The fund will attempt to achieve its investment objectives by investing in a mix of American Funds in different combinations and weightings. The underlying American Funds represent a variety of fund categories, including growth-and-income funds, equity-income funds, balanced funds and fixed income funds. The fund categories represent differing investment objectives and strategies. For example, growth-and-income funds seek long-term growth and income primarily through investments in stocks. Equity-income and balanced funds generally strive for income and growth through stocks and/or fixed income investments, while fixed income funds seek current income through investments in bonds or in other fixed income instruments.

The fund is designed for investors who plan to start withdrawing funds to meet higher education expenses in, or close to, the fund’s target date – that is, the year designated in the fund’s name. However, investors may purchase shares of the fund throughout the life of the fund, including after the target date.

The fund’s investment adviser periodically reviews the investment strategies and asset mix of the underlying funds and may, from time to time, rebalance or modify the asset mix of the funds and change the underlying fund investments. The investment adviser may also determine not to change the underlying fund allocations, particularly in response to short-term market movements, if in its opinion the combination of underlying funds is appropriate to meet the fund’s investment objective.

The following glide path chart illustrates the investment approach of the fund by showing how its investment in the various fund categories will change over time. The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes relatively more conservative as time elapses. The fund’s asset allocation strategy promotes asset accumulation prior to college enrollment through equity exposure. As it approaches the target date, the fund will seek dividend income to help dampen risk while maintaining equity exposure, and will invest in fixed income securities to help provide current income, capital preservation and inflation protection. Upon reaching its target date, the fund will be principally invested in fixed income funds and may merge into the Enrollment Fund, which will also be principally invested in fixed income funds. The allocations shown reflect the target allocations as of January 1, 2024.

Investment approach

The investment adviser anticipates that the fund will invest its assets within a range that deviates no more than 10% above or below the investment approach set forth above. For example, a 20% target allocation to growth funds is not expected to be greater than 30% or less than 10%. The investment adviser will monitor the fund on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.

On December 7, 2023, the Board of Trustees of the American Funds College Target Date Series approved the merger of American Funds College 2024 Fund into American Funds College Enrollment Fund pursuant to Rule 17a-8 of the Investment Company Act of 1940. It is anticipated that the merger will be consummated on or about March 22, 2024; however, the Series reserves the right to delay the closing of the merger. At such time, beneficial owners of shares of American Funds College 2024 Fund will automatically receive a proportionate number of shares of American Funds College Enrollment Fund based on each fund's net asset value at the time of the merger. Accordingly, when acquiring shares of American Funds College 2024 Fund, you should also consider the strategies and risks of American Funds College Enrollment Fund. Please see the American Funds College Enrollment Fund's summary prospectus or the American Funds College Enrollment Fund summary section of the American Funds College Target Date Series prospectus for further information on the strategies and risks of American Funds College Enrollment Fund. Additionally, please note that no new purchases of shares of American Funds College 2024 Fund will be accepted within five business days of the effective date of the proposed merger. If the merger is effected on March 22, 2024, as is currently planned, no new purchases of American Funds College 2024 Fund shares will be accepted as of March 16, 2024.