ARET Arete Industries Inc (CE)

Item 2. Bond Period: from 12:01 a.m. on December 19, 2013 , to 12:01 a.m. on December 19, 2014 , or the earlier effective date of the termination of this Bond, standard time at the Principal Address as to each of said dates.

Item 4. Offices or Premises Covered--All the Insured's offices or other premises in existence at the time this Bond becomes effective are covered under this Bond, except the offices or other premises excluded by Rider. Offices or other premises acquired or established after the effective date of this Bond are covered subject to the terms of General Agreement A.

Item 5. The liability of ICI Mutual Insurance Company (the "Underwriter") is subject to the terms of the following Riders attached hereto:

Riders: 1-2-3-4-5-6-7-8-9-10-11-12

By: ____ /S/ John Mulligan ___________
Authorized Representative

Bond (6/12)

INVESTMENT COMPANY BLANKET BOND

NOTICE

This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty funds are not available for your risk retention group.

ICI Mutual Insurance Company, a Risk Retention Group (the “Underwriter”), in consideration of an agreed premium, and in reliance upon the Application and all other information furnished to the Underwriter by the Insured, and subject to and in accordance with the Declarations, General Agreements, Provisions, Conditions and Limitations and other terms of this bond (including all riders hereto) (“Bond”), to the extent of the Limit of Liability and subject to the Deductible Amount, agrees to indemnify the Insured for the loss, as described in the Insuring Agreements, sustained by the Insured at any time but discovered during the Bond Period.

INSURING AGREEMENTS

A. FIDELITY

Loss caused by any Dishonest or Fraudulent Act or Theft committed by an Employee anywhere, alone or in collusion with other persons (whether or not Employees), during the time such Employee has the status of an Employee as defined herein, and even if such loss is not discovered until after he or she ceases to be an Employee, EXCLUDING loss covered under Insuring Agreement B.

B. AUDIT EXPENSE

Expense incurred by the Insured for that part of audits or examinations required by any governmental regulatory authority or Self Regulatory Organization to be conducted by such authority or Organization or by an independent accountant or other person, by reason of the discovery of loss sustained by the Insured and covered by this Bond.

C. ON PREMISES

Loss resulting from Property that is (1) located or reasonably believed by the Insured to be located within the Insured’s offices or premises, and (2) the object of Theft, Dishonest or Fraudulent Act, or Mysterious Disappearance, EXCLUDING loss covered under Insuring Agreement A.

D. IN TRANSIT

Loss resulting from Property that is (1) in transit in the custody of any person authorized by an Insured to act as a messenger, except while in the mail or with a carrier for hire (other than a Security Company), and (2) the object of Theft, Dishonest or Fraudulent Act, or Mysterious Disappearance, EXCLUDING loss covered under Insuring Agreement A. Property is “in transit” beginning immediately upon receipt of such Property by the transporting person and ending immediately upon delivery at the specified destination.

Loss caused by the Forgery or Alteration of or on (1) any bills of exchange, checks, drafts, or other written orders or directions to pay certain sums in money, acceptances, certificates of deposit, due

bills, money orders, or letters of credit; or (2) other written instructions, requests or applications to the Insured, authorizing or acknowledging the transfer, payment, redemption, delivery or receipt of Property, or giving notice of any bank account, which instructions or requests or applications purport to have been signed or endorsed by (a) any customer of the Insured, or (b) any shareholder of or subscriber to shares issued by any Investment Company, or (c) any financial or banking institution or stockbroker; or (3) withdrawal orders or receipts for the withdrawal of Property, or receipts or certificates of deposit for Property and bearing the name of the Insured as issuer or of another Investment Company for which the Insured acts as agent. This Insuring Agreement E does not cover loss caused by Forgery or Alteration of Securities or loss covered under Insuring Agreement A.

Loss resulting from the Insured, in good faith, in the ordinary course of business, and in any capacity whatsoever, whether for its own account or for the account of others, having acquired, accepted or received, or sold or delivered, or given any value, extended any credit or assumed any liability on the faith of any Securities, where such loss results from the fact that such Securities (1) were Counterfeit, or (2) were lost or stolen, or (3) contain a Forgery or Alteration, and notwithstanding whether or not the act of the Insured causing such loss violated the constitution, by-laws, rules or regulations of any Self Regulatory Organization, whether or not the Insured was a member thereof, EXCLUDING loss covered under Insuring Agreement A.

G. COUNTERFEIT CURRENCY

Loss caused by the Insured in good faith having received or accepted (1) any money orders which prove to be Counterfeit or to contain an Alteration or (2) paper currencies or coin of the United States of America or Canada which prove to be Counterfeit. This Insuring Agreement G does not cover loss covered under Insuring Agreement A.

H. UNCOLLECTIBLE ITEMS OF DEPOSIT

Loss resulting from the payment of dividends, issuance of Fund shares or redemptions or exchanges permitted from an account with the Fund as a consequence of

PROVIDED, that (a) Items of Deposit shall not be deemed uncollectible until the Insured’s collection procedures have failed, (b) exchanges of shares between Funds with exchange privileges shall be covered hereunder only if all such Funds are insured by the Underwriter for uncollectible Items of Deposit, and (c) the Insured Fund shall have implemented and maintained a policy to hold Items of Deposit for the minimum number of days stated in its Application (as amended from time to time) before paying any dividend or permitting any withdrawal with respect to such Items of Deposit (other than exchanges between Funds). Regardless of the number of transactions between Funds in an exchange program, the minimum number of days an Item of Deposit must be held shall begin from the date the Item of Deposit was first credited to any Insured Fund.

This Insuring Agreement H does not cover loss covered under Insuring Agreement A.

Loss caused by a Phone/Electronic Transaction, where the request for such Phone/Electronic Transaction:

PROVIDED, that the entity receiving such request generally maintains and follows during the Bond Period all Phone/Electronic Transaction Security Procedures with respect to all Phone/Electronic Transactions; and

EXCLUDING loss resulting from:

This Insuring Agreement I does not cover loss covered under Insuring Agreement A, “Fidelity” or Insuring Agreement J, “Computer Security”.

GENERAL AGREEMENTS

B. WARRANTY

No statement made by or on behalf of the Insured, whether contained in the Application or otherwise, shall be deemed to be an absolute warranty, but only a warranty that such statement is true to the best of the knowledge of the person responsible for such statement.

C. COURT COSTS AND ATTORNEYS’ FEES

The Underwriter will indemnify the Insured against court costs and reasonable attorneys’ fees incurred and paid by the Insured in defense of any legal proceeding brought against the Insured seeking recovery for any loss which, if established against the Insured, would constitute a loss covered under the terms of this Bond; provided, however, that with respect to Insuring Agreement A this indemnity shall apply only in the event that

The Insured shall promptly give notice to the Underwriter of any such legal proceeding and upon request shall furnish the Underwriter with copies of all pleadings and other papers therein. At the Underwriter's election the Insured shall permit the Underwriter to conduct the defense of such legal proceeding in the Insured's name, through attorneys of the Underwriter's selection. In such event, the Insured shall give all reasonable information and assistance which the Underwriter shall deem necessary to the proper defense of such legal proceeding.

If the amount of the Insured’s liability or alleged liability in any such legal proceeding is greater than the amount which the Insured would be entitled to recover under this Bond (other than pursuant to this General Agreement C), or if a Deductible Amount is applicable, or both, the indemnity liability of the Underwriter under this General Agreement C is limited to the proportion of court costs and

attorneys’ fees incurred and paid by the Insured or by the Underwriter that the amount which the Insured would be entitled to recover under this Bond (other than pursuant to this General Agreement C) bears to the sum of such amount plus the amount which the Insured is not entitled to recover. Such indemnity shall be in addition to the Limit of Liability for the applicable Insuring Agreement.

This Bond shall be interpreted with due regard to the purpose of fidelity bonding under Rule 17g-1 of the Investment Company Act of 1940 (i.e., to protect innocent third parties from harm) and to the structure of the investment management industry (in which a loss of Property resulting from a cause described in any Insuring Agreement ordinarily gives rise to a potential legal liability on the part of the Insured), such that the term “loss” as used herein shall include an Insured’s legal liability for direct compensatory damages resulting directly from a misappropriation, or measurable diminution in value, of Property.

THIS BOND, INCLUDING THE FOREGOING INSURING AGREEMENTS

AND GENERAL AGREEMENTS, IS SUBJECT TO THE FOLLOWING

PROVISIONS, CONDITIONS AND LIMITATIONS:

SECTION 1. DEFINITIONS

The following terms used in this Bond shall have the meanings stated in this Section:

sharing, pensions or other employee benefits). A Dishonest or Fraudulent Act does not mean or include a reckless act, a negligent act, or a grossly negligent act.

for an Investment Company named as an Insured, BUT ONLY while (i) such officer, partner or employee is performing acts coming within the scope of the usual duties of an officer or employee of an Insured, or (ii) such officer, director, trustee, partner or employee is acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to the Property of the Insured, or (iii) such director or trustee (or anyone acting in a similar capacity) is acting outside the scope of the usual duties of a director or trustee;PROVIDED, that the term “Employee” shall not include any officer, director, trustee, partner or employee of a transfer agent, shareholder accounting recordkeeper or administrator (x) which is not an “affiliated person” (as defined in Section 2(a) of the Investment Company Act of 1940) of an Investment Company named as Insured or of the adviser or underwriter of such Investment Company, or (y) which is a “Bank” (as defined in Section 2(a) of the Investment Company Act of 1940), and

while such officer, partner or employee is performing services for any Depository in the operation of systems for the central handling of securities, and

Each employer of temporary personnel and each entity referred to in subsections (6) and (7) and their respective partners, officers and employees shall collectively be deemed to be one person for all the purposes of this Bond.

Brokers, agents, independent contractors, or representatives of the same general character shall not be considered Employees, except as provided in subsections (3), (6), and (7).

All acts or omissions of one or more persons which directly or indirectly aid or, by failure to report or otherwise, permit the continuation of an act referred to in subsections (1) through (3) above of any other person shall be deemed to be the acts of such other person for purposes of this subsection.

All acts or occurrences or events which have as a common nexus any fact, circumstance, situation, transaction or series of facts, circumstances, situations, or transactions shall be deemed to be one act, one occurrence, or one event.

SECTION 2. EXCLUSIONS

THIS BOND DOES NOT COVER:

unless such loss is otherwise covered under Insuring Agreement A.

SECTION 3. ASSIGNMENT OF RIGHTS

Upon payment to the Insured hereunder for any loss, the Underwriter shall be subrogated to the extent of such payment to all of the Insured’s rights and claims in connection with such loss; provided, however, that the Underwriter shall not be subrogated to any such rights or claims one named Insured

under this Bond may have against another named Insured under this Bond. At the request of the Underwriter, the Insured shall execute all assignments or other documents and take such action as the Underwriter may deem necessary or desirable to secure and perfect such rights and claims, including the execution of documents necessary to enable the Underwriter to bring suit in the name of the Insured.

Assignment of any rights or claims under this Bond shall not bind the Underwriter without the Underwriter’s written consent.

SECTION 4. LOSS — NOTICE — PROOF — LEGAL PROCEEDINGS

This Bond is for the use and benefit only of the Insured and the Underwriter shall not be liable hereunder to anyone other than the Insured. As soon as practicable and not more than sixty (60) days after discovery, the Insured shall give the Underwriter written notice thereof and, as soon as practicable and within one year after such discovery, shall also furnish to the Underwriter affirmative proof of loss with full particulars. The Underwriter may extend the sixty day notice period or the one year proof of loss period if the Insured requests an extension and shows good cause therefor.

See also General Agreement C (Court Costs and Attorneys' Fees).

The Underwriter shall not be liable hereunder for loss of Securities unless each of the Securities is identified in such proof of loss by a certificate or bond number or by such identification means as the Underwriter may require. The Underwriter shall have a reasonable period after receipt of a proper affirmative proof of loss within which to investigate the claim, but where the Property is Securities and the loss is clear and undisputed, settlement shall be made within forty-eight (48) hours even if the loss involves Securities of which duplicates may be obtained.

The Insured shall not bring legal proceedings against the Underwriter to recover any loss hereunder prior to sixty (60) days after filing such proof of loss or subsequent to twenty-four (24) months after the discovery of such loss or, in the case of a legal proceeding to recover hereunder on account of any judgment against the Insured in or settlement of any suit mentioned in General Agreement C or to recover court costs or attorneys’ fees paid in any such suit, twenty-four (24) months after the date of the final judgment in or settlement of such suit. If any limitation in this Bond is prohibited by any applicable law, such limitation shall be deemed to be amended to be equal to the minimum period of limitation permitted by such law.

Notice hereunder shall be given to Manager, Professional Liability Claims, ICI Mutual Insurance Company, 1401 H St. NW, Washington, DC 20005.

SECTION 5. DISCOVERY

For all purposes under this Bond, a loss is discovered, and discovery of a loss occurs, when the Insured

which would cause a reasonable person to assume that loss covered by this Bond has been or is likely to be incurred even though the exact amount or details of loss may not be known.

SECTION 6. VALUATION OF PROPERTY

For the purpose of determining the amount of any loss hereunder, the value of any Property shall be the market value of such Property at the close of business on the first business day before the discovery of such loss; except that

SECTION 7. LOST SECURITIES

The maximum liability of the Underwriter hereunder for lost Securities shall be the payment for, or replacement of, such Securities having an aggregate value not to exceed the applicable Limit of Liability. If the Underwriter shall make payment to the Insured for any loss of S ecurities, the Insured shall assign to the Underwriter all of the Insured’s right, title and interest in and to such Securities. In lieu of such payment, the Underwriter may, at its option, replace such lost Securities, and in such case the Insured shall cooperate to effect such replacement. To effect the replacement of lost Securities, the Underwriter may issue or arrange for the issuance of a lost instrument bond. If the value of such Securities does not exceed the applicable Deductible Amount (at the time of the discovery of the loss), the Insured will pay the usual premium charged for the lost instrument bond and will indemnify the issuer of such bond against all loss and expense that it may sustain because of the issuance of such bond.

If the value of such Securities exceeds the applicable Deductible Amount (at the time of discovery of the loss), the Insured will pay a proportion of the usual premium charged for the lost instrument bond, equal to the percentage that the applicable Deductible Amount bears to the value of such Securities upon discovery of the loss, and will indemnify the issuer of such bond against all loss and expense that is not recovered from the Underwriter under the terms and conditions of this Bond, subject to the applicable Limit of Liability.

SECTION 8. SALVAGE

If any recovery is made, whether by the Insured or the Underwriter, on account of any loss within the applicable Limit of Liability hereunder, the Underwriter shall be entitled to the full amount of such recovery to reimburse the Underwriter for all amounts paid hereunder with respect to such loss. If any recovery is made, whether by the Insured or the Underwriter, on account of any loss in excess of the applicable Limit of Liability hereunder plus the Deductible Amount applicable to such loss from any source other than suretyship, insurance, reinsurance, security or indemnity taken by or for the benefit

of the Underwriter, the amount of such recovery, net of the actual costs and expenses of recovery, shall be applied to reimburse the Insured in full for the portion of such loss in excess of such Limit of Liability, and the remainder, if any, shall be paid first to reimburse the Underwriter for all amounts paid hereunder with respect to such loss and then to the Insured to the extent of the portion of such loss within the Deductible Amount. The Insured shall execute all documents which the Underwriter deems necessary or desirable to secure to the Underwriter the rights provided for herein.

SECTION 9. NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY

Prior to its termination, this Bond shall continue in force up to the Limit of Liability for each Insuring Agreement for each Single Loss, notwithstanding any previous loss (other than such Single Loss) for which the Underwriter may have paid or be liable to pay hereunder; PROVIDED, however, that regardless of the number of years this Bond shall continue in force and the number of premiums which shall be payable or paid, the liability of the Underwriter under this Bond with respect to any Single Loss shall be limited to the applicable Limit of Liability irrespective of the total amount of such Single Loss and shall not be cumulative in amounts from year to year or from period to period.

SECTION 10. MAXIMUM LIABILITY OF UNDERWRITER; OTHER BONDS OR POLICIES

The maximum liability of the Underwriter for any Single Loss covered by any Insuring Agreement under this Bond shall be the Limit of Liability applicable to such Insuring Agreement, subject to the applicable Deductible Amount and the other provisions of this Bond. Recovery for any Single Loss may not be made under more than one Insuring Agreement. If any Single Loss covered under this Bond is recoverable or recovered in whole or in part because of an unexpired discovery period under any other bonds or policies issued by the Underwriter to the Insured or to any predecessor in interest of the Insured, the maximum liability of the Underwriter shall be the greater of either (1) the applicable Limit of Liability under this Bond, or (2) the maximum liability of the Underwriter under such other bonds or policies.

SECTION 11. OTHER INSURANCE

Notwithstanding anything to the contrary herein, if any loss covered by this Bond shall also be covered by other insurance or suretyship for the benefit of the Insured, the Underwriter shall be liable hereunder only for the portion of such loss in excess of the amount recoverable under such other insurance or suretyship, but not exceeding the applicable Limit of Liability of this Bond.

SECTION 12. DEDUCTIBLE AMOUNT

The Underwriter shall not be liable under any Insuring Agreement unless the amount of the loss covered thereunder, after deducting the net amount of all reimbursement and/or recovery received by the Insured with respect to such loss (other than from any other bond, suretyship or insurance policy or as an advance by the Underwriter hereunder) shall exceed the applicable Deductible Amount; in such case the Underwriter shall be liable only for such excess, subject to the applicable Limit of Liability and the other terms of this Bond.

No Deductible Amount shall apply to any loss covered under Insuring Agreement A sustained by any Investment Company named as an Insured.

SECTION 13. TERMINATION

The Underwriter may terminate this Bond as to any Insured or all Insureds only by written notice to such Insured or Insureds and, if this Bond is terminated as to any Investment Company, to each such Investment Company terminated thereby and to the Securities and Exchange Commission, Washington, D.C., in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.

The Insured may terminate this Bond only by written notice to the Underwriter not less than sixty (60) days prior to the effective date of the termination specified in such notice. Notwithstanding the foregoing, when the Insured terminates this Bond as to any Investment Company, the effective date of termination shall be not less than sixty (60) days from the date the Underwriter provides written notice of the termination to each such Investment Company terminated thereby and to the Securities and Exchange Commission, Washington, D.C.

This Bond will terminate as to any Insured that is a Non-Fund immediately and without notice upon (1) the takeover of such Insured’s business by any State or Federal official or agency, or by any receiver or liquidator, or (2) the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the Insured, or assignment for the benefit of creditors of the Insured.

Premiums are earned until the effective date of termination. The Underwriter shall refund the unearned premium computed at short rates in accordance with the Underwriter’s standard short rate cancellation tables if this Bond is terminated by the Insured or pro rata if this Bond is terminated by the Underwriter.

Upon the detection by any Insured that an Employee has committed any Dishonest or Fraudulent Act(s) or Theft, the Insured shall immediately remove such Employee from a position that may enable such Employee to cause the Insured to suffer a loss by any subsequent Dishonest or Fraudulent Act(s) or Theft. The Insured, within two (2) business days of such detection, shall notify the Underwriter with full and complete particulars of the detected Dishonest or Fraudulent Act(s) or Theft.

For purposes of this section, detection occurs when any partner, officer, or supervisory employee of any Insured, who is not in collusion with such Employee, becomes aware that the Employee has committed any Dishonest or Fraudulent Act(s) or Theft.

This Bond shall terminate as to any Employee by written notice from the Underwriter to each Insured and, if such Employee is an Employee of an Insured Investment Company, to the Securities and Exchange Commission, in all cases not less than sixty (60) days prior to the effective date of termination specified in such notice.

SECTION 14. RIGHTS AFTER TERMINATION

At any time prior to the effective date of termination of this Bond as to any Insured, such Insured may, by written notice to the Underwriter, elect to purchase the right under this Bond to an additional period of twelve (12) months within which to discover loss sustained by such Insured prior to the effective date of such termination and shall pay an additional premium therefor as the Underwriter may require.

Such additional discovery period shall terminate immediately and without notice upon the takeover of such Insured’s business by any State or Federal official or agency, or by any receiver or liquidator. Promptly after such termination the Underwriter shall refund to the Insured any unearned premium.

The right to purchase such additional discovery period may not be exercised by any State or Federal official or agency, or by any receiver or liquidator, acting or appointed to take over the Insured’s business.

SECTION 15. CENTRAL HANDLING OF SECURITIES

The Underwriter shall not be liable for loss in connection with the central handling of securities within the systems established and maintained by any Depository (“Systems”), unless the amount of such loss exceeds the amount recoverable or recovered under any bond or policy or participants’ fund insuring the Depository against such loss (the “Depository’s Recovery”); in such case the Underwriter shall be liable hereunder only for the Insured’s share of such excess loss, subject to the applicable Limit of Liability, the Deductible Amount and the other terms of this Bond.

For determining the Insured’s share of such excess loss, (1) the Insured shall be deemed to have an interest in any certificate representing any security included within the Systems equivalent to the interest the Insured then has in all certificates representing the same security included within the Systems; (2) the Depository shall have reasonably and fairly apportioned the Depository’s Recovery among all those having an interest as recorded by appropriate entries in the books and records of the Depository in Property involved in such loss, so that each such interest shall share in the Depository’s Recovery in the ratio that the value of each such interest bears to the total value of all such interests; and (3) the Insured’s share of such excess loss shall be the amount of the Insured’s interest in such Property in excess of the amount(s) so apportioned to the Insured by the Depository.

This Bond does not afford coverage in favor of any Depository or Exchange or any nominee in whose name is registered any security included within the Systems.

SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED

If more than one entity is named as the Insured:

SECTION 17. NOTICE AND CHANGE OF CONTROL

Within thirty (30) days after learning that there has been a change in control of an Insured by transfer of its outstanding voting securities the Insured shall give written notice to the Underwriter of:

As used in this Section, “control” means the power to exercise a controlling influence over the management or policies of the Insured.

SECTION 18. CHANGE OR MODIFICATION

This Bond may only be modified by written Rider forming a part hereof over the signature of the Underwriter’s authorized representative. Any Rider which modifies the coverage provided by Insuring Agreement A, Fidelity, in a manner which adversely affects the rights of an Insured Investment Company shall not become effective until at least sixty (60) days after the Underwriter has given written notice thereof to the Securities and Exchange Commission, Washington, D.C., and to each Insured Investment Company affected thereby.

SECTION 19. COMPLIANCE WITH APPLICABLE TRADE AND ECONOMIC SANCTIONS

This Bond shall not be deemed to provide any coverage, and the Underwriter shall not be required to pay any loss or provide any benefit hereunder, to the extent that the provision of such coverage, payment of such loss or provision of such benefit would cause the Underwriter to be in violation of any applicable trade or economic sanctions, laws or regulations, including, but not limited to, any sanctions, laws or regulations administered and enforced by the U.S. Department of Treasury Office of Foreign Assets Control (OFAC).

IN WITNESS WHEREOF, the Underwriter has caused this Bond to be executed on the Declarations Page.

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 1

In consideration of the premium charged for this Bond, it is hereby understood and agreed that Item 1 of the Declarations, Name of Insured, shall include the following:

It is further understood and agreed that notwithstanding the foregoing, and regardless of how many times this bond (or this rider) may hereafter be renewed, an Inactive Investment Company shall automatically cease to be an Insured eight years following its Inactive Date.

It is further understood and agreed that:

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RN1.0-00 (1/02)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 2

In consideration of the premium charged for this Bond, it is hereby understood and agreed that notwithstanding Section 2.Q of this Bond, this Bond is amended by adding an additional Insuring Agreement J as follows:

J. COMPUTER SECURITY

Loss (including loss of Property) resulting directly from Computer Fraud; provided , that the Insured has adopted in writing and generally maintains and follows during the Bond Period all Computer Security Procedures. The isolated failure of the Insured to maintain and follow a particular Computer Security Procedure in a particular instance will not preclude coverage under this Insuring Agreement, subject to the specific exclusions herein and in the Bond.

and

For purposes of this Insuring Agreement, "Single Loss," as defined in Section 1.X of this Bond, shall also include all loss caused by Computer Fraud(s) committed by one person, or in which one person is implicated, whether or not that person is specifically identified. A series of losses involving unidentified individuals, but arising from the same method of operation, may be deemed by the Underwriter to involve the same individual and in that event shall be treated as a Single Loss.

It is further understood and agreed that nothing in this Rider shall affect the exclusion set forth in Section 2.O of this Bond.

Coverage under this Insuring Agreement shall terminate upon termination of this Bond. Coverage under this Insuring Agreement may also be terminated without terminating this Bond as an entirety:

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RN19.1-00 (7/13)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 3

In consideration of the premium charged for this Bond, it is hereby understood and agreed that the Deductible Amount for Insuring Agreement E, Forgery or Alteration, and Insuring Agreement F, Securities, shall not apply with respect to loss through Forgery of a signature on the following documents:

provided , that the Limit of Liability for a Single Loss as described above shall be $50,000 and that the Insured shall bear 20% of each such loss. This Rider shall not apply in the case of any such Single Loss which exceeds $50,000; in such case the Deductible Amounts and Limits of Liability set forth in Item 3 of the Declarations shall control.

For purposes of this Rider:

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RN27.0-02 (10/08)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 4

In consideration of the premium charged for this Bond, it is hereby understood and agreed that this Bond does not cover any loss resulting from or in connection with the acceptance of any Third Party Check, unless

and then only to the extent such loss is otherwise covered under this Bond.

For purposes of this Rider, "Third Party Check" means a check made payable to one or more parties and offered as payment to one or more other parties.

It is further understood and agreed that notwithstanding anything to the contrary above or elsewhere in the Bond, this Bond does not cover any loss resulting from or in connection with the acceptance of a Third Party Check where:

It is further understood and agreed that this Rider shall not apply with respect to any coverage that may be available under Insuring Agreement A, "Fidelity."

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RN30.0-01 (1/02)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 5

In consideration for the premium charged for this Bond, it is hereby understood and agreed that notwithstanding anything to the contrary in this Bond (including Insuring Agreement I), this Bond does not cover any loss resulting from any On-Line Redemption(s) or On-Line Purchase(s) involving an aggregate amount in excess of $250,000 per shareholder account per day, unless before such redemption(s) or purchase(s), in a procedure initiated by the Insured or by the entity receiving the request for such On-Line Redemption(s) or On-Line Purchase(s):

(i) the Shareholder of Record verifies, by some method other than an Electronic Transmission effected over the Internet, that each such redemption or purchase has been authorized, and (ii) if such redemption or purchase is to be effected by wire to or from a particular bank account, a duly authorized employee of the bank verifies the account number to or from which funds are being transferred, and that the name on the account is the same as the name of the intended recipient of the proceeds.

It is further understood and agreed that, notwithstanding the Limit of Liability set forth herein or any other provision of this Bond, the Limit of Liability with respect to any Single Loss caused by an On-Line Transaction shall be Ten Million Dollars ($10,000,000) and the On-Line Deductible with respect to Insuring Agreement I is Fifty Thousand Dollars ($50,000).

It is further understood and agreed that, notwithstanding Section 8, Non-Reduction and Non-Accumulation of Liability and Total Liability, or any other provision of this Bond, the Aggregate Limit of Liability of the Underwriter under this Bond with respect to any and all loss or losses caused by On-Line Transactions shall be an aggregate of Ten Million Dollars ($10,000,000) for the Bond Period, irrespective of the total amount of such loss or losses.

For purposes of this Rider, the following terms shall have the following meanings:

“On-Line Purchase” means any purchase of shares issued by an Investment Company, which purchase is requested through an Electronic Transmission over the Internet.

“On-Line Redemption” means any redemption of shares issued by an Investment Company, which redemption is requested through an Electronic Transmission over the Internet.

“On-Line Transaction” means any Phone/Electronic Transaction requested through an Electronic Transmission over the Internet.

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RNV38.1-00-111 (12/11)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 6

In consideration for the premium charged for this Bond, it is hereby understood and agreed that, with respect to Insuring Agreement I only, the Deductible Amount set forth in Item 3 of the Declarations (“Phone/Electronic Deductible”) shall not apply with respect to a Single Loss, otherwise covered by Insuring Agreement I, caused by:

provided , that the Limit of Liability for a Single Loss as described in (1) or (2) above shall be the lesser of 80% of such loss or $40,000 and that the Insured shall bear the remainder of each such Loss. This Rider shall not apply if the application of the Phone/Electronic Deductible to the Single Loss would result in coverage of greater than $40,000 or more; in such case the Phone-initiated Deductible and Limit of Liability set forth in Item 3 of the Declarations shall control.

For purposes of this Rider, “Phone/Electronic Redemption” means any redemption of shares issued by an Investment Company, which redemption is requested (a) by voice over the telephone, (b) through an automated telephone tone or voice response system, (c) by Telefacsimile, or (d) by transmissions over the Internet (including any connected or associated intranet or extranet) or utilizing modem or similar connections

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RNV39.0-02-111 (12/11)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 7

In consideration of the premium charged for this Bond, it is hereby understood and agreed that the Insuring Agreement G. COUNTERFEIT CURRENCY of this Bond is amended to read as follows:

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RNM3.0-01-111 (12/02)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 8

In consideration of the premium charged for this Bond, it is hereby understood and agreed that Section 5 of this Bond is amended to read as follows:

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RNM27.0-02-111(11/02)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 9

In consideration of the premium charged for this Bond, it is hereby understood and agreed that:

In the event that a loss is covered under this Bond and ICI Mutual Investment Company Blanket Bond No. 87111213B (each, an “ICI Mutual Bond”), the total liability of ICI Mutual Insurance Company under the ICI Mutual Bonds in combination shall not exceed the applicable Limit of Liability of the largest of the ICI Mutual Bonds. In no event shall the applicable Limits of Liability of each of the ICI Mutual Bonds be added together or otherwise combined to determine the total liability of ICI Mutual Insurance Company.

Except as above stated, nothing herein shall be held to alter, waive or extend any of the terms of this Bond.

RN23.0-01 (11/03)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 10

Most property and casualty insurers, including ICI Mutual Insurance Company, a Risk Retention Group (“ICI Mutual”), are subject to the requirements of the Terrorism Risk Insurance Act of 2002 (the “Act”). The Act establishes a Federal insurance backstop under which ICI Mutual and these other insurers will be partially reimbursed for future “insured losses” resulting from certified “acts of terrorism.” (Each of these bolded terms is defined by the Act.) The Act also places certain disclosure and other obligations on ICI Mutual and these other insurers.

Pursuant to the Act, any future losses to ICI Mutual caused by certified “acts of terrorism” will be partially reimbursed by the United States government under a formula established by the Act. Under this formula, the United States government will reimburse ICI Mutual for 85% of ICI Mutual’s “insured losses” in excess of a statutorily established deductible until total insured losses of all participating insurers reach $100 billion. If total “insured losses” of all property and casualty insurers reach $100 billion during any applicable period, the Act provides that the insurers will not be liable under their policies for their portions of such losses that exceed such amount. Amounts otherwise payable under this bond may be reduced as a result.

This bond has no express exclusion for “acts of terrorism.” However, coverage under this bond remains subject to all applicable terms, conditions and limitations of the bond (including exclusions) that are permissible under the Act. The portion of the premium that is attributable to any coverage potentially available under the bond for “acts of terrorism” is one percent (1%).

RN53.0-00 (6/12)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 11

In consideration of the premium charged for this Bond, it is hereby understood and agreed that the Underwriter shall use its best efforts to enter into an agreement with each Facultative Reinsurer on this Bond, regarding the Insureds’ rights against such Facultative Reinsurer (“Cut Through Agreement”), in substantially the form(s) previously reviewed and agreed to by the Insureds.

It is further understood and agreed that as used in this rider, “Facultative Reinsurer” means any entity providing reinsurance for this Bond to the Underwriter on a facultative basis (and always excluding any entity providing reinsurance for this Bond to the Underwriter pursuant to treaty).

Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements or limitations of this Bond other than as above stated.

RNM11.0-00-111 (12/11)

ICI MUTUAL INSURANCE COMPANY,

a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 12

In consideration of the premium charged for this Bond, it is hereby understood and agreed that the last sentence of the fifth paragraph of Section 13. Termination shall be deleted in its entirety and replaced with the following:

The Insured, within sixty (60) business days of such detection by the Management Committee, the Risk and Insurance Manager, the Chief Compliance Officer, or the Head of the Legal Department of The Capital Group Companies, Inc. or any Chief Compliance Officer of an Insured, shall notify the Underwriter with full and complete particulars of the detected Dishonest or Fraudulent Act(s) or Theft.

Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, provisions, agreements or limitations of this Bond other than as above stated.

RNM46.0-00-111 (12/13)

The Fixed-Income Funds of American Funds 333 South Hope Street Los Angeles, California 90071-1406   Phone (213) 486 9200 Fax (213) 486 9455   Courtney R. Taylor Secretary

CERTIFICATE OF SECRETARY

I, Courtney R. Taylor, Secretary of American Funds Corporate Bond Fund, American Funds Global High-Income Opportunities Fund, The American Funds Income Series, American Funds Inflation Linked Bond Fund, American Funds Money Market Fund, American Funds Mortgage Fund, American Funds Short Term Tax-Exempt Bond Fund, American Funds Tax-Exempt Fund of New York, The American Funds Tax-Exempt Series II, American High-Income Municipal Bond Fund, American High-Income Trust, The Bond Fund of America, Capital World Bond Fund, Intermediate Bond Fund of America, Limited Term Tax-Exempt Bond Fund of America, Short-Term Bond Fund of America, and The Tax-Exempt Bond Fund of America do hereby certify that the following is a true and correct copy of a resolution adopted at a meeting of the Boards of Trustees of the Trusts, duly called and held on December 10, 2013 at which a quorum was present and voting throughout, and said resolution has not been in anywise amended, annulled, rescinded or revoked, and the same is still in full force and effect:

WHEREAS, rule 17g-1 under the Investment Company Act of 1940, as amended, provides that every registered investment company shall maintain a bond issued by a reputable fidelity insurance company and that a majority of the Board who are not “interested persons” of the Fund shall approve the reasonableness of the form and amount of the Fund’s fidelity bond, as often as their fiduciary duty requires, but not less than once annually and shall also approve the portion of the premium for any joint bond to be paid by such company; and

WHEREAS, the Board previously authorized and empowered the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond, consisting of a $100 million bond written by ICI Mutual Insurance Company, which will expire on December 19, 2013, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund and other investment companies served by Capital Research and Management Company or its affiliates against larceny and embezzlement by their respective officers and employees; and

WHEREAS, the Board has received and reviewed a memorandum dated December 2, 2013, describing, among other things, proposed coverage and terms of a bond and the proposed method of allocating premiums among the joint participants;

NOW, THEREFORE, BE IT RESOLVED, that the Board authorizes and empowers the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond consisting of a $100 million bond written by ICI Mutual Insurance Company, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund, other registered investment companies served by Capital Research and Management Company, its subsidiaries or affiliates and the registered investment companies managed by Capital Research and Management Company, its subsidiaries or affiliates which are no longer in operation; and

FURTHER RESOLVED, that a majority of the Board who are not interested persons of the Fund or any other insured under said joint insured bond determine, with due consideration to (1) the value of the aggregate assets of the Fund to which any covered person may have access, (2) the type and terms of the arrangements made for the custody and safekeeping of such assets, (3) the nature of securities in the portfolio of the Fund, (4) the number of other parties named as insureds, (5) the nature of the business activities of such other parties, (6) the method of allocation of the premium among the parties named as insureds, (7) the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond, and (8) such other matters as they consider relevant, that the proposed fidelity bond coverage in the aggregate amount of $100 million is in reasonable form and constitutes a reasonable amount of coverage to protect the Fund against possible larceny or embezzlement by its officers and employees; and

FURTHER RESOLVED, that each of the officers of the Fund is authorized to enter into a revised agreement with other joint insureds regarding such coverage, said agreement providing that in the event recovery is received under the bond as a result of a loss sustained, the Fund shall receive an equitable and proportionate share of the recovery but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by rule 17g-1 under the Investment Company Act of 1940, as amended; and

FURTHER RESOLVED, that the Secretary of the Fund is designated, pursuant to rule 17g-1 under the Investment Company Act of 1940, as amended, as the person who shall make the filings and give the notices required by said rule.

Witness my hand this 23rd day of January, 2014.

/s/ Courtney R. Taylor

Courtney R. Taylor

Capital Group Emerging Markets Total Opportunities Fund   6455 Irvine Center Drive Irvine, California 92618-4518   Courtney R. Taylor Secretary

CERTIFICATE OF SECRETARY

I, Courtney R. Taylor, Secretary of Capital Group Emerging Markets Total Opportunities Fund do hereby certify that the following is a true and correct copy of a resolution adopted at a meeting of the Board of Trustees of the Trust, duly called and held on December 5, 2013 at which a quorum was present and voting throughout, and said resolution has not been in anywise amended, annulled, rescinded or revoked, and the same is still in full force and effect:

WHEREAS, rule 17g-1 under the Investment Company Act of 1940, as amended, provides that every registered investment company shall maintain a bond issued by a reputable fidelity insurance company and that a majority of the Board who are not “interested persons” of the Fund shall approve the reasonableness of the form and amount of the Fund’s fidelity bond, as often as their fiduciary duty requires, but not less than once annually and shall also approve the portion of the premium for any joint bond to be paid by such company; and

WHEREAS, the Board previously authorized and empowered the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond, consisting of a $100 million bond written by ICI Mutual Insurance Company, which will expire on December 19, 2013, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund and other investment companies served by Capital Guardian Trust Company or its affiliates against larceny and embezzlement by their respective officers and employees; and

WHEREAS, the Board has received and reviewed a memorandum dated December 2, 2013, describing, among other things, proposed coverage and terms of a bond and the proposed method of allocating premiums among the joint participants;

NOW, THEREFORE, BE IT RESOLVED, that the Board authorizes and empowers the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond consisting of a $100 million bond written by ICI Mutual Insurance Company, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund, other registered investment companies served by Capital Guardian Trust Company, its subsidiaries or affiliates and the registered investment companies managed by Capital Guardian Trust Company, its subsidiaries or affiliates which are no longer in operation; and

FURTHER RESOLVED, that a majority of the Board who are not interested persons of the Fund or any other insured under said joint insured bond determine, with due consideration to (1) the value of the aggregate assets of the Fund to which any covered person may have access, (2) the type and terms of the arrangements made for the custody and safekeeping of such assets, (3) the nature of securities in the portfolio of the Fund, (4) the number of other parties named as insureds, (5) the nature of the business activities of such other parties, (6) the method of allocation of the premium among the parties named as insureds, (7) the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond, and (8) such other matters as they consider relevant, that the proposed fidelity bond coverage in the aggregate amount of $100 million is in reasonable form and constitutes a reasonable amount of coverage to protect the Fund against possible larceny or embezzlement by its officers and employees; and

FURTHER RESOLVED, that each of the officers of the Fund is authorized to enter into a revised agreement with other joint insureds regarding such coverage, said agreement providing that in the event recovery is received under the bond as a result of a loss sustained, the Fund shall receive an equitable and proportionate share of the recovery but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by rule 17g-1 under the Investment Company Act of 1940, as amended; and

FURTHER RESOLVED, that the Secretary of the Fund is designated, pursuant to rule 17g-1 under the Investment Company Act of 1940, as amended, as the person who shall make the filings and give the notices required by said rule.

Witness my hand this 23rd day of January, 2014.

/s/ Courtney R. Taylor

Courtney R. Taylor

6455 Irvine Center Drive Irvine, California 92618-4518   Courtney R. Taylor Secretary

CERTIFICATE OF SECRETARY

I, Courtney R. Taylor, Secretary of Capital Group Private Client Services Funds do hereby certify that the following is a true and correct copy of a resolution adopted at a meeting of the Board of Trustees of the Trust, duly called and held on December 5, 2013 at which a quorum was present and voting throughout, and said resolution has not been in anywise amended, annulled, rescinded or revoked, and the same is still in full force and effect:

WHEREAS, rule 17g-1 under the Investment Company Act of 1940, as amended, provides that every registered investment company shall maintain a bond issued by a reputable fidelity insurance company and that a majority of the Board who are not “interested persons” of the Fund shall approve the reasonableness of the form and amount of the Fund’s fidelity bond, as often as their fiduciary duty requires, but not less than once annually and shall also approve the portion of the premium for any joint bond to be paid by such company; and

WHEREAS, the Board previously authorized and empowered the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond, consisting of a $100 million bond written by ICI Mutual Insurance Company, which will expire on December 19, 2013, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund and other investment companies served by Capital Guardian Trust Company or its affiliates against larceny and embezzlement by their respective officers and employees; and

WHEREAS, the Board has received and reviewed a memorandum dated December 2, 2013, describing, among other things, proposed coverage and terms of a bond and the proposed method of allocating premiums among the joint participants;

NOW, THEREFORE, BE IT RESOLVED, that the Board authorizes and empowers the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond consisting of a $100 million bond written by ICI Mutual Insurance Company, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund, other registered investment companies served by Capital Guardian Trust Company, its subsidiaries or affiliates and the registered investment companies managed by Capital Guardian Trust Company, its subsidiaries or affiliates which are no longer in operation; and

FURTHER RESOLVED, that a majority of the Board who are not interested persons of the Fund or any other insured under said joint insured bond determine, with due consideration to (1) the value of the aggregate assets of the Fund to which any covered person may have access, (2) the type and terms of the arrangements made for the custody and safekeeping of such assets, (3) the nature of securities in the portfolio of the Fund, (4) the number of other parties named as insureds, (5) the nature of the business activities of such other parties, (6) the method of allocation of the premium among the parties named as insureds, (7) the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond, and (8) such other matters as they consider relevant, that the proposed fidelity bond coverage in the aggregate amount of $100 million is in reasonable form and constitutes a reasonable amount of coverage to protect the Fund against possible larceny or embezzlement by its officers and employees; and

FURTHER RESOLVED, that each of the officers of the Fund is authorized to enter into a revised agreement with other joint insureds regarding such coverage, said agreement providing that in the event recovery is received under the bond as a result of a loss sustained, the Fund shall receive an equitable and proportionate share of the recovery but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by rule 17g-1 under the Investment Company Act of 1940, as amended; and

FURTHER RESOLVED, that the Secretary of the Fund is designated, pursuant to rule 17g-1 under the Investment Company Act of 1940, as amended, as the person who shall make the filings and give the notices required by said rule.

Witness my hand this 23rd day of January, 2014.

/s/ Courtney R. Taylor

Courtney R. Taylor

Washington Mutual Investors Fund 6455 Irvine Center Drive Irvine, California 92618   Phone (213) 486 9200 Fax (213) 486 9455 Email jenb@capgroup.com   Jennifer L. Butler Secretary

CERTIFICATE OF SECRETARY

I, Jennifer L. Butler, Secretary of Washington Mutual Investors Fund, do hereby certify that the following is a true and correct copy of a resolution adopted at a meeting of the Board of Trustees of the Trust, duly called and held on December 19, 2013 at which a quorum was present and voting throughout, and said resolution has not been in anywise amended, annulled, rescinded or revoked, and the same is still in full force and effect:

WHEREAS, rule 17g-1 under the Investment Company Act of 1940, as amended, provides that every registered investment company shall maintain a bond issued by a reputable fidelity insurance company and that a majority of the Board who are not “interested persons” of the Fund shall approve the reasonableness of the form and amount of the Fund’s fidelity bond, as often as their fiduciary duty requires, but not less than once annually and shall also approve the portion of the premium for any joint bond to be paid by such company; and

WHEREAS, the Board previously authorized and empowered the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond, consisting of a $100 million bond written by ICI Mutual Insurance Company, which will expire on December 19, 2013, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund and other investment companies served by Capital Research and Management Company or its affiliates against larceny and embezzlement by their respective officers and employees; and

WHEREAS, the Board has received and reviewed a memorandum dated December 2, 2013, describing, among other things, proposed coverage and terms of a bond and the proposed method of allocating premiums among the joint participants;

NOW, THEREFORE, BE IT RESOLVED, that the Board authorizes and empowers the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond consisting of a $100 million bond written by ICI Mutual Insurance Company, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund, other registered investment companies served by Capital Research and Management Company, its subsidiaries or affiliates and the registered investment companies managed by Capital Research and Management Company, its subsidiaries or affiliates which are no longer in operation; and

FURTHER RESOLVED, that a majority of the Board who are not interested persons of the Fund or any other insured under said joint insured bond determine, with due consideration to (1) the value of the aggregate assets of the Fund to which any covered person may have access, (2) the type and terms of the arrangements made for the custody and safekeeping of such assets, (3) the nature of securities in the portfolio of the Fund, (4) the number of other parties named as insureds, (5) the nature of the business activities of such other parties, (6) the method of allocation of the premium among the parties named as insureds, (7) the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond, and (8) such other matters as they consider relevant, that the proposed fidelity bond coverage in the aggregate amount of $100 million is in reasonable form and constitutes a reasonable amount of coverage to protect the Fund against possible larceny or embezzlement by its officers and employees; and

FURTHER RESOLVED, that each of the officers of the Fund is authorized to enter into a revised agreement with other joint insureds regarding such coverage, said agreement providing that in the event recovery is received under the bond as a result of a loss sustained, the Fund shall receive an equitable and proportionate share of the recovery but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by rule 17g-1 under the Investment Company Act of 1940, as amended; and

FURTHER RESOLVED, that the Secretary of the Fund is designated, pursuant to rule 17g-1 under the Investment Company Act of 1940, as amended, as the person who shall make the filings and give the notices required by said rule.

Witness my hand this 3rd day of February 2014.

/s/ Jennifer L. Butler

Jennifer L. Butler

The American Funds Tax-Exempt Series I 6455 Irvine Center Drive Irvine, California 92618   Phone (213) 486 9200 Fax (213) 486 9455 Email jenb@capgroup.com   Jennifer L. Butler Secretary

CERTIFICATE OF SECRETARY

I, Jennifer L. Butler, Secretary of The American Funds Tax-Exempt Series I, do hereby certify that the following is a true and correct copy of a resolution adopted at a meeting of the Board of Trustees of the Trust, duly called and held on December 19, 2013 at which a quorum was present and voting throughout, and said resolution has not been in anywise amended, annulled, rescinded or revoked, and the same is still in full force and effect:

WHEREAS, rule 17g-1 under the Investment Company Act of 1940, as amended, provides that every registered investment company shall maintain a bond issued by a reputable fidelity insurance company and that a majority of the Board who are not “interested persons” of the Fund shall approve the reasonableness of the form and amount of the Fund’s fidelity bond, as often as their fiduciary duty requires, but not less than once annually and shall also approve the portion of the premium for any joint bond to be paid by such company; and

WHEREAS, the Board previously authorized and empowered the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond, consisting of a $100 million bond written by ICI Mutual Insurance Company, which will expire on December 19, 2013, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund and other investment companies served by Capital Research and Management Company or its affiliates against larceny and embezzlement by their respective officers and employees; and

WHEREAS, the Board has received and reviewed a memorandum dated December 2, 2013, describing, among other things, proposed coverage and terms of a bond and the proposed method of allocating premiums among the joint participants;

NOW, THEREFORE, BE IT RESOLVED, that the Board authorizes and empowers the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond consisting of a $100 million bond written by ICI Mutual Insurance Company, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund, other registered investment companies served by Capital Research and Management Company, its subsidiaries or affiliates and the registered investment companies managed by Capital Research and Management Company, its subsidiaries or affiliates which are no longer in operation; and

FURTHER RESOLVED, that a majority of the Board who are not interested persons of the Fund or any other insured under said joint insured bond determine, with due consideration to (1) the value of the aggregate assets of the Fund to which any covered person may have access, (2) the type and terms of the arrangements made for the custody and safekeeping of such assets, (3) the nature of securities in the portfolio of the Fund, (4) the number of other parties named as insureds, (5) the nature of the business activities of such other parties, (6) the method of allocation of the premium among the parties named as insureds, (7) the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond, and (8) such other matters as they consider relevant, that the proposed fidelity bond coverage in the aggregate amount of $100 million is in reasonable form and constitutes a reasonable amount of coverage to protect the Fund against possible larceny or embezzlement by its officers and employees; and

FURTHER RESOLVED, that each of the officers of the Fund is authorized to enter into a revised agreement with other joint insureds regarding such coverage, said agreement providing that in the event recovery is received under the bond as a result of a loss sustained, the Fund shall receive an equitable and proportionate share of the recovery but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by rule 17g-1 under the Investment Company Act of 1940, as amended; and

FURTHER RESOLVED, that the Secretary of the Fund is designated, pursuant to rule 17g-1 under the Investment Company Act of 1940, as amended, as the person who shall make the filings and give the notices required by said rule.

Witness my hand this 3rd day of February 2014.

/s/ Jennifer L. Butler

Jennifer L. Butler

Emerging Markets Growth Fund, Inc. 333 South Hope Street Los Angeles, California 90071-1406

CERTIFICATE OF SECRETARY

I, Laurie D. Neat, Secretary of Emerging Markets Growth Fund, Inc., do hereby certify that the following is a true and correct copy of a resolution adopted at a meeting of the Board of Directors of the Corporation, duly called and held on December 16, 2013 at which a quorum was present and voting throughout, and said resolution has not been in anywise amended, annulled, rescinded or revoked, and the same is still in full force and effect:

WHEREAS, rule 17g-1 under the Investment Company Act of 1940 provides that every registered investment company shall maintain a bond issued by a reputable fidelity insurance company and that a majority of the Board who are not “interested persons” of the Corporation shall approve the reasonableness of the form and amount of this Corporation’s fidelity bond, as often as their fiduciary duty requires, but not less than once annually and shall also approve the portion of the premium for any joint bond to be paid by such company; and

WHEREAS, the Board previously authorized and empowered the officers of this Corporation to provide and maintain for the Corporation a joint insured registered investment company bond, consisting of a $100 million bond written by ICI Mutual Insurance Company, which will expire on December 19, 2013, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Corporation and other investment companies served by Capital Research and Management Company or its affiliates against larceny and embezzlement by their respective officers and employees; and

WHEREAS, this Board has received and reviewed a memorandum dated December 5, 2013, describing, among other things, proposed coverage and terms of the bond and the proposed method of allocating premiums among the joint participants;

NOW, THEREFORE, BE IT RESOLVED, that the Board authorizes and empowers the officers of this Corporation to provide and maintain for the Corporation a joint insured registered investment company bond consisting of a $100 million bond written by ICI Mutual Insurance Company, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Corporation, other registered investment companies served by Capital Research and Management Company, its subsidiaries or affiliates and the registered investment companies managed by Capital Research and Management Company, its subsidiaries or affiliates which are no longer in operation; and

FURTHER RESOLVED, that a majority of the Board who are not interested persons of the Corporation or any other insured under said joint insured bond hereby determine, with due consideration to (1) the value of the aggregate assets of the Corporation to which any covered person may have access, (2) the type and terms of the arrangements made for the custody and safekeeping of such assets, (3) the nature of securities in the portfolio of the Corporation, (4) the number of other parties named as insureds, (5) the nature of the business activities of such other parties, (6) the method of allocation of the premium among the parties named as insureds, (7) the extent to which the share of the premium allocated to the Corporation is less than the premium the Corporation would have had to pay if it had provided and maintained a single insured bond, and (8) such other matters as they consider relevant, that the proposed fidelity bond coverage in the aggregate amount of $100 million is in reasonable form and constitutes a reasonable amount of coverage to protect the Corporation against possible larceny or embezzlement by its officers and employees; and

FURTHER RESOLVED, that the officers of the Corporation are hereby authorized to enter into a revised agreement with other joint insureds regarding such coverage, said agreement providing that in the event recovery is received under the bond as a result of a loss sustained, the Corporation shall receive an equitable and proportionate share of the recovery but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by rule 17g-1 under the Investment Company Act of 1940; and

FURTHER RESOLVED, that the Secretary of the Corporation is hereby designated, pursuant to rule 17g-1 under the Investment Company Act of 1940, as the person who shall make the filings and give the notices required by said rule.

Witness my hand this 29th day of January, 2014.

/s/Laurie D. Neat

Laurie D. Neat

Patrick F. Quan Secretary   American Balanced Fund   American Funds Developing World Growth and Income Fund   The Income Fund of America   International Growth and Income Fund   Fundamental Investors   The Growth Fund of America   SMALLCAP World Fund   Steuart Tower 1 Market Street, Suite 2000 San Francisco, California 94105   (415) 393-7110 Tel pfq@capgroup.com

CERTIFICATE OF SECRETARY

I, PATRICK F. QUAN, Secretary of AMERICAN BALANCED FUND, AMERICAN FUNDS DEVELOPING WORLD GROWTH AND INCOME FUND, AMERICAN FUNDS FUNDAMENTAL INVESTORS, THE GROWTH FUND OF AMERICA, THE INCOME FUND OF AMERICA, INTERNATIONAL GROWTH AND INCOME FUND, and SMALLCAP WORLD FUND, INC., do hereby certify that the following is a true and correct copy of a resolution adopted at meetings of the Boards of said companies, duly called and held on December 12, 2013, at which quorums were present and voting throughout, and said resolution has not been in anywise amended, annulled, rescinded or revoked, and the same is still in full force and effect:

WHEREAS, rule 17g-1 under the Investment Company Act of 1940, as amended, provides that every registered investment company shall maintain a bond issued by a reputable fidelity insurance company and that a majority of the Board who are not “interested persons” of the Fund shall approve the reasonableness of the form and amount of the Fund’s fidelity bond, as often as their fiduciary duty requires, but not less than once annually and shall also approve the portion of the premium for any joint bond to be paid by such company; and

WHEREAS, the Board previously authorized and empowered the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond, consisting of a $100 million bond written by ICI Mutual Insurance Company, which will expire on December 19, 2013, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund and other investment companies served by Capital Research and Management Company or its affiliates against larceny and embezzlement by their respective officers and employees; and

WHEREAS, the Board has received and reviewed a memorandum dated December 2, 2013, describing, among other things, proposed coverage and terms of a bond and the proposed method of allocating premiums among the joint participants;

NOW, THEREFORE, BE IT RESOLVED, that the Board authorizes and empowers the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond consisting of a $100 million bond written by ICI Mutual Insurance Company, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund, other registered investment companies served by Capital Research and Management Company, its subsidiaries or affiliates and the registered investment companies managed by Capital Research and Management Company, its subsidiaries or affiliates which are no longer in operation; and

FURTHER RESOLVED, that a majority of the Board who are not interested persons of the Fund or any other insured under said joint insured bond determine, with due consideration to (1) the value of the aggregate assets of the Fund to which any covered person may have access, (2) the type and terms of the arrangements made for the custody and safekeeping of such assets, (3) the nature of securities in the portfolio of the Fund, (4) the number of other parties named as insureds, (5) the nature of the business activities of such other parties, (6) the method of allocation of the premium among the parties named as insureds, (7) the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond, and (8) such other matters as they consider relevant, that the proposed fidelity bond coverage in the aggregate amount of $100 million is in reasonable form and constitutes a reasonable amount of coverage to protect the Fund against possible larceny or embezzlement by its officers and employees; and

FURTHER RESOLVED, that each of the officers of the Fund is authorized to enter into a revised agreement with other joint insureds regarding such coverage, said agreement providing that in the event recovery is received under the bond as a result of a loss sustained, the Fund shall receive an equitable and proportionate share of the recovery but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by rule 17g-1 under the Investment Company Act of 1940, as amended; and

FURTHER RESOLVED, that the Secretary of the Fund is designated, pursuant to rule 17g-1 under the Investment Company Act of 1940, as amended, as the person who shall make the filings and give the notices required by said rule.

WITNESS my hand this 23rd day of January, 2014.

/s/ Patrick F. Quan

Patrick F. Quan

American Funds College Target Date Series 6455 Irvine Center Drive Irvine, California 92618   (213) 486-9447 siik@capgroup.com   Steven I. Koszalka Secretary

CERTIFICATE OF SECRETARY

I, Steven I. Koszalka, Secretary of American Funds College Target Date Series do hereby certify that the following is a true and correct copy of a resolution adopted at a meeting of the Board of Trustees of the Trust, duly called and held on December 10, 2013 at which a quorum was present and voting throughout, and said resolution has not been in anywise amended, annulled, rescinded or revoked, and the same is still in full force and effect:

WHEREAS, rule 17g-1 under the Investment Company Act of 1940, as amended, provides that every registered investment company shall maintain a bond issued by a reputable fidelity insurance company and that a majority of the Board who are not “interested persons” of the Fund shall approve the reasonableness of the form and amount of the Fund’s fidelity bond, as often as their fiduciary duty requires, but not less than once annually and shall also approve the portion of the premium for any joint bond to be paid by such company; and

WHEREAS, the Board previously authorized and empowered the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond, consisting of a $100 million bond written by ICI Mutual Insurance Company, which will expire on December 19, 2013, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund and other investment companies served by Capital Research and Management Company or its affiliates against larceny and embezzlement by their respective officers and employees; and

WHEREAS, the Board has received and reviewed a memorandum dated December 2, 2013, describing, among other things, proposed coverage and terms of a bond and the proposed method of allocating premiums among the joint participants;

NOW, THEREFORE, BE IT RESOLVED, that the Board authorizes and empowers the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond consisting of a $100 million bond written by ICI Mutual Insurance Company, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund, other registered investment companies served by Capital Research and Management Company, its subsidiaries or affiliates and the registered investment companies managed by Capital Research and Management Company, its subsidiaries or affiliates which are no longer in operation; and

FURTHER RESOLVED, that a majority of the Board who are not interested persons of the Fund or any other insured under said joint insured bond determine, with due consideration to (1) the value of the aggregate assets of the Fund to which any covered person may have access, (2) the type and terms of the arrangements made for the custody and safekeeping of such assets, (3) the nature of securities in the portfolio of the Fund, (4) the number of other parties named as insureds, (5) the nature of the business activities of such other parties, (6) the method of allocation of the premium among the parties named as insureds, (7) the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond, and (8) such other matters as they consider relevant, that the proposed fidelity bond coverage in the aggregate amount of $100 million is in reasonable form and constitutes a reasonable amount of coverage to protect the Fund against possible larceny or embezzlement by its officers and employees; and

FURTHER RESOLVED, that each of the officers of the Fund is authorized to enter into a revised agreement with other joint insureds regarding such coverage, said agreement providing that in the event recovery is received under the bond as a result of a loss sustained, the Fund shall receive an equitable and proportionate share of the recovery but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by rule 17g-1 under the Investment Company Act of 1940, as amended; and

FURTHER RESOLVED, that the Secretary of the Fund is designated, pursuant to rule 17g-1 under the Investment Company Act of 1940, as amended, as the person who shall make the filings and give the notices required by said rule.

Witness my hand this 23rd day of January, 2014.

/s/ Steven I. Koszalka

Steven I. Koszalka

American Funds Insurance Series 333 South Hope Street Los Angeles, California 90071-1406   (213) 486-9447 siik@capgroup.com   Steven I. Koszalka Secretary

CERTIFICATE OF SECRETARY

I, Steven I. Koszalka, Secretary of American Funds Insurance Series do hereby certify that the following is a true and correct copy of a resolution adopted at a meeting of the Board of Trustees of the Trust, duly called and held on December 10, 2013 at which a quorum was present and voting throughout, and said resolution has not been in anywise amended, annulled, rescinded or revoked, and the same is still in full force and effect:

WHEREAS, rule 17g-1 under the Investment Company Act of 1940, as amended, provides that every registered investment company shall maintain a bond issued by a reputable fidelity insurance company and that a majority of the Board who are not “interested persons” of the Fund shall approve the reasonableness of the form and amount of the Fund’s fidelity bond, as often as their fiduciary duty requires, but not less than once annually and shall also approve the portion of the premium for any joint bond to be paid by such company; and

WHEREAS, the Board previously authorized and empowered the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond, consisting of a $100 million bond written by ICI Mutual Insurance Company, which will expire on December 19, 2013, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund and other investment companies served by Capital Research and Management Company or its affiliates against larceny and embezzlement by their respective officers and employees; and

WHEREAS, the Board has received and reviewed a memorandum dated December 2, 2013, describing, among other things, proposed coverage and terms of a bond and the proposed method of allocating premiums among the joint participants;

NOW, THEREFORE, BE IT RESOLVED, that the Board authorizes and empowers the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond consisting of a $100 million bond written by ICI Mutual Insurance Company, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund, other registered investment companies served by Capital Research and Management Company, its subsidiaries or affiliates and the registered investment companies managed by Capital Research and Management Company, its subsidiaries or affiliates which are no longer in operation; and

FURTHER RESOLVED, that a majority of the Board who are not interested persons of the Fund or any other insured under said joint insured bond determine, with due consideration to (1) the value of the aggregate assets of the Fund to which any covered person may have access, (2) the type and terms of the arrangements made for the custody and safekeeping of such assets, (3) the nature of securities in the portfolio of the Fund, (4) the number of other parties named as insureds, (5) the nature of the business activities of such other parties, (6) the method of allocation of the premium among the parties named as insureds, (7) the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond, and (8) such other matters as they consider relevant, that the proposed fidelity bond coverage in the aggregate amount of $100 million is in reasonable form and constitutes a reasonable amount of coverage to protect the Fund against possible larceny or embezzlement by its officers and employees; and

FURTHER RESOLVED, that each of the officers of the Fund is authorized to enter into a revised agreement with other joint insureds regarding such coverage, said agreement providing that in the event recovery is received under the bond as a result of a loss sustained, the Fund shall receive an equitable and proportionate share of the recovery but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by rule 17g-1 under the Investment Company Act of 1940, as amended; and

FURTHER RESOLVED, that the Secretary of the Fund is designated, pursuant to rule 17g-1 under the Investment Company Act of 1940, as amended, as the person who shall make the filings and give the notices required by said rule.

Witness my hand this 23rd day of January, 2014.

/s/ Steven I. Koszalka

Steven I. Koszalka

American Funds Portfolio Series 6455 Irvine Center Drive Irvine, California 92618   (213) 486-9447 siik@capgroup.com   Steven I. Koszalka Secretary

CERTIFICATE OF SECRETARY

I, Steven I. Koszalka, Secretary of American Funds Portfolio Series do hereby certify that the following is a true and correct copy of a resolution adopted at a meeting of the Board of Trustees of the Trust, duly called and held on December 10, 2013 at which a quorum was present and voting throughout, and said resolution has not been in anywise amended, annulled, rescinded or revoked, and the same is still in full force and effect:

WHEREAS, rule 17g-1 under the Investment Company Act of 1940, as amended, provides that every registered investment company shall maintain a bond issued by a reputable fidelity insurance company and that a majority of the Board who are not “interested persons” of the Fund shall approve the reasonableness of the form and amount of the Fund’s fidelity bond, as often as their fiduciary duty requires, but not less than once annually and shall also approve the portion of the premium for any joint bond to be paid by such company; and

WHEREAS, the Board previously authorized and empowered the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond, consisting of a $100 million bond written by ICI Mutual Insurance Company, which will expire on December 19, 2013, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund and other investment companies served by Capital Research and Management Company or its affiliates against larceny and embezzlement by their respective officers and employees; and

WHEREAS, the Board has received and reviewed a memorandum dated December 2, 2013, describing, among other things, proposed coverage and terms of a bond and the proposed method of allocating premiums among the joint participants;

NOW, THEREFORE, BE IT RESOLVED, that the Board authorizes and empowers the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond consisting of a $100 million bond written by ICI Mutual Insurance Company, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund, other registered investment companies served by Capital Research and Management Company, its subsidiaries or affiliates and the registered investment companies managed by Capital Research and Management Company, its subsidiaries or affiliates which are no longer in operation; and

FURTHER RESOLVED, that a majority of the Board who are not interested persons of the Fund or any other insured under said joint insured bond determine, with due consideration to (1) the value of the aggregate assets of the Fund to which any covered person may have access, (2) the type and terms of the arrangements made for the custody and safekeeping of such assets, (3) the nature of securities in the portfolio of the Fund, (4) the number of other parties named as insureds, (5) the nature of the business activities of such other parties, (6) the method of allocation of the premium among the parties named as insureds, (7) the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond, and (8) such other matters as they consider relevant, that the proposed fidelity bond coverage in the aggregate amount of $100 million is in reasonable form and constitutes a reasonable amount of coverage to protect the Fund against possible larceny or embezzlement by its officers and employees; and

FURTHER RESOLVED, that each of the officers of the Fund is authorized to enter into a revised agreement with other joint insureds regarding such coverage, said agreement providing that in the event recovery is received under the bond as a result of a loss sustained, the Fund shall receive an equitable and proportionate share of the recovery but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by rule 17g-1 under the Investment Company Act of 1940, as amended; and

FURTHER RESOLVED, that the Secretary of the Fund is designated, pursuant to rule 17g-1 under the Investment Company Act of 1940, as amended, as the person who shall make the filings and give the notices required by said rule.

Witness my hand this 23rd day of January, 2014.

/s/ Steven I. Koszalka

Steven I. Koszalka

American Funds Target Date Retirement Series 333 South Hope Street Los Angeles, California 90071-1406   (213) 486-9447 siik@capgroup.com   Steven I. Koszalka Secretary

CERTIFICATE OF SECRETARY

I, Steven I. Koszalka, Secretary of American Funds Target Date Retirement Series do hereby certify that the following is a true and correct copy of a resolution adopted at a meeting of the Board of Trustees of the Trust, duly called and held on December 10, 2013 at which a quorum was present and voting throughout, and said resolution has not been in anywise amended, annulled, rescinded or revoked, and the same is still in full force and effect:

WHEREAS, rule 17g-1 under the Investment Company Act of 1940, as amended, provides that every registered investment company shall maintain a bond issued by a reputable fidelity insurance company and that a majority of the Board who are not “interested persons” of the Fund shall approve the reasonableness of the form and amount of the Fund’s fidelity bond, as often as their fiduciary duty requires, but not less than once annually and shall also approve the portion of the premium for any joint bond to be paid by such company; and

WHEREAS, the Board previously authorized and empowered the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond, consisting of a $100 million bond written by ICI Mutual Insurance Company, which will expire on December 19, 2013, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund and other investment companies served by Capital Research and Management Company or its affiliates against larceny and embezzlement by their respective officers and employees; and

WHEREAS, the Board has received and reviewed a memorandum dated December 2, 2013, describing, among other things, proposed coverage and terms of a bond and the proposed method of allocating premiums among the joint participants;

NOW, THEREFORE, BE IT RESOLVED, that the Board authorizes and empowers the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond consisting of a $100 million bond written by ICI Mutual Insurance Company, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund, other registered investment companies served by Capital Research and Management Company, its subsidiaries or affiliates and the registered investment companies managed by Capital Research and Management Company, its subsidiaries or affiliates which are no longer in operation; and

FURTHER RESOLVED, that a majority of the Board who are not interested persons of the Fund or any other insured under said joint insured bond determine, with due consideration to (1) the value of the aggregate assets of the Fund to which any covered person may have access, (2) the type and terms of the arrangements made for the custody and safekeeping of such assets, (3) the nature of securities in the portfolio of the Fund, (4) the number of other parties named as insureds, (5) the nature of the business activities of such other parties, (6) the method of allocation of the premium among the parties named as insureds, (7) the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond, and (8) such other matters as they consider relevant, that the proposed fidelity bond coverage in the aggregate amount of $100 million is in reasonable form and constitutes a reasonable amount of coverage to protect the Fund against possible larceny or embezzlement by its officers and employees; and

FURTHER RESOLVED, that each of the officers of the Fund is authorized to enter into a revised agreement with other joint insureds regarding such coverage, said agreement providing that in the event recovery is received under the bond as a result of a loss sustained, the Fund shall receive an equitable and proportionate share of the recovery but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by rule 17g-1 under the Investment Company Act of 1940, as amended; and

FURTHER RESOLVED, that the Secretary of the Fund is designated, pursuant to rule 17g-1 under the Investment Company Act of 1940, as amended, as the person who shall make the filings and give the notices required by said rule.

Witness my hand this 23rd day of January, 2014.

/s/ Steven I. Koszalka

Steven I. Koszalka

New Perspective Fund Europacific Growth Fund New World Fund, Inc. 333 South Hope Street Los Angeles, California 90071-1406   Phone (213) 486 9200 Fax (213) 486 9455

CERTIFICATE OF SECRETARY

I, Michael W. Stockton, Secretary of New Perspective Fund, Europacific Growth Fund and New World Fund, Inc. do hereby certify that the following is a true and correct copy of a resolution adopted at a meeting of the Boards of Directors/Trustees of the Funds/Trusts, duly called and held on December 11, 2013 at which a quorum was present and voting throughout, and said resolution has not been in anywise amended, annulled, rescinded or revoked, and the same is still in full force and effect:

WHEREAS, rule 17g-1 under the Investment Company Act of 1940, as amended, provides that every registered investment company shall maintain a bond issued by a reputable fidelity insurance company and that a majority of the Board who are not “interested persons” of the Fund shall approve the reasonableness of the form and amount of the Fund’s fidelity bond, as often as their fiduciary duty requires, but not less than once annually and shall also approve the portion of the premium for any joint bond to be paid by such company; and

WHEREAS, the Board previously authorized and empowered the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond, consisting of a $100 million bond written by ICI Mutual Insurance Company, which will expire on December 19, 2013, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund and other investment companies served by Capital Research and Management Company or its affiliates against larceny and embezzlement by their respective officers and employees; and

WHEREAS, the Board has received and reviewed a memorandum dated December 2, 2013, describing, among other things, proposed coverage and terms of a bond and the proposed method of allocating premiums among the joint participants;

NOW, THEREFORE, BE IT RESOLVED, that the Board authorizes and empowers the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond consisting of a $100 million bond written by ICI Mutual Insurance Company, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund, other registered investment companies served by Capital Research and Management Company, its subsidiaries or affiliates and the registered investment companies managed by Capital Research and Management Company, its subsidiaries or affiliates which are no longer in operation; and

FURTHER RESOLVED, that a majority of the Board who are not interested persons of the Fund or any other insured under said joint insured bond determine, with due consideration to (1) the value of the aggregate assets of the Fund to which any covered person may have access, (2) the type and terms of the arrangements made for the custody and safekeeping of such assets, (3) the nature of securities in the portfolio of the Fund, (4) the number of other parties named as insureds, (5) the nature of the business activities of such other parties, (6) the method of allocation of the premium among the parties named as insureds, (7) the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond, and (8) such other matters as they consider relevant, that the proposed fidelity bond coverage in the aggregate amount of $100 million is in reasonable form and constitutes a reasonable amount of coverage to protect the Fund against possible larceny or embezzlement by its officers and employees; and

FURTHER RESOLVED, that each of the officers of the Fund is authorized to enter into a revised agreement with other joint insureds regarding such coverage, said agreement providing that in the event recovery is received under the bond as a result of a loss sustained, the Fund shall receive an equitable and proportionate share of the recovery but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by rule 17g-1 under the Investment Company Act of 1940, as amended; and

FURTHER RESOLVED, that the Secretary of the Fund is designated, pursuant to rule 17g-1 under the Investment Company Act of 1940, as amended, as the person who shall make the filings and give the notices required by said rule.

Witness my hand this 23rd day of January, 2014.

/s/ Michael W. Stockton

Michael W. Stockton

AMCAP Fund American Mutual Fund The Investment Company of America American Funds Global Balanced Fund 333 South Hope Street Los Angeles, California 90071-1406   Phone (213) 486 9200 Fax (213) 486 9455

CERTIFICATE OF SECRETARY

I, Michael W. Stockton, Secretary of AMCAP Fund, American Mutual Fund, The Investment Company of America and American Funds Global Balanced Fund do hereby certify that the following is a true and correct copy of a resolution adopted at a meeting of the Boards of Trustees of the Trusts, duly called and held on December 10, 2013 at which a quorum was present and voting throughout, and said resolution has not been in anywise amended, annulled, rescinded or revoked, and the same is still in full force and effect:

WHEREAS, rule 17g-1 under the Investment Company Act of 1940, as amended, provides that every registered investment company shall maintain a bond issued by a reputable fidelity insurance company and that a majority of the Board who are not “interested persons” of the Fund shall approve the reasonableness of the form and amount of the Fund’s fidelity bond, as often as their fiduciary duty requires, but not less than once annually and shall also approve the portion of the premium for any joint bond to be paid by such company; and

WHEREAS, the Board previously authorized and empowered the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond, consisting of a $100 million bond written by ICI Mutual Insurance Company, which will expire on December 19, 2013, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund and other investment companies served by Capital Research and Management Company or its affiliates against larceny and embezzlement by their respective officers and employees; and

WHEREAS, the Board has received and reviewed a memorandum dated December 2, 2013, describing, among other things, proposed coverage and terms of a bond and the proposed method of allocating premiums among the joint participants;

NOW, THEREFORE, BE IT RESOLVED, that the Board authorizes and empowers the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond consisting of a $100 million bond written by ICI Mutual Insurance Company, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund, other registered investment companies served by Capital Research and Management Company, its subsidiaries or affiliates and the registered investment companies managed by Capital Research and Management Company, its subsidiaries or affiliates which are no longer in operation; and

FURTHER RESOLVED, that a majority of the Board who are not interested persons of the Fund or any other insured under said joint insured bond determine, with due consideration to (1) the value of the aggregate assets of the Fund to which any covered person may have access, (2) the type and terms of the arrangements made for the custody and safekeeping of such assets, (3) the nature of securities in the portfolio of the Fund, (4) the number of other parties named as insureds, (5) the nature of the business activities of such other parties, (6) the method of allocation of the premium among the parties named as insureds, (7) the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond, and (8) such other matters as they consider relevant, that the proposed fidelity bond coverage in the aggregate amount of $100 million is in reasonable form and constitutes a reasonable amount of coverage to protect the Fund against possible larceny or embezzlement by its officers and employees; and

FURTHER RESOLVED, that each of the officers of the Fund is authorized to enter into a revised agreement with other joint insureds regarding such coverage, said agreement providing that in the event recovery is received under the bond as a result of a loss sustained, the Fund shall receive an equitable and proportionate share of the recovery but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by rule 17g-1 under the Investment Company Act of 1940, as amended; and

FURTHER RESOLVED, that the Secretary of the Fund is designated, pursuant to rule 17g-1 under the Investment Company Act of 1940, as amended, as the person who shall make the filings and give the notices required by said rule.

Witness my hand this 23rd day of January, 2014.

/s/ Michael W. Stockton

Michael W. Stockton

Capital Income Builder Capital World Growth and Income Fund The New Economy Fund 333 South Hope Street Los Angeles, California 90071-1406   Phone (213) 486 9200 Fax (213) 486 9455

CERTIFICATE OF SECRETARY

I, Michael W. Stockton, Secretary of Capital Income Builder, Capital World Growth and Income Fund and The New Economy Fund do hereby certify that the following is a true and correct copy of a resolution adopted at a meeting of the Boards of Trustees of the Trusts, duly called and held on December 11, 2013 at which a quorum was present and voting throughout, and said resolution has not been in anywise amended, annulled, rescinded or revoked, and the same is still in full force and effect:

WHEREAS, rule 17g-1 under the Investment Company Act of 1940, as amended, provides that every registered investment company shall maintain a bond issued by a reputable fidelity insurance company and that a majority of the Board who are not “interested persons” of the Fund shall approve the reasonableness of the form and amount of the Fund’s fidelity bond, as often as their fiduciary duty requires, but not less than once annually and shall also approve the portion of the premium for any joint bond to be paid by such company; and

WHEREAS, the Board previously authorized and empowered the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond, consisting of a $100 million bond written by ICI Mutual Insurance Company, which will expire on December 19, 2013, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund and other investment companies served by Capital Research and Management Company or its affiliates against larceny and embezzlement by their respective officers and employees; and

WHEREAS, the Board has received and reviewed a memorandum dated December 2, 2013, describing, among other things, proposed coverage and terms of a bond and the proposed method of allocating premiums among the joint participants;

NOW, THEREFORE, BE IT RESOLVED, that the Board authorizes and empowers the officers of the Fund to provide and maintain for the Fund a joint insured registered investment company bond consisting of a $100 million bond written by ICI Mutual Insurance Company, which bond conforms with the requirements of rule 17g-1 under the Investment Company Act of 1940, as amended, and protects the Fund, other registered investment companies served by Capital Research and Management Company, its subsidiaries or affiliates and the registered investment companies managed by Capital Research and Management Company, its subsidiaries or affiliates which are no longer in operation; and

FURTHER RESOLVED, that a majority of the Board who are not interested persons of the Fund or any other insured under said joint insured bond determine, with due consideration to (1) the value of the aggregate assets of the Fund to which any covered person may have access, (2) the type and terms of the arrangements made for the custody and safekeeping of such assets, (3) the nature of securities in the portfolio of the Fund, (4) the number of other parties named as insureds, (5) the nature of the business activities of such other parties, (6) the method of allocation of the premium among the parties named as insureds, (7) the extent to which the share of the premium allocated to the Fund is less than the premium the Fund would have had to pay if it had provided and maintained a single insured bond, and (8) such other matters as they consider relevant, that the proposed fidelity bond coverage in the aggregate amount of $100 million is in reasonable form and constitutes a reasonable amount of coverage to protect the Fund against possible larceny or embezzlement by its officers and employees; and

FURTHER RESOLVED, that each of the officers of the Fund is authorized to enter into a revised agreement with other joint insureds regarding such coverage, said agreement providing that in the event recovery is received under the bond as a result of a loss sustained, the Fund shall receive an equitable and proportionate share of the recovery but at least equal to the amount which it would have received had it provided and maintained a single insured bond with the minimum coverage required by rule 17g-1 under the Investment Company Act of 1940, as amended; and

FURTHER RESOLVED, that the Secretary of the Fund is designated, pursuant to rule 17g-1 under the Investment Company Act of 1940, as amended, as the person who shall make the filings and give the notices required by said rule.

Witness my hand this 23rd day of January, 2014.

/s/ Michael W. Stockton

Michael W. Stockton

OFFICER’S CERTIFICATE

This is to certify that the premium for the joint insured Registered Management Investment Company Bond issued by ICI Mutual Insurance Company was paid for the period December 19, 2013 through December 19, 2014.

Dated: January 23, 2014

s/Michael J. Downer

Michael J. Downer

Joint Insuring Agreement for Investment Company Blanket Bond “Fidelity Bond”

The registered investment companies managed by Capital Research and Management Company, its subsidiaries or affiliates, (collectively, the “Investment Company Insureds”) and the registered investment companies managed by Capital Research and Management Company, its subsidiaries or affiliates which are no longer in operation, (collectively, “Other Insureds”)(together, the “Parties”), hereby agree to jointly participate as named insureds in a joint insured fidelity bond providing for fidelity bonding of the officers and employees of the named insureds (the “Bond”), subject to the following terms and conditions:

I. Definitions

II. Amount of the Bond

It shall be the intent of the Parties that the amount of the Fidelity Coverage at all times shall be at least equal to the amount of the combined 17g-1 Minimum Coverage Requirements of the Investment Company Insureds plus the amount of coverage that would have been required by the Other Insureds pursuant to federal statute or regulations had they not been named as insureds under the Bond.

III. Allocation of Recovery under the Bond

In the event Actual Loss is suffered concurrently by any of the Parties and aggregate losses exceed policy limits, recovery to the extent of an Actual Loss will be allocated in the following manner, subject to the provisions in Section V:

IV. Annual Review

The majority of the directors of each Investment Company Insured shall, not less than annually, approve the amount of the fidelity bond, the joint nature of the policies, and the portion of the premiums ratable to each Company.

V. Additional Parties

Any registered investment company managed by Capital Research and Management Company, Capital International, Inc., Capital Guardian Trust Company or any company affiliated with The Capital Group Companies, Inc. that is an eligible insured party under Rules 17g-1(b) and 17d-1(d)(7) (“Additional Party”), as applicable, may become a Party hereto.

Notwithstanding the provisions in Section III, any Additional Party shall be entitled to recover its Rule 17g-1 Minimum Coverage Requirements amount under the Other Insured Coverage and, under III. b.ii), based on premiums paid by an Investment Company Insured of similar size.

Witness our hand and signatures this 19th day of December, 2013

Capital Research and Management Company, on behalf of itself, and its affiliates hereby executes this Joint Insuring Agreement solely with respect to Rider 9 of the ICI Mutual Insurance Policy for the funds, that in the event that a loss is covered under more than one bond issued to Capital Research and Management Company or any affiliates thereof, and the aggregate loss exceeds the full policy limit, the Investment Company Insureds shall be entitled to priority of payment for the full amount of the liability limit.

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