Class F-1 shares are primarily available through certain financial services platforms that support self-directed investors. Class F-2, F-3, 529-F-1, 529-F-2, 529-F-3 and ABLE-F-2 shares are available only through participating financial professionals. Class F-2, F-3, 529-F-1, 529-F-2, 529-F-3 and ABLE-F-2 share purchasers pay an annual asset-based fee charged by their financial professional. Class F-2, 529-F-2 and ABLE-F-2 shares do not carry a 12b-1 fee. Class F-3 and 529-F-3 shares do not carry 12b-1 or sub-transfer agency fees. See the prospectus for details.

Class A and 529-A shares are sold with an up-front sales charge, which declines as the investment amount increases. For many shareholders — especially those with significant account balances — these shares are the most cost-effective way to own American Funds.

Class C and 529-C shares do not have an up-front sales charge. However, if you sell (redeem) these shares before you hold them for 12 months, you will pay a 1% sales charge on the shares that you sell. This is called a contingent deferred sales charge, or CDSC. In addition, investors pay higher expenses than on Class A and 529-A shares. Class C shares convert to Class A shares after 8 years. Previously, Class C shares converted to Class F-1 shares in the month of the 10th anniversary of purchase through June 30, 2020. Class 529-C shares convert to Class 529-A shares after 5 years. Previously, Class 529-C shares converted to Class 529-A shares in the 10th anniversary of purchase through June 30, 2020.