A Review of U.S.
Presidential Elections
Elections Come
and Go. Results
Last a Lifetime.
Set Your Sights on the Long Term
Investor doubts may seem especially prevalent during presidential
election years when campaigns spotlight the country’s challenges.
Yet even with election year rhetoric amplifying the negative, it’s
important to focus on your vision for the future.
“The only limit to
our realization of
To help you stay the course, consider the following:
tomorrow will be our
• Successful long-term investors stay the course and rely on time
rather than timing.
doubts of today.”
• Investment success has depended more on the strength and
resilience of the American economy than on which candidate
or party holds office.
— Franklin D. Roosevelt
• The experience and time-tested process of your investment
manager can be an important contributor to your long-term
investment success.
Democrat
Republican
1936
1940
1944
1948
Franklin D.
Roosevelt
vs.
Alf Landon
Franklin D.
Roosevelt
vs.
Wendell Willkie
Franklin D.
Roosevelt
vs.
Thomas Dewey
Harry Truman
vs.
Thomas Dewey
U.S. remains
in grip of
Depression
Isolationism
vs. engagement
hotly debated
FDR’s health in
question
Civil rights tension
boils over at
convention
Nazi rise
troubles Europe
Potential Post-War
Germany
impact of
Berlin blockade
menaces Europe; New Deal debated
accelerates
France falls
Cold War
1952
1956
1960
1964
Dwight
Dwight
John F. Kennedy Lyndon Johnson
Eisenhower
Eisenhower
vs.
vs.
vs.
vs.
Richard Nixon Barry Goldwater
Adlai Stevenson Adlai Stevenson
U.S. detonates
first hydrogen
bomb
Mideast trouble
as Egypt seizes
Suez Canal
Attempts at
Korean War
truce fail
Soviets invade
Hungary
Cuba nationalizes
U.S. assets
American U-2
spy plane shot
down in Soviet
airspace
1968
1972
Richard Nixon
vs.
Hubert
Humphrey
Richard Nixon
vs.
George
McGovern
Civil Rights Act Vietnam protests Watergate scandal
passes after
and civil rights
surfaces
lengthy filibuster
issues roil
Vietnam War
conventions
Gulf of Tonkin
drags on
signals Vietnam RFK and Martin
involvement
Luther King Jr.
assassinated
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Market declines
and recessions
ED
CLOS
Overseas conflict
and war
There have always been
tumultuous events
Businesses going
bankrupt
The current economic and political challenges
may seem unprecedented, but a look back shows
that controversy and uncertainty
have surrounded every race.
ED
CLOS
D
E
CLOS
Weather-related
calamities
Civil unrest and
protest
Labor market
struggles
1976
1980
1984
1988
1992
1996
Jimmy Carter
vs.
Gerald Ford
Ronald Reagan
vs.
Jimmy Carter
Ronald Reagan
vs.
Walter Mondale
George H.W.
Bush
vs.
Michael Dukakis
Bill Clinton
vs.
George H.W.
Bush
Bill Clinton
vs.
Bob Dole
New York City
threatens
bankruptcy
Iran hostage
crisis drags on
Budget deficits
rising rapidly
Olympic boycott
underscores
Cold War divide
Stock market
slides over 30%
in less than
four months
Savings and
loan crisis
reaches apex
Economy mired
in recession
Iran-Contra
indictments
2000
2004
George W. Bush George W. Bush
vs.
vs.
Al Gore
John Kerry
Los Angeles riots 19 American
Tech bubble
highlight racial
servicemen
bursts; stock
tension
killed in Saudi markets plummet
Arabia bombing
Pending NAFTA
Attack on USS
ratification
UN arms inspec- Cole heightens
creates anxiety
tors repeatedly terrorism concerns
thwarted in Iraq
Oil prices soar
Ongoing wars
in Iraq and
Afghanistan
2008
2012
Barack Obama
vs.
John McCain
Barack Obama
vs.
Mitt Romney
Subprime
mortgage crisis
High-stakes
negotiations lead
to a deal to avert
Lehman Brothers the “fiscal cliff”
collapse; world
markets fall
Superstorm Sandy
kills 268 people,
and causes $68
billion in damage
$200,000,000
The Investment Company of America®
20 elections and counting
100,000,000
70,000,000
50,000,000
As you can see in the mountain chart below, a hypothetical $10,000 investment in
The Investment Company of America has grown steadily and significantly over the
fund’s 82-year history.
40,000,000
30,000,000
20,000,000
Additionally, a hypothetical $10,000 investment in ICA made at the beginning of an
election year was always larger 10 years down the road.
19521
10,000,000
8,000,000
400,000
Average
annual return:
$24,145
9.9%
$6,176
France falls
War in Europe
Pearl Harbor
Depression
40,000
9.2%
War clouds gather
60,000
Civil war in Spain
80,000
Average
annual return:
Recession
100,000
Economy still struggling
200,000
Average
annual return:
10.6%
12.1%
Average
annual retur
15.8%
Excess profits tax
Franklin
Roosevelt
Average
annual return:
$6,128
Soviets detonate A-bomb
$3,918
$6,540
Cold War begins
600,000
Industry mobilizes
800,000
19401
$7,002
Dow tops 200 —
market “too high”
$25,740
Wartime price controls
1,000,000
$27,432
$31,461
Post-war recession
predicted
Franklin
Roosevelt
Harry
Truman
Consumer goods shortages
1936
2,000,000
Franklin
Roosevelt
Korean War
1944
1
$43,238
19481
1
Berlin blockade
4,000,000
20,000
Dwight
Eisenhow
Dividends reinvested
during period
U.S. seizes steel mills
$10,000 investment
10 years later
6,000,000
10,000
8,000
Year ended
Dec. 31 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952
Capital value ($ in 000)
Dividends
—
excluded:
Value at
year-end: $11.8
—
$.4
1.0
.2
.5
.8
1.1
1.0
.9
.9
.9
1.3
1.7
1.8
1.7
1.9
2.0
2.0
21.6
31.0
18.3
23.2
22.9
21.5
18.8
20.9
26.9
32.1
42.9
40.7
39.3
37.7
39.4
45.2
51.2
55.3
—
$.4
1.0
.2
.5
.9
1.3
1.2
1.1
1.2
1.2
1.8
2.4
2.7
2.7
3.2
3.4
3.5
21.6
31.6
19.4
24.8
25.0
24.4
22.6
26.4
35.0
43.2
59.1
57.7
58.2
58.4
63.9
76.6
90.3
101.3
+0.8
–2.4
–7.4
–2.4
+0.9
+0.4
+9.4
Total value ($ in 000)
Dividends
—
reinvested:
Value at
year-end: $11.8
Total
return +18.2% +83.1 +45.8 –38.5 +27.6
+16.8 +32.8 +23.3 +36.8
+19.8 +17.8 +12.2
Results reflect payment of the maximum 5.75% sales charge for Class A shares on a hypothetical $10,000 investment. Thus the net amount
invested was $9,425. The maximum initial sales charge was 8.5% prior to July 1, 1988. As outlined in the prospectus, the sales charge is
reduced for larger investments. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
The results shown are before taxes on fund distributions and sale of fund shares. Past results are not predictive of results in future periods.
Results for other share classes may differ.
4.8%
U.S. withdraws
Nixon resigns
Kennedy assassination
Cuban Missile Crisis
Berlin Wall is erected
Oil embargo
8.2%
7.9%
Watergate
Average
annual return:
Average
annual return:
Wage-price freeze
Average
annual return:
$5,276
U.S. invades Cambodia
$4,786
Soviets down U-2 plane
Recession
Soviets launch Sputnik
Suez Crisis
Eisenhower illness
Soviets detonate H-bomb
%
Dow tops 300 — market “too high”
11.9%
rn:
$4,103
10.0%
Average
annual return:
Average
annual return:
Money tightens;
market falls
$3,947
$21,901
Newark riots
8
$21,301
$4,068
Civil rights marches
$30,768
$15,994
Gulf of Tonkin
t
wer
Lyndon
Johnson
1964
$25,951
Castro seizes power in Cuba
1
Richard
Nixon
Vietnam War escalates
Dwight
Eisenhower
Richard
Nixon
1
John F.
Kennedy
19561
19721
North Korea captures
USS Pueblo
19601
19681
Value added by reinvestment
of dividends
1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975
2.1
2.1
2.6
2.7
3.0
3.0
3.2
3.6
3.6
3.8
3.9
4.3
4.7
5.9
6.9
8.3
9.0
9.4
9.6
9.7
10.6
15.9
14.3
53.4
80.8
98.5
106.3
90.9
128.0
142.9
145.6
175.4
148.2
177.8
202.3
251.6
248.0
312.5
356.6
309.6
307.4
349.7
394.7
317.9
245.5
317.7
3.9
4.1
5.1
5.6
6.2
6.5
7.0
8.1
8.4
9.1
9.6
10.7
12.1
15.5
18.4
22.6
25.3
27.3
28.6
29.9
33.4
52.2
49.8
101.7
158.9
199.2
220.6
194.4
281.5
321.4
336.0
413.6
358.8
440.9
512.6
650.7
657.1
846.9
990.6
884.8
908.0
1,062.7 1,231.1 1,024.1
840.3
1,137.7
+0.4
+56.1 +25.4 +10.8 –11.9 +44.8 +14.2
+4.5
+23.1 –13.2 +22.9 +16.3 +26.9
+1.0
+28.9 +17.0 –10.7
+2.6
+17.0 +15.9 –16.8
Here are ICA’s average annual total returns on a $1,000 investment with all
distributions reinvested for periods ended December 31, 2015:
1 year
5 years
10 years
Class A shares
–7.10%9.38% 5.88%
–17.9 +35.
Expense ratio was 0.59% as of the fund’s prospectus
available at the time of publication.
$45,486
19801
Ronald
Reagan
19841
19881
Ronald
Reagan
George H.W.
Bush
$38,400
$42,624
$49,623
19921
Technology stocks stumble
Dow tops 4000, then 5000 —
market “too high”
Midwestern U.S. floods
Los Angeles riots
Recession in U.S.;
Soviet Union dissolves
Iraq invades Kuwait
Problems with
junk bonds
Bank failures peak
Record-setting
market decline
U.S. bombs Libya
U.S. becomes a
debtor nation
Iran-Iraq war
escalates
Soviets shoot down
Korean airliner
Worst recession
in 40 years
Reagan and the
pope are shot
Abscam scandal
rocks Congress
Three Mile Island
nuclear accident
Energy crisis
16.4%
Massacres in Cambodia
Average
annual return:
Fed raises interest rates
six times
$8,763
Chaos in Asian markets
Figures shown are past results for Class A shares and are not predictive of results in 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. Results shown are at the 5.75% maximum
sales charge for Class A shares with all distributions reinvested. For current information and month-end
results, visit americanfunds.com.
Jimmy
Carter
New York City
threatens bankruptcy
from Vietnam
19761
19961
Bill
Clinton
Bill
Clinton
$32,378
$26,270
$9,584
$7,214
$5,343
$3,837
$3,460
Average
annual return:
Average
annual return:
Average
annual return:
Average
annual return:
Average
annual return:
17.4%
14.4%
15.6%
12.5%
10.1%
5 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 19
31.7
33.2
12.8
13.3
14.4
17.3
21.7
26.4
31.6
30.3
.7
398.1
374.3
414.4
475.7
552.2
530.9
670.6
774.5
792.0 1,017.9 1,200.5 1,220.9 1,327.4 1,652.8 1,598.8 1,969.9 2,052.2 2,234.2 2,180.6 2,779.7 3,247.9 4,142.7 5,0
8
46.4
49.8
56.0
70.0
91.3
115.9
146.1
147.2
160.4
174.9
37.3
203.8
47.5
267.5
54.4
318.7
60.7
370.8
64.1
406.3
48.7
320.4
53.0
357.8
54.0
374.4
57.3
61.7
3
407.2
450.1
64.3
480.1
67.0
510.3
7 1,474.4 1,436.4 1,647.5 1,963.3 2,380.2 2,401.1 3,212.0 3,859.7 4,117.2 5,491.9 6,685.7 7,049.2 7,989.3 10,338.6 10,409.0 13,171.9 14,092.3 15,729.4 15,753.9 20,578.7 24,560.6 31,881.2 39,
.4 +29.6
–2.6
+14.7 +19.2 +21.2
+0.9
+33.8 +20.2 +6.7 +33.4 +21.7
The stock market is represented by Standard & Poor’s 500
Composite Index, a widely used measure of stocks issued by
relatively large U.S. companies. The S&P 500 is unmanaged
and, therefore, has no expenses.
+5.4
+13.3 +29.4
+0.7 +26.5
+7.0
+11.6
+0.2 +30.6 +19.3 +29.8 +2
Investment results shown are for 10-year periods beginning on January 1 of the year
shown.
1
Greek debt crisis;
China growth slows
U.S. drawn into Syrian conflict
Year five of federal government’s
quantitative easing policy
U.S. faces “fiscal cliff”
European sovereign debt crisis
Gulf of Mexico oil spill
U.S. unemployment tops 10%
U.S. recession
Subprime credit crisis
Dow Jones tops
12000 for first time
Hurricanes devastate
southern U.S.
Oil prices soar
U.S. invades Iraq
Corporate accounting
scandals
Terrorist attacks in U.S.
Internet bubble bursts
Fears of Y2K
computer problems
Global economic turmoil
ICA with dividends
reinvested
$107,719,5522
Average annual
return: 12.0%
Stock market with
dividends reinvested
$44,324,528
Average annual
return: 10.8%
ICA with dividends
excluded
$9,787,1003
Average annual
return: 8.8%
Stock market with
dividends excluded
$2,023,703
Average annual
return: 6.7%
Consumer Price
Index (Inflation)
$179,186
Average annual
return: 3.6%
20041
1
2000
George W.
Bush
George W.
Bush
$18,796
$12,066
$2,217
$2,578
Average
annual return:
Average
annual return:
1.9%
6.5%
Original investment
$10,000
998 1999
75.4
82.8
2000
93.0
2001 2002 2003
99.0
100.7
102.2
2004 2005 2006 2007
103.0
136.3
152.1
144.0
2008
156.9
2009
131.5
2010
129.2
008.2 5,748.5 5,875.5 5,507.5 4,616.9 5,713.5 6,163.0 6,446.5 7,313.2 7,601.9 4,835.7 5,986.9 6,496.8
584.1
651.8
743.4
804.1
833.3
864.3
2011
133.8
2012
166.1
6,249.9 7,055.0
887.4 1,196.3 1,364.6 1,319.3 1,466.7 1,264.7 1,272.4 1,345.5
2013 2014 2015
147.4
181.3
169.8
9,179.2 10,102.3 9,787.1
1,707.1 1,548.6 1,939.3 1,849.1
,193.5 45,682.2 47,435.2 45,258.6 38,709.1 48,891.6 53,674.5 57,361.4 66,504.4 70,456.8 45,983.8 58,481.1 64,830.6 63,692.5 73,628.5 97,503.5109,291.9 107,719.6
22.9 +16.6
+3.8
–4.6
–14.5 +26.3
+9.8
+6.9
+15.9
+5.9
–34.7 +27.2 +10.9
Includes dividends of $27,595,819, and capital gain distributions of $55,802,079,
reinvested in the years 1936-2015.
3Includes reinvested capital gains of $6,525,803, but does not reflect income dividends
of $3,369,476 taken in cash.
2
–1.8
+15.6 +32.4 +12.1
–1.4
Average
annual
total
return for
82 years:
+12.0%
Red, Blue and You
Beliefs about which political party is best for the markets might
discourage you from investing. But as you can see from the chart
below, whether the GOP or the Democrats claim the presidency
historically has not been the deciding factor in how a $10,000
investment made at the beginning of an election year looked 10
years down the road.
Growth of a Hypothetical $10,000 Investment Made at the Beginning of an Election Year
ICA total ending value 10 years
after the start of a Democratic
presidency
S&P 500 total ending value
’64–’73
’68–’77
$52,448
’72–’81
’76–’85
’80–’89
’84–’93
’88–’97
’92–’01
’96–’05
’00–’09
$18,796
$20,421
$12,066
$9,090
$26,270
$23,830
$32,378
$33,727
$42,624
$38,400
$40,141
$49,623
$50,324
$45,486
$38,193
’60–’69
$21,301
$18,761
$30,768
$28,561
’56–’65
$15,994
$14,240
’52–’61
$21,901
$17,908
’48–’57
$25,951
$21,228
$43,238
$45,741
’44–’53
$45,702
’40–’49
$31,461
$24,145
$23,992
’36–’45
$27,432
$25,740
$22,418
$38,016
ICA total ending value 10 years
after the start of a Republican
presidency
’04–’13
Source for ICA and S&P 500 10-year returns: Thomson InvestmentView
Each 10-year period begins on January 1 of the first year shown and ends on December 31 of the final year shown. For example, the first period listed
(1936–1945) covers 1/1/36 through 12/31/45.
All results for ICA shown on this page reflect payment of the maximum 5.75% sales charge for Class A shares on a hypothetical $10,000 investment.
Thus, the net amount invested in each period was $9,425. The S&P 500 is unmanaged and, therefore, has no expenses. There have been periods when
the fund has lagged the index.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is
contained in the fund prospectus and summary prospectus, which can be obtained from a financial professional and should be read
carefully before investing. If used after March 31, 2016, this brochure must be accompanied by a current American Funds quarterly
statistical update.
Standard & Poor’s 500 Composite Index is a market capitalization-weighted index based on the results of 500 widely held common
stocks. The market index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been
lower. Please see americanfunds.com for more information.
Lit. No. MFCPBR-021-0316P Litho in USA CGD/CG/10204-S52707 © 2016 American Funds Distributors, Inc.
Printed on recycled paper
Quarterly Statistical Update
January 2016
Data as of December 31, 2015
This update must be used (until superseded)
with any American Funds and CollegeAmerica®
sales materials that include investment results for
periods ended before the date above. As a practical matter, financial advisors should consider
including this update with all American Funds
and CollegeAmerica sales literature. This material
may be photocopied. Investment results updated
monthly, and daily share price information, are
available at americanfunds.com.
Figures shown are past results and are not
predictive of results in 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. For current information and month-end results, visit
americanfunds.com. Returns shown are based
on a $1,000 investment. The return of principal
for bond funds and funds with significant underlying bond holdings is not guaranteed. Fund
shares are subject to the same interest rate,
inflation and credit risks associated with the
underlying bond holdings. Investments in
mortgage-related securities involve additional
risks, such as prepayment risk, as more fully
described in the prospectus. Fund shares of
U.S. Government Securities Fund are not guaranteed by the U.S. government. An investment
in the money market fund is not insured or
guaranteed by the FDIC or any other government agency. Although the money market fund
seeks to preserve the value of your investment
at $1.00 per share, it is possible to lose money
by investing in the fund. The fund’s sponsor has
no legal obligation to provide financial support
to the fund, and you should not expect that the
sponsor will provide financial support to the
fund at any time.
Exchange privileges generally allow shareholders
to transfer some or all of their holdings among
American Funds in the same share class without
a sales charge. CollegeAmerica allows exchanges
twice per calendar year and when the beneficiary
of the account is changed. Class A, C and F-1
shares generally may be ex­changed into the
corresponding 529 share class without a sales
charge, but such exchanges from UGMA or
UTMA custo­dial accounts may create significant
legal and tax consequences. Exchange privileges
are subject to change or termination.
American Funds
American Funds Class A shares are subject to a
5.75% maximum up-front sales charge for equity
funds and most Portfolio Series funds, 3.75% for
most bond and tax-exempt bond funds and
American Funds Tax-Advantaged Income
Portfolio, and 2.50% for shorter term bond funds,
American Funds Preservation Portfolio and
American Funds Tax-Exempt Preservation
Portfolio. There is no sales charge for the Class A
money market fund. Share classes without an
up-front sales charge are also available. Class C
shares have a 1% contingent deferred sales
charge on shares sold within the first year of
purchase and convert to Class F-1 shares after
10 years. Class F-1 and F-2 shares have an annual
asset-based fee charged by the sponsoring firm.
New investments in Class B shares are no longer
allowed. For more information and investment
results, please see americanfunds.com.
Class C shares are limited to a maximum purchase of $500,000, and are not available to
certain employer-sponsored retirement plans.
Class F-1 and F-2 shares are available only
through certain fee-based programs offered by
registered investment advisors. Your financial
advisor can help you decide which share class
is best for you.
Class F-2 shares were introduced on August 1,
2008. Fund results prior to the date of first sale
are hypothetical, based on Class A share returns
without a sales charge adjusted for typical additional expenses as described on pages 8 and 9.
Individual fund expenses are also shown on
pages 8 and 9.
American Funds in CollegeAmerica
CollegeAmerica, a 529 college savings plan
sponsored by Virginia529,SM is available nationwide and allows federal-tax-free earnings and
withdrawals for a beneficiary’s qualified higher
education expenses. (Qualified with­drawals
from 529 plans are exempt from federal income
tax. Qualified withdrawals may also be exempt
from state income tax. Check with a tax advisor.
If withdrawals are used for purposes other than
higher education, the earnings will be subject to
a 10% federal tax penalty in addition to federal
and, if applicable, state income tax.) Interests in
CollegeAmerica are sold through unaffiliated
intermediaries.
CollegeAmerica is distributed by American
Funds Distributors, Inc. If you reside in a state
other than Virginia, there may be an in-state plan
that offers tax and other benefits not available
through CollegeAmerica. Before investing in
any state’s 529 plan, you should consult your
tax advisor.
CollegeAmerica features four share classes. Class
529-A, 529-C and 529-F-1 shares are structured
similarly to American Funds Class A, C and F-1
shares, respectively. Unless otherwise indicated,
529 share class details (including sales charges
and share conversion) are generally the same
as the corresponding American Funds share
class. Class 529-E shares are structured similarly
to Class 529-F-1 shares but are available only
through eligible employer-sponsored plans.
Unless otherwise indicated, Class 529-E share
details are generally the same as Class 529-F-1
shares. New investments in Class 529-B shares
are no longer allowed. More information and
investment results for Class 529-B and 529-E
shares can be found on americanfunds.com.
Class 529-C shares do not convert to Class
529-F-1 shares after 10 years. Class 529-F-1
shares are available only through certain
fee-based programs offered by broker-dealer
firms and registered investment advisors.
CollegeAmerica investors can contribute up
to $14,000 a year per beneficiary ($28,000 for
married couples) without gift-tax consequences.
With a special gift-tax election, five years’ worth
of investments can be accelerated, so investors can contribute up to $70,000 at one time
($140,000 for married couples). Each beneficiary
is limited to $350,000 in combined account values (including investments and earnings) of all
529 plans administered by Virginia529.
Investors should carefully consider investment
objectives, risks, charges and expenses. This and
other important information is contained in the
fund prospectuses, summary prospectuses and
CollegeAmerica Program Description, which can
be obtained from a financial professional and
should be read carefully before investing.
Invest­ments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Results at net asset value (NAV) do not reflect the funds’ maximum sales charges. If these had been deducted, results would have been lower.
Results at maximum offering price (MOP) reflect deduction of the funds’ maximum sales charges (5.75% for equity funds, 3.75% for most bond
funds and 2.50% for shorter term* bond funds).
Average annual total returns
Class A shares
Investment results for periods ended
December 31, 2015
Without sales charge (NAV)
1 year %
5 years %
10 years %
With maximum sales charge (MOP)
1 year %
5 years %
10 years %
Annualized
30-day
SEC Yield
at MOP1 %
Expense
ratio %
(net/gross)
0.50
0.89
0.54
0.30
0.80
0.84
0.03
0.68
0.83
0.65
0.79
0.75
1.04
1.07
Growth funds
AMCAP Fund®
EuroPacific Growth Fund®
The Growth Fund of America®
The New Economy Fund®
New Perspective Fund®
New World Fund®
SMALLCAP World Fund®
0.78
-0.83
5.36
3.80
5.34
-5.99
2.58
12.41
3.63
12.05
12.74
9.00
0.48
7.12
7.56
4.60
7.18
8.34
7.50
5.70
7.02
-5.02
-6.53
-0.69
-2.16
-0.71
-11.39
-3.31
11.09
2.41
10.73
11.41
7.71
-0.70
5.86
6.93
3.98
6.55
7.70
6.87
5.07
6.39
Growth-and-income funds
American Funds Developing World Growth and Income
FundSM
American Mutual Fund®
Capital World Growth and Income Fund®
Fundamental Investors®
International Growth and Income FundSM
The Investment Company of America®
Washington Mutual Investors FundSM
-17.54
-7.192
—
-22.25
-10.022
—
2.28
1.35
-2.83
-2.17
3.38
-8.24
-1.44
-0.17
10.50
6.95
11.23
2.89
10.69
12.02
6.90
5.85
7.77
6.293
6.50
6.92
-8.43
-7.79
-2.58
-13.51
-7.10
-5.91
9.20
5.69
9.91
1.68
9.38
10.70
6.27
5.23
7.14
5.423
5.88
6.29
2.25
2.03
1.51
2.48
2.01
1.95
0.58
0.77
0.61
0.91
0.59
0.58
-2.93
-1.48
6.46
8.34
5.41
6.34
-8.50
-7.15
5.21
7.07
4.79
5.71
3.33
3.14
0.59
0.55
1.72
-3.47
9.83
5.444
6.83
—
-4.13
-9.02
8.54
4.174
6.20
—
1.68
1.93
0.59
0.85
-1.23
1.84
-7.42
0.23
-4.19
0.92
0.36
1.53
-1.655
2.82
2.96
3.18
1.05
1.60
0.48
2.55
—
2.376
5.01
3.31
3.68
2.65
1.627
3.80
-3.67
-2.01
-10.90
-3.53
-7.77
-1.63
-2.19
-2.30
-2.475
2.05
2.18
2.40
0.28
1.09
-0.03
1.77
—
1.626
4.61
2.91
3.28
2.39
1.347
3.40
-0.34/-0.35
0.69
7.68
1.69
2.09
0.98
0.84
0.85
0.79
0.70
0.67
0.62
0.93
0.61
0.60
0.65
0.44
2.96
4.39
1.40
3.12
3.38
2.03
2.18
1.21
5.35
7.61
3.15
5.72
6.54
4.20
4.24
1.389
4.486
4.74
3.41
4.40
4.67
3.48
3.70
-2.05
-0.90
0.46
-1.12
-0.75
-0.47
-1.83
-1.64
0.70
4.54
6.79
2.62
4.91
5.73
3.41
3.45
0.979
3.716
4.34
3.15
4.00
4.27
3.08
3.31
0.65
1.73/1.72
2.90
1.06
1.66
1.71
1.34
1.39
0.58
0.72
0.68
0.57
0.54
0.62
0.69
0.66
Equity-income funds
Capital Income Builder®
The Income Fund of America®
Balanced funds
American Balanced Fund®
American Funds Global Balanced Fund®
Bond funds
American Funds Inflation Linked Bond Fund®*
American Funds Mortgage Fund®
American High-Income Trust®
The Bond Fund of America®
Capital World Bond Fund®
Intermediate Bond Fund of America®*
Short-Term Bond Fund of America®*
U.S. Government Securities Fund®
Tax-exempt bond funds
American Funds Short-Term Tax-Exempt Bond Fund®*8
American Funds Tax-Exempt Fund of New York®
American High-Income Municipal Bond Fund®
Limited Term Tax-Exempt Bond Fund of America®*
The Tax-Exempt Bond Fund of America®
The Tax-Exempt Fund of California®
The Tax-Exempt Fund of Maryland®
The Tax-Exempt Fund of Virginia®
From January 10, 2000, to October 31, 2006, the maximum sales charge for Intermediate Bond
Fund of America and Limited Term Tax-Exempt Bond Fund of America was 3.75%.
Investment results assume all distributions are reinvested and reflect applicable fees and
expenses. Expense ratios are as of each fund’s prospectus available at the time of publication.
The expense ratio for American Funds Inflation Linked Bond Fund is estimated. When applicable,
investment results reflect fee waivers and/or expense reimbursements, without which results
would have been lower. Please see americanfunds.com for more information. The investment
adviser is currently reimbursing a portion of other expenses for American Funds Tax-Exempt
Fund of New York. Investment results reflect the reimbursement, without which the results
would have been lower and the expenses would have been higher. This reimbursement will
be in effect through at least September 30, 2016, unless modified or terminated by the fund’s
board. The adviser may elect at its discretion to extend, modify or terminate the reimbursement
at that time. Please see each fund’s most recent prospectus for details.
1Two SEC yields are shown for some funds. The first number reflects the fee waiver and/or
reimbursement; the second does not.
2
Fund lifetime return. The fund began operations February 3, 2014.
Fund lifetime return. The fund began operations October 1, 2008.
4Fund lifetime return. The fund began operations February 1, 2011.
5Fund lifetime return. The fund began operations December 14, 2012.
6Fund lifetime return. The fund began operations November 1, 2010.
7Fund lifetime return. The fund began operations October 2, 2006.
8The Tax-Exempt Money Fund of America (inception: October 24, 1989) converted to American
Funds Short-Term Tax-Exempt Bond Fund on August 7, 2009. Investment results shown do not
include the fund’s results for the period it operated as The Tax-Exempt Money Fund of America,
whose results can be found in American Funds Short-Term Tax-Exempt Bond Fund’s prospectus.
9Fund lifetime return. The fund began operations August 7, 2009.
2
3
Results at net asset value (NAV) do not reflect the funds’ maximum sales charges. If these had been deducted, results would have been lower.
Results at maximum offering price (MOP) reflect deduction of the funds’ maximum sales charges (5.75% for target date, Retirement Income
Portfolio Series and most Portfolio Series* funds, 3.75% for American Funds Tax-Advantaged Income Portfolio and 2.50% for American Funds
Preservation Portfolio and American Funds Tax-Exempt Preservation Portfolio).
Average annual total returns
Class A shares
Investment results for periods ended
December 31, 2015
Without sales charge (NAV)
1 year %
5 years % 10 years %
With maximum sales charge (MOP)
1 year %
5 years % 10 years %
Annualized
30-day
SEC Yield
at MOP1 %
Expense
ratio %
(net/gross)
Money market fund
American Funds Money Market Fund®
0.00
0.00
0.002
0.00
0.00
0.002
0.00/-0.153
0.38
0.36
1.48
-0.99
0.61
-2.57
1.30
0.56
1.77
11.974
13.764
10.514
9.874
6.624
8.834
0.734
2.204
—
—
—
—
—
—
—
—
-5.40
-4.34
-6.69
-5.19
-8.16
-2.46
-1.91
-0.82
10.154
11.914
8.724
8.094
4.894
7.684
0.014
1.484
—
—
—
—
—
—
—
—
1.12/1.03
0.59/0.49
1.80/1.71
1.48/1.39
3.23/3.14
2.74/2.64
1.13/1.03
2.52/2.43
0.84
0.75
0.69
0.70
0.64
0.79
0.71
0.76
-1.865
0.30
0.35
0.35
0.28
0.21
0.17
-0.26
-0.23
-0.97
-1.20
—
8.89
8.90
8.88
8.87
8.78
8.73
8.27
7.34
6.58
6.06
—
10.146
5.377
5.377
5.367
5.307
5.297
4.917
4.397
4.177
3.917
-7.505
-5.47
-5.40
-5.42
-5.52
-5.56
-5.56
-6.01
-5.94
-6.65
-6.89
—
7.61
7.62
7.61
7.59
7.49
7.46
6.99
6.08
5.32
4.80
—
9.046
4.677
4.677
4.667
4.607
4.597
4.227
3.707
3.487
3.227
1.37/0.63
1.21/1.12
1.22/1.13
1.23/1.13
1.29/1.20
1.34/1.24
1.41/1.31
1.49/1.39
1.57/1.48
2.04/1.94
2.14/2.04
0.88/1.12
0.78
0.76
0.75
0.74
0.74
0.73
0.73
0.71
0.71
0.69
1.418
1.038
0.688
—
—
—
—
—
—
-4.428
-4.788
-5.108
—
—
—
—
—
—
2.48/2.12
2.32/1.86
2.13/1.27
0.75/0.83
0.73/0.81
0.72/0.80
Portfolio Series funds
American Funds Global Growth PortfolioSM*
American Funds Growth PortfolioSM*
American Funds Growth and Income PortfolioSM*
American Funds Balanced PortfolioSM*
American Funds Income PortfolioSM*
American Funds Tax-Advantaged Income PortfolioSM
American Funds Preservation PortfolioSM
American Funds Tax-Exempt Preservation PortfolioSM
Target date funds
American Funds 2060 Target Date Retirement FundSM
American Funds 2055 Target Date Retirement Fund®
American Funds 2050 Target Date Retirement Fund®
American Funds 2045 Target Date Retirement Fund®
American Funds 2040 Target Date Retirement Fund®
American Funds 2035 Target Date Retirement Fund®
American Funds 2030 Target Date Retirement Fund®
American Funds 2025 Target Date Retirement Fund®
American Funds 2020 Target Date Retirement Fund®
American Funds 2015 Target Date Retirement Fund®
American Funds 2010 Target Date Retirement Fund®
Retirement Income Portfolio Series funds
American Funds Retirement Income Portfolio - EnhancedSM
American Funds Retirement Income Portfolio - ModerateSM
American Funds Retirement Income Portfolio - ConservativeSM
Investment results assume all distributions are reinvested and reflect applicable fees and
expenses. Expense ratios are as of each fund’s prospectus available at the time of publication.
When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Please see americanfunds.com for more information.
Although American Funds Money Market Fund has 12b-1 plans for some share classes, the fund
is currently suspending certain 12b-1 payments in this low interest rate environment. Should
payments commence, the fund’s investment results will be lower and expenses will be higher.
Investment results for target date funds assume all distributions are reinvested and reflect
applicable fees and expenses. The investment adviser is currently reimbursing a portion of
other expenses for each share class of American Funds 2060 Target Date Retirement Fund.
The reimbursement will be in effect through at least January 1, 2017, unless modified or
terminated by the investment adviser. Investment results and net expense ratios reflect the
reimbursement, without which the results would have been lower and the expenses would
have been higher. The 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 expense
ratio for American Funds 2060 Target Date Retirement Fund is estimated.
Investment results for American Funds Retirement Income Portfolio Series funds assume
all distributions are reinvested and reflect applicable fees and expenses. The investment
adviser is currently reimbursing a portion of other expenses for funds in the American Funds
Retirement Income Portfolio Series. Investment results and net expense ratios reflect the
reimbursement, without which the results would have been lower and the expenses would
have been higher. The reimbursement will be in effect through at least January 1, 2017,
unless modified or terminated by the investment adviser. The 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 expense ratios for funds in the American Funds
Retirement Income Portfolio Series are estimated.
Investment allocations may not achieve fund objectives. Adequate income through retirement
is not guaranteed for the Retirement Income Portfolio Series. 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. For the Retirement Income Portfolio Series,
payments consisting of return of capital will result in a decrease in an investor’s fund share
balance. Higher rates of withdrawal and withdrawals during declining markets may result in
a more rapid decrease in an investor’s fund share balance. Persistent returns of capital could
ultimately result in a zero account balance.
Two SEC yields are shown for some funds. The first number reflects the fee waiver and/or
reimbursement; the second does not.
2Fund lifetime return. The fund began operations May 1, 2009.
3Annualized seven-day SEC yield, which more accurately reflects the fund’s current earnings
than does total return.
4Fund lifetime return. The fund began operations May 18, 2012.
5 Cumulative fund lifetime return. The fund began operations March 27, 2015.
6 Fund lifetime return. The fund began operations February 1, 2010.
7 Fund lifetime return. The fund began operations February 1, 2007.
8 Cumulative fund lifetime return. The fund began operations August 28, 2015.
1
3
Results without CDSC do not reflect the contingent deferred sales charge. If the CDSC had been deducted, these results would have been lower.
Results with CDSC reflect deduction of the 1% contingent deferred sales charge.
Average annual total returns
Class C shares
Investment results for periods ended
December 31, 2015
1 year %
Without CDSC
5 years %
10 years %
With CDSC
1 year %
Annualized
30-day
SEC Yield
at NAV1 %
0.02
-1.60
4.51
2.96
4.48
-6.76
1.80
11.52
2.83
11.17
11.83
8.13
-0.32
6.28
6.71
3.79
6.34
7.48
6.64
4.86
6.19
-0.89
-2.56
3.55
1.99
3.49
-7.69
0.85
-0.32
0.13
-0.28
-0.53
0.01
0.04
-0.81
-18.15
-7.812
—
-18.96
1.56
2.09
-3.60
-2.96
2.56
-8.97
-2.24
-0.93
9.61
6.09
10.34
2.07
9.80
11.13
6.03
5.00
6.91
5.443
5.64
6.07
-4.51
-3.90
1.59
-9.86
-3.14
-1.87
1.54
1.30
0.74
1.73
1.28
1.24
1.38
1.57
1.41
1.69
1.39
1.38
-3.71
-2.24
5.61
7.49
4.56
5.48
-4.65
-3.18
2.68
2.49
1.38
1.35
0.93
-4.22
8.97
4.614
5.98
—
-0.03
-5.15
0.95
1.19
1.39
1.65
-1.98
1.07
-8.16
-0.56
-4.95
0.13
-0.36
0.76
-2.655
1.98
2.14
2.36
0.26
0.80
-0.36
1.74
—
1.566
4.17
2.49
2.86
1.85
0.808
2.99
-2.95
0.07
-9.03
-1.54
-5.90
-0.86
-1.35
-0.22
-1.22/-1.23
-0.10
7.12
0.93
1.33
0.19
-0.05
0.07
1.58
1.50
1.47
1.41
1.73
1.39
1.44
1.42
2.13
3.59
0.62
2.31
2.57
1.23
1.38
4.44
6.78
2.38
4.89
5.71
3.38
3.42
3.596
3.94
2.64
3.57
3.84
2.67
2.89
1.13
2.59
-0.37
1.31
1.57
0.24
0.39
0.91/0.90
2.15
0.15
0.89
0.94
0.59
0.63
1.56
1.44
1.33
1.33
1.40
1.47
1.45
Expense
ratio %
1.49
1.61
1.45
1.60
1.55
1.84
1.87
Growth funds
AMCAP Fund
EuroPacific Growth Fund
The Growth Fund of America
The New Economy Fund
New Perspective Fund
New World Fund
SMALLCAP World Fund
Growth-and-income funds
American Funds Developing World Growth and Income
Fund
American Mutual Fund
Capital World Growth and Income Fund
Fundamental Investors
International Growth and Income Fund
The Investment Company of America
Washington Mutual Investors Fund
Equity-income funds
Capital Income Builder
The Income Fund of America
Balanced funds
American Balanced Fund
American Funds Global Balanced Fund
Bond funds
American Funds Inflation Linked Bond Fund
American Funds Mortgage Fund
American High-Income Trust
The Bond Fund of America
Capital World Bond Fund
Intermediate Bond Fund of America
Short-Term Bond Fund of America7
U.S. Government Securities Fund
Tax-exempt bond funds
American Funds Tax-Exempt Fund of New York
American High-Income Municipal Bond Fund
Limited Term Tax-Exempt Bond Fund of America
The Tax-Exempt Bond Fund of America
The Tax-Exempt Fund of California
The Tax-Exempt Fund of Maryland
The Tax-Exempt Fund of Virginia
Investment results assume all distributions are reinvested and reflect applicable fees and
expenses. Expense ratios are as of each fund’s prospectus available at the time of publication.
The expense ratio for American Funds Inflation Linked Bond Fund is estimated. When applicable,
investment results reflect fee waivers and/or expense reimbursements, without which results
would have been lower. Please see americanfunds.com for more information. The investment
adviser is currently reimbursing a portion of other expenses for American Funds Tax-Exempt
Fund of New York. Investment results reflect the reimbursement, without which the results
would have been lower and the expenses would have been higher. This reimbursement will
be in effect through at least September 30, 2016, unless modified or terminated by the fund’s
board. The adviser may elect at its discretion to extend, modify or terminate the reimbursement
at that time. Please see each fund’s most recent prospectus for details.
1Two SEC yields are shown for some funds. The first number reflects an expense reimbursement;
the second does not.
4
Fund lifetime return. The fund began operations February 3, 2014.
Fund lifetime return. The fund began operations October 1, 2008.
4Fund lifetime return. The fund began operations February 1, 2011.
5Fund lifetime return. The fund began operations December 14, 2012.
6Fund lifetime return. The fund began operations November 1, 2010.
7Results for Short-Term Bond Fund of America include hypothetical returns based on Class A
share results without a sales charge, adjusted for estimated additional annual expenses,
because that fund’s Class C shares sold after the fund’s inception date of October 2, 2006.
Please see americanfunds.com for more information on specific expense adjustments and
the actual date of first sale.
8Fund lifetime return. The fund began operations October 2, 2006.
2
3
Results without CDSC do not reflect the contingent deferred sales charge. If the CDSC had been deducted, these results would have been lower.
Results with CDSC reflect deduction of the 1% contingent deferred sales charge.
Class C shares1
Average annual total returns
Investment results for periods ended
December 31, 2015
1 year %
Without CDSC
5 years %
0.00
10 years %
With CDSC
1 year %
Annualized
30-day
SEC Yield
at NAV2 %
Expense
ratio %
(net/gross)
0.00
0.003
-1.00
0.00/-0.184
0.42
-0.36
0.74
-1.73
-0.21
-3.30
0.65
-0.24
1.06
11.115
12.885
9.675
9.025
5.835
8.075
-0.025
1.495
—
—
—
—
—
—
—
—
-1.32
-0.23
-2.68
-1.18
-4.24
-0.33
-1.24
0.07
0.36/0.25
-0.22/-0.32
1.09/0.98
0.74/0.64
2.64/2.54
1.98/1.88
0.39/0.29
1.74/1.64
1.61
1.54
1.48
1.49
1.41
1.49
1.43
1.46
-2.366
-0.47
-0.49
-0.58
-0.49
-0.58
-0.53
-0.96
-0.90
-1.79
-1.92
—
8.04
8.02
7.98
8.01
7.92
7.87
7.40
6.50
5.73
5.24
—
9.277
4.528
4.518
4.518
4.468
4.448
4.078
3.578
3.338
3.098
-3.336
-1.43
-1.44
-1.53
-1.44
-1.53
-1.48
-1.90
-1.85
-2.72
-2.87
0.43/-0.24
0.41/0.31
0.46/0.35
0.46/0.36
0.54/0.44
0.59/0.48
0.64/0.54
0.73/0.63
0.87/0.76
1.34/1.23
1.45/1.35
Money market fund
American Funds Money Market Fund
Portfolio Series funds
American Funds Global Growth Portfolio
American Funds Growth Portfolio
American Funds Growth and Income Portfolio
American Funds Balanced Portfolio
American Funds Income Portfolio
American Funds Tax-Advantaged Income Portfolio
American Funds Preservation Portfolio
American Funds Tax-Exempt Preservation Portfolio
Target date funds
American Funds 2060 Target Date Retirement Fund
American Funds 2055 Target Date Retirement Fund
American Funds 2050 Target Date Retirement Fund
American Funds 2045 Target Date Retirement Fund
American Funds 2040 Target Date Retirement Fund
American Funds 2035 Target Date Retirement Fund
American Funds 2030 Target Date Retirement Fund
American Funds 2025 Target Date Retirement Fund
American Funds 2020 Target Date Retirement Fund
American Funds 2015 Target Date Retirement Fund
American Funds 2010 Target Date Retirement Fund
1.57/1.81
1.56
1.53
1.52
1.51
1.51
1.49
1.48
1.46
1.45
1.45
Retirement Income Portfolio Series funds
American Funds Retirement Income Portfolio - Enhanced
1.239
American Funds Retirement Income Portfolio - Moderate
0.869
American Funds Retirement Income Portfolio - Conservative
0.509
Investment results assume all distributions are reinvested and reflect applicable fees and
expenses. Expense ratios are as of each fund’s prospectus available at the time of publication.
When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Please see americanfunds.com for more information.
Although American Funds Money Market Fund has 12b-1 plans for some share classes, the fund
is currently suspending certain 12b-1 payments in this low interest rate environment. Should
payments commence, the fund’s investment results will be lower and expenses will be higher.
Investment results for American Funds Retirement Income Portfolio Series funds assume
all distributions are reinvested and reflect applicable fees and expenses. The investment
adviser is currently reimbursing a portion of other expenses for funds in the American Funds
Retirement Income Portfolio Series. Investment results and net expense ratios reflect the
reimbursement, without which the results would have been lower and the expenses would
have been higher. The reimbursement will be in effect through at least January 1, 2017,
unless modified or terminated by the investment adviser. The 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 expense ratios for funds in the American Funds
Retirement Income Portfolio Series are estimated.
Investment results for target date funds assume all distributions are reinvested and reflect
applicable fees and expenses. The investment adviser is currently reimbursing a portion of other
expenses for each share class of American Funds 2060 Target Date Retirement Fund. The reimbursement will be in effect through at least January 1, 2017, unless modified or terminated by
the investment adviser. Investment results and net expense ratios reflect the reimbursement,
without which the results would have been lower and the expenses would have been higher. The
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 expense ratio for American Funds
2060 Target Date Retirement Fund is estimated.
—
—
0.239
1.85/1.48
1.45/1.53
—
—
-0.149
1.69/1.21
1.43/1.51
—
—
-0.509
1.46/0.55
1.42/1.50
Investment allocations may not achieve fund objectives. Adequate income through retirement
is not guaranteed for the Retirement Income Portfolio Series. 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. For the Retirement Income Portfolio Series, payments consisting of return of capital will result in a decrease in an investor’s fund share balance.
Higher rates of withdrawal and withdrawals during declining markets may result in a more rapid
decrease in an investor’s fund share balance. Persistent returns of capital could ultimately result
in a zero account balance.
1 Class C shares were first offered on March 15, 2001 (on February 21, 2014, in funds in the
American Funds Target Date Retirement Series). Class C share results prior to the date of first
sale are hypothetical based on Class A share results without a sales charge, adjusted for estimated additional annual expenses. Class C shares convert to Class F-1 shares after 10 years.
Please see americanfunds.com for more information on specific expense adjustments and the
actual dates of first sale.
2Two SEC yields are shown for some funds. The first number reflects the fee waiver and/or
reimbursement; the second does not.
3Fund lifetime return. The fund began operations May 1, 2009.
4Annualized seven-day SEC yield, which more accurately reflects the fund’s current earnings
than does total return.
5Fund lifetime return. The fund began operations May 18, 2012.
6Cumulative fund lifetime return. The fund began operations March 27, 2015.
7Fund lifetime return. The fund began operations February 1, 2010.
8Fund lifetime return. The fund began operations February 1, 2007.
9Cumulative fund lifetime return. The fund began operations August 28, 2015.
5
Average annual total returns
Class F-1 shares
Investment results for periods ended
December 31, 2015
1 year %
5 years %
10 years %
Annualized
30-day
SEC Yield
at NAV1 %
0.75
-0.86
5.34
3.73
5.27
-5.99
2.59
12.38
3.61
12.04
12.70
8.95
0.50
7.13
7.56
4.58
7.19
8.32
7.47
5.71
7.04
0.43
0.89
0.48
0.24
0.75
0.85
-0.03
0.74
0.86
0.70
0.84
0.81
1.02
1.07
-17.51
-7.142
—
2.38
1.29
-2.89
-2.22
3.33
-8.28
-1.53
-0.22
10.43
6.92
11.18
2.85
10.61
11.95
6.85
5.83
7.75
6.253
6.45
6.88
2.27
2.05
1.48
2.51
2.00
1.95
0.66
0.81
0.66
0.95
0.67
0.66
-3.01
-1.56
6.41
8.27
5.37
6.27
3.40
3.20
0.65
0.64
1.67
-3.50
9.80
5.414
6.81
—
1.68
1.94
0.65
0.91
-1.27
1.84
-7.45
0.21
-4.13
0.86
0.23
1.54
-1.945
2.79
2.92
3.16
1.06
1.55
0.36
2.55
—
2.346
4.97
3.30
3.69
2.62
1.538
3.81
-0.55
0.75
7.89
1.68
2.14
0.90
0.66
0.85
0.85
0.71
0.70
0.62
0.91
0.66
0.73
0.62
0.22
2.97
4.31
1.30
2.99
3.26
1.91
2.07
0.99
5.25
7.51
3.07
5.59
6.41
4.07
4.12
1.1710
4.386
4.66
3.36
4.29
4.56
3.37
3.60
0.38
2.15/2.14
2.84
0.80
1.55
1.61
1.24
1.45
0.80
0.80
0.75
0.67
0.67
0.74
0.80
0.77
Expense
ratio %
Growth funds
AMCAP Fund
EuroPacific Growth Fund
The Growth Fund of America
The New Economy Fund
New Perspective Fund
New World Fund
SMALLCAP World Fund
Growth-and-income funds
American Funds Developing World Growth and Income
Fund
American Mutual Fund
Capital World Growth and Income Fund
Fundamental Investors
International Growth and Income Fund
The Investment Company of America
Washington Mutual Investors Fund
Equity-income funds
Capital Income Builder
The Income Fund of America
Balanced funds
American Balanced Fund
American Funds Global Balanced Fund
Bond funds
American Funds Inflation Linked Bond Fund
American Funds Mortgage Fund
American High-Income Trust
The Bond Fund of America
Capital World Bond Fund
Intermediate Bond Fund of America
Short-Term Bond Fund of America7
U.S. Government Securities Fund
Tax-exempt bond funds
American Funds Short-Term Tax-Exempt Bond Fund7,9
American Funds Tax-Exempt Fund of New York
American High-Income Municipal Bond Fund
Limited Term Tax-Exempt Bond Fund of America
The Tax-Exempt Bond Fund of America
The Tax-Exempt Fund of California
The Tax-Exempt Fund of Maryland
The Tax-Exempt Fund of Virginia
Investment results assume all distributions are reinvested and reflect applicable fees and
expenses. Expense ratios are as of each fund’s prospectus available at the time of publication.
The expense ratio for American Funds Inflation Linked Bond Fund is estimated. When applicable,
investment results reflect fee waivers and/or expense reimbursements, without which results
would have been lower. Please see americanfunds.com for more information. The investment
adviser is currently reimbursing a portion of other expenses for American Funds Tax-Exempt
Fund of New York. Investment results reflect the reimbursement, without which the results
would have been lower and the expenses would have been higher. This reimbursement will be
in effect through at least September 30, 2016, unless modified or terminated by the fund’s
board. The adviser may elect at its discretion to extend, modify or terminate the reimbursement
at that time. Please see each fund’s most recent prospectus for details.
1Two SEC yields are shown for some funds. The first number reflects an expense reimbursement; the second does not.
2Fund lifetime return. The fund began operations February 3, 2014.
3Fund lifetime return. The fund began operations October 1, 2008.
4Fund lifetime return. The fund began operations February 1, 2011.
6
Fund lifetime return. The fund began operations December 14, 2012.
Fund lifetime return. The fund began operations November 1, 2010.
7Results for Short-Term Bond Fund of America and American Funds Short-Term Tax-Exempt
Bond Fund include hypothetical returns based on Class A share results without a sales charge,
adjusted for estimated additional annual expenses, because those funds’ Class F-1 shares sold
after the funds’ inception dates of October 2, 2006, and August 7, 2009, respectively. Please
see americanfunds.com for more information on specific expense adjustments and actual
dates of first sale.
8Fund lifetime return. The fund began operations October 2, 2006.
9The Tax-Exempt Money Fund of America (inception: October 24, 1989) converted to American
Funds Short-Term Tax-Exempt Bond Fund on August 7, 2009. Investment results shown do not
include the fund’s results for the period it operated as The Tax-Exempt Money Fund of America,
whose results can be found in American Funds Short-Term Tax-Exempt Bond Fund’s prospectus.
10 Fund lifetime return. The fund began operations August 7, 2009.
5
6
Average annual total returns
Class F-1 shares1
Investment results for periods ended
December 31, 2015
1 year %
5 years %
10 years %
Annualized
30-day
SEC Yield
at NAV2 %
0.00
0.00
0.003
0.00/-0.474
0.70
0.35
1.46
-1.05
0.55
-2.61
1.34
0.58
1.69
11.955
13.725
10.475
9.835
6.625
8.865
0.745
2.225
—
—
—
—
—
—
—
—
1.07/0.96
0.52/0.42
1.84/1.73
1.48/1.38
3.38/3.28
2.72/2.62
1.12/1.02
2.48/2.38
0.89
0.82
0.75
0.76
0.68
0.76
0.70
0.73
-1.776
0.23
0.29
0.27
0.24
0.17
0.12
-0.19
-0.23
-0.92
-1.19
—
8.86
8.84
8.83
8.81
8.73
8.67
8.22
7.30
6.54
6.03
—
10.117
5.318
5.318
5.308
5.258
5.238
4.868
4.348
4.128
3.878
0.94/0.70
1.16/1.06
1.21/1.10
1.22/1.12
1.30/1.20
1.35/1.24
1.43/1.32
1.50/1.39
1.63/1.53
2.13/2.03
2.23/2.12
0.85/1.09
0.82
0.79
0.80
0.78
0.77
0.77
0.76
0.73
0.72
0.71
1.409
1.049
0.789
—
—
—
—
—
—
2.54/2.16
2.38/1.85
2.14/1.22
0.76/0.84
0.74/0.82
0.73/0.81
Expense
ratio %
(net/gross)
Money market fund
American Funds Money Market Fund
Portfolio Series funds
American Funds Global Growth Portfolio
American Funds Growth Portfolio
American Funds Growth and Income Portfolio
American Funds Balanced Portfolio
American Funds Income Portfolio
American Funds Tax-Advantaged Income Portfolio
American Funds Preservation Portfolio
American Funds Tax-Exempt Preservation Portfolio
Target date funds
American Funds 2060 Target Date Retirement Fund
American Funds 2055 Target Date Retirement Fund
American Funds 2050 Target Date Retirement Fund
American Funds 2045 Target Date Retirement Fund
American Funds 2040 Target Date Retirement Fund
American Funds 2035 Target Date Retirement Fund
American Funds 2030 Target Date Retirement Fund
American Funds 2025 Target Date Retirement Fund
American Funds 2020 Target Date Retirement Fund
American Funds 2015 Target Date Retirement Fund
American Funds 2010 Target Date Retirement Fund
Retirement Income Portfolio Series funds
American Funds Retirement Income Portfolio - Enhanced
American Funds Retirement Income Portfolio - Moderate
American Funds Retirement Income Portfolio - Conservative
Investment results assume all distributions are reinvested and reflect applicable fees and
expenses. Expense ratios are as of each fund’s prospectus available at the time of publication.
When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Please see americanfunds.com for more information.
Although American Funds Money Market Fund has 12b-1 plans for some share classes, the fund
is currently suspending certain 12b-1 payments in this low interest rate environment. Should
payments commence, the fund’s investment results will be lower and expenses will be higher.
Investment results for American Funds Retirement Income Portfolio Series funds assume
all distributions are reinvested and reflect applicable fees and expenses. The investment
adviser is currently reimbursing a portion of other expenses for funds in the American Funds
Retirement Income Portfolio Series. Investment results and net expense ratios reflect the
reimbursement, without which the results would have been lower and the expenses would
have been higher. The reimbursement will be in effect through at least January 1, 2017,
unless modified or terminated by the investment adviser. The 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 expense ratios for funds in the American Funds
Retirement Income Portfolio Series are estimated.
Investment results for target date funds assume all distributions are reinvested and reflect
applicable fees and expenses. The investment adviser is currently reimbursing a portion of other
expenses for each share class of American Funds 2060 Target Date Retirement Fund. The reimbursement will be in effect through at least January 1, 2017, unless modified or terminated by
the investment adviser. Investment results and net expense ratios reflect the reimbursement,
without which the results would have been lower and the expenses would have been higher. The
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 expense ratio for American Funds 2060
Target Date Retirement Fund is estimated.
Investment allocations may not achieve fund objectives. Adequate income through retirement
is not guaranteed for the Retirement Income Portfolio Series. 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. For the Retirement Income Portfolio Series, payments consisting of return of capital will result in a decrease in an investor’s fund share balance.
Higher rates of withdrawal and withdrawals during declining markets may result in a more rapid
decrease in an investor’s fund share balance. Persistent returns of capital could ultimately result
in a zero account balance.
1Class F-1 shares were first offered on March 15, 2001 (on February 21, 2014, in funds in the
American Funds Target Date Retirement Series). Class F-1 share results prior to the date of
first sale are hypothetical based on Class A share results without a sales charge, adjusted for
estimated additional annual expenses. Please see americanfunds.com for more information
on specific expense adjustments and the actual dates of first sale.
2Two SEC yields are shown for some funds. The first number reflects the fee waiver and/or
reimbursement; the second does not.
3Fund lifetime return. The fund began operations May 1, 2009.
4Annualized seven-day SEC yield, which more accurately reflects the fund’s current earnings
than does total return.
5Fund lifetime return. The fund began operations May 18, 2012.
6Cumulative fund lifetime return. The fund began operations March 27, 2015.
7Fund lifetime return. The fund began operations February 1, 2010.
8Fund lifetime return. The fund began operations February 1, 2007.
9Cumulative fund lifetime return. The fund began operations August 28, 2015.
7
Average annual total returns
Class F-2 shares1
Investment results for periods ended
December 31, 2015
1 year %
5 years %
10 years %
Annualized
30-day
SEC Yield
at NAV2 %
Expense
ratio %
7.81
4.85
7.44
8.61
7.75
5.98
7.33
0.70
1.14
0.76
0.52
1.03
1.12
0.25
0.47
0.59
0.43
0.57
0.55
0.76
0.82
Growth funds
AMCAP Fund
EuroPacific Growth Fund
The Growth Fund of America
The New Economy Fund
New Perspective Fund
New World Fund
SMALLCAP World Fund
1.00
-0.57
5.60
4.01
5.56
-5.74
2.88
12.66
3.89
12.33
13.01
9.25
0.77
7.43
-17.35
-6.923
—
2.66
1.03
-2.66
-1.95
3.61
-8.07
-1.26
0.02
10.71
7.21
11.47
3.10
10.92
12.23
7.10
6.10
8.01
6.514
6.72
7.14
2.53
2.33
1.76
2.74
2.28
2.22
0.41
0.53
0.40
0.69
0.39
0.40
-2.76
-1.35
6.67
8.53
5.60
6.52
3.67
3.47
0.40
0.38
1.92
-3.27
10.07
5.675
7.06
—
1.96
2.20
0.39
0.65
-1.03
2.11
-7.22
0.47
-3.91
1.14
0.51
1.78
-1.706
3.05
3.18
3.43
1.33
1.84
0.64
2.80
—
2.607
5.23
3.55
3.95
2.90
1.808
4.06
-0.30
0.95
8.17
1.95
2.40
1.17
0.90
1.08
0.60
0.42
0.45
0.35
0.65
0.39
0.45
0.38
Growth-and-income funds
American Funds Developing World Growth and Income
Fund
American Mutual Fund
Capital World Growth and Income Fund
Fundamental Investors
International Growth and Income Fund
The Investment Company of America
Washington Mutual Investors Fund
Equity-income funds
Capital Income Builder
The Income Fund of America
Balanced funds
American Balanced Fund
American Funds Global Balanced Fund
Bond funds
American Funds Inflation Linked Bond Fund
American Funds Mortgage Fund
American High-Income Trust
The Bond Fund of America
Capital World Bond Fund
Intermediate Bond Fund of America
Short-Term Bond Fund of America
U.S. Government Securities Fund
Tax-exempt bond funds
American Funds Short-Term Tax-Exempt Bond Fund9
0.47
American Funds Tax-Exempt Fund of New York
3.09
American High-Income Municipal Bond Fund
4.56
Limited Term Tax-Exempt Bond Fund of America
1.54
The Tax-Exempt Bond Fund of America
3.24
The Tax-Exempt Fund of California
3.50
The Tax-Exempt Fund of Maryland
2.16
The Tax-Exempt Fund of Virginia
2.31
Investment results assume all distributions are reinvested and reflect applicable fees and
expenses. Expense ratios are as of each fund’s prospectus available at the time of publication.
The expense ratio for American Funds Inflation Linked Bond Fund is estimated. When applicable,
investment results reflect fee waivers and/or expense reimbursements, without which results
would have been lower. Please see americanfunds.com for more information. The investment
adviser is currently reimbursing a portion of other expenses for American Funds Tax-Exempt
Fund of New York. Investment results reflect the reimbursement, without which the results
would have been lower and the expenses would have been higher. This reimbursement will
be in effect through at least September 30, 2016, unless modified or terminated by the fund’s
board. The adviser may elect at its discretion to extend, modify or terminate the reimbursement
at that time. Please see each fund’s most recent prospectus for details.
1Results for certain funds with an inception date after August 1, 2008, also include hypothetical
returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Please
see americanfunds.com for more information on specific expense adjustments and the actual
dates of first sale.
8
1.25
1.4310
0.65
0.55
1.84/1.83
0.61
5.44
4.577
7.79
4.92
3.09
0.49
3.34
3.61
1.06
0.41
5.86
4.55
1.81
0.41
6.68
4.81
1.85
0.49
4.35
3.64
1.50
0.56
4.38
3.85
1.54
0.53
2Two SEC yields are shown for some funds. The first number reflects an expense reimbursement;
the second does not.
3Fund lifetime return. The fund began operations February 3, 2014.
4Fund lifetime return. The fund began operations October 1, 2008.
5Fund lifetime return. The fund began operations February 1, 2011.
6Fund lifetime return. The fund began operations December 14, 2012.
7Fund lifetime return. The fund began operations November 1, 2010.
8Fund lifetime return. The fund began operations October 2, 2006.
9The Tax-Exempt Money Fund of America (inception: October 24, 1989) converted to American
Funds Short-Term Tax-Exempt Bond Fund on August 7, 2009. Investment results shown do not
include the fund’s results for the period it operated as The Tax-Exempt Money Fund of America,
whose results can be found in American Funds Short-Term Tax-Exempt Bond Fund’s prospectus.
10 Fund lifetime return. The fund began operations August 7, 2009.
Average annual total returns
Class F-2 shares1
Investment results for periods ended
December 31, 2015
1 year %
5 years %
10 years %
Annualized
30-day
SEC Yield
at NAV2 %
0.00
0.00
0.003
0.00/-0.174
0.44
0.55
1.72
-0.72
0.80
-2.36
1.57
0.82
2.05
12.215
14.005
10.765
10.105
6.865
9.135
0.995
2.495
—
—
—
—
—
—
—
—
1.37/1.27
0.80/0.70
2.10/1.99
1.76/1.65
3.64/3.54
2.98/2.87
1.38/1.28
2.73/2.63
0.63
0.56
0.50
0.51
0.44
0.51
0.45
0.48
-1.626
0.49
0.53
0.57
0.52
0.51
0.41
0.07
0.06
-0.77
-0.92
—
9.12
9.11
9.09
9.09
9.01
8.96
8.50
7.58
6.79
6.29
—
10.377
5.578
5.578
5.578
5.528
5.508
5.138
4.618
4.378
4.148
1.47/0.81
1.43/1.33
1.52/1.42
1.51/1.40
1.57/1.47
1.61/1.50
1.69/1.58
1.76/1.66
1.93/1.82
2.41/2.30
2.50/2.40
0.61/0.85
0.58
0.53
0.55
0.52
0.52
0.51
0.49
0.47
0.46
0.46
Expense
ratio %
(net/gross)
Money market fund
American Funds Money Market Fund
Portfolio Series funds
American Funds Global Growth Portfolio
American Funds Growth Portfolio
American Funds Growth and Income Portfolio
American Funds Balanced Portfolio
American Funds Income Portfolio
American Funds Tax-Advantaged Income Portfolio
American Funds Preservation Portfolio
American Funds Tax-Exempt Preservation Portfolio
Target date funds
American Funds 2060 Target Date Retirement Fund
American Funds 2055 Target Date Retirement Fund
American Funds 2050 Target Date Retirement Fund
American Funds 2045 Target Date Retirement Fund
American Funds 2040 Target Date Retirement Fund
American Funds 2035 Target Date Retirement Fund
American Funds 2030 Target Date Retirement Fund
American Funds 2025 Target Date Retirement Fund
American Funds 2020 Target Date Retirement Fund
American Funds 2015 Target Date Retirement Fund
American Funds 2010 Target Date Retirement Fund
Retirement Income Portfolio Series funds
American Funds Retirement Income Portfolio - Enhanced
1.549
American Funds Retirement Income Portfolio - Moderate
1.169
American Funds Retirement Income Portfolio - Conservative
0.829
Investment results assume all distributions are reinvested and reflect applicable fees and
expenses. Expense ratios are as of each fund’s prospectus available at the time of publication.
When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Please see americanfunds.com for more information.
Investment results for American Funds Retirement Income Portfolio Series funds assume
all distributions are reinvested and reflect applicable fees and expenses. The investment
adviser is currently reimbursing a portion of other expenses for funds in the American Funds
Retirement Income Portfolio Series. Investment results and net expense ratios reflect the
reimbursement, without which the results would have been lower and the expenses would
have been higher. The reimbursement will be in effect through at least January 1, 2017,
unless modified or terminated by the investment adviser. The 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 expense ratios for funds in the American Funds
Retirement Income Portfolio Series are estimated.
Investment results for target date funds assume all distributions are reinvested and reflect
applicable fees and expenses. The investment adviser is currently reimbursing a portion of other
expenses for each share class of American Funds 2060 Target Date Retirement Fund. The reimbursement will be in effect through at least January 1, 2017, unless modified or terminated by
the investment adviser. Investment results and net expense ratios reflect the reimbursement,
without which the results would have been lower and the expenses would have been higher. The
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 expense ratio for American Funds 2060
Target Date Retirement Fund is estimated.
Investment allocations may not achieve fund objectives. Adequate income through retirement
is not guaranteed for the Retirement Income Portfolio Series. There are expenses associated
with the underlying funds in addition to fund-of-funds expenses. The funds’ risks are directly
—
—
2.79/2.42
0.51/0.59
—
—
2.63/2.16
0.49/0.57
—
—
2.41/1.49
0.48/0.56
related to the risks of the underlying funds. For the Retirement Income Portfolio Series, payments consisting of return of capital will result in a decrease in an investor’s fund share balance.
Higher rates of withdrawal and withdrawals during declining markets may result in a more rapid
decrease in an investor’s fund share balance. Persistent returns of capital could ultimately result
in a zero account balance.
Class F-2 shares were first offered on August 1, 2008 (on February 21, 2014, in funds in the
American Funds Target Date Retirement Series). Class F-2 share results prior to the date of first
sale are hypothetical based on Class A share results without a sales charge, adjusted for typical
estimated expenses. Please see americanfunds.com for more information on specific expense
adjustments and the actual dates of first sale.
2Two SEC yields are shown for some funds. The first number reflects the fee waiver and/or
reimbursement; the second does not.
3Fund lifetime return. The fund began operations May 1, 2009.
4Annualized seven-day SEC yield, which more accurately reflects the fund’s current earnings
than does total return.
5Fund lifetime return. The fund began operations May 18, 2012.
6Cumulative fund lifetime return. The fund began operations March 27, 2015.
7Fund lifetime return. The fund began operations February 1, 2010.
8Fund lifetime return. The fund began operations February 1, 2007.
9 Cumulative fund lifetime return. The fund began operations August 28, 2015.
1
9
Results at net asset value (NAV) do not reflect the funds’ maximum sales charges. If these had been deducted, results would have been lower.
Results at maximum offering price (MOP) reflect deduction of the funds’ maximum sales charges (5.75% for equity funds, 3.75% for most bond
funds and 2.50% for shorter term* bond funds).
Average annual total returns
CollegeAmerica Class 529-A shares
Investment results for periods ended
December 31, 2015
Without sales charge (NAV)
1 year %
5 years %
10 years %
With maximum sales charge (MOP)
1 year %
5 years %
10 years %
0.71
-0.90
5.29
3.70
5.24
-6.06
2.52
7.49
4.55
7.12
8.28
7.42
5.65
6.97
-5.09
-6.60
-0.75
-2.28
-0.80
-11.46
-3.38
11.00
2.36
10.65
11.32
7.63
-0.76
5.79
Annualized
30-day
SEC Yield
at MOP1 %
Expense
ratio %
0.37
0.80
0.41
0.20
0.69
0.71
-0.09
0.77
0.89
0.73
0.87
0.84
1.11
1.15
Growth funds
AMCAP Fund
EuroPacific Growth Fund
The Growth Fund of America
The New Economy Fund
New Perspective Fund
New World Fund
SMALLCAP World Fund
12.32
3.58
11.97
12.65
8.91
0.42
7.05
6.86
3.94
6.49
7.64
6.79
5.02
6.34
Growth-and-income funds
American Funds Developing World Growth and Income
Fund
American Mutual Fund
Capital World Growth and Income Fund
Fundamental Investors
International Growth and Income Fund
The Investment Company of America
Washington Mutual Investors Fund
-17.47
-7.172
—
-22.19
-10.012
—
2.19
1.45
-2.93
-2.27
3.28
-8.35
-1.55
-0.24
10.39
6.86
11.13
2.82
10.58
11.91
6.80
5.78
7.70
6.213
6.41
6.83
-8.51
-7.88
-2.66
-13.62
-7.22
-5.97
9.09
5.60
9.82
1.61
9.27
10.59
6.17
5.16
7.06
5.343
5.78
6.20
2.13
1.89
1.38
2.33
1.88
1.82
0.68
0.86
0.70
0.97
0.69
0.68
-3.04
-1.58
6.36
8.23
5.33
6.24
-8.61
-7.22
5.11
6.95
4.70
5.62
3.19
3.01
0.68
0.65
1.63
-3.51
9.74
5.374
6.75
7.56
-4.22
-9.06
8.45
4.104
6.11
—
1.56
1.83
0.68
0.93
-1.21
1.78
-7.51
0.13
-4.27
0.82
0.29
1.45
-1.995
2.73
2.87
3.08
0.97
1.51
0.42
2.46
—
2.296
4.93
3.24
3.61
2.57
1.558
3.73
-3.68
-2.07
-10.99
-3.62
-7.88
-1.73
-2.22
-2.38
-2.805
1.96
2.08
2.31
0.20
1.00
-0.09
1.69
—
1.536
4.53
2.84
3.22
2.32
1.278
3.33
-0.33
0.60
7.54
1.55
1.94
0.83
0.67
0.71
0.95
0.79
0.76
0.71
1.02
0.70
0.66
0.72
Equity-income funds
Capital Income Builder
The Income Fund of America
Balanced funds
American Balanced Fund
American Funds Global Balanced Fund
Bond funds
American Funds Inflation Linked Bond Fund
American Funds Mortgage Fund
American High-Income Trust
The Bond Fund of America
Capital World Bond Fund
Intermediate Bond Fund of America*
Short-Term Bond Fund of America7*
U.S. Government Securities Fund
From January 10, 2000, to October 31, 2006, the maximum sales charge for Intermediate Bond
Fund of America was 3.75%.
Investment results assume all distributions are reinvested and reflect applicable fees and
expenses. Expense ratios are as of each fund’s prospectus available at the time of publication.
The expense ratio for American Funds Inflation Linked Bond Fund is estimated. When applicable,
investment results reflect fee waivers and/or expense reimbursements, without which results
would have been lower. Please see americanfunds.com for more information.
1Two SEC yields are shown for some funds. The first number reflects an expense reimbursement;
the second does not.
2Fund lifetime return. The fund began operations February 3, 2014.
10
Fund lifetime return. The fund began operations October 1, 2008.
Fund lifetime return. The fund began operations February 1, 2011.
5Fund lifetime return. The fund began operations December 14, 2012.
6Fund lifetime return. The fund began operations November 1, 2010.
7Results for Short-Term Bond Fund of America include hypothetical returns based on Class A
share results without a sales charge, adjusted for estimated additional annual expenses,
because that fund’s Class 529-A shares sold after the fund’s inception date of October 2, 2006.
Please see americanfunds.com for more information on specific expense adjustments and the
actual date of first sale.
8Fund lifetime return. The fund began operations October 2, 2006.
3
4
Results at net asset value (NAV) do not reflect the funds’ maximum sales charges. If these had been deducted, results would have been lower.
Results at maximum offering price (MOP) reflect deduction of the funds’ maximum sales charges (5.75% for most Portfolio Series* funds, 4.25%
for most college target date funds and 2.50% for American Funds Preservation Portfolio and American Funds College Enrollment Fund).
Average annual total returns
CollegeAmerica Class 529-A shares
Investment results for periods ended
December 31, 2015
Without sales charge (NAV)
1 year %
5 years % 10 years %
With maximum sales charge (MOP)
1 year %
5 years % 10 years %
Annualized
30-day
SEC Yield
at MOP1 %
Expense
ratio %
(net/gross)
Money market fund
American Funds Money Market Fund
0.00
0.00
0.002
0.00
0.00
0.002
0.00/-0.273
0.50
0.30
1.42
-1.07
0.51
-2.68
0.40
11.924
13.704
10.434
9.794
6.544
0.654
—
—
—
—
—
—
-5.46
-4.39
-6.77
-5.28
-8.26
-2.07
10.114
11.854
8.644
8.014
4.814
-0.064
—
—
—
—
—
—
1.02/0.92
0.52/0.42
1.72/1.62
1.37/1.27
3.09/3.00
0.96/0.87
0.90
0.82
0.78
0.80
0.75
0.77
-3.165
-0.57
-0.86
-1.13
-0.32
0.80
0.81
—
8.406
7.406
6.286
5.256
4.326
0.516
—
—
—
—
—
—
—
-7.245
-4.82
-5.08
-5.31
-4.52
-3.51
-1.68
—
6.996
6.006
4.916
3.886
2.976
-0.276
—
—
—
—
—
—
—
1.64/1.55
1.56/1.46
1.67/1.57
1.85/1.75
1.78/1.68
1.34/1.24
0.85/0.76
0.85/0.88
0.79
0.78
0.76
0.71
0.74
0.78
Portfolio Series funds
American Funds Global Growth Portfolio*
American Funds Growth Portfolio*
American Funds Growth and Income Portfolio*
American Funds Balanced Portfolio*
American Funds Income Portfolio*
American Funds Preservation Portfolio
College target date funds
American Funds College 2033 FundSM
American Funds College 2030 Fund®
American Funds College 2027 Fund®
American Funds College 2024 Fund®
American Funds College 2021 Fund®
American Funds College 2018 Fund®
American Funds College Enrollment Fund®
Investment results assume all distributions are reinvested and reflect applicable fees and
expenses. Expense ratios are as of each fund’s prospectus available at the time of publication.
When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Please see americanfunds.com for more information.
Although American Funds Money Market Fund has 12b-1 plans for some share classes, the fund
is currently suspending certain 12b-1 payments in this low interest rate environment. Should
payments commence, the fund’s investment results will be lower and expenses will be higher.
Investment results for American Funds College Target Date Series funds assume all distributions
are reinvested and reflect applicable fees and expenses. When applicable, investment results
reflect expense reimbursements, without which results would have been lower. The investment
adviser is currently reimbursing a portion of other expenses for American Funds College 2033
Fund. Investment results and net expense ratios reflect the reimbursement, without which the
results would have been lower and the expenses would have been higher. The reimbursement
will be in effect through at least January 1, 2017, unless modified or terminated by the investment adviser. The 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.
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.
1Two SEC yields are shown for some funds. The first number reflects an expense reimbursement; the second does not.
2Fund lifetime return. The fund began operations May 1, 2009.
3Annualized seven-day SEC yield, which more accurately reflects the fund’s current earnings
than does total return.
4Fund lifetime return. The fund began operations May 18, 2012.
5Cumulative fund lifetime return. The fund began operations March 27, 2015.
6Fund lifetime return. The fund began operations September 14, 2012.
11
Results without CDSC do not reflect the contingent deferred sales charge. If the CDSC had been deducted, these results would have been lower.
Results with CDSC reflect deduction of the 1% contingent deferred sales charge.
Average annual total returns
CollegeAmerica Class 529-C shares
Investment results for periods ended
December 31, 2015
1 year %
Without CDSC
5 years %
-0.06
-1.65
4.47
2.89
4.43
-6.81
1.72
11.44
2.76
11.10
11.75
8.05
-0.39
6.21
With CDSC
1 year %
Annualized
30-day
SEC Yield
at NAV1 %
Expense
ratio %
6.63
3.72
6.27
7.39
6.58
4.79
6.12
-0.97
-2.61
3.51
1.92
3.44
-7.74
0.77
-0.36
0.11
-0.33
-0.59
-0.04
0.00
-0.85
1.56
1.67
1.51
1.67
1.62
1.90
1.93
10 years %
Growth funds
AMCAP Fund
EuroPacific Growth Fund
The Growth Fund of America
The New Economy Fund
New Perspective Fund
New World Fund
SMALLCAP World Fund
Growth-and-income funds
American Funds Developing World Growth and Income
Fund
American Mutual Fund
Capital World Growth and Income Fund
Fundamental Investors
International Growth and Income Fund
The Investment Company of America
Washington Mutual Investors Fund
-18.28
-7.912
—
-19.09
1.47
2.15
-3.69
-3.02
2.48
-9.06
-2.31
-1.02
9.53
6.03
10.26
1.99
9.73
11.05
5.96
4.94
6.84
5.363
5.58
6.00
-4.60
-3.96
1.51
-9.95
-3.21
-1.96
1.50
1.24
0.69
1.69
1.24
1.19
1.46
1.64
1.49
1.77
1.46
1.45
-3.78
-2.35
5.53
7.40
4.49
5.40
-4.72
-3.29
2.62
2.43
1.46
1.42
0.88
-4.29
8.90
4.534
5.91
—
-0.08
-5.23
0.89
1.13
1.46
1.73
-2.05
1.01
-8.22
-0.63
-4.98
0.06
-0.48
0.71
-2.735
1.91
2.07
2.29
0.19
0.73
-0.43
1.68
—
1.496
4.10
2.43
2.79
1.78
0.728
2.92
-3.02
0.02
-9.09
-1.61
-5.93
-0.94
-1.47
-0.27
-1.29/-1.30
-0.19
7.13
0.91
1.30
0.17
-0.08
0.08
1.66
1.57
1.53
1.47
1.79
1.46
1.52
1.47
Equity-income funds
Capital Income Builder
The Income Fund of America
Balanced funds
American Balanced Fund
American Funds Global Balanced Fund
Bond funds
American Funds Inflation Linked Bond Fund
American Funds Mortgage Fund
American High-Income Trust
The Bond Fund of America
Capital World Bond Fund
Intermediate Bond Fund of America
Short-Term Bond Fund of America7
U.S. Government Securities Fund
Investment results assume all distributions are reinvested and reflect applicable fees and
expenses. Expense ratios are as of each fund’s prospectus available at the time of publication.
The expense ratio for American Funds Inflation Linked Bond Fund is estimated. When applicable,
investment results reflect fee waivers and/or expense reimbursements, without which results
would have been lower. Please see americanfunds.com for more information.
1Two SEC yields are shown for some funds. The first number reflects an expense reimbursement;
the second does not.
2Fund lifetime return. The fund began operations February 3, 2014.
3Fund lifetime return. The fund began operations October 1, 2008.
12
Fund lifetime return. The fund began operations February 1, 2011.
Fund lifetime return. The fund began operations December 14, 2012.
6Fund lifetime return. The fund began operations November 1, 2010.
7Results for Short-Term Bond Fund of America include hypothetical returns based on Class A
share results without a sales charge, adjusted for estimated additional annual expenses,
because that fund’s Class 529-C shares sold after the fund’s inception date of October 2, 2006.
Please see americanfunds.com for more information on specific expense adjustments and the
actual date of first sale.
8Fund lifetime return. The fund began operations October 2, 2006.
4
5
Results without CDSC do not reflect the contingent deferred sales charge. If the CDSC had been deducted, these results would have been lower.
Results with CDSC reflect deduction of the 1% contingent deferred sales charge.
CollegeAmerica Class 529-C shares
Average annual total returns
Investment results for periods ended
December 31, 2015
1 year %
Without CDSC
5 years %
0.00
10 years %
With CDSC
1 year %
Annualized
30-day
SEC Yield
at NAV1 %
Expense
ratio %
(net/gross)
0.00
0.002
-1.00
0.00/-0.273
0.50
-0.43
0.65
-1.85
-0.26
-3.42
-0.34
11.024
12.774
9.554
8.934
5.714
-0.114
—
—
—
—
—
—
-1.39
-0.32
-2.80
-1.23
-4.36
-1.34
0.25/0.15
-0.33/-0.43
0.98/0.87
0.63/0.53
2.54/2.44
0.30/0.20
1.70
1.64
1.57
1.58
1.50
1.52
-3.755
-1.42
-1.69
-1.96
-1.04
-0.04
0.14
—
7.516
6.556
5.446
4.446
3.526
-0.216
—
—
—
—
—
—
—
-4.705
-2.38
-2.64
-2.90
-1.99
-1.01
-0.85
0.78/0.68
0.73/0.63
0.89/0.78
1.08/0.98
1.04/0.94
0.61/0.51
0.18/0.08
1.64/1.67
1.61
1.58
1.55
1.50
1.51
1.53
Money market fund
American Funds Money Market Fund
Portfolio Series funds
American Funds Global Growth Portfolio
American Funds Growth Portfolio
American Funds Growth and Income Portfolio
American Funds Balanced Portfolio
American Funds Income Portfolio
American Funds Preservation Portfolio
College target date funds
American Funds College 2033 Fund
American Funds College 2030 Fund
American Funds College 2027 Fund
American Funds College 2024 Fund
American Funds College 2021 Fund
American Funds College 2018 Fund
American Funds College Enrollment Fund
Investment results assume all distributions are reinvested and reflect applicable fees and
expenses. Expense ratios are as of each fund’s prospectus available at the time of publication.
When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Please see americanfunds.com for more information.
Although American Funds Money Market Fund has 12b-1 plans for some share classes, the fund
is currently suspending certain 12b-1 payments in this low interest rate environment. Should
payments commence, the fund’s investment results will be lower and expenses will be higher.
Investment results for American Funds College Target Date Series funds assume all distributions
are reinvested and reflect applicable fees and expenses. When applicable, investment results
reflect expense reimbursements, without which results would have been lower. The investment
adviser is currently reimbursing a portion of other expenses for American Funds College 2033
Fund. Investment results and net expense ratios reflect the reimbursement, without which the
results would have been lower and the expenses would have been higher. The reimbursement
will be in effect through at least January 1, 2017, unless modified or terminated by the investment adviser. The 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.
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.
1Two SEC yields are shown for some funds. The first number reflects an expense reimbursement; the second does not.
2Fund lifetime return. The fund began operations May 1, 2009.
3Annualized seven-day SEC yield, which more accurately reflects the fund’s current earnings
than does total return.
4Fund lifetime return. The fund began operations May 18, 2012.
5Cumulative fund lifetime return. The fund began operations March 27, 2015.
6Fund lifetime return. The fund began operations September 14, 2012.
13
Average annual total returns
CollegeAmerica Class 529-F-1 shares
Investment results for periods ended
December 31, 2015
1 year %
5 years %
10 years %
Annualized
30-day
SEC Yield
at NAV1 %
0.89
-0.66
5.49
3.92
5.46
-5.90
2.75
12.55
3.80
12.21
12.88
9.14
0.62
7.28
7.71
4.77
7.34
8.49
7.65
5.85
7.19
0.60
1.06
0.65
0.39
0.93
0.93
0.11
0.56
0.67
0.51
0.67
0.63
0.90
0.93
-17.38
-7.012
—
2.48
1.14
-2.71
-2.05
3.51
-8.15
-1.32
-0.04
10.64
7.09
11.37
3.02
10.82
12.16
7.03
6.00
7.92
6.433
6.64
7.06
2.46
2.21
1.66
2.65
2.20
2.15
0.46
0.64
0.48
0.77
0.46
0.45
-2.80
-1.40
6.60
8.47
5.55
6.47
3.58
3.41
0.46
0.42
1.82
-3.34
9.98
5.584
6.98
—
1.87
2.12
0.46
0.72
-1.09
1.97
-7.30
0.36
-4.07
1.05
0.43
1.67
-1.765
2.93
3.09
3.32
1.19
1.74
0.55
2.69
-0.33
0.80
8.06
1.83
2.23
1.07
0.83
0.96
0.66
0.57
0.54
0.48
0.79
0.47
0.53
0.49
Expense
ratio %
Growth funds
AMCAP Fund
EuroPacific Growth Fund
The Growth Fund of America
The New Economy Fund
New Perspective Fund
New World Fund
SMALLCAP World Fund
Growth-and-income funds
American Funds Developing World Growth and Income
Fund
American Mutual Fund
Capital World Growth and Income Fund
Fundamental Investors
International Growth and Income Fund
The Investment Company of America
Washington Mutual Investors Fund
Equity-income funds
Capital Income Builder
The Income Fund of America
Balanced funds
American Balanced Fund
American Funds Global Balanced Fund
Bond funds
American Funds Inflation Linked Bond Fund
American Funds Mortgage Fund
American High-Income Trust
The Bond Fund of America
Capital World Bond Fund
Intermediate Bond Fund of America
Short-Term Bond Fund of America7
U.S. Government Securities Fund
Investment results assume all distributions are reinvested and reflect applicable fees and
expenses. Expense ratios are as of each fund’s prospectus available at the time of publication.
The expense ratio for American Funds Inflation Linked Bond Fund is estimated. When applicable,
investment results reflect fee waivers and/or expense reimbursements, without which results
would have been lower. Please see americanfunds.com for more information.
1Two SEC yields are shown for some funds. The first number reflects an expense reimbursement;
the second does not.
2Fund lifetime return. The fund began operations February 3, 2014.
3Fund lifetime return. The fund began operations October 1, 2008.
14
—
2.486
5.15
3.46
3.83
2.80
1.738
3.95
Fund lifetime return. The fund began operations February 1, 2011.
Fund lifetime return. The fund began operations December 14, 2012.
6Fund lifetime return. The fund began operations November 1, 2010.
7Results for Short-Term Bond Fund of America include hypothetical returns based on Class
A share results without a sales charge, adjusted for estimated additional annual expenses,
because that fund’s Class 529-F-1 shares sold after the fund’s inception date of October 2, 2006.
Please see americanfunds.com for more information on specific expense adjustments and the
actual date of first sale.
8Fund lifetime return. The fund began operations October 2, 2006.
4
5
Average annual total returns
CollegeAmerica Class 529-F-1 shares
Investment results for periods ended
December 31, 2015
1 year %
5 years %
10 years %
Annualized
30-day
SEC Yield
at NAV1 %
0.00
0.00
0.002
0.00/-0.273
0.50
0.55
1.61
-0.87
0.73
-2.43
0.65
12.144
13.894
10.664
10.024
6.794
0.894
—
—
—
—
—
—
1.29/1.19
0.71/0.60
2.00/1.90
1.66/1.55
3.57/3.46
1.28/1.18
0.70
0.63
0.57
0.58
0.50
0.52
-2.975
-0.44
-0.69
-0.95
-0.03
1.02
1.08
—
8.566
7.606
6.496
5.496
4.576
0.776
—
—
—
—
—
—
—
1.79/1.69
1.76/1.66
1.93/1.82
2.13/2.02
2.08/1.97
1.64/1.53
1.18/1.08
0.64/0.67
0.61
0.58
0.55
0.50
0.51
0.53
Expense
ratio %
(net/gross)
Money market fund
American Funds Money Market Fund
Portfolio Series funds
American Funds Global Growth Portfolio
American Funds Growth Portfolio
American Funds Growth and Income Portfolio
American Funds Balanced Portfolio
American Funds Income Portfolio
American Funds Preservation Portfolio
College target date funds
American Funds College 2033 Fund
American Funds College 2030 Fund
American Funds College 2027 Fund
American Funds College 2024 Fund
American Funds College 2021 Fund
American Funds College 2018 Fund
American Funds College Enrollment Fund
Investment results assume all distributions are reinvested and reflect applicable fees and
expenses. Expense ratios are as of each fund’s prospectus available at the time of publication.
When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Please see americanfunds.com for more information.
Although American Funds Money Market Fund has 12b-1 plans for some share classes, the fund
is currently suspending certain 12b-1 payments in this low interest rate environment. Should
payments commence, the fund’s investment results will be lower and expenses will be higher.
Investment results for American Funds College Target Date Series funds assume all distributions
are reinvested and reflect applicable fees and expenses. When applicable, investment results
reflect expense reimbursements, without which results would have been lower. The investment
adviser is currently reimbursing a portion of other expenses for American Funds College 2033
Fund. Investment results and net expense ratios reflect the reimbursement, without which the
results would have been lower and the expenses would have been higher. The reimbursement
will be in effect through at least January 1, 2017, unless modified or terminated by the investment adviser. The 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.
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.
1Two SEC yields are shown for some funds. The first number reflects the fee waiver and/or
reimbursement; the second does not.
2Fund lifetime return. The fund began operations May 1, 2009.
3Annualized seven-day SEC yield, which more accurately reflects the fund’s current earnings
than does total return.
4Fund lifetime return. The fund began operations May 18, 2012.
5Cumulative fund lifetime return. The fund began operations March 27, 2015.
6Fund lifetime return. The fund began operations September 14, 2012.
15
American Funds Lipper rankings
Rankings for periods ended December 31, 2015
Here are the most recent quarterly rankings from Lipper. Rankings are for American Funds Class A shares based on total returns and do not include the
effects of sales charges. Occasionally, Lipper reclassifies funds. Any category changes from the previous quarter are noted below in bold.
Lipper category
1 year
5 years
10 years
Growth funds
AMCAP Fund
EuroPacific Growth Fund
The Growth Fund of America
The New Economy Fund
New Perspective Fund
New World Fund
SMALLCAP World Fund
Growth
International
Large-Cap Growth
Growth
Global
Emerging Markets
Global Small-/Mid-Cap
1204 of 2923
724 of 1437
346 of 670
648 of 2923
68 of 938
42 of 800
22 of 142
449 of 2195
331 of 1061
296 of 546
344 of 2195
60 of 577
22 of 378
26 of 93
349 of 1378
101 of 592
234 of 390
167 of 1378
13 of 300
18 of 158
10 of 60
Emerging Markets
—
—
Growth & Income
Global
Growth & Income
International
Growth & Income
Growth & Income
1807 of 2490
558 of 938
69 of 2490
1320 of 1437
1045 of 2490
369 of 2490
403 of 1519
255 of 577
268 of 1519
517 of 1061
361 of 1519
151 of 1519
Global Equity Income
Income (Mixed Equity)
73 of 162
319 of 584
29 of 83
7 of 458
3 of 37
8 of 272
Balanced
Flexible Portfolio
22 of 645
874 of 1224
5 of 552
—
23 of 400
—
Inflation Protected Bond
Intermediate U.S. Government
High Yield
Core Bond
Global Income
Short-Intermediate Investment-Grade Debt
Short U.S. Government
General U.S. Government
53 of 230
8 of 70
593 of 657
194 of 506
125 of 208
27 of 183
29 of 86
8 of 103
—
11 of 66
383 of 432
196 of 403
78 of 136
81 of 114
38 of 76
28 of 95
—
—
217 of 290
238 of 289
45 of 76
70 of 87
—
30 of 75
Short Municipal Debt
New York Municipal Debt
High-Yield Municipal Debt
Short-Intermediate Municipal Debt
General & Insured Municipal Debt
California Municipal Debt
Maryland Municipal Debt
Virginia Municipal Debt
45 of 99
64 of 100
66 of 145
21 of 58
117 of 259
79 of 127
13 of 31
22 of 35
Growth-and-income funds
American Funds Developing World Growth and
Income Fund
American Mutual Fund
Capital World Growth and Income Fund
Fundamental Investors
International Growth and Income Fund
The Investment Company of America
Washington Mutual Investors Fund
611 of 800
162 of 820
70 of 300
45 of 820
—
231 of 820
156 of 820
Equity-income funds
Capital Income Builder
The Income Fund of America
Balanced funds
American Balanced Fund
American Funds Global Balanced Fund
Bond funds
American Funds Inflation Linked Bond Fund
American Funds Mortgage Fund
American High-Income Trust
The Bond Fund of America
Capital World Bond Fund
Intermediate Bond Fund of America
Short-Term Bond Fund of America
U.S. Government Securities Fund
Tax-exempt bond funds
American Funds Short-Term Tax-Exempt Bond Fund
American Funds Tax-Exempt Fund of New York
American High-Income Municipal Bond Fund
Limited Term Tax-Exempt Bond Fund of America
The Tax-Exempt Bond Fund of America
The Tax-Exempt Fund of California
The Tax-Exempt Fund of Maryland
The Tax-Exempt Fund of Virginia
Lit. No. MFGEQS-005-0216C CGD/6296-S52818 © 2016 American Funds Distributors, Inc.
36 of 80
31 of 86
32 of 110
9 of 52
95 of 208
48 of 109
12 of 29
15 of 31
—
—
15 of 66
5 of 40
51 of 154
29 of 85
11 of 20
10 of 23