American Funds to launch eight new funds in May

By Toni Weeks

San Diego, March 30 - American Funds Portfolio Series announced in an N-1A filing with the Securities and Exchange Commission its plans to offer eight new mutual funds. The expected launch date is in May.

The funds are the 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 and American Funds Tax-Exempt Preservation Portfolio.

Each fund will have up to eight share classes and will invest in a mix of American Funds in different combinations and weightings and/or in a mix of American Funds bond funds.

The American Funds Global Growth Portfolio will seek to provide long-term growth of capital, as will the American Funds Growth Portfolio.

The American Funds Growth and Income Portfolio will seek to provide long-term growth of capital while providing current income.

The American Funds Balanced Portfolio will seek to provide current income as well as long-term growth of capital and income.

The American Funds Income Portfolio will seek to provide current income and long-term growth of capital as a secondary objective.

The American Funds Tax-Advantaged Income Portfolio will seek to provide current income, a portion of which is exempt from regular federal income tax. Long-term growth of capital will be a secondary objective.

The American Funds Preservation Portfolio will seek to provide current income, consistent with preservation of capital.

The American Funds Tax-Exempt Preservation Portfolio will seek to provide current income exempt from regular federal income tax, consistent with preservation of capital.

The funds' portfolio oversight committee will include Bradley J. Vogt, Alan N. Berro, Nicholas J. Grace, James B. Lovelace, Wesley K.-S. Phoa, John H. Smet and Andrew B. Suzman.

Capital Research and Management Co. will serve as the investment adviser. Its offices are in Los Angeles and Irvine, Calif.

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