UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934
(Amendment No.)

Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]

Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
[ ]X] Definitive Proxy Statement
[X] ] Definitive Additional Materials
[ ] Soliciting Material under Rule14a-12

Capital Group Emerging Markets Total Opportunities Fund
Capital Group Private Client Services Funds

Emerging Markets Growth Fund, Inc.

(Name of Registrant as Specified in Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of filing fee (Check the appropriate box):

[X]       No fee required.

[ ]       Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.

(1)        Title of each class of securities to which transaction applies:

(2)        Aggregate number of securities to which transaction applies:

(4)        Proposed maximum aggregate value of transaction:

(5)        Total fee paid:

[ ]        Fee paid with preliminary materials.

[ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

(1)        Amount Previously Paid:

(2)        Form, Schedule or Registration Statement No.:

(3)        Filing Party:

(4)        Date Filed:

Article for Institutional websiteCapital Group Private Client Services Funds^SM

Capital Group Emerging Markets Total Opportunities Fund^®

Emerging Markets Growth Fund, Inc. ^SM

SEPTEMBER 10,333 South Hope Street, 55th Floor

Los Angeles, California 90071

Important Proxy Material

PLEASE CAST YOUR VOTE NOW

September 28, 2018

ShareholderDear Shareholder:

I am writing to let you know that special shareholder meetings for Capital Group Private Client Services Funds (“PCS”), Capital Group Emerging Markets Total Opportunities Fund (“ETOP”), and Emerging Markets Growth Fund, Inc. (“EMGF”) will be held 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. On the following page, you will find a listing of the series and the funds that will be holding meetings (each a “Fund” and, collectively, the “Funds”).

At the meetings, shareholders of PCS, ETOP and EMGF will be asked to vote on important proposal to elect board members of Americantheir respective Funds and Capital Groupshareholders of certain PCS portfolio funds

All American Funds will be asked to approve an amendment to the Investment Advisory and Service Agreement between PCS and Capital Group funds shareholders or their representatives were sent proxy statements and ballots to vote on an important proposal forGuardian Trust Company. Detailed information about the upcoming American Funds and Capital Group funds shareholder meetings. This measure is designed primarily to streamline fund administration and to provideproposals (including a description of the funds with more operational flexibility.

What is the proposal?

Shareholders or their representatives are asked to vote on one proposal — the electionproposed slate of board members for each fundFund) is contained in the enclosed material and Joint Proxy Statement, which we invite you to review closely.

Importantly, the shareholders invest. The election of nominated board slates (comprised of both current board members of each Fund, most of whom are not affiliated with Capital Group, have considered the proposals detailed in the Joint Proxy Statement and newly nominated candidates)have determined that each is in the best interest of the applicable Funds and their respective shareholders, and unanimously recommend that you vote “FOR” each proposal applicable to you.

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)421-4996 for PCS, (800) 421-4225 ext. 90 for ETOP or (800) 421-4989 for EMGF. We will be glad to help you cast your vote quickly. Thank you for participating in this important initiative.

Sincerely,

/s/ Paul F. Roye

Paul F. Roye

Vice Chairman of the Boards

JOINT SPECIAL MEETINGS OF SHAREHOLDERS

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:

Capital Group Private Client Services Funds^SM

Capital Group Emerging Markets Total Opportunities Fund^®

Emerging Markets Growth Fund, Inc.^SM

Additionally, the following portfolio funds of Capital Group Private Client Services Funds will each hold special shareholder meetings on November 28, 2018 at the same time and place as the special meetings of shareholders of the Funds referenced above:

Capital Group Global Equity Fund^SM

Capital Group International Equity Fund^SM

ii

IMPORTANT INFORMATION

TO HELP YOU UNDERSTAND AND VOTE ON THE PROPOSALS

Please read the full text of the Joint Proxy Statement. Below is a brief overview of the proposals 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 proposals with respect to each Fund require the approval of shareholders of such Fund. The Board of Directors or Trustees (the “Board”) of each Fund has approved the proposal to elect a board of directors or trustees for the Fund, as further described below, and recommends that you vote “FOR” each of the nominees. The Board of Capital Group Private Client Services Funds (“PCS”) has also approved a second proposal to amend the Fund’s Investment Advisory and Service Agreement. As this proposal would impact only Capital Group Global Equity Fund and Capital Group International Equity Fund, you are only being asked to vote on this proposal if you are, or were as of the record date (August 31, 2018), a shareholder of either of the impacted portfolio funds. The Board of PCS has approved and recommends that you vote “FOR” this proposal.

What am I being asked to vote on?

You are being asked to vote on proposals to:

iii

iv

Have the Funds’ Boards approved the proposals?

Yes. The Board of each Fund has approved the proposal to elect Board members for such Fund and recommends that you vote “FOR” each of the nominees. The Board of PCS has also approved the proposal to amend the Fund’s IASA and recommends that shareholders of Capital Group Global Equity Fund and Capital Group International Equity Fund vote “FOR” the proposal.

What are the reasons for and advantages of the proposals?

The proposal to elect Board members for the Funds is intended to give each fund morethe Funds flexibility to add Board members and create efficiency, which will helpto efficiently manage costs for the costs of the fundsFunds over the long term.

v

The proposal to amend the IASA between PCS and CGTC is intended to position Capital Group Global Equity Fund and Capital Group International Equity Fund for possible expanded distribution. If the funds grow, investors will benefit from management fee breakpoints and lower total expense ratios.

What if a proposal is not approved?

If there are not enough votes by shareholders of a Fund (or, if applicable, of a portfolio fund) to approve a proposal by the time of its Shareholder Meeting, that Fund’s (or portfolio fund’s) meeting may be adjourned to permit further solicitation of proxy votes. If a Fund’s (or, if applicable, a portfolio fund’s) shareholders do not ultimately approve a proposal, the applicable Board and investment adviser will continue to operate the Fund (or portfolio fund) as they currently do.

Note, though, that approval of Proposal 1 for PCS and ETOP 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.

Passage of either proposal is not contingent on shareholder approval of the other proposal. The successful passage of the proposal to amend the PCS IASA as to Capital Group Global Equity Fund is not conditioned on the approval of the proposal by the shareholders of Capital Group International Equity Fund and vice versa.

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

The Board of each Fund has determined that the expenses associated with obtaining shareholder approval of the proposals, 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 total, across all Funds, less than $25,000. Costs will be apportioned among the Funds in proportion to their respective assets under management as of August 31, 2018.

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 shareholdersI vote my shares?

You may vote your shares via the Internet or their representatives vote?

Shareholdersby telephone, by mail or their representatives received eitherby attending a complete kit containingshareholder meeting in person. To vote via the fullInternet (24 hours a day) or by telephone (24 hours a day), please visit the website or call the number on your proxy statementcard(s) and ballotfollow the instructions. When voting via the Internet or a notice outliningby telephone you will be required to enter the proposal and informing shareholders how to access more detailedidentifying numbers that appear on your proxy and voting material. Shareholders with multiple accounts may receive multiple mailings. In this case, shareholders or their representatives should vote all ballots they receive.card(s).

vi

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” the proposals (including “FOR” each of the nominees for the Fund Boards).

If you need assistance, or have any questions regarding the proposals or how to vote your shares, please call us at (800)421-4996 for PCS, (800) 421-4225 ext. 90 for ETOP or (800) 421-4989 for EMGF.

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.

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.”

Who is Computershare Fund Services?

Computershare Fund Services (“Computershare”) is not affiliated with the Funds or CGTC, and is a proxy solicitation firm 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.

vii

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS

September 28, 2018

To shareholders:

Notice is hereby given that a special meeting of shareholders of each of Capital Group Private Client Services Funds, Capital Group Emerging Markets Total Opportunities Fund and Emerging Markets Growth Fund, Inc. (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 (each a “Proposal,” and collectively, the “Proposals”):

Shareholders of record of each Fund at the close of business on August 31, 2018, are entitled to notice of and to vote at the meeting or any adjournment thereof.

The Board of Directors or Trustees (the “Board”) of each Fund recommends that you vote “FOR” each of the nominees in connection with Proposal 1. The Board of Capital Group Private Client Services Funds recommends that shareholders of each of Capital Group Global Equity Fund and Capital Group International Equity Fund vote “FOR” Proposal 2.

The proposed business cannot be conducted for a Fund (or, in the case of Proposal 2, for Capital Group Global Equity Fund and for Capital Group International Equity Fund) at its Shareholder Meeting unless the required quorum of shares of the Fund (or, in the case of Proposal 2, of the applicable portfolio fund) outstanding on August 31, 2018 (the “Record Date”) are present in person or by proxy. Therefore, please cast your vote by telephone or via the Internet 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.

This notice and the accompanying proxy material are first being sent to shareholders on or about September 28, 2018.

By order of the Boards of the Funds,

Courtney R. Taylor

Secretary

viii

You are invited to attend the Shareholder Meetings in person. However, you may vote prior to the Shareholder Meetings by telephone, via the Internet 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.

ix

JOINT PROXY STATEMENT

TABLE OF CONTENTS

EXHIBIT

Exhibit A – Nominating Committee Charter

APPENDICES

Throughout this Joint Proxy Statement, except where the context indicates otherwise, all references to the “Fund” shall apply to each of Capital Group Private Client Services Funds, Capital Group Emerging Markets Total Opportunities Fund, and Emerging Markets Growth Fund, Inc. A list of the Funds, abbreviations used for each Fund in this Joint Proxy Statement and a summary of the proposals applicable to each Fund (or portfolio fund thereof) is set forth on the next page.

1

Fund Abbreviations and Applicable Proposals

2

PART I — THE PROPOSALS

Shareholders of each Fund will vote separately on Proposal 1. The successful passage of Proposal 1 as to any Fund is not conditioned on the approval of the proposal by the shareholders of any other Fund.

Shareholders of each of Capital Group Global Equity Fund and Capital Group International Equity Fund will vote separately on Proposal 2. The successful passage of Proposal 2 as to Capital Group Global Equity Fund is not conditioned on the approval of the proposal by the shareholders of Capital Group International Equity Fund and vice versa.

PROPOSAL 1: TO ELECT BOARD MEMBERS

The purpose of Proposal 1 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 below.

Richard G. Capen, Jr., H. Frederick Christie and Richard G. Newman plan to retire from the Boards of the Funds at the end of 2018. They will remain on the Boards until their retirement (or, if later, until their respective successors are elected and qualified) but will not stand for election at the Shareholder Meetings. Pertinent information about each of these Board members is also included in the table below.

3

Director/Trustee and Nominee Information

Each Fund’s nominating 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, background, education and skills. Certain of the nominees currently serve on the Board of each Fund, and the Boards benefits from their experience and familiarity with the respective Funds.

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 on the Fund’s board and committees 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 Funds’ independent trustees draw in connection with their service, the following table summarizes key experience for each nominee. These references to the qualifications, attributes and skills of the nominees are pursuant to federal proxy disclosure requirements, and shall not be deemed to impose any greater responsibility or liability on any nominee, director/trustee or the Board as a whole. Notwithstanding the accomplishments listed below, none of the nominees is considered an “expert” within the meaning of the federal securities laws with respect to information in this Joint Proxy Statement.

4

5

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

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.

6

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.

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 their respective investment advisers addressing certain areas of risk.

As described in greater detail below, each Board has organized three standing committees, each of which is comprised of Independent Directors: an audit committee, a contracts committee and a nominating 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

During the fiscal years ended October 31, 2017 for PCS and ETOP and June 30, 2018 for EMGF (“fiscal 2017”), the Funds held four Board meetings. As noted above and described in further detail below, each Board has also organized standing committees, each of which holds separate meetings. During fiscal 2017, each incumbent director/trustee attended 75% or more of the meetings of the Boards and committees on which he or she served.

7

Each Fund has an audit committee composed of all of the Board’s 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. The audit committee of each Fund held five meetings during fiscal 2017.

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 Underwriting Agreement and Administrative Services Agreement, that the Fund may enter into, renew or continue, and to make recommendations to the Fund’s full Board on these matters. The contracts committee of each Fund held one meeting during fiscal 2017.

Each Fund has a nominating committee composed of all of the Board’s Independent Directors. The nominating committee of each Fund operates under a written charter, a copy of which is set forth inExhibit A to this Joint Proxy Statement. The nominating 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 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 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 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 committee (see also the section of this Joint Proxy Statement titled “Shareholder Proposals”). The PCS and ETOP nominating committees held two meetings and the EMGF nominating committee held three meetings during fiscal 2017.

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 in the table on the following page. The value of Fund shares owned by each Board member or nominee in the Fund(s) he or she oversees, or would oversee, as a Board member as of August 31, 2018, is also set forth in the table on the following page. No compensation is paid by the Funds to any Board members who are affiliated with the Funds’ respective investment advisers. No pension or retirement benefits are accrued to any nominee as part of Fund expenses.

8

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).

Board Member Compensation and Fund Ownership

The following table sets 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 the investment adviser or its affiliates that he or she oversaw as a director or trustee during fiscal 2017, as well as the value of his or her holdings in each Fund and in all of the American Funds he or she oversees (or would oversee, if elected) as a director/trustee as of August 31, 2018. As of August 31, 2018, the nominees, continuing directors/trustees and officers of each Fund owned, in aggregate, less than 1% of each Fund’s outstanding shares.

9

10

11

Executive officers

Following 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.

12

No officer, director/trustee or employee of each Fund’s respective investment adviser receives any remuneration from the Fund. All of the executive officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Guardian Trust Company, Capital International Inc. or an affiliate serves as investment adviser except John S. Armour, Victor D. Kohn and Mark A. Marinella.

No Independent Director, nominee for Independent Director or any of their immediate family members owns beneficially or of record any interest in the Funds’ respective investment advisers, principal underwriters or their respective affiliates.

13

PROPOSAL 2: TO AMEND THE INVESTMENT ADVISORY AND SERVICE AGREEMENT BETWEEN CAPITAL GROUP PRIVATE CLIENT SERVICES FUNDS AND CAPITAL GUARDIAN TRUST COMPANY FOR CAPITAL GROUP GLOBAL EQUITY FUND AND CAPITAL GROUP INTERNATIONAL EQUITY FUND

This proposal sets forth amendments to the PCS Investment Advisory and Service Agreement (“IASA”) with CGTC related to the management fee for Capital Group Global Equity Fund and Capital Group International Equity Fund (collectively, the “CGPCS Global and International Equity Funds”).

Under the current IASA, the CGPCS Global and International Equity Funds each pay CGTC a single,all-inclusive (or “unified”) management fee for providing all services necessary for the management and operation of the CGPCS Global and International Equity Funds, respectively. The unified fee excludes brokerage expenses, taxes, interest, fees and expenses of the CGPCS Global and International Equity Funds’ independent trustees (including expenses of their independent legal counsel) and extraordinary expenses, such as litigation expenses. In order to position the CGPCS Global and International Equity Funds for potential expanded distribution, it is recommended that the existing PCS IASA be amended to modify the fee structure for the CGPCS Global and International Equity Funds.Under the new structure, management fees and other fund believesexpenses will be charged separately. Modifying the fee would allow each portfolio fund to offer additional share classes that electionprovide different levels of compensation for distribution and or shareholder services which are required by certain intermediaries. The current fee structure would not support these payments.

The 1940 Act requires that each Investment Advisory and Service Agreement for a fund and any material amendment thereto be approved by the shareholders of that fund in order for it to become effective. The PCS Board, including a majority of its Independent Trustees, has approved the Amended and Restated Investment Advisory and Service Agreement for the Fund and has recommended its approval by the shareholders of each of the CGPCS Global and International Equity Funds for the reasons discussed below. If shareholders of either Capital Group Global Equity Fund or Capital Group International Equity Fund do not approve the Amended and Restated IASA, CGTC will continue to manage such fund(s) pursuant to the terms of the current IASA.

The Board recommends that you vote in favor of this proposal because the Amended and Restated IASA would allow CGTC to implement a fee structure for each of the CGPCS Global and International Equity Funds that is generally consistent with that of other funds managed by CGTC and its affiliates, including, in particular, Capital Research and Management Company (CRMC), the investment adviser to the American Funds family of mutual funds. This, in turn, would position Capital Group Global Equity Fund and Capital Group International Equity Fund for possible expanded distribution and growth of fund assets. While there is no assurance that the funds will grow, it is the Board’s expectation that they will do so, allowing investors to benefit from future management fee breakpoints and a lower total expense ratio. CGTC (and its successor, CRMC) will cap expenses of the funds at the level of the current unified management fees for a five year period, except for brokerage

14

expenses and extraordinary expenses, such as litigation costs (although the adviser will consider maintaining the expense cap and may also elect to cap expenses for litigation and other extraordinary expenses). Accordingly, investors will be subject to a fee no higher than the unified fee for this period. If growth is not sufficient to lower the fee after the five year period, the adviser will consider whether to keep the expense cap.

Subject to the approval of this proposal, the Board has approved a new administrative services agreement by and between PCS and CGTC with respect to administrative services provided to the CGPCS Global and International Equity Funds. Under this agreement, administrative services are provided by the investment adviser and its affiliates to help assist third parties providingnon-distribution services to shareholders of the CGPCS Global and International Equity Funds. These services include providing in depth information on the fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to shareholders of the CGPCS Global and International Equity Funds. These services are currently provided by the investment adviser and paid through the unified management fee. The administrative services agreement provides for an administrative services fee of 0.05% of the average daily net assets of the CGPCS Global and International Equity Funds. As noted above, the total expenses paid by each of the CGPCS Global and International Equity Funds will not exceed the current unified management fee for a five year period, except for certain extraordinary expenses as described above, and will have the potential to decline as fund assets grow.

Subject to the approval of this proposal, the Board has also approved amendments to PCS’s transfer agency agreement with American Funds Service Company. Under this agreement, American Funds Service Company, an affiliate of the investment adviser, maintains the records of shareholder accounts, processes purchases and redemptions of Fund shares, acts as dividend and capital gain distribution disbursing agent, and performs other related shareholder service functions. Under the amended agreement, transfer agency fees and other related expenses will be charged directly to the applicable portfolio funds, including the CGPCS Global and International Equity Funds. These services are currently paid through the unified management fee. As noted above, the total expenses paid by each of the CGPCS Global and International Equity Funds will not exceed the current unified management fee for a five year period and will have the potential to decline as fund assets grow.

The date of the existing Investment Advisory and Service Agreement, the date on which the continuation of such agreement was last approved by the Board, the date on which such agreement was approved by shareholders of the Fund, and the contractual investment advisory fees payable to CGTC as investment adviser to the Fund under such agreement are set forth below underAdditional Information Regarding the PCS IASA. This section also sets forth aggregate advisory fees and other fees paid to CGTC, the current investment adviser, during the last fiscal year and fees paid to affiliated persons of CGTC by the Fund during the last fiscal year.

15

As reflected in the tables below, we anticipate that the total expensesof the CGPCS Global and International Equity Funds (including extraordinary expenses and all other expenses excluded from the unified fee) will remain the same. Total fund expenses would have been equivalent to the current total fund expenses of 0.65% and 0.65%, respectively, had the proposed fee structure been in place during the last fiscal year. The investment adviser will place expense caps on the CGPCS Global and International Equity Funds so that shareholders do not bear additional expenses as a result of the change. These caps will remain in place for a five year period. The adviser may elect to extend the expense caps beyond this period.

Capital Group Global Equity Fund

Capital Group International Equity Fund

We anticipate that the changes described in this proposal will become effective on January 1, 2019. However, the investment adviser reserves the right to delay implementation until operationally ready to implement the changes.

The PCS and ETOP Boards have also approved changing the investment adviser of PCS and ETOP, respectively. Accordingly, we anticipate that CGTC’s responsibilities as investment adviser will transition to CRMC, effective in the second or third quarter of 2019. CRMC is an affiliate of CGTC and, when effected, the change will not result in an actual change in control or a change in the management of the Funds because CRMC and CGTC are under common control (as defined in the 1940 Act) of the Capital Group Companies, Inc. and the individuals managing each Fund will not change. Importantly, when the change in adviser is effected, there will be no changes to the investment objectives or strategies of the Funds. This change is designed to position the Funds for expanded distribution in the future. While we anticipate the change will take place in the second or third quarter of 2019, the investment adviser reserves the right to delay implementation until operationally ready.

16

IF APPLICABLE TO YOU, THE PCS BOARD RECOMMENDS THAT YOU VOTE “FOR” PROPOSAL 2.

Additional information regarding the PCS IASA

The PCS IASA is dated December 11, 2017. It was initially approved by written consent of Fund shareholders as of December 17, 2009. The IASA was most recently renewed by the Board, including all of the Independent Trustees, at a Board meeting held on June 4, 2018. See “Board Considerations” below for further information regarding this renewal.

Proposal 2 revises the fee structure in place for Capital Group Global Equity Fund and Capital Group International Equity Fund under the IASA, as described above, and does not modify any other term of the IASA. A form of IASA, as amended by this proposal, is attached to this Joint Proxy Statement asAppendix 1.

The IASA will continue in effect until July 31, 2019, unless sooner terminated, and may be renewed from year to year thereafter, provided that any such renewal has been specifically approved at least annually by (a) the Fund’s Board, or by the vote of a majority (as defined in the 1940 Act) of the outstanding voting securities of the Fund, and (b) the vote of a majority of trustees who are not parties to the IASA or interested persons (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval. The IASA provides that the adviser shall not be liable to the Fund or any portfolio or its shareholders for any error of judgment, for any mistake of law, for any loss arising out of any investment, or for any act or omission not involving willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations and duties thereunder. The IASA also provides that it may be terminated, without penalty, by the Board or by vote of a majority of the outstanding voting securities of the Fund or any portfolio on 60 days’ written notice to the investment adviser, or by the investment adviser on like notice to the Fund; and that the IASA automatically terminates in the event of its assignment (as defined in the 1940 Act) by the investment adviser.

Under the IASA, CGTC provides general management services to the Fund, including responsibility for the general management and investment of the Fund’s assets, all in accordance with the investment objectives and policies of the Fund’s individual portfolio funds and under the general supervision of the Fund’s Board. CGTC will provide the services of persons to perform the executive, administrative, clerical, and bookkeeping functions of the Fund and each portfolio, including the daily determination of net asset value per share, and will pay the compensation and travel expenses of all such persons, who will serve without any additional compensation from the Fund or any portfolio. CGTC will also, at its expense, provide the Fund and each of its portfolio funds with necessary office space (which may be in the offices of CGTC); all necessary office equipment and utilities; and general purpose forms, supplies, and postage used at the offices of the Fund and each portfolio. CGTC will maintain all books and records with respect to each portfolio fund’s investment management activities that are required to be maintained pursuant to the 1940 Act, as well as any other applicable legal requirements, and will prepare

17

and submit to the Fund all data on the performance of its duties as investment adviser for required filings with governmental agencies or for the preparation of reports to the Board or the shareholders of each portfolio.

Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund, Capital Group Core Bond Fund, Capital Group Global Equity Fund and Capital Group International Equity Fund (i.e., each PCS portfolio fund except Capital Group U.S. Equity Fund) will pay all expenses not assumed by CGTC, including, but not limited to, expenses incurred in connection with the organization of the Fund, its qualification to do business in the State of California, and its registration as an investment company under the 1940 Act; custodian, stock transfer and dividend disbursing fees and expenses; expenses incurred for shareholder servicing, recordkeeping, transactional services, tax and informational returns and fund and shareholder communications; costs of designing and of printing and mailing to its shareholders reports, prospectuses, proxy statements, and notices taxes; expenses of the issuance, sale, redemption, or repurchase of shares of the portfolio fund (including registration and qualification expenses); legal and auditing fees and expenses; compensation, fees, and expenses paid to Independent Trustees (including counsel fees); association dues; and costs of any share certificates, stationery and forms prepared exclusively for the Fund or such portfolio funds.

For Capital Group U.S. Equity Fund, CGTC will pay (i) all expenses other than interest, taxes, litigation expenses, brokerage commissions, portfolio insurance, extraordinary expenses, compensation, fees and expenses paid to Independent Trustees (including counsel fees), and (ii) expenses incurred in connection with the provision of shareholder services pursuant to the Shareholder Services Agreement with the transfer agent and distribution services under any plan adopted pursuant to Rule12b-1 under the 1940 Act.

For the fiscal year ended October 31, 2017, CGTC received from the PCS portfolio funds the following management fees. The management fees listed below for the CGPCS Global and International Equity Funds reflect fees earned under the unified management fee structure, which covers, with some exceptions, all services necessary for the management and operation of the funds (including, e.g., transfer agency and custodial expenses).

18

Had the proposed fee structure been in effect for the fiscal year ended October 31, 2017, the management fees received by CGTC for the CGPCS Global and International Equity Funds would have been the same as those listed in the above table as a result of the proposed board member slatecap on expenses at 0.65%.

For the fiscal year ended October 31, 2017, the portfolio funds did not pay brokerage commissions or transfer agency fees to any affiliated broker-dealers or affiliated transfer agents, respectively. American Funds Service Company, an affiliate of CGTC, became transfer agent of the Fund effective December 2017.

Fees of funds with similar objectives

The investment adviser does not manage any registered investment company with investment objectives that are similar to those of the CGPCS Global and International Equity Funds. CRMC, an affiliate of the adviser, manages the American Funds family of mutual funds. The table below shows American Funds with investment objectives similar to those of Capital Group Global Equity Fund and Capital Group International Equity Fund and the respective rates of compensation paid to CRMC. CRMC has not waived or reduced its compensation under any contract with the comparable funds noted below.

Approval of renewal of Investment Advisory and Service Agreement

On June 4, 2018, the Fund’s Board approved the renewal of the PCS IASA for an additionalone-year term through July 31, 2019, following the recommendation of the Fund’s contracts committee, which is composed of all of the Fund’s Independent Trustees. The Board and the Committee determined in the exercise of their business judgment that the advisory fee applicable to each portfolio fund was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of shareholdersthe Fund and recommendsits shareholders.

In reaching this decision, the Board and the contracts committee took into account information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, shareholdersin isolation, was the controlling factor, and each Board and committee member did not necessarily attribute the same weight to each factor.

19

1. Nature, extent and quality of services

The Board and the committee considered the depth and quality of CGTC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CGTC and the Capital Group organization; the resources and systems CGTC devotes to investment management, compliance, trading, portfolio accounting and other services; and the ongoing evolution of CGTC’s organizational structure designed to maintain and strengthen these qualities. The Board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CGTC to the Fund and its portfolios under the agreement and other agreements. The Board and the committee concluded that the nature, extent and quality of the services provided by CGTC have benefited and should continue to benefit the Fund and its shareholders.

2. Investment results

The Board and the committee considered the investment results of each portfolio fund in light of its objectives. They compared each portfolio fund’s investment results with those of other relevant funds and data such as relevant market and fund indexes (including the funds that form the basis of the Lipper index for the strategy in which the portfolio fund is included), over various periods through December 31, 2017.

Capital Group Global Equity Fund seeks to provide prudent growth of capital and conservation of principal. The Board and the committee reviewed the fund’s investment results measured against (i) the MSCI World Index and (ii) the Lipper Global Funds Average. They noted that the fund’s investment results exceeded the investment results of the Lipper Average over the lifetime and five-year periods and trailed the MSCI Index over the same periods. They further noted that the fund’s investment results exceeded both benchmarks for theone-year and three-year periods.

Capital Group International Equity Fund seeks to provide prudent growth of capital and conservation of principal. The Board and the committee reviewed the fund’s investment results measured against (i) the MSCI EAFE Index and (ii) the Lipper International Funds Average. They noted that the fund’s investment results exceeded the investment results of both benchmarks for the lifetime, five-year, three-year andone-year periods except the MSCI Index for the five-year period.

Capital Group U.S. Equity Fund seeks to provide prudent growth of capital and conservation of principal. The fund’s secondary objective is to provide income. The Board and the committee reviewed the fund’s investment results measured against (i) the Standard & Poor’s 500 Composite Index and (ii) the Lipper Growth and Income Funds Average. They noted that the fund’s investment results exceeded the investment results of the Lipper Average over the lifetime, five-year, three-year andone-year periods. They further noted that the fund’s investment results trailed the S&P 500 Index over the same periods.

20

Capital Group Core Municipal Fund seeks to provide current income exempt from federal income tax while preserving its shareholders’ investments. The Board and the committee reviewed the fund’s investment results measured against (i) the Bloomberg Barclays Municipal Short-Intermediate 1–10 Years Index and (ii) the Lipper Short Intermediate Municipal Debt Funds Average. They noted that the fund’s investment results were higher than the investment results of the Lipper Average for the lifetime, five-year, three-year andone-year periods. They further noted that the fund’s investment results trailed the Bloomberg Barclays Index over the same periods except for theone-year period.

Capital Group Short-Term Municipal Fund seeks to preserve its shareholders’ investments and secondarily to provide current income exempt from federal income tax. The Board and the committee reviewed the fund’s investment results measured against (i) the Bloomberg Barclays Municipal Short 1–5 Years Index and (ii) the Lipper Short Municipal Debt Funds Average. They noted that the fund’s investment results exceeded the investment results of the Lipper Average over the lifetime, five-year, three-year andone-year periods. They further noted that the fund’s investment results trailed the Bloomberg Barclays Index over the same periods except for theone-year period.

Capital Group California Core Municipal Fund seeks current income exempt from federal and California income taxes while preserving its shareholders’ investments. The Board and the committee reviewed the fund’s investment results measured against (i) the Bloomberg Barclays California Short Intermediate Municipal Index and (ii) the Lipper California Short Intermediate Municipal Debt Funds Average. They noted that the fund’s investment results exceeded both benchmarks for the three-year andone-year periods. They further noted that for the lifetime and five-year periods, the fund’s investment results trailed the Bloomberg Barclays Index but exceeded the Lipper Average.

Capital Group California Short-Term Municipal Fund seeks to preserve its investments and secondarily to provide current income exempt from federal and California income taxes. The Board and the committee reviewed the fund’s investment results measured against (i) the Bloomberg Barclays California Short Municipal Bond Index and (ii) the Lipper Short Municipal Debt Funds Average. They noted that the fund’s investment results exceeded the investment results of the Lipper Average over the lifetime, five-year, three-year and one year periods. They further noted that the fund’s investment results trailed the Bloomberg Barclays Index over the same periods except for theone-year period.

Capital Group Core Bond Fund seeks current income while preserving its shareholders’ investments. The Board and the committee reviewed the fund’s investment results measured against (i) the Bloomberg Barclays Intermediate A+ U.S. Government/Credit Index and (ii) the Lipper Short Intermediate Investment Grade Debt Funds Average. They noted that the fund’s investment results exceeded the Lipper Average for the lifetime andone-year periods but trailed the Lipper Average for the five-year and three-year periods. They further noted that the fund’s investment results exceeded the Bloomberg Barclays Index for theone-year period but trailed the Bloomberg Barclays Index for the three-year, five-year and lifetime periods.

21

The Board and the committee also considered the challenging environment for fixed income investments during these periods, the impact of fund fees on index comparisons, and the important role of the PCS fixed income portfolio funds in preserving capital for the Fund’s shareholders. The Board and the committee concluded that the portfolio funds’ investment results have been sufficient for renewal of the agreement, and that CGTC’s record in managing the funds indicated that its continued management should benefit the funds and their shareholders.

3. Advisory fees and total expenses

The Board and the contracts committee compared the advisory fees and total expense levels of Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund (each as a percentage of average net assets) to those of other comparable funds. They observed that the advisory fees and expenses of these funds were in line with or below those of most of the comparable funds in their representatives vote  ‘FOR’respective Lipper categories.

For Capital Group Global Equity Fund, Capital Group International Equity Fund and Capital Group U.S. Equity Fund (collectively, the “Equity Funds”), the PCS IASA provides that each of the nominees.Equity Funds pays CGTC a single,all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Equity Funds, other than brokerage expenses, taxes, interest, fees and expenses of the funds’ independent trustees (including expenses of their independent legal counsel) and extraordinary expenses, such as litigation expenses. Under the unified management fee structure, CGTC is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping and shareholder services for the Equity Funds, or arranging for and supervising third parties that provide such services. The Board believes the unified management fee structure benefits shareholders of the Equity Funds because, as the unified fee for an Equity Fund cannot be increased without a vote of its shareholders, the structure shifts to CGTC the risk of future increases in the Equity Funds’ operating costs and provides a direct incentive to minimize administrative inefficiencies. In addition, the structure allows shareholders to more easily compare the total expenses of the Equity Funds with the total expenses of other mutual funds.

In reviewing the unified management fee for the Equity Funds, the Board and the committee compared the unified management fees of the Equity Funds to the total expense ratios and the advisory fees of other comparable funds. They observed that the total expenses of the Equity Funds remain below those of the medians of the comparable funds included in their respective Lipper categories. They noted that the Equity Funds’ unified management fees were higher than thenon-unified management fees of certain comparable funds included in their respective Lipper categories, but also considered the estimated portion of the unified fee that was retained by CGTC after payment of certain administrative services fees and noted that CGTC bears the risk of future increases in the funds’ non advisory operating expenses.

The Board and the committee noted that, although the fees paid by CGTC clients with separately managed accounts generally were lower than those paid by the PCS

We want22

portfolio funds, the differences appropriately reflected the significant investment, operational and regulatory differences between advising the funds and separately managed accounts. They also recognized that the fees for certain separately managed accounts could be lower than those of the funds due to hearthe sizes of the accounts and the clients’ overall relationships with CGTC. The Board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, and that the funds’ shareholders receive reasonable value in return for the advisory fees and other amounts paid to CGTC by the funds.

4. Ancillary benefits

The Board and the contracts committee considered a variety of other benefits that CGTC and its affiliates receive as a result of CGTC’s relationship with the Fund, including fees for administrative services paid to Capital Group Private Client Services, a division of Capital Bank and Trust Company, and possible ancillary benefits to CGTC and its affiliates in managing other investment vehicles and accounts. The Board and the committee reviewed CGTC’s portfolio trading practices, noting the potential benefits CGTC receives from shareholdersthe research obtained with commissions from portfolio transactions made on behalf of the Fund. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees paid to CGTC by the funds.

Shareholder participation5. Adviser financial information

The Board and the committee reviewed information regarding CGTC’s costs of providing services to the Fund, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CGTC’s costs and related cost allocation methodology as well as its willingness to invest in this proxy vote is key. We recommend that you encourage shareholderstechnology, infrastructure and staff to read the materials they received, as they contain importantmaintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the proposal.compensation structure for CGTC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The Board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of Capital Group’s long-term profitability for maintaining CGTC’s independence, company culture and management continuity. They further considered CGTC’s reimbursement of portfolio fund expenses through voluntary fee caps. The Board and the committee concluded that each portfolio fund’s fee structure reflected a reasonable sharing of benefits between CGTC and Fund shareholders.

On August 27, 2018, the Board approved the amended IASA, subject to shareholder approval. The Board took into account the same information it considered when it approved the current IASA on June 4, 2018, as described above. The Board noted that the materials provided to it remain reflective of the adviser’s services, there was no material reduction in any services provided to PCS and no reduction in services is contemplated by the amended IASA.

In addition, the Board reviewed current information comparing the proposed advisory fees and total expense levels (each as a percentage of average net assets) of

To cast their vote now, shareholders or their representatives may go23

Capital Group Global Equity Fund and Capital Group International Equity Fund toamericanfunds.com/vote  or call those of other comparable funds. The Board observed that the telephone number listed on their proxy card(s). Shareholders or their representatives should be sure to have their proxy materials handy as they will need their control numberproposed advisory fees and security code before voting online. Shareholders or their representatives can also vote by mailingexpenses of the CGPCS Global and International Equity Funds were below those of most of the comparable funds in their signed, datedrespective Lipper categories. The Board also considered current investment results of the CGPCS Global and completed ballots. By responding promptly,International Equity Funds and updated information on the profitability of Capital Group. The Board also considered the adviser’s proposal to cap fund expenses of the CGPCS Global and International Equity Funds at their current levels for a five-year period, the potential for the proposal to facilitate expanded distribution of the funds, which can, in turn, reduce fees through economies of scale, and updated information on brokerage research costs. In reviewing the modified fee structure, the Board considered the benefits of the unified fee structure described above as compared to the proposed fee structure. While the Board believes that, among other benefits, the unified fee structure of the CGPCS Global and International Equity Funds shifts to CGTC the risk of future increases in the Funds’ operating costs, and allows shareholders willto more easily compare the total expenses of the Funds with the total expenses of other mutual funds, the Board concluded that the modified fee structure would benefit shareholders by positioning the CGPCS Global and International Equity Funds for growth opportunities, which would, in turn, help reduce fund expensesexpenses.

PART II

ADDITIONAL INFORMATION ABOUT THE FUNDS

THE INVESTMENT ADVISERS. CGTC serves as investment adviser to PCS (and each of its portfolio funds) and ETOP. CGTC manages the investment portfolios and business affairs of each Fund (and, in the case of PCS, each of its portfolio funds) pursuant to an Investment Advisory and Service Agreement. CGTC is a wholly owned indirect subsidiary of The Capital Group Companies, Inc. and is located at 333 South Hope Street, Los Angeles, California 90071.

The PCS and ETOP Boards have approved changing the investment adviser of PCS and ETOP, respectively. Accordingly, it is expected that CGTC’s responsibilities as investment adviser will transition to CRMC effective in the second or third quarter of 2019. Additional information regarding CGTC and CRMC is set forth inAppendix 2 andAppendix 3, respectively.

Capital International, Inc. (CIInc.) serves as investment adviser to EMGF and manages the investment portfolio and business affairs of the Fund pursuant to an Investment Advisory and Service Agreement. CIInc. is located at 11100 Santa Monica Boulevard, 15th Floor, Los Angeles, California 90025, 333 South Hope Street, Los Angeles, California 90071, and 6455 Irvine Center Drive, Irvine, California 92618.

THE UNDERWRITER. American Funds Distributors, Inc., an affiliate of CGTC and CIInc., is the principal underwriter of each Fund’s shares. American Funds Distributors, Inc. is located at 333 South Hope Street, Los Angeles, California 90071; 6455 Irvine Center Drive, Irvine, California 92618; 3500 Wiseman Boulevard, San Antonio, Texas 78251; and 12811 North Meridian Street, Indianapolis, Indiana 46032.

24

THE TRANSFER AGENT. American Funds Service Company, an affiliate of CGTC and CIInc., maintains the records of shareholder accounts, processes purchases and redemptions of each Fund’s 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, California 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, Massachusetts 02111, is the custodian for the cash and securities of the PCS. JP Morgan Chase Bank N.A., 270 Park Avenue, New York, New York 10017, is the custodian for the cash and securities of ETOP and EMGF.

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 avoidingwriting to the needsecretary of the Fund at 333 South Hope Street, Los Angeles, California 90071 or by callingtoll-free at (800)421-4996 for follow-up solicitations.PCS, (800)421-4225 ext. 90 for ETOP or (800)421-4989 for EMGF.

SHAREHOLDERS SHARING THE SAME ADDRESS. If youtwo or more shareholders share the same address, only one copy of this proxy statement is being delivered to that address, unless the Funds have questionsreceived 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 us at (800)421-4996 for PCS, (800)421-4225 ext. 90 for ETOP or (800)421-4989 for EMGF or write to the secretary of the Fund at 333 South Hope Street, Los Angeles, California 90071 if you would like to (1) receive a separate copy of this proxy statement; (2) receive your 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 4.

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 are set forth inAppendix 5.

As of August 31, 2018, the officers and Board members 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

25

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. Each Fund has an audit committee composed of all of the Board’s Independent Directors.

SELECTION OF AUDITORS. The Audit Committee and the Board of each Fund have selected PricewaterhouseCoopers LLP (“PwC”) as auditors of each Fund for the current fiscal year. Prior to the current fiscal year, Deloitte & Touche LLP (“D&T”) was the auditor for PCS and ETOP. The Funds do not expect representatives of D&T or PwC to be present at the Shareholder Meetings; however, representative 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 by each Fund to its principal accountant 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 in Appendix 6.

AUDIT-RELATED FEES. The aggregate fees paid by each Fund to its principal accountant 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 in Appendix 6.

TAX FEES. The aggregate fees paid by each Fund to its principal accountant 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 in Appendix 6. The tax services for which these fees were paid related to the preparation of the Fund’s tax returns.

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

AGGREGATENON-AUDIT FEES. The aggregate fees paid by each Fund to its principal accountant fornon-audit services provided to such Fund, to such Fund’s investment adviser and to any entity controlling, controlled by, or under common control with such Fund’s investment adviser that provide ongoing services to the Fund for each Fund’s last two fiscal years are set forth in Appendix 6. The Audit Committee of each Fund has determined that the provision of suchnon-audit services, includingtax-related services, to such Fund’s investment adviser and to any entities controlling, controlled by, or under common control with such Fund’s investment adviser that provide ongoing services to the Fund is compatible with maintaining the principal accountant’s independence.

26

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 and/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 MEETINGS

SOLICITATION OF PROXIES. Your vote is being solicited by, and on behalf of, the Trustees/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 proposals, including printing and mailing of this Joint Proxy Statement and solicitation of shareholders’ votes, will total, across all Funds, less than $25,000. 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 please contact us.to any third party; and (iii) required to comply with applicable state telemarketing laws. The Fund does not reimburse Trustees/Directors and officers of the Fund, or regular employees and agents of the investment adviser 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 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 proposals 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. However, broker-dealers may not exercise voting discretion on non-routine matters, such as Proposal 2.

QUORUM. For Proposal 1, holders ofone-third of the outstanding shares of a 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. For Proposal 2, shareholders ofone-third of the outstanding shares of each of the Capital Group Global Equity Fund and the Capital Group International Equity Fund, present in person or represented by proxy, constitute a quorum at the applicable

27

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. Approval of Proposal 1 as to each of PCS and ETOP 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, Proposal 1 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 of PCS and ETOP is expected to be elected.

For EMGF, approval of Proposal 1 requires the affirmative vote of a majority of the votes cast in person or by proxy at the Shareholder Meeting of the Fund.

Approval of Proposal 2 as to each of Capital Group Global Equity Fund and Capital Group International Equity Fund requires the affirmative vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of such fund. Under the 1940 Act, the vote of a “majority of the outstanding voting securities” of a fund means the affirmative vote of the lesser of (a) 67% or more of the voting securities present or represented by proxy at the Shareholder Meeting if the holders of more than 50% of the outstanding voting securities of the fund are present in person or represented by proxy at the Shareholder Meeting or (b) more than 50% of the outstanding voting securities of the fund. Shareholders of each of Capital Group Global Equity Fund and Capital Group International Equity Fund will vote separately on Proposal 2. The successful passage of Proposal 2 as to Capital Group Global Equity Fund is not conditioned on the approval of the proposal by the shareholders of Capital Group International Equity Fund and vice versa.

Abstentions and broker non-votes will be treated as votes present at the Shareholder Meetings, but will not be treated as votes cast. Abstentions and broker non-votes, therefore, will have no effect on Proposal 1, but will have the effect of a vote “AGAINST” Proposal 2. Proxy cards that are signed and dated, but not completed, will be voted “FOR” both proposals.

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.

28

For each Fund (other than EMGF), 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 Trustees of the Fund. 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 a proposal or for any other reason consistent with applicable laws and the Fund’s charter, by laws 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, California 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, California 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.

By Order of the Boards,

Courtney R. Taylor

Secretary

September 28 2018

29

EXHIBIT A

CAPITAL GROUP PRIVATE CLIENT SERVICES FUNDS (CGPCS Funds)

CAPITAL GROUP EMERGING MARKETS TOTAL OPPORTUNITIES FUND (CGETOP)

EMERGING MARKETS GROWTH FUND, INC. (EMGF)

(the “Corporation/Trust”)

NOMINATING COMMITTEE CHARTER

(as approved and adopted by the CGPCS Funds’/CGETOP’s Board of Trustees on December 5, 2014, and EMGF’s Board of Directors on December 9, 2016)

The Nominating Committee (the “Committee”), a committee established by the Board of Directors/Trustees (the “Board”) of the Corporation/Trust, will be comprised solely of members of the Board who are not considered “interested persons” of the Corporation/Trust under the Investment Company Act of 1940, as amended (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 Corporation/Trust, or be a former officer or director of Capital International, Inc. (“CIInc”), Capital Guardian Trust Company (“CGTC”), 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 Corporation’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 CGTC, CIInc or others to attend Committee meetings and provide pertinent information as necessary or desirable. The Committee may also meet in executive session.

A-1

DUTIES AND RESPONSIBILITIES

The Committee will:

A-2

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:

A-3

A-4

APPENDIX 1

CAPITAL GROUP PRIVATE CLIENT SERVICES FUNDS

AMENDED AND RESTATED

INVESTMENT ADVISORY AND SERVICE AGREEMENT

THIS AMENDED AND RESTATED INVESTMENT ADVISORY AND SERVICE AGREEMENT, dated and effective as of the [Date], is made and entered into by and between CAPITAL GROUP PRIVATE CLIENT SERVICES FUNDS, a Delaware statutory trust (the “Trust”), on behalf of the portfolios listed onExhibit A hereto (each a “Fund,” and collectively, the “Funds”) and CAPITAL GUARDIAN TRUST COMPANY, a California corporation (the “Investment Adviser”).

W I T N E S S E T H

The Trust is anopen-end diversified investment company of the management type and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Each of the Funds has been designated as a series of the Trust. The Investment Adviser is registered under the Investment Advisers Act of 1940, as amended, and is engaged in the business of providing investment advisory and related services to the Trust and other investment companies.

NOW, THEREFORE, in consideration of the premises and the mutual undertaking of the parties, it is covenanted and agreed as follows:

1. The Trust hereby employs the Investment Adviser to provide investment advisory and administrative services to the Trust with respect to the Funds. The Investment Adviser hereby accepts such employment and agrees to render the services to the extent herein set forth, for the compensation herein provided. The Investment Adviser shall, for all purposes herein, be deemed an independent contractor and not an agent of the Trust.

2. (a) The Investment Adviser shall provide general management services to the Trust, including overall supervisory responsibility for the general management and investment of each Fund’s assets, giving due consideration to the policies of each Fund as expressed in the Trust’s agreement and declaration of trust,by-laws, registration statement under the 1940 Act and registration statement under the Securities Act of 1933, as amended (the “1933 Act”), as well as to the factors affecting each Fund’s status as a regulated investment company under the Internal Revenue Code of 1986, as amended.

(b) The Investment Adviser may delegate its investment management responsibilities under paragraph 2(a), or a portion thereof, to one or more entities that are direct or indirect subsidiaries of the Investment Adviser or at least majority owned subsidiaries of The Capital Group Companies, Inc. and registered as investment advisers under the Investment Adviser’s Act of 1940 (each a “Subsidiary”), pursuant to an agreement between the Investment Adviser and the Subsidiary (the

1-1

“Subsidiary Agreement”). The Subsidiary Agreement with any Subsidiary to which the Investment Adviser proposes to delegate its investment management responsibilities must be approved by the Trust’s Board of Trustees, including a majority of the Trustees who are not parties to this Agreement nor interested persons of any such party (“Independent Trustees”). Any delegation of duties pursuant to this paragraph shall comply with all applicable provisions of Section 15 of the 1940 Act, except to the extent permitted by any exemptive order of the Securities and Exchange Commission (“SEC”), or similar relief.

(c) The Investment Adviser shall, subject to review and approval of the Board of Trustees of the Trust: (i) set each Fund’s overall investment strategies; (ii) evaluate, select and recommend Subsidiaries to manage all or a part of each Fund’s assets; (iii) when appropriate, allocate and reallocate each Fund’s assets among multiple Subsidiaries; (iv) monitor and evaluate the performance of Subsidiaries; and (v) implement procedures reasonably designed to ensure that the Subsidiaries comply with the federal securities laws and each Fund’s investment objective, policies and restrictions. The Investment Adviser shall be solely responsible for paying the fees of any Subsidiary.

(d) Any Subsidiary Agreement may provide that the Subsidiary, subject to the control and supervision of the Trust’s Board of Trustees and the Investment Adviser, shall have full investment discretion for each Fund and shall make all determinations with respect to (i) the investment of each Fund’s assets assigned to the Subsidiary; (ii) the purchase and sale of portfolio securities with those assets, and (iii) any steps that may be necessary to implement an investment decision. The Investment Adviser shall periodically evaluate the continued advisability of retaining any Subsidiary and will make recommendations to the Trust’s Board of Trustees as needed.

(e) The Investment Adviser shall furnish the services of persons to perform the executive, administrative, clerical, and bookkeeping functions of the Trust and each Fund, including the daily determination of net asset value per share. The Investment Adviser shall pay the compensation and travel expenses of all such persons, and they shall serve without any additional compensation from the Trust or any Fund. The Investment Adviser shall also, at its expense, provide the Trust and each Fund with necessary office space (which may be in the offices of the Investment Adviser); all necessary office equipment and utilities; and general purpose forms, supplies, and postage used at the offices of the Trust and each Fund. The Investment Adviser may delegate the provision of any such services to a third party approved by the Trust’s Board of Trustees.

(f) The Investment Adviser shall maintain all books and records with respect to each Fund’s investment management activities that are required to be maintained pursuant to the 1940 Act and the rules thereunder, as well as any other applicable legal requirements. The Investment Adviser may delegate its responsibilities under this paragraph to a third party approved by the Trust’s Board of Trustees. The Investment Adviser acknowledges and agrees that all such records are the property of the Trust, and it shall maintain and preserve such records in accordance with applicable law and provide such records promptly to the Trust upon request.

1-2

(g) The Investment Adviser shall prepare and submit to the Trust all data on the performance of its duties as investment adviser for required filings with governmental agencies or for the preparation of reports to the Board of Trustees or the shareholders of each Fund.

(h) The Investment Adviser shall furnish from time to time such other appropriate information as may be reasonably requested by any Fund.

3. (a) Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund, Capital Group Core Bond Fund, Capital Group Global Equity Fund and Capital Group International Equity Fund shall pay all expenses not assumed by the Investment Adviser as provided herein. Such expenses paid by such funds shall include, but shall not be limited to, expenses incurred in connection with the organization of the Trust, its qualification to do business in the State of California, and its registration as an investment company under the 1940 Act; custodian, stock transfer and dividend disbursing fees and expenses; expenses incurred for shareholder servicing, recordkeeping, transactional services, tax and informational returns and fund and shareholder communications; costs of designing and of printing and mailing to its shareholders reports, prospectuses, proxy statements, and notices to its shareholders; taxes; expenses of the issuance, sale, redemption, or repurchase of shares of the Fund (including registration and qualification expenses); legal and auditing fees and expenses; compensation, fees, and expenses paid to Independent Trustees (including counsel fees); association dues; and costs of any share certificates, stationery and forms prepared exclusively for the Trust or such funds.

(b) For Capital Group U.S. Equity Fund the Investment Adviser shall pay (i) all expenses other than interest, taxes, litigation expenses, brokerage commissions, portfolio insurance, extraordinary expenses, compensation, fees and expenses paid to Independent Trustees (including counsel fees), and (ii) expenses incurred in connection with the provision of shareholder services pursuant to the Shareholder Services Agreement with the fund’s transfer agent and distribution services under any plan adopted pursuant to Rule12b-1 under the 1940 Act.

4. (a) The Trust shall pay to the Investment Adviser on or before the tenth (10th) day of each month, as compensation for the services rendered by the Investment Adviser during the preceding month, fees calculated at the following annual rates:

Capital Group Core Municipal Fund: 0.25% of all net assets;

Capital Group Short-Term Municipal Fund: 0.25% of all net assets;

Capital Group California Core Municipal Fund: 0.25% of all net assets;

Capital Group California Short-Term Municipal Fund: 0.25% of all net assets;

1-3

Capital Group Core Bond Fund: 0.25% of all net assets;

Capital Group Global Equity Fund: 0.600% on the first $500 million of net assets, plus 0.500% on net assets above $500 million;

Capital Group International Equity Fund: 0.690% on the first $500 million of net assets, plus 0.590% on net assets from $500 million to $1 billion, plus 0.530% on net assets from $1 billion to $1.5 billion, plus 0.500% on net assets above $1.5 billion; and

Capital Group U.S. Equity Fund: 0.425% of all net assets.

(b) Such fees shall be accrued daily and the daily rate shall be computed based on the actual number of days per year. For the purposes hereof, the net assets of the Funds shall be determined in the manner set forth in the agreement and declaration of trust and registration statement of the Trust. The fees with respect to each Fund shall be payable for the period commencing on the date on which operations of the Fund begin and ending on the date of termination of this Agreement with respect to such Fund and shall be prorated for any fraction of a month at the beginning or the termination of such period.

(c) The Board of Trustees may impose fees for various account services, proceeds of which may be remitted to the appropriate Fund, the Investment Adviser or an affiliate of the Investment Adviser at the discretion of the Board of Trustees. At least 60 days’ prior written notice of the intent to impose such fee must be given to shareholders of the affected Fund.

5. This Agreement may be terminated with respect to the Trust or any Fund at any time, without payment of any penalty, by the Board of Trustees of the Trust or by vote of a majority (within the meaning of the 1940 Act) of the outstanding voting securities of the Fund on sixty (60) days’ written notice to the Investment Adviser, or by the Investment Adviser on like notice to the Fund. Unless sooner terminated in accordance with this provision, this Agreement shall continue until July 31, 2019. It may thereafter be renewed from year to year by mutual consent, provided that such renewal shall be specifically approved with respect to each Fund at least annually by the Board of Trustees of the Trust, or by vote of a majority (within the meaning of the 1940 Act) of the outstanding voting securities of the Fund. In either event, any such renewal must be approved by a majority of the Independent Trustees at a meeting called for the purpose of voting on such approval.

6. This Agreement shall not be assignable by either party hereto, and in the event of assignment (within the meaning of the 1940 Act) by the Investment Adviser shall automatically be terminated forthwith.

7. Nothing contained in this Agreement shall be construed to prohibit the Investment Adviser from performing investment advisory, management, or distribution services for other investment companies and other persons or companies, nor to prohibit affiliates of the Investment Adviser from engaging in such businesses or in other related or unrelated businesses.

1-4

8. The Investment Adviser shall not be liable to the Trust or any Fund or its shareholders for any error of judgment, for any mistake of law, for any loss arising out of any investment, or for any act or omission not involving willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations and duties hereunder.

9. The obligations of the Trust under this Agreement are not binding upon any of the Trustees, officers, employees, agents or shareholders of the Trust individually, but bind only the Trust’s estate. The Investment Adviser agrees to look solely to the assets of the Trust for the satisfaction of any liability in respect of the Trust under this Agreement and will not seek recourse against such Trustees, officers, employees, agents or shareholders, or any of them, or any of their personal assets for such satisfaction.

10. The Trust acknowledges and agrees that the names “American Funds”, “Capital Group Private Client Services” and “Capital,” or any derivatives thereof or logo associated with those names, are the valuable property of the Investment Adviser and its affiliates, and that the Trust shall have the right to use such names (or derivatives or logos) only so long as this Agreement shall continue in effect. Upon termination of this Agreement, the Trust shall forthwith cease to use such names (or derivatives or logos).

[Remainder of page intentionally left blank]

1-5

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed in duplicate original by their duly authorized officers.

1-6

EXHIBIT A

Capital Group Core Municipal Fund

Capital Group Short-Term Municipal Fund

Capital Group California Core Municipal Fund

Capital Group California Short-Term Municipal Fund

Capital Group Core Bond Fund

Capital Group Global Equity Fund

Capital Group International Equity Fund

Capital Group U.S. Equity Fund

1-7

APPENDIX 2

Additional Information Regarding Capital Guardian Trust Company

CGTC is located at 333 South Hope Street, Los Angeles, California 90071. CGTC is wholly owned by Capital Group International, Inc. (“CGII”), whose registered address is 333 South Hope Street, Los Angeles, California 90071. CGII is a wholly owned subsidiary of CRMC. CRMC is wholly owned by The Capital Group Companies, Inc., whose registered address is 333 South Hope Street, Los Angeles, California 90071.

The following chart identifies the name and principal occupation of the principal executive officer and each member of the Board of Directors of CGTC.

2-1

APPENDIX 3

Additional Information Regarding Capital Research and Management Company

CRMC is located at 333 South Hope Street, Los Angeles, California 90071. CRMC is wholly owned by The Capital Group Companies, Inc., whose registered address is 333 South Hope Street, Los Angeles, California 90071.

The following chart identifies the name and principal occupation of the principal executive officer and each member of the Board of Directors of CRMC.

3-1

3-2

3-3

APPENDIX 4

Total Shares Outstanding

(as of June 30, 2018)

4-1

APPENDIX 5

Principal Beneficial Holders

(as of June 30, 2018)

Note: No shareholders of PCS are known by the Fund to have been beneficial owners of more than 5% of any class of the Fund’s shares as of June 30, 2018.

5-1

APPENDIX 6

Independent Auditors and Related Fees

6-1

[recycled bug] [soy ink bug] [compostable]

MFGEPX-006-1018

Litho in USA CRMC/DFS/9964-S69094

PROXY CARD

CAPITAL GROUP PRIVATE SERVICES FUNDS^SM

CAPITAL GROUP EMERGING MARKETS TOTAL OPPORTUNITIES FUND^SM

EMERGING MARKETS GROWTH FUND, INC.^SM

FOR THE SPECIAL MEETING(S) OF SHAREHOLDERS TO BE HELD ON NOVEMBER 28, 2018

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS/TRUSTEES

The undersigned hereby acknowledges receipt of the Notice of Special Meetings of Shareholders and the accompanying Joint Proxy Statement. The undersigned, revoking all previous proxies, hereby appoints Paul F. Roye and Erik A. Vayntrub, and each of them, his/her true and lawful agents and proxies with full power of substitution to represent and vote on behalf of the undersigned at the Special Shareholder Meeting of each Fund listed below to be held at the office of Capital Group, 333 South Hope Street, Los Angeles, CA 90071 on Wednesday, November 28, 2018 at 9:00 a.m. Pacific time, and any adjournments or postponements thereof on all matters coming before the meeting.

This proxy when properly executed will be voted in the manner directed herein by the undersigned shareholder or, if no direction is indicated, “FOR” each director/trustee nominee in Proposal 1, and “FOR” Proposal 2, and in accordance with the discretion of the proxies as to any other matter that is properly presented at the Special Meeting(s) of Shareholders.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIAL for the Special Meeting(s) of Shareholders on November 28, 2018. The Proxy Statement for this meeting is available at: https://www.proxy-direct.com/afs-30094

AFS_30094_083118

PLEASE REVIEW THE OTHER SIDE OF THIS CARD FOR YOUR PROPOSALS.

THANK YOU FOR PARTICIPATING, YOUR VOTE IS IMPORTANT!

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD. THE BOARD RECOMMENDS VOTING "FOR" EACH BOARD MEMBER NOMINEE AND “FOR” PROPOSAL 2.

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: X

A A   Proposals

1. To Elect Board Members: To withhold authority to vote for any individual nominee(s) mark the box “For All Except” and write the nominee number on the line provided.

2. To approve an amendment to the Investment Advisory and Service Agreement between Capital Group Private Client Services Funds and Capital Guardian Trust Company.

B Authorized Signatures ─ This section must be completed for your vote to be counted.─ Sign and Date Below

Note: Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.