American Funds College Target Date Series N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-22692

American Funds College Target Date Series

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2014

Steven I. Koszalka

American Funds College Target Date Series

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

Copies to:

Michael Glazer

Bingham McCutchen LLP

355 South Grand Avenue, Suite 4400

Los Angeles, California 90071

(Counsel for the Registrant)

ITEM 1 – Reports to Stockholders

American Funds College
Target Date Series^®   Semi-annual report
for the six months ended
April 30, 2014

American Funds College Target Date Series seeks to help investors saving for higher education. Each fund in the series is an age-appropriate portfolio of actively managed stock and bond funds, the mix of which becomes increasingly focused on preservation as the enrollment date approaches.

American Funds, from Capital Group, is one of the nation’s largest mutual fund families. For more than 80 years, Capital has invested with a long-term focus based on thorough research and attention to risk.

Fund results shown in this report, unless otherwise indicated, are for Class 529-A shares at net asset value. If a sales charge had been deducted, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. For current information and month-end results, visit americanfunds.com.

Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended March 31, 2014 (the most recent calendar quarter-end). Also shown are the gross and net expense ratios as of the series prospectus dated January 1, 2014.

			Lifetime		Gross		Net
Class 529-A shares	1 year		(since 9/14/12)		expense ratio		expense ratio
Reflecting 4.25% maximum initial sales charge:
American Funds College 2030 Fund®	13.30	%	13.41	%	0.90	%	0.80	%
American Funds College 2027 Fund®	10.84		11.14		0.92		0.82
American Funds College 2024 Fund®	8.12		8.59		0.91		0.81
American Funds College 2021 Fund®	4.82		6.03		0.92		0.81
American Funds College 2018 Fund®	1.34		3.24		0.86		0.76
American Funds College 2015 Fund®	-3.37		-1.54		0.86		0.76
Reflecting 2.50% maximum initial sales charge:
American Funds College Enrollment FundSM	-3.03		-1.95		0.93		0.82

Investment results assume all distributions are reinvested and reflect applicable fees and expenses.

The college target date funds invest in Class R-6 shares of the underlying funds. The series’ investment adviser is currently waiving its management fee of 0.10% and reimbursing certain expenses in all share classes of American Funds College Enrollment Fund. In addition, the investment adviser has in the past reimbursed certain expenses for all funds. Investment results and net expense ratios shown reflect the waiver and/or reimbursements, without which the results would have been lower and the expenses would have been higher. Expense ratios are as of each fund’s prospectus available at the time of publication and include the weighted average expenses of the underlying funds. The waiver and reimbursement will remain in effect at least through December 31, 2014. After that time, the investment adviser may elect at its discretion to extend, modify or terminate the reimbursement. The waiver may only be modified or terminated with the approval of the series’ board.

The funds’ allocation strategy does not guarantee that investors’ education savings goals will be met. Investors and their advisers should periodically evaluate their investment to determine whether it continues to meet their needs. Investment allocations may not achieve fund objectives. There are expenses associated with the underlying funds in addition to fund of funds expenses. The funds’ risks are directly related to the risks of the underlying funds. Refer to the series prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the series.

Contents
1	Letter to investors
4	Investment strategies for American Funds College Target Date Series
5	Investment portfolios
12	Financial statements
18	Notes to financial statements
29	Financial highlights

Fellow investors:

Sustained strength in equities with unusually low volatility, continuing accommodative monetary policy and some stabilization in bonds boosted returns for most of the funds in the American Funds College Target Date Series during the six months ended April 30, 2014.

Four of the seven funds — College 2030, College 2027, College 2024 and College 2021 — beat their benchmarks (see the table on page 3). These longer dated funds show that in order to benefit from positive periods in the stock market, a long term investor is best advised to have the equity exposure these funds provide.

The funds that trailed their benchmarks, College 2018, College 2015 and American Funds College Enrollment Fund, had lower returns due to the muted returns of their bond holdings. It’s important to remember that the nearer dated funds hold assets for investors whose beneficiaries are at or approaching enrollment, and these funds have met their primary objective, which is preservation of capital.

The stock market

The U.S. stock market touched new highs during the period, although its pace moderated compared to the prior period. Despite a wobble in the second half of January, and another hiccup in early April when many stocks that had done well in 2013 sold off sharply, the stock market rebounded both times and, in general, is in quite sound shape. The balance sheets and fundamentals of many companies are sound, which are signs of a healthy stock market.

The U.S. unemployment rate has decreased and economic activity has gradually improved. However, there are still indicators of weakness in the U.S. economy. Gross domestic product growth slowed to an annualized rate of –1.0% in the first quarter of 2014. Most of this slowdown was related to severe winter weather, which shut down parts of the country and hurt production. Housing has recovered in recent years since the U.S. housing crisis that began in 2008, but activity weakened over the last year in part because both mortgage rates and home prices rose.

The Federal Reserve continued to trim its purchases of long-term securities. The series’ portfolio managers anticipated that tapering would not be that detrimental to equity returns because most of the impact on stocks was already “priced in” in 2013. The Fed has also reaffirmed its commitment to keeping interest rates at historically low levels.

American Funds College Target Date Series 1

The distant-dated funds participated well in the stock market rally while the near-dated funds achieved their primary goal: preservation of capital.

The recession in the European Union also appears to be waning as major euro zone economies have stabilized and central bank monetary policy has remained supportive, though the potential for market volatility remains. Emerging markets remain generally disappointing. The series’ modest exposure to emerging markets decreases over time as the beneficiary gets closer to enrollment.

The bond market

Bonds fared well during the period, led by long-dated Treasuries and high-grade corporate bonds as companies continue to take advantage of low borrowing costs and issue attractively priced bonds. Short duration Treasuries and mortgage-backed securities were comparatively weak.

Corporate pension plans have benefited the bond market by rebalancing into bonds, in accordance with their target allocations to equities and bonds. As stock values go up, they rebalance portfolios by selling riskier assets and buying high-quality bonds.

Our outlook

Equities have risen appreciably in the past five-plus years so a stock market correction would not be surprising. While it makes sense to remain invested to capture further appreciation, future returns may be more moderate. As the Fed winds down its stimulus program, there is a chance the bond market could sell off and bond yields could go higher.

As the structural and institutional reforms in the euro area continue, this might decrease the chance of another recession in Europe. China’s economic growth has slowed, but it is unclear how much more of an adjustment there will be, and what impact the reform process will have. Our investment professionals closely monitor geopolitical events such as in Ukraine and Thailand and we will continue to do so.

The series

The distant-dated funds have participated very well in the rally. They experienced bumpiness in April; however, that’s the kind of risk a long-term investor can take. The nearer dated funds missed out on the equity rally, but have delivered steady returns. Their capital preservation objective has not been severely tested since the series’ inception, but they should provide more stability if the stock market becomes volatile.

We remind investors that the series’ glide path is more growth-oriented in the early years, becoming more preservation-oriented as beneficiaries approach college.

Thank you for your investment in American Funds College Target Date Series and for your continued faith in our long-term investment approach.

Cordially,

Bradley J. Vogt
Vice Chairman of the Board

Walter R. Burkley
President

June 17, 2014

For current information about the series, visit americanfunds.com.

2 American Funds College Target Date Series

Results at a glance

For periods ended April 30, 2014, with all distributions reinvested for Class 529-A shares

	Cumulative total returns				Average annual total returns
	6 months		1 year		Lifetime (since 9/14/12)
American Funds College 2030 Fund	5.91	%	15.68	%	16.23	%
S&P Target Date To 2030 Index¹	4.53		10.26		11.32
American Funds College 2027 Fund	5.43		13.63		14.04
S&P Target Date To 2025 Index¹	4.21		9.00		10.07
American Funds College 2024 Fund	5.09		11.19		11.63
S&P Target Date To 2025 Index¹	4.21		9.00		10.07
American Funds College 2021 Fund	4.31		8.25		9.21
S&P Target Date To 2020 Index¹	3.85		7.68		8.77
American Funds College 2018 Fund	3.15		5.02		6.33
S&P Target Date To 2015 Index¹	3.47		6.27		7.37
American Funds College 2015 Fund	1.36		0.86		1.55
Barclays U.S. Aggregate Index²	1.74		-0.26		1.01
American Funds College Enrollment Fund	0.50		-0.30		-0.04
Barclays Intermediate U. S. Aggregate Index³	1.07		0.06		0.86

1	The S&P Target Date Style Index series (“To” variant), a subset of the S&P Target Date Index series, comprises a set of multi-asset class indexes based on funds with glide paths that aim to emphasize market risk sensitivity around the target date. Each index is fully investable with varying levels of exposure to the asset classes determined during an annual survey process of target date funds’ holdings. The current universe of eligible asset classes includes U.S. Large-Cap, U.S. Mid-Cap, U.S. Small-Cap, International Equities, Emerging Markets, U.S. REITs, Core Fixed Income, Cash Equivalents, TIPS and High-Yield Corporate Bonds. Each asset class is represented in the indexes via a different exchange traded fund.
2	Barclays U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market.
3	Barclays Intermediate U.S. Aggregate Index represents securities in the intermediate maturity range (1–10 years) of the U.S. investment-grade fixed-rate bond market.

American Funds College Target Date Series 3

Investment strategies for American Funds College Target Date Series

About the series

Launched in September 2012, the American Funds College Target Date Series was designed to provide an off-the-shelf, low maintenance investment option for parents who want to use a 529 savings plan to save for college.

An investor simply needs to select the Target Date Series fund that corresponds to the projected enrollment year of the student. American Funds takes care of the asset allocation and the fund selection and adjusts these over time as the enrollment date approaches. The only thing investors need to worry about is making contributions.

For dates far from enrollment, the respective funds-of-funds have an emphasis on long-term growth of capital. For dates close to enrollment, the funds-of-funds have an emphasis on near-term preservation of capital.

The funds in the series have a conservative tilt, with a preference toward funds holding equities that pay dividends. The automatic rebalancing is disciplined and frequent to ensure that the funds are consistent with their stated investment objective.

The fund’s portfolio managers don’t attempt to be tactical asset allocators — that is, buy or sell based on market changes. They work out the rebalancing schedule, or “glide path,” that would make sense through the cycle, and they stick to it.

4 American Funds College Target Date Series

American Funds College 2030 Fund unaudited

Investment portfolio, April 30, 2014

Fund investments	Shares		Value (000)			Percent of net assets
Growth funds 21.2%
EuroPacific Growth Fund, Class R-6		412,353	$	20,325			8.1	%
The Growth Fund of America, Class R-6		544,982		32,661			13.1
				52,986			21.2
Growth-and-income funds 58.8%
Capital World Growth and Income Fund, Class R-6		951,020		44,137			17.6
Fundamental Investors, Class R-6		846,746		43,751			17.5
International Growth and Income Fund, Class R-6		909,275		23,429			9.4
The Investment Company of America, Class R-6		945,056		35,714			14.3
				147,031			58.8
Equity-income and Balanced funds 5.0%
American Funds Global Balanced Fund, Class R-6		400,161		12,501			5.0
Bond funds 15.0%
Capital World Bond Fund, Class R-6		599,858		12,501			5.0
U.S. Government Securities Fund, Class R-6		1,810,433		25,002			10.0
				37,503			15.0
Total investment securities (cost: $230,566,000)				250,021			100.0
Other assets less liabilities				(87	)		—
Net assets			$	249,934			100.0	%

See Notes to Financial Statements

American Funds College Target Date Series 5

American Funds College 2027 Fund unaudited

Investment portfolio, April 30, 2014

Fund investments	Shares		Value (000)			Percent of net assets
Growth funds 12.8%
EuroPacific Growth Fund, Class R-6		202,777	$	9,995			3.9	%
The Growth Fund of America, Class R-6		529,301		22,755			8.9
				32,750			12.8
Growth-and-income funds 50.1%
Capital World Growth and Income Fund, Class R-6		703,346		32,642			12.8
Fundamental Investors, Class R-6		581,341		30,038			11.8
International Growth and Income Fund, Class R-6		661,207		23,751			9.4
The Investment Company of America, Class R-6		943,301		35,647			14.0
Washington Mutual Investors Fund, Class R-6		131,473		5,314			2.1
				127,392			50.1
Equity-income and Balanced funds 9.8%
American Funds Global Balanced Fund, Class R-6		797,102		24,901			9.8
Bond funds 27.3%
The Bond Fund of America, Class R-6		1,492,995		18,901			7.4
Capital World Bond Fund, Class R-6		601,674		12,539			4.9
U.S. Government Securities Fund, Class R-6		2,750,656		37,987			15.0
				69,427			27.3
Total investment securities (cost: $234,563,000)				254,470			100.0
Other assets less liabilities				(106	)		—
Net assets			$	254,364			100.0	%

See Notes to Financial Statements

6 American Funds College Target Date Series

American Funds College 2024 Fund unaudited

Investment portfolio, April 30, 2014

Fund investments	Shares		Value (000)			Percent of net assets
Growth funds 7.8%
The Growth Fund of America, Class R-6		619,259	$	26,622			7.8	%
Growth-and-income funds 41.6%
American Mutual Fund, Class R-6		264,121		9,395			2.8
Capital World Growth and Income Fund, Class R-6		590,406		27,401			8.0
International Growth and Income Fund, Class R-6		829,784		29,806			8.8
The Investment Company of America, Class R-6		1,093,852		41,336			12.1
Washington Mutual Investors Fund, Class R-6		830,385		33,564			9.9
				141,502			41.6
Equity-income and Balanced funds 11.5%
American Funds Global Balanced Fund, Class R-6		1,260,104		39,366			11.5
Bond funds 39.1%
American Funds Mortgage Fund, Class R-6		1,224,670		12,320			3.6
The Bond Fund of America, Class R-6		5,007,630		63,397			18.6
Capital World Bond Fund, Class R-6		665,419		13,867			4.1
U.S. Government Securities Fund, Class R-6		3,143,085		43,406			12.8
				132,990			39.1
Total investment securities (cost: $318,104,000)				340,480			100.0
Other assets less liabilities				(169	)		—
Net assets			$	340,311			100.0	%

See Notes to Financial Statements

American Funds College Target Date Series 7

American Funds College 2021 Fund unaudited

Investment portfolio, April 30, 2014

Fund investments	Shares		Value (000)			Percent of net assets
Growth-and-income fund 33.6%
American Mutual Fund, Class R-6		1,470,162	$	52,294			13.2	%
International Growth and Income Fund, Class R-6		910,174		32,693			8.2
Washington Mutual Investors Fund, Class R-6		1,203,103		48,629			12.2
				133,616			33.6
Equity-income and Balanced funds 15.7%
American Funds Global Balanced Fund, Class R-6		1,564,980		48,890			12.3
The Income Fund of America, Class R-6		643,415		13,769			3.4
				62,659			15.7
Bond funds 50.7%
American Funds Mortgage Fund, Class R-6*		5,282,581		53,143			13.3
The Bond Fund of America, Class R-6		7,374,421		93,360			23.5
Intermediate Bond Fund of America, Class R-6		1,721,176		23,270			5.8
U.S. Government Securities Fund, Class R-6		2,338,554		32,296			8.1
				202,069			50.7
Total investment securities (cost: $376,127,000)				398,344			100.0
Other assets less liabilities				(209	)		—
Net assets			$	398,135			100.0	%

* This holding is 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 six months ended April 30, 2014, appear below.

	Beginning shares	Additions	Reductions	Ending shares		Dividend income (000)		Value of affiliate at 4/30/2014 (000)
American Funds Mortgage Fund, Class R-6	2,765,728	2,516,853	—		5,282,581	$	341	$	53,143

See Notes to Financial Statements

8 American Funds College Target Date Series

American Funds College 2018 Fund unaudited

Investment portfolio, April 30, 2014

Fund investments	Shares		Value (000)			Percent of net assets
Growth-and-income funds 16.4%
American Mutual Fund, Class R-6		1,876,407	$	66,744			16.4	%
Equity-income and Balanced funds 16.7%
The Income Fund of America, Class R-6		3,172,625		67,894			16.7
Bond funds 66.9%
American Funds Mortgage Fund, Class R-6*		8,585,265		86,368			21.3
The Bond Fund of America, Class R-6		7,000,272		88,623			21.8
Intermediate Bond Fund of America, Class R-6		7,140,137		96,535			23.8
				271,526			66.9
Total investment securities (cost: $390,034,000)				406,164			100.0
Other assets less liabilities				(244	)		—
Net assets			$	405,920			100.0	%

* This holding is 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 six months ended April 30, 2014, appear below.

	Beginning shares	Additions	Reductions	Ending shares		Dividend income (000)		Value of affiliate at 4/30/2014 (000)
American Funds Mortgage Fund, Class R-6	5,810,634	2,774,631	—		8,585,265	$	646	$	86,368

See Notes to Financial Statements

American Funds College Target Date Series 9

American Funds College 2015 Fund unaudited

Investment portfolio, April 30, 2014

Fund investments	Shares		Value (000)			Percent of net assets
Equity-income and Balanced funds 8.4%
The Income Fund of America, Class R-6		951,748	$	20,368			8.4	%
Bond funds 91.6%
American Funds Mortgage Fund, Class R-6*		6,582,949		66,225			27.5
The Bond Fund of America, Class R-6		3,351,924		42,435			17.6
Intermediate Bond Fund of America, Class R-6		6,375,680		86,199			35.7
Short-Term Bond Fund of America, Class R-6		2,601,220		26,012			10.8
				220,871			91.6
Total investment securities (cost: $240,871,000)				241,239			100.0
Other assets less liabilities				(163	)		—
Net assets			$	241,076			100.0	%

* This holding is 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 six months ended April 30, 2014, appear below.

	Beginning shares	Additions	Reductions	Ending shares		Dividend income (000)		Value of affiliate at 4/30/2014 (000)
American Funds Mortgage Fund, Class R-6	5,834,638	850,392	102,081		6,582,949	$	573	$	66,225

See Notes to Financial Statements

10 American Funds College Target Date Series

American Funds College Enrollment Fund unaudited

Investment portfolio, April 30, 2014

Fund investments	Shares		Value (000)			Percent of net assets
Bond funds 100.0%
American Funds Mortgage Fund, Class R-6		2,083,333	$	20,958			30.0	%
Intermediate Bond Fund of America, Class R-6		1,807,551		24,438			35.0
Short-Term Bond Fund of America, Class R-6		2,440,602		24,406			35.0
Total investment securities (cost: $70,563,000)				69,802			100.0
Other assets less liabilities				(48	)		—
Net assets			$	69,754			100.0	%

See Notes to Financial Statements

American Funds College Target Date Series 11

Financial statements

Statements of assets and liabilities
at April 30, 2014

		College 2030 Fund			College 2027 Fund
Assets:
Investment securities, at value:
Unaffiliated issuers		$	250,021		$	254,470
Affiliated issuer			—			—
Receivables for:
Sales of fund’s shares			487			507
Dividends			27			75
Total assets			250,535			255,052
Liabilities:
Payables for:
Purchases of investments			447			541
Repurchases of fund’s shares			60			31
Services provided by related parties			76			98
Trustees’ deferred compensation			—	*		—	*
Other			18			18
Total liabilities			601			688
Net assets at April 30, 2014		$	249,934		$	254,364
Net assets consist of:
Capital paid in on shares of beneficial interest		$	225,073		$	228,667
Undistributed net investment income			661			729
Undistributed net realized gain			4,745			5,061
Net unrealized appreciation (depreciation)			19,455			19,907
Net assets at April 30, 2014		$	249,934		$	254,364
Investment securities, at cost:
Unaffiliated issuers		$	230,566		$	234,563
Affiliated issuer			—			—
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 529-A:	Net assets	$	191,260		$	188,662
	Shares outstanding		15,278			15,556
	Net asset value per share	$	12.52		$	12.13
Class 529-B:	Net assets	$	145		$	1,108
	Shares outstanding		12			92
	Net asset value per share	$	12.46		$	12.06
Class 529-C:	Net assets	$	39,770		$	45,776
	Shares outstanding		3,201			3,800
	Net asset value per share	$	12.42		$	12.05
Class 529-E:	Net assets	$	6,332		$	6,817
	Shares outstanding		507			564
	Net asset value per share	$	12.48		$	12.09
Class 529-F-1:	Net assets	$	12,427		$	12,001
	Shares outstanding		991			987
	Net asset value per share	$	12.54		$	12.16

*Amount less than one thousand.

See Notes to Financial Statements

12 American Funds College Target Date Series

unaudited

(dollars and shares in thousands, except per-share amounts)

College 2024 Fund			College 2021 Fund			College 2018 Fund			College 2015 Fund			College Enrollment Fund
$	340,480		$	345,201		$	319,796		$	175,014		$	69,802
	—			53,143			86,368			66,225			—
	1,190			1,081			827			321			43
	189			322			410			298			70
	341,859			399,747			407,401			241,858			69,915
	1,374			1,380			1,198			573			96
	6			23			40			47			17
	144			181			214			145			42
	—	*		—	*		—	*		—	*		—	*
	24			28			29			17			5
	1,548			1,612			1,481			782			160
$	340,311		$	398,135		$	405,920		$	241,076		$	69,755
$	310,323		$	369,976		$	386,733		$	239,538		$	70,373
	1,275			1,878			1,756			922			138
	6,337			4,064			1,301			248			5
	22,376			22,217			16,130			368			(761	)
$	340,311		$	398,135		$	405,920		$	241,076		$	69,755
$	318,104		$	323,038		$	303,539		$	174,147		$	70,563
	—			53,089			86,495			66,724			—
$	247,171		$	281,396		$	264,396		$	142,173		$	39,972
	21,100			24,891			24,405			14,101			4,042
$	11.71		$	11.31		$	10.83		$	10.08		$	9.89
$	3,659		$	3,317		$	3,444		$	2,369		$	461
	314			295			319			236			47
$	11.65		$	11.25		$	10.78		$	10.04		$	9.85
$	60,372		$	79,679		$	102,078		$	68,346		$	20,032
	5,188			7,093			9,482			6,815			2,035
$	11.64		$	11.23		$	10.77		$	10.03		$	9.85
$	12,427		$	13,941		$	14,453		$	10,828		$	3,056
	1,063			1,236			1,337			1,076			309
$	11.69		$	11.28		$	10.81		$	10.06		$	9.88
$	16,682		$	19,802		$	21,549		$	17,360		$	6,234
	1,422			1,749			1,986			1,719			629
$	11.74		$	11.32		$	10.85		$	10.10		$	9.91

American Funds College Target Date Series 13

Statements of operations
for the six months ended April 30, 2014

	College 2030 Fund			College 2027 Fund
Investment income:
Income:
Dividends:
Unaffiliated issuers	$	2,183		$	2,252
Affiliated issuer		—			—
		2,183			2,252
Fees and expenses*:
Investment advisory services		97			104
Distribution services		275			325
Transfer agent services		126			135
529 plan services		93			99
Reports to shareholders		4			5
Registration statement and prospectus		30			32
Trustees’ compensation		—	†		—	†
Auditing and legal		1			1
Custodian		3			3
Other		2			3
Total fees and expenses before reimbursements/waivers		631			707
Less reimbursements/waivers of fees and expenses:
Investment advisory services		97			104
Other		—			—
Total fees and expenses after reimbursements/waivers		534			603
Net investment income		1,649			1,649
Net realized gain and unrealized appreciation on investments:
Net realized gain on sale of investments:
Unaffiliated issuers		—			—
Affiliated issuer		—			—
Capital gain distributions received		4,742			5,060
Net realized gain		4,742			5,060
Net unrealized appreciation on investments		4,802			4,357
Net realized gain and unrealized appreciation on investments		9,544			9,417
Net increase in net assets resulting from operations	$	11,193		$	11,066

*	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

14 American Funds College Target Date Series

unaudited

(dollars in thousands)

College 2024 Fund		College 2021 Fund		College 2018 Fund		College 2015 Fund		College Enrollment Fund
$	3,296	$	3,803	$	3,532	$	1,651	$	453
	—		341		646		573		—
	3,296		4,144		4,178		2,224		453
	140		165		170		107		33
	457		576		683		477		152
	181		214		219		137		43
	134		158		163		102		32
	6		6		7		4		2
	40		47		49		36		21
	1		1		1		1		—	†
	1		1		1		1		—	†
	3		3		3		3		3
	4		4		5		3		1
	967		1,175		1,301		871		287
	140		165		170		107		33
	—		—		—		—		7
	827		1,010		1,131		764		247
	2,469		3,134		3,047		1,460		206
	—		—		—		236		5
	—		—		—		11		—
	6,327		4,064		1,285		—		—
	6,327		4,064		1,285		247		5
	5,498		7,252		6,774		1,223		9
	11,825		11,316		8,059		1,470		14
$	14,294	$	14,450	$	11,106	$	2,930	$	220

American Funds College Target Date Series 15

Statements of changes in net assets

	College 2030 Fund						College 2027 Fund
	Six months ended April 30, 2014*			Year ended October 31, 2013			Six months ended April 30, 2014*			Year ended October 31, 2013
Operations:
Net investment income	$	1,649		$	1,084		$	1,649		$	1,281
Net realized gain		4,742			99			5,060			236
Net unrealized appreciation (depreciation) on investments		4,802			14,701			4,357			15,640
Net increase (decrease) in net assets resulting from operations		11,193			15,884			11,066			17,157
Dividends and distributions paid to shareholders:
Dividends from net investment income:
Class 529-A		(1,532	)		(172	)		(1,561	)		(263	)
Class 529-B		(1	)		—	†		(4	)		(2	)
Class 529-C		(185	)		(36	)		(207	)		(57	)
Class 529-E		(46	)		(5	)		(52	)		(6	)
Class 529-F-1		(99	)		(16	)		(110	)		(15	)
Total dividends from net investment income		(1,863	)		(229	)		(1,934	)		(343	)
Distributions from net realized gain:
Short-term net realized gains:
Class 529-A		—			—			—			—
Class 529-B		—			—			—			—
Class 529-C		—			—			—			—
Class 529-E		—			—			—			—
Class 529-F-1		—			—			—			—
Long-term net realized gains:
Class 529-A		(55	)		—			(108	)		—
Class 529-B		—	†		—			(1	)		—
Class 529-C		(12	)		—			(27	)		—
Class 529-E		(2	)		—			(4	)		—
Class 529-F-1		(3	)		—			(7	)		—
Total distributions from net realized gain		(72	)		—			(147	)		—
Total dividends and distributions paid to shareholders		(1,935	)		(229	)		(2,081	)		(343	)
Net capital share transactions		96,838			121,530			77,647			136,867
Total increase in net assets		106,096			137,185			86,632			153,681
Net assets:
Beginning of period		143,838			6,653			167,732			14,051
End of period	$	249,934		$	143,838		$	254,364		$	167,732
Undistributed net investment income	$	661		$	875		$	729		$	1,014

*	Unaudited.
†	Amount less than one thousand.

See Notes to Financial Statements

16 American Funds College Target Date Series

(dollars in thousands)

College 2024 Fund						College 2021 Fund						College 2018 Fund						College 2015 Fund						College Enrollment Fund
Six months ended April 30, 2014*			Year ended October 31, 2013			Six months ended April 30, 2014*			Year ended October 31, 2013			Six months ended April 30, 2014*			Year ended October 31, 2013			Six months ended April 30, 2014*			Year ended October 31, 2013			Six months ended April 30, 2014*			Year ended October 31, 2013
$	2,469		$	2,088		$	3,134		$	2,790		$	3,047		$	3,091		$	1,460		$	1,621		$	206		$	241
	6,327			342			4,064			268			1,285			199			247			331			5			110
	5,498			17,000			7,252			15,082			6,774			9,430			1,223			(836	)		9			(765	)
	14,294			19,430			14,450			18,140			11,106			12,720			2,930			1,116			220			(414	)
	(2,348	)		(324	)		(2,892	)		(349	)		(2,938	)		(312	)		(1,396	)		(214	)		(230	)		(51	)
	(20	)		(6	)		(20	)		(5	)		(26	)		(4	)		(12	)		(3	)		—	†		(1	)
	(323	)		(66	)		(479	)		(77	)		(701	)		(86	)		(327	)		(71	)		—			(19	)
	(98	)		(16	)		(123	)		(15	)		(133	)		(17	)		(96	)		(9	)		(14	)		(2	)
	(172	)		(29	)		(228	)		(19	)		(270	)		(22	)		(194	)		(15	)		(49	)		(9	)
	(2,961	)		(441	)		(3,742	)		(465	)		(4,068	)		(441	)		(2,025	)		(312	)		(293	)		(82	)
	—			—			—			—			—			—			(36	)		—			(4	)		—
	—			—			—			—			—			—			(1	)		—			—	†		—
	—			—			—			—			—			—			(18	)		—			(2	)		—
	—			—			—			—			—			—			(3	)		—			—	†		—
	—			—			—			—			—			—			(4	)		—			(1	)		—
	(150	)		—			(79	)		—			(39	)		—			(60	)		—			(22	)		—
	(3	)		—			(1	)		—			(1	)		—			(1	)		—			—	†		—
	(36	)		—			(22	)		—			(15	)		—			(29	)		—			(12	)		—
	(7	)		—			(4	)		—			(2	)		—			(5	)		—			(2	)		—
	(10	)		—			(6	)		—			(3	)		—			(7	)		—			(4	)		—
	(206	)		—			(112	)		—			(60	)		—			(164	)		—			(47	)		—
	(3,167	)		(441	)		(3,854	)		(465	)		(4,128	)		(441	)		(2,189	)		(312	)		(340	)		(82	)
	99,161			190,448			109,993			231,185			107,402			247,050			45,094			166,750			2,922			55,809
	110,288			209,437			120,589			248,860			114,380			259,329			45,835			167,554			2,802			55,313
	230,023			20,586			277,546			28,686			291,540			32,211			195,241			27,687			66,953			11,640
$	340,311		$	230,023		$	398,135		$	277,546		$	405,920		$	291,540		$	241,076		$	195,241		$	69,755		$	66,953
$	1,275		$	1,767		$	1,878		$	2,486		$	1,756		$	2,777		$	922		$	1,487		$	138		$	225

American Funds College Target Date Series 17

Notes to financial statements unaudited

1. Organization

American Funds College Target Date Series (the “series”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The series consists of seven funds (the “funds”) — American Funds College 2030 Fund (“College 2030 Fund”), American Funds College 2027 Fund (“College 2027 Fund”), American Funds College 2024 Fund (“College 2024 Fund”), American Funds College 2021 Fund (“College 2021 Fund”), American Funds College 2018 Fund (“College 2018 Fund”), American Funds College 2015 Fund (“College 2015 Fund”) and American Funds College Enrollment Fund (“College Enrollment Fund”).

Each fund in the series is designed for investors who plan to attend college 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. As each fund approaches its target date, it will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in equity-income, balanced and bond funds. When each fund reaches its target date, it will principally invest in bond funds and may merge into the Enrollment Fund, which will also principally invest in bond funds. Each fund will attempt to achieve its investment objectives by investing in a mix of American Funds (the “underlying funds”) in different combinations and weightings. Capital Research and Management Company (“CRMC”), the series’ investment adviser, is also the investment adviser to the underlying funds.

Each fund in the series has five 529 college savings plan share classes (Classes 529-A, 529-B, 529-C, 529-E and 529-F-1). The funds’ share classes are described further in the following table:

Share class	Initial sales charge	Contingent deferred sales charge upon redemption	Conversion feature
Class 529-A	Up to 2.50% for College Enrollment Fund; up to 4.25% for all other funds	None (except 1% for certain redemptions within one year of purchase without an initial sales charge)	None
Class 529-B*	None	Declines from 5% to 0% for redemptions within six years of purchase	Class 529-B converts to Class 529-A after eight years
Class 529-C	None	1% for redemptions within one year of purchase	None
Class 529-E	None	None	None
Class 529-F-1	None	None	None

*Class 529-B shares of the fund are not available for purchase.

Holders of all share classes of each fund have equal pro rata rights to the assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for distribution, 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 share class of each fund.

2. Significant accounting policies

Each fund’s 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 tables on pages 29 to 32.

18 American Funds College Target Date Series

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 of each fund 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 of each fund.

Dividends and distributions to shareholders — Dividends and distributions to shareholders are recorded on each fund’s ex-dividend date.

3. Valuation

Security valuation — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund’s statement of additional information. 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.

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 adviser’s 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 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 adviser’s compliance group.

Classifications — The series’ investment adviser classifies each fund’s assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. At April 30, 2014, all of the investment securities held by 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 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.

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 consist of 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.

American Funds College Target Date Series 19

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 debt 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 debt securities in which the underlying fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks. These risks will be more significant as the fund approaches 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.”

Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. In addition, the prices of these stocks may be more volatile than stocks of larger, more established companies.

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 issuers operate. 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.

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, developing countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Additionally, there may be increased settlement risks for transactions in local securities.

Investing in mortgage-backed and asset-backed securities — Many types of bonds and other debt securities, including mortgage-backed/related securities, are subject to prepayment risk as well as the risks associated with investing in debt securities in general. If interest rates fall and the loans underlying these securities are prepaid faster than expected, the underlying fund may have to reinvest the prepaid principal in lower yielding securities, thus reducing the funds’ income. Conversely, if interest rates increase and the loans underlying the securities are prepaid slower than expected, the time in which the securities are paid off could be extended. This may reduce the funds’ cash for potential reinvestment in higher yielding securities.

20 American Funds College Target Date Series

Investing in U.S. government securities — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. 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 are neither issued nor guaranteed by the U.S. government.

Investing in future delivery contracts — Contracts for future delivery of mortgage-related securities, such as to be announced contracts and mortgage dollar rolls, involve the funds selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase the underlying fund’s market exposure, and the market price of the securities the funds contract to repurchase could drop below their purchase price. While the funds can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the funds may be reduced by engaging in such transactions. In addition, these transactions may increase the turnover rate of the funds.

Management — The investment adviser to the funds 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.

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 April 30, 2014, 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 significant interest or penalties.

The series is not subject to examination by U.S. federal and state tax authorities for tax years before 2012, the year the series 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 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 in the funds’ statements of changes in net assets are considered ordinary income distributions for tax purposes. Distributions from long-term net realized gains in the funds’ statements of changes in net assets are considered long-term capital gain distributions for tax purposes.

The components of distributable earnings on a tax basis are reported as of the funds’ most recent year-end. As of October 31, 2013, the components of distributable earnings on a tax basis for each fund were as follows (dollars in thousands):

	College 2030 Fund		College 2027 Fund		College 2024 Fund		College 2021 Fund		College 2018 Fund		College 2015 Fund		College Enrollment Fund
Undistributed ordinary income	$	875	$	1,014	$	1,767	$	2,486	$	2,777	$	1,549	$	233
Undistributed long-term capital gain		75		148		216		112		76		102		39

American Funds College Target Date Series 21

As of April 30, 2014, the tax basis unrealized appreciation (depreciation) and cost of investment securities for each fund were as follows (dollars in thousands):

	College 2030 Fund		College 2027 Fund			College 2024 Fund			College 2021 Fund			College 2018 Fund			College 2015 Fund			College Enrollment Fund
Gross unrealized appreciation on investment securities	$	19,455	$	20,350		$	23,134		$	23,326		$	17,257		$	2,464		$	—
Gross unrealized depreciation on investment securities		—		(443	)		(758	)		(1,109	)		(1,127	)		(2,096	)		(761	)
Net unrealized appreciation (depreciation) on investment securities		19,455		19,907			22,376			22,217			16,130			368			(761	)
Cost of investment securities		230,566		234,563			318,104			376,127			390,034			240,871			70,563

6. Fees and transactions with related parties

CRMC, the series’ investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the principal underwriter of the series’ shares, and American Funds Service Company^® (“AFS”), the series’ transfer agent. CRMC, AFD and AFS are considered related parties to the series.

Investment advisory services — The series has an investment advisory and service agreement with CRMC 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 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 tables on pages 29 to 32.

Other reimbursements — CRMC has agreed to reimburse a portion of the fees and expenses of the funds during their startup period. At its discretion, the adviser may elect to extend, modify, or terminate the reimbursements. Fees and expenses in the statements of operations are presented gross of the reimbursement from CRMC. The amounts reimbursed by CRMC are 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 further described below:

Distribution services — The series has plans of distribution for all share classes. 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 0.50% to 1.00% as noted in this section. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes 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 529-A		0.30	%		0.50	%
Class 529-B		1.00			1.00
Class 529-C		1.00			1.00
Class 529-E		0.50			0.75
Class 529-F-1		0.25			0.50

For Class 529-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 April 30, 2014, there were no unreimbursed expenses subject to reimbursement for the funds’ Class 529-A shares.

22 American Funds College Target Date Series

Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds’ share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The series has an administrative services agreement with CRMC 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. 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.

529 plan services — Each 529 share class is subject to service fees to compensate the Commonwealth of Virginia for the maintenance of the 529 college savings plan. During the period November 1, 2013, to March 31, 2014, the quarterly fee was based on a series of decreasing annual rates beginning with 0.10% on the first $30 billion of the net assets invested in Class 529 shares of the American Funds and decreasing to 0.06% on such assets between $120 billion and $150 billion. Effective April 1, 2014, the quarterly fee was amended to provide for reduced annual rates of 0.07%, 0.06% and 0.05% over $30 billion, $50 billion and $70 billion, respectively, of the net assets invested in Class 529 shares of the American Funds. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 shares of the American Funds for the last month of the prior calendar quarter. The Commonwealth of Virginia is not considered a related party to the series.

Class-specific expenses under the agreements described in this section for the six months ended April 30, 2014, were as follows (dollars in thousands):

	Distribution services		Transfer agent services			529 plan services
College 2030 Fund
Class 529-A		$107		$98			$71
Class 529-B		1		—	*		—	*
Class 529-C		155		19			15
Class 529-E		12		3			2
Class 529-F-1		—		6			5
Total		$275		$126			$93
College 2027 Fund
Class 529-A		$118		$102			$73
Class 529-B		5		1			—	*
Class 529-C		188		23			18
Class 529-E		14		3			3
Class 529-F-1		—		6			5
Total		$325		$135			$99
College 2024 Fund
Class 529-A		$171		$136			$97
Class 529-B		16		2			2
Class 529-C		245		30			23
Class 529-E		25		5			5
Class 529-F-1		—		8			7
Total		$457		$181			$134
College 2021 Fund
Class 529-A		$208		$156			$112
Class 529-B		15		2			2
Class 529-C		325		40			31
Class 529-E		28		5			5
Class 529-F-1		—		11			8
Total		$576		$214			$158
College 2018 Fund
Class 529-A		$213		$148			$106
Class 529-B		16		2			1
Class 529-C		425		52			41
Class 529-E		29		5			6
Class 529-F-1		—		12			9
Total		$683		$219			$163
College 2015 Fund
Class 529-A		$136		$84			$60
Class 529-B		11		1			1
Class 529-C		306		38			29
Class 529-E		24		5			5
Class 529-F-1		—		9			7
Total		$477		$137			$102
College Enrollment Fund
Class 529-A		$46		$25			$18
Class 529-B		2		—	*		—	*
Class 529-C		97		12			9
Class 529-E		7		2			2
Class 529-F-1		—		4			3
Total		$152		$43			$32

*Amount less than one thousand.

American Funds College Target Date Series 23

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 in the funds’ statements of operations includes current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows:

	Current fees		Increase in value of deferred amounts		Total trustees’ compensation
College 2030 Fund	$	457	$	3	$	460
College 2027 Fund		493		4		497
College 2024 Fund		666		6		672
College 2021 Fund		786		8		794
College 2018 Fund		811		8		819
College 2015 Fund		511		6		517
College Enrollment Fund		161		2		163

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

7. Investment transactions

The funds made purchases and sales of investment securities during the six months ended April 30, 2014, as follows (dollars in thousands):

	Purchases		Sales
College 2030 Fund		$101,328	$	—
College 2027 Fund		82,306		—
College 2024 Fund		104,852		—
College 2021 Fund		113,413		—
College 2018 Fund		107,695		—
College 2015 Fund		49,320		4,907
College Enrollment Fund		8,263		5,473

24 American Funds College Target Date Series

8. Capital share transactions

Capital share transactions in the funds for the six months ended April 30, 2014, were as follows (dollars and shares in thousands):

	College						College						College						College
	2030 Fund						2027 Fund						2024 Fund						2021 Fund
Share class	Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares
Class 529-A
Sales*	$	75,490			6,189		$	59,012			4,983		$	72,924			6,377		$	80,715			7,299
Reinvestments of dividends and distributions		1,587			130			1,669			141			2,498			219			2,970			270
Repurchases*		(2,675	)		(219	)		(2,898	)		(244	)		(4,318	)		(377	)		(7,845	)		(711	)
Total Class 529-A transactions		74,402			6,100			57,783			4,880			71,104			6,219			75,840			6,858
Class 529-B
Sales*		35			3			277			24			1,056			93			950			87
Reinvestments of dividends and distributions		1			—	†		5			—	†		22			2			21			2
Repurchases*		(21	)		(2	)		(38	)		(3	)		(380	)		(34	)		(527	)		(48	)
Total Class 529-B transactions		15			1			244			21			698			61			444			41
Class 529-C
Sales*		16,668			1,376			15,517			1,321			20,225			1,779			25,981			2,363
Reinvestments of dividends and distributions		197			16			233			20			359			31			501			46
Repurchases*		(1,266	)		(104	)		(1,123	)		(96	)		(1,176	)		(103	)		(2,163	)		(197	)
Total Class 529-C transactions		15,599			1,288			14,627			1,245			19,408			1,707			24,319			2,212
Class 529-E
Sales*		2,505			206			2,297			195			3,869			339			4,339			392
Reinvestments of dividends and distributions		48			4			56			5			105			9			127			12
Repurchases*		(143	)		(12	)		(81	)		(7	)		(204	)		(17	)		(251	)		(23	)
Total Class 529-E transactions		2,410			198			2,272			193			3,770			331			4,215			381
Class 529-F-1
Sales*		4,406			361			2,988			250			4,403			385			5,690			514
Reinvestments of dividends and distributions		102			8			117			10			182			16			234			21
Repurchases*		(96	)		(7	)		(384	)		(32	)		(404	)		(35	)		(749	)		(67	)
Total Class 529-F-1 transactions		4,412			362			2,721			228			4,181			366			5,175			468
Total net increase	$	96,838			7,949		$	77,647			6,567		$	99,161			8,684		$	109,993			9,960

See page 28 for footnotes.

American Funds College Target Date Series 25

	College						College						College
	2018 Fund						2015 Fund						Enrollment Fund
Share class	Amount			Shares			Amount			Shares			Amount			Shares
Class 529-A
Sales*	$	73,424			6,890		$	39,490			3,950		$	9,640			979
Reinvestments of dividends and distributions		2,977			282			1,491			151			256			26
Repurchases*		(8,167	)		(769	)		(14,726	)		(1,475	)		(7,665	)		(778	)
Total Class 529-A transactions		68,234			6,403			26,255			2,626			2,231			227
Class 529-B
Sales*		927			88			703			71			249			26
Reinvestments of dividends and distributions		27			2			14			1			—	†		—	†
Repurchases*		(535	)		(51	)		(782	)		(79	)		(295	)		(30	)
Total Class 529-B transactions		419			39			(65	)		(7	)		(46	)		(4	)
Class 529-C
Sales*		31,979			3,019			18,126			1,824			4,537			462
Reinvestments of dividends and distributions		716			68			374			38			14			2
Repurchases*		(4,339	)		(410	)		(6,777	)		(682	)		(4,585	)		(468	)
Total Class 529-C transactions		28,356			2,677			11,723			1,180			(34	)		(4	)
Class 529-E
Sales*		5,725			538			3,077			308			786			80
Reinvestments of dividends and distributions		135			13			103			11			16			1
Repurchases*		(662	)		(62	)		(587	)		(59	)		(444	)		(45	)
Total Class 529-E transactions		5,198			489			2,593			260			358			36
Class 529-F-1
Sales*		5,383			505			5,481			548			1,565			158
Reinvestments of dividends and distributions		273			26			205			20			54			5
Repurchases*		(461	)		(43	)		(1,098	)		(110	)		(1,206	)		(122	)
Total Class 529-F-1 transactions		5,195			488			4,588			458			413			41
Total net increase	$	107,402			10,096		$	45,094			4,517		$	2,922			296

26 American Funds College Target Date Series

Capital share transactions in the funds for the year ended October 31, 2013, were as follows (dollars and shares in thousands):

	College						College						College						College
	2030 Fund						2027 Fund						2024 Fund						2021 Fund
Share class	Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares
Class 529-A
Sales*	$	94,967			8,871		$	103,167			9,787		$	142,467			13,676		$	168,775			16,348
Reinvestments of dividends		172			17			263			27			324			33			349			35
Repurchases*		(2,522	)		(230	)		(2,650	)		(248	)		(4,370	)		(413	)		(5,110	)		(486	)
Total Class 529-A transactions		92,617			8,658			100,780			9,566			138,421			13,296			164,014			15,897
Class 529-B
Sales*		111			10			733			71			2,713			263			2,776			270
Reinvestments of dividends		—	†		—	†		2			—	†		6			1			5			1
Repurchases*		(27	)		(2	)		(101	)		(9	)		(442	)		(42	)		(671	)		(65	)
Total Class 529-B transactions		84			8			634			62			2,277			222			2,110			206
Class 529-C
Sales*		19,365			1,814			25,182			2,397			34,243			3,297			48,392			4,697
Reinvestments of dividends		36			4			57			6			66			7			77			7
Repurchases*		(463	)		(42	)		(1,355	)		(125	)		(2,078	)		(192	)		(4,264	)		(405	)
Total Class 529-C transactions		18,938			1,776			23,884			2,278			32,231			3,112			44,205			4,299
Class 529-E
Sales*		3,185			295			3,804			359			7,396			710			8,011			777
Reinvestments of dividends		5			1			6			1			16			1			15			2
Repurchases*		(19	)		(2	)		(101	)		(9	)		(394	)		(36	)		(109	)		(11	)
Total Class 529-E transactions		3,171			294			3,709			351			7,018			675			7,917			768
Class 529-F-1
Sales*		6,750			628			8,051			761			11,235			1,083			13,072			1,259
Reinvestments of dividends		16			1			15			2			29			3			19			2
Repurchases*		(46	)		(4	)		(206	)		(18	)		(763	)		(73	)		(152	)		(15	)
Total Class 529-F-1 transactions		6,720			625			7,860			745			10,501			1,013			12,939			1,246
Total net increase	$	121,530			11,361		$	136,867			13,002		$	190,448			18,318		$	231,185			22,416

See page 28 for footnotes.

American Funds College Target Date Series 27

	College						College						College
	2018 Fund						2015 Fund						Enrollment Fund
Share class	Amount			Shares			Amount			Shares			Amount			Shares
Class 529-A
Sales*	$	168,031			16,441		$	108,046			10,794		$	40,872			4,110
Reinvestments of dividends		312			31			214			21			51			5
Repurchases*		(7,537	)		(728	)		(11,598	)		(1,164	)		(9,250	)		(936	)
Total Class 529-A transactions		160,806			15,744			96,662			9,651			31,673			3,179
Class 529-B
Sales*		2,970			291			2,794			280			709			71
Reinvestments of dividends		4			1			3			1			—	†		—	†
Repurchases*		(654	)		(64	)		(746	)		(75	)		(314	)		(32	)
Total Class 529-B transactions		2,320			228			2,051			206			395			39
Class 529-C
Sales*		67,162			6,589			56,000			5,613			21,957			2,214
Reinvestments of dividends		86			9			71			7			19			2
Repurchases*		(4,202	)		(407	)		(6,606	)		(667	)		(5,332	)		(543	)
Total Class 529-C transactions		63,046			6,191			49,465			4,953			16,644			1,673
Class 529-E
Sales*		7,099			697			7,737			774			2,666			268
Reinvestments of dividends		17			2			9			1			2			—	†
Repurchases*		(253	)		(24	)		(619	)		(63	)		(584	)		(59	)
Total Class 529-E transactions		6,863			675			7,127			712			2,084			209
Class 529-F-1
Sales*		14,200			1,385			11,837			1,183			6,110			614
Reinvestments of dividends		22			2			15			1			9			1
Repurchases*		(207	)		(20	)		(407	)		(40	)		(1,106	)		(112	)
Total Class 529-F-1 transactions		14,015			1,367			11,445			1,144			5,013			503
Total net increase	$	247,050			24,205		$	166,750			16,666		$	55,809			5,603

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

28 American Funds College Target Date Series

Financial highlights

			Income (loss) from investment operations1									Dividends and distributions
Period ended	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 return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income (loss) to average net assets3
American Funds College 2030 Fund
Class 529-A:
4/30/146,7	$	11.96	$	.11		$	.60		$	.71		$	(.14	)	$	(.01	)	$	(.15	)	$	12.52		5.91	%	$	191,260		.51	%8		.41	%8		.81	%8		1.84	%8
10/31/13		9.79		.18			2.07			2.25			(.08	)		—			(.08	)		11.96		23.14			109,785		.49			.39			.80			1.59
10/31/126,9		10.00		—	10		(.21	)		(.21	)		—			—			—			9.79		(2.10	)		5,096		.19			.08			.49			(.02	)
Class 529-B:
4/30/146,7		11.89		.06			.59			.65			(.07	)		(.01	)		(.08	)		12.46		5.40			145		1.35	8		1.25	8		1.65	8		1.06	8
10/31/13		9.79		.09			2.07			2.16			(.06	)		—			(.06	)		11.89		22.26			124		1.34			1.24			1.65			.80
10/31/126,9		10.00		(.01	)		(.20	)		(.21	)		—			—			—			9.79		(2.10	)		26		.28			.19			.60			(.13	)
Class 529-C:
4/30/146,7		11.87		.06			.58			.64			(.08	)		(.01	)		(.09	)		12.42		5.37			39,770		1.36	8		1.26	8		1.66	8		1.00	8
10/31/13		9.79		.08			2.07			2.15			(.07	)		—			(.07	)		11.87		22.24			22,702		1.35			1.25			1.66			.75
10/31/126,9		10.00		(.01	)		(.20	)		(.21	)		—			—			—			9.79		(2.10	)		1,340		.26			.17			.58			(.13	)
Class 529-E:
4/30/146,7		11.93		.09			.59			.68			(.12	)		(.01	)		(.13	)		12.48		5.69			6,332		.83	8		.73	8		1.13	8		1.51	8
10/31/13		9.79		.14			2.08			2.22			(.08	)		—			(.08	)		11.93		22.78			3,686		.82			.72			1.13			1.25
10/31/126,9		10.00		(.01	)		(.20	)		(.21	)		—			—			—			9.79		(2.10	)		152		.21			.10			.51			(.07	)
Class 529-F-1:
4/30/146,7		11.98		.12			.60			.72			(.15	)		(.01	)		(.16	)		12.54		5.98			12,427		.36	8		.26	8		.66	8		1.97	8
10/31/13		9.79		.20			2.07			2.27			(.08	)		—			(.08	)		11.98		23.39			7,541		.35			.25			.66			1.80
10/31/126,9		10.00		—	10		(.21	)		(.21	)		—			—			—			9.79		(2.10	)		39		.17			.06			.47			.01
American Funds College 2027 Fund
Class 529-A:
4/30/146,7	$	11.64	$	.10		$	.53		$	.63		$	(.13	)	$	(.01	)	$	(.14	)	$	12.13		5.43	%	$	188,662		.53	%8		.43	%8		.82	%8		1.74	%8
10/31/13		9.82		.16			1.75			1.91			(.09	)		—			(.09	)		11.64		19.58			124,245		.52			.42			.82			1.51
10/31/126,9		10.00		—	10		(.18	)		(.18	)		—			—			—			9.82		(1.80	)		10,910		.14			.08			.49			.01
Class 529-B:
4/30/146,7		11.55		.06			.52			.58			(.06	)		(.01	)		(.07	)		12.06		4.99			1,108		1.35	8		1.25	8		1.64	8		.96	8
10/31/13		9.82		.08			1.72			1.80			(.07	)		—			(.07	)		11.55		18.59			820		1.35			1.24			1.64			.73
10/31/126,9		10.00		—	10		(.18	)		(.18	)		—			—			—			9.82		(1.80	)		86		.23			.17			.58			(.04	)
Class 529-C:
4/30/146,7		11.55		.05			.53			.58			(.07	)		(.01	)		(.08	)		12.05		5.03			45,776		1.36	8		1.26	8		1.65	8		.91	8
10/31/13		9.82		.07			1.74			1.81			(.08	)		—			(.08	)		11.55		18.53			29,510		1.35			1.25			1.65			.69
10/31/126,9		10.00		(.01	)		(.17	)		(.18	)		—			—			—			9.82		(1.80	)		2,721		.23			.17			.58			(.09	)
Class 529-E:
4/30/146,7		11.61		.08			.53			.61			(.12	)		(.01	)		(.13	)		12.09		5.30			6,817		.83	8		.73	8		1.12	8		1.43	8
10/31/13		9.82		.13			1.74			1.87			(.08	)		—			(.08	)		11.61		19.24			4,311		.82			.72			1.12			1.15
10/31/126,9		10.00		—	10		(.18	)		(.18	)		—			—			—			9.82		(1.80	)		198		.19			.10			.51			(.02	)
Class 529-F-1:
4/30/146,7		11.66		.11			.53			.64			(.13	)		(.01	)		(.14	)		12.16		5.55			12,001		.36	8		.26	8		.65	8		1.89	8
10/31/13		9.83		.18			1.74			1.92			(.09	)		—			(.09	)		11.66		19.70			8,846		.35			.25			.65			1.66
10/31/126,9		10.00		—	10		(.17	)		(.17	)		—			—			—			9.83		(1.70	)		136		.11			.05			.46			.01

See page 32 for footnotes.

American Funds College Target Date Series 29

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions
Period ended	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 return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income (loss) to average net assets3
American Funds College 2024 Fund
Class 529-A:
4/30/146,7	$	11.29	$	.11		$	.46		$	.57		$	(.14	)	$	(.01	)	$	(.15	)	$	11.71		5.09	%	$	247,171		.54	%8		.44	%8		.81	%8		1.92	%8
10/31/13		9.88		.18			1.31			1.49			(.08	)		—			(.08	)		11.29		15.28			168,000		.53			.43			.81			1.72
10/31/126,9		10.00		.01			(.13	)		(.12	)		—			—			—			9.88		(1.20	)		15,653		.13			.08			.46			.07
Class 529-B:
4/30/146,7		11.20		.06			.47			.53			(.07	)		(.01	)		(.08	)		11.65		4.76			3,659		1.35	8		1.25	8		1.62	8		1.09	8
10/31/13		9.87		.10			1.30			1.40			(.07	)		—			(.07	)		11.20		14.34			2,834		1.34			1.24			1.62			.92
10/31/126,9		10.00		—	10		(.13	)		(.13	)		—			—			—			9.87		(1.30	)		306		.23			.18			.56			(.04	)
Class 529-C:
4/30/146,7		11.20		.06			.47			.53			(.08	)		(.01	)		(.09	)		11.64		4.76			60,372		1.36	8		1.26	8		1.63	8		1.10	8
10/31/13		9.87		.09			1.31			1.40			(.07	)		—			(.07	)		11.20		14.25			38,991		1.35			1.24			1.62			.89
10/31/126,9		10.00		—	10		(.13	)		(.13	)		—			—			—			9.87		(1.30	)		3,645		.22			.17			.55			(.02	)
Class 529-E:
4/30/146,7		11.26		.09			.47			.56			(.12	)		(.01	)		(.13	)		11.69		4.99			12,427		.83	8		.73	8		1.10	8		1.63	8
10/31/13		9.87		.15			1.31			1.46			(.07	)		—			(.07	)		11.26		14.94			8,248		.82			.72			1.10			1.42
10/31/126,9		10.00		—	10		(.13	)		(.13	)		—			—			—			9.87		(1.30	)		557		.15			.10			.48			.03
Class 529-F-1:
4/30/146,7		11.31		.12			.47			.59			(.15	)		(.01	)		(.16	)		11.74		5.28			16,682		.36	8		.26	8		.63	8		2.09	8
10/31/13		9.88		.20			1.31			1.51			(.08	)		—			(.08	)		11.31		15.41			11,950		.35			.25			.63			1.91
10/31/126,9		10.00		.01			(.13	)		(.12	)		—			—			—			9.88		(1.20	)		425		.11			.05			.43			.06
American Funds College 2021 Fund
Class 529-A:
4/30/146,7	$	10.99	$	.11		$	.36		$	.47		$	(.15	)	$	—	10	$	(.15	)	$	11.31		4.31	%	$	281,396		.54	%8		.44	%8		.77	%8		2.06	%8
10/31/13		9.93		.19			.93			1.12			(.06	)		—			(.06	)		10.99		11.40			198,086		.56			.45			.81			1.83
10/31/126,9		10.00		.01			(.08	)		(.07	)		—			—			—			9.93		(.70	)		21,221		.12			.08			.46			.12
Class 529-B:
4/30/146,7		10.91		.07			.34			.41			(.07	)		—	10		(.07	)		11.25		3.86			3,317		1.35	8		1.25	8		1.58	8		1.26	8
10/31/13		9.92		.11			.93			1.04			(.05	)		—			(.05	)		10.91		10.53			2,773		1.34			1.24			1.60			1.04
10/31/126,9		10.00		—	10		(.08	)		(.08	)		—			—			—			9.92		(.80	)		480		.22			.18			.56			.02
Class 529-C:
4/30/146,7		10.90		.07			.35			.42			(.09	)		—	10		(.09	)		11.23		3.89			79,679		1.36	8		1.26	8		1.59	8		1.26	8
10/31/13		9.93		.11			.91			1.02			(.05	)		—			(.05	)		10.90		10.37			53,217		1.35			1.24			1.60			1.04
10/31/126,9		10.00		—	10		(.07	)		(.07	)		—			—			—			9.93		(.70	)		5,774		.21			.17			.55			.03
Class 529-E:
4/30/146,7		10.96		.10			.35			.45			(.13	)		—	10		(.13	)		11.28		4.15			13,941		.83	8		.73	8		1.06	8		1.79	8
10/31/13		9.93		.16			.93			1.09			(.06	)		—			(.06	)		10.96		11.06			9,364		.82			.71			1.07			1.56
10/31/126,9		10.00		.01			(.08	)		(.07	)		—			—			—			9.93		(.70	)		862		.15			.10			.48			.10
Class 529-F-1:
4/30/146,7		11.01		.12			.35			.47			(.16	)		—	10		(.16	)		11.32		4.37			19,802		.36	8		.26	8		.59	8		2.23	8
10/31/13		9.94		.22			.92			1.14			(.07	)		—			(.07	)		11.01		11.53			14,106		.35			.24			.60			2.05
10/31/126,9		10.00		.01			(.07	)		(.06	)		—			—			—			9.94		(.60	)		349		.10			.05			.43			.11

30 American Funds College Target Date Series

			Income (loss) from investment operations1									Dividends and distributions
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 return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income to average net assets3
American Funds College 2018 Fund
Class 529-A:
4/30/146,7	$	10.65	$	.11		$	.22		$	.33		$	(.15	)	$	—	10	$	(.15	)	$	10.83		3.15	%	$	264,396		.56	%8		.46	%8		.75	%8		1.99	%8
10/31/13		9.98		.20			.53			.73			(.06	)		—			(.06	)		10.65		7.33			191,677		.57			.47			.76			1.91
10/31/126,9		10.00		.01			(.03	)		(.02	)		—			—			—			9.98		(.20	)		22,528		.13			.08			.38			.10
Class 529-B:
4/30/146,7		10.57		.06			.24			.30			(.09	)		—	10		(.09	)		10.78		2.85			3,444		1.35	8		1.25	8		1.54	8		1.20	8
10/31/13		9.97		.12			.52			.64			(.04	)		—			(.04	)		10.57		6.46			2,959		1.34			1.24			1.53			1.13
10/31/126,9		10.00		—	10		(.03	)		(.03	)		—			—			—			9.97		(.30	)		523		.22			.18			.48			.02
Class 529-C:
4/30/146,7		10.57		.06			.23			.29			(.09	)		—	10		(.09	)		10.77		2.82			102,078		1.36	8		1.26	8		1.55	8		1.19	8
10/31/13		9.97		.12			.53			.65			(.05	)		—			(.05	)		10.57		6.53			71,910		1.35			1.24			1.53			1.14
10/31/126,9		10.00		—	10		(.03	)		(.03	)		—			—			—			9.97		(.30	)		6,126		.22			.17			.47			—	11
Class 529-E:
4/30/146,7		10.62		.09			.23			.32			(.13	)		—	10		(.13	)		10.81		3.08			14,453		.83	8		.73	8		1.02	8		1.73	8
10/31/13		9.98		.17			.52			.69			(.05	)		—			(.05	)		10.62		6.98			9,003		.82			.72			1.01			1.62
10/31/126,9		10.00		.01			(.03	)		(.02	)		—			—			—			9.98		(.20	)		1,723		.14			.10			.40			.05
Class 529-F-1:
4/30/146,7		10.67		.12			.23			.35			(.17	)		—	10		(.17	)		10.85		3.31			21,549		.36	8		.26	8		.55	8		2.20	8
10/31/13		9.98		.22			.53			.75			(.06	)		—			(.06	)		10.67		7.56			15,991		.35			.24			.53			2.15
10/31/126,9		10.00		.01			(.03	)		(.02	)		—			—			—			9.98		(.20	)		1,311		.10			.05			.35			.10
American Funds College 2015 Fund
Class 529-A:
4/30/146,7	$	10.07	$	.08		$	.06		$	.14		$	(.12	)	$	(.01	)	$	(.13	)	$	10.08		1.36	%	$	142,173		.59	%8		.49	%8		.80	%8		1.59	%8
10/31/13		10.02		.14			(.04	)		.10			(.05	)		—			(.05	)		10.07		.96			115,560		.58			.48			.76			1.43
10/31/126,9		10.00		.01			.01			.02			—			—			—			10.02		.20			18,273		.13			.08			.38			.12
Class 529-B:
4/30/146,7		10.00		.04			.06			.10			(.05	)		(.01	)		(.06	)		10.04		1.00			2,369		1.36	8		1.26	8		1.57	8		.83	8
10/31/13		10.01		.06			(.04	)		.02			(.03	)		—			(.03	)		10.00		.24			2,426		1.35			1.24			1.52			.65
10/31/126,9		10.00		—	10		.01			.01			—			—			—			10.01		.10			375		.22			.18			.48			.03
Class 529-C:
4/30/146,7		10.00		.04			.06			.10			(.06	)		(.01	)		(.07	)		10.03		.95			68,346		1.36	8		1.26	8		1.57	8		.82	8
10/31/13		10.01		.06			(.03	)		.03			(.04	)		—			(.04	)		10.00		.26			56,327		1.35			1.25			1.53			.65
10/31/126,9		10.00		—	10		.01			.01			—			—			—			10.01		.10			6,828		.21			.17			.47			.03
Class 529-E:
4/30/146,7		10.05		.07			.05			.12			(.10	)		(.01	)		(.11	)		10.06		1.23			10,828		.84	8		.74	8		1.05	8		1.35	8
10/31/13		10.02		.12			(.05	)		.07			(.04	)		—			(.04	)		10.05		.82			8,203		.82			.72			1.00			1.19
10/31/126,9		10.00		.01			.01			.02			—			—			—			10.02		.20			1,037		.14			.10			.40			.10
Class 529-F-1:
4/30/146,7		10.09		.09			.07			.16			(.14	)		(.01	)		(.15	)		10.10		1.57			17,360		.37	8		.27	8		.58	8		1.81	8
10/31/13		10.02		.17			(.05	)		.12			(.05	)		—			(.05	)		10.09		1.19			12,725		.35			.25			.53			1.66
10/31/126,9		10.00		.01			.01			.02			—			—			—			10.02		.20			1,174		.11			.05			.35			.15

See page 32 for footnotes.

American Funds College Target Date Series 31

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions
Period ended	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 return2,3			Net assets, end of period (in thousands)		Ratio of expenses to average net assets before reimbursements/ waivers4			Ratio of expenses to average net assets after reimbursements/ waivers3,4			Net effective expense ratio5			Ratio of net income (loss) to average net assets3
American Funds College Enrollment Fund																		��
Class 529-A:
4/30/146,7	$	9.91	$	.04		$	.01		$	.05		$	(.06	)	$	(.01	)	$	(.07	)	$	9.89		.50	%	$	39,972		.65	%8		.53	%8		.86	%8		.83	%8
10/31/13		10.01		.07			(.14	)		(.07	)		(.03	)		—			(.03	)		9.91		(.67	)		37,830		.62			.51			.82			.70
10/31/126,9		10.00		.01			—	10		.01			—			—			—			10.01		.10			6,373		.15			.08			.41			.09
Class 529-B:
4/30/146,7		9.85		—	10		.01			.01			—	10		(.01	)		(.01	)		9.85		.08			461		1.39	8		1.27	8		1.60	8		.10	8
10/31/13		10.00		—	10		(.13	)		(.13	)		(.02	)		—			(.02	)		9.85		(1.32	)		508		1.37			1.26			1.57			(.04	)
10/31/126,9		10.00		—	10		—	10		—	10		—			—			—			10.00		—	11		118		.26			.18			.51			(.02	)
Class 529-C:
4/30/146,7		9.85		—	10		.01			.01			—			(.01	)		(.01	)		9.85		.07			20,032		1.40	8		1.28	8		1.61	8		.09	8
10/31/13		10.00		—	10		(.13	)		(.13	)		(.02	)		—			(.02	)		9.85		(1.28	)		20,070		1.37			1.26			1.57			(.04	)
10/31/126,9		10.00		—	10		—	10		—	10		—			—			—			10.00		—	11		3,661		.23			.17			.50			—	11
Class 529-E:
4/30/146,7		9.90		.03			.01			.04			(.05	)		(.01	)		(.06	)		9.88		.35			3,056		.87	8		.75	8		1.08	8		.62	8
10/31/13		10.01		.05			(.13	)		(.08	)		(.03	)		—			(.03	)		9.90		(.74	)		2,704		.84			.73			1.04			.48
10/31/126,9		10.00		.01			—	10		.01			—			—			—			10.01		.10			639		.16			.10			.43			.07
Class 529-F-1:
4/30/146,7		9.94		.05			.01			.06			(.08	)		(.01	)		(.09	)		9.91		.63			6,234		.40	8		.28	8		.61	8		1.08	8
10/31/13		10.01		.09			(.12	)		(.03	)		(.04	)		—			(.04	)		9.94		(.34	)		5,841		.37			.27			.58			.95
10/31/126,9		10.00		.01			—	10		.01			—			—			—			10.01		.10			849		.12			.05			.38			.12

	Six months ended			Period ended October 31
Portfolio turnover rate for all share classes	April 30, 20146,7			2013			20126,9
College 2030 Fund		—	%12		—	%12		—	%12
College 2027 Fund		—	12		—	12		—	12
College 2024 Fund		—	12		—	12		—	12
College 2021 Fund		—	12		—	12		—	12
College 2018 Fund		—	12		—	12		—	12
College 2015 Fund		2			1			—	12
College Enrollment Fund		8			8			—	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. During some of the periods shown, CRMC reimbursed other fees and expenses.
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. See pages 33 to 35 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	Unaudited for the six months ended April 30, 2014.
8	Annualized.
9	For the period September 14, 2012, commencement of operations, through October 31, 2012.
10	Amount less than $.01.
11	Amount less than .01%.
12	Amount is either less than 1% or there is no turnover.

See Notes to Financial Statements

32 American Funds College Target Date Series

Expense example unaudited

As a fund shareholder, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the funds so you can compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (November 1, 2013, through April 30, 2014).

Actual expenses:

The first line of each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the funds and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

There are some account fees that are charged to certain types of accounts, such as individual retirement accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually), that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would also be lower by the amount of these fees.

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs,such as sales charges (loads). Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

American Funds College Target Date Series 33

	Beginning account value 11/1/2013		Ending account value 4/30/2014		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
American Funds College 2030 Fund
Class 529-A — actual return	$	1,000.00	$	1,059.13	$	2.09		.41	%	$	4.14		.81	%
Class 529-A — assumed 5% return		1,000.00		1,022.76		2.06		.41			4.06		.81
Class 529-B — actual return		1,000.00		1,053.95		6.37		1.25			8.40		1.65
Class 529-B — assumed 5% return		1,000.00		1,018.60		6.26		1.25			8.25		1.65
Class 529-C — actual return		1,000.00		1,053.66		6.42		1.26			8.45		1.66
Class 529-C — assumed 5% return		1,000.00		1,018.55		6.31		1.26			8.30		1.66
Class 529-E — actual return		1,000.00		1,056.86		3.72		.73			5.76		1.13
Class 529-E — assumed 5% return		1,000.00		1,021.17		3.66		.73			5.66		1.13
Class 529-F-1 — actual return		1,000.00		1,059.78		1.33		.26			3.37		.66
Class 529-F-1 — assumed 5% return		1,000.00		1,023.51		1.30		.26			3.31		.66
American Funds College 2027 Fund
Class 529-A — actual return	$	1,000.00	$	1,054.29	$	2.19		.43	%	$	4.18		.82	%
Class 529-A — assumed 5% return		1,000.00		1,022.66		2.16		.43			4.11		.82
Class 529-B — actual return		1,000.00		1,049.90		6.35		1.25			8.34		1.64
Class 529-B — assumed 5% return		1,000.00		1,018.60		6.26		1.25			8.20		1.64
Class 529-C — actual return		1,000.00		1,050.27		6.41		1.26			8.39		1.65
Class 529-C — assumed 5% return		1,000.00		1,018.55		6.31		1.26			8.25		1.65
Class 529-E — actual return		1,000.00		1,053.00		3.72		.73			5.70		1.12
Class 529-E — assumed 5% return		1,000.00		1,021.17		3.66		.73			5.61		1.12
Class 529-F-1 — actual return		1,000.00		1,055.52		1.33		.26			3.31		.65
Class 529-F-1 — assumed 5% return		1,000.00		1,023.51		1.30		.26			3.26		.65
American Funds College 2024 Fund
Class 529-A — actual return	$	1,000.00	$	1,050.87	$	2.24		.44	%	$	4.12		.81	%
Class 529-A — assumed 5% return		1,000.00		1,022.61		2.21		.44			4.06		.81
Class 529-B — actual return		1,000.00		1,047.65		6.35		1.25			8.22		1.62
Class 529-B — assumed 5% return		1,000.00		1,018.60		6.26		1.25			8.10		1.62
Class 529-C — actual return		1,000.00		1,047.55		6.40		1.26			8.28		1.63
Class 529-C — assumed 5% return		1,000.00		1,018.55		6.31		1.26			8.15		1.63
Class 529-E — actual return		1,000.00		1,049.91		3.71		.73			5.59		1.10
Class 529-E — assumed 5% return		1,000.00		1,021.17		3.66		.73			5.51		1.10
Class 529-F-1 — actual return		1,000.00		1,052.78		1.32		.26			3.21		.63
Class 529-F-1 — assumed 5% return		1,000.00		1,023.51		1.30		.26			3.16		.63
American Funds College 2021 Fund
Class 529-A — actual return	$	1,000.00	$	1,043.12	$	2.23		.44	%	$	3.90		.77	%
Class 529-A — assumed 5% return		1,000.00		1,022.61		2.21		.44			3.86		.77
Class 529-B — actual return		1,000.00		1,038.58		6.32		1.25			7.99		1.58
Class 529-B — assumed 5% return		1,000.00		1,018.60		6.26		1.25			7.90		1.58
Class 529-C — actual return		1,000.00		1,038.86		6.37		1.26			8.04		1.59
Class 529-C — assumed 5% return		1,000.00		1,018.55		6.31		1.26			7.95		1.59
Class 529-E — actual return		1,000.00		1,041.50		3.70		.73			5.37		1.06
Class 529-E — assumed 5% return		1,000.00		1,021.17		3.66		.73			5.31		1.06
Class 529-F-1 — actual return		1,000.00		1,043.68		1.32		.26			2.99		.59
Class 529-F-1 — assumed 5% return		1,000.00		1,023.51		1.30		.26			2.96		.59

34 American Funds College Target Date Series

	Beginning account value 11/1/2013		Ending account value 4/30/2014		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
American Funds College 2018 Fund
Class 529-A — actual return	$	1,000.00	$	1,031.49	$	2.32		.46	%	$	3.78		.75	%
Class 529-A — assumed 5% return		1,000.00		1,022.51		2.31		.46			3.76		.75
Class 529-B — actual return		1,000.00		1,028.52		6.29		1.25			7.75		1.54
Class 529-B — assumed 5% return		1,000.00		1,018.60		6.26		1.25			7.70		1.54
Class 529-C — actual return		1,000.00		1,028.21		6.34		1.26			7.79		1.55
Class 529-C — assumed 5% return		1,000.00		1,018.55		6.31		1.26			7.75		1.55
Class 529-E — actual return		1,000.00		1,030.77		3.68		.73			5.14		1.02
Class 529-E — assumed 5% return		1,000.00		1,021.17		3.66		.73			5.11		1.02
Class 529-F-1 — actual return		1,000.00		1,033.07		1.31		.26			2.77		.55
Class 529-F-1 — assumed 5% return		1,000.00		1,023.51		1.30		.26			2.76		.55
American Funds College 2015 Fund
Class 529-A — actual return	$	1,000.00	$	1,013.57	$	2.45		.49	%	$	3.99		.80	%
Class 529-A — assumed 5% return		1,000.00		1,022.36		2.46		.49			4.01		.80
Class 529-B — actual return		1,000.00		1,010.01		6.28		1.26			7.82		1.57
Class 529-B — assumed 5% return		1,000.00		1,018.55		6.31		1.26			7.85		1.57
Class 529-C — actual return		1,000.00		1,009.46		6.28		1.26			7.82		1.57
Class 529-C — assumed 5% return		1,000.00		1,018.55		6.31		1.26			7.85		1.57
Class 529-E — actual return		1,000.00		1,012.34		3.69		.74			5.24		1.05
Class 529-E — assumed 5% return		1,000.00		1,021.12		3.71		.74			5.26		1.05
Class 529-F-1 — actual return		1,000.00		1,015.67		1.35		.27			2.90		.58
Class 529-F-1 — assumed 5% return		1,000.00		1,023.46		1.35		.27			2.91		.58
American Funds College Enrollment Fund
Class 529-A — actual return	$	1,000.00	$	1,005.04	$	2.63		.53	%	$	4.28		.86	%
Class 529-A — assumed 5% return		1,000.00		1,022.17		2.66		.53			4.31		.86
Class 529-B — actual return		1,000.00		1,000.82		6.30		1.27			7.94		1.60
Class 529-B — assumed 5% return		1,000.00		1,018.50		6.36		1.27			8.00		1.60
Class 529-C — actual return		1,000.00		1,000.72		6.35		1.28			7.99		1.61
Class 529-C — assumed 5% return		1,000.00		1,018.45		6.41		1.28			8.05		1.61
Class 529-E — actual return		1,000.00		1,003.53		3.73		.75			5.37		1.08
Class 529-E — assumed 5% return		1,000.00		1,021.08		3.76		.75			5.41		1.08
Class 529-F-1 — actual return		1,000.00		1,006.27		1.39		.28			3.03		.61
Class 529-F-1 — assumed 5% return		1,000.00		1,023.41		1.40		.28			3.06		.61

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

American Funds College Target Date Series 35

Approval of Investment Advisory and Service Agreement

The American Funds College Target Date Series’ board has approved the series’ Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through December 31, 2014. The board approved the agreement following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all of the series’ independent board members. The board and the committee determined that each fund’s advisory fee structure was fair and reasonable in relation to the services provided and that approving the agreement was in the best interests of each fund and its shareholders.

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

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of its organization; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CRMC to the funds under the agreement and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objectives. In that connection, they recognized that each fund, except the College Enrollment Fund, seeks to achieve the following objectives to varying degrees: growth, income and preservation of capital, depending on the proximity to its target date. They noted that the target date is meant to roughly correspond to the year in which the fund beneficiary will start to withdraw funds to meet higher education expenses; that the fund will increasingly emphasize income and preservation 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; and that in this way, the fund seeks to achieve an appropriate balance of total return and stability during different time periods. They further noted that the College Enrollment Fund seeks to provide current income, consistent with preservation of capital.

The board and the committee compared each fund’s investment results with those of other relevant funds (including funds that form the basis of the Lipper index for the category in which the fund is included), and data such as relevant market and fund indexes, over various periods through June 30, 2013. This report, including the letter to shareholders and related disclosures, contains certain information about each fund’s investment results.

American Funds College 2030 Fund — The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the Lipper Mixed-Asset Target Date Funds Average 2030 (the Lipper category that includes the fund) and (ii) the S&P Target Date To 2030 Index. They noted that the fund’s investment results were above each measurement for the three- and six-month periods. The board and the committee further noted that over the lifetime of the fund since September 14, 2012, the fund’s investment results also were higher than both the Lipper average and the S&P index.

36 American Funds College Target Date Series

American Funds College 2027 Fund — The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the Lipper Mixed-Asset Target Date Funds Average 2030 (the Lipper category that includes the fund) and (ii) the S&P Target Date To 2025 Index. They noted that the fund’s investment results were above each measurement for the three- and six-month periods. The board and the committee further noted that over the lifetime of the fund since September 14, 2012, the fund’s investment results also were higher than both the Lipper average and the S&P index.

American Funds College 2024 Fund — The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the Lipper Mixed-Asset Target Date Funds Average 2025 (the Lipper category that includes the fund) and (ii) the S&P Target Date To 2025 Index. They noted that the fund’s investment results were above each measurement for the three- and six-month periods. The board and the committee further noted that over the lifetime of the fund since September 14, 2012, the fund’s investment results also were higher than both the Lipper average and the S&P index.

American Funds College 2021 Fund — The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the Lipper Mixed-Asset Target Date Funds Average 2025 (the Lipper category that includes the fund) and (ii) the S&P Target Date To 2020 Index. They noted that the fund’s investment results were above each measurement for the three-month period, but above the S&P index and below the Lipper average for the six-month period. The board and the committee further noted that over the lifetime of the fund since September 14, 2012, the fund’s investment results were higher than the S&P index, but below the Lipper average.

American Funds College 2018 Fund — The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the Lipper Mixed-Asset Target Date Funds Average 2020 (the Lipper category that includes the fund) and (ii) the S&P Target Date To 2015 Index. They noted that the fund’s investment results were above each measurement for the three-month period, but above the S&P index and below the Lipper average for the six-month period. The board and the committee further noted that over the lifetime of the fund since September 14, 2012, the fund’s investment results were below both the Lipper average and the S&P index.

American Funds College 2015 Fund — The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the Lipper Mixed-Asset Target Date Funds Average 2015 (the Lipper category that includes the fund) and (ii) the Barclays U.S. Aggregate Index. They noted that the fund’s investment results were above each measurement for the three-month period, and above the Barclays index, but substantially below the Lipper average for the six-month period as well as over the lifetime of the fund since September 14, 2012.

American Funds College Target Date Series 37

American Funds College Enrollment Fund — The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the Lipper Short-Intermediate Investment Grade Debt Funds Average (the Lipper category that includes the fund) and (ii) the Barclays Intermediate U.S. Aggregate Index. They noted that the fund’s investment results were above the Barclays index but below the Lipper average for the three- and six-month periods. The board and the committee further noted that over the lifetime of the fund since September 14, 2012, the fund’s investment results were below the Barclays index and substantially below the Lipper average.

The board and the committee concluded that each fund’s investment results have been satisfactory and that CRMC’s record in managing the funds indicated that its continued management should benefit each fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the total expense levels of each fund to those of other relevant funds. They observed that each fund’s expenses were less than the median and average of fees and expenses of those of the other funds included in its Lipper category described above.

The board and the committee also reviewed the advisory fee schedule of the funds (including the fees and expenses of the underlying American Funds in which the funds invest) compared to those of other relevant funds. The board and the committee noted CRMC’s waiver of the entire advisory fee payable by the funds under the agreement and CRMC’s commitment not to remove the waiver without board approval. In addition, they reviewed information regarding the effective advisory fees charged to other clients by CRMC and its affiliates. They noted that,to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment,operational and regulatory differences between advising the fund and the other clients. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with each fund and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the funds’ principal underwriter,an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices,noting that while CRMC receives the benefit of research provided by broker-dealers executing portfolio transactions on behalf of each fund, it does not obtain third-party research or other services in return for allocating brokerage to such broker-dealers. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the funds.

38 American Funds College Target Date Series

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and willingness to invest in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments,and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. The board and the committee concluded that each fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the funds’ shareholders.

American Funds College Target Date Series 39

Office of the series
6455 Irvine Center Drive
Irvine, CA 92618-4518

Investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts
American Funds Service Company
(Write to the address near you.)

P.O. Box 6007
Indianapolis, IN 46206-6007

P.O. Box 2280
Norfolk, VA 23501-2280

Custodian of assets

JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070

Counsel
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, CA 90071-3106

Independent registered public accounting firm
Deloitte & Touche LLP
695 Town Center Drive
Suite 1200
Costa Mesa, CA 92626-7188

Principal underwriter

American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at americanfunds.com.

“Proxy Voting Guidelines for American Funds College Target Date Series” — which describes how we vote proxies relating to the underlying funds held in the portfolios — is available on the American Funds website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the American Funds website.

American Funds College Target Date Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at (800) SEC-0330. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of shareholders of American Funds College Target Date Series, but it also may be used as sales literature when preceded or accompanied by the current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after June 30, 2014, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.

40 American Funds College Target Date Series

The American Funds Advantage

Since 1931, American Funds, part of Capital Group, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^SM — has resulted in a superior long-term track record.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 26 years of investment experience, including 21 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System^SM

Our investment process, The Capital System, combines individual accountability with teamwork. Each fund is divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

Superior long-term track record

Our equity funds have beaten their Lipper peer indexes in 90% of 10-year periods and 96% of 20-year periods. Our fixed-income funds have beaten their Lipper indexes in 56% of 10-year periods and 57% of 20-year periods.² Our fund management fees have been among the lowest in the industry.³

1	Portfolio manager experience as of December 31, 2013.
2	Based on Class A share results for rolling periods through December 31, 2013. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except SMALLCAP World Fund, for which the Lipper average was used).
3	Based on management fees for the 20-year period ended December 31, 2013, versus comparable Lipper categories, excluding funds of funds.

	Printed on paper containing 10% post-consumer waste   Printed with inks containing soy and/or vegetable oil
Lit No. MFGESRX-800-0614P   Litho in USA CGD/UNL/10240-S38907

ITEM 2 – Code of Ethics

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

ITEM 3 – Audit Committee Financial Expert

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

ITEM 4 – Principal Accountant Fees and Services

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

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

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

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

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

ITEM 12 – Exhibits

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

SIGNATURES

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

AMERICAN FUNDS COLLEGE TARGET DATE SERIES

By /s/ Walter R. Burkley

Walter R. Burkley, President and

Principal Executive Officer

Date: June 30, 2014

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

By /s/ Walter R. Burkley

Walter R. Burkley, President and

Principal Executive Officer

Date: June 30, 2014

By /s/ Gregory F. Niland

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: June 30, 2014