Capital Research and Management Company, a wholly-owned subsidiary of The Capital Group Companies, Inc., is a Delaware corporation that traces its roots to 1931. The Capital Group Companies form one of the most experienced families of investment management firms in the world. Capital Research and Management Company and The Capital Group Companies, Inc. have always been privately held. Capital Research and Management Company is the investment adviser to the Capital Group exchange-traded funds (ETFs) and to the American Funds family of mutual funds, including American Funds Target Date Retirement Series, American Funds Portfolio Series, American Funds Retirement Income Portfolio Series, American Funds College Target Date Series, and American Funds Insurance Series. It is also the investment adviser to the Capital International Fund, a Luxembourg investment company, Capital Group Fund, a United Kingdom Open-Ended Investment Company, and a portfolio adviser and/or sub-adviser to pooled investment vehicles of Capital International Asset Management (Canada), Inc. and Capital International Management Company Sarl, affiliates of Capital Research and Management Company. In addition, Capital Research and Management Company serves as the investment adviser to Capital Bank and Trust Company in its capacity as the trustee of certain collective investment trusts that are exempt from SEC registration. Capital Bank and Trust Company is an affiliate of Capital Research and Management Company. Capital Research and Management Company also provides investment management to individuals, foundations, trusts and other investors through wrap fee programs or dual contract programs (“managed account programs”) sponsored by broker-dealers or other financial institutions. In such programs, the sponsor provides a platform where investors can choose a variety of service providers to invest and manage their account. In a wrap fee program, a participant enters into an advisory agreement with the sponsor and the sponsor enters into an agreement with Capital Research and Management Company. In a dual contract program, a participant enters into an investment advisory agreement with Capital Research and Management Company and a separate agreement with the program sponsor. Dual contract programs are generally managed in a manner similar to wrap programs including with respect to the commissions and other charges on trades as discussed throughout this brochure. In cases where Capital Research and Management Company is an investment adviser to a managed account program, clients are typically not charged separate brokerage commissions for the execution of transactions in the client’s account that are executed by or through the sponsor; these commissions are generally included in the wrap fee charged by the sponsor. Depending on the equity strategy a client is invested in, a significant portion of equity portfolio transactions could be executed by broker-dealers other than the sponsor firm. Fixed-income transactions for wrap programs are generally executed by broker-dealers other than the sponsor selected by Capital Research and Management Company or its affiliate. The practice of trading with a broker-dealer other than the wrap program sponsor is frequently referred to as "trading away". Trading away from the sponsor will usually result in the imposition of a commission or equivalent fees on equity trades. Such fees are paid by the client and are in addition to the wrap fee. Please also refer to the disclosure under the heading “Managed Account Programs” under Item 12 (Brokerage Practices) in this brochure for further information. For some wrap fee programs, Capital Research and Management Company provides model portfolios to the sponsor and the sponsor will have ultimate decision-making responsibility and discretionary authority for those accounts. Accordingly, end investors in non-discretionary model delivery programs are not considered advisory clients of Capital Research and Management Company. Generally, Capital Research and Management Company is paid an investment management fee based on the amount of assets it manages in the wrap program by the wrap program’s sponsor. Clients who enroll in wrap fee programs should carefully review the fee structure and other program documents provided by the sponsor. In addition, Capital Research and Management Company recommends model portfolios to the sponsor for certain wrap fee or advisory programs. Capital Research and Management Company acts as portfolio strategist to the sponsor in recommending model portfolios. Capital Research and Management Company does not have an advisory relationship with, or act as a fiduciary to, any end investor of a sponsor using model portfolios. The sponsor has ultimate decision-making responsibility and discretionary authority for the accounts investing in the model portfolios and is solely responsible for recommending such

portfolios to end investors. If the end investor implements the model portfolios, the end investor will pay the expenses of the funds as disclosed in each fund’s prospectus provided to the end investor during the enrollment process. Capital Research and Management Company does not recommend a share class. The sponsor is responsible for share class selection. In some cases, the mutual fund may have a lower cost share class available for purchase outside of the portfolios offered by the sponsor. An end investor who holds a less-expensive share class of a fund will pay lower fees over time – and earn higher investment returns – than an end investor who holds a more expensive share class of the same mutual fund. Capital Research and Management Company will create certain portfolios entirely from proprietary mutual funds and ETFs. Capital Research and Management Company does not consider other potential investments in constructing all-proprietary portfolios. Other model portfolios are intended for sponsors of wrap fee or advisory programs that wish to invest in a mix of actively- and passively-managed mutual funds and ETFs. In creating hybrid portfolios of active and passive funds and ETFs, Capital Research and Management Company will ordinarily maintain an average allocation of 30% or more to funds and ETFs in each of the active and passive components. Capital Research and Management Company will only consider proprietary mutual funds and ETFs for the active component of a hybrid portfolio. Capital Research and Management Company will ordinarily recommend ETFs managed by third-party asset managers for the passive component. When selecting a third-party asset manager, Capital Research and Management Company will consider factors such as liquidity, fees, style drift and reputation, among others. In this regard, Capital Research and Management Company has discretion to select third-party asset managers based on a number of factors, including, but not limited to, distribution considerations, and may select different asset managers for different sponsors. Capital Research and Management Company receives compensation from the mutual funds and ETFs that make up the model portfolios for the investment advisory and other services it provides to those mutual funds and ETFs but does not charge a separate fee for its model portfolio construction services. This creates an incentive for Capital Research and Management Company to select actively-managed proprietary mutual funds and ETFs over passively- managed third party ETFs. It also creates an incentive for Capital Research and Management Company to select proprietary mutual funds and ETFs with higher fees. This may create an incentive to select proprietary mutual funds and ETFs in certain asset classes over other asset classes. Capital Research and Management Company manages equity assets through three equity investment divisions, fixed-income assets through its fixed-income division, and asset allocation portfolios through its solutions division. The three equity divisions, Capital World Investors, Capital Research Global Investors and Capital International Investors make investment decisions on an independent basis. The investment divisions also provide investment services to institutional clients and other accounts advised by affiliates of Capital Research and Management Company. Capital Research and Management Company’s only business is investment management and related services. Capital Research and Management Company typically builds portfolios for funds and accounts (collectively referred to as “funds” throughout the brochure) from the bottom-up using rigorous fundamental research to find attractive investments and manage risks. Investment decisions are subject to a fund’s objective, policies and restrictions and the oversight of the appropriate investment-related committees of Capital Research and Management Company and its investment divisions. The objective, policies and restrictions of each of the funds managed by Capital Research and Management Company are set forth in its prospectus and statement of additional information or other disclosure documents. Depending on a fund’s objective, policies and restrictions, Capital Research and Management Company generally invests in equity securities, fixed-income securities or a combination of both. When consistent with a fund’s or account’s objectives, strategies and guidelines, Capital Research and Management may also invest in other types of securities or investment instruments, including, but not limited to, futures, options on futures, currency options, forward contracts, swaps and repurchase agreements. Please also refer to Item 8 (Methods of Analysis, Investment Strategies and Risk of Loss) in this Brochure for further information. As of June 30, 2023, Capital Research and Management Company managed approximately $2,936,601,200,000 in discretionary assets under management.