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.  )

Check the appropriate box:

AMCAP Fund
American Balanced Fund
American Funds College Target Date Series
American Funds Corporate Bond Fund
American Funds Developing World Growth and Income Fund
American Funds Emerging Markets Bond Fund
American Funds Fundamental Investors
American Funds Global Balanced Fund
American Funds Global Insight Fund
The American Funds Income Series
American Funds Inflation Linked Bond Fund
American Funds International Vantage Fund
American Funds Mortgage Fund
American Funds Multi-Sector Income Fund
American Funds Portfolio Series
American Funds Retirement Income Portfolio Series
American Funds Short-Term Tax-Exempt Bond Fund
American Funds Strategic Bond Fund
American Funds Target Date Retirement Series
American Funds Tax-Exempt Fund of New York
American Funds Tax-Exempt Series II
American Funds U.S. Government Money Market Fund
American High-Income Municipal Bond Fund
American High-Income Trust
American Mutual Fund
The Bond Fund of America
Capital Group Central Fund Series
Capital Group Central Fund Series II
Capital Group Completion Fund Series
Capital Group Conservative Equity ETF
Capital Group Core Balanced ETF
Capital Group Core Equity ETF
Capital Group Dividend Growers ETF
Capital Group Dividend Value ETF
Capital Group Fixed Income ETF Trust
Capital Group Global Equity ETF
Capital Group Global Growth Equity ETF
Capital Group Growth ETF

Capital Group International Core Equity ETF
Capital Group International Equity ETF
Capital Group International Focus Equity ETF
Capital Group New Geography Equity ETF
Capital Group Private Client Services Funds
Capital Group U.S. Equity Fund
Capital Income Builder
Capital World Bond Fund
Capital World Growth and Income Fund
Emerging Markets Equities Fund, Inc.
EUPAC Fund
The Growth Fund of America
The Income Fund of America
Intermediate Bond Fund of America
International Growth and Income Fund
The Investment Company of America
Limited Term Tax-Exempt Bond Fund of America
The New Economy Fund
New Perspective Fund
New World Fund, Inc.
Short-Term Bond Fund of America
SMALLCAP World Fund, Inc.
The Tax-Exempt Bond Fund of America
Washington Mutual Investors Fund
(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):

Important shareholder meeting news

Joint proxy statement

Who is Computershare Fund Services?

Computershare Fund Services (“Computershare”) is a company hired by the Funds to help with the shareholder meetings and collect votes. Computershare is not affiliated with the Funds, CRMC or Capital International, Inc. (“CIInc”, and together with CRMC, the “Advisers” and each the “Adviser”, as the context requires). If you have not voted before the meeting, you may get a call from Computershare asking for your vote so the meeting can go ahead as planned.

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 average across all Funds approximately $1.70 per shareholder account.

How many votes am I entitled to cast?

As a shareholder of a Fund, you are entitled to one vote per share and a proportionate fractional vote for each fractional share you own of the Fund on the record date (August 28, 2025) with respect to that Fund’s shareholder meeting.

How do I vote my shares?

You can vote your shares online, by phone, by mail, or in person at the shareholder meeting. To vote online or by phone, use the instructions and numbers on your proxy card or meeting notice, as applicable; you’ll need the identifying numbers from the card or notice, as applicable. To vote by mail, complete, sign, and date your proxy card, then return it in the postage-paid envelope. If you have questions related to the shareholder meeting or need help voting, contact Computershare at (888) 615-7476.

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?

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 on the account 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.”

​1   The term “independent” Board member refers to a Board member who is not an “interested person” of the Fund within the meaning of the 1940 Act. Each “independent” Board nominee was nominated by the applicable Fund’s current “independent” Board members.

​2   Fixed Income Funds are AFMF, AHIM, AHIT, BFA, CBF, CCBF, CCF, CGCF, CGPCS, EMBF, GVT, IBFA, ILBF, LTEX, MMF, MSI, SBF, STBF, STEX, TEBF, TEFCA, TEFNY and WBF.

​3   Board member affiliated with CRMC or its affiliates.

Mary Davis Holt is planning to retire from the Boards of AFCTD, AFPS, AFRIS, AFTD, Fixed Income Funds and WMIF at the end of 2025. She will remain on the Boards until her retirement and will not stand for election at the upcoming Shareholder Meetings, but her retirement may be delayed if for any reason her successor on any Board is not elected and qualified.

As part of a broader effort to update board oversight and fund operations, the following current independent Board members (defined above) will continue to serve the fund complex but will not stand for election to the certain Funds’ Boards, as listed below: Vanessa C. L. Chang (CGCV, CGDG, CGFIT, CGGE, CGIE), Nariman Farvardin (AMBAL, DWGI, IFA, IGI and WMIF), Jennifer C. Feikin (CGBL, CGCV, CGDG, CGDV, CGGE, CGIC, CGIE, CGNG, CGXU), John G. Freund (FI, GFA, SCWF), Pablo R. González Guajardo (CGBL, CGDV, CGFIT, CGGO, CGGR, CGIC, CGNG, CGUS, CGXU, EUPAC, NPF, NWF), Leslie Stone Heisz (CGBL, CGCV, CGDG, CGDV, CGGE, CGIC, CGIE, CGNG, CGXU), Merit E. Janow (AFCTD, AFPS, AFRIS, AFTD), William D. Jones (AMBAL, CGBL, CGDV, CGFIT, CGGO, CGGR, CGIC, CGNG, CGUS, CGXU, DWGI, IFA, IGI, WMIF), Kenneth M. Simril (FI, GFA, SCWF), Margaret Spellings (AMBAL, DWGI, IFA, IGI, WMIF), Christopher E. Stone (EUPAC, FI, GFA, NPF, NWF, SCWF) and Amy Zegart (EUPAC, NPF, NWF).

The following current interested Board member (defined above) will continue to serve the fund complex but will not stand for election to the Boards of the Funds listed below: William L. Robbins (AMCAP, AMF, CAPUSE, CGBL, CGCV, CGDG, CGDV, CGGE, CGIC, CGIE, CGFIT, CGNG, CGXU, EMEF, GBAL, ICA).

Pertinent information about each of these Board members is included in Appendix 1.

Shareholder Approval

Approval for each Fund (other than EUPAC and EMEF) requires the affirmative vote of a plurality of votes cast by shareholders of such Fund at a Shareholder Meeting at which a quorum is present. See the section of this Joint Proxy Statement captioned “Method of tabulation” for more information regarding the plurality voting standard. Approval for EUPAC and EMEF requires the affirmative vote of a majority of votes cast by shareholders of such Fund at a Shareholder Meeting at which a quorum is present. Shareholders of the Funds listed on Exhibit A will vote together to elect members of the Board of that series, and the quorum requirement and plurality voting standard apply to the Funds of that series together.

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

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

Board leadership structure

Each Board is led by an independent chair who is not an “interested person” of the Fund under the 1940 Act. The Boards believe that having an independent chair helps with oversight and allows the Boards to operate more effectively. The role of the independent chair includes leading Board meetings, setting schedules and agendas, running executive sessions with the other independent Board members, facilitating communication with committee chairs, and being the main independent Board member contact for Fund management and legal counsel.

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 Advisers, 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 relevant 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 Advisers addressing certain areas of risk.

As described below, each Board has three standing committees comprised entirely of independent Board members: an audit committee (“AC”), a contracts committee (“KC“) and a nominating and governance committee (“NGC”). Those committees, as well as joint committees of independent Board members of the Funds, also explore risk management procedures in particular areas and report back to the full Board.

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

Board committees and membership

Each Board committee member was an independent Board member during such Fund’s most recent fiscal year. Committee memberships are set forth in Appendix 2. If the nominees are elected, each Board may reconstitute its committees with independent Board members.

The AC 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 and acts as a liaison between the Fund’s independent registered public accounting firm and its full Board.

Each Fund’s KC is composed of all the Board’s independent Board members. The KC’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 Adviser or the Adviser’s affiliates, such as the Investment Advisory and Service Agreement, Principal Underwriting Agreement, Administrative Services Agreement and Plans of Distribution adopted pursuant to Rule 12b-1 under the 1940 Act, that the Fund may enter into, renew or continue, and to make recommendations to the Fund’s full Board on these matters.

Each Fund has a NGC composed of certain independent Board members. The NGC operates under a written charter, a form of which is set forth in Exhibit B. The NGC periodically reviews such issues as the Board’s composition, responsibilities, committees, compensation and other relevant matters, and recommends any appropriate changes to the full Board. The NGC also coordinates annual self-assessments of each Fund’s Board and evaluates, selects and nominates independent Board members to the full Board. While the NGC 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 NGC 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 NGC (see also the section of this Joint Proxy Statement titled “Shareholder Proposals”).

Board member compensation and Fund ownership

Compensation paid to each independent Board member 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 Appendix 3. The value of Fund shares owned by each Board member or nominee in the Fund(s) he or she oversees, or would oversee if elected, as of June 30, 2025, is also set forth in Appendix 3. No compensation is paid by the Funds to any Board member who is affiliated with the Adviser. No pension or retirement benefits are accrued to any nominee as part of Fund expenses.

Other officers

Set forth in Appendix 4 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 appointed.

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

Board correspondence

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

PROPOSAL 2: TO APPROVE INVESTMENT ADVISORY AND SERVICE AGREEMENT AMENDMENTS TO MODIFY THE INVESTMENT ADVISORY AND SERVICE FEE SCHEDULE FOR EACH OF AMERICAN FUNDS MORTGAGE FUND, AMERICAN HIGH-INCOME TRUST, THE BOND FUND OF AMERICA, U.S. GOVERNMENT SECURITIES FUND, INTERMEDIATE BOND FUND OF AMERICA, AMERICAN HIGH-INCOME MUNICIPAL BOND FUND, LIMITED TERM TAX-EXEMPT BOND FUND OF AMERICA, THE TAX-EXEMPT BOND FUND OF AMERICA, THE TAX-EXEMPT FUND OF CALIFORNIA, AND AMERICAN FUNDS TAX-EXEMPT FUND OF NEW YORK.

Introduction

The purpose of the proposal is for shareholders of each Fund named in this proposal to approve the implementation of proposed changes to the Fund’s advisory fee structure to remove the income component of the fee structure and implement an asset-only advisory fee schedule as set forth in Appendix 8.

Currently, each Fund named in this proposal has an advisory fee structure in place where the advisory fee has both an asset-based component, which is calculated based on the Fund’s average daily net assets, and an income component, which is calculated based on the Fund’s monthly gross income for the preceding month (the “Income Portion”). The Income Portion of each Fund’s advisory fee is explained more fully below under “Description of Current Advisory Agreement”. Most mutual funds have simpler fee structures in place and charge an advisory fee based only on the fund’s average daily net assets. The Income Portion is complicated and creates variability (sometimes significant) in the amount of the fees charged to a Fund, especially during dynamic interest rate environments. For example, when interest rates were very low during the COVID-19 pandemic, the Funds’ advisory fees were lower, but began to rise when interest rates rose. In the current yield environment, for Funds that have an Income Portion, advisory fees have increased, as reflected in Appendix 9. In some cases, the Adviser has voluntarily waived a portion of the increase in fees to mitigate the impact. Each Fund’s Board and Adviser believes that removing the Income Portion of the advisory fee and implementing an asset-only advisory fee structure for these Funds will provide a certain amount of stability and consistency of pricing for shareholders, and will potentially make the Funds more marketable among their peers, which could result in an overall increase in assets.

Shareholders of each Fund should consider the benefits to CRMC if they approve the proposal. For example, the proposed changes to certain Funds’ advisory fee structures will, under certain circumstances for AHIT and TEBF, result in a Fund paying higher advisory fees than it pays under its current fee structure.

Furthermore, if the Funds’ assets grow, CRMC will receive more in advisory fees, because the overall average daily net assets on which CRMC will collect advisory fees will be greater.

Shareholders of each Fund should also consider the potential benefits to the Funds if the proposal is approved. Specifically, if the Funds’ assets grow, shareholders may benefit from efficiencies, as well as reduced overall expenses. Shareholders should note, however, that there is no guarantee such efficiencies will be realized or overall expenses reduced.

Information Regarding Capital Research and Management Company

CRMC, an experienced investment management organization founded in 1931, serves as the investment adviser to the Funds and, as of June 30, 2025, had more than $3.0 trillion in assets under management. CRMC is a corporation organized under the laws of the state of Delaware and is a wholly owned subsidiary of The Capital Group Companies, Inc. The address of CRMC and The Capital Group Companies, Inc. is 333 South Hope Street, Los Angeles, California 90071.

CRMC manages equity assets through three equity investment divisions and fixed income assets through its fixed income investment division, Capital Fixed Income Investors, and asset allocation portfolios through its solutions division, Capital Solutions Group. The three equity investment divisions — Capital International Investors, Capital Research Global Investors and Capital World Investors — make investment decisions independently of one another.

Information about CRMC’s principal executive officers as well as each trustee or officer of a Fund who is an officer, employee, director or shareholder of CRMC is set forth in Appendix 4.

Description of Current Advisory Agreement

Each Fund currently has an investment advisory agreement dated as of the date set forth in the table below (as amended and restated to date, the “Current Advisory Agreement”) with CRMC. The term of the Current Advisory Agreement expires on the date set forth in the table below. The Board, including a majority of independent Board members, last approved the continuation of the Current Advisory Agreement on the date set forth in the table below. The Current Advisory Agreement was last approved by the Fund’s shareholders effective as of the date set forth in the table below.

​1   The purpose of the submission of the Current Advisory Agreement for shareholder approval was in connection with launching the Fund.

​2   The purpose of the submission of the Current Advisory Agreement for shareholder approval was to implement the subsidiary adviser arrangement and standardize and update the terms of the agreement.

Under the Current Advisory Agreement, CRMC is responsible for providing a continuous investment program for each Fund, making decisions with respect to all purchases and sales of assets, and placing orders for the investment and reinvestment of Fund assets.

In consideration of the services provided by CRMC under the Current Advisory Agreements, the Funds pay CRMC a fee that is composed of a Base Fee (defined below) and an Income Portion.

Base Fee. The base fee is calculated and accrued daily, at the annualized rate of each Fund’s average daily net assets as set forth in Appendix 8 (“Base Fee”).

Income Portion. The Income Portion is calculated from the Fund’s monthly gross income for the preceding month. The Income Portion accrues daily, and “gross income” for this purpose is determined in the same manner as gross income is determined for and reported in financial statements and does not include gains or losses from the sale of securities.

Description of Advisory Agreement Amendment

The proposed amendment to the advisory agreement between CRMC and each Fund (the “Advisory Agreement Amendment”) makes no changes to the Current Advisory Agreement, with the exception of changing the date of effectiveness and the advisory fee rate for each Fund and removing the Income Portion of the advisory fee.

Additionally, there are no differences in CRMC’s obligations to the Funds imposed by the Advisory Agreement Amendment. Accordingly, the Advisory Agreement Amendment would not result in any material changes to the nature, extent or quality of services provided by CRMC to any Fund. If the proposal is not approved by shareholders of a certain Fund, the applicable Fund’s existing advisory agreement and fee structure will remain in effect. If shareholders of each Fund approve the proposal applicable to that Fund at the Shareholder Meeting, the fee changes will be effective no sooner than March 1, 2026. Until that time, the Funds will be charged fee rates consistent with the Current Advisory Agreements. The Advisory Agreement Amendment’s initial term will last until the Fund’s Current Advisory Agreement is set to expire and will continue in effect for successive one-year periods thereafter if its continuance is approved, on behalf of the Funds, at least annually in the manner required by the 1940 Act and the rules and regulations thereunder.

The proposed advisory fee rates under the Advisory Agreement Amendment are set forth in Appendix 8.

Appendix 9 is a comparison of the advisory fees each Fund paid for the previous three prospectus filings, and proposed advisory fees each Fund would have paid at June 30, 2025, applied to the 12-month average daily net assets. Appendix 9 also provides the ranking of each Fund against advisory fees of similar funds, excluding funds of funds, in its peer group assuming the new advisory fee is in place, as well as comparative data showing examples of the highest and lowest advisory fees for each Fund over market environments of the prior twenty fiscal years, which included a variety of different market environments.

Additionally, Appendix 10 includes a comparison of each Fund’s annual operating expenses for the fiscal year 2024 and hypothetical annual operating expenses for each Fund if the new asset-based-only advisory fee would have been in place. As shown in Appendix 10, the actual gross advisory fees paid to CRMC for each Fund for the fiscal year 2024 may vary significantly when compared to a hypothetical example of the amount of fees that would have been paid during this period had the Advisory Agreement Amendment been in effect. This is because the Income Portion is tied to the income generated by each Fund.

Board Considerations Regarding Advisory Agreement Amendment

At a meeting held on June 12, 2025 (the “Contracts Committee Meeting”), the KC reviewed and approved the Advisory Agreement Amendment, on behalf of each Fund, and recommended the Advisory Agreement Amendment to the Board. At meetings held on March 3, 2025, and June 12, 2025, the Board, including a majority of the independent Board members, reviewed and, in the exercise of its business judgment, approved the Advisory Agreement Amendment, on behalf of each Fund. The Board also recommended that shareholders of each Fund approve the Advisory Agreement Amendment. The independent Board members received advice from, and met separately with, independent Board member counsel in considering whether to approve the Advisory Agreement Amendments. The Board considered the information provided about the Funds together and with respect to each Fund separately as the Board deemed appropriate.

In considering the approval of the Advisory Agreement Amendments, the Board reviewed and considered information provided by CRMC at the Contracts Committee Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information provided in response to a detailed request for information submitted to CRMC by independent Board member counsel on behalf of the independent Board members.

In approving the Advisory Agreement Amendment, the Board, including a majority of the independent Board members, determined that the terms of the Advisory Agreement Amendment are fair and reasonable in relation to the services provided, and that the Advisory Agreement Amendment is in the best interests of each Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s determination. The Board did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each Board member did not necessarily attribute the same weight to each factor.

•   The Board noted its review and consideration of the information provided by CRMC, including the performance results of the Funds, in connection with the annual contract renewal process at a meeting in December 2024.

•   The Board considered a form of the Advisory Agreement Amendment for each Fund and noted that the Advisory Agreement Amendment did not change any of the terms and conditions of the Current Advisory Agreement other than the fee schedule for the Fund and the date of the contract.

•   The Board noted that except for the change in advisory fee for each Fund, the Advisory Agreement Amendment would result in no change or diminution in the nature, extent, or quality of services provided by CRMC to the Fund, and that the Fund’s current portfolio managers would continue to manage the Fund.

•   The Board also reviewed CRMC’s rationale for the changes to the advisory fee structure, including that (i) the Income Portion is more complicated than the asset-based advisory fee proposed in the Advisory Agreement Amendment and that the Funds’ advisory fees had increased in the current interest rate environment; and (ii) the proposed change in investment advisory fees is intended to provide a certain amount of stability and consistency of pricing for shareholders and will potentially make the Funds more marketable among their peers.

•   The Board reviewed and considered information regarding each Fund’s total expense ratio and its various components, including advisory fees and operating expenses under the Current Advisory Agreement and the Advisory Agreement Amendment. The Board reviewed and considered the actual advisory fees paid to CRMC by each Fund for the prior ten fiscal years as compared to a hypothetical example of the advisory fees that would have been paid during such periods had the Advisory Agreement Amendment been in effect. The Board then reviewed expense tables comparing each Fund’s annual operating expenses based on total annual fund operating expenses for the fiscal year 2024 and pro forma expenses showing these same expenses adjusted for the change in the advisory fee under the Advisory Agreement Amendment. The Board compared the advisory fees and total expense levels of each Fund to those of other relevant funds. The Board noted that the information showed that for certain Funds, the advisory fee for fiscal year 2024 would have been higher using the proposed advisory fee, but nonetheless determined that the terms of the Advisory Agreement Amendment are fair and reasonable in relation to the services provided.

•   The Board considered management’s explanation of how management arrived at the proposed advisory fees for each Fund based on the Fund’s average daily net assets. The Board noted that the proposed advisory fees would generally position each Fund within the lowest three deciles (which are the most favorable) of advisory fees of comparable funds included in the Fund’s Morningstar category as of June 30, 2025.

The Board reviewed and considered information regarding the estimated impact of the proposed advisory fees to CRMC’s profitability. The Board noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. The Board further considered the breakpoint discounts in each Fund’s proposed advisory fee schedule and CRMC’s sharing of potential economies of scale, or efficiencies, through the breakpoints. The Board also took into account the voluntary fee waiver agreement between CRMC and each Fund, as well as the fact that CRMC had been reimbursing certain expenses of each Fund since each Fund’s inception. The Board and the committee concluded that each Fund’s proposed advisory fee schedule reflected a reasonable sharing of benefits between CRMC and the Fund’s shareholders.

•   The Board noted management’s belief that removing the Income Portion and implementing an advisory fee based on average daily net assets for each Fund will potentially increase the marketability of the Funds, which could result in an overall increase in assets. The Board further noted that if the Funds’ assets grow, then shareholders may benefit from efficiencies, as well as reduced overall expenses. The Board considered CRMC’s statement, but noted, however, that there is no guarantee that such efficiencies will be realized or overall expenses reduced.

•   The Board considered the approval of the KC of the Advisory Agreement Amendment and such committee’s recommendation to the Board.

•   The Board noted the length of time CRMC had provided services as an Adviser to each Fund, and the reasons why CRMC believes that seeking shareholder approval of the Advisory Agreement Amendment at the current time is reasonable and in the best interests of each Fund and its shareholders.

•   The Board took into account CRMC’s overall marketing strategy for the American Funds, including how the Funds fit into that strategy currently and going forward, including with respect to possible new products.

Shareholder Approval

Approval of the proposal as to a Fund will require the affirmative vote of a majority of the outstanding voting securities of that Fund, as defined in the 1940 Act. A “majority of the outstanding voting securities” is defined in the 1940 Act as the lesser of (a) 67% or more of the voting securities present at the Shareholder Meeting, if the holders of more than 50% of the outstanding voting securities of the Fund are present at the Shareholder Meeting or represented by proxy, or (b) more than 50% of the outstanding voting securities of the Fund.

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

PROPOSAL 3: TO APPROVE A CHANGE IN AMERICAN FUNDS TAX-EXEMPT FUND OF NEW YORK’S CLASSIFICATION FROM A “DIVERSIFIED” FUND TO A “NON-DIVERSIFIED” FUND.

Background and Description of the Proposal

The 1940 Act requires every mutual fund to be classified as either a “diversified” fund or “non-diversified” fund within the meaning of the 1940 Act. The 1940 Act also requires shareholders to approve a change in a fund’s classification from a diversified fund to a non-diversified fund.

A diversified fund is limited as to the amount it may invest in any single issuer. Under the 1940 Act, a diversified fund may not, with respect to 75% of its total assets, invest in securities of any issuer if, as a result of such investment (i) more than 5% of the value of the fund’s total assets would be invested in securities of any one issuer, or (ii) the fund would hold more than 10% of the outstanding voting securities of any one issuer. These percentage limitations do not apply to securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, or to securities issued by other investment companies. With respect to the remaining 25% of its total assets, a diversified fund may invest more than 5% of its total assets in the securities of one issuer. These limits apply at the time a diversified fund purchases a security; a diversified fund may exceed these limits if positions it already holds increase in value relative to the rest of the fund’s holdings. In contrast, a non-diversified fund is not subject to the limits of a diversified fund; it may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified fund.

TEFNY is currently classified as a diversified fund. Shareholders are being asked to approve a change in TEFNY’s classification from a diversified fund to a non-diversified fund, as defined under the 1940 Act. CRMC, TEFNY’s investment adviser, believes that changing the Fund’s classification to non-diversified will benefit the Fund by giving it the flexibility to hold larger positions in certain issuers. With respect to TEFNY’s investment universe, the New York municipal market is generally a high-quality market, with few issuers. Accordingly, CRMC believes that this change will better allow the Fund to take more meaningful positions in the securities of issuers that express the Adviser’s highest convictions. In addition, according to data available on Morningstar, as of July 31, 2025, a majority of the New York tax-exempt registered funds were non-diversified.

If TEFNY concentrates its investments in fewer issuers, it becomes more vulnerable to negative developments affecting those issuers. A larger allocation to any single issuer increases the risk of loss and share price volatility, since adverse circumstances or events impacting that issuer could lead to greater losses than if assets were spread across more issuers.

Other than the change in TEFNY’s classification from diversified to non-diversified, CRMC does not propose or anticipate any material changes in the management of the Fund if the proposal is approved. Any future material changes to the management of the Fund will require consideration by the Board and disclosure in the Fund’s prospectus or statement of additional information, as appropriate.

In addition, TEFNY is (and will remain) subject to the diversification rules of the Internal Revenue Code of 1986, as amended (the “Tax Code”). These rules provide that, to maintain favorable tax treatment, the Fund must invest at least 50% of its total assets so that no more than 5% of its total assets are invested in the securities of any issuer, and so that it holds no more than 10% of the outstanding voting securities of any issuer. With respect to the remaining 50% of its total assets, the Fund is limited to investing 25% in the securities of a single issuer. These limits apply only as of the end of each quarter of the Fund’s fiscal year, so the Fund may have a higher concentration in an issuer during periods between the ends of its fiscal quarters. However, CRMC has no current intention of investing in the securities of any single issuer beyond the Tax Code limits. Like the 1940 Act limits, the Tax Code limits do not apply to securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, or to securities issued by other investment companies.

The Board met on June 12, 2025 and unanimously approved the proposal. In its decision, the Board considered CRMC’s view that changing TEFNY to a non-diversified fund would provide flexibility to invest more meaningfully in select issuers. The Board also noted the increased risk of concentrating assets but accepted CRMC’s position that these risks are justified by potential benefits. If TEFNY shareholders approve the proposal, the change in the Fund’s classification to non-diversified will become effective once its registration statement is updated to reflect this change. If the proposal is not approved, the Fund will remain diversified under its current policy.

Shareholder Approval

Approval of the proposal will require the affirmative vote of a majority of the outstanding voting securities of TEFNY, as defined in the 1940 Act. A “majority of the outstanding voting securities” is defined in the 1940 Act as the lesser of (a) 67% or more of the voting securities present at the Shareholder Meeting, if the holders of more than 50% of the outstanding voting securities of the Fund are present at the Shareholder Meeting or represented by proxy, or (b) more than 50% of the outstanding voting securities of the Fund.

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

PART II

ADDITIONAL INFORMATION ABOUT THE FUNDS

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

CIInc is an indirect, wholly owned subsidiary of CRMC and is located at 333 South Hope Street, Los Angeles, CA 90071. CIInc serves as the investment adviser to EMEF.

THE UNDERWRITER. Capital Client Group, Inc., a wholly owned subsidiary of CRMC, is the principal underwriter of the Funds’ shares. Capital Client Group, Inc. is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA 92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; 12811 N. Meridian Street, Carmel, IN 46032; 399 Park Avenue, 34th Floor, New York, NY 10022; and 444 W. Lake Street, Suite 4600, Chicago, IL 60606.

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

State Street Bank and Trust Company acts as transfer agent and dividend disbursing agent for the Capital Group exchange-traded funds. Under the terms of the administration agreement, State Street Bank and Trust Company provides necessary administrative, legal, tax and accounting, regulatory and financial reporting services for the maintenance and operations of the Funds. The principal office of State Street Bank and Trust Company is One Lincoln Street, Boston, MA 02111.

THE CUSTODIANS. State Street Bank and Trust Company, One Lincoln Street, Boston, MA 02111, is the custodian for the cash and securities of AFCTD, AFMF, AFRIS, CAPUSE, CBF, CCBF, CGBL, CGFIT, CGCV, CGDG, CGDV, CGGE, CGIC, CGIE, CGGO, CGGR, CGNG, CGPCS, CGUS, CGXU, DWGI, FI, GFA, GIF, ILBF, IVE, MSI, NEF, SCWF and TEFNY. JP Morgan Chase Bank N.A., 270 Park Avenue, New York, NY 10017, is the custodian for the cash and securities of each of the other Funds.

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

SHAREHOLDERS SHARING THE SAME ADDRESS. If two or more shareholders share the same address, only one copy of this Joint Proxy Statement is being delivered to that address, unless the Funds have received contrary instructions from one or more of the shareholders at that shared address. Upon written or oral request, the Funds will deliver promptly a separate copy of this Joint Proxy Statement to a shareholder at a shared address. Please call American Funds Service Company at (800) 421-4225

AGGREGATE NON-AUDIT FEES. The aggregate fees paid to D&T or PwC by each Fund for non-audit services provided to such Fund, to the Adviser and to any entity controlling, controlled by, or under common control with the Adviser that provide ongoing services to the Fund for each Fund’s last two fiscal years are set forth in Appendix 7.

The AC of each Fund has determined that the provision of such non-audit services, including tax-related services, to the Adviser and to any entities controlling, controlled by, or under common control with the Adviser that provide ongoing services to the Fund is compatible with maintaining D&T’s or PwC’s independence.

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

FURTHER INFORMATION ABOUT VOTING AND THE SHAREHOLDER MEETINGS

SOLICITATION OF PROXIES. Your vote is being solicited by, and on behalf of, the Board members 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, a professional proxy solicitation firm, to solicit proxies from brokers, banks, other institutional holders and individual shareholders. The Funds expect that the solicitation will be primarily by mail, but may also include telephone, electronic or other means of communication. If your Fund does not receive your proxy by a certain time, you may receive a telephone call from Computershare asking you to vote. In any case, Computershare will be: (i) required to maintain the confidentiality of all shareholder information; (ii) prohibited from selling or otherwise disclosing shareholder information to any third party; and (iii) required to comply with applicable state telemarketing laws. The Fund does not reimburse Board members and officers of the Fund or regular employees and agents of CRMC involved in the solicitation of proxies. The Funds will 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. When these instructions are not received by the date specified in the broker-dealer firms’ proxy solicitation material, the Funds understand that broker-dealers have authority under applicable stock exchange rules to cast votes on certain “routine” matters. Proposal 1 is considered a routine matter. Proposals 2 and 3 are considered non-routine matters.

QUORUM. With respect to proposal 1, holders of a majority of the outstanding shares of EUPAC and holders of one-third of the outstanding shares of every other Fund, present in person or represented by proxy, constitute a quorum at the applicable Shareholder Meeting for purposes of acting upon the proposal with respect to that Fund.

With respect to proposals 2 and 3, holders of one-third of the outstanding shares of each 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.

Broker non-votes occur in connection with a shareholder meeting when the shareholders are asked to consider both routine and non-routine proposals. A broker non-vote arises in such a case for the non-routine proposal if the broker (or a nominee) votes on the routine proposal with respect to shares 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. Shares for which proxies are returned that contain broker non-votes 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. Proposal 1 is a routine matter, and proposals 2 and 3 are non-routine matters. Therefore, broker non-votes can occur only for Funds whose shareholder meetings include both (i) proposal 1 and (ii) either or both of proposals 2 and 3.

METHOD OF TABULATION. With respect to proposal 1, except for EUPAC and EMEF, approval of the proposal as to each Fund requires the affirmative vote of a plurality of the votes cast in person or by proxy at the applicable Shareholder Meeting. Shareholders of the Funds listed on Exhibit A will vote together to elect members of the Board of that series, and the plurality voting standard applies to the Funds in that series together. It is expected that, as to each of these Funds that has a plurality voting standard, the proposal will be approved and each nominee to the respective Board will be elected. Under a plurality voting standard, the nominee receiving the greatest number of affirmative votes will be elected for the board seat for which he or she has been nominated, regardless of whether the nominee receives a majority of the votes cast. In other words, a majority of a Fund’s shareholders could withhold approval of a nominee’s election, but, so long as a quorum is present, the nominee could be elected with a single “FOR” vote. Because a single nominee has been nominated for each available Board seat and because each nominee is running unopposed, provided a quorum is present, each nominee for each Fund that has a plurality voting standard is expected to be elected.

With respect to proposal 1 for EUPAC and EMEF, approval of the proposal requires the affirmative vote of a majority of the votes cast in person or by proxy at the Shareholder Meeting of the Fund.

With respect to proposals 2 and 3, if a quorum is present at the shareholder meeting, approval of the proposal will require 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 Fund will vote separately on the proposals, as applicable.

Shares for which proxies are returned that contain broker non-votes and shares whose proxy instructions reflect an abstention will be treated as votes present at the Shareholder Meetings for purposes of determining the existence of a quorum, but will not be treated as votes cast on the particular proposal to which the broker non-vote or abstention relates. Abstentions and broker non-votes, therefore, will have no effect on the proposal 1, but will have the effect of votes against proposals 2 and 3. Proxy cards that are signed and dated, but not completed, will be voted “FOR” each of the 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. For each Fund (other than EMEF, EUPAC, NWF and SCWF), the Shareholder Meeting may also be adjourned to another date and time by, or upon the authority

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

SHAREHOLDER PROPOSALS. The Funds are not required and do not intend to hold regular annual meetings of shareholders. A shareholder who wishes to submit a proposal for consideration for inclusion in a Fund’s proxy statement for its next meeting of shareholders should send a written proposal to the Fund’s office at 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary, so that it is received within a reasonable time in advance of such meeting in order to be included in the Fund’s proxy statement relating to that meeting and presented at the meeting. A shareholder proposal may be presented at a shareholder meeting 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 — online, with your proxy card, or by phone. You can also revoke a prior proxy by writing to the Fund’s secretary at 333 South Hope Street, Los Angeles, CA 90071 or by voting in person at the Shareholder Meeting. You may revoke your proxy at any time up until voting results are announced at the Shareholder Meeting.

OTHER BUSINESS. No business other than the matters 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 will vote on such matters in accordance with the views of management.