Investment Fund

Share Class
Purchase Restrictions: Class R-6 shares are available in certain employer-sponsored retirement plans. See the prospectus for details.

Effective January 1, 2026, American Funds 2020 Target Date Retirement Fund will be renamed American Funds 2020 Target Date Retirement Income Fund.

Summary

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Price at NAV $14.27 as of 12/24/2025 (updated daily)
Fund Assets (millions) $14,911.5
Target Date Solutions Committee Members
8
Expense Ratio
(Gross/Net %)
0.30 / 0.30%
Prospectus

Asset Mix

U.S. Equities33.1%
Non-U.S. Equities11.4%
U.S. Bonds44.8%
Non-U.S. Bonds4.8%
Cash & Equivalents
5.8%
As of 11/30/2025 (updated monthly)

Fund Statistics

5.1 years
Effective Duration
4.5%
Average Yield
to Worst
4.2%
Average Coupon
% of net assets as of 11/30/2025 (updated monthly)

Growth of 10K

Read important investment disclosures
For Class R-6 Shares, this chart tracks a hypothetical investment with dividends reinvested, over the last 20 years, or since inception date if the fund has been in existence under 20 years, through 12/31/2024.
RRCTX
S&P Target Date 2020 Index
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High & Low Prices

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Returns at NAV

Returns with Sales Charge

Description

Fund Objective
Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it continues past its target date. In this way, the fund seeks to balance total return and stability over time.

Fund Facts

Fund Inception 2/01/2007
Fund Assets (millions)
As of 11/30/2025
 $14,911.5
Companies/Issuers
Holdings are as of 11/30/2025 (updated monthly).
 2843+
Shareholder Accounts
Shareholder accounts are as of 11/30/2025
 10,793
Regular Dividends Paid
Dec
Minimum Initial Investment $0
Capital Gains Paid
Dec
Portfolio Turnover (2025) 7%
Fiscal Year-End Oct
Prospectus Date 01/01/2025
CUSIP 02630T 31 6
Fund Number 2663

Returns

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Month-End Returns as of 11/30/25

Returns at NAV
| With Sales Charge
Read important investment disclosures
RRCTX
S&P Target Date 2020 Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 9/30/25

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Volatility & Return

Read important investment disclosures

Equities

For Class R-6 Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the equity funds
RRCTX
S&P Target Date 2020 Index
Other AF Funds
Standard Deviation as of 11/30/2025 (updated monthly) . Annualized return as of 11/30/2025 (updated monthly) .
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Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 2.67% 2.96%
Fund at MOP N/A N/A
As of 11/30/2025 (updated monthly)

Valuation

Price/ Price/ Price/
Book
Cash Flow
Earnings
Fund 3.18 12.75 17.97
S&P Target Date 2020 Index
-- -- --
Fund as of 9/30/25. Index as of --.

Target Date Solutions Committee

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
David Hoag 5 33 37
Samir Mathur 5 12 32
Raj Paramaguru 1 12 20
Wesley Phoa 12 26 32
Will Robbins 1 30 33
Jessica Spaly 2 21 26
Shannon Ward 4 8 32
Michelle Black 5 23 30
A boldface number indicates that years of experience with Capital Group is equal to years of experience with investment industry.

Ratings & Risk

Morningstar Rating TM


Overall Morningstar RatingTM
Funds rated(95)
3-yr. Morningstar RatingTM
(95 funds rated)
5-yr. Morningstar RatingTM
(91 funds rated)
10-yr. Morningstar RatingTM
(58 funds rated)
Overall Morningstar Risk Below Average
HIGH
LOW
Category
Target-Date 2020
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 11/30/2025 (updated monthly).

Risk Measures

Fund
Standard Deviation
7.79
Sharpe Ratio
0.65
For the 10 Years ending 11/30/25 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
S&P Target Date 2020 Index
Morningstar Mod Tgt Risk TR USD
R-squared
86 98
Beta
0.48 0.77
Capture Ratio (Downside/Upside)
49/50 75/83
American Funds Benchmark for the 10 Years ending 11/30/25 (updated monthly).
Morningstar Benchmark for the 10 Years ending 11/30/25 (updated monthly).
U.S. Treasuries/Agencies
15.8%
AAA/Aaa
3.6%
AA/Aa
13.9%
A
4.4%
BBB/Baa
4.9%
BB/Ba
3.8%
B
1.7%
CCC & Below
0.6%
Unrated
0.9%
Cash & equivalents
5.8%
% of net assets as of 11/30/2025 (updated monthly)

Average Life Breakdown

0-4.9 Years
29.3%
5-9.9 Years
14.9%
10-19.9 Years
2.2%
20-29.9 Years
3.6%
30+ Years
0.1%
% of net assets as of 9/30/2025 (updated monthly)

Holdings

Equities Breakdown

Sectors | Top Industries
Equity Fund Holdings
 Information technology 9.9%
Financials 7.0%
Industrials 5.5%
Health care 5.1%
Consumer staples 3.5%
Consumer discretionary 3.3%
Communication services 3.1%
Utilities 2.3%
Energy 2.0%
Materials 1.9%
Real estate 1.0%

% of net assets as of 11/30/2025 (updated monthly)

Geographic Breakdown

Regions
United States
77.9%
Europe
8.1%
Asia & Pacific Basin
4.2%
Other (Including Canada & Latin America)
4.0%
Cash & equivalents
5.8%
% of net assets as of 11/30/2025 (updated monthly)

Prices & Distributions

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Historical Prices Month-End

2025

Historical Prices Year-End

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Historical Distributions as of 12/24/25

FIND HISTORICAL DISTRIBUTIONS
2025
Record
Date		 Calculated
Date		 Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
12/24/25 12/24/25 12/26/25 $0.3975 $0.00 $0.7546 $0.00 $14.27
2025 Year-to-Date: Dividends Subtotal: $0.3975 Cap Gains Subtotal: $0.7546
Total Distributions: $1.1521

Fees & Expenses

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Fees

Annual Management Fees 0.00%
Other Expenses 0.01%
Acquired (Underlying) Fund Fees and Expenses 0.29%
Service 12b-1 --
As of each fund's most recent prospectus.
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Expense Ratio

RRCTX 0.30%
Lipper Mixed-Asset Target 2020 Funds Average
--%
Fund as of most recent prospectus. Lipper Category as of -- (updated quarterly).