American Funds Money Market Fund®
[photo of water falling into a person's cupped hands]
Preserving capital and maintaining liquidity
Annual report for the year ended September 30, 2012
American Funds Money Market Fund seeks to provide a way to earn income on your cash reserves while preserving capital and maintaining liquidity. The fund is a money market fund that seeks to preserve the value of your investment at $1.00 per share.
This fund is one of more than 40 offered by American Funds, which is one of the nation’s largest mutual fund families. For more than 80 years, Capital Research and Management Company,SM the American Funds adviser, has invested with a long-term focus based on thorough research and attention to risk.
Figures shown in this report 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. Investment returns will vary.
An investment in the fund is not insured or guaranteed by the FDIC or any other government agency. Although the 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. For current information and month-end results, visit americanfunds.com.
| Here are the average annual total returns on a $1,000 investment with all distributions reinvested for the period ended September 30, 2012: | | | | |
| | | | | | | | | Lifetime | |
| | | 1 year | | | 5 years | | | (since 5/1/09) | |
| Class A shares | | | 0.00 | % | | | — | | | | 0.00 | % |
The total annual fund operating expense ratio is 0.38% for Class A shares as of the prospectus dated December 1, 2012 (unaudited).
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Although the 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 negatively affected. When applicable, investment results reflect expense reimbursements, without which results would have been lower. These reimbursements may be adjusted or discontinued by the investment adviser at any time, subject to any restrictions in the fund’s prospectus. Visit americanfunds.com for more information.
The fund’s annualized seven-day yield for Class A shares as of October 31, 2012, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula, was 0.00% (–0.25% without the reimbursement).
The return of principal for money market funds is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying holdings in the fund. Money market issuer ratings, which typically range from A-1/P-1 (highest) to A-3/P-3 (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poor’s and/or Fitch as an indication of an issuer’s creditworthiness. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.
Fellow investors:
We are pleased to present the annual report for American Funds Money Market Fund. During the fiscal year ended September 30, 2012, the fund maintained a net asset value of $1.00 per share. Its annualized seven-day yield, as calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula, was 0.0% as of that date.
The economy
The fragile U.S. economic recovery and Europe’s ongoing debt crisis set the backdrop for the financial markets. Except for solid growth in the fourth quarter of 2011, U.S. gross domestic product (GDP) was generally sluggish throughout the reporting period, expanding 1.3% in the second quarter of 2012 and an estimated 2.0% in the third. The unemployment rate dropped to 7.8% at the end of September, the lowest figure since January 2009. Inflation remained in check, with the Consumer Price Index, a key measure of inflation, increasing 2.0% year-over-year as of September 30. The housing market showed signs of improvement, with the Standard & Poor’s/Case-Shiller 20-City Composite Home Price Index (a benchmark that tracks the value of residential real estate in 20 metropolitan areas) climbing 6.8% year-to-date through August.
Interest rates
Interest rates, particularly short-term interest rates, remained near historic lows. In its effort to ignite growth, the Federal Reserve affirmed its commitment to low short-term interest rates. In September, the Fed launched a third round of quantitative easing (QE3), which involves buying $40 billion in mortgage-backed securities each month. In addition, the Fed continued “Operation Twist,” in which it uses proceeds from its sales of short-term U.S. Treasury securities to purchase longer term Treasuries in an effort to place downward pressure on longer term interest rates. It also plans to keep short-term rates exceptionally low through at least mid-2015.
The fund’s objective and portfolio
American Funds Money Market Fund is carefully managed to preserve capital and maintain liquidity. As such, it can provide a measure of stability as part of a diversified investment portfolio.
A glance at the fund’s portfolio (beginning on page 2) demonstrates its conservative approach. The fund is entirely composed of short-term investments — generally, those with maturity dates of one year or less. At the end of the reporting period, the fund’s weighted average maturity was 51 days. The largest segment of the portfolio consists of federal agency discount notes (60.7%), which are supported or backed by the federal government. U.S. Treasuries follow at 30.9%. The remainder is represented by high-quality commercial paper and cash (6.0%) and other discount notes (2.4%).
Money market fund reform continues to be studied by industry regulators. The discussions are in response to what regulators perceive as the systemic risk posed by money market funds to the financial system. In August, SEC Chairman Mary Shapiro decided not to move forward with her reform proposal when three of the five SEC commissioners voiced their opposition. However, in September Treasury Secretary Timothy Geithner encouraged the Financial Stability Oversight Council — a group of regulators that he heads which also includes the SEC — to push forward in proposing fundamental changes to the structure of money market funds. As mentioned in our semi-annual letter, we will continue to monitor this issue and update you as we know more.
We thank you for including American Funds Money Market Fund in your investment portfolio. We appreciate the confidence you have placed in us and look forward to reporting to you again in six months’ time.
Cordially,
/s/ Kristine M. Nishiyama
Kristine M. Nishiyama
President
November 12, 2012
For current information about the fund, visit americanfunds.com.
[photo of water falling into a person's cupped hands]
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| In this report | |
| | Contents |
| | |
| 1 | Letter to investors |
| | |
| 2 | Investment portfolio |
| | |
| 6 | Financial statements |
| | |
| 19 | Board of trustees and other officers |
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[Begin Sidebar]
| Your fund’s annualized seven-day SEC yield as of September 30, 2012* | | | |
| | | | |
| American Funds Money Market Fund | | | 0.00 | % |
(reflecting a fee reimbursement, –0.26% without the reimbursement) | | | | |
| | | | | |
| *The annualized seven-day SEC yield more accurately reflects the fund’s current earnings than its 30-day yield or total return. | | | | |
[End Sidebar]
Notes to financial statements
American Funds Money Market Fund (the "fund") is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The fund seeks to provide income on cash reserves while preserving capital and maintaining liquidity.
The fund has 16 share classes consisting of five retail share classes (Classes A, B and C, as well as two F share classes, F-1 and F-2), five 529 college savings plan share classes (Classes 529-A, 529-B, 529-C, 529-E and 529-F-1) and six retirement plan share classes (Classes R-1, R-2, R-3, R-4, R-5 and R-6). The 529 college savings plan share classes can be used to save for college education. The retirement plan share classes are generally offered only through eligible employer-sponsored retirement plans. The fund’s share classes are further described below:
| Share class | Initial sales charge | Contingent deferred sales charge upon redemption | Conversion feature |
| Classes A and 529-A | None | None | None |
| Classes B and 529-B* | None | Declines from 5% to 0% for redemptions within six years of purchase | Classes B and 529-B convert to Classes A and 529-A, respectively, after eight years |
| Class C* | None | 1% for redemptions within one year of purchase | Class C converts to Class F-1 after 10 years |
| Class 529-C* | None | 1% for redemptions within one year of purchase | None |
| Class 529-E | None | None | None |
| Classes F-1, F-2 and 529-F-1 | None | None | None |
| Classes R-1, R-2, R-3, R-4, R-5 and R-6 | None | None | None |
*Class B, 529-B, C and 529-C shares of the fund are not available for purchase.
Holders of all share classes have equal pro rata rights to assets, dividends and liquidation proceeds. Each share class has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for distribution, administrative and shareholder services. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class.
| 2. | Significant accounting policies |
The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The fund follows the significant accounting policies described below, as well as the valuation policies described in the next section on valuation.
Security transactions and related investment income – Security transactions are recorded by the fund as of the date the trades are executed with brokers. Interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Class allocations – Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classes based on the relative value of their settled shares. Unrealized gains and losses are allocated daily among the various share classes based on their relative net assets. Class-specific fees and expenses, such as distribution, administrative and shareholder services, are charged directly to the respective share class.
Dividends to shareholders – Dividends paid to shareholders are declared daily after the determination of the fund’s net investment income and are paid to shareholders monthly.
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value of each share class of the fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open and when deemed prudent to do so by the fund’s officers on days when the New York Stock Exchange is closed. Shares of the fund are valued in accordance with U.S. Securities and Exchange Commission rules, using the penny-rounding method, which permits the fund to maintain each share class at a constant net asset value of $1.00 per share.
Methods and inputs – The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are generally valued at prices obtained from one or more pricing vendors. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates fair value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days.
When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair value guidelines adopted by authority of the fund’s board of trustees as further described below. The investment adviser follows fair valuation guidelines, consistent with SEC rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure– The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information to support the changes. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.
Classifications – The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. At September 30, 2012, all of the fund’s investment securities were classified as Level 2.
Investing in the fund may involve certain risks including, but not limited to, those described below.
Investing in money market securities — The value and liquidity of the securities held by the fund may be affected by changing interest rates, changes in the credit quality of the issuers, changes in credit ratings of the securities and general market conditions. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall.
Low interest rate environment — During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield.
Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by the fund could cause the values of these securities to decline.
Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations outside the U.S., may lose value because of political, social or economic developments in the country or region in which the issuer operates.
Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results.
| 5. | Taxation and distributions |
Federal income taxation – The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
As of and during the period ended September 30, 2012, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any interest or penalties.
The fund is not subject to examination by U.S. federal and state tax authorities for tax years before 2009, the year the fund commenced operations.
Distributions – Distributions paid to shareholders are based on net investment income determined on a tax basis, which may differ from net investment income for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; and net capital losses. The fiscal year in which amounts are distributed may differ from the year in which the net investment income is recorded by the fund for financial reporting purposes.
As of September 30, 2012, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investment securities were as follows:
| (dollars in thousands) | | |
| Capital loss carryforward* | $ | (50 | ) | |
| Gross unrealized appreciation on investment securities | | 553 | |
| Gross unrealized depreciation on investment securities | | (78 | ) |
| Net unrealized appreciation on investment securities | | 475 | |
| Cost of investment securities | | 18,086,607 | |
| | | | | |
| *The capital loss carryforward will be used to offset any capital gains realized by the fund in future years. The fund will not make distributions from capital gains while a capital loss carryforward remains. |
| 6. | Fees and transactions with related parties |
CRMC, the fund’s investment adviser, is the parent company of American Funds Distributors,® Inc. ("AFD"), the principal underwriter of the fund’s shares, and American Funds Service Company® ("AFS"), the fund’s transfer agent.
Investment advisory services – The fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on a series of decreasing annual rates beginning with 0.295% on the first $1 billion of daily net assets and decreasing to 0.256% on such assets in excess of $34 billion. For the year ended September 30, 2012, the investment advisory services fee was $52,426,000, which was equivalent to an annualized rate of 0.269% of average daily net assets.
Class-specific fees and expenses – Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are described below:
Distribution services – The fund has plans of distribution for all share classes, except Class F-2, R-5 and R-6 shares. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares and service existing accounts. The plans provide for payments, based on an annualized percentage of average daily net assets, ranging from 0.15% to 1.00% as noted below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans. All share classes with a plan may use a portion (0.15% for Class A, B, 529-A and 529-B shares and 0.25% for all other share classes) of average daily net assets to pay service fees, or to compensate AFD for paying service fees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to be paid under each plan are paid to dealers to compensate them for their sales activities.
| Share class | Currently approved limits | Plan limits |
| Class A | 0.15% | 0.15% |
| Class 529-A | 0.15 | 0.50 |
| Classes B and 529-B | 0.90 | 0.90 |
| Classes C, 529-C and R-1 | 1.00 | 1.00 |
| Class R-2 | 0.75 | 1.00 |
| Classes 529-E and R-3 | 0.50 | 0.75 |
| Classes F-1, 529-F-1 and R-4 | 0.25 | 0.50 |
Transfer agent services – The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to each of the fund’s share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.
During the period October 1, 2011, through December 31, 2011, only Class A and B shares were subject to the shareholder services agreement with AFS. During this period, AFS and other third parties were compensated for providing transfer agent services to Class C, F, 529 and R shares through the fees paid by the fund to CRMC under the fund’s administrative services agreement with CRMC as described in the administrative services section below; CRMC paid for any transfer agent services expenses in excess of 0.10% of the respective average daily net assets of each of such share classes.
Effective January 1, 2012, the shareholder services agreement with AFS was modified to include Class C, F, 529 and R shares and payment for transfer agent services for such classes under the administrative services agreement terminated. Under this structure, transfer agent services expenses for some classes may exceed 0.10% of average daily net assets, resulting in an increase in expenses paid by some share classes.
For the year ended September 30, 2012, the total transfer agent services fee paid under these agreements was $22,955,000, of which $21,922,000 was paid by the fund to AFS and $1,033,000 was paid by the fund to CRMC through its administrative services agreement with the fund. Amounts paid to CRMC by the fund were then paid by CRMC to AFS and other third parties.
Administrative services – The fund has an administrative services agreement with CRMC under which the fund compensates CRMC for providing administrative services to Class A, C, F, 529 and R shares. These services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to fund shareholders.
During the period October 1, 2011, through December 31, 2011, the agreement applied only to Class C, F, 529 and R shares. The agreement also required CRMC to arrange for the provision of transfer agent services for such share classes, which paid CRMC annual fees up to 0.15% (0.10% for Class R-5 and 0.05% for Class R-6) of their respective average daily net assets. During this period, up to 0.05% of these fees were used to compensate CRMC for performing administrative services; all other amounts paid under this agreement were used to compensate AFS and other third parties for transfer agent services.
Effective January 1, 2012, the administrative services agreement with CRMC was modified to include Class A shares. Under the revised agreement, Class A shares pay an annual fee of 0.01% and Class C, F, 529 and R shares pay an annual fee of 0.05% of their respective average daily net assets to CRMC for administrative services. Fees for transfer agent services are no longer included as part of the administrative services fee paid by the fund to CRMC.
For the year ended September 30, 2012, total fees paid to CRMC for performing administrative services were $3,684,000.
529 plan services – Each 529 share class is subject to service fees to compensate the Commonwealth of Virginia for the maintenance of the 529 college savings plan. The quarterly fee is based on a series of decreasing annual rates beginning with 0.10% on the first $30 billion of the net assets invested in Class 529 shares of the American Funds and decreasing to 0.06% on such assets between $120 billion and $150 billion. The fee for any given calendar quarter is accrued and calculated on the basis of the average net assets of Class 529 shares of the American Funds for the last month of the prior calendar quarter. The fee is included in other expenses on the accompanying financial statements. The Commonwealth of Virginia is not considered a related party.
Class-specific expenses under the agreements described above for the year ended September 30, 2012, were as follows (dollars in thousands):
| Share class | | Distribution services | | | Transfer agent services | | | Administrative services | | | 529 plan services | |
| Class A | | $ | - | | | $ | 14,004 | | | $ | 1,025 | | | Not applicable | |
| Class B | | | 1,539 | | | | 187 | | | Not applicable | | | Not applicable | |
| Class C | | | - | | | | 375 | | | | 211 | | | Not applicable | |
| Class F-1 | | | 123 | | | | 49 | | | | 24 | | | Not applicable | |
| Class F-2 | | Not applicable | | | | 2 | | | | 4 | | | Not applicable | |
| Class 529-A | | | - | | | | 578 | | | | 373 | | | $ | 728 | |
| Class 529-B | | | 210 | | | | 24 | | | | 14 | | | | 28 | |
| Class 529-C | | | - | | | | 128 | | | | 79 | | | | 154 | |
| Class 529-E | | | - | | | | 31 | | | | 21 | | | | 42 | |
| Class 529-F-1 | | | - | | | | 37 | | | | 24 | | | | 46 | |
| Class R-1 | | | - | | | | 83 | | | | 40 | | | Not applicable | |
| Class R-2 | | | - | | | | 4,368 | | | | 666 | | | Not applicable | |
| Class R-3 | | | - | | | | 2,166 | | | | 606 | | | Not applicable | |
| Class R-4 | | | - | | | | 736 | | | | 374 | | | Not applicable | |
| Class R-5 | | Not applicable | | | | 179 | | | | 175 | | | Not applicable | |
| Class R-6 | | Not applicable | | | | 8 | | | | 48 | | | Not applicable | |
| Total class-specific expenses | | $ | 1,872 | | | $ | 22,955 | | | $ | 3,684 | | | $ | 998 | |
Reimbursements of fees and expenses – Due to lower short-term interest rates, CRMC reimbursed a portion of the fund’s fees and expenses. For the year ended September 30, 2012, the total fees reimbursed by CRMC were as follows:
| Share class | | (dollars in thousands) | |
| Class A | | $ | 42,952 | |
| Class B | | | 2,138 | |
| Class C | | | 1,399 | |
| Class F-1 | | | 294 | |
| Class F-2 | | | 27 | |
| Class 529-A | | | 3,108 | |
| Class 529-B | | | 331 | |
| Class 529-C | | | 664 | |
| Class 529-E | | | 175 | |
| Class 529-F-1 | | | 197 | |
| Class R-1 | | | 266 | |
| Class R-2 | | | 7,599 | |
| Class R-3 | | | 5,044 | |
| Class R-4 | | | 2,501 | |
| Class R-5 | | | 1,032 | |
| Class R-6 | | | 240 | |
| Total | | $ | 67,967 | |
Trustees’ deferred compensation – Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund. These amounts represent general, unsecured liabilities of the fund and vary according to the total return of the fund. Trustees’ compensation, shown on the accompanying financial statements, includes the current fees (either paid in cash or deferred) and the net increase or decrease in the value of the deferred amounts.
Affiliated officers and trustees – Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, AFS and AFD. No affiliated officers or trustees received any compensation directly from the fund.
| 7. | Capital share transactions |
Capital share transactions in the fund were as follows (dollars and shares in thousands):
| | | Sales* | | | Repurchases* | | | Net (decrease) increase | |
| Share class | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | |
| Year ended September 30, 2012 | | | | | | | | | | | | | | | | | | |
| Class A | | $ | 14,376,855 | | | | 14,376,855 | | | $ | (17,127,619 | ) | | | (17,127,619 | ) | | $ | (2,750,764 | ) | | | (2,750,764 | ) |
| Class B | | | 70,606 | | | | 70,606 | | | | (190,011 | ) | | | (190,011 | ) | | | (119,405 | ) | | | (119,405 | ) |
| Class C | | | 272,690 | | | | 272,690 | | | | (453,917 | ) | | | (453,917 | ) | | | (181,227 | ) | | | (181,227 | ) |
| Class F-1 | | | 99,451 | | | | 99,451 | | | | (117,282 | ) | | | (117,282 | ) | | | (17,831 | ) | | | (17,831 | ) |
| Class F-2 | | | 25,304 | | | | 25,304 | | | | (29,562 | ) | | | (29,562 | ) | | | (4,258 | ) | | | (4,258 | ) |
| Class 529-A | | | 371,111 | | | | 371,111 | | | | (351,767 | ) | | | (351,767 | ) | | | 19,344 | | | | 19,344 | |
| Class 529-B | | | 10,881 | | | | 10,881 | | | | (23,273 | ) | | | (23,273 | ) | | | (12,392 | ) | | | (12,392 | ) |
| Class 529-C | | | 83,270 | | | | 83,270 | | | | (82,073 | ) | | | (82,073 | ) | | | 1,197 | | | | 1,197 | |
| Class 529-E | | | 21,459 | | | | 21,459 | | | | (19,194 | ) | | | (19,194 | ) | | | 2,265 | | | | 2,265 | |
| Class 529-F-1 | | | 27,835 | | | | 27,835 | | | | (20,576 | ) | | | (20,576 | ) | | | 7,259 | | | | 7,259 | |
| Class R-1 | | | 65,076 | | | | 65,076 | | | | (70,799 | ) | | | (70,799 | ) | | | (5,723 | ) | | | (5,723 | ) |
| Class R-2 | | | 904,445 | | | | 904,445 | | | | (1,022,007 | ) | | | (1,022,007 | ) | | | (117,562 | ) | | | (117,562 | ) |
| Class R-3 | | | 1,003,624 | | | | 1,003,624 | | | | (1,076,415 | ) | | | (1,076,415 | ) | | | (72,791 | ) | | | (72,791 | ) |
| Class R-4 | | | 604,951 | | | | 604,951 | | | | (624,558 | ) | | | (624,558 | ) | | | (19,607 | ) | | | (19,607 | ) |
| Class R-5 | | | 261,034 | | | | 261,034 | | | | (250,318 | ) | | | (250,318 | ) | | | 10,716 | | | | 10,716 | |
| Class R-6 | | | 141,354 | | | | 141,354 | | | | (120,227 | ) | | | (120,227 | ) | | | 21,127 | | | | 21,127 | |
| Total net increase (decrease) | | $ | 18,339,946 | | | | 18,339,946 | | | $ | (21,579,598 | ) | | | (21,579,598 | ) | | $ | (3,239,652 | ) | | | (3,239,652 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Year ended September 30, 2011 | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A | | $ | 19,715,404 | | | | 19,715,404 | | | $ | (19,824,872 | ) | | | (19,824,872 | ) | | $ | (109,468 | ) | | | (109,468 | ) |
| Class B | | | 189,949 | | | | 189,949 | | | | (288,266 | ) | | | (288,266 | ) | | | (98,317 | ) | | | (98,317 | ) |
| Class C | | | 576,235 | | | | 576,235 | | | | (511,461 | ) | | | (511,461 | ) | | | 64,774 | | | | 64,774 | |
| Class F-1 | | | 120,865 | | | | 120,865 | | | | (80,283 | ) | | | (80,283 | ) | | | 40,582 | | | | 40,582 | |
| Class F-2 | | | 23,022 | | | | 23,022 | | | | (23,832 | ) | | | (23,832 | ) | | | (810 | ) | | | (810 | ) |
| Class 529-A | | | 406,441 | | | | 406,441 | | | | (353,351 | ) | | | (353,351 | ) | | | 53,090 | | | | 53,090 | |
| Class 529-B | | | 17,922 | | | | 17,922 | | | | (26,153 | ) | | | (26,153 | ) | | | (8,231 | ) | | | (8,231 | ) |
| Class 529-C | | | 88,335 | | | | 88,335 | | | | (79,589 | ) | | | (79,589 | ) | | | 8,746 | | | | 8,746 | |
| Class 529-E | | | 22,486 | | | | 22,486 | | | | (20,711 | ) | | | (20,711 | ) | | | 1,775 | | | | 1,775 | |
| Class 529-F-1 | | | 30,945 | | | | 30,945 | | | | (20,145 | ) | | | (20,145 | ) | | | 10,800 | | | | 10,800 | |
| Class R-1 | | | 86,685 | | | | 86,685 | | | | (87,000 | ) | | | (87,000 | ) | | | (315 | ) | | | (315 | ) |
| Class R-2 | | | 1,127,345 | | | | 1,127,345 | | | | (1,142,004 | ) | | | (1,142,004 | ) | | | (14,659 | ) | | | (14,659 | ) |
| Class R-3 | | | 1,167,770 | | | | 1,167,770 | | | | (1,130,691 | ) | | | (1,130,691 | ) | | | 37,079 | | | | 37,079 | |
| Class R-4 | | | 710,078 | | | | 710,078 | | | | (700,097 | ) | | | (700,097 | ) | | | 9,981 | | | | 9,981 | |
| Class R-5 | | | 353,742 | | | | 353,742 | | | | (341,232 | ) | | | (341,232 | ) | | | 12,510 | | | | 12,510 | |
| Class R-6 | | | 137,473 | | | | 137,473 | | | | (91,641 | ) | | | (91,641 | ) | | | 45,832 | | | | 45,832 | |
| Total net increase (decrease) | | $ | 24,774,697 | | | | 24,774,697 | | | $ | (24,721,328 | ) | | | (24,721,328 | ) | | $ | 53,369 | | | | 53,369 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| *Includes exchanges between share classes of the fund. | | | | | | | | | | | | | | | | | | | | | |
Expense example
unaudited
As a shareholder of the fund, you incur certain ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Certain share classes also incur transaction costs such as contingent deferred sales charges (loads) on redemptions. This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (April 1, 2012, through September 30, 2012).
Actual expenses:
The first line of each share class in the table on the next page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each share class in the table on the next page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
There are some account fees that are charged to certain types of accounts, such as individual retirement accounts and 529 college savings plan accounts (generally, a $10 fee is charged to set up the account and an additional $10 fee is charged to the account annually), that would increase the amount of expenses paid on your account. In addition, retirement plan participants may be subject to certain fees charged by the plan sponsor, and Class F-1, F-2 and 529-F-1 shareholders may be subject to fees charged by financial intermediaries, typically ranging from 0.75% to 1.50% of assets annually depending on services offered. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.
Note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | Beginning account value 4/1/2012 | | | Ending account value 9/30/2012 | | | Expenses paid during period* | | | Annualized expense ratio | |
| | | | | | | | | | | | | |
| Class A -- actual return | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | .55 | | | | .11 | % |
| Class A -- assumed 5% return | | | 1,000.00 | | | | 1,024.45 | | | | .56 | | | | .11 | |
| Class B -- actual return | | | 1,000.00 | | | | 1,000.00 | | | | .55 | | | | .11 | |
| Class B -- assumed 5% return | | | 1,000.00 | | | | 1,024.45 | | | | .56 | | | | .11 | |
| Class C -- actual return | | | 1,000.00 | | | | 1,000.00 | | | | .55 | | | | .11 | |
| Class C -- assumed 5% return | | | 1,000.00 | | | | 1,024.45 | | | | .56 | | | | .11 | |
| Class F-1 -- actual return | | | 1,000.00 | | | | 1,000.00 | | | | .55 | | | | .11 | |
| Class F-1 -- assumed 5% return | | | 1,000.00 | | | | 1,024.45 | | | | .56 | | | | .11 | |
| Class F-2 -- actual return | | | 1,000.00 | | | | 1,000.00 | | | | .55 | | | | .11 | |
| Class F-2 -- assumed 5% return | | | 1,000.00 | | | | 1,024.45 | | | | .56 | | | | .11 | |
| Class 529-A -- actual return | | | 1,000.00 | | | | 1,000.00 | | | | .55 | | | | .11 | |
| Class 529-A -- assumed 5% return | | | 1,000.00 | | | | 1,024.45 | | | | .56 | | | | .11 | |
| Class 529-B -- actual return | | | 1,000.00 | | | | 1,000.00 | | | | .55 | | | | .11 | |
| Class 529-B -- assumed 5% return | | | 1,000.00 | | | | 1,024.45 | | | | .56 | | | | .11 | |
| Class 529-C -- actual return | | | 1,000.00 | | | | 1,000.00 | | | | .55 | | | | .11 | |
| Class 529-C -- assumed 5% return | | | 1,000.00 | | | | 1,024.45 | | | | .56 | | | | .11 | |
| Class 529-E -- actual return | | | 1,000.00 | | | | 1,000.00 | | | | .55 | | | | .11 | |
| Class 529-E -- assumed 5% return | | | 1,000.00 | | | | 1,024.45 | | | | .56 | | | | .11 | |
| Class 529-F-1 -- actual return | | | 1,000.00 | | | | 1,000.00 | | | | .55 | | | | .11 | |
| Class 529-F-1 -- assumed 5% return | | | 1,000.00 | | | | 1,024.45 | | | | .56 | | | | .11 | |
| Class R-1 -- actual return | | | 1,000.00 | | | | 1,000.00 | | | | .55 | | | | .11 | |
| Class R-1 -- assumed 5% return | | | 1,000.00 | | | | 1,024.45 | | | | .56 | | | | .11 | |
| Class R-2 -- actual return | | | 1,000.00 | | | | 1,000.00 | | | | .55 | | | | .11 | |
| Class R-2 -- assumed 5% return | | | 1,000.00 | | | | 1,024.45 | | | | .56 | | | | .11 | |
| Class R-3 -- actual return | | | 1,000.00 | | | | 1,000.00 | | | | .55 | | | | .11 | |
| Class R-3 -- assumed 5% return | | | 1,000.00 | | | | 1,024.45 | | | | .56 | | | | .11 | |
| Class R-4 -- actual return | | | 1,000.00 | | | | 1,000.00 | | | | .55 | | | | .11 | |
| Class R-4 -- assumed 5% return | | | 1,000.00 | | | | 1,024.45 | | | | .56 | | | | .11 | |
| Class R-5 -- actual return | | | 1,000.00 | | | | 1,000.00 | | | | .55 | | | | .11 | |
| Class R-5 -- assumed 5% return | | | 1,000.00 | | | | 1,024.45 | | | | .56 | | | | .11 | |
| Class R-6 -- actual return | | | 1,000.00 | | | | 1,000.00 | | | | .55 | | | | .11 | |
| Class R-6 -- assumed 5% return | | | 1,000.00 | | | | 1,024.45 | | | | .56 | | | | .11 | |
| | | | | | | | | | | | | | | | | |
*The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 366 (to reflect the one-half year period). |
Board of trustees and other officers
“Independent” trustees1 | | |
| | Year first | |
| | elected a | |
| | trustee of | |
| Name and age | the fund2 | Principal occupation(s) during past five years |
| | | |
| William H. Baribault, 67 | 2010 | Chairman of the Board and CEO, Oakwood |
| | | Enterprises (private investment and consulting) |
| | | |
| James G. Ellis, 65 | 2009 | Dean and Professor of Marketing, Marshall School of |
| | | Business, University of Southern California |
| | | |
| Leonard R. Fuller, 66 | 2009 | President and CEO, Fuller Consulting (financial |
| | | management consulting firm) |
| | | |
| W. Scott Hedrick, 67 | 2010 | Founding General Partner, InterWest Partners |
| | | (venture capital firm) |
| | | |
| R. Clark Hooper, 66 | 2009 | Private investor |
| Chairman of the Board | | |
| (Independent and Non-Executive) | | |
| | | |
| Merit E. Janow, 54 | 2010 | Professor, Columbia University, School of |
| | | International and Public Affairs; former Member, |
| | | World Trade Organization Appellate Body |
| | | |
| Laurel B. Mitchell, Ph.D., 57 | 2009 | Clinical Professor and Director, Accounting Program, |
| | | University of Redlands |
| | | |
| Frank M. Sanchez, 69 | 2009 | Principal, The Sanchez Family Corporation dba |
| | | McDonald’s Restaurants (McDonald’s licensee) |
| | | |
| Margaret Spellings, 55 | 2009 | President and CEO, Margaret Spellings & Company |
| | | (public policy and strategic consulting); President, |
| | | U.S. Forum for Policy Innovation and Senior Advisor |
| | | to the President and CEO, U.S. Chamber of |
| | | Commerce; former United States Secretary of |
| | | Education, United States Department of Education |
| | | |
| Steadman Upham, Ph.D., 63 | 2009 | President and University Professor, |
| | | The University of Tulsa |
| | | |
| | | |
“Independent” trustees1 | | |
| | Number of | |
| | portfolios | |
| | in fund | |
| | complex3 | |
| | overseen by | |
| Name and age | trustee | Other directorships4 held by trustee |
| | | |
| William H. Baribault, 67 | 58 | None |
| | | |
| James G. Ellis, 65 | 62 | Quiksilver, Inc. |
| | | |
| Leonard R. Fuller, 66 | 62 | None |
| | | |
| W. Scott Hedrick, 67 | 58 | Hot Topic, Inc.; Office Depot, Inc. |
| | | |
| R. Clark Hooper, 66 | 64 | JPMorgan Value Opportunities Fund, Inc.; |
| Chairman of the Board | | The Swiss Helvetia Fund, Inc. |
| (Independent and Non-Executive) | | |
| | | |
| Merit E. Janow, 54 | 61 | The NASDAQ Stock Market LLC; |
| | | Trimble Navigation Limited |
| | | |
| Laurel B. Mitchell, Ph.D., 57 | 58 | None |
| | | |
| Frank M. Sanchez, 69 | 58 | None |
| | | |
| Margaret Spellings, 55 | 61 | None |
| | | |
| Steadman Upham, Ph.D., 63 | 61 | None |
Lee A. Ault III, a trustee of the fund since 2010, and Martin Fenton, a trustee of the fund since 2009, have retired from the board. The trustees thank Mr. Ault and Mr. Fenton for their dedication and service to the fund.
“Interested” trustee5,6 | | |
| | Year first | |
| | elected a | |
| | trustee or | Principal occupation(s) during past five years |
| Name, age and | officer of | and positions held with affiliated entities or the |
| position with fund | the fund2 | principal underwriter of the fund |
| | | |
| Kristine M. Nishiyama, 42 | 2009 | Senior Vice President and Senior Counsel — Fund |
| President | | Business Management Group, Capital Research and |
| | | Management Company; Vice President and Senior |
| | | Counsel, Capital Bank and Trust Company7 |
| | | |
| | | |
“Interested” trustee5,6 | | |
| | Number of | |
| | portfolios in | |
| | fund complex3 | |
| Name, age and | overseen | |
| position with fund | by trustee | Other directorships4 held by trustee |
| | | |
| Kristine M. Nishiyama, 42 | 1 | None |
| President | | |
The fund’s statement of additional information includes further details about fund trustees and is available without charge upon request by calling American Funds Service Company at 800/421-4225 or by visiting the American Funds website at americanfunds.com. The address for all trustees and officers of the fund is 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary.
Other officers6 | | |
| | Year first | |
| | elected | Principal occupation(s) during past five years |
| Name, age and | an officer | and positions held with affiliated entities or the |
| position with fund | of the fund2 | principal underwriter of the fund |
| | | |
| Louise M. Moriarty, 53 | 2009 | Vice President — Fixed Income, Capital Research |
| Senior Vice President | | Company7 |
| | | |
| Karen F. Hall, 47 | 2009 | Vice President — Fixed Income, Capital Research |
| Vice President | | and Management Company |
| | | |
| Belinda A. Heard, 50 | 2009 | Vice President — Fixed Income, Capital Research |
| Vice President | | and Management Company |
| | | |
| Courtney R. Taylor, 37 | 2009 | Assistant Vice President — Fund Business |
| Secretary | | Management Group, Capital Research and |
| | | Management Company |
| | | |
| Brian C. Janssen, 40 | 2011 | Vice President — Fund Business Management |
| Treasurer | | Group, Capital Research and Management Company |
| | | |
| Steven I. Koszalka, 48 | 2010 | Vice President — Fund Business Management |
| Assistant Secretary | | Group, Capital Research and Management Company |
| | | |
| Karl C. Grauman, 44 | 2012 | Vice President — Fund Business Management |
| Assistant Treasurer | | Group, Capital Research and Management Company |
| | | |
| Dori Laskin, 61 | 2010 | Vice President — Fund Business Management |
| Assistant Treasurer | | Group, Capital Research and Management Company |
| | 1The term “independent” trustee refers to a trustee who is not an “interested person” of the fund within the meaning of the Investment Company Act of 1940. |
| | 2Trustees and officers of the fund serve until their resignation, removal or retirement. |
| | 3Capital Research and Management Company manages the American Funds. Capital Research and Management Company also manages American Funds Insurance Series,® which is composed of 19 funds and serves as the underlying investment vehicle for certain variable insurance contracts; American Funds Target Date Retirement Series,® which is composed of 10 funds and is available through tax-deferred retirement plans and IRAs; American Funds Portfolio Series,SM which is composed of eight funds; and American Funds College Target Date Series,SM which is composed of seven funds. |
| | 4This includes all directorships (other than those in the American Funds or other funds managed by Capital Research and Management Company) that are held by each trustee as a trustee or director of a public company or a registered investment company. |
| | 5“Interested persons” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the fund’s investment adviser, Capital Research and Management Company, or affiliated entities (including the fund’s principal underwriter). |
| | 6All of the officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser. |
| | 7Company affiliated with Capital Research and Management Company. |
Offices of the fund and of the investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
6455 Irvine Center Drive
Irvine, CA 92618
Custodian of assets
JPMorgan Chase Bank
270 Park Avenue
New York, NY 10017-2070
Transfer agent for shareholder accounts
American Funds Service Company
(Write to the address near you.)
P.O. Box 6007
Indianapolis, IN 46206-6007
P.O. Box 2280
Norfolk, VA 23501-2280
Counsel
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, CA 90071-3106
Independent registered public accounting firm
PricewaterhouseCoopers LLP
350 South Grand Avenue
Los Angeles, CA 90071-2889
Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
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 your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at 800/421-4225 or visit the American Funds website at americanfunds.com.
“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the American Funds website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the American Funds website.
American Funds Money Market Fund files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at 800/SEC-0330. Additionally, the list of portfolio holdings is available by calling AFS.
This report is for the information of shareholders of American Funds Money Market Fund, but it also may be used as sales literature when preceded or accompanied by the current prospectus or summary prospectus, which gives details about charges, expenses, investment objectives and operating policies of the fund. If used as sales material after December 31, 2012, this report must be accompanied by an American Funds statistical update for the most recently completed calendar quarter.
The American Funds difference
Since 1931, American Funds has helped investors pursue long-term investment success. Our consistent approach — in combination with a proven system — has resulted in a superior long-term track record.
Consistent approach
We base our decisions on a long-term perspective because we believe it is the best way to achieve superior long-term investment results. Our portfolio counselors average 25 years of investment experience, including 21 years at our company, reflecting a career commitment to our long-term approach.1
Proven system
Our system combines individual accountability with teamwork. Each fund is divided into portions that are managed by investment professionals with varied backgrounds, ages and investment styles. An extensive global research effort is the backbone of our system.
Superior long-term track record
Our equity funds have beaten their Lipper peer indexes in 91% of 10-year periods and 96% of 20-year periods. Our fixed-income funds have beaten their Lipper indexes in 60% of 10-year periods and 67% of 20-year periods.2 Our fund management fees have been among the lowest in the industry.3
| | 2Based on Class A share results for periods through 12/31/11. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date. |
| | 3Based on management fees for the 20-year period ended 12/31/11 versus comparable Lipper categories, excluding funds of funds. |
American Funds span a range of investment objectives
| | The Growth Fund of America® |
| | Capital World Growth and Income Fund® |
| | International Growth and Income FundSM |
| | The Investment Company of America® |
| | Washington Mutual Investors FundSM |
| | The Income Fund of America® |
| | American Funds Global Balanced FundSM |
| | American Funds Mortgage Fund® |
| | American High-Income Trust® |
| | The Bond Fund of America® |
| | Intermediate Bond Fund of America® |
| | Short-Term Bond Fund of America® |
| | U.S. Government Securities Fund® |
| | American Funds Short-Term Tax-Exempt Bond Fund® |
| | American High-Income Municipal Bond Fund® |
| | Limited Term Tax-Exempt Bond Fund of America® |
| | The Tax-Exempt Bond Fund of America® |
| | State-specific tax-exempt funds |
| | American Funds Tax-Exempt Fund of New York® |
| | The Tax-Exempt Fund of California® |
| | The Tax-Exempt Fund of Maryland® |
| | The Tax-Exempt Fund of Virginia® |
| | American Funds Money Market Fund® |
| | •American Funds Portfolio SeriesSM |
| | 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 |
| | •American Funds Target Date Retirement Series® |
| | •American Funds College Target Date SeriesSM |
The Capital Group Companies
American Funds Capital Research and Management Capital International Capital Guardian Capital Bank and Trust
Lit. No. MFGEARX-059-1112P
Litho in USA BG/UNL/10078-S32288
Printed on paper containing 10% post-consumer waste
Printed with inks containing soy and/or vegetable oil
ITEM 2 – Code of Ethics
