At the meetings, shareholders of each Fund will be asked to vote to elect board members of the Fund. Detailed information about the proposal, including, in particular, a description of the proposed slate of board members for each Fund, is contained in the enclosed material and Joint Proxy Statement, which we invite you to review closely.

Importantly, the current board members of each Fund, most of whom are not affiliated with Capital Group, have recentlyconsidered the proposal and have determined that the proposal detailed in the Joint Proxy Statement is in the best interest of the applicable Fund and its shareholders, and unanimously recommend that you vote “FOR” each of the nominees.

Whether or not you plan to attend the meetings in person,we need your vote regardless of how many shares you own. We realize that you lead a busy life and may be tempted to put aside this proxy information for another time. By responding promptly, you will save your Fund(s) the expense of additionalfollow-up mailings and solicitations.Please vote today.

Voting is quick and easy. You may vote your shares by telephone, via the Internet or by simply completing and signing the enclosed proxy card (your ballot), and mailing it in the postage-paid envelope included in this package. If you have questions, please call us toll-free at(800) 421-4225. We will be glad to help you cast your vote quickly. Thank you for participating in this important initiative.

Sincerely,

[/s/ Timothy D. Armour ]

Timothy D. Armour

Chairman of the Board and Principal Executive Officer

Capital Research and Management Company,

Investment Adviser to American Funds

JOINT SPECIAL MEETINGS OF SHAREHOLDERS

OF AMERICAN FUNDS

The following series or funds (each a “Fund,” and, collectively, the “Funds”) will each hold special shareholder meetings on November 28, 2018, at the office of Capital Group, 333 South Hope Street, Los Angeles, California 90071 at 9:00 a.m. Pacific Time:

AMCAP Fund^®

American Balanced Fund^®

American Funds College Target Date Series^®

American Funds Corporate Bond Fund^®

American Funds Developing World Growth and Income Fund^SM

American Funds Emerging Markets Bond Fund^®

American Funds Fundamental Investors^®

American Funds Global Balanced Fund^SM

The American Funds Income Series^® – U.S. Government Securities Fund^®

American Funds Inflation Linked Bond Fund^®

American Funds Mortgage Fund^®

American Funds Portfolio Series^SM

American Funds Retirement Income Portfolio Series^SM

American Funds Short-TermTax-Exempt Bond Fund^®

American Funds Strategic Bond Fund^SM

American Funds Target Date Retirement Series^®

American FundsTax-Exempt Fund of New York^®

American FundsTax-Exempt Series II^SM – TheTax-Exempt Fund of California^®

American Funds U.S. Government Money Market Fund^SM

American High-Income Municipal Bond Fund^®

American High-Income Trust^®

American Mutual Fund^®

The Bond Fund of America^®

Capital Income Builder^®

Capital World Bond Fund^®

Capital World Growth and Income Fund^®

EuroPacific Growth Fund^®

The Growth Fund of America^®

The Income Fund of America^®

Intermediate Bond Fund of America^®

International Growth and Income Fund^SM

The Investment Company of America^®

Limited TermTax-Exempt Bond Fund of America^®

The New Economy Fund^®

New Perspective Fund^®

New World Fund^®, Inc.

Short-Term Bond Fund of America^®

SMALLCAP World Fund^®, Inc.

TheTax-Exempt Bond Fund of America^®

Washington Mutual Investors Fund^SM

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IMPORTANT INFORMATION

TO HELP YOU UNDERSTAND AND VOTE ON THE PROPOSAL

Please read the full text of the Joint Proxy Statement. Below is a brief overview of the proposal to be voted upon. Your vote is important.

Why am I being asked to vote?

You are, or were as of the record date (August 31, 2018), a shareholder of one or more of the Funds. The proposal with respect to each Fund requires the approval of shareholders of such Fund. The Board of Directors or Trustees (the “Board”) of each Fund has approved the proposal to elect Board members for the Fund, as further described below, and recommends that you vote “FOR” each of the nominees.

What am I being asked to vote on?

You are being asked to vote on a proposal (hereinafter, the “Proposal”) to elect Board members of each of the Fund(s) for which you are a shareholder. It has been contacteda number of years since the Funds held special meetings of shareholders to elect Board members, and subsequent changes in the composition of each Fund’s Board now necessitate the election of the nominees. Under the Investment Company Act of 1940 (the “1940 Act”), the Board may fill vacancies by appointment so long as, after the Board fills the vacancy, at least two-thirds of the Board members were elected by shareholders. By electing Board members now, the Funds’ Boards will be able to add new members for a longer period without the expense of conducting additional shareholder meetings. The Joint Proxy Statement contains information relevant to the consideration of nominees for the Boards. Shareholders of each Fund will vote as a separate class to elect members of the Board of the respective Fund. Shareholders of each Fund that offers multiple series of shares with respect to distinct portfolio funds (i.e., American Funds College Target Date Series, American Funds Portfolio Series, American Funds Retirement Income Portfolio Series and American Funds Target Date Series) will vote together as a single class and not by individual portfolio fund.

Have the Funds’ Boards approved the Proposal?

The Board of each Fund has approved the Proposal and recommends that you vote “FOR” each of the nominees.

What are the reasons for and advantages of the Proposal?

The Proposal is intended to give the Funds flexibility to add Board members and to efficiently manage costs for the Funds over the long term.

What if the Proposal is not approved?

If there are not enough votes by shareholders of a Fund to approve the Proposal by the time of the Fund’s shareholder meeting, that Fund’s meeting may be adjourned to permit further solicitation of proxy votes. If a Fund’s shareholders do not ultimately approve the Proposal, its Board and Capital Research and Management Company (“CRMC”), the investment adviser to each Fund, will continue to operate the Fund as they currently do. Note, though, that approval of the Proposal for each Fund (other

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than EUPAC) requires the affirmative vote of a plurality of votes cast at the applicable Shareholder Meeting. Given the plurality voting standard and because each nominee is running unopposed, so long as a quorum is present at a Fund’s Shareholder Meeting, it is likely that each nominee will be elected. See the section of this Joint Proxy Statement captioned “Method of tabulation” for more information regarding the plurality voting standard.

Who is Computershare Fund Services?

Computershare Fund Services (“Computershare”) is not affiliated with the Funds or CRMC, and is a company that specializes in assisting financial firms with shareholder meetings. The Funds have hired Computershare to contact shareholders and record proxy votes. As the shareholder meetings approach, shareholders who have not yet voted their shares may receive a phone call from Computershare asking for shareholders’ votes so that the meetings will not need to be adjourned or postponed.

Who will pay the costs associated with obtaining shareholder approval of the Proposal?

The Board of each Fund has determined that the expenses associated with obtaining shareholder approval of the Proposal, including printing and mailing of this Joint Proxy Statement and solicitation of proxies, are appropriate expenses for the Fund to incur. Accordingly, the Funds will bear these costs. We estimate that these costs will average across all Funds less than $1.00 per shareholder account.

How many votes am I entitled to cast?

As a shareholder of a Fund, you are entitled to one vote per share and a proportionate fractional vote for each fractional share you own of the Fund on the record date (August 31, 2018) with respect to that Fund’s shareholder meeting.

How do I vote my shares?

You may vote your shares via the Internet or by telephone, by mail or by attending a shareholder meeting in person. To vote via the Internet (24 hours a day) or by telephone (24 hours a day), please visit the website or call the number on your proxy card(s) and follow the instructions. When voting via the Internet or by telephone you will be required to enter the identifying numbers that appear on your proxy card(s).

You can vote by mail by completing, signing and dating the enclosed proxy card (or cards) and mailing it (or them) in the enclosed postage-paid envelope. Proxy cards that are signed and dated but not completed will be voted “FOR” each of the nominees.

If you need assistance, or have any questions regarding the Proposal or how to vote your shares, please call American Funds at (800)421-4225.

You can help reduce shareholder costs by voting promptly. Your vote is important, regardless of the number of shares you own. Please read the enclosed material and vote your shares.

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How do I sign the proxy card?

When voting via the Internet or by telephone you will be required to enter the identifying numbers that appear on your proxy card(s). If voting by mail, please complete, sign and date the proxy card(s). When signing the proxy card(s):

Individual accounts: Shareholders should sign exactly as their names appear on the account registration shown on the proxy card.

Joint accounts: Either owner may sign the proxy card, but the name of the person signing should conform exactly to the name shown in the registration.

All other accounts: The person signing must indicate his or her capacity. For example, a trustee for a trust or other entity should sign “Mary Smith, Trustee.”

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NOTICE OF SPECIAL MEETINGS OF SHAREHOLDERS

August 31, 2018

To shareholders:

Notice is given that a special meeting of shareholders of each of AMCAP Fund, American Balanced Fund, American Funds College Target Date Series, American Funds Corporate Bond Fund, American Funds Developing World Growth and Income Fund, American Funds Emerging Markets Bond Fund, American Funds Fundamental Investors, American Funds Global Balanced Fund, The American Funds Income Series, American Funds Inflation Linked Bond Fund, American Funds Mortgage Fund, American Funds Portfolio Series, American Funds Retirement Income Portfolio Series, American Funds Short-TermTax-Exempt Bond Fund, American Funds Strategic Bond Fund, American Funds Target Date Retirement Series, American FundsTax-Exempt Fund of New York, American FundsTax-Exempt Series II, American Funds U.S. Government Money Market Fund, American High-Income Municipal Bond Fund, American High-Income Trust, American Mutual Fund, The Bond Fund of America, Capital Income Builder, Capital World Bond Fund, Capital World Growth and Income Fund, EuroPacific Growth Fund, The Growth Fund of America, The Income Fund of America, Intermediate Bond Fund of America, International Growth and Income Fund, The Investment Company of America, Limited TermTax-Exempt Bond Fund of America, The New Economy Fund, New Perspective Fund, New World Fund, Inc., Short-Term Bond Fund of America, SMALLCAP World Fund, Inc., TheTax-Exempt Bond Fund of America and Washington Mutual Investors Fund (each a “Fund,” and collectively, the “Funds”) will be held on Wednesday, November 28, 2018, at the office of Capital Group, 333 South Hope Street, Los Angeles, California 90071, at 9:00 a.m. Pacific Time (each meeting of shareholders is referred to as a “Shareholder Meeting,” and, collectively, they are referred to as the “Shareholder Meetings”), and at any adjournment or adjournments thereof, for the following purposes:

The Board of Directors or Trustees (the “Board”) of each Fund recommends that you vote “FOR” each of the nominees.

The proposed business cannot be conducted for a Fund at its Shareholder Meeting unless the required quorum of shares of the Fund outstanding on August 31, 2018 (the “Record Date”) is present in person or by proxy. Therefore, please cast your vote via the Internet or by telephone or mark, sign, date and return the enclosed proxy card(s) as soon as possible. You may revoke your proxy at any time before its use. Only shareholders of record of a Fund at the close of business on the Record Date are entitled to notice of and to vote at the Fund’s Shareholder Meeting and any adjournment or adjournments thereof.

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This notice and the accompanying proxy material are first being sent to shareholders on or about August 31, 2018.

By order of the Boards of the Funds,

You are invited to attend the Shareholder Meetings in person. However, you may vote prior to the Shareholder Meetings via the Internet, by telephone or by returning your completed proxy card(s). Your vote is important no matter how many shares you owned on the Record Date.

Important

You can help your Fund(s) avoid the expense of further proxy solicitation by promptly voting your shares using one of three convenient methods: (a) by accessing the Internet website as described in the enclosed proxy card(s); (b) by calling the toll-free number as described in the enclosed proxy card(s); or (c) by signing, dating and returning the enclosed proxy card(s) in the enclosed postage-paid envelope.

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JOINT PROXY STATEMENT

TABLE OF CONTENTS

Throughout this Joint Proxy Statement, except where the context indicates otherwise, all references to the “Fund” shall apply to each Fund. A list of the Funds and abbreviations used for each Fund in this Joint Proxy Statement is set forth on the next page.

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Fund Abbreviations

With the exception of EUPAC, which is a Massachusetts business trust, and NWF and SCWF, which are Maryland corporations, each of the Funds is a Delaware statutory trust.

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PART I — THE PROPOSAL

Shareholders of each Fund will vote separately on the Proposal. The successful passage of the Proposal as to any Fund is not conditioned on the approval of the Proposal by the shareholders of any other Fund.

THE PROPOSAL:TO ELECT BOARD MEMBERS

The purpose of the Proposal is to elect members of the board of directors/trustees (the “Board”) for each of the Funds. You are being asked to vote for the election of directors or trustees for your Fund(s).

It is intended that the enclosed proxy card(s) will be voted for all nominees (the “nominees”) listed below for the applicable Board unless a proxy contains specific instructions to the contrary. If elected by shareholders, each nominee’s term in office will commence on January 1, 2019 and will continue until his or her resignation, death or disability, or until his or her successor is elected and qualified.

Each nominee has consented to serve on the applicable Board if elected by shareholders. If, however, before the election, any nominee refuses or is unable to serve, proxies may be voted for a replacement nominee, if any, designated by the applicable Board.

Pertinent information about each of the nominees, including information relating to the experience, attributes and skills relevant to the nominee’s qualifications to serve on the Board, is set forth inAppendix 1 to this Joint Proxy Statement. Following is the list of nominees and the Fund(s) for which he or she is standing for election.

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4

The following current Independent Directors (defined below) are planning to retire from their respective Board(s) at the end of 2018: Leonard R. Fuller (AFCTD, AFPS, AFRIS, AFTD, AMCAP, AMF, Fixed Income Funds, GBAL and ICA) and Frank M. Sanchez (AFCTD, AFPS, AFRIS, AFTD and Fixed Income Funds). These Board members will remain on their respective Board(s) until their retirement (or, if later, until their respective successors are elected and qualified) but will not stand for election at the upcoming Shareholder Meetings. Pertinent information about each of these Board members is included inAppendix 1 to this Joint Proxy Statement.

THE BOARD OF EACH OF THE RESPECTIVE FUNDS RECOMMENDS THAT YOU VOTE “FOR” EACH OF THE NOMINEES FOR YOUR FUND(S).

PROXIES WILL BE VOTED “FOR” THE ELECTION OF THE NOMINEES, UNLESS OTHERWISE SPECIFIED.

Board leadership structure

The chair of each Board is currently an independent director/trustee who is not an “interested person” of his or her applicable Fund within the meaning of the 1940 Act (an “Independent Director”). The Boards have determined that an independent chair facilitates oversight and enhances the effectiveness of the Boards. Each independent chair’s duties include, without limitation, generally presiding at meetings of the respective Board, approving Board meeting schedules and agendas, leading meetings of the Independent Directors in executive session, facilitating communication with committee chairs and serving as the principal Independent Director contact for Fund management and counsel to the Independent Directors and the Fund.

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Board role in risk oversight

The operations of each Fund are supervised by its Board, which meets periodically and performs duties required by applicable state and federal laws.Day-to-day management of each Fund, including risk management, is the responsibility of the Fund’s contractual service providers, including the Fund’s investment adviser, principal underwriter/distributor and transfer agent. Each of these entities is responsible for specific portions of the Fund’s operations, including the processes and associated risks relating to the Fund’s investments, integrity of cash movements, financial reporting, operations and compliance. The Boards oversee the service providers’ discharge of their responsibilities, including the processes they use to manage relevant risks. In that regard, the Boards receive reports regarding the operations of a Fund’s service providers, including risks. For example, the Boards receive reports from investment professionals regarding risks related to a Fund’s investments and trading. The Boards also receive compliance reports from the chief compliance officers of the Funds and CRMC addressing certain areas of risk.

As described in greater detail below, each Board has organized three standing committees, each of which is comprised entirely of Independent Directors: an audit committee, a contracts committee and a nominating and governance committee. Those committees, as well as joint committees of Independent Directors of the Funds, also explore risk management procedures in particular areas and report back to the full Board.

Not all risks that may affect the Funds can be identified or processes and controls developed to eliminate or mitigate their effect. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve a Fund’s objectives. As a result of the foregoing and other factors, the ability of the Funds’ service providers to eliminate or mitigate risks is subject to limitations.

Board committees and membership

Each Board member serving on a committee was an “Independent Director” during such Fund’s most recent fiscal year. The current membership for each committee is set forth inAppendix 2 to this Joint Proxy Statement. If the nominees are elected, each Board may reconstitute its committees; however, each Board expects that only Independent Directors will continue to comprise the committees.

Each Fund has an audit committee composed of certain Independent Directors. The audit committee provides oversight regarding the Fund’s accounting and financial reporting policies and practices, its internal controls and the internal controls of the Fund’s principal service providers. The audit committee acts as a liaison between the Fund’s independent registered public accounting firm and its full Board.

Each Fund has a contracts committee composed of all of the Board’s Independent Directors. The contracts committee’s principal function is to request, review and consider the information deemed necessary to evaluate the terms of certain agreements between the Fund and its investment adviser or the investment adviser’s affiliates, such as the Investment Advisory and Service Agreement, Principal

6

Underwriting Agreement, Administrative Services Agreement and Plans of Distribution under Rule12b-1 adopted under the 1940 Act, that the Fund may enter into, renew or continue, and to make recommendations to the Fund’s full Board on these matters.

Each Fund has a nominating and governance committee composed of certain Independent Directors. The nominating and governance committee operates under a written charter, a form of which is set forth inExhibit A to this Joint Proxy Statement. The nominating and governance committee periodically reviews such issues as the Board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full Board. The nominating and governance committee also coordinates annual self-assessments of each Fund’s Board and evaluates, selects and nominates Independent Directors to the full Board. While the nominating and governance committee of each Fund normally is able to identify from its own and other resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the Board. Such suggestions must be made in writing to the nominating and governance committee of the Fund, addressed to the Fund’s secretary, and accompanied by complete biographical and occupational data of the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee (see also the section of this Joint Proxy Statement titled “Shareholder Proposals”).

Board member compensation and Fund ownership

Compensation paid to each Independent Director for the Fund(s) he or she oversees as a Board member, during the most recent fiscal year for each Fund, is set forth inAppendix 3 to this Joint Proxy Statement. The value of Fund shares owned by each Director or nominee in the Fund(s) he or she oversees, or would oversee, as a Board member as of June 30, 2018, is also set forth inAppendix 3 to this Joint Proxy Statement. No compensation is paid by the Fund to any Director who is affiliated with the investment adviser. No pension or retirement benefits are accrued to any nominee as part of Fund expenses.

Other officers

Set forth inAppendix 4 to this Joint Proxy Statement are the executive officers of each Fund as of the date of this Joint Proxy Statement. Each officer listed was appointed and each will hold office until his or her resignation, removal or retirement, or until a successor is duly elected and qualified.

No officer, director or employee of CRMC receives any remuneration from any Fund.

Board correspondence

The Funds do not hold annual meetings of shareholders and, therefore, do not have a policy with regard to Board member attendance at such meetings. If a shareholder wishes to send a communication to any of the Boards, or to a specified Board member, the communication should be submitted in writing to the Secretary of the applicable Fund(s) at 333 South Hope Street, 55th Floor, Los Angeles, California 90071, who will forward such communication to the applicable Board member(s).

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PART II

ADDITIONAL INFORMATION ABOUT THE FUNDS

THE INVESTMENT ADVISER. CRMC, an experienced investment management organization founded in 1931, serves as investment adviser to each Fund. CRMC is a wholly owned subsidiary of The Capital Group Companies, Inc. and is located at 333 South Hope Street, Los Angeles, CA 90071. CRMC manages the investment portfolios and business affairs of each Fund pursuant to an Investment Advisory and Service Agreement with the Fund.

THE UNDERWRITER. American Funds Distributors, Inc., a wholly owned subsidiary of CRMC, is the principal underwriter of the Funds’ shares. American Funds Distributors, Inc. is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA 92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; and 12811 N. Meridian Street, Indianapolis, IN 46032.

THE TRANSFER AGENT. American Funds Service Company, a wholly owned subsidiary of CRMC, maintains the records of shareholder accounts, processes purchases and redemptions of the Funds’ shares, acts as dividend and capital gain distribution disbursing agent, and performs other related shareholder service functions for each Fund. The principal office of American Funds Service Company is located at 6455 Irvine Center Drive, Irvine, CA 92618. In the case of certain shareholder accounts, third parties who may be unaffiliated with the investment adviser provide transfer agency and shareholder services in place of American Funds Service Company. These services are rendered under agreements with American Funds Service Company, or its affiliates, and the third parties receive compensation in accordance with the terms of such agreements.

THE CUSTODIAN. State Street Bank and Trust Company, One Lincoln Street, Boston, MA 02111, is the custodian for the cash and securities of AFCTD, FI, GFA, NEF and SCWF. Bank of New York Mellon, One Wall Street, New York, NY 10286, is the custodian for the cash and securities of AFMF, AFRIS, CBF, DWGI, EMBF, GBAL, ILBF, and TEFNY. JP Morgan Chase Bank N.A., 270 Park Avenue, New York, NY 10017, is the custodian for the cash and securities of each of the other Funds.

OTHER MATTERS. Each Fund’s last audited financial statements and most recent annual and semi-annual reports are available free of charge. Copies of these documents can be obtained by writing to the secretary of the Fund at 333 South Hope Street, Los Angeles, CA 90071 or by calling American Funds Service Company, toll free, at (800)421-4225.

SHAREHOLDERS SHARING THE SAME ADDRESS. If two or more shareholders share the same address, only one copy of this proxy statement is being delivered to that address, unless the Funds have received contrary instructions from one or more of the shareholders at that shared address. Upon written or oral request, the Funds will deliver promptly a separate copy of this proxy statement to a shareholder at a shared address. Please call American Funds Service Company at (800)421-4225 or write to the secretary of the Fund at 333 South Hope Street, Los Angeles, CA 90071 if you would like to (1) receive a separate copy of this proxy statement; (2) receive your

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annual or semi-annual reports or proxy statements separately in the future; or (3) request delivery of a single copy of annual or semi-annual reports or proxy statements if you are currently receiving multiple copies at a shared address.

PRINCIPAL SHAREHOLDERS. The outstanding shares and classes of each Fund as of June 30, 2018 were as set forth inAppendix 5.

Each Fund’s shareholders who are known by the Fund to have been the beneficial owners of more than 5% of any class of the Fund’s shares as of June 30, 2018 are set forth inAppendix 6.

As of June 30, 2018, the officers and directors/trustees of each Fund, as a group, owned of record and beneficially less than 1% of the outstanding voting securities of such Fund.

AUDIT COMMITTEE

AUDIT COMMITTEE AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM. Each Fund’s Audit Committee acts as the liaison between the full Board and the Fund’s independent registered public accounting firm (“auditors”). The Audit Committee of each Fund is responsible for the appointment, compensation and retention of the Fund’s auditors, including evaluating their independence, recommending the selection of the Fund’s auditors to the full Board, and meeting with such auditors to consider and review matters relating to the Fund’s financial reports and internal accounting. The members of each Fund’s Audit Committee, all of whom are Independent Directors, are indicated inAppendix 2.

SELECTION OF AUDITORS. The Audit Committee and the Board of each Fund have selected either Deloitte & Touche LLP (“D&T”) or PricewaterhouseCoopers LLP (“PwC”), as indicated inAppendix 7, as auditors of such Fund for the current fiscal year. The Funds do not expect representatives of D&T or PwC to be present at the Shareholder Meetings; however, representatives of D&T and/or PWC will have the opportunity to make a statement if they wish and will be available should any matter arise requiring their presence.

AUDIT FEES. The aggregate fees paid to D&T or PwC by each Fund for professional services rendered for the audit of the Fund’s annual financial statements or for services that are normally provided in connection with statutory and regulatory filings or engagements for the Fund’s last two fiscal years are set forth inAppendix 7.

AUDIT-RELATED FEES. The aggregate fees paid to D&T or PwC by each Fund for assurance and other services rendered that are reasonably related to the performance of the audit or review of the Fund’s financial statements for the Fund’s last two fiscal years and not reported under “Audit Fees” above are set forth inAppendix 7.

TAX FEES. The aggregate fees paid to D&T or PwC by each Fund for tax compliance, tax advice or tax planning services (“tax services”) rendered by D&T or PwC to a Fund for that Fund’s last two fiscal years are set forth inAppendix 7. The tax services for which these fees were paid related to the preparation of the Fund’s tax returns.

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ALL OTHER FEES. The Funds did not pay any fees for products or services provided by D&T or PwC to the Funds, other than those reported above, for each Fund’s last two fiscal years.

AGGREGATENON-AUDIT FEES. The aggregate fees paid to D&T or PwC by each Fund fornon-audit services provided to such Fund, to CRMC and to any entity controlling, controlled by, or under common control with CRMC that provide ongoing services to the Fund for each Fund’s last two fiscal years are set forth inAppendix 7. The Audit Committee of each Fund has determined that the provision of suchnon-audit services, includingtax-related services, to CRMC and to any entities controlling, controlled by, or under common control with CRMC that provide ongoing services to the Fund is compatible with maintaining D&T’s or PwC’s independence.

AUDIT COMMITTEEPRE-APPROVAL POLICIES AND PROCEDURES. The Audit Committee of each Fund has adoptedpre-approval policies and procedures that require all audit, audit-related, tax and other services provided by D&T or PwC bepre-approved by the Audit Committee. The Audit Committee of each Fund has further delegated the authority to review andpre-approve such fees for services not to exceed an aggregate amount of $5,000 to the Audit Committee Chair, provided the Audit Committee Chair reports such matters to the full Audit Committee at its next meeting.

FURTHER INFORMATION ABOUT VOTING AND THE SHAREHOLDER MEETINGS

SOLICITATION OF PROXIES. Your vote is being solicited by, and on behalf of, the Directors of each Fund. The cost of soliciting proxies, including the fees of a proxy soliciting agent, will be borne by the Funds. The Funds reimburse brokerage firms and others for their expenses in forwarding proxy material to the beneficial owners and soliciting them to execute proxies. The Funds have engaged Computershare Fund Services (“Computershare”), a professional proxy solicitation firm, to solicit proxies from brokers, banks, other institutional holders and individual shareholders. We estimate the total costs associated with obtaining shareholder approval of the Proposal, including printing and mailing of this Joint Proxy Statement and solicitation of shareholders’ votes, will average across all Funds less than $1.00 per shareholder account. The Funds expect that the solicitation will be primarily by mail, but may also include telephone, facsimile, electronic or other means of communication. If your Fund does not receive your proxy by a certain time you may receive a telephone call from Computershare asking you to vote. In any case, Computershare will be: (i) required to maintain the confidentiality of all shareholder information; (ii) prohibited from selling or otherwise disclosing shareholder information to any third party; and (iii) required to comply with applicable state telemarketing laws. The Fund does not reimburse Directors and officers of the Fund or regular employees and agents of CRMC involved in the solicitation of proxies. The Funds intend to pay all costs associated with the solicitation and the Shareholder Meetings. Such costs will be allocated among the Funds.

VOTING BY BROKER-DEALERS. The Funds expect that, before the Shareholder Meetings, broker-dealer firms holding shares of the Funds in “street name” for their

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customers will request voting instructions from their customers and beneficial owners. If these instructions are not received by the date specified in the broker-dealer firms’ proxy solicitation material, the Funds understand that broker-dealers may vote on the Proposal on behalf of their customers and beneficial owners. Certain broker-dealers may exercise discretion over shares held in their name for which no instructions are received by voting these shares in the same proportion as they vote shares for which they received instructions.

QUORUM. Holders of a majority of the outstanding shares of EUPAC and holders ofone-third of the outstanding shares of every other Fund, present in person or represented by proxy, constitute a quorum at the applicable Shareholder Meeting for purposes of acting upon the Proposal with respect to that Fund. Proxies returned with respect to shares over which broker-dealers have discretionary voting power, shares that represent “brokernon-votes” (i.e., shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or persons entitled to vote and (ii) the broker or nominee does not have discretionary voting power on a particular matter), and shares whose proxy instructions reflect an abstention will all be counted as shares present and entitled to vote for purposes of determining whether the required quorum of shares exists.

METHOD OF TABULATION. Except for EUPAC, approval of the Proposal as to each Fund requires the affirmative vote of a plurality of the votes cast in person or by proxy at the applicable Shareholder Meeting. It is expected that, as to each of these Funds, the Proposal will be approved and each nominee to the respective Board will be elected. Under a plurality voting standard, the nominee receiving the greatest number of affirmative votes will be elected for the board seat for which he or she has been nominated, regardless of whether the nominee receives a majority of the votes cast. In other words, a majority of a Fund’s shareholders could withhold approval of a nominee’s election, but, so long as a quorum is present, the nominee could be elected with a single “FOR” vote so long as no other person receives any “FOR” votes. Because a single nominee has been nominated for each available Board seat and because each nominee is running unopposed, provided a quorum is present, each nominee for each Fund (other than EUPAC) is expected to be elected.

For EUPAC, approval of the Proposal requires the affirmative vote of a majority of the votes cast in person or by proxy at the Shareholder Meeting of the Fund.

Abstentions and brokernon-votes will be treated as votes present at the Shareholder Meetings, but will not be treated as votes cast. Abstentions and brokernon-votes, therefore, will have no effect on the Proposal. Proxy cards that are signed and dated, but not completed, will be voted “FOR” each of the nominees for the applicable Fund(s).

ADJOURNMENT. With respect to any Fund, whether or not a quorum is present, the Shareholder Meeting may be adjourned by a majority of the votes properly cast upon the question of adjourning the Shareholder Meeting to another date and time. For each Fund (other than EUPAC, NWF and SCWF), the Shareholder Meeting may also be adjourned to another date and time by, or upon the authority of, the Chairman of the Board or the Directors of the Fund. For EUPAC, NWF and SCWF, the

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Shareholder Meeting may also be adjourned to another date, time or place by the Chairman of the meeting. Such authority to adjourn the Shareholder Meeting may be exercised if a quorum is not present at the Shareholder Meeting, or, if a quorum is present but sufficient votes have not been received to approve the Proposal or for any other reason consistent with applicable laws and the Fund’s charter, bylaws or other governing documents, including to allow for the further solicitation of proxies. Any adjournment may be made with respect to any business which might have been transacted at such Shareholder Meeting, and any adjournment will not delay or otherwise affect the effectiveness and validity of any business transacted at the Shareholder Meeting prior to adjournment. Unless otherwise instructed by a shareholder granting a proxy, the persons designated as proxies may use their discretionary authority to vote as instructed by management of the Fund on questions of adjournment and on any other proposals raised at the Shareholder Meeting to the extent permitted by federal proxy rules, including proposals for which management of the Fund did not have timely notice.

SHAREHOLDER PROPOSALS. The Funds are not required and do not intend to hold regular annual meetings of shareholders. A shareholder who wishes to submit a proposal for consideration for inclusion in a Fund’s proxy statement for its next meeting of shareholders should send a written proposal to the Fund’s office at 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary, so that it is received within a reasonable time in advance of such meeting in order to be included in the Fund’s proxy statement and proxy card relating to that meeting and presented at the meeting. A shareholder proposal may be presented at a meeting of shareholders only if such proposal concerns a matter that may be properly brought before the meeting under applicable federal proxy rules, state law and other governing instruments. Submission of a proposal by a shareholder does not guarantee that the proposal will be included in a Fund’s proxy statement or presented at the meeting.

REVOKING YOUR PROXY. Your latest vote is the one that counts. Therefore, you can revoke a prior proxy simply by voting again — via the Internet, with your proxy card, or by toll-free telephone call. You can also revoke a prior proxy by writing to the Fund’s secretary at 333 South Hope Street, Los Angeles, CA 90071 or by voting in person at the Shareholder Meeting. You may revoke your proxy at any time up until voting results are announced at the Shareholder Meeting.

OTHER BUSINESS. No business other than the matter described above is expected to come before the Shareholder Meetings, but should any other matter requiring a vote of any Fund’s shareholders arise, including any questions as to an adjournment or postponement of a Shareholder Meeting, the persons designated as proxies named on the enclosed proxy card will vote on such matters in accordance with the views of management.

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August 31, 2018

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EXHIBITS AND APPENDICES

EXHIBIT

APPENDICES

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EXHIBIT A

FORM OF

NOMINATING AND GOVERNANCE COMMITTEE CHARTER

The Nominating and Governance Committee (the “Committee”), a committee established by the Board of Directors/Trustees (the “Board”) of the Fund/Trust, will be comprised solely of members of the Board who are not considered “interested persons” of the Fund/Trust under the Investment Company Act of 1940 (the “Act”), and who are otherwise independent. To be considered independent a member may not, other than in his or her capacity as a member of the Board, the Committee or any other committee of the Board, accept any consulting, advisory or other compensatory fee from the Fund/Trust, or be a former officer or director of Capital Research and Management Company (“CRMC”) or any of its affiliates.

The Board will appoint the members of the Committee. If the Board has not designated a Chair of the Committee, the Committee members may designate a Chair by majority vote of all members. The Committee will be composed of at least three independent board members. The Fund’s/Trust’s Secretary will serve as Secretary of the Committee.

The Committee will meet with the frequency, and at the times, determined by the Committee Chair or a majority of Committee members. Under normal circumstances, the Committee is expected to meet at least annually. The Chair will cause notice of each meeting, together with the agenda and any related material, to be sent to each member, normally at least one week before the meeting. The Chair will cause minutes of each Committee meeting to be prepared and distributed to Committee members promptly. The Committee may ask independent legal counsel, representatives of CRMC or others to attend Committee meetings and provide pertinent information as necessary or desirable. The Committee may also meet in executive session.

The Committee will:

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The Committee will have the resources and authority appropriate to discharge its responsibilities, including, among other things, the authority to retain a search firm to assist the Committee in identifying, screening and attracting independent board members.

Independent legal counsel to the independent board members will serve as independent legal counsel to the Committee.

The Committee’s policies and procedures may change from time to time to reflect new or evolving business conditions or nominating committee practices. In meeting its responsibilities, the Committee is expected to:

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APPENDIX 1

Director/Trustee and Nominee Information

Each Fund’s nominating and governance committee and Board select nominees with a view toward constituting a Board that, as a body, possesses the qualifications, skills, attributes and experience to appropriately oversee the actions of the Fund’s service providers, decide upon matters of general policy and represent the long-term interests of Fund shareholders. In doing so, they consider the qualifications, skills, attributes and experience of the current Board members, with a view toward maintaining a Board that is diverse in viewpoint, experience, education and skills.

Each Fund seeks nominees who have high ethical standards and the highest levels of integrity and commitment, who have inquiring and independent minds, mature judgment, good communication skills, and other complementary personal qualifications and skills that enable them to function effectively in the context of the Fund’s board and committee structure and who have the ability and willingness to dedicate sufficient time to effectively fulfill their duties and responsibilities.

Each nominee has a significant record of accomplishments in governance, business,not-for-profit organizations, government service, academia, law, accounting or other professions. Although no single list could identify all experience upon which the Fund’s Independent Directors draw in connection with upcoming American Funds shareholder meetings. We have discussed these phone calls with American Funds’ representatives.

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The address for all directors/trustees and nominees of the Funds is 333 South Hope Street, 55th Floor, Los Angeles, California 90071, Attention: Secretary.

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APPENDIX 2

Board and Committee Meetings; Committee Composition^1,2

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APPENDIX 3

Board Member Compensation and Fund Ownership

The following tables set forth for each nominee or continuing director/trustee the total compensation paid to him or her by the Fund and by all Funds managed by CRMC or its affiliates that he or she oversees as a director/trustee during the most recent fiscal year, as well as the value of his or her holdings in each Fund and in all of the Funds he or she oversees (or would oversee, if elected) as a director/trustee as of June 30, 2018. As of June 30, 2018, the nominees, continuing directors/trustees and officers of each Fund owned, in aggregate, less than 1% of each Fund’s outstanding shares.

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