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Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a fi nancial professional and should be read carefully before investing. Investing outside the United States involves risks, such as currency fl uctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Small-company stocks entail additional risks, and they can fl uctuate in price more than larger company stocks. The return of principal for bond funds and for funds with signifi cant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, infl ation and credit risks associated with the underlying bond holdings. Lower rated bonds are subject to greater fl uctuations in value and risk of loss of income and principal than higher rated bonds. Income from municipal bonds may be subject to state or local income taxes and/or the federal alternative minimum tax. Certain other income, as well as capital gain distributions, may be taxable. While not directly correlated to changes in interest rates, the values of infl ation linked bonds generally fl uctuate in response to changes in real interest rates and may experience greater losses than other debt securities with similar durations. The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash securities, such as stocks and bonds. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/or Fitch, as an indication of an issuer's creditworthiness. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund's investment policies. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Asset classes included in the 60/40 portfolio analysis: cash (Bloomberg 1–3 Month U.S. Treasury Bill Index), developed international stocks (MSCI EAFE Index), emerging markets stocks (MSCI Emerging Markets Index), foreign bonds (Bloomberg Global Aggregate Index), global commodities (S&P GSCI), gold (LBMA Gold), U.S. equity REITs (FTSE USA REIT), U.S. high-yield bonds (Bloomberg U.S. Corporate High Yield Index), U.S. aggregate bonds (Bloomberg U.S. Aggregate Index), U.S. large cap stocks (S&P 500 Index), U.S. small cap stocks (Russell 2000), U.S. taxable municipal bonds (Bloomberg Taxable Municipal Bond Index). Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fi xed-rate bond market. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specifi ed foreign debentures and secured notes that meet the specifi c maturity, liquidity and quality requirements. Bloomberg U.S. Corporate High Yield Index covers the universe of fi xed-rate, non-investment-grade debt. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fi xed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%. Bloomberg U.S. CMBS ex AAA Index tracks investment-grade commercial mortgage-backed securities excluding AAA-rated securities. Bloomberg Global Aggregate Bond Index represents the global investment-grade fi xed-rate bond market. Bloomberg 1–3 Month U.S. Treasury Bill Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 1 month and less than 3 months. Bloomberg Taxable Municipal Bond Index is a market value-weighted index designed to represent the long-term investment- grade taxable municipal bond market. FTSE USA REIT Index represents the market for U.S.-based real estate investment trust (REIT) companies. JP Morgan Emerging Markets Bond Index (EMBI) Global Diversifi ed is a uniquely weighted emerging market debt benchmark that tracks total returns for U.S. dollar-denominated bonds issued by emerging market sovereign and quasi-sovereign entities. LBMA Gold Price represents the global benchmark spot prices for unallocated gold delivered in London and is administered independently by ICE Benchmark Administration. MSCI All Country World Index (ACWI) is a free fl oat-adjusted market capitalization-weighted index designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. MSCI EAFE (Europe, Australasia, Far East) Index is a free fl oat-adjusted market capitalization-weighted index designed to measure developed equity market results, excluding the United States and Canada. MSCI Emerging Markets Index is a free fl oat- adjusted market capitalization-weighted index designed to measure equity market results in the global emerging markets, consisting of more than 20 emerging market country indexes. MSCI ACWI Investable Market Index (IMI) is a free fl oat-adjusted market capitalization-weighted index designed to measure the large-, mid- and small-capitalization segments of global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. The S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. The S&P 500 Equal-Weighted Index is an equal-weighted index based on the results of approximately 500 widely held common stocks. S&P GSCI is a broad-based production- weighted index of the global commodities market. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affi liates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). © LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. FTSE® and Russell® indexes are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. This report, and any product, index or fund referred to herein, is not sponsored, endorsed or promoted in any way by J.P. Morgan or any of its affi liates who provide no warranties whatsoever, express or implied, and shall have no liability to any prospective investor, in connection with this report. J.P. Morgan disclaimer: https://www.jpmm.com/research/disclosures. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affi liates and has been licensed for use by Capital Group. Copyright © 2023 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affi liates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC. The Capital Group companies manage equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fi xed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups. As nondiversifi ed funds, Capital Group ETFs have the ability to invest a larger percentage of assets in securities of individual issuers than a diversifi ed fund. As a result, a single issuer could adversely affect a fund's results more than if the fund invested a smaller percentage of assets in securities of that issuer. See the applicable prospectus for details. Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily refl ect the opinions of Capital Group or its affi liates. This information is intended to highlight issues and should not be considered advice, an endorsement or a recommendation. This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fi duciary advice. All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affi liated company or fund. All other company and product names mentioned are the property of their respective companies. American Funds Distributors, Inc., member FINRA.

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