount you invest and may
be reduced or eliminated for larger purchases as indicated below. The “offering price,” the price you pay to buy shares,
includes any applicable sales charge, which will be deducted directly from your investment. Shares acquired through reinvestment
of dividends or capital gain distributions are not subject to an initial sales charge.
|
Sales charge as a percentage of:
|
|
Investment
|
Offering price
|
Net amount
invested
|
Dealer commission
as a percentage
of offering price
|
Less than $25,000
|
5.75%
|
6.10%
|
5.00%
|
$25,000 but less than $50,000
|
5.00
|
5.26
|
4.25
|
$50,000 but less than $100,000
|
4.50
|
4.71
|
3.75
|
$100,000 but less than $250,000
|
3.50
|
3.63
|
2.75
|
$250,000 but less than $500,000
|
2.50
|
2.56
|
2.00
|
$500,000 but less than $750,000
|
2.00
|
2.04
|
1.60
|
$750,000 but less than $1 million
|
1.50
|
1.52
|
1.20
|
$1 million or more and certain other investments described below
|
none
|
none
|
see below
|
|
|
|
|
|
The sales charge, expressed as a percentage of the offering
price or the net amount invested, may be higher or lower than the percentages described in the table above due to rounding. This
is because the dollar amount of the sales charge is determined by subtracting the net asset value of the shares purchased from
the offering price, which is calculated to two decimal places using standard rounding criteria. The impact of rounding will vary
with the size of the investment and the net asset value of the shares. Similarly, any contingent deferred sales charge paid by
IRA and individual type retirement account shareholders on investments in Class A shares may be higher or lower than the 1% charge
described below due to rounding.
Except as provided below, IRA and other individual type
retirement account investments in Class A shares of $1 million or more may be subject to a 1% contingent deferred sales charge
if the shares are sold within one year of purchase.
The contingent deferred sales charge is based on the original purchase
cost or the current market value of the shares being sold, whichever is less.
Class A share purchases not subject to sales charges
The following investments are not subject to any initial or contingent deferred sales charge if American Funds Service
Company is properly notified of the nature of the investment:
|
·
|
investments
made
by accounts
that
are
part
of certain
qualified
fee-based
programs
and
that
purchased
Class
A shares
before
the
discontinuation
of the
relevant
investment
dealer’s
load-waived
Class
A share
program
with
the
American
Funds;
and
|
|
·
|
certain rollover investments from retirement plans to IRAs (see “Rollovers from retirement plans to IRAs” in this
prospectus for more information).
|
The distributor may pay dealers a commission of up to
1% on investments made in Class A shares with no initial sales charge. The fund may reimburse the distributor for these payments
through its plans of distribution (see “Plans of distribution” in this prospectus).
Certain other investors may qualify to purchase shares
without a sales charge, such as employees of investment dealers and registered investment advisers authorized to sell American
Funds and employees of The Capital Group Companies, Inc. and its affiliates. Please see the statement of additional information
for further details.
Class R shares
Class R shares are sold
without any initial or contingent deferred sales charge. The distributor will pay dealers annually asset-based compensation of
up to 1.00% for sales of Class R-1 shares, up to .75% for Class R-2 shares, up to .50% for Class R-3 shares and up to .25% for
Class R-4 shares. No dealer compensation is paid from fund assets on sales of Class R-5 or R-6 shares. The fund may reimburse
the distributor for these payments through its plans of distribution.
See “Plans of distribution” in this prospectus
for ongoing compensation paid to your dealer or financial adviser for all share classes.
Contingent deferred sales charges
Shares
acquired through reinvestment of dividends or capital gain distributions are not subject to a contingent deferred sales charge.
In addition, the contingent deferred sales charge may be waived in certain circumstances. See “Contingent deferred sales
charge waivers” under the section “Sales charge reductions and waivers” in this prospectus. The contingent deferred
sales charge is based on the original purchase cost or the current market value of the shares being sold, whichever is less. For
purposes of determining the contingent deferred sales charge, if you sell only some of your shares, shares that are not subject
to any contingent deferred sales charge will be sold first, followed by shares that you have owned the longest.
American Funds Target Date Retirement Series / Prospectus
76
|
Sales charge reductions and waivers
To receive a reduction in your Class A initial sales
charge, you must let your financial adviser or American Funds Service Company know at the time you purchase shares that you qualify
for such a reduction. If you do not let your adviser or American Funds Service Company know that you are eligible for a reduction,
you may not receive the sales charge discount to which you are otherwise entitled.
In order to determine your eligibility
to receive a sales charge discount, it may be necessary for you to provide your adviser or American Funds Service Company with
information and records (including account statements) of all relevant accounts invested in the American Funds.
In addition to the information in this prospectus, you
may obtain more information about share classes, sales charges and sales charge reductions and waivers through a link on the home
page of the American Funds website at americanfunds.com, from the statement of additional information or from your financial adviser.
Reducing
your Class A initial sales charge
Consistent
with the policies described in this prospectus, two or more retirement plans of an employer or employer’s affiliates may
combine all of their American Funds investments to reduce their Class A sales charge. IRA and other individual-type retirement
account shareholders, as well as their “immediate family” (their spouse — or equivalent if recognized under
local law — and their children under the age of 21) may combine all of their American Funds investments to reduce Class
A sales charges. Certain investments in the American Funds Target Date Retirement Series, American Funds Portfolio Series
SM
and American Funds College Target Date Series
SM
may also be combined for this purpose. Please see the applicable
series’ prospectus for further information. However, for this purpose, investments representing direct purchases of American
Funds Money Market Fund are excluded. Following are different ways that you may qualify for a reduced Class A sales charge:
Aggregating accounts
To receive a reduced Class
A sales charge, investments made by IRA and other individual type retirement account shareholders and their immediate family (see
above) may be aggregated if made for their own account(s) and/or certain other accounts, such as:
|
·
|
trust accounts established by the above individuals (please see the statement of additional information for details regarding
aggregation of trust accounts where the person(s) who established the trust is/are deceased);
|
|
·
|
solely controlled business accounts; and
|
|
·
|
single-participant retirement plans.
|
Investments made through employer-sponsored
retirement plan accounts will not be aggregated with individual type accounts.
Concurrent purchases
Simultaneous
purchases (including, upon your request, purchases for gifts) of any class of shares of two or more American Funds (excluding
American Funds Money Market Fund) may be combined to qualify for a reduced Class A sales charge. IRA and other individual type
retirement account shareholders may also combine purchases for gifts upon request.
Rights of accumulation
You may take into account
your accumulated holdings in all share classes of the American Funds (excluding American Funds Money Market Fund) to determine
the initial sales charge you pay on each purchase of Class A shares. Subject to your investment dealer’s or recordkeeper’
capabilities, your accumulated holdings will be calculated as the higher of
(a)
the current value of your existing holdings
(as of the day prior to your additional American Funds investment) or
(b)
the amount you invested (including reinvested
dividends and capital gains, but excluding capital appreciation) less any withdrawals. Please see the statement of additional information
for further details. You should retain any records necessary to substantiate the historical amounts you have invested.
Upon their request, IRA and other individual-type
retirement account shareholders who make a gift of shares may purchase the shares at the sales charge discount allowed under rights
of accumulation of all of your American Funds accounts.
Statement of intention
You may reduce
your Class A sales charge by establishing a statement of intention. A statement of intention allows you to combine all purchases
of all share classes of the American Funds (excluding American Funds Money Market Fund) that you intend to make over a 13-month
period to determine the applicable sales charge; however, purchases made under a right of reinvestment, appreciation of your holdings,
and reinvested dividends and capital gains do not count as purchases made during the statement period. Your accumulated holdings
(as described and calculated under “Rights of accumulation” above) eligible to be aggregated as of the day immediately
before the start of the statement period may be credited toward satisfying the statement. A portion of your account may be held
in escrow to cover additional Class A sales charges that may be due if your total purchases over the statement period do not qualify
you for the applicable sales charge reduction. Employer-sponsored retirement plans may be restricted from establishing statements
of intention. See the discussion regarding employer-sponsored retirement plans under “Purchase, exchange and sale of shares”
in this prospectus for more information.
Right of reinvestment
If you notify American
Funds Service Company, you may reinvest proceeds from a redemption, dividend payment or capital gain distribution without a sales
charge in the same fund or other American Funds, provided that the reinvestment occurs within 90 days after the date of the
redemption, dividend payment or distribution and is made into the same account from which you redeemed the shares or received
the dividend payment or distribution. If the account has been closed, you may reinvest without a sales charge if the new receiving
account has the same registration as the closed account and the reinvestment is made within 90 days after the date of redemption,
dividend payment or distribution.
Proceeds and all dividend payments and capital gain
distributions will be reinvested in the same share class from which the original redemption, dividend payment or distribution
was made. Any contingent deferred sales charge on Class A shares will be credited to your account. Redemption proceeds of Class
A shares representing direct purchases in American Funds Money Market Fund that are reinvested in other American Funds will be
subject to a sales charge.
Proceeds will be reinvested at the next calculated net asset
value after your request is received by American Funds Service Company, provided that your request contains all information and
legal documentation necessary to process the transaction. For purposes of this “right of reinvestment policy,” automatic
transactions (including, for example, automatic purchases, withdrawals and payroll deductions) and ongoing retirement plan contributions
are not eligible for investment without a sales charge. This paragraph does not apply to certain rollover investments described
under “Rollovers from retirement plans to IRAs” in this prospectus.
American Funds Target Date Retirement Series / Prospectus
77
|
Contingent deferred sales charge waivers
The contingent
deferred sales charge on Class A shares in the case of IRA and other individual type retirement account investments may be waived
in the following cases:
|
·
|
permitted exchanges of shares, except if shares acquired by exchange are then redeemed within the period during which a contingent
deferred sales charge would apply to the initial shares purchased;
|
|
·
|
tax-free returns of excess contributions to IRAs;
|
|
·
|
redemptions due to death or postpurchase disability of the shareholder (this generally excludes accounts registered in the
names of trusts and other entities);
|
|
·
|
redemptions due to the complete termination of a trust upon the death of the trustor/grantor or beneficiary, but only if such
termination is specifically provided for in the trust document; and
|
|
·
|
the
following
types
of
transactions,
if
together
they
do
not
exceed
12%
of
the
value
of
an
account
annually
(see
the
statement
of
additional
information
for
further
details
about
waivers
regarding
these
types
of
transactions):
|
|
—
|
redemptions due to receiving required minimum distributions from retirement accounts upon reaching age 70½ (required
minimum distributions that continue to be taken by the beneficiary(ies) after the account owner is deceased also qualify for a
waiver); and
|
|
—
|
if you have established an automatic withdrawal plan, redemptions through such a plan (including any dividends and/or capital
gain distributions taken in cash).
|
To have your Class A contingent deferred sales charge waived,
you must inform your adviser or American Funds Service Company at the time you redeem shares that you qualify for such a waiver.
American Funds Target Date Retirement Series / Prospectus
78
|
Rollovers from retirement plans to IRAs
Assets from retirement plans may be invested in Class A shares
through an IRA rollover, subject to the other provisions of this prospectus. Rollovers invested in Class A shares from retirement
plans will be subject to applicable sales charges. The following rollovers to Class A shares will be made without a sales charge:
|
·
|
rollovers to IRAs from 403(b) plans with Capital Bank and Trust Company as custodian; and
|
|
·
|
rollovers to IRAs that are attributable to American Funds investments, if they meet the following requirements:
|
—
the assets being rolled over were invested in American Funds at the time of distribution; and
—
the rolled over assets are contributed to an American Funds IRA with Capital Bank and Trust Company as custodian.
IRA rollover assets that roll over without a sales charge
as described above will not be subject to a contingent deferred sales charge, and investment dealers will be compensated solely
with an annual service fee that begins to accrue immediately. IRA rollover assets invested in Class A shares that are not attributable
to American Funds investments, as well as future contributions to the IRA, will be subject to sales charges and the terms and conditions
generally applicable to Class A share investments as described in this prospectus and in the statement of additional information.
Plans of distribution
Each fund has plans of distribution, or “12b-1
plans,” for certain share classes under which it may finance activities intended primarily to sell shares, provided that
the categories of expenses are approved in advance by the series’ board of trustees. The plans provide for payments, based
on annualized percentages of average daily net assets, of:
Up to:
|
Share class(es)
|
0.30%
|
Class
A shares
|
0.50
|
R-4 shares
|
0.75%
|
R-3 shares
|
1.00%
|
R-1 and R-2 shares
|
For all share classes indicated above, up to .25% may
be used to pay service fees to qualified dealers for providing certain shareholder services. The amount remaining for each share
class, if any, may be used for distribution expenses.
The 12b-1 fees paid by each applicable share class of
the fund, as a percentage of average net assets for the fiscal year, are indicated in the Annual Fund Operating Expenses table
under “Fees and expenses of the fund” in this prospectus. Since these fees are paid out of the fund’s assets
or income on an ongoing basis, over time they may cost you more than paying other types of sales charges or service fees and reduce
the return on your investment.
American Funds Target Date Retirement Series / Prospectus
79
|
Other compensation to dealers
American Funds Distributors, at its expense, provides
additional compensation to investment dealers. These payments may be made, at the discretion of American Funds Distributors, to
the top 100 dealers (or their affiliates) that have sold shares of the American Funds. The level of payments made to a qualifying
firm in any given year will vary and in no case will exceed the sum of
(a)
.10% of the previous year’s American Funds
sales by that dealer and
(b)
.02% of American Funds assets attributable to that dealer. For calendar year 2011, aggregate
payments made by American Funds Distributors to dealers were less than .02% of the average assets of the American Funds. Aggregate
payments may also change from year to year. A number of factors will be considered in determining payments, including the qualifying
dealer’s sales, assets and redemption rates, and the quality of the dealer’s relationship with American Funds Distributors.
American Funds Distributors makes these payments to help defray the costs incurred by qualifying dealers in connection with efforts
to educate financial advisers about the American Funds so that they can make recommendations and provide services that are suitable
and meet shareholder needs. American Funds Distributors will, on an annual basis, determine the advisability of continuing these
payments. American Funds Distributors may also pay expenses associated with meetings conducted by selling dealers, advisory platform
providers and other intermediaries to facilitate educating financial advisers and shareholders about the American Funds. If investment
advisers, distributors or other affiliates of mutual funds pay additional compensation or other incentives in differing amounts,
dealer firms and their advisers may have financial incentives for recommending a particular mutual fund over other mutual funds
or investments. You should consult with your financial adviser and review carefully any disclosure by your financial adviser’s
firm as to compensation received.
Fund expenses
To the extent a fund invests in underlying American
Funds, it will invest in Class R-6 shares of the underlying funds. Accordingly, fees and expenses of the underlying funds reflect
current expenses of the Class R-6 shares of the underlying funds.
In periods of market volatility, assets of the funds may
decline significantly, causing total annual fund operating expenses (as a percentage of the value of your investment) to become
higher than the numbers shown in the Annual Fund Operating Expenses table in this prospectus.
The “Other expenses” items in the Annual Fund
Operating Expenses tables in this prospectus include custodial, legal, transfer agent and subtransfer agent/recordkeeping payments
and various other expenses. Subtransfer agent/recordkeeping payments may be made to the series’ investment adviser, affiliates
of the adviser and unaffiliated third parties for providing recordkeeping and other administrative services to retirement plans
invested in the fund in lieu of the transfer agent providing such services. The amount paid for subtransfer agent/recordkeeping
services will vary depending on the share class selected and the entity receiving the payments. The table below shows the maximum
payments to entities providing services to retirement plans.
|
Payments
to affiliated entities
|
Payments
to unaffiliated entities
|
Class A
|
0.10% of assets
|
0.10% of assets
|
Class
R-1
|
0.10%
of assets
|
0.10%
of assets
|
Class
R-2
|
0.15%
of assets plus $27 per participant position
1
or 0.35% of assets
2
|
0.25%
of assets
|
Class
R-3
|
0.10%
of assets plus $12 per participant position
1
or 0.19% of assets
2
|
0.15%
of assets
|
Class
R-4
|
0.10%
of assets
|
0.10%
of assets
|
Class
R-5
|
0.05%
of assets
|
0.05%
of assets
|
Class
R-6
|
none
|
none
|
1
Payment with respect to Recordkeeper Direct program.
2
Payment with respect to PlanPremier program.
American Funds Target Date Retirement Series / Prospectus
80
|
Financial highlights
The Financial Highlights table is intended to help you understand
each fund’s results. Certain information reflects financial results for a single share of a particular class. The total returns
in the table represent the rate that an investor would have earned or lost on an investment in each fund (assuming reinvestment
of all dividends and capital gain distributions). Where indicated, figures in the table reflect the impact, if any, of certain
reimbursements/waivers from Capital Research and Management Company. For more information about these reimbursements/waivers, see
footnotes to the Annual Fund Operating Expenses table under “Fees and expenses of the funds” in this prospectus and
the series’ annual report. The information in the Financial Highlights table has been audited by Deloitte & Touche LLP,
whose current report, along with the series’ financial statements, is included in the statement of additional information,
which is available upon request.
|
|
Income
(loss) from investment operations
1
|
Dividends and
distributions
|
|
|
|
|
|
|
Net
asset
value,
beginning
of
period
|
Net
investment
income
(loss)
|
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
|
Total
from
investment
operations
|
Dividends
(from
net
investment
income)
|
Distributions
(from
capital
gains)
|
Total
dividends and distributions
|
Net
asset value, end
of
period
|
Total
return
2,3
|
Net
assets,
end
of
period
(in
thousands)
|
Ratio
of
expenses
to
average
net
assets
before
reimburse-
ments/
waivers
|
Ratio
of
expenses
to
average
net
assets
after
reimburse-
ments/
waivers
3,4
|
Net
effective expense ratio
5
|
Ratio
of
net
income
to
average
net assets
3
|
American
Funds 2055 Target Date Retirement Fund
|
|
Class
A:
|
|
|
|
10/31/2012
|
$11.14
|
$.18
|
$1.13
|
$1.31
|
$(.16)
|
$(.16)
|
$(.32)
|
$12.13
|
12.18%
|
$37,802
|
.56%
|
.37%
|
.78%
|
1.59%
|
|
10/31/2011
|
11.12
|
.18
|
.06
|
.24
|
(.15)
|
(.07)
|
(.22)
|
11.14
|
2.11
|
19,454
|
.76
|
.39
|
.79
|
1.57
|
|
10/31/2010
6,7
|
10.00
|
.11
|
1.01
|
1.12
|
—
|
—
|
—
|
11.12
|
11.20
|
5,507
|
.89
8
|
.36
8
|
.78
8
|
1.37
8
|
|
Class
R-1:
|
|
|
|
10/31/2012
|
11.05
|
.09
|
1.12
|
1.21
|
(.11)
|
(.16)
|
(.27)
|
11.99
|
11.24
|
358
|
1.29
|
1.12
|
1.53
|
.75
|
|
10/31/2011
|
11.05
|
.09
|
.08
|
.17
|
(.10)
|
(.07)
|
(.17)
|
11.05
|
1.43
|
83
|
1.51
|
1.16
|
1.56
|
.78
|
|
10/31/2010
6,7
|
10.00
|
.04
|
1.01
|
1.05
|
—
|
—
|
—
|
11.05
|
10.50
|
17
|
1.83
8
|
1.16
8
|
1.58
8
|
.58
8
|
|
Class
R-2:
|
|
|
|
10/31/2012
|
11.04
|
.10
|
1.11
|
1.21
|
(.11)
|
(.16)
|
(.27)
|
11.98
|
11.30
|
26,862
|
1.29
|
1.10
|
1.51
|
.86
|
10/31/2011
|
11.06
|
.09
|
.08
|
.17
|
(.12)
|
(.07)
|
(.19)
|
11.04
|
1.43
|
13,280
|
1.48
|
1.11
|
1.51
|
.79
|
10/31/2010
6,7
|
10.00
|
.05
|
1.01
|
1.06
|
—
|
—
|
—
|
11.06
|
10.60
|
2,466
|
1.68
8
|
1.11
8
|
1.53
8
|
.60
8
|
Class
R-3:
|
|
|
|
10/31/2012
|
11.09
|
.14
|
1.12
|
1.26
|
(.14)
|
(.16)
|
(.30)
|
12.05
|
11.75
|
24,292
|
.92
|
.73
|
1.14
|
1.25
|
10/31/2011
|
11.09
|
.13
|
.07
|
.20
|
(.13)
|
(.07)
|
(.20)
|
11.09
|
1.75
|
10,958
|
1.09
|
.74
|
1.14
|
1.13
|
10/31/2010
6,7
|
10.00
|
.07
|
1.02
|
1.09
|
—
|
—
|
—
|
11.09
|
10.90
|
3,126
|
1.45
8
|
.74
8
|
1.16
8
|
.95
8
|
Class
R-4:
|
|
|
|
10/31/2012
|
11.14
|
.17
|
1.14
|
1.31
|
(.16)
|
(.16)
|
(.32)
|
12.13
|
12.16
|
10,368
|
.58
|
.39
|
.80
|
1.45
|
10/31/2011
|
11.11
|
.16
|
.09
|
.25
|
(.15)
|
(.07)
|
(.22)
|
11.14
|
2.14
|
3,155
|
.77
|
.42
|
.82
|
1.45
|
10/31/2010
6,7
|
10.00
|
.11
|
1.00
|
1.11
|
—
|
—
|
—
|
11.11
|
11.10
|
873
|
.89
8
|
.42
8
|
.84
8
|
1.48
8
|
Class
R-5:
|
|
|
|
10/31/2012
|
11.18
|
.22
|
1.12
|
1.34
|
(.18)
|
(.16)
|
(.34)
|
12.18
|
12.45
|
7,080
|
.30
|
.10
|
.51
|
1.90
|
10/31/2011
|
11.14
|
.22
|
.05
|
.27
|
(.16)
|
(.07)
|
(.23)
|
11.18
|
2.38
|
4,117
|
.51
|
.11
|
.51
|
1.93
|
10/31/2010
6,7
|
10.00
|
.15
|
.99
|
1.14
|
—
|
—
|
—
|
11.14
|
11.40
|
2,311
|
.45
8
|
.12
8
|
.54
8
|
1.93
8
|
Class
R-6:
|
|
|
|
10/31/2012
|
11.19
|
.20
|
1.15
|
1.35
|
(.19)
|
(.16)
|
(.35)
|
12.19
|
12.48
|
1,800
|
.24
|
.06
|
.47
|
1.69
|
|
10/31/2011
|
11.14
|
.14
|
.15
|
.29
|
(.17)
|
(.07)
|
(.24)
|
11.19
|
2.50
|
992
|
.24
|
.06
|
.46
|
1.26
|
|
10/31/2010
6,7
|
10.00
|
.13
|
1.01
|
1.14
|
—
|
—
|
—
|
11.14
|
11.40
|
107
|
.62
8
|
.07
8
|
.49
8
|
1.66
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series / Prospectus
81
|
|
|
Income
(loss) from investment operations
1
|
Dividends and
distributions
|
|
|
|
|
|
|
Net
asset
value,
beginning
of
period
|
Net
investment
income
(loss)
|
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
|
Total
from
investment
operations
|
Dividends
(from
net
investment
income)
|
Distributions
(from
capital
gains)
|
Total
dividends and distributions
|
Net
asset value, end
of
period
|
Total
return
2,3
|
Net
assets,
end
of
period
(in
thousands)
|
Ratio
of
expenses
to
average
net
assets
before
reimburse-
ments/
waivers
4
|
Ratio
of
expenses
to
average
net
assets
after
reimburse-
ments/
waivers
3,4
|
Net
effective expense ratio
5
|
Ratio
of
net
income
to
average
net assets
3
|
American
Funds 2050 Target Date Retirement Fund
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
$ 9.04
|
$.16
|
$ .91
|
$ 1.07
|
$(.16)
|
$(.03)
|
$(.19)
|
$9.92
|
12.13%
|
$214,647
|
.48%
|
.38%
|
.79%
|
1.67%
|
10/31/2011
|
9.13
|
.16
|
.05
|
.21
|
(.17)
|
(.13)
|
(.30)
|
9.04
|
2.18
|
168,621
|
.49
|
.39
|
.79
|
1.75
|
10/31/2010
|
8.08
|
.15
|
1.12
|
1.27
|
(.15)
|
(.07)
|
(.22)
|
9.13
|
15.86
|
132,836
|
.49
|
.39
|
.81
|
1.71
|
10/31/2009
|
7.14
|
.16
|
1.12
|
1.28
|
(.14)
|
(.20)
|
(.34)
|
8.08
|
19.33
|
83,597
|
.47
|
.30
|
.75
|
2.34
|
10/31/2008
|
11.42
|
.20
|
(4.33)
|
(4.13)
|
(.14)
|
(.01)
|
(.15)
|
7.14
|
(36.61)
|
38,350
|
.44
|
.25
|
.67
|
2.07
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
8.88
|
.08
|
.91
|
.99
|
(.09)
|
(.03)
|
(.12)
|
9.75
|
11.36
|
3,554
|
1.26
|
1.16
|
1.57
|
.89
|
10/31/2011
|
9.00
|
.09
|
.03
|
.12
|
(.11)
|
(.13)
|
(.24)
|
8.88
|
1.39
|
3,052
|
1.28
|
1.13
|
1.53
|
1.02
|
10/31/2010
|
7.97
|
.09
|
1.10
|
1.19
|
(.09)
|
(.07)
|
(.16)
|
9.00
|
15.00
|
2,653
|
1.32
|
1.13
|
1.55
|
1.02
|
10/31/2009
|
7.08
|
.11
|
1.10
|
1.21
|
(.12)
|
(.20)
|
(.32)
|
7.97
|
18.28
|
1,994
|
1.47
|
1.09
|
1.54
|
1.66
|
10/31/2008
|
11.36
|
.09
|
(4.26)
|
(4.17)
|
(.10)
|
(.01)
|
(.11)
|
7.08
|
(37.07)
|
928
|
1.53
|
1.04
|
1.46
|
.95
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
8.90
|
.09
|
.90
|
.99
|
(.10)
|
(.03)
|
(.13)
|
9.76
|
11.29
|
144,578
|
1.19
|
1.09
|
1.50
|
.96
|
10/31/2011
|
9.00
|
.10
|
.04
|
.14
|
(.11)
|
(.13)
|
(.24)
|
8.90
|
1.51
|
116,947
|
1.19
|
1.09
|
1.49
|
1.05
|
10/31/2010
|
7.98
|
.08
|
1.11
|
1.19
|
(.10)
|
(.07)
|
(.17)
|
9.00
|
15.03
|
94,183
|
1.24
|
1.11
|
1.53
|
.99
|
10/31/2009
|
7.06
|
.10
|
1.12
|
1.22
|
(.10)
|
(.20)
|
(.30)
|
7.98
|
18.37
|
60,068
|
1.58
|
1.11
|
1.56
|
1.47
|
10/31/2008
|
11.36
|
.11
|
(4.29)
|
(4.18)
|
(.11)
|
(.01)
|
(.12)
|
7.06
|
(37.15)
|
24,657
|
1.52
|
1.08
|
1.50
|
1.18
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
8.97
|
.12
|
.91
|
1.03
|
(.13)
|
(.03)
|
(.16)
|
9.84
|
11.75
|
121,222
|
.81
|
.71
|
1.12
|
1.32
|
10/31/2011
|
9.06
|
.13
|
.04
|
.17
|
(.13)
|
(.13)
|
(.26)
|
8.97
|
1.86
|
88,952
|
.82
|
.72
|
1.12
|
1.43
|
10/31/2010
|
8.02
|
.12
|
1.11
|
1.23
|
(.12)
|
(.07)
|
(.19)
|
9.06
|
15.53
|
71,732
|
.84
|
.72
|
1.14
|
1.38
|
10/31/2009
|
7.10
|
.14
|
1.11
|
1.25
|
(.13)
|
(.20)
|
(.33)
|
8.02
|
18.81
|
57,379
|
.96
|
.68
|
1.13
|
1.93
|
10/31/2008
|
11.40
|
.14
|
(4.30)
|
(4.16)
|
(.13)
|
(.01)
|
(.14)
|
7.10
|
(36.90)
|
24,154
|
.94
|
.65
|
1.07
|
1.51
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.03
|
.16
|
.91
|
1.07
|
(.16)
|
(.03)
|
(.19)
|
9.91
|
12.15
|
67,836
|
.48
|
.38
|
.79
|
1.65
|
10/31/2011
|
9.13
|
.16
|
.04
|
.20
|
(.17)
|
(.13)
|
(.30)
|
9.03
|
2.09
|
47,162
|
.50
|
.40
|
.80
|
1.70
|
10/31/2010
|
8.07
|
.14
|
1.13
|
1.27
|
(.14)
|
(.07)
|
(.21)
|
9.13
|
15.97
|
33,539
|
.50
|
.39
|
.81
|
1.68
|
10/31/2009
|
7.14
|
.15
|
1.12
|
1.27
|
(.14)
|
(.20)
|
(.34)
|
8.07
|
19.15
|
18,598
|
.57
|
.35
|
.80
|
2.20
|
10/31/2008
|
11.43
|
.18
|
(4.31)
|
(4.13)
|
(.15)
|
(.01)
|
(.16)
|
7.14
|
(36.64)
|
7,121
|
.56
|
.30
|
.72
|
1.87
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.09
|
.18
|
.92
|
1.10
|
(.18)
|
(.03)
|
(.21)
|
9.98
|
12.50
|
27,059
|
.19
|
.09
|
.50
|
1.94
|
10/31/2011
|
9.18
|
.19
|
.04
|
.23
|
(.19)
|
(.13)
|
(.32)
|
9.09
|
2.43
|
20,117
|
.19
|
.09
|
.49
|
2.00
|
10/31/2010
|
8.11
|
.17
|
1.13
|
1.30
|
(.16)
|
(.07)
|
(.23)
|
9.18
|
16.25
|
12,021
|
.20
|
.09
|
.51
|
2.05
|
10/31/2009
|
7.17
|
.17
|
1.13
|
1.30
|
(.16)
|
(.20)
|
(.36)
|
8.11
|
19.50
|
8,656
|
.25
|
.05
|
.50
|
2.42
|
10/31/2008
|
11.45
|
.22
|
(4.33)
|
(4.11)
|
(.16)
|
(.01)
|
(.17)
|
7.17
|
(36.43)
|
2,712
|
.26
|
.02
|
.44
|
2.27
|
Class R-6:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.07
|
.17
|
.94
|
1.11
|
(.19)
|
(.03)
|
(.22)
|
9.96
|
12.57
|
14,317
|
.14
|
.04
|
.45
|
1.82
|
10/31/2011
|
9.16
|
.19
|
.04
|
.23
|
(.19)
|
(.13)
|
(.32)
|
9.07
|
2.48
|
4,504
|
.14
|
.04
|
.44
|
2.04
|
10/31/2010
|
8.08
|
.15
|
1.16
|
1.31
|
(.16)
|
(.07)
|
(.23)
|
9.16
|
16.37
|
3,679
|
.14
|
.04
|
.46
|
1.77
|
10/31/2009
6,9
|
7.00
|
.04
|
1.04
|
1.08
|
—
|
—
|
—
|
8.08
|
15.43
|
376
|
.08
|
.01
|
.46
|
.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series / Prospectus
82
|
|
|
Income
(loss) from investment operations
1
|
Dividends and
distributions
|
|
|
|
|
|
|
Net
asset
value,
beginning
of
period
|
Net
investment
income
(loss)
|
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
|
Total
from
investment
operations
|
Dividends
(from
net
investment
income)
|
Distributions
(from
capital
gains)
|
Total
dividends and distributions
|
Net
asset value, end
of
period
|
Total
return
2,3
|
Net
assets,
end
of
period
(in
thousands)
|
Ratio
of
expenses
to
average
net
assets
before
reimburse-
ments/
waivers
4
|
Ratio
of
expenses
to
average
net
assets
after
reimburse-
ments/
waivers
3,4
|
Net
effective expense ratio
5
|
Ratio
of
net
income
to
average
net assets
3
|
American
Funds 2045 Target Date Retirement Fund
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
$ 9.21
|
$.16
|
$ .93
|
$ 1.09
|
$(.16)
|
$(.03)
|
$(.19)
|
$10.11
|
12.07%
|
$208,380
|
.48%
|
.38%
|
.79%
|
1.66%
|
10/31/2011
|
9.27
|
.16
|
.04
|
.20
|
(.16)
|
(.10)
|
(.26)
|
9.21
|
2.15
|
157,029
|
.49
|
.39
|
.79
|
1.74
|
10/31/2010
|
8.16
|
.15
|
1.13
|
1.28
|
(.14)
|
(.03)
|
(.17)
|
9.27
|
15.92
|
113,675
|
.49
|
.39
|
.81
|
1.71
|
10/31/2009
|
7.15
|
.16
|
1.14
|
1.30
|
(.14)
|
(.15)
|
(.29)
|
8.16
|
19.28
|
68,878
|
.48
|
.31
|
.76
|
2.26
|
10/31/2008
|
11.42
|
.19
|
(4.32)
|
(4.13)
|
(.14)
|
—
10
|
(.14)
|
7.15
|
(36.60)
|
28,693
|
.46
|
.26
|
.68
|
1.94
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.07
|
.08
|
.93
|
1.01
|
(.10)
|
(.03)
|
(.13)
|
9.95
|
11.24
|
5,200
|
1.26
|
1.16
|
1.57
|
.89
|
10/31/2011
|
9.13
|
.09
|
.05
|
.14
|
(.10)
|
(.10)
|
(.20)
|
9.07
|
1.46
|
4,011
|
1.29
|
1.14
|
1.54
|
.99
|
10/31/2010
|
8.07
|
.09
|
1.11
|
1.20
|
(.11)
|
(.03)
|
(.14)
|
9.13
|
15.05
|
3,407
|
1.31
|
1.13
|
1.55
|
1.01
|
10/31/2009
|
7.08
|
.09
|
1.14
|
1.23
|
(.09)
|
(.15)
|
(.24)
|
8.07
|
18.33
|
2,037
|
1.50
|
1.10
|
1.55
|
1.29
|
10/31/2008
|
11.36
|
.11
|
(4.29)
|
(4.18)
|
(.10)
|
—
10
|
(.10)
|
7.08
|
(37.10)
|
562
|
1.54
|
1.03
|
1.45
|
1.13
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.05
|
.09
|
.92
|
1.01
|
(.10)
|
(.03)
|
(.13)
|
9.93
|
11.32
|
163,820
|
1.18
|
1.08
|
1.49
|
.96
|
10/31/2011
|
9.12
|
.10
|
.04
|
.14
|
(.11)
|
(.10)
|
(.21)
|
9.05
|
1.50
|
122,118
|
1.19
|
1.09
|
1.49
|
1.04
|
10/31/2010
|
8.05
|
.08
|
1.12
|
1.20
|
(.10)
|
(.03)
|
(.13)
|
9.12
|
15.02
|
94,602
|
1.24
|
1.11
|
1.53
|
.98
|
10/31/2009
|
7.07
|
.10
|
1.13
|
1.23
|
(.10)
|
(.15)
|
(.25)
|
8.05
|
18.39
|
55,895
|
1.63
|
1.11
|
1.56
|
1.44
|
10/31/2008
|
11.36
|
.10
|
(4.28)
|
(4.18)
|
(.11)
|
—
10
|
(.11)
|
7.07
|
(37.14)
|
20,523
|
1.74
|
1.08
|
1.50
|
1.03
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.13
|
.13
|
.93
|
1.06
|
(.13)
|
(.03)
|
(.16)
|
10.03
|
11.83
|
143,406
|
.81
|
.71
|
1.12
|
1.31
|
10/31/2011
|
9.20
|
.13
|
.04
|
.17
|
(.14)
|
(.10)
|
(.24)
|
9.13
|
1.76
|
101,208
|
.82
|
.72
|
1.12
|
1.41
|
10/31/2010
|
8.11
|
.12
|
1.12
|
1.24
|
(.12)
|
(.03)
|
(.15)
|
9.20
|
15.48
|
75,383
|
.84
|
.72
|
1.14
|
1.39
|
10/31/2009
|
7.11
|
.13
|
1.14
|
1.27
|
(.12)
|
(.15)
|
(.27)
|
8.11
|
18.90
|
52,582
|
.98
|
.68
|
1.13
|
1.89
|
10/31/2008
|
11.40
|
.15
|
(4.31)
|
(4.16)
|
(.13)
|
—
10
|
(.13)
|
7.11
|
(36.87)
|
20,938
|
.99
|
.65
|
1.07
|
1.57
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.20
|
.16
|
.94
|
1.10
|
(.16)
|
(.03)
|
(.19)
|
10.11
|
12.20
|
71,907
|
.48
|
.38
|
.79
|
1.63
|
10/31/2011
|
9.27
|
.16
|
.03
|
.19
|
(.16)
|
(.10)
|
(.26)
|
9.20
|
2.05
|
44,726
|
.50
|
.40
|
.80
|
1.70
|
10/31/2010
|
8.16
|
.15
|
1.13
|
1.28
|
(.14)
|
(.03)
|
(.17)
|
9.27
|
15.89
|
30,605
|
.50
|
.39
|
.81
|
1.69
|
10/31/2009
|
7.14
|
.16
|
1.15
|
1.31
|
(.14)
|
(.15)
|
(.29)
|
8.16
|
19.42
|
17,458
|
.56
|
.33
|
.78
|
2.19
|
10/31/2008
|
11.43
|
.16
|
(4.31)
|
(4.15)
|
(.14)
|
—
10
|
(.14)
|
7.14
|
(36.72)
|
6,394
|
.59
|
.32
|
.74
|
1.71
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.27
|
.19
|
.93
|
1.12
|
(.18)
|
(.03)
|
(.21)
|
10.18
|
12.41
|
34,351
|
.18
|
.08
|
.49
|
1.92
|
10/31/2011
|
9.32
|
.19
|
.05
|
.24
|
(.19)
|
(.10)
|
(.29)
|
9.27
|
2.49
|
23,175
|
.19
|
.09
|
.49
|
1.98
|
10/31/2010
|
8.20
|
.18
|
1.13
|
1.31
|
(.16)
|
(.03)
|
(.19)
|
9.32
|
16.17
|
15,802
|
.20
|
.09
|
.51
|
2.08
|
10/31/2009
|
7.17
|
.18
|
1.15
|
1.33
|
(.15)
|
(.15)
|
(.30)
|
8.20
|
19.77
|
12,154
|
.24
|
.05
|
.50
|
2.47
|
10/31/2008
|
11.45
|
.20
|
(4.33)
|
(4.13)
|
(.15)
|
—
10
|
(.15)
|
7.17
|
(36.51)
|
4,668
|
.24
|
.02
|
.44
|
2.12
|
Class R-6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.24
|
.18
|
.95
|
1.13
|
(.19)
|
(.03)
|
(.22)
|
10.15
|
12.49
|
14,811
|
.14
|
.04
|
.45
|
1.82
|
10/31/2011
|
9.29
|
.20
|
.04
|
.24
|
(.19)
|
(.10)
|
(.29)
|
9.24
|
2.55
|
5,696
|
.15
|
.05
|
.45
|
2.05
|
10/31/2010
|
8.17
|
.14
|
1.17
|
1.31
|
(.16)
|
(.03)
|
(.19)
|
9.29
|
16.18
|
4,814
|
.13
|
.04
|
.46
|
1.60
|
10/31/2009
6,9
|
7.07
|
.02
|
1.08
|
1.10
|
—
|
—
|
—
|
8.17
|
15.56
|
50
|
.14
|
.01
|
.46
|
.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series / Prospectus
83
|
|
|
Income
(loss) from investment operations
1
|
Dividends and
distributions
|
|
|
|
|
|
|
Net
asset
value,
beginning
of
period
|
Net
investment
income
(loss)
|
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
|
Total
from
investment
operations
|
Dividends
(from
net
investment
income)
|
Distributions
(from
capital
gains)
|
Total
dividends and distributions
|
Net
asset value, end
of
period
|
Total
return
2,3
|
Net
assets,
end
of
period
(in
thousands)
|
Ratio
of
expenses
to
average
net
assets
before
reimburse-
ments/
waivers
4
|
Ratio
of
expenses
to
average
net
assets
after
reimburse-
ments/
waivers
3,4
|
Net effective
expense ratio
5
|
Ratio
of
net
income
to
average
net assets
3
|
American
Funds 2040 Target Date Retirement Fund
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
$ 9.23
|
$.16
|
$ .92
|
$ 1.08
|
$(.16)
|
$(.03)
|
$(.19)
|
$10.12
|
12.05%
|
$396,860
|
.47%
|
.37%
|
.78%
|
1.68%
|
10/31/2011
|
9.23
|
.17
|
.03
|
.20
|
(.16)
|
(.04)
|
(.20)
|
9.23
|
2.15
|
308,636
|
.47
|
.37
|
.77
|
1.76
|
10/31/2010
|
8.13
|
.15
|
1.14
|
1.29
|
(.15)
|
(.04)
|
(.19)
|
9.23
|
15.94
|
237,418
|
.48
|
.38
|
.80
|
1.71
|
10/31/2009
|
7.14
|
.17
|
1.14
|
1.31
|
(.15)
|
(.17)
|
(.32)
|
8.13
|
19.44
|
142,457
|
.45
|
.30
|
.75
|
2.32
|
10/31/2008
|
11.42
|
.19
|
(4.32)
|
(4.13)
|
(.14)
|
(.01)
|
(.15)
|
7.14
|
(36.65)
|
64,679
|
.42
|
.26
|
.68
|
1.99
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.07
|
.09
|
.91
|
1.00
|
(.10)
|
(.03)
|
(.13)
|
9.94
|
11.25
|
10,580
|
1.25
|
1.15
|
1.56
|
.92
|
10/31/2011
|
9.08
|
.09
|
.04
|
.13
|
(.10)
|
(.04)
|
(.14)
|
9.07
|
1.40
|
8,811
|
1.28
|
1.13
|
1.53
|
.98
|
10/31/2010
|
8.02
|
.08
|
1.12
|
1.20
|
(.10)
|
(.04)
|
(.14)
|
9.08
|
15.04
|
7,287
|
1.31
|
1.12
|
1.54
|
.96
|
10/31/2009
|
7.07
|
.11
|
1.12
|
1.23
|
(.11)
|
(.17)
|
(.28)
|
8.02
|
18.38
|
4,044
|
1.40
|
1.09
|
1.54
|
1.54
|
10/31/2008
|
11.36
|
.11
|
(4.28)
|
(4.17)
|
(.11)
|
(.01)
|
(.12)
|
7.07
|
(37.12)
|
1,565
|
1.39
|
1.03
|
1.45
|
1.12
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.07
|
.09
|
.92
|
1.01
|
(.10)
|
(.03)
|
(.13)
|
9.95
|
11.37
|
279,898
|
1.17
|
1.07
|
1.48
|
.97
|
10/31/2011
|
9.09
|
.10
|
.03
|
.13
|
(.11)
|
(.04)
|
(.15)
|
9.07
|
1.48
|
216,000
|
1.18
|
1.08
|
1.48
|
1.07
|
10/31/2010
|
8.02
|
.08
|
1.13
|
1.21
|
(.10)
|
(.04)
|
(.14)
|
9.09
|
15.01
|
174,516
|
1.21
|
1.11
|
1.53
|
.99
|
10/31/2009
|
7.06
|
.10
|
1.13
|
1.23
|
(.10)
|
(.17)
|
(.27)
|
8.02
|
18.45
|
110,125
|
1.41
|
1.11
|
1.56
|
1.46
|
10/31/2008
|
11.36
|
.10
|
(4.28)
|
(4.18)
|
(.11)
|
(.01)
|
(.12)
|
7.06
|
(37.17)
|
44,147
|
1.41
|
1.08
|
1.50
|
1.06
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.16
|
.13
|
.92
|
1.05
|
(.13)
|
(.03)
|
(.16)
|
10.05
|
11.78
|
262,484
|
.80
|
.70
|
1.11
|
1.34
|
10/31/2011
|
9.17
|
.13
|
.04
|
.17
|
(.14)
|
(.04)
|
(.18)
|
9.16
|
1.76
|
195,629
|
.81
|
.71
|
1.11
|
1.44
|
10/31/2010
|
8.08
|
.12
|
1.13
|
1.25
|
(.12)
|
(.04)
|
(.16)
|
9.17
|
15.58
|
155,028
|
.82
|
.72
|
1.14
|
1.39
|
10/31/2009
|
7.11
|
.14
|
1.12
|
1.26
|
(.12)
|
(.17)
|
(.29)
|
8.08
|
18.81
|
106,089
|
.89
|
.68
|
1.13
|
1.93
|
10/31/2008
|
11.40
|
.14
|
(4.29)
|
(4.15)
|
(.13)
|
(.01)
|
(.14)
|
7.11
|
(36.85)
|
52,383
|
.85
|
.65
|
1.07
|
1.48
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.22
|
.16
|
.93
|
1.09
|
(.16)
|
(.03)
|
(.19)
|
10.12
|
12.17
|
152,850
|
.47
|
.37
|
.78
|
1.66
|
10/31/2011
|
9.22
|
.17
|
.04
|
.21
|
(.17)
|
(.04)
|
(.21)
|
9.22
|
2.16
|
109,018
|
.48
|
.38
|
.78
|
1.75
|
10/31/2010
|
8.12
|
.14
|
1.15
|
1.29
|
(.15)
|
(.04)
|
(.19)
|
9.22
|
15.94
|
84,031
|
.49
|
.38
|
.80
|
1.69
|
10/31/2009
|
7.14
|
.16
|
1.13
|
1.29
|
(.14)
|
(.17)
|
(.31)
|
8.12
|
19.27
|
45,065
|
.53
|
.35
|
.80
|
2.18
|
10/31/2008
|
11.43
|
.18
|
(4.32)
|
(4.14)
|
(.14)
|
(.01)
|
(.15)
|
7.14
|
(36.69)
|
15,292
|
.51
|
.30
|
.72
|
1.91
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.28
|
.19
|
.94
|
1.13
|
(.19)
|
(.03)
|
(.22)
|
10.19
|
12.52
|
69,397
|
.18
|
.08
|
.49
|
1.98
|
10/31/2011
|
9.28
|
.19
|
.04
|
.23
|
(.19)
|
(.04)
|
(.23)
|
9.28
|
2.38
|
56,123
|
.18
|
.08
|
.48
|
2.04
|
10/31/2010
|
8.16
|
.17
|
1.15
|
1.32
|
(.16)
|
(.04)
|
(.20)
|
9.28
|
16.33
|
41,033
|
.20
|
.09
|
.51
|
1.99
|
10/31/2009
|
7.17
|
.18
|
1.14
|
1.32
|
(.16)
|
(.17)
|
(.33)
|
8.16
|
19.61
|
24,830
|
.22
|
.05
|
.50
|
2.51
|
10/31/2008
|
11.45
|
.20
|
(4.32)
|
(4.12)
|
(.15)
|
(.01)
|
(.16)
|
7.17
|
(36.47)
|
10,341
|
.19
|
.02
|
.44
|
2.13
|
Class R-6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.26
|
.18
|
.94
|
1.12
|
(.19)
|
(.03)
|
(.22)
|
10.16
|
12.48
|
31,058
|
.13
|
.03
|
.44
|
1.88
|
10/31/2011
|
9.25
|
.20
|
.04
|
.24
|
(.19)
|
(.04)
|
(.23)
|
9.26
|
2.54
|
14,616
|
.13
|
.03
|
.43
|
2.09
|
10/31/2010
|
8.13
|
.16
|
1.16
|
1.32
|
(.16)
|
(.04)
|
(.20)
|
9.25
|
16.32
|
10,012
|
.14
|
.04
|
.46
|
1.82
|
10/31/2009
6,11
|
7.62
|
.03
|
.48
|
.51
|
—
|
—
|
—
|
8.13
|
6.69
|
2,179
|
.05
|
.01
|
.46
|
.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series / Prospectus
84
|
|
|
Income
(loss) from investment operations
1
|
Dividends and
distributions
|
|
|
|
|
|
|
Net
asset
value,
beginning
of
period
|
Net
investment
income
(loss)
|
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
|
Total
from
investment
operations
|
Dividends
(from
net
investment
income)
|
Distributions
(from
capital
gains)
|
Total
dividends and distributions
|
Net
asset value, end
of
period
|
Total
return
2,3
|
Net
assets,
end
of
period
(in
thousands)
|
Ratio
of
expenses
to
average
net
assets
before
reimburse-
ments/
waivers
4
|
Ratio
of
expenses
to
average
net
assets
after
reimburse-
ments/
waivers
3,4
|
Net
effective expense ratio
5
|
Ratio
of
net
income
to
average
net assets
3
|
American
Funds 2035 Target Date Retirement Fund
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
$ 9.17
|
$.17
|
$ .91
|
$ 1.08
|
$(.17)
|
$(.03)
|
$(.20)
|
$10.05
|
12.08%
|
$436,995
|
.47%
|
.37%
|
.77%
|
1.75%
|
10/31/2011
|
9.20
|
.17
|
.03
|
.20
|
(.17)
|
(.06)
|
(.23)
|
9.17
|
2.25
|
356,943
|
.47
|
.37
|
.77
|
1.85
|
10/31/2010
|
8.11
|
.15
|
1.13
|
1.28
|
(.15)
|
(.04)
|
(.19)
|
9.20
|
15.83
|
287,023
|
.49
|
.38
|
.80
|
1.79
|
10/31/2009
|
7.15
|
.17
|
1.12
|
1.29
|
(.15)
|
(.18)
|
(.33)
|
8.11
|
19.33
|
186,064
|
.44
|
.30
|
.75
|
2.37
|
10/31/2008
|
11.42
|
.19
|
(4.32)
|
(4.13)
|
(.14)
|
—
10
|
(.14)
|
7.15
|
(36.58)
|
94,123
|
.40
|
.24
|
.66
|
2.01
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.00
|
.09
|
.90
|
.99
|
(.11)
|
(.03)
|
(.14)
|
9.85
|
11.21
|
12,657
|
1.25
|
1.14
|
1.54
|
.97
|
10/31/2011
|
9.04
|
.10
|
.04
|
.14
|
(.12)
|
(.06)
|
(.18)
|
9.00
|
1.50
|
9,846
|
1.27
|
1.12
|
1.52
|
1.10
|
10/31/2010
|
8.01
|
.09
|
1.10
|
1.19
|
(.12)
|
(.04)
|
(.16)
|
9.04
|
14.92
|
7,388
|
1.30
|
1.12
|
1.54
|
1.05
|
10/31/2009
|
7.07
|
.11
|
1.12
|
1.23
|
(.11)
|
(.18)
|
(.29)
|
8.01
|
18.45
|
3,805
|
1.36
|
1.07
|
1.52
|
1.49
|
10/31/2008
|
11.36
|
.12
|
(4.29)
|
(4.17)
|
(.12)
|
—
10
|
(.12)
|
7.07
|
(37.07)
|
1,385
|
1.39
|
1.03
|
1.45
|
1.23
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.02
|
.10
|
.90
|
1.00
|
(.11)
|
(.03)
|
(.14)
|
9.88
|
11.29
|
336,285
|
1.17
|
1.07
|
1.47
|
1.04
|
10/31/2011
|
9.06
|
.11
|
.03
|
.14
|
(.12)
|
(.06)
|
(.18)
|
9.02
|
1.46
|
260,379
|
1.18
|
1.08
|
1.48
|
1.16
|
10/31/2010
|
8.01
|
.09
|
1.10
|
1.19
|
(.10)
|
(.04)
|
(.14)
|
9.06
|
15.01
|
216,478
|
1.21
|
1.10
|
1.52
|
1.07
|
10/31/2009
|
7.07
|
.11
|
1.11
|
1.22
|
(.10)
|
(.18)
|
(.28)
|
8.01
|
18.42
|
139,134
|
1.33
|
1.11
|
1.56
|
1.51
|
10/31/2008
|
11.36
|
.10
|
(4.28)
|
(4.18)
|
(.11)
|
—
10
|
(.11)
|
7.07
|
(37.10)
|
58,095
|
1.30
|
1.08
|
1.50
|
1.08
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.11
|
.13
|
.90
|
1.03
|
(.14)
|
(.03)
|
(.17)
|
9.97
|
11.59
|
302,167
|
.80
|
.70
|
1.10
|
1.40
|
10/31/2011
|
9.14
|
.14
|
.04
|
.18
|
(.15)
|
(.06)
|
(.21)
|
9.11
|
1.98
|
224,057
|
.81
|
.71
|
1.11
|
1.51
|
10/31/2010
|
8.06
|
.13
|
1.12
|
1.25
|
(.13)
|
(.04)
|
(.17)
|
9.14
|
15.48
|
173,728
|
.82
|
.71
|
1.13
|
1.48
|
10/31/2009
|
7.11
|
.14
|
1.12
|
1.26
|
(.13)
|
(.18)
|
(.31)
|
8.06
|
18.85
|
123,546
|
.86
|
.68
|
1.13
|
1.97
|
10/31/2008
|
11.40
|
.15
|
(4.31)
|
(4.16)
|
(.13)
|
—
10
|
(.13)
|
7.11
|
(36.86)
|
58,657
|
.83
|
.65
|
1.07
|
1.57
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.17
|
.17
|
.90
|
1.07
|
(.17)
|
(.03)
|
(.20)
|
10.04
|
11.97
|
144,120
|
.47
|
.37
|
.77
|
1.73
|
10/31/2011
|
9.19
|
.17
|
.04
|
.21
|
(.17)
|
(.06)
|
(.23)
|
9.17
|
2.26
|
104,803
|
.48
|
.38
|
.78
|
1.83
|
10/31/2010
|
8.11
|
.15
|
1.12
|
1.27
|
(.15)
|
(.04)
|
(.19)
|
9.19
|
15.79
|
81,769
|
.49
|
.38
|
.80
|
1.77
|
10/31/2009
|
7.14
|
.16
|
1.14
|
1.30
|
(.15)
|
(.18)
|
(.33)
|
8.11
|
19.45
|
46,878
|
.52
|
.35
|
.80
|
2.29
|
10/31/2008
|
11.43
|
.18
|
(4.33)
|
(4.15)
|
(.14)
|
—
10
|
(.14)
|
7.14
|
(36.70)
|
20,881
|
.50
|
.31
|
.73
|
1.85
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.23
|
.19
|
.91
|
1.10
|
(.19)
|
(.03)
|
(.22)
|
10.11
|
12.33
|
77,847
|
.17
|
.07
|
.47
|
2.01
|
10/31/2011
|
9.25
|
.20
|
.03
|
.23
|
(.19)
|
(.06)
|
(.25)
|
9.23
|
2.60
|
54,885
|
.18
|
.08
|
.48
|
2.08
|
10/31/2010
|
8.15
|
.18
|
1.13
|
1.31
|
(.17)
|
(.04)
|
(.21)
|
9.25
|
16.08
|
39,971
|
.19
|
.09
|
.51
|
2.12
|
10/31/2009
|
7.17
|
.18
|
1.14
|
1.32
|
(.16)
|
(.18)
|
(.34)
|
8.15
|
19.80
|
29,859
|
.20
|
.05
|
.50
|
2.54
|
10/31/2008
|
11.45
|
.20
|
(4.33)
|
(4.13)
|
(.15)
|
—
10
|
(.15)
|
7.17
|
(36.49)
|
12,289
|
.18
|
.02
|
.44
|
2.16
|
Class R-6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.20
|
.18
|
.93
|
1.11
|
(.20)
|
(.03)
|
(.23)
|
10.08
|
12.41
|
35,210
|
.13
|
.03
|
.43
|
1.88
|
10/31/2011
|
9.22
|
.21
|
.03
|
.24
|
(.20)
|
(.06)
|
(.26)
|
9.20
|
2.54
|
13,278
|
.13
|
.03
|
.43
|
2.17
|
10/31/2010
|
8.12
|
.14
|
1.16
|
1.30
|
(.16)
|
(.04)
|
(.20)
|
9.22
|
16.35
|
9,411
|
.13
|
.03
|
.45
|
1.65
|
10/31/2009
6,9
|
7.03
|
.03
|
1.06
|
1.09
|
—
|
—
|
—
|
8.12
|
15.36
|
29
|
.22
|
.01
|
.46
|
.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series / Prospectus
85
|
|
|
Income
(loss) from investment operations
1
|
Dividends and
distributions
|
|
|
|
|
|
|
Net
asset
value,
beginning
of
period
|
Net
investment
income
(loss)
|
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
|
Total
from
investment
operations
|
Dividends
(from
net
investment
income)
|
Distributions
(from
capital
gains)
|
Total
dividends and distributions
|
Net
asset value, end
of
period
|
Total
return
2,3
|
Net
assets,
end
of
period
(in
thousands)
|
Ratio
of
expenses
to
average
net
assets
before
reimburse-
ments/
waivers
4
|
Ratio
of
expenses
to
average
net
assets
after
reimburse-
ments/
waivers
3,4
|
Net
effective expense ratio
5
|
Ratio
of
net
income
to
average
net assets
3
|
American
Funds 2030 Target Date Retirement Fund
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
$ 9.25
|
$.17
|
$ .92
|
$ 1.09
|
$(.17)
|
$(.05)
|
$(.22)
|
$10.12
|
12.07%
|
$598,064
|
.47%
|
.37%
|
.77%
|
1.78%
|
10/31/2011
|
9.21
|
.18
|
.04
|
.22
|
(.17)
|
(.01)
|
(.18)
|
9.25
|
2.44
|
493,241
|
.48
|
.38
|
.78
|
1.88
|
10/31/2010
|
8.12
|
.16
|
1.12
|
1.28
|
(.15)
|
(.04)
|
(.19)
|
9.21
|
15.92
|
407,921
|
.48
|
.38
|
.79
|
1.83
|
10/31/2009
|
7.16
|
.17
|
1.12
|
1.29
|
(.15)
|
(.18)
|
(.33)
|
8.12
|
19.24
|
268,081
|
.44
|
.30
|
.75
|
2.45
|
10/31/2008
|
11.39
|
.20
|
(4.29)
|
(4.09)
|
(.14)
|
—
10
|
(.14)
|
7.16
|
(36.30)
|
130,458
|
.41
|
.26
|
.67
|
2.10
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.12
|
.10
|
.91
|
1.01
|
(.11)
|
(.05)
|
(.16)
|
9.97
|
11.19
|
19,127
|
1.24
|
1.14
|
1.54
|
1.01
|
10/31/2011
|
9.10
|
.11
|
.04
|
.15
|
(.12)
|
(.01)
|
(.13)
|
9.12
|
1.77
|
16,778
|
1.26
|
1.11
|
1.51
|
1.14
|
10/31/2010
|
8.04
|
.09
|
1.12
|
1.21
|
(.11)
|
(.04)
|
(.15)
|
9.10
|
15.00
|
13,844
|
1.28
|
1.10
|
1.51
|
1.09
|
10/31/2009
|
7.10
|
.11
|
1.12
|
1.23
|
(.11)
|
(.18)
|
(.29)
|
8.04
|
18.25
|
8,741
|
1.31
|
1.07
|
1.52
|
1.57
|
10/31/2008
|
11.33
|
.13
|
(4.26)
|
(4.13)
|
(.10)
|
—
10
|
(.10)
|
7.10
|
(36.74)
|
3,384
|
1.27
|
1.02
|
1.43
|
1.36
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.10
|
.10
|
.91
|
1.01
|
(.11)
|
(.05)
|
(.16)
|
9.95
|
11.28
|
460,507
|
1.17
|
1.07
|
1.47
|
1.08
|
10/31/2011
|
9.07
|
.11
|
.05
|
.16
|
(.12)
|
(.01)
|
(.13)
|
9.10
|
1.79
|
370,589
|
1.17
|
1.07
|
1.47
|
1.19
|
10/31/2010
|
8.02
|
.09
|
1.11
|
1.20
|
(.11)
|
(.04)
|
(.15)
|
9.07
|
14.98
|
308,636
|
1.19
|
1.09
|
1.50
|
1.12
|
10/31/2009
|
7.08
|
.11
|
1.12
|
1.23
|
(.11)
|
(.18)
|
(.29)
|
8.02
|
18.38
|
197,529
|
1.28
|
1.11
|
1.56
|
1.57
|
10/31/2008
|
11.33
|
.11
|
(4.24)
|
(4.13)
|
(.12)
|
—
10
|
(.12)
|
7.08
|
(36.84)
|
81,500
|
1.24
|
1.08
|
1.49
|
1.15
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.18
|
.14
|
.91
|
1.05
|
(.14)
|
(.05)
|
(.19)
|
10.04
|
11.68
|
450,376
|
.79
|
.69
|
1.09
|
1.43
|
10/31/2011
|
9.15
|
.15
|
.04
|
.19
|
(.15)
|
(.01)
|
(.16)
|
9.18
|
2.07
|
347,121
|
.80
|
.70
|
1.10
|
1.55
|
10/31/2010
|
8.07
|
.13
|
1.12
|
1.25
|
(.13)
|
(.04)
|
(.17)
|
9.15
|
15.58
|
287,041
|
.82
|
.71
|
1.12
|
1.50
|
10/31/2009
|
7.12
|
.14
|
1.12
|
1.26
|
(.13)
|
(.18)
|
(.31)
|
8.07
|
18.80
|
197,536
|
.84
|
.68
|
1.13
|
2.04
|
10/31/2008
|
11.37
|
.16
|
(4.27)
|
(4.11)
|
(.14)
|
—
10
|
(.14)
|
7.12
|
(36.58)
|
96,539
|
.80
|
.65
|
1.06
|
1.63
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.24
|
.17
|
.92
|
1.09
|
(.17)
|
(.05)
|
(.22)
|
10.11
|
12.10
|
276,224
|
.47
|
.37
|
.77
|
1.75
|
10/31/2011
|
9.21
|
.18
|
.04
|
.22
|
(.18)
|
(.01)
|
(.19)
|
9.24
|
2.34
|
196,059
|
.48
|
.38
|
.78
|
1.86
|
10/31/2010
|
8.12
|
.16
|
1.12
|
1.28
|
(.15)
|
(.04)
|
(.19)
|
9.21
|
15.90
|
148,399
|
.49
|
.38
|
.79
|
1.82
|
10/31/2009
|
7.16
|
.17
|
1.12
|
1.29
|
(.15)
|
(.18)
|
(.33)
|
8.12
|
19.18
|
91,883
|
.50
|
.35
|
.80
|
2.33
|
10/31/2008
|
11.40
|
.19
|
(4.28)
|
(4.09)
|
(.15)
|
—
10
|
(.15)
|
7.16
|
(36.34)
|
37,796
|
.48
|
.31
|
.72
|
2.00
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.30
|
.21
|
.92
|
1.13
|
(.20)
|
(.05)
|
(.25)
|
10.18
|
12.44
|
108,966
|
.17
|
.07
|
.47
|
2.16
|
10/31/2011
|
9.26
|
.21
|
.04
|
.25
|
(.20)
|
(.01)
|
(.21)
|
9.30
|
2.69
|
99,636
|
.17
|
.07
|
.47
|
2.18
|
10/31/2010
|
8.16
|
.17
|
1.14
|
1.31
|
(.17)
|
(.04)
|
(.21)
|
9.26
|
16.18
|
74,589
|
.19
|
.08
|
.49
|
2.03
|
10/31/2009
|
7.19
|
.19
|
1.13
|
1.32
|
(.17)
|
(.18)
|
(.35)
|
8.16
|
19.57
|
36,913
|
.20
|
.05
|
.50
|
2.66
|
10/31/2008
|
11.42
|
.21
|
(4.28)
|
(4.07)
|
(.16)
|
—
10
|
(.16)
|
7.19
|
(36.13)
|
17,570
|
.18
|
.02
|
.43
|
2.20
|
Class R-6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.28
|
.19
|
.93
|
1.12
|
(.20)
|
(.05)
|
(.25)
|
10.15
|
12.41
|
68,191
|
.13
|
.03
|
.43
|
1.97
|
10/31/2011
|
9.23
|
.21
|
.05
|
.26
|
(.20)
|
(.01)
|
(.21)
|
9.28
|
2.85
|
29,319
|
.12
|
.02
|
.42
|
2.18
|
10/31/2010
|
8.13
|
.17
|
1.13
|
1.30
|
(.16)
|
(.04)
|
(.20)
|
9.23
|
16.17
|
19,766
|
.14
|
.03
|
.44
|
2.04
|
10/31/2009
6,9
|
7.05
|
.04
|
1.04
|
1.08
|
—
|
—
|
—
|
8.13
|
15.32
|
5,207
|
.05
|
.01
|
.46
|
.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series / Prospectus
86
|
|
|
Income
(loss) from investment operations
1
|
Dividends and
distributions
|
|
|
|
|
|
|
Net
asset
value,
beginning
of
period
|
Net
investment
income
(loss)
|
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
|
Total
from
investment
operations
|
Dividends
(from
net
investment
income)
|
Distributions
(from
capital
gains)
|
Total
dividends and distributions
|
Net
asset value, end
of
period
|
Total
return
2,3
|
Net
assets,
end
of
period
(in
thousands)
|
Ratio
of
expenses
to
average
net
assets
before
reimburse-
ments/
waivers
4
|
Ratio
of
expenses
to
average
net
assets
after
reimburse-
ments/
waivers
3,4
|
Net
effective expense ratio
5
|
Ratio
of
net
income
to
average
net assets
3
|
American
Funds 2025 Target Date Retirement Fund
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
$ 9.09
|
$.17
|
$ .86
|
$ 1.03
|
$(.18)
|
$(.05)
|
$(.23)
|
$9.89
|
11.65%
|
$658,118
|
.47%
|
.37%
|
.76%
|
1.80%
|
10/31/2011
|
9.09
|
.18
|
.06
|
.24
|
(.18)
|
(.06)
|
(.24)
|
9.09
|
2.79
|
551,679
|
.47
|
.37
|
.76
|
1.94
|
10/31/2010
|
8.07
|
.16
|
1.06
|
1.22
|
(.16)
|
(.04)
|
(.20)
|
9.09
|
15.22
|
452,498
|
.48
|
.38
|
.78
|
1.93
|
10/31/2009
|
7.20
|
.18
|
1.05
|
1.23
|
(.16)
|
(.20)
|
(.36)
|
8.07
|
18.36
|
295,939
|
.45
|
.30
|
.73
|
2.55
|
10/31/2008
|
11.37
|
.21
|
(4.24)
|
(4.03)
|
(.14)
|
—
10
|
(.14)
|
7.20
|
(35.82)
|
163,525
|
.40
|
.25
|
.66
|
2.19
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
8.96
|
.09
|
.85
|
.94
|
(.11)
|
(.05)
|
(.16)
|
9.74
|
10.75
|
13,883
|
1.25
|
1.14
|
1.53
|
1.01
|
10/31/2011
|
8.97
|
.11
|
.07
|
.18
|
(.13)
|
(.06)
|
(.19)
|
8.96
|
2.09
|
11,177
|
1.27
|
1.12
|
1.51
|
1.20
|
10/31/2010
|
7.99
|
.10
|
1.04
|
1.14
|
(.12)
|
(.04)
|
(.16)
|
8.97
|
14.35
|
9,379
|
1.30
|
1.12
|
1.52
|
1.20
|
10/31/2009
|
7.13
|
.12
|
1.05
|
1.17
|
(.11)
|
(.20)
|
(.31)
|
7.99
|
17.48
|
5,039
|
1.32
|
1.08
|
1.51
|
1.68
|
10/31/2008
|
11.31
|
.13
|
(4.20)
|
(4.07)
|
(.11)
|
—
10
|
(.11)
|
7.13
|
(36.32)
|
2,127
|
1.29
|
1.02
|
1.43
|
1.38
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
8.94
|
.10
|
.85
|
.95
|
(.12)
|
(.05)
|
(.17)
|
9.72
|
10.85
|
462,775
|
1.17
|
1.07
|
1.46
|
1.10
|
10/31/2011
|
8.95
|
.11
|
.07
|
.18
|
(.13)
|
(.06)
|
(.19)
|
8.94
|
2.00
|
372,438
|
1.17
|
1.07
|
1.46
|
1.25
|
10/31/2010
|
7.97
|
.10
|
1.03
|
1.13
|
(.11)
|
(.04)
|
(.15)
|
8.95
|
14.41
|
310,827
|
1.20
|
1.09
|
1.49
|
1.22
|
10/31/2009
|
7.12
|
.12
|
1.05
|
1.17
|
(.12)
|
(.20)
|
(.32)
|
7.97
|
17.48
|
204,244
|
1.24
|
1.10
|
1.53
|
1.70
|
10/31/2008
|
11.31
|
.12
|
(4.19)
|
(4.07)
|
(.12)
|
—
10
|
(.12)
|
7.12
|
(36.34)
|
91,210
|
1.21
|
1.06
|
1.47
|
1.24
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.03
|
.14
|
.84
|
.98
|
(.15)
|
(.05)
|
(.20)
|
9.81
|
11.16
|
464,713
|
.80
|
.70
|
1.09
|
1.45
|
10/31/2011
|
9.02
|
.15
|
.08
|
.23
|
(.16)
|
(.06)
|
(.22)
|
9.03
|
2.52
|
347,012
|
.80
|
.70
|
1.09
|
1.61
|
10/31/2010
|
8.02
|
.14
|
1.04
|
1.18
|
(.14)
|
(.04)
|
(.18)
|
9.02
|
14.87
|
283,026
|
.82
|
.71
|
1.11
|
1.62
|
10/31/2009
|
7.16
|
.15
|
1.05
|
1.20
|
(.14)
|
(.20)
|
(.34)
|
8.02
|
17.91
|
204,594
|
.83
|
.69
|
1.12
|
2.15
|
10/31/2008
|
11.35
|
.17
|
(4.22)
|
(4.05)
|
(.14)
|
—
10
|
(.14)
|
7.16
|
(36.10)
|
105,548
|
.79
|
.64
|
1.05
|
1.75
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.09
|
.17
|
.86
|
1.03
|
(.18)
|
(.05)
|
(.23)
|
9.89
|
11.66
|
246,502
|
.47
|
.37
|
.76
|
1.78
|
10/31/2011
|
9.08
|
.18
|
.07
|
.25
|
(.18)
|
(.06)
|
(.24)
|
9.09
|
2.79
|
178,912
|
.48
|
.38
|
.77
|
1.92
|
10/31/2010
|
8.07
|
.16
|
1.05
|
1.21
|
(.16)
|
(.04)
|
(.20)
|
9.08
|
15.18
|
144,150
|
.49
|
.38
|
.78
|
1.91
|
10/31/2009
|
7.20
|
.18
|
1.05
|
1.23
|
(.16)
|
(.20)
|
(.36)
|
8.07
|
18.33
|
91,333
|
.50
|
.35
|
.78
|
2.50
|
10/31/2008
|
11.38
|
.19
|
(4.22)
|
(4.03)
|
(.15)
|
—
10
|
(.15)
|
7.20
|
(35.87)
|
47,207
|
.48
|
.32
|
.73
|
1.95
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.15
|
.19
|
.86
|
1.05
|
(.20)
|
(.05)
|
(.25)
|
9.95
|
11.91
|
96,824
|
.17
|
.07
|
.46
|
2.05
|
10/31/2011
|
9.13
|
.20
|
.09
|
.29
|
(.21)
|
(.06)
|
(.27)
|
9.15
|
3.14
|
66,377
|
.17
|
.07
|
.46
|
2.20
|
10/31/2010
|
8.11
|
.20
|
1.04
|
1.24
|
(.18)
|
(.04)
|
(.22)
|
9.13
|
15.49
|
49,240
|
.19
|
.08
|
.48
|
2.30
|
10/31/2009
|
7.23
|
.20
|
1.06
|
1.26
|
(.18)
|
(.20)
|
(.38)
|
8.11
|
18.70
|
40,202
|
.20
|
.05
|
.48
|
2.74
|
10/31/2008
|
11.40
|
.22
|
(4.23)
|
(4.01)
|
(.16)
|
—
10
|
(.16)
|
7.23
|
(35.64)
|
17,830
|
.17
|
.02
|
.43
|
2.29
|
Class R-6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.13
|
.18
|
.88
|
1.06
|
(.21)
|
(.05)
|
(.26)
|
9.93
|
11.98
|
51,657
|
.13
|
.03
|
.42
|
1.94
|
10/31/2011
|
9.11
|
.21
|
.08
|
.29
|
(.21)
|
(.06)
|
(.27)
|
9.13
|
3.19
|
20,591
|
.13
|
.03
|
.42
|
2.25
|
10/31/2010
|
8.08
|
.15
|
1.09
|
1.24
|
(.17)
|
(.04)
|
(.21)
|
9.11
|
15.60
|
15,203
|
.13
|
.03
|
.43
|
1.82
|
10/31/2009
6,9
|
7.05
|
.01
|
1.02
|
1.03
|
—
|
—
|
—
|
8.08
|
14.61
|
353
|
.06
|
.01
|
.44
|
.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series / Prospectus
87
|
|
|
Income
(loss) from investment operations
1
|
Dividends and
distributions
|
|
|
|
|
|
|
Net
asset
value,
beginning
of
period
|
Net
investment
income
(loss)
|
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
|
Total
from
investment
operations
|
Dividends
(from
net
investment
income)
|
Distributions
(from
capital
gains)
|
Total
dividends and distributions
|
Net
asset value, end
of
period
|
Total
return
2,3
|
Net
assets,
end
of
period
(in
thousands)
|
Ratio
of
expenses
to
average
net
assets
before
reimburse-
ments/
waivers
4
|
Ratio
of
expenses
to
average
net
assets
after
reimburse-
ments/
waivers
3,4
|
Net
effective expense ratio
5
|
Ratio
of
net
income
to
average
net assets
3
|
American
Funds 2020 Target Date Retirement Fund
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
$ 9.15
|
$.18
|
$ .74
|
$
.92
|
$(.21)
|
$(.05)
|
$(.26)
|
$9.81
|
10.35%
|
$804,848
|
.47%
|
.37%
|
.74%
|
1.96%
|
10/31/2011
|
9.14
|
.21
|
.11
|
.32
|
(.21)
|
(.10)
|
(.31)
|
9.15
|
3.50
|
678,416
|
.48
|
.38
|
.75
|
2.24
|
10/31/2010
|
8.22
|
.20
|
.93
|
1.13
|
(.17)
|
(.04)
|
(.21)
|
9.14
|
13.98
|
556,079
|
.49
|
.39
|
.77
|
2.33
|
10/31/2009
|
7.38
|
.20
|
1.02
|
1.22
|
(.18)
|
(.20)
|
(.38)
|
8.22
|
17.68
|
374,311
|
.44
|
.30
|
.72
|
2.79
|
10/31/2008
|
11.30
|
.23
|
(4.01)
|
(3.78)
|
(.14)
|
—
10
|
(.14)
|
7.38
|
(33.81)
|
217,608
|
.42
|
.28
|
.68
|
2.33
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.00
|
.11
|
.72
|
.83
|
(.14)
|
(.05)
|
(.19)
|
9.64
|
9.49
|
15,683
|
1.25
|
1.14
|
1.51
|
1.20
|
10/31/2011
|
9.01
|
.14
|
.10
|
.24
|
(.15)
|
(.10)
|
(.25)
|
9.00
|
2.67
|
14,380
|
1.27
|
1.12
|
1.49
|
1.49
|
10/31/2010
|
8.12
|
.13
|
.93
|
1.06
|
(.13)
|
(.04)
|
(.17)
|
9.01
|
13.19
|
11,541
|
1.30
|
1.12
|
1.50
|
1.59
|
10/31/2009
|
7.31
|
.14
|
1.01
|
1.15
|
(.14)
|
(.20)
|
(.34)
|
8.12
|
16.77
|
7,356
|
1.31
|
1.08
|
1.50
|
1.96
|
10/31/2008
|
11.24
|
.14
|
(3.96)
|
(3.82)
|
(.11)
|
—
10
|
(.11)
|
7.31
|
(34.30)
|
3,160
|
1.28
|
1.02
|
1.42
|
1.51
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.01
|
.12
|
.72
|
.84
|
(.15)
|
(.05)
|
(.20)
|
9.65
|
9.52
|
447,936
|
1.17
|
1.07
|
1.44
|
1.26
|
10/31/2011
|
9.02
|
.14
|
.11
|
.25
|
(.16)
|
(.10)
|
(.26)
|
9.01
|
2.70
|
374,268
|
1.17
|
1.07
|
1.44
|
1.55
|
10/31/2010
|
8.12
|
.14
|
.93
|
1.07
|
(.13)
|
(.04)
|
(.17)
|
9.02
|
13.30
|
320,330
|
1.20
|
1.09
|
1.47
|
1.63
|
10/31/2009
|
7.30
|
.14
|
1.01
|
1.15
|
(.13)
|
(.20)
|
(.33)
|
8.12
|
16.82
|
214,944
|
1.20
|
1.06
|
1.48
|
1.99
|
10/31/2008
|
11.24
|
.14
|
(3.96)
|
(3.82)
|
(.12)
|
—
10
|
(.12)
|
7.30
|
(34.33)
|
106,855
|
1.16
|
1.02
|
1.42
|
1.48
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.08
|
.15
|
.74
|
.89
|
(.18)
|
(.05)
|
(.23)
|
9.74
|
10.08
|
530,271
|
.79
|
.69
|
1.06
|
1.63
|
10/31/2011
|
9.09
|
.18
|
.09
|
.27
|
(.18)
|
(.10)
|
(.28)
|
9.08
|
3.11
|
411,705
|
.80
|
.70
|
1.07
|
1.92
|
10/31/2010
|
8.17
|
.17
|
.94
|
1.11
|
(.15)
|
(.04)
|
(.19)
|
9.09
|
13.64
|
352,945
|
.81
|
.71
|
1.09
|
2.03
|
10/31/2009
|
7.34
|
.17
|
1.01
|
1.18
|
(.15)
|
(.20)
|
(.35)
|
8.17
|
17.23
|
254,120
|
.81
|
.67
|
1.09
|
2.40
|
10/31/2008
|
11.28
|
.18
|
(3.98)
|
(3.80)
|
(.14)
|
—
10
|
(.14)
|
7.34
|
(34.07)
|
142,374
|
.77
|
.63
|
1.03
|
1.91
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.15
|
.18
|
.74
|
.92
|
(.21)
|
(.05)
|
(.26)
|
9.81
|
10.35
|
323,787
|
.47
|
.37
|
.74
|
1.94
|
10/31/2011
|
9.14
|
.21
|
.11
|
.32
|
(.21)
|
(.10)
|
(.31)
|
9.15
|
3.51
|
247,276
|
.47
|
.37
|
.74
|
2.23
|
10/31/2010
|
8.22
|
.20
|
.93
|
1.13
|
(.17)
|
(.04)
|
(.21)
|
9.14
|
13.96
|
201,854
|
.49
|
.38
|
.76
|
2.32
|
10/31/2009
|
7.38
|
.20
|
1.02
|
1.22
|
(.18)
|
(.20)
|
(.38)
|
8.22
|
17.65
|
129,604
|
.49
|
.34
|
.76
|
2.66
|
10/31/2008
|
11.30
|
.21
|
(3.98)
|
(3.77)
|
(.15)
|
—
10
|
(.15)
|
7.38
|
(33.77)
|
55,426
|
.47
|
.31
|
.71
|
2.22
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.20
|
.22
|
.73
|
.95
|
(.23)
|
(.05)
|
(.28)
|
9.87
|
10.73
|
115,917
|
.17
|
.07
|
.44
|
2.28
|
10/31/2011
|
9.19
|
.23
|
.12
|
.35
|
(.24)
|
(.10)
|
(.34)
|
9.20
|
3.76
|
95,372
|
.17
|
.07
|
.44
|
2.52
|
10/31/2010
|
8.25
|
.23
|
.94
|
1.17
|
(.19)
|
(.04)
|
(.23)
|
9.19
|
14.39
|
63,932
|
.19
|
.08
|
.46
|
2.62
|
10/31/2009
|
7.41
|
.22
|
1.01
|
1.23
|
(.19)
|
(.20)
|
(.39)
|
8.25
|
17.88
|
39,599
|
.19
|
.05
|
.47
|
3.02
|
10/31/2008
|
11.33
|
.23
|
(3.99)
|
(3.76)
|
(.16)
|
—
10
|
(.16)
|
7.41
|
(33.61)
|
23,433
|
.16
|
.02
|
.42
|
2.40
|
Class R-6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.18
|
.21
|
.75
|
.96
|
(.24)
|
(.05)
|
(.29)
|
9.85
|
10.80
|
66,132
|
.12
|
.02
|
.39
|
2.18
|
10/31/2011
|
9.17
|
.24
|
.11
|
.35
|
(.24)
|
(.10)
|
(.34)
|
9.18
|
3.81
|
32,185
|
.12
|
.02
|
.39
|
2.56
|
10/31/2010
|
8.23
|
.21
|
.95
|
1.16
|
(.18)
|
(.04)
|
(.22)
|
9.17
|
14.36
|
27,170
|
.14
|
.03
|
.41
|
2.47
|
10/31/2009
6,9
|
7.23
|
.05
|
.95
|
1.00
|
—
|
—
|
—
|
8.23
|
13.83
|
8,324
|
.04
|
.01
|
.43
|
.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series / Prospectus
88
|
|
|
Income
(loss) from investment operations
1
|
Dividends and
distributions
|
|
|
|
|
|
|
Net
asset
value,
beginning
of
period
|
Net
investment
income
(loss)
|
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
|
Total
from
investment
operations
|
Dividends
(from
net
investment
income)
|
Distributions
(from
capital
gains)
|
Total
dividends and distributions
|
Net
asset value, end
of
period
|
Total
return
2,3
|
Net
assets,
end
of
period
(in
thousands)
|
Ratio
of
expenses
to
average
net
assets
before
reimburse-
ments/
waivers
4
|
Ratio
of
expenses
to
average
net
assets
after
reimburse-
ments/
waivers
3,4
|
Net
effective expense ratio
5
|
Ratio
of
net
income
to
average
net assets
3
|
American
Funds 2015 Target Date Retirement Fund
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
$9.31
|
$.19
|
$.67
|
$.86
|
$(.22)
|
$(.09)
|
$(.31)
|
$9.86
|
9.54%
|
$622,118
|
.49%
|
.39%
|
.73%
|
2.04%
|
10/31/2011
|
9.31
|
.22
|
.13
|
.35
|
(.23)
|
(.12)
|
(.35)
|
9.31
|
3.74
|
555,824
|
.48
|
.38
|
.73
|
2.34
|
10/31/2010
|
8.45
|
.22
|
.89
|
1.11
|
(.20)
|
(.05)
|
(.25)
|
9.31
|
13.27
|
485,697
|
.50
|
.39
|
.75
|
2.50
|
10/31/2009
|
7.62
|
.23
|
.99
|
1.22
|
(.21)
|
(.18)
|
(.39)
|
8.45
|
17.14
|
360,195
|
.44
|
.30
|
.71
|
3.13
|
10/31/2008
|
11.16
|
.26
|
(3.64)
|
(3.38)
|
(.16)
|
—
10
|
(.16)
|
7.62
|
(30.69)
|
229,310
|
.49
|
.34
|
.74
|
2.71
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.15
|
.12
|
.66
|
.78
|
(.16)
|
(.09)
|
(.25)
|
9.68
|
8.67
|
12,179
|
1.25
|
1.14
|
1.48
|
1.30
|
10/31/2011
|
9.16
|
.15
|
.13
|
.28
|
(.17)
|
(.12)
|
(.29)
|
9.15
|
3.03
|
11,856
|
1.27
|
1.12
|
1.47
|
1.61
|
10/31/2010
|
8.35
|
.15
|
.87
|
1.02
|
(.16)
|
(.05)
|
(.21)
|
9.16
|
12.37
|
11,070
|
1.30
|
1.12
|
1.48
|
1.76
|
10/31/2009
|
7.56
|
.17
|
.98
|
1.15
|
(.18)
|
(.18)
|
(.36)
|
8.35
|
16.26
|
6,828
|
1.31
|
1.09
|
1.50
|
2.22
|
10/31/2008
|
11.11
|
.19
|
(3.62)
|
(3.43)
|
(.12)
|
—
10
|
(.12)
|
7.56
|
(31.17)
|
2,507
|
1.28
|
1.02
|
1.42
|
2.01
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.16
|
.13
|
.66
|
.79
|
(.16)
|
(.09)
|
(.25)
|
9.70
|
8.84
|
309,048
|
1.17
|
1.07
|
1.41
|
1.35
|
10/31/2011
|
9.18
|
.15
|
.12
|
.27
|
(.17)
|
(.12)
|
(.29)
|
9.16
|
2.94
|
280,206
|
1.17
|
1.07
|
1.42
|
1.65
|
10/31/2010
|
8.35
|
.16
|
.87
|
1.03
|
(.15)
|
(.05)
|
(.20)
|
9.18
|
12.48
|
248,274
|
1.20
|
1.09
|
1.45
|
1.81
|
10/31/2009
|
7.55
|
.17
|
.98
|
1.15
|
(.17)
|
(.18)
|
(.35)
|
8.35
|
16.23
|
169,123
|
1.20
|
1.06
|
1.47
|
2.30
|
10/31/2008
|
11.10
|
.19
|
(3.60)
|
(3.41)
|
(.14)
|
—
10
|
(.14)
|
7.55
|
(31.08)
|
82,597
|
1.16
|
1.02
|
1.42
|
1.97
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.25
|
.16
|
.66
|
.82
|
(.19)
|
(.09)
|
(.28)
|
9.79
|
9.15
|
375,534
|
.80
|
.70
|
1.04
|
1.73
|
10/31/2011
|
9.25
|
.19
|
.13
|
.32
|
(.20)
|
(.12)
|
(.32)
|
9.25
|
3.48
|
323,498
|
.80
|
.70
|
1.05
|
2.03
|
10/31/2010
|
8.40
|
.19
|
.88
|
1.07
|
(.17)
|
(.05)
|
(.22)
|
9.25
|
12.93
|
287,863
|
.82
|
.71
|
1.07
|
2.20
|
10/31/2009
|
7.59
|
.20
|
.98
|
1.18
|
(.19)
|
(.18)
|
(.37)
|
8.40
|
16.64
|
215,184
|
.81
|
.67
|
1.08
|
2.72
|
10/31/2008
|
11.14
|
.23
|
(3.62)
|
(3.39)
|
(.16)
|
—
10
|
(.16)
|
7.59
|
(30.87)
|
117,078
|
.77
|
.63
|
1.03
|
2.37
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.31
|
.19
|
.67
|
.86
|
(.22)
|
(.09)
|
(.31)
|
9.86
|
9.56
|
182,426
|
.47
|
.37
|
.71
|
2.05
|
10/31/2011
|
9.31
|
.22
|
.13
|
.35
|
(.23)
|
(.12)
|
(.35)
|
9.31
|
3.76
|
156,013
|
.48
|
.38
|
.73
|
2.35
|
10/31/2010
|
8.45
|
.22
|
.89
|
1.11
|
(.20)
|
(.05)
|
(.25)
|
9.31
|
13.26
|
137,314
|
.49
|
.38
|
.74
|
2.51
|
10/31/2009
|
7.63
|
.23
|
.98
|
1.21
|
(.21)
|
(.18)
|
(.39)
|
8.45
|
17.01
|
83,795
|
.50
|
.35
|
.76
|
3.03
|
10/31/2008
|
11.17
|
.26
|
(3.64)
|
(3.38)
|
(.16)
|
—
10
|
(.16)
|
7.63
|
(30.63)
|
45,228
|
.47
|
.31
|
.71
|
2.68
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.37
|
.22
|
.67
|
.89
|
(.25)
|
(.09)
|
(.34)
|
9.92
|
9.82
|
73,623
|
.17
|
.07
|
.41
|
2.30
|
10/31/2011
|
9.36
|
.24
|
.14
|
.38
|
(.25)
|
(.12)
|
(.37)
|
9.37
|
4.11
|
48,120
|
.17
|
.07
|
.42
|
2.60
|
10/31/2010
|
8.49
|
.25
|
.89
|
1.14
|
(.22)
|
(.05)
|
(.27)
|
9.36
|
13.57
|
35,822
|
.19
|
.08
|
.44
|
2.88
|
10/31/2009
|
7.66
|
.25
|
.99
|
1.24
|
(.23)
|
(.18)
|
(.41)
|
8.49
|
17.42
|
32,624
|
.19
|
.05
|
.46
|
3.38
|
10/31/2008
|
11.19
|
.28
|
(3.63)
|
(3.35)
|
(.18)
|
—
10
|
(.18)
|
7.66
|
(30.41)
|
19,267
|
.17
|
.02
|
.42
|
2.91
|
Class R-6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.34
|
.22
|
.69
|
.91
|
(.26)
|
(.09)
|
(.35)
|
9.90
|
10.01
|
33,972
|
.13
|
.03
|
.37
|
2.28
|
10/31/2011
|
9.34
|
.25
|
.13
|
.38
|
(.26)
|
(.12)
|
(.38)
|
9.34
|
4.07
|
15,701
|
.13
|
.03
|
.38
|
2.69
|
10/31/2010
|
8.46
|
.22
|
.92
|
1.14
|
(.21)
|
(.05)
|
(.26)
|
9.34
|
13.66
|
16,167
|
.13
|
.03
|
.39
|
2.49
|
10/31/2009
6,9
|
7.49
|
.04
|
.93
|
.97
|
—
|
—
|
—
|
8.46
|
12.95
|
286
|
.06
|
.01
|
.42
|
.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series / Prospectus
89
|
|
|
Income
(loss) from investment operations
1
|
Dividends and
distributions
|
|
|
|
|
|
|
Net
asset
value,
beginning
of
period
|
Net
investment
income
(loss)
|
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
|
Total
from
investment
operations
|
Dividends
(from
net
investment
income)
|
Distributions
(from
capital
gains)
|
Total
dividends and distributions
|
Net
asset value, end
of
period
|
Total
return
2,3
|
Net
assets,
end
of
period
(in
thousands)
|
Ratio
of
expenses
to
average
net
assets
before
reimburse-
ments/
waivers
4
|
Ratio
of
expenses
to
average
net
assets
after
reimburse-
ments/
waivers
3,4
|
Net
effective expense ratio
5
|
Ratio
of
net
income
to
average
net assets
3
|
American
Funds 2010 Target Date Retirement Fund
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
$ 9.37
|
$.24
|
$ .60
|
$
.84
|
$(.28)
|
$(.16)
|
$(.44)
|
$9.77
|
9.33%
|
$511,141
|
.49%
|
.39%
|
.72%
|
2.56%
|
10/31/2011
|
9.33
|
.27
|
.11
|
.38
|
(.27)
|
(.07)
|
(.34)
|
9.37
|
4.17
|
443,287
|
.49
|
.39
|
.74
|
2.93
|
10/31/2010
|
8.47
|
.27
|
.83
|
1.10
|
(.22)
|
(.02)
|
(.24)
|
9.33
|
13.20
|
427,948
|
.51
|
.40
|
.74
|
3.04
|
10/31/2009
|
7.69
|
.27
|
.94
|
1.21
|
(.24)
|
(.19)
|
(.43)
|
8.47
|
16.92
|
295,143
|
.46
|
.32
|
.70
|
3.52
|
10/31/2008
|
11.08
|
.29
|
(3.50)
|
(3.21)
|
(.17)
|
(.01)
|
(.18)
|
7.69
|
(29.38)
|
193,480
|
.48
|
.33
|
.72
|
3.04
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.29
|
.17
|
.59
|
.76
|
(.21)
|
(.16)
|
(.37)
|
9.68
|
8.48
|
3,668
|
1.25
|
1.14
|
1.47
|
1.82
|
10/31/2011
|
9.26
|
.20
|
.11
|
.31
|
(.21)
|
(.07)
|
(.28)
|
9.29
|
3.40
|
3,240
|
1.27
|
1.12
|
1.47
|
2.19
|
10/31/2010
|
8.42
|
.20
|
.84
|
1.04
|
(.18)
|
(.02)
|
(.20)
|
9.26
|
12.47
|
2,930
|
1.31
|
1.12
|
1.46
|
2.32
|
10/31/2009
|
7.64
|
.20
|
.94
|
1.14
|
(.17)
|
(.19)
|
(.36)
|
8.42
|
15.84
|
2,331
|
1.37
|
1.08
|
1.46
|
2.61
|
10/31/2008
|
11.03
|
.24
|
(3.49)
|
(3.25)
|
(.13)
|
(.01)
|
(.14)
|
7.64
|
(29.83)
|
1,118
|
1.27
|
1.02
|
1.41
|
2.42
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.25
|
.18
|
.58
|
.76
|
(.22)
|
(.16)
|
(.38)
|
9.63
|
8.45
|
135,378
|
1.18
|
1.08
|
1.41
|
1.89
|
10/31/2011
|
9.21
|
.21
|
.11
|
.32
|
(.21)
|
(.07)
|
(.28)
|
9.25
|
3.54
|
131,934
|
1.18
|
1.08
|
1.43
|
2.23
|
10/31/2010
|
8.37
|
.21
|
.82
|
1.03
|
(.17)
|
(.02)
|
(.19)
|
9.21
|
12.44
|
125,921
|
1.20
|
1.09
|
1.43
|
2.35
|
10/31/2009
|
7.62
|
.20
|
.94
|
1.14
|
(.20)
|
(.19)
|
(.39)
|
8.37
|
15.89
|
98,307
|
1.23
|
1.09
|
1.47
|
2.71
|
10/31/2008
|
11.03
|
.21
|
(3.47)
|
(3.26)
|
(.14)
|
(.01)
|
(.15)
|
7.62
|
(29.89)
|
57,628
|
1.18
|
1.03
|
1.42
|
2.20
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.32
|
.21
|
.59
|
.80
|
(.25)
|
(.16)
|
(.41)
|
9.71
|
8.90
|
178,091
|
.80
|
.70
|
1.03
|
2.25
|
10/31/2011
|
9.27
|
.24
|
.12
|
.36
|
(.24)
|
(.07)
|
(.31)
|
9.32
|
3.98
|
166,705
|
.81
|
.71
|
1.06
|
2.62
|
10/31/2010
|
8.42
|
.24
|
.82
|
1.06
|
(.19)
|
(.02)
|
(.21)
|
9.27
|
12.83
|
163,606
|
.82
|
.71
|
1.05
|
2.74
|
10/31/2009
|
7.66
|
.24
|
.93
|
1.17
|
(.22)
|
(.19)
|
(.41)
|
8.42
|
16.34
|
138,523
|
.82
|
.67
|
1.05
|
3.15
|
10/31/2008
|
11.06
|
.26
|
(3.48)
|
(3.22)
|
(.17)
|
(.01)
|
(.18)
|
7.66
|
(29.55)
|
86,635
|
.78
|
.63
|
1.02
|
2.68
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.37
|
.24
|
.60
|
.84
|
(.28)
|
(.16)
|
(.44)
|
9.77
|
9.34
|
113,784
|
.47
|
.37
|
.70
|
2.57
|
10/31/2011
|
9.33
|
.27
|
.12
|
.39
|
(.28)
|
(.07)
|
(.35)
|
9.37
|
4.21
|
103,670
|
.48
|
.38
|
.73
|
2.94
|
10/31/2010
|
8.47
|
.27
|
.83
|
1.10
|
(.22)
|
(.02)
|
(.24)
|
9.33
|
13.19
|
98,544
|
.49
|
.38
|
.72
|
3.05
|
10/31/2009
|
7.70
|
.26
|
.94
|
1.20
|
(.24)
|
(.19)
|
(.43)
|
8.47
|
16.78
|
72,973
|
.50
|
.34
|
.72
|
3.46
|
10/31/2008
|
11.09
|
.29
|
(3.49)
|
(3.20)
|
(.18)
|
(.01)
|
(.19)
|
7.70
|
(29.32)
|
39,649
|
.48
|
.31
|
.70
|
2.97
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.43
|
.27
|
.60
|
.87
|
(.31)
|
(.16)
|
(.47)
|
9.83
|
9.60
|
45,682
|
.17
|
.07
|
.40
|
2.89
|
10/31/2011
|
9.38
|
.31
|
.11
|
.42
|
(.30)
|
(.07)
|
(.37)
|
9.43
|
4.58
|
38,640
|
.18
|
.08
|
.43
|
3.28
|
10/31/2010
|
8.50
|
.30
|
.84
|
1.14
|
(.24)
|
(.02)
|
(.26)
|
9.38
|
13.62
|
37,997
|
.19
|
.08
|
.42
|
3.40
|
10/31/2009
|
7.73
|
.29
|
.93
|
1.22
|
(.26)
|
(.19)
|
(.45)
|
8.50
|
17.05
|
29,675
|
.20
|
.05
|
.43
|
3.84
|
10/31/2008
|
11.11
|
.31
|
(3.49)
|
(3.18)
|
(.19)
|
(.01)
|
(.20)
|
7.73
|
(29.10)
|
21,528
|
.17
|
.02
|
.41
|
3.26
|
Class R-6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/2012
|
9.41
|
.27
|
.60
|
.87
|
(.31)
|
(.16)
|
(.47)
|
9.81
|
9.68
|
19,125
|
.13
|
.03
|
.36
|
2.86
|
10/31/2011
|
9.36
|
.31
|
.12
|
.43
|
(.31)
|
(.07)
|
(.38)
|
9.41
|
4.63
|
14,646
|
.13
|
.03
|
.38
|
3.28
|
10/31/2010
|
8.48
|
.29
|
.84
|
1.13
|
(.23)
|
(.02)
|
(.25)
|
9.36
|
13.57
|
14,033
|
.14
|
.03
|
.37
|
3.27
|
10/31/2009
6,9
|
7.55
|
.08
|
.85
|
.93
|
—
|
—
|
—
|
8.48
|
12.32
|
4,016
|
.05
|
.01
|
.39
|
.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series / Prospectus
90
|
|
Year ended October
31
|
Portfolio turnover rate for all share classes
|
2012
|
2011
|
2010
|
2009
|
2008
|
2055 Fund
|
10%
|
23%
|
44%
6,7
|
—
|
—
|
2050 Fund
|
3
|
2
|
7
|
5%
|
5%
|
2045 Fund
|
3
|
1
|
4
|
—
12
|
2
|
2040 Fund
|
2
|
1
|
2
|
1
|
2
|
2035 Fund
|
3
|
1
|
2
|
—
12
|
—
12
|
2030 Fund
|
4
|
2
|
1
|
—
12
|
2
|
2025 Fund
|
3
|
3
|
3
|
1
|
1
|
2020 Fund
|
4
|
7
|
8
|
1
|
1
|
2015 Fund
|
8
|
7
|
13
|
2
|
3
|
2010 Fund
|
10
|
19
|
21
|
5
|
12
|
|
1
|
Based
on average
shares
outstanding.
|
|
2
|
Total
returns
exclude
any applicable
sales charges
.
|
|
3
|
This
column
reflects
the impact,
if any,
of certain
reimbursements/waivers
from Capital
Research
and Management
Company.
During
the periods
shown,
Capital
Research
and Management
Company
reduced
fees for
investment
advisory
services
and reimbursed
other fees
and expenses.
In addition,
during
the periods
shown,
Capital
Research
and Management
Company
paid a
portion
of the
fund’s
administrative
services
fees for
certain
retirement
plan share
classes
.
|
|
4
|
This
column
does not
include
expenses
of the
underlying
funds in
which each
fund invests.
|
|
5
|
This
column
reflects
the net
effective
expense
ratios
for each
fund and
class,
which are
unaudited.
These ratios
include
each class’s
expense
ratio combined
with the
weighted
average
net expense
ratio of
the underlying
funds for
the periods
presented.
|
|
6
|
Based
on operations
for the
period
shown and,
accordingly,
is not
representative
of a full
year.
|
|
7
|
For
the period
February
1, 2010,
commencement
of operations,
through
October
31, 2010.
|
|
9
|
For
the period
July 13,
2009, the
initial
sale of
the share
class,
through
October
31, 2009.
|
|
10
|
Amount
less than
$.01.
|
|
11
|
For
the period
July 27,
2009,
the initial
sale of
the share
class,
through
October
31, 2009.
|
12
Amount is either less
than 1% or there is no turnover.
American Funds Target Date Retirement Series / Prospectus
91
|
Notes
American Funds Target Date Retirement Series / Prospectus
92
|
Notes
American Funds Target Date Retirement Series / Prospectus
93
|
Notes
American Funds Target Date Retirement Series / Prospectus
94
|
|
|
|
|
|
For shareholder services
|
American Funds Service Company
800/421-4225
|
|
|
For retirement plan services
|
Call your employer or plan administrator
|
|
|
For dealer services
|
American Funds Distributors
800/421-9900
|
|
|
For 24-hour information
|
American FundsLine
800/325-3590
americanfunds.com
For Class R share information, visit
AmericanFundsRetirement.com
|
|
|
Telephone calls you have with American Funds
may be monitored or recorded for quality assurance, verification and recordkeeping purposes. By speaking to American Funds
on the telephone, you consent to such monitoring and recording.
|
|
Multiple translations
This
prospectus may be translated into other languages. If there is any inconsistency or ambiguity as to the meaning of any word or
phrase in a translation, the English text will prevail.
Annual/Semi-annual
report to shareholders
The shareholder reports contain
additional information about the series, including financial statements, investment results, portfolio holdings, a discussion of
market conditions and the series’ investment strategies, and the independent registered public accounting firm’s report
(in the annual report).
Statement
of additional information (SAI) and codes of ethics
The current SAI, as amended from time to time, contains
more detailed information about the
series
, including the
series
’
financial statements, and is incorporated by reference into this prospectus. This means that the current SAI, for legal purposes,
is part of this prospectus. The codes of ethics describe the personal investing policies adopted by the
series
,
the
series
’ investment adviser and its affiliated companies.
The codes of ethics and current SAI are on file with the
U.S. Securities and Exchange Commission (SEC). These and other related materials about the
series
are available for review or to be copied at the SEC’s Public Reference Room in Washington, D.C. (202/551-8090), on
the EDGAR database on the SEC’s website at sec.gov or, after payment of a duplicating fee, via email request to publicinfo@sec.gov
or by writing to the SEC’s Public Reference Section, 100 F Street, NE, Washington, D.C. 20549-1520. The codes of ethics,
current SAI and shareholder reports are also available, free of charge, on our website, americanfunds.com.
E-delivery
and household mailings
Each year you are automatically sent an updated summary prospectus and annual and
semi-annual reports for the
series
. You may also occasionally receive
proxy statements for the
series
. In order to reduce the volume
of mail you receive, when possible, only one copy of these documents will be sent to shareholders who are part of the same family
and share the same household address. You may elect to receive these documents electronically in lieu of paper form by enrolling
in e-delivery on our website, americanfunds.com.
If you would like to opt out of household-based mailings
or receive a complimentary copy of the current SAI, codes of ethics, annual/semi-annual report to shareholders or applicable program
description, please call American Funds Service Company at 800/421-4225 or write to the secretary of the
series
at 333 South Hope Street, Los Angeles, California 90071-1406.
Securities
Investor Protection Corporation (SIPC)
Shareholders may obtain information about SIPC
®
on
its website at sipc.org or by calling 202/371-8300.
RPGEPRX-850-0113P
Litho in USA CGD/ALD/9773
|
Investment Company File No. 811-21981
|
The Capital Group Companies
American Funds
|
Capital Research and Management
|
Capital International
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Capital Guardian
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Capital Bank and Trust
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THE FUND MAKES AVAILABLE A SPANISH TRANSLATION OF THE ABOVE PROSPECTUS
IN CONNECTION WITH THE PUBLIC OFFERING AND SALE OF ITS SHARES. THE ENGLISH LANGUAGE PROSPECTUS ABOVE IS A FAIR AND ACCURATE REPRESENTATION
OF THE SPANISH EQUIVALENT.
/s/
|
STEVEN I. KOSZALKA
|
|
STEVEN I. KOSZALKA
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SECRETARY
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American Funds Target Date Retirement
Series
®
Part B
Statement of Additional Information
January 1, 2013
This document is not a prospectus
but should be read in conjunction with the current prospectus of American Funds Target Date Retirement Series (the “series”)
dated January 1, 2012. You may obtain a prospectus from your financial adviser or by writing to the series at the following address:
American Funds Target Date Retirement Series
Attention: Secretary
333 South Hope Street
Los Angeles, California 90071
213/486-9200
Certain privileges and/or services described
below may not be available to all shareholders (including shareholders who purchase shares at net asset value through eligible
retirement plans) depending on the shareholder’s investment dealer or retirement plan recordkeeper. Please see your financial
adviser, investment dealer, plan recordkeeper or employer for more information.
|
Class A
|
Class R-1
|
Class R-2
|
Class R-3
|
Class R-4
|
Class R-5
|
Class R-6
|
American Funds 2055 Target Date Retirement Series
|
AAMTX
|
RAMTX
|
RBMTX
|
RCMTX
|
RDJTX
|
REKTX
|
RFKTX
|
American Funds 2050 Target Date Retirement Series
|
AALTX
|
RAITX
|
RBITX
|
RCITX
|
RDITX
|
REITX
|
RFITX
|
American Funds 2045 Target Date Retirement Series
|
AAHTX
|
RAHTX
|
RBHTX
|
RCHTX
|
RDHTX
|
REHTX
|
RFHTX
|
American Funds 2040 Target Date Retirement Series
|
AAGTX
|
RAKTX
|
RBKTX
|
RCKTX
|
RDGTX
|
REGTX
|
RFGTX
|
American Funds 2035 Target Date Retirement Series
|
AAFTX
|
RAFTX
|
RBFTX
|
RCFTX
|
RDFTX
|
REFTX
|
RFFTX
|
American Funds 2030 Target Date Retirement Series
|
AAETX
|
RAETX
|
RBETX
|
RCETX
|
RDETX
|
REETX
|
RFETX
|
American Funds 2025 Target Date Retirement Series
|
AADTX
|
RADTX
|
RBDTX
|
RCDTX
|
RDDTX
|
REDTX
|
RFDTX
|
American Funds 2020 Target Date Retirement Series
|
AACTX
|
RACTX
|
RBCTX
|
RCCTX
|
RDCTX
|
RECTX
|
RRCTX
|
American Funds 2015 Target Date Retirement Series
|
AABTX
|
RAJTX
|
RBJTX
|
RCJTX
|
RDBTX
|
REJTX
|
RFJTX
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American Funds 2010 Target Date Retirement Series
|
AAATX
|
RAATX
|
RBATX
|
RCATX
|
RDATX
|
REATX
|
RFTTX
|
Table of Contents
Item
|
Page
no.
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Certain investment limitations and guidelines
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2
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Description of certain securities and investment techniques
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2
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Fund policies
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19
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Management of the series
|
21
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Execution of portfolio transactions
|
57
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Disclosure of portfolio holdings
|
58
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Price of shares
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60
|
Taxes and distributions
|
63
|
Purchase and exchange of shares
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64
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Sales charges
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67
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Sales charge reductions and waivers
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70
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Selling shares
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74
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Shareholder account services and privileges
|
75
|
General information
|
78
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Appendix
|
90
|
Investment portfolio
Financial statements
American Funds Target Date Retirement Series - Page
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Certain investment limitations and
guidelines
The following limitations and guidelines
are considered at the time of purchase, under normal circumstances, and are based on a percentage of each fund’s net assets
unless otherwise noted. This summary is not intended to reflect all of the funds’ investment limitations.
Description of certain securities
and investment techniques
The descriptions below are intended to
supplement the material in the prospectus under “Investment objectives, strategies and risks” which provides information
about the series and the underlying funds.
Investment techniques relating
to the funds in the series —
In addition to its investments in the underlying funds, a portion of each fund’s
assets, which will normally be less than 20%, may be held in cash or cash equivalents, including but not limited to obligations
of banks, such as time deposits, or invested in high-quality taxable short-term securities of up to one year in maturity. Such
investments may include: (
a
) obligations of the U.S. Treasury; (
b
) obligations of agencies and instrumentalities
of the U.S. government; (
c
) money market instruments, such as certificates of deposit issued by domestic banks, corporate
commercial paper, and bankers' acceptances and (
d
) repurchase agreements.
Each fund may take temporary defensive
measures in response to adverse market, economic, political, or other conditions as determined by the adviser. Such measures could
include, but are not limited to, investments in cash (including foreign currency) or cash equivalents, including, but not limited
to, obligations of banks (including certificates of deposit, bankers’ acceptances, time deposits and repurchase agreements),
commercial paper, short-term notes, U.S. Government Securities and related repurchase agreements. There is no limit on the extent
to which each fund may take temporary defensive measures. In taking such measures, each fund may fail to achieve its investment
objective.
Investment techniques relating to
the underlying funds —
Because the following is a combined summary of investment strategies of all of the underlying
funds, certain matters described herein will only apply to your fund to the extent it is invested in an underlying fund that engages
in such a strategy. Unless a strategy or policy described below is specifically prohibited by the investment restrictions explained
in the fund’s prospectus or the “Fund policies” section of this SAI, or by applicable law, each fund in the series
may invest in underlying funds which engage in each of the practices described below.
The underlying funds may experience difficulty
liquidating certain portfolio securities during significant market declines or periods of heavy redemptions.
Equity securities —
An underlying
fund may invest in equity securities. Equity securities represent an ownership position in a company. Equity securities held by
an underlying fund typically consist of common stocks and may also include securities with equity conversion or purchase rights.
The prices of equity securities fluctuate based on, among other things, events specific to their issuers and market, economic and
other conditions. For example, prices of these securities can be affected by financial contracts held by the issuer or third parties
(such as derivatives) relating to the security or other assets or indices. Holders of equity securities are not creditors of the
issuer. As such, if an issuer liquidates, holders of equity securities are entitled to their pro rata share of the issuer’s
assets, if any, after creditors (including the holders of fixed income securities and senior equity securities) are paid.
American Funds Target Date Retirement Series - Page
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There may be little trading in the secondary
market for particular equity securities, which may adversely affect an underlying fund’s ability to value accurately or dispose
of such equity securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease
the value and/or liquidity of equity securities.
Debt securities —
An underlying fund may invest in debt securities. Debt securities, also known as “fixed-income securities,” are used
by issuers to borrow money. Bonds, notes, debentures, asset-backed securities (including those backed by mortgages), and loan
participations and assignments are common types of debt securities. Generally, issuers pay investors periodic interest and repay
the amount borrowed either periodically during the life of the security and/or at maturity. Some debt securities, such as zero
coupon bonds, do not pay current interest, but are purchased at a discount from their face values and their values accrete over
time to face value at maturity. Some debt securities bear interest at rates that are not fixed, but that vary with changes in
specified market rates or indices. The market prices of debt securities fluctuate depending on such factors as interest rates,
credit quality and maturity. In general, market prices of debt securities decline when interest rates rise and increase when interest
rates fall. Prices of these securities can be affected by financial contracts held by the issuer or third parties (such as derivatives)
relating to the security or other assets or indices. These fluctuations will generally be greater for longer-term debt securities
than for shorter-term debt securities.
Credit ratings for debt securities
provided by rating agencies reflect an evaluation of the safety of principal and interest payments, not market value risk. The
rating of an issuer is a rating agency’s view of past and future potential developments related to the issuer and may not
necessarily reflect actual outcomes. There can be a lag between the time of developments relating to an issuer and the time a
rating is assigned and updated. The investment adviser considers these ratings of securities as one of many criteria in making
its investment decisions.
Bond rating agencies may assign modifiers
(such as +/–) to ratings categories to signify the relative position of a credit within the rating category. Investment policies
that are based on ratings categories should be read to include any security within that category, without giving consideration
to the modifier except where otherwise provided. See the Appendix for more information about credit ratings.
Securities with equity and debt
characteristics —
An underlying fund may invest in securities that have a combination of equity and debt characteristics.
These securities may at times behave more like equity than debt or vice versa. Some types of convertible bonds, preferred stocks
or other preferred securities automatically convert into common stocks or other securities at a stated conversion ratio and some
may be subject to redemption at the option of the issuer at a predetermined price. These securities ordinarily do not have voting
rights and, prior to conversion, may pay a fixed rate of interest or a dividend. They may have preference over common stocks with
respect to dividends and any residual assets after payment to creditors should the issuer be dissolved. Because convertible securities
have both debt and equity characteristics, their values vary in response to many factors, including the values of the securities
into which they are convertible, general market and economic conditions, and convertible market valuations, as well as changes
in interest rates, credit spreads and the credit quality of the issuer.
The prices and yields of nonconvertible
preferred securities or preferred stocks generally move with changes in interest rates and the issuer’s credit quality, similar
to the factors affecting debt
American Funds Target Date Retirement Series - Page
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securities. Nonconvertible preferred
securities will be treated as debt for fund investment limit purposes.
Warrants and rights —
An
underlying fund may purchase warrants, which may be issued together with bonds or preferred stocks. Warrants generally entitle
the holder to buy a proportionate amount of common stock at a specified price, usually higher than the current market price. Warrants
may be issued with an expiration date or in perpetuity. Rights are similar to warrants except that they normally entitle the holder
to purchase common stock at a lower price than the current market price.
Investing in smaller capitalization
stocks —
An underlying fund may invest in the stocks of smaller capitalization companies (typically companies with market
capitalizations of less than $4.0 billion at the time of purchase). The investment adviser believes that the issuers of smaller
capitalization stocks often provide attractive investment opportunities. However, investing in smaller capitalization stocks can
involve greater risk than is customarily associated with investing in stocks of larger, more established companies. For example,
smaller companies often have limited product lines, limited operating histories, limited markets or financial resources, may be
dependent on one or a few key persons for management and can be more susceptible to losses. Also, their securities may be thinly
traded (and therefore have to be sold at a discount from current prices or sold in small lots over an extended period of time),
may be followed by fewer investment research analysts and may be subject to wider price swings, thus creating a greater chance
of loss than securities of larger capitalization companies.
Investing in private companies —
An underlying fund may invest in companies that have not publicly offered their securities. Investing in private companies
can involve greater risks than those associated with investing in publicly traded companies. For example, the securities of a private
company may be subject to the risk that market conditions, developments within the company, investor perception, or regulatory
decisions may delay or prevent the company from ultimately offering its securities to the public. Furthermore, these investments
are generally considered to be illiquid until a company’s public offering and are often subject to additional contractual
restrictions on resale that would prevent the underlying fund from selling its company shares for a period of time following the
public offering.
Investments in private companies can
offer an underlying fund significant growth opportunities at attractive prices. However these investments can pose greater risk,
and, consequently, there is no guarantee that positive results can be achieved in the future.
Investing outside the U.S. —
Investing outside the United States may involve additional risks caused by, among other things, currency controls and fluctuating
currency values; different accounting, auditing, financial reporting, disclosure, and regulatory and legal standards and practices;
changing local, regional and global economic, political and social conditions; expropriation; changes in tax policy; greater market
volatility; different securities market structures; higher transaction costs; and various administrative difficulties, such as
delays in clearing and settling portfolio transactions or in receiving payment of dividends. However, in the opinion of the investment
adviser, investing outside the United States also can reduce certain portfolio risks due to greater diversification opportunities.
The risks described above may be
heightened in connection with investments in emerging markets. Although there is no universally accepted definition, the investment
adviser generally considers emerging markets to refer to the securities markets of countries in the earlier stages of their industrialization
cycle with a low per capita gross domestic product (“GDP”) and a low
American Funds Target Date Retirement Series - Page
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market capitalization to GDP ratio
relative to those in the United States and the European Union. Historically, emerging markets have been more volatile than the
markets of developed countries. An underlying fund may invest in securities of issuers in developing and emerging market countries
only to a limited extent.
Additional costs could be incurred in
connection with an underlying fund’s investment activities outside the United States. Brokerage commissions may be higher
outside the United States, and the underlying fund will bear certain expenses in connection with its currency transactions. Furthermore,
increased custodian costs may be associated with maintaining assets in certain jurisdictions.
In determining the domicile of an
issuer, the underlying fund’s investment adviser will consider the domicile determination of a leading provider of global
indexes, such as Morgan Stanley Capital International, and may also take into account such factors as where the company’s
securities are listed and where the company is legally organized, maintains principal corporate offices and/or conducts its principal
operations.
Certain risk factors related to
developing countries
Currency fluctuations —
An underlying fund’s investments may be valued in currencies other than the U.S. dollar. Certain developing countries’
currencies have experienced and may in the future experience significant declines against the U.S. dollar. For example, if the
U.S. dollar appreciates against foreign currencies, the value of the underlying fund’s securities holdings would generally
depreciate and vice versa. Consistent with its investment objective, an underlying fund can engage in certain currency transactions
to hedge against currency fluctuations. See “Currency Transactions” below.
Government regulation —
The political, economic and social structures of certain developing countries may be more volatile and less developed
than those in the United States. Certain developing countries lack uniform accounting, auditing and financial reporting standards,
have less governmental supervision of financial markets than in the United States, and do not honor legal rights enjoyed in the
United States. Certain governments may be more unstable and present greater risks of nationalization or restrictions on foreign
ownership of local companies.
Repatriation of investment income,
capital and the proceeds of sales by foreign investors may require governmental registration and/or approval in some developing
market countries. While an underlying fund will only invest in markets where these restrictions are considered acceptable, a country
could impose new or additional repatriation restrictions after the underlying fund’s investment. If this happened, the underlying
fund’s response might include, among other things, applying to the appropriate authorities for a waiver of the restrictions
or engaging in transactions in other markets designed to offset the risks of decline in that country. Such restrictions will be
considered in relation to the underlying fund’s liquidity needs and all other positive and negative factors. Further, some
attractive equity securities may not be available to the underlying fund due to foreign shareholders already holding the maximum
amount legally permissible.
While government involvement
in the private sector varies in degree among developing countries, such involvement may in some cases include government ownership
of companies in certain sectors, wage and price controls or imposition of trade barriers and
American Funds Target Date Retirement Series - Page
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other protectionist measures.
With respect to any developing country, there is no guarantee that some future economic or political crisis will not lead to price
controls, forced mergers of companies, expropriation, or creation of government monopolies to the possible detriment of the underlying
fund’s investments.
Less developed securities markets
—
Developing countries may have less well-developed securities markets and exchanges. These markets have lower trading
volumes than the securities markets of more developed countries. These markets may be unable to respond effectively to increases
in trading volume. Consequently, these markets may be substantially less liquid than those of more developed countries, and the
securities of issuers located in these markets may have limited marketability. These factors may make prompt liquidation of substantial
portfolio holdings of an underlying fund difficult or impossible at times.
Settlement risks —
Settlement systems in developing countries are generally less well organized than developed markets. Supervisory authorities
may also be unable to apply standards comparable to those in developed markets. Thus, there may be risks that settlement may be
delayed and that cash or securities belonging to the underlying fund may be in jeopardy because of failures of or defects in the
systems. In particular, market practice may require that payment be made before receipt of the security being purchased or that
delivery of a security be made before payment is received. In such cases, default by a broker or bank (the “counterparty”)
through whom the transaction is effected might cause the underlying fund to suffer a loss. An underlying fund will seek, where
possible, to use counterparties whose financial status is such that this risk is reduced. However, there can be no certainty that
the underlying fund will be successful in eliminating this risk, particularly as counterparties operating in developing countries
frequently lack the substance or financial resources of those in developed countries. There may also be a danger that, because
of uncertainties in the operation of settlement systems in individual markets, competing claims may arise with respect to securities
held by or to be transferred to the underlying fund.
Investor information —
An underlying fund may encounter problems assessing investment opportunities in certain developing securities markets in light
of limitations on available information and different accounting, auditing and financial reporting standards. In such circumstances,
the underlying fund’s investment adviser will seek alternative sources of information, and to the extent the investment adviser
may not be satisfied with the sufficiency of the information obtained with respect to a particular market or security, the underlying
fund will not invest in such market or security.
Taxation —
Taxation of dividends and capital gains received by non-residents varies among developing countries and, in some cases, is comparatively
high. In addition, developing countries typically have less well-defined tax laws and procedures and such laws may permit retroactive
taxation so that an underlying fund could in the future become subject to local tax liability that it had not reasonably anticipated
in conducting its investment activities or valuing its assets.
Litigation —
An underlying
fund and its shareholders may encounter substantial difficulties in obtaining and enforcing judgments against individuals residing
outside of the U.S. and companies domiciled outside of the U.S.
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Fraudulent securities —
Securities purchased by an underlying fund may subsequently be found to be fraudulent or counterfeit, resulting in a loss to the
underlying fund.
Obligations backed by the “full
faith and credit” of the U.S. government —
U.S. government obligations include the following types of securities:
U.S. Treasury securities —
U.S. Treasury securities include direct obligations of the U.S. Treasury, such as Treasury bills, notes and bonds. For these securities,
the payment of principal and interest is unconditionally guaranteed by the U.S. government, and thus they are of high credit quality.
Such securities are subject to variations in market value due to fluctuations in interest rates, but, if held to maturity, will
be paid in full.
Federal agency securities —
The securities of certain U.S. government agencies and government-sponsored entities are guaranteed as to the timely payment of
principal and interest by the full faith and credit of the U.S. government. Such agencies and entities include The Federal Financing
Bank (FFB), the Government National Mortgage Association (Ginnie Mae), the Veterans Administration (VA), the Federal Housing Administration
(FHA), the Export-Import Bank (Exim Bank), the Overseas Private Investment Corporation (OPIC), the Commodity Credit Corporation
(CCC) and the Small Business Administration (SBA).
Other federal agency obligations —
Additional federal agency securities are neither direct obligations of, nor guaranteed by, the U.S. government. These obligations
include securities issued by certain U.S. government agencies and government-sponsored entities. However, they generally involve
some form of federal sponsorship: some operate under a government charter; some are backed by specific types of collateral; some
are supported by the issuer’s right to borrow from the Treasury; and others are supported only by the credit of the issuing
government agency or entity. These agencies and entities include, but are not limited to: Federal Home Loan Bank, Federal Home
Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), Tennessee Valley Authority and Federal
Farm Credit Bank System.
On September 7, 2008, Freddie Mac and
Fannie Mae were placed into conservatorship by their new regulator, the Federal Housing Finance Agency (“FHFA”). Simultaneously,
the U.S. Treasury made a commitment of indefinite duration to maintain the positive net worth of both firms. As conservator, the
FHFA has the authority to repudiate any contract either firm has entered into prior to FHFA’s appointment as conservator
(or receiver should either firm go into default) if the FHFA, in its sole discretion determines that performance of the contract
is burdensome and repudiation would promote the orderly administration of Fannie Mae’s or Freddie Mac’s affairs. While
the FHFA has indicated that it does not intend to repudiate the guaranty obligations of either entity, doing so could adversely
affect holders of their mortgage-backed securities. For example, if a contract were repudiated, the liability for any direct compensatory
damages would accrue to the entity’s conservatorship estate and could only be satisfied to the extent the estate had available
assets. As a result, if interest payments on Fannie Mae or Freddie Mac mortgage-backed securities held by the fund were reduced
because underlying borrowers failed to make payments or such payments were not advanced by a loan servicer, the fund’s only
recourse might be against the conservatorship estate, which might not have sufficient assets to offset any shortfalls.
The FHFA, in its capacity as conservator,
has the power to transfer or sell any asset or liability of Fannie Mae or Freddie Mac. The FHFA has indicated it has no current
intention to do this;
American Funds Target Date Retirement Series - Page
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however, should it do so a holder of
a Fannie Mae or Freddie Mac mortgage-backed security would have to rely on another party for satisfaction of the guaranty obligations
and would be exposed to the credit risk of that party.
Certain rights provided to holders of
mortgage-backed securities issued by Fannie Mae or Freddie Mac under their operative documents may not be enforceable against FHFA,
or enforcement may be delayed during the course of the conservatorship or any future receivership. For example, the operative documents
may provide that upon the occurrence of an event of default by Fannie Mae or Freddie Mac, holders of a requisite percentage of
the mortgage-backed security may replace the entity as trustee. However, under the Federal Housing Finance Regulatory Reform Act
of 2008, holders may not enforce this right if the event of default arises solely because a conservator or receiver has been appointed.
Pass-through securities —
An
underlying fund may invest in various debt obligations backed by pools of mortgages or other assets including, but not limited
to, loans on single family residences, home equity loans, mortgages on commercial buildings, credit card receivables and leases
on airplanes or other equipment. Principal and interest payments made on the underlying asset pools backing these obligations are
typically passed through to investors, net of any fees paid to any insurer or any guarantor of the securities. Pass-through
securities may have either fixed or adjustable coupons. These securities include:
Mortgage-backed securities
—
These securities may be issued by U.S. government agencies and government-sponsored entities, such as Ginnie Mae, Fannie
Mae and Freddie Mac, and by private entities. The payment of interest and principal on mortgage-backed obligations issued by U.S.
government agencies may be guaranteed by the full faith and credit of the U.S. government (in the case of Ginnie Mae), or may be
guaranteed by the issuer (in the case of Fannie Mae and Freddie Mac). However, these guarantees do not apply to the market prices
and yields of these securities, which vary with changes in interest rates.
Mortgage-backed securities
issued by private entities are structured similarly to those issued by U.S. government agencies. However, these securities and
the underlying mortgages are not guaranteed by any government agencies and the underlying mortgages are not subject to the same
underwriting requirements. These securities generally are structured with one or more types of credit enhancements such as insurance
or letters of credit issued by private companies. Borrowers on the underlying mortgages are usually permitted to prepay their
underlying mortgages. Prepayments can alter the effective maturity of these instruments. In addition, delinquencies, losses or
defaults by borrowers can adversely affect the prices and volatility of these securities. Such delinquencies and losses can be
exacerbated by declining or flattening housing and property values. This, along with other outside pressures, such as bankruptcies
and financial difficulties experienced by mortgage loan originators, decreased investor demand for mortgage loans and mortgage-related
securities and increased investor demand for yield, can adversely affect the value and liquidity of mortgage-backed securities.
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Collateralized mortgage obligations
(CMOs) —
CMOs are also backed by a pool of mortgages or mortgage loans, which are divided into two or more separate bond
issues. CMOs issued by U.S. government agencies are backed by agency mortgages, while privately issued CMOs may be backed by either
government agency mortgages or private mortgages. Payments of principal and interest are passed through to each bond issue at varying
schedules resulting in bonds with different coupons, effective maturities and sensitivities to interest rates. Some CMOs may be
structured in a way that when interest rates change, the impact of changing prepayment rates on the effective maturities of certain
issues of these securities is magnified. CMOs may be less liquid or may exhibit greater price volatility than other types of mortgage
or asset-backed securities.
Commercial mortgage-backed
securities —
These securities are backed by mortgages on commercial property, such as hotels, office buildings,
retail stores, hospitals and other commercial buildings. These securities may have a lower prepayment uncertainty than other mortgage-related
securities because commercial mortgage loans generally prohibit or impose penalties on prepayments of principal. In addition,
commercial mortgage-related securities often are structured with some form of credit enhancement to protect against potential
losses on the underlying mortgage loans. Many of the risks of investing in commercial mortgage-backed securities reflect the risks
of investing in the real estate securing the underlying mortgage loans, including the effects of local and other economic conditions
on real estate markets, the ability of tenants to make rental payments and the ability of a property to attract and retain tenants.
Commercial mortgage-backed securities may be less liquid or exhibit greater price volatility than other types of mortgage or asset-backed
securities and may be more difficult to value.
Asset-backed securities
—
These securities are backed by other assets such as credit card, automobile or consumer loan receivables, retail
installment loans or participations in pools of leases. Credit support for these securities may be based on the underlying assets
and/or provided through credit enhancements by a third party. The values of these securities are sensitive to changes in the credit
quality of the underlying collateral, the credit strength of the credit enhancement, changes in interest rates and at times the
financial condition of the issuer. Obligors of the underlying assets also may make prepayments that can change effective maturities
of the asset-backed securities. These securities may be less liquid and more difficult to value than other securities.
“IOs” and “POs”
are issued in portions or tranches with varying maturities and characteristics. Some tranches may only receive the interest paid
on the underlying mortgages (IOs) and others may only receive the principal payments (POs). The values of IOs and POs are extremely
sensitive to interest rate fluctuations and prepayment rates, and IOs are also subject to the risk of early repayment of the underlying
mortgages that will substantially reduce or eliminate interest payments.
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Currency transactions —
An underlying fund may enter into currency transactions to provide for the purchase or sale of a currency needed to purchase a
security denominated in that currency (often referred to as a spot or cover transaction). An underlying fund may also enter into
forward currency contracts to protect against changes in currency exchange rates. A forward currency contract is an obligation
to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed
upon by the parties, at a price set at the time of the contract. Although forward contracts entered into by the fund will typically
involve the purchase or sale of a currency against the U.S. dollar, the fund also may cross hedge and purchase or sell one currency
against another currency (other than the U.S. dollar).
Currency exchange rates generally are
determined by forces of supply and demand in the foreign exchange markets and the relative merits of investment in different countries
as viewed from an international perspective. Currency exchange rates can also be affected unpredictably by intervention by U.S.
or foreign governments or central banks or by currency controls or political developments in the United States or abroad.
Generally, an underlying fund will not
attempt to protect against all potential changes in exchange rates and the use of forward contracts does not eliminate the risk
of fluctuations in the prices of the underlying securities. If the value of the underlying securities declines or the amount of
the fund’s commitment increases because of changes in exchange rates, the fund may need to provide additional cash or securities
to satisfy its commitment under the forward contract. An underlying fund is also subject to the risk that it may be delayed or
prevented from obtaining payments owed to it under the forward contract as a result of the insolvency or bankruptcy of the counterparty
with which it entered into the forward contract or the failure of the counterparty to comply with the terms of the contract.
While entering into forward currency
transactions could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential
gain that may result from an increase in the value of the currency. Entering into forward currency transactions may change the
underlying fund’s exposure to currency exchange rates and could result in losses to the fund if currencies do not perform
as expected by the underlying fund’s investment adviser. For example, if the underlying fund’s investment adviser increases
a fund’s exposure to a foreign currency using forward contracts and that foreign currency’s value declines, a fund
may incur a loss. The underlying fund will segregate liquid assets that will be marked to market daily to meet its forward contract
commitments to the extent required by the U.S. Securities and Exchange Commission (“SEC”).
Forward currency transactions also may
affect the character and timing of income, gain, or loss recognized by the underlying fund for U.S. tax purposes. The use of forward
currency contracts could result in the application of the mark-to-market provisions of the Internal Revenue Code and may cause
an increase (or decrease) in the amount of taxable dividends paid by an underlying fund.
An underlying fund may attempt to accomplish
objectives similar to those involved in its use of forward currency contracts by purchasing put or call options on currencies.
A put option gives the fund as purchaser the right (but not the obligation) to sell a specified amount of currency at the exercise
price until the expiration of the option. A call option gives the fund as purchaser the right (but not the obligation) to purchase
a specified amount of currency at the exercise price until its expiration. An underlying fund might purchase a currency put option,
for example, to protect itself during the contract period against a decline in the dollar value of a currency in
American Funds Target Date Retirement Series - Page
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which it holds or anticipates holding
securities. If the currency's value should decline against the dollar, the loss in currency value should be offset, in whole or
in part, by an increase in the value of the put. If the value of the currency instead should rise against the dollar, any gain
to the fund would be reduced by the premium it had paid for the put option. A currency call option might be purchased, for example,
in anticipation of, or to protect against, a rise in the value against the dollar of a currency in which the fund anticipates purchasing
securities. Currency options may be either listed on an exchange or traded over-the-counter (“OTC options”). Listed
options are third-party contracts (i.e., performance of the obligations of the purchaser and seller is guaranteed by the exchange
or clearing corporation), and have standardized strike prices and expiration dates. OTC options are two-party contracts with negotiated
strike prices and expiration dates. Such underlying fund does not intend to purchase an OTC option unless it believes that daily
valuations for such options are readily obtainable. OTC options differ from exchange-traded options in that OTC options are
transacted with dealers directly and not through a clearing corporation (which guarantees performance). Consequently, there is
a risk of non-performance by the dealer. Since no exchange is involved, OTC options are valued on the basis of a quote provided
by the dealer. In the case of OTC options, there can be no assurance that a liquid secondary market will exist for any particular
option at any specific time.
Forward commitment, when issued
and delayed delivery transactions —
An underlying fund may enter into commitments to purchase or sell securities
at a future date. When an underlying fund agrees to purchase such securities, it assumes the risk of any decline in value of the
security from the date of the agreement. If the other party to such a transaction fails to deliver or pay for the securities,
the underlying fund could miss a favorable price or yield opportunity, or could experience a loss.
An underlying fund will not use these
transactions for the purpose of leveraging and will segregate liquid assets that will be marked to market daily in an amount sufficient
to meet its payment obligations in these transactions. Although these transactions will not be entered into for leveraging purposes,
to the extent the underlying fund's aggregate commitments in connection with these transactions exceed its segregated assets, the
underlying fund temporarily could be in a leveraged position (because it may have an amount greater than its net assets subject
to market risk). Should market values of the underlying fund's portfolio securities decline while the underlying fund is in a leveraged
position, greater depreciation of its net assets would likely occur than if it were not in such a position. An underlying fund
will not borrow money to settle these transactions and, therefore, will liquidate other portfolio securities in advance of settlement
if necessary to generate additional cash to meet its obligations. After a transaction is entered into, the underlying fund may
still dispose of or renegotiate the transaction. Additionally, prior to receiving delivery of securities as part of a transaction,
the underlying fund may sell such securities.
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Repurchase agreements —
An underlying fund may enter into repurchase agreements under which the underlying fund buys a security and obtains a simultaneous
commitment from the seller to repurchase the security at a specified time and price. Because the security purchased constitutes
collateral for the repurchase obligation, a repurchase agreement may be considered a loan by the fund that is collateralized by
the security purchased. Repurchase agreements permit an underlying fund to maintain liquidity and earn income over periods of time
as short as overnight. The seller must maintain with the underlying fund’s custodian collateral equal to at least 100% of
the repurchase price, including accrued interest, as monitored daily by the investment adviser. An underlying fund will only enter
into repurchase agreements involving securities in which it could otherwise invest and with selected banks and securities dealers
whose financial condition is monitored by the investment adviser. If the seller under the repurchase agreement defaults, the underlying
fund may incur a loss if the value of the collateral securing the repurchase agreement has declined and may incur disposition costs
in connection with liquidating the collateral. If bankruptcy proceedings are commenced with respect to the seller, realization
of the collateral by the underlying fund may be delayed or limited.
An underlying fund may also enter into
reverse repurchase agreements and “roll” transactions. A reverse repurchase agreement involves the sale of a security
by a fund and its agreement to repurchase the security at a specified time and price. A “roll” transaction involves
the sale of mortgage-backed or other securities together with a commitment to purchase similar, but not identical, securities at
a later date. An underlying fund assumes the risk of price and yield fluctuations during the time of the commitment. Such fund
will segregate liquid assets that will be marked to market daily in an amount sufficient to meet its payment obligations under
“roll” transactions and reverse repurchase agreements with broker-dealers (no collateral is required for reverse repurchase
agreements with banks).
Inflation-indexed bonds —
An
underlying fund may invest in inflation-indexed bonds issued by governments, their agencies or instrumentalities and corporations.
The principal amount of an inflation-indexed
bond is adjusted in response to changes in the level of the consumer price index. Repayment of the original bond principal upon
maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, and therefore the principal
amount of such bonds cannot be reduced below par even during a period of deflation. However, the current market value of these
bonds is not guaranteed and will fluctuate, reflecting the rise and fall of yields. In certain jurisdictions outside the United
States the repayment of the original bond principal upon the maturity of an inflation-indexed bond is not guaranteed, allowing
for the amount of the bond repaid at maturity to be less than par.
The interest rate for inflation-indexed
bonds is fixed at issuance as a percentage of this adjustable principal. Accordingly, the actual interest income may both rise
and fall as the principal amount of the bonds adjusts in response to movements of the consumer price index. For example, typically
interest income would rise during a period of inflation and fall during a period of deflation.
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Maturity —
The maturity
of a debt instrument is normally its ultimate maturity date unless it is likely that a maturity shortening device (such as a call,
put, refunding or redemption provision) will cause the debt instrument to be repaid. The investment adviser seeks to anticipate
movements in interest rates and may adjust the maturity distribution of an underlying fund’s portfolio accordingly. Keeping
in mind the underlying fund’s objective, the investment adviser may increase the underlying fund’s exposure to price
volatility when it appears likely to increase current income without undue risk of capital losses. The investment adviser will
consider the impact on effective maturity of potential changes in the financial condition of issuers and in market interest rates
in making investment selections for the underlying fund. Under normal market conditions, longer term securities yield more than
shorter term securities, but are subject to greater price fluctuations.
Reinsurance related notes and bonds
—
An underlying fund may invest in reinsurance related notes and bonds. These instruments, which are typically issued
by special purpose reinsurance companies, transfer an element of insurance risk to the note or bond holders. For example, such
a note or bond could provide that the reinsurance company would not be required to repay all or a portion of the principal value
of the note or bond if losses due to a catastrophic event under the policy (such as a major hurricane) exceed certain dollar thresholds.
Consequently, an underlying fund may lose the entire amount of its investment in such bonds or notes if such an event occurs and
losses exceed certain dollar thresholds. In this instance, investors would have no recourse against the insurance company. These
instruments may be issued with fixed or variable interest rates and rated in a variety of credit quality categories by the rating
agencies.
Variable and floating rate obligations
—
The interest rates payable on certain securities in which an underlying fund may invest may not be fixed but may fluctuate
based upon changes in market rates or credit ratings. Variable and floating rate obligations bear coupon rates that are adjusted
at designated intervals, based on the then current market rates of interest or credit ratings. The rate adjustment features tend
to limit the extent to which the market value of the obligations will fluctuate.
Lower rated debt securities —
Lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, are described
by the rating agencies as speculative and involve greater risk of default or price changes due to changes in the issuer’s
creditworthiness than higher rated debt securities, or they may already be in default. Such securities are sometimes referred to
as “junk bonds” or high yield bonds. The market prices of these securities may fluctuate more than higher quality securities
and may decline significantly in periods of general economic difficulty. It may be more difficult to dispose of, and to determine
the value of, lower rated debt securities. Investment grade bonds in the ratings categories A or Baa/BBB also may be more susceptible
to changes in market or economic conditions than bonds rated in the highest rating categories.
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Certain additional risk factors relating
to debt securities are discussed below:
Sensitivity to interest rate
and economic changes —
Debt securities may be sensitive to economic changes, political and corporate developments, and
interest rate changes. In addition, during an economic downturn or substantial period of rising interest rates, issuers that are
highly leveraged may experience increased financial stress that could adversely affect their ability to meet projected business
goals, to obtain additional financing and to service their principal and interest payment obligations. Periods of economic change
and uncertainty also can be expected to result in increased volatility of market prices and yields of certain debt securities.
Payment expectations —
Debt securities may contain redemption or call provisions. If an issuer exercises these provisions in a lower interest rate market,
the fund would have to replace the security with a lower yielding security, resulting in decreased income to investors. If the
issuer of a debt security defaults on its obligations to pay interest or principal or is the subject of bankruptcy proceedings,
an underlying fund may incur losses or expenses in seeking recovery of amounts owed to it.
Liquidity and valuation —
There may be little trading in the secondary market for particular debt securities, which may affect adversely an underlying
fund’s ability to value accurately or dispose of such debt securities. Adverse publicity and investor perceptions, whether
or not based on fundamental analysis, may decrease the value and/or liquidity of debt securities.
The investment adviser attempts to reduce
the risks described above through diversification of an underlying fund’s portfolio and by credit analysis of each issuer,
as well as by monitoring broad economic trends and corporate and legislative developments, but there can be no assurance that it
will be successful in doing so.
Depositary receipts —
ADRs,
in registered form, are designed for use in the U.S. securities markets and are generally dollar denominated. EDRs, in bearer form,
are designed for use in the European securities markets and may be dollar denominated. GDRs, in bearer form, primarily are designed
for use in the European and the U.S. securities markets, and may be dollar denominated. Depositary receipts represent and may be
converted into the underlying foreign security.
Options on U.S. Treasury Securities
–
An underlying fund may purchase put and call options on U.S. Treasury securities (“Treasury securities”).
A put (call) option gives the fund as purchaser of the option the right (but not the obligation) to sell (buy) a specified amount
of Treasury securities at the exercise price until the expiration of the option. The value of a put (call) option on Treasury securities
generally increases (decreases) with an increase (decrease) in prevailing interest rates. Accordingly, the underlying fund would
purchase puts (calls) in anticipation of, or to protect against, an increase in interest rates. These options are listed on an
exchange or traded over-the-counter (“OTC options”). Exchange-traded options have standardized exercise prices and
expiration dates; OTC options are two-party contracts with negotiated exercise prices and expiration dates. OTC options differ
from exchange-traded options in that OTC options are transacted with dealers directly and not through a clearing corporation (which
guarantees performance). Consequently, there is a risk of non-performance by the dealer. Since no exchange is involved, OTC options
are valued on the basis of a quote provided by the dealer. In the case of OTC options, there can be no assurance that a liquid
secondary market will exist for any particular option at any specific time.
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Loan assignments and participations
—
An underlying fund may invest in loans or other forms of indebtedness that represent interests in amounts owed by corporations
or other borrowers (collectively “borrowers”). The investment adviser defines debt securities to include investments
in loans, such as loan assignments and participations. Loans may be originated by the borrower in order to address its working
capital needs, as a result of a reorganization of the borrower’s assets and liabilities (recapitalizations), to merge with
or acquire another company (mergers and acquisitions), to take control of another company (leveraged buy-outs), to provide temporary
financing (bridge loans), or for other corporate purposes. Most corporate loans are variable or floating rate obligations.
Some loans may be secured in whole or
in part by assets or other collateral. In other cases, loans may be unsecured or may become undersecured by declines in the value
of assets or other collateral securing such loan. The greater the value of the assets securing the loan the more the lender is
protected against loss in the case of nonpayment of principal or interest. Loans made to highly leveraged borrowers may be especially
vulnerable to adverse changes in economic or market conditions and may involve a greater risk of default.
Some loans may represent revolving credit
facilities or delayed funding loans, in which a lender agrees to make loans up to a maximum amount upon demand by the borrower
during a specified term. These commitments may have the effect of requiring the underlying fund to increase its investment in a
company at a time when it might not otherwise decide to do so (including at a time when the company’s financial condition
makes it unlikely that such amounts will be repaid). To the extent that the underlying fund is committed to advance additional
funds, the fund will segregate assets determined to be liquid in an amount sufficient to meet such commitments.
Some loans may represent debtor-in-possession
financings (commonly known as “DIP financings”). DIP financings are arranged when an entity seeks the protections of
the bankruptcy court under Chapter 11 of the U.S. Bankruptcy Code. These financings allow the entity to continue its business operations
while reorganizing under Chapter 11. Such financings constitute senior liens on unencumbered collateral (i.e., collateral not subject
to other creditors’ claims). There is a risk that the entity will not emerge from Chapter 11 and be forced to liquidate its
assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the underlying fund’s only recourse will
be against the collateral securing the DIP financing.
The investment adviser generally makes
investment decisions based on publicly available information, but may rely on non-public information if necessary. Borrowers may
offer to provide lenders with material, non-public information regarding a specific loan or the borrower in general. The investment
adviser generally chooses not to receive this information. As a result, the investment adviser may be at a disadvantage compared
to other investors that may receive such information. The investment adviser’s decision not to receive material, non-public
information may impact the investment adviser’s ability to assess a borrower’s requests for amendments or waivers of
provisions in the loan agreement. However, the investment adviser may on a case-by-case basis decide to receive such information
when it deems prudent. In these situations the investment adviser may be restricted from trading the loan or buying or selling
other debt and equity securities of the borrower while it is in possession of such material, non-public information, even if such
loan or other security is declining in value.
An underlying fund normally acquires
loan obligations through an assignment from another lender, but also may acquire loan obligations by purchasing participation
interests from lenders or other holders of the interests. When the underlying fund purchases assignments it acquires
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direct contractual rights against
the borrower on the loan. An underlying fund acquires the right to receive principal and interest payments directly from the borrower
and to enforce its rights as a lender directly against the borrower. However, because assignments are arranged through private
negotiations between potential assignees and potential assignors, the rights and obligations acquired by a underlying fund as
the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. Loan assignments
are often administered by a financial institution that acts as agent for the holders of the loan, and the underlying fund may
be required to receive approval from the agent and/or borrower prior to the purchase of a loan. Risks may also arise due to the
inability of the agent to meet its obligations under the loan agreement.
Loan participations are loans or other
direct debt instruments that are interests in amounts owed by the borrower to another party. They may represent amounts owed to
lenders or lending syndicates, to suppliers of goods or services, or to other parties. An underlying fund will have the right to
receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and
only upon receipt by the lender of the payments from the borrower. In connection with purchasing participations, the underlying
fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan,
nor any rights of set-off against the borrower. In addition, the underlying fund may not directly benefit from any collateral supporting
the loan in which it has purchased the participation and the underlying fund will have to rely on the agent bank or other financial
intermediary to apply appropriate credit remedies. As a result, the underlying fund will be subject to the credit risk of both
the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation,
a fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.
Loan assignments and participations are
generally subject to legal or contractual restrictions on resale and are not currently listed on any securities exchange or automatic
quotation system. Risks may arise due to delayed settlements of loan assignments and participations. The investment adviser expects
that most loan assignments and participations purchased for an underlying fund will trade on a secondary market. However, although
secondary markets for investments in loans are growing among institutional investors, there may be a limited number of investors
interested in a specific loan. It is possible that loan participations, in particular, could be sold only to a limited number of
institutional investors. If there is no active secondary market for a particular loan, it may be difficult for the investment adviser
to sell the fund’s interest in such loan at a price that is acceptable to it and to obtain pricing information on such loan.
Investments in loan participations and
assignments present the possibility that an underlying fund could be held liable as a co-lender under emerging legal theories of
lender liability. In addition, if the loan is foreclosed, an underlying fund could be part owner of any collateral and could bear
the costs and liabilities of owning and disposing of the collateral. In addition, some loan participations and assignments may
not be rated by major rating agencies and may not be protected by the securities laws.
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Real estate investment trusts —
An underlying fund may invest in securities issued by real estate investment trusts (REITs), which primarily invest in real
estate or real estate-related loans. Equity REITs own real estate properties, while mortgage REITs hold construction, development
and/or long-term mortgage loans. The values of REITs may be affected by changes in the value of the underlying property of the
trusts, the creditworthiness of the issuer, property taxes, interest rates, tax laws and regulatory requirements, such as those
relating to the environment. Both types of REITs are dependent upon management skill and the cash flows generated by their holdings,
the real estate market in general and the possibility of failing to qualify for any applicable pass-through tax treatment or failing
to maintain any applicable exemptive status afforded under relevant laws.
Cash and cash equivalents —
An underlying fund may hold cash or invest in cash equivalents. Cash equivalents include (
a
) commercial paper (for
example, short-term notes with maturities typically up to 12 months in length issued by corporations, governmental bodies or bank/corporation
sponsored conduits (asset-backed commercial paper)); (
b
) short-term bank obligations (for example, certificates of deposit,
bankers’ acceptances (time drafts on a commercial bank where the bank accepts an irrevocable obligation to pay at maturity))
or bank notes; (
c
) savings association and savings bank obligations (for example, bank notes and certificates of deposit
issued by savings banks or savings associations); (
d
) securities of the U.S. government, its agencies or instrumentalities
that mature, or may be redeemed, in one year or less; and (
e
) corporate bonds and notes that mature or that may be
redeemed, in one year or less. Cash and cash equivalents may be denominated in U.S. dollars, non-U.S. currencies or multinational
currency units.
4(2) commercial paper —
An underlying fund may purchase commercial paper issued pursuant to Section 4(2) of the 1933 Act. 4(2) commercial paper has
substantially the same price and liquidity characteristics as commercial paper generally, except that the resale of 4(2) commercial
paper is limited to the institutional investor marketplace. Such a restriction on resale makes 4(2) commercial paper technically
a restricted security under the 1933 Act. In practice, however, 4(2) commercial paper can be resold as easily as any other unrestricted
security held by the fund. Accordingly, 4(2) commercial paper has been determined to be liquid under procedures adopted by the
fund’s board of trustees.
Restricted or illiquid securities
—
An underlying fund may purchase securities subject to restrictions on resale. Restricted securities may only
be sold pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “1933 Act”),
or in a registered public offering. Where registration is required, the holder of a registered security may be obligated to pay
all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration
and the time it may be permitted to sell a security under an effective registration statement. Difficulty in selling such securities
may result in a loss to the underlying fund or cause it to incur additional administrative costs.
Securities (including restricted securities)
not actively traded will be considered illiquid unless they have been specifically determined to be liquid under procedures adopted
by the underlying fund’s board of trustees, taking into account factors such as the frequency and volume of trading, the
commitment of dealers to make markets and the availability of qualified investors, all of which can change from time to time. An
underlying fund may incur certain additional costs in disposing of illiquid securities.
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Investments in registered open-end
investment companies and unit investment trusts —
An underlying fund may not acquire securities of open-end investment
companies or investment unit trusts registered under the Investment Company Act of 1940 in reliance on Section 12(d)(1)(F)
or 12(d)(1)(G) of the Investment Company Act.
* * * * * *
Portfolio turnover —
Portfolio changes will be made without regard to the length of time particular investments may have been held. Short-term trading
profits are not the fund’s objective, and changes in its investments are generally accomplished gradually, though short-term
transactions may occasionally be made.
A fund’s portfolio turnover
rate would equal 100% if each security in the fund’s portfolio were replaced once per year. See “Financial Highlights”
in the prospectus for the fund’s annual portfolio turnover rate for each of the last five fiscal years where available.
|
Fiscal
year
|
Portfolio
turnover rate
|
American
Funds 2055 Target Date Retirement Series
|
2012
|
10%
|
2011
|
23
|
American
Funds 2050 Target Date Retirement Series
|
2012
|
3
|
2011
|
2
|
American
Funds 2045 Target Date Retirement Series
|
2012
|
3
|
2011
|
1
|
American
Funds 2040 Target Date Retirement Series
|
2012
|
2
|
2011
|
1
|
American
Funds 2035 Target Date Retirement Series
|
2012
|
3
|
2011
|
1
|
American
Funds 2030 Target Date Retirement Series
|
2012
|
4
|
2011
|
2
|
American
Funds 2025 Target Date Retirement Series
|
2012
|
3
|
2011
|
3
|
American
Funds 2020 Target Date Retirement Series
|
2012
|
4
|
2011
|
7
|
American
Funds 2015 Target Date Retirement Series
|
2012
|
8
|
2011
|
7
|
American
Funds 2010 Target Date Retirement Series
|
2012
|
10
|
2011
|
19
|
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|
Fund policies
All percentage limitations in the following
fund policies are considered at the time securities are purchased and are based on each fund’s net assets unless otherwise
indicated. None of the following policies involving a maximum percentage of assets will be considered violated unless the excess
occurs immediately after, and is caused by, an acquisition by the fund. In managing a fund, the fund’s investment adviser
may apply more restrictive policies than those listed below.
Fundamental policies —
Each
fund has adopted the following policies, which may not be changed without approval by holders of a majority of its outstanding
shares. Such majority is currently defined in the Investment Company Act of 1940, as amended (the “1940 Act”), as the
vote of the lesser of (
a
) 67% or more of the voting securities present at a shareholder meeting, if the holders of
more than 50% of the outstanding voting securities are present in person or by proxy, or (
b
) more than 50% of the outstanding
voting securities.
1. Except as permitted by (
i
)
the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registered investment
companies, or interpretations or modifications thereof by the U.S. Securities and Exchange Commission (“SEC”), SEC
staff or other authority of competent jurisdiction, or (
ii
) exemptive or other relief or permission from the SEC, SEC staff
or other authority of competent jurisdiction, a fund may not:
a. Borrow money;
b. Issue senior
securities;
c. Underwrite the
securities of other issuers;
d. Purchase or
sell real estate or commodities;
e. Make loans;
or
|
f.
|
Purchase the securities of any issuer if, as a result of such purchase, such fund’s investments
would be concentrated in any particular industry.
|
2. A fund may not invest in companies
for the purpose of exercising control or management.
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Additional information about each
fund’s policies —
The information below is not part of the funds’ fundamental or nonfundamental policies.
This information is intended to provide a summary of what is currently required or permitted by the 1940 Act and the rules and
regulations thereunder, or by the interpretive guidance thereof by the SEC or SEC staff, for particular fundamental policies of
the funds. Information is also provided regarding the fund’s current intention with respect to certain investment practices
permitted by the 1940 Act.
For purposes of fundamental policy 1a,
each fund may borrow money in amounts of up to 33⅓% of its total assets from banks for any purpose. Additionally, each fund
may borrow up to 5% of its total assets from banks or other lenders for temporary purposes (a loan is presumed to be for temporary
purposes if it is repaid within 60 days and is not extended or renewed).
For purposes of fundamental policy 1b,
a senior security does not include any promissory note or evidence of indebtedness if such loan is for temporary purposes only
and in an amount not exceeding 5% of the value of the total assets of a fund at the time the loan is made (a loan is presumed
to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). Further, to the extent a fund covers
its commitments under certain types of agreements and transactions, including reverse repurchase agreements, mortgage-dollar-roll
transactions, sale-buybacks, when-issued, delayed-delivery, or forward commitment transactions, and other similar trading practices,
by segregating or earmarking liquid assets equal in value to the amount of such fund’s commitment, such agreement or transaction
will not be considered a senior security by such fund.
For purposes of fundamental policy 1c,
the policy will not apply to a fund to the extent such fund may be deemed an underwriter within the meaning of the 1933 Act in
connection with the purchase and sale of fund portfolio securities in the ordinary course of pursuing its investment objectives
and strategies.
For purposes of fundamental policy 1e,
each fund may not lend more than 33⅓% of its total assets, provided that this limitation shall not apply to the funds’
purchase of debt obligations.
For purposes of fundamental policy 1f,
each fund may not invest 25% or more of its total assets in the securities of issuers in a particular industry. This policy does
not apply to investments in securities of the U.S. Government, its agencies or Government Sponsored Enterprises or repurchase agreements
with respect thereto.
Each fund currently does not intend to
engage in securities lending, purchase securities on margin, sell securities short or invest in puts, calls, straddles or spreads
or combinations thereof.
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Management of the series
Board of trustees and officers
“Independent” trustees
1
The series’ nominating and governance
committee and board select independent trustees with a view toward constituting a board that, as a body, possesses the qualifications,
skills, attributes and experience to appropriately oversee the actions of the series’ service providers, decide upon matters
of general policy and represent the long-term interests of fund shareholders. In doing so, they consider the qualifications, skills,
attributes and experience of the current board members, with a view toward maintaining a board that is diverse in viewpoint, experience,
education and skills.
The series seeks independent trustees
who have high ethical standards and the highest levels of integrity and commitment, who have inquiring and independent minds, mature
judgment, good communication skills, and other complementary personal qualifications and skills that enable them to function effectively
in the context of the series’ board and committee structure and who have the ability and willingness to dedicate sufficient
time to effectively fulfill their duties and responsibilities.
Each independent trustee has a significant
record of accomplishments in governance, business, not-for-profit organizations, government service, academia, law, accounting
or other professions. Although no single list could identify all experience upon which the series’ independent trustees draw
in connection with their service, the following table summarizes key experience for each independent trustee. These references
to the qualifications, attributes and skills of the trustees are pursuant to the disclosure requirements of the SEC, and shall
not be deemed to impose any greater responsibility or liability on any trustee or the board as a whole. Notwithstanding the accomplishments
listed below, none of the independent trustees is considered an “expert” within the meaning of the federal securities
laws with respect to information in the series’ registration statement.
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|
Name,
age and
position with series
(year first elected
as a trustee
2
)
|
Principal
occupation(s)
during the past five years
|
Number
of
portfolios
3
overseen
by
trustee
|
Other
directorships
4
held
by trustee during the past five years
|
Other
relevant experience
|
William
H. Baribault, 67
Trustee (2009)
|
Chairman
of the Board and CEO, Oakwood Enterprises (private investment and consulting)
|
61
|
Former
director of Henry Co. (until 2009); Professional Business Bank (until 2009)
|
·
Service as chief executive officer for multiple companies
·
Corporate board experience
·
Service on advisory and trustee boards for charitable, educational and nonprofit organizations
|
James
G. Ellis, 65
Trustee (2010)
|
Dean
and Professor of Marketing, Marshall School of Business, University of Southern California
|
65
|
Quiksilver, Inc.
Former director of
Professional
Business Bank
(until 2007); Genius
Products (until
2008)
|
·
Service as chief executive officer for multiple companies
·
Corporate board experience
·
Service on advisory and trustee boards for charitable, municipal and nonprofit organizations
·
M.B.A.
|
Leonard
R. Fuller, 66
Trustee (2007)
|
President
and CEO, Fuller Consulting (financial management consulting firm)
|
65
|
None
|
·
Former partner, public accounting firm
·
Financial management consulting
·
Service on advisory and trustee boards for municipal, educational and nonprofit organizations
·
M.B.A.
|
American Funds Target Date Retirement Series - Page
22
|
Name,
age and
position with series
(year first elected
as a trustee
2
)
|
Principal
occupation(s)
during the past five years
|
Number
of
portfolios
3
overseen
by
trustee
|
Other
directorships
4
held
by trustee during the past five years
|
Other
relevant experience
|
W.
Scott Hedrick, 67
Trustee (2007)
|
Founding
General Partner, InterWest Partners (a venture capital firm)
|
61
|
Hot
Topic, Inc.;
Office Depot, Inc.
|
·
Corporate
board
experience
·
Service on advisory and trustee boards for charitable and nonprofit organizations
·
M.B.A.
|
R.
Clark Hooper, 66
Chairman of the Board (Independent and Non-Executive) (2010)
|
Private
investor
|
67
|
JPMorgan
Value Opportunities Fund, Inc.; The Swiss Helvetia Fund, Inc.
|
·
Senior regulatory and management experience, National Association of Securities Dealers (now FINRA)
·
Service on trustee boards for charitable, educational and nonprofit organizations
|
Merit
E. Janow, 54
Trustee (2007)
|
Professor,
Columbia University, School of International and Public Affairs; former Member, World Trade Organization Appellate Body
|
64
|
The
NASDAQ Stock Market LLC; Trimble Navigation Limited
|
·
Service with Office of the U.S. Trade Representative and U.S. Department of Justice
·
Corporate board experience
·
Service on advisory and trustee boards for charitable, educational and nonprofit organizations
·
Experience as corporate lawyer
·
J.D.
|
American Funds Target Date Retirement Series - Page
23
|
Name,
age and
position with series
(year first elected
as a trustee
2
)
|
Principal
occupation(s)
during the past five years
|
Number
of
portfolios
3
overseen
by
trustee
|
Other
directorships
4
held
by trustee during the past five years
|
Other
relevant experience
|
Laurel
B. Mitchell, Ph.D., 57
Trustee (2010)
|
Clinical
Professor and Director, Accounting Program, University of Redlands
|
61
|
None
|
·
Assistant
professor,
accounting
·
Service in the Office of Chief Accountant and Enforcement Division of the U.S. Securities and Exchange Commission
·
Experience in corporate management and public accounting
·
Service on advisory and trustee boards for charitable, educational and nonprofit organizations
·
Ph.D., accounting
·
Formerly licensed as C.P.A.
|
Frank
M. Sanchez, 69
Trustee (2010)
|
Principal,
The Sanchez Family Corporation dba McDonald’s Restaurants (McDonald’s licensee)
|
61
|
None
|
·
Senior academic leadership position
·
Corporate board experience
·
Service on advisory and trustee boards for charitable and nonprofit organizations
·
Ph.D., education administration and finance
|
American Funds Target Date Retirement Series - Page
24
|
Name,
age and
position with series
(year first elected
as a trustee
2
)
|
Principal
occupation(s)
during the past five years
|
Number
of
portfolios
3
overseen
by
trustee
|
Other
directorships
4
held
by trustee during the past five years
|
Other
relevant experience
|
Margaret
Spellings, 55
Trustee (2010)
|
President
and CEO, Margaret Spellings & Company (public policy and strategic consulting); President, U.S. Forum for Policy Innovation
and Senior Advisor to the President and CEO, U.S. Chamber of Commerce; former U.S. Secretary of Education, U.S. Department
of Education
|
64
|
None
|
·
Former
Assistant
to
the
President
for
Domestic
Policy,
The
White
House
·
Former senior advisor to the Governor of Texas
·
Service on advisory and trustee boards for charitable and nonprofit organizations
|
Steadman
Upham, Ph.D., 63
Trustee (2010)
|
President
and University Professor, The University of Tulsa
|
64
|
None
|
·
Senior academic leadership positions for multiple universities
·
Service on advisory and trustee boards for educational and nonprofit organizations
·
Ph.D., anthropology
|
American Funds Target Date Retirement Series - Page
25
|
“Interested” trustees
5,6
Interested trustees have similar qualifications,
skills and attributes as the independent trustees. Interested trustees are senior executive officers of Capital Research and Management
Company or its affiliates. This management role with the series’ service providers also permits them to make a significant
contribution to the series’ board.
Name,
age and
position with series
(year first elected
as a trustee/officer
2
)
|
Principal
occupation(s)
during the
past five years
and positions
held with affiliated
entities or the
Principal
Underwriter
of the series
|
Number
of
portfolios
3
overseen
by trustee
|
Other
directorships
4
held by trustee
during the
past five years
|
John
H. Smet, 56
Vice Chairman of the Board (2007)
|
Senior
Vice President – Fixed Income, Capital Research and Management Company; Director, The Capital Group Companies, Inc.*
|
20
|
None
|
Michael
J. Downer, 57
President and Trustee (2006)
|
Director,
Senior Vice President and Secretary, Capital Research and Management Company; Director, American Funds Distributors, Inc.*;
Chairman of the Board, Capital Bank and Trust Company*
|
10
|
None
|
American Funds Target Date Retirement Series - Page
26
|
Other officers
6
Name,
age and
position with series
(year first elected
as an officer
2
)
|
Principal
occupation(s) during the past five years
and positions held with affiliated entities
or the Principal Underwriter
of the series
|
Catherine
L. Heron, 65
Executive Vice President (2007)
|
Senior Vice President and Senior
Counsel – Fund Business Management Group, Capital Research and Management Company; Senior Vice President and General
Counsel, Capital Bank and Trust Company;*
|
Alan
N. Berro, 52
Senior Vice President (2007)
|
Senior
Vice President – Capital World Investors, Capital Research and Management Company
|
James
B. Lovelace, 56
Senior Vice President (2007)
|
Senior
Vice President – Capital Research Global Investors, Capital Research and Management Company
|
Wesley
K.-S. Phoa, 46
Senior Vice President (2012)
|
Senior
Vice President – Fixed Income, Capital Research Company*; Senior Vice President, Capital International Research, Inc.*;
Vice President, Capital Strategy Research, Inc.*
|
Andrew
B. Suzman, 45
Senior Vice President (2012)
|
Senior
Vice President – Capital World Investors, Capital Research Company*; Director, American Funds Distributors, Inc.*; Director,
Capital Strategy Research, Inc.*
|
Bradley
J. Vogt, 47
Senior Vice President (2012)
|
Director,
Capital Research and Management Company; Chairman, Capital Research Company*; Senior Vice President – Capital Research
Global Investors, Capital Research Company*; Director, American Funds Distributors, Inc.*
|
Maria
T. Manotok, 38
Vice President (2010)
|
Vice
President and Associate Counsel – Fund Business Management Group, Capital Research and Management Company; Vice President
and Associate Counsel, Capital Group Companies Global*
|
Steven
I. Koszalka, 48
Secretary (2006)
|
Vice
President – Fund Business Management Group, Capital Research and Management Company
|
Gregory
F. Niland, 41
Treasurer (2007)
|
Vice
President - Fund Business Management Group, Capital Research and Management Company
|
Courtney
R. Taylor, 37
Assistant Secretary (2010)
|
Assistant
Vice President – Fund Business Management Group, Capital Research and Management Company
|
American Funds Target Date Retirement Series - Page
27
|
Name,
age and
position with series
(year first elected
as an officer
2
)
|
Principal
occupation(s) during the past five years
and positions held with affiliated entities
or the Principal Underwriter
of the series
|
Karl
C. Grauman, 44
Assistant Treasurer (2011)
|
Vice
President – Fund Business Management Group, Capital Research and Management Company
|
Dori
Laskin, 61
Assistant Treasurer (2010)
|
Vice
President – Fund Business Management Group, Capital Research and Management Company
|
|
*
|
Company affiliated with Capital Research and Management Company.
|
|
1
|
The term “independent” trustee refers to a trustee who is not an “interested person” of the series
within the meaning of the 1940 Act.
|
|
2
|
Includes
service
as
a
director
or
officer
of
the
series’
predecessor,
American
Funds
Target
Date
Retirement
Series,
Inc.,
a
Maryland
corporation.
Trustees
and
officers
of
the
series
serve
until
their
resignation,
removal
or
retirement.
|
|
3
|
Funds
managed
by
Capital
Research
and
Management
Company,
including
the
American
Funds;
American
Funds
Insurance
Series,
®
which
serves
as
the
underlying
investment
vehicle
for
certain
variable
insurance
contracts;
American
Funds
Target
Date
Retirement
Series,
®
which
is
available
through
tax-favored
retirement
plans
and
IRAs;
American
Funds
Portfolio
Series;
SM
and
American
Funds
College
Target
Date
Series
SM
.
|
|
4
|
This
includes
all
directorships/trusteeships
(other
than
those
in
the
American
Funds
or
other
funds
managed
by
Capital
Research
and
Management
Company)
that
are
held
by
each
trustee
as
a
director/trustee
of
a
public
company
or
a
registered
investment
company.
Unless
otherwise
noted,
all
directorships/trusteeships
are
current.
|
|
5
|
“Interested persons” of the series within the meaning of the 1940 Act, on the basis of their affiliation with the
series’ investment adviser, Capital Research and Management Company, or affiliated entities (including the series’
principal underwriter).
|
|
6
|
All of the officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research
and Management Company serves as investment adviser.
|
The address for all trustees and
officers of the series is 333 South Hope Street, 55th Floor, Los Angeles, California 90071, Attention: Secretary.
American Funds Target Date Retirement Series - Page
28
|
Fund shares owned by trustees
as of December 31, 2011:
Name
|
Dollar
range
1
of fund
shares owned
2
in series
|
Aggregate
dollar range
1
of shares
owned in
all funds
in the
American Funds
family overseen
by trustee
|
Dollar
range
1,3
of
independent
trustees
deferred compensation
4
allocated
to fund
|
Aggregate
dollar
range
1,3
of
independent
trustees
deferred
compensation
4
allocated to
all funds
within
American Funds
family overseen
by trustee
|
“Independent” trustees
|
William H. Baribault
|
$50,001
– $100,000
5
|
Over
$100,000
5
|
$1 – $10,000
|
$1 – $10,000
|
James
G. Ellis
|
None
|
Over
$100,000
|
N/A
|
N/A
|
Leonard
R. Fuller
|
$1 –
$10,000
|
Over
$100,000
|
N/A
|
Over
$100,000
|
W.
Scott Hedrick
|
Over
$100,000
|
Over
$100,000
|
N/A
|
N/A
|
R.
Clark Hooper
|
$1
– $10,000
|
Over
$100,000
|
N/A
|
Over
$100,000
|
Merit
E. Janow
|
$1
– $10,000
|
Over
$100,000
|
N/A
|
N/A
|
Laurel
B. Mitchell
|
None
|
$50,001
– $100,000
|
N/A
|
N/A
|
Frank
M. Sanchez
|
None
|
$10,001
– $50,000
|
N/A
|
N/A
|
Margaret
Spellings
|
None
|
$50,001
– $100,000
6
|
N/A
|
$10,001
– $50,000
6
|
Steadman
Upham
|
$1
– $10,000
5
|
Over
$100,000
5
|
N/A
|
Over
$100,000
|
American Funds Target Date Retirement Series - Page
29
|
Name
|
Dollar
range
1
of fund
shares owned
2
in series
|
Aggregate
dollar range
1
of shares
owned in
all funds
in the
American Funds
family overseen
by trustee
|
“Interested” trustees
|
Michael
J. Downer
|
$50,001
– $100,000
|
$50,001
– $100,000
|
John
H. Smet
|
Over
$100,000
|
Over
$100,000
|
|
1
|
Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 –
$100,000; and Over $100,000. The amounts listed for “interested” trustees include shares owned through The Capital
Group Companies, Inc. retirement plan and 401(k) plan.
|
|
2
|
Shares
of
the
funds
in
the
series
are
only
available
through
tax-favored
retirement
plans
and
IRAs.
The
role
these
funds
would
play
in
a
trustee’s
investment
portfolio
will
vary
and
depend
on
a
number
of
factors
including
tax,
retirement
plan
coverage
and
plan
terms,
and
other
retirement
planning
considerations.
A
trustee
may
have
exposure
to
the
funds
in
the
series
through
an
allocation
of
some
or
all
of
their
nonqualified
deferred
compensation
account.
|
|
3
|
N/A indicates that the listed individual, as of December
31, 2011, was not a trustee of a particular fund, did not
allocate deferred compensation to the fund or did not participate
in the deferred compensation plan.
|
|
4
|
Eligible trustees may defer their compensation under a nonqualified deferred compensation plan. Deferred amounts accumulate
at an earnings rate determined by the total return of one or more American Funds as designated by the trustee.
|
|
5
|
Information
is
as
of
July
31,
2012.
|
|
6
|
Information
is
as
of
August
20,
2012.
|
Trustee compensation —
No compensation is paid by the series to any officer or trustee who is a director, officer or employee of the investment adviser
or its affiliates. Except for the independent trustees listed in the “Board of trustees and officers — ‘Independent’
trustees” table under the “Management of the series” section, all other officers and trustees of the series
are directors, officers or employees of the investment adviser or its affiliates. The boards of the series and other funds advised
by the investment adviser typically meet either individually or jointly with the boards of one or more other such funds with substantially
overlapping board membership (in each case referred to as a “board cluster”). The series typically pays each independent
trustee an annual fee, which ranges from $1,000 to $8,000, based primarily on the total number of board clusters on which that
independent trustee serves.
In addition, the series generally pays
independent trustees attendance and other fees for meetings of the board and its committees. Board and committee chairs receive
additional fees for their services.
Independent trustees also receive attendance
fees for certain special joint meetings and information sessions with directors and trustees of other groupings of funds advised
by the investment adviser. The series and the other funds served by each independent trustee each pay an equal portion of these
attendance fees.
No pension or retirement benefits are
accrued as part of series expenses. Independent trustees may elect, on a voluntary basis, to defer all or a portion of their fees
through a deferred compensation plan in effect for the series. The series also reimburses certain expenses of the independent trustees.
American Funds Target Date Retirement Series - Page
30
|
Trustee compensation earned during
the fiscal year ended October 31, 2012:
Name
|
Aggregate
compensation
(including voluntarily
deferred compensation
1
)
from the series
|
Total
compensation (including
voluntarily deferred
compensation
1
)
from all funds managed by
Capital Research and
Management
Company or its affiliates
2
|
William
H. Baribault
|
|
|
$11,108
|
|
|
|
$262,436
|
|
|
James
G. Ellis
|
|
|
7,410
|
|
|
|
311,407
|
|
|
Leonard
R. Fuller
3
|
|
|
9,358
|
|
|
|
365,372
|
|
|
W.
Scott Hedrick
|
|
|
9,244
|
|
|
|
225,595
|
|
|
R.
Clark Hooper
|
|
|
10,391
|
|
|
|
497,132
|
|
|
Merit
E. Janow
|
|
|
7,605
|
|
|
|
319,957
|
|
|
Laurel
B. Mitchell
3
|
|
|
10,526
|
|
|
|
255,595
|
|
|
Frank
M. Sanchez
|
|
|
9,137
|
|
|
|
227,936
|
|
|
Margaret
Spellings
3
|
|
|
7,415
|
|
|
|
228,973
|
|
|
Steadman
Upham
3
|
|
|
7,581
|
|
|
|
286,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Amounts may be deferred by eligible trustees under a
nonqualified deferred compensation plan adopted by the series
in 2007. Deferred amounts accumulate at an earnings rate determined
by the total return of one or more American Funds as designated
by the trustees. Compensation shown in this table for the fiscal
year ended October 31, 2012 does not include earnings on amounts
deferred in previous fiscal years. See footnote 3 to this table
for more information.
|
|
2
|
Funds
managed
by
Capital
Research
and
Management
Company,
including
the
American
Funds;
American
Funds
Insurance
Series,
®
which
serves
as
the
underlying
investment
vehicle
for
certain
variable
insurance
contracts;
American
Funds
Target
Date
Retirement
Series,
®
which
is
available
through
tax-favored
retirement
plans
and
IRAs;
American
Funds
Portfolio
Series;
SM
and
American
Funds
College
Target
Date
Series
SM
.
|
|
3
|
Since the deferred compensation plan’s adoption,
the total amount of deferred compensation accrued by the series
(plus earnings thereon) through the 2012 fiscal year for participating
trustees is as follows: Leonard R. Fuller ($5,908), Laurel
B. Mitchell ($555), Margaret Spellings ($973) and Steadman
Upham ($12,865). Amounts deferred and accumulated earnings
thereon are not funded and are general unsecured liabilities
of the series until paid to the trustees.
|
As of December 1, 2012, the officers
and trustees of the series and their families, as a group, owned beneficially or of record less than 1% of the outstanding shares
of the series.
Series organization and the board
of trustees —
The series, an open-end, diversified management investment company, was organized as a Maryland corporation
on November 6, 2006 and was reorganized as a Delaware statutory trust on January 1, 2011. All series operations are supervised
by the series’ board of trustees which meets periodically and performs duties required by applicable state and federal laws.
Delaware law charges trustees with the
duty of managing the business affairs of the trust. Trustees are considered to be fiduciaries of the trust and owe duties of care
and loyalty to the trust and its shareholders.
Independent board members are paid certain
fees for services rendered to the series as described above. They may elect to defer all or a portion of these fees through a deferred
compensation plan in effect for the series.
Each fund has several different classes
of shares. Shares of each class represent an interest in the same investment portfolio. Each class has pro rata rights as to voting,
redemption, dividends
American Funds Target Date Retirement Series - Page
31
|
and liquidation, except that each class
bears different distribution expenses and may bear different transfer agent fees and other expenses properly attributable to the
particular class as approved by the board of trustees and set forth in the series’ rule 18f-3 Plan. Each class’ shareholders
have exclusive voting rights with respect to the respective class’ rule 12b-1 plans adopted in connection with the distribution
of shares and on other matters in which the interests of one class are different from interests in another class. Shares of all
funds and classes of the series vote together on matters that affect all funds and share classes in substantially the same manner.
Each fund or share class votes separately on matters that affect that fund or class alone. In addition, the trustees have the authority
to establish new funds and classes of shares, and to split or combine outstanding shares into a greater or lesser number, without
shareholder approval.
The series does not hold annual meetings
of shareholders. However, significant matters that require shareholder approval, such as certain elections of board members or
a change in a fundamental investment policy, will be presented to shareholders at a meeting called for such purpose. Shareholders
have one vote per share owned.
The series’ declaration of trust
and by-laws, as well as separate indemnification agreements with independent trustees, provide in effect that, subject to certain
conditions, the series will indemnify its officers and trustees against liabilities or expenses actually and reasonably incurred
by them relating to their service to the series. However, trustees are not protected from liability by reason of their willful
misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office.
Certain trustees and officers of the
series may also serve in similar positions with some of the underlying funds. Thus, if the interests of one of the funds in the
series and the underlying funds were ever to diverge, it is possible that an issue could arise and affect how the trustees and
officers fulfill their fiduciary duties to that fund. The series has been structured to minimize these concerns. However, conceivably,
a situation could occur where proper action for one of the funds in the series could be adverse to the interests of an underlying
fund, or the reverse. If such a possibility arises, the trustees and officers of the affected funds and Capital Research and Management
Company will carefully analyze the situation and take all steps they believe reasonable to minimize and, where possible, eliminate
the potential issue.
Removal of trustees by shareholders
—
At any meeting of shareholders, duly called and at which a quorum is present, shareholders may, by the affirmative
vote of the holders of two-thirds of the votes entitled to be cast, remove any trustee from office and may elect a successor or
successors to fill any resulting vacancies for the unexpired terms of removed trustees. In addition, the trustees of the series
will promptly call a meeting of shareholders for the purpose of voting upon the removal of any trustees when requested in writing
to do so by the record holders of at least 10% of the outstanding shares.
Leadership structure —
The
board’s chair is currently an independent trustee who is not an “interested person” of the series within the
meaning of the 1940 Act. The board has determined that an independent chair facilitates oversight and enhances the effectiveness
of the board. The independent chair’s duties include, without limitation, generally presiding at meetings of the board, approving
board meeting schedules and agendas, leading meetings of the independent trustees in executive session, facilitating communication
with committee chairs, and serving as the principal independent trustee contact for fund management and independent fund counsel.
American Funds Target Date Retirement Series - Page
32
|
Risk oversight —
Day-to-day
management of the series, including risk management, is the responsibility of the series’ contractual service providers,
including the series’ investment adviser, principal underwriter/distributor and transfer agent. Each of these entities is
responsible for specific portions of the series’ operations, including the processes and associated risks relating to the
series’ investments, integrity of cash movements, financial reporting, operations and compliance. The board of trustees oversees
the service providers’ discharge of their responsibilities, including the processes they use to manage relevant risks. In
that regard, the board receives reports
regarding the operations of the
series’ service
providers
, including risks. For example, the board receives reports from investment professionals regarding
risks related to the
series’
investments and trading. The board also receives
compliance
reports from the series’ and the investment adviser’s chief compliance officers addressing certain areas of risk.
Committees of the series’ board,
as well as joint committees of independent board members of funds managed by Capital Research and Management Company, also explore
risk management procedures in particular areas and then report back to the full board. For example, the series’ audit committee
oversees the processes and certain attendant risks relating to financial reporting, valuation of fund assets, and related controls.
Similarly, a joint review and advisory committee oversees certain risk controls relating to the fund’s transfer agency services.
Not all risks that may affect the
series can be identified or processes and controls developed to eliminate or mitigate their effect. Moreover, it is necessary
to bear certain risks (such as investment-related risks) to achieve the fund’s objectives. As a result of the foregoing
and other factors, the ability of the series’ service providers to eliminate or mitigate risks is subject to limitations.
Committees of the board of trustees
—
The series has an audit committee comprised of William H. Baribault, Leonard R. Fuller, W. Scott Hedrick, Laurel
B. Mitchell, Frank M. Sanchez and Steadman Upham, none of whom is an “interested person” of the series within the
meaning of the 1940 Act. The committee provides oversight regarding the series’ accounting and financial reporting policies
and practices, its internal controls and the internal controls of the series’ principal service providers. The committee
acts as a liaison between the series’ independent registered public accounting firm and the full board of trustees. The
audit committee held six meetings during the 2012 fiscal year.
The series has a contracts committee
comprised of William H. Baribault, James G. Ellis, Leonard R. Fuller, W. Scott Hedrick, R. Clark Hooper, Merit E. Janow, Laurel
B. Mitchell, Frank M. Sanchez, Margaret Spellings and Steadman Upham, none of whom is an “interested person” of the
series within the meaning of the 1940 Act. The committee’s principal function is to request, review and consider the information
deemed necessary to evaluate the terms of certain agreements between the series and its investment adviser or the investment adviser’s
affiliates, such as the Investment Advisory and Service Agreement, Principal Underwriting Agreement, Administrative Services Agreement
and Plans of Distribution adopted pursuant to rule 12b-1 under the 1940 Act, that the series may enter into, renew or continue,
and to make its recommendations to the full board of trustees on these matters. The contracts committee held one meeting during
the 2012 fiscal year.
The series has a nominating and governance
committee comprised of William H. Baribault, James G. Ellis, R. Clark Hooper, Merit E. Janow, Laurel B. Mitchell and Margaret
Spellings, none of whom is an “interested person” of the series within the meaning of the 1940 Act. The committee
periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant
issues, and recommends any appropriate
American Funds Target Date Retirement Series - Page
33
|
changes to the full board of trustees.
The committee also evaluates, selects and nominates independent trustee candidates to the full board of trustees. While the committee
normally is able to identify from its own and other resources an ample number of qualified candidates, it will consider shareholder
suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing
to the nominating and governance committee of the series, addressed to the series’ secretary, and must be accompanied by
complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee
for consideration of his or her name by the committee. The nominating and governance committee held three meetings during the
2012 fiscal year.
Proxy voting procedures and principles
—
The series’ investment adviser, in consultation with the series’ board, has adopted Proxy Voting Procedures
and Principles for American Funds Target Date Retirement Series (the “Principles”) with respect to voting proxies of
securities held by the funds. The American Funds Target Date Retirement Series and its investment adviser, Capital Research and
Management Company, are committed to acting in the best interests of the shareholders of each fund in the series. Each fund in
the series will principally invest in other American Funds. If an underlying fund has a shareholder meeting, a fund will vote its
shares in the underlying fund in the same proportion as the votes of the other shareholders of the underlying fund. In the unlikely
event that a fund should have to vote a proxy that is not a proxy of an underlying fund, the fund will vote in accordance with
the Principles adopted by the underlying funds. For information on the proxy voting procedures and Principles for each of the underlying
funds, please see the statement of additional information for each underlying fund.
Information regarding how the series
and each underlying fund voted proxies relating to portfolio securities during the 12-month period ended June 30 of each year
will be available on or about September 1 of each year (
a
) without charge, upon request by calling American Funds Service
Company at 800/421-4225, (
b
) on the American Funds website at americanfunds.com and (
c
) on the SEC’s
website at sec.gov. A copy of the full Principles is available upon request, free of charge, by calling American Funds Service
Company or visiting the American Funds website.
American Funds Target Date Retirement Series - Page
34
|
Principal fund shareholders —
The following table identifies those investors who own of record, or are known by each fund to own beneficially, 5%
or more of any class of its shares as of the opening of business on December 1, 2012. Unless otherwise indicated, the ownership
percentages below represent ownership of record rather than beneficial ownership.
American Funds Target Date Retirement
Fund 2055
Name
and address
|
Ownership
|
Ownership
percentage
|
Edward
D. Jones & Co.
Omnibus Account
Maryland Heights, MO
|
Record
|
Class A
Class R-1
|
5.76%
6.86
|
LAD Global Enterprises, Inc.
401K Plan
Pittsburgh, PA
|
Record
Beneficial
|
Class
R-1
|
19.06
|
Tape Case
401K Plan
Pittsburgh, PA
|
Record
Beneficial
|
Class
R-1
|
16.25
|
Triangle Dealers Group
Retirement Plan
Utica, NY
|
Record
Beneficial
|
Class
R-1
|
9.96
|
401K Plan
Aiken, SC
|
Beneficial
|
Class
R-1
|
9.02
|
Singleton Kellner Bolding
Retirement Plan
Denver, CO
|
Record
Beneficial
|
Class
R-1
|
8.74
|
Orthopaedic Associates of Rochester
Retirement Plan
Pittsford, NY
|
Record
Beneficial
|
Class
R-3
|
8.70
|
Midstate Traffic Control, Inc.
401K Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-4
|
10.93
|
Oat
401K Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-5
|
31.26
|
The Capital Group Companies
Retirement Plans
Los Angeles, CA
|
Record
Beneficial
|
Class
R-5
|
24.11
|
Nationwide Trust Company
Columbus, OH
|
Record
|
Class
R-6
|
28.85
|
The Carbone Automotive Group
Retirement Plan
Englewood, CO
|
Record
Beneficial
|
Class
R-6
|
9.49
|
First
Clearing, LLC
Custody Account
St. Louis, MO
|
Record
|
Class
R-6
|
6.65
|
Charles
Schwab & Co., Inc.
Custody Account
San Francisco, CA
|
Record
|
Class
R-6
|
6.21
|
Groeb Farms, Inc.
401K Plan
Charlotte, NC
|
Record
Beneficial
|
Class
R-6
|
5.89
|
American Funds Target Date Retirement Series - Page
35
|
American Funds Target Date Retirement
Fund 2050
Name
and address
|
Ownership
|
Ownership
percentage
|
First
Clearing, LLC
Custody Account
St. Louis, MO
|
Record
|
Class
R-1
|
6.23%
|
Specialty Welding and Fabrication of NY, Inc.
401K Plan
Utica, NY
|
Record
Beneficial
|
Class
R-1
|
6.20
|
Champion Heating & Air Conditioning
401K Plan
Pittsburgh, PA
|
Record
Beneficial
|
Class
R-1
|
5.62
|
The Capital Group Companies
Retirement Plans
Los Angeles, CA
|
Record
Beneficial
|
Class
R-5
|
32.04
|
Cap Tech Ventures, Inc.
401K Plan
Englewood, CO
|
Record
Beneficial
|
Class
R-5
|
5.32
|
Great-West Trust Co. LLC FBO
401K Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-6
|
19.26
|
O’Connor Hospital
403B Plan
Pittsburgh, PA
|
Record
|
Class
R-6
|
7.89
|
Nationwide Trust Company
Columbus, OH
|
Record
|
Class
R-6
|
6.40
|
Clark Mechanical Services, Inc.
401K Plan
Pittsburgh, PA
|
Record
Beneficial
|
Class
R-6
|
5.30
|
American Funds Target Date Retirement Series - Page
36
|
American Funds Target Date Retirement
Fund 2045
Name
and address
|
Ownership
|
Ownership
percentage
|
Edward
D. Jones & Co.
Omnibus Account
Maryland Heights, MO
|
Record
|
Class
A
|
5.45%
|
Universal Property & Casualty
401K Plan
Pittsburgh, PA
|
Record
Beneficial
|
Class
R-1
|
12.07
|
Great-West Trust Co. LLC FBO
401K Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class R-1
Class R-6
|
11.99
5.35
|
Morgan Stanley & Co., Inc.
Omnibus Account
Jersey City, NJ
|
Record
|
Class
R-1
|
5.52
|
The Capital Group Companies
Retirement Plans
Los Angeles, CA
|
Record
Beneficial
|
Class
R-5
|
41.09
|
Nationwide Trust Company
Columbus, OH
|
Record
|
Class
R-6
|
14.28
|
Hennepin Faculty Association
Retirement Plan
Charlotte, NC
|
Record
Beneficial
|
Class
R-6
|
8.96
|
Oberg Industries, Inc.
Retirement Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-6
|
7.80
|
American Funds Target Date Retirement Series - Page
37
|
American Funds Target Date Retirement
Fund 2040
Name
and address
|
Ownership
|
Ownership
percentage
|
Edward
D. Jones & Co.
Omnibus Account
Maryland Heights, MO
|
Record
|
Class
A
|
5.59%
|
Pershing, LLC
Jersey City, NJ
|
Record
|
Class
A
|
5.42
|
CMSI Group, Inc.
401K Plan
Columbia, MD
|
Record
Beneficial
|
Class
R-1
|
6.52
|
Prohealth
Retirement Plan
Phoenix, AZ
|
Record
Beneficial
|
Class
R-4
|
7.79
|
The Capital Group Companies
Retirement Plans
Los Angeles, CA
|
Record
Beneficial
|
Class
R-5
|
38.53
|
Nationwide Trust Company
Columbus, OH
|
Record
|
Class
R-6
|
11.08
|
Hennepin Faculty Association
Retirement Plan
Charlotte, NC
|
Record
Beneficial
|
Class
R-6
|
10.89
|
Great-West Trust Co. LLC FBO
401K Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-6
|
9.64
|
Foth & Van Dyke & Associates
401K Plan
Green Bay, WI
|
Record
Beneficial
|
Class
R-6
|
6.42
|
Oberg Industries, Inc.
Retirement Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-6
|
6.21
|
Charles
Schwab & Co., Inc.
Custody Account
San Francisco, CA
|
Record
|
Class
R-6
|
5.44
|
American Funds Target Date Retirement Series - Page
38
|
American Funds Target Date Retirement
Fund 2035
Name
and address
|
Ownership
|
Ownership
percentage
|
Edward
D. Jones & Co.
Omnibus Account
Maryland Heights, MO
|
Record
|
Class
A
|
5.28%
|
Universal Property & Casualty
401K Plan
Pittsburgh, PA
|
Record
Beneficial
|
Class
R-1
|
10.74
|
Great-West Trust Co. LLC FBO
401K Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-1
|
8.58
|
The Capital Group Companies
Retirement Plans
Los Angeles, CA
|
Record
Beneficial
|
Class
R-5
|
46.38
|
Oberg Industries, Inc.
Retirement Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-6
|
14.85
|
Nationwide Trust Company
Columbus, OH
|
Record
|
Class
R-6
|
14.45
|
Hennepin Faculty Association
Retirement Plan
Charlotte, NC
|
Record
Beneficial
|
Class
R-6
|
7.46
|
Atlas Box & Crating Co., Inc.
401K Plan
Pittsburgh, PA
|
Record
Beneficial
|
Class
R-6
|
5.46
|
American Funds Target Date Retirement Series - Page
39
|
American Funds Target Date Retirement
Fund 2030
Name
and address
|
Ownership
|
Ownership
percentage
|
Edward
D. Jones & Co.
Omnibus Account
Maryland Heights, MO
|
Record
|
Class
A
|
7.80%
|
Pershing,
LLC
Jersey City, NJ
|
Record
|
Class
A
|
5.11
|
Prohealth
Retirement Plan
Phoenix, AZ
|
Record
Beneficial
|
Class
R-4
|
8.29
|
The Capital Group Companies
Retirement Plans
Los Angeles, CA
|
Record
Beneficial
|
Class
R-5
|
34.87
|
Great-West Trust Co. LLC FBO
401K Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-6
|
10.73
|
Nationwide Trust Company
Columbus, OH
|
Record
|
Class
R-6
|
10.63
|
Oberg Industries, Inc.
Retirement Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-6
|
8.47
|
Urology Associates of North Texas, LLP
401K Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-6
|
5.41
|
American Funds Target Date Retirement Series - Page
40
|
American Funds Target Date Retirement
Fund 2025
Name
and address
|
Ownership
|
Ownership
percentage
|
Edward
D. Jones & Co.
Omnibus Account
Maryland Heights, MO
|
Record
|
Class
A
|
7.54%
|
Great-West Trust Co. LLC FBO
401K Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-1
|
10.04
|
Universal Property & Casualty
401K Plan
Pittsburgh, PA
|
Record
Beneficial
|
Class
R-1
|
5.30
|
The Capital Group Companies
Retirement Plans
Los Angeles, CA
|
Record
Beneficial
|
Class
R-5
|
29.97
|
Nationwide Trust Company
Columbus, OH
|
Record
|
Class
R-6
|
16.82
|
Oberg Industries, Inc.
Retirement Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-6
|
12.56
|
Hennepin Faculty Association
Retirement Plan
Charlotte, NC
|
Record
Beneficial
|
Class
R-6
|
5.54
|
Trumbull Radiologists, Inc.
401K Plan
Englewood, CO
|
Record
Beneficial
|
Class
R-6
|
5.39
|
Charles
Schwab & Co., Inc.
Custody Account
San Francisco, CA
|
Record
|
Class
R-6
|
5.21
|
American Funds Target Date Retirement Series - Page
41
|
American Funds Target Date Retirement
Fund 2020
Name
and address
|
Ownership
|
Ownership
percentage
|
Edward
D. Jones & Co.
Omnibus Account
Maryland Heights, MO
|
Record
|
Class
A
|
8.57
|
Prohealth
Retirement Plan
Phoenix, AZ
|
Record
Beneficial
|
Class
R-4
|
9.08
|
The Capital Group Companies
Retirement Plans
Los Angeles, CA
|
Record
Beneficial
|
Class
R-5
|
21.66
|
Charles
Schwab & Co., Inc.
Custody Account
San Francisco, CA
|
Record
|
Class R-5
Class R-6
|
5.28
7.60
|
Nationwide Trust Company
Columbus, OH
|
Record
|
Class
R-6
|
18.08
|
Oberg Industries, Inc.
Retirement Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-6
|
9.62
|
Group Health Cooperative of South Central Wisconsin
Retirement Plan
Phoenix, AZ
|
Record
Beneficial
|
Class
R-6
|
6.61
|
American Funds Target Date Retirement Series - Page
42
|
American Funds Target Date Retirement
Fund 2015
Name
and address
|
Ownership
|
Ownership
percentage
|
Edward
D. Jones & Co.
Omnibus Account
Maryland Heights, MO
|
Record
|
Class
A
|
8.97%
|
Great-West Trust Co. LLC FBO
401K Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-1
|
6.36
|
Adtrack Corporation, Inc.
401K Plan
Pittsburgh, PA
|
Record
Beneficial
|
Class
R-1
|
5.35
|
The Capital Group Companies
Retirement Plans
Los Angeles, CA
|
Record
Beneficial
|
Class
R-5
|
15.49
|
Ergon
401K Plan
Englewood, CO
|
Record
Beneficial
|
Class
R-5
|
5.08
|
ING National Trust
Hartford, CT
|
Record
|
Class
R-5
|
5.03
|
Nationwide Trust Company
Columbus, OH
|
Record
|
Class
R-6
|
18.97
|
Oberg Industries, Inc.
Retirement Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-6
|
9.04
|
Melton Machine & Control Company
401K Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-6
|
7.10
|
Charles
Schwab & Co., Inc.
Custody Account
San Francisco, CA
|
Record
|
Class
R-6
|
6.27
|
Hennepin Faculty Association
Retirement Plan
Charlotte, NC
|
Record
Beneficial
|
Class
R-6
|
5.11
|
American Funds Target Date Retirement Series - Page
43
|
American Funds Target Date Retirement
Fund 2010
Name
and address
|
Ownership
|
Ownership
percentage
|
Edward
D. Jones & Co.
Omnibus Account
Maryland Heights, MO
|
Record
|
Class A
Class R-1
|
13.09%
7.06
|
Pershing,
LLC
Jersey City, NJ
|
Record
|
Class
A
|
7.19
|
First
Clearing, LLC
Custody Account
St. Louis, MO
|
Record
|
Class
A
|
6.87
|
Alerus Financial FBO
401K Plan
Saint Paul, MN
|
Record
Beneficial
|
Class
R-1
|
18.66
|
Glen Wok Corporation
Retirement Plan
Beverly Hills CA
|
Record
Beneficial
|
Class
R-1
|
6.42
|
Prohealth
Retirement Plan
Phoenix, AZ
|
Record
Beneficial
|
Class
R-4
|
5.85
|
Trust Co. of Sterne Agee
Retirement Plan
Birmingham, AL
|
Record
Beneficial
|
Class
R-5
|
12.82
|
The Capital Group Companies
Retirement Plans
Los Angeles, CA
|
Record
Beneficial
|
Class
R-5
|
11.63
|
ING National Trust
Hartford, CT
|
Record
|
Class
R-5
|
5.80
|
Nationwide Trust Company
Columbus, OH
|
Record
|
Class
R-6
|
17.33
|
Group Health Cooperative of South Central Wisconsin
Retirement Plan
Phoenix, AZ
|
Record
Beneficial
|
Class
R-6
|
7.90
|
Oberg Industries, Inc.
Retirement Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-6
|
7.21
|
Hennepin Faculty Association
Retirement Plan
Charlotte, NC
|
Record
Beneficial
|
Class
R-6
|
5.79
|
Great-West Trust Co. LLC FBO
401K Plan
Greenwood Village, CO
|
Record
Beneficial
|
Class
R-6
|
5.02
|
Foth & Van Dyke & Associates
401K Plan
Green Bay, WI
|
Record
Beneficial
|
Class
R-6
|
5.02
|
American Funds Target Date Retirement Series - Page
44
|
Investment adviser —
Capital Research and Management Company, the series’ investment adviser, founded in 1931, maintains research facilities
in the United States and abroad (Los Angeles, San Francisco, New York, Washington, D.C., London, Geneva, Hong Kong, Singapore
and Tokyo). These facilities are staffed with experienced investment professionals. The investment adviser is located at 333 South
Hope Street, Los Angeles, CA 90071. It is a wholly owned subsidiary of The Capital Group Companies, Inc., a holding company for
several investment management subsidiaries. Capital Research and Management Company manages equity assets through three equity
investment divisions and fixed-income assets through its fixed-income division. The three equity investment divisions make investment
decisions on an independent basis and include Capital World Investors, Capital Research Global Investors and a third equity investment
division. Portfolio counselors in the third equity investment division rely on a research team that also provides investment services
to institutional clients and other accounts advised by affiliates of Capital Research and Management Company.
Compensation of investment professionals
—
The series is managed by a Portfolio Oversight Committee consisting of investment professionals employed by
Capital Research and Management Company. The investment professionals serving on the Portfolio Oversight Committee are paid competitive
salaries by Capital Research and Management Company. In addition, they may receive bonuses based on their individual portfolio
results for the underlying funds in which the series invests, as well as qualitative considerations, such as an individual’s
contribution to the organization, which would include service on the Portfolio Oversight Committee. Investment professionals also
may participate in profit-sharing plans. The relative mix of compensation represented by bonuses, salary and profit-sharing plans
will vary depending on the individual’s portfolio results, contributions to the organization and other factors.
Investment professional fund holdings
and other managed accounts —
As described below, investment professionals may personally own shares of the funds. In
addition, investment professionals may manage portions of other mutual funds or accounts advised by Capital Research and Management
Company or its affiliates.
American Funds Target Date Retirement Series - Page
45
|
The following table reflects information
as of October 31, 2012:
Portfolio
counselor
|
Dollar
range
of fund
shares
owned
1
|
Number
of other
registered
investment
companies (RICs)
for which
portfolio
counselor
is a manager
(assets of RICs
in billions)
2
|
Number
of other
pooled
investment
vehicles (PIVs)
for which
portfolio
counselor
is a manager
(assets of PIVs
in billions)
3
|
Number
of other
accounts
for which
portfolio
counselor
is a manager
(assets of
other accounts
in billions)
4
|
John
H. Smet
|
$100,001
– $500,000
|
6
|
$175.8
|
None
|
None
|
Alan
N. Berro
|
$100,001
– $500,000
|
6
|
$124.9
|
None
|
None
|
James
B. Lovelace
|
$100,001
– $500,000
|
6
|
$165.4
|
None
|
None
|
Wesley
K.-S. Phoa
|
$100,001
– $500,000
|
7
|
$47.9
|
2
|
$0.28
|
4
|
$3.16
|
Andrew
B. Suzman
|
$100,001
– $500,000
|
6
|
$183.7
|
1
|
$0.13
|
None
|
Bradley
J. Vogt
|
$500,001
– $1,000,000
|
4
|
$193.1
|
None
|
None
|
|
1
|
Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 –
$100,000; $100,001 – $500,000; $500,001 – $1,000,000; and Over $1,000,000. The amounts listed include shares owned
through The Capital Group Companies, Inc. retirement plan and 401(k) plan.
|
|
2
|
Indicates fund(s) where the investment professional also has significant responsibilities for the day to day management of
the fund(s). Assets noted are the total net assets of the registered investment companies and are not the total assets managed
by the individual, which is a substantially lower amount. No fund or account has an advisory fee that is based on the performance
of the fund or account.
|
|
3
|
Represents funds advised or sub-advised by Capital Research and Management Company or its affiliates and sold outside the United
States and/or fixed-income assets in institutional accounts managed by investment adviser subsidiaries of Capital Group International,
Inc., an affiliate of Capital Research and Management Company. Assets noted are the total net assets of the funds or accounts and
are not the total assets managed by the individual, which is a substantially lower amount. No fund or account has an advisory fee
that is based on the performance of the fund or account.
|
|
4
|
Reflects other professionally managed accounts held at companies affiliated with Capital Research and Management Company. Personal
brokerage accounts of investment professionals and their families are not reflected.
|
American Funds Target Date Retirement Series - Page
46
|
Investment Advisory and Service
Agreement —
The Investment Advisory and Service Agreement (the “Agreement”) between the series and
the investment adviser will continue in effect until December 31, 2013, unless sooner terminated, and may be renewed from year
to year thereafter, provided that any such renewal has been specifically approved at least annually by (
a
) the board of
trustees, or by the vote of a majority (as defined in the 1940 Act) of the outstanding voting securities of the series, and (
b
)
the vote of a majority of trustees who are not parties to the Agreement or interested persons (as defined in the 1940 Act) of
any such party, cast in person at a meeting called for the purpose of voting on such approval. The Agreement provides that the
investment adviser has no liability to the series for its acts or omissions in the performance of its obligations to the series
not involving willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations under the Agreement. The
Agreement also provides that either party has the right to terminate it, without penalty, upon 60 days’ written notice to
the other party, and that the Agreement automatically terminates in the event of its assignment (as defined in the 1940 Act).
In addition, the Agreement provides that the investment adviser may delegate all, or a portion of, its investment management responsibilities
to one or more subsidiary advisers approved by the series’s board, pursuant to an agreement between the investment adviser
and such subsidiary. Any such subsidiary adviser will be paid solely by the investment adviser out of its fees.
In addition to providing investment advisory
services, the investment adviser furnishes the services and pays the compensation and travel expenses of persons to perform the
series’ executive, administrative, clerical and bookkeeping functions, and provides suitable office space, necessary small
office equipment and utilities, general purpose accounting forms, supplies and postage used at the series’ offices. The series
will pay all expenses not assumed by the investment adviser, including, but not limited to: custodian, stock transfer and dividend
disbursing fees and expenses; shareholder recordkeeping and administrative expenses; costs of the designing, printing and mailing
of reports, prospectuses, proxy statements and notices to its shareholders; taxes; expenses of the issuance and redemption of fund
shares (including stock certificates, registration and qualification fees and expenses); expenses pursuant to the series’
plans of distribution (described below); legal and auditing expenses; compensation, fees and expenses paid to independent trustees;
association dues; costs of stationery and forms prepared exclusively for the series; and costs of assembling and storing shareholder
account data.
American Funds Target Date Retirement Series - Page
47
|
For the fiscal years ended October
31, 2012, 2011 and 2010, the investment adviser was entitled to receive management fees from each of the funds except American
Funds 2055 Target Date Retirement Fund. For this fund, the investment adviser was entitled to receive management fees for the
fiscal years ended October 31, 2012 and 2011 and a portion of the fiscal year ended 2010. After giving effect to the management
fee waiver/expense reimbursements in effect during the period, each fund paid the following investment adviser management fees:
Fund
|
Fiscal
year
|
Gross
management
fee
|
Waiver
|
Net
management
fee
|
American
Funds 2055 Target Date
Retirement Fund
|
2012
|
$79,000
|
$79,000
|
$0
|
2011
|
34,000
|
34,000
|
0
|
2010
|
5,000
|
5,000
|
0
|
American
Funds 2050 Target Date
Retirement Fund
|
2012
|
519,000
|
519,000
|
0
|
2011
|
417,000
|
417,000
|
0
|
2010
|
295,000
|
295,000
|
0
|
American
Funds 2045 Target Date
Retirement Fund
|
2012
|
548,000
|
548,000
|
0
|
2011
|
413,000
|
413,000
|
0
|
2010
|
272,000
|
272,000
|
0
|
American
Funds 2040 Target Date
Retirement Fund
|
2012
|
1,049,000
|
1,049,000
|
0
|
2011
|
845,000
|
845,000
|
0
|
2010
|
570,000
|
570,000
|
0
|
American
Funds 2035 Target Date
Retirement Fund
|
2012
|
1,181,000
|
1,181,000
|
0
|
2011
|
956,000
|
956,000
|
0
|
2010
|
669,000
|
669,000
|
0
|
American
Funds 2030 Target Date
Retirement Fund
|
2012
|
1,760,000
|
1,760,000
|
0
|
2011
|
1,472,000
|
1,472,000
|
0
|
2010
|
1,034,000
|
1,034,000
|
0
|
American
Funds 2025 Target Date
Retirement Fund
|
2012
|
1,769,000
|
1,769,000
|
0
|
2011
|
1,474,000
|
1,474,000
|
0
|
2010
|
1,043,000
|
1,043,000
|
0
|
American
Funds 2020 Target Date
Retirement Fund
|
2012
|
2,077,000
|
2,077,000
|
0
|
2011
|
1,755,000
|
1,755,000
|
0
|
2010
|
1,288,000
|
1,288,000
|
0
|
American
Funds 2015 Target Date
Retirement Fund
|
2012
|
1,509,000
|
1,509,000
|
0
|
2011
|
1,342,000
|
1,342,000
|
0
|
2010
|
1,047,000
|
1,047,000
|
0
|
American
Funds 2010 Target Date
Retirement Fund
|
2012
|
953,000
|
953,000
|
0
|
2011
|
893,000
|
893,000
|
0
|
2010
|
764,000
|
764,000
|
0
|
American Funds Target Date Retirement Series - Page
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|
As described in the prospectus, the
investment adviser is currently waiving its annual management fee of .10% of average daily net assets. The waiver will be in effect
at least through December 31, 2013. The waiver can only be modified or terminated with the approval of the series' board.
Since each fund pursues its investment
objective by investing in other mutual funds, you will bear your proportionate share of a fund's operating expenses and also, indirectly,
the operating expenses of the underlying funds in which the fund invests.
The following table provides the
annual advisory fee rates for each of the potential underlying funds excluding any waivers or reimbursements during each fund’s
most recently completed fiscal year.
Underlying
American Funds
|
Annual
fee rate
|
AMCAP
Fund
|
.32%
|
American
Funds Mortgage Fund
|
.26
|
The
Growth Fund of America
|
.28
|
The
New Economy Fund
|
.41
|
EuroPacific
Growth Fund
|
.42
|
New
Perspective Fund
|
.39
|
New
World Fund
|
.56
|
SMALLCAP
World Fund
|
.64
|
American
Mutual Fund
|
.26
|
Capital
World Growth and Income Fund
|
.38
|
Fundamental
Investors
|
.25*
|
International
Growth and Income Fund
|
.52
|
The
Investment Company of America
|
.24*
|
Washington
Mutual Investors Fund
|
.24**
|
Capital
Income Builder
|
.25
|
The
Income Fund of America
|
.24
|
American
Balanced Fund
|
.24*
|
American
High-Income Trust
|
.31
|
The
Bond Fund of America
|
.21*
|
Capital
World Bond Fund
|
.44
|
Intermediate
Bond Fund of America
|
.22
|
U.S.
Government Securities Fund
|
.20
|
|
*
|
Rate
shown is as of 12/31/11.
|
|
**
|
Includes
fees for services provided by Washington Management Corporation.
|
The investment adviser is currently
reimbursing a portion of the other expenses for American Funds 2055 Target Date Retirement Fund. It is expected that the reimbursement
will be in effect at least through December 31, 2013. The adviser may elect at its discretion to extend, modify or terminate the
reimbursement at that time.
American Funds Target Date Retirement Series - Page
49
|
Fees and expenses in the statement
of operations are presented gross of any reimbursement from the investment adviser during the period. For the period ended October 31,
2012 the total other fees and expenses reimbursed by the investment adviser were:
Fund
|
Other
Reimbursement
|
American
Funds 2055 Target Date Retirement Fund
|
$72,000
|
American
Funds 2050 Target Date Retirement Fund
|
0
|
American
Funds 2045 Target Date Retirement Fund
|
0
|
American
Funds 2040 Target Date Retirement Fund
|
0
|
American
Funds 2035 Target Date Retirement Fund
|
0
|
American
Funds 2030 Target Date Retirement Fund
|
0
|
American
Funds 2025 Target Date Retirement Fund
|
0
|
American
Funds 2020 Target Date Retirement Fund
|
0
|
American
Funds 2015 Target Date Retirement Fund
|
0
|
American
Funds 2010 Target Date Retirement Fund
|
0
|
Administrative services —
The
investment adviser and its affiliates provide certain administrative services for shareholders of each fund’s Class A and
R shares. Services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide
services to fund shareholders.
These services are provided pursuant
to an Administrative Services Agreement (the “Administrative Agreement”) between the series and the investment adviser
relating to each fund’s Class A and R shares. The Administrative Agreement will continue in effect until December 31, 2013,
unless sooner terminated or renewed. It may be renewed from year to year thereafter, provided that any such renewal has been specifically
approved at least annually by the vote of a majority of the members of the series’ board who are not parties to the Administrative
Agreement or interested persons (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose
of voting on such approval. The series may terminate the Administrative Agreement at any time by vote of a majority of independent
board members. The investment adviser has the right to terminate the Administrative Agreement upon 60 days’ written notice
to the series. The Administrative Agreement automatically terminates in the event of its assignment (as defined in the 1940 Act).
The investment adviser receives an administrative
services fee at the annual rate of .05% of average daily net assets from the R-6 shares of the underlying funds for the administrative
services provided to the series. Administrative services fees are paid monthly and accrued daily.
Prior to January 1, 2012, Class A
and R shares were subject to an administrative services fee of up to .10% (.05% for Class R-5) based on each share class’s
respective average daily net assets. Class R-6 shares were not subject to an administrative services fee. The R-6 shares of the
underlying funds also paid an administrative services fee of up to .05% of average daily net assets. The investment adviser used
a portion of the administrative services fee paid on Class A and R shares to compensate third parties for transfer agent services
provided to shareholder accounts on behalf of each fund.
American Funds Target Date Retirement Series - Page
50
|
Prior to January 1, 2012, the administrative
services fee also included compensation for transfer agent and shareholder services provided to fund shareholders in each applicable
share class. In addition to making administrative service fee payments to unaffiliated third parties, the investment adviser made
payments from the administrative services fee to American Funds Service Company according to a fee schedule, based principally
on the number of accounts serviced, contained in a Shareholder Services Agreement between the series and American Funds Service
Company. A portion of the fees paid to American Funds Service Company for transfer agent services was also paid directly from the
relevant share class.
Transfer agent fees paid through
the administrative services fee prior to January 1, 2012, are included in the “Transfer agent services” section of
this statement of additional information.
Principal Underwriter and plans of
distribution —
American Funds Distributors, Inc. (the “Principal Underwriter”) is the principal underwriter
of the series’ shares. The Principal Underwriter is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine
Center Drive, Irvine, CA 92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; and 12811 North Meridian Street, Carmel, IN 46032.
The Principal Underwriter receives revenues
from sales of the funds’ shares. For Class A shares, the Principal Underwriter receives commission revenue consisting of
the balance of the Class A sales charge remaining after the allowances by the Principal Underwriter to investment dealers. The
series also reimburses the Principal Underwriter for service fees paid on a quarterly basis to intermediaries, such as qualified
dealers or financial advisers, in connection with investments in Class R-1, R-2, R-3 and R-4 shares.
Commissions, revenue or service fees
retained by the Principal Underwriter after allowances or compensation to dealers were:
Fund
|
|
Fiscal
year
|
Commissions,
revenue
or
fees retained
|
Allowance
or
compensation
to dealers
|
American
Funds 2055 Target Date
Retirement Fund
|
Class A
|
2012
|
$ 89,000
|
$ 453,000
|
|
2011
|
51,000
|
263,000
|
|
2010
|
13,000
|
70,000
|
American
Funds 2050 Target Date
Retirement Fund
|
Class
A
|
2012
|
255,000
|
1,312,000
|
|
2011
|
235,000
|
1,208,000
|
|
2010
|
204,000
|
1,097,000
|
American
Funds 2045 Target Date
Retirement Fund
|
Class A
|
2012
|
306,000
|
1,599,000
|
|
2011
|
268,000
|
1,442,000
|
|
2010
|
212,000
|
1,148,000
|
American
Funds 2040 Target Date
Retirement Fund
|
Class A
|
2012
|
490,000
|
2,479,000
|
|
2011
|
495,000
|
2,553,000
|
|
2010
|
421,000
|
2,256,000
|
American
Funds 2035 Target Date
Retirement Fund
|
Class A
|
2012
|
450,000
|
2,226,000
|
|
2011
|
471,000
|
2,338,000
|
|
2010
|
438,000
|
2,206,000
|
American Funds Target Date Retirement Series - Page
51
|
Fund
|
|
Fiscal
year
|
Commissions,
revenue
or
fees retained
|
Allowance
or
compensation
to dealers
|
American
Funds 2030 Target Date
Retirement Fund
|
Class
A
|
2012
|
528,000
|
2,555,000
|
|
2011
|
559,000
|
2,724,000
|
|
2010
|
534,000
|
2,666,000
|
American
Funds 2025 Target Date
Retirement Fund
|
Class A
|
2012
|
539,000
|
2,533,000
|
|
2011
|
536,000
|
2,592,000
|
|
2010
|
551,000
|
2,671,000
|
American
Funds 2020 Target Date
Retirement Fund
|
Class A
|
2012
|
527,000
|
2,451,000
|
|
2011
|
566,000
|
2,660,000
|
|
2010
|
587,000
|
2,792,000
|
American
Funds 2015 Target Date
Retirement Fund
|
Class A
|
2012
|
312,000
|
1,424,000
|
|
2011
|
360,000
|
1,656,000
|
|
2010
|
388,000
|
1,831,000
|
American
Funds 2010 Target Date
Retirement Fund
|
Class A
|
2012
|
166,000
|
742,000
|
|
2011
|
179,000
|
793,000
|
|
2010
|
255,000
|
1,173,000
|
Plans of distribution —
The
series has adopted plans of distribution (the “Plans”) pursuant to rule 12b-1 under the 1940 Act. The Plans permit
the series to expend amounts to finance any activity primarily intended to result in the sale of fund shares, provided the series’
board of trustees has approved the category of expenses for which payment is being made.
Each Plan is specific to a particular
share class of the series. As the series has not adopted a Plan for Class R-5 or Class R-6, no 12b-1 fees are paid from Class R-5
or Class R-6 share assets and the following disclosure is not applicable to these share classes.
Payments under the Plans may be made
for service-related and/or distribution-related expenses. Service-related expenses include paying service fees to qualified dealers.
Distribution-related expenses include commissions paid to qualified dealers. The amounts actually paid under the Plans for the
past fiscal year, expressed as a percentage of each fund’s average daily net assets attributable to the applicable share
class, are disclosed in the prospectus under “Fees and expenses of the funds.” Further information regarding the amounts
available under each Plan is in the "Plans of Distribution" section of the prospectus.
Following is a brief description of the
Plans:
Class A —
For Class A shares, up to .25% of the series’ average daily net assets attributable to such shares is reimbursed to the
Principal Underwriter for paying service-related expenses, and the balance available under the applicable Plan may be paid to
the Principal Underwriter for distribution-related expenses. The series may annually expend up to .30% for Class A shares under
the Plan.
Distribution-related expenses for
Class A shares include dealer commissions and wholesaler compensation paid on sales of shares of $1 million or more purchased without
a sales charge. Commissions on these “no load” purchases (which are described
American Funds Target Date Retirement Series - Page
52
|
in further detail under the “Sales
Charges” section of this statement of additional information) in excess of the Class A Plan limitations and not reimbursed
to the Principal Underwriter during the most recent fiscal quarter are recoverable for five quarters, provided that the reimbursement
of such commissions does not cause the series to exceed the annual expense limit. After five quarters, these commissions are not
recoverable.
Other share classes (Class R-1,
R-2, R-3 and R-4) —
The Plans for each of the other share classes that have adopted Plans provide for payments to the
Principal Underwriter for paying service-related and distribution-related expenses of up to the following amounts of the series’
average daily net assets attributable to such shares:
Share class
|
Service
related
payments
1
|
Distribution
related
payments
1
|
Total
allowable
under
the Plans
2
|
Class R-1
|
0.25%
|
0.75%
|
1.00%
|
Class R-2
|
0.25
|
0.50
|
1.00
|
Class R-3
|
0.25
|
0.25
|
0.75
|
Class R-4
|
0.25
|
—
|
0.50
|
|
1
|
Amounts in these columns represent the amounts approved by the board of trustees under the applicable Plan.
|
|
2
|
The series may annually expend the amounts set forth in this column under the current Plans with the approval of the board
of trustees.
|
During the 2012 fiscal year, 12b-1
expenses accrued and paid, and if applicable, unpaid, were:
Fund
|
|
12b-1
expenses
|
12b-1
unpaid liability
outstanding
|
American
Funds 2055 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
|
$ 55,000
2,000
152,000
82,000
15,000
|
$ 6,000
1,000
30,000
17,000
4,000
|
American
Funds 2050 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
|
428,000
34,000
956,000
525,000
143,000
|
52,000
5,000
169,000
90,000
27,000
|
American
Funds 2045 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
|
394,000
47,000
1,065,000
613,000
144,000
|
48,000
7,000
190,000
111,000
29,000
|
American
Funds 2040 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
|
760,000
102,000
1,833,000
1,142,000
316,000
|
98,000
13,000
319,000
201,000
64,000
|
American Funds Target Date Retirement Series - Page
53
|
Fund
|
|
12b-1
expenses
|
12b-1
unpaid liability
outstanding
|
American
Funds 2035 Target Date Retirement Fund
|
Class
A
Class
R-1
Class
R-2
Class
R-3
Class
R-4
|
875,000
113,000
2,222,000
1,313,000
304,000
|
114,000
18,000
384,000
237,000
58,000
|
American
Funds 2030 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
|
1,227,000
190,000
3,101,000
1,999,000
576,000
|
163,000
28,000
524,000
342,000
110,000
|
American
Funds 2025 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
|
1,389,000
125,000
3,115,000
2,035,000
515,000
|
182,000
19,000
521,000
348,000
95,000
|
American
Funds 2020 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
|
1,693,000
159,000
3,064,000
2,362,000
710,000
|
224,000
22,000
510,000
406,000
126,000
|
American
Funds 2015 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
|
1,418,000
122,000
2,207,000
1,765,000
426,000
|
180,000
18,000
370,000
288,000
76,000
|
American
Funds 2010 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
|
1,128,000
34,000
986,000
859,000
271,000
|
152,000
5,000
160,000
140,000
46,000
|
American Funds Target Date Retirement Series - Page
54
|
Approval of the Plans —
As required by rule 12b-1 and the 1940 Act, the Plans (together with the Principal Underwriting Agreement) have been approved by
the full board of trustees and separately by a majority of the independent trustees of the series who have no direct or indirect
financial interest in the operation of the Plans or the Principal Underwriting Agreement. In addition, the selection and nomination
of independent trustees of the series are committed to the discretion of the independent trustees during the existence of the Plans.
Potential benefits of the Plans to the
series include quality shareholder services, savings to the series in transfer agency costs, and benefits to the investment process
from growth or stability of assets. The Plans may not be amended to materially increase the amount spent for distribution without
shareholder approval. Plan expenses are reviewed quarterly by the board of trustees and the Plans must be renewed annually by the
board of trustees.
A portion of the series’ 12b-1
expense is paid to financial advisers to compensate them for providing ongoing services. If you have questions regarding your investment
in the funds or need assistance with your account, please contact your financial adviser. If you need a financial adviser, please
call American Funds Distributors at (800) 421-4120 for assistance.
American Funds Target Date Retirement Series - Page
55
|
Other compensation to dealers
—
As of July 2012, the top dealers (or their affiliates) that American Funds Distributors anticipates will receive
additional compensation (as described in the prospectus) include:
AXA Advisors, LLC
Cadaret, Grant & Co., Inc.
Cambridge Investment Research, Inc.
Cetera Financial Group
Financial Network Investment Corporation
Genworth Financial Securities Corporation
Multi-Financial Securities Corporation
Primevest Financial Services, Inc.
Commonwealth Financial Network
D.A. Davidson & Co.
Edward Jones
H. Beck, Inc.
Hefren-Tillotson, Inc.
HTK / Janney Montgomery Group
Hornor, Townsend & Kent, Inc.
Janney Montgomery Scott LLC
ING Group
ING Financial Advisers, LLC
ING Financial Partners, Inc.
J. J. B. Hilliard, W. L. Lyons,
LLC
Lincoln Network
Lincoln Financial Advisors Corporation
Lincoln Financial Securities Corporation
LPL Group
LPL Financial LLC
Uvest Investment Services
Merrill Lynch, Pierce, Fenner &
Smith Incorporated
Metlife Enterprises
Metlife Securities Inc.
New England Securities
Tower Square Securities, Inc.
Walnut Street Securities, Inc.
MML Investors Services, Inc.
Morgan Stanley Smith Barney LLC
NFP Securities, Inc.
Northwestern Mutual Investment Services,
LLC
NPH / Jackson National
Invest Financial Corporation
Investment Centers of America,
Inc.
National Planning Corporation
SII Investments, Inc.
Park Avenue Securities LLC
PFS Investments Inc.
Raymond James Group
Morgan Keegan & Company, Inc.
Raymond James & Associates,
Inc.
Raymond James Financial Services
Inc.
American Funds Target Date Retirement Series - Page
56
|
RBC Capital Markets Corporation
Robert W. Baird & Co. Incorporated
Stifel, Nicolaus & Company,
Incorporated
The Advisor Group
FSC Securities Corporation
Royal Alliance Associates, Inc.
SagePoint Financial, Inc.
Transamerica Financial Advisors,
Inc.
U.S. Bancorp Investments, Inc.
UBS Financial Services Inc.
Wells Fargo Network
First Clearing LLC
Wells Fargo Advisors Financial
Network, LLC
Wells Fargo Advisors Investment
Services Group
Wells Fargo Advisors Latin American
Channel
Wells Fargo Advisors Private Client
Group
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Execution of portfolio transactions
The series does not incur any brokerage
commissions for purchasing shares of the underlying funds. However, the series may incur brokerage commissions and/or investment
dealer concessions when purchasing short-term debt securities for the funds. Portfolio transactions for the series may be executed
as part of concurrent authorizations to purchase or sell the same security for other funds served by the investment adviser, or
for trusts or other accounts served by affiliated companies of the investment adviser. When such concurrent authorizations occur,
the objective is to allocate the executions in an equitable manner.
For information regarding the policies
with respect to the execution of portfolio transactions of the underlying funds, please see the statement of additional information
for each underlying fund.
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Disclosure of portfolio holdings
The series’ investment adviser,
on behalf of the funds, has adopted policies and procedures with respect to the disclosure of information about the funds’
portfolio securities. These policies and procedures have been reviewed by the series’ board of trustees and compliance will
be periodically assessed by the board in connection with reporting from the series’ Chief Compliance Officer. These policies
and procedures are similar to those adopted by the underlying funds.
Under these policies and procedures,
each fund’s complete list of portfolio holdings available for public disclosure, dated as of the end of each calendar quarter,
is permitted to be posted on the American Funds website no earlier than the tenth day after such calendar quarter. In practice,
the public portfolio typically is posted on the website within 30 days after the end of the calendar quarter. Such portfolio holdings
information may then be disclosed to any person pursuant to an ongoing arrangement to disclose portfolio holdings information
to such person no earlier than one day after the day on which the information is posted on the American Funds website. The series’
custodian, outside counsel and auditor, each of which require portfolio holdings information for legitimate business and fund
oversight purposes, may receive the information earlier. Information regarding the portfolio holdings of the underlying funds
will be available on the American Funds website. See the “General information” section in this statement of additional
information for further information about the funds’ custodian, outside counsel and auditor.
Affiliated persons of the series, including
officers of the series and employees of the investment adviser and its affiliates, who receive portfolio holdings information are
subject to restrictions and limitations on the use and handling of such information pursuant to applicable codes of ethics, including
requirements not to trade in securities based on confidential and proprietary investment information, to maintain the confidentiality
of such information, and to preclear securities trades and report securities transactions activity, as applicable. For more information
on these restrictions and limitations, please see the “Code of Ethics” section in this statement of additional information
and the Code of Ethics. Third party service providers of the series, as described in this statement of additional information receiving
such information are subject to confidentiality obligations. When portfolio holdings information is disclosed other than through
the American Funds website to persons not affiliated with the series (which, as described would typically occur no earlier than
one day after the day on which the information is posted on the American Funds website, such persons may be bound by agreements
(including confidentiality agreements) or fiduciary obligations that restrict and limit their use of the information to legitimate
business uses only. Neither the series nor its investment adviser or any affiliate thereof receives compensation or other consideration
in connection with the disclosure of information about portfolio securities.
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Subject to board policies, the authority
to disclose a fund’s portfolio holdings, and to establish policies with respect to such disclosure, resides with the appropriate
investment-related committees of the series’ investment adviser. In exercising their authority, the committees determine
whether disclosure of information about the funds’ portfolio securities is appropriate and in the best interest of series
shareholders. The investment adviser has implemented policies and procedures to address issues that may arise from the disclosure
of fund holdings. For example, the investment adviser’s code of ethics specifically requires, among other things, the safeguarding
of information about fund holdings and contains prohibitions designed to prevent the personal use of confidential, proprietary
investment information in a way that would conflict with fund transactions. In addition, the investment adviser believes that its
current policy of not selling portfolio holdings information and not disclosing such information to unaffiliated third parties
until such holdings have been made public on the American Funds website (other than to certain series service providers for legitimate
business and series oversight purposes) helps reduce potential issues between series shareholders and the investment adviser and
its affiliates.
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Price of shares
Shares are purchased at the offering
price or sold at the net asset value price next determined after the purchase or sell order is received by the series or the Transfer
Agent provided that your request contains all information and legal documentation necessary to process the transaction. The Transfer
Agent may accept written orders for the sale of fund shares on a future date. These orders are subject to the Transfer Agent’s
policies, which generally allow shareholders to provide a written request to sell shares at the net asset value on a specified
date no more than five business days after receipt of the order by the Transfer Agent. Any request to sell shares on a future date
will be rejected if the request is not in writing, if the requested transaction date is more than five business days after the
Transfer Agent receives the request or if the request does not contain all information and legal documentation necessary to process
the transaction.
The offering or net asset value price
is effective for orders received prior to the time of determination of the net asset value and, in the case of orders placed with
dealers or their authorized designees, accepted by the Principal Underwriter, the Transfer Agent, a dealer or any of their designees.
In the case of orders sent directly to a fund in the series or the Transfer Agent, an investment dealer should be indicated. The
dealer is responsible for promptly transmitting purchase and sell orders to the Principal Underwriter.
Orders received by the investment dealer
or authorized designee, the Transfer Agent or the series after the time of the determination of the net asset value will be entered
at the next calculated offering price. Note that investment dealers or other intermediaries may have their own rules about share
transactions and may have earlier cut-off times than those of the series. For more information about how to purchase through your
intermediary, contact your intermediary directly.
Prices that appear in the newspaper
do not always indicate prices at which you will be purchasing and redeeming shares of each fund, since such prices generally reflect
the previous day's closing price, while purchases and redemptions are made at the next calculated price. The price you pay for
shares, the offering price, is based on the net asset value per share, which is calculated once daily as of approximately 4 p.m.
New York time, which is the normal close of trading on the New York Stock Exchange, each day the Exchange is open. If, for example,
the Exchange closes at 1 p.m., each fund’s share price would still be determined as of 4 p.m. New York time.
In
such example, portfolio securities traded on the New York Stock Exchange would be valued at their closing price unless the investment
adviser determines that a fair value adjustment is appropriate due to a subsequent event.
The New York Stock Exchange is
currently closed on weekends and on the following holidays: New Year's Day; Martin Luther King, Jr. Day; Presidents' Day; Good
Friday; Memorial Day; Independence Day; Labor Day; Thanksgiving; and Christmas Day. Each share class of each fund has a separately
calculated net asset value (and share price).
As noted in the prospectus, the principal
assets of the funds consist of investments in the underlying funds. These investments are reflected in the net assets of each
fund on the day of the investment. All portfolio securities of the funds are valued, and the net asset values per share for each
share class are determined, as indicated below.
Underlying funds are priced based
on the net asset value of each underlying fund, calculated as of approximately 4 p.m. New York time each day the New York Stock
Exchange is open. Equity securities, including depositary receipts, are generally valued at the official closing price of, or
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the last reported sale price on,
the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued
or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market
on which the security trades.
Fixed-income securities, including
short-term securities purchased with more than 60 days left to maturity are generally valued at prices obtained from one or more
independent pricing vendors. The pricing vendors base bond prices on, among other things, benchmark yields, transactions, bids,
offers, quotations from dealers and trading systems, new issues, underlying equity of the issuer, interest rate volatilities,
spreads and other relationships observed in the markets among comparable securities and proprietary pricing models such as yield
measures calculated using factors such as cash flows, prepayment information, default rates, delinquency and loss assumptions,
financial or collateral characteristics or performance, credit enhancements, liquidation value calculations, specific deal information
and other reference data. The fund’s investment adviser performs certain checks on vendor prices prior to calculation of
the underlying fund’s net asset value. When the investment adviser deems it appropriate to do so (such as when vendor prices
are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid
and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities
of comparable maturity, quality and type.
Securities with both fixed-income and
equity characteristics (e.g., convertible bonds, preferred stocks, units comprised of more than one type of security, etc.), or
equity securities traded principally among fixed-income dealers, are generally valued in the manner described above for either
equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser.
Securities with original maturities
of one year or less having 60 days or less to maturity are amortized to maturity based on their cost if acquired within 60 days
of maturity, or if already held on the 60th day, based on the value determined on the 61st day. Forward currency contracts are
valued at the mean of representative quoted bid and ask prices, generally based on prices supplied by one or more pricing vendors.
Assets or liabilities initially expressed
in terms of currencies other than U.S. dollars are translated prior to the next determination of the net asset value of the fund’s
shares into U.S. dollars at the prevailing market rates.
Securities and other assets for which
representative market quotations are not readily available or are considered unreliable by the investment adviser are valued at
fair value as determined in good faith under fair value guidelines adopted by authority of the series’ board. Subject to
board oversight, each underlying fund’s board has delegated the obligation to make fair valuation determinations to a valuation
committee established by the series’ investment adviser. The board receives periodic reports describing fair-valued securities
and the valuation methods used.
Each class of shares represents interests
in the same portfolio of investments and is identical in all respects to each other class, except for differences relating to
distribution, service and other charges and expenses, certain voting rights, differences relating to eligible investors, the designation
of each class of shares, conversion features and exchange privileges. Expenses attributable to the fund, but not to a particular
class of shares, are borne by each class pro rata based on relative aggregate net assets of the classes. Expenses directly attributable
to a class
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of shares are borne by that class
of shares. Liabilities attributable to particular share classes, such as liabilities for repurchases of fund shares, are deducted
from total assets attributable to such share classes.
Net assets so obtained for each share
class are then divided by the total number of shares outstanding of that share class, and the result, rounded to the nearest cent,
is the net asset value per share for that class.
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Taxes and distributions
Taxation as a regulated investment
company
— Each fund intends to qualify each year as a “regulated investment company” under Subchapter M of
the Internal Revenue Code (“Code”) so that it will not be liable for federal tax on income and capital gains distributed
to shareholders. In order to qualify as a regulated investment company, and avoid being subject to federal income taxes, each fund
intends to distribute substantially all of its net investment income and realized net capital gains on a fiscal year basis, and
intends to comply with other tests applicable to regulated investment companies under Subchapter M.
The Code includes savings provisions
allowing each fund to cure inadvertent failures of certain qualification tests required under Subchapter M. However, should each
fund fail to qualify under Subchapter M, each fund would be subject to federal, and possibly state, corporate taxes on its taxable
income and gains, and distributions to shareholders would be taxed as dividend income to the extent of the fund’s earnings
and profits.
Amounts not distributed by each fund
on a timely basis in accordance with a calendar year distribution requirement may be subject to a nondeductible 4% excise tax.
Unless an applicable exception applies, to avoid the tax, each fund must distribute during each calendar year an amount equal to
the sum of (1) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year,
(2) at least 98.2% of its capital gains in excess of its capital losses for the twelve month period ending on October 31, and (3)
all ordinary income and capital gains for previous years that were not distributed during such years.
Each fund may declare a capital gain
distribution consisting of the excess of net realized long-term capital gains over net realized short-term capital losses. Net
capital gains for a fiscal year are computed by taking into account any capital loss carryforward of the fund. For fund fiscal
years beginning on or after December 22, 2010, capital losses may be carried forward indefinitely and retain their character as
either short-term or long-term. Under prior law, net capital losses could be carried forward for eight tax years and were treated
as short-term capital losses. Each fund is required to use capital losses arising in fiscal years beginning on or after December
22, 2010 before using capital losses arising in fiscal years prior to December 22, 2010.
Each fund may retain a portion of net
capital gain for reinvestment and may elect to treat such capital gain as having been distributed to shareholders of the fund.
Shareholders may receive a credit for the tax that the fund paid on such undistributed net capital gain and would increase the
basis in their shares of the fund by the difference between the amount of includible gains and the tax deemed paid by the shareholder.
Dividends and capital gain distributions
by each fund to a tax-deferred retirement plan account or IRA are not taxable currently.
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Purchase and exchange of shares
Purchases by employer-sponsored retirement
plans —
As noted in the prospectus, participants in an eligible retirement plan should contact their plan’s administrator
or recordkeeper for information regarding purchases, sales and exchanges.
Purchases by individual-type retirement
accounts —
As described in the prospectus, you may generally open an account and purchase fund shares by contacting a
financial adviser or investment dealer authorized to sell the fund’s shares. You may make investments by any of the following
means:
Contacting your financial adviser
—
Deliver or mail a check to your financial adviser.
By mail —
For initial
investments, you may mail a check, made payable to the fund, directly to the address indicated on the account application. Please
indicate an investment dealer on the account application. You may make additional investments by filling out the “Account
Additions” form at the bottom of a recent transaction confirmation and mailing the form, along with a check made payable
to the fund, using the envelope provided with your confirmation.
The amount of time it takes for
us to receive regular U.S. postal mail may vary and there is no assurance that we will receive such mail on the day you expect.
Mailing addresses for regular U.S. postal mail can be found in the prospectus. To send investments or correspondence to us via
overnight mail or courier service, use either of the following addresses:
American Funds
12711 North Meridian Street
Carmel, IN 46032-9181
American Funds
5300 Robin Hood Rd.
Norfolk, VA 23513-2407
By telephone —
Using
the American FundsLine. Please see the “Shareholder account services and privileges” section of this statement of additional
information for more information regarding this service.
By Internet —
Using
americanfunds.com. Please see the “Shareholder account services and privileges” section of this statement of additional
information for more information regarding this service.
By wire —
If you are
making a wire transfer, instruct your bank to wire funds to:
Wells Fargo Bank
ABA Routing No. 121000248
Account No. 4600-076178
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Your bank should include the following
information when wiring funds:
For credit to the account of:
American Funds Service Company
(fund’s name)
For further credit to:
(shareholder’s fund account number)
(shareholder’s name)
You may contact American Funds
Service Company at 800/421-4225 if you have questions about making wire transfers.
Other purchase information —
The series and the Principal Underwriter receive the right to reject any purchase order.
Purchase minimums and maximums for
individual-type retirement accounts —
All investments are subject to the purchase minimums and maximums described in
the prospectus. As noted in the prospectus, purchase minimums may be waived or reduced in certain cases.
In the case of American Funds non-tax-exempt
funds, the initial purchase minimum of $25 may be waived for the following account types:
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Payroll deduction retirement plan accounts (such as, but not limited to, 403(b), 401(k), SIMPLE
IRA, SARSEP and deferred compensation plan accounts).
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The following account types may be
established without meeting the initial purchase minimum:
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Retirement accounts that are funded with employer contributions; and
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Accounts that are funded with monies set by court decree.
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The following account types may be
established without meeting the initial purchase minimum, but shareholders wishing to invest in two or more funds must meet the
normal initial purchase minimum of each fund:
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·
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Accounts that are funded with (a) transfers of assets, (b) rollovers from retirement plans or (c)
required minimum distribution automatic exchanges.
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Certain accounts held on the series’
books, known as omnibus accounts, contain multiple underlying accounts that are invested in shares of one or more funds in the
series. These underlying accounts are maintained by entities such as financial intermediaries and are subject to the applicable
initial purchase minimums as described in the prospectus and this statement of additional information. However, in the case where
the entity maintaining these accounts aggregates the accounts’ purchase orders for fund shares, such accounts are not required
to meet the fund’s minimum amount for subsequent purchases.
Exchanges —
Shares of each
fund in the series generally may be exchanged into shares of the same class of other funds in the American Funds. Exchange purchases
are subject to the minimum investment requirements of the fund purchased and no sales charge generally applies. However, exchanges
of Class A shares from American Funds Money Market Fund
®
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purchased without a sales charge generally
will be subject to the appropriate sales charge, unless the American Funds Money Market Fund shares were acquired by an exchange
from a fund having a sales charge, or by reinvestment or cross-reinvestment of dividends or capital gain distributions.
Shares may be exchanged into other American
Funds by contacting your plan administrator or recordkeeper. Shares held in corporate-type retirement plans for which Capital Bank
and Trust Company serves as trustee may not be exchanged by telephone, internet, fax or telegraph. Exchange redemptions and purchases
are processed simultaneously at the share prices next determined after the exchange order is received.
Frequent trading of fund shares —
As noted in the prospectus, all transactions in fund shares are subject to the series’ and American Funds Distributors’
right to restrict potentially abusive trading.
Other potentially abusive activity
—
In addition to reserving the right to restrict potentially abusive trading, American Funds Service Company will monitor
for other types of activity that could potentially be harmful to the American Funds — for example, short-term trading activity
in multiple funds. When identified, American Funds Service Company will request that the shareholder discontinue the activity.
If the activity continues, American Funds Service Company will freeze the shareholder account to prevent all activity other than
redemptions of fund shares.
Exchanging Class A shares for Class
R shares —
Provided it is eligible to invest in Class R shares, a retirement plan currently invested in Class A shares
may exchange its shares for Class R shares. Any Class A sales charges that the retirement plan previously paid will not be
credited back to the plan's account.
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Sales charges
Class A purchases
Purchases by certain 403(b)
plans
A 403(b) plan may not invest in
Class A shares unless such plan was invested in Class A shares before January 1, 2009.
Participant accounts of a 403(b)
plan that were treated as an individual-type plan for sales charge purposes before January 1, 2009, may continue to be treated
as accounts of an individual-type plan for sales charge purposes. Participant accounts of a 403(b) plan that were treated as an
employer-sponsored plan for sales charge purposes before January 1, 2009, may continue to be treated as accounts of an employer-sponsored
plan for sales charge purposes. Participant accounts of a 403(b) plan that is established on or after January 1, 2009, are treated
as accounts of an employer-sponsored plan for sales charge purposes.
Purchases by SEP plans and SIMPLE
IRA plans
Participant accounts in a Simplified
Employee Pension (SEP) plan or a Savings Incentive Match Plan for Employees of Small Employers IRA (SIMPLE IRA) plan will be aggregated
together for Class A sales charge purposes if the SEP plan or SIMPLE IRA plan was established after November 15, 2004, by an employer
adopting a prototype plan produced by American Funds Distributors, Inc. In the case where the employer adopts any other plan (including,
but not limited to, an IRS model agreement), each participant’s account in the plan will be aggregated with the participant’s
own personal investments that qualify under the aggregation policy. A SEP plan or SIMPLE IRA plan with a certain method of aggregating
participant accounts as of November 15, 2004, may continue with that method so long as the employer has not modified the plan document
since that date.
Other purchases
Pursuant to a determination of
eligibility by a vice president or more senior officer of the Capital Research and Management Company Fund Administration Unit,
or by his or her designee, Class A shares of the American Funds stock, stock/bond and bond funds and funds in the series may be
sold at net asset value to:
(1)
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current or retired directors, trustees, officers and advisory board members of, and certain lawyers who provide services to, the funds managed by Capital Research and Management Company, current or retired employees of Washington Management Corporation, current or retired employees and partners of The Capital Group Companies, Inc. and its affiliated companies, certain family members of the above persons, and trusts or plans primarily for such persons;
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(2)
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currently registered representatives and assistants
directly employed by such representatives, retired registered representatives with respect to accounts established while active,
or full-time employees (collectively, “Eligible Persons”) (and their (
a
) spouses or equivalents if recognized
under local law,
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(
b
) parents and children, including
parents and children in step and adoptive relationships, sons-in-law and daughters-in-law, and (
c
) parents-in-law, if the
Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law)
of dealers who have sales agreements with the Principal Underwriter (or who clear transactions through such dealers), plans for
the dealers, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children;
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(3)
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currently registered investment advisers (“RIAs”) and assistants directly employed by such RIAs, retired RIAs with respect to accounts established while active, or full-time employees (collectively, “Eligible Persons”) (and their (
a
) spouses or equivalents if recognized under local law, (
b
) parents and children, including parents and children in step and adoptive relationships, sons-in-law and daughters-in-law and (
c
) parents-in-law, if the Eligible Persons or the spouses, children or parents of the Eligible Persons are listed in the account registration with the parents-in-law) of RIA firms that are authorized to sell shares of the funds, plans for the RIA firms, and plans that include as participants only the Eligible Persons, their spouses, parents and/or children;
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(4)
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companies exchanging securities with the fund through a merger, acquisition or exchange offer;
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(5)
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insurance company separate accounts;
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(6)
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accounts managed by subsidiaries of The Capital Group Companies, Inc.;
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(7)
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The Capital Group Companies, Inc. and its affiliated
companies;
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(8)
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an individual or entity with a substantial business relationship with The Capital Group Companies, Inc. or its affiliates, or an individual or entity related or relating to such individual or entity;
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(9)
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wholesalers and full-time employees directly supporting wholesalers involved in the distribution of insurance company separate accounts whose underlying investments are managed by any affiliate of The Capital Group Companies, Inc.; and
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(10)
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full-time employees of banks that have sales agreements with the Principal Underwriter, who are solely dedicated to directly supporting the sale of mutual funds.
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Shares are offered at net asset
value to these persons and organizations due to anticipated economies in sales effort and expense. Once an account is established
under this net asset value privilege, additional investments can be made at net asset value for the life of the account.
Moving between accounts —
Investments in certain account types may be moved to other account types without incurring additional Class A sales charges. These
transactions include, for example:
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redemption proceeds from a non-retirement account (for example, a joint tenant account) used to
purchase fund shares in an IRA or other individual-type retirement account;
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required minimum distributions from an IRA or other individual-type retirement account used to
purchase fund shares in a non-retirement account; and
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death distributions paid to a beneficiary’s account that are used by the beneficiary to purchase
fund shares in a different account.
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Loan repayments —
Repayments
on loans taken from a retirement plan or an individual-type retirement account are not subject to sales charges if American Funds
Service Company is notified of the repayment.
Dealer commissions and compensation
—
Commissions (up to 1.00%) are paid to dealers who initiate and are responsible for certain Class A share purchases
not subject to initial sales charges. Purchases by employer-sponsored defined contribution-type retirement plans investing $1
million or more or with 100 or more eligible employees, and purchases made at net asset value by certain retirement plans with
assets of $50 million or more. Commissions on such investments (other than IRA rollover assets that roll over at no sales charge
under the fund’s IRA rollover policy as described in the prospectus) are paid to dealers at the following rates: 1.00% on
amounts of less than $4 million, .50% on amounts of at least $4 million but less than $10 million and .25% on amounts of at least
$10 million. Commissions are based on cumulative investments over the life of the account with no adjustment for redemptions,
transfers, or market declines. For example, if a shareholder has accumulated investments in excess of $4 million (but less
than $10 million) and subsequently redeems all or a portion of the account(s), purchases following the redemption will generate
a dealer commission of .50%.
A dealer concession of up to 1% may be
paid by the series under its Class A plan of distribution to reimburse the Principal Underwriter in connection with dealer and
wholesaler compensation paid by it with respect to investments made with no initial sales charge.
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Sales charge reductions and waivers
Reducing your Class A sales charge
—
As described in the prospectus, there are various ways to reduce your sales charge when purchasing Class A shares.
Additional information about Class A sales charge reductions is provided below.
Statement of intention —
By establishing a statement of intention (the “Statement”), you enter into a nonbinding commitment to purchase shares
of the American Funds (excluding American Funds Money Market Fund) over a 13-month period and receive the same sales charge (expressed
as a percentage of your purchases) as if all shares had been purchased at once, unless the Statement is upgraded as described below.
The Statement period starts on
the date on which your first purchase made toward satisfying the Statement is processed. Your accumulated holdings (as described
in the paragraph below titled “Rights of accumulation”) eligible to be aggregated as of the day immediately before
the start of the Statement period may be credited toward satisfying the Statement.
You may revise the commitment you
have made in your Statement upward at any time during the Statement period. If your prior commitment has not been met by the time
of the revision, the Statement period during which purchases must be made will remain unchanged. Purchases made from the date of
the revision will receive the reduced sales charge, if any, resulting from the revised Statement. If your prior commitment has
been met by the time of the revision, your original Statement will be considered met and a new Statement will be established.
The Statement will be considered
completed if the shareholder dies within the 13-month Statement period. Commissions to dealers will not be adjusted or paid on
the difference between the Statement amount and the amount actually invested before the shareholder’s death.
When a shareholder elects to use
a Statement, shares equal to 5% of the dollar amount specified in the Statement may be held in escrow in the shareholder’s
account out of the initial purchase (or subsequent purchases, if necessary) by the Transfer Agent. All dividends and any capital
gain distributions on shares held in escrow will be credited to the shareholder’s account in shares (or paid in cash, if
requested). If the intended investment is not completed within the specified Statement period, the purchaser may be required to
remit to the Principal Underwriter the difference between the sales charge actually paid and the sales charge which would have
been paid if the total of such purchases had been made at a single time. Any dealers assigned to the shareholder’s account
at the time a purchase was made during the Statement period will receive a corresponding commission adjustment if appropriate.
If the difference is not paid by the close of the Statement period, the appropriate number of shares held in escrow will be redeemed
to pay such difference. If the proceeds from this redemption are inadequate, the purchaser may be liable to the Principal Underwriter
for the balance still outstanding.
In addition, if you currently have
individual holdings in American Legacy variable annuity contracts or variable life insurance policies that were established on
or before March 31, 2007, you may continue to apply purchases under such contracts and policies to a Statement.
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Shareholders purchasing shares
at a reduced sales charge under a Statement indicate their acceptance of these terms and those in the prospectus with their first
purchase.
Aggregation —
Qualifying
investments for aggregation include those made by you and your “immediate family” as defined in the prospectus, if
all parties are purchasing shares for their own accounts and/or:
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individual-type employee benefit plans, such as an IRA, single-participant Keogh-type plan, or
a participant account of a 403(b) plan that is treated as an individual-type plan for sales charge purposes (see “Purchases
by certain 403(b) plans” under “Sales charges” in this statement of additional information);
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SEP plans and SIMPLE IRA plans established after November 15, 2004, by an employer adopting any
plan document other than a prototype plan produced by American Funds Distributors, Inc.;
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business accounts solely controlled by you or your immediate family (for example, you own the entire
business);
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trust accounts established by you or your immediate family (for trusts with only one primary beneficiary,
upon the trustor’s death the trust account may be aggregated with such beneficiary’s own accounts; for trusts with
multiple primary beneficiaries, upon the trustor’s death the trustees of the trust may instruct American Funds Service Company
to establish separate trust accounts for each primary beneficiary; each primary beneficiary’s separate trust account may
then be aggregated with such beneficiary’s own accounts);
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endowments or foundations established and controlled by you or your immediate family; or
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529 accounts, which will be aggregated at the account owner level (Class 529-E accounts may only
be aggregated with an eligible employer plan).
|
Individual purchases by a trustee(s)
or other fiduciary(ies) may also be aggregated if the investments are:
|
·
|
for a single trust estate or fiduciary account, including employee benefit plans other than the
individual-type employee benefit plans described above;
|
|
·
|
made for two or more employee benefit plans of a single employer or of affiliated employers as
defined in the 1940 Act, excluding the individual-type employee benefit plans described above;
|
|
·
|
for a diversified common trust fund or other diversified pooled account not specifically formed
for the purpose of accumulating fund shares;
|
|
·
|
for nonprofit, charitable or educational organizations, or any endowments or foundations established
and controlled by such organizations, or any employer-sponsored retirement plans established for the benefit of the employees of
such organizations, their endowments, or their foundations;
|
|
·
|
for participant accounts of a 403(b) plan that is treated as an employer-sponsored plan for sales
charge purposes (see “Purchases by certain 403(b) plans” under “Sales charges” in this statement of additional
information), or made for participant
|
American Funds Target Date Retirement Series - Page
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|
|
·
|
accounts of two or more such plans, in each case of a single employer or affiliated employers as
defined in the 1940 Act; or
|
|
·
|
for a SEP or SIMPLE IRA plan established after November 15, 2004, by an employer adopting a prototype
plan produced by American Funds Distributors, Inc.
|
Purchases made for nominee or street
name accounts (securities held in the name of an investment dealer or another nominee such as a bank trust department instead of
the customer) may not be aggregated with those made for other accounts and may not be aggregated with other nominee or street name
accounts unless otherwise qualified as described above.
Concurrent purchases —
As described in the prospectus, you may reduce your Class A sales charge by combining purchases of all classes of shares
in the American Funds, as well as applicable holdings in the American Funds Target Date Retirement Series, American Funds Portfolio
Series and American Funds College Target Date Series. Shares of American Funds Money Market Fund purchased through an exchange,
reinvestment or cross-reinvestment from a fund having a sales charge also qualify. However, direct purchases of American Funds
Money Market Fund are excluded. If you currently have individual holdings in American Legacy variable annuity contracts or variable
life insurance policies that were established on or before March 31, 2007, you may continue to combine purchases made under such
contracts and policies to reduce your Class A sales charge.
Rights of accumulation —
Subject to the limitations described in the aggregation policy, you may take into account your accumulated holdings
in all share classes of the American Funds, as well as applicable holdings in the American Funds Target Date Retirement Series,
American Funds Portfolio Series and American Funds College Target Date Series, to determine your sales charge on investments in
accounts eligible to be aggregated. Subject to your investment dealer’s or recordkeeper’s capabilities, your accumulated
holdings will be calculated as the higher of (
a
) the current value of your existing holdings (the “market value”)
as of the day prior to your American Funds investment or (
b
) the amount you invested (including reinvested dividends and
capital gains, but excluding capital appreciation) less any withdrawals (the “cost value”). Depending on the entity
on whose books your account is held, the value of your holdings in that account may not be eligible for calculation at cost value.
For example, accounts held in nominee or street name may not be eligible for calculation at cost value and instead may be calculated
at market value for purposes of rights of accumulation.
The value of all of your holdings
in accounts established in calendar year 2005 or earlier will be assigned an initial cost value equal to the market value of those
holdings as of the last business day of 2005. Thereafter, the cost value of such accounts will increase or decrease according to
actual investments or withdrawals. You must contact your financial adviser or American Funds Service Company if you have additional
information that is relevant to the calculation of the value of your holdings.
An employer-sponsored retirement
plan may also take into account the market value of its investments in American Legacy Retirement Investment Plans. Direct purchases
of American Funds Money Market Fund is excluded.
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|
CDSC waivers for Class A shares —
As noted in the prospectus, a contingent deferred sales charge (“CDSC”) may be waived for redemptions due to death
or postpurchase disability of a shareholder (this generally excludes accounts registered in the names of trusts and other entities).
In addition, a CDSC may be waived for
the following types of transactions, if together they do not exceed 12% of the value of an “account” (defined below)
annually (the “12% limit”):
|
·
|
Required minimum distributions taken from retirement accounts upon the shareholder's attainment
of age 70½ (required minimum distributions that continue to be taken by the beneficiary(ies) after the account owner is
deceased also qualify for a waiver).
|
|
·
|
Redemptions through an automatic withdrawal plan (“AWP”) (see “Automatic withdrawals”
under “Shareholder account services and privileges” in this statement of additional information). For each AWP payment,
assets that are not subject to a CDSC, such as shares acquired through reinvestment of dividends and/or capital gain distributions,
will be redeemed first and will count toward the 12% limit. If there is an insufficient amount of assets not subject to a CDSC
to cover a particular AWP payment, shares subject to the lowest CDSC will be redeemed next until the 12% limit is reached. Any
dividends and/or capital gain distributions taken in cash by a shareholder who receives payments through a SWP will also count
toward the 12% limit. In the case of an AWP, the 12% limit is calculated at the time an automatic redemption is first made, and
is recalculated at the time each additional automatic redemption is made. Shareholders who establish an AWP should be aware that
the amount of a payment not subject to a CDSC may vary over time depending on fluctuations in the value of their accounts. This
privilege may be revised or terminated at any time.
|
For purposes of this paragraph, “account”
means your investment in the applicable class of shares of the particular fund from which you are making the redemption.
CDSC waivers are allowed only in the
cases listed here and in the prospectus.
For information regarding the sale of
shares, please refer to the prospectus.
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|
Selling shares
Employer-sponsored retirement accounts
—
Shares of the series may be sold by contacting your plan administrator or recordkeeper.
For individual-type retirement accounts
—
The methods for selling (redeeming)
shares are described more fully in the prospectus. If you wish to sell your shares by contacting American Funds Service Company
directly, any such request must be signed by the registered shareholders. To contact American Funds Service Company via overnight
mail or courier service, see “Purchase and exchange of shares.”
A signature guarantee may be required
for certain redemptions. In such an event, your signature may be guaranteed by a domestic stock exchange or the Financial Industry
Regulatory Authority, bank, savings association or credit union that is an eligible guarantor institution. The Transfer Agent reserves
the right to require a signature guarantee on any redemptions.
Additional documentation may be
required for sales of shares held in corporate, partnership or fiduciary accounts. You must include with your written request any
shares you wish to sell that are in certificate form.
If you sell Class A shares and
request a specific dollar amount to be sold, we will sell sufficient shares so that the sale proceeds, after deducting any applicable
CDSC, equals the dollar amount requested.
If you hold multiple American Funds
and a CDSC applies to the shares you are redeeming, the CDSC will be calculated based on the applicable class of shares of the
particular fund from which you are making the redemption.
Redemption proceeds will not be mailed
until sufficient time has passed to provide reasonable assurance that checks or drafts (including certified or cashier's checks)
for shares purchased have cleared (which may take up to 10 business days from the purchase date). Except for delays relating to
clearance of checks for share purchases or in extraordinary circumstances (and as permissible under the 1940 Act), sale proceeds
will be paid on or before the seventh day following receipt and acceptance of an order. Interest will not accrue or be paid on
amounts that represent uncashed distribution or redemption checks.
American Funds Target Date Retirement Series - Page
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|
Shareholder account services and
privileges
The following services and privileges
are generally available to shareholders whose accounts are held on the books of the funds, but are generally not applicable to
employer-sponsored retirement plans.
Automatic investment plan —
An automatic investment plan enables you to make monthly or quarterly investments in the American Funds through automatic debits
from your bank account. To set up a plan, you must fill out an account application and specify the amount that you would like to
invest and the date on which you would like your investments to occur. The plan will begin within 30 days after your account application
is received. Your bank account will be debited on the day or a few days before your investment is made, depending on the bank’s
capabilities. The Transfer Agent will then invest your money into the fund you specified on or around the date you specified. If
the date you specified falls on a weekend or holiday, your money will be invested on the following business day. However, if the
following business day falls in the next month, your money will be invested on the business day immediately preceding the weekend
or holiday. If your bank account cannot be debited due to insufficient funds, a stop-payment or the closing of the account, the
plan may be terminated and the related investment reversed. You may change the amount of the investment or discontinue the plan
at any time by contacting the Transfer Agent.
Automatic reinvestment —
Dividends and capital gain distributions are reinvested in additional shares of the same class and fund at net asset value unless
you indicate otherwise on the account application. You also may elect to have dividends and/or capital gain distributions paid
in cash by informing the fund, the Transfer Agent or your investment dealer. Dividends and capital gain distributions paid to retirement
plan shareholders will be automatically reinvested.
If you have elected to receive dividends
and/or capital gain distributions in cash, and the postal or other delivery service is unable to deliver checks to your address
of record, or you do not respond to mailings from American Funds Service Company with regard to uncashed distribution checks, your
distribution option may be automatically converted to having all dividends and other distributions reinvested in additional shares.
Cross-reinvestment of dividends and
distributions —
For all share classes, you may cross-reinvest dividends and capital gains (distributions) into other
American Funds in the same share class at net asset value, subject to the following conditions:
(1) the aggregate value of your account(s)
in the fund(s) paying distributions equals or exceeds $5,000 (this is waived if the value of the account in the fund receiving
the distributions equals or exceeds that fund’s minimum initial investment requirement);
(2) if the value of the account of
the fund receiving distributions is below the minimum initial investment requirement, distributions must be automatically reinvested;
and
(3) if you discontinue the cross-reinvestment
of distributions, the value of the account of the fund receiving distributions must equal or exceed the minimum initial investment
requirement. If you do not meet this requirement within 90 days of notification, the fund has the right to automatically redeem
the account.
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|
Automatic exchanges —
For
all share classes, you may automatically exchange shares of the same class in amounts of $50 or more among any of the American
Funds on any day (or preceding business day if the day falls on a nonbusiness day) of each month you designate.
Automatic withdrawals —
Depending
on the type of account, you may automatically withdraw Class A shares from any of the funds. You can make automatic withdrawals
of $50 or more. You can designate the day of each period for withdrawals and request that checks be sent to you or someone else.
Withdrawals may also be electronically deposited to your bank account. The Transfer Agent will withdraw your money from the fund
you specify on or around the date you specify. If the date you specified falls on a weekend or holiday, the redemption will take
place on the previous business day. However, if the previous business day falls in the preceding month, the redemption will take
place on the following business day after the weekend or holiday. You should consult with your adviser or intermediary to determine
if your account is eligible for automatic withdrawals.
Withdrawal payments are not to be considered
as dividends, yield or income. Generally, automatic investments may not be made into a shareholder account from which there are
automatic withdrawals. Withdrawals of amounts exceeding reinvested dividends and distributions and increases in share value would
reduce the aggregate value of the shareholder’s account. The Transfer Agent arranges for the redemption by the fund of sufficient
shares, deposited by the shareholder with the Transfer Agent, to provide the withdrawal payment specified.
Redemption proceeds from an automatic
withdrawal plan are not eligible for reinvestment without a sales charge.
Account statements —
Your
account is opened in accordance with your registration instructions. Transactions in the account, such as additional investments,
will be reflected on regular confirmation statements from the Transfer Agent. Dividend and capital gain reinvestments, purchases
through automatic investment plans and certain retirement plans, as well as automatic exchanges and withdrawals, will be confirmed
at least quarterly.
American FundsLine and americanfunds.com
—
You may check your share balance, the price of your shares or your most recent account transaction; redeem
shares (up to $125,000 per American Funds shareholder each day) from nonretirement plan accounts; or exchange shares around the
clock with American FundsLine or using americanfunds.com. To use American FundsLine, call 800/325-3590 from a TouchTone™
telephone. Redemptions and exchanges through American FundsLine and americanfunds.com are subject to the conditions noted above
and in “Telephone and Internet purchases, redemptions and exchanges” below. You will need your fund number (see the
list of the American Funds under “General information — fund numbers”), personal identification number
(generally the last four digits of your Social Security number or other tax identification number associated with your account)
and account number.
Generally, all shareholders are automatically
eligible to use these services. However, if you are not currently authorized to do so, you may complete an American FundsLink Authorization
Form. Once you establish this privilege, you, your financial adviser or any person with your account information may use these
services.
Telephone and Internet purchases,
redemptions and exchanges —
By using the telephone (including American FundsLine) or the Internet (including americanfunds.com),
or fax purchase,
American Funds Target Date Retirement Series - Page
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|
redemption and/or exchange options, you
agree to hold the series, the Transfer Agent, any of its affiliates or mutual funds managed by such affiliates, and each of their
respective directors, trustees, officers, employees and agents harmless from any losses, expenses, costs or liabilities (including
attorney fees) that may be incurred in connection with the exercise of these privileges. Generally, all shareholders are automatically
eligible to use these services. However, you may elect to opt out of these services by writing the Transfer Agent (you may also
reinstate them at any time by writing the Transfer Agent). If the Transfer Agent does not employ reasonable procedures to confirm
that the instructions received from any person with appropriate account information are genuine, it and/or the series may be liable
for losses due to unauthorized or fraudulent instructions. In the event that shareholders are unable to reach the series by telephone
because of technical difficulties, market conditions or a natural disaster, redemption and exchange requests may be made in writing
only.
Redemption of shares —
The
series’ declaration of the trust permits the series to direct the Transfer Agent to redeem the shares of any shareholder
for their then current net asset value per share if at such time the shareholder of record owns shares having an aggregate net
asset value of less than the minimum initial investment amount required of new shareholders as set forth in the series’ current
registration statement under the 1940 Act, and subject to such further terms and conditions as the board of trustees of the series
may from time to time adopt.
While payment of redemptions normally
will be in cash, the series’ declaration of trust permits payment of the redemption price wholly or partly with portfolio
securities or other fund assets under conditions and circumstances determined by the series’ board of trustees. For example,
redemptions could be made in this manner if the board determined that making payments wholly in cash over a particular period would
be unfair and/or harmful to other shareholders of one or more funds in the series.
Share certificates —
Shares
are credited to your account. The fund does not issue share certificates.
American Funds Target Date Retirement Series - Page
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|
General information
Custodian of assets —
Securities and cash owned by all funds, including proceeds from the sale of shares of the funds and of securities in the funds’
portfolio, are held by JP Morgan Chase Bank NA, 270 Park Avenue, New York, NY 10017-2070, as Custodian. If the funds hold securities
of issuers outside the U.S., the Custodian may hold these securities pursuant to subcustodial arrangements in banks outside the
U.S. or branches of U.S. banks outside the U.S.
Transfer agent services —
American Funds Service Company, a wholly owned subsidiary of the investment adviser, maintains the records of shareholder
accounts, processes purchases and redemptions of the fund’s shares, acts as dividend and capital gain distribution disbursing
agent, and performs other related shareholder service functions. The principal office of American Funds Service Company is located
at 6455 Irvine Center Drive, Irvine, CA 92618. Transfer agent fees are paid according to a fee schedule, based principally on
the number of accounts serviced, contained in a Shareholder Services Agreement between the series and American Funds Service Company.
Prior to January 1, 2012, only Class
A shares were subject to the Shareholder Services Agreement. American Funds Service Company was compensated for certain transfer
agency services provided to all share classes from the administrative services fees paid to the investment adviser and from the
relevant share class, as described under “Administrative services agreement.–
In the case of certain shareholder accounts,
third parties who may be unaffiliated with the investment adviser provide transfer agency and shareholder services in place of
American Funds Service Company. These services are rendered under agreements with American Funds Service Company or its affiliates
and the third parties receive compensation according to such agreements. Compensation for transfer agency and shareholder services,
whether paid to American Funds Service Company or such third parties, is ultimately paid from fund assets and is reflected in the
expenses of the funds as disclosed in the prospectus.
During the 2012 fiscal year, transfer
agent fees, gross of any payments made by American Funds Service Company to third parties were:
Fund
|
Share
class
|
Transfer
agent fee
|
Transfer
agent fee reimbursement
|
American
Funds 2055 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
Class R-5
Class R-6
|
$38,000
292
62,000
29,000
6,000
3,000
93
|
$0
8
0
0
0
0
0
|
American
Funds 2050 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
Class R-5
Class R-6
|
251,000
4,000
390,000
186,000
58,000
13,000
1,000
|
0
149
0
0
0
0
0
|
American Funds Target Date Retirement Series - Page
79
|
Fund
|
Share
class
|
Transfer
agent fee
|
Transfer
agent fee reimbursement
|
American
Funds 2045 Target Date Retirement Fund
|
Class
A
Class
R-1
Class
R-2
Class
R-3
Class
R-4
Class
R-5
Class
R-6
|
239,000
6,000
433,000
220,000
59,000
14,000
1,000
|
0
259
0
0
0
0
0
|
American
Funds 2040 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
Class R-5
Class R-6
|
462,000
14,000
746,000
408,000
130,000
33,000
2,000
|
0
1,000
0
0
0
0
0
|
American
Funds 2035 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
Class R-5
Class R-6
|
520,000
15,000
905,000
471,000
126,000
33,000
2,000
|
0
1,000
0
0
0
0
0
|
American
Funds 2030 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
Class R-5
Class R-6
|
723,000
25,000
1,254,000
716,000
236,000
52,000
4,000
|
0
1,000
0
0
0
0
0
|
American
Funds 2025 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
Class R-5
Class R-6
|
802,000
17,000
1,269,000
728,000
211,000
43,000
3,000
|
0
1,000
0
0
0
0
0
|
American
Funds 2020 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
Class R-5
Class R-6
|
979,000
21,000
1,266,000
848,000
294,000
54,000
5,000
|
0
1,000
0
0
0
0
0
|
American Funds Target Date Retirement Series - Page
80
|
Fund
|
Share
class
|
Transfer
agent fee
|
Transfer
agent fee reimbursement
|
American
Funds 2015 Target Date Retirement Fund
|
Class
A
Class
R-1
Class
R-2
Class
R-3
Class
R-4
Class
R-5
Class
R-6
|
782,000
16,000
909,000
638,000
173,000
32,000
2,000
|
0
1,000
0
0
0
0
0
|
American
Funds 2010 Target Date Retirement Fund
|
Class A
Class R-1
Class R-2
Class R-3
Class R-4
Class R-5
Class R-6
|
630,000
4,000
408,000
312,000
111,000
21,000
2,000
|
0
202
0
0
0
0
0
|
Independent registered public
accounting firm —
Deloitte & Touche LLP, 695 Town Center Drive, Costa Mesa, CA 92626, serves as the series’
independent registered public accounting firm, providing audit services, preparation of tax returns and review of certain documents
to be filed with the U.S. Securities and Exchange Commission. The financial statements included in this statement of additional
information from the annual report have been audited by Deloitte & Touche LLP, an independent registered public accounting
firm, as stated in their report appearing herein. Such financial statements have been so included in reliance upon the report
of such firm given upon their authority as experts in accounting and auditing. The selection of the series’ independent
registered public accounting firm is reviewed and determined annually by the board of trustees.
Independent legal counsel —
Bingham McCutchen LLP, 355 South Grand Avenue, Suite 4400, Los Angeles, CA 90071, serves as independent legal counsel (“counsel”)
for the series and for independent trustees in their capacities as such. A determination with respect to the independence of the
series’ counsel will be made at least annually by the independent trustees of the series, as prescribed by the 1940 Act and
related rules.
Prospectuses, reports to shareholders
and proxy statements —
The series’ fiscal year ends on October 31. Shareholders are provided updated summary
prospectuses annually and at least semi-annually with reports showing the series’ investment portfolio or summary investment
portfolio, financial statements and other information. Shareholders may request a copy of the current prospectus at no cost by
calling 800/421-4225 or by sending an e-mail request to prospectus@americanfunds.com. Shareholders may also access each fund’s
current summary prospectus, prospectus, statement of additional information and the series’ shareholder report at americanfunds.com/prospectus.
The series’ annual financial statements are audited by the series’ independent registered public accounting firm,
Deloitte & Touche LLP. In addition, shareholders may also receive proxy statements for each fund. In an effort to reduce the
volume of mail shareholders receive from the series when a household owns more than one account, the Transfer Agent has taken
steps to eliminate duplicate mailings of summary prospectuses, shareholder reports and proxy statements. To receive additional
copies of a summary prospectus, report or proxy statement, shareholders should contact the Transfer Agent.
American Funds Target Date Retirement Series - Page
81
|
Shareholders may also elect to receive
updated summary prospectuses, annual reports and semi-annual reports electronically by signing up for electronic delivery on our
website, americanfunds.com. Upon electing the electronic delivery of updated summary prospectuses and other reports, a shareholder
will no longer automatically receive such documents in paper form by mail. A shareholder who elects electronic delivery is able
to cancel this service at any time and return to receiving updated summary prospectuses and other reports in paper form by mail.
Summary prospectuses, prospectuses, annual
reports and semi-annual reports that are mailed to shareholders by the American Funds organization are printed with ink containing
soy and/or vegetable oil on paper containing recycled fibers.
Codes of ethics —
The series
and Capital Research and Management Company and its affiliated companies, including the series’ Principal Underwriter, have
adopted codes of ethics that allow for personal investments, including securities in which the series may invest from time to time.
These codes include a ban on acquisitions of securities pursuant to an initial public offering; restrictions on acquisitions of
private placement securities; preclearance and reporting requirements; review of duplicate confirmation statements; annual recertification
of compliance with codes of ethics; blackout periods on personal investing for certain investment personnel; ban on short-term
trading profits for investment personnel; limitations on service as a director of publicly traded companies; disclosure of personal
securities transactions; and policies regarding political contributions.
American Funds 2055 Target Date Retirement
Fund
Determination of net asset value,
redemption price and maximum offering price per share for Class A shares — October 31, 2012
Net asset value and redemption price
per share
(Net assets divided by shares outstanding)
|
|
$12.13
|
Maximum offering price per share
(100/94.25 of
net asset value per share,
which takes into account the fund’s current maximum
sales charge)
|
|
$12.87
|
American Funds 2050 Target Date
Retirement Fund
Determination of net asset value,
redemption price and maximum offering price per share for Class A shares — October 31, 2012
Net asset value and redemption price
per share
(Net assets divided by shares outstanding)
|
|
$9.92
|
Maximum offering price per share
(100/94.25 of
net asset value per share,
which takes into account the fund’s current maximum
sales charge)
|
|
$10.53
|
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82
|
American Funds 2045 Target Date
Retirement Fund
Determination of net asset value,
redemption price and maximum offering price per share for Class A shares — October 31, 2012
Net asset value and redemption price
per share
(Net assets divided by shares outstanding)
|
|
$10.11
|
Maximum offering price per share
(100/94.25 of
net asset value per share,
which takes into account the fund’s current maximum
sales charge)
|
|
$10.73
|
American Funds 2040 Target Date
Retirement Fund
Determination of net asset value,
redemption price and maximum offering price per share for Class A shares — October 31, 2012
Net asset value and redemption price
per share
(Net assets divided by shares outstanding)
|
|
$10.12
|
Maximum offering price per share
(100/94.25 of
net asset value per share,
which takes into account the fund’s current maximum
sales charge)
|
|
$10.74
|
American Funds 2035 Target Date
Retirement Fund
Determination of net asset value,
redemption price and maximum offering price per share for Class A shares — October 31, 2012
Net asset value and redemption price
per share
(Net assets divided by shares outstanding)
|
|
$10.05
|
Maximum offering price per share
(100/94.25 of
net asset value per share,
which takes into account the fund’s current maximum
sales charge)
|
|
$10.66
|
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83
|
American Funds 2030 Target Date
Retirement Fund
Determination of net asset value,
redemption price and maximum offering price per share for Class A shares — October 31, 2012
Net asset value and redemption price
per share
(Net assets divided by shares outstanding)
|
|
$10.12
|
Maximum offering price per share
(100/94.25 of
net asset value per share,
which takes into account the fund’s current maximum
sales charge)
|
|
$10.74
|
American Funds 2025 Target Date
Retirement Fund
Determination of net asset value,
redemption price and maximum offering price per share for Class A shares — October 31, 2012
Net asset value and redemption price
per share
(Net assets divided by shares outstanding)
|
|
$9.89
|
Maximum offering price per share
(100/94.25 of
net asset value per share,
which takes into account the fund’s current maximum
sales charge)
|
|
$10.49
|
American Funds 2020 Target Date
Retirement Fund
Determination of net asset value,
redemption price and maximum offering price per share for Class A shares — October 31, 2012
Net asset value and redemption price
per share
(Net assets divided by shares outstanding)
|
|
$9.81
|
Maximum offering price per share
(100/94.25 of
net asset value per share,
which takes into account the fund’s current maximum
sales charge)
|
|
$10.41
|
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84
|
American Funds 2015 Target Date
Retirement Fund
Determination of net asset value,
redemption price and maximum offering price per share for Class A shares — October 31, 2012
Net asset value and redemption price
per share
(Net assets divided by shares outstanding)
|
|
$9.86
|
Maximum offering price per share
(100/94.25 of
net asset value per share,
which takes into account the fund’s current maximum
sales charge)
|
|
$10.46
|
American Funds 2010 Target Date
Retirement Fund
Determination of net asset value,
redemption price and maximum offering price per share for Class A shares — October 31, 2012
Net asset value and redemption price
per share
(Net assets divided by shares outstanding)
|
|
$9.77
|
Maximum offering price per share
(100/94.25 of
net asset value per share,
which takes into account the fund’s current maximum
sales charge)
|
|
$10.37
|
Other information —
The
fund reserves the right to modify the privileges described in this statement of additional information at any time.
The financial statements, including the
investment portfolio and the report of the series’ independent registered public accounting firm contained in the annual
report, are included in this statement of additional information.
American Funds Target Date Retirement Series - Page
85
|
Fund numbers — Here are the fund
numbers for use with our automated telephone line, American FundsLine
®
, or when making
share transactions:
|
Fund numbers
|
Fund
|
Class
A
|
|
Class
B
|
|
Class
C
|
|
Class
F-1
|
|
Class
F-2
|
|
|
Stock and stock/bond funds
|
|
|
|
|
|
|
|
|
|
|
|
AMCAP Fund
®
|
002
|
|
202
|
|
302
|
|
402
|
|
602
|
|
|
American Balanced
Fund
®
|
011
|
|
211
|
|
311
|
|
411
|
|
611
|
|
|
American Funds
Global Balanced Fund
SM
|
037
|
|
237
|
|
337
|
|
437
|
|
637
|
|
|
American Mutual
Fund
®
|
003
|
|
203
|
|
303
|
|
403
|
|
603
|
|
|
Capital Income
Builder
®
|
012
|
|
212
|
|
312
|
|
412
|
|
612
|
|
|
Capital World
Growth and Income Fund
®
|
033
|
|
233
|
|
333
|
|
433
|
|
633
|
|
|
EuroPacific Growth
Fund
®
|
016
|
|
216
|
|
316
|
|
416
|
|
616
|
|
|
Fundamental Investors
SM
|
010
|
|
210
|
|
310
|
|
410
|
|
610
|
|
|
The Growth Fund
of America
®
|
005
|
|
205
|
|
305
|
|
405
|
|
605
|
|
|
The Income Fund
of America
®
|
006
|
|
206
|
|
306
|
|
406
|
|
606
|
|
|
International
Growth and Income Fund
SM
|
034
|
|
234
|
|
334
|
|
434
|
|
634
|
|
|
The Investment
Company of America
®
|
004
|
|
204
|
|
304
|
|
404
|
|
604
|
|
|
The New Economy
Fund
®
|
014
|
|
214
|
|
314
|
|
414
|
|
614
|
|
|
New Perspective
Fund
®
|
007
|
|
207
|
|
307
|
|
407
|
|
607
|
|
|
New World Fund
®
|
036
|
|
236
|
|
336
|
|
436
|
|
636
|
|
|
SMALLCAP World
Fund
®
|
035
|
|
235
|
|
335
|
|
435
|
|
635
|
|
|
Washington Mutual
Investors Fund
SM
|
001
|
|
201
|
|
301
|
|
401
|
|
601
|
|
|
Bond funds
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
Mortgage Fund
®
|
042
|
|
242
|
|
342
|
|
442
|
|
642
|
|
|
American Funds
Short-Term Tax-Exempt
Bond Fund
®
|
039
|
|
N/A
|
|
N/A
|
|
439
|
|
639
|
|
|
American Funds
Tax-Exempt Fund of
New York
®
|
041
|
|
241
|
|
341
|
|
441
|
|
641
|
|
|
American High-Income
Municipal Bond Fund
®
|
040
|
|
240
|
|
340
|
|
440
|
|
640
|
|
|
American High-Income
Trust
®
|
021
|
|
221
|
|
321
|
|
421
|
|
621
|
|
|
The Bond Fund
of America
®
|
008
|
|
208
|
|
308
|
|
408
|
|
608
|
|
|
Capital World
Bond Fund
®
|
031
|
|
231
|
|
331
|
|
431
|
|
631
|
|
|
Intermediate Bond
Fund of America
®
|
023
|
|
223
|
|
323
|
|
423
|
|
623
|
|
|
Limited Term Tax-Exempt
Bond Fund
of America
®
|
043
|
|
243
|
|
343
|
|
443
|
|
643
|
|
|
Short-Term Bond
Fund of America
®
|
048
|
|
248
|
|
348
|
|
448
|
|
648
|
|
|
The Tax-Exempt
Bond Fund of America
®
|
019
|
|
219
|
|
319
|
|
419
|
|
619
|
|
|
The Tax-Exempt
Fund of California
®
*
|
020
|
|
220
|
|
320
|
|
420
|
|
620
|
|
|
The Tax-Exempt
Fund of Maryland
®
*
|
024
|
|
224
|
|
324
|
|
424
|
|
624
|
|
|
The Tax-Exempt
Fund of Virginia
®
*
|
025
|
|
225
|
|
325
|
|
425
|
|
625
|
|
|
U.S. Government
Securities Fund
®
|
022
|
|
222
|
|
322
|
|
422
|
|
622
|
|
|
Money market fund
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
Money Market Fund
®
|
059
|
|
259
|
|
359
|
|
459
|
|
659
|
|
|
___________
*Qualified for sale only in certain
jurisdictions.
American Funds Target Date Retirement Series - Page
86
|
|
Fund numbers
|
Fund
|
Class
529-A
|
|
Class
529-B
|
|
Class
529-C
|
|
Class
529-E
|
|
Class
529-F-1
|
|
|
Stock and stock/bond funds
|
|
|
|
|
|
|
|
|
|
|
|
AMCAP Fund
|
1002
|
|
1202
|
|
1302
|
|
1502
|
|
1402
|
|
|
American Balanced Fund
|
1011
|
|
1211
|
|
1311
|
|
1511
|
|
1411
|
|
|
American Funds Global Balanced Fund
|
1037
|
|
1237
|
|
1337
|
|
1537
|
|
1437
|
|
|
American Mutual Fund
|
1003
|
|
1203
|
|
1303
|
|
1503
|
|
1403
|
|
|
Capital Income Builder
|
1012
|
|
1212
|
|
1312
|
|
1512
|
|
1412
|
|
|
Capital World Growth and Income Fund
|
1033
|
|
1233
|
|
1333
|
|
1533
|
|
1433
|
|
|
EuroPacific Growth Fund
|
1016
|
|
1216
|
|
1316
|
|
1516
|
|
1416
|
|
|
Fundamental Investors
|
1010
|
|
1210
|
|
1310
|
|
1510
|
|
1410
|
|
|
The Growth Fund of America
|
1005
|
|
1205
|
|
1305
|
|
1505
|
|
1405
|
|
|
The Income Fund of America
|
1006
|
|
1206
|
|
1306
|
|
1506
|
|
1406
|
|
|
International Growth and Income Fund
|
1034
|
|
1234
|
|
1334
|
|
1534
|
|
1434
|
|
|
The Investment Company of America
|
1004
|
|
1204
|
|
1304
|
|
1504
|
|
1404
|
|
|
The New Economy Fund
|
1014
|
|
1214
|
|
1314
|
|
1514
|
|
1414
|
|
|
New Perspective Fund
|
1007
|
|
1207
|
|
1307
|
|
1507
|
|
1407
|
|
|
New World Fund
|
1036
|
|
1236
|
|
1336
|
|
1536
|
|
1436
|
|
|
SMALLCAP World Fund
|
1035
|
|
1235
|
|
1335
|
|
1535
|
|
1435
|
|
|
Washington Mutual Investors Fund
|
1001
|
|
1201
|
|
1301
|
|
1501
|
|
1401
|
|
|
Bond funds
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Mortgage Fund
|
1042
|
|
1242
|
|
1342
|
|
1542
|
|
1442
|
|
|
American High-Income Trust
|
1021
|
|
1221
|
|
1321
|
|
1521
|
|
1421
|
|
|
The Bond Fund of America
|
1008
|
|
1208
|
|
1308
|
|
1508
|
|
1408
|
|
|
Capital World Bond Fund
|
1031
|
|
1231
|
|
1331
|
|
1531
|
|
1431
|
|
|
Intermediate Bond Fund of America
|
1023
|
|
1223
|
|
1323
|
|
1523
|
|
1423
|
|
|
Short-Term Bond Fund of America
|
1048
|
|
1248
|
|
1348
|
|
1548
|
|
1448
|
|
|
U.S. Government Securities Fund
|
1022
|
|
1222
|
|
1322
|
|
1522
|
|
1422
|
|
|
Money market fund
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Money Market Fund
|
1059
|
|
1259
|
|
1359
|
|
1559
|
|
1459
|
|
|
American Funds Target Date Retirement Series - Page
87
|
|
Fund numbers
|
Fund
|
Class
R-1
|
|
Class
R-2
|
|
Class
R-3
|
|
Class
R-4
|
|
Class
R-5
|
|
Class
R-6
|
|
Stock and stock/bond funds
|
|
|
|
|
|
|
|
|
|
|
|
|
AMCAP Fund
|
2102
|
|
2202
|
|
2302
|
|
2402
|
|
2502
|
|
2602
|
|
American Balanced Fund
|
2111
|
|
2211
|
|
2311
|
|
2411
|
|
2511
|
|
2611
|
|
American Funds Global Balanced Fund
|
2137
|
|
2237
|
|
2337
|
|
2437
|
|
2537
|
|
2637
|
|
American Mutual Fund
|
2103
|
|
2203
|
|
2303
|
|
2403
|
|
2503
|
|
2603
|
|
Capital Income Builder
|
2112
|
|
2212
|
|
2312
|
|
2412
|
|
2512
|
|
2612
|
|
Capital World Growth and Income Fund
|
2133
|
|
2233
|
|
2333
|
|
2433
|
|
2533
|
|
2633
|
|
EuroPacific Growth Fund
|
2116
|
|
2216
|
|
2316
|
|
2416
|
|
2516
|
|
2616
|
|
Fundamental Investors
|
2110
|
|
2210
|
|
2310
|
|
2410
|
|
2510
|
|
2610
|
|
The Growth Fund of America
|
2105
|
|
2205
|
|
2305
|
|
2405
|
|
2505
|
|
2605
|
|
The Income Fund of America
|
2106
|
|
2206
|
|
2306
|
|
2406
|
|
2506
|
|
2606
|
|
International Growth and Income Fund
|
2134
|
|
2234
|
|
2334
|
|
2434
|
|
2534
|
|
2634
|
|
The Investment Company of America
|
2104
|
|
2204
|
|
2304
|
|
2404
|
|
2504
|
|
2604
|
|
The New Economy Fund
|
2114
|
|
2214
|
|
2314
|
|
2414
|
|
2514
|
|
2614
|
|
New Perspective Fund
|
2107
|
|
2207
|
|
2307
|
|
2407
|
|
2507
|
|
2607
|
|
New World Fund
|
2136
|
|
2236
|
|
2336
|
|
2436
|
|
2536
|
|
2636
|
|
SMALLCAP World Fund
|
2135
|
|
2235
|
|
2335
|
|
2435
|
|
2535
|
|
2635
|
|
Washington Mutual Investors Fund
|
2101
|
|
2201
|
|
2301
|
|
2401
|
|
2501
|
|
2601
|
|
Bond funds
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Mortgage Fund
|
2142
|
|
2242
|
|
2342
|
|
2442
|
|
2542
|
|
2642
|
|
American High-Income Trust
|
2121
|
|
2221
|
|
2321
|
|
2421
|
|
2521
|
|
2621
|
|
The Bond Fund of America
|
2108
|
|
2208
|
|
2308
|
|
2408
|
|
2508
|
|
2608
|
|
Capital World Bond Fund
|
2131
|
|
2231
|
|
2331
|
|
2431
|
|
2531
|
|
2631
|
|
Intermediate Bond Fund of America
|
2123
|
|
2223
|
|
2323
|
|
2423
|
|
2523
|
|
2623
|
|
Short-Term Bond Fund of America
|
2148
|
|
2248
|
|
2348
|
|
2448
|
|
2548
|
|
2648
|
|
U.S. Government Securities Fund
|
2122
|
|
2222
|
|
2322
|
|
2422
|
|
2522
|
|
2622
|
|
Money market fund
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Money Market Fund
|
2159
|
|
2259
|
|
2359
|
|
2459
|
|
2559
|
|
2659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series - Page
88
|
|
Fund numbers
|
Fund
|
Class
A
|
Class
R-1
|
|
Class
R-2
|
|
Class
R-3
|
|
Class
R-4
|
|
Class
R-5
|
|
Class
R-6
|
|
American
Funds Target Date
Retirement Series
®
|
American Funds 2055
Target Date
Retirement Fund
®
|
082
|
2182
|
|
2282
|
|
2382
|
|
2482
|
|
2582
|
|
2682
|
|
American Funds 2050
Target Date
Retirement Fund
®
|
069
|
2169
|
|
2269
|
|
2369
|
|
2469
|
|
2569
|
|
2669
|
|
American Funds 2045
Target Date
Retirement Fund
®
|
068
|
2168
|
|
2268
|
|
2368
|
|
2468
|
|
2568
|
|
2668
|
|
American Funds 2040
Target Date
Retirement Fund
®
|
067
|
2167
|
|
2267
|
|
2367
|
|
2467
|
|
2567
|
|
2667
|
|
American Funds 2035
Target Date
Retirement Fund
®
|
066
|
2166
|
|
2266
|
|
2366
|
|
2466
|
|
2566
|
|
2666
|
|
American Funds 2030
Target Date
Retirement Fund
®
|
065
|
2165
|
|
2265
|
|
2365
|
|
2465
|
|
2565
|
|
2665
|
|
American Funds 2025
Target Date
Retirement Fund
®
|
064
|
2164
|
|
2264
|
|
2364
|
|
2464
|
|
2564
|
|
2664
|
|
American Funds 2020
Target Date
Retirement Fund
®
|
063
|
2163
|
|
2263
|
|
2363
|
|
2463
|
|
2563
|
|
2663
|
|
American Funds 2015
Target Date
Retirement Fund
®
|
062
|
2162
|
|
2262
|
|
2362
|
|
2462
|
|
2562
|
|
2662
|
|
American Funds 2010
Target Date
Retirement Fund
®
|
061
|
2161
|
|
2261
|
|
2361
|
|
2461
|
|
2561
|
|
2661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
numbers
|
Fund
|
Class
529-A
|
|
Class
529-B
|
|
Class
529-C
|
|
Class
529-E
|
|
Class
529-F-1
|
|
|
American Funds
College Target Date Series
SM
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
College 2030 Fund
SM
|
1094
|
|
1294
|
|
1394
|
|
1594
|
|
1494
|
|
|
American Funds
College 2027 Fund
SM
|
1093
|
|
1293
|
|
1393
|
|
1593
|
|
1493
|
|
|
American Funds
College 2024 Fund
SM
|
1092
|
|
1292
|
|
1392
|
|
1592
|
|
1492
|
|
|
American Funds
College 2021 Fund
SM
|
1091
|
|
1291
|
|
1391
|
|
1591
|
|
1491
|
|
|
American Funds
College 2018 Fund
SM
|
1090
|
|
1290
|
|
1390
|
|
1590
|
|
1490
|
|
|
American Funds
College 2015 Fund
SM
|
1089
|
|
1289
|
|
1389
|
|
1589
|
|
1489
|
|
|
American Funds
College Enrollment Fund
SM
|
1088
|
|
1288
|
|
1388
|
|
1588
|
|
1488
|
|
|
American Funds Target Date Retirement Series - Page
89
|
|
Fund
numbers
|
Fund
|
Class
A
|
|
Class
B
|
|
Class
C
|
|
Class
F-1
|
|
Class
F-2
|
|
|
American Funds
Portfolio Series
SM
|
|
|
|
|
|
|
|
|
|
|
|
American Funds
Global Growth Portfolio
SM
|
055
|
|
255
|
|
355
|
|
455
|
|
655
|
|
|
American Funds
Growth Portfolio
SM
|
053
|
|
253
|
|
353
|
|
453
|
|
653
|
|
|
American Funds
Growth and Income Portfolio
SM
|
051
|
|
251
|
|
351
|
|
451
|
|
651
|
|
|
American Funds
Balanced Portfolio
SM
|
050
|
|
250
|
|
350
|
|
450
|
|
650
|
|
|
American Funds
Income Portfolio
SM
|
047
|
|
247
|
|
347
|
|
447
|
|
647
|
|
|
American Funds
Tax-Advantaged
Income Portfolio
SM
|
046
|
|
246
|
|
346
|
|
446
|
|
646
|
|
|
American Funds
Preservation Portfolio
SM
|
045
|
|
245
|
|
345
|
|
445
|
|
645
|
|
|
American Funds
Tax-Exempt
Preservation Portfolio
SM
|
044
|
|
244
|
|
344
|
|
444
|
|
644
|
|
|
|
Class
529-A
|
|
Class
529-B
|
|
Class
529-C
|
|
Class
529-E
|
|
Class
529-F-1
|
|
|
American Funds Global Growth Portfolio
|
1055
|
|
1255
|
|
1355
|
|
1555
|
|
1455
|
|
|
American Funds Growth Portfolio
|
1053
|
|
1253
|
|
1353
|
|
1553
|
|
1453
|
|
|
American Funds Growth and Income Portfolio
|
1051
|
|
1251
|
|
1351
|
|
1551
|
|
1451
|
|
|
American Funds Balanced Portfolio
|
1050
|
|
1250
|
|
1350
|
|
1550
|
|
1450
|
|
|
American Funds Income Portfolio
|
1047
|
|
1247
|
|
1347
|
|
1547
|
|
1447
|
|
|
American Funds Tax-Advantaged
Income Portfolio
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
American Funds Preservation Portfolio
|
1045
|
|
1245
|
|
1345
|
|
1545
|
|
1445
|
|
|
American Funds Tax-Exempt
Preservation Portfolio
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
Class
R-1
|
|
Class
R-2
|
|
Class
R-3
|
|
Class
R-4
|
|
Class
R-5
|
|
Class
R-6
|
|
American Funds Global Growth Portfolio
|
2155
|
|
2255
|
|
2355
|
|
2455
|
|
2555
|
|
2655
|
|
American Funds Growth Portfolio
|
2153
|
|
2253
|
|
2353
|
|
2453
|
|
2553
|
|
2653
|
|
American Funds Growth and Income Portfolio
|
2151
|
|
2251
|
|
2351
|
|
2451
|
|
2551
|
|
2651
|
|
American Funds Balanced Portfolio
|
2150
|
|
2250
|
|
2350
|
|
2450
|
|
2550
|
|
2650
|
|
American Funds Income Portfolio
|
2147
|
|
2247
|
|
2347
|
|
2447
|
|
2547
|
|
2647
|
|
American Funds Tax-Advantaged
Income Portfolio
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
American Funds Preservation Portfolio
|
2145
|
|
2245
|
|
2345
|
|
2445
|
|
2545
|
|
2645
|
|
American Funds Tax-Exempt
Preservation Portfolio
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
American Funds Target Date Retirement Series - Page
90
|
Appendix
The following descriptions of debt security
ratings are based on information provided by Moody’s Investors Service, Standard & Poor’s Corporation and Fitch
Ratings, Inc.
Description of bond ratings
Moody’s
Long-term rating definitions
Aaa
Obligations rated Aaa are judged to be of the highest quality, with minimal credit risk.
Aa
Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.
A
Obligations rated A are considered upper-medium grade and are subject to low credit risk.
Baa
Obligations rated Baa are subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative
characteristics.
Ba
Obligations rated Ba are judged to have speculative elements and are subject to substantial credit risk.
B
Obligations rated B are considered speculative and are subject to high credit risk.
Caa
Obligations rated Caa are judged to be of poor standing and are subject to very high credit risk.
Ca
Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal
and interest.
C
Obligations rated C are the lowest rated class of bonds and are typically in default, with little prospect for recovery of principal
or interest.
Note:
Moody’s appends numerical
modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks
in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a
ranking in the lower end of that generic rating category.
American Funds Target Date Retirement Series - Page
91
|
Standard & Poor’s
Long-term issue credit ratings
AAA
An obligation rated AAA has the highest rating assigned by Standard & Poor’s. The obligor’s capacity to meet its
financial commitment on the obligation is extremely strong.
AA
An obligation rated AA differs from the highest-rated obligations only to a small degree. The obligor’s capacity to meet
its financial commitment on the obligation is very strong.
A
An obligation rated A is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than
obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitment on the obligation
is still strong.
BBB
An obligation rated BBB exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances
are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.
BB, B, CCC, CC, and C
Obligations rated BB, B, CCC, CC, and
C are regarded as having significant speculative characteristics. BB indicates the least degree of speculation and C the highest.
While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties
or major exposures to adverse conditions.
BB
An obligation rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties
or exposure to adverse business, financial, or economic conditions which could lead to the obligor’s inadequate capacity
to meet its financial commitment on the obligation.
B
An obligation rated B is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to
meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor’s
capacity or willingness to meet its financial commitment on the obligation.
CCC
An obligation rated CCC is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic
conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or
economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.
CC
An obligation rated CC is currently highly vulnerable to nonpayment.
American Funds Target Date Retirement Series - Page
92
|
C
A C rating is assigned to obligations that are currently highly vulnerable to nonpayment, obligations that have payment arrearages
allowed by the terms of the documents, or obligations of an issuer that is the subject of a bankruptcy petition or similar action
which have not experienced a payment default. Among others, the C rating may be assigned to subordinated debt, preferred stock
or other obligations on which cash payments have been suspended in accordance with the instrument’s terms or when preferred
stock is the subject of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash
or replaced by other instruments having a total value that is less than par.
D
An obligation rated D is in payment default. The D rating category is used when payments on an obligation are not made on the date
due even if the applicable grace period has not expired, unless Standard & Poor’s believes that such payments will be
made during such grace period. The D rating also will be used upon the filing of a bankruptcy petition or the taking of a similar
action if payments on an obligation are jeopardized. An obligation’s rating is lowered to D upon completion of a distressed
exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having
a total value that is less than par.
Plus (+) or minus (–)
The ratings from AA to CCC may be modified
by the addition of a plus or minus sign to show relative standing within the major rating categories.
NR
This indicates that no rating has been
requested, that there is insufficient information on which to base a rating, or that Standard & Poor’s does not rate
a particular obligation as a matter of policy.
American Funds Target Date Retirement Series - Page
93
|
Fitch Ratings, Inc.
Long-term credit ratings
AAA
Highest credit quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned only in case
of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected
by foreseeable events.
AA
Very high credit quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very strong capacity
for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.
A
High credit quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of financial commitments
is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions
than is the case for higher ratings.
BBB
Good credit quality. ‘BBB’ ratings indicate that there is currently expectations of low credit risk. The capacity for
payment of financial commitments is considered adequate but adverse changes in circumstances and economic conditions are more likely
to impair this capacity. This is the lowest investment grade category.
BB
Speculative. ‘BB’ ratings indicate that there is a possibility of credit risk developing, particularly as the result
of adverse economic change over time; however, business or financial alternatives may be available to allow financial commitments
to be met. Securities rated in this category are not investment grade.
B
Highly speculative.
|
·
|
For issuers and performing obligations, ‘B’ ratings indicate that significant credit
risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued
payment is contingent upon a sustained, favorable business and economic environment.
|
|
·
|
For individual obligations, may indicate distressed or defaulted obligations with potential for
extremely high recoveries. Such obligations would possess a Recovery Rating of ‘R1’ (outstanding).
|
CCC
|
·
|
For issuers and performing obligations, default is a real possibility. Capacity for meeting financial
commitments is solely reliant upon sustained, favorable business or economic conditions.
|
|
·
|
For
individual obligations,
may indicate distressed
or defaulted obligations
with potential for
average to superior
levels of recovery.
Differences in credit
quality
|
American Funds Target Date Retirement Series - Page
94
|
|
·
|
may be denoted by plus/minus distinctions. Such obligations typically would possess a Recovery
Rating of ‘R2’ (superior), ‘R3’ (good) or ‘R4’ (average).
|
CC
|
·
|
For issuers and performing obligations, default of some kind appears probable.
|
|
·
|
For individual obligations, may indicate distressed or defaulted obligations with a Recovery Rating
of ‘R4’ (average) or ‘R5’ (below average).
|
C
|
·
|
For issuers and performing obligations, default is imminent.
|
|
·
|
For individual obligations, may indicate distressed or defaulted obligations with potential for
below-average to poor recoveries. Such obligations would possess a Recovery Rating of ‘R6’ (poor).
|
RD
Indicates an entity that has failed to make due payments (within the applicable grace period) on some but not all material financial
obligations, but continues to honor other classes of obligations.
D
Indicates an entity or sovereign that has defaulted on all of its financial obligations. Default generally is defined as one of
the following:
|
·
|
failure to make payment of principal and/or interest under the contractual terms of the rated obligation;
|
|
·
|
the bankruptcy filings, administration, receivership, liquidation or other winding-up or cessation
of the business of an issuer/obligor; or
|
|
·
|
the distressed exchange of an obligation, where creditors were offered securities with diminished
structural or economic terms compared with the existing obligation to avoid an imminent or inevitable default.
|
The modifiers “+” or
“–” may be appended to a rating to denote relative status within major rating categories. Such suffixes are not
added to the ‘AAA’ long-term rating category, or categories below ‘B’.
American Funds Target Date Retirement Series - Page
95
|
Description of commercial paper ratings
Moody’s
Commercial paper ratings (highest
three ratings)
P-1
Issuers (or supporting institutions)
rated Prime-1 have a superior ability to repay short-term debt obligations.
P-2
Issuers (or supporting institutions)
rated Prime-2 have a strong ability to repay short-term debt obligations.
P-3
Issuers (or supporting institutions)
rated Prime-3 have an acceptable ability to repay short-term obligations.
Standard & Poor’s
Commercial paper ratings (highest
three ratings)
A-1
A short-term obligation rated A-1 is
rated in the highest category by Standard & Poor’s. The obligor’s capacity to meet its financial commitment on
the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the
obligor’s capacity to meet its financial commitment on these obligations is extremely strong.
A-2
A short-term obligation rated A-2 is
somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher
rating categories. However, the obligor’s capacity to meet its financial commitment on the obligation is satisfactory.
A-3
A short-term obligation rated A-3 exhibits
adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened
capacity of the obligor to meet its financial commitment on the obligation.
American Funds Target Date Retirement Series - Page
96
|
|
American Funds 2055 Target Date Retirement Fund
|
Investment portfolio, October 31, 2012
|
Designed for investors who
plan to retire in or near 2055.
|
|
|
|
|
|
|
|
|
|
|
Fund investments
|
|
Shares
|
|
Value
(000)
|
|
Percent of
net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth funds 40.0%
|
|
|
|
|
|
|
|
|
|
|
AMCAP Fund, Class R-6
|
|
|
360,497
|
|
$
|
7,603
|
|
|
7.0
|
%
|
EuroPacific Growth Fund, Class R-6
|
|
|
109,186
|
|
|
4,344
|
|
|
4.0
|
|
The Growth Fund of America, Inc., Class R-6
|
|
|
226,681
|
|
|
7,603
|
|
|
7.0
|
|
The New Economy Fund, Class R-6
|
|
|
153,299
|
|
|
4,345
|
|
|
4.0
|
|
New Perspective Fund, Inc., Class R-6
|
|
|
250,754
|
|
|
7,603
|
|
|
7.0
|
|
New World Fund, Inc., Class R-6
|
|
|
82,564
|
|
|
4,344
|
|
|
4.0
|
|
SMALLCAP World Fund, Inc., Class R-6
|
|
|
194,596
|
|
|
7,603
|
|
|
7.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,445
|
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth-and-income funds 45.0%
|
|
|
|
|
|
|
|
|
|
|
American Mutual Fund, Class R-6
|
|
|
307,249
|
|
|
8,689
|
|
|
8.0
|
|
Capital World Growth and Income Fund, Inc., Class R-6
|
|
|
210,664
|
|
|
7,603
|
|
|
7.0
|
|
Fundamental Investors, Class R-6
|
|
|
218,097
|
|
|
8,689
|
|
|
8.0
|
|
International Growth and Income Fund, Class R-6
|
|
|
144,865
|
|
|
4,344
|
|
|
4.0
|
|
The Investment Company of America, Class R-6
|
|
|
321,656
|
|
|
9,775
|
|
|
9.0
|
|
Washington Mutual Investors Fund, Class R-6
|
|
|
314,212
|
|
|
9,775
|
|
|
9.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,875
|
|
|
45.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-income and Balanced funds 10.0%
|
|
|
|
|
|
|
|
|
|
|
American Balanced Fund, Class R-6
|
|
|
215,608
|
|
|
4,344
|
|
|
4.0
|
|
Capital Income Builder, Class R-6
|
|
|
61,758
|
|
|
3,259
|
|
|
3.0
|
|
The Income Fund of America, Class R-6
|
|
|
181,121
|
|
|
3,258
|
|
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,861
|
|
|
10.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds 5.0%
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Securities Fund, Class R-6
|
|
|
372,216
|
|
|
5,431
|
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities (cost: $103,326,000)
|
|
|
|
|
|
108,612
|
|
|
100.0
|
|
Other assets less liabilities
|
|
|
|
|
|
(51
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
|
|
$
|
108,561
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
|
|
12
|
American Funds Target Date Retirement Series
|
|
American Funds 2050 Target Date Retirement Fund
|
Investment portfolio, October 31, 2012
|
Designed for investors who
plan to retire in or near 2050.
|
|
|
|
|
|
|
|
|
|
|
Fund investments
|
|
Shares
|
|
Value
(000)
|
|
Percent of
net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth funds 40.0%
|
|
|
|
|
|
|
|
|
|
|
AMCAP Fund, Class R-6
|
|
|
1,965,530
|
|
$
|
41,453
|
|
|
7.0
|
%
|
EuroPacific Growth Fund, Class R-6
|
|
|
596,513
|
|
|
23,735
|
|
|
4.0
|
|
The Growth Fund of America, Inc., Class R-6
|
|
|
1,235,928
|
|
|
41,453
|
|
|
7.0
|
|
The New Economy Fund, Class R-6
|
|
|
840,050
|
|
|
23,807
|
|
|
4.0
|
|
New Perspective Fund, Inc., Class R-6
|
|
|
1,367,184
|
|
|
41,453
|
|
|
7.0
|
|
New World Fund, Inc., Class R-6
|
|
|
452,965
|
|
|
23,835
|
|
|
4.0
|
|
SMALLCAP World Fund, Inc., Class R-6
|
|
|
1,061,179
|
|
|
41,461
|
|
|
7.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
237,197
|
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth-and-income funds 45.0%
|
|
|
|
|
|
|
|
|
|
|
American Mutual Fund, Class R-6
|
|
|
1,677,250
|
|
|
47,433
|
|
|
8.0
|
|
Capital World Growth and Income Fund, Inc., Class R-6
|
|
|
1,149,661
|
|
|
41,491
|
|
|
7.0
|
|
Fundamental Investors, Class R-6
|
|
|
1,190,578
|
|
|
47,433
|
|
|
8.0
|
|
International Growth and Income Fund, Class R-6
|
|
|
793,277
|
|
|
23,790
|
|
|
4.0
|
|
The Investment Company of America, Class R-6
|
|
|
1,756,141
|
|
|
53,369
|
|
|
9.0
|
|
Washington Mutual Investors Fund, Class R-6
|
|
|
1,715,498
|
|
|
53,369
|
|
|
9.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
266,885
|
|
|
45.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-income and Balanced funds 10.0%
|
|
|
|
|
|
|
|
|
|
|
American Balanced Fund, Class R-6
|
|
|
1,177,798
|
|
|
23,733
|
|
|
4.0
|
|
Capital Income Builder, Class R-6
|
|
|
337,891
|
|
|
17,827
|
|
|
3.0
|
|
The Income Fund of America, Class R-6
|
|
|
991,935
|
|
|
17,845
|
|
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59,405
|
|
|
10.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds 5.0%
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Securities Fund, Class R-6
|
|
|
2,067,333
|
|
|
30,162
|
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities (cost: $532,920,000)
|
|
|
|
|
|
593,649
|
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets less liabilities
|
|
|
|
|
|
(436
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
|
|
$
|
593,213
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
|
|
American Funds Target Date Retirement Series
|
13
|
|
American Funds 2045 Target Date Retirement Fund
|
Investment portfolio, October 31, 2012
|
Designed for investors who
plan to retire in or near 2045.
|
|
|
|
|
|
|
|
|
|
|
Fund investments
|
|
Shares
|
|
Value
(000)
|
|
Percent of
net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth funds 39.9%
|
|
|
|
|
|
|
|
|
|
|
AMCAP Fund, Class R-6
|
|
|
2,128,178
|
|
$
|
44,883
|
|
|
7.0
|
%
|
EuroPacific Growth Fund, Class R-6
|
|
|
643,963
|
|
|
25,624
|
|
|
3.9
|
|
The Growth Fund of America, Inc., Class R-6
|
|
|
1,338,202
|
|
|
44,883
|
|
|
7.0
|
|
The New Economy Fund, Class R-6
|
|
|
908,393
|
|
|
25,744
|
|
|
4.0
|
|
New Perspective Fund, Inc., Class R-6
|
|
|
1,480,319
|
|
|
44,883
|
|
|
7.0
|
|
New World Fund, Inc., Class R-6
|
|
|
488,927
|
|
|
25,728
|
|
|
4.0
|
|
SMALLCAP World Fund, Inc., Class R-6
|
|
|
1,148,791
|
|
|
44,883
|
|
|
7.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
256,628
|
|
|
39.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth-and-income funds 45.0%
|
|
|
|
|
|
|
|
|
|
|
American Mutual Fund, Class R-6
|
|
|
1,814,117
|
|
|
51,303
|
|
|
8.0
|
|
Capital World Growth and Income Fund, Inc., Class R-6
|
|
|
1,245,462
|
|
|
44,949
|
|
|
7.0
|
|
Fundamental Investors, Class R-6
|
|
|
1,287,529
|
|
|
51,295
|
|
|
8.0
|
|
International Growth and Income Fund, Class R-6
|
|
|
856,132
|
|
|
25,676
|
|
|
4.0
|
|
The Investment Company of America, Class R-6
|
|
|
1,901,164
|
|
|
57,776
|
|
|
9.0
|
|
Washington Mutual Investors Fund, Class R-6
|
|
|
1,855,546
|
|
|
57,726
|
|
|
9.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
288,725
|
|
|
45.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-income and Balanced funds 10.0%
|
|
|
|
|
|
|
|
|
|
|
American Balanced Fund, Class R-6
|
|
|
1,272,230
|
|
|
25,636
|
|
|
4.0
|
|
Capital Income Builder, Class R-6
|
|
|
365,034
|
|
|
19,259
|
|
|
3.0
|
|
The Income Fund of America, Class R-6
|
|
|
1,071,553
|
|
|
19,277
|
|
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64,172
|
|
|
10.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds 5.1%
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Securities Fund, Class R-6
|
|
|
2,245,183
|
|
|
32,757
|
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities (cost: $572,284,000)
|
|
|
|
|
|
642,282
|
|
|
100.0
|
|
Other assets less liabilities
|
|
|
|
|
|
(407
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
|
|
$
|
641,875
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
|
|
14
|
American Funds Target Date Retirement Series
|
|
American Funds 2040 Target Date Retirement Fund
|
Investment portfolio, October 31, 2012
|
Designed for investors who
plan to retire in or near 2040.
|
|
|
|
|
|
|
|
|
|
|
Fund investments
|
|
Shares
|
|
Value
(000)
|
|
Percent of
net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth funds 40.0%
|
|
|
|
|
|
|
|
|
|
|
AMCAP Fund, Class R-6
|
|
|
3,990,325
|
|
$
|
84,156
|
|
|
7.0
|
%
|
EuroPacific Growth Fund, Class R-6
|
|
|
1,207,405
|
|
|
48,043
|
|
|
4.0
|
|
The Growth Fund of America, Inc., Class R-6
|
|
|
2,509,122
|
|
|
84,156
|
|
|
7.0
|
|
The New Economy Fund, Class R-6
|
|
|
1,701,973
|
|
|
48,234
|
|
|
4.0
|
|
New Perspective Fund, Inc., Class R-6
|
|
|
2,775,592
|
|
|
84,156
|
|
|
7.0
|
|
New World Fund, Inc., Class R-6
|
|
|
918,224
|
|
|
48,317
|
|
|
4.0
|
|
SMALLCAP World Fund, Inc., Class R-6
|
|
|
2,154,012
|
|
|
84,157
|
|
|
7.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
481,219
|
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth-and-income funds 45.0%
|
|
|
|
|
|
|
|
|
|
|
American Mutual Fund, Class R-6
|
|
|
3,400,853
|
|
|
96,176
|
|
|
8.0
|
|
Capital World Growth and Income Fund, Inc., Class R-6
|
|
|
2,334,294
|
|
|
84,245
|
|
|
7.0
|
|
Fundamental Investors, Class R-6
|
|
|
2,413,741
|
|
|
96,163
|
|
|
8.0
|
|
International Growth and Income Fund, Class R-6
|
|
|
1,611,484
|
|
|
48,328
|
|
|
4.0
|
|
The Investment Company of America, Class R-6
|
|
|
3,563,207
|
|
|
108,286
|
|
|
9.0
|
|
Washington Mutual Investors Fund, Class R-6
|
|
|
3,478,467
|
|
|
108,215
|
|
|
9.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
541,413
|
|
|
45.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-income and Balanced funds 9.9%
|
|
|
|
|
|
|
|
|
|
|
American Balanced Fund, Class R-6
|
|
|
2,382,175
|
|
|
48,001
|
|
|
3.9
|
|
Capital Income Builder, Class R-6
|
|
|
683,219
|
|
|
36,046
|
|
|
3.0
|
|
The Income Fund of America, Class R-6
|
|
|
2,004,386
|
|
|
36,059
|
|
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
120,106
|
|
|
9.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds 5.1%
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Securities Fund, Class R-6
|
|
|
4,191,885
|
|
|
61,160
|
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities (cost: $1,069,905,000)
|
|
|
|
|
|
1,203,898
|
|
|
100.0
|
|
Other assets less liabilities
|
|
|
|
|
|
(771
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
|
|
$
|
1,203,127
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series
|
15
|
|
American Funds 2035 Target Date Retirement Fund
|
Investment portfolio, October 31, 2012
|
Designed for investors who
plan to retire in or near 2035.
|
|
|
|
|
|
|
|
|
|
|
Fund investments
|
|
Shares
|
|
Value
(000)
|
|
Percent of
net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth funds 40.0%
|
|
|
|
|
|
|
|
|
|
|
AMCAP Fund, Class R-6
|
|
|
4,462,445
|
|
$
|
94,113
|
|
|
7.0
|
%
|
EuroPacific Growth Fund, Class R-6
|
|
|
1,350,321
|
|
|
53,729
|
|
|
4.0
|
|
The Growth Fund of America, Inc., Class R-6
|
|
|
2,805,992
|
|
|
94,113
|
|
|
7.0
|
|
The New Economy Fund, Class R-6
|
|
|
1,901,999
|
|
|
53,903
|
|
|
4.0
|
|
New Perspective Fund, Inc., Class R-6
|
|
|
3,103,990
|
|
|
94,113
|
|
|
7.0
|
|
New World Fund, Inc., Class R-6
|
|
|
1,026,911
|
|
|
54,036
|
|
|
4.0
|
|
SMALLCAP World Fund, Inc., Class R-6
|
|
|
2,408,886
|
|
|
94,115
|
|
|
7.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
538,122
|
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth-and-income funds 40.0%
|
|
|
|
|
|
|
|
|
|
|
American Mutual Fund, Class R-6
|
|
|
3,327,006
|
|
|
94,088
|
|
|
7.0
|
|
Capital World Growth and Income Fund, Inc., Class R-6
|
|
|
2,238,386
|
|
|
80,783
|
|
|
6.0
|
|
Fundamental Investors, Class R-6
|
|
|
2,362,394
|
|
|
94,118
|
|
|
7.0
|
|
International Growth and Income Fund, Class R-6
|
|
|
1,797,054
|
|
|
53,894
|
|
|
4.0
|
|
The Investment Company of America, Class R-6
|
|
|
3,543,438
|
|
|
107,685
|
|
|
8.0
|
|
Washington Mutual Investors Fund, Class R-6
|
|
|
3,457,231
|
|
|
107,554
|
|
|
8.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
538,122
|
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-income and Balanced funds 14.9%
|
|
|
|
|
|
|
|
|
|
|
American Balanced Fund, Class R-6
|
|
|
3,330,105
|
|
|
67,102
|
|
|
4.9
|
|
Capital Income Builder, Class R-6
|
|
|
1,273,957
|
|
|
67,214
|
|
|
5.0
|
|
The Income Fund of America, Class R-6
|
|
|
3,739,736
|
|
|
67,278
|
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
201,594
|
|
|
14.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds 5.1%
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Securities Fund, Class R-6
|
|
|
4,692,674
|
|
|
68,466
|
|
|
5.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities (cost: $1,207,645,000)
|
|
|
|
|
|
1,346,304
|
|
|
100.0
|
|
Other assets less liabilities
|
|
|
|
|
|
(1,023
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
|
|
$
|
1,345,281
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
|
|
|
|
|
|
|
|
|
|
|
|
|
16
|
American Funds Target Date Retirement Series
|
|
American Funds 2030 Target Date Retirement Fund
|
Investment portfolio, October 31, 2012
|
Designed for investors who
plan to retire in or near 2030.
|
|
|
|
|
|
|
|
|
|
|
Fund investments
|
|
Shares
|
|
Value
(000)
|
|
Percent of
net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth funds 40.0%
|
|
|
|
|
|
|
|
|
|
|
AMCAP Fund, Class R-6
|
|
|
6,561,306
|
|
$
|
138,378
|
|
|
7.0
|
%
|
EuroPacific Growth Fund, Class R-6
|
|
|
1,993,880
|
|
|
79,336
|
|
|
4.0
|
|
The Growth Fund of America, Inc., Class R-6
|
|
|
4,129,466
|
|
|
138,502
|
|
|
7.0
|
|
The New Economy Fund, Class R-6
|
|
|
2,811,232
|
|
|
79,670
|
|
|
4.0
|
|
New Perspective Fund, Inc., Class R-6
|
|
|
4,560,347
|
|
|
138,270
|
|
|
7.0
|
|
New World Fund, Inc., Class R-6
|
|
|
1,516,334
|
|
|
79,790
|
|
|
4.0
|
|
SMALLCAP World Fund, Inc., Class R-6
|
|
|
3,548,547
|
|
|
138,642
|
|
|
7.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
792,588
|
|
|
40.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth-and-income funds 35.0%
|
|
|
|
|
|
|
|
|
|
|
American Mutual Fund, Class R-6
|
|
|
4,201,571
|
|
|
118,820
|
|
|
6.0
|
|
Capital World Growth and Income Fund, Inc., Class R-6
|
|
|
2,742,918
|
|
|
98,992
|
|
|
5.0
|
|
Fundamental Investors, Class R-6
|
|
|
2,982,441
|
|
|
118,820
|
|
|
6.0
|
|
International Growth and Income Fund, Class R-6
|
|
|
1,991,772
|
|
|
59,733
|
|
|
3.0
|
|
The Investment Company of America, Class R-6
|
|
|
4,562,372
|
|
|
138,651
|
|
|
7.0
|
|
Washington Mutual Investors Fund, Class R-6
|
|
|
5,094,200
|
|
|
158,481
|
|
|
8.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
693,497
|
|
|
35.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-income and Balanced funds 20.0%
|
|
|
|
|
|
|
|
|
|
|
American Balanced Fund, Class R-6
|
|
|
7,858,499
|
|
|
158,349
|
|
|
8.0
|
|
Capital Income Builder, Class R-6
|
|
|
2,257,434
|
|
|
119,102
|
|
|
6.0
|
|
The Income Fund of America, Class R-6
|
|
|
6,615,862
|
|
|
119,019
|
|
|
6.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
396,470
|
|
|
20.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds 5.0%
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Securities Fund, Class R-6
|
|
|
6,884,908
|
|
|
100,451
|
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities (cost: $1,771,204,000)
|
|
|
|
|
|
1,983,006
|
|
|
100.0
|
|
Other assets less liabilities
|
|
|
|
|
|
(1,551
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
|
|
$
|
1,981,455
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series
|
17
|
|
American Funds 2025 Target Date Retirement Fund
|
Investment portfolio, October 31, 2012
|
Designed for investors who
plan to retire in or near 2025.
|
|
|
|
|
|
|
|
|
|
|
Fund investments
|
|
Shares
|
|
Value
(000)
|
|
Percent of
net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth funds 35.0%
|
|
|
|
|
|
|
|
|
|
|
AMCAP Fund, Class R-6
|
|
|
5,664,896
|
|
$
|
119,473
|
|
|
6.0
|
%
|
EuroPacific Growth Fund, Class R-6
|
|
|
2,004,970
|
|
|
79,778
|
|
|
4.0
|
|
The Growth Fund of America, Inc., Class R-6
|
|
|
3,562,105
|
|
|
119,473
|
|
|
6.0
|
|
The New Economy Fund, Class R-6
|
|
|
2,116,132
|
|
|
59,971
|
|
|
3.0
|
|
New Perspective Fund, Inc., Class R-6
|
|
|
4,598,678
|
|
|
139,432
|
|
|
7.0
|
|
New World Fund, Inc., Class R-6
|
|
|
1,142,716
|
|
|
60,130
|
|
|
3.0
|
|
SMALLCAP World Fund, Inc., Class R-6
|
|
|
3,058,418
|
|
|
119,492
|
|
|
6.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
697,749
|
|
|
35.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth-and-income funds 35.0%
|
|
|
|
|
|
|
|
|
|
|
American Mutual Fund, Class R-6
|
|
|
4,223,616
|
|
|
119,444
|
|
|
6.0
|
|
Capital World Growth and Income Fund, Inc., Class R-6
|
|
|
2,764,734
|
|
|
99,779
|
|
|
5.0
|
|
Fundamental Investors, Class R-6
|
|
|
2,999,299
|
|
|
119,492
|
|
|
6.0
|
|
International Growth and Income Fund, Class R-6
|
|
|
2,000,613
|
|
|
59,998
|
|
|
3.0
|
|
The Investment Company of America, Class R-6
|
|
|
4,596,634
|
|
|
139,692
|
|
|
7.0
|
|
Washington Mutual Investors Fund, Class R-6
|
|
|
5,122,368
|
|
|
159,357
|
|
|
8.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
697,762
|
|
|
35.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-income and Balanced funds 19.9%
|
|
|
|
|
|
|
|
|
|
|
American Balanced Fund, Class R-6
|
|
|
7,906,409
|
|
|
159,314
|
|
|
7.9
|
|
Capital Income Builder, Class R-6
|
|
|
2,263,898
|
|
|
119,443
|
|
|
6.0
|
|
The Income Fund of America, Class R-6
|
|
|
6,647,953
|
|
|
119,597
|
|
|
6.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
398,354
|
|
|
19.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds 10.1%
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Securities Fund, Class R-6
|
|
|
13,852,282
|
|
|
202,105
|
|
|
10.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities (cost: $1,822,632,000)
|
|
|
|
|
|
1,995,970
|
|
|
100.0
|
|
Other assets less liabilities
|
|
|
|
|
|
(1,498
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
|
|
$
|
1,994,472
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements
|
|
|
|
|
|
|
|
|
|
|
|
|
18
|
American Funds Target Date Retirement Series
|
|
American Funds 2020 Target Date Retirement Fund
|
Investment portfolio, October 31, 2012
|
Designed for investors who
plan to retire in or near 2020.
|
|
|
|
|
|
|
|
|
|
|
Fund investments
|
|
Shares
|
|
Value
(000)
|
|
Percent of
net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth funds 19.9%
|
|
|
|
|
|
|
|
|
|
|
AMCAP Fund, Class R-6
|
|
|
4,348,273
|
|
$
|
91,705
|
|
|
3.9
|
%
|
EuroPacific Growth Fund, Class R-6
|
|
|
1,737,553
|
|
|
69,137
|
|
|
3.0
|
|
The Growth Fund of America, Inc., Class R-6
|
|
|
2,734,535
|
|
|
91,717
|
|
|
4.0
|
|
New Perspective Fund, Inc., Class R-6
|
|
|
3,785,903
|
|
|
114,788
|
|
|
5.0
|
|
New World Fund, Inc., Class R-6
|
|
|
440,042
|
|
|
23,155
|
|
|
1.0
|
|
SMALLCAP World Fund, Inc., Class R-6
|
|
|
1,762,058
|
|
|
68,844
|
|
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
459,346
|
|
|
19.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth-and-income funds 35.0%
|
|
|
|
|
|
|
|
|
|
|
American Mutual Fund, Class R-6
|
|
|
4,879,767
|
|
|
138,000
|
|
|
6.0
|
|
Capital World Growth and Income Fund, Inc., Class R-6
|
|
|
3,191,162
|
|
|
115,169
|
|
|
5.0
|
|
Fundamental Investors, Class R-6
|
|
|
3,463,009
|
|
|
137,966
|
|
|
6.0
|
|
International Growth and Income Fund, Class R-6
|
|
|
2,316,821
|
|
|
69,481
|
|
|
3.0
|
|
The Investment Company of America, Class R-6
|
|
|
5,308,285
|
|
|
161,319
|
|
|
7.0
|
|
Washington Mutual Investors Fund, Class R-6
|
|
|
5,916,235
|
|
|
184,054
|
|
|
8.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
805,989
|
|
|
35.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-income and Balanced funds 19.9%
|
|
|
|
|
|
|
|
|
|
|
American Balanced Fund, Class R-6
|
|
|
9,116,754
|
|
|
183,703
|
|
|
7.9
|
|
Capital Income Builder, Class R-6
|
|
|
2,612,616
|
|
|
137,842
|
|
|
6.0
|
|
The Income Fund of America, Class R-6
|
|
|
7,680,070
|
|
|
138,164
|
|
|
6.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
459,709
|
|
|
19.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds 25.2%
|
|
|
|
|
|
|
|
|
|
|
American Funds Mortgage Fund, Class R-6*
|
|
|
11,310,860
|
|
|
116,389
|
|
|
5.0
|
|
Capital World Bond Fund, Class R-6
|
|
|
5,381,291
|
|
|
116,020
|
|
|
5.0
|
|
Intermediate Bond Fund of America, Class R-6
|
|
|
8,446,362
|
|
|
116,391
|
|
|
5.1
|
|
U.S. Government Securities Fund, Class R-6
|
|
|
15,878,186
|
|
|
231,663
|
|
|
10.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
580,463
|
|
|
25.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities (cost: $2,152,280,000)
|
|
|
|
|
|
2,305,507
|
|
|
100.0
|
|
Other assets less liabilities
|
|
|
|
|
|
(933
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
|
|
$
|
2,304,574
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
American Funds Mortgage Fund is considered to be an affiliate of the fund under the Investment Company Act of 1940 since the fund holds 5% or more of its outstanding voting shares. Further details on this holding and related transactions during the year ended October 31, 2012, appear below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
shares
|
|
Additions
|
|
Reductions
|
|
Ending
shares
|
|
Dividend
income
(000)
|
|
Value of
affiliate at
10/31/2012
(000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Mortgage Fund, Class R-6
|
|
|
9,218,326
|
|
|
2,560,197
|
|
|
467,663
|
|
|
11,310,860
|
|
$
|
1,486
|
|
$
|
116,389
|
|
See Notes to Financial Statements
|
|
American Funds Target Date Retirement Series
|
19
|
|
American Funds 2015 Target Date Retirement Fund
|
Investment portfolio, October 31, 2012
|
Designed for investors who
plan to retire in or near 2015.
|
|
|
|
|
|
|
|
|
|
|
Fund investments
|
|
Shares
|
|
Value
(000)
|
|
Percent of
net assets
|
|
|
|
|
|
|
|
|
|
Growth funds 15.0%
|
|
|
|
|
|
|
|
|
|
|
AMCAP Fund, Class R-6
|
|
|
3,047,518
|
|
$
|
64,272
|
|
|
4.0
|
%
|
EuroPacific Growth Fund, Class R-6
|
|
|
1,211,055
|
|
|
48,188
|
|
|
3.0
|
|
The Growth Fund of America, Inc., Class R-6
|
|
|
1,435,780
|
|
|
48,156
|
|
|
3.0
|
|
New Perspective Fund, Inc., Class R-6
|
|
|
2,653,274
|
|
|
80,447
|
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
241,063
|
|
|
15.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth-and-income funds 30.0%
|
|
|
|
|
|
|
|
|
|
|
American Mutual Fund, Class R-6
|
|
|
3,416,347
|
|
|
96,614
|
|
|
6.0
|
|
Capital World Growth and Income Fund, Inc., Class R-6
|
|
|
2,232,989
|
|
|
80,589
|
|
|
5.0
|
|
Fundamental Investors, Class R-6
|
|
|
2,021,255
|
|
|
80,527
|
|
|
5.0
|
|
International Growth and Income Fund, Class R-6
|
|
|
1,076,465
|
|
|
32,283
|
|
|
2.0
|
|
The Investment Company of America, Class R-6
|
|
|
3,181,696
|
|
|
96,692
|
|
|
6.0
|
|
Washington Mutual Investors Fund, Class R-6
|
|
|
3,106,607
|
|
|
96,646
|
|
|
6.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
483,351
|
|
|
30.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-income and Balanced funds 20.0%
|
|
|
|
|
|
|
|
|
|
|
American Balanced Fund, Class R-6
|
|
|
6,395,930
|
|
|
128,878
|
|
|
8.0
|
|
Capital Income Builder, Class R-6
|
|
|
1,831,205
|
|
|
96,614
|
|
|
6.0
|
|
The Income Fund of America, Class R-6
|
|
|
5,365,810
|
|
|
96,531
|
|
|
6.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
322,023
|
|
|
20.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds 35.0%
|
|
|
|
|
|
|
|
|
|
|
American Funds Mortgage Fund, Class R-6*
|
|
|
7,829,947
|
|
|
80,570
|
|
|
5.0
|
|
The Bond Fund of America, Class R-6
|
|
|
6,212,040
|
|
|
80,570
|
|
|
5.0
|
|
Capital World Bond Fund, Class R-6
|
|
|
3,736,841
|
|
|
80,567
|
|
|
5.0
|
|
Intermediate Bond Fund of America, Class R-6
|
|
|
11,689,838
|
|
|
161,086
|
|
|
10.0
|
|
U.S. Government Securities Fund, Class R-6
|
|
|
11,040,848
|
|
|
161,086
|
|
|
10.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
563,879
|
|
|
35.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities (cost: $1,533,888,000)
|
|
|
|
|
|
1,610,316
|
|
|
100.0
|
|
Other assets less liabilities
|
|
|
|
|
|
(1,416
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
|
|
$
|
1,608,900
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
American Funds Mortgage Fund is considered to be an affiliate of the fund under the Investment Company Act of 1940 since the fund holds 5% or more of its outstanding voting shares. Further details on this holding and related transactions during the year ended October 31, 2012, appear below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
shares
|
|
Additions
|
|
Reductions
|
|
Ending
shares
|
|
Dividend
income
(000)
|
|
Value of
affiliate at
10/31/2012
(000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Mortgage Fund, Class R-6
|
|
|
6,961,730
|
|
|
1,321,067
|
|
|
452,850
|
|
|
7,829,947
|
|
$
|
1,079
|
|
$
|
80,570
|
|
See Notes to Financial Statements
|
|
20
|
American Funds Target Date Retirement Series
|
|
American Funds 2010 Target Date Retirement Fund
|
Investment portfolio, October 31, 2012
|
Designed for investors who
plan to retire in or near 2010.
|
|
|
|
|
|
|
|
|
|
|
Fund investments
|
|
Shares
|
|
Value
(000)
|
|
Percent of
net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth funds 5.0%
|
|
|
|
|
|
|
|
|
|
|
AMCAP Fund, Class R-6
|
|
|
946,056
|
|
$
|
19,952
|
|
|
2.0
|
%
|
The Growth Fund of America, Inc., Class R-6
|
|
|
296,368
|
|
|
9,940
|
|
|
1.0
|
|
New Perspective Fund, Inc., Class R-6
|
|
|
659,994
|
|
|
20,011
|
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,903
|
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth-and-income funds 25.0%
|
|
|
|
|
|
|
|
|
|
|
American Mutual Fund, Class R-6
|
|
|
2,128,288
|
|
|
60,188
|
|
|
6.0
|
|
Capital World Growth and Income Fund, Inc., Class R-6
|
|
|
1,110,600
|
|
|
40,081
|
|
|
4.0
|
|
Fundamental Investors, Class R-6
|
|
|
1,006,074
|
|
|
40,082
|
|
|
4.0
|
|
International Growth and Income Fund, Class R-6
|
|
|
337,067
|
|
|
10,109
|
|
|
1.0
|
|
The Investment Company of America, Class R-6
|
|
|
1,649,620
|
|
|
50,132
|
|
|
5.0
|
|
Washington Mutual Investors Fund, Class R-6
|
|
|
1,611,540
|
|
|
50,135
|
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250,727
|
|
|
25.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity-income and Balanced funds 25.0%
|
|
|
|
|
|
|
|
|
|
|
American Balanced Fund, Class R-6
|
|
|
3,480,789
|
|
|
70,138
|
|
|
7.0
|
|
Capital Income Builder, Class R-6
|
|
|
1,712,281
|
|
|
90,340
|
|
|
9.0
|
|
The Income Fund of America, Class R-6
|
|
|
5,016,269
|
|
|
90,243
|
|
|
9.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250,721
|
|
|
25.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bond funds 45.0%
|
|
|
|
|
|
|
|
|
|
|
American Funds Mortgage Fund, Class R-6*
|
|
|
9,798,605
|
|
|
100,828
|
|
|
10.0
|
|
American High-Income Trust, Class R-6
|
|
|
4,494,573
|
|
|
50,519
|
|
|
5.0
|
|
The Bond Fund of America, Class R-6
|
|
|
7,778,352
|
|
|
100,885
|
|
|
10.0
|
|
Capital World Bond Fund, Class R-6
|
|
|
2,336,526
|
|
|
50,375
|
|
|
5.0
|
|
Intermediate Bond Fund of America, Class R-6
|
|
|
7,315,154
|
|
|
100,803
|
|
|
10.0
|
|
U.S. Government Securities Fund, Class R-6
|
|
|
3,463,935
|
|
|
50,539
|
|
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
453,949
|
|
|
45.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment securities (cost: $982,099,000)
|
|
|
|
|
|
1,005,300
|
|
|
100.0
|
|
Other assets less liabilities
|
|
|
|
|
|
1,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
|
|
$
|
1,006,869
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
American Funds Mortgage Fund is considered to be an affiliate of the fund under the Investment Company Act of 1940 since the fund holds 5% or more of its outstanding voting shares. Further details on this holding and related transactions during the year ended October 31, 2012, appear below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
shares
|
|
Additions
|
|
Reductions
|
|
Ending
shares
|
|
Dividend
income
(000)
|
|
Value of
affiliate at
10/31/2012
(000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Mortgage Fund, Class R-6
|
|
|
8,767,191
|
|
|
1,824,540
|
|
|
793,126
|
|
|
9,798,605
|
|
$
|
1,358
|
|
$
|
100,828
|
|
See Notes to Financial Statements
|
|
American Funds Target Date Retirement Series
|
21
|
Financial statements
Statements of assets and liabilities
at October 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2055 Fund
|
|
2050 Fund
|
|
2045 Fund
|
|
2040 Fund
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities, at value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers
|
|
$
|
108,612
|
|
$
|
593,649
|
|
$
|
642,282
|
|
$
|
1,203,898
|
|
Affiliated issuer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of funds shares
|
|
|
702
|
|
|
2,360
|
|
|
3,062
|
|
|
4,488
|
|
Dividends
|
|
|
1
|
|
|
5
|
|
|
5
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
109,315
|
|
|
596,014
|
|
|
645,349
|
|
|
1,208,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of investments
|
|
|
444
|
|
|
837
|
|
|
609
|
|
|
1,296
|
|
Repurchases of funds shares
|
|
|
228
|
|
|
1,488
|
|
|
2,332
|
|
|
3,011
|
|
Services provided by related parties
|
|
|
78
|
|
|
468
|
|
|
525
|
|
|
949
|
|
Trustees deferred compensation
|
|
|
|
*
|
|
2
|
|
|
2
|
|
|
4
|
|
Other
|
|
|
4
|
|
|
6
|
|
|
6
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
754
|
|
|
2,801
|
|
|
3,474
|
|
|
5,269
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at October 31, 2012
|
|
$
|
108,561
|
|
$
|
593,213
|
|
$
|
641,875
|
|
$
|
1,203,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital paid in on shares of beneficial interest
|
|
$
|
101,846
|
|
$
|
524,498
|
|
$
|
562,504
|
|
$
|
1,052,335
|
|
Undistributed net investment income
|
|
|
597
|
|
|
3,759
|
|
|
3,958
|
|
|
7,714
|
|
Undistributed net realized gain
|
|
|
832
|
|
|
4,227
|
|
|
5,415
|
|
|
9,085
|
|
Net unrealized appreciation
|
|
|
5,286
|
|
|
60,729
|
|
|
69,998
|
|
|
133,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets at October 31, 2012
|
|
$
|
108,561
|
|
$
|
593,213
|
|
$
|
641,875
|
|
$
|
1,203,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities, at cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers
|
|
$
|
103,326
|
|
$
|
532,920
|
|
$
|
572,284
|
|
$
|
1,069,905
|
|
Affiliated issuer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of beneficial interest issued and outstanding (no stated par value) unlimited shares authorized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A:
|
Net assets
|
|
$
|
37,802
|
|
$
|
214,647
|
|
$
|
208,380
|
|
$
|
396,860
|
|
|
Shares outstanding
|
|
|
3,118
|
|
|
21,643
|
|
|
20,606
|
|
|
39,208
|
|
|
Net asset value per share
|
|
$
|
12.13
|
|
$
|
9.92
|
|
$
|
10.11
|
|
$
|
10.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-1:
|
Net assets
|
|
$
|
358
|
|
$
|
3,554
|
|
$
|
5,200
|
|
$
|
10,580
|
|
|
Shares outstanding
|
|
|
30
|
|
|
365
|
|
|
523
|
|
|
1,064
|
|
|
Net asset value per share
|
|
$
|
11.99
|
|
$
|
9.75
|
|
$
|
9.95
|
|
$
|
9.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-2:
|
Net assets
|
|
$
|
26,862
|
|
$
|
144,578
|
|
$
|
163,820
|
|
$
|
279,898
|
|
|
Shares outstanding
|
|
|
2,242
|
|
|
14,813
|
|
|
16,502
|
|
|
28,138
|
|
|
Net asset value per share
|
|
$
|
11.98
|
|
$
|
9.76
|
|
$
|
9.93
|
|
$
|
9.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-3:
|
Net assets
|
|
$
|
24,292
|
|
$
|
121,222
|
|
$
|
143,406
|
|
$
|
262,484
|
|
|
Shares outstanding
|
|
|
2,016
|
|
|
12,319
|
|
|
14,303
|
|
|
26,123
|
|
|
Net asset value per share
|
|
$
|
12.05
|
|
$
|
9.84
|
|
$
|
10.03
|
|
$
|
10.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-4:
|
Net assets
|
|
$
|
10,368
|
|
$
|
67,836
|
|
$
|
71,907
|
|
$
|
152,850
|
|
|
Shares outstanding
|
|
|
855
|
|
|
6,845
|
|
|
7,115
|
|
|
15,110
|
|
|
Net asset value per share
|
|
$
|
12.13
|
|
$
|
9.91
|
|
$
|
10.11
|
|
$
|
10.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-5:
|
Net assets
|
|
$
|
7,080
|
|
$
|
27,059
|
|
$
|
34,351
|
|
$
|
69,397
|
|
|
Shares outstanding
|
|
|
581
|
|
|
2,711
|
|
|
3,374
|
|
|
6,812
|
|
|
Net asset value per share
|
|
$
|
12.18
|
|
$
|
9.98
|
|
$
|
10.18
|
|
$
|
10.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-6:
|
Net assets
|
|
$
|
1,799
|
|
$
|
14,317
|
|
$
|
14,811
|
|
$
|
31,058
|
|
|
Shares outstanding
|
|
|
148
|
|
|
1,438
|
|
|
1,459
|
|
|
3,057
|
|
|
Net asset value per share
|
|
$
|
12.19
|
|
$
|
9.96
|
|
$
|
10.15
|
|
$
|
10.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amount less than one thousand.
See Notes to Financial Statements
|
|
22
|
American Funds Target Date Retirement Series
|
(dollars and shares in thousands, except per-share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2035 Fund
|
|
2030 Fund
|
|
2025 Fund
|
|
2020 Fund
|
|
2015 Fund
|
|
2010 Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,346,304
|
|
$
|
1,983,006
|
|
$
|
1,995,970
|
|
$
|
2,189,118
|
|
$
|
1,529,746
|
|
$
|
904,472
|
|
|
|
|
|
|
|
|
|
|
|
116,389
|
|
|
80,570
|
|
|
100,828
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,174
|
|
|
4,192
|
|
|
|
|
|
4,210
|
|
|
7,446
|
|
|
7,837
|
|
|
5,595
|
|
|
3,940
|
|
|
4,679
|
|
|
12
|
|
|
17
|
|
|
34
|
|
|
76
|
|
|
95
|
|
|
110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,350,526
|
|
|
1,990,469
|
|
|
2,003,841
|
|
|
2,312,352
|
|
|
1,618,543
|
|
|
1,010,089
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,024
|
|
|
941
|
|
|
684
|
|
|
|
|
|
|
|
|
360
|
|
|
3,103
|
|
|
6,466
|
|
|
7,065
|
|
|
5,968
|
|
|
8,340
|
|
|
2,151
|
|
|
1,102
|
|
|
1,586
|
|
|
1,598
|
|
|
1,784
|
|
|
1,282
|
|
|
693
|
|
|
6
|
|
|
8
|
|
|
9
|
|
|
12
|
|
|
10
|
|
|
8
|
|
|
10
|
|
|
13
|
|
|
13
|
|
|
14
|
|
|
11
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,245
|
|
|
9,014
|
|
|
9,369
|
|
|
7,778
|
|
|
9,643
|
|
|
3,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,345,281
|
|
$
|
1,981,455
|
|
$
|
1,994,472
|
|
$
|
2,304,574
|
|
$
|
1,608,900
|
|
$
|
1,006,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,184,772
|
|
$
|
1,732,856
|
|
$
|
1,787,887
|
|
$
|
2,107,775
|
|
$
|
1,488,544
|
|
$
|
954,483
|
|
|
9,151
|
|
|
13,998
|
|
|
15,000
|
|
|
22,867
|
|
|
18,132
|
|
|
16,602
|
|
|
12,699
|
|
|
22,799
|
|
|
18,247
|
|
|
20,705
|
|
|
25,796
|
|
|
12,583
|
|
|
138,659
|
|
|
211,802
|
|
|
173,338
|
|
|
153,227
|
|
|
76,428
|
|
|
23,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,345,281
|
|
$
|
1,981,455
|
|
$
|
1,994,472
|
|
$
|
2,304,574
|
|
$
|
1,608,900
|
|
$
|
1,006,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,207,645
|
|
$
|
1,771,204
|
|
$
|
1,822,632
|
|
$
|
2,040,376
|
|
$
|
1,456,616
|
|
$
|
885,157
|
|
|
|
|
|
|
|
|
|
|
|
111,904
|
|
|
77,272
|
|
|
96,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
436,995
|
|
$
|
598,064
|
|
$
|
658,118
|
|
$
|
804,848
|
|
$
|
622,118
|
|
$
|
511,141
|
|
|
43,477
|
|
|
59,107
|
|
|
66,539
|
|
|
82,057
|
|
|
63,086
|
|
|
52,330
|
|
$
|
10.05
|
|
$
|
10.12
|
|
$
|
9.89
|
|
$
|
9.81
|
|
$
|
9.86
|
|
$
|
9.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,657
|
|
$
|
19,127
|
|
$
|
13,883
|
|
$
|
15,683
|
|
$
|
12,179
|
|
$
|
3,668
|
|
|
1,285
|
|
|
1,919
|
|
|
1,426
|
|
|
1,626
|
|
|
1,258
|
|
|
379
|
|
$
|
9.85
|
|
$
|
9.97
|
|
$
|
9.74
|
|
$
|
9.64
|
|
$
|
9.68
|
|
$
|
9.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
336,285
|
|
$
|
460,507
|
|
$
|
462,775
|
|
$
|
447,936
|
|
$
|
309,048
|
|
$
|
135,378
|
|
|
34,030
|
|
|
46,301
|
|
|
47,606
|
|
|
46,407
|
|
|
31,867
|
|
|
14,054
|
|
$
|
9.88
|
|
$
|
9.95
|
|
$
|
9.72
|
|
$
|
9.65
|
|
$
|
9.70
|
|
$
|
9.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
302,167
|
|
$
|
450,376
|
|
$
|
464,713
|
|
$
|
530,271
|
|
$
|
375,534
|
|
$
|
178,091
|
|
|
30,295
|
|
|
44,852
|
|
|
47,353
|
|
|
54,453
|
|
|
38,364
|
|
|
18,345
|
|
$
|
9.97
|
|
$
|
10.04
|
|
$
|
9.81
|
|
$
|
9.74
|
|
$
|
9.79
|
|
$
|
9.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
144,120
|
|
$
|
276,224
|
|
$
|
246,502
|
|
$
|
323,787
|
|
$
|
182,426
|
|
$
|
113,784
|
|
|
14,348
|
|
|
27,315
|
|
|
24,935
|
|
|
33,020
|
|
|
18,504
|
|
|
11,650
|
|
$
|
10.04
|
|
$
|
10.11
|
|
$
|
9.89
|
|
$
|
9.81
|
|
$
|
9.86
|
|
$
|
9.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
77,847
|
|
$
|
108,966
|
|
$
|
96,824
|
|
$
|
115,917
|
|
$
|
73,623
|
|
$
|
45,682
|
|
|
7,697
|
|
|
10,702
|
|
|
9,730
|
|
|
11,745
|
|
|
7,420
|
|
|
4,648
|
|
$
|
10.11
|
|
$
|
10.18
|
|
$
|
9.95
|
|
$
|
9.87
|
|
$
|
9.92
|
|
$
|
9.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35,210
|
|
$
|
68,191
|
|
$
|
51,657
|
|
$
|
66,132
|
|
$
|
33,972
|
|
$
|
19,125
|
|
|
3,492
|
|
|
6,718
|
|
|
5,202
|
|
|
6,716
|
|
|
3,433
|
|
|
1,950
|
|
$
|
10.08
|
|
$
|
10.15
|
|
$
|
9.93
|
|
$
|
9.85
|
|
$
|
9.90
|
|
$
|
9.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series
|
23
|
Statements of operations
for the year ended October 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2055 Fund
|
|
2050 Fund
|
|
2045 Fund
|
|
2040 Fund
|
|
|
|
|
|
|
|
|
|
|
|
Investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers
|
|
$
|
1,536
|
|
$
|
10,580
|
|
$
|
11,116
|
|
$
|
21,405
|
|
Affiliated issuer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
1
|
|
|
3
|
|
|
4
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,537
|
|
|
10,583
|
|
|
11,120
|
|
|
21,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and expenses
*
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory services
|
|
|
79
|
|
|
519
|
|
|
548
|
|
|
1,049
|
|
Distribution services
|
|
|
306
|
|
|
2,086
|
|
|
2,263
|
|
|
4,153
|
|
Transfer agent services
|
|
|
138
|
|
|
903
|
|
|
972
|
|
|
1,795
|
|
Reports to shareholders
|
|
|
3
|
|
|
23
|
|
|
24
|
|
|
46
|
|
Registration statement and prospectus
|
|
|
86
|
|
|
108
|
|
|
115
|
|
|
142
|
|
Trustees compensation
|
|
|
1
|
|
|
4
|
|
|
4
|
|
|
8
|
|
Auditing and legal
|
|
|
4
|
|
|
7
|
|
|
7
|
|
|
10
|
|
Custodian
|
|
|
16
|
|
|
16
|
|
|
17
|
|
|
17
|
|
State and local taxes
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
Other
|
|
|
|
|
|
3
|
|
|
3
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fees and expenses before reimbursements/waivers
|
|
|
633
|
|
|
3,669
|
|
|
3,953
|
|
|
7,226
|
|
Less reimbursements/waivers of fees and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory services
|
|
|
79
|
|
|
519
|
|
|
548
|
|
|
1,049
|
|
Administrative services
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
Other
|
|
|
72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fees and expenses after reimbursements/waivers
|
|
|
482
|
|
|
3,150
|
|
|
3,405
|
|
|
6,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
1,055
|
|
|
7,433
|
|
|
7,715
|
|
|
15,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain and unrealized appreciation on investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain on sale of investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers
|
|
|
749
|
|
|
3,571
|
|
|
4,770
|
|
|
7,766
|
|
Affiliated issuer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital gain distributions received
|
|
|
102
|
|
|
811
|
|
|
837
|
|
|
1,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain
|
|
|
851
|
|
|
4,382
|
|
|
5,607
|
|
|
9,407
|
|
Net unrealized appreciation on investments
|
|
|
6,541
|
|
|
45,659
|
|
|
47,404
|
|
|
92,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain and unrealized appreciation on investments
|
|
|
7,392
|
|
|
50,041
|
|
|
53,011
|
|
|
101,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations
|
|
$
|
8,447
|
|
$
|
57,474
|
|
$
|
60,726
|
|
$
|
116,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Additional information related to class-specific fees and expenses is included
in the Notes to Financial Statements.
Amount less than one thousand.
See Notes to Financial Statements
|
|
24
|
American Funds Target Date Retirement Series
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
|
2035 Fund
|
|
2030 Fund
|
|
2025 Fund
|
|
2020 Fund
|
|
2015 Fund
|
|
2010 Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
24,867
|
|
$
|
37,652
|
|
$
|
38,121
|
|
$
|
46,798
|
|
$
|
35,466
|
|
$
|
26,754
|
|
|
|
|
|
|
|
|
|
|
|
1,486
|
|
|
1,079
|
|
|
1,358
|
|
|
10
|
|
|
7
|
|
|
6
|
|
|
9
|
|
|
7
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,877
|
|
|
37,659
|
|
|
38,127
|
|
|
48,293
|
|
|
36,552
|
|
|
28,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,181
|
|
|
1,760
|
|
|
1,769
|
|
|
2,077
|
|
|
1,509
|
|
|
953
|
|
|
4,827
|
|
|
7,093
|
|
|
7,179
|
|
|
7,988
|
|
|
5,938
|
|
|
3,278
|
|
|
2,072
|
|
|
3,010
|
|
|
3,073
|
|
|
3,467
|
|
|
2,552
|
|
|
1,488
|
|
|
52
|
|
|
78
|
|
|
78
|
|
|
93
|
|
|
69
|
|
|
44
|
|
|
140
|
|
|
161
|
|
|
163
|
|
|
164
|
|
|
141
|
|
|
102
|
|
|
9
|
|
|
14
|
|
|
14
|
|
|
17
|
|
|
13
|
|
|
8
|
|
|
11
|
|
|
15
|
|
|
15
|
|
|
17
|
|
|
13
|
|
|
9
|
|
|
16
|
|
|
16
|
|
|
17
|
|
|
16
|
|
|
16
|
|
|
17
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
6
|
|
|
9
|
|
|
9
|
|
|
11
|
|
|
8
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,315
|
|
|
12,157
|
|
|
12,318
|
|
|
13,851
|
|
|
10,260
|
|
|
5,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,181
|
|
|
1,760
|
|
|
1,769
|
|
|
2,077
|
|
|
1,509
|
|
|
953
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,133
|
|
|
10,396
|
|
|
10,548
|
|
|
11,773
|
|
|
8,750
|
|
|
4,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,744
|
|
|
27,263
|
|
|
27,579
|
|
|
36,520
|
|
|
27,802
|
|
|
23,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,180
|
|
|
20,785
|
|
|
15,169
|
|
|
15,627
|
|
|
22,174
|
|
|
10,515
|
|
|
|
|
|
|
|
|
|
|
|
1,294
|
|
|
1,038
|
|
|
1,427
|
|
|
1,832
|
|
|
2,506
|
|
|
4,148
|
|
|
6,052
|
|
|
4,281
|
|
|
2,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,012
|
|
|
23,291
|
|
|
19,317
|
|
|
22,973
|
|
|
27,493
|
|
|
14,077
|
|
|
99,667
|
|
|
144,547
|
|
|
141,820
|
|
|
139,103
|
|
|
78,857
|
|
|
46,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
112,679
|
|
|
167,838
|
|
|
161,137
|
|
|
162,076
|
|
|
106,350
|
|
|
60,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
130,423
|
|
$
|
195,101
|
|
$
|
188,716
|
|
$
|
198,596
|
|
$
|
134,152
|
|
$
|
83,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series
|
25
|
Statements of changes in net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2055 Fund
|
|
2050 Fund
|
|
2045 Fund
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
October 31,
2012
|
|
Year ended
October 31,
2011
|
|
Year ended
October 31,
2012
|
|
Year ended
October 31,
2011
|
|
Year ended
October 31,
2012
|
|
Year ended
October 31,
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
1,055
|
|
$
|
443
|
|
$
|
7,433
|
|
$
|
6,265
|
|
$
|
7,715
|
|
$
|
6,129
|
|
Net realized gain
|
|
|
851
|
|
|
851
|
|
|
4,382
|
|
|
2,044
|
|
|
5,607
|
|
|
1,797
|
|
Net unrealized appreciation (depreciation) on investments
|
|
|
6,541
|
|
|
(2,042
|
)
|
|
45,659
|
|
|
(4,170
|
)
|
|
47,404
|
|
|
(4,716
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
8,447
|
|
|
(748
|
)
|
|
57,474
|
|
|
4,139
|
|
|
60,726
|
|
|
3,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and distributions paid to shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(313
|
)
|
|
(101
|
)
|
|
(3,032
|
)
|
|
(2,487
|
)
|
|
(2,752
|
)
|
|
(2,122
|
)
|
Class R-1
|
|
|
(1
|
)
|
|
|
*
|
|
(31
|
)
|
|
(33
|
)
|
|
(44
|
)
|
|
(36
|
)
|
Class R-2
|
|
|
(144
|
)
|
|
(35
|
)
|
|
(1,220
|
)
|
|
(1,216
|
)
|
|
(1,379
|
)
|
|
(1,207
|
)
|
Class R-3
|
|
|
(167
|
)
|
|
(43
|
)
|
|
(1,308
|
)
|
|
(1,109
|
)
|
|
(1,488
|
)
|
|
(1,174
|
)
|
Class R-4
|
|
|
(53
|
)
|
|
(14
|
)
|
|
(852
|
)
|
|
(625
|
)
|
|
(813
|
)
|
|
(557
|
)
|
Class R-5
|
|
|
(72
|
)
|
|
(36
|
)
|
|
(414
|
)
|
|
(284
|
)
|
|
(477
|
)
|
|
(305
|
)
|
Class R-6
|
|
|
(11
|
)
|
|
(2
|
)
|
|
(119
|
)
|
|
(92
|
)
|
|
(124
|
)
|
|
(136
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends from net investment income
|
|
|
(761
|
)
|
|
(231
|
)
|
|
(6,976
|
)
|
|
(5,846
|
)
|
|
(7,077
|
)
|
|
(5,537
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net realized gain:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term net realized gains:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(262
|
)
|
|
(43
|
)
|
|
(38
|
)
|
|
(165
|
)
|
|
|
|
|
(530
|
)
|
Class R-1
|
|
|
(1
|
)
|
|
|
*
|
|
(1
|
)
|
|
(3
|
)
|
|
|
|
|
(15
|
)
|
Class R-2
|
|
|
(176
|
)
|
|
(20
|
)
|
|
(26
|
)
|
|
(119
|
)
|
|
|
|
|
(442
|
)
|
Class R-3
|
|
|
(159
|
)
|
|
(22
|
)
|
|
(21
|
)
|
|
(91
|
)
|
|
|
|
|
(352
|
)
|
Class R-4
|
|
|
(45
|
)
|
|
(6
|
)
|
|
(11
|
)
|
|
(41
|
)
|
|
|
|
|
(139
|
)
|
Class R-5
|
|
|
(53
|
)
|
|
(15
|
)
|
|
(5
|
)
|
|
(17
|
)
|
|
|
|
|
(67
|
)
|
Class R-6
|
|
|
(8
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(5
|
)
|
|
|
|
|
(29
|
)
|
Long-term net realized gains:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(50
|
)
|
|
|
|
|
(616
|
)
|
|
(1,773
|
)
|
|
(505
|
)
|
|
(763
|
)
|
Class R-1
|
|
|
|
*
|
|
|
|
|
(11
|
)
|
|
(35
|
)
|
|
(13
|
)
|
|
(22
|
)
|
Class R-2
|
|
|
(34
|
)
|
|
|
|
|
(411
|
)
|
|
(1,277
|
)
|
|
(403
|
)
|
|
(637
|
)
|
Class R-3
|
|
|
(31
|
)
|
|
|
|
|
(323
|
)
|
|
(971
|
)
|
|
(331
|
)
|
|
(505
|
)
|
Class R-4
|
|
|
(8
|
)
|
|
|
|
|
(172
|
)
|
|
(441
|
)
|
|
(149
|
)
|
|
(199
|
)
|
Class R-5
|
|
|
(10
|
)
|
|
|
|
|
(72
|
)
|
|
(177
|
)
|
|
(75
|
)
|
|
(96
|
)
|
Class R-6
|
|
|
(1
|
)
|
|
|
|
|
(21
|
)
|
|
(56
|
)
|
|
(19
|
)
|
|
(42
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions from net realized gain
|
|
|
(838
|
)
|
|
(107
|
)
|
|
(1,729
|
)
|
|
(5,171
|
)
|
|
(1,495
|
)
|
|
(3,838
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions paid to shareholders
|
|
|
(1,599
|
)
|
|
(338
|
)
|
|
(8,705
|
)
|
|
(11,017
|
)
|
|
(8,572
|
)
|
|
(9,375
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net capital share transactions
|
|
|
49,674
|
|
|
38,718
|
|
|
95,089
|
|
|
105,590
|
|
|
131,758
|
|
|
125,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase in net assets
|
|
|
56,522
|
|
|
37,632
|
|
|
143,858
|
|
|
98,712
|
|
|
183,912
|
|
|
119,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
|
52,039
|
|
|
14,407
|
|
|
449,355
|
|
|
350,643
|
|
|
457,963
|
|
|
338,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year
|
|
$
|
108,561
|
|
$
|
52,039
|
|
$
|
593,213
|
|
$
|
449,355
|
|
$
|
641,875
|
|
$
|
457,963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed net investment income
|
|
$
|
597
|
|
$
|
287
|
|
$
|
3,759
|
|
$
|
3,150
|
|
$
|
3,958
|
|
$
|
3,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See page 28 for footnote.
See Notes to Financial Statements
|
|
26
|
American Funds Target Date Retirement Series
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2040 Fund
|
|
2035 Fund
|
|
2030 Fund
|
|
2025 Fund
|
|
2020 Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
October 31,
2012
|
|
Year ended
October 31,
2011
|
|
Year ended
October 31,
2012
|
|
Year ended
October 31,
2011
|
|
Year ended
October 31,
2012
|
|
Year ended
October 31,
2011
|
|
Year ended
October 31,
2012
|
|
Year ended
October 31,
2011
|
|
Year ended
October 31,
2012
|
|
Year ended
October 31,
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,236
|
|
$
|
12,993
|
|
$
|
17,744
|
|
$
|
15,334
|
|
$
|
27,263
|
|
$
|
24,344
|
|
$
|
27,579
|
|
$
|
25,162
|
|
$
|
36,520
|
|
$
|
35,755
|
|
|
|
9,407
|
|
|
4,007
|
|
|
13,012
|
|
|
4,575
|
|
|
23,291
|
|
|
8,810
|
|
|
19,317
|
|
|
11,334
|
|
|
22,973
|
|
|
13,190
|
|
|
|
92,160
|
|
|
(8,364
|
)
|
|
99,667
|
|
|
(9,609
|
)
|
|
144,547
|
|
|
(13,139
|
)
|
|
141,820
|
|
|
(10,360
|
)
|
|
139,103
|
|
|
(1,556
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
116,803
|
|
|
8,636
|
|
|
130,423
|
|
|
10,300
|
|
|
195,101
|
|
|
20,015
|
|
|
188,716
|
|
|
26,136
|
|
|
198,596
|
|
|
47,389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,604
|
)
|
|
(4,415
|
)
|
|
(6,562
|
)
|
|
(5,538
|
)
|
|
(9,438
|
)
|
|
(7,991
|
)
|
|
(10,913
|
)
|
|
(9,652
|
)
|
|
(15,616
|
)
|
|
(13,314
|
)
|
|
|
(101
|
)
|
|
(77
|
)
|
|
(120
|
)
|
|
(106
|
)
|
|
(201
|
)
|
|
(192
|
)
|
|
(139
|
)
|
|
(140
|
)
|
|
(227
|
)
|
|
(203
|
)
|
|
|
(2,422
|
)
|
|
(2,199
|
)
|
|
(3,157
|
)
|
|
(2,884
|
)
|
|
(4,640
|
)
|
|
(4,288
|
)
|
|
(4,944
|
)
|
|
(4,722
|
)
|
|
(6,141
|
)
|
|
(5,771
|
)
|
|
|
(2,909
|
)
|
|
(2,407
|
)
|
|
(3,500
|
)
|
|
(2,854
|
)
|
|
(5,493
|
)
|
|
(4,799
|
)
|
|
(5,935
|
)
|
|
(5,096
|
)
|
|
(8,283
|
)
|
|
(7,301
|
)
|
|
|
(1,967
|
)
|
|
(1,565
|
)
|
|
(1,966
|
)
|
|
(1,549
|
)
|
|
(3,765
|
)
|
|
(2,902
|
)
|
|
(3,582
|
)
|
|
(2,945
|
)
|
|
(5,704
|
)
|
|
(4,725
|
)
|
|
|
(1,129
|
)
|
|
(867
|
)
|
|
(1,178
|
)
|
|
(801
|
)
|
|
(2,159
|
)
|
|
(1,729
|
)
|
|
(1,497
|
)
|
|
(1,056
|
)
|
|
(2,418
|
)
|
|
(1,828
|
)
|
|
|
(317
|
)
|
|
(286
|
)
|
|
(294
|
)
|
|
(286
|
)
|
|
(686
|
)
|
|
(528
|
)
|
|
(508
|
)
|
|
(474
|
)
|
|
(827
|
)
|
|
(790
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,449
|
)
|
|
(11,816
|
)
|
|
(16,777
|
)
|
|
(14,018
|
)
|
|
(26,382
|
)
|
|
(22,429
|
)
|
|
(27,518
|
)
|
|
(24,085
|
)
|
|
(39,216
|
)
|
|
(33,932
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(134
|
)
|
|
|
|
|
(1,131
|
)
|
|
|
|
|
|
|
|
(246
|
)
|
|
(1,988
|
)
|
|
(75
|
)
|
|
(2,776
|
)
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
(31
|
)
|
|
|
|
|
|
|
|
(5
|
)
|
|
(41
|
)
|
|
(2
|
)
|
|
(58
|
)
|
|
|
|
|
|
(100
|
)
|
|
|
|
|
(863
|
)
|
|
|
|
|
|
|
|
(169
|
)
|
|
(1,372
|
)
|
|
(42
|
)
|
|
(1,616
|
)
|
|
|
|
|
|
(88
|
)
|
|
|
|
|
(688
|
)
|
|
|
|
|
|
|
|
(158
|
)
|
|
(1,222
|
)
|
|
(46
|
)
|
|
(1,739
|
)
|
|
|
|
|
|
(47
|
)
|
|
|
|
|
(315
|
)
|
|
|
|
|
|
|
|
(80
|
)
|
|
(608
|
)
|
|
(28
|
)
|
|
(983
|
)
|
|
|
|
|
|
(23
|
)
|
|
|
|
|
(144
|
)
|
|
|
|
|
|
|
|
(29
|
)
|
|
(194
|
)
|
|
(10
|
)
|
|
(342
|
)
|
|
|
|
|
|
(8
|
)
|
|
|
|
|
(50
|
)
|
|
|
|
|
|
|
|
(10
|
)
|
|
(85
|
)
|
|
(3
|
)
|
|
(145
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,169
|
)
|
|
(888
|
)
|
|
(1,333
|
)
|
|
(776
|
)
|
|
(2,451
|
)
|
|
(596
|
)
|
|
(3,009
|
)
|
|
(1,203
|
)
|
|
(3,838
|
)
|
|
(3,281
|
)
|
|
|
(34
|
)
|
|
(24
|
)
|
|
(38
|
)
|
|
(21
|
)
|
|
(84
|
)
|
|
(21
|
)
|
|
(61
|
)
|
|
(25
|
)
|
|
(81
|
)
|
|
(69
|
)
|
|
|
(817
|
)
|
|
(661
|
)
|
|
(1,000
|
)
|
|
(592
|
)
|
|
(1,861
|
)
|
|
(457
|
)
|
|
(2,065
|
)
|
|
(830
|
)
|
|
(2,135
|
)
|
|
(1,910
|
)
|
|
|
(739
|
)
|
|
(579
|
)
|
|
(850
|
)
|
|
(471
|
)
|
|
(1,718
|
)
|
|
(420
|
)
|
|
(1,932
|
)
|
|
(739
|
)
|
|
(2,353
|
)
|
|
(2,056
|
)
|
|
|
(412
|
)
|
|
(313
|
)
|
|
(398
|
)
|
|
(216
|
)
|
|
(971
|
)
|
|
(215
|
)
|
|
(983
|
)
|
|
(368
|
)
|
|
(1,397
|
)
|
|
(1,161
|
)
|
|
|
(204
|
)
|
|
(153
|
)
|
|
(207
|
)
|
|
(99
|
)
|
|
(486
|
)
|
|
(113
|
)
|
|
(359
|
)
|
|
(118
|
)
|
|
(526
|
)
|
|
(404
|
)
|
|
|
(57
|
)
|
|
(49
|
)
|
|
(51
|
)
|
|
(35
|
)
|
|
(151
|
)
|
|
(34
|
)
|
|
(119
|
)
|
|
(52
|
)
|
|
(177
|
)
|
|
(172
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,432
|
)
|
|
(3,071
|
)
|
|
(3,877
|
)
|
|
(5,432
|
)
|
|
(7,722
|
)
|
|
(1,856
|
)
|
|
(9,225
|
)
|
|
(8,845
|
)
|
|
(10,713
|
)
|
|
(16,712
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17,881
|
)
|
|
(14,887
|
)
|
|
(20,654
|
)
|
|
(19,450
|
)
|
|
(34,104
|
)
|
|
(24,285
|
)
|
|
(36,743
|
)
|
|
(32,930
|
)
|
|
(49,929
|
)
|
|
(50,644
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
195,372
|
|
|
205,759
|
|
|
211,321
|
|
|
217,573
|
|
|
267,715
|
|
|
296,817
|
|
|
294,313
|
|
|
290,657
|
|
|
302,305
|
|
|
323,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
294,294
|
|
|
199,508
|
|
|
321,090
|
|
|
208,423
|
|
|
428,712
|
|
|
292,547
|
|
|
446,286
|
|
|
283,863
|
|
|
450,972
|
|
|
319,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
908,833
|
|
|
709,325
|
|
|
1,024,191
|
|
|
815,768
|
|
|
1,552,743
|
|
|
1,260,196
|
|
|
1,548,186
|
|
|
1,264,323
|
|
|
1,853,602
|
|
|
1,533,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,203,127
|
|
$
|
908,833
|
|
$
|
1,345,281
|
|
$
|
1,024,191
|
|
$
|
1,981,455
|
|
$
|
1,552,743
|
|
$
|
1,994,472
|
|
$
|
1,548,186
|
|
$
|
2,304,574
|
|
$
|
1,853,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,714
|
|
$
|
6,652
|
|
$
|
9,151
|
|
$
|
7,862
|
|
$
|
13,998
|
|
$
|
12,644
|
|
$
|
15,000
|
|
$
|
13,898
|
|
$
|
22,867
|
|
$
|
23,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series
|
27
|
|
|
Statements of changes in net assets
(continued)
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Fund
|
|
2010 Fund
|
|
|
|
|
|
|
|
|
|
Year ended
October 31,
2012
|
|
Year ended
October 31,
2011
|
|
Year ended
October 31,
2012
|
|
Year ended
October 31,
2011
|
|
|
|
|
|
|
|
Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
27,802
|
|
$
|
28,671
|
|
$
|
23,162
|
|
$
|
24,938
|
|
Net realized gain
|
|
|
27,493
|
|
|
15,022
|
|
|
14,077
|
|
|
16,205
|
|
Net unrealized appreciation (depreciation) on investments
|
|
|
78,857
|
|
|
(691
|
)
|
|
46,017
|
|
|
(5,221
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations
|
|
|
134,152
|
|
|
43,002
|
|
|
83,256
|
|
|
35,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and distributions paid to shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(13,438
|
)
|
|
(12,024
|
)
|
|
(13,556
|
)
|
|
(12,454
|
)
|
Class R-1
|
|
|
(207
|
)
|
|
(207
|
)
|
|
(76
|
)
|
|
(68
|
)
|
Class R-2
|
|
|
(4,980
|
)
|
|
(4,746
|
)
|
|
(3,049
|
)
|
|
(2,882
|
)
|
Class R-3
|
|
|
(6,920
|
)
|
|
(6,376
|
)
|
|
(4,436
|
)
|
|
(4,324
|
)
|
Class R-4
|
|
|
(3,835
|
)
|
|
(3,337
|
)
|
|
(3,154
|
)
|
|
(2,947
|
)
|
Class R-5
|
|
|
(1,314
|
)
|
|
(944
|
)
|
|
(1,262
|
)
|
|
(1,394
|
)
|
Class R-6
|
|
|
(484
|
)
|
|
(526
|
)
|
|
(500
|
)
|
|
(570
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends from net investment income
|
|
|
(31,178
|
)
|
|
(28,160
|
)
|
|
(26,033
|
)
|
|
(24,639
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net realized gain:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term net realized gains:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(120
|
)
|
|
(5,492
|
)
|
|
(1,687
|
)
|
|
(2,735
|
)
|
Class R-1
|
|
|
(3
|
)
|
|
(127
|
)
|
|
(12
|
)
|
|
(19
|
)
|
Class R-2
|
|
|
(62
|
)
|
|
(2,869
|
)
|
|
(492
|
)
|
|
(812
|
)
|
Class R-3
|
|
|
(71
|
)
|
|
(3,274
|
)
|
|
(620
|
)
|
|
(1,061
|
)
|
Class R-4
|
|
|
(34
|
)
|
|
(1,511
|
)
|
|
(391
|
)
|
|
(640
|
)
|
Class R-5
|
|
|
(10
|
)
|
|
(387
|
)
|
|
(143
|
)
|
|
(278
|
)
|
Class R-6
|
|
|
(4
|
)
|
|
(212
|
)
|
|
(56
|
)
|
|
(112
|
)
|
Long-term net realized gains:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(5,057
|
)
|
|
(693
|
)
|
|
(5,785
|
)
|
|
(274
|
)
|
Class R-1
|
|
|
(111
|
)
|
|
(16
|
)
|
|
(43
|
)
|
|
(2
|
)
|
Class R-2
|
|
|
(2,584
|
)
|
|
(362
|
)
|
|
(1,687
|
)
|
|
(81
|
)
|
Class R-3
|
|
|
(2,983
|
)
|
|
(413
|
)
|
|
(2,124
|
)
|
|
(106
|
)
|
Class R-4
|
|
|
(1,433
|
)
|
|
(191
|
)
|
|
(1,342
|
)
|
|
(64
|
)
|
Class R-5
|
|
|
(438
|
)
|
|
(49
|
)
|
|
(490
|
)
|
|
(28
|
)
|
Class R-6
|
|
|
(159
|
)
|
|
(27
|
)
|
|
(191
|
)
|
|
(11
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions from net realized gain
|
|
|
(13,069
|
)
|
|
(15,623
|
)
|
|
(15,063
|
)
|
|
(6,223
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total dividends and distributions paid to shareholders
|
|
|
(44,247
|
)
|
|
(43,783
|
)
|
|
(41,096
|
)
|
|
(30,862
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net capital share transactions
|
|
|
127,777
|
|
|
169,792
|
|
|
62,587
|
|
|
26,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase in net assets
|
|
|
217,682
|
|
|
169,011
|
|
|
104,747
|
|
|
31,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
|
1,391,218
|
|
|
1,222,207
|
|
|
902,122
|
|
|
870,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year
|
|
$
|
1,608,900
|
|
$
|
1,391,218
|
|
$
|
1,006,869
|
|
$
|
902,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed net investment income
|
|
$
|
18,132
|
|
$
|
19,809
|
|
$
|
16,602
|
|
$
|
18,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amount less than one thousand.
See Notes to Financial Statements
28 American Funds Target Date Retirement Series
Notes to financial statements
1. Organization
American Funds Target Date Retirement Series (the series) is registered
under the Investment Company Act of 1940 as an open-end, diversified management investment company. The series consists of 10 funds
(the funds) American Funds 2055 Target Date Retirement Fund (2055 Fund), American Funds 2050 Target
Date Retirement Fund (2050 Fund), American Funds 2045 Target Date Retirement Fund (2045 Fund), American
Funds 2040 Target Date Retirement Fund (2040 Fund), American Funds 2035 Target Date Retirement Fund (2035 Fund),
American Funds 2030 Target Date Retirement Fund (2030 Fund), American Funds 2025 Target Date Retirement Fund (2025
Fund), American Funds 2020 Target Date Retirement Fund (2020 Fund), American Funds 2015 Target Date Retirement
Fund (2015 Fund) and American Funds 2010 Target Date Retirement Fund (2010 Fund).
Each fund in the series is designed for investors who plan to retire in, or
close to, the year designated in the funds name. Depending on its proximity to its target date, each fund will seek to achieve
the following objectives to varying degrees: growth, income and conservation of capital. As each fund approaches and passes its
target date, it will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in
bond, equity-income and balanced funds. Each fund will attempt to achieve its investment objectives by investing in a mix of American
Funds (the underlying funds) in different combinations and weightings. Capital Research and Management Company (CRMC)
is the investment adviser of the underlying funds.
Each fund in the series has seven share classes consisting of one retail share class (Class A) and six retirement plan share classes
(Classes R-1, R-2, R-3, R-4, R-5 and R-6). Class A shares are subject to an initial sales charge of up to 5.75%. The six retirement
plan share classes are generally offered only through eligible employer-sponsored retirement plans.
Holders of all share classes have equal pro rata rights to assets, dividends
and liquidation proceeds. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting
only its class. Share classes have different fees and expenses (class-specific fees and expenses), primarily due to
different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses
will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class.
2. Significant accounting policies
The financial statements have been prepared to comply with accounting principles
generally accepted in the United States of America. These principles require management to make estimates and assumptions that
affect reported amounts and disclosures. Actual results could differ from those estimates. The funds follow the significant accounting
policies described below, as well as the valuation policies described in the next section on valuation.
Security transactions and related investment income
Security transactions
are recorded by the funds as of the date the trades are executed. Realized gains and losses from security transactions are determined
based on the specific identified cost of the securities. Dividend income is recognized on the ex-dividend date and interest income
is recognized on an accrual basis.
Fees and expenses
The fees and expenses of the underlying funds
are not included in the fees and expenses reported for each of the funds; however, they are indirectly reflected in the valuation
of each of the underlying funds. These fees are included in the net effective expense ratios that are provided as supplementary
information in the Financial Highlights table on pages 40 to 50.
Class allocations
Income, fees and expenses (other than class-specific
fees and expenses) and realized and unrealized gains and losses are allocated daily among the various share classes based on their
relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged
directly to the respective share class.
Dividends and distributions to shareholders
Dividends and distributions
paid to shareholders are recorded on the ex-dividend date.
3. Valuation
Security valuation
The net asset value of each share class of
each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset
value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying
funds statement of additional information. Generally, the funds and the underlying funds determine the net asset value of
each share class as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.
American Funds Target Date Retirement Series 29
Processes and structure
The series board of trustees has
delegated authority to the funds investment adviser to make fair value determinations, subject to board oversight. The investment
adviser has established a Joint Fair Valuation Committee (the Fair Valuation Committee) to administer, implement and
oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair
value decisions, as well as decisions made under its standing instructions to the investment advisers valuation teams. The
Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update
the fair valuation guidelines to better reflect the results of back testing and to better address new or evolving issues. The Fair
Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information
to support the changes. The series board and audit committee also regularly review reports that describe fair value determinations
and methods. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews,
including an annual control self-evaluation program facilitated by the investment advisers compliance group.
Classifications
The funds investment adviser classifies
the funds assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values
are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market
inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant
unobservable inputs that reflect the investment advisers determination of assumptions that market participants might reasonably
use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with
the underlying investment. At October 31, 2012, all of the investment securities for each fund were classified as Level 1.
4. Risk factors
Investing in the funds may involve certain risks including, but not limited
to, those described below.
Allocation risk
Investments in the funds are subject to risks
related to the investment advisers allocation choices. The selection of the underlying funds and the allocation of the funds
assets could cause the funds to lose value or their results to lag relevant benchmarks or other funds with similar objectives.
For investors who are close to or in retirement, the funds equity exposure may result in investment volatility that could
reduce an investors 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 funds 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 funds invest in underlying funds and incur
expenses related to the underlying funds. In addition, investors in the funds will incur fees to pay for certain expenses related
to the operations of the funds. An investor holding the underlying funds directly and in the same proportions as the funds would
incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the funds.
Because the funds investments are concentrated in the underlying funds,
the funds 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.
Market conditions
The prices of, and the income generated by,
the common stocks, bonds and other securities held by the underlying funds may decline due to market conditions and other factors,
including those directly involving the issuers of securities held by the underlying funds.
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, short-term 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 will be more significant
for the funds in the years preceding their respective target dates because a greater proportion of the funds assets will
consist of underlying funds that primarily invest in stocks.
Investing in bonds
Rising interest rates will generally cause
the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject to greater price fluctuations
than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to redeem, call or refinance a security
before its stated maturity, which may result in the underlying funds having to reinvest the proceeds in lower yielding securities.
Bonds and other debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will
weaken 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. Credit risk is gauged, in part, by the credit ratings of the 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. These risks will be more significant as the funds approach and pass their respective target dates because a greater
proportion of the funds assets will consist of underlying funds that primarily invest in bonds.
30 American Funds Target Date Retirement Series
Investing in lower rated bonds
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 issuers 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 bonds rated Ba1 or BB+ or below by Nationally Recognized Statistical
Rating Organizations or unrated but determined by the underlying funds investment adviser to be of equivalent quality. Such
securities are considered speculative and are sometimes referred to as junk bonds. The value of the underlying funds
may be similarly affected.
Investing outside the U.S.
Securities of issuers domiciled outside
the U.S., or with significant operations outside the U.S., may lose value because of adverse political, social, economic or market
developments in the countries or regions in which the issuer operates. 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. Securities markets in certain countries may
be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different settlement
and accounting practices and different regulatory, legal and reporting standards, and may be more difficult to value, than those
in the U.S. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.
Management
The investment adviser to the funds and to the underlying
funds actively manages each underlying funds investments. Consequently, the underlying funds are subject to the risk that
the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause
an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.
5. Taxation and distributions
Federal income taxation
Each fund complies with the requirements
under Subchapter M of the Internal Revenue Code applicable to mutual funds and each intends to distribute substantially all of
its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions
are made. Therefore, no federal income tax provision is required.
As of and during the period ended October 31, 2012, none of the funds had a
liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits
as income tax expense in the statements of operations. During the period, none of the funds incurred any interest or penalties.
The series, except for 2055 Fund, is not subject to examination by U.S. federal
tax authorities for tax years before 2008 and by state tax authorities for tax years before 2007, the year the series commenced
operations. 2055 Fund is not subject to examination by U.S. federal and state tax authorities for tax years before 2010, the year
the fund commenced operations.
Distributions
Distributions paid to shareholders are based on
net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized
gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term
capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; and deferred expenses.
The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains
are recorded by the funds for financial reporting purposes.
Dividends from net investment income and distributions from short-term net realized
gains shown on the accompanying financial statements are considered ordinary income distributions for tax purposes. Distributions
from long-term net realized gains on the accompanying financial statements are considered long-term capital gain distributions
for tax purposes.
American Funds Target Date Retirement Series 31
As of October 31, 2012, the tax basis components of distributable earnings,
unrealized appreciation (depreciation) and cost of investment securities for each fund were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2055
Fund
|
|
2050
Fund
|
|
2045
Fund
|
|
2040
Fund
|
|
2035
Fund
|
|
2030
Fund
|
|
2025
Fund
|
|
2020
Fund
|
|
2015
Fund
|
|
2010
Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed ordinary income
|
|
$
|
990
|
|
$
|
3,825
|
|
$
|
3,960
|
|
$
|
7,788
|
|
$
|
9,154
|
|
$
|
14,084
|
|
$
|
15,006
|
|
$
|
23,086
|
|
$
|
18,372
|
|
$
|
18,618
|
|
Undistributed long-term capital gain
|
|
|
438
|
|
|
4,172
|
|
|
5,415
|
|
|
9,018
|
|
|
12,699
|
|
|
22,726
|
|
|
18,247
|
|
|
20,537
|
|
|
25,562
|
|
|
10,662
|
|
Gross unrealized appreciation on investment securities
|
|
|
5,286
|
|
|
60,720
|
|
|
69,998
|
|
|
133,990
|
|
|
139,246
|
|
|
212,090
|
|
|
174,021
|
|
|
158,722
|
|
|
82,989
|
|
|
36,572
|
|
Gross unrealized depreciation on investment securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(587
|
)
|
|
(295
|
)
|
|
(683
|
)
|
|
(5,539
|
)
|
|
(6,561
|
)
|
|
(13,463
|
)
|
Net unrealized appreciation on investment securities
|
|
|
5,286
|
|
|
60,720
|
|
|
69,998
|
|
|
133,990
|
|
|
138,659
|
|
|
211,795
|
|
|
173,338
|
|
|
153,183
|
|
|
76,428
|
|
|
23,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of investment securities
|
|
|
103,326
|
|
|
532,929
|
|
|
572,284
|
|
|
1,069,908
|
|
|
1,207,645
|
|
|
1,771,211
|
|
|
1,822,632
|
|
|
2,152,324
|
|
|
1,533,888
|
|
|
982,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassification to undistributed net investment income from undistributed net realized gain
|
|
|
17
|
|
|
156
|
|
|
187
|
|
|
282
|
|
|
331
|
|
|
481
|
|
|
1,047
|
|
|
2,260
|
|
|
1,706
|
|
|
1,286
|
|
Reclassification to capital paid in on shares of beneficial interest from undistributed net investment income
|
|
|
1
|
|
|
4
|
|
|
4
|
|
|
7
|
|
|
9
|
|
|
8
|
|
|
6
|
|
|
9
|
|
|
7
|
|
|
2
|
|
6. Fees and transactions with related parties
CRMC, the series investment adviser, also advises the underlying American
Funds and is the parent company of American Funds Distributors
®
, Inc. (AFD), the principal underwriter
of the series shares, and American Funds Service Company
®
(AFS), the series transfer agent.
Investment advisory services
The series has an investment advisory
and service agreement with CRMC that provides for monthly fees, accrued daily. These fees are based on an annual rate of 0.10%
of daily net assets. CRMC is currently waiving these fees. This waiver can only be modified or terminated with the approval of
the series board of trustees. Investment advisory services fees are presented in the statements of operations gross of the
waiver from CRMC. CRMC receives fees from the underlying American Funds for investment advisory services. These fees are included
in the net effective expense ratios that are provided as supplementary information in the Financial Highlights table on pages 40
to 50.
Other reimbursement
CRMC has agreed to reimburse a portion of
the fees and expenses of 2055 Fund during its start-up period. At its discretion the adviser may elect to extend, modify or terminate
the reimbursement. Fees and expenses in the statements of operations are presented gross of the reimbursement from CRMC. The amount
reimbursed by CRMC is reflected as other reimbursements.
Class-specific fees and expenses
Expenses that are specific to
individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are
described below:
|
|
|
Distribution services
The series
has plans of distribution for all share classes, except Class R-5 and R-6 shares. Under the plans, the board of trustees approves
certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing
accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.30%
to 1.00% as noted below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum
allowed by the plans. All share classes with a plan may use up to 0.25% of average daily net assets to pay service fees, or
to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder
services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales
activities.
|
|
|
|
|
|
|
|
|
Share class
|
|
Currently approved limits
|
|
Plan limits
|
|
|
|
|
|
|
Class A
|
|
0.30
|
%
|
|
|
0.30
|
%
|
Class R-1
|
|
1.00
|
|
|
|
1.00
|
|
Class R-2
|
|
0.75
|
|
|
|
1.00
|
|
Class R-3
|
|
0.50
|
|
|
|
0.75
|
|
Class R-4
|
|
0.25
|
|
|
|
0.50
|
|
|
|
32
|
American Funds Target Date Retirement Series
|
For Class A shares, distribution-related expenses include the reimbursement
of dealer and wholesaler commissions paid by AFD for certain shares sold without a sales charge. This share class reimburses AFD
for amounts billed within the prior 15 months but only to the extent that the overall annual expense limit of 0.30% is not exceeded.
As of October 31, 2012, there were no unreimbursed expenses subject to reimbursement for the funds Class A shares.
Transfer agent services
The series has a shareholder services
agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds share classes.
These services include recordkeeping, shareholder communications and transaction processing. In addition, the funds reimburse AFS
for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.
During the period November 1, 2011, through December 31, 2011, only Class A
shares of each fund were subject to the shareholder services agreement with AFS. During this period, AFS and other third parties
were compensated for providing transfer agent services to the funds Class R shares through the fees paid by each fund to
CRMC under the series administrative services agreement with CRMC as described in the administrative services section below;
CRMC paid for any transfer agent services expenses in excess of 0.10% of the respective average daily net assets of each of such
share classes.
Effective January 1, 2012, the shareholder services agreement with AFS was modified
to include the funds Class R shares and payment for transfer agent services for such classes under the administrative services
agreement terminated. Under this structure, transfer agent services fees may exceed 0.10% of average daily net assets, resulting
in an increase in expenses paid by some share classes of the funds.
In addition, through December 31, 2011, the investment adviser reimbursed certain
expenses for the R-1 share class of the target date funds.
For the year ended October 31, 2012, total transfer agent services fees paid
by the funds under these agreements were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfer agent
services fees
paid to AFS
|
|
Transfer agent
services fees
paid to CRMC
|
|
Total
transfer agent
services fees
|
|
Transfer agent
services
reimbursement
|
|
|
|
|
|
|
|
|
|
|
|
2055 Fund
|
|
$
|
133
|
|
$
|
5
|
|
$
|
138
|
|
$
|
|
*
|
2050 Fund
|
|
|
866
|
|
|
37
|
|
|
903
|
|
|
|
*
|
2045 Fund
|
|
|
934
|
|
|
38
|
|
|
972
|
|
|
|
*
|
2040 Fund
|
|
|
1,721
|
|
|
74
|
|
|
1,795
|
|
|
(1
|
)
|
2035 Fund
|
|
|
1,989
|
|
|
83
|
|
|
2,072
|
|
|
(1
|
)
|
2030 Fund
|
|
|
2,885
|
|
|
125
|
|
|
3,010
|
|
|
(1
|
)
|
2025 Fund
|
|
|
2,946
|
|
|
127
|
|
|
3,073
|
|
|
(1
|
)
|
2020 Fund
|
|
|
3,317
|
|
|
150
|
|
|
3,467
|
|
|
(1
|
)
|
2015 Fund
|
|
|
2,439
|
|
|
113
|
|
|
2,552
|
|
|
(1
|
)
|
2010 Fund
|
|
|
1,416
|
|
|
72
|
|
|
1,488
|
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
18,646
|
|
$
|
824
|
|
$
|
19,470
|
|
$
|
(6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Amount less than one thousand.
|
Amounts were paid to CRMC through its administrative services agreement with
the funds. Amounts paid to CRMC by the funds were then paid by CRMC to AFS and other third parties.
Administrative services
The series has an administrative services
agreement with CRMC for providing administrative services to all of the funds share classes. These services include, but
are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to fund shareholders.
During the period November 1, 2011, through December 31, 2011, the agreement
applied to all share classes except Class R-6. The agreement also required CRMC to arrange for the provision of transfer agent
services for such share classes, which paid CRMC annual fees up to 0.10% (0.05% for Class R-5) of such share classs respective
average daily net assets. During this period, up to 0.05% of these fees were used to compensate CRMC for performing administrative
services; all other amounts paid under this agreement were used to compensate AFS and other third parties for transfer agent services.
During this period, the underlying funds also paid an administrative services
fee of up to 0.05%. The aggregate administrative services fee paid to CRMC for each share class together with the underlying fund
investments was up to 0.05% for Class R-6 shares, up to 0.10% for Class R-5 shares and up to 0.15% for all other share classes.
|
|
American Funds Target Date Retirement Series
|
33
|
Effective January 1, 2012, the administrative services agreement with CRMC was
modified to include all share classes. Under the revised agreement, fees for transfer agent services are no longer included as
part of the administrative services fee paid by the funds to CRMC. CRMC receives administrative services fees of 0.05% of average
daily net assets from the Class R-6 shares of the underlying funds for administrative services provided to the series.
Class-specific expenses under the agreements described above for the year ended
October 31, 2012, were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution
services
|
|
Transfer agent
services
|
|
Transfer agent
services
reimbursement
|
|
|
|
|
|
|
|
|
|
2055 Fund
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
$
|
55
|
|
$
|
38
|
|
$
|
|
|
Class R-1
|
|
|
2
|
|
|
|
*
|
|
|
*
|
Class R-2
|
|
|
152
|
|
|
62
|
|
|
|
|
Class R-3
|
|
|
82
|
|
|
29
|
|
|
|
|
Class R-4
|
|
|
15
|
|
|
6
|
|
|
|
|
Class R-5
|
|
|
Not applicable
|
|
|
3
|
|
|
|
|
Class R-6
|
|
|
Not applicable
|
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
306
|
|
$
|
138
|
|
$
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
2050 Fund
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
$
|
428
|
|
$
|
251
|
|
$
|
|
|
Class R-1
|
|
|
34
|
|
|
4
|
|
|
|
*
|
Class R-2
|
|
|
956
|
|
|
390
|
|
|
|
|
Class R-3
|
|
|
525
|
|
|
186
|
|
|
|
|
Class R-4
|
|
|
143
|
|
|
58
|
|
|
|
|
Class R-5
|
|
|
Not applicable
|
|
|
13
|
|
|
|
|
Class R-6
|
|
|
Not applicable
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
2,086
|
|
$
|
903
|
|
$
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
2045 Fund
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
$
|
394
|
|
$
|
239
|
|
$
|
|
|
Class R-1
|
|
|
47
|
|
|
6
|
|
|
|
*
|
Class R-2
|
|
|
1,065
|
|
|
433
|
|
|
|
|
Class R-3
|
|
|
613
|
|
|
220
|
|
|
|
|
Class R-4
|
|
|
144
|
|
|
59
|
|
|
|
|
Class R-5
|
|
|
Not applicable
|
|
|
14
|
|
|
|
|
Class R-6
|
|
|
Not applicable
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
2,263
|
|
$
|
972
|
|
$
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
2040 Fund
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
$
|
760
|
|
$
|
462
|
|
$
|
|
|
Class R-1
|
|
|
102
|
|
|
14
|
|
|
(1
|
)
|
Class R-2
|
|
|
1,833
|
|
|
746
|
|
|
|
|
Class R-3
|
|
|
1,142
|
|
|
408
|
|
|
|
|
Class R-4
|
|
|
316
|
|
|
130
|
|
|
|
|
Class R-5
|
|
|
Not applicable
|
|
|
33
|
|
|
|
|
Class R-6
|
|
|
Not applicable
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
4,153
|
|
$
|
1,795
|
|
$
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
2035 Fund
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
$
|
875
|
|
$
|
520
|
|
$
|
|
|
Class R-1
|
|
|
113
|
|
|
15
|
|
|
(1
|
)
|
Class R-2
|
|
|
2,222
|
|
|
905
|
|
|
|
|
Class R-3
|
|
|
1,313
|
|
|
471
|
|
|
|
|
Class R-4
|
|
|
304
|
|
|
126
|
|
|
|
|
Class R-5
|
|
|
Not applicable
|
|
|
33
|
|
|
|
|
Class R-6
|
|
|
Not applicable
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
4,827
|
|
$
|
2,072
|
|
$
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution
services
|
|
Transfer agent
services
|
|
Transfer agent
services
reimbursement
|
|
|
|
|
|
|
|
|
|
2030 Fund
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
$
|
1,227
|
|
$
|
723
|
|
$
|
|
|
Class R-1
|
|
|
190
|
|
|
25
|
|
|
(1
|
)
|
Class R-2
|
|
|
3,101
|
|
|
1,254
|
|
|
|
|
Class R-3
|
|
|
1,999
|
|
|
716
|
|
|
|
|
Class R-4
|
|
|
576
|
|
|
236
|
|
|
|
|
Class R-5
|
|
|
Not applicable
|
|
|
52
|
|
|
|
|
Class R-6
|
|
|
Not applicable
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
7,093
|
|
$
|
3,010
|
|
$
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
2025 Fund
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
$
|
1,389
|
|
$
|
802
|
|
$
|
|
|
Class R-1
|
|
|
125
|
|
|
17
|
|
|
(1
|
)
|
Class R-2
|
|
|
3,115
|
|
|
1,269
|
|
|
|
|
Class R-3
|
|
|
2,035
|
|
|
728
|
|
|
|
|
Class R-4
|
|
|
515
|
|
|
211
|
|
|
|
|
Class R-5
|
|
|
Not applicable
|
|
|
43
|
|
|
|
|
Class R-6
|
|
|
Not applicable
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
7,179
|
|
$
|
3,073
|
|
$
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
2020 Fund
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
$
|
1,693
|
|
$
|
979
|
|
$
|
|
|
Class R-1
|
|
|
159
|
|
|
21
|
|
|
(1
|
)
|
Class R-2
|
|
|
3,064
|
|
|
1,266
|
|
|
|
|
Class R-3
|
|
|
2,362
|
|
|
848
|
|
|
|
|
Class R-4
|
|
|
710
|
|
|
294
|
|
|
|
|
Class R-5
|
|
|
Not applicable
|
|
|
54
|
|
|
|
|
Class R-6
|
|
|
Not applicable
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
7,988
|
|
$
|
3,467
|
|
$
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
2015 Fund
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
$
|
1,418
|
|
$
|
782
|
|
$
|
|
|
Class R-1
|
|
|
122
|
|
|
16
|
|
|
(1
|
)
|
Class R-2
|
|
|
2,207
|
|
|
909
|
|
|
|
|
Class R-3
|
|
|
1,765
|
|
|
638
|
|
|
|
|
Class R-4
|
|
|
426
|
|
|
173
|
|
|
|
|
Class R-5
|
|
|
Not applicable
|
|
|
32
|
|
|
|
|
Class R-6
|
|
|
Not applicable
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
5,938
|
|
$
|
2,552
|
|
$
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
2010 Fund
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
$
|
1,128
|
|
$
|
630
|
|
$
|
|
|
Class R-1
|
|
|
34
|
|
|
4
|
|
|
|
*
|
Class R-2
|
|
|
986
|
|
|
408
|
|
|
|
|
Class R-3
|
|
|
859
|
|
|
312
|
|
|
|
|
Class R-4
|
|
|
271
|
|
|
111
|
|
|
|
|
Class R-5
|
|
|
Not applicable
|
|
|
21
|
|
|
|
|
Class R-6
|
|
|
Not applicable
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
3,278
|
|
$
|
1,488
|
|
$
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Amount less than one thousand.
|
|
|
|
|
|
|
|
|
|
|
|
|
34
|
American Funds Target Date Retirement Series
|
Trustees deferred compensation
Trustees who are unaffiliated
with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities
of the funds, are treated as if invested in shares of the American Funds. These amounts represent general, unsecured liabilities
of the funds and vary according to the total returns of the selected American Funds. Trustees compensation on the accompanying
financial statements includes current fees (either paid in cash or deferred) and the net increase in the value of the deferred
amounts as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current fees
|
|
Increase in value of
deferred amounts
|
|
Total trustees
compensation
|
|
|
|
|
|
|
|
|
|
2055 Fund
|
|
$
|
515
|
|
$
|
8
|
|
$
|
523
|
|
2050 Fund
|
|
|
3,707
|
|
|
380
|
|
|
4,087
|
|
2045 Fund
|
|
|
3,868
|
|
|
301
|
|
|
4,169
|
|
2040 Fund
|
|
|
7,490
|
|
|
676
|
|
|
8,166
|
|
2035 Fund
|
|
|
8,451
|
|
|
872
|
|
|
9,323
|
|
2030 Fund
|
|
|
12,671
|
|
|
1,300
|
|
|
13,971
|
|
2025 Fund
|
|
|
12,706
|
|
|
1,488
|
|
|
14,194
|
|
2020 Fund
|
|
|
15,035
|
|
|
1,920
|
|
|
16,955
|
|
2015 Fund
|
|
|
11,098
|
|
|
1,662
|
|
|
12,760
|
|
2010 Fund
|
|
|
7,074
|
|
|
1,375
|
|
|
8,449
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliated officers and trustees
Officers and certain trustees
of the series are or may be considered to be affiliated with CRMC, AFS and AFD. No affiliated officers or trustees received any
compensation directly from the series.
7. Investment transactions
The funds made purchases and sales of investment securities during the year
ended October 31, 2012, as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
Purchases
|
|
Sales
|
|
|
|
|
|
|
|
2055 Fund
|
|
$
|
56,959
|
|
$
|
7,707
|
|
2050 Fund
|
|
|
109,032
|
|
|
14,171
|
|
2045 Fund
|
|
|
148,028
|
|
|
16,050
|
|
2040 Fund
|
|
|
219,954
|
|
|
25,152
|
|
2035 Fund
|
|
|
245,477
|
|
|
34,793
|
|
2030 Fund
|
|
|
328,102
|
|
|
63,864
|
|
2025 Fund
|
|
|
342,432
|
|
|
52,492
|
|
2020 Fund
|
|
|
375,721
|
|
|
80,667
|
|
2015 Fund
|
|
|
236,200
|
|
|
120,026
|
|
2010 Fund
|
|
|
139,148
|
|
|
94,265
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series
|
35
|
8. Capital share transactions
Capital share transactions in the funds for the year ended October 31, 2012,
were as follows (dollars and shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2055 Fund
|
|
2050 Fund
|
|
2045 Fund
|
|
2040 Fund
|
|
|
|
|
|
|
|
|
|
|
|
Share class
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales*
|
|
$
|
24,751
|
|
|
2,148
|
|
$
|
66,011
|
|
|
7,006
|
|
$
|
69,896
|
|
|
7,283
|
|
$
|
113,353
|
|
|
11,800
|
|
Reinvestments of dividends and distributions
|
|
|
624
|
|
|
59
|
|
|
3,676
|
|
|
419
|
|
|
3,251
|
|
|
363
|
|
|
6,763
|
|
|
755
|
|
Repurchases*
|
|
|
(9,628
|
)
|
|
(835
|
)
|
|
(41,924
|
)
|
|
(4,438
|
)
|
|
(39,279
|
)
|
|
(4,094
|
)
|
|
(65,700
|
)
|
|
(6,801
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Class A transactions
|
|
|
15,747
|
|
|
1,372
|
|
|
27,763
|
|
|
2,987
|
|
|
33,868
|
|
|
3,552
|
|
|
54,416
|
|
|
5,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales*
|
|
|
284
|
|
|
24
|
|
|
2,086
|
|
|
225
|
|
|
2,014
|
|
|
213
|
|
|
5,153
|
|
|
551
|
|
Reinvestments of dividends and distributions
|
|
|
2
|
|
|
|
|
|
42
|
|
|
5
|
|
|
57
|
|
|
7
|
|
|
135
|
|
|
15
|
|
Repurchases*
|
|
|
(28
|
)
|
|
(2
|
)
|
|
(1,939
|
)
|
|
(208
|
)
|
|
(1,324
|
)
|
|
(139
|
)
|
|
(4,456
|
)
|
|
(473
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Class R-1 transactions
|
|
|
258
|
|
|
22
|
|
|
189
|
|
|
22
|
|
|
747
|
|
|
81
|
|
|
832
|
|
|
93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales*
|
|
|
21,519
|
|
|
1,875
|
|
|
56,047
|
|
|
6,011
|
|
|
69,119
|
|
|
7,299
|
|
|
109,111
|
|
|
11,485
|
|
Reinvestments of dividends and distributions
|
|
|
354
|
|
|
33
|
|
|
1,656
|
|
|
190
|
|
|
1,780
|
|
|
201
|
|
|
3,235
|
|
|
366
|
|
Repurchases*
|
|
|
(10,018
|
)
|
|
(869
|
)
|
|
(41,893
|
)
|
|
(4,534
|
)
|
|
(42,529
|
)
|
|
(4,498
|
)
|
|
(71,092
|
)
|
|
(7,526
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Class R-2 transactions
|
|
|
11,855
|
|
|
1,039
|
|
|
15,810
|
|
|
1,667
|
|
|
28,370
|
|
|
3,002
|
|
|
41,254
|
|
|
4,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales*
|
|
|
21,811
|
|
|
1,891
|
|
|
53,287
|
|
|
5,694
|
|
|
65,279
|
|
|
6,843
|
|
|
108,896
|
|
|
11,387
|
|
Reinvestments of dividends and distributions
|
|
|
357
|
|
|
33
|
|
|
1,652
|
|
|
189
|
|
|
1,818
|
|
|
204
|
|
|
3,648
|
|
|
409
|
|
Repurchases*
|
|
|
(10,237
|
)
|
|
(896
|
)
|
|
(32,425
|
)
|
|
(3,481
|
)
|
|
(36,534
|
)
|
|
(3,826
|
)
|
|
(67,141
|
)
|
|
(7,029
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Class R-3 transactions
|
|
|
11,931
|
|
|
1,028
|
|
|
22,514
|
|
|
2,402
|
|
|
30,563
|
|
|
3,221
|
|
|
45,403
|
|
|
4,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales*
|
|
|
10,795
|
|
|
927
|
|
|
32,009
|
|
|
3,398
|
|
|
39,147
|
|
|
4,064
|
|
|
65,604
|
|
|
6,799
|
|
Reinvestments of dividends and distributions
|
|
|
106
|
|
|
10
|
|
|
1,035
|
|
|
118
|
|
|
962
|
|
|
108
|
|
|
2,379
|
|
|
266
|
|
Repurchases*
|
|
|
(4,203
|
)
|
|
(365
|
)
|
|
(17,772
|
)
|
|
(1,893
|
)
|
|
(18,366
|
)
|
|
(1,917
|
)
|
|
(36,321
|
)
|
|
(3,779
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Class R-4 transactions
|
|
|
6,698
|
|
|
572
|
|
|
15,272
|
|
|
1,623
|
|
|
21,743
|
|
|
2,255
|
|
|
31,662
|
|
|
3,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales*
|
|
|
3,645
|
|
|
315
|
|
|
11,632
|
|
|
1,226
|
|
|
17,183
|
|
|
1,774
|
|
|
30,662
|
|
|
3,164
|
|
Reinvestments of dividends and distributions
|
|
|
135
|
|
|
13
|
|
|
491
|
|
|
56
|
|
|
552
|
|
|
61
|
|
|
1,333
|
|
|
148
|
|
Repurchases*
|
|
|
(1,337
|
)
|
|
(115
|
)
|
|
(7,437
|
)
|
|
(783
|
)
|
|
(9,429
|
)
|
|
(962
|
)
|
|
(24,435
|
)
|
|
(2,546
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Class R-5 transactions
|
|
|
2,443
|
|
|
213
|
|
|
4,686
|
|
|
499
|
|
|
8,306
|
|
|
873
|
|
|
7,560
|
|
|
766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales*
|
|
|
1,888
|
|
|
161
|
|
|
10,464
|
|
|
1,109
|
|
|
10,073
|
|
|
1,039
|
|
|
17,331
|
|
|
1,792
|
|
Reinvestments of dividends and distributions
|
|
|
20
|
|
|
2
|
|
|
141
|
|
|
16
|
|
|
143
|
|
|
16
|
|
|
374
|
|
|
42
|
|
Repurchases*
|
|
|
(1,166
|
)
|
|
(104
|
)
|
|
(1,750
|
)
|
|
(183
|
)
|
|
(2,055
|
)
|
|
(212
|
)
|
|
(3,460
|
)
|
|
(356
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Class R-6 transactions
|
|
|
742
|
|
|
59
|
|
|
8,855
|
|
|
942
|
|
|
8,161
|
|
|
843
|
|
|
14,245
|
|
|
1,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net increase
|
|
$
|
49,674
|
|
|
4,305
|
|
$
|
95,089
|
|
|
10,142
|
|
$
|
131,758
|
|
|
13,827
|
|
$
|
195,372
|
|
|
20,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See page 38 for footnotes.
|
|
36
|
American Funds Target Date Retirement Series
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2035 Fund
|
|
2030 Fund
|
|
2025 Fund
|
|
2020 Fund
|
|
2015 Fund
|
|
2010 Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
|
$
|
114,568
|
|
|
11,988
|
|
$
|
155,439
|
|
|
16,190
|
|
$
|
173,189
|
|
|
18,397
|
|
$
|
215,804
|
|
|
22,960
|
|
$
|
160,442
|
|
|
16,934
|
|
$
|
117,684
|
|
|
12,511
|
|
|
7,878
|
|
|
885
|
|
|
11,869
|
|
|
1,323
|
|
|
14,135
|
|
|
1,602
|
|
|
19,465
|
|
|
2,192
|
|
|
18,505
|
|
|
2,051
|
|
|
20,838
|
|
|
2,318
|
|
|
(79,654
|
)
|
|
(8,310
|
)
|
|
(113,732
|
)
|
|
(11,738
|
)
|
|
(133,761
|
)
|
|
(14,123
|
)
|
|
(162,835
|
)
|
|
(17,255
|
)
|
|
(148,027
|
)
|
|
(15,585
|
)
|
|
(92,346
|
)
|
|
(9,795
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42,792
|
|
|
4,563
|
|
|
53,576
|
|
|
5,775
|
|
|
53,563
|
|
|
5,876
|
|
|
72,434
|
|
|
7,897
|
|
|
30,920
|
|
|
3,400
|
|
|
46,176
|
|
|
5,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,643
|
|
|
496
|
|
|
8,478
|
|
|
905
|
|
|
4,487
|
|
|
483
|
|
|
6,699
|
|
|
733
|
|
|
3,571
|
|
|
385
|
|
|
2,018
|
|
|
214
|
|
|
158
|
|
|
18
|
|
|
285
|
|
|
32
|
|
|
205
|
|
|
23
|
|
|
309
|
|
|
35
|
|
|
321
|
|
|
36
|
|
|
131
|
|
|
15
|
|
|
(3,030
|
)
|
|
(323
|
)
|
|
(8,153
|
)
|
|
(859
|
)
|
|
(3,039
|
)
|
|
(328
|
)
|
|
(6,846
|
)
|
|
(739
|
)
|
|
(4,262
|
)
|
|
(459
|
)
|
|
(1,867
|
)
|
|
(199
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,771
|
|
|
191
|
|
|
610
|
|
|
78
|
|
|
1,653
|
|
|
178
|
|
|
162
|
|
|
29
|
|
|
(370
|
)
|
|
(38
|
)
|
|
282
|
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
119,912
|
|
|
12,731
|
|
|
158,043
|
|
|
16,651
|
|
|
163,451
|
|
|
17,610
|
|
|
152,374
|
|
|
16,431
|
|
|
100,451
|
|
|
10,736
|
|
|
58,051
|
|
|
6,211
|
|
|
4,154
|
|
|
472
|
|
|
6,495
|
|
|
732
|
|
|
7,170
|
|
|
822
|
|
|
8,312
|
|
|
946
|
|
|
7,621
|
|
|
855
|
|
|
5,221
|
|
|
586
|
|
|
(75,450
|
)
|
|
(8,029
|
)
|
|
(111,994
|
)
|
|
(11,826
|
)
|
|
(115,514
|
)
|
|
(12,473
|
)
|
|
(115,904
|
)
|
|
(12,521
|
)
|
|
(96,453
|
)
|
|
(10,303
|
)
|
|
(65,304
|
)
|
|
(7,011
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,616
|
|
|
5,174
|
|
|
52,544
|
|
|
5,557
|
|
|
55,107
|
|
|
5,959
|
|
|
44,782
|
|
|
4,856
|
|
|
11,619
|
|
|
1,288
|
|
|
(2,032
|
)
|
|
(214
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
122,311
|
|
|
12,893
|
|
|
160,148
|
|
|
16,766
|
|
|
189,865
|
|
|
20,292
|
|
|
214,315
|
|
|
22,939
|
|
|
145,353
|
|
|
15,424
|
|
|
81,570
|
|
|
8,681
|
|
|
4,346
|
|
|
491
|
|
|
7,210
|
|
|
808
|
|
|
8,025
|
|
|
915
|
|
|
10,681
|
|
|
1,208
|
|
|
9,974
|
|
|
1,112
|
|
|
7,175
|
|
|
801
|
|
|
(72,912
|
)
|
|
(7,696
|
)
|
|
(100,754
|
)
|
|
(10,536
|
)
|
|
(115,094
|
)
|
|
(12,297
|
)
|
|
(140,320
|
)
|
|
(15,012
|
)
|
|
(124,368
|
)
|
|
(13,161
|
)
|
|
(84,919
|
)
|
|
(9,032
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,745
|
|
|
5,688
|
|
|
66,604
|
|
|
7,038
|
|
|
82,796
|
|
|
8,910
|
|
|
84,676
|
|
|
9,135
|
|
|
30,959
|
|
|
3,375
|
|
|
3,826
|
|
|
450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,554
|
|
|
6,512
|
|
|
113,724
|
|
|
11,764
|
|
|
100,441
|
|
|
10,585
|
|
|
125,848
|
|
|
13,355
|
|
|
85,576
|
|
|
9,050
|
|
|
51,296
|
|
|
5,462
|
|
|
2,364
|
|
|
265
|
|
|
4,736
|
|
|
529
|
|
|
4,645
|
|
|
527
|
|
|
7,127
|
|
|
803
|
|
|
5,301
|
|
|
588
|
|
|
4,887
|
|
|
544
|
|
|
(36,818
|
)
|
|
(3,862
|
)
|
|
(59,514
|
)
|
|
(6,186
|
)
|
|
(55,173
|
)
|
|
(5,858
|
)
|
|
(76,803
|
)
|
|
(8,175
|
)
|
|
(74,877
|
)
|
|
(7,892
|
)
|
|
(50,966
|
)
|
|
(5,418
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,100
|
|
|
2,915
|
|
|
58,946
|
|
|
6,107
|
|
|
49,913
|
|
|
5,254
|
|
|
56,172
|
|
|
5,983
|
|
|
16,000
|
|
|
1,746
|
|
|
5,217
|
|
|
588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,908
|
|
|
3,420
|
|
|
39,653
|
|
|
4,085
|
|
|
40,916
|
|
|
4,287
|
|
|
53,361
|
|
|
5,623
|
|
|
69,873
|
|
|
7,214
|
|
|
21,565
|
|
|
2,256
|
|
|
1,384
|
|
|
155
|
|
|
2,644
|
|
|
294
|
|
|
1,885
|
|
|
213
|
|
|
2,954
|
|
|
331
|
|
|
1,762
|
|
|
194
|
|
|
1,895
|
|
|
210
|
|
|
(17,726
|
)
|
|
(1,826
|
)
|
|
(41,183
|
)
|
|
(4,385
|
)
|
|
(19,297
|
)
|
|
(2,026
|
)
|
|
(42,469
|
)
|
|
(4,572
|
)
|
|
(49,689
|
)
|
|
(5,125
|
)
|
|
(18,045
|
)
|
|
(1,917
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,566
|
|
|
1,749
|
|
|
1,114
|
|
|
(6
|
)
|
|
23,504
|
|
|
2,474
|
|
|
13,846
|
|
|
1,382
|
|
|
21,946
|
|
|
2,283
|
|
|
5,415
|
|
|
549
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,185
|
|
|
2,410
|
|
|
40,259
|
|
|
4,168
|
|
|
33,377
|
|
|
3,530
|
|
|
39,416
|
|
|
4,172
|
|
|
23,929
|
|
|
2,500
|
|
|
11,157
|
|
|
1,180
|
|
|
345
|
|
|
39
|
|
|
837
|
|
|
93
|
|
|
637
|
|
|
72
|
|
|
1,007
|
|
|
113
|
|
|
647
|
|
|
72
|
|
|
746
|
|
|
83
|
|
|
(3,799
|
)
|
|
(400
|
)
|
|
(6,775
|
)
|
|
(703
|
)
|
|
(6,237
|
)
|
|
(656
|
)
|
|
(10,190
|
)
|
|
(1,074
|
)
|
|
(7,873
|
)
|
|
(819
|
)
|
|
(8,200
|
)
|
|
(870
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,731
|
|
|
2,049
|
|
|
34,321
|
|
|
3,558
|
|
|
27,777
|
|
|
2,946
|
|
|
30,233
|
|
|
3,211
|
|
|
16,703
|
|
|
1,753
|
|
|
3,703
|
|
|
393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
211,321
|
|
|
22,329
|
|
$
|
267,715
|
|
|
28,107
|
|
$
|
294,313
|
|
|
31,597
|
|
$
|
302,305
|
|
|
32,493
|
|
$
|
127,777
|
|
|
13,807
|
|
$
|
62,587
|
|
|
6,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series
|
37
|
Capital share transactions in the funds for the year ended October 31, 2011,
were as follows (dollars and shares in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2055 Fund
|
|
2050 Fund
|
|
2045 Fund
|
|
2040 Fund
|
|
|
|
|
|
|
|
|
|
|
|
Share class
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales*
|
|
$
|
20,821
|
|
|
1,823
|
|
$
|
63,972
|
|
|
6,901
|
|
$
|
65,203
|
|
|
6,893
|
|
$
|
116,188
|
|
|
12,259
|
|
Reinvestments of dividends and distributions
|
|
|
144
|
|
|
13
|
|
|
4,413
|
|
|
479
|
|
|
3,407
|
|
|
363
|
|
|
5,420
|
|
|
577
|
|
Repurchases*
|
|
|
(6,629
|
)
|
|
(585
|
)
|
|
(30,191
|
)
|
|
(3,269
|
)
|
|
(23,292
|
)
|
|
(2,466
|
)
|
|
(48,310
|
)
|
|
(5,113
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Class A transactions
|
|
|
14,336
|
|
|
1,251
|
|
|
38,194
|
|
|
4,111
|
|
|
45,318
|
|
|
4,790
|
|
|
73,298
|
|
|
7,723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales*
|
|
|
83
|
|
|
7
|
|
|
2,444
|
|
|
267
|
|
|
2,091
|
|
|
223
|
|
|
5,220
|
|
|
561
|
|
Reinvestments of dividends and distributions
|
|
|
|
|
|
|
|
|
71
|
|
|
8
|
|
|
73
|
|
|
8
|
|
|
105
|
|
|
11
|
|
Repurchases*
|
|
|
(16
|
)
|
|
(1
|
)
|
|
(2,039
|
)
|
|
(227
|
)
|
|
(1,511
|
)
|
|
(162
|
)
|
|
(3,720
|
)
|
|
(403
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Class R-1 transactions
|
|
|
67
|
|
|
6
|
|
|
476
|
|
|
48
|
|
|
653
|
|
|
69
|
|
|
1,605
|
|
|
169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales*
|
|
|
16,790
|
|
|
1,487
|
|
|
50,963
|
|
|
5,564
|
|
|
58,516
|
|
|
6,288
|
|
|
95,478
|
|
|
10,257
|
|
Reinvestments of dividends and distributions
|
|
|
55
|
|
|
5
|
|
|
2,612
|
|
|
287
|
|
|
2,286
|
|
|
247
|
|
|
2,958
|
|
|
318
|
|
Repurchases*
|
|
|
(5,760
|
)
|
|
(512
|
)
|
|
(28,993
|
)
|
|
(3,165
|
)
|
|
(31,656
|
)
|
|
(3,404
|
)
|
|
(55,685
|
)
|
|
(5,969
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Class R-2 transactions
|
|
|
11,085
|
|
|
980
|
|
|
24,582
|
|
|
2,686
|
|
|
29,146
|
|
|
3,131
|
|
|
42,751
|
|
|
4,606
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales*
|
|
|
16,529
|
|
|
1,455
|
|
|
45,312
|
|
|
4,913
|
|
|
50,796
|
|
|
5,415
|
|
|
90,773
|
|
|
9,633
|
|
Reinvestments of dividends and distributions
|
|
|
65
|
|
|
6
|
|
|
2,170
|
|
|
237
|
|
|
2,030
|
|
|
218
|
|
|
3,073
|
|
|
328
|
|
Repurchases*
|
|
|
(8,596
|
)
|
|
(755
|
)
|
|
(29,051
|
)
|
|
(3,146
|
)
|
|
(25,707
|
)
|
|
(2,745
|
)
|
|
(51,844
|
)
|
|
(5,517
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Class R-3 transactions
|
|
|
7,998
|
|
|
706
|
|
|
18,431
|
|
|
2,004
|
|
|
27,119
|
|
|
2,888
|
|
|
42,002
|
|
|
4,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales*
|
|
|
5,959
|
|
|
527
|
|
|
23,777
|
|
|
2,566
|
|
|
23,050
|
|
|
2,444
|
|
|
51,529
|
|
|
5,479
|
|
Reinvestments of dividends and distributions
|
|
|
20
|
|
|
2
|
|
|
1,107
|
|
|
120
|
|
|
895
|
|
|
95
|
|
|
1,925
|
|
|
205
|
|
Repurchases*
|
|
|
(3,670
|
)
|
|
(325
|
)
|
|
(10,452
|
)
|
|
(1,138
|
)
|
|
(9,154
|
)
|
|
(982
|
)
|
|
(28,021
|
)
|
|
(2,971
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Class R-4 transactions
|
|
|
2,309
|
|
|
204
|
|
|
14,432
|
|
|
1,548
|
|
|
14,791
|
|
|
1,557
|
|
|
25,433
|
|
|
2,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales*
|
|
|
2,136
|
|
|
183
|
|
|
11,643
|
|
|
1,244
|
|
|
12,709
|
|
|
1,342
|
|
|
27,533
|
|
|
2,872
|
|
Reinvestments of dividends and distributions
|
|
|
51
|
|
|
5
|
|
|
477
|
|
|
52
|
|
|
468
|
|
|
50
|
|
|
1,043
|
|
|
110
|
|
Repurchases*
|
|
|
(311
|
)
|
|
(27
|
)
|
|
(3,644
|
)
|
|
(393
|
)
|
|
(5,504
|
)
|
|
(586
|
)
|
|
(12,777
|
)
|
|
(1,359
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Class R-5 transactions
|
|
|
1,876
|
|
|
161
|
|
|
8,476
|
|
|
903
|
|
|
7,673
|
|
|
806
|
|
|
15,799
|
|
|
1,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R-6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales*
|
|
|
1,857
|
|
|
155
|
|
|
4,578
|
|
|
489
|
|
|
6,932
|
|
|
734
|
|
|
12,554
|
|
|
1,330
|
|
Reinvestments of dividends and distributions
|
|
|
3
|
|
|
|
|
|
154
|
|
|
16
|
|
|
206
|
|
|
21
|
|
|
343
|
|
|
37
|
|
Repurchases*
|
|
|
(813
|
)
|
|
(76
|
)
|
|
(3,733
|
)
|
|
(411
|
)
|
|
(5,998
|
)
|
|
(657
|
)
|
|
(8,026
|
)
|
|
(870
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Class R-6 transactions
|
|
|
1,047
|
|
|
79
|
|
|
999
|
|
|
94
|
|
|
1,140
|
|
|
98
|
|
|
4,871
|
|
|
497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net increase
|
|
$
|
38,718
|
|
|
3,387
|
|
$
|
105,590
|
|
|
11,394
|
|
$
|
125,840
|
|
|
13,339
|
|
$
|
205,759
|
|
|
21,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Includes exchanges between share classes of the fund.
|
|
Amount less than one thousand.
|
|
|
|
38
|
American Funds Target Date Retirement Series
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2035 Fund
|
|
2030 Fund
|
|
2025 Fund
|
|
2020 Fund
|
|
2015 Fund
|
|
2010 Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
$
|
121,895
|
|
|
12,949
|
|
$
|
165,035
|
|
|
17,416
|
|
$
|
192,974
|
|
|
20,800
|
|
$
|
239,136
|
|
|
25,918
|
|
$
|
189,697
|
|
|
20,343
|
|
$
|
141,116
|
|
|
15,202
|
|
|
7,428
|
|
|
796
|
|
|
8,551
|
|
|
912
|
|
|
12,775
|
|
|
1,395
|
|
|
19,280
|
|
|
2,125
|
|
|
18,114
|
|
|
1,982
|
|
|
15,284
|
|
|
1,679
|
|
|
(56,445
|
)
|
|
(6,041
|
)
|
|
(87,348
|
)
|
|
(9,285
|
)
|
|
(104,688
|
)
|
|
(11,331
|
)
|
|
(135,302
|
)
|
|
(14,692
|
)
|
|
(137,654
|
)
|
|
(14,786
|
)
|
|
(143,954
|
)
|
|
(15,456
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72,878
|
|
|
7,704
|
|
|
86,238
|
|
|
9,043
|
|
|
101,061
|
|
|
10,864
|
|
|
123,114
|
|
|
13,351
|
|
|
70,157
|
|
|
7,539
|
|
|
12,446
|
|
|
1,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,160
|
|
|
449
|
|
|
8,930
|
|
|
953
|
|
|
4,386
|
|
|
478
|
|
|
6,678
|
|
|
731
|
|
|
5,227
|
|
|
569
|
|
|
1,538
|
|
|
167
|
|
|
156
|
|
|
16
|
|
|
212
|
|
|
23
|
|
|
206
|
|
|
23
|
|
|
330
|
|
|
36
|
|
|
350
|
|
|
39
|
|
|
89
|
|
|
10
|
|
|
(1,754
|
)
|
|
(188
|
)
|
|
(6,171
|
)
|
|
(657
|
)
|
|
(2,736
|
)
|
|
(299
|
)
|
|
(4,106
|
)
|
|
(451
|
)
|
|
(4,809
|
)
|
|
(520
|
)
|
|
(1,339
|
)
|
|
(144
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,562
|
|
|
277
|
|
|
2,971
|
|
|
319
|
|
|
1,856
|
|
|
202
|
|
|
2,902
|
|
|
316
|
|
|
768
|
|
|
88
|
|
|
288
|
|
|
33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
107,445
|
|
|
11,591
|
|
|
144,434
|
|
|
15,483
|
|
|
150,263
|
|
|
16,442
|
|
|
140,323
|
|
|
15,427
|
|
|
101,805
|
|
|
11,064
|
|
|
53,384
|
|
|
5,810
|
|
|
4,336
|
|
|
470
|
|
|
4,744
|
|
|
511
|
|
|
6,923
|
|
|
764
|
|
|
9,285
|
|
|
1,034
|
|
|
7,976
|
|
|
882
|
|
|
3,775
|
|
|
418
|
|
|
(65,797
|
)
|
|
(7,096
|
)
|
|
(86,143
|
)
|
|
(9,269
|
)
|
|
(93,866
|
)
|
|
(10,295
|
)
|
|
(94,679
|
)
|
|
(10,435
|
)
|
|
(77,520
|
)
|
|
(8,419
|
)
|
|
(51,730
|
)
|
|
(5,632
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,984
|
|
|
4,965
|
|
|
63,035
|
|
|
6,725
|
|
|
63,320
|
|
|
6,911
|
|
|
54,929
|
|
|
6,026
|
|
|
32,261
|
|
|
3,527
|
|
|
5,429
|
|
|
596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,704
|
|
|
10,753
|
|
|
141,574
|
|
|
15,046
|
|
|
143,795
|
|
|
15,615
|
|
|
163,356
|
|
|
17,854
|
|
|
128,265
|
|
|
13,852
|
|
|
73,134
|
|
|
7,903
|
|
|
4,010
|
|
|
432
|
|
|
5,218
|
|
|
559
|
|
|
7,054
|
|
|
773
|
|
|
11,090
|
|
|
1,228
|
|
|
10,054
|
|
|
1,105
|
|
|
5,491
|
|
|
605
|
|
|
(52,246
|
)
|
|
(5,595
|
)
|
|
(85,727
|
)
|
|
(9,171
|
)
|
|
(84,934
|
)
|
|
(9,307
|
)
|
|
(115,167
|
)
|
|
(12,607
|
)
|
|
(102,539
|
)
|
|
(11,076
|
)
|
|
(76,260
|
)
|
|
(8,253
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52,468
|
|
|
5,590
|
|
|
61,065
|
|
|
6,434
|
|
|
65,915
|
|
|
7,081
|
|
|
59,279
|
|
|
6,475
|
|
|
35,780
|
|
|
3,881
|
|
|
2,365
|
|
|
255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,828
|
|
|
5,232
|
|
|
85,106
|
|
|
9,034
|
|
|
80,393
|
|
|
8,708
|
|
|
97,752
|
|
|
10,607
|
|
|
61,912
|
|
|
6,658
|
|
|
43,926
|
|
|
4,730
|
|
|
2,079
|
|
|
223
|
|
|
3,117
|
|
|
333
|
|
|
3,917
|
|
|
427
|
|
|
6,866
|
|
|
758
|
|
|
5,036
|
|
|
551
|
|
|
3,651
|
|
|
401
|
|
|
(27,308
|
)
|
|
(2,917
|
)
|
|
(40,226
|
)
|
|
(4,277
|
)
|
|
(49,461
|
)
|
|
(5,325
|
)
|
|
(58,923
|
)
|
|
(6,405
|
)
|
|
(48,271
|
)
|
|
(5,196
|
)
|
|
(43,027
|
)
|
|
(4,631
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,599
|
|
|
2,538
|
|
|
47,997
|
|
|
5,090
|
|
|
34,849
|
|
|
3,810
|
|
|
45,695
|
|
|
4,960
|
|
|
18,677
|
|
|
2,013
|
|
|
4,550
|
|
|
500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,113
|
|
|
2,848
|
|
|
46,160
|
|
|
4,834
|
|
|
39,386
|
|
|
4,207
|
|
|
56,239
|
|
|
6,048
|
|
|
28,789
|
|
|
3,074
|
|
|
24,521
|
|
|
2,617
|
|
|
1,044
|
|
|
112
|
|
|
1,838
|
|
|
195
|
|
|
1,368
|
|
|
149
|
|
|
2,573
|
|
|
283
|
|
|
1,380
|
|
|
150
|
|
|
1,698
|
|
|
186
|
|
|
(12,393
|
)
|
|
(1,335
|
)
|
|
(22,554
|
)
|
|
(2,375
|
)
|
|
(23,006
|
)
|
|
(2,491
|
)
|
|
(27,058
|
)
|
|
(2,921
|
)
|
|
(17,803
|
)
|
|
(1,913
|
)
|
|
(25,845
|
)
|
|
(2,755
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,764
|
|
|
1,625
|
|
|
25,444
|
|
|
2,654
|
|
|
17,748
|
|
|
1,865
|
|
|
31,754
|
|
|
3,410
|
|
|
12,366
|
|
|
1,311
|
|
|
374
|
|
|
48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,304
|
|
|
1,418
|
|
|
22,204
|
|
|
2,342
|
|
|
18,340
|
|
|
1,980
|
|
|
20,817
|
|
|
2,254
|
|
|
15,663
|
|
|
1,682
|
|
|
12,829
|
|
|
1,374
|
|
|
371
|
|
|
40
|
|
|
562
|
|
|
60
|
|
|
611
|
|
|
67
|
|
|
1,107
|
|
|
122
|
|
|
764
|
|
|
84
|
|
|
693
|
|
|
76
|
|
|
(9,357
|
)
|
|
(1,036
|
)
|
|
(12,699
|
)
|
|
(1,383
|
)
|
|
(13,043
|
)
|
|
(1,459
|
)
|
|
(16,591
|
)
|
|
(1,833
|
)
|
|
(16,644
|
)
|
|
(1,817
|
)
|
|
(12,891
|
)
|
|
(1,392
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,318
|
|
|
422
|
|
|
10,067
|
|
|
1,019
|
|
|
5,908
|
|
|
588
|
|
|
5,333
|
|
|
543
|
|
|
(217
|
)
|
|
(51
|
)
|
|
631
|
|
|
58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
217,573
|
|
|
23,121
|
|
$
|
296,817
|
|
|
31,284
|
|
$
|
290,657
|
|
|
31,321
|
|
$
|
323,006
|
|
|
35,081
|
|
$
|
169,792
|
|
|
18,308
|
|
$
|
26,083
|
|
|
2,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Target Date Retirement Series
|
39
|
Financial highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended
|
|
Net asset
value,
beginning
of period
|
|
Income from
investment operations
1
|
|
Dividends and distributions
|
|
Net asset
value, end
of period
|
|
Total
return
2,3
|
|
Net assets,
end of period
(in thousands)
|
|
Ratio of
expenses to
average net
assets before
reimburse-
ments/
waivers
4
|
|
Ratio of
expenses to
average net
assets after
reimburse-
ments/
waivers
3,4
|
|
Net
effective
expense
ratio
5
|
|
Ratio of
net income
to average
net
assets
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment
income
|
|
Net gains
on
securities
(both
realized and
unrealized)
|
|
Total from
investment
operations
|
|
Dividends
(from net
investment
income)
|
|
Distributions
(from capital
gains)
|
|
Total
dividends
and
distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds 2055 Target Date Retirement Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
$
|
11.14
|
|
$
|
.18
|
|
$
|
1.13
|
|
$
|
1.31
|
|
$
|
(.16
|
)
|
$
|
(.16
|
)
|
$
|
(.32
|
)
|
$
|
12.13
|
|
12.18
|
%
|
$
|
37,802
|
|
.56
|
%
|
.37
|
%
|
.78
|
%
|
1.59
|
%
|
10/31/11
|
|
|
11.12
|
|
|
.18
|
|
|
.06
|
|
|
.24
|
|
|
(.15
|
)
|
|
(.07
|
)
|
|
(.22
|
)
|
|
11.14
|
|
2.11
|
|
|
19,454
|
|
.76
|
|
.39
|
|
.79
|
|
1.57
|
|
10/31/10
6,7
|
|
|
10.00
|
|
|
.11
|
|
|
1.01
|
|
|
1.12
|
|
|
|
|
|
|
|
|
|
|
|
11.12
|
|
11.20
|
|
|
5,507
|
|
.89
|
8
|
.36
|
8
|
.78
|
8
|
1.37
|
8
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
11.05
|
|
|
.09
|
|
|
1.12
|
|
|
1.21
|
|
|
(.11
|
)
|
|
(.16
|
)
|
|
(.27
|
)
|
|
11.99
|
|
11.24
|
|
|
358
|
|
1.29
|
|
1.12
|
|
1.53
|
|
.75
|
|
10/31/11
|
|
|
11.05
|
|
|
.09
|
|
|
.08
|
|
|
.17
|
|
|
(.10
|
)
|
|
(.07
|
)
|
|
(.17
|
)
|
|
11.05
|
|
1.43
|
|
|
83
|
|
1.51
|
|
1.16
|
|
1.56
|
|
.78
|
|
10/31/10
6,7
|
|
|
10.00
|
|
|
.04
|
|
|
1.01
|
|
|
1.05
|
|
|
|
|
|
|
|
|
|
|
|
11.05
|
|
10.50
|
|
|
17
|
|
1.83
|
8
|
1.16
|
8
|
1.58
|
8
|
.58
|
8
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
11.04
|
|
|
.10
|
|
|
1.11
|
|
|
1.21
|
|
|
(.11
|
)
|
|
(.16
|
)
|
|
(.27
|
)
|
|
11.98
|
|
11.30
|
|
|
26,862
|
|
1.29
|
|
1.10
|
|
1.51
|
|
.86
|
|
10/31/11
|
|
|
11.06
|
|
|
.09
|
|
|
.08
|
|
|
.17
|
|
|
(.12
|
)
|
|
(.07
|
)
|
|
(.19
|
)
|
|
11.04
|
|
1.43
|
|
|
13,280
|
|
1.48
|
|
1.11
|
|
1.51
|
|
.79
|
|
10/31/10
6,7
|
|
|
10.00
|
|
|
.05
|
|
|
1.01
|
|
|
1.06
|
|
|
|
|
|
|
|
|
|
|
|
11.06
|
|
10.60
|
|
|
2,466
|
|
1.68
|
8
|
1.11
|
8
|
1.53
|
8
|
.60
8
|
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
11.09
|
|
|
.14
|
|
|
1.12
|
|
|
1.26
|
|
|
(.14
|
)
|
|
(.16
|
)
|
|
(.30
|
)
|
|
12.05
|
|
11.75
|
|
|
24,292
|
|
.92
|
|
.73
|
|
1.14
|
|
1.25
|
|
10/31/11
|
|
|
11.09
|
|
|
.13
|
|
|
.07
|
|
|
.20
|
|
|
(.13
|
)
|
|
(.07
|
)
|
|
(.20
|
)
|
|
11.09
|
|
1.75
|
|
|
10,958
|
|
1.09
|
|
.74
|
|
1.14
|
|
1.13
|
|
10/31/10
6,7
|
|
|
10.00
|
|
|
.07
|
|
|
1.02
|
|
|
1.09
|
|
|
|
|
|
|
|
|
|
|
|
11.09
|
|
10.90
|
|
|
3,126
|
|
1.45
|
8
|
.74
|
8
|
1.16
|
8
|
.95
|
8
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
11.14
|
|
|
.17
|
|
|
1.14
|
|
|
1.31
|
|
|
(.16
|
)
|
|
(.16
|
)
|
|
(.32
|
)
|
|
12.13
|
|
12.16
|
|
|
10,368
|
|
.58
|
|
.39
|
|
.80
|
|
1.45
|
|
10/31/11
|
|
|
11.11
|
|
|
.16
|
|
|
.09
|
|
|
.25
|
|
|
(.15
|
)
|
|
(.07
|
)
|
|
(.22
|
)
|
|
11.14
|
|
2.14
|
|
|
3,155
|
|
.77
|
|
.42
|
|
.82
|
|
1.45
|
|
10/31/10
6,7
|
|
|
10.00
|
|
|
.11
|
|
|
1.00
|
|
|
1.11
|
|
|
|
|
|
|
|
|
|
|
|
11.11
|
|
11.10
|
|
|
873
|
|
.89
|
8
|
.42
|
8
|
.84
|
8
|
1.48
|
8
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
11.18
|
|
|
.22
|
|
|
1.12
|
|
|
1.34
|
|
|
(.18
|
)
|
|
(.16
|
)
|
|
(.34
|
)
|
|
12.18
|
|
12.45
|
|
|
7,080
|
|
.30
|
|
.10
|
|
.51
|
|
1.90
|
|
10/31/11
|
|
|
11.14
|
|
|
.22
|
|
|
.05
|
|
|
.27
|
|
|
(.16
|
)
|
|
(.07
|
)
|
|
(.23
|
)
|
|
11.18
|
|
2.38
|
|
|
4,117
|
|
.51
|
|
.11
|
|
.51
|
|
1.93
|
|
10/31/10
6,7
|
|
|
10.00
|
|
|
.15
|
|
|
.99
|
|
|
1.14
|
|
|
|
|
|
|
|
|
|
|
|
11.14
|
|
11.40
|
|
|
2,311
|
|
.45
|
8
|
.12
|
8
|
.54
|
8
|
1.93
|
8
|
Class R-6:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
11.19
|
|
|
.20
|
|
|
1.15
|
|
|
1.35
|
|
|
(.19
|
)
|
|
(.16
|
)
|
|
(.35
|
)
|
|
12.19
|
|
12.48
|
|
|
1,799
|
|
.24
|
|
.06
|
|
.47
|
|
1.69
|
|
10/31/11
|
|
|
11.14
|
|
|
.14
|
|
|
.15
|
|
|
.29
|
|
|
(.17
|
)
|
|
(.07
|
)
|
|
(.24
|
)
|
|
11.19
|
|
2.50
|
|
|
992
|
|
.24
|
|
.06
|
|
.46
|
|
1.26
|
|
10/31/10
6,7
|
|
|
10.00
|
|
|
.13
|
|
|
1.01
|
|
|
1.14
|
|
|
|
|
|
|
|
|
|
|
|
11.14
|
|
11.40
|
|
|
107
|
|
.62
|
8
|
.07
|
8
|
.49
|
8
|
1.66
|
8
|
See page 50 for footnotes.
40 American Funds Target Date Retirement Series
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended
|
|
Net asset
value,
beginning
of period
|
|
Income (loss) from
investment operations
1
|
|
Dividends and distributions
|
|
Net asset
value, end
of period
|
|
Total
return
2,3
|
|
Net assets,
end of period
(in thousands)
|
|
Ratio of
expenses to
average net
assets before
reimburse-
ments/
waivers
4
|
|
Ratio of
expenses to
average net
assets after
reimburse-
ments/
waivers
3,4
|
|
Net
effective
expense
ratio
5
|
|
Ratio of
net income
to average
net
assets
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment
income
|
|
Net gains
(losses) on
securities
(both
realized and
unrealized)
|
|
Total from
investment
operations
|
|
Dividends
(from net
investment
income)
|
|
Distributions
(from capital
gains)
|
|
Total
dividends
and
distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds 2050 Target Date Retirement Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
$
|
9.04
|
|
$
|
.16
|
|
$
|
.91
|
|
$
|
1.07
|
|
$
|
(.16
|
)
|
$
|
(.03
|
)
|
$
|
(.19
|
)
|
$
|
9.92
|
|
12.13
|
%
|
$
|
214,647
|
|
.48
|
%
|
.38
|
%
|
.79
|
%
|
1.67
|
%
|
10/31/11
|
|
|
9.13
|
|
|
.16
|
|
|
.05
|
|
|
.21
|
|
|
(.17
|
)
|
|
(.13
|
)
|
|
(.30
|
)
|
|
9.04
|
|
2.18
|
|
|
168,621
|
|
.49
|
|
.39
|
|
.79
|
|
1.75
|
|
10/31/10
|
|
|
8.08
|
|
|
.15
|
|
|
1.12
|
|
|
1.27
|
|
|
(.15
|
)
|
|
(.07
|
)
|
|
(.22
|
)
|
|
9.13
|
|
15.86
|
|
|
132,836
|
|
.49
|
|
.39
|
|
.81
|
|
1.71
|
|
10/31/09
|
|
|
7.14
|
|
|
.16
|
|
|
1.12
|
|
|
1.28
|
|
|
(.14
|
)
|
|
(.20
|
)
|
|
(.34
|
)
|
|
8.08
|
|
19.33
|
|
|
83,597
|
|
.47
|
|
.30
|
|
.75
|
|
2.34
|
|
10/31/08
|
|
|
11.42
|
|
|
.20
|
|
|
(4.33
|
)
|
|
(4.13
|
)
|
|
(.14
|
)
|
|
(.01
|
)
|
|
(.15
|
)
|
|
7.14
|
|
(36.61
|
)
|
|
38,350
|
|
.44
|
|
.25
|
|
.67
|
|
2.07
|
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
8.88
|
|
|
.08
|
|
|
.91
|
|
|
.99
|
|
|
(.09
|
)
|
|
(.03
|
)
|
|
(.12
|
)
|
|
9.75
|
|
11.36
|
|
|
3,554
|
|
1.26
|
|
1.16
|
|
1.57
|
|
.89
|
|
10/31/11
|
|
|
9.00
|
|
|
.09
|
|
|
.03
|
|
|
.12
|
|
|
(.11
|
)
|
|
(.13
|
)
|
|
(.24
|
)
|
|
8.88
|
|
1.39
|
|
|
3,052
|
|
1.28
|
|
1.13
|
|
1.53
|
|
1.02
|
|
10/31/10
|
|
|
7.97
|
|
|
.09
|
|
|
1.10
|
|
|
1.19
|
|
|
(.09
|
)
|
|
(.07
|
)
|
|
(.16
|
)
|
|
9.00
|
|
15.00
|
|
|
2,653
|
|
1.32
|
|
1.13
|
|
1.55
|
|
1.02
|
|
10/31/09
|
|
|
7.08
|
|
|
.11
|
|
|
1.10
|
|
|
1.21
|
|
|
(.12
|
)
|
|
(.20
|
)
|
|
(.32
|
)
|
|
7.97
|
|
18.28
|
|
|
1,994
|
|
1.47
|
|
1.09
|
|
1.54
|
|
1.66
|
|
10/31/08
|
|
|
11.36
|
|
|
.09
|
|
|
(4.26
|
)
|
|
(4.17
|
)
|
|
(.10
|
)
|
|
(.01
|
)
|
|
(.11
|
)
|
|
7.08
|
|
(37.07
|
)
|
|
928
|
|
1.53
|
|
1.04
|
|
1.46
|
|
.95
|
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
8.90
|
|
|
.09
|
|
|
.90
|
|
|
.99
|
|
|
(.10
|
)
|
|
(.03
|
)
|
|
(.13
|
)
|
|
9.76
|
|
11.29
|
|
|
144,578
|
|
1.19
|
|
1.09
|
|
1.50
|
|
.96
|
|
10/31/11
|
|
|
9.00
|
|
|
.10
|
|
|
.04
|
|
|
.14
|
|
|
(.11
|
)
|
|
(.13
|
)
|
|
(.24
|
)
|
|
8.90
|
|
1.51
|
|
|
116,947
|
|
1.19
|
|
1.09
|
|
1.49
|
|
1.05
|
|
10/31/10
|
|
|
7.98
|
|
|
.08
|
|
|
1.11
|
|
|
1.19
|
|
|
(.10
|
)
|
|
(.07
|
)
|
|
(.17
|
)
|
|
9.00
|
|
15.03
|
|
|
94,183
|
|
1.24
|
|
1.11
|
|
1.53
|
|
.99
|
|
10/31/09
|
|
|
7.06
|
|
|
.10
|
|
|
1.12
|
|
|
1.22
|
|
|
(.10
|
)
|
|
(.20
|
)
|
|
(.30
|
)
|
|
7.98
|
|
18.37
|
|
|
60,068
|
|
1.58
|
|
1.11
|
|
1.56
|
|
1.47
|
|
10/31/08
|
|
|
11.36
|
|
|
.11
|
|
|
(4.29
|
)
|
|
(4.18
|
)
|
|
(.11
|
)
|
|
(.01
|
)
|
|
(.12
|
)
|
|
7.06
|
|
(37.15
|
)
|
|
24,657
|
|
1.52
|
|
1.08
|
|
1.50
|
|
1.18
|
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
8.97
|
|
|
.12
|
|
|
.91
|
|
|
1.03
|
|
|
(.13
|
)
|
|
(.03
|
)
|
|
(.16
|
)
|
|
9.84
|
|
11.75
|
|
|
121,222
|
|
.81
|
|
.71
|
|
1.12
|
|
1.32
|
|
10/31/11
|
|
|
9.06
|
|
|
.13
|
|
|
.04
|
|
|
.17
|
|
|
(.13
|
)
|
|
(.13
|
)
|
|
(.26
|
)
|
|
8.97
|
|
1.86
|
|
|
88,952
|
|
.82
|
|
.72
|
|
1.12
|
|
1.43
|
|
10/31/10
|
|
|
8.02
|
|
|
.12
|
|
|
1.11
|
|
|
1.23
|
|
|
(.12
|
)
|
|
(.07
|
)
|
|
(.19
|
)
|
|
9.06
|
|
15.53
|
|
|
71,732
|
|
.84
|
|
.72
|
|
1.14
|
|
1.38
|
|
10/31/09
|
|
|
7.10
|
|
|
.14
|
|
|
1.11
|
|
|
1.25
|
|
|
(.13
|
)
|
|
(.20
|
)
|
|
(.33
|
)
|
|
8.02
|
|
18.81
|
|
|
57,379
|
|
.96
|
|
.68
|
|
1.13
|
|
1.93
|
|
10/31/08
|
|
|
11.40
|
|
|
.14
|
|
|
(4.30
|
)
|
|
(4.16
|
)
|
|
(.13
|
)
|
|
(.01
|
)
|
|
(.14
|
)
|
|
7.10
|
|
(36.90
|
)
|
|
24,154
|
|
.94
|
|
.65
|
|
1.07
|
|
1.51
|
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.03
|
|
|
.16
|
|
|
.91
|
|
|
1.07
|
|
|
(.16
|
)
|
|
(.03
|
)
|
|
(.19
|
)
|
|
9.91
|
|
12.15
|
|
|
67,836
|
|
.48
|
|
.38
|
|
.79
|
|
1.65
|
|
10/31/11
|
|
|
9.13
|
|
|
.16
|
|
|
.04
|
|
|
.20
|
|
|
(.17
|
)
|
|
(.13
|
)
|
|
(.30
|
)
|
|
9.03
|
|
2.09
|
|
|
47,162
|
|
.50
|
|
.40
|
|
.80
|
|
1.70
|
|
10/31/10
|
|
|
8.07
|
|
|
.14
|
|
|
1.13
|
|
|
1.27
|
|
|
(.14
|
)
|
|
(.07
|
)
|
|
(.21
|
)
|
|
9.13
|
|
15.97
|
|
|
33,539
|
|
.50
|
|
.39
|
|
.81
|
|
1.68
|
|
10/31/09
|
|
|
7.14
|
|
|
.15
|
|
|
1.12
|
|
|
1.27
|
|
|
(.14
|
)
|
|
(.20
|
)
|
|
(.34
|
)
|
|
8.07
|
|
19.15
|
|
|
18,598
|
|
.57
|
|
.35
|
|
.80
|
|
2.20
|
|
10/31/08
|
|
|
11.43
|
|
|
.18
|
|
|
(4.31
|
)
|
|
(4.13
|
)
|
|
(.15
|
)
|
|
(.01
|
)
|
|
(.16
|
)
|
|
7.14
|
|
(36.64
|
)
|
|
7,121
|
|
.56
|
|
.30
|
|
.72
|
|
1.87
|
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.09
|
|
|
.18
|
|
|
.92
|
|
|
1.10
|
|
|
(.18
|
)
|
|
(.03
|
)
|
|
(.21
|
)
|
|
9.98
|
|
12.50
|
|
|
27,059
|
|
.19
|
|
.09
|
|
.50
|
|
1.94
|
|
10/31/11
|
|
|
9.18
|
|
|
.19
|
|
|
.04
|
|
|
.23
|
|
|
(.19
|
)
|
|
(.13
|
)
|
|
(.32
|
)
|
|
9.09
|
|
2.43
|
|
|
20,117
|
|
.19
|
|
.09
|
|
.49
|
|
2.00
|
|
10/31/10
|
|
|
8.11
|
|
|
.17
|
|
|
1.13
|
|
|
1.30
|
|
|
(.16
|
)
|
|
(.07
|
)
|
|
(.23
|
)
|
|
9.18
|
|
16.25
|
|
|
12,021
|
|
.20
|
|
.09
|
|
.51
|
|
2.05
|
|
10/31/09
|
|
|
7.17
|
|
|
.17
|
|
|
1.13
|
|
|
1.30
|
|
|
(.16
|
)
|
|
(.20
|
)
|
|
(.36
|
)
|
|
8.11
|
|
19.50
|
|
|
8,656
|
|
.25
|
|
.05
|
|
.50
|
|
2.42
|
|
10/31/08
|
|
|
11.45
|
|
|
.22
|
|
|
(4.33
|
)
|
|
(4.11
|
)
|
|
(.16
|
)
|
|
(.01
|
)
|
|
(.17
|
)
|
|
7.17
|
|
(36.43
|
)
|
|
2,712
|
|
.26
|
|
.02
|
|
.44
|
|
2.27
|
|
Class R-6:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.07
|
|
|
.17
|
|
|
.94
|
|
|
1.11
|
|
|
(.19
|
)
|
|
(.03
|
)
|
|
(.22
|
)
|
|
9.96
|
|
12.57
|
|
|
14,317
|
|
.14
|
|
.04
|
|
.45
|
|
1.82
|
|
10/31/11
|
|
|
9.16
|
|
|
.19
|
|
|
.04
|
|
|
.23
|
|
|
(.19
|
)
|
|
(.13
|
)
|
|
(.32
|
)
|
|
9.07
|
|
2.48
|
|
|
4,504
|
|
.14
|
|
.04
|
|
.44
|
|
2.04
|
|
10/31/10
|
|
|
8.08
|
|
|
.15
|
|
|
1.16
|
|
|
1.31
|
|
|
(.16
|
)
|
|
(.07
|
)
|
|
(.23
|
)
|
|
9.16
|
|
16.37
|
|
|
3,679
|
|
.14
|
|
.04
|
|
.46
|
|
1.77
|
|
10/31/09
6,9
|
|
|
7.00
|
|
|
.04
|
|
|
1.04
|
|
|
1.08
|
|
|
|
|
|
|
|
|
|
|
|
8.08
|
|
15.43
|
|
|
376
|
|
.08
|
|
.01
|
|
.46
|
|
.50
|
|
American Funds Target Date Retirement Series 41
Financial highlights
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset
value,
beginning
of period
|
|
Income (loss) from
investment operations
1
|
|
Dividends and distributions
|
|
Net asset
value, end
of period
|
|
Total
return
2,3
|
|
Net assets,
end of period
(in thousands)
|
|
Ratio of
expenses to
average net
assets before
reimburse-
ments/
waivers
4
|
|
Ratio of
expenses to
average net
assets after
reimburse-
ments/
waivers
3,4
|
|
Net
effective
expense
ratio
5
|
|
Ratio of
net income
to average
net
assets
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment
income
|
|
Net gains
(losses) on
securities
(both
realized and
unrealized)
|
|
Total from
investment
operations
|
|
Dividends
(from net
investment
income)
|
|
Distributions
(from capital
gains)
|
|
Total
dividends
and
distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended
|
|
|
|
|
|
|
|
American Funds 2045 Target Date Retirement Fund
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
$
|
9.21
|
|
$
|
.16
|
|
$
|
.93
|
|
$
|
1.09
|
|
$
|
(.16
|
)
|
$
|
(.03
|
)
|
$
|
(.19
|
)
|
$
|
10.11
|
|
12.07
|
%
|
$
|
208,380
|
|
.48
|
%
|
.38
|
%
|
.79
|
%
|
1.66
|
%
|
10/31/11
|
|
|
9.27
|
|
|
.16
|
|
|
.04
|
|
|
.20
|
|
|
(.16
|
)
|
|
(.10
|
)
|
|
(.26
|
)
|
|
9.21
|
|
2.15
|
|
|
157,029
|
|
.49
|
|
.39
|
|
.79
|
|
1.74
|
|
10/31/10
|
|
|
8.16
|
|
|
.15
|
|
|
1.13
|
|
|
1.28
|
|
|
(.14
|
)
|
|
(.03
|
)
|
|
(.17
|
)
|
|
9.27
|
|
15.92
|
|
|
113,675
|
|
.49
|
|
.39
|
|
.81
|
|
1.71
|
|
10/31/09
|
|
|
7.15
|
|
|
.16
|
|
|
1.14
|
|
|
1.30
|
|
|
(.14
|
)
|
|
(.15
|
)
|
|
(.29
|
)
|
|
8.16
|
|
19.28
|
|
|
68,878
|
|
.48
|
|
.31
|
|
.76
|
|
2.26
|
|
10/31/08
|
|
|
11.42
|
|
|
.19
|
|
|
(4.32
|
)
|
|
(4.13
|
)
|
|
(.14
|
)
|
|
|
10
|
|
(.14
|
)
|
|
7.15
|
|
(36.60
|
)
|
|
28,693
|
|
.46
|
|
.26
|
|
.68
|
|
1.94
|
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.07
|
|
|
.08
|
|
|
.93
|
|
|
1.01
|
|
|
(.10
|
)
|
|
(.03
|
)
|
|
(.13
|
)
|
|
9.95
|
|
11.24
|
|
|
5,200
|
|
1.26
|
|
1.16
|
|
1.57
|
|
.89
|
|
10/31/11
|
|
|
9.13
|
|
|
.09
|
|
|
.05
|
|
|
.14
|
|
|
(.10
|
)
|
|
(.10
|
)
|
|
(.20
|
)
|
|
9.07
|
|
1.46
|
|
|
4,011
|
|
1.29
|
|
1.14
|
|
1.54
|
|
.99
|
|
10/31/10
|
|
|
8.07
|
|
|
.09
|
|
|
1.11
|
|
|
1.20
|
|
|
(.11
|
)
|
|
(.03
|
)
|
|
(.14
|
)
|
|
9.13
|
|
15.05
|
|
|
3,407
|
|
1.31
|
|
1.13
|
|
1.55
|
|
1.01
|
|
10/31/09
|
|
|
7.08
|
|
|
.09
|
|
|
1.14
|
|
|
1.23
|
|
|
(.09
|
)
|
|
(.15
|
)
|
|
(.24
|
)
|
|
8.07
|
|
18.33
|
|
|
2,037
|
|
1.50
|
|
1.10
|
|
1.55
|
|
1.29
|
|
10/31/08
|
|
|
11.36
|
|
|
.11
|
|
|
(4.29
|
)
|
|
(4.18
|
)
|
|
(.10
|
)
|
|
|
10
|
|
(.10
|
)
|
|
7.08
|
|
(37.10
|
)
|
|
562
|
|
1.54
|
|
1.03
|
|
1.45
|
|
1.13
|
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.05
|
|
|
.09
|
|
|
.92
|
|
|
1.01
|
|
|
(.10
|
)
|
|
(.03
|
)
|
|
(.13
|
)
|
|
9.93
|
|
11.32
|
|
|
163,820
|
|
1.18
|
|
1.08
|
|
1.49
|
|
.96
|
|
10/31/11
|
|
|
9.12
|
|
|
.10
|
|
|
.04
|
|
|
.14
|
|
|
(.11
|
)
|
|
(.10
|
)
|
|
(.21
|
)
|
|
9.05
|
|
1.50
|
|
|
122,118
|
|
1.19
|
|
1.09
|
|
1.49
|
|
1.04
|
|
10/31/10
|
|
|
8.05
|
|
|
.08
|
|
|
1.12
|
|
|
1.20
|
|
|
(.10
|
)
|
|
(.03
|
)
|
|
(.13
|
)
|
|
9.12
|
|
15.02
|
|
|
94,602
|
|
1.24
|
|
1.11
|
|
1.53
|
|
.98
|
|
10/31/09
|
|
|
7.07
|
|
|
.10
|
|
|
1.13
|
|
|
1.23
|
|
|
(.10
|
)
|
|
(.15
|
)
|
|
(.25
|
)
|
|
8.05
|
|
18.39
|
|
|
55,895
|
|
1.63
|
|
1.11
|
|
1.56
|
|
1.44
|
|
10/31/08
|
|
|
11.36
|
|
|
.10
|
|
|
(4.28
|
)
|
|
(4.18
|
)
|
|
(.11
|
)
|
|
|
10
|
|
(.11
|
)
|
|
7.07
|
|
(37.14
|
)
|
|
20,523
|
|
1.74
|
|
1.08
|
|
1.50
|
|
1.03
|
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.13
|
|
|
.13
|
|
|
.93
|
|
|
1.06
|
|
|
(.13
|
)
|
|
(.03
|
)
|
|
(.16
|
)
|
|
10.03
|
|
11.83
|
|
|
143,406
|
|
.81
|
|
.71
|
|
1.12
|
|
1.31
|
|
10/31/11
|
|
|
9.20
|
|
|
.13
|
|
|
.04
|
|
|
.17
|
|
|
(.14
|
)
|
|
(.10
|
)
|
|
(.24
|
)
|
|
9.13
|
|
1.76
|
|
|
101,208
|
|
.82
|
|
.72
|
|
1.12
|
|
1.41
|
|
10/31/10
|
|
|
8.11
|
|
|
.12
|
|
|
1.12
|
|
|
1.24
|
|
|
(.12
|
)
|
|
(.03
|
)
|
|
(.15
|
)
|
|
9.20
|
|
15.48
|
|
|
75,383
|
|
.84
|
|
.72
|
|
1.14
|
|
1.39
|
|
10/31/09
|
|
|
7.11
|
|
|
.13
|
|
|
1.14
|
|
|
1.27
|
|
|
(.12
|
)
|
|
(.15
|
)
|
|
(.27
|
)
|
|
8.11
|
|
18.90
|
|
|
52,582
|
|
.98
|
|
.68
|
|
1.13
|
|
1.89
|
|
10/31/08
|
|
|
11.40
|
|
|
.15
|
|
|
(4.31
|
)
|
|
(4.16
|
)
|
|
(.13
|
)
|
|
|
10
|
|
(.13
|
)
|
|
7.11
|
|
(36.87
|
)
|
|
20,938
|
|
.99
|
|
.65
|
|
1.07
|
|
1.57
|
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.20
|
|
|
.16
|
|
|
.94
|
|
|
1.10
|
|
|
(.16
|
)
|
|
(.03
|
)
|
|
(.19
|
)
|
|
10.11
|
|
12.20
|
|
|
71,907
|
|
.48
|
|
.38
|
|
.79
|
|
1.63
|
|
10/31/11
|
|
|
9.27
|
|
|
.16
|
|
|
.03
|
|
|
.19
|
|
|
(.16
|
)
|
|
(.10
|
)
|
|
(.26
|
)
|
|
9.20
|
|
2.05
|
|
|
44,726
|
|
.50
|
|
.40
|
|
.80
|
|
1.70
|
|
10/31/10
|
|
|
8.16
|
|
|
.15
|
|
|
1.13
|
|
|
1.28
|
|
|
(.14
|
)
|
|
(.03
|
)
|
|
(.17
|
)
|
|
9.27
|
|
15.89
|
|
|
30,605
|
|
.50
|
|
.39
|
|
.81
|
|
1.69
|
|
10/31/09
|
|
|
7.14
|
|
|
.16
|
|
|
1.15
|
|
|
1.31
|
|
|
(.14
|
)
|
|
(.15
|
)
|
|
(.29
|
)
|
|
8.16
|
|
19.42
|
|
|
17,458
|
|
.56
|
|
.33
|
|
.78
|
|
2.19
|
|
10/31/08
|
|
|
11.43
|
|
|
.16
|
|
|
(4.31
|
)
|
|
(4.15
|
)
|
|
(.14
|
)
|
|
|
10
|
|
(.14
|
)
|
|
7.14
|
|
(36.72
|
)
|
|
6,394
|
|
.59
|
|
.32
|
|
.74
|
|
1.71
|
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.27
|
|
|
.19
|
|
|
.93
|
|
|
1.12
|
|
|
(.18
|
)
|
|
(.03
|
)
|
|
(.21
|
)
|
|
10.18
|
|
12.41
|
|
|
34,351
|
|
.18
|
|
.08
|
|
.49
|
|
1.92
|
|
10/31/11
|
|
|
9.32
|
|
|
.19
|
|
|
.05
|
|
|
.24
|
|
|
(.19
|
)
|
|
(.10
|
)
|
|
(.29
|
)
|
|
9.27
|
|
2.49
|
|
|
23,175
|
|
.19
|
|
.09
|
|
.49
|
|
1.98
|
|
10/31/10
|
|
|
8.20
|
|
|
.18
|
|
|
1.13
|
|
|
1.31
|
|
|
(.16
|
)
|
|
(.03
|
)
|
|
(.19
|
)
|
|
9.32
|
|
16.17
|
|
|
15,802
|
|
.20
|
|
.09
|
|
.51
|
|
2.08
|
|
10/31/09
|
|
|
7.17
|
|
|
.18
|
|
|
1.15
|
|
|
1.33
|
|
|
(.15
|
)
|
|
(.15
|
)
|
|
(.30
|
)
|
|
8.20
|
|
19.77
|
|
|
12,154
|
|
.24
|
|
.05
|
|
.50
|
|
2.47
|
|
10/31/08
|
|
|
11.45
|
|
|
.20
|
|
|
(4.33
|
)
|
|
(4.13
|
)
|
|
(.15
|
)
|
|
|
10
|
|
(.15
|
)
|
|
7.17
|
|
(36.51
|
)
|
|
4,668
|
|
.24
|
|
.02
|
|
.44
|
|
2.12
|
|
Class R-6:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.24
|
|
|
.18
|
|
|
.95
|
|
|
1.13
|
|
|
(.19
|
)
|
|
(.03
|
)
|
|
(.22
|
)
|
|
10.15
|
|
12.49
|
|
|
14,811
|
|
.14
|
|
.04
|
|
.45
|
|
1.82
|
|
10/31/11
|
|
|
9.29
|
|
|
.20
|
|
|
.04
|
|
|
.24
|
|
|
(.19
|
)
|
|
(.10
|
)
|
|
(.29
|
)
|
|
9.24
|
|
2.55
|
|
|
5,696
|
|
.15
|
|
.05
|
|
.45
|
|
2.05
|
|
10/31/10
|
|
|
8.17
|
|
|
.14
|
|
|
1.17
|
|
|
1.31
|
|
|
(.16
|
)
|
|
(.03
|
)
|
|
(.19
|
)
|
|
9.29
|
|
16.18
|
|
|
4,814
|
|
.13
|
|
.04
|
|
.46
|
|
1.60
|
|
10/31/09
6,9
|
|
|
7.07
|
|
|
.02
|
|
|
1.08
|
|
|
1.10
|
|
|
|
|
|
|
|
|
|
|
|
8.17
|
|
15.56
|
|
|
50
|
|
.14
|
|
.01
|
|
.46
|
|
.20
|
|
See page 50 for footnotes.
|
|
42
|
American Funds Target Date Retirement Series
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset
value,
beginning
of period
|
|
Income (loss) from
investment operations
1
|
|
Dividends and distributions
|
|
Net asset
value, end
of period
|
|
Total
return
2,3
|
|
Net assets,
end of period
(in thousands)
|
|
Ratio of
expenses to
average net
assets before
reimburse-
ments/
waivers
4
|
|
Ratio of
expenses to
average net
assets after
reimburse-
ments/
waivers
3,4
|
|
Net
effective
expense
ratio
5
|
|
Ratio of
net income
to average
net
assets
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment
income
|
|
Net gains
(losses) on
securities
(both
realized and
unrealized)
|
|
Total from
investment
operations
|
|
Dividends
(from net
investment
income)
|
|
Distributions
(from capital
gains)
|
|
Total
dividends
and
distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended
|
|
|
|
|
|
|
|
American Funds 2040 Target Date Retirement Fund
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
$
|
9.23
|
|
$
|
.16
|
|
$
|
.92
|
|
$
|
1.08
|
|
$
|
(.16
|
)
|
$
|
(.03
|
)
|
$
|
(.19
|
)
|
$
|
10.12
|
|
12.05
|
%
|
$
|
396,860
|
|
.47
|
%
|
.37
|
%
|
.78
|
%
|
1.68
|
%
|
10/31/11
|
|
|
9.23
|
|
|
.17
|
|
|
.03
|
|
|
.20
|
|
|
(.16
|
)
|
|
(.04
|
)
|
|
(.20
|
)
|
|
9.23
|
|
2.15
|
|
|
308,636
|
|
.47
|
|
.37
|
|
.77
|
|
1.76
|
|
10/31/10
|
|
|
8.13
|
|
|
.15
|
|
|
1.14
|
|
|
1.29
|
|
|
(.15
|
)
|
|
(.04
|
)
|
|
(.19
|
)
|
|
9.23
|
|
15.94
|
|
|
237,418
|
|
.48
|
|
.38
|
|
.80
|
|
1.71
|
|
10/31/09
|
|
|
7.14
|
|
|
.17
|
|
|
1.14
|
|
|
1.31
|
|
|
(.15
|
)
|
|
(.17
|
)
|
|
(.32
|
)
|
|
8.13
|
|
19.44
|
|
|
142,457
|
|
.45
|
|
.30
|
|
.75
|
|
2.32
|
|
10/31/08
|
|
|
11.42
|
|
|
.19
|
|
|
(4.32
|
)
|
|
(4.13
|
)
|
|
(.14
|
)
|
|
(.01
|
)
|
|
(.15
|
)
|
|
7.14
|
|
(36.65
|
)
|
|
64,679
|
|
.42
|
|
.26
|
|
.68
|
|
1.99
|
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.07
|
|
|
.09
|
|
|
.91
|
|
|
1.00
|
|
|
(.10
|
)
|
|
(.03
|
)
|
|
(.13
|
)
|
|
9.94
|
|
11.25
|
|
|
10,580
|
|
1.25
|
|
1.15
|
|
1.56
|
|
.92
|
|
10/31/11
|
|
|
9.08
|
|
|
.09
|
|
|
.04
|
|
|
.13
|
|
|
(.10
|
)
|
|
(.04
|
)
|
|
(.14
|
)
|
|
9.07
|
|
1.40
|
|
|
8,811
|
|
1.28
|
|
1.13
|
|
1.53
|
|
.98
|
|
10/31/10
|
|
|
8.02
|
|
|
.08
|
|
|
1.12
|
|
|
1.20
|
|
|
(.10
|
)
|
|
(.04
|
)
|
|
(.14
|
)
|
|
9.08
|
|
15.04
|
|
|
7,287
|
|
1.31
|
|
1.12
|
|
1.54
|
|
.96
|
|
10/31/09
|
|
|
7.07
|
|
|
.11
|
|
|
1.12
|
|
|
1.23
|
|
|
(.11
|
)
|
|
(.17
|
)
|
|
(.28
|
)
|
|
8.02
|
|
18.38
|
|
|
4,044
|
|
1.40
|
|
1.09
|
|
1.54
|
|
1.54
|
|
10/31/08
|
|
|
11.36
|
|
|
.11
|
|
|
(4.28
|
)
|
|
(4.17
|
)
|
|
(.11
|
)
|
|
(.01
|
)
|
|
(.12
|
)
|
|
7.07
|
|
(37.12
|
)
|
|
1,565
|
|
1.39
|
|
1.03
|
|
1.45
|
|
1.12
|
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.07
|
|
|
.09
|
|
|
.92
|
|
|
1.01
|
|
|
(.10
|
)
|
|
(.03
|
)
|
|
(.13
|
)
|
|
9.95
|
|
11.37
|
|
|
279,898
|
|
1.17
|
|
1.07
|
|
1.48
|
|
.97
|
|
10/31/11
|
|
|
9.09
|
|
|
.10
|
|
|
.03
|
|
|
.13
|
|
|
(.11
|
)
|
|
(.04
|
)
|
|
(.15
|
)
|
|
9.07
|
|
1.48
|
|
|
216,000
|
|
1.18
|
|
1.08
|
|
1.48
|
|
1.07
|
|
10/31/10
|
|
|
8.02
|
|
|
.08
|
|
|
1.13
|
|
|
1.21
|
|
|
(.10
|
)
|
|
(.04
|
)
|
|
(.14
|
)
|
|
9.09
|
|
15.01
|
|
|
174,516
|
|
1.21
|
|
1.11
|
|
1.53
|
|
.99
|
|
10/31/09
|
|
|
7.06
|
|
|
.10
|
|
|
1.13
|
|
|
1.23
|
|
|
(.10
|
)
|
|
(.17
|
)
|
|
(.27
|
)
|
|
8.02
|
|
18.45
|
|
|
110,125
|
|
1.41
|
|
1.11
|
|
1.56
|
|
1.46
|
|
10/31/08
|
|
|
11.36
|
|
|
.10
|
|
|
(4.28
|
)
|
|
(4.18
|
)
|
|
(.11
|
)
|
|
(.01
|
)
|
|
(.12
|
)
|
|
7.06
|
|
(37.17
|
)
|
|
44,147
|
|
1.41
|
|
1.08
|
|
1.50
|
|
1.06
|
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.16
|
|
|
.13
|
|
|
.92
|
|
|
1.05
|
|
|
(.13
|
)
|
|
(.03
|
)
|
|
(.16
|
)
|
|
10.05
|
|
11.78
|
|
|
262,484
|
|
.80
|
|
.70
|
|
1.11
|
|
1.34
|
|
10/31/11
|
|
|
9.17
|
|
|
.13
|
|
|
.04
|
|
|
.17
|
|
|
(.14
|
)
|
|
(.04
|
)
|
|
(.18
|
)
|
|
9.16
|
|
1.76
|
|
|
195,629
|
|
.81
|
|
.71
|
|
1.11
|
|
1.44
|
|
10/31/10
|
|
|
8.08
|
|
|
.12
|
|
|
1.13
|
|
|
1.25
|
|
|
(.12
|
)
|
|
(.04
|
)
|
|
(.16
|
)
|
|
9.17
|
|
15.58
|
|
|
155,028
|
|
.82
|
|
.72
|
|
1.14
|
|
1.39
|
|
10/31/09
|
|
|
7.11
|
|
|
.14
|
|
|
1.12
|
|
|
1.26
|
|
|
(.12
|
)
|
|
(.17
|
)
|
|
(.29
|
)
|
|
8.08
|
|
18.81
|
|
|
106,089
|
|
.89
|
|
.68
|
|
1.13
|
|
1.93
|
|
10/31/08
|
|
|
11.40
|
|
|
.14
|
|
|
(4.29
|
)
|
|
(4.15
|
)
|
|
(.13
|
)
|
|
(.01
|
)
|
|
(.14
|
)
|
|
7.11
|
|
(36.85
|
)
|
|
52,383
|
|
.85
|
|
.65
|
|
1.07
|
|
1.48
|
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.22
|
|
|
.16
|
|
|
.93
|
|
|
1.09
|
|
|
(.16
|
)
|
|
(.03
|
)
|
|
(.19
|
)
|
|
10.12
|
|
12.17
|
|
|
152,850
|
|
.47
|
|
.37
|
|
.78
|
|
1.66
|
|
10/31/11
|
|
|
9.22
|
|
|
.17
|
|
|
.04
|
|
|
.21
|
|
|
(.17
|
)
|
|
(.04
|
)
|
|
(.21
|
)
|
|
9.22
|
|
2.16
|
|
|
109,018
|
|
.48
|
|
.38
|
|
.78
|
|
1.75
|
|
10/31/10
|
|
|
8.12
|
|
|
.14
|
|
|
1.15
|
|
|
1.29
|
|
|
(.15
|
)
|
|
(.04
|
)
|
|
(.19
|
)
|
|
9.22
|
|
15.94
|
|
|
84,031
|
|
.49
|
|
.38
|
|
.80
|
|
1.69
|
|
10/31/09
|
|
|
7.14
|
|
|
.16
|
|
|
1.13
|
|
|
1.29
|
|
|
(.14
|
)
|
|
(.17
|
)
|
|
(.31
|
)
|
|
8.12
|
|
19.27
|
|
|
45,065
|
|
.53
|
|
.35
|
|
.80
|
|
2.18
|
|
10/31/08
|
|
|
11.43
|
|
|
.18
|
|
|
(4.32
|
)
|
|
(4.14
|
)
|
|
(.14
|
)
|
|
(.01
|
)
|
|
(.15
|
)
|
|
7.14
|
|
(36.69
|
)
|
|
15,292
|
|
.51
|
|
.30
|
|
.72
|
|
1.91
|
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.28
|
|
|
.19
|
|
|
.94
|
|
|
1.13
|
|
|
(.19
|
)
|
|
(.03
|
)
|
|
(.22
|
)
|
|
10.19
|
|
12.52
|
|
|
69,397
|
|
.18
|
|
.08
|
|
.49
|
|
1.98
|
|
10/31/11
|
|
|
9.28
|
|
|
.19
|
|
|
.04
|
|
|
.23
|
|
|
(.19
|
)
|
|
(.04
|
)
|
|
(.23
|
)
|
|
9.28
|
|
2.38
|
|
|
56,123
|
|
.18
|
|
.08
|
|
.48
|
|
2.04
|
|
10/31/10
|
|
|
8.16
|
|
|
.17
|
|
|
1.15
|
|
|
1.32
|
|
|
(.16
|
)
|
|
(.04
|
)
|
|
(.20
|
)
|
|
9.28
|
|
16.33
|
|
|
41,033
|
|
.20
|
|
.09
|
|
.51
|
|
1.99
|
|
10/31/09
|
|
|
7.17
|
|
|
.18
|
|
|
1.14
|
|
|
1.32
|
|
|
(.16
|
)
|
|
(.17
|
)
|
|
(.33
|
)
|
|
8.16
|
|
19.61
|
|
|
24,830
|
|
.22
|
|
.05
|
|
.50
|
|
2.51
|
|
10/31/08
|
|
|
11.45
|
|
|
.20
|
|
|
(4.32
|
)
|
|
(4.12
|
)
|
|
(.15
|
)
|
|
(.01
|
)
|
|
(.16
|
)
|
|
7.17
|
|
(36.47
|
)
|
|
10,341
|
|
.19
|
|
.02
|
|
.44
|
|
2.13
|
|
Class R-6:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.26
|
|
|
.18
|
|
|
.94
|
|
|
1.12
|
|
|
(.19
|
)
|
|
(.03
|
)
|
|
(.22
|
)
|
|
10.16
|
|
12.48
|
|
|
31,058
|
|
.13
|
|
.03
|
|
.44
|
|
1.88
|
|
10/31/11
|
|
|
9.25
|
|
|
.20
|
|
|
.04
|
|
|
.24
|
|
|
(.19
|
)
|
|
(.04
|
)
|
|
(.23
|
)
|
|
9.26
|
|
2.54
|
|
|
14,616
|
|
.13
|
|
.03
|
|
.43
|
|
2.09
|
|
10/31/10
|
|
|
8.13
|
|
|
.16
|
|
|
1.16
|
|
|
1.32
|
|
|
(.16
|
)
|
|
(.04
|
)
|
|
(.20
|
)
|
|
9.25
|
|
16.32
|
|
|
10,012
|
|
.14
|
|
.04
|
|
.46
|
|
1.82
|
|
10/31/09
6,11
|
|
|
7.62
|
|
|
.03
|
|
|
.48
|
|
|
.51
|
|
|
|
|
|
|
|
|
|
|
|
8.13
|
|
6.69
|
|
|
2,179
|
|
.05
|
|
.01
|
|
.46
|
|
.41
|
|
|
|
American Funds Target Date Retirement Series
|
43
|
Financial highlights
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
investment operations
1
|
|
Dividends and distributions
|
|
|
|
|
|
|
|
|
|
|
Ratio of
expenses to
average net
assets before
reimburse-
ments/
waivers
4
|
|
Ratio of
expenses to
average net
assets after
reimburse-
ments/
waivers
3,4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended
|
|
Net asset
value,
beginning
of period
|
|
Net
investment
income
|
|
Net gains
(losses) on
securities
(both
realized and
unrealized)
|
|
Total from
investment
operations
|
|
Dividends
(from net
investment
income)
|
|
Distributions
(from capital
gains)
|
|
Total
dividends
and
distributions
|
|
Net asset
value, end
of period
|
|
Total
return
2,3
|
|
Net assets,
end of period
(in thousands)
|
|
|
|
Net
effective
expense
ratio
5
|
|
Ratio of
net income
to average
net
assets
3
|
|
American Funds 2035 Target Date Retirement Fund
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
$
|
9.17
|
|
$
|
.17
|
|
$
|
.91
|
|
$
|
1.08
|
|
$
|
(.17
|
)
|
$
|
(.03
|
)
|
$
|
(.20
|
)
|
$
|
10.05
|
|
|
12.08
|
%
|
$
|
436,995
|
|
|
.47
|
%
|
|
.37
|
%
|
|
.77
|
%
|
|
1.75
|
%
|
10/31/11
|
|
|
9.20
|
|
|
.17
|
|
|
.03
|
|
|
.20
|
|
|
(.17
|
)
|
|
(.06
|
)
|
|
(.23
|
)
|
|
9.17
|
|
|
2.25
|
|
|
356,943
|
|
|
.47
|
|
|
.37
|
|
|
.77
|
|
|
1.85
|
|
10/31/10
|
|
|
8.11
|
|
|
.15
|
|
|
1.13
|
|
|
1.28
|
|
|
(.15
|
)
|
|
(.04
|
)
|
|
(.19
|
)
|
|
9.20
|
|
|
15.83
|
|
|
287,023
|
|
|
.49
|
|
|
.38
|
|
|
.80
|
|
|
1.79
|
|
10/31/09
|
|
|
7.15
|
|
|
.17
|
|
|
1.12
|
|
|
1.29
|
|
|
(.15
|
)
|
|
(.18
|
)
|
|
(.33
|
)
|
|
8.11
|
|
|
19.33
|
|
|
186,064
|
|
|
.44
|
|
|
.30
|
|
|
.75
|
|
|
2.37
|
|
10/31/08
|
|
|
11.42
|
|
|
.19
|
|
|
(4.32
|
)
|
|
(4.13
|
)
|
|
(.14
|
)
|
|
|
10
|
|
(.14
|
)
|
|
7.15
|
|
|
(36.58
|
)
|
|
94,123
|
|
|
.40
|
|
|
.24
|
|
|
.66
|
|
|
2.01
|
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.00
|
|
|
.09
|
|
|
.90
|
|
|
.99
|
|
|
(.11
|
)
|
|
(.03
|
)
|
|
(.14
|
)
|
|
9.85
|
|
|
11.21
|
|
|
12,657
|
|
|
1.25
|
|
|
1.14
|
|
|
1.54
|
|
|
.97
|
|
10/31/11
|
|
|
9.04
|
|
|
.10
|
|
|
.04
|
|
|
.14
|
|
|
(.12
|
)
|
|
(.06
|
)
|
|
(.18
|
)
|
|
9.00
|
|
|
1.50
|
|
|
9,846
|
|
|
1.27
|
|
|
1.12
|
|
|
1.52
|
|
|
1.10
|
|
10/31/10
|
|
|
8.01
|
|
|
.09
|
|
|
1.10
|
|
|
1.19
|
|
|
(.12
|
)
|
|
(.04
|
)
|
|
(.16
|
)
|
|
9.04
|
|
|
14.92
|
|
|
7,388
|
|
|
1.30
|
|
|
1.12
|
|
|
1.54
|
|
|
1.05
|
|
10/31/09
|
|
|
7.07
|
|
|
.11
|
|
|
1.12
|
|
|
1.23
|
|
|
(.11
|
)
|
|
(.18
|
)
|
|
(.29
|
)
|
|
8.01
|
|
|
18.45
|
|
|
3,805
|
|
|
1.36
|
|
|
1.07
|
|
|
1.52
|
|
|
1.49
|
|
10/31/08
|
|
|
11.36
|
|
|
.12
|
|
|
(4.29
|
)
|
|
(4.17
|
)
|
|
(.12
|
)
|
|
|
10
|
|
(.12
|
)
|
|
7.07
|
|
|
(37.07
|
)
|
|
1,385
|
|
|
1.39
|
|
|
1.03
|
|
|
1.45
|
|
|
1.23
|
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.02
|
|
|
.10
|
|
|
.90
|
|
|
1.00
|
|
|
(.11
|
)
|
|
(.03
|
)
|
|
(.14
|
)
|
|
9.88
|
|
|
11.29
|
|
|
336,285
|
|
|
1.17
|
|
|
1.07
|
|
|
1.47
|
|
|
1.04
|
|
10/31/11
|
|
|
9.06
|
|
|
.11
|
|
|
.03
|
|
|
.14
|
|
|
(.12
|
)
|
|
(.06
|
)
|
|
(.18
|
)
|
|
9.02
|
|
|
1.46
|
|
|
260,379
|
|
|
1.18
|
|
|
1.08
|
|
|
1.48
|
|
|
1.16
|
|
10/31/10
|
|
|
8.01
|
|
|
.09
|
|
|
1.10
|
|
|
1.19
|
|
|
(.10
|
)
|
|
(.04
|
)
|
|
(.14
|
)
|
|
9.06
|
|
|
15.01
|
|
|
216,478
|
|
|
1.21
|
|
|
1.10
|
|
|
1.52
|
|
|
1.07
|
|
10/31/09
|
|
|
7.07
|
|
|
.11
|
|
|
1.11
|
|
|
1.22
|
|
|
(.10
|
)
|
|
(.18
|
)
|
|
(.28
|
)
|
|
8.01
|
|
|
18.42
|
|
|
139,134
|
|
|
1.33
|
|
|
1.11
|
|
|
1.56
|
|
|
1.51
|
|
10/31/08
|
|
|
11.36
|
|
|
.10
|
|
|
(4.28
|
)
|
|
(4.18
|
)
|
|
(.11
|
)
|
|
|
10
|
|
(.11
|
)
|
|
7.07
|
|
|
(37.10
|
)
|
|
58,095
|
|
|
1.30
|
|
|
1.08
|
|
|
1.50
|
|
|
1.08
|
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.11
|
|
|
.13
|
|
|
.90
|
|
|
1.03
|
|
|
(.14
|
)
|
|
(.03
|
)
|
|
(.17
|
)
|
|
9.97
|
|
|
11.59
|
|
|
302,167
|
|
|
.80
|
|
|
.70
|
|
|
1.10
|
|
|
1.40
|
|
10/31/11
|
|
|
9.14
|
|
|
.14
|
|
|
.04
|
|
|
.18
|
|
|
(.15
|
)
|
|
(.06
|
)
|
|
(.21
|
)
|
|
9.11
|
|
|
1.98
|
|
|
224,057
|
|
|
.81
|
|
|
.71
|
|
|
1.11
|
|
|
1.51
|
|
10/31/10
|
|
|
8.06
|
|
|
.13
|
|
|
1.12
|
|
|
1.25
|
|
|
(.13
|
)
|
|
(.04
|
)
|
|
(.17
|
)
|
|
9.14
|
|
|
15.48
|
|
|
173,728
|
|
|
.82
|
|
|
.71
|
|
|
1.13
|
|
|
1.48
|
|
10/31/09
|
|
|
7.11
|
|
|
.14
|
|
|
1.12
|
|
|
1.26
|
|
|
(.13
|
)
|
|
(.18
|
)
|
|
(.31
|
)
|
|
8.06
|
|
|
18.85
|
|
|
123,546
|
|
|
.86
|
|
|
.68
|
|
|
1.13
|
|
|
1.97
|
|
10/31/08
|
|
|
11.40
|
|
|
.15
|
|
|
(4.31
|
)
|
|
(4.16
|
)
|
|
(.13
|
)
|
|
|
10
|
|
(.13
|
)
|
|
7.11
|
|
|
(36.86
|
)
|
|
58,657
|
|
|
.83
|
|
|
.65
|
|
|
1.07
|
|
|
1.57
|
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.17
|
|
|
.17
|
|
|
.90
|
|
|
1.07
|
|
|
(.17
|
)
|
|
(.03
|
)
|
|
(.20
|
)
|
|
10.04
|
|
|
11.97
|
|
|
144,120
|
|
|
.47
|
|
|
.37
|
|
|
.77
|
|
|
1.73
|
|
10/31/11
|
|
|
9.19
|
|
|
.17
|
|
|
.04
|
|
|
.21
|
|
|
(.17
|
)
|
|
(.06
|
)
|
|
(.23
|
)
|
|
9.17
|
|
|
2.26
|
|
|
104,803
|
|
|
.48
|
|
|
.38
|
|
|
.78
|
|
|
1.83
|
|
10/31/10
|
|
|
8.11
|
|
|
.15
|
|
|
1.12
|
|
|
1.27
|
|
|
(.15
|
)
|
|
(.04
|
)
|
|
(.19
|
)
|
|
9.19
|
|
|
15.79
|
|
|
81,769
|
|
|
.49
|
|
|
.38
|
|
|
.80
|
|
|
1.77
|
|
10/31/09
|
|
|
7.14
|
|
|
.16
|
|
|
1.14
|
|
|
1.30
|
|
|
(.15
|
)
|
|
(.18
|
)
|
|
(.33
|
)
|
|
8.11
|
|
|
19.45
|
|
|
46,878
|
|
|
.52
|
|
|
.35
|
|
|
.80
|
|
|
2.29
|
|
10/31/08
|
|
|
11.43
|
|
|
.18
|
|
|
(4.33
|
)
|
|
(4.15
|
)
|
|
(.14
|
)
|
|
|
10
|
|
(.14
|
)
|
|
7.14
|
|
|
(36.70
|
)
|
|
20,881
|
|
|
.50
|
|
|
.31
|
|
|
.73
|
|
|
1.85
|
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.23
|
|
|
.19
|
|
|
.91
|
|
|
1.10
|
|
|
(.19
|
)
|
|
(.03
|
)
|
|
(.22
|
)
|
|
10.11
|
|
|
12.33
|
|
|
77,847
|
|
|
.17
|
|
|
.07
|
|
|
.47
|
|
|
2.01
|
|
10/31/11
|
|
|
9.25
|
|
|
.20
|
|
|
.03
|
|
|
.23
|
|
|
(.19
|
)
|
|
(.06
|
)
|
|
(.25
|
)
|
|
9.23
|
|
|
2.60
|
|
|
54,885
|
|
|
.18
|
|
|
.08
|
|
|
.48
|
|
|
2.08
|
|
10/31/10
|
|
|
8.15
|
|
|
.18
|
|
|
1.13
|
|
|
1.31
|
|
|
(.17
|
)
|
|
(.04
|
)
|
|
(.21
|
)
|
|
9.25
|
|
|
16.08
|
|
|
39,971
|
|
|
.19
|
|
|
.09
|
|
|
.51
|
|
|
2.12
|
|
10/31/09
|
|
|
7.17
|
|
|
.18
|
|
|
1.14
|
|
|
1.32
|
|
|
(.16
|
)
|
|
(.18
|
)
|
|
(.34
|
)
|
|
8.15
|
|
|
19.80
|
|
|
29,859
|
|
|
.20
|
|
|
.05
|
|
|
.50
|
|
|
2.54
|
|
10/31/08
|
|
|
11.45
|
|
|
.20
|
|
|
(4.33
|
)
|
|
(4.13
|
)
|
|
(.15
|
)
|
|
|
10
|
|
(.15
|
)
|
|
7.17
|
|
|
(36.49
|
)
|
|
12,289
|
|
|
.18
|
|
|
.02
|
|
|
.44
|
|
|
2.16
|
|
Class R-6:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.20
|
|
|
.18
|
|
|
.93
|
|
|
1.11
|
|
|
(.20
|
)
|
|
(.03
|
)
|
|
(.23
|
)
|
|
10.08
|
|
|
12.41
|
|
|
35,210
|
|
|
.13
|
|
|
.03
|
|
|
.43
|
|
|
1.88
|
|
10/31/11
|
|
|
9.22
|
|
|
.21
|
|
|
.03
|
|
|
.24
|
|
|
(.20
|
)
|
|
(.06
|
)
|
|
(.26
|
)
|
|
9.20
|
|
|
2.54
|
|
|
13,278
|
|
|
.13
|
|
|
.03
|
|
|
.43
|
|
|
2.17
|
|
10/31/10
|
|
|
8.12
|
|
|
.14
|
|
|
1.16
|
|
|
1.30
|
|
|
(.16
|
)
|
|
(.04
|
)
|
|
(.20
|
)
|
|
9.22
|
|
|
16.35
|
|
|
9,411
|
|
|
.13
|
|
|
.03
|
|
|
.45
|
|
|
1.65
|
|
10/31/09
6,9
|
|
|
7.03
|
|
|
.03
|
|
|
1.06
|
|
|
1.09
|
|
|
|
|
|
|
|
|
|
|
|
8.12
|
|
|
15.36
|
|
|
29
|
|
|
.22
|
|
|
.01
|
|
|
.46
|
|
|
.32
|
|
See page 50 for footnotes.
|
|
44
|
American Funds Target Date Retirement Series
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
investment operations
1
|
|
Dividends and distributions
|
|
|
|
|
|
|
|
|
|
|
Ratio of
expenses to
average net
assets before
reimburse-
ments/
waivers
4
|
|
Ratio of
expenses to
average net
assets after
reimburse-
ments/
waivers
3,4
|
|
Net
effective
expense
ratio
5
|
|
Ratio of
net income
to average
net
assets
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended
|
|
Net asset
value,
beginning
of period
|
|
Net
investment
income
|
|
Net gains
(losses) on
securities
(both
realized and
unrealized)
|
|
Total from
investment
operations
|
|
Dividends
(from net
investment
income)
|
|
Distributions
(from capital
gains)
|
|
Total
dividends
and
distributions
|
|
Net asset
value, end
of period
|
|
Total
return
2,3
|
|
Net assets,
end of period
(in thousands)
|
|
|
|
|
|
American Funds 2030 Target Date Retirement Fund
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
$
|
9.25
|
|
$
|
.17
|
|
$
|
.92
|
|
$
|
1.09
|
|
$
|
(.17
|
)
|
$
|
(.05
|
)
|
$
|
(.22
|
)
|
$
|
10.12
|
|
|
12.07
|
%
|
$
|
598,064
|
|
|
.47
|
%
|
|
.37
|
%
|
|
.77
|
%
|
|
1.78
|
%
|
10/31/11
|
|
|
9.21
|
|
|
.18
|
|
|
.04
|
|
|
.22
|
|
|
(.17
|
)
|
|
(.01
|
)
|
|
(.18
|
)
|
|
9.25
|
|
|
2.44
|
|
|
493,241
|
|
|
.48
|
|
|
.38
|
|
|
.78
|
|
|
1.88
|
|
10/31/10
|
|
|
8.12
|
|
|
.16
|
|
|
1.12
|
|
|
1.28
|
|
|
(.15
|
)
|
|
(.04
|
)
|
|
(.19
|
)
|
|
9.21
|
|
|
15.92
|
|
|
407,921
|
|
|
.48
|
|
|
.38
|
|
|
.79
|
|
|
1.83
|
|
10/31/09
|
|
|
7.16
|
|
|
.17
|
|
|
1.12
|
|
|
1.29
|
|
|
(.15
|
)
|
|
(.18
|
)
|
|
(.33
|
)
|
|
8.12
|
|
|
19.24
|
|
|
268,081
|
|
|
.44
|
|
|
.30
|
|
|
.75
|
|
|
2.45
|
|
10/31/08
|
|
|
11.39
|
|
|
.20
|
|
|
(4.29
|
)
|
|
(4.09
|
)
|
|
(.14
|
)
|
|
|
10
|
|
(.14
|
)
|
|
7.16
|
|
|
(36.30
|
)
|
|
130,458
|
|
|
.41
|
|
|
.26
|
|
|
.67
|
|
|
2.10
|
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.12
|
|
|
.10
|
|
|
.91
|
|
|
1.01
|
|
|
(.11
|
)
|
|
(.05
|
)
|
|
(.16
|
)
|
|
9.97
|
|
|
11.19
|
|
|
19,127
|
|
|
1.24
|
|
|
1.14
|
|
|
1.54
|
|
|
1.01
|
|
10/31/11
|
|
|
9.10
|
|
|
.11
|
|
|
.04
|
|
|
.15
|
|
|
(.12
|
)
|
|
(.01
|
)
|
|
(.13
|
)
|
|
9.12
|
|
|
1.77
|
|
|
16,778
|
|
|
1.26
|
|
|
1.11
|
|
|
1.51
|
|
|
1.14
|
|
10/31/10
|
|
|
8.04
|
|
|
.09
|
|
|
1.12
|
|
|
1.21
|
|
|
(.11
|
)
|
|
(.04
|
)
|
|
(.15
|
)
|
|
9.10
|
|
|
15.00
|
|
|
13,844
|
|
|
1.28
|
|
|
1.10
|
|
|
1.51
|
|
|
1.09
|
|
10/31/09
|
|
|
7.10
|
|
|
.11
|
|
|
1.12
|
|
|
1.23
|
|
|
(.11
|
)
|
|
(.18
|
)
|
|
(.29
|
)
|
|
8.04
|
|
|
18.25
|
|
|
8,741
|
|
|
1.31
|
|
|
1.07
|
|
|
1.52
|
|
|
1.57
|
|
10/31/08
|
|
|
11.33
|
|
|
.13
|
|
|
(4.26
|
)
|
|
(4.13
|
)
|
|
(.10
|
)
|
|
|
10
|
|
(.10
|
)
|
|
7.10
|
|
|
(36.74
|
)
|
|
3,384
|
|
|
1.27
|
|
|
1.02
|
|
|
1.43
|
|
|
1.36
|
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.10
|
|
|
.10
|
|
|
.91
|
|
|
1.01
|
|
|
(.11
|
)
|
|
(.05
|
)
|
|
(.16
|
)
|
|
9.95
|
|
|
11.28
|
|
|
460,507
|
|
|
1.17
|
|
|
1.07
|
|
|
1.47
|
|
|
1.08
|
|
10/31/11
|
|
|
9.07
|
|
|
.11
|
|
|
.05
|
|
|
.16
|
|
|
(.12
|
)
|
|
(.01
|
)
|
|
(.13
|
)
|
|
9.10
|
|
|
1.79
|
|
|
370,589
|
|
|
1.17
|
|
|
1.07
|
|
|
1.47
|
|
|
1.19
|
|
10/31/10
|
|
|
8.02
|
|
|
.09
|
|
|
1.11
|
|
|
1.20
|
|
|
(.11
|
)
|
|
(.04
|
)
|
|
(.15
|
)
|
|
9.07
|
|
|
14.98
|
|
|
308,636
|
|
|
1.19
|
|
|
1.09
|
|
|
1.50
|
|
|
1.12
|
|
10/31/09
|
|
|
7.08
|
|
|
.11
|
|
|
1.12
|
|
|
1.23
|
|
|
(.11
|
)
|
|
(.18
|
)
|
|
(.29
|
)
|
|
8.02
|
|
|
18.38
|
|
|
197,529
|
|
|
1.28
|
|
|
1.11
|
|
|
1.56
|
|
|
1.57
|
|
10/31/08
|
|
|
11.33
|
|
|
.11
|
|
|
(4.24
|
)
|
|
(4.13
|
)
|
|
(.12
|
)
|
|
|
10
|
|
(.12
|
)
|
|
7.08
|
|
|
(36.84
|
)
|
|
81,500
|
|
|
1.24
|
|
|
1.08
|
|
|
1.49
|
|
|
1.15
|
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.18
|
|
|
.14
|
|
|
.91
|
|
|
1.05
|
|
|
(.14
|
)
|
|
(.05
|
)
|
|
(.19
|
)
|
|
10.04
|
|
|
11.68
|
|
|
450,376
|
|
|
.79
|
|
|
.69
|
|
|
1.09
|
|
|
1.43
|
|
10/31/11
|
|
|
9.15
|
|
|
.15
|
|
|
.04
|
|
|
.19
|
|
|
(.15
|
)
|
|
(.01
|
)
|
|
(.16
|
)
|
|
9.18
|
|
|
2.07
|
|
|
347,121
|
|
|
.80
|
|
|
.70
|
|
|
1.10
|
|
|
1.55
|
|
10/31/10
|
|
|
8.07
|
|
|
.13
|
|
|
1.12
|
|
|
1.25
|
|
|
(.13
|
)
|
|
(.04
|
)
|
|
(.17
|
)
|
|
9.15
|
|
|
15.58
|
|
|
287,041
|
|
|
.82
|
|
|
.71
|
|
|
1.12
|
|
|
1.50
|
|
10/31/09
|
|
|
7.12
|
|
|
.14
|
|
|
1.12
|
|
|
1.26
|
|
|
(.13
|
)
|
|
(.18
|
)
|
|
(.31
|
)
|
|
8.07
|
|
|
18.80
|
|
|
197,536
|
|
|
.84
|
|
|
.68
|
|
|
1.13
|
|
|
2.04
|
|
10/31/08
|
|
|
11.37
|
|
|
.16
|
|
|
(4.27
|
)
|
|
(4.11
|
)
|
|
(.14
|
)
|
|
|
10
|
|
(.14
|
)
|
|
7.12
|
|
|
(36.58
|
)
|
|
96,539
|
|
|
.80
|
|
|
.65
|
|
|
1.06
|
|
|
1.63
|
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.24
|
|
|
.17
|
|
|
.92
|
|
|
1.09
|
|
|
(.17
|
)
|
|
(.05
|
)
|
|
(.22
|
)
|
|
10.11
|
|
|
12.10
|
|
|
276,224
|
|
|
.47
|
|
|
.37
|
|
|
.77
|
|
|
1.75
|
|
10/31/11
|
|
|
9.21
|
|
|
.18
|
|
|
.04
|
|
|
.22
|
|
|
(.18
|
)
|
|
(.01
|
)
|
|
(.19
|
)
|
|
9.24
|
|
|
2.34
|
|
|
196,059
|
|
|
.48
|
|
|
.38
|
|
|
.78
|
|
|
1.86
|
|
10/31/10
|
|
|
8.12
|
|
|
.16
|
|
|
1.12
|
|
|
1.28
|
|
|
(.15
|
)
|
|
(.04
|
)
|
|
(.19
|
)
|
|
9.21
|
|
|
15.90
|
|
|
148,399
|
|
|
.49
|
|
|
.38
|
|
|
.79
|
|
|
1.82
|
|
10/31/09
|
|
|
7.16
|
|
|
.17
|
|
|
1.12
|
|
|
1.29
|
|
|
(.15
|
)
|
|
(.18
|
)
|
|
(.33
|
)
|
|
8.12
|
|
|
19.18
|
|
|
91,883
|
|
|
.50
|
|
|
.35
|
|
|
.80
|
|
|
2.33
|
|
10/31/08
|
|
|
11.40
|
|
|
.19
|
|
|
(4.28
|
)
|
|
(4.09
|
)
|
|
(.15
|
)
|
|
|
10
|
|
(.15
|
)
|
|
7.16
|
|
|
(36.34
|
)
|
|
37,796
|
|
|
.48
|
|
|
.31
|
|
|
.72
|
|
|
2.00
|
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.30
|
|
|
.21
|
|
|
.92
|
|
|
1.13
|
|
|
(.20
|
)
|
|
(.05
|
)
|
|
(.25
|
)
|
|
10.18
|
|
|
12.44
|
|
|
108,966
|
|
|
.17
|
|
|
.07
|
|
|
.47
|
|
|
2.16
|
|
10/31/11
|
|
|
9.26
|
|
|
.21
|
|
|
.04
|
|
|
.25
|
|
|
(.20
|
)
|
|
(.01
|
)
|
|
(.21
|
)
|
|
9.30
|
|
|
2.69
|
|
|
99,636
|
|
|
.17
|
|
|
.07
|
|
|
.47
|
|
|
2.18
|
|
10/31/10
|
|
|
8.16
|
|
|
.17
|
|
|
1.14
|
|
|
1.31
|
|
|
(.17
|
)
|
|
(.04
|
)
|
|
(.21
|
)
|
|
9.26
|
|
|
16.18
|
|
|
74,589
|
|
|
.19
|
|
|
.08
|
|
|
.49
|
|
|
2.03
|
|
10/31/09
|
|
|
7.19
|
|
|
.19
|
|
|
1.13
|
|
|
1.32
|
|
|
(.17
|
)
|
|
(.18
|
)
|
|
(.35
|
)
|
|
8.16
|
|
|
19.57
|
|
|
36,913
|
|
|
.20
|
|
|
.05
|
|
|
.50
|
|
|
2.66
|
|
10/31/08
|
|
|
11.42
|
|
|
.21
|
|
|
(4.28
|
)
|
|
(4.07
|
)
|
|
(.16
|
)
|
|
|
10
|
|
(.16
|
)
|
|
7.19
|
|
|
(36.13
|
)
|
|
17,570
|
|
|
.18
|
|
|
.02
|
|
|
.43
|
|
|
2.20
|
|
Class R-6:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.28
|
|
|
.19
|
|
|
.93
|
|
|
1.12
|
|
|
(.20
|
)
|
|
(.05
|
)
|
|
(.25
|
)
|
|
10.15
|
|
|
12.41
|
|
|
68,191
|
|
|
.13
|
|
|
.03
|
|
|
.43
|
|
|
1.97
|
|
10/31/11
|
|
|
9.23
|
|
|
.21
|
|
|
.05
|
|
|
.26
|
|
|
(.20
|
)
|
|
(.01
|
)
|
|
(.21
|
)
|
|
9.28
|
|
|
2.85
|
|
|
29,319
|
|
|
.12
|
|
|
.02
|
|
|
.42
|
|
|
2.18
|
|
10/31/10
|
|
|
8.13
|
|
|
.17
|
|
|
1.13
|
|
|
1.30
|
|
|
(.16
|
)
|
|
(.04
|
)
|
|
(.20
|
)
|
|
9.23
|
|
|
16.17
|
|
|
19,766
|
|
|
.14
|
|
|
.03
|
|
|
.44
|
|
|
2.04
|
|
10/31/09
6,9
|
|
|
7.05
|
|
|
.04
|
|
|
1.04
|
|
|
1.08
|
|
|
|
|
|
|
|
|
|
|
|
8.13
|
|
|
15.32
|
|
|
5,207
|
|
|
.05
|
|
|
.01
|
|
|
.46
|
|
|
.51
|
|
|
|
American Funds Target Date Retirement Series
|
45
|
Financial highlights
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
investment operations
1
|
|
Dividends and distributions
|
|
|
|
|
|
|
|
|
|
|
Ratio of
expenses to
average net
assets before
reimburse-
ments/
waivers
4
|
|
Ratio of
expenses to
average net
assets after
reimburse-
ments/
waivers
3,4
|
|
|
|
|
Ratio of
net income
to average
net
assets
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended
|
|
Net asset
value,
beginning
of period
|
|
Net
investment
income
|
|
Net gains
(losses) on
securities
(both
realized and
unrealized)
|
|
Total from
investment
operations
|
|
Dividends
(from net
investment
income)
|
|
Distributions
(from capital
gains)
|
|
Total
dividends
and
distributions
|
|
Net asset
value, end
of period
|
|
Total
return
2,3
|
|
Net assets,
end of period
(in thousands)
|
|
|
|
Net
effective
expense
ratio
5
|
|
|
American Funds 2025 Target Date Retirement Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
$
|
9.09
|
|
$
|
.17
|
|
$
|
.86
|
|
$
|
1.03
|
|
$
|
(.18
|
)
|
$
|
(.05
|
)
|
$
|
(.23
|
)
|
$
|
9.89
|
|
|
11.65
|
%
|
$
|
658,118
|
|
|
.47
|
%
|
|
.37
|
%
|
|
.76
|
%
|
|
1.80
|
%
|
10/31/11
|
|
|
9.09
|
|
|
.18
|
|
|
.06
|
|
|
.24
|
|
|
(.18
|
)
|
|
(.06
|
)
|
|
(.24
|
)
|
|
9.09
|
|
|
2.79
|
|
|
551,679
|
|
|
.47
|
|
|
.37
|
|
|
.76
|
|
|
1.94
|
|
10/31/10
|
|
|
8.07
|
|
|
.16
|
|
|
1.06
|
|
|
1.22
|
|
|
(.16
|
)
|
|
(.04
|
)
|
|
(.20
|
)
|
|
9.09
|
|
|
15.22
|
|
|
452,498
|
|
|
.48
|
|
|
.38
|
|
|
.78
|
|
|
1.93
|
|
10/31/09
|
|
|
7.20
|
|
|
.18
|
|
|
1.05
|
|
|
1.23
|
|
|
(.16
|
)
|
|
(.20
|
)
|
|
(.36
|
)
|
|
8.07
|
|
|
18.36
|
|
|
295,939
|
|
|
.45
|
|
|
.30
|
|
|
.73
|
|
|
2.55
|
|
10/31/08
|
|
|
11.37
|
|
|
.21
|
|
|
(4.24
|
)
|
|
(4.03
|
)
|
|
(.14
|
)
|
|
|
10
|
|
(.14
|
)
|
|
7.20
|
|
|
(35.82
|
)
|
|
163,525
|
|
|
.40
|
|
|
.25
|
|
|
.66
|
|
|
2.19
|
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
8.96
|
|
|
.09
|
|
|
.85
|
|
|
.94
|
|
|
(.11
|
)
|
|
(.05
|
)
|
|
(.16
|
)
|
|
9.74
|
|
|
10.75
|
|
|
13,883
|
|
|
1.25
|
|
|
1.14
|
|
|
1.53
|
|
|
1.01
|
|
10/31/11
|
|
|
8.97
|
|
|
.11
|
|
|
.07
|
|
|
.18
|
|
|
(.13
|
)
|
|
(.06
|
)
|
|
(.19
|
)
|
|
8.96
|
|
|
2.09
|
|
|
11,177
|
|
|
1.27
|
|
|
1.12
|
|
|
1.51
|
|
|
1.20
|
|
10/31/10
|
|
|
7.99
|
|
|
.10
|
|
|
1.04
|
|
|
1.14
|
|
|
(.12
|
)
|
|
(.04
|
)
|
|
(.16
|
)
|
|
8.97
|
|
|
14.35
|
|
|
9,379
|
|
|
1.30
|
|
|
1.12
|
|
|
1.52
|
|
|
1.20
|
|
10/31/09
|
|
|
7.13
|
|
|
.12
|
|
|
1.05
|
|
|
1.17
|
|
|
(.11
|
)
|
|
(.20
|
)
|
|
(.31
|
)
|
|
7.99
|
|
|
17.48
|
|
|
5,039
|
|
|
1.32
|
|
|
1.08
|
|
|
1.51
|
|
|
1.68
|
|
10/31/08
|
|
|
11.31
|
|
|
.13
|
|
|
(4.20
|
)
|
|
(4.07
|
)
|
|
(.11
|
)
|
|
|
10
|
|
(.11
|
)
|
|
7.13
|
|
|
(36.32
|
)
|
|
2,127
|
|
|
1.29
|
|
|
1.02
|
|
|
1.43
|
|
|
1.38
|
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
8.94
|
|
|
.10
|
|
|
.85
|
|
|
.95
|
|
|
(.12
|
)
|
|
(.05
|
)
|
|
(.17
|
)
|
|
9.72
|
|
|
10.85
|
|
|
462,775
|
|
|
1.17
|
|
|
1.07
|
|
|
1.46
|
|
|
1.10
|
|
10/31/11
|
|
|
8.95
|
|
|
.11
|
|
|
.07
|
|
|
.18
|
|
|
(.13
|
)
|
|
(.06
|
)
|
|
(.19
|
)
|
|
8.94
|
|
|
2.00
|
|
|
372,438
|
|
|
1.17
|
|
|
1.07
|
|
|
1.46
|
|
|
1.25
|
|
10/31/10
|
|
|
7.97
|
|
|
.10
|
|
|
1.03
|
|
|
1.13
|
|
|
(.11
|
)
|
|
(.04
|
)
|
|
(.15
|
)
|
|
8.95
|
|
|
14.41
|
|
|
310,827
|
|
|
1.20
|
|
|
1.09
|
|
|
1.49
|
|
|
1.22
|
|
10/31/09
|
|
|
7.12
|
|
|
.12
|
|
|
1.05
|
|
|
1.17
|
|
|
(.12
|
)
|
|
(.20
|
)
|
|
(.32
|
)
|
|
7.97
|
|
|
17.48
|
|
|
204,244
|
|
|
1.24
|
|
|
1.10
|
|
|
1.53
|
|
|
1.70
|
|
10/31/08
|
|
|
11.31
|
|
|
.12
|
|
|
(4.19
|
)
|
|
(4.07
|
)
|
|
(.12
|
)
|
|
|
10
|
|
(.12
|
)
|
|
7.12
|
|
|
(36.34
|
)
|
|
91,210
|
|
|
1.21
|
|
|
1.06
|
|
|
1.47
|
|
|
1.24
|
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.03
|
|
|
.14
|
|
|
.84
|
|
|
.98
|
|
|
(.15
|
)
|
|
(.05
|
)
|
|
(.20
|
)
|
|
9.81
|
|
|
11.16
|
|
|
464,713
|
|
|
.80
|
|
|
.70
|
|
|
1.09
|
|
|
1.45
|
|
10/31/11
|
|
|
9.02
|
|
|
.15
|
|
|
.08
|
|
|
.23
|
|
|
(.16
|
)
|
|
(.06
|
)
|
|
(.22
|
)
|
|
9.03
|
|
|
2.52
|
|
|
347,012
|
|
|
.80
|
|
|
.70
|
|
|
1.09
|
|
|
1.61
|
|
10/31/10
|
|
|
8.02
|
|
|
.14
|
|
|
1.04
|
|
|
1.18
|
|
|
(.14
|
)
|
|
(.04
|
)
|
|
(.18
|
)
|
|
9.02
|
|
|
14.87
|
|
|
283,026
|
|
|
.82
|
|
|
.71
|
|
|
1.11
|
|
|
1.62
|
|
10/31/09
|
|
|
7.16
|
|
|
.15
|
|
|
1.05
|
|
|
1.20
|
|
|
(.14
|
)
|
|
(.20
|
)
|
|
(.34
|
)
|
|
8.02
|
|
|
17.91
|
|
|
204,594
|
|
|
.83
|
|
|
.69
|
|
|
1.12
|
|
|
2.15
|
|
10/31/08
|
|
|
11.35
|
|
|
.17
|
|
|
(4.22
|
)
|
|
(4.05
|
)
|
|
(.14
|
)
|
|
|
10
|
|
(.14
|
)
|
|
7.16
|
|
|
(36.10
|
)
|
|
105,548
|
|
|
.79
|
|
|
.64
|
|
|
1.05
|
|
|
1.75
|
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.09
|
|
|
.17
|
|
|
.86
|
|
|
1.03
|
|
|
(.18
|
)
|
|
(.05
|
)
|
|
(.23
|
)
|
|
9.89
|
|
|
11.66
|
|
|
246,502
|
|
|
.47
|
|
|
.37
|
|
|
.76
|
|
|
1.78
|
|
10/31/11
|
|
|
9.08
|
|
|
.18
|
|
|
.07
|
|
|
.25
|
|
|
(.18
|
)
|
|
(.06
|
)
|
|
(.24
|
)
|
|
9.09
|
|
|
2.79
|
|
|
178,912
|
|
|
.48
|
|
|
.38
|
|
|
.77
|
|
|
1.92
|
|
10/31/10
|
|
|
8.07
|
|
|
.16
|
|
|
1.05
|
|
|
1.21
|
|
|
(.16
|
)
|
|
(.04
|
)
|
|
(.20
|
)
|
|
9.08
|
|
|
15.18
|
|
|
144,150
|
|
|
.49
|
|
|
.38
|
|
|
.78
|
|
|
1.91
|
|
10/31/09
|
|
|
7.20
|
|
|
.18
|
|
|
1.05
|
|
|
1.23
|
|
|
(.16
|
)
|
|
(.20
|
)
|
|
(.36
|
)
|
|
8.07
|
|
|
18.33
|
|
|
91,333
|
|
|
.50
|
|
|
.35
|
|
|
.78
|
|
|
2.50
|
|
10/31/08
|
|
|
11.38
|
|
|
.19
|
|
|
(4.22
|
)
|
|
(4.03
|
)
|
|
(.15
|
)
|
|
|
10
|
|
(.15
|
)
|
|
7.20
|
|
|
(35.87
|
)
|
|
47,207
|
|
|
.48
|
|
|
.32
|
|
|
.73
|
|
|
1.95
|
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.15
|
|
|
.19
|
|
|
.86
|
|
|
1.05
|
|
|
(.20
|
)
|
|
(.05
|
)
|
|
(.25
|
)
|
|
9.95
|
|
|
11.91
|
|
|
96,824
|
|
|
.17
|
|
|
.07
|
|
|
.46
|
|
|
2.05
|
|
10/31/11
|
|
|
9.13
|
|
|
.20
|
|
|
.09
|
|
|
.29
|
|
|
(.21
|
)
|
|
(.06
|
)
|
|
(.27
|
)
|
|
9.15
|
|
|
3.14
|
|
|
66,377
|
|
|
.17
|
|
|
.07
|
|
|
.46
|
|
|
2.20
|
|
10/31/10
|
|
|
8.11
|
|
|
.20
|
|
|
1.04
|
|
|
1.24
|
|
|
(.18
|
)
|
|
(.04
|
)
|
|
(.22
|
)
|
|
9.13
|
|
|
15.49
|
|
|
49,240
|
|
|
.19
|
|
|
.08
|
|
|
.48
|
|
|
2.30
|
|
10/31/09
|
|
|
7.23
|
|
|
.20
|
|
|
1.06
|
|
|
1.26
|
|
|
(.18
|
)
|
|
(.20
|
)
|
|
(.38
|
)
|
|
8.11
|
|
|
18.70
|
|
|
40,202
|
|
|
.20
|
|
|
.05
|
|
|
.48
|
|
|
2.74
|
|
10/31/08
|
|
|
11.40
|
|
|
.22
|
|
|
(4.23
|
)
|
|
(4.01
|
)
|
|
(.16
|
)
|
|
|
10
|
|
(.16
|
)
|
|
7.23
|
|
|
(35.64
|
)
|
|
17,830
|
|
|
.17
|
|
|
.02
|
|
|
.43
|
|
|
2.29
|
|
Class R-6:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.13
|
|
|
.18
|
|
|
.88
|
|
|
1.06
|
|
|
(.21
|
)
|
|
(.05
|
)
|
|
(.26
|
)
|
|
9.93
|
|
|
11.98
|
|
|
51,657
|
|
|
.13
|
|
|
.03
|
|
|
.42
|
|
|
1.94
|
|
10/31/11
|
|
|
9.11
|
|
|
.21
|
|
|
.08
|
|
|
.29
|
|
|
(.21
|
)
|
|
(.06
|
)
|
|
(.27
|
)
|
|
9.13
|
|
|
3.19
|
|
|
20,591
|
|
|
.13
|
|
|
.03
|
|
|
.42
|
|
|
2.25
|
|
10/31/10
|
|
|
8.08
|
|
|
.15
|
|
|
1.09
|
|
|
1.24
|
|
|
(.17
|
)
|
|
(.04
|
)
|
|
(.21
|
)
|
|
9.11
|
|
|
15.60
|
|
|
15,203
|
|
|
.13
|
|
|
.03
|
|
|
.43
|
|
|
1.82
|
|
10/31/09
6,9
|
|
|
7.05
|
|
|
.01
|
|
|
1.02
|
|
|
1.03
|
|
|
|
|
|
|
|
|
|
|
|
8.08
|
|
|
14.61
|
|
|
353
|
|
|
.06
|
|
|
.01
|
|
|
.44
|
|
|
.08
|
|
See page 50 for footnotes.
|
|
46
|
American Funds Target Date Retirement Series
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
investment operations
1
|
|
Dividends and distributions
|
|
|
|
|
|
|
|
|
|
|
Ratio of
expenses to
average net
assets before
reimburse-
ments/
waivers
4
|
|
Ratio of
expenses to
average net
assets after
reimburse-
ments/
waivers
3,4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended
|
|
Net asset
value,
beginning
of period
|
|
Net
investment
income
|
|
Net gains
(losses) on
securities
(both
realized and
unrealized)
|
|
Total from
investment
operations
|
|
Dividends
(from net
investment
income)
|
|
Distributions
(from capital
gains)
|
|
Total
dividends
and
distributions
|
|
Net asset
value, end
of period
|
|
Total
return
2,3
|
|
Net assets,
end of period
(in thousands)
|
|
|
|
Net
effective
expense
ratio
5
|
|
Ratio of
net income
to average
net
assets
3
|
|
American Funds 2020 Target Date Retirement Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
$
|
9.15
|
|
$
|
.18
|
|
$
|
.74
|
|
$
|
.92
|
|
$
|
(.21
|
)
|
$
|
(.05
|
)
|
$
|
(.26
|
)
|
$
|
9.81
|
|
|
10.35
|
%
|
$
|
804,848
|
|
|
.47
|
%
|
|
.37
|
%
|
|
.74
|
%
|
|
1.96
|
%
|
10/31/11
|
|
|
9.14
|
|
|
.21
|
|
|
.11
|
|
|
.32
|
|
|
(.21
|
)
|
|
(.10
|
)
|
|
(.31
|
)
|
|
9.15
|
|
|
3.50
|
|
|
678,416
|
|
|
.48
|
|
|
.38
|
|
|
.75
|
|
|
2.24
|
|
10/31/10
|
|
|
8.22
|
|
|
.20
|
|
|
.93
|
|
|
1.13
|
|
|
(.17
|
)
|
|
(.04
|
)
|
|
(.21
|
)
|
|
9.14
|
|
|
13.98
|
|
|
556,079
|
|
|
.49
|
|
|
.39
|
|
|
.77
|
|
|
2.33
|
|
10/31/09
|
|
|
7.38
|
|
|
.20
|
|
|
1.02
|
|
|
1.22
|
|
|
(.18
|
)
|
|
(.20
|
)
|
|
(.38
|
)
|
|
8.22
|
|
|
17.68
|
|
|
374,311
|
|
|
.44
|
|
|
.30
|
|
|
.72
|
|
|
2.79
|
|
10/31/08
|
|
|
11.30
|
|
|
.23
|
|
|
(4.01
|
)
|
|
(3.78
|
)
|
|
(.14
|
)
|
|
|
10
|
|
(.14
|
)
|
|
7.38
|
|
|
(33.81
|
)
|
|
217,608
|
|
|
.42
|
|
|
.28
|
|
|
.68
|
|
|
2.33
|
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.00
|
|
|
.11
|
|
|
.72
|
|
|
.83
|
|
|
(.14
|
)
|
|
(.05
|
)
|
|
(.19
|
)
|
|
9.64
|
|
|
9.49
|
|
|
15,683
|
|
|
1.25
|
|
|
1.14
|
|
|
1.51
|
|
|
1.20
|
|
10/31/11
|
|
|
9.01
|
|
|
.14
|
|
|
.10
|
|
|
.24
|
|
|
(.15
|
)
|
|
(.10
|
)
|
|
(.25
|
)
|
|
9.00
|
|
|
2.67
|
|
|
14,380
|
|
|
1.27
|
|
|
1.12
|
|
|
1.49
|
|
|
1.49
|
|
10/31/10
|
|
|
8.12
|
|
|
.13
|
|
|
.93
|
|
|
1.06
|
|
|
(.13
|
)
|
|
(.04
|
)
|
|
(.17
|
)
|
|
9.01
|
|
|
13.19
|
|
|
11,541
|
|
|
1.30
|
|
|
1.12
|
|
|
1.50
|
|
|
1.59
|
|
10/31/09
|
|
|
7.31
|
|
|
.14
|
|
|
1.01
|
|
|
1.15
|
|
|
(.14
|
)
|
|
(.20
|
)
|
|
(.34
|
)
|
|
8.12
|
|
|
16.77
|
|
|
7,356
|
|
|
1.31
|
|
|
1.08
|
|
|
1.50
|
|
|
1.96
|
|
10/31/08
|
|
|
11.24
|
|
|
.14
|
|
|
(3.96
|
)
|
|
(3.82
|
)
|
|
(.11
|
)
|
|
|
10
|
|
(.11
|
)
|
|
7.31
|
|
|
(34.30
|
)
|
|
3,160
|
|
|
1.28
|
|
|
1.02
|
|
|
1.42
|
|
|
1.51
|
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.01
|
|
|
.12
|
|
|
.72
|
|
|
.84
|
|
|
(.15
|
)
|
|
(.05
|
)
|
|
(.20
|
)
|
|
9.65
|
|
|
9.52
|
|
|
447,936
|
|
|
1.17
|
|
|
1.07
|
|
|
1.44
|
|
|
1.26
|
|
10/31/11
|
|
|
9.02
|
|
|
.14
|
|
|
.11
|
|
|
.25
|
|
|
(.16
|
)
|
|
(.10
|
)
|
|
(.26
|
)
|
|
9.01
|
|
|
2.70
|
|
|
374,268
|
|
|
1.17
|
|
|
1.07
|
|
|
1.44
|
|
|
1.55
|
|
10/31/10
|
|
|
8.12
|
|
|
.14
|
|
|
.93
|
|
|
1.07
|
|
|
(.13
|
)
|
|
(.04
|
)
|
|
(.17
|
)
|
|
9.02
|
|
|
13.30
|
|
|
320,330
|
|
|
1.20
|
|
|
1.09
|
|
|
1.47
|
|
|
1.63
|
|
10/31/09
|
|
|
7.30
|
|
|
.14
|
|
|
1.01
|
|
|
1.15
|
|
|
(.13
|
)
|
|
(.20
|
)
|
|
(.33
|
)
|
|
8.12
|
|
|
16.82
|
|
|
214,944
|
|
|
1.20
|
|
|
1.06
|
|
|
1.48
|
|
|
1.99
|
|
10/31/08
|
|
|
11.24
|
|
|
.14
|
|
|
(3.96
|
)
|
|
(3.82
|
)
|
|
(.12
|
)
|
|
|
10
|
|
(.12
|
)
|
|
7.30
|
|
|
(34.33
|
)
|
|
106,855
|
|
|
1.16
|
|
|
1.02
|
|
|
1.42
|
|
|
1.48
|
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.08
|
|
|
.15
|
|
|
.74
|
|
|
.89
|
|
|
(.18
|
)
|
|
(.05
|
)
|
|
(.23
|
)
|
|
9.74
|
|
|
10.08
|
|
|
530,271
|
|
|
.79
|
|
|
.69
|
|
|
1.06
|
|
|
1.63
|
|
10/31/11
|
|
|
9.09
|
|
|
.18
|
|
|
.09
|
|
|
.27
|
|
|
(.18
|
)
|
|
(.10
|
)
|
|
(.28
|
)
|
|
9.08
|
|
|
3.11
|
|
|
411,705
|
|
|
.80
|
|
|
.70
|
|
|
1.07
|
|
|
1.92
|
|
10/31/10
|
|
|
8.17
|
|
|
.17
|
|
|
.94
|
|
|
1.11
|
|
|
(.15
|
)
|
|
(.04
|
)
|
|
(.19
|
)
|
|
9.09
|
|
|
13.64
|
|
|
352,945
|
|
|
.81
|
|
|
.71
|
|
|
1.09
|
|
|
2.03
|
|
10/31/09
|
|
|
7.34
|
|
|
.17
|
|
|
1.01
|
|
|
1.18
|
|
|
(.15
|
)
|
|
(.20
|
)
|
|
(.35
|
)
|
|
8.17
|
|
|
17.23
|
|
|
254,120
|
|
|
.81
|
|
|
.67
|
|
|
1.09
|
|
|
2.40
|
|
10/31/08
|
|
|
11.28
|
|
|
.18
|
|
|
(3.98
|
)
|
|
(3.80
|
)
|
|
(.14
|
)
|
|
|
10
|
|
(.14
|
)
|
|
7.34
|
|
|
(34.07
|
)
|
|
142,374
|
|
|
.77
|
|
|
.63
|
|
|
1.03
|
|
|
1.91
|
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.15
|
|
|
.18
|
|
|
.74
|
|
|
.92
|
|
|
(.21
|
)
|
|
(.05
|
)
|
|
(.26
|
)
|
|
9.81
|
|
|
10.35
|
|
|
323,787
|
|
|
.47
|
|
|
.37
|
|
|
.74
|
|
|
1.94
|
|
10/31/11
|
|
|
9.14
|
|
|
.21
|
|
|
.11
|
|
|
.32
|
|
|
(.21
|
)
|
|
(.10
|
)
|
|
(.31
|
)
|
|
9.15
|
|
|
3.51
|
|
|
247,276
|
|
|
.47
|
|
|
.37
|
|
|
.74
|
|
|
2.23
|
|
10/31/10
|
|
|
8.22
|
|
|
.20
|
|
|
.93
|
|
|
1.13
|
|
|
(.17
|
)
|
|
(.04
|
)
|
|
(.21
|
)
|
|
9.14
|
|
|
13.96
|
|
|
201,854
|
|
|
.49
|
|
|
.38
|
|
|
.76
|
|
|
2.32
|
|
10/31/09
|
|
|
7.38
|
|
|
.20
|
|
|
1.02
|
|
|
1.22
|
|
|
(.18
|
)
|
|
(.20
|
)
|
|
(.38
|
)
|
|
8.22
|
|
|
17.65
|
|
|
129,604
|
|
|
.49
|
|
|
.34
|
|
|
.76
|
|
|
2.66
|
|
10/31/08
|
|
|
11.30
|
|
|
.21
|
|
|
(3.98
|
)
|
|
(3.77
|
)
|
|
(.15
|
)
|
|
|
10
|
|
(.15
|
)
|
|
7.38
|
|
|
(33.77
|
)
|
|
55,426
|
|
|
.47
|
|
|
.31
|
|
|
.71
|
|
|
2.22
|
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.20
|
|
|
.22
|
|
|
.73
|
|
|
.95
|
|
|
(.23
|
)
|
|
(.05
|
)
|
|
(.28
|
)
|
|
9.87
|
|
|
10.73
|
|
|
115,917
|
|
|
.17
|
|
|
.07
|
|
|
.44
|
|
|
2.28
|
|
10/31/11
|
|
|
9.19
|
|
|
.23
|
|
|
.12
|
|
|
.35
|
|
|
(.24
|
)
|
|
(.10
|
)
|
|
(.34
|
)
|
|
9.20
|
|
|
3.76
|
|
|
95,372
|
|
|
.17
|
|
|
.07
|
|
|
.44
|
|
|
2.52
|
|
10/31/10
|
|
|
8.25
|
|
|
.23
|
|
|
.94
|
|
|
1.17
|
|
|
(.19
|
)
|
|
(.04
|
)
|
|
(.23
|
)
|
|
9.19
|
|
|
14.39
|
|
|
63,932
|
|
|
.19
|
|
|
.08
|
|
|
.46
|
|
|
2.62
|
|
10/31/09
|
|
|
7.41
|
|
|
.22
|
|
|
1.01
|
|
|
1.23
|
|
|
(.19
|
)
|
|
(.20
|
)
|
|
(.39
|
)
|
|
8.25
|
|
|
17.88
|
|
|
39,599
|
|
|
.19
|
|
|
.05
|
|
|
.47
|
|
|
3.02
|
|
10/31/08
|
|
|
11.33
|
|
|
.23
|
|
|
(3.99
|
)
|
|
(3.76
|
)
|
|
(.16
|
)
|
|
|
10
|
|
(.16
|
)
|
|
7.41
|
|
|
(33.61
|
)
|
|
23,433
|
|
|
.16
|
|
|
.02
|
|
|
.42
|
|
|
2.40
|
|
Class R-6:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.18
|
|
|
.21
|
|
|
.75
|
|
|
.96
|
|
|
(.24
|
)
|
|
(.05
|
)
|
|
(.29
|
)
|
|
9.85
|
|
|
10.80
|
|
|
66,132
|
|
|
.12
|
|
|
.02
|
|
|
.39
|
|
|
2.18
|
|
10/31/11
|
|
|
9.17
|
|
|
.24
|
|
|
.11
|
|
|
.35
|
|
|
(.24
|
)
|
|
(.10
|
)
|
|
(.34
|
)
|
|
9.18
|
|
|
3.81
|
|
|
32,185
|
|
|
.12
|
|
|
.02
|
|
|
.39
|
|
|
2.56
|
|
10/31/10
|
|
|
8.23
|
|
|
.21
|
|
|
.95
|
|
|
1.16
|
|
|
(.18
|
)
|
|
(.04
|
)
|
|
(.22
|
)
|
|
9.17
|
|
|
14.36
|
|
|
27,170
|
|
|
.14
|
|
|
.03
|
|
|
.41
|
|
|
2.47
|
|
10/31/09
6,9
|
|
|
7.23
|
|
|
.05
|
|
|
.95
|
|
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
8.23
|
|
|
13.83
|
|
|
8,324
|
|
|
.04
|
|
|
.01
|
|
|
.43
|
|
|
.64
|
|
|
|
American Funds Target Date Retirement Series
|
47
|
Financial highlights
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset
value,
beginning
of period
|
|
Income (loss) from
investment operations
1
|
|
|
|
|
|
|
|
Net asset
value, end
of period
|
|
Total
return
2,3
|
|
Net assets,
end of period
(in thousands)
|
|
Ratio of
expenses to
average net
assets before
reimburse-
ments/
waivers
4
|
|
Ratio of
expenses to
average net
assets after
reimburse-
ments/
waivers
3,4
|
|
Net
effective
expense
ratio
5
|
|
Ratio of
net income
to average
net
assets
3
|
|
|
|
|
|
Dividends and distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment
income
|
|
Net gains
(losses) on
securities
(both
realized and
unrealized)
|
|
Total from
investment
operations
|
|
Dividends
(from net
investment
income)
|
|
Distributions
(from capital
gains)
|
|
Total
dividends
and
distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds 2015 Target Date Retirement Fund
|
|
|
|
|
|
|
|
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
$
|
9.31
|
|
$
|
.19
|
|
$
|
.67
|
|
$
|
.86
|
|
$
|
(.22
|
)
|
$
|
(.09
|
)
|
$
|
(.31
|
)
|
$
|
9.86
|
|
9.54
|
%
|
$
|
622,118
|
|
.49
|
%
|
.39
|
%
|
.73
|
%
|
2.04
|
%
|
10/31/11
|
|
|
9.31
|
|
|
.22
|
|
|
.13
|
|
|
.35
|
|
|
(.23
|
)
|
|
(.12
|
)
|
|
(.35
|
)
|
|
9.31
|
|
3.74
|
|
|
555,824
|
|
.48
|
|
.38
|
|
.73
|
|
2.34
|
|
10/31/10
|
|
|
8.45
|
|
|
.22
|
|
|
.89
|
|
|
1.11
|
|
|
(.20
|
)
|
|
(.05
|
)
|
|
(.25
|
)
|
|
9.31
|
|
13.27
|
|
|
485,697
|
|
.50
|
|
.39
|
|
.75
|
|
2.50
|
|
10/31/09
|
|
|
7.62
|
|
|
.23
|
|
|
.99
|
|
|
1.22
|
|
|
(.21
|
)
|
|
(.18
|
)
|
|
(.39
|
)
|
|
8.45
|
|
17.14
|
|
|
360,195
|
|
.44
|
|
.30
|
|
.71
|
|
3.13
|
|
10/31/08
|
|
|
11.16
|
|
|
.26
|
|
|
(3.64
|
)
|
|
(3.38
|
)
|
|
(.16
|
)
|
|
|
10
|
|
(.16
|
)
|
|
7.62
|
|
(30.69
|
)
|
|
229,310
|
|
.49
|
|
.34
|
|
.74
|
|
2.71
|
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.15
|
|
|
.12
|
|
|
.66
|
|
|
.78
|
|
|
(.16
|
)
|
|
(.09
|
)
|
|
(.25
|
)
|
|
9.68
|
|
8.67
|
|
|
12,179
|
|
1.25
|
|
1.14
|
|
1.48
|
|
1.30
|
|
10/31/11
|
|
|
9.16
|
|
|
.15
|
|
|
.13
|
|
|
.28
|
|
|
(.17
|
)
|
|
(.12
|
)
|
|
(.29
|
)
|
|
9.15
|
|
3.03
|
|
|
11,856
|
|
1.27
|
|
1.12
|
|
1.47
|
|
1.61
|
|
10/31/10
|
|
|
8.35
|
|
|
.15
|
|
|
.87
|
|
|
1.02
|
|
|
(.16
|
)
|
|
(.05
|
)
|
|
(.21
|
)
|
|
9.16
|
|
12.37
|
|
|
11,070
|
|
1.30
|
|
1.12
|
|
1.48
|
|
1.76
|
|
10/31/09
|
|
|
7.56
|
|
|
.17
|
|
|
.98
|
|
|
1.15
|
|
|
(.18
|
)
|
|
(.18
|
)
|
|
(.36
|
)
|
|
8.35
|
|
16.26
|
|
|
6,828
|
|
1.31
|
|
1.09
|
|
1.50
|
|
2.22
|
|
10/31/08
|
|
|
11.11
|
|
|
.19
|
|
|
(3.62
|
)
|
|
(3.43
|
)
|
|
(.12
|
)
|
|
|
10
|
|
(.12
|
)
|
|
7.56
|
|
(31.17
|
)
|
|
2,507
|
|
1.28
|
|
1.02
|
|
1.42
|
|
2.01
|
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.16
|
|
|
.13
|
|
|
.66
|
|
|
.79
|
|
|
(.16
|
)
|
|
(.09
|
)
|
|
(.25
|
)
|
|
9.70
|
|
8.84
|
|
|
309,048
|
|
1.17
|
|
1.07
|
|
1.41
|
|
1.35
|
|
10/31/11
|
|
|
9.18
|
|
|
.15
|
|
|
.12
|
|
|
.27
|
|
|
(.17
|
)
|
|
(.12
|
)
|
|
(.29
|
)
|
|
9.16
|
|
2.94
|
|
|
280,206
|
|
1.17
|
|
1.07
|
|
1.42
|
|
1.65
|
|
10/31/10
|
|
|
8.35
|
|
|
.16
|
|
|
.87
|
|
|
1.03
|
|
|
(.15
|
)
|
|
(.05
|
)
|
|
(.20
|
)
|
|
9.18
|
|
12.48
|
|
|
248,274
|
|
1.20
|
|
1.09
|
|
1.45
|
|
1.81
|
|
10/31/09
|
|
|
7.55
|
|
|
.17
|
|
|
.98
|
|
|
1.15
|
|
|
(.17
|
)
|
|
(.18
|
)
|
|
(.35
|
)
|
|
8.35
|
|
16.23
|
|
|
169,123
|
|
1.20
|
|
1.06
|
|
1.47
|
|
2.30
|
|
10/31/08
|
|
|
11.10
|
|
|
.19
|
|
|
(3.60
|
)
|
|
(3.41
|
)
|
|
(.14
|
)
|
|
|
10
|
|
(.14
|
)
|
|
7.55
|
|
(31.08
|
)
|
|
82,597
|
|
1.16
|
|
1.02
|
|
1.42
|
|
1.97
|
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.25
|
|
|
.16
|
|
|
.66
|
|
|
.82
|
|
|
(.19
|
)
|
|
(.09
|
)
|
|
(.28
|
)
|
|
9.79
|
|
9.15
|
|
|
375,534
|
|
.80
|
|
.70
|
|
1.04
|
|
1.73
|
|
10/31/11
|
|
|
9.25
|
|
|
.19
|
|
|
.13
|
|
|
.32
|
|
|
(.20
|
)
|
|
(.12
|
)
|
|
(.32
|
)
|
|
9.25
|
|
3.48
|
|
|
323,498
|
|
.80
|
|
.70
|
|
1.05
|
|
2.03
|
|
10/31/10
|
|
|
8.40
|
|
|
.19
|
|
|
.88
|
|
|
1.07
|
|
|
(.17
|
)
|
|
(.05
|
)
|
|
(.22
|
)
|
|
9.25
|
|
12.93
|
|
|
287,863
|
|
.82
|
|
.71
|
|
1.07
|
|
2.20
|
|
10/31/09
|
|
|
7.59
|
|
|
.20
|
|
|
.98
|
|
|
1.18
|
|
|
(.19
|
)
|
|
(.18
|
)
|
|
(.37
|
)
|
|
8.40
|
|
16.64
|
|
|
215,184
|
|
.81
|
|
.67
|
|
1.08
|
|
2.72
|
|
10/31/08
|
|
|
11.14
|
|
|
.23
|
|
|
(3.62
|
)
|
|
(3.39
|
)
|
|
(.16
|
)
|
|
|
10
|
|
(.16
|
)
|
|
7.59
|
|
(30.87
|
)
|
|
117,078
|
|
.77
|
|
.63
|
|
1.03
|
|
2.37
|
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.31
|
|
|
.19
|
|
|
.67
|
|
|
.86
|
|
|
(.22
|
)
|
|
(.09
|
)
|
|
(.31
|
)
|
|
9.86
|
|
9.56
|
|
|
182,426
|
|
.47
|
|
.37
|
|
.71
|
|
2.05
|
|
10/31/11
|
|
|
9.31
|
|
|
.22
|
|
|
.13
|
|
|
.35
|
|
|
(.23
|
)
|
|
(.12
|
)
|
|
(.35
|
)
|
|
9.31
|
|
3.76
|
|
|
156,013
|
|
.48
|
|
.38
|
|
.73
|
|
2.35
|
|
10/31/10
|
|
|
8.45
|
|
|
.22
|
|
|
.89
|
|
|
1.11
|
|
|
(.20
|
)
|
|
(.05
|
)
|
|
(.25
|
)
|
|
9.31
|
|
13.26
|
|
|
137,314
|
|
.49
|
|
.38
|
|
.74
|
|
2.51
|
|
10/31/09
|
|
|
7.63
|
|
|
.23
|
|
|
.98
|
|
|
1.21
|
|
|
(.21
|
)
|
|
(.18
|
)
|
|
(.39
|
)
|
|
8.45
|
|
17.01
|
|
|
83,795
|
|
.50
|
|
.35
|
|
.76
|
|
3.03
|
|
10/31/08
|
|
|
11.17
|
|
|
.26
|
|
|
(3.64
|
)
|
|
(3.38
|
)
|
|
(.16
|
)
|
|
|
10
|
|
(.16
|
)
|
|
7.63
|
|
(30.63
|
)
|
|
45,228
|
|
.47
|
|
.31
|
|
.71
|
|
2.68
|
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.37
|
|
|
.22
|
|
|
.67
|
|
|
.89
|
|
|
(.25
|
)
|
|
(.09
|
)
|
|
(.34
|
)
|
|
9.92
|
|
9.82
|
|
|
73,623
|
|
.17
|
|
.07
|
|
.41
|
|
2.30
|
|
10/31/11
|
|
|
9.36
|
|
|
.24
|
|
|
.14
|
|
|
.38
|
|
|
(.25
|
)
|
|
(.12
|
)
|
|
(.37
|
)
|
|
9.37
|
|
4.11
|
|
|
48,120
|
|
.17
|
|
.07
|
|
.42
|
|
2.60
|
|
10/31/10
|
|
|
8.49
|
|
|
.25
|
|
|
.89
|
|
|
1.14
|
|
|
(.22
|
)
|
|
(.05
|
)
|
|
(.27
|
)
|
|
9.36
|
|
13.57
|
|
|
35,822
|
|
.19
|
|
.08
|
|
.44
|
|
2.88
|
|
10/31/09
|
|
|
7.66
|
|
|
.25
|
|
|
.99
|
|
|
1.24
|
|
|
(.23
|
)
|
|
(.18
|
)
|
|
(.41
|
)
|
|
8.49
|
|
17.42
|
|
|
32,624
|
|
.19
|
|
.05
|
|
.46
|
|
3.38
|
|
10/31/08
|
|
|
11.19
|
|
|
.28
|
|
|
(3.63
|
)
|
|
(3.35
|
)
|
|
(.18
|
)
|
|
|
10
|
|
(.18
|
)
|
|
7.66
|
|
(30.41
|
)
|
|
19,267
|
|
.17
|
|
.02
|
|
.42
|
|
2.91
|
|
Class R-6:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.34
|
|
|
.22
|
|
|
.69
|
|
|
.91
|
|
|
(.26
|
)
|
|
(.09
|
)
|
|
(.35
|
)
|
|
9.90
|
|
10.01
|
|
|
33,972
|
|
.13
|
|
.03
|
|
.37
|
|
2.28
|
|
10/31/11
|
|
|
9.34
|
|
|
.25
|
|
|
.13
|
|
|
.38
|
|
|
(.26
|
)
|
|
(.12
|
)
|
|
(.38
|
)
|
|
9.34
|
|
4.07
|
|
|
15,701
|
|
.13
|
|
.03
|
|
.38
|
|
2.69
|
|
10/31/10
|
|
|
8.46
|
|
|
.22
|
|
|
.92
|
|
|
1.14
|
|
|
(.21
|
)
|
|
(.05
|
)
|
|
(.26
|
)
|
|
9.34
|
|
13.66
|
|
|
16,167
|
|
.13
|
|
.03
|
|
.39
|
|
2.49
|
|
10/31/09
6,9
|
|
|
7.49
|
|
|
.04
|
|
|
.93
|
|
|
.97
|
|
|
|
|
|
|
|
|
|
|
|
8.46
|
|
12.95
|
|
|
286
|
|
.06
|
|
.01
|
|
.42
|
|
.46
|
|
See page 50 for footnotes.
|
|
48
|
American Funds Target Date Retirement Series
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset
value,
beginning
of period
|
|
Income (loss) from
investment operations
1
|
|
|
|
|
|
|
|
Net asset
value, end
of period
|
|
Total
return
2,3
|
|
Net assets,
end of period
(in thousands)
|
|
Ratio of
expenses to
average net
assets before
reimburse-
ments/
waivers
4
|
|
Ratio of
expenses to
average net
assets after
reimburse-
ments/
waivers
3,4
|
|
Net
effective
expense
ratio
5
|
|
Ratio of
net income
to average
net
assets
3
|
|
|
|
|
|
Dividends and distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment
income
|
|
Net gains
(losses) on
securities
(both
realized and
unrealized)
|
|
Total from
investment
operations
|
|
Dividends
(from net
investment
income)
|
|
Distributions
(from capital
gains)
|
|
Total
dividends
and
distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds 2010 Target Date Retirement Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
$
|
9.37
|
|
$
|
.24
|
|
$
|
.60
|
|
$
|
.84
|
|
$
|
(.28
|
)
|
$
|
(.16
|
)
|
$
|
(.44
|
)
|
$
|
9.77
|
|
9.33
|
%
|
$
|
511,141
|
|
.49
|
%
|
.39
|
%
|
.72
|
%
|
2.56
|
%
|
10/31/11
|
|
|
9.33
|
|
|
.27
|
|
|
.11
|
|
|
.38
|
|
|
(.27
|
)
|
|
(.07
|
)
|
|
(.34
|
)
|
|
9.37
|
|
4.17
|
|
|
443,287
|
|
.49
|
|
.39
|
|
.74
|
|
2.93
|
|
10/31/10
|
|
|
8.47
|
|
|
.27
|
|
|
.83
|
|
|
1.10
|
|
|
(.22
|
)
|
|
(.02
|
)
|
|
(.24
|
)
|
|
9.33
|
|
13.20
|
|
|
427,948
|
|
.51
|
|
.40
|
|
.74
|
|
3.04
|
|
10/31/09
|
|
|
7.69
|
|
|
.27
|
|
|
.94
|
|
|
1.21
|
|
|
(.24
|
)
|
|
(.19
|
)
|
|
(.43
|
)
|
|
8.47
|
|
16.92
|
|
|
295,143
|
|
.46
|
|
.32
|
|
.70
|
|
3.52
|
|
10/31/08
|
|
|
11.08
|
|
|
.29
|
|
|
(3.50
|
)
|
|
(3.21
|
)
|
|
(.17
|
)
|
|
(.01
|
)
|
|
(.18
|
)
|
|
7.69
|
|
(29.38
|
)
|
|
193,480
|
|
.48
|
|
.33
|
|
.72
|
|
3.04
|
|
Class R-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.29
|
|
|
.17
|
|
|
.59
|
|
|
.76
|
|
|
(.21
|
)
|
|
(.16
|
)
|
|
(.37
|
)
|
|
9.68
|
|
8.48
|
|
|
3,668
|
|
1.25
|
|
1.14
|
|
1.47
|
|
1.82
|
|
10/31/11
|
|
|
9.26
|
|
|
.20
|
|
|
.11
|
|
|
.31
|
|
|
(.21
|
)
|
|
(.07
|
)
|
|
(.28
|
)
|
|
9.29
|
|
3.40
|
|
|
3,240
|
|
1.27
|
|
1.12
|
|
1.47
|
|
2.19
|
|
10/31/10
|
|
|
8.42
|
|
|
.20
|
|
|
.84
|
|
|
1.04
|
|
|
(.18
|
)
|
|
(.02
|
)
|
|
(.20
|
)
|
|
9.26
|
|
12.47
|
|
|
2,930
|
|
1.31
|
|
1.12
|
|
1.46
|
|
2.32
|
|
10/31/09
|
|
|
7.64
|
|
|
.20
|
|
|
.94
|
|
|
1.14
|
|
|
(.17
|
)
|
|
(.19
|
)
|
|
(.36
|
)
|
|
8.42
|
|
15.84
|
|
|
2,331
|
|
1.37
|
|
1.08
|
|
1.46
|
|
2.61
|
|
10/31/08
|
|
|
11.03
|
|
|
.24
|
|
|
(3.49
|
)
|
|
(3.25
|
)
|
|
(.13
|
)
|
|
(.01
|
)
|
|
(.14
|
)
|
|
7.64
|
|
(29.83
|
)
|
|
1,118
|
|
1.27
|
|
1.02
|
|
1.41
|
|
2.42
|
|
Class R-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.25
|
|
|
.18
|
|
|
.58
|
|
|
.76
|
|
|
(.22
|
)
|
|
(.16
|
)
|
|
(.38
|
)
|
|
9.63
|
|
8.45
|
|
|
135,378
|
|
1.18
|
|
1.08
|
|
1.41
|
|
1.89
|
|
10/31/11
|
|
|
9.21
|
|
|
.21
|
|
|
.11
|
|
|
.32
|
|
|
(.21
|
)
|
|
(.07
|
)
|
|
(.28
|
)
|
|
9.25
|
|
3.54
|
|
|
131,934
|
|
1.18
|
|
1.08
|
|
1.43
|
|
2.23
|
|
10/31/10
|
|
|
8.37
|
|
|
.21
|
|
|
.82
|
|
|
1.03
|
|
|
(.17
|
)
|
|
(.02
|
)
|
|
(.19
|
)
|
|
9.21
|
|
12.44
|
|
|
125,921
|
|
1.20
|
|
1.09
|
|
1.43
|
|
2.35
|
|
10/31/09
|
|
|
7.62
|
|
|
.20
|
|
|
.94
|
|
|
1.14
|
|
|
(.20
|
)
|
|
(.19
|
)
|
|
(.39
|
)
|
|
8.37
|
|
15.89
|
|
|
98,307
|
|
1.23
|
|
1.09
|
|
1.47
|
|
2.71
|
|
10/31/08
|
|
|
11.03
|
|
|
.21
|
|
|
(3.47
|
)
|
|
(3.26
|
)
|
|
(.14
|
)
|
|
(.01
|
)
|
|
(.15
|
)
|
|
7.62
|
|
(29.89
|
)
|
|
57,628
|
|
1.18
|
|
1.03
|
|
1.42
|
|
2.20
|
|
Class R-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.32
|
|
|
.21
|
|
|
.59
|
|
|
.80
|
|
|
(.25
|
)
|
|
(.16
|
)
|
|
(.41
|
)
|
|
9.71
|
|
8.90
|
|
|
178,091
|
|
.80
|
|
.70
|
|
1.03
|
|
2.25
|
|
10/31/11
|
|
|
9.27
|
|
|
.24
|
|
|
.12
|
|
|
.36
|
|
|
(.24
|
)
|
|
(.07
|
)
|
|
(.31
|
)
|
|
9.32
|
|
3.98
|
|
|
166,705
|
|
.81
|
|
.71
|
|
1.06
|
|
2.62
|
|
10/31/10
|
|
|
8.42
|
|
|
.24
|
|
|
.82
|
|
|
1.06
|
|
|
(.19
|
)
|
|
(.02
|
)
|
|
(.21
|
)
|
|
9.27
|
|
12.83
|
|
|
163,606
|
|
.82
|
|
.71
|
|
1.05
|
|
2.74
|
|
10/31/09
|
|
|
7.66
|
|
|
.24
|
|
|
.93
|
|
|
1.17
|
|
|
(.22
|
)
|
|
(.19
|
)
|
|
(.41
|
)
|
|
8.42
|
|
16.34
|
|
|
138,523
|
|
.82
|
|
.67
|
|
1.05
|
|
3.15
|
|
10/31/08
|
|
|
11.06
|
|
|
.26
|
|
|
(3.48
|
)
|
|
(3.22
|
)
|
|
(.17
|
)
|
|
(.01
|
)
|
|
(.18
|
)
|
|
7.66
|
|
(29.55
|
)
|
|
86,635
|
|
.78
|
|
.63
|
|
1.02
|
|
2.68
|
|
Class R-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.37
|
|
|
.24
|
|
|
.60
|
|
|
.84
|
|
|
(.28
|
)
|
|
(.16
|
)
|
|
(.44
|
)
|
|
9.77
|
|
9.34
|
|
|
113,784
|
|
.47
|
|
.37
|
|
.70
|
|
2.57
|
|
10/31/11
|
|
|
9.33
|
|
|
.27
|
|
|
.12
|
|
|
.39
|
|
|
(.28
|
)
|
|
(.07
|
)
|
|
(.35
|
)
|
|
9.37
|
|
4.21
|
|
|
103,670
|
|
.48
|
|
.38
|
|
.73
|
|
2.94
|
|
10/31/10
|
|
|
8.47
|
|
|
.27
|
|
|
.83
|
|
|
1.10
|
|
|
(.22
|
)
|
|
(.02
|
)
|
|
(.24
|
)
|
|
9.33
|
|
13.19
|
|
|
98,544
|
|
.49
|
|
.38
|
|
.72
|
|
3.05
|
|
10/31/09
|
|
|
7.70
|
|
|
.26
|
|
|
.94
|
|
|
1.20
|
|
|
(.24
|
)
|
|
(.19
|
)
|
|
(.43
|
)
|
|
8.47
|
|
16.78
|
|
|
72,973
|
|
.50
|
|
.34
|
|
.72
|
|
3.46
|
|
10/31/08
|
|
|
11.09
|
|
|
.29
|
|
|
(3.49
|
)
|
|
(3.20
|
)
|
|
(.18
|
)
|
|
(.01
|
)
|
|
(.19
|
)
|
|
7.70
|
|
(29.32
|
)
|
|
39,649
|
|
.48
|
|
.31
|
|
.70
|
|
2.97
|
|
Class R-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.43
|
|
|
.27
|
|
|
.60
|
|
|
.87
|
|
|
(.31
|
)
|
|
(.16
|
)
|
|
(.47
|
)
|
|
9.83
|
|
9.60
|
|
|
45,682
|
|
.17
|
|
.07
|
|
.40
|
|
2.89
|
|
10/31/11
|
|
|
9.38
|
|
|
.31
|
|
|
.11
|
|
|
.42
|
|
|
(.30
|
)
|
|
(.07
|
)
|
|
(.37
|
)
|
|
9.43
|
|
4.58
|
|
|
38,640
|
|
.18
|
|
.08
|
|
.43
|
|
3.28
|
|
10/31/10
|
|
|
8.50
|
|
|
.30
|
|
|
.84
|
|
|
1.14
|
|
|
(.24
|
)
|
|
(.02
|
)
|
|
(.26
|
)
|
|
9.38
|
|
13.62
|
|
|
37,997
|
|
.19
|
|
.08
|
|
.42
|
|
3.40
|
|
10/31/09
|
|
|
7.73
|
|
|
.29
|
|
|
.93
|
|
|
1.22
|
|
|
(.26
|
)
|
|
(.19
|
)
|
|
(.45
|
)
|
|
8.50
|
|
17.05
|
|
|
29,675
|
|
.20
|
|
.05
|
|
.43
|
|
3.84
|
|
10/31/08
|
|
|
11.11
|
|
|
.31
|
|
|
(3.49
|
)
|
|
(3.18
|
)
|
|
(.19
|
)
|
|
(.01
|
)
|
|
(.20
|
)
|
|
7.73
|
|
(29.10
|
)
|
|
21,528
|
|
.17
|
|
.02
|
|
.41
|
|
3.26
|
|
Class R-6:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10/31/12
|
|
|
9.41
|
|
|
.27
|
|
|
.60
|
|
|
.87
|
|
|
(.31
|
)
|
|
(.16
|
)
|
|
(.47
|
)
|
|
9.81
|
|
9.68
|
|
|
19,125
|
|
.13
|
|
.03
|
|
.36
|
|
2.86
|
|
10/31/11
|
|
|
9.36
|
|
|
.31
|
|
|
.12
|
|
|
.43
|
|
|
(.31
|
)
|
|
(.07
|
)
|
|
(.38
|
)
|
|
9.41
|
|
4.63
|
|
|
14,646
|
|
.13
|
|
.03
|
|
.38
|
|
3.28
|
|
10/31/10
|
|
|
8.48
|
|
|
.29
|
|
|
.84
|
|
|
1.13
|
|
|
(.23
|
)
|
|
(.02
|
)
|
|
(.25
|
)
|
|
9.36
|
|
13.57
|
|
|
14,033
|
|
.14
|
|
.03
|
|
.37
|
|
3.27
|
|
10/31/09
6,9
|
|
|
7.55
|
|
|
.08
|
|
|
.85
|
|
|
.93
|
|
|
|
|
|
|
|
|
|
|
|
8.48
|
|
12.32
|
|
|
4,016
|
|
.05
|
|
.01
|
|
.39
|
|
.91
|
|
|
|
American Funds Target Date Retirement Series
|
49
|
Financial highlights
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended October 31
|
|
|
|
Portfolio turnover rate
for all share classes
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2055 Fund
|
|
10
|
%
|
|
23
|
%
|
|
44
|
%
6,7
|
|
|
%
|
|
|
%
|
2050 Fund
|
|
3
|
|
|
2
|
|
|
7
|
|
|
5
|
|
|
5
|
|
2045 Fund
|
|
3
|
|
|
1
|
|
|
4
|
|
|
|
12
|
|
2
|
|
2040 Fund
|
|
2
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
2
|
|
2035 Fund
|
|
3
|
|
|
1
|
|
|
2
|
|
|
|
|
|
|
12
|
2030 Fund
|
|
4
|
|
|
2
|
|
|
1
|
|
|
|
12
|
|
2
|
|
2025 Fund
|
|
3
|
|
|
3
|
|
|
3
|
|
|
1
|
|
|
1
|
|
2020 Fund
|
|
4
|
|
|
7
|
|
|
8
|
|
|
1
|
|
|
1
|
|
2015 Fund
|
|
8
|
|
|
7
|
|
|
13
|
|
|
2
|
|
|
3
|
|
2010 Fund
|
|
10
|
|
|
19
|
|
|
21
|
|
|
5
|
|
|
12
|
|
|
|
1
|
Based on average shares outstanding.
|
2
|
Total returns exclude any applicable sales charges.
|
3
|
This column reflects the impact, if any, of certain reimbursements/waivers from CRMC. During the periods shown, CRMC reduced fees for investment advisory services and reimbursed other fees and expenses. In addition, during the periods shown, CRMC paid a portion of the funds transfer agent services fees for certain retirement plan share classes.
|
4
|
This column does not include expenses of the underlying funds in which each fund invests.
|
5
|
This column reflects the net effective expense ratios for each fund and class, which are unaudited. These ratios include each classs expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. See pages 52 to 57 for further information regarding fees and expenses.
|
6
|
Based on operations for the period shown and, accordingly, is not representative of a full year.
|
7
|
For the period February 1, 2010, commencement of operations, through October 31, 2010.
|
8
|
Annualized.
|
9
|
For the period July 13, 2009, the initial sale of the share class, through October 31, 2009.
|
10
|
Amount less than $.01.
|
11
|
For the period July 27, 2009, the initial sale of the share class, through October 31, 2009.
|
12
|
Amount is either less than 1% or there is no turnover.
|
See Notes to Financial Statements
|
|
50
|
American Funds Target Date Retirement Series
|
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of the American Funds Target Date
Retirement Series:
We have audited the accompanying statements of assets and liabilities, including
the investment portfolios, of the American Funds Target Date Retirement Series comprising the American Funds 2055 Target Date Retirement
Fund, American Funds 2050 Target Date Retirement Fund, American Funds 2045 Target Date Retirement Fund, American Funds 2040 Target
Date Retirement Fund, American Funds 2035 Target Date Retirement Fund, American Funds 2030 Target Date Retirement Fund, American
Funds 2025 Target Date Retirement Fund, American Funds 2020 Target Date Retirement Fund, American Funds 2015 Target Date Retirement
Fund and American Funds 2010 Target Date Retirement Fund (the Series), as of October 31, 2012, and the related statements
of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended
and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility
of the Series management. Our responsibility is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial highlights are free of material misstatement. The Series is not required to
have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration
of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the Series internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. Our procedures included confirmation of investments owned as
of October 31, 2012, by correspondence with the custodian and transfer agent; where replies were not received from the transfer
agent, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of each of the funds comprising the American Funds Target
Date Retirement Series as of October 31, 2012, the results of their operations for the year then ended, the changes in their net
assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity
with accounting principles generally accepted in the United States of America.
Deloitte & Touche LLP
Costa Mesa, California
December 7, 2012
|
|
American Funds Target Date Retirement Series
|
51
|
American Funds Target Date Retirement
Series
Part C
Other Information
Item 28. Exhibits for Registration Statement
(1940 Act No. 811-21981 and 1933 Act No. 333-138648)
|
(a-1)
|
Articles of Incorporation
– Certificate of Trust filed
8/20/09 and Agreement and Declaration of Trust dated 8/20/09 – previously filed (see P/E Amendment No. 8 filed 12/30/10)
|
(a-2) Amended and Restated Agreement and
Declaration of Trust dated 12/5/12
|
(b)
|
By-laws
– By-laws
– previously filed (see P/E Amendment
No. 8 filed 12/30/10)
|
|
(c)
|
Instruments Defining Rights of Security Holders
– None
|
|
(d)
|
Investment Advisory Contracts
–
Investment Advisory
and Service Agreement dated 1/1/11
– previously filed (see P/E Amendment No. 8 filed 12/30/10)
|
|
(e-1)
|
Underwriting Contracts
–
Principal Underwriting
Agreement dated 1/1/11
– previously filed (see P/E Amendment No. 8 filed 12/30/10)
; Form
of Selling Group Agreement effective 3/1/10
– previously filed (see P/E Amendment No. 8 filed
12/30/10)
; Form of Amendment to Selling Group Agreement effective 12/1/10 – previously filed (see P/E Amendment No.
9 filed 12/30/11); Form of Amendment to Selling Group Agreement effective 2/1/11 – previously filed (see P/E Amendment No.
9 filed 12/30/11); Form of Bank/Trust Company Selling Group Agreement effective 3/1/10
– previously
filed (see P/E Amendment No. 8 filed 12/30/10);
Form of Amendment to Bank/Trust Company Selling Group Agreement effective
12/1/10 – previously filed (see P/E Amendment No. 9 filed 12/30/11); and Form of Amendment to Bank/Trust Company Selling
Group Agreement effective 2/1/11 – previously filed (see P/E Amendment No. 9 filed 12/30/11)
|
|
(e-2)
|
Form of Amendment to Selling Group Agreement effective 5/18/12;
Form
of Amendment to the Selling Group Agreement effective 9/14/12;
Form of Amendment to Bank/Trust Company Selling Group Agreement
effective 5/18/12; and
Form of Amendment to the Bank/Trust Company Selling Group Agreement effective
9/14/12
|
|
(f)
|
Bonus or Profit Sharing Contracts
– Form of Deferred Compensation Plan effective 12/10/10 – previously filed
(see P/E Amendment No. 8 filed 12/30/10)
|
|
(g)
|
Custodian Agreements
– Form of Global Custody Agreement dated 12/21/06 – previously
filed (see P/E Amendment No. 8 filed 12/30/10)
|
(h)
Other
Material Contracts
– Form of Indemnification Agreement – previously filed (see P/E Amendment No. 8 filed 12/30/10);
Form of Agreement and Plan of Reorganization dated 8/24/09 – previously filed (see P/E Amendment No. 8 filed 12/30/10); Shareholder
Services Agreement dated 1/1/12
– previously filed (see P/E Amendment No. 9 filed 12/30/11)
;
and Administrative Services Agreement dated 1/1/12
– previously filed (see P/E Amendment No. 9 filed 12/30/11)
(i)
Legal
Opinion
– Legal Opinion – previously filed (see P/E Amendment No. 8 filed 12/30/10)
|
(j)
|
Other Opinions
– Consent of Independent Registered Public Accounting Firm
|
(k)
Omitted Financial Statements
–
None
|
(l)
|
Initial Capital Agreements
– Investment Letter for American
Funds 2055 Target Date Fund dated January 28, 2010; other series’ Funds previously filed (see Pre-effective
filed
1/22/07)
|
|
(m)
|
Rule 12b-1 Plan
–
Plans of Distribution for Classes
A, R-1, R-2, R-3 and R-4 dated 1/1/11
– previously filed (see P/E Amendment No. 8 filed 12/30/10)
|
|
(n)
|
Rule 18f-3 Plan
–
Multiple Class Plan dated 1/1/12
– previously filed (see P/E Amendment No. 9 filed 12/30/11)
|
(o) Reserved
|
(p)
|
Code of Ethics
– Code of Ethics for The Capital Group Companies dated October 2012 and Code of Ethics for Registrant
dated December 2005
|
Item 29. Persons Controlled by or Under Common Control with
the Fund
None
Item 30. Indemnification
The Registrant is a joint-insured
under Investment Advisor/Mutual Fund Errors and Omissions Policies, which insure its officers and trustees against certain liabilities.
However, in no event will Registrant maintain insurance to indemnify any such person for any act for which Registrant itself is
not permitted to indemnify the individual.
Article 8 of the Registrant’s
Declaration of Trust as well as the indemnification agreements that the Registrant has entered into with each of its trustees who
is not an “interested person” of the Registrant (as defined under the Investment Company Act of 1940, as amended),
provide in effect that the Registrant will indemnify its officers and trustees against any liability or expenses actually and reasonably
incurred by such person in any proceeding arising out of or in connection with his or her service to the Registrant, to the fullest
extent permitted by applicable law, subject to certain conditions. In accordance with Section 17(h) and 17(i) of the Investment
Company Act of 1940, as amended, and their respective terms, these provisions do not protect any person against any liability to
the Registrant or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith,
gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.
Insofar as indemnification
for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the U.S. Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities
(other than the payment
by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities
being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Act and will be governed by the final adjudication of such issue.
Registrant
will comply with the indemnification requirements contained in the Investment Company Act of 1940, as amended, and Release Nos.
7221 (June 9, 1972) and 11330 (September 4, 1980).
Item 31. Business and Other Connections
of the Investment Adviser
None
Item 32. Principal Underwriters
(a) American Funds Distributors,
Inc. is the Principal Underwriter of shares of: AMCAP Fund, American Balanced Fund, American Funds College Target Date Series,
American Funds Corporate Bond Fund, American Funds Fundamental Investors, American Funds Global Balanced Fund, American Funds Global
High-Income Opportunities Fund, The American Funds Income Series, American Funds Inflation Linked Bond Fund; American Funds Money
Market Fund, American Funds Mortgage Fund, American Funds Portfolio Series, American Funds Short-Term Tax-Exempt Bond Fund, American
Funds Target Date Retirement Series, American Funds Tax-Exempt Fund of New York, The American Funds Tax-Exempt Series I, The
American Funds Tax-Exempt Series II, American High-Income Municipal Bond Fund, American High-Income Trust, American Mutual Fund,
The Bond Fund of America, Capital Emerging Markets Total Opportunities Fund, Capital Income Builder, Capital Private Client Services
Funds, Capital World Bond Fund, Capital World Growth and Income Fund, Inc., Emerging Markets Growth Fund, Inc., EuroPacific Growth
Fund, The Growth Fund of America, Inc., The Income Fund of America, Intermediate Bond Fund of America, International Growth and
Income Fund, The Investment Company of America, Limited Term Tax-Exempt Bond Fund of America, The New Economy Fund, New Perspective
Fund, Inc., New World Fund, Inc., Short-Term Bond Fund of America, SMALLCAP World Fund, Inc., The Tax-Exempt Bond Fund of America
and Washington Mutual Investors Fund
(b)
|
(1)
Name and Principal
Business Address
|
(2)
Positions and Offices
with Underwriter
|
(3)
Positions and Offices
with Registrant
|
IRV
|
Laurie M. Allen
|
Director, Senior Vice President
|
None
|
LAO
|
Dianne L. Anderson
|
Vice President
|
None
|
LAO
|
William C. Anderson
|
Director, Senior Vice President & Director of Retirement Plan Business
|
None
|
LAO
|
Dion T. Angelopoulos
|
Assistant Vice President
|
None
|
LAO
|
T. Patrick Bardsley
|
Regional Vice President
|
None
|
LAO
|
Shakeel A. Barkat
|
Vice President
|
None
|
IRV
|
Carl R. Bauer
|
Vice President
|
None
|
LAO
|
Brett A. Beach
|
Assistant Vice President
|
None
|
LAO
|
Roger J. Bianco, Jr.
|
Vice President
|
None
|
LAO
|
John A. Blanchard
|
Senior Vice President
|
None
|
LAO
|
Gerard M. Bockstie, Jr.
|
Senior Vice President
|
None
|
LAO
|
Jonathan W. Botts
|
Vice President
|
None
|
LAO
|
Bill Brady
|
Director, Senior Vice President
|
None
|
LAO
|
Mick L. Brethower
|
Senior Vice President
|
None
|
LAO
|
C. Alan Brown
|
Vice President
|
None
|
LAO
|
Gary D. Bryce
|
Regional Vice President
|
None
|
LAO
|
Sheryl M. Burford
|
Assistant Vice President
|
None
|
LAO
|
Steven Calabria
|
Vice President
|
None
|
LAO
|
Thomas E. Callahan
|
Vice President
|
None
|
LAO
|
James D. Carter
|
Vice President
|
None
|
LAO
|
Brian C. Casey
|
Senior Vice President
|
None
|
LAO
|
Christopher J. Cassin
|
Senior Vice President
|
None
|
LAO
|
Denise M. Cassin
|
Director, Senior Vice President and Director of Individual
Investor Business
|
None
|
LAO
|
Craig L. Castner
|
Regional Vice President
|
None
|
LAO
|
David D. Charlton
|
Director, Senior Vice President and Director of Marketing
|
None
|
LAO
|
Thomas M. Charon
|
Vice President
|
None
|
LAO
|
Paul A. Cieslik
|
Vice President
|
None
|
LAO
|
Kevin G. Clifford
|
Director, President and
Chief Executive Officer
|
None
|
LAO
|
Ruth M. Collier
|
Senior Vice President
|
None
|
LAO
|
Christopher M. Conwell
|
Regional Vice President
|
None
|
LAO
|
Charles H. Cote
|
Vice President
|
None
|
SNO
|
Kathleen D. Cox
|
Vice President
|
None
|
LAO
|
Michael D. Cravotta
|
Assistant Vice President
|
None
|
LAO
|
Joseph G. Cronin
|
Vice President
|
None
|
LAO
|
D. Erick Crowdus
|
Regional Vice President
|
None
|
LAO
|
Brian M. Daniels
|
Vice President
|
None
|
LAO
|
William F. Daugherty
|
Senior Vice President
|
None
|
LAO
|
Shane L. Davis
|
Regional Vice President
|
None
|
LAO
|
Peter J. Deavan
|
Vice President
|
None
|
LAO
|
Guy E. Decker
|
Vice President
|
None
|
LAO
|
Renee A. Degner
|
Regional Vice President
|
None
|
LAO
|
Daniel J. Delianedis
|
Senior Vice President
|
None
|
LAO
|
James W. DeLouise
|
Assistant Vice President
|
None
|
LAO
|
Bruce L. DePriester
|
Director,
Senior Vice President,
Treasurer and Controller
|
None
|
LAO
|
Hedy B. Donahue
|
Assistant Vice President
|
None
|
LAO
|
Michael J. Downer
|
Director
|
President and Trustee
|
LAO
|
Ryan T. Doyle
|
Regional Vice President
|
None
|
LAO
|
Alan J. Dumas
|
Regional Vice President
|
None
|
LAO
|
Bryan K. Dunham
|
Regional Vice President
|
None
|
LAO
|
Kevin C. Easley
|
Regional Vice President
|
None
|
LAO
|
Timothy L. Ellis
|
Senior Vice President
|
None
|
LAO
|
John M. Fabiano
|
Regional Vice President
|
None
|
LAO
|
Lorna Fitzgerald
|
Vice President
|
None
|
LAO
|
William F. Flannery
|
Vice President
|
None
|
LAO
|
John R. Fodor
|
Director, Executive Vice President
|
None
|
LAO
|
Charles L. Freadhoff
|
Vice President
|
None
|
LAO
|
Daniel B. Frick
|
Senior Vice President
|
None
|
LAO
|
J. Christopher Gies
|
Senior Vice President
|
None
|
LAO
|
Earl C. Gottschalk
|
Vice President
|
None
|
LAO
|
Jeffrey J. Greiner
|
Senior Vice President
|
None
|
LAO
|
Eric M. Grey
|
Senior Vice President
|
None
|
LAO
|
Christopher M. Guarino
|
Senior Vice President
|
None
|
IRV
|
Steven Guida
|
Director, Senior Vice President
|
None
|
LAO
|
David R. Hanna
|
Regional Vice President
|
None
|
LAO
|
Derek S. Hansen
|
Vice President
|
None
|
LAO
|
John R. Harley
|
Senior Vice President
|
None
|
LAO
|
Robert J. Hartig, Jr.
|
Senior Vice President
|
None
|
LAO
|
Craig W. Hartigan
|
Vice President
|
None
|
LAO
|
Russell K. Holliday
|
Vice President
|
None
|
LAO
|
Heidi Horwitz-Marcus
|
Vice President
|
None
|
LAO
|
Kevin B. Hughes
|
Vice President
|
None
|
LAO
|
Jeffrey K. Hunkins
|
Regional Vice President
|
None
|
LAO
|
Marc Ialeggio
|
Vice President
|
None
|
IND
|
David K. Jacocks
|
Assistant Vice President
|
None
|
LAO
|
W. Chris Jenkins
|
Regional Vice President
|
None
|
LAO
|
Linda Johnson
|
Vice President
|
None
|
LAO
|
Marc J. Kaplan
|
Vice President
|
None
|
LAO
|
John P. Keating
|
Senior Vice President
|
None
|
LAO
|
Brian G. Kelly
|
Vice President
|
None
|
LAO
|
Ryan C. Kidwell
|
Regional Vice President
|
None
|
LAO
|
Mark Kistler
|
Vice President
|
None
|
NYO
|
Dorothy Klock
|
Senior Vice President
|
None
|
LAO
|
Stephen J. Knutson
|
Assistant Vice President
|
None
|
IRV
|
Elizabeth K. Koster
|
Vice President
|
None
|
LAO
|
Christopher F. Lanzafame
|
Vice President
|
None
|
IRV
|
Laura Lavery
|
Vice President
|
None
|
LAO
|
R. Andrew LeBlanc
|
Director, Senior Vice President
|
None
|
LAO
|
Matthew N. Leeper
|
Regional Vice President
|
None
|
LAO
|
Clay M. Leveritt
|
Regional Vice President
|
None
|
LAO
|
Susan B. Lewis
|
Assistant Vice President
|
None
|
LAO
|
T. Blake Liberty
|
Vice President
|
None
|
LAO
|
Lorin E. Liesy
|
Vice President
|
None
|
LAO
|
Louis K. Linquata
|
Senior Vice President
|
None
|
LAO
|
James M. Maher
|
Regional Vice President
|
None
|
LAO
|
Brendan T. Mahoney
|
Senior Vice President
|
None
|
LAO
|
Nathan G. Mains
|
Regional Vice President
|
None
|
LAO
|
Paul R. Mayeda
|
Assistant Vice President
|
None
|
LAO
|
Eleanor P. Maynard
|
Vice President
|
None
|
LAO
|
Dana C. McCollum
|
Vice President
|
None
|
LAO
|
Joseph A. McCreesh, III
|
Vice President
|
None
|
LAO
|
Ross M. McDonald
|
Regional Vice President
|
None
|
LAO
|
Timothy W. McHale
|
Secretary
|
None
|
LAO
|
Will McKenna
|
Vice President
|
None
|
LAO
|
Scott M. Meade
|
Senior Vice President
|
None
|
LAO
|
David A. Merrill
|
Assistant Vice President
|
None
|
LAO
|
William C. Miller, Jr.
|
Senior Vice President
|
None
|
LAO
|
William T. Mills
|
Vice President
|
None
|
LAO
|
Sean C. Minor
|
Regional Vice President
|
None
|
LAO
|
James R. Mitchell III
|
Regional Vice President
|
None
|
LAO
|
Charles L. Mitsakos
|
Vice President
|
None
|
LAO
|
Linda M. Molnar
|
Vice President
|
None
|
LAO
|
Monty L. Moncrief
|
Vice President
|
None
|
LAO
|
Brian D. Munson
|
Vice President
|
None
|
LAO
|
Jon Christian Nicolazzo
|
Regional Vice President
|
None
|
LAO
|
Earnest M. Niemi
|
Regional Vice President
|
None
|
LAO
|
Jack Nitowitz
|
Vice President
|
None
|
LAO
|
William E. Noe
|
Senior Vice President
|
None
|
LAO
|
Matthew P. O’Connor
|
Executive Vice President
|
None
|
LAO
|
Jonathan H. O’Flynn
|
Vice President
|
None
|
LAO
|
Jeffrey A. Olson
|
Vice President
|
None
|
LAO
|
Thomas A. O’Neil
|
Vice President
|
None
|
LAO
|
Shawn M. O’Sullivan
|
Regional Vice President
|
None
|
IND
|
Lance T. Owens
|
Regional Vice President
|
None
|
LAO
|
Rodney Dean Parker II
|
Regional Vice President
|
None
|
LAO
|
W. Burke Patterson, Jr.
|
Vice President
|
None
|
LAO
|
Gary A. Peace
|
Senior Vice President
|
None
|
LAO
|
David K. Petzke
|
Senior Vice President
|
None
|
IRV
|
John H. Phelan, Jr.
|
Director
|
None
|
LAO
|
Joseph M. Piccolo
|
Regional Vice President
|
None
|
LAO
|
Keith A. Piken
|
Vice President
|
None
|
LAO
|
Carl S. Platou
|
Senior Vice President
|
None
|
LAO
|
Charles R. Porcher
|
Regional Vice President
|
None
|
LAO
|
Julie K. Prather
|
Vice President
|
None
|
SNO
|
Richard P. Prior
|
Senior Vice President
|
None
|
LAO
|
Steven J. Quagrello
|
Vice President
|
None
|
LAO
|
Mike Quinn
|
Vice President
|
None
|
SNO
|
John P. Raney
|
Vice President
|
None
|
LAO
|
James P. Rayburn
|
Vice President
|
None
|
LAO
|
Rene M. Reincke
|
Vice President
|
None
|
LAO
|
Steven J. Reitman
|
Senior Vice President
|
None
|
LAO
|
Jeffrey Robinson
|
Vice President
|
None
|
LAO
|
Suzette M. Rothberg
|
Senior Vice President
|
None
|
LAO
|
James F. Rothenberg
|
Non-Executive Chairman and Director
|
None
|
LAO
|
Romolo D. Rottura
|
Senior Vice President
|
None
|
LAO
|
William M. Ryan
|
Vice President
|
None
|
LAO
|
Dean B. Rydquist
|
Director, Senior Vice President and Chief Compliance Officer
|
None
|
LAO
|
Richard A. Sabec, Jr.
|
Senior Vice President
|
None
|
LAO
|
Paul V. Santoro
|
Senior Vice President
|
None
|
LAO
|
Keith A. Saunders
|
Regional Vice President
|
None
|
LAO
|
Joseph D. Scarpitti
|
Senior Vice President
|
None
|
IRV
|
MaryAnn Scarsone
|
Assistant Vice President
|
None
|
LAO
|
Kim D. Schmidt
|
Assistant Vice President
|
None
|
LAO
|
David L. Schroeder
|
Vice President
|
None
|
LAO
|
James J. Sewell III
|
Vice President
|
None
|
LAO
|
Arthur M. Sgroi
|
Senior Vice President
|
None
|
LAO
|
Michael J. Sheldon
|
Vice President
|
None
|
LAO
|
Brad Short
|
Vice President
|
None
|
LAO
|
Nathan W. Simmons
|
Regional Vice President
|
None
|
LAO
|
Connie F. Sjursen
|
Vice President
|
None
|
LAO
|
Jerry L. Slater
|
Senior Vice President
|
None
|
LAO
|
Matthew Smith
|
Assistant Vice President
|
None
|
SNO
|
Stacy D. Smolka
|
Vice President
|
None
|
LAO
|
J. Eric Snively
|
Vice President
|
None
|
LAO
|
Therese L. Soullier
|
Vice President
|
None
|
LAO
|
Kristen J. Spazafumo
|
Vice President
|
None
|
LAO
|
Mark D. Steburg
|
Vice President
|
None
|
LAO
|
Michael P. Stern
|
Vice President
|
None
|
NYO
|
Andrew B. Suzman
|
Director
|
Senior Vice President
|
LAO
|
Libby J. Syth
|
Vice President
|
None
|
LAO
|
David R. Therrien
|
Assistant Vice President
|
None
|
LAO
|
Gary J. Thoma
|
Vice President
|
None
|
LAO
|
John B. Thomas
|
Regional Vice President
|
None
|
LAO
|
Mark R. Threlfall
|
Vice President
|
None
|
IND
|
James P. Toomey
|
Vice President
|
None
|
LAO
|
Luke N. Trammell
|
Vice President
|
None
|
IND
|
Christopher E. Trede
|
Vice President
|
None
|
LAO
|
Scott W. Ursin-Smith
|
Senior Vice President
|
None
|
SNO
|
Cindy Vaquiax
|
Vice President
|
None
|
LAO
|
Srinkanth Vemuri
|
Regional Vice President
|
None
|
LAO
|
J. David Viale
|
Senior Vice President
|
None
|
DCO
|
Bradley J. Vogt
|
Director
|
Senior Vice President
|
LAO
|
Jon N. Wainman
|
Regional Vice President
|
None
|
LAO
|
Sherrie S. Walling
|
Assistant Vice President
|
None
|
SNO
|
Chris L. Wammack
|
Assistant Vice President
|
None
|
LAO
|
Thomas E. Warren
|
Senior Vice President
|
None
|
SFO
|
Gregory W. Wendt
|
Director
|
None
|
LAO
|
George J. Wenzel
|
Senior Vice President
|
None
|
LAO
|
Adam B. Whitehead
|
Regional Vice President
|
None
|
LAO
|
Steven C. Wilson
|
Vice President
|
None
|
LAO
|
Kurt A. Wuestenberg
|
Senior Vice President
|
None
|
LAO
|
Jason P. Young
|
Director, Vice President
|
None
|
LAO
|
Jonathan A. Young
|
Vice President
|
None
|
__________
DCO
|
Business Address, 3000 K Street N.W., Suite 230, Washington, DC 20007-5140
|
GVO-1
|
Business Address, 3 Place des Bergues, 1201 Geneva, Switzerland
|
HRO
|
Business Address, 5300 Robin Hood Road, Norfolk, VA 23513
|
IND
|
Business Address, 12811 North Meridian Street, Carmel, IN 46032
|
IRV
|
Business Address, 6455 Irvine Center Drive, Irvine, CA 92618
|
LAO
|
Business Address, 333 South Hope Street, Los Angeles, CA 90071
|
LAO-W
|
Business Address, 11100 Santa Monica Blvd., 15
th
Floor, Los Angeles, CA 90025
|
NYO
|
Business Address, 630 Fifth Avenue, 36
th
Floor, New York, NY 10111
|
SFO
|
Business Address, One Market, Steuart Tower, Suite 2000, San Francisco, CA 94105
|
SNO
|
Business Address, 3500 Wiseman Boulevard, San Antonio, TX 78251
|
(c) None
Item 33. Location of Accounts
and Records
Accounts, books and
other records required by Rules 31a-1 and 31a-2 under the Investment Company Act of 1940, as amended, are maintained
and held in the offices of the Registrant’s investment adviser, Capital Research and Management Company, 333 South Hope Street,
Los Angeles, California 90071; 6455 Irvine Center Drive, Irvine, California 92618; and/or 5300 Robin Hood Road, Norfolk, Virginia
23513.
Registrant’s
records covering shareholder accounts are maintained and kept by its transfer agent, American Funds Service Company, 6455 Irvine
Center Drive, Irvine, California 92618;12811 North Meridian Street, Carmel, Indiana 46032; 14636 North Scottsdale Road, Scottsdale,
Arizona 85254; 3500 Wiseman Boulevard, San Antonio, Texas 78251; and 5300 Robin Hood Road, Norfolk, Virginia 23513.
Registrant’s
records covering portfolio transactions are maintained and kept by its custodian, JP Morgan Chase Bank NA, 270 Park Avenue, New
York, New York 10017-2070.
Item 34. Management Services
None
Item 35. Undertakings
n/a
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements
for effectiveness of this registration statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this registration
statement to be signed on its behalf by the undersigned, duly authorized, in the City of Los Angeles, and State of California,
on the 27
th
day of December, 2012.
American Funds Target Date Retirement Series
By:
/s/ John H. Smet
(John H. Smet, Vice Chairman)
Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed below on December 27, 2012, by the following persons
in the capacities indicated.
|
Signature
|
Title
|
(1)
|
Principal Executive Officer:
|
|
|
|
|
/s/ Michael J. Downer
|
President/PEO
|
|
Michael J. Downer
|
|
|
(2)
|
Principal Financial Officer and Principal Accounting Officer:
|
|
|
|
/s/ Gregory F. Niland
|
Treasurer
|
|
Gregory F. Niland
|
|
|
(3)
|
Trustees:
|
|
|
|
|
William H. Baribault*
|
Trustee
|
|
|
|
|
/s/ Michael J. Downer
|
President and Trustee
|
|
Michael J. Downer
|
|
|
|
|
|
James G. Ellis*
|
Trustee
|
|
Leonard R. Fuller*
|
Trustee
|
|
W. Scott Hedrick*
|
Trustee
|
|
R. Clark Hooper*
|
Chairman (Independent and Non-Executive)
|
|
Merit E. Janow*
|
Trustee
|
|
Laurel B. Mitchell*
|
Trustee
|
|
Frank M. Sanchez*
|
Trustee
|
|
|
|
|
/s/ John H. Smet
|
Vice Chairman
|
|
John H. Smet
|
|
|
|
|
|
Margaret Spellings*
|
Trustee
|
|
Steadman Upham*
|
Trustee
|
*By
/s/ Steven I. Koszalka
Steven I. Koszalka, pursuant to a
power of attorney filed herewith
Counsel represents that this amendment does not
contain disclosures that would make the amendment ineligible for effectiveness under the provisions of rule 485(b).
/s/ Katherine H. Newhall
(Katherine H. Newhall)
POWER OF ATTORNEY
I,
William
H.
Baribault
, the undersigned Board member of the following
registered investment
companies (collectively, the “Funds”)
:
-
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-
American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)
-
American Funds Global High-Income Opportunities Fund (File No. 333-183930, File No. 811-22745)
-
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-
American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)
-
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
|
-
|
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)
|
hereby revoke all previous powers of attorney
I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint
Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
|
Karl C. Grauman
Brian C. Janssen
Dori Laskin
Gregory F. Niland
|
each of them singularly, my true and
lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in
the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective
Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments
in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact
deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940
as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that
said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at
Los Angeles,
CA
, this
5
th
day of December, 2012.
(City, State)
/s/ William H. Baribault
William
H. Baribault, Board member
POWER OF ATTORNEY
I,
James
G.
Ellis
, the undersigned Board member of the following
registered investment
companies (collectively, the “Funds”)
:
-
AMCAP Fund (File No. 002-26516, File No. 811-01435)
-
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-
American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)
-
American Funds Global High-Income Opportunities Fund (File No. 333-183930, File No. 811-
-
American Funds Global Balanced Fund (File No. 333-170605, File No. 811-22496)
-
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-
American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)
-
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-
American Mutual Fund (File No. 002-10607, File No. 811-00572)
-
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-
The Investment Company of America (File No. 002-10811, File No. 811-00116)
-
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
|
-
|
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)
|
hereby revoke all previous powers of attorney
I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint
Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
|
Brian D. Bullard
Karl C. Grauman
Brian C. Janssen
Dori Laskin
Gregory F. Niland
Ari M. Vinocor
|
each of them singularly, my true and
lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in
the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective
Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments
in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact
deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940
as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that
said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at
Los Angeles,
CA
, this
5
th
day of December, 2012.
(City, State)
/s/ James G. Ellis
James G. Ellis,
Board member
POWER OF ATTORNEY
I,
Leonard
R.
Fuller
, the undersigned Board member of the following
registered investment
companies (collectively, the “Funds”)
:
-
AMCAP Fund (File No. 002-26516, File No. 811-01435)
-
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-
American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)
-
American Funds Global High-Income Opportunities Fund (File No. 333-183930, File No. 811-22745)
-
American Funds Global Balanced Fund (File No. 333-170605, File No. 811-22496)
-
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-
American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)
-
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-
American Mutual Fund (File No. 002-10607, File No. 811-00572)
-
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-
The Investment Company of America (File No. 002-10811, File No. 811-00116)
-
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
|
-
|
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)
|
hereby revoke all previous powers of attorney
I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint
Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
|
Brian D. Bullard
Karl C. Grauman
Brian C. Janssen
Dori Laskin
Gregory F. Niland
Ari M. Vinocor
|
each of them singularly, my true and
lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in
the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective
Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments
in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact
deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940
as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that
said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at
Los Angeles,
CA
, this
5
th
day of December, 2012.
(City, State)
/s/ Leonard R. Fuller
Leonard
R. Fuller, Board member
POWER OF ATTORNEY
I,
W. Scott
Hedrick
, the undersigned Board member of the following registered investment
companies
(collectively, the “Funds”)
:
-
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-
American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)
-
American Funds Global High-Income Opportunities Fund (File No. 333-183930, File No. 811-22745)
-
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-
American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)
-
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
|
-
|
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)
|
hereby revoke all previous powers of attorney
I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint
Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
|
Karl C. Grauman
Brian C. Janssen
Dori Laskin
Gregory F. Niland
|
each of them singularly, my true and
lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in
the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective
Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments
in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact
deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940
as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that
said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at
Santa Barbara, CA
,
this
10
th
day of December, 2012.
(City, State)
/s/ W. Scott Hedrick
W. Scott
Hedrick, Board member
POWER OF ATTORNEY
I,
R. Clark
Hooper
, the undersigned Board member of the following registered investment
companies
(collectively, the “Funds”)
:
-
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-
American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)
-
American Funds Global High-Income Opportunities Fund (File No. 333-183930, File No. 811-22745)
-
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-
American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)
-
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-
Capital Income Builder (File No. 033-12967, File No. 811-05085)
-
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-
Capital World Growth and Income Fund, Inc. (File No. 033-54444, File No. 811-07338)
-
Capital World Growth and Income Fund
-
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-
The New Economy Fund (File No. 002-83848, File No. 811-03735)
-
The New Economy Fund
-
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
|
-
|
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)
|
hereby revoke all previous powers of attorney
I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint
Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
|
Karl C. Grauman
Brian C. Janssen
Dori Laskin
Gregory F. Niland
Neal F. Wellons
|
each of them singularly, my true and
lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in
the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective
Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments
in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact
deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940
as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that
said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at
Los Angeles,
CA
, this
5
th
day of December, 2012.
(City, State)
/s/ R. Clark Hooper
R. Clark
Hooper, Board member
POWER OF ATTORNEY
I,
Merit
E.
Janow
, the undersigned Board member of the following
registered investment
companies (collectively, the “Funds”)
:
-
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-
American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)
-
American Funds Global High-Income Opportunities Fund (File No. 333-183930, File No. 811-22745)
-
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-
American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)
-
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-
Capital Income Builder (File No. 033-12967, File No. 811-05085)
-
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-
Capital World Growth and Income Fund, Inc. (File No. 033-54444, File No. 811-07338)
-
Capital World Growth and Income Fund
-
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-
The New Economy Fund (File No. 002-83848, File No. 811-03735)
-
The New Economy Fund
-
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
|
-
|
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)
|
hereby revoke all previous powers of attorney
I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint
Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
|
Karl C. Grauman
Brian C. Janssen
Dori Laskin
Gregory F. Niland
Neal F. Wellons
|
each of them singularly, my true and
lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in
the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective
Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments
in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact
deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940
as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that
said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at
Los Angeles,
CA
, this
5
th
day of December, 2012.
(City, State)
/s/ Merit E. Janow
Merit E. Janow,
Board member
POWER OF ATTORNEY
I,
Laurel
B.
Mitchell
, the undersigned Board member of the following
registered investment
companies (collectively, the “Funds”)
:
-
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-
American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)
-
American Funds Global High-Income Opportunities Fund (File No. 333-183930, File No. 811-22745)
-
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-
American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)
-
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
|
-
|
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)
|
hereby revoke all previous powers of attorney
I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint
Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
|
Karl C. Grauman
Brian C. Janssen
Dori Laskin
Gregory F. Niland
|
each of them singularly, my true and
lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in
the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective
Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments
in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact
deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940
as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that
said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at
Los Angeles,
CA
, this
5
th
day of December, 2012.
(City, State)
/s/ Laurel B. Mitchell
Laurel
B. Mitchell, Board member
POWER OF ATTORNEY
I,
Frank
M.
Sanchez
, the undersigned Board member of the following
registered investment
companies (collectively, the “Funds”)
:
-
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-
American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)
-
American Funds Global High-Income Opportunities Fund (File No. 333-183930, File No. 811-22745)
-
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-
American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)
-
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
|
-
|
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)
|
hereby revoke all previous powers of attorney
I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint
Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
|
Karl C. Grauman
Brian C. Janssen
Dori Laskin
Gregory F. Niland
|
each of them singularly, my true and
lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in
the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective
Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments
in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact
deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940
as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that
said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at
Los Angeles,
CA
, this
5
th
day of December, 2012.
(City, State)
/s/ Frank M. Sanchez
Frank M.
Sanchez, Board member
POWER OF ATTORNEY
I,
Margaret
Spellings
, the undersigned Board member of the following registered investment
companies
(collectively, the “Funds”)
:
-
American Balanced Fund (File No. 002-10758, File No. 811-00066)
-
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-
American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)
-
American Funds Global High-Income Opportunities Fund (File No. 333-183930, File No. 811-22745)
-
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-
American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)
-
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-
The Income Fund of America (File No. 002-33371, File No. 811-01880)
-
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-
International Growth and Income Fund (File No. 333-152323, File No. 811-22215)
-
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
|
-
|
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)
|
hereby revoke all previous powers of attorney
I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint
Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
|
Karl C. Grauman
Brian C. Janssen
Dori Laskin
Gregory F. Niland
Jeffrey P. Regal
|
each of them singularly, my true and
lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in
the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective
Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments
in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact
deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940
as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that
said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at
Los Angeles,
CA
, this
5
th
day of December, 2012.
(City, State)
/s/ Margaret Spellings
Margaret
Spellings, Board member
POWER OF ATTORNEY
I,
Steadman
Upham
, the undersigned Board member of the following registered investment
companies
(collectively, the “Funds”)
:
-
American Funds College Target Date Series (File No. 333-180729, File No. 811-22692)
-
American Funds Corporate Bond Fund (File No. 333-183929, File No. 811-22744)
-
American Funds Global High-Income Opportunities Fund (File No. 333-183930, File No. 811-22745)
-
The American Funds Income Series – U.S. Government Securities Fund (File No. 002-98199, File No. 811-04318)
-
American Funds Inflation Linked Bond Fund (File No. 333-183931, File No. 811-22746)
-
American Funds Insurance Series (File No. 002-86838, File No. 811-03857)
-
American Funds Money Market Fund (File No. 333-157162, File No. 811-22277)
-
American Funds Mortgage Fund (File No. 333-168595, File No. 811-22449)
-
American Funds Portfolio Series (File No. 333-178936, File No. 811-22656)
-
American Funds Short-Term Tax-Exempt Bond Fund (File No. 033-26431, File No. 811-05750)
-
American Funds Target Date Retirement Series (File No. 333-138648, File No. 811-21981)
-
American Funds Tax-Exempt Fund of New York (File No. 333-168594, File No. 811-22448)
-
The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (File No. 033-06180, File No. 811-04694)
-
American High-Income Municipal Bond Fund (File No. 033-80630, File No. 811-08576)
-
American High-Income Trust (File No. 033-17917, File No. 811-05364)
-
The Bond Fund of America (File No. 002-50700, File No. 811-02444)
-
Capital Income Builder (File No. 033-12967, File No. 811-05085)
-
Capital World Bond Fund (File No. 033-12447, File No. 811-05104)
-
Capital World Growth and Income Fund, Inc. (File No. 033-54444, File No. 811-07338)
-
Capital World Growth and Income Fund
-
Intermediate Bond Fund of America (File No. 033-19514, File No. 811-05446)
-
Limited Term Tax-Exempt Bond Fund of America (File No. 033-66214, File No. 811-07888)
-
The New Economy Fund (File No. 002-83848, File No. 811-03735)
-
The New Economy Fund
-
Short-Term Bond Fund of America (File No. 333-135770, File No. 811-21928)
|
-
|
The Tax-Exempt Bond Fund of America (File No. 002-49291, File No. 811-02421)
|
hereby revoke all previous powers of attorney
I have signed and otherwise act in my name and behalf in matters involving the Funds and do hereby constitute and appoint
Vincent P. Corti
Steven I. Koszalka
Patrick F. Quan
Courtney R. Taylor
Julie E. Lawton
Tanya Schneider
Raymond F. Sullivan, Jr.
|
Karl C. Grauman
Brian C. Janssen
Dori Laskin
Gregory F. Niland
Neal F. Wellons
|
each of them singularly, my true and
lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in
the appropriate capacities, all Registration Statements of the Funds on Form N-1A, any and all subsequent Amendments, or Post-Effective
Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments
in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact
deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940
as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that
said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at
Tulsa, OK
,
this
5
th
day of December, 2012.
(City, State)
/s/ Steadman Upham
Steadman Upham,
Board member
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