Fee Waivers and Expense Reimbursements

Investments

Fee Waivers and Expense Reimbursements

Fee waivers and expense reimbursements for each fund are described below.

Investment results reflect the waiver and reimbursements, without which results would have been lower.

Please see each fund’s most recent annual report or prospectus for details.

Growth Funds
Growth-and-Income Funds
Equity-Income Funds
Balanced Funds
Bond Funds

Tax-Exempt Bond Funds
Money Market Fund
Portfolio Series Funds
Retirement Income Portfolio Series Funds
College Target Date Funds
Retirement Target Date Funds

Growth Funds

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Growth-and-Income Funds

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American Funds Developing World Growth and Income Fund℠

The fund’s transfer agent is currently waiving a portion of the other expenses for Class F-3 shares. This waiver will be in effect through at least February 1, 2021. The transfer agent may elect at its discretion to extend, modify or terminate the waiver at that time.

American Mutual Fund®

The investment adviser has reimbursed a portion of other expenses in the past.

Capital World Growth and Income Fund®

The investment adviser has reimbursed a portion of other expenses in the past.

Fundamental Investors®

From September 1, 2004, through December 31, 2008, the investment adviser to the American Funds waived a portion of its management fees.

International Growth and Income Fund℠

Since the fund’s inception through December 31, 2008, the investment adviser to the American Funds waived a portion of its management fees.
The investment adviser has reimbursed expenses for share classes R-1, R-2 and R-4 in the past.

The Investment Company of America®

From September 1, 2004, through December 31, 2008, the investment adviser to the American Funds waived a portion of its management fees.

Washington Mutual Investors Fund℠

From September 1, 2004, through December 31, 2008, the investment adviser to the American Funds and the business manager for Washington Mutual Investors Fund waived a portion of their management fees.

Equity-Income Funds

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Balanced Funds

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Bond Funds

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Tax-Exempt Bond Funds

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American Funds Short-Term Tax-Exempt Bond Fund®

The investment adviser has reimbursed expenses for all share classes in the past.

American Funds Tax-Exempt Fund of New York®

The investment adviser is currently reimbursing a portion of other expenses. The reimbursement will be in effect at least through October 1, 2020. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time.

American High-Income Municipal Bond Fund®

From September 1, 2004, through December 31, 2008, the investment adviser to the American Funds waived a portion of its management fees.

Limited Term Tax-Exempt Bond Fund of America®

From September 1, 2004, through December 31, 2008, the investment adviser to the American Funds waived a portion of its management fees.

The Tax-Exempt Bond Fund of America®

From September 1, 2004, through December 31, 2008, the investment adviser to the American Funds waived a portion of its management fees.

The Tax-Exempt Fund of California®

From September 1, 2004, through December 31, 2008, the investment adviser to the American Funds waived a portion of its management fees.

Money Market Fund

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Portfolio Series Funds

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American Funds Global Growth Portfolio℠

Virginia529, as program administrator of ABLEAmerica, is currently waiving the fee on Class ABLE-A shares owed to it as compensation for its oversight and administration of ABLEAmerica. This waiver will be in effect through 6/30/2023 or until assets in the Qualified ABLEAmerica Programs exceed $300,000,000, whichever occurs first. Subject to the terms of its contractual arrangement with the investment adviser, Virginia529 may elect to extend, modify or terminate the waiver at that time.

American Funds Growth Portfolio℠

Virginia529, as program administrator of ABLEAmerica, is currently waiving the fee on Class ABLE-A shares owed to it as compensation for its oversight and administration of ABLEAmerica. This waiver will be in effect through 6/30/2023 or until assets in the Qualified ABLEAmerica Programs exceed $300,000,000, whichever occurs first. Subject to the terms of its contractual arrangement with the investment adviser, Virginia529 may elect to extend, modify or terminate the waiver at that time.

American Funds Growth and Income Portfolio℠

Virginia529, as program administrator of ABLEAmerica, is currently waiving the fee on Class ABLE-A shares owed to it as compensation for its oversight and administration of ABLEAmerica. This waiver will be in effect through 6/30/2023 or until assets in the Qualified ABLEAmerica Programs exceed $300,000,000, whichever occurs first. Subject to the terms of its contractual arrangement with the investment adviser, Virginia529 may elect to extend, modify or terminate the waiver at that time.

American Funds Conservative Growth and Income Portfolio℠

Virginia529, as program administrator of ABLEAmerica, is currently waiving the fee on Class ABLE-A shares owed to it as compensation for its oversight and administration of ABLEAmerica. This waiver will be in effect through 6/30/2023 or until assets in the Qualified ABLEAmerica Programs exceed $300,000,000, whichever occurs first. Subject to the terms of its contractual arrangement with the investment adviser, Virginia529 may elect to extend, modify or terminate the waiver at that time.

American Funds Moderate Growth and Income Portfolio℠

Virginia529, as program administrator of ABLEAmerica, is currently waiving the fee on Class ABLE-A shares owed to it as compensation for its oversight and administration of ABLEAmerica. This waiver will be in effect through 6/30/2023 or until assets in the Qualified ABLEAmerica Programs exceed $300,000,000, whichever occurs first. Subject to the terms of its contractual arrangement with the investment adviser, Virginia529 may elect to extend, modify or terminate the waiver at that time.

American Funds Preservation Portfolio℠

Virginia529, as program administrator of ABLEAmerica, is currently waiving the fee on Class ABLE-A shares owed to it as compensation for its oversight and administration of ABLEAmerica. This waiver will be in effect through 6/30/2023 or until assets in the Qualified ABLEAmerica Programs exceed $300,000,000, whichever occurs first. Subject to the terms of its contractual arrangement with the investment adviser, Virginia529 may elect to extend, modify or terminate the waiver at that time.

American Funds Tax-Exempt Preservation Portfolio℠

The investment adviser is currently reimbursing a portion of other expenses. The reimbursement will be in effect through at least January 1, 2020. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time.

Retirement Income Portfolio Series Funds

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American Funds Retirement Income Portfolio - Enhanced℠

The investment adviser is currently reimbursing a portion of other expenses for Class R-5 and R-6. Net expense ratios reflect the reimbursement, without which they would have been higher. The reimbursement will be in effect through at least January 1, 2021. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. Please see the fund’s most recent prospectus for details.

American Funds Retirement Income Portfolio - Moderate℠

The investment adviser is currently reimbursing a portion of other expenses for Class R-5, R-5E and R-6. Net expense ratios reflect the reimbursement, without which they would have been higher. The reimbursement will be in effect through at least January 1, 2021. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. Please see the fund’s most recent prospectus for details.

American Funds Retirement Income Portfolio - Conservative℠

The investment adviser is currently reimbursing a portion of other expenses for Class R-2E and R-5. Net expense ratios reflect the reimbursement, without which they would have been higher. The reimbursement will be in effect through at least January 1, 2021. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. Please see the fund’s most recent prospectus for details.

College Target Date Funds

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American Funds College 2036 Fund℠

The investment adviser has reimbursed a portion of other expenses in the past.

American Funds College 2033 Fund®

The investment adviser has reimbursed a portion of other expenses in the past.

American Funds College 2030 Fund®

The investment adviser has reimbursed a portion of other expenses in the past.

American Funds College 2027 Fund®

The investment adviser has reimbursed a portion of other expenses in the past.

American Funds College 2024 Fund®

The investment adviser has reimbursed a portion of other expenses in the past.

American Funds College 2021 Fund®

The investment adviser has reimbursed a portion of other expenses in the past.

American Funds College Enrollment Fund®

The investment adviser has reimbursed a portion of other expenses in the past.

Retirement Target Date Funds

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American Funds Global Insight Fund and American Funds International Vantage Fund began investment operations on April 1, 2011, but were only available to a limited number of investors. Now available on the American Funds platform, the reorganized funds have adopted the results and financial history of the original funds.

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