UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
Certified Shareholder Report of
Registered Management Investment Companies
Investment Company Act File Number: 811-22349
Capital Group Private Client Services Funds
(Exact Name of Registrant as Specified in Charter)
6455 Irvine Center Drive
Irvine, California 92618
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (949) 975-5000
Date of fiscal year end: October 31
Date of reporting period: April 30, 2014
Courtney R. Taylor
Capital Group Private Client Services Funds
6455 Irvine Center Drive
Irvine, California 92618
(Name and Address of Agent for Service)
Copies to:
Michael Glazer
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, California 90071
(Counsel for the Registrant)
ITEM 1 – Reports to Stockholders
Capital Group Private Client Services Funds | |
Investment adviser’s report | |
April 30, 2014 (unaudited) |
Dear Shareholder:
Global stocks rose moderately in the six months ended April 30, 2014, following 2013’s strong returns. Developed economies — particularly the U.S. and Europe — continued to show moderate improvements. U.S. stocks were driven by economic releases, geopolitical events and signals from the Federal Reserve about the pace of shifts in monetary policy. Improvements in international developed markets were somewhat offset by a decline in Japanese equities as investor enthusiasm for aggressive government attempts to reflate the economy appeared to wane. Disappointing domestic economic data, a strengthening yen and concerns over a pending sales tax hike weighed on the Japanese market. Emerging markets ended the period largely flat amid concerns about rising tensions between Russia and Ukraine as well as political uncertainty in countries such as Venezuela and Thailand. Slowing economic growth in China further eroded investor sentiment, along with fears about the health of the country’s banking system as companies struggle with tighter access to financing.
Overall, the market took many of the period’s headline events in stride, choosing to focus largely on the positives. For example, a number of companies posted encouraging results and improved cash flows. At the same time, merger and acquisition activity continued as companies used their strong cash positions to buy additional market share.
Below is a more detailed discussion of the investment results of each of the Capital Group Private Client Services funds during the covered reporting period.
Equity commentary
Over the past six months, the Capital Group U.S. Equity Fund rose 0.3%, falling behind the S&P 500 index’s 2.6% return. The Capital Group Global Equity Fund came in below its benchmark, declining 0.2% compared with the MSCI World Index’s 2.3% gain. The Capital Group Non-U.S. Equity Fund also lost 0.2%, versus a 2.1% gain for the MSCI EAFE Index.
The Global Equity and Non-U.S. Equity funds were pressured by their exposure to Japanese companies — particularly Sumitomo Mitsui Financial, SoftBank and Keyence — against a backdrop of weakness in the Japanese market. VeriSign, an Internet infrastructure company, was the biggest detractor to the Capital U.S. Equity and Capital Global Equity Funds. Concerns about the company emerged after the U.S. Department of Commerce announced it would relinquish control of the organization that manages domain names.
Halliburton was a significant positive contributor to the Capital Global Equity and Capital U.S. Equity funds as it benefited from greater demand for oil and gas drilling equipment. Novo Nordisk helped boost results in the Capital Non-U.S. Equity and Capital Global Equity funds, maintaining its dominance in the diabetes treatment arena.
Several regions that previously made investors nervous — such as Europe — are now looking more attractive. One area of particular focus has been European financials. After intensive restructuring efforts, many companies in the sector have cleaned up their balance sheets yet are still attractively valued. As the European economy continues to strengthen, banks should benefit from increased lending activity, better access to funding and improved asset quality. During the six-month period, Spanish financial company Caixabank and Swiss bank UBS were added to the Global and Non-U.S. Equity funds. Additionally, holdings of U.K.-based Lloyds Banking Group were increased in the Global and Non-U.S. Equity funds.
The emerging markets continue to hold ample promise, though uncertainty related to the Fed’s unwinding process prompted a rout in certain developing market currencies in the beginning of 2014. Over the past few years, ultra-low interest rates in the U.S. have spurred investors to seek better returns in riskier, less established economic regions, but with rates in developed markets now expected to eventually rise, some of that money is leaving.
Countries that have relied too heavily on foreign investment have been hit the hardest. However, this near-term weakness hasn’t diminished our outlook for the developing world, which remains poised to be a significant engine of global economic growth over the long term.
1 |
Capital Group Private Client Services Funds | |
Investment adviser’s report | |
April 30, 2014 (unaudited) (continued) |
Now that the Fed has begun to reduce its quantitative easing program in the U.S., there is concern about the pace of the tapering process and whether the economy will be strong enough to stand on its own two feet once the external supports have been removed.
Investors were momentarily unnerved by new Fed chair Janet Yellen’s first press conference, in which she discussed the path to interest rate increases, leading some to conclude that she is not as dovish as they expected her to be. However, Yellen later moved to ease concerns, emphasizing the need for continued accommodative monetary policy because of the still-sluggish economy and weak labor market. Clearly, the market is digesting the change in leadership. The Fed’s projections are in line with expectations for tapering to finish this year and, if economic growth warrants, for rate increases to begin in 2015. Economic fundamentals remain supportive of the U.S. earnings outlook in terms of the growth rate of the economy, inflation and labor costs. Furthermore, the Fed’s decision to reduce its bond-buying program is a sign that the economy is on its way to recovery.
The Fed has made it clear that it is ready to provide support as needed and that it will closely monitor economic data for signs of weakness as it continues to very gradually reduce its QE program. In fact, much of the weakness that surfaced in some economic reports released early in the calendar year can be attributed to extremely cold temperatures in major U.S. cities.
Though portfolio managers pay attention to overall market valuations, which by most measures remain fair, that is only one component of their overall analysis. Above all, they focus on fundamental research to identify high-quality companies with strong long-term earnings potential. Businesses that have a distinct advantage over their competitors in the form of contracts and/or proprietary technology are of particular interest.
For example, our analysts have found compelling investment opportunities among automakers and car parts suppliers. Certain automakers are reaching an inflection point in their return on capital, revamping product lines and reducing costs by moving to a global platform. Demand for new automobiles is expected to be driven by the emerging middle class in Asia. During the period, holdings of Daimler were increased in all three of the Capital Group Equity funds. Auto parts suppliers are also expected to benefit from this trend, and holdings of global vehicle components manufacturer Delphi Automotive were increased in the Capital Global and U.S. Equity funds. The funds hold companies that make intricate parts that are very difficult to produce because they require specialized technology. After a rash of vehicle recalls, automakers have learned to work exclusively with high-quality parts suppliers, meaning that a large portion of this business goes to only a handful of select companies. Portfolio holdings also include auto technology providers that are making cars safer, more energy-efficient and autonomous. These technological developments are expected to completely change the vehicles of the future, resulting in an unparalleled driver experience along with a fresh source of demand.
Fixed-income commentary
The cautious environment broadly helped fixed-income securities over the past six months. As part of its tapering process, the Fed has begun to reduce the amount of bonds it has been purchasing, preparing a path to eventual tightening. Interestingly, rates haven’t spiked as drastically as some predicted, underscoring the reality that there is no set timeline for rate increases, nor is there certainty that the market will respond as the Fed expects.
The Capital Group Core Bond, Core Municipal, Short-Term Municipal, California Core Municipal and California Short-Term Municipal funds all rose during the period, up 0.97%, 1.70%, 0.73%, 2.12% and 0.70%, respectively. All of the funds exceeded their benchmarks, with the exception of the Core Muni Fund, which was slightly below its benchmark’s return of 1.76%.
Riskier areas of the fixed-income market, such as mortgage-backed and high-yield bonds, had the best results during the period as investors sought higher returns. Perhaps surprisingly, mortgaged-backed bonds have done quite well despite the backdrop of the Fed’s buying fewer of these securities. However, we are concerned that these bonds may come under pressure as the Fed winds down its purchases. We have maintained a modest exposure to allow portfolios to benefit from the incremental yield while minimizing risk if tapering causes selling pressure.
2 |
Capital Group Private Client Services Funds | |
Investment adviser’s report | |
April 30, 2014 (unaudited) (continued) |
In the municipal bond market, Puerto Rico, criticized for its outsize deficit, managed to raise more money than expected at reasonable yields, giving the commonwealth extra time to fix its budget. The funds had very little exposure to Puerto Rico bonds, as managers opted for insured and/or revenue issues that appear to be well protected but traded at a discount because of their association with Puerto Rico. The municipal funds have been performing well because there is a limited supply of municipal bonds and continuing demand has pushed bond prices higher. Because investors believe interest rates are moving up, shorter-duration bonds in this sector have seen particularly high buying activity. This part of the municipal market has become particularly expensive and we are slowly reducing our duration.
In the current environment, it is challenging to find attractive yields without incurring added risk, but our portfolio team has been finding opportunities in unusual places, such as land development bonds. Portfolios are being positioned for the time when the Fed eventually begins to raise rates. In the Capital Group Core Bond Fund, Treasury Inflation-Protected Securities (TIPS) are being used to protect portfolios against an unexpected rise in rates. Floating-rate bonds have been added to all five of the funds for the same reason.
We are likely to see additional volatility as the market awaits more information on the timing of the central bank’s plan to unwind its supportive measures. The Fed has repeatedly indicated that it will make the transition a gradual one, and thus far it has. Nevertheless, investors don’t like uncertainty, and during such times it is particularly important to hold a well-diversified portfolio. Historically, a strategic allocation to fixed-income securities has been the most effective way to cushion the volatility of equities. Bonds have a low correlation to equities, making them a useful diversifier in portfolios. Such diversification, combined with a long-term perspective, is crucial to outlasting any short-term fluctuations that may arise.
We appreciate the continued trust and confidence you have placed in us to manage your assets. We look forward to reporting back to you again in six months.
Sincerely yours,
John S. Armour
President
Shelby Notkin
Senior Vice President and Equity Portfolio Manager
John R. Queen
Senior Vice President and Fixed-Income Portfolio Manager
3 |
Capital Group Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||
Bonds & notes - 95.74% | ||||||||
Alabama - 2.22% | ||||||||
Alabama 21st Century Auth., Rev. Ref. Bonds, Series A, 5.00%, 06/01/21 | $ | 2,230 | $ | 2,557 | 0.80 | % | ||
Alabama Federal Aid Highway Fin. Auth., Highway Imps. Misc. Taxes Rev. Bonds, 5.00%, 09/01/23 | 100 | 117 | 0.04 | |||||
Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 05/01/15 | 1,000 | 1,049 | 0.33 | |||||
5.00%, 05/01/17 | 1,000 | 1,129 | 0.35 | |||||
Mobile Ind. Dev. Board, Ind. Imps. Rev. Bonds (Mandatory Put 03/19/15 @ 100), 5.00%, 06/01/341 | 2,000 | 2,076 | 0.65 | |||||
Univ. of Alabama, Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 09/01/18 | 150 | 172 | 0.05 | |||||
_______________________ | ||||||||
7,100 | 2.22 | |||||||
_______________________ | ||||||||
Alaska - 0.29% | ||||||||
Alaska Housing Fin. Corp., Rev. Bonds, Series A, 4.00%, 06/01/40 | 870 | 929 | 0.29 | |||||
_______________________ | ||||||||
929 | 0.29 | |||||||
_______________________ | ||||||||
Arizona - 3.48% | ||||||||
Arizona Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 02/05/20 @ 100), 1.97%, 02/01/481 | 3,100 | 3,092 | 0.97 | |||||
Arizona School Facs. Board, School Imps. Certs. of Part. Lease Rev. Bonds, 5.00%, 09/01/14 | 200 | 203 | 0.06 | |||||
Glendale Ind. Dev. Auth., College & Univ. Rev. Ref. Bonds, 5.25%, 05/15/18 | 1,000 | 1,125 | 0.35 | |||||
Maricopa County Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 07/01/18 | 795 | 886 | 0.28 | |||||
Phoenix Civic Imp. Corp., Port, Airport, & Marina Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 07/01/16 | 1,000 | 1,096 | 0.34 | |||||
5.00%, 07/01/20 | 2,800 | 3,284 | 1.03 | |||||
Phoenix Civic Imp. Corp., Sewer Rev. Ref. Bonds, 5.50%, 07/01/24 | 125 | 146 | 0.05 | |||||
Phoenix Ind. Dev. Auth., Misc. Purposes Lease Rev. Bonds, 5.00%, 06/01/22 | 1,000 | 1,090 | 0.34 | |||||
Salt River Project Agricultural Imp. & Power Dist., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 01/01/20 | 160 | 186 | 0.06 | |||||
_______________________ | ||||||||
11,108 | 3.48 | |||||||
_______________________ | ||||||||
California - 8.94% | ||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 05/15/16 | 1,500 | 1,504 | 0.47 | |||||
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured), 5.00%, 09/02/21 | 995 | 1,062 | 0.33 | |||||
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, 10/01/17 | 100 | 109 | 0.03 | |||||
Bay Area Toll Auth. Rev. Bonds (Mandatory Put 05/01/23 @ 100), 1.02%, 04/01/471 | 1,500 | 1,490 | 0.47 | |||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100), 1.02%, 04/01/451 | 2,200 | 2,185 | 0.68 | |||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 10/01/19 @ 100), 0.82%, 04/01/471 | 1,000 | 1,000 | 0.31 | |||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F, 5.00%, 04/01/22 | 125 | 136 | 0.04 | |||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 11/15/19 | 750 | 886 | 0.28 | |||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series D (Mandatory Put 10/15/20 @ 100), 5.00%, 07/01/431 | 1,800 | 2,137 | 0.67 |
See Notes to Financial Statements | 4 |
Capital Group Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
California—continued | |||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/16 @ 100), 0.40%, 10/01/471 | $ | 1,000 | $ | 1,000 | 0.31 | % | |||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.40%, 04/01/381 | 1,300 | 1,300 | 0.41 | ||||||
California State Public Works Board, Rev. Bonds, Series C, 5.00%, 03/01/23 | 780 | 960 | 0.30 | ||||||
California State Public Works Board, Rev. Bonds, Series G, 5.00%, 12/01/20 | 1,000 | 1,213 | 0.38 | ||||||
Chula Vista Muni. Fncg. Auth., Special Tax Rev. Ref. Bonds, 5.00%, 09/01/20 | 940 | 1,071 | 0.34 | ||||||
City & County of San Francisco, G.O. Prop. Tax Ref. Bonds, Series R3, 5.00%, 06/15/27 | 225 | 235 | 0.07 | ||||||
City & County of San Francisco, Health Care Imps. Certs. of Part. Lease Bonds, Series A, 5.00%, 04/01/17 | 100 | 113 | 0.04 | ||||||
City of Irvine, Special Assessment Ref. Bonds: | |||||||||
3.125%, 09/02/21 | 565 | 567 | 0.18 | ||||||
4.00%, 09/02/17 | 1,215 | 1,317 | 0.41 | ||||||
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A-1 (Mandatory Put 07/01/14 @ 100), 0.47%, 06/01/251 | 930 | 930 | 0.29 | ||||||
Foothill-Eastern Trans. Corridor Agcy., Highway Tolls Rev. Ref. Bonds, Sub-Series B-1 (Mandatory Put 01/15/18 @ 100), 5.00%, 01/15/531 | 1,000 | 1,098 | 0.34 | ||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, 06/01/20 | 1,000 | 1,163 | 0.36 | ||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, 5.00%, 07/01/21 | 100 | 122 | 0.04 | ||||||
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds, Series D, 5.00%, 09/01/20 | 700 | 794 | 0.25 | ||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/18 | 700 | 818 | 0.26 | ||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, 07/01/14 | 100 | 101 | 0.03 | ||||||
Northern California Gas Auth. No. 1, Natural Gas Util. Imps. Rev. Bonds, 0.786%, 07/01/191 | 100 | 96 | 0.03 | ||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, 08/01/18 | 200 | 201 | 0.06 | ||||||
Santa Ana Comm. Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.25%, 09/01/19 | 600 | 691 | 0.22 | ||||||
State of California, G.O. General Fund Ref. Bonds, 5.00%, 02/01/20 | 1,500 | 1,778 | 0.56 | ||||||
State of California, G.O. General Fund Ref. Notes (NATL-RE Insured), 5.00%, 06/01/15 | 100 | 105 | 0.03 | ||||||
State of California, G.O. Misc. Rev. Ref. Bonds, 5.00%, 09/01/19 | 1,300 | 1,539 | 0.48 | ||||||
State of California, G.O. Sales Tax Rev. Bonds, Series A, 5.25%, 07/01/21 | 100 | 120 | 0.04 | ||||||
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 07/01/20 | 420 | 499 | 0.16 | ||||||
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.25%, 01/01/24 | 200 | 227 | 0.07 | ||||||
_______________________ | |||||||||
28,567 | 8.94 | ||||||||
_______________________ | |||||||||
Colorado - 1.84% | |||||||||
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.25%, 11/15/28 | 200 | 225 | 0.07 | ||||||
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 11/15/17 | 300 | 332 | 0.10 | ||||||
City & County of Denver, Port, Airport, & Marina Rev. Ref. Bonds, Series B, 5.00%, 11/15/21 | 500 | 576 | 0.18 | ||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S. Treasury Obligations to 11/15/16 @ 100), 5.125%, 11/15/171 | 115 | 129 | 0.04 | ||||||
See Notes to Financial Statements | 5 |
Capital Group Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
Colorado—continued | |||||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 01/01/17 | $ | 2,000 | $ | 2,219 | 0.70 | % | |||
Colorado State Board of Governors, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 03/01/22 | 645 | 768 | 0.24 | ||||||
E-470 Public Highway Auth., Highway Tolls Rev. Bonds, Series CD (Mandatory Put 06/01/15 @ 100), 1.87%, 09/01/391 | 475 | 479 | 0.15 | ||||||
Regional Trans. Dist., Transit Imps. Cert. of Part. Lease Bonds, Series A, 5.00%, 06/01/18 | 1,000 | 1,148 | 0.36 | ||||||
_______________________ | |||||||||
5,876 | 1.84 | ||||||||
_______________________ | |||||||||
District of Columbia - 1.62% | |||||||||
Dist. of Columbia, Income Tax Secured, Rev. Ref. Bonds, Series E, 0.72%, 12/01/151 | 1,250 | 1,254 | 0.39 | ||||||
Dist. of Columbia, Water Util. Imps. Rev. Bonds (Mandatory Put 06/01/15 @ 100), 0.60%, 10/01/441 | 975 | 976 | 0.30 | ||||||
Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 3.50%, 10/01/18 | 2,500 | 2,733 | 0.86 | ||||||
Washington Convention Center Auth., Hotel Occupancy Tax Rev. Bonds, Series A (AMBAC Insured), 5.00%, 10/01/15 | 200 | 213 | 0.07 | ||||||
_______________________ | |||||||||
5,176 | 1.62 | ||||||||
_______________________ | |||||||||
Florida - 12.02% | |||||||||
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1: | |||||||||
5.00%, 06/01/16 | 635 | 692 | 0.22 | ||||||
5.00%, 06/01/19 | 150 | 173 | 0.05 | ||||||
5.00%, 06/01/20 | 1,100 | 1,266 | 0.40 | ||||||
5.25%, 06/01/17 | 2,100 | 2,372 | 0.74 | ||||||
6.00%, 06/01/16 | 300 | 333 | 0.10 | ||||||
6.00%, 06/01/17 | 1,275 | 1,468 | 0.46 | ||||||
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, Series A-1, 5.00%, 06/01/19 | 2,225 | 2,563 | 0.80 | ||||||
City of Cape Coral, Water Rev. Ref. Bonds, 5.00%, 10/01/18 | 1,000 | 1,133 | 0.36 | ||||||
City of Clearwater, Water Rev. Ref. Bonds, Series B, 5.00%, 12/01/18 | 100 | 116 | 0.04 | ||||||
City of Fort Lauderdale, Water Util. Imps. Rev. Bonds (NATL-RE Insured), 4.00%, 09/01/16 | 100 | 108 | 0.03 | ||||||
City of Jacksonville, Sales Tax Rev. Ref. Bonds, 5.00%, 10/01/19 | 1,000 | 1,159 | 0.36 | ||||||
City of Tampa, Health Care Facs. Rev. Ref. Bonds: | |||||||||
5.00%, 11/15/16 | 1,200 | 1,336 | 0.42 | ||||||
5.00%, 11/15/17 | 2,000 | 2,271 | 0.71 | ||||||
County of Broward, Water Util. Imps. Rev. Bonds, Series A, 2.40%, 10/01/14 | 100 | 101 | 0.03 | ||||||
County of Miami-Dade, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 10/01/18 | 1,100 | 1,271 | 0.40 | ||||||
County of Saint Johns, Water Rev. Ref. Bonds (AGM Insured), 5.00%, 06/01/16 | 100 | 109 | 0.03 | ||||||
Florida Higher Educ. Facs. Financial Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 04/01/22 | 1,000 | 1,125 | 0.35 | ||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 5.00%, 07/01/28 | 650 | 696 | 0.22 | ||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B, 4.50%, 01/01/29 | 975 | 1,043 | 0.33 | ||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, 01/01/29 | 535 | 577 | 0.18 | ||||||
See Notes to Financial Statements | 6 |
Capital Group Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
Florida—continued | |||||||||
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A: | |||||||||
5.00%, 07/01/14 | $ | 150 | $ | 151 | 0.05 | % | |||
5.00%, 07/01/15 | 1,435 | 1,515 | 0.47 | ||||||
5.00%, 07/01/16 | 2,100 | 2,303 | 0.72 | ||||||
Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 5.00%, 10/01/20 | 600 | 701 | 0.22 | ||||||
Florida State Board of Edu., Misc. Rev. Ref. Bonds, Series E: | |||||||||
5.00%, 07/01/15 | 525 | 555 | 0.17 | ||||||
5.00%, 07/01/16 | 2,000 | 2,200 | 0.69 | ||||||
Florida State Dept. of Environmental Protection, Public Imps. Misc. Taxes Rev. Bonds, Series B, 5.00%, 07/01/19 | 1,450 | 1,663 | 0.52 | ||||||
Florida State Dept. of Trans., Highway Imps. Rev. Bonds, Series B, 5.00%, 07/01/14 | 1,000 | 1,008 | 0.32 | ||||||
Florida Water Pollution Control Fncg. Corp., Pollution Control Misc. Rev. Bonds, Series A: | |||||||||
5.00%, 01/15/20 | 300 | 346 | 0.11 | ||||||
5.00%, 01/15/23 | 300 | 341 | 0.11 | ||||||
JEA, Energy Res. Auth. Imps. Rev. Bonds, 5.50%, 10/01/29 | 200 | 204 | 0.06 | ||||||
JEA, Water Util. Imps. Rev. Bonds, Series A, 5.00%, 10/01/26 | 200 | 201 | 0.06 | ||||||
Miami-Dade County Expressway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 07/01/21 | 1,750 | 2,032 | 0.64 | ||||||
Miami-Dade County Expressway Auth., Highway Tolls Rev. Ref. Bonds, Series A (Assured GTY Insured): | |||||||||
3.00%, 07/01/15 | 575 | 592 | 0.19 | ||||||
3.00%, 07/01/16 | 2,050 | 2,155 | 0.68 | ||||||
Miami-Dade County School Board, School Imps. Certs. of Part. Lease Bonds, Series B (AMBAC Insured), 4.00%, 11/01/15 | 100 | 106 | 0.03 | ||||||
Orlando Utils. Commission, Multiple Util. Rev. Ref. Bonds, Series C, 5.00%, 10/01/17 | 1,000 | 1,143 | 0.36 | ||||||
Orlando Utils. Commission, Water Rev. Ref. Bonds, Series B, 5.00%, 10/01/23 | 400 | 459 | 0.14 | ||||||
South Broward Hospital Dist., Health Care Facs. Rev. Ref. Bonds (NAT-RE Insured), 5.00%, 05/01/21 | 275 | 295 | 0.09 | ||||||
Tampa Bay Water, Water Rev. Ref. Bonds, Series B, 5.00%, 10/01/18 | 430 | 501 | 0.16 | ||||||
_______________________ | |||||||||
38,383 | 12.02 | ||||||||
_______________________ | |||||||||
Georgia - 2.82% | |||||||||
Burke County Dev. Auth., Pollution Control Res. Recovery Rev. Bonds, 7.00%, 01/01/23 | 300 | 351 | 0.11 | ||||||
City of Atlanta, Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 01/01/17 | 1,250 | 1,394 | 0.44 | ||||||
DeKalb County Hospital Auth., Health Care Facs. Imps. Rev. Bonds, 5.25%, 09/01/20 | 2,000 | 2,192 | 0.69 | ||||||
DeKalb Private Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 11/15/24 | 200 | 228 | 0.07 | ||||||
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, 06/01/44 | 1,800 | 1,953 | 0.61 | ||||||
Georgia State Road & Tollway Auth., Highway Imps. Misc. Taxes Rev. Bonds, Series A, 5.00%, 06/01/18 | 400 | 461 | 0.15 | ||||||
Gwinnett County Dev. Auth., Certs. of Part. Lease Ref. Bonds (NATL-RE Insured), 5.00%, 01/01/16 | 100 | 108 | 0.03 | ||||||
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 11/01/19 | 1,000 | 1,173 | 0.37 | ||||||
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series A, 5.00%, 01/01/21 | 500 | 588 | 0.18 | ||||||
See Notes to Financial Statements | 7 |
Capital Group Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
Georgia—continued | |||||||||
Thomasville Hospital Auth., Health Care Facs. Imps. Rev. Bonds, 3.25%, 11/01/14 | $ | 540 | $ | 547 | 0.17 | % | |||
_______________________ | |||||||||
8,995 | 2.82 | ||||||||
_______________________ | |||||||||
Guam - 0.42% | |||||||||
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 10/01/23 | 1,200 | 1,338 | 0.42 | ||||||
_______________________ | |||||||||
1,338 | 0.42 | ||||||||
_______________________ | |||||||||
Hawaii - 0.94% | |||||||||
State of Hawaii, G.O. Prop. Tax Ref. Bonds, Series DT, 5.00%, 11/01/19 | 600 | 711 | 0.22 | ||||||
State of Hawaii, G.O. Public Imps. Bonds, Series DZ, 5.00%, 12/01/19 | 1,250 | 1,483 | 0.47 | ||||||
State of Hawaii, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 07/01/22 | 700 | 807 | 0.25 | ||||||
_______________________ | |||||||||
3,001 | 0.94 | ||||||||
_______________________ | |||||||||
Illinois - 8.10% | |||||||||
Chicago Board of Edu., G.O. Prop. Tax Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 12/01/16 | 100 | 103 | 0.03 | ||||||
City of Chicago, G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, 01/01/21 | 1,545 | 1,744 | 0.55 | ||||||
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 01/01/17 | 1,675 | 1,819 | 0.57 | ||||||
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series C (Assured GTY Insured), 5.25%, 01/01/22 | 1,000 | 1,138 | 0.36 | ||||||
City of Chicago, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 01/01/21 | 500 | 578 | 0.18 | ||||||
City of Chicago, Sewer Imps. Rev. Bonds, 4.00%, 01/01/21 | 1,000 | 1,068 | 0.33 | ||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 10/01/22 | 200 | 219 | 0.07 | ||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, Series B-2 (Mandatory Put 02/12/15 @ 100), 1.875%, 07/01/361 | 300 | 304 | 0.10 | ||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 02/01/19 @ 100), 1.65%, 07/01/251 | 2,000 | 2,005 | 0.63 | ||||||
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 07/01/14 @ 100), 4.375%, 11/15/221 | 140 | 141 | 0.04 | ||||||
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, Series A-3 (Mandatory Put 05/01/19 @ 100), 5.00%, 11/01/301 | 1,000 | 1,161 | 0.36 | ||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/15 | 100 | 106 | 0.03 | ||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-1 (Mandatory Put 01/15/20 @ 100), 5.00%, 11/01/301 | 1,500 | 1,741 | 0.55 | ||||||
Illinois State Toll Highway Auth., Highway Imps. Rev. Bonds, Series A (AGM Insured), 5.00%, 01/01/15 | 1,000 | 1,032 | 0.32 | ||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.50%, 01/01/15 | 1,950 | 2,019 | 0.63 | ||||||
Regional Trans. Auth. Rev. Ref. Bonds (NATL-RE Insured), 6.00%, 06/01/20 | 2,000 | 2,423 | 0.76 | ||||||
Regional Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (AGM G.O. of Auth. Insured), 5.00%, 06/01/18 | 1,200 | 1,380 | 0.43 | ||||||
Regional Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.50%, 07/01/20 | 1,610 | 1,940 | 0.61 | ||||||
State of Illinois, G.O. Misc. Rev. Ref. Bonds, Series B, 5.25%, 01/01/21 | 2,000 | 2,316 | 0.73 | ||||||
State of Illinois, G.O. Public Imps. Misc. Rev. Bonds: | |||||||||
5.00%, 07/01/17 | 300 | 335 | 0.10 | ||||||
5.00%, 07/01/21 | 375 | 430 | 0.13 | ||||||
State of Illinois, Sales Tax Rev. Ref. Bonds, 5.00%, 06/15/20 | 1,500 | 1,768 | 0.55 | ||||||
See Notes to Financial Statements | 8 |
Capital Group Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||
Bonds & notes—continued | ||||||||
Illinois—continued | ||||||||
Univ. of Illinois, Certs. of Part. Lease Rev. Ref. Bonds, Series A (AGM Insured), 5.25%, 10/01/24 | $ | 100 | $ | 112 | 0.04 | % | ||
_______________________ | ||||||||
25,882 | 8.10 | |||||||
_______________________ | ||||||||
Indiana - 1.51% | ||||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, 08/15/19 | 500 | 554 | 0.17 | |||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.50%, 05/01/24 | 100 | 110 | 0.03 | |||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 02/15/20 | 1,400 | 1,493 | 0.47 | |||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series N, 5.00%, 03/01/20 | 1,200 | 1,386 | 0.43 | |||||
Indiana Fin. Auth., Sewer Imps. Prop. Tax Bonds, Series A, 5.00%, 10/01/17 | 1,000 | 1,137 | 0.36 | |||||
Purdue Univ., Certs. of Part. Lease Rev. Ref. Bonds, 5.00%, 07/01/15 | 150 | 158 | 0.05 | |||||
_______________________ | ||||||||
4,838 | 1.51 | |||||||
_______________________ | ||||||||
Iowa - 0.39% | ||||||||
Iowa Fin. Auth., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 2.15%, 02/01/43 | 957 | 883 | 0.28 | |||||
Iowa Fin. Auth., Water Util. Imps. Misc. Rev. Bonds, 5.00%, 08/01/19 | 300 | 356 | 0.11 | |||||
_______________________ | ||||||||
1,239 | 0.39 | |||||||
_______________________ | ||||||||
Kansas - 0.18% | ||||||||
Kansas Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 09/01/18 | 500 | 582 | 0.18 | |||||
_______________________ | ||||||||
582 | 0.18 | |||||||
_______________________ | ||||||||
Kentucky - 2.01% | ||||||||
Kentucky Asset Liability Commission, Public Imps. Rev. Bonds, 5.00%, 09/01/24 | 1,500 | 1,785 | 0.56 | |||||
Kentucky Higher Edu. Student Ln. Corp., Student Ln. Rev. Bonds, Series 1-Class A-1 (GTD St. Lns. Insured), 0.7254%, 05/01/201 | 85 | 84 | 0.02 | |||||
Kentucky Housing Corp., St. Single Family Housing Rev. Bonds, Series B, 5.00%, 07/01/27 | 675 | 700 | 0.22 | |||||
Kentucky Public Trans. Infrastructure Auth., Highway Tolls Rev. Bonds, 5.00%, 07/01/17 | 3,475 | 3,860 | 1.21 | |||||
_______________________ | ||||||||
6,429 | 2.01 | |||||||
_______________________ | ||||||||
Louisiana - 1.72% | ||||||||
Louisiana Office Facs. Corp., Lease Rev. Ref. Bonds, 5.00%, 03/01/16 | 300 | 324 | 0.10 | |||||
Louisiana Public Facs. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, Series B, 5.25%, 05/15/27 | 250 | 262 | 0.08 | |||||
Louisiana Stadium & Exposition Dist., Misc. Rev. Ref. Bonds, Series A, 5.00%, 07/01/22 | 1,500 | 1,740 | 0.55 | |||||
Parish of St Charles, Ind. Imps. Rev. Bonds (Mandatory Put 06/01/22 @ 100), 4.00%, 12/01/401 | 2,000 | 2,114 | 0.66 | |||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, 05/15/25 | 1,000 | 1,051 | 0.33 | |||||
_______________________ | ||||||||
5,491 | 1.72 | |||||||
_______________________ | ||||||||
Massachusetts - 1.96% | ||||||||
City of Boston, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, 04/01/16 | 160 | 174 | 0.06 | |||||
Massachusetts Bay Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/15 @ 100), 5.00%, 07/01/25 | 100 | 106 | 0.03 | |||||
See Notes to Financial Statements | 9 |
Capital Group Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
Massachusetts—continued | |||||||||
Massachusetts Bay Trans. Auth., Sales Tax Rev. Ref. Bonds, Series C, 5.00%, 07/01/19 | $ | 900 | $ | 1,066 | 0.33 | % | |||
Massachusetts Dev. Fin. Agcy., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 01/01/15 | 1,000 | 1,026 | 0.32 | ||||||
Massachusetts Dev. Fin. Agcy., College & Univ. Rev. Ref. Bonds, Series B-3, 5.00%, 01/01/23 | 1,100 | 1,301 | 0.41 | ||||||
Massachusetts Dev. Fin. Agcy., Health Care Facs. Rev. Ref. Bonds, Series M (Mandatory Put 01/30/18 @ 100), 0.67%, 07/01/381 | 1,000 | 1,000 | 0.31 | ||||||
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 12/15/25 | 100 | 117 | 0.04 | ||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series 169, 4.00%, 12/01/44 | 1,250 | 1,357 | 0.43 | ||||||
Massachusetts State Water Pollution Abatement, Water Rev. Ref. Bonds, 5.00%, 08/01/14 | 100 | 101 | 0.03 | ||||||
_______________________ | |||||||||
6,248 | 1.96 | ||||||||
_______________________ | |||||||||
Michigan - 3.62% | |||||||||
City of Detroit, G.O. Public Imps. Prop. Tax Bonds, Series A-1 (NATL-RE Insured), 5.375%, 04/01/18 | 700 | 689 | 0.22 | ||||||
Detroit City School Dist., G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 05/01/19 | 1,400 | 1,561 | 0.49 | ||||||
Michigan Fin. Auth., Misc. Rev. Ref. Bonds: | |||||||||
5.00%, 01/01/18 | 2,000 | 2,293 | 0.72 | ||||||
5.00%, 01/01/21 | 700 | 812 | 0.25 | ||||||
Michigan State Univ., College & Univ. Imps. Rev. Ref. Bonds, Series C, 5.00%, 08/15/17 | 1,500 | 1,706 | 0.53 | ||||||
Michigan Strategic Fund, Energy Res. Auth. Rev. Ref. Bonds, 5.625%, 07/01/20 | 1,160 | 1,370 | 0.43 | ||||||
Univ. of Michigan, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 04/01/16 | 150 | 163 | 0.05 | ||||||
Univ. of Michigan, College & Univ. Imps. Rev. Ref. Bonds, Series C, 4.00%, 04/01/15 | 200 | 207 | 0.07 | ||||||
Wayne County Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 12/01/22 | 850 | 959 | 0.30 | ||||||
Wayne County Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 12/01/17 | 1,500 | 1,683 | 0.53 | ||||||
Wayne State Univ., College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, 11/15/16 | 100 | 110 | 0.03 | ||||||
_______________________ | |||||||||
11,553 | 3.62 | ||||||||
_______________________ | |||||||||
Minnesota - 0.86% | |||||||||
Minneapolis-St Paul Metropolitan Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 01/01/17 | 350 | 389 | 0.12 | ||||||
Minnesota Housing Fin. Agcy., Housing Rev. Bonds (GNMA/FNMA/FHLMC COLL Insured), 4.25%, 07/01/28 | 705 | 749 | 0.24 | ||||||
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 2.25%, 12/01/42 | 929 | 876 | 0.27 | ||||||
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.00%, 07/01/40 | 670 | 719 | 0.23 | ||||||
_______________________ | |||||||||
2,733 | 0.86 | ||||||||
_______________________ | |||||||||
See Notes to Financial Statements | 10 |
Capital Group Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
Mississippi - 0.69% | |||||||||
Jackson State Univ. Educ. Building Corp., College & Univ. Imps. Lease Rev. Bonds (Mandatory Put 03/01/15 @ 100) (AGM Insured), 5.00%, 03/01/341 | $ | 2,120 | $ | 2,197 | 0.69 | % | |||
_______________________ | |||||||||
2,197 | 0.69 | ||||||||
_______________________ | |||||||||
Missouri - 0.12% | |||||||||
I-470 & 350 Trans. Dev. Dist., Sales Tax Rev. Ref. Bonds (Radian Insured), 4.60%, 06/01/29 | 65 | 66 | 0.02 | ||||||
Lees Summit Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/14 | 200 | 202 | 0.06 | ||||||
Missouri State Environmental Imps. & Energy Ress. Auth, Water Rev. Ref. Bonds, Series A, 5.00%, 01/01/19 | 100 | 117 | 0.04 | ||||||
_______________________ | |||||||||
385 | 0.12 | ||||||||
_______________________ | |||||||||
Nebraska - 0.34% | |||||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured): | |||||||||
2.50%, 09/01/34 | 600 | 619 | 0.20 | ||||||
3.00%, 03/01/43 | 445 | 456 | 0.14 | ||||||
_______________________ | |||||||||
1,075 | 0.34 | ||||||||
_______________________ | |||||||||
Nevada - 1.73% | |||||||||
Clark County School Dist., G.O. Public Imps. Rev. Bonds (AGM Insured), 5.50%, 06/15/15 | 100 | 106 | 0.03 | ||||||
County of Clark, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 07/01/16 | 325 | 356 | 0.11 | ||||||
County of Clark, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 07/01/17 | 1,400 | 1,575 | 0.49 | ||||||
County of Clark, Sales Tax Rev. Bonds, Series B, 4.00%, 07/01/18 | 2,000 | 2,217 | 0.70 | ||||||
Las Vegas Valley Water Dist., G.O. Water Util. Imps. Prop. Tax Bonds, Series B, 5.00%, 06/01/19 | 1,100 | 1,281 | 0.40 | ||||||
_______________________ | |||||||||
5,535 | 1.73 | ||||||||
_______________________ | |||||||||
New Hampshire - 0.19% | |||||||||
New Hampshire Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, 4.00%, 01/01/22 | 575 | 601 | 0.19 | ||||||
_______________________ | |||||||||
601 | 0.19 | ||||||||
_______________________ | |||||||||
New Jersey - 5.73% | |||||||||
Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A: | |||||||||
5.00%, 11/01/20 | 1,000 | 1,199 | 0.38 | ||||||
5.00%, 11/01/21 | 200 | 242 | 0.08 | ||||||
New Jersey Econ. Dev. Auth., Lease Rev. Ref. Bonds: | |||||||||
4.00%, 12/15/15 | 1,000 | 1,061 | 0.33 | ||||||
5.00%, 12/15/17 | 2,000 | 2,277 | 0.71 | ||||||
New Jersey Econ. Dev. Auth., Rev. Ref. Bonds, Series PP, 5.00%, 06/15/25 | 1,200 | 1,385 | 0.43 | ||||||
New Jersey Econ. Dev. Auth., School Imps. Rev. Bonds, 1.02%, 02/01/171 | 1,025 | 1,035 | 0.32 | ||||||
New Jersey Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series K, 5.00%, 07/01/14 | 100 | 101 | 0.03 | ||||||
New Jersey Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 07/01/17 | 1,500 | 1,706 | 0.54 | ||||||
New Jersey Educ. Facs. Auth., Lease Rev. Ref. Bonds, Series A, 4.00%, 09/01/14 | 100 | 101 | 0.03 | ||||||
See Notes to Financial Statements | 11 |
Capital Group Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
New Jersey—continued | |||||||||
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Ref. Bonds, Series 1A: | |||||||||
5.00%, 12/01/15 | $ | 1,000 | $ | 1,071 | 0.34 | % | |||
5.00%, 12/01/17 | 1,420 | 1,600 | 0.50 | ||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/18 @ 100), 0.80%, 01/01/241 | 1,950 | 1,960 | 0.61 | ||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series E (Mandatory Put 01/01/18 @ 100), 0.80%, 01/01/241 | 1,150 | 1,156 | 0.36 | ||||||
New Jersey Trans. Trust Fund Auth., Transit Imps. Misc. Rev. Bonds, Series A, 5.00%, 06/15/15 | 500 | 527 | 0.17 | ||||||
New Jersey Trans. Trust Fund Auth., Transit Imps. Misc. Rev. Bonds, Series D (Mandatory Put 06/15/15 @ 100) (AMBAC Insured), 5.00%, 06/15/17 | 100 | 105 | 0.03 | ||||||
New Jersey Trans. Trust Fund Auth., Transit Rev. Ref. Bonds, Series A (AMBAC Insured), 5.50%, 12/15/15 | 2,000 | 2,169 | 0.68 | ||||||
Rutgers The State University of New Jersey, College & Univ. Rev. Ref. Bonds, Series J, 5.00%, 05/01/19 | 525 | 614 | 0.19 | ||||||
_______________________ | |||||||||
18,309 | 5.73 | ||||||||
_______________________ | |||||||||
New Mexico - 0.07% | |||||||||
New Mexico Educ. Assistance Foundation, Rev. Bonds, Series A-2 (GTD St. Lns. Insured), 0.8861%, 12/01/281 | 235 | 234 | 0.07 | ||||||
_______________________ | |||||||||
234 | 0.07 | ||||||||
_______________________ | |||||||||
New York - 7.04% | |||||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Series B, 5.00%, 08/01/17 | 2,000 | 2,271 | 0.71 | ||||||
City of New York, G.O. Public Imps. Prop. Tax Rev. Bonds, Series H-1, 4.00%, 03/01/17 | 100 | 109 | 0.03 | ||||||
City of New York, G.O. Public Imps. Prop. Tax Rev. Bonds, Sub-Series A-6, 0.62%, 08/01/311 | 1,250 | 1,253 | 0.39 | ||||||
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series 2010 A, 5.00%, 05/01/14 | 1,250 | 1,250 | 0.39 | ||||||
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series F (NATL-RE Insured), 5.00%, 05/01/16 | 1,830 | 1,978 | 0.62 | ||||||
Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B, 1.12%, 11/01/201 | 2,000 | 2,010 | 0.63 | ||||||
Metropolitan Trans. Auth., Transit Rev. Ref. Bonds, Series A-2, 5.00%, 11/15/24 | 2,000 | 2,336 | 0.73 | ||||||
New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 02/15/17 | 2,000 | 2,231 | 0.70 | ||||||
New York City Transitional Fin. Auth., School Imps. Misc. Rev. Bonds, Series S-5 (St. Aid Withhldg. Insured), 5.00%, 01/15/19 | 100 | 117 | 0.04 | ||||||
New York City Trust for Cultural Ress. Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.35%, 01/01/361 | 1,250 | 1,265 | 0.40 | ||||||
New York State Dormitory Auth., College & Univ. Imps. Rev. Bonds, 4.00%, 07/01/16 | 125 | 132 | 0.04 | ||||||
New York State Dormitory Auth., College and Univ. Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.00%, 07/01/14 | 200 | 202 | 0.06 | ||||||
New York State Dormitory Auth., Health Care Facs. Imps. Income Tax Rev. Bonds, Series A, 5.00%, 02/15/16 | 500 | 542 | 0.17 | ||||||
New York State Dormitory Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, 10/01/17 | 1,000 | 1,136 | 0.35 | ||||||
New York State Thruway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 05/01/19 | 2,500 | 2,898 | 0.91 | ||||||
Public Housing Capital Fund Trust I Rev. Bonds (HUD Ln. Insured), 4.50%, 07/01/222 | 643 | 674 | 0.21 | ||||||
See Notes to Financial Statements | 12 |
Capital Group Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
New York—continued | |||||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, 06/01/17 | $ | 1,850 | $ | 2,094 | 0.66 | % | |||
_______________________ | |||||||||
22,498 | 7.04 | ||||||||
_______________________ | |||||||||
North Carolina - 1.30% | |||||||||
Board of Governors of the Univ. of North Carolina, College & Univ. Imps. Rev. Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 10/01/15 | 110 | 117 | 0.04 | ||||||
City of Charlotte, Rev. Ref. Bonds, Series B, 5.00%, 07/01/23 | 400 | 468 | 0.15 | ||||||
North Carolina Muni. Power Agcy. No. 1, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.25%, 01/01/20 | 175 | 197 | 0.06 | ||||||
Raleigh Durham Airport Auth., Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 05/01/19 | 2,500 | 2,915 | 0.91 | ||||||
State of North Carolina, Highway Imps. Rev. Bonds, 5.00%, 03/01/17 | 400 | 448 | 0.14 | ||||||
_______________________ | |||||||||
4,145 | 1.30 | ||||||||
_______________________ | |||||||||
North Dakota - 0.18% | |||||||||
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, 3.75%, 07/01/42 | 550 | 567 | 0.18 | ||||||
_______________________ | |||||||||
567 | 0.18 | ||||||||
_______________________ | |||||||||
Ohio - 4.09% | |||||||||
City of Cleveland Airport System Rev., Port, Airport & Marina Imps. Rev. Bonds, Series C (AGM Insured), 5.00%, 01/01/17 | 1,250 | 1,381 | 0.43 | ||||||
City of Cleveland, Airport System, Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 01/01/25 | 1,000 | 1,097 | 0.34 | ||||||
County of Allen, Lease Rev. Ref. Bonds, Series B: | |||||||||
5.00%, 09/01/18 | 1,000 | 1,150 | 0.36 | ||||||
5.00%, 09/01/19 | 2,000 | 2,319 | 0.73 | ||||||
5.00%, 09/01/20 | 1,030 | 1,199 | 0.37 | ||||||
Miami University/Oxford, College & Univ. Imps. Rev. Bonds, 4.00%, 09/01/19 | 800 | 895 | 0.28 | ||||||
Ohio Air Quality Dev. Auth., Ind. Rev. Ref. Bonds (Mandatory Put 06/01/16 @ 100), 5.75%, 06/01/331 | 1,000 | 1,074 | 0.34 | ||||||
Ohio Air Quality Dev. Auth., Ind. Rev. Ref. Bonds, Series C, 5.625%, 06/01/18 | 1,000 | 1,109 | 0.35 | ||||||
Ohio Air Quality Dev. Auth., Res. Recovery Imps. Rev. Bonds, Series A, 5.70%, 08/01/20 | 1,000 | 1,128 | 0.35 | ||||||
Ohio State Building Auth., Rev. Ref. Bonds, Series A, 5.00%, 10/01/17 | 1,500 | 1,717 | 0.54 | ||||||
_______________________ | |||||||||
13,069 | 4.09 | ||||||||
_______________________ | |||||||||
Oklahoma - 0.55% | |||||||||
Oklahoma Dev. Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/24 | 200 | 222 | 0.07 | ||||||
Oklahoma Muni. Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A (Mandatory Put 08/01/18 @ 100), 0.92%, 01/01/231 | 1,520 | 1,524 | 0.48 | ||||||
_______________________ | |||||||||
1,746 | 0.55 | ||||||||
_______________________ | |||||||||
Oregon - 0.33% | |||||||||
Tri-County Metropolitan Trans. Dist., Transit Imps. Misc. Taxes Rev. Bonds, 4.00%, 11/01/17 | 1,000 | 1,069 | 0.33 | ||||||
_______________________ | |||||||||
1,069 | 0.33 | ||||||||
_______________________ | |||||||||
See Notes to Financial Statements | 13 |
Capital Group Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
Pennsylvania - 2.85% | |||||||||
Allegheny County Higher Edu. Building Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 03/01/22 | $ | 400 | $ | 467 | 0.15 | % | |||
City of Philadelphia, Water Rev. Ref. Bonds, Series A, 5.00%, 06/15/15 | 3,000 | 3,162 | 0.99 | ||||||
Pennsylvania Higher Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AMBAC Insured), 5.00%, 08/15/15 | 200 | 212 | 0.07 | ||||||
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds, 5.00%, 06/15/17 | 1,500 | 1,697 | 0.53 | ||||||
Pennsylvania Turnpike Commission, Highway Tolls Rev. Bonds, Series A, 0.80%, 12/01/181 | 1,500 | 1,505 | 0.47 | ||||||
Philadelphia School Dist., G.O. School Imps. Prop. Tax Rev. Bonds, Series A (St. Aid Withhldg. Insured), 5.00%, 06/01/15 | 1,745 | 1,828 | 0.57 | ||||||
Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.25%, 09/15/24 | 200 | 234 | 0.07 | ||||||
_______________________ | |||||||||
9,105 | 2.85 | ||||||||
_______________________ | |||||||||
Puerto Rico - 0.66% | |||||||||
Commonwealth of Puerto Rico, G.O. Prop. Tax Rev. Ref. Bonds, 5.00%, 07/01/23 | 500 | 373 | 0.12 | ||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Imps. Rev. Ref. Bonds: | |||||||||
3.00%, 10/01/18 | 500 | 472 | 0.15 | ||||||
5.00%, 10/01/17 | 500 | 524 | 0.16 | ||||||
5.00%, 10/01/19 | 710 | 744 | 0.23 | ||||||
_______________________ | |||||||||
2,113 | 0.66 | ||||||||
_______________________ | |||||||||
South Carolina - 1.33% | |||||||||
South Carolina Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds: | |||||||||
5.00%, 08/01/18 | 1,025 | 1,125 | 0.35 | ||||||
5.00%, 11/01/20 | 500 | 569 | 0.18 | ||||||
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA/FNMA/FHLMC Insured), 4.50%, 07/01/30 | 960 | 1,037 | 0.33 | ||||||
South Carolina State Public Service Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B, 5.00%, 01/01/16 | 1,300 | 1,400 | 0.44 | ||||||
South Carolina Trans. Infrastructure Bank, Transit Rev. Ref. Bonds, Series A, 5.00%, 10/01/14 | 100 | 102 | 0.03 | ||||||
_______________________ | |||||||||
4,233 | 1.33 | ||||||||
_______________________ | |||||||||
Tennessee - 1.35% | |||||||||
City of Memphis, Energy Res. Auth. Rev. Ref. Bonds: | |||||||||
5.00%, 12/01/14 | 125 | 128 | 0.04 | ||||||
5.00%, 12/01/18 | 100 | 117 | 0.04 | ||||||
Metropolitan Govt. Nashville & Davidson County Health & Educ. Facs. Board, College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 10/01/17 @ 100), 0.72%, 10/01/381 | 1,400 | 1,407 | 0.44 | ||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds: | |||||||||
4.00%, 07/01/38 | 920 | 996 | 0.31 | ||||||
4.50%, 07/01/37 | 865 | 952 | 0.30 | ||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds, Series A-1, 5.00%, 01/01/27 | 655 | 699 | 0.22 | ||||||
_______________________ | |||||||||
4,299 | 1.35 | ||||||||
_______________________ | |||||||||
See Notes to Financial Statements | 14 |
Capital Group Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
Texas - 6.72% | |||||||||
City of Houston, Port, Airport & Marina Rev. Ref. Bonds, Series B (NATL-RE FGIC Insured), 5.00%, 07/01/25 | $ | 275 | $ | 305 | 0.10 | % | |||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 0.87%, 05/15/341 | 1,400 | 1,413 | 0.44 | ||||||
City of Houston, Water Rev. Ref. Bonds, Series C, 5.00%, 11/15/18 | 1,500 | 1,753 | 0.55 | ||||||
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 02/01/17 | 550 | 616 | 0.19 | ||||||
County of Dallas, G.O. Public Imps. Prop. Tax Rev. Bonds, 5.00%, 08/15/16 | 100 | 110 | 0.03 | ||||||
County of Harris, Highway Imps. Rev. Ref. Bonds, Series B-1 (NATL-RE FGIC Insured), 5.00%, 08/15/16 | 100 | 101 | 0.03 | ||||||
Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series A: | |||||||||
3.00%, 12/01/17 | 1,695 | 1,828 | 0.57 | ||||||
4.00%, 12/01/16 | 955 | 1,043 | 0.33 | ||||||
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 11/01/23 | 100 | 109 | 0.03 | ||||||
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 11/01/20 | 900 | 1,058 | 0.33 | ||||||
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, 11/01/20 | 1,000 | 1,176 | 0.37 | ||||||
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series G, 5.00%, 11/01/25 | 1,000 | 1,155 | 0.36 | ||||||
Grand Parkway Trans. Corp., Highway Tolls Rev. Ref. Bonds, Series A, 3.00%, 12/15/16 | 1,500 | 1,595 | 0.50 | ||||||
Harris County Cultural Edu. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 11/15/23 | 125 | 140 | 0.04 | ||||||
Harris County Cultural Educ. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds: | |||||||||
5.00%, 11/15/17 | 445 | 509 | 0.16 | ||||||
5.00%, 11/15/18 | 275 | 320 | 0.10 | ||||||
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.15%, 07/01/311 | 250 | 250 | 0.08 | ||||||
Houston Comm. College System, College & Univ. Imps. Rev. Ref. Bonds (AGM Insured), 5.25%, 04/15/15 | 100 | 105 | 0.03 | ||||||
Houston Higher Edu. Fin. Corp., College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 11/16/17 @ 100), 0.65%, 05/15/481 | 850 | 854 | 0.27 | ||||||
North Texas Tollway Auth., Highway Imps. Rev. Bonds, Series A (Escrowed to Maturity) (AGM Insured), 5.00%, 01/01/15 | 100 | 103 | 0.03 | ||||||
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 01/01/19 @ 100), 1.95%, 01/01/381 | 1,325 | 1,322 | 0.41 | ||||||
North Texas Tollway Auth., Misc. Rev. Ref. Bonds, Series A: | |||||||||
6.00%, 01/01/19 | 100 | 115 | 0.04 | ||||||
6.00%, 01/01/21 | 100 | 114 | 0.04 | ||||||
Olmos Park Higher Edu. Facs. Corp., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 12/01/19 | 980 | 1,136 | 0.36 | ||||||
Sam Rayburn Muni. Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, 5.00%, 10/01/20 | 1,180 | 1,364 | 0.43 | ||||||
State of Texas, G.O. Water Util. Imps. Bonds, Series A, 3.00%, 08/01/14 | 100 | 101 | 0.03 | ||||||
Tarrant County Cultural Educ. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/23 | 350 | 379 | 0.12 | ||||||
Texas Public Fin. Auth., Unemployment & Welfare Fndg. Misc. Rev. Bonds, Series A, 5.00%, 01/01/16 | 1,500 | 1,619 | 0.51 | ||||||
Texas Water Dev. Board, Water Util. Imps. Rev. Bonds, Series B, 5.25%, 07/15/22 | 600 | 681 | 0.21 | ||||||
See Notes to Financial Statements | 15 |
Capital Group Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
Texas—continued | |||||||||
Univ. of Texas System, College & Univ. Imps. Rev. Ref. Bonds, Series D, 5.00%, 08/15/14 | $ | 100 | $ | 101 | 0.03 | % | |||
_______________________ | |||||||||
21,475 | 6.72 | ||||||||
_______________________ | |||||||||
Utah - 0.09% | |||||||||
Intermountain Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A: | |||||||||
5.00%, 07/01/14 | 100 | 101 | 0.03 | ||||||
5.00%, 07/01/16 | 200 | 201 | 0.06 | ||||||
_______________________ | |||||||||
302 | 0.09 | ||||||||
_______________________ | |||||||||
Virginia - 0.45% | |||||||||
City of Chesapeake, Chesapeake Expressway Toll Road Rev., Highway Tolls Rev. Ref. Bonds, Series A, 4.00%, 07/15/19 | 850 | 914 | 0.29 | ||||||
County of Fairfax, G.O. Prop. Tax Rev. Ref. Bonds, Series C (St. Aid Withhldg. Insured), 5.00%, 10/01/17 | 200 | 229 | 0.07 | ||||||
Fairfax County Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, 10/01/15 | 275 | 288 | 0.09 | ||||||
_______________________ | |||||||||
1,431 | 0.45 | ||||||||
_______________________ | |||||||||
Washington - 3.83% | |||||||||
City of Seattle, Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B, 5.00%, 02/01/15 | 2,000 | 2,073 | 0.65 | ||||||
Energy Northwest, Energy Res. Auth. Imps. Rev. Bonds, Series C, 5.00%, 07/01/22 | 100 | 110 | 0.03 | ||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series A: | |||||||||
5.00%, 07/01/15 | 500 | 528 | 0.17 | ||||||
5.00%, 07/01/17 | 1,000 | 1,135 | 0.36 | ||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 07/01/17 | 1,650 | 1,874 | 0.59 | ||||||
Grays Harbor County Public Util. Dist. No. 1, Energy Res. Auth. Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.00%, 07/01/20 | 155 | 167 | 0.05 | ||||||
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, 5.00%, 06/01/16 | 1,500 | 1,638 | 0.51 | ||||||
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, Series A-1, 5.25%, 05/01/27 | 100 | 110 | 0.03 | ||||||
State of Washington, Highway Imps. Rev. Bonds, 5.00%, 09/01/20 | 2,000 | 2,357 | 0.74 | ||||||
Washington Health Care Facs. Auth., Health Care Facs. Imps. Rev. Bonds, Series B (Mandatory Put 10/01/21 @ 100), 5.00%, 10/01/421 | 800 | 941 | 0.30 | ||||||
Washington Health Care Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 10/01/20 | 1,100 | 1,283 | 0.40 | ||||||
_______________________ | |||||||||
12,216 | 3.83 | ||||||||
_______________________ | |||||||||
Wisconsin - 1.16% | |||||||||
County of Milwaukee, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 12/01/18 | 1,145 | 1,302 | 0.41 | ||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, 08/15/18 | 100 | 112 | 0.03 | ||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 10/15/17 | 1,200 | 1,338 | 0.42 | ||||||
See Notes to Financial Statements | 16 |
Capital Group Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||||||
Bonds & notes—continued | ||||||||||||||
Wisconsin—continued | ||||||||||||||
WPPI Energy, Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 07/01/20 | $ | 800 | $ | 945 | 0.30 | % | ||||||||
_______________________ | ||||||||||||||
3,697 | 1.16 | |||||||||||||
_______________________ | ||||||||||||||
Total bonds & notes (cost: $296,008,137) | 305,769 | 95.74 | ||||||||||||
_______________________ | ||||||||||||||
Short-term securities - 3.53% | ||||||||||||||
City of Minneapolis St. Paul Housing & Redev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B-1, 0.09%, 11/15/351 | 3,350 | 3,350 | 1.05 | |||||||||||
City of Minneapolis St. Paul Housing & Redev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B-2, 0.08%, 11/15/351 | 400 | 400 | 0.12 | |||||||||||
City of Valdez, Port, Airport & Marina Rev. Ref. Bonds, 0.08%, 12/01/331 | 3,000 | 3,000 | 0.94 | |||||||||||
Connecticut St. Health & Educ. Fac. Auth., College & Univ. Imps. Rev. Bonds, Series V-2, 0.05%, 07/01/361 | 400 | 400 | 0.12 | |||||||||||
Missouri State Health & Educ. Facs Auth., College & Univ. Imps. Rev. Bonds, Series A, 0.08%, 02/15/341 | 3,000 | 3,000 | 0.94 | |||||||||||
Montgomery County Public Building Auth., Public Imps. Misc. Rev. Bonds, 0.13%, 07/01/381 | 725 | 725 | 0.23 | |||||||||||
New York City Trust for Cultural Ress., Rev. Ref. Bonds, Series A-1, 0.09%, 12/01/351 | 400 | 400 | 0.13 | |||||||||||
_______________________ | ||||||||||||||
Total Short-term securities (cost: $11,275,000) | 11,275 | 3.53 | ||||||||||||
_______________________ | ||||||||||||||
Total investment securities (cost: $307,283,137) | 317,044 | 99.27 | ||||||||||||
Other assets less liabilities | 2,339 | 0.73 | ||||||||||||
_______________________ | ||||||||||||||
Net assets | $ | 319,383 | 100.00 | % | ||||||||||
_______________________ | ||||||||||||||
_______________________ | ||||||||||||||
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. | |||||||||||||
2 | Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2014, the aggregate market value of these securities amounted to $674,474, representing 0.21% of net assets. | |||||||||||||
Key to abbreviations | ||||||||||||||
Agcy. | = Agency | |||||||||||||
AGM | = Assured Guaranty Municipal Corporation | |||||||||||||
AMBAC | = American Municipal Bond Assurance Corporation | |||||||||||||
Auth. | = Authority | |||||||||||||
CA Mtg. Ins. | = California Mortgage Insurance | |||||||||||||
Certs. of Part. | = Certificates of Participation | |||||||||||||
CIFG | = CDC IXIS Financial Guaranty | |||||||||||||
COLL | = Collateral | |||||||||||||
Comm. | = Community | |||||||||||||
Corp. | = Corporation | |||||||||||||
Corps. | = Corporations | |||||||||||||
See Notes to Financial Statements | 17 |
Capital Group Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Dept. | = Department |
Dev. | = Development |
Dist. | = District |
Econ. | = Economic |
Edu. | = Education |
Educ. | = Educational |
Fac. | = Facility |
Facs. | = Facilities |
FGIC | = Financial Guaranty Insurance Company |
FHLMC | = Federal Home Loan Mortgage Corporation |
Fin. | = Finance |
Fncg. | = Financing |
Fndg. | = Funding |
FNMA | = Federal National Mortgage Association |
GNMA | = Government National Mortgage Association |
G.O. | = General Obligation |
Govt. | = Government |
GTD | = Guaranteed |
GTY | = Guaranty |
HUD | = Housing and Urban Development |
Imp. | = Improvement |
Imps. | = Improvements |
Ind. | = Industrial |
Intl. | = International |
Ln. | = Loan |
Lns. | = Loans |
Loc. | = Local |
Mgmt. | = Management |
Misc. | = Miscellaneous |
Muni. | = Municipal |
NATL-RE | = National Reinsurance |
No. | = Number |
Prop. | = Property |
Redev. | = Redevelopment |
Ref. | = Refunding |
Res. | = Resource |
Ress. | = Resources |
Rev. | = Revenue |
St. | = State |
Trans. | = Transportation |
Univ. | = University |
Util. | = Utility |
Utils. | = Utilities |
Withhldg. | = Withholding |
See Notes to Financial Statements | 18 |
Capital Group Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||
Bonds & notes - 88.61% | |||||||
Alabama - 1.53% | |||||||
Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 05/01/15 | $ | 1,000 | $ | 1,049 | 0.77 | % | |
Mobile Ind. Dev. Board, Ind. Imps. Rev. Bonds (Mandatory Put 03/19/15 @ 100), 5.00%, 06/01/341 | 1,000 | 1,038 | 0.76 | ||||
_______________________ | |||||||
2,087 | 1.53 | ||||||
_______________________ | |||||||
Arizona - 1.09% | |||||||
Arizona School Facs. Board, Certs of Part. Lease Ref. Bonds, Series A-1 (NATL-RE FGIC Insured), 5.00%, 09/01/15 | 365 | 388 | 0.28 | ||||
Arizona School Facs. Board, School Imps. Certs. of Part. Lease Rev. Bonds, 5.00%, 09/01/14 | 200 | 203 | 0.15 | ||||
Phoenix Civic Imp. Corp, Sewer Rev. Ref. Bonds, 5.00%, 07/01/17 | 250 | 284 | 0.21 | ||||
Salt River Project Agricultural Imps. & Power Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 4.00%, 12/01/17 | 550 | 613 | 0.45 | ||||
_______________________ | |||||||
1,488 | 1.09 | ||||||
_______________________ | |||||||
California - 8.07% | |||||||
Bay Area Toll Auth. Rev. Bonds (Mandatory Put 05/01/23 @ 100), 1.02%, 04/01/471 | 550 | 546 | 0.40 | ||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100), 1.02%, 04/01/451 | 1,500 | 1,490 | 1.09 | ||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, 4.00%, 04/01/22 | 500 | 569 | 0.42 | ||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/15/19 @ 100), 5.00%, 07/01/431 | 1,000 | 1,182 | 0.86 | ||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.40%, 04/01/381 | 500 | 500 | 0.37 | ||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series B1 (Mandatory Put 04/01/15 @ 100), 0.42%, 10/01/471 | 300 | 300 | 0.22 | ||||
California State Public Works Board, Correctional Fac. Imps. Lease Rev. Ref. Bonds, Series A, 5.00%, 09/01/18 | 250 | 290 | 0.21 | ||||
California State Public Works Board, Lease Rev. Ref. Bonds, 4.00%, 06/01/18 | 775 | 863 | 0.63 | ||||
California State Public Works Board, Rev. Bonds, Series G, 4.00%, 12/01/16 | 600 | 655 | 0.48 | ||||
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A-1 (Mandatory Put 07/01/14 @ 100), 0.47%, 06/01/251 | 465 | 465 | 0.34 | ||||
Glendale Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (AGM Insured), 4.00%, 12/01/19 | 200 | 222 | 0.16 | ||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, 06/01/19 | 1,000 | 1,158 | 0.85 | ||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/15 | 300 | 317 | 0.23 | ||||
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, 5.00%, 12/01/14 | 450 | 463 | 0.34 | ||||
State of California, G.O. General Fund Public Imps. Bonds (Mandatory Put 12/01/17 @ 100), 4.00%, 12/01/271 | 800 | 882 | 0.65 | ||||
State of California, G.O. Public Imps. Misc. Rev. Bonds, 4.00%, 09/01/18 | 1,000 | 1,125 | 0.82 | ||||
_______________________ | |||||||
11,027 | 8.07 | ||||||
_______________________ | |||||||
Colorado - 3.38% | |||||||
City & County of Denver, Port, Airport & Marina Imps. Rev. Bonds, Series C, 5.00%, 11/15/16 | 400 | 444 | 0.32 |
See Notes to Financial Statements | 19 |
Capital Group Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
Colorado—continued | |||||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 01/01/15 | $ | 1,000 | $ | 1,032 | 0.76 | % | |||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B (Mandatory Put 11/11/14 @ 100), 5.00%, 07/01/391 | 1,000 | 1,025 | 0.75 | ||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series C-2 (Mandatory Put 11/12/15 @ 100), 4.00%, 10/01/401 | 500 | 527 | 0.39 | ||||||
Colorado State Board of Governors, College & Univ. Rev. Ref. Bonds, Series A, 4.00%, 03/01/18 | 525 | 583 | 0.43 | ||||||
Regional Trans. Dist., Transit Imps. Certs of Part. Lease Rev. Bonds, Series A, 5.00%, 06/01/14 | 1,000 | 1,004 | 0.73 | ||||||
_______________________ | |||||||||
4,615 | 3.38 | ||||||||
_______________________ | |||||||||
Connecticut - 0.72% | |||||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Bonds, Sub-Series B-2 (FHA/INS/GTD Insured), 4.00%, 11/15/32 | 500 | 540 | 0.40 | ||||||
State of Connecticut, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, 04/01/15 | 425 | 444 | 0.32 | ||||||
_______________________ | |||||||||
984 | 0.72 | ||||||||
_______________________ | |||||||||
District of Columbia - 2.10% | |||||||||
Dist. of Columbia Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (AGM HUD Ln. Insured), 5.00%, 07/01/16 | 100 | 104 | 0.08 | ||||||
Dist. of Columbia, Income Tax Secured, Rev. Ref. Bonds, Series E, 0.72%, 12/01/151 | 1,000 | 1,003 | 0.73 | ||||||
Dist. of Columbia, Water Util. Imps. Rev. Bonds (Mandatory Put 06/01/15 @ 100), 0.60%, 10/01/441 | 600 | 601 | 0.44 | ||||||
Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 10/01/15 | 1,100 | 1,158 | 0.85 | ||||||
_______________________ | |||||||||
2,866 | 2.10 | ||||||||
_______________________ | |||||||||
Florida - 8.52% | |||||||||
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1, 5.00%, 06/01/16 | 1,000 | 1,091 | 0.80 | ||||||
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, Series A-1, 5.00%, 06/01/19 | 600 | 691 | 0.51 | ||||||
City of Cape Coral, Water Rev. Ref. Bonds, 3.00%, 10/01/17 | 600 | 628 | 0.46 | ||||||
City of Tampa, Health Care Facs. Rev. Ref. Bonds, 5.00%, 11/15/15 | 750 | 804 | 0.59 | ||||||
City of Tampa, Sewer Imps. Prop. Tax Bonds, 4.00%, 10/01/15 | 225 | 237 | 0.17 | ||||||
City of Tampa, Water Rev. Ref. Bonds, Series A: | |||||||||
5.00%, 10/01/16 | 1,250 | 1,388 | 1.01 | ||||||
5.00%, 10/01/17 | 450 | 514 | 0.38 | ||||||
County of Broward, Port, Airport & Marina Imps. Rev. Bonds, Series C, 5.00%, 10/01/17 | 1,000 | 1,137 | 0.83 | ||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA COLL Insured), 4.50%, 07/01/29 | 505 | 542 | 0.40 | ||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, 01/01/29 | 290 | 313 | 0.23 | ||||||
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A: | |||||||||
5.00%, 07/01/15 | 1,450 | 1,530 | 1.12 | ||||||
5.00%, 07/01/16 | 190 | 208 | 0.15 | ||||||
See Notes to Financial Statements | 20 |
Capital Group Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||
Bonds & notes—continued | ||||||||
Florida—continued | ||||||||
Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 4.00%, 10/01/17 | $ | 300 | $ | 330 | 0.24 | % | ||
Florida State Board of Edu., Misc. Rev. Ref. Bonds, Series E, 5.00%, 07/01/15 | 675 | 713 | 0.52 | |||||
Florida State Dept. of Trans., Highway Imps. Rev. Bonds, Series B, 5.00%, 07/01/14 | 1,000 | 1,008 | 0.74 | |||||
Orlando Utils. Commission, Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 10/01/14 | 500 | 510 | 0.37 | |||||
_______________________ | ||||||||
11,644 | 8.52 | |||||||
_______________________ | ||||||||
Georgia - 1.58% | ||||||||
Atlanta Dev. Auth., Loc. or GTD Housing Rev. Ref. Bonds, 5.00%, 09/01/17 | 250 | 283 | 0.21 | |||||
City of Atlanta, Water Rev. Ref. Bonds, Series B, 5.00%, 11/01/19 | 1,000 | 1,174 | 0.86 | |||||
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, 06/01/44 | 650 | 705 | 0.51 | |||||
_______________________ | ||||||||
2,162 | 1.58 | |||||||
_______________________ | ||||||||
Guam - 0.49% | ||||||||
Territory of Guam, Cash Flow Mgmt., Misc. Rev. Bonds, Series A, 5.00%, 01/01/17 | 600 | 666 | 0.49 | |||||
_______________________ | ||||||||
666 | 0.49 | |||||||
_______________________ | ||||||||
Hawaii - 0.92% | ||||||||
State of Hawaii, G.O. Prop. Tax Ref. Bonds, Series DT, 5.00%, 11/01/14 | 100 | 102 | 0.08 | |||||
State of Hawaii, G.O. Public Imps. Bonds, Series DZ, 5.00%, 12/01/17 | 1,000 | 1,149 | 0.84 | |||||
_______________________ | ||||||||
1,251 | 0.92 | |||||||
_______________________ | ||||||||
Illinois - 8.11% | ||||||||
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 01/01/16 | 1,000 | 1,060 | 0.78 | |||||
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.25%, 01/01/15 | 100 | 103 | 0.08 | |||||
City of Chicago, Sewer Imps. Rev. Bonds, 3.00%, 01/01/17 | 325 | 339 | 0.25 | |||||
Greater Chicago Metropolitan Water Reclamation Dist., G.O. Sewer Imps. Prop. Tax Bonds, Series B, 5.00%, 12/01/17 | 300 | 343 | 0.25 | |||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/15 | 1,345 | 1,427 | 1.04 | |||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-1 (Mandatory Put 01/15/20 @ 100), 5.00%, 11/01/301 | 1,000 | 1,161 | 0.85 | |||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.50%, 01/01/15 | 700 | 725 | 0.53 | |||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 12/01/17 | 1,500 | 1,721 | 1.26 | |||||
Regional Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (AGM G.O. of Auth. Insured), 5.00%, 06/01/15 | 1,000 | 1,052 | 0.77 | |||||
Regional Trans. Auth., Sales Tax Transit Imps. Rev. Bonds (NATL-RE G.O. of Auth. Insured), 6.25%, 07/01/15 | 1,000 | 1,070 | 0.78 | |||||
State of Illinois, G.O. Public Imps. Misc. Rev. Bonds, 5.00%, 07/01/17 | 625 | 698 | 0.51 | |||||
State of Illinois, Sales Tax Rev. Ref. Bonds, 5.00%, 06/15/14 | 1,375 | 1,383 | 1.01 | |||||
_______________________ | ||||||||
11,082 | 8.11 | |||||||
_______________________ | ||||||||
Indiana - 1.24% | ||||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series N, 5.00%, 03/01/16 | 600 | 648 | 0.48 | |||||
Indiana Univ., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 06/01/18 | 500 | 580 | 0.42 | |||||
See Notes to Financial Statements | 21 |
Capital Group Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||
Bonds & notes—continued | ||||||||
Indiana—continued | ||||||||
Purdue Univ., College & Univ. Rev. Ref. Bonds, Series C, 5.00%, 07/01/17 | $ | 405 | $ | 460 | 0.34 | % | ||
_______________________ | ||||||||
1,688 | 1.24 | |||||||
_______________________ | ||||||||
Kentucky - 1.01% | ||||||||
Kentucky Higher Edu. Student Ln. Corp., Student Ln. Rev. Bonds, Series 1-Class A-1 (GTD St. Lns. Insured), 0.7254%, 05/01/201 | 85 | 85 | 0.06 | |||||
Kentucky Housing Corp., St. Single Family Housing Rev. Bonds, Series B, 5.00%, 07/01/27 | 240 | 249 | 0.18 | |||||
Kentucky State Prop. & Building Commission, Lease Rev. Ref. Bonds, Series A, 4.00%, 08/01/15 | 1,000 | 1,047 | 0.77 | |||||
_______________________ | ||||||||
1,381 | 1.01 | |||||||
_______________________ | ||||||||
Louisiana - 1.02% | ||||||||
Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA COLL Insured), 4.60%, 12/01/28 | 1,300 | 1,392 | 1.02 | |||||
_______________________ | ||||||||
1,392 | 1.02 | |||||||
_______________________ | ||||||||
Massachusetts - 0.90% | ||||||||
Commonwealth of Massachusetts, G.O. Misc. Taxes Ref. Bonds, Series A, 5.00%, 09/01/14 | 100 | 102 | 0.07 | |||||
Massachusetts Dev. Fin. Agcy., Health Care Facs. Imps. Rev. Bonds, Series K-6, 5.00%, 07/01/16 | 600 | 658 | 0.48 | |||||
Massachusetts Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 11/15/14 | 100 | 103 | 0.08 | |||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series 169, 4.00%, 12/01/44 | 250 | 271 | 0.20 | |||||
Massachusetts State Water Pollution Abatement, Pollution Control Water Rev. Bonds, Series 14, 5.00%, 08/01/14 | 100 | 101 | 0.07 | |||||
_______________________ | ||||||||
1,235 | 0.90 | |||||||
_______________________ | ||||||||
Michigan - 2.20% | ||||||||
Detroit City School Dist, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 05/01/18 | 1,000 | 1,104 | 0.81 | |||||
Michigan State Hospital Fin. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 08/01/14 @ 100), 2.00%, 11/15/331 | 500 | 502 | 0.37 | |||||
Michigan State Univ., College & Univ. Rev. Ref. Bonds, Series C, 5.00%, 08/15/15 | 1,000 | 1,062 | 0.77 | |||||
Wayne County Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 12/01/18 | 300 | 341 | 0.25 | |||||
_______________________ | ||||||||
3,009 | 2.20 | |||||||
_______________________ | ||||||||
Minnesota - 1.40% | ||||||||
Minneapolis-St Paul Metropolitan Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 01/01/17 | 500 | 556 | 0.41 | |||||
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.00%, 07/01/40 | 330 | 354 | 0.26 | |||||
Univ. of Minnesota, College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 12/01/16 | 900 | 1,006 | 0.73 | |||||
_______________________ | ||||||||
1,916 | 1.40 | |||||||
_______________________ | ||||||||
Missouri - 0.73% | ||||||||
City of St Louis, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 07/01/17 | 330 | 372 | 0.27 | |||||
See Notes to Financial Statements | 22 |
Capital Group Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
Missouri—continued | |||||||||
Missouri Housing Dev. Commission, Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.25%, 11/01/30 | $ | 575 | $ | 621 | 0.46 | % | |||
_______________________ | |||||||||
993 | 0.73 | ||||||||
_______________________ | |||||||||
Nebraska - 0.87% | |||||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 2.50%, 09/01/34 | 500 | 515 | 0.38 | ||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series E, 3.00%, 09/01/43 | 640 | 668 | 0.49 | ||||||
_______________________ | |||||||||
1,183 | 0.87 | ||||||||
_______________________ | |||||||||
Nevada - 2.33% | |||||||||
County of Clark, Port, Airport & Marina Imps. Rev. Bonds, Series D: | |||||||||
5.00%, 07/01/16 | 300 | 328 | 0.24 | ||||||
5.00%, 07/01/17 | 750 | 845 | 0.62 | ||||||
Nevada System of Higher Edu., College & Univ. Imps. Rev. Ref. Bonds, Series B (AMBAC Insured), 5.00%, 07/01/14 | 2,000 | 2,017 | 1.47 | ||||||
_______________________ | |||||||||
3,190 | 2.33 | ||||||||
_______________________ | |||||||||
New Hampshire - 0.50% | |||||||||
New Hampshire State Turnpike System, Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 02/01/18 | 600 | 686 | 0.50 | ||||||
_______________________ | |||||||||
686 | 0.50 | ||||||||
_______________________ | |||||||||
New Jersey - 6.67% | |||||||||
Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 11/01/18 | 550 | 644 | 0.47 | ||||||
New Jersey Econ. Dev. Auth., Lease Rev. Ref. Bonds, Series PP, 5.00%, 06/15/19 | 750 | 868 | 0.64 | ||||||
New Jersey Econ. Dev. Auth., Misc. Rev. Ref. Bonds, Series DD-1, 5.00%, 12/15/16 | 1,000 | 1,115 | 0.82 | ||||||
New Jersey Econ. Dev. Auth., School Imps. Misc. Rev. Bonds, 0.70%, 02/01/151 | 525 | 526 | 0.39 | ||||||
New Jersey Econ. Dev. Auth., School Imps. Rev. Bonds, 1.02%, 02/01/171 | 1,000 | 1,009 | 0.74 | ||||||
New Jersey Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series K, 5.00%, 07/01/14 | 100 | 101 | 0.07 | ||||||
New Jersey Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 07/01/17 | 600 | 682 | 0.50 | ||||||
New Jersey Health Care Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, 07/01/14 | 500 | 503 | 0.37 | ||||||
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Bonds, Series 2, 5.00%, 12/01/14 | 1,000 | 1,028 | 0.75 | ||||||
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Ref. Bonds, Series 1A, 5.00%, 12/01/15 | 500 | 535 | 0.39 | ||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/18 @ 100), 0.80%, 01/01/241 | 250 | 251 | 0.18 | ||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series E (Mandatory Put 01/01/18 @ 100), 0.80%, 01/01/241 | 500 | 503 | 0.37 | ||||||
New Jersey Trans. Trust Fund Auth., Transit Rev. Ref. Bonds, Series A (AMBAC Insured), 5.50%, 12/15/15 | 1,000 | 1,085 | 0.79 | ||||||
See Notes to Financial Statements | 23 |
Capital Group Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
New Jersey—continued | |||||||||
Rutgers The State University of New Jersey, College & Univ. Rev. Ref. Bonds, Series J, 5.00%, 05/01/19 | $ | 225 | $ | 263 | 0.19 | % | |||
_______________________ | |||||||||
9,113 | 6.67 | ||||||||
_______________________ | |||||||||
New Mexico - 0.17% | |||||||||
New Mexico Educ. Assistance Foundation, Rev. Bonds, Series A-2 (GTD St. Lns. Insured), 0.8861%, 12/01/281 | 230 | 229 | 0.17 | ||||||
_______________________ | |||||||||
229 | 0.17 | ||||||||
_______________________ | |||||||||
New York - 6.31% | |||||||||
City of New York Transitional Fin. Auth., Income Tax Rev. Ref. Bonds, 5.00%, 11/01/19 | 750 | 891 | 0.65 | ||||||
City of New York Transitional Fin. Auth., Income Tax Rev. Ref. Bonds, Sub-Series A-1, 5.00%, 11/01/16 | 1,000 | 1,114 | 0.82 | ||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series J-4, 0.67%, 08/01/251 | 1,000 | 1,000 | 0.73 | ||||||
Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B-3B, 1.02%, 11/01/181 | 1,000 | 1,006 | 0.74 | ||||||
New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 02/15/16 | 400 | 431 | 0.32 | ||||||
New York City Transitional Fin. Auth. Building Aid Rev., School Imps. Misc. Rev. Bonds, Sub-Series S-1A (St. Aid Withhldg. Insured), 5.00%, 07/15/17 | 500 | 567 | 0.41 | ||||||
New York City Trust for Cultural Ress. Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.35%, 01/01/361 | 500 | 506 | 0.37 | ||||||
New York State Thruway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 05/01/19 | 300 | 348 | 0.25 | ||||||
Public Housing Capital Fund Trust I Rev. Bonds (HUD Ln. Insured), 4.50%, 07/01/222 | 300 | 315 | 0.23 | ||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, 06/01/15 | 1,325 | 1,395 | 1.02 | ||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series B, 5.00%, 06/01/19 | 1,000 | 1,049 | 0.77 | ||||||
_______________________ | |||||||||
8,622 | 6.31 | ||||||||
_______________________ | |||||||||
North Dakota - 0.18% | |||||||||
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, 3.75%, 07/01/42 | 235 | 242 | 0.18 | ||||||
_______________________ | |||||||||
242 | 0.18 | ||||||||
_______________________ | |||||||||
Ohio - 3.50% | |||||||||
City of Cleveland, Airport System Rev., Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 01/01/16 | 1,660 | 1,780 | 1.30 | ||||||
City of Cleveland, Airport System Rev., Port, Airport & Marina Rev. Ref. Bonds, Series C (Assured GTY Insured), 5.00%, 01/01/17 | 750 | 829 | 0.61 | ||||||
County of Allen, Health Care Facs. Imps., Rev. Ref. Bonds, Series B: | |||||||||
5.00%, 09/01/14 | 1,000 | 1,016 | 0.74 | ||||||
5.00%, 09/01/15 | 500 | 530 | 0.39 | ||||||
Ohio Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.50%, 11/01/28 | 575 | 622 | 0.46 | ||||||
_______________________ | |||||||||
4,777 | 3.50 | ||||||||
_______________________ | |||||||||
See Notes to Financial Statements | 24 |
Capital Group Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
Oklahoma - 0.09% | |||||||||
Oklahoma City Water Utils. Trust, Water Rev. Ref. Bonds, 3.00%, 07/01/15 | $ | 125 | $ | 129 | 0.09 | % | |||
_______________________ | |||||||||
129 | 0.09 | ||||||||
_______________________ | |||||||||
Oregon - 1.95% | |||||||||
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 09/15/18 @ 100), 1.12%, 10/01/221 | 2,225 | 2,237 | 1.64 | ||||||
Tri-County Metropolitan Trans. Dist., Transit Imps. Misc. Taxes Rev. Bonds, 4.00%, 11/01/17 | 400 | 428 | 0.31 | ||||||
_______________________ | |||||||||
2,665 | 1.95 | ||||||||
_______________________ | |||||||||
Pennsylvania - 1.35% | |||||||||
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds, 5.00%, 06/15/15 | 750 | 790 | 0.58 | ||||||
Philadelphia School Dist., G.O. School Imps. Prop. Tax Rev. Bonds, Series A (St. Aid Withhldg. Insured), 5.00%, 06/01/15 | 1,000 | 1,048 | 0.77 | ||||||
_______________________ | |||||||||
1,838 | 1.35 | ||||||||
_______________________ | |||||||||
Puerto Rico - 0.46% | |||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Imps. Rev. Ref. Bonds: | |||||||||
5.00%, 10/01/17 | 250 | 262 | 0.19 | ||||||
5.00%, 10/01/18 | 350 | 368 | 0.27 | ||||||
_______________________ | |||||||||
630 | 0.46 | ||||||||
_______________________ | |||||||||
South Carolina - 0.87% | |||||||||
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA/FNMA/FHLMC Insured), 4.50%, 07/01/30 | 575 | 621 | 0.46 | ||||||
South Carolina State Public Service Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B, 5.00%, 01/01/15 | 450 | 465 | 0.34 | ||||||
South Carolina Trans. Infrastructure Bank, Transit Rev. Ref. Bonds, Series A, 5.00%, 10/01/14 | 100 | 102 | 0.07 | ||||||
_______________________ | |||||||||
1,188 | 0.87 | ||||||||
_______________________ | |||||||||
Tennessee - 1.31% | |||||||||
City of Memphis, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 12/01/14 | 100 | 103 | 0.08 | ||||||
Metropolitan Govt. Nashville & Davidson County Health & Educ. Facs. Board, College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 10/01/17 @ 100), 0.72%, 10/01/381 | 700 | 703 | 0.52 | ||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds: | |||||||||
4.00%, 07/01/38 | 460 | 498 | 0.36 | ||||||
4.50%, 07/01/37 | 435 | 479 | 0.35 | ||||||
_______________________ | |||||||||
1,783 | 1.31 | ||||||||
_______________________ | |||||||||
Texas - 8.29% | |||||||||
City of Houston, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 03/01/16 | 1,000 | 1,086 | 0.79 | ||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 0.87%, 05/15/341 | 600 | 605 | 0.44 | ||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 08/01/16 @ 100), 0.72%, 05/15/341 | 1,000 | 1,004 | 0.74 | ||||||
See Notes to Financial Statements | 25 |
Capital Group Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
Texas—continued | |||||||||
City of San Antonio, Water Rev. Ref. Bonds, 3.00%, 05/15/14 | $ | 100 | $ | 100 | 0.07 | % | |||
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 02/01/17 | 500 | 560 | 0.41 | ||||||
County of Harris, Highway Tolls Rev. Ref. Bonds, Series B (Mandatory Put 08/15/15 @ 100), 0.71%, 08/15/211 | 1,000 | 1,003 | 0.73 | ||||||
Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series A, 4.00%, 12/01/16 | 100 | 109 | 0.08 | ||||||
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 11/01/18 | 200 | 232 | 0.17 | ||||||
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, 11/01/19 | 500 | 586 | 0.43 | ||||||
Grand Parkway Trans. Corp., Highway Tolls Rev. Ref. Bonds, Series A, 3.00%, 12/15/16 | 350 | 372 | 0.27 | ||||||
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.15%, 07/01/311 | 200 | 200 | 0.15 | ||||||
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 01/01/19 @ 100), 1.95%, 01/01/381 | 600 | 599 | 0.44 | ||||||
Olmos Park Higher Edu. Facs. Corp., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 12/01/19 | 400 | 464 | 0.34 | ||||||
State of Texas, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 10/01/14 | 650 | 663 | 0.49 | ||||||
Texas A&M University, College & Univ. Imps. Rev. Ref. Bonds, 3.00%, 07/01/16 | 325 | 344 | 0.25 | ||||||
Texas Dept. of Housing & Comm. Affairs, Loc. or GTD Housing Rev. Bonds, Series A (GNMA COLL Insured), 5.00%, 07/01/29 | 345 | 373 | 0.27 | ||||||
Texas Public Fin. Auth., Unemployment & Welfare Fndg. Misc. Rev. Bonds, Series A, 5.00%, 07/01/14 | 1,000 | 1,008 | 0.74 | ||||||
Texas State Univ. Systems, College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 03/15/15 | 715 | 745 | 0.55 | ||||||
Texas Tech Univ., College & Univ. Rev. Ref. Bonds, Series A, 3.00%, 08/15/16 | 500 | 530 | 0.39 | ||||||
Texas Trans. Commission State Highway Fund, Highway Imps. Fuel Sales Tax Rev. Bonds, Series B (Mandatory Put 04/01/17 @ 100), 0.80%, 04/01/321 | 500 | 500 | 0.37 | ||||||
Texas Water Dev. Board, Water Rev. Ref. Bonds, 5.00%, 07/15/15 | 225 | 238 | 0.17 | ||||||
_______________________ | |||||||||
11,321 | 8.29 | ||||||||
_______________________ | |||||||||
Virginia - 0.87% | |||||||||
Virginia Commonwealth Trans. Board, Govt. Fndg. Grant Transit Imps. Rev. Bonds, 5.00%, 03/15/20 | 1,000 | 1,189 | 0.87 | ||||||
_______________________ | |||||||||
1,189 | 0.87 | ||||||||
_______________________ | |||||||||
Washington - 6.69% | |||||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series A: | |||||||||
4.00%, 07/01/15 | 500 | 523 | 0.38 | ||||||
5.00%, 07/01/15 | 1,250 | 1,321 | 0.97 | ||||||
Grant County Public Util. Dist. No. 2, Energy Res. Auth. Rev. Ref. Bonds, Series I, 5.00%, 01/01/16 | 1,000 | 1,078 | 0.79 | ||||||
Port of Seattle, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 08/01/18 | 600 | 691 | 0.50 | ||||||
Snohomish County Public Util. Dist. No. 1, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 12/01/15 | 1,000 | 1,076 | 0.79 | ||||||
State of Washington, G.O. Prop. Tax Ref. Bonds, Series R-2006A (AMBAC Insured), 5.00%, 07/01/15 | 500 | 528 | 0.39 | ||||||
State of Washington, G.O. Prop. Tax Ref. Bonds, Series R-2012A, 5.00%, 07/01/16 | 1,000 | 1,101 | 0.80 | ||||||
State of Washington, Highway Imps. Rev. Bonds, 5.00%, 09/01/18 | 1,500 | 1,734 | 1.27 | ||||||
See Notes to Financial Statements | 26 |
Capital Group Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||
Bonds & notes—continued | ||||||||||
Washington—continued | ||||||||||
Washington Health Care Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 10/01/14 | $ | 640 | $ | 653 | 0.48 | % | ||||
Washington St. Housing Fin. Commission, Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 4.50%, 04/01/29 | 410 | 432 | 0.32 | |||||||
_______________________ | ||||||||||
9,137 | 6.69 | |||||||||
_______________________ | ||||||||||
Wisconsin - 1.19% | ||||||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 05/30/19 @ 100), 4.00%, 11/15/431 | 1,000 | 1,109 | 0.81 | |||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 3.00%, 10/15/16 | 500 | 521 | 0.38 | |||||||
_______________________ | ||||||||||
1,630 | 1.19 | |||||||||
_______________________ | ||||||||||
Total bonds & notes (cost: $119,090,619) | 121,038 | 88.61 | ||||||||
_______________________ | ||||||||||
Short-term securities - 10.86% | ||||||||||
City of Minneapolis St. Paul Housing & Redev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B-2, 0.08%, 11/15/351 | 200 | 200 | 0.15 | |||||||
City of New York, G.O. Public Imps. Prop. Tax Bonds, Sub-Series G-5, 0.06%, 04/01/421 | 1,000 | 1,000 | 0.73 | |||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, 0.07%, 08/01/441 | 600 | 600 | 0.44 | |||||||
Kentucky Econ. Dev. Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 0.09%, 08/15/381 | 550 | 550 | 0.40 | |||||||
Massachusetts Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series N-4, 0.07%, 10/01/491 | 950 | 950 | 0.69 | |||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series C, 0.07%, 12/01/301 | 1,585 | 1,585 | 1.16 | |||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series E, 0.07%, 12/01/301 | 500 | 500 | 0.37 | |||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series F, 0.07%, 12/01/301 | 2,000 | 2,000 | 1.46 | |||||||
Missouri State Health & Educ. Facs Auth., College & Univ. Imps. Rev. Bonds, Series A, 0.08%, 02/15/341 | 300 | 300 | 0.22 | |||||||
New Hampshire Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 0.08%, 06/01/311 | 2,425 | 2,425 | 1.77 | |||||||
New Hampshire Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series B, 0.08%, 06/01/411 | 200 | 200 | 0.15 | |||||||
New Jersey Health Care Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series B, 0.05%, 07/01/431 | 1,150 | 1,150 | 0.84 | |||||||
New York City Trust for Cultural Ress., Rev. Ref. Bonds, Series A-1, 0.09%, 12/01/351 | 1,280 | 1,280 | 0.94 | |||||||
Sarasota County Public Hospital Dist., Health Care Facs. Rev. Ref. Bonds, 0.08%, 07/01/371 | 2,100 | 2,100 | 1.54 | |||||||
_______________________ | ||||||||||
Total Short-term securities (cost: $14,840,000) | 14,840 | 10.86 | ||||||||
_______________________ | ||||||||||
Total investment securities (cost: $133,930,619) | 135,878 | 99.47 | ||||||||
Other assets less liabilities | 727 | 0.53 | ||||||||
_______________________ | ||||||||||
Net assets | $ | 136,605 | 100.00 | % | ||||||
_______________________ | ||||||||||
_______________________ | ||||||||||
See Notes to Financial Statements | 27 |
Capital Group Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. | ||||||||||
2 | Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2014, the aggregate market value of these securities amounted to $314,754, representing 0.23% of net assets. | ||||||||||
Key to abbreviations | |||||||||||
Agcy. | = Agency | ||||||||||
AGM | = Assured Guaranty Municipal Corporation | ||||||||||
AMBAC | = American Municipal Bond Assurance Corporation | ||||||||||
Auth. | = Authority | ||||||||||
Certs. of Part. | = Certificates of Participation | ||||||||||
COLL | = Collateral | ||||||||||
Comm. | = Community | ||||||||||
Corp. | = Corporation | ||||||||||
Dept. | = Department | ||||||||||
Dev. | = Development | ||||||||||
Dist. | = District | ||||||||||
Econ. | = Economic | ||||||||||
Edu. | = Education | ||||||||||
Educ. | = Educational | ||||||||||
Fac. | = Facility | ||||||||||
Facs. | = Facilities | ||||||||||
FGIC | = Financial Guaranty Insurance Company | ||||||||||
FHA | = Federal Housing Administration | ||||||||||
FHLMC | = Federal Home Loan Mortgage Corporation | ||||||||||
Fin. | = Finance | ||||||||||
Fncg. | = Financing | ||||||||||
Fndg. | = Funding | ||||||||||
FNMA | = Federal National Mortgage Association | ||||||||||
GNMA | = Government National Mortgage Association | ||||||||||
G.O. | = General Obligation | ||||||||||
Govt. | = Government | ||||||||||
GTD | = Guaranteed | ||||||||||
GTY | = Guaranty | ||||||||||
HUD | = Housing and Urban Development | ||||||||||
Imp. | = Improvement | ||||||||||
Imps. | = Improvements | ||||||||||
Ind. | = Industrial | ||||||||||
Ln. | = Loan | ||||||||||
Lns. | = Loans | ||||||||||
Loc. | = Local | ||||||||||
Mgmt. | = Management | ||||||||||
Misc. | = Miscellaneous | ||||||||||
Muni. | = Municipal | ||||||||||
NATL-RE | = National Reinsurance | ||||||||||
No. | = Number | ||||||||||
Prop. | = Property | ||||||||||
Redev. | = Redevelopment | ||||||||||
Ref. | = Refunding | ||||||||||
Res. | = Resource | ||||||||||
Ress. | = Resources | ||||||||||
Rev. | = Revenue | ||||||||||
St. | = State | ||||||||||
Trans. | = Transportation | ||||||||||
Univ. | = University | ||||||||||
See Notes to Financial Statements | 28 |
Capital Group Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Util. | = Utility | |
Utils. | = Utilities | |
Withhldg. | = Withholding | |
See Notes to Financial Statements | 29 |
Capital Group California Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||
Bonds & notes - 87.45% | ||||||||
California - 82.74% | ||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 07/01/20 | $ | 1,000 | $ | 1,099 | 0.45 | % | ||
5.00%, 11/15/20 | 715 | 796 | 0.33 | |||||
5.00%, 11/15/21 | 495 | 547 | 0.23 | |||||
5.00%, 11/15/22 | 1,000 | 1,100 | 0.45 | |||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.): | ||||||||
4.00%, 05/15/16 | 1,500 | 1,504 | 0.62 | |||||
5.125%, 09/01/20 | 1,500 | 1,699 | 0.70 | |||||
5.25%, 05/15/20 | 1,000 | 1,132 | 0.47 | |||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A (CA Mtg. Ins.): | ||||||||
5.00%, 04/01/19 | 400 | 463 | 0.19 | |||||
5.00%, 04/01/20 | 550 | 641 | 0.26 | |||||
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured): | ||||||||
5.00%, 09/02/21 | 600 | 640 | 0.26 | |||||
5.00%, 09/02/22 | 225 | 238 | 0.10 | |||||
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds, Series A (CIFG Insured), 4.00%, 09/02/14 | 445 | 450 | 0.19 | |||||
Alameda Corridor Trans. Auth., Port, Airport & Marina. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 10/01/21 | 1,250 | 1,476 | 0.61 | |||||
5.00%, 10/01/22 | 975 | 1,156 | 0.48 | |||||
Alameda County Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, 4.00%, 03/01/19 | 875 | 992 | 0.41 | |||||
Aliso Viejo Comm. Fac. Dist., Special Tax Ref. Bonds: | ||||||||
5.00%, 09/01/24 | 455 | 522 | 0.21 | |||||
5.00%, 09/01/25 | 425 | 482 | 0.20 | |||||
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, 10/01/17 | 575 | 626 | 0.26 | |||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 04/01/24 @ 100), 1.22%, 04/01/451 | 3,700 | 3,716 | 1.53 | |||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100), 1.02%, 04/01/451 | 1,200 | 1,192 | 0.49 | |||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.45%, 04/01/451 | 1,500 | 1,521 | 0.63 | |||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F-1, 5.00%, 04/01/21 | 100 | 116 | 0.05 | |||||
Bay Area Water Supply & Conservation Agcy., Water Util. Imps. Rev. Bonds, Series A, 5.00%, 10/01/23 | 500 | 608 | 0.25 | |||||
Bonita Canyon Public Facs. Fncg. Auth., Special Tax Ref. Bonds: | ||||||||
4.00%, 09/01/21 | 700 | 723 | 0.30 | |||||
5.00%, 09/01/26 | 500 | 517 | 0.21 | |||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds: | ||||||||
5.00%, 04/01/19 | 950 | 1,100 | 0.45 | |||||
5.00%, 02/01/21 | 550 | 647 | 0.27 | |||||
5.00%, 10/01/21 | 700 | 814 | 0.34 | |||||
5.00%, 11/01/21 | 525 | 553 | 0.23 | |||||
5.50%, 04/01/29 | 300 | 341 | 0.14 | |||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A: | ||||||||
5.00%, 10/01/15 | 625 | 666 | 0.27 | |||||
5.00%, 01/01/18 | 125 | 144 | 0.06 | |||||
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, 5.00%, 09/01/20 | 165 | 197 | 0.08 | |||||
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A: |
See Notes to Financial Statements | 30 |
Capital Group California Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
California—continued | |||||||||
4.00%, 11/01/21 | $ | 560 | $ | 619 | 0.25 | % | |||
4.00%, 11/01/22 | 1,420 | 1,549 | 0.64 | ||||||
4.50%, 11/01/17 | 335 | 375 | 0.15 | ||||||
5.00%, 01/01/24 | 100 | 115 | 0.05 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds: | |||||||||
4.00%, 08/15/16 | 710 | 759 | 0.31 | ||||||
5.00%, 08/15/18 | 1,100 | 1,275 | 0.53 | ||||||
5.00%, 08/15/25 | 400 | 475 | 0.20 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series A: | |||||||||
5.00%, 10/01/18 | 275 | 320 | 0.13 | ||||||
5.00%, 10/01/22 | 770 | 891 | 0.37 | ||||||
5.00%, 11/15/24 | 150 | 172 | 0.07 | ||||||
5.00%, 11/15/25 | 375 | 427 | 0.18 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series D, 5.00%, 08/15/20 | 1,325 | 1,589 | 0.65 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series G, 5.50%, 07/01/25 | 100 | 113 | 0.05 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series I, 5.125%, 07/01/22 | 690 | 723 | 0.30 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 5.00%, 01/01/20 | 1,005 | 1,163 | 0.48 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/271 | 300 | 302 | 0.12 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | |||||||||
5.00%, 11/15/19 | 1,350 | 1,594 | 0.66 | ||||||
5.00%, 03/01/20 | 675 | 783 | 0.32 | ||||||
5.00%, 11/15/20 | 500 | 594 | 0.24 | ||||||
5.00%, 11/15/21 | 350 | 415 | 0.17 | ||||||
5.00%, 03/01/23 | 1,000 | 1,160 | 0.48 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series B: | |||||||||
4.00%, 08/15/19 | 400 | 453 | 0.19 | ||||||
5.00%, 08/15/20 | 300 | 360 | 0.15 | ||||||
5.00%, 11/15/21 | 1,000 | 1,061 | 0.44 | ||||||
5.00%, 08/15/22 | 850 | 1,027 | 0.42 | ||||||
5.375%, 07/01/21 | 1,500 | 1,510 | 0.62 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 6.25%, 10/01/28 | 200 | 240 | 0.10 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/15/19 @ 100), 5.00%, 07/01/431 | 1,750 | 2,068 | 0.85 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/16/14 @ 100), 5.00%, 07/01/341 | 100 | 102 | 0.04 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series I (Mandatory Put 07/01/14 @ 100), 4.95%, 07/01/261 | 100 | 101 | 0.04 | ||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/16 @ 100), 0.40%, 10/01/471 | 1,000 | 1,000 | 0.41 | ||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.40%, 04/01/381 | 2,500 | 2,500 | 1.03 | ||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series B1 (Mandatory Put 04/01/15 @ 100), 0.42%, 10/01/471 | 1,800 | 1,801 | 0.74 | ||||||
California Infrastructure & Econ. Dev. Bank, Public Imps. Misc. Rev. Bonds: | |||||||||
4.50%, 10/01/25 | 100 | 108 | 0.04 | ||||||
4.50%, 10/01/26 | 100 | 107 | 0.04 | ||||||
See Notes to Financial Statements | 31 |
Capital Group California Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
California—continued | |||||||||
California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds: | |||||||||
5.00%, 02/01/18 | $ | 100 | $ | 112 | 0.05 | % | |||
5.00%, 02/01/19 | 100 | 111 | 0.05 | ||||||
California Muni. Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 10/01/22 | 160 | 183 | 0.08 | ||||||
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, 5.625%, 10/01/23 | 465 | 506 | 0.21 | ||||||
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, Series B, 4.00%, 10/01/17 | 150 | 165 | 0.07 | ||||||
California State Dept. of Veterans Affairs, Loc. or GTD Housing Rev. Ref. Bonds, Series A, 2.75%, 12/01/20 | 750 | 761 | 0.31 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G, 4.875%, 05/01/18 | 200 | 231 | 0.10 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G-11, 5.00%, 05/01/18 | 2,000 | 2,318 | 0.95 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 5.00%, 05/01/17 | 100 | 113 | 0.05 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series K, 5.00%, 05/01/18 | 225 | 261 | 0.11 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 05/01/21 | 200 | 238 | 0.10 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 05/01/18 | 1,250 | 1,448 | 0.60 | ||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, 5.00%, 05/01/21 | 100 | 116 | 0.05 | ||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE: | |||||||||
5.00%, 12/01/22 | 1,010 | 1,171 | 0.48 | ||||||
5.00%, 12/01/23 | 200 | 232 | 0.10 | ||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, 5.00%, 04/01/20 | 200 | 209 | 0.09 | ||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B, 5.00%, 10/01/17 | 300 | 339 | 0.14 | ||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 5.00%, 03/01/18 | 1,350 | 1,548 | 0.64 | ||||||
California State Public Works Board, Health Care Facs. Imps. Lease Rev. Bonds, Series E, 5.00%, 04/01/15 | 1,315 | 1,374 | 0.57 | ||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 06/01/15 | 200 | 211 | 0.09 | ||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series H, 5.00%, 06/01/23 | 600 | 710 | 0.29 | ||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 11/01/18 | 750 | 881 | 0.36 | ||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series C (NATL-RE Insured), 5.00%, 11/01/21 | 955 | 1,020 | 0.42 | ||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series C (Pre-refunded with U.S. Treasury Obligations to 11/01/15 @ 100) (NATL-RE Insured), 5.00%, 11/01/21 | 1,645 | 1,764 | 0.73 | ||||||
California Statewide Comms. Dev. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 05/15/19 | 1,000 | 1,132 | 0.47 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, 4.625%, 07/01/21 | 100 | 110 | 0.05 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 04/01/19 | 600 | 705 | 0.29 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, 07/01/16 | 1,100 | 1,206 | 0.50 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Bonds, 2.10%, 10/01/19 | 1,000 | 1,001 | 0.41 | ||||||
See Notes to Financial Statements | 32 |
Capital Group California Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
California—continued | |||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds: | |||||||||
5.00%, 07/01/14 | $ | 500 | $ | 504 | 0.21 | % | |||
5.00%, 07/01/16 | 100 | 105 | 0.04 | ||||||
5.00%, 05/15/19 | 600 | 677 | 0.28 | ||||||
5.00%, 11/01/19 | 1,000 | 1,162 | 0.48 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AGM Insured), 5.00%, 10/01/23 | 500 | 567 | 0.23 | ||||||
Carson Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 10/01/21 | 1,625 | 1,905 | 0.78 | ||||||
Central Valley Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, 3.50%, 07/01/14 | 250 | 251 | 0.10 | ||||||
Cerritos Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds, Series A (AMBAC Insured): | |||||||||
5.00%, 11/01/19 | 2,000 | 2,197 | 0.90 | ||||||
5.00%, 11/01/24 | 600 | 629 | 0.26 | ||||||
Chula Vista Muni. Fncg. Auth., Special Tax Ref. Bonds: | |||||||||
5.00%, 09/01/21 | 500 | 571 | 0.24 | ||||||
5.00%, 09/01/22 | 1,400 | 1,610 | 0.66 | ||||||
City & County of San Francisco, Sewer Rev. Ref. Bonds, Series A, 5.00%, 10/01/20 | 750 | 904 | 0.37 | ||||||
City of Bakersfield, Solid Waste Mgmt. Disposal Rev. Bonds, Series A (AGM Insured), 4.125%, 09/15/14 | 200 | 203 | 0.08 | ||||||
City of Carlsbad California, Special Assessment Ref. Bonds: | |||||||||
3.00%, 09/02/18 | 325 | 342 | 0.14 | ||||||
3.15%, 09/02/21 | 570 | 585 | 0.24 | ||||||
3.55%, 09/02/23 | 350 | 355 | 0.15 | ||||||
City of Chula Vista, Energy Res. Auth. Rev. Ref. Bonds, Series A, 1.65%, 07/01/18 | 1,150 | 1,157 | 0.48 | ||||||
City of Irvine California, Public Imps. Special Assessment Bonds: | |||||||||
4.00%, 09/02/19 | 500 | 517 | 0.21 | ||||||
4.375%, 09/02/21 | 700 | 724 | 0.30 | ||||||
City of Irvine California, Special Assessment Ref. Bonds: | |||||||||
2.50%, 09/02/19 | 1,230 | 1,237 | 0.51 | ||||||
3.00%, 09/02/20 | 1,250 | 1,272 | 0.52 | ||||||
3.25%, 09/02/22 | 700 | 709 | 0.29 | ||||||
3.375%, 09/02/23 | 850 | 837 | 0.34 | ||||||
4.00%, 09/02/18 | 500 | 548 | 0.23 | ||||||
4.00%, 09/02/19 | 475 | 514 | 0.21 | ||||||
4.50%, 09/02/22 | 250 | 259 | 0.11 | ||||||
4.75%, 09/02/23 | 250 | 258 | 0.11 | ||||||
City of Long Beach, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 05/15/21 | 100 | 118 | 0.05 | ||||||
City of Long Beach, Port, Airport & Marina. Rev. Ref. Bonds, Series B, 5.00%, 05/15/23 | 600 | 734 | 0.30 | ||||||
City of Los Angeles Dept. of Airports, Port, Airport & Marina. Rev. Ref. Bonds, 5.00%, 05/15/22 | 500 | 597 | 0.25 | ||||||
City of Manhattan Beach, Public Imps. Special Assessment Bonds, 4.375%, 09/02/17 | 120 | 124 | 0.05 | ||||||
City of Roseville, Energy Res. Auth. Rev. Certs. of Part. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 02/01/17 | 100 | 104 | 0.04 | ||||||
City of Roseville, Special Tax Ref. Bonds: | |||||||||
3.50%, 09/01/15 | 1,000 | 1,022 | 0.42 | ||||||
4.00%, 09/01/16 | 2,000 | 2,089 | 0.86 | ||||||
City of San Jose, Port, Airport & Marina Imps. Rev. Bonds, Series A-2, 5.00%, 03/01/18 | 700 | 799 | 0.33 | ||||||
See Notes to Financial Statements | 33 |
Capital Group California Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
California—continued | |||||||||
Contra Costa County Public Fncg. Auth., Public Imps. Lease Rev. Bonds, Series A (NATL-RE Insured), 5.00%, 06/01/21 | $ | 275 | $ | 303 | 0.12 | % | |||
Contra Costa Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, Series B, 5.00%, 03/01/21 | 500 | 588 | 0.24 | ||||||
County of El Dorado, Special Tax Rev. Ref. Bonds: | |||||||||
5.00%, 09/01/22 | 1,295 | 1,489 | 0.61 | ||||||
5.00%, 09/01/24 | 860 | 964 | 0.40 | ||||||
County of Orange, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 07/01/15 | 200 | 211 | 0.09 | ||||||
County of San Diego, College & Univ. Imps. Rev. Certs. of Part. Bonds, 4.00%, 07/01/16 | 490 | 519 | 0.21 | ||||||
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A, 4.00%, 06/01/14 | 100 | 100 | 0.04 | ||||||
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A-1 (Mandatory Put 07/01/14 @ 100), 0.47%, 06/01/251 | 1,520 | 1,520 | 0.63 | ||||||
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series B, 5.00%, 06/01/19 | 900 | 1,069 | 0.44 | ||||||
East Bay Regional Park Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 09/01/14 | 100 | 102 | 0.04 | ||||||
Foothill-Eastern Trans. Corridor Agcy., Highway Tolls Rev. Ref. Bonds, Sub-Series B-1 (Mandatory Put 01/15/18 @ 100), 5.00%, 01/15/531 | 2,000 | 2,196 | 0.90 | ||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A: | |||||||||
5.00%, 06/01/20 | 1,200 | 1,395 | 0.57 | ||||||
5.00%, 06/01/21 | 1,200 | 1,403 | 0.58 | ||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds: | |||||||||
5.00%, 11/01/17 | 100 | 114 | 0.05 | ||||||
5.25%, 11/01/25 | 100 | 114 | 0.05 | ||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 11/01/22 | 700 | 802 | 0.33 | ||||||
Irvine Public Facs. & Infrastructure Auth., Public Imps. Special Assessment Bonds, Series A: | |||||||||
3.00%, 09/02/15 | 200 | 205 | 0.08 | ||||||
4.00%, 09/02/21 | 1,350 | 1,394 | 0.57 | ||||||
4.00%, 09/02/23 | 430 | 444 | 0.18 | ||||||
Irvine Ranch Water Dist., Water Rev. Certs. of Part. Ref. Bonds, 5.00%, 03/01/17 | 100 | 113 | 0.05 | ||||||
La Quinta Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, 09/01/19 | 200 | 232 | 0.10 | ||||||
Las Virgenes Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (AGM Insured), 4.25%, 08/01/15 | 100 | 105 | 0.04 | ||||||
Lincoln Public Fncg. Auth., Public Imps. Special Tax Bonds, Series A (AMBAC Insured), 4.50%, 09/01/21 | 840 | 887 | 0.37 | ||||||
Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds: | |||||||||
4.00%, 11/01/20 | 750 | 832 | 0.34 | ||||||
5.00%, 11/01/21 | 500 | 585 | 0.24 | ||||||
Long Beach Comm. College Dist., G.O. Prop. Tax College & Univ. Imps. Bonds, Series A, 5.00%, 06/01/22 | 100 | 114 | 0.05 | ||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds: | |||||||||
5.00%, 07/01/16 | 500 | 552 | 0.23 | ||||||
5.00%, 07/01/21 | 1,000 | 1,217 | 0.50 | ||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, Series B, 5.00%, 07/01/18 | 1,000 | 1,169 | 0.48 | ||||||
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds, Series D, 5.00%, 09/01/19 | 1,000 | 1,140 | 0.47 | ||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 05/15/29 | 200 | 227 | 0.09 | ||||||
See Notes to Financial Statements | 34 |
Capital Group California Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
California—continued | |||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 05/15/19 | $ | 850 | $ | 1,005 | 0.41 | % | |||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 05/15/22 | 700 | 822 | 0.34 | ||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/18 | 300 | 351 | 0.14 | ||||||
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series B, 5.00%, 07/01/20 | 200 | 236 | 0.10 | ||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Rev. Ref. Bonds, Series A-1, 5.00%, 07/01/20 | 1,000 | 1,201 | 0.49 | ||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I: | |||||||||
5.00%, 07/01/14 | 200 | 202 | 0.08 | ||||||
5.00%, 07/01/24 | 100 | 116 | 0.05 | ||||||
Los Rios Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 08/01/20 | 900 | 1,078 | 0.44 | ||||||
Manhattan Beach Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series C (NATL-RE Insured), 0.00%, 09/01/24 | 1,000 | 720 | 0.30 | ||||||
Metropolitan Water Dist. of Southern California, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 03/01/17 | 100 | 104 | 0.04 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B, 5.00%, 07/01/15 | 500 | 529 | 0.22 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 05/01/15 @ 100), 0.47%, 07/01/271 | 1,500 | 1,503 | 0.62 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-2 (Mandatory Put 05/01/15 @ 100), 0.47%, 07/01/271 | 1,100 | 1,102 | 0.45 | ||||||
Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/17 | 400 | 454 | 0.19 | ||||||
Moreno Valley Unified School Dist., G.O. School Imps. Prop. Tax Ref. Bonds (NATL-RE Insured), 5.25%, 08/01/19 | 380 | 441 | 0.18 | ||||||
Mountain View Shoreline Regional Park Comm., Tax Allocation Rev. Ref. Bonds, Series A: | |||||||||
5.00%, 08/01/19 | 420 | 474 | 0.20 | ||||||
5.00%, 08/01/20 | 375 | 423 | 0.17 | ||||||
Napa Valley Comm. College Dist., G.O. School Imps. Prop. Tax Bonds, Series B (Pre-refunded with St. & Loc. Govt. Series 08/01/15 @ 100) (NATL-RE Insured), 5.00%, 08/01/18 | 150 | 159 | 0.07 | ||||||
North Natomas Comm. Facs. Dist. No. 4, Special Tax Ref. Bonds, Series E, 5.00%, 09/01/21 | 1,050 | 1,200 | 0.49 | ||||||
Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A: | |||||||||
5.00%, 06/01/16 | 750 | 823 | 0.34 | ||||||
5.50%, 07/01/21 | 1,000 | 1,193 | 0.49 | ||||||
Northern California Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A: | |||||||||
5.00%, 07/01/17 | 200 | 227 | 0.09 | ||||||
5.00%, 07/01/19 | 200 | 236 | 0.10 | ||||||
Oakland Redev. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 09/01/18 | 500 | 568 | 0.23 | ||||||
Ohlone Comm. College Dist., G.O. Ref. Bonds, 5.00%, 08/01/24 | 1,000 | 1,197 | 0.49 | ||||||
Orange Comm. Facs. Dist., Special Tax Ref. Bonds: | |||||||||
4.00%, 10/01/20 | 385 | 416 | 0.17 | ||||||
4.00%, 10/01/21 | 1,485 | 1,598 | 0.66 | ||||||
Perris Union High School Dist., School Imps. Special Tax Bonds: | |||||||||
4.25%, 09/01/19 | 360 | 372 | 0.15 | ||||||
4.50%, 09/01/20 | 445 | 460 | 0.19 | ||||||
Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds: | |||||||||
See Notes to Financial Statements | 35 |
Capital Group California Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
California—continued | |||||||||
3.375%, 09/15/17 | $ | 500 | $ | 519 | 0.21 | % | |||
3.75%, 09/15/18 | 770 | 799 | 0.33 | ||||||
4.00%, 09/15/20 | 340 | 371 | 0.15 | ||||||
4.00%, 09/15/22 | 440 | 474 | 0.20 | ||||||
5.00%, 09/01/20 | 605 | 695 | 0.29 | ||||||
Rancho Water Dist. Fncg. Auth., Water Rev. Ref. Bonds, Series D (Radian Insured), 4.20%, 09/02/17 | 100 | 104 | 0.04 | ||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 08/15/17 | 475 | 543 | 0.22 | ||||||
Sacramento Regional Transit Dist., Transit Rev. Ref. Bonds, 5.00%, 03/01/23 | 615 | 694 | 0.29 | ||||||
San Bernardino City Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series A (AGM Insured), 5.00%, 08/01/20 | 725 | 842 | 0.35 | ||||||
San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds: | |||||||||
5.00%, 08/01/18 | 1,000 | 1,171 | 0.48 | ||||||
5.00%, 08/01/20 | 775 | 934 | 0.38 | ||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 07/01/23 | 225 | 268 | 0.11 | ||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Sub-Series A, 5.00%, 07/01/20 | 700 | 818 | 0.34 | ||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Ref. Bonds, Sub-Series A, 5.00%, 07/01/18 | 850 | 974 | 0.40 | ||||||
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series 2008 A (AGM Insured), 5.00%, 05/01/14 | 560 | 560 | 0.23 | ||||||
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 05/01/18 | 700 | 813 | 0.33 | ||||||
San Diego County Water Auth., Water Rev. Ref. Bonds, Series A, 5.00%, 05/01/20 | 750 | 899 | 0.37 | ||||||
San Diego County Water Auth., Water Rev. Ref. Bonds, Series S-1, 5.00%, 07/01/16 | 475 | 522 | 0.21 | ||||||
San Diego Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series B, 5.00%, 05/15/22 | 100 | 117 | 0.05 | ||||||
San Diego Public Facs. Fncg. Auth., Water Rev. Ref. Bonds, Series A: | |||||||||
4.00%, 08/01/14 | 100 | 101 | 0.04 | ||||||
4.00%, 08/01/20 | 100 | 110 | 0.05 | ||||||
San Francisco Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds, 5.00%, 07/01/22 | 800 | 935 | 0.38 | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Imps. Rev. Bonds, Series E, 5.25%, 05/01/24 | 100 | 116 | 0.05 | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 05/01/19 | 400 | 471 | 0.19 | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C2, 5.00%, 05/01/21 | 300 | 347 | 0.14 | ||||||
San Francisco City & County Public Utils. Commission, Water Rev. Ref. Bonds, Sub-Series D, 5.00%, 11/01/20 | 800 | 965 | 0.40 | ||||||
San Francisco City & County Redev. Agcy., Tax Allocation, Series C: | |||||||||
4.75%, 08/01/17 | 265 | 288 | 0.12 | ||||||
5.00%, 08/01/18 | 275 | 303 | 0.12 | ||||||
5.25%, 08/01/19 | 290 | 325 | 0.13 | ||||||
San Francisco City & County Redev. Successor Agcy., Public Imps. Special Tax Bonds, 3.25%, 08/01/21 | 500 | 513 | 0.21 | ||||||
San Francisco City & County Redev. Successor Agcy., Special Tax Ref. Bonds, 5.00%, 08/01/20 | 800 | 904 | 0.37 | ||||||
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 06/15/19 | 1,150 | 1,366 | 0.56 | ||||||
See Notes to Financial Statements | 36 |
Capital Group California Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
California—continued | |||||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, 08/01/22 | $ | 500 | $ | 554 | 0.23 | % | |||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, 08/01/18 | 400 | 403 | 0.17 | ||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series D (AMBAC Insured), 5.00%, 08/01/18 | 800 | 885 | 0.36 | ||||||
San Mateo County Comm. College Dist., College & Univ. Imps. Certs. of Part. Lease Bonds (Pre-refunded with St. & Loc. Govt. Series to 10/01/14 @ 100) (NATL-RE Insured), 5.25%, 10/01/20 | 1,000 | 1,021 | 0.42 | ||||||
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A, 5.25%, 07/15/23 | 200 | 230 | 0.09 | ||||||
Santa Ana Community Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 6.00%, 09/01/20 | 750 | 892 | 0.37 | ||||||
Santa Clara County Fncg. Auth., Lease Rev. Ref. Bonds, 5.00%, 11/15/22 | 285 | 328 | 0.14 | ||||||
Santa Margarita Water Dist., Special Tax Ref. Bonds: | |||||||||
4.125%, 09/01/20 | 625 | 646 | 0.27 | ||||||
4.25%, 09/01/21 | 1,560 | 1,612 | 0.66 | ||||||
Santaluz Community Facs. Dist. No 2, Special Tax Ref. Bonds, Series A, 5.00%, 09/01/20 | 995 | 1,134 | 0.47 | ||||||
Sonoma-Marin Area Rail Transit Dist., Rev. Bonds, Series A, 5.00%, 03/01/21 | 1,000 | 1,206 | 0.50 | ||||||
South Orange County Public Fncg. Auth., Special Tax Ref. Bonds, Series A (AMBAC Insured): | |||||||||
5.00%, 08/15/15 | 900 | 954 | 0.39 | ||||||
5.00%, 08/15/20 | 1,000 | 1,037 | 0.43 | ||||||
South Placer Wastewater Auth., Solid Waste Mgmt. Rev. Ref. Bonds, Series D, 0.95%, 11/01/141 | 1,700 | 1,702 | 0.70 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds: | |||||||||
5.00%, 07/01/18 | 200 | 233 | 0.10 | ||||||
5.00%, 07/01/20 | 1,550 | 1,855 | 0.76 | ||||||
5.00%, 07/01/23 | 800 | 932 | 0.38 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 4.00%, 07/01/21 | 500 | 555 | 0.23 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds: | |||||||||
5.00%, 07/01/16 | 500 | 550 | 0.23 | ||||||
5.00%, 07/01/18 | 350 | 407 | 0.17 | ||||||
5.00%, 07/01/21 | 750 | 909 | 0.37 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A: | |||||||||
5.00%, 07/01/19 | 1,000 | 1,186 | 0.49 | ||||||
5.00%, 07/01/20 | 245 | 293 | 0.12 | ||||||
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, 5.00%, 07/01/23 | 100 | 115 | 0.05 | ||||||
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A, 5.25%, 07/01/14 | 1,175 | 1,185 | 0.49 | ||||||
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A (Escrowed to Maturity), 5.25%, 07/01/14 | 270 | 272 | 0.11 | ||||||
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/14 @ 100), 5.00%, 07/01/15 | 200 | 202 | 0.08 | ||||||
State of California, G.O. Correctional Facs. Imps. Prop. Tax Bonds, 5.25%, 10/01/20 | 100 | 118 | 0.05 | ||||||
State of California, G.O. General Fund Public Imps. Bonds (Mandatory Put 12/01/17 @ 100), 4.00%, 12/01/271 | 750 | 826 | 0.34 | ||||||
State of California, G.O. General Fund Ref. Bonds: | |||||||||
4.00%, 12/01/20 | 1,175 | 1,332 | 0.55 | ||||||
5.00%, 02/01/19 | 2,000 | 2,342 | 0.96 | ||||||
See Notes to Financial Statements | 37 |
Capital Group California Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
California—continued | |||||||||
5.00%, 02/01/20 | $ | 2,700 | $ | 3,201 | 1.32 | % | |||
State of California, G.O. Prop. Tax Ref. Bonds: | |||||||||
5.00%, 04/01/19 | 600 | 705 | 0.29 | ||||||
5.25%, 10/01/20 | 650 | 765 | 0.31 | ||||||
State of California, G.O. Prop. Tax Ref. Bonds, Series B (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/231 | 100 | 101 | 0.04 | ||||||
State of California, G.O. Public Imps. Misc. Tax Bonds, 5.50%, 04/01/18 | 100 | 117 | 0.05 | ||||||
State of California, G.O. Sales Tax Rev. Bonds, Series A, 5.25%, 07/01/21 | 1,060 | 1,267 | 0.52 | ||||||
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 07/01/17 | 950 | 1,080 | 0.44 | ||||||
State of California, G.O. Water Util. Imps. Misc. Tax Bonds (NATL-RE Insured), 6.00%, 08/01/20 | 5 | 5 | — | ||||||
Successor Agcy. to the Richmond County Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series A (BAM Insured), 5.00%, 09/01/25 | 200 | 223 | 0.09 | ||||||
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A: | |||||||||
5.00%, 01/01/15 | 100 | 103 | 0.04 | ||||||
5.00%, 01/01/22 | 1,500 | 1,689 | 0.70 | ||||||
5.25%, 01/01/24 | 100 | 113 | 0.05 | ||||||
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds: | |||||||||
5.00%, 01/01/18 | 500 | 568 | 0.23 | ||||||
5.00%, 01/01/22 | 700 | 809 | 0.33 | ||||||
Univ. of California, College & Univ. Imps. Rev. Bonds, Series D (NATL-RE FGIC Insured), 5.00%, 05/15/23 | 130 | 144 | 0.06 | ||||||
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E: | |||||||||
4.00%, 05/15/17 | 500 | 552 | 0.23 | ||||||
5.00%, 05/15/20 | 500 | 599 | 0.25 | ||||||
Vallejo Sanitation & Flood Control Dist., Solid Waste Mgmt. Certs. of Part. Ref. Bonds (AMBAC Insured), 4.00%, 05/01/18 | 200 | 204 | 0.08 | ||||||
_______________________ | |||||||||
200,968 | 82.74 | ||||||||
_______________________ | |||||||||
District of Columbia - 0.05% | |||||||||
Metropolitan Washington Airports Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 10/01/17 | 100 | 114 | 0.05 | ||||||
_______________________ | |||||||||
114 | 0.05 | ||||||||
_______________________ | |||||||||
Florida - 0.24% | |||||||||
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1, 5.00%, 06/01/19 | 500 | 576 | 0.24 | ||||||
_______________________ | |||||||||
576 | 0.24 | ||||||||
_______________________ | |||||||||
Guam - 1.17% | |||||||||
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series A: | |||||||||
5.00%, 10/01/19 | 150 | 171 | 0.07 | ||||||
5.00%, 10/01/20 | 225 | 256 | 0.11 | ||||||
5.00%, 10/01/21 | 350 | 395 | 0.16 | ||||||
5.00%, 10/01/22 | 710 | 795 | 0.33 | ||||||
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 10/01/23 | 1,100 | 1,227 | 0.50 | ||||||
_______________________ | |||||||||
2,844 | 1.17 | ||||||||
_______________________ | |||||||||
See Notes to Financial Statements | 38 |
Capital Group California Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||
Bonds & notes—continued | ||||||||||
Iowa - 0.05% | ||||||||||
State of Iowa, General Fund Public Imps. Rev. Bonds, Series A, 5.00%, 06/01/27 | $ | 100 | $ | 115 | 0.05 | % | ||||
_______________________ | ||||||||||
115 | 0.05 | |||||||||
_______________________ | ||||||||||
Michigan - 0.05% | ||||||||||
Michigan State Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.25%, 11/15/24 | 100 | 109 | 0.05 | |||||||
_______________________ | ||||||||||
109 | 0.05 | |||||||||
_______________________ | ||||||||||
Oregon - 0.41% | ||||||||||
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 09/15/18 @ 100), 1.12%, 10/01/221 | 1,000 | 1,006 | 0.41 | |||||||
_______________________ | ||||||||||
1,006 | 0.41 | |||||||||
_______________________ | ||||||||||
Puerto Rico - 2.01% | ||||||||||
Commonwealth of Puerto Rico, G.O. Prop. Tax Rev. Ref. Bonds, 5.00%, 07/01/23 | 730 | 545 | 0.22 | |||||||
Puerto Rico Commonwealth Aqueduct & Sewer Auth., Water Rev. Ref. Bonds, Series A, 5.00%, 07/01/19 | 500 | 412 | 0.17 | |||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Imps. Rev. Ref. Bonds: | ||||||||||
3.00%, 10/01/18 | 355 | 335 | 0.14 | |||||||
5.00%, 10/01/17 | 500 | 524 | 0.22 | |||||||
5.00%, 10/01/19 | 500 | 524 | 0.22 | |||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Cultural Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds, 5.00%, 10/01/21 | 1,000 | 1,024 | 0.42 | |||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Cultural Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 07/01/17 | 1,000 | 1,029 | 0.42 | |||||||
Puerto Rico Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series C, 5.00%, 08/01/22 | 500 | 498 | 0.20 | |||||||
_______________________ | ||||||||||
4,891 | 2.01 | |||||||||
_______________________ | ||||||||||
Texas - 0.50% | ||||||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 0.87%, 05/15/341 | 1,100 | 1,110 | 0.46 | |||||||
City of San Antonio, Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 02/01/24 | 100 | 108 | 0.04 | |||||||
_______________________ | ||||||||||
1,218 | 0.50 | |||||||||
_______________________ | ||||||||||
U. S. Virgin Islands - 0.23% | ||||||||||
Virgin Islands Public Fin. Auth., Misc. Rev. Ref. Bonds, Series B, 5.00%, 10/01/24 | 500 | 568 | 0.23 | |||||||
_______________________ | ||||||||||
568 | 0.23 | |||||||||
_______________________ | ||||||||||
Total bonds & notes (cost: $205,912,243) | 212,409 | 87.45 | ||||||||
_______________________ | ||||||||||
Short-term securities - 13.02% | ||||||||||
California Health Facs. Fncg. Auth., Special Assessment Rev. Ref. Bonds, 0.07%, 09/01/381 | 1,000 | 1,000 | 0.41 | |||||||
California Muni. Fin. Auth., Ind. Imps. Rev. Bonds:1 | ||||||||||
0.06%, 11/01/35 | 3,800 | 3,800 | 1.57 | |||||||
See Notes to Financial Statements | 39 |
Capital Group California Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||||||||
Short-term securities—continued | |||||||||||||||
0.05%, 11/01/35 | $ | 1,575 | $ | 1,575 | 0.65 | % | |||||||||
California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds:1 | |||||||||||||||
0.06%, 11/01/26 | 3,700 | 3,700 | 1.52 | ||||||||||||
0.08%, 11/01/26 | 4,500 | 4,500 | 1.85 | ||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 0.05%, 08/15/361 | 200 | 200 | 0.08 | ||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 0.07%, 08/15/271 | 1,950 | 1,950 | 0.80 | ||||||||||||
California Statewide Comms. Dev. Auth., Res. Recovery Rev. Ref. Bonds, 0.06%, 05/15/241 | 5,000 | 5,000 | 2.06 | ||||||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series B-3, 0.05%, 07/01/341 | 2,800 | 2,800 | 1.15 | ||||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-3, 0.05%, 07/01/351 | 3,800 | 3,800 | 1.57 | ||||||||||||
State of California, G.O. Sales Tax Rev. Bonds, Series C, 0.06%, 07/01/231 | 3,300 | 3,300 | 1.36 | ||||||||||||
_______________________ | |||||||||||||||
Total Short-term securities (cost: $31,625,000) | 31,625 | 13.02 | |||||||||||||
_______________________ | |||||||||||||||
Total investment securities (cost: $237,537,243) | 244,034 | 100.47 | |||||||||||||
Other assets less liabilities | (1,141) | (0.47) | |||||||||||||
_______________________ | |||||||||||||||
Net assets | $ | 242,893 | 100.00 | % | |||||||||||
_______________________ | |||||||||||||||
_______________________ | |||||||||||||||
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. | ||||||||||||||
Key to abbreviations | |||||||||||||||
Agcy. | = Agency | ||||||||||||||
AGM | = Assured Guaranty Municipal Corporation | ||||||||||||||
AMBAC | = American Municipal Bond Assurance Corporation | ||||||||||||||
Auth. | = Authority | ||||||||||||||
CA Mtg. Ins. | = California Mortgage Insurance | ||||||||||||||
Certs. of Part. | = Certificates of Participation | ||||||||||||||
CIFG | = CDC IXIS Financial Guaranty | ||||||||||||||
Comm. | = Community | ||||||||||||||
Comms. | = Communities | ||||||||||||||
Corp. | = Corporation | ||||||||||||||
Corps. | = Corporations | ||||||||||||||
Dept. | = Department | ||||||||||||||
Dev. | = Development | ||||||||||||||
Dist. | = District | ||||||||||||||
Econ. | = Economic | ||||||||||||||
Educ. | = Educational | ||||||||||||||
Fac. | = Facility | ||||||||||||||
Facs. | = Facilities | ||||||||||||||
FGIC | = Financial Guaranty Insurance Company | ||||||||||||||
Fin. | = Finance | ||||||||||||||
Fncg. | = Financing | ||||||||||||||
See Notes to Financial Statements | 40 |
Capital Group California Core Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
G.O. | = General Obligation |
Govt. | = Government |
GTD | = Guaranteed |
Imps. | = Improvements |
Ind. | = Industrial |
Intl. | = International |
Loc. | = Local |
Mgmt. | = Management |
Misc. | = Miscellaneous |
Muni. | = Municipal |
NATL-RE | = National Reinsurance |
Prop. | = Property |
Rec. | = Recreational |
Redev. | = Redevelopment |
Ref. | = Refunding |
Res. | = Resource |
Ress. | = Resources |
Rev. | = Revenue |
St. | = State |
Trans. | = Transportation |
Univ. | = University |
Util. | = Utility |
Utils. | = Utilities |
See Notes to Financial Statements | 41 |
Capital Group California Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||
Bonds & notes - 77.47% | ||||||||
California - 72.65% | ||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 05/15/16 | $ | 500 | $ | 501 | 0.41 | % | ||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 08/01/16 | 200 | 220 | 0.18 | |||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A (CA Mtg. Ins.): | ||||||||
4.00%, 04/01/16 | 400 | 426 | 0.34 | |||||
5.00%, 04/01/18 | 250 | 284 | 0.23 | |||||
Alameda County Trans. Auth., Transit Imps. Rev. Bonds, 4.00%, 03/01/18 | 500 | 559 | 0.45 | |||||
Bay Area Toll Auth. Rev. Bonds (Mandatory Put 05/01/23 @ 100), 1.02%, 04/01/471 | 250 | 248 | 0.20 | |||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.45%, 04/01/451 | 750 | 760 | 0.61 | |||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 10/01/19 @ 100), 0.82%, 04/01/471 | 1,675 | 1,674 | 1.35 | |||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds: | ||||||||
4.00%, 04/01/18 | 250 | 281 | 0.23 | |||||
5.00%, 04/01/17 | 400 | 452 | 0.37 | |||||
Bay Area Water Supply & Conservation Agcy., Water Util. Rev. Bonds, Series A, 4.00%, 10/01/19 | 570 | 648 | 0.52 | |||||
Brea Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, 5.00%, 08/01/19 | 700 | 818 | 0.66 | |||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds: | ||||||||
4.00%, 10/01/15 | 350 | 369 | 0.30 | |||||
4.00%, 09/01/16 | 75 | 81 | 0.07 | |||||
4.00%, 02/01/17 | 100 | 109 | 0.09 | |||||
5.00%, 10/01/16 | 250 | 276 | 0.22 | |||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 10/01/15 | 500 | 533 | 0.43 | |||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 3.00%, 11/01/16 | 400 | 423 | 0.34 | |||||
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||
3.00%, 10/01/15 | 150 | 156 | 0.13 | |||||
4.00%, 04/01/16 | 300 | 320 | 0.26 | |||||
4.00%, 04/01/17 | 200 | 218 | 0.18 | |||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds: | ||||||||
5.00%, 08/15/17 | 510 | 574 | 0.46 | |||||
5.00%, 08/15/18 | 500 | 580 | 0.47 | |||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series B, 5.00%, 08/15/16 | 200 | 221 | 0.18 | |||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series I, 5.125%, 07/01/22 | 490 | 513 | 0.42 | |||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 08/15/15 | 150 | 159 | 0.13 | |||||
5.00%, 11/15/16 | 225 | 241 | 0.19 | |||||
5.00%, 01/01/19 | 500 | 577 | 0.47 | |||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 01/01/18 | 425 | 459 | 0.37 | |||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||
4.00%, 03/01/18 | 200 | 219 | 0.18 | |||||
4.00%, 03/01/19 | 500 | 553 | 0.45 | |||||
5.00%, 08/15/14 | 400 | 406 | 0.33 | |||||
5.00%, 11/15/16 | 250 | 278 | 0.22 | |||||
5.00%, 10/01/18 | 500 | 583 | 0.47 |
See Notes to Financial Statements | 42 |
Capital Group California Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
California—continued | |||||||||
5.00%, 11/15/19 | $ | 300 | $ | 354 | 0.29 | % | |||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-3, 4.00%, 11/15/15 | 150 | 159 | 0.13 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series B (Mandatory Put 10/17/17 @ 100), 5.00%, 07/01/431 | 805 | 921 | 0.74 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/16/14 @ 100), 5.00%, 07/01/341 | 200 | 204 | 0.17 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series D (Mandatory Put 10/15/20 @ 100), 5.00%, 07/01/431 | 500 | 594 | 0.48 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series I (Mandatory Put 07/01/14 @ 100), 4.95%, 07/01/261 | 100 | 101 | 0.08 | ||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/16 @ 100), 0.40%, 10/01/471 | 500 | 500 | 0.40 | ||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.40%, 04/01/381 | 1,100 | 1,100 | 0.89 | ||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series B1 (Mandatory Put 04/01/15 @ 100), 0.42%, 10/01/471 | 1,000 | 1,000 | 0.81 | ||||||
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, Series B, 4.00%, 10/01/16 | 200 | 216 | 0.17 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 4.50%, 05/01/17 | 200 | 223 | 0.18 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 05/01/14 | 550 | 550 | 0.44 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 05/01/18 | 1,250 | 1,449 | 1.17 | ||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AM, 5.00%, 12/01/18 | 500 | 589 | 0.48 | ||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Sub-Series G-4, 5.00%, 05/01/16 | 1,000 | 1,094 | 0.88 | ||||||
California State Public Works Board, Public Imps. Lease Rev. Bonds, Series A: | |||||||||
4.00%, 03/01/19 | 400 | 446 | 0.36 | ||||||
5.00%, 04/01/18 | 400 | 459 | 0.37 | ||||||
California State Public Works Board, Public Imps. Lease Rev. Bonds, Series I: | |||||||||
4.00%, 11/01/17 | 210 | 233 | 0.19 | ||||||
4.00%, 11/01/19 | 500 | 560 | 0.45 | ||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B, 5.00%, 10/01/17 | 475 | 537 | 0.43 | ||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 4.00%, 03/01/16 | 400 | 426 | 0.34 | ||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series C-1, 5.00%, 03/01/16 | 500 | 543 | 0.44 | ||||||
California State Public Works Board, Correctional Fac. Imps. Lease Rev. Ref. Bonds, Series A, 5.00%, 09/01/18 | 250 | 290 | 0.23 | ||||||
California State Public Works Board, Health Care Facs. Imps. Rev. Bonds, 5.50%, 06/01/15 | 400 | 402 | 0.32 | ||||||
California State Public Works Board, Lease Rev. Ref. Bonds, 4.00%, 06/01/18 | 425 | 473 | 0.38 | ||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured): | |||||||||
5.00%, 06/01/15 | 100 | 105 | 0.08 | ||||||
5.00%, 10/01/16 | 240 | 266 | 0.22 | ||||||
California State Public Works Board, Rev. Bonds, Series G, 4.00%, 12/01/16 | 325 | 355 | 0.29 | ||||||
California State Univ., College & Univ. Rev. Bonds, Series A: | |||||||||
5.00%, 11/01/17 | 125 | 144 | 0.12 | ||||||
See Notes to Financial Statements | 43 |
Capital Group California Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
California—continued | |||||||||
5.00%, 11/01/18 | $ | 400 | $ | 470 | 0.38 | % | |||
California State Univ., College & Univ. Rev. Ref. Bonds, Series A: | |||||||||
5.00%, 11/01/16 | 400 | 446 | 0.36 | ||||||
5.00%, 11/01/17 | 350 | 402 | 0.33 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, 07/01/16 | 500 | 548 | 0.44 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (Mandatory Put 05/01/17 @ 100), 5.00%, 11/01/291 | 600 | 677 | 0.55 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds: | |||||||||
4.00%, 11/01/14 | 400 | 407 | 0.33 | ||||||
5.00%, 07/01/14 | 650 | 655 | 0.53 | ||||||
5.00%, 11/01/15 | 300 | 320 | 0.26 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 11/15/19 | 160 | 173 | 0.14 | ||||||
Carson Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A, 5.00%, 10/01/18 | 700 | 799 | 0.65 | ||||||
City & County of San Francisco, Certs. of Part. Lease Ref. Bonds, Series A, 5.00%, 10/01/15 | 500 | 534 | 0.43 | ||||||
City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds, 5.00%, 06/15/18 | 1,745 | 2,036 | 1.65 | ||||||
City & County of San Francisco, Sewer Rev. Ref Bonds, Series A: | |||||||||
5.00%, 10/01/18 | 500 | 588 | 0.48 | ||||||
5.00%, 10/01/19 | 555 | 662 | 0.54 | ||||||
City of Chula Vista, Energy Res. Auth. Rev. Ref. Bonds, Series A, 1.65%, 07/01/18 | 1,100 | 1,107 | 0.90 | ||||||
City of Long Beach, Port, Airport & Marina Imps. Rev. Ref. Bonds, Series B, 4.00%, 05/15/18 | 225 | 253 | 0.20 | ||||||
City of Los Angeles, Res. Recovery Imps. Rev. Bonds, Series A, 5.00%, 02/01/19 | 550 | 649 | 0.53 | ||||||
City of Los Angeles, Sewer Rev. Ref. Bonds, Series A: | |||||||||
3.00%, 06/01/14 | 150 | 150 | 0.12 | ||||||
4.00%, 06/01/16 | 100 | 108 | 0.09 | ||||||
City of San Jose, Port, Airport & Marina Imps. Rev. Bonds, Series A-2, 3.00%, 03/01/15 | 440 | 449 | 0.36 | ||||||
City of Santa Clara, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/18 | 500 | 580 | 0.47 | ||||||
County of El Dorado, Special Tax Ref. Bonds: | |||||||||
4.00%, 09/01/18 | 450 | 491 | 0.40 | ||||||
5.00%, 09/01/20 | 545 | 621 | 0.50 | ||||||
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A-1 (Mandatory Put 07/01/14 @ 100), 0.47%, 06/01/251 | 1,070 | 1,070 | 0.87 | ||||||
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series B, 5.00%, 06/01/19 | 500 | 594 | 0.48 | ||||||
Glendale Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (AGM Insured): | |||||||||
4.00%, 12/01/19 | 600 | 666 | 0.54 | ||||||
5.00%, 12/01/20 | 500 | 583 | 0.47 | ||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A: | |||||||||
5.00%, 06/01/18 | 500 | 570 | 0.46 | ||||||
5.00%, 06/01/19 | 500 | 579 | 0.47 | ||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C: | |||||||||
5.00%, 11/01/16 | 300 | 333 | 0.27 | ||||||
5.00%, 11/01/18 | 425 | 494 | 0.40 | ||||||
Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds, 5.00%, 11/01/18 | 700 | 806 | 0.65 | ||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, 5.00%, 07/01/16 | 500 | 552 | 0.45 | ||||||
See Notes to Financial Statements | 44 |
Capital Group California Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
California—continued | |||||||||
Los Angeles County Sanitation Dists. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A, 5.00%, 10/01/17 | $ | 770 | $ | 884 | 0.72 | % | |||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 3.00%, 05/15/15 | 300 | 309 | 0.25 | ||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, Series E, 4.00%, 05/15/15 | 200 | 208 | 0.17 | ||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A: | |||||||||
3.00%, 07/01/18 | 550 | 597 | 0.48 | ||||||
5.00%, 07/01/15 | 420 | 444 | 0.36 | ||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, 07/01/18 | 500 | 582 | 0.47 | ||||||
Los Rios Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 4.00%, 08/01/16 | 500 | 541 | 0.44 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, 5.00%, 07/01/14 | 100 | 101 | 0.08 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B: | |||||||||
4.00%, 07/01/14 | 100 | 101 | 0.08 | ||||||
5.00%, 07/01/15 | 200 | 212 | 0.17 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 05/01/15 @ 100), 0.47%, 07/01/271 | 1,600 | 1,603 | 1.30 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-2 (Mandatory Put 05/01/15 @ 100), 0.47%, 07/01/271 | 500 | 501 | 0.41 | ||||||
Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/15 | 300 | 317 | 0.26 | ||||||
Mountain View Shoreline Regional Park Comm., Tax Increment Allocation Rev. Ref. Bonds, 4.00%, 08/01/15 | 375 | 389 | 0.31 | ||||||
Oakland Redev. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 09/01/18 | 500 | 568 | 0.46 | ||||||
Orange Comm. Facs. Dist., Special Tax Ref. Bonds: | |||||||||
3.00%, 10/01/17 | 360 | 381 | 0.31 | ||||||
4.00%, 10/01/18 | 300 | 328 | 0.27 | ||||||
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, 5.00%, 12/01/14 | 250 | 257 | 0.21 | ||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 07/01/15 | 100 | 105 | 0.08 | ||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 08/15/17 | 225 | 257 | 0.21 | ||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series X, 5.00%, 08/15/17 | 250 | 286 | 0.23 | ||||||
Sacramento Regional Transit Dist., Transit Rev. Ref. Bonds, 5.00%, 03/01/18 | 250 | 283 | 0.23 | ||||||
San Bernardino County Trans. Auth. Rev. Bonds, Series A, 4.00%, 03/01/18 | 500 | 560 | 0.45 | ||||||
San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds: | |||||||||
4.00%, 08/01/17 | 400 | 444 | 0.36 | ||||||
5.00%, 08/01/18 | 1,000 | 1,171 | 0.95 | ||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Ref. Bonds, Sub-Series A: | |||||||||
5.00%, 07/01/16 | 250 | 273 | 0.22 | ||||||
5.00%, 07/01/17 | 650 | 731 | 0.59 | ||||||
5.00%, 07/01/18 | 100 | 115 | 0.09 | ||||||
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series 2008 A (AGM Insured), 5.00%, 05/01/14 | 500 | 500 | 0.40 | ||||||
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 05/01/18 | 500 | 581 | 0.47 | ||||||
San Diego County Water Auth., Water Rev. Ref. Bonds, Series A, 5.00%, 05/01/17 | 850 | 963 | 0.78 | ||||||
See Notes to Financial Statements | 45 |
Capital Group California Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
California—continued | |||||||||
San Diego County Water Auth., Water Rev. Ref. Bonds, Series S-1, 5.00%, 07/01/16 | $ | 175 | $ | 192 | 0.16 | % | |||
San Diego Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series B, 5.00%, 05/15/15 | 300 | 315 | 0.25 | ||||||
San Diego Public Facs. Fncg. Auth., Solid Waste Mgmt. Disposal Imps. Rev. Bonds, Series A, 4.50%, 05/15/14 | 500 | 501 | 0.41 | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 05/01/16 | 200 | 219 | 0.18 | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C (AGM Insured), 5.00%, 05/01/14 | 500 | 500 | 0.40 | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, 05/01/18 | 500 | 579 | 0.47 | ||||||
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 06/15/18 | 500 | 583 | 0.47 | ||||||
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series B, 5.00%, 06/15/15 | 100 | 106 | 0.09 | ||||||
San Jose Redev. Agcy., Tax Increment Allocation Ref. Bonds, 4.00%, 08/01/16 | 300 | 320 | 0.26 | ||||||
San Jose Unified School Dist., G.O. Prop. Tax Ref. Bonds: | |||||||||
4.00%, 08/01/18 | 300 | 337 | 0.27 | ||||||
4.00%, 08/01/19 | 475 | 540 | 0.44 | ||||||
Santa Margarita Water Dist., Special Tax Ref. Bonds: | |||||||||
4.00%, 09/01/17 | 820 | 851 | 0.69 | ||||||
4.00%, 09/01/18 | 175 | 181 | 0.15 | ||||||
Sonoma-Marin Area Rail Transit Dist. Rev. Bonds, Series A: | |||||||||
4.00%, 03/01/16 | 500 | 534 | 0.43 | ||||||
5.00%, 03/01/18 | 750 | 865 | 0.70 | ||||||
South Placer Wastewater Auth., Solid Waste Mgmt. Rev. Ref. Bonds, Series D, 0.95%, 11/01/141 | 1,200 | 1,202 | 0.97 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds: | |||||||||
4.00%, 07/01/15 | 225 | 235 | 0.19 | ||||||
5.00%, 07/01/16 | 200 | 220 | 0.18 | ||||||
5.00%, 07/01/17 | 750 | 852 | 0.69 | ||||||
5.00%, 07/01/18 | 200 | 233 | 0.19 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A: | |||||||||
4.00%, 07/01/16 | 150 | 162 | 0.13 | ||||||
5.00%, 07/01/17 | 775 | 880 | 0.71 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds: | |||||||||
5.00%, 07/01/14 | 500 | 504 | 0.41 | ||||||
5.00%, 07/01/16 | 500 | 550 | 0.45 | ||||||
5.00%, 07/01/18 | 350 | 407 | 0.33 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A: | |||||||||
5.00%, 07/01/16 | 705 | 776 | 0.63 | ||||||
5.00%, 07/01/19 | 600 | 711 | 0.58 | ||||||
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, 07/01/18 | 300 | 349 | 0.28 | ||||||
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A, 5.25%, 07/01/14 | 600 | 605 | 0.49 | ||||||
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/14 @ 100), 5.00%, 07/01/15 | 500 | 504 | 0.41 | ||||||
State of California, G.O. General Fund Public Imps. Bonds (Mandatory Put 12/01/17 @ 100), 4.00%, 12/01/271 | 500 | 551 | 0.45 | ||||||
See Notes to Financial Statements | 46 |
Capital Group California Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | |||||||
Bonds & notes—continued | |||||||||
California—continued | |||||||||
State of California, G.O. General Fund Public Imps. Bonds, Series E (Mandatory Put 12/03/18 @ 100), 0.936%, 12/01/291 | $ | 500 | $ | 507 | 0.41 | % | |||
State of California, G.O. General Fund Ref. Bonds, 5.00%, 02/01/18 | 1,000 | 1,150 | 0.93 | ||||||
State of California, G.O. General Fund Ref. Notes: | |||||||||
5.00%, 04/01/15 | 500 | 522 | 0.42 | ||||||
5.00%, 12/01/19 | 900 | 1,069 | 0.87 | ||||||
State of California, G.O. General Fund Ref. Notes (NATL-RE Insured), 5.00%, 06/01/15 | 250 | 263 | 0.21 | ||||||
State of California, G.O. Misc. Rev. Ref. Bonds, 4.00%, 09/01/17 | 500 | 555 | 0.45 | ||||||
State of California, G.O. Prop. Tax Ref. Bonds: | |||||||||
4.00%, 04/01/18 | 500 | 559 | 0.45 | ||||||
5.00%, 06/01/15 | 200 | 211 | 0.17 | ||||||
State of California, G.O. Prop. Tax Ref. Bonds, Series B, 0.87%, 05/01/171 | 400 | 404 | 0.33 | ||||||
State of California, G.O. Prop. Tax Ref. Bonds, Series B (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/231 | 200 | 202 | 0.16 | ||||||
State of California, G.O. Public Imps. Misc. Rev. Bonds: | |||||||||
4.00%, 09/01/18 | 570 | 641 | 0.52 | ||||||
5.50%, 04/01/19 | 2,050 | 2,456 | 1.99 | ||||||
State of California, G.O. Sales Tax Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 07/01/14 | 500 | 504 | 0.41 | ||||||
Successor Agcy. Rancho Mirage Redev. Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured): | |||||||||
4.00%, 04/01/16 | 340 | 360 | 0.29 | ||||||
4.00%, 04/01/17 | 350 | 376 | 0.30 | ||||||
Successor Agcy. to the Richmond County Redev. Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured), 5.00%, 09/01/19 | 525 | 605 | 0.49 | ||||||
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 01/01/15 | 100 | 103 | 0.08 | ||||||
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 01/01/17 | 300 | 334 | 0.27 | ||||||
Univ. of California, College & Univ. Imps. Rev. Bonds, Series AB, 5.00%, 05/15/16 | 350 | 384 | 0.31 | ||||||
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E, 5.00%, 05/15/16 | 200 | 219 | 0.18 | ||||||
_______________________ | |||||||||
89,764 | 72.65 | ||||||||
_______________________ | |||||||||
Colorado - 0.28% | |||||||||
City & County of Denver, Port, Airport & Marina Imps. Rev. Ref. Bonds, Series B, 5.00%, 11/15/17 | 300 | 341 | 0.28 | ||||||
_______________________ | |||||||||
341 | 0.28 | ||||||||
_______________________ | |||||||||
Florida - 1.74% | |||||||||
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1, 5.00%, 06/01/18 | 600 | 681 | 0.55 | ||||||
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, 1.77%, 06/01/141 | 700 | 701 | 0.57 | ||||||
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, Series A-1, 5.00%, 06/01/19 | 100 | 115 | 0.09 | ||||||
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A, 5.00%, 07/01/16 | 600 | 658 | 0.53 | ||||||
_______________________ | |||||||||
2,155 | 1.74 | ||||||||
_______________________ | |||||||||
See Notes to Financial Statements | 47 |
Capital Group California Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||
Bonds & notes—continued | ||||||||||
Guam - 0.27% | ||||||||||
Territory of Guam, Cash Flow Mgmt., Misc. Rev. Bonds, Series A, 5.00%, 01/01/17 | $ | 300 | $ | 333 | 0.27 | % | ||||
_______________________ | ||||||||||
333 | 0.27 | |||||||||
_______________________ | ||||||||||
Illinois - 0.46% | ||||||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 12/01/17 | 500 | 573 | 0.46 | |||||||
_______________________ | ||||||||||
573 | 0.46 | |||||||||
_______________________ | ||||||||||
Louisiana - 0.16% | ||||||||||
Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA COLL Insured), 4.60%, 12/01/28 | 180 | 193 | 0.16 | |||||||
_______________________ | ||||||||||
193 | 0.16 | |||||||||
_______________________ | ||||||||||
Massachusetts - 0.14% | ||||||||||
Commonwealth of Massachusetts, G.O. Misc. Tax Public Imps. Rev. Bonds, Series D, 0.55%, 01/01/181 | 175 | 176 | 0.14 | |||||||
_______________________ | ||||||||||
176 | 0.14 | |||||||||
_______________________ | ||||||||||
Mississippi - 0.39% | ||||||||||
Jackson State Univ. Educ. Building Corp., College & Univ. Imps. Lease Rev. Bonds (Mandatory Put 03/01/15 @ 100) (AGM Insured), 5.00%, 03/01/341 | 465 | 482 | 0.39 | |||||||
_______________________ | ||||||||||
482 | 0.39 | |||||||||
_______________________ | ||||||||||
Oregon - 0.49% | ||||||||||
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 09/15/18 @ 100), 1.12%, 10/01/221 | 600 | 603 | 0.49 | |||||||
_______________________ | ||||||||||
603 | 0.49 | |||||||||
_______________________ | ||||||||||
Puerto Rico - 0.89% | ||||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Imps. Rev. Ref. Bonds: | ||||||||||
5.00%, 10/01/17 | 250 | 262 | 0.21 | |||||||
5.00%, 10/01/18 | 800 | 840 | 0.68 | |||||||
_______________________ | ||||||||||
1,102 | 0.89 | |||||||||
_______________________ | ||||||||||
Total bonds & notes (cost: $94,230,077) | 95,722 | 77.47 | ||||||||
_______________________ | ||||||||||
Short-term securities - 22.66% | ||||||||||
California Health Facs. Fncg. Auth., Special Assessment Rev. Ref. Bonds, Series B, 0.07%, 09/01/381 | 1,720 | 1,720 | 1.40 | |||||||
California Muni. Fin. Auth., Ind. Imps. Rev. Bonds:1 | ||||||||||
0.06%, 11/01/35 | 1,800 | 1,800 | 1.46 | |||||||
0.05%, 11/01/35 | 1,375 | 1,375 | 1.11 | |||||||
California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds:1 | ||||||||||
0.08%, 11/01/26 | 1,500 | 1,500 | 1.21 | |||||||
0.06%, 11/01/26 | 3,800 | 3,800 | 3.08 | |||||||
See Notes to Financial Statements | 48 |
Capital Group California Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||||||
Short-term securities—continued | ||||||||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 0.07%, 08/15/271 | $ | 3,600 | $ | 3,600 | 2.91 | % | ||||||||
City of Irvine California, Public Imps. Special Assessment Bonds, Series A, 0.06%, 09/02/291 | 768 | 768 | 0.62 | |||||||||||
City of Irvine California, Public Imps. Special Assessment Bonds, Series B, 0.06%, 09/02/291 | 5,100 | 5,100 | 4.13 | |||||||||||
Irvine Unified School Dist., School Imps. Special Tax Bonds, 0.07%, 09/01/511 | 1,643 | 1,643 | 1.33 | |||||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series A-1, 0.11%, 07/01/351 | 3,000 | 3,000 | 2.43 | |||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-3, 0.05%, 07/01/351 | 1,900 | 1,900 | 1.54 | |||||||||||
State of California, G.O. Sales Tax Rev. Bonds, Series C, 0.06%, 07/01/231 | 1,785 | 1,785 | 1.44 | |||||||||||
_______________________ | ||||||||||||||
Total Short-term securities (cost: $27,991,000) | 27,991 | 22.66 | ||||||||||||
_______________________ | ||||||||||||||
Total investment securities (cost: $122,221,077) | 123,713 | 100.13 | ||||||||||||
Other assets less liabilities | (156) | (0.13) | ||||||||||||
_______________________ | ||||||||||||||
Net assets | $ | 123,557 | 100.00 | % | ||||||||||
_______________________ | ||||||||||||||
_______________________ | ||||||||||||||
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. | |||||||||||||
Key to abbreviations | ||||||||||||||
Agcy. | = Agency | |||||||||||||
AGM | = Assured Guaranty Municipal Corporation | |||||||||||||
Auth. | = Authority | |||||||||||||
CA Mtg. Ins. | = California Mortgage Insurance | |||||||||||||
Certs. of Part. | = Certificates of Participation | |||||||||||||
COLL | = Collateral | |||||||||||||
Comm. | = Community | |||||||||||||
Comms. | = Communities | |||||||||||||
Corp. | = Corporation | |||||||||||||
Corps. | = Corporations | |||||||||||||
Dept. | = Department | |||||||||||||
Dev. | = Development | |||||||||||||
Dist. | = District | |||||||||||||
Econ. | = Economic | |||||||||||||
Educ. | = Educational | |||||||||||||
Facs. | = Facilities | |||||||||||||
FGIC | = Financial Guaranty Insurance Company | |||||||||||||
Fin. | = Finance | |||||||||||||
Fncg. | = Financing | |||||||||||||
FNMA | = Federal National Mortgage Association | |||||||||||||
GNMA | = Government National Mortgage Association | |||||||||||||
G.O. | = General Obligation | |||||||||||||
Govt. | = Government | |||||||||||||
GTD | = Guaranteed | |||||||||||||
Imps. | = Improvements | |||||||||||||
Ind. | = Industrial | |||||||||||||
See Notes to Financial Statements | 49 |
Capital Group California Short-Term Municipal Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Loc. | = Local |
Mgmt. | = Management |
Misc. | = Miscellaneous |
Muni. | = Municipal |
NATL-RE | = National Reinsurance |
Prop. | = Property |
Redev. | = Redevelopment |
Ref. | = Refunding |
Res. | = Resource |
Ress. | = Resources |
Rev. | = Revenue |
St. | = State |
Trans. | = Transportation |
Univ. | = University |
Util. | = Utility |
See Notes to Financial Statements | 50 |
Capital Group Core Bond Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||
Bonds, notes & other debt investments - 93.36% | ||||||||
U.S. government & government agency bonds & notes - 52.01% | ||||||||
Fannie Mae: | ||||||||
0.375%, 07/05/16 | $ | 1,000 | $ | 999 | 0.33 | % | ||
1.25%, 09/28/16 | 1,000 | 1,016 | 0.33 | |||||
1.25%, 01/30/17 | 1,445 | 1,463 | 0.48 | |||||
1.00%, 11/15/17 | 4,645 | 4,599 | 1.50 | |||||
0.875%, 05/21/18 | 500 | 489 | 0.16 | |||||
Federal Home Loan Banks: | ||||||||
1.00%, 06/21/17 | 600 | 601 | 0.20 | |||||
1.875%, 03/13/20 | 2,910 | 2,877 | 0.94 | |||||
Freddie Mac: | ||||||||
5.00%, 07/15/14 | 1,000 | 1,010 | 0.33 | |||||
0.75%, 11/25/14 | 1,025 | 1,029 | 0.34 | |||||
0.50%, 08/28/15 | 2,500 | 2,512 | 0.82 | |||||
4.75%, 01/19/16 | 2,000 | 2,156 | 0.70 | |||||
2.50%, 05/27/16 | 1,000 | 1,042 | 0.34 | |||||
1.00%, 06/29/17 | 500 | 500 | 0.16 | |||||
4.875%, 06/13/18 | 500 | 570 | 0.19 | |||||
U.S. Treasury Bonds: | ||||||||
7.625%, 02/15/25 | 750 | 1,100 | 0.36 | |||||
3.625%, 02/15/44 | 3,510 | 3,614 | 1.18 | |||||
U.S. Treasury Inflation Indexed Bonds: | ||||||||
0.125%, 04/15/16 | 1,058 | 1,089 | 0.36 | |||||
2.375%, 01/15/17 | 384 | 421 | 0.14 | |||||
0.125%, 04/15/18 | 1,016 | 1,044 | 0.34 | |||||
0.375%, 07/15/23 | 504 | 505 | 0.16 | |||||
2.00%, 01/15/26 | 592 | 684 | 0.22 | |||||
U.S. Treasury Notes: | ||||||||
2.375%, 09/30/14 | 2,500 | 2,524 | 0.82 | |||||
4.00%, 02/15/15 | 2,575 | 2,655 | 0.87 | |||||
1.25%, 09/30/15 | 9,430 | 9,572 | 3.12 | |||||
4.50%, 02/15/16 | 500 | 537 | 0.18 | |||||
2.625%, 02/29/16 | 6,075 | 6,329 | 2.07 | |||||
0.375%, 03/15/16 | 12,510 | 12,515 | 4.08 | |||||
1.50%, 06/30/16 | 7,020 | 7,173 | 2.34 | |||||
1.50%, 07/31/16 | 9,965 | 10,183 | 3.32 | |||||
0.625%, 08/15/16 | 1,000 | 1,002 | 0.33 | |||||
1.00%, 09/30/16 | 1,000 | 1,010 | 0.33 | |||||
0.625%, 11/15/16 | 2,750 | 2,747 | 0.90 | |||||
4.625%, 02/15/17 | 4,000 | 4,426 | 1.44 | |||||
1.00%, 03/31/17 | 1,000 | 1,004 | 0.33 | |||||
0.875%, 04/30/17 | 1,000 | 1,000 | 0.33 | |||||
4.50%, 05/15/17 | 21,770 | 24,130 | 7.88 | |||||
8.75%, 05/15/17 | 490 | 606 | 0.20 | |||||
1.875%, 08/31/17 | 8,480 | 8,713 | 2.84 | |||||
0.75%, 03/31/18 | 500 | 489 | 0.16 | |||||
3.875%, 05/15/18 | 1,000 | 1,101 | 0.36 | |||||
1.375%, 06/30/18 | 250 | 250 | 0.08 | |||||
4.00%, 08/15/18 | 4,000 | 4,432 | 1.45 | |||||
1.25%, 10/31/18 | 500 | 494 | 0.16 | |||||
1.50%, 12/31/18 | 3,855 | 3,839 | 1.25 | |||||
1.625%, 03/31/19 | 1,000 | 998 | 0.33 | |||||
1.25%, 04/30/19 | 500 | 490 | 0.16 | |||||
1.00%, 09/30/19 | 500 | 478 | 0.16 |
See Notes to Financial Statements | 51 |
Capital Group Core Bond Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||
Bonds, notes & other debt investments—continued | ||||||||||
U.S. government & government agency bonds & notes—continued | ||||||||||
1.375%, 05/31/20 | $ | 1,000 | $ | 964 | 0.31 | % | ||||
2.00%, 11/30/20 | 1,000 | 990 | 0.32 | |||||||
2.25%, 03/31/21 | 1,500 | 1,503 | 0.49 | |||||||
3.125%, 05/15/21 | 2,000 | 2,118 | 0.69 | |||||||
2.00%, 02/15/23 | 2,000 | 1,914 | 0.62 | |||||||
1.75%, 05/15/23 | 1,000 | 933 | 0.30 | |||||||
2.50%, 08/15/23 | 1,050 | 1,041 | 0.34 | |||||||
2.75%, 11/15/23 | 2,250 | 2,274 | 0.74 | |||||||
2.75%, 02/15/24 | 9,495 | 9,574 | 3.13 | |||||||
_______________________ | ||||||||||
Total U.S. government & government agency bonds & notes | 159,328 | 52.01 | ||||||||
_______________________ | ||||||||||
Mortgage-backed obligations - 13.92% | ||||||||||
Commercial mortgage-backed securities - 7.05% | ||||||||||
Aventura Mall Trust, Series 144A, 3.8674%, 12/05/321,2 | 150 | 157 | 0.05 | |||||||
Bear Stearns Commercial Mortgage Securities, 5.53%, 09/11/41 | 174 | 174 | 0.06 | |||||||
Commercial Mortgage Pass-Through Certificates: | ||||||||||
5.467%, 09/15/39 | 1,390 | 1,506 | 0.49 | |||||||
5.695%, 09/15/401 | 720 | 796 | 0.26 | |||||||
Commercial Mortgage Trust, 5.292%, 12/10/46 | 358 | 392 | 0.13 | |||||||
DBUBS Mortgage Trust, Series 144A:2 | ||||||||||
3.386%, 07/10/44 | 750 | 784 | 0.26 | |||||||
3.742%, 11/10/46 | 1,549 | 1,620 | 0.53 | |||||||
Fannie Mae Aces, 1.4513%, 02/25/18 | 1,103 | 1,099 | 0.36 | |||||||
Greenwich Capital Commercial Funding Corp., 5.444%, 03/10/39 | 350 | 383 | 0.12 | |||||||
GS Mortgage Securities Corp. II, 1.468%, 08/10/44 | 229 | 230 | 0.07 | |||||||
Hilton USA Trust, Series 144A:2 | ||||||||||
2.662%, 11/05/30 | 480 | 485 | 0.16 | |||||||
3.367%, 11/05/30 | 725 | 737 | 0.24 | |||||||
JPMorgan Chase Commercial Mortgage Securities Corp.: | ||||||||||
4.895%, 09/12/37 | 500 | 518 | 0.17 | |||||||
5.44%, 05/15/45 | 650 | 710 | 0.23 | |||||||
5.372%, 05/15/47 | 660 | 694 | 0.23 | |||||||
5.895%, 02/12/491 | 650 | 720 | 0.23 | |||||||
JPMorgan Chase Commercial Mortgage Securities Corp., Series 144A, 3.6727%, 02/15/462 | 363 | 381 | 0.12 | |||||||
JPMorgan Chase Commercial Mortgage Securities Trust, 5.85%, 02/15/511 | 348 | 391 | 0.13 | |||||||
LB-UBS Commercial Mortgage Trust: | ||||||||||
5.387%, 02/15/40 | 690 | 760 | 0.25 | |||||||
5.493%, 02/15/401 | 680 | 732 | 0.24 | |||||||
6.035%, 07/15/441 | 406 | 451 | 0.15 | |||||||
6.37%, 09/15/451 | 500 | 572 | 0.19 | |||||||
Merrill Lynch Mortgage Trust, 6.0324%, 06/12/501 | 730 | 813 | 0.26 | |||||||
ML-CFC Commercial Mortgage Trust, 6.0908%, 08/12/491 | 550 | 614 | 0.20 | |||||||
Morgan Stanley Capital I: | ||||||||||
5.376%, 11/14/421 | 345 | 361 | 0.12 | |||||||
5.319%, 12/15/43 | 473 | 516 | 0.17 | |||||||
Structured Agency Credit Risk Debt Notes, 1.1523%, 02/25/241 | 246 | 248 | 0.08 | |||||||
Wachovia Bank Commercial Mortgage Trust: | ||||||||||
5.118%, 07/15/421 | 997 | 1,038 | 0.34 | |||||||
5.342%, 12/15/43 | 1,650 | 1,807 | 0.59 | |||||||
5.466%, 01/15/451 | 510 | 547 | 0.18 | |||||||
See Notes to Financial Statements | 52 |
Capital Group Core Bond Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||
Bonds, notes & other debt investments—continued | ||||||||||
Mortgage-backed obligations—continued | ||||||||||
Commercial mortgage-backed securities—continued | ||||||||||
5.591%, 04/15/471 | $ | 510 | $ | 561 | 0.18 | % | ||||
5.934%, 06/15/491 | 725 | 801 | 0.26 | |||||||
_______________________ | ||||||||||
21,598 | 7.05 | |||||||||
_______________________ | ||||||||||
Federal agency mortgage-backed obligations - 6.87% | ||||||||||
Fannie Mae: | ||||||||||
4.50%, 07/01/19 | 99 | 105 | 0.03 | |||||||
4.50%, 03/01/20 | 517 | 549 | 0.18 | |||||||
2.717%, 02/25/22 | 500 | 497 | 0.16 | |||||||
3.50%, 10/01/25 | 4,938 | 5,210 | 1.70 | |||||||
2.50%, 11/01/27 | 1,468 | 1,481 | 0.49 | |||||||
2.50%, 12/01/27 | 514 | 519 | 0.17 | |||||||
5.50%, 04/25/37 | 97 | 106 | 0.03 | |||||||
5.50%, 09/01/38 | 1,147 | 1,269 | 0.41 | |||||||
5.00%, 06/01/41 | 1,405 | 1,547 | 0.50 | |||||||
5.00%, 08/01/41 | 383 | 422 | 0.14 | |||||||
3.173%, 09/01/411 | 231 | 241 | 0.08 | |||||||
3.50%, 12/01/99 TBA | 2,985 | 3,010 | 0.98 | |||||||
6.00%, 12/01/99 TBA | 250 | 279 | 0.09 | |||||||
Freddie Mac: | ||||||||||
1.873%, 01/25/18 | 378 | 386 | 0.13 | |||||||
2.699%, 05/25/18 | 790 | 821 | 0.27 | |||||||
2.303%, 09/25/18 | 2,350 | 2,401 | 0.78 | |||||||
3.034%, 10/25/201 | 495 | 513 | 0.17 | |||||||
3.974%, 01/25/211 | 524 | 567 | 0.19 | |||||||
2.373%, 05/25/22 | 500 | 483 | 0.16 | |||||||
6.00%, 02/15/37 | 64 | 70 | 0.02 | |||||||
Ginnie Mae: | ||||||||||
4.50%, 01/20/40 | 161 | 175 | 0.06 | |||||||
5.075%, 02/20/64 | 350 | 383 | 0.13 | |||||||
_______________________ | ||||||||||
21,034 | 6.87 | |||||||||
_______________________ | ||||||||||
Total mortgage-backed obligations | 42,632 | 13.92 | ||||||||
_______________________ | ||||||||||
Corporate bonds & notes - 22.43% | ||||||||||
Banks - 2.88% | ||||||||||
Bank of America Corp.: | ||||||||||
2.60%, 01/15/19 | 715 | 719 | 0.24 | |||||||
3.30%, 01/11/23 | 165 | 160 | 0.05 | |||||||
4.00%, 04/01/24 | 250 | 252 | 0.08 | |||||||
Barclays Bank PLC, 2.50%, 02/20/19 | 1,100 | 1,112 | 0.36 | |||||||
BB&T Corp., 2.05%, 06/19/18 | 670 | 673 | 0.22 | |||||||
BNP Paribas SA, 0.7134%, 03/17/171 | 520 | 522 | 0.17 | |||||||
Citigroup, Inc.: | ||||||||||
4.75%, 05/19/15 | 118 | 123 | 0.04 | |||||||
4.587%, 12/15/15 | 350 | 371 | 0.12 | |||||||
Goldman Sachs Group, Inc., 2.625%, 01/31/19 | 510 | 511 | 0.17 | |||||||
JP Morgan Chase & Co.: | ||||||||||
3.40%, 06/24/15 | 120 | 124 | 0.04 | |||||||
See Notes to Financial Statements | 53 |
Capital Group Core Bond Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||
Bonds, notes & other debt investments—continued | ||||||||||
Corporate bonds & notes—continued | ||||||||||
Banks—continued | ||||||||||
1.625%, 05/15/18 | $ | 725 | $ | 718 | 0.24 | % | ||||
3.20%, 01/25/23 | 125 | 122 | 0.04 | |||||||
Morgan Stanley, 2.125%, 04/25/18 | 300 | 301 | 0.10 | |||||||
Northern Trust Corp., 4.625%, 05/01/14 | 300 | 300 | 0.10 | |||||||
Regions Financial Corp., 2.00%, 05/15/18 | 500 | 495 | 0.16 | |||||||
The Bank of New York Mellon Corp., 2.10%, 01/15/19 | 500 | 500 | 0.16 | |||||||
The Goldman Sachs Group, Inc., 3.625%, 01/22/23 | 350 | 348 | 0.12 | |||||||
The Royal Bank of Scotland PLC, 4.375%, 03/16/16 | 700 | 745 | 0.24 | |||||||
UBS AG/Stamford CT: | ||||||||||
3.875%, 01/15/15 | 275 | 282 | 0.09 | |||||||
4.875%, 08/04/20 | 250 | 279 | 0.09 | |||||||
Wells Fargo & Co., Series I, 3.75%, 10/01/14 | 150 | 152 | 0.05 | |||||||
_______________________ | ||||||||||
8,809 | 2.88 | |||||||||
_______________________ | ||||||||||
Electric - 2.42% | ||||||||||
Appalachian Power Co., Series S, 3.40%, 05/24/15 | 250 | 257 | 0.08 | |||||||
CMS Energy Corp., 3.875%, 03/01/24 | 400 | 409 | 0.13 | |||||||
Duke Energy Corp.: | ||||||||||
3.95%, 10/15/23 | 165 | 172 | 0.06 | |||||||
3.75%, 04/15/24 | 125 | 127 | 0.04 | |||||||
Entergy Louisiana LLC, 1.875%, 12/15/14 | 350 | 353 | 0.12 | |||||||
Midamerican Energy Holdings Co., 5.75%, 04/01/18 | 300 | 343 | 0.11 | |||||||
Northern States Power Co., 2.60%, 05/15/23 | 500 | 476 | 0.16 | |||||||
Pacific Gas & Electric Co., 2.45%, 08/15/22 | 300 | 284 | 0.09 | |||||||
Pacificorp, 5.65%, 07/15/18 | 755 | 865 | 0.28 | |||||||
Progress Energy, Inc., 7.05%, 03/15/19 | 930 | 1,127 | 0.37 | |||||||
PSEG Power LLC, 2.75%, 09/15/16 | 250 | 260 | 0.08 | |||||||
Public Service Co. of Colorado, 3.20%, 11/15/20 | 300 | 309 | 0.10 | |||||||
Tampa Electric Co., 2.60%, 09/15/22 | 350 | 333 | 0.11 | |||||||
Virginia Electric and Power Co.: | ||||||||||
5.40%, 04/30/18 | 621 | 706 | 0.23 | |||||||
2.95%, 01/15/22 | 300 | 298 | 0.10 | |||||||
3.45%, 02/15/24 | 1,075 | 1,088 | 0.36 | |||||||
_______________________ | ||||||||||
7,407 | 2.42 | |||||||||
_______________________ | ||||||||||
REITS - 1.87% | ||||||||||
American Campus Communities Operating Partnership LP, 3.75%, 04/15/23 | 300 | 290 | 0.10 | |||||||
Avalonbay Communities, Inc., 3.625%, 10/01/20 | 385 | 400 | 0.13 | |||||||
AvalonBay Communities, Inc., 2.85%, 03/15/23 | 120 | 114 | 0.04 | |||||||
Corporate Office Properties LP, 5.25%, 02/15/24 | 345 | 369 | 0.12 | |||||||
DCT Industrial Operating Partnership LP, Series 144A, 4.50%, 10/15/232 | 500 | 502 | 0.16 | |||||||
ERP Operating LP: | ||||||||||
5.25%, 09/15/14 | 300 | 305 | 0.10 | |||||||
4.625%, 12/15/21 | 350 | 383 | 0.13 | |||||||
Kimco Realty Corp., 5.584%, 11/23/15 | 325 | 348 | 0.11 | |||||||
Prologis LP, 2.75%, 02/15/19 | 360 | 365 | 0.12 | |||||||
Simon Property Group LP: | ||||||||||
4.20%, 02/01/15 | 300 | 306 | 0.10 | |||||||
2.20%, 02/01/19 | 655 | 659 | 0.22 | |||||||
UDR, Inc., 3.70%, 10/01/20 | 400 | 412 | 0.13 | |||||||
See Notes to Financial Statements | 54 |
Capital Group Core Bond Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||
Bonds, notes & other debt investments—continued | ||||||||||
Corporate bonds & notes—continued | ||||||||||
REITS—continued | ||||||||||
WEA Finance LLC / WT Finance Aust Pty Ltd., Series 144A, 3.375%, 10/03/222 | $ | 710 | $ | 718 | 0.23 | % | ||||
WEA Finance LLC, Series 144A, 4.625%, 05/10/212 | 500 | 551 | 0.18 | |||||||
_______________________ | ||||||||||
5,722 | 1.87 | |||||||||
_______________________ | ||||||||||
Oil & gas - 1.60% | ||||||||||
Anadarko Petroleum Corp., 6.375%, 09/15/17 | 250 | 289 | 0.10 | |||||||
Canadian Natural Resources Ltd., 1.45%, 11/14/14 | 300 | 302 | 0.10 | |||||||
Chevron Corp.: | ||||||||||
0.889%, 06/24/16 | 500 | 503 | 0.17 | |||||||
1.718%, 06/24/18 | 430 | 431 | 0.14 | |||||||
Devon Energy Corp.: | ||||||||||
2.25%, 12/15/18 | 225 | 226 | 0.07 | |||||||
3.25%, 05/15/22 | 350 | 348 | 0.11 | |||||||
Exxon Mobil Corp., 0.3849%, 03/15/191 | 1,115 | 1,118 | 0.37 | |||||||
Husky Energy, Inc., 7.25%, 12/15/19 | 250 | 309 | 0.10 | |||||||
Phillips 66, 4.30%, 04/01/22 | 290 | 310 | 0.10 | |||||||
Statoil ASA: | ||||||||||
3.125%, 08/17/17 | 300 | 316 | 0.10 | |||||||
2.45%, 01/17/23 | 540 | 512 | 0.17 | |||||||
Total Capital International SA, 2.875%, 02/17/22 | 230 | 228 | 0.07 | |||||||
_______________________ | ||||||||||
4,892 | 1.60 | |||||||||
_______________________ | ||||||||||
Pipelines - 1.44% | ||||||||||
Enbridge, Inc.: | ||||||||||
5.60%, 04/01/17 | 790 | 884 | 0.29 | |||||||
4.00%, 10/01/23 | 505 | 517 | 0.17 | |||||||
Enterprise Products Operating LLC, 3.90%, 02/15/24 | 780 | 790 | 0.26 | |||||||
Kinder Morgan Energy Partners LP, 3.95%, 09/01/22 | 690 | 695 | 0.22 | |||||||
Spectra Energy Partners LP, 2.95%, 09/25/18 | 500 | 515 | 0.17 | |||||||
TransCanada PipeLines Ltd., 3.40%, 06/01/15 | 190 | 196 | 0.06 | |||||||
Williams Partners LP: | ||||||||||
3.80%, 02/15/15 | 300 | 307 | 0.10 | |||||||
4.50%, 11/15/23 | 495 | 516 | 0.17 | |||||||
_______________________ | ||||||||||
4,420 | 1.44 | |||||||||
_______________________ | ||||||||||
Diversified financial services - 1.31% | ||||||||||
American Express Co., 0.8256%, 05/22/181 | 500 | 504 | 0.16 | |||||||
Ford Motor Credit Co. LLC, 4.375%, 08/06/23 | 500 | 525 | 0.17 | |||||||
General Electric Capital Corp.: | ||||||||||
2.45%, 03/15/17 | 565 | 585 | 0.19 | |||||||
2.30%, 04/27/17 | 250 | 258 | 0.08 | |||||||
3.10%, 01/09/23 | 200 | 198 | 0.07 | |||||||
IntercontinentalExchange Group, Inc., 4.00%, 10/15/23 | 970 | 1,010 | 0.33 | |||||||
National Rural Utilities Cooperative Finance Corp., 1.00%, 02/02/15 | 733 | 737 | 0.24 | |||||||
Woodside Finance Ltd., Series 144A, 4.60%, 05/10/212 | 185 | 200 | 0.07 | |||||||
_______________________ | ||||||||||
4,017 | 1.31 | |||||||||
_______________________ | ||||||||||
See Notes to Financial Statements | 55 |
Capital Group Core Bond Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||
Bonds, notes & other debt investments—continued | ||||||||||
Corporate bonds & notes—continued | ||||||||||
Beverages - 1.21% | ||||||||||
Anheuser-Busch InBev Worldwide, Inc.: | ||||||||||
0.587%, 07/14/141 | $ | 585 | $ | 585 | 0.19 | % | ||||
4.125%, 01/15/15 | 300 | 308 | 0.10 | |||||||
Coca-Cola Co., 3.20%, 11/01/23 | 850 | 849 | 0.28 | |||||||
Pernod-Ricard SA, Series 144A, 2.95%, 01/15/172 | 800 | 833 | 0.27 | |||||||
SABMiller Holdings, Inc., Series 144A, 2.45%, 01/15/172 | 745 | 769 | 0.25 | |||||||
The Coca-Cola Co., 1.50%, 11/15/15 | 350 | 355 | 0.12 | |||||||
_______________________ | ||||||||||
3,699 | 1.21 | |||||||||
_______________________ | ||||||||||
Pharmaceuticals - 1.16% | ||||||||||
Abbvie, Inc., 2.90%, 11/06/22 | 175 | 171 | 0.06 | |||||||
Eli Lilly & Co., 1.95%, 03/15/19 | 660 | 658 | 0.22 | |||||||
GlaxoSmithKline Capital PLC: | ||||||||||
0.75%, 05/08/15 | 440 | 442 | 0.14 | |||||||
1.50%, 05/08/17 | 71 | 72 | 0.02 | |||||||
Mckesson Corp.: | ||||||||||
0.95%, 12/04/15 | 45 | 45 | 0.01 | |||||||
3.25%, 03/01/16 | 310 | 323 | 0.11 | |||||||
Merck & Co., Inc.: | ||||||||||
1.10%, 01/31/18 | 250 | 246 | 0.08 | |||||||
2.80%, 05/18/23 | 250 | 241 | 0.08 | |||||||
Novartis Capital Corp., 3.40%, 05/06/24 | 515 | 521 | 0.17 | |||||||
Novartis Securities Investment Ltd., 5.125%, 02/10/19 | 300 | 343 | 0.11 | |||||||
Pfizer, Inc., 0.5334%, 06/15/181 | 500 | 501 | 0.16 | |||||||
_______________________ | ||||||||||
3,563 | 1.16 | |||||||||
_______________________ | ||||||||||
Media - 1.06% | ||||||||||
CBS Corp., 1.95%, 07/01/17 | 200 | 204 | 0.07 | |||||||
Comcast Corp.: | ||||||||||
5.85%, 11/15/15 | 300 | 324 | 0.11 | |||||||
5.70%, 05/15/18 | 300 | 346 | 0.11 | |||||||
NBCUniversal Media LLC, 5.15%, 04/30/20 | 350 | 400 | 0.13 | |||||||
News America, Inc., 4.50%, 02/15/21 | 350 | 383 | 0.12 | |||||||
The Walt Disney Co., 5.50%, 03/15/19 | 300 | 347 | 0.11 | |||||||
Time Warner, Inc.: | ||||||||||
5.875%, 11/15/16 | 300 | 336 | 0.11 | |||||||
4.05%, 12/15/23 | 520 | 538 | 0.18 | |||||||
Viacom, Inc., 2.50%, 09/01/18 | 350 | 357 | 0.12 | |||||||
_______________________ | ||||||||||
3,235 | 1.06 | |||||||||
_______________________ | ||||||||||
Insurance - 1.03% | ||||||||||
American International Group, Inc., 4.125%, 02/15/24 | 360 | 377 | 0.12 | |||||||
Berkshire Hathaway, 2.00%, 08/15/18 | 750 | 760 | 0.25 | |||||||
Prudential Financial, Inc.: | ||||||||||
1.016%, 08/15/181 | 570 | 571 | 0.19 | |||||||
2.30%, 08/15/18 | 350 | 354 | 0.11 | |||||||
QBE Insurance Group Ltd., Series 144A, 2.40%, 05/01/182 | 1,125 | 1,106 | 0.36 | |||||||
_______________________ | ||||||||||
3,168 | 1.03 | |||||||||
_______________________ | ||||||||||
See Notes to Financial Statements | 56 |
Capital Group Core Bond Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||
Bonds, notes & other debt investments—continued | ||||||||||
Corporate bonds & notes—continued | ||||||||||
Telecommunications - 0.71% | ||||||||||
AT&T, Inc.: | ||||||||||
0.90%, 02/12/16 | $ | 200 | $ | 201 | 0.07 | % | ||||
2.40%, 08/15/16 | 200 | 206 | 0.07 | |||||||
Deutsche Telekom International Finance BV, Series 144A, 2.25%, 03/06/172 | 500 | 513 | 0.17 | |||||||
Verizon Communications, Inc.: | ||||||||||
1.25%, 11/03/14 | 200 | 201 | 0.06 | |||||||
5.15%, 09/15/23 | 940 | 1,038 | 0.34 | |||||||
_______________________ | ||||||||||
2,159 | 0.71 | |||||||||
_______________________ | ||||||||||
Healthcare-services - 0.58% | ||||||||||
Aetna, Inc., 1.50%, 11/15/17 | 350 | 351 | 0.11 | |||||||
Humana, Inc., 3.15%, 12/01/22 | 300 | 292 | 0.10 | |||||||
UnitedHealth Group, Inc.: | ||||||||||
1.40%, 10/15/17 | 250 | 250 | 0.08 | |||||||
2.75%, 02/15/23 | 285 | 274 | 0.09 | |||||||
WellPoint, Inc.: | ||||||||||
2.30%, 07/15/18 | 285 | 288 | 0.09 | |||||||
4.35%, 08/15/20 | 300 | 324 | 0.11 | |||||||
_______________________ | ||||||||||
1,779 | 0.58 | |||||||||
_______________________ | ||||||||||
Retail - 0.56% | ||||||||||
CVS Caremark Corp., 4.00%, 12/05/23 | 200 | 208 | 0.07 | |||||||
Dollar General Corp., 3.25%, 04/15/23 | 175 | 166 | 0.06 | |||||||
Home Depot, Inc., 4.40%, 04/01/21 | 350 | 390 | 0.13 | |||||||
Starbucks Corp., 2.00%, 12/05/18 | 190 | 190 | 0.06 | |||||||
Target Corp., 6.00%, 01/15/18 | 350 | 405 | 0.13 | |||||||
Wal-Mart Stores, Inc., 5.80%, 02/15/18 | 300 | 346 | 0.11 | |||||||
_______________________ | ||||||||||
1,705 | 0.56 | |||||||||
_______________________ | ||||||||||
Mining - 0.52% | ||||||||||
BHP Billiton Finance USA Ltd.: | ||||||||||
1.125%, 11/21/14 | 300 | 301 | 0.10 | |||||||
1.625%, 02/24/17 | 510 | 519 | 0.17 | |||||||
Rio Tinto Finance USA PLC, 2.25%, 12/14/18 | 510 | 514 | 0.16 | |||||||
Teck Resources Ltd., 3.15%, 01/15/17 | 260 | 271 | 0.09 | |||||||
_______________________ | ||||||||||
1,605 | 0.52 | |||||||||
_______________________ | ||||||||||
Food - 0.44% | ||||||||||
ConAgra Foods, Inc., 1.90%, 01/25/18 | 350 | 349 | 0.11 | |||||||
General Mills, Inc., 0.5859%, 05/16/141 | 500 | 500 | 0.16 | |||||||
Kraft Foods Group, Inc., 3.50%, 06/06/22 | 500 | 509 | 0.17 | |||||||
_______________________ | ||||||||||
1,358 | 0.44 | |||||||||
_______________________ | ||||||||||
Chemicals - 0.39% | ||||||||||
Ecolab, Inc., 3.00%, 12/08/16 | 180 | 189 | 0.06 | |||||||
Ei Du Pont De Nemours & Co., 2.80%, 02/15/23 | 350 | 338 | 0.11 | |||||||
See Notes to Financial Statements | 57 |
Capital Group Core Bond Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||
Bonds, notes & other debt investments—continued | ||||||||||
Corporate bonds & notes—continued | ||||||||||
Chemicals—continued | ||||||||||
The Dow Chemical Co., 4.125%, 11/15/21 | $ | 617 | $ | 653 | 0.22 | % | ||||
_______________________ | ||||||||||
1,180 | 0.39 | |||||||||
_______________________ | ||||||||||
Biotechnology - 0.34% | ||||||||||
Amgen, Inc., 1.875%, 11/15/14 | 250 | 252 | 0.08 | |||||||
Gilead Sciences, Inc.: | ||||||||||
2.40%, 12/01/14 | 100 | 101 | 0.03 | |||||||
3.05%, 12/01/16 | 80 | 84 | 0.03 | |||||||
4.40%, 12/01/21 | 550 | 601 | 0.20 | |||||||
_______________________ | ||||||||||
1,038 | 0.34 | |||||||||
_______________________ | ||||||||||
Agriculture - 0.33% | ||||||||||
Altria Group, Inc.: | ||||||||||
2.85%, 08/09/22 | 250 | 238 | 0.08 | |||||||
2.95%, 05/02/23 | 200 | 188 | 0.06 | |||||||
4.00%, 01/31/24 | 580 | 592 | 0.19 | |||||||
_______________________ | ||||||||||
1,018 | 0.33 | |||||||||
_______________________ | ||||||||||
Transportation - 0.31% | ||||||||||
Burlington Northern Santa Fe LLC, 3.00%, 03/15/23 | 150 | 145 | 0.05 | |||||||
Canadian National Railway Co.: | ||||||||||
5.55%, 05/15/18 | 50 | 57 | 0.02 | |||||||
2.85%, 12/15/21 | 200 | 200 | 0.06 | |||||||
Union Pacific Corp.: | ||||||||||
2.25%, 02/15/19 | 120 | 121 | 0.04 | |||||||
2.75%, 04/15/23 | 450 | 429 | 0.14 | |||||||
_______________________ | ||||||||||
952 | 0.31 | |||||||||
_______________________ | ||||||||||
Cosmetics/Personal Care - 0.26% | ||||||||||
The Procter & Gamble Co., 1.80%, 11/15/15 | 790 | 806 | 0.26 | |||||||
_______________________ | ||||||||||
806 | 0.26 | |||||||||
_______________________ | ||||||||||
Healthcare-products - 0.26% | ||||||||||
Baxter International, Inc., 3.20%, 06/15/23 | 195 | 191 | 0.06 | |||||||
Johnson & Johnson, 0.3259%, 05/15/141 | 300 | 300 | 0.10 | |||||||
Medtronic, Inc., 3.625%, 03/15/24 | 300 | 307 | 0.10 | |||||||
_______________________ | ||||||||||
798 | 0.26 | |||||||||
_______________________ | ||||||||||
Aerospace/Defense - 0.26% | ||||||||||
EADS Finance BV, Series 144A, 2.70%, 04/17/232 | 300 | 286 | 0.09 | |||||||
The Boeing Co., 0.95%, 05/15/18 | 350 | 339 | 0.11 | |||||||
United Technologies Corp., 3.10%, 06/01/22 | 170 | 172 | 0.06 | |||||||
_______________________ | ||||||||||
797 | 0.26 | |||||||||
_______________________ | ||||||||||
Software - 0.25% | ||||||||||
Oracle Corp.: | ||||||||||
See Notes to Financial Statements | 58 |
Capital Group Core Bond Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||
Bonds, notes & other debt investments—continued | ||||||||||
Corporate bonds & notes—continued | ||||||||||
Software—continued | ||||||||||
1.20%, 10/15/17 | $ | 250 | $ | 249 | 0.08 | % | ||||
2.375%, 01/15/19 | 500 | 509 | 0.17 | |||||||
_______________________ | ||||||||||
758 | 0.25 | |||||||||
_______________________ | ||||||||||
Distribution/Wholesale - 0.24% | ||||||||||
Glencore Funding LLC, Series 144A, 1.5865%, 01/15/191,2 | 750 | 750 | 0.24 | |||||||
_______________________ | ||||||||||
750 | 0.24 | |||||||||
_______________________ | ||||||||||
Environmental Control - 0.23% | ||||||||||
Republic Services, Inc., 5.00%, 03/01/20 | 350 | 387 | 0.12 | |||||||
Waste Management, Inc., 4.60%, 03/01/21 | 300 | 327 | 0.11 | |||||||
_______________________ | ||||||||||
714 | 0.23 | |||||||||
_______________________ | ||||||||||
Auto Manufacturers - 0.20% | ||||||||||
Daimler Finance North America LLC, Series 144A, 1.0854%, 08/01/181,2 | 350 | 354 | 0.12 | |||||||
Toyota Motor Credit Corp., 1.75%, 05/22/17 | 250 | 255 | 0.08 | |||||||
_______________________ | ||||||||||
609 | 0.20 | |||||||||
_______________________ | ||||||||||
Miscellaneous manufacturing - 0.16% | ||||||||||
Danaher Corp., 2.30%, 06/23/16 | 200 | 206 | 0.07 | |||||||
General Electric Co., 2.70%, 10/09/22 | 300 | 294 | 0.09 | |||||||
_______________________ | ||||||||||
500 | 0.16 | |||||||||
_______________________ | ||||||||||
Computers - 0.13% | ||||||||||
International Business Machines Corp., 5.70%, 09/14/17 | 350 | 401 | 0.13 | |||||||
_______________________ | ||||||||||
401 | 0.13 | |||||||||
_______________________ | ||||||||||
Commercial Services - 0.11% | ||||||||||
Catholic Health Initiatives, 1.60%, 11/01/17 | 350 | 344 | 0.11 | |||||||
_______________________ | ||||||||||
344 | 0.11 | |||||||||
_______________________ | ||||||||||
Office/Business Equip - 0.09% | ||||||||||
Xerox Corp., 2.95%, 03/15/17 | 250 | 261 | 0.09 | |||||||
_______________________ | ||||||||||
261 | 0.09 | |||||||||
_______________________ | ||||||||||
Internet - 0.08% | ||||||||||
Google, Inc., 1.25%, 05/19/14 | 250 | 250 | 0.08 | |||||||
_______________________ | ||||||||||
250 | 0.08 | |||||||||
_______________________ | ||||||||||
Total corporate bonds & notes | 68,714 | 22.43 | ||||||||
_______________________ | ||||||||||
Municipals - 2.72% | ||||||||||
City of Detroit, G.O. Public Imps. Prop. Tax Bonds, Series A-1 (NATL-RE Insured), 5.375%, 04/01/18 | 700 | 689 | 0.22 | |||||||
County of Harris, Highway Rev. Tolls Ref. Bonds, 1.061%, 08/15/16 | 1,000 | 1,006 | 0.33 | |||||||
See Notes to Financial Statements | 59 |
Capital Group Core Bond Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||
Bonds, notes & other debt investments—continued | ||||||||||
Municipals—continued | ||||||||||
Detroit, G.O., Series A (AGM Insured), 5.00%, 04/01/16 | $ | 50 | $ | 50 | 0.02 | % | ||||
Detroit, G.O., Series A (Assured GTY Insured), 5.00%, 04/01/22 | 50 | 48 | 0.02 | |||||||
Hurricane Catastrophe Fund Fin. Corp., Misc. Rev. Bonds, Series A, 2.995%, 07/01/20 | 3,000 | 3,005 | 0.98 | |||||||
New Jersey Trans. Trust Fund Auth., Appropriations Rev. Ref. Bonds, Series B: | ||||||||||
1.087%, 12/15/16 | 2,350 | 2,360 | 0.77 | |||||||
1.758%, 12/15/18 | 350 | 345 | 0.11 | |||||||
State of Illinois, G.O. School Imps. Misc. Rev. Bonds, 4.422%, 04/01/15 | 300 | 310 | 0.10 | |||||||
Univ. of Texas System, College & Univ. Rev. Ref. Bonds, Series D, 2.616%, 08/15/15 | 500 | 514 | 0.17 | |||||||
_______________________ | ||||||||||
Total municipals | 8,327 | 2.72 | ||||||||
_______________________ | ||||||||||
Government & government agency bonds & notes outside the U.S. - 0.05% | ||||||||||
European Investment Bank, 3.125%, 06/04/14 | 160 | 160 | 0.05 | |||||||
_______________________ | ||||||||||
Total government & government agency bonds & notes outside the U.S. | 160 | 0.05 | ||||||||
_______________________ | ||||||||||
Asset-backed obligations - 2.23% | ||||||||||
AEP Texas Central Transition Fndg. LLC, 5.09%, 07/01/17 | 41 | 42 | 0.01 | |||||||
AmeriCredit Automobile Receivables Trust, 0.57%, 07/10/17 | 740 | 741 | 0.24 | |||||||
Avis Budget Rental Car Funding AESOP LLC, Series 144A:2 | ||||||||||
1.92%, 09/20/19 | 1,000 | 994 | 0.33 | |||||||
2.97%, 02/20/20 | 1,340 | 1,383 | 0.45 | |||||||
Chesapeake Funding LLC, Series 144A, 0.5725%, 03/07/261,2 | 200 | 200 | 0.07 | |||||||
Hertz Fleet Lease Funding LP, Series 144A:1,2 | ||||||||||
0.572%, 04/10/28 | 575 | 575 | 0.19 | |||||||
0.922%, 04/10/28 | 300 | 300 | 0.10 | |||||||
Hertz Vehicle Financing LLC, Series 144A, 1.12%, 08/25/172 | 1,600 | 1,602 | 0.52 | |||||||
Santander Drive Auto Receivables Trust, 0.87%, 01/16/18 | 310 | 311 | 0.10 | |||||||
Trade MAPS 1 Ltd., Series 144A:1,2 | ||||||||||
0.85%, 12/10/18 | 430 | 431 | 0.14 | |||||||
1.40%, 12/10/18 | 250 | 252 | 0.08 | |||||||
_______________________ | ||||||||||
Total asset-backed obligations | 6,831 | 2.23 | ||||||||
_______________________ | ||||||||||
Total bonds & notes (cost: $282,808,012) | 285,992 | 93.36 | ||||||||
_______________________ | ||||||||||
Short-term securities - 6.92% | ||||||||||
Emerson Electric Co., 0.11%, 06/30/143 | 3,000 | 3,000 | 0.98 | |||||||
Federal Home Loan Banks:3 | ||||||||||
0.065%, 05/16/14 | 2,000 | 2,000 | 0.65 | |||||||
0.04%, 05/23/14 | 8,800 | 8,800 | 2.87 | |||||||
General Electric Co., 0.06%, 05/01/143 | 3,000 | 3,000 | 0.98 | |||||||
The Walt Disney Co., 0.09%, 07/15/143 | 4,400 | 4,399 | 1.44 | |||||||
_______________________ | ||||||||||
Total Short-term securities (cost: $21,198,356) | 21,199 | 6.92 | ||||||||
_______________________ | ||||||||||
See Notes to Financial Statements | 60 |
Capital Group Core Bond Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Total investment securities (cost: $304,006,368) | 307,191 | 100.28 | ||||||||||
Other assets less liabilities | (858) | (0.28) | ||||||||||
_______________________ | ||||||||||||
Net assets | $ | 306,333 | 100.00 | % | ||||||||
_______________________ | ||||||||||||
_______________________ | ||||||||||||
1 | Indicates a variable rate security. The interest rate shown reflects the rate in effect at April 30, 2014. | |||||||||||
2 | Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2014, the aggregate market value of these securities amounted to $16,483,831, representing 5.38% of net assets. | |||||||||||
3 | Zero coupon bond; interest rate represents current yield to maturity. | |||||||||||
Key to abbreviations | ||||||||||||
AGM | = Assured Guaranty Municipal Corporation | |||||||||||
Co. | = Company | |||||||||||
Corp. | = Corporation | |||||||||||
Fndg. | = Funding | |||||||||||
G.O. | = General Obligation | |||||||||||
GTY | = Guaranty | |||||||||||
Imps. | = Improvements | |||||||||||
Inc. | = Incorporated | |||||||||||
Ltd. | = Limited | |||||||||||
Mgmt. | = Management | |||||||||||
Misc. | = Miscellaneous | |||||||||||
Prop. | = Property | |||||||||||
Ref. | = Refunding | |||||||||||
REITS | = Real Estate Investment Trusts | |||||||||||
Rev. | = Revenue | |||||||||||
TBA | = To be announced | |||||||||||
Univ. | = University | |||||||||||
See Notes to Financial Statements | 61 |
Capital Group Global Equity Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Shares | Market value (000) | Percent of net assets | |||||||
Common Stocks - 94.07% | |||||||||
Industrials - 16.50% | |||||||||
Nielsen Holdings NV | 147,000 | $ | 6,902 | 1.52 | % | ||||
Eaton Corp. PLC | 86,800 | 6,305 | 1.39 | ||||||
The Boeing Co. | 41,500 | 5,354 | 1.18 | ||||||
SMC Corp. | 20,500 | 4,867 | 1.08 | ||||||
United Technologies Corp. | 40,100 | 4,745 | 1.05 | ||||||
FANUC Corp. | 26,000 | 4,679 | 1.03 | ||||||
Norfolk Southern Corp. | 41,700 | 3,942 | 0.87 | ||||||
Caterpillar, Inc. | 32,500 | 3,426 | 0.76 | ||||||
Danaher Corp. | 45,300 | 3,324 | 0.73 | ||||||
Schneider Electric SA | 34,025 | 3,198 | 0.71 | ||||||
Assa Abloy AB, Class B | 57,454 | 3,056 | 0.68 | ||||||
Towers Watson & Co., Class A | 24,925 | 2,797 | 0.62 | ||||||
Zodiac Aerospace | 83,569 | 2,782 | 0.61 | ||||||
Hexcel Corp.1 | 64,600 | 2,693 | 0.60 | ||||||
B/E Aerospace, Inc.1 | 28,700 | 2,519 | 0.56 | ||||||
Iron Mountain, Inc. | 83,995 | 2,389 | 0.53 | ||||||
IDEX Corp. | 31,000 | 2,312 | 0.51 | ||||||
Jardine Matheson Holdings Ltd. | 33,600 | 2,100 | 0.46 | ||||||
Waste Connections, Inc. | 38,400 | 1,715 | 0.38 | ||||||
Siemens AG | 11,657 | 1,537 | 0.34 | ||||||
Meggitt PLC | 145,493 | 1,173 | 0.26 | ||||||
DKSH Holding AG | 14,023 | 1,158 | 0.26 | ||||||
3M Co. | 8,130 | 1,131 | 0.25 | ||||||
Illinois Tool Works, Inc. | 3,700 | 315 | 0.07 | ||||||
FedEx Corp. | 1,600 | 218 | 0.05 | ||||||
_______________________ | |||||||||
74,637 | 16.50 | ||||||||
_______________________ | |||||||||
Financials - 15.90% | |||||||||
The Goldman Sachs Group, Inc. | 38,800 | 6,201 | 1.37 | ||||||
AIA Group Ltd. | 1,242,800 | 6,028 | 1.33 | ||||||
Sampo OYJ, A Shares | 109,893 | 5,473 | 1.21 | ||||||
American Tower Corp. | 53,000 | 4,427 | 0.98 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 107,900 | 4,256 | 0.94 | ||||||
BNP Paribas SA | 55,261 | 4,156 | 0.92 | ||||||
DBS Group Holdings Ltd. | 297,475 | 4,029 | 0.89 | ||||||
CME Group, Inc. | 56,800 | 3,998 | 0.88 | ||||||
Barclays PLC | 788,425 | 3,362 | 0.74 | ||||||
HSBC Holdings PLC | 323,229 | 3,304 | 0.73 | ||||||
Marsh & McLennan Cos., Inc. | 65,900 | 3,249 | 0.72 | ||||||
Lloyds Banking Group PLC1 | 2,189,400 | 2,799 | 0.62 | ||||||
JPMorgan Chase & Co. | 48,500 | 2,715 | 0.60 | ||||||
Standard Chartered PLC | 115,178 | 2,495 | 0.55 | ||||||
ACE Ltd. | 21,000 | 2,149 | 0.48 | ||||||
Aon PLC | 18,400 | 1,562 | 0.35 | ||||||
HDFC Bank Ltd. (ADR) | 38,400 | 1,538 | 0.34 | ||||||
BlackRock, Inc. | 5,000 | 1,505 | 0.33 | ||||||
The Progressive Corp. | 52,000 | 1,261 | 0.28 | ||||||
The Charles Schwab Corp. | 44,000 | 1,168 | 0.26 | ||||||
UBS AG1 | 55,000 | 1,151 | 0.25 | ||||||
Svenska Handelsbanken AB, A Shares | 22,511 | 1,134 | 0.25 | ||||||
Deutsche Wohnen AG | 52,594 | 1,127 | 0.25 | ||||||
CaixaBank SA | 181,100 | 1,105 | 0.24 | ||||||
See Notes to Financial Statements | 62 |
Capital Group Global Equity Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Shares | Market value (000) | Percent of net assets | ||||||||
Common Stocks—continued | ||||||||||
Financials—continued | ||||||||||
Bank of China Ltd., Class H | 2,445,300 | $ | 1,079 | 0.24 | % | |||||
BOC Hong Kong Holdings Ltd. | 171,500 | 507 | 0.11 | |||||||
Sun Hung Kai Properties Ltd. | 13,000 | 164 | 0.04 | |||||||
_______________________ | ||||||||||
71,942 | 15.90 | |||||||||
_______________________ | ||||||||||
Information Technology - 14.97% | ||||||||||
Keyence Corp. | 16,500 | 6,356 | 1.40 | |||||||
VeriSign, Inc.1 | 114,710 | 5,412 | 1.20 | |||||||
Hamamatsu Photonics K.K. | 84,700 | 3,811 | 0.84 | |||||||
ASML Holding NV | 43,922 | 3,625 | 0.80 | |||||||
Avago Technologies Ltd. | 56,300 | 3,575 | 0.79 | |||||||
Google, Inc., Class A1 | 6,470 | 3,461 | 0.76 | |||||||
Google, Inc., Class C1 | 6,510 | 3,429 | 0.76 | |||||||
Gemalto NV | 31,099 | 3,486 | 0.77 | |||||||
Apple, Inc. | 5,295 | 3,124 | 0.69 | |||||||
Jack Henry & Associates, Inc. | 56,600 | 3,122 | 0.69 | |||||||
Automatic Data Processing, Inc. | 36,300 | 2,830 | 0.62 | |||||||
Texas Instruments, Inc. | 59,815 | 2,719 | 0.60 | |||||||
Samsung Electronics Co. Ltd. (GDR) | 5,294 | 2,657 | 0.59 | |||||||
Visa, Inc., A Shares | 11,500 | 2,330 | 0.51 | |||||||
QUALCOMM, Inc. | 26,600 | 2,094 | 0.46 | |||||||
Microsoft Corp. | 48,100 | 1,943 | 0.43 | |||||||
Oracle Corp. | 60,500 | 2,561 | 0.56 | |||||||
TE Connectivity Ltd. | 27,400 | 1,616 | 0.36 | |||||||
Murata Manufacturing Co. Ltd. | 18,800 | 1,563 | 0.35 | |||||||
Trend Micro, Inc. | 48,200 | 1,558 | 0.34 | |||||||
Jabil Circuit, Inc. | 80,400 | 1,388 | 0.31 | |||||||
Hitachi Ltd. | 182,000 | 1,294 | 0.29 | |||||||
Broadcom Corp., Class A | 36,100 | 1,112 | 0.25 | |||||||
Accenture PLC, Class A | 11,700 | 939 | 0.21 | |||||||
Genpact Ltd.1 | 45,900 | 774 | 0.17 | |||||||
Infosys Ltd. (ADR) | 14,000 | 752 | 0.17 | |||||||
KLA-Tencor Corp. | 3,400 | 218 | 0.05 | |||||||
_______________________ | ||||||||||
67,749 | 14.97 | |||||||||
_______________________ | ||||||||||
Consumer Discretionary - 13.73% | ||||||||||
Comcast Corp., Class A | 128,800 | 6,667 | 1.47 | |||||||
Newell Rubbermaid, Inc. | 170,400 | 5,131 | 1.13 | |||||||
Cie Financiere Richemont SA | 47,023 | 4,788 | 1.06 | |||||||
The Home Depot, Inc. | 50,000 | 3,976 | 0.88 | |||||||
SES SA | 99,492 | 3,748 | 0.83 | |||||||
Sirius XM Holdings, Inc.1 | 938,500 | 2,994 | 0.66 | |||||||
Scripps Networks Interactive, Inc., Class A | 36,900 | 2,770 | 0.61 | |||||||
Coach, Inc. | 54,500 | 2,433 | 0.54 | |||||||
Bayerische Motoren Werke AG | 18,962 | 2,374 | 0.53 | |||||||
Delphi Automotive PLC | 35,500 | 2,373 | 0.52 | |||||||
Royal Caribbean Cruises Ltd. | 43,700 | 2,322 | 0.51 | |||||||
Daimler AG | 24,443 | 2,264 | 0.50 | |||||||
Target Corp. | 36,500 | 2,254 | 0.50 | |||||||
Starbucks Corp. | 30,300 | 2,140 | 0.47 | |||||||
Denso Corp. | 42,200 | 1,920 | 0.42 | |||||||
Liberty Global PLC, Class A1 | 46,900 | 1,868 | 0.41 | |||||||
See Notes to Financial Statements | 63 |
Capital Group Global Equity Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Shares | Market value (000) | Percent of net assets | ||||||||
Common Stocks—continued | ||||||||||
Consumer Discretionary—continued | ||||||||||
Tiffany & Co. | 21,000 | $ | 1,837 | 0.41 | % | |||||
Carnival Corp. | 44,300 | 1,741 | 0.39 | |||||||
Wynn Macau Ltd. | 430,400 | 1,699 | 0.38 | |||||||
Ross Stores, Inc. | 21,400 | 1,457 | 0.32 | |||||||
Home Retail Group PLC | 311,900 | 1,078 | 0.24 | |||||||
Inditex SA | 6,452 | 970 | 0.21 | |||||||
NIKE, Inc., Class B | 13,000 | 948 | 0.21 | |||||||
Nordstrom, Inc. | 9,300 | 570 | 0.13 | |||||||
Signet Jewelers Ltd. | 5,600 | 567 | 0.13 | |||||||
Elringklinger AG | 11,160 | 449 | 0.10 | |||||||
Li & Fung Ltd. | 294,000 | 429 | 0.09 | |||||||
The Walt Disney Co. | 4,500 | 357 | 0.08 | |||||||
The New York Times Co., Class A | 1,100 | 18 | — | |||||||
_______________________ | ||||||||||
62,142 | 13.73 | |||||||||
_______________________ | ||||||||||
Health Care - 12.70% | ||||||||||
Gilead Sciences, Inc.1 | 137,500 | 10,792 | 2.39 | |||||||
Novo Nordisk A/S, Class B | 156,954 | 7,121 | 1.57 | |||||||
Bayer AG | 43,977 | 6,103 | 1.35 | |||||||
Seattle Genetics, Inc.1 | 140,600 | 5,410 | 1.20 | |||||||
Express Scripts Holding Co.1 | 81,100 | 5,400 | 1.19 | |||||||
Bristol-Myers Squibb Co. | 106,850 | 5,352 | 1.18 | |||||||
Novartis AG | 39,894 | 3,467 | 0.77 | |||||||
Cerner Corp.1 | 61,700 | 3,165 | 0.70 | |||||||
Roche Holding AG | 9,430 | 2,772 | 0.61 | |||||||
AbbVie, Inc. | 47,700 | 2,484 | 0.55 | |||||||
Essilor International SA | 16,200 | 1,734 | 0.38 | |||||||
UnitedHealth Group, Inc. | 20,400 | 1,531 | 0.34 | |||||||
Sysmex Corp. | 43,500 | 1,376 | 0.30 | |||||||
Ironwood Pharmaceuticals, Inc.1 | 39,600 | 437 | 0.10 | |||||||
DaVita Health Care Partners, Inc.1 | 4,800 | 333 | 0.07 | |||||||
_______________________ | ||||||||||
57,477 | 12.70 | |||||||||
_______________________ | ||||||||||
Consumer Staples - 6.28% | ||||||||||
Unilever PLC | 117,900 | 5,279 | 1.17 | |||||||
Nestle SA | 62,859 | 4,861 | 1.07 | |||||||
Pernod-Ricard SA | 34,743 | 4,171 | 0.92 | |||||||
The Procter & Gamble Co. | 26,800 | 2,212 | 0.49 | |||||||
Imperial Tobacco Group PLC | 47,414 | 2,050 | 0.45 | |||||||
Diageo PLC | 63,100 | 1,935 | 0.43 | |||||||
Danone SA | 23,325 | 1,724 | 0.38 | |||||||
Philip Morris International, Inc. | 19,600 | 1,674 | 0.37 | |||||||
Ajinomoto Co., Inc. | 105,000 | 1,548 | 0.34 | |||||||
L'Oreal SA | 8,300 | 1,429 | 0.32 | |||||||
Coca-Cola Amatil Ltd. | 111,448 | 964 | 0.21 | |||||||
Nestle SA (ADR) | 7,600 | 587 | 0.13 | |||||||
_______________________ | ||||||||||
28,434 | 6.28 | |||||||||
_______________________ | ||||||||||
Materials - 5.96% | ||||||||||
Monsanto Co. | 38,200 | 4,229 | 0.93 | |||||||
Air Liquide SA | 19,352 | 2,771 | 0.61 | |||||||
See Notes to Financial Statements | 64 |
Capital Group Global Equity Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Shares | Market value (000) | Percent of net assets | ||||||||
Common Stocks—continued | ||||||||||
Materials—continued | ||||||||||
BHP Billiton Ltd. | 76,929 | $ | 2,710 | 0.60 | % | |||||
Rio Tinto PLC | 49,800 | 2,707 | 0.60 | |||||||
The Mosaic Co. | 48,600 | 2,432 | 0.54 | |||||||
The Dow Chemical Co. | 41,900 | 2,091 | 0.46 | |||||||
Allegheny Technologies, Inc. | 50,500 | 2,080 | 0.46 | |||||||
Syngenta AG | 4,782 | 1,899 | 0.42 | |||||||
Amcor Ltd. | 190,180 | 1,821 | 0.40 | |||||||
First Quantum Minerals Ltd. | 82,993 | 1,653 | 0.37 | |||||||
Air Products & Chemicals, Inc. | 13,800 | 1,622 | 0.36 | |||||||
Nucor Corp. | 9,200 | 476 | 0.11 | |||||||
Ecolab, Inc. | 4,500 | 471 | 0.10 | |||||||
_______________________ | ||||||||||
26,962 | 5.96 | |||||||||
_______________________ | ||||||||||
Energy - 5.86% | ||||||||||
Schlumberger Ltd. | 64,900 | 6,591 | 1.46 | |||||||
Noble Energy, Inc. | 64,000 | 4,594 | 1.01 | |||||||
Chevron Corp. | 35,600 | 4,468 | 0.99 | |||||||
Halliburton Co. | 45,100 | 2,844 | 0.63 | |||||||
Seadrill Ltd. | 72,317 | 2,528 | 0.56 | |||||||
Ensco PLC, Class A | 41,900 | 2,114 | 0.47 | |||||||
Cenovus Energy, Inc. | 58,000 | 1,728 | 0.38 | |||||||
Enbridge, Inc. | 28,300 | 1,366 | 0.30 | |||||||
Cobalt International Energy, Inc.1 | 15,300 | 275 | 0.06 | |||||||
_______________________ | ||||||||||
26,508 | 5.86 | |||||||||
_______________________ | ||||||||||
Telecommunication Services - 1.61% | ||||||||||
SoftBank Corp. | 54,300 | 4,030 | 0.89 | |||||||
Singapore Telecommunications Ltd. | 711,000 | 2,173 | 0.48 | |||||||
Verizon Communications, Inc. | 23,500 | 1,098 | 0.24 | |||||||
_______________________ | ||||||||||
7,301 | 1.61 | |||||||||
_______________________ | ||||||||||
Utilities - 0.56% | ||||||||||
National Grid PLC | 179,700 | 2,550 | 0.56 | |||||||
_______________________ | ||||||||||
2,550 | 0.56 | |||||||||
_______________________ | ||||||||||
Total Common Stocks (cost: $342,906,923) | 425,702 | 94.07 | ||||||||
_______________________ | ||||||||||
Warrants - —% | ||||||||||
Financials - —% | ||||||||||
Sun Hung Kai Properties Ltd. Exp.04/22/20161 | 1,083 | 1 | — | |||||||
Total Warrants (cost: $—)2 | 1 | — | ||||||||
_______________________ | ||||||||||
See Notes to Financial Statements | 65 |
Capital Group Global Equity Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||||
Short-term securities - 7.03% | ||||||||||||
John Deere Credit Ltd., 0.08%, 05/14/143 | $ | 9,000 | $ | 9,000 | 1.99 | % | ||||||
BNP Paribas SA, 0.071%, 05/01/143 | 8,600 | 8,600 | 1.90 | |||||||||
Federal Home Loan Banks, 0.04%, 05/23/143 | 7,000 | 7,000 | 1.55 | |||||||||
American Honda Financial Corp., 0.11%, 07/08/143 | 5,300 | 5,299 | 1.17 | |||||||||
Old Line Funding LLC, 0.17%, 06/11/143 | 1,900 | 1,899 | 0.42 | |||||||||
_______________________ | ||||||||||||
Total Short-term securities (cost: $31,798,100) | 31,798 | 7.03 | ||||||||||
_______________________ | ||||||||||||
Total investment securities (cost: $374,705,023) | 457,501 | 101.10 | ||||||||||
Other assets less liabilities | (4,994) | (1.10) | ||||||||||
_______________________ | ||||||||||||
Net assets | $ | 452,507 | 100.00 | % | ||||||||
_______________________ | ||||||||||||
_______________________ | ||||||||||||
1 | Non-income producing security. | |||||||||||
2 | Amount rounds to less than $1,000. | |||||||||||
3 | Zero coupon bond; interest rate represents current yield to maturity. | |||||||||||
ADR | - American Depositary Receipts | |||||||||||
GDR | - Global Depositary Receipts | |||||||||||
See Notes to Financial Statements | 66 |
Capital Group Non-U.S. Equity Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Shares | Market value (000) | Percent of net assets | |||||||
Common Stocks - 90.11% | |||||||||
Financials - 18.12% | |||||||||
Lloyds Banking Group PLC1 | 27,202,800 | $ | 34,778 | 2.20 | % | ||||
AIA Group Ltd. | 7,055,000 | 34,219 | 2.17 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 858,300 | 33,857 | 2.15 | ||||||
Sampo OYJ, A Shares | 646,502 | 32,197 | 2.04 | ||||||
BNP Paribas SA | 297,462 | 22,370 | 1.42 | ||||||
Standard Chartered PLC | 853,283 | 18,486 | 1.17 | ||||||
Barclays PLC | 4,242,350 | 18,088 | 1.15 | ||||||
DBS Group Holdings Ltd. | 1,275,582 | 17,277 | 1.09 | ||||||
HSBC Holdings PLC | 1,597,221 | 16,324 | 1.03 | ||||||
UBS AG1 | 485,170 | 10,155 | 0.64 | ||||||
Svenska Handelsbanken AB, A Shares | 199,378 | 10,044 | 0.64 | ||||||
Deutsche Wohnen AG | 461,651 | 9,894 | 0.63 | ||||||
CaixaBank SA | 1,618,611 | 9,879 | 0.63 | ||||||
Bank of China Ltd., Class H | 18,235,000 | 8,045 | 0.51 | ||||||
Prudential PLC | 292,700 | 6,733 | 0.43 | ||||||
HDFC Bank Ltd. (ADR) | 85,800 | 3,436 | 0.22 | ||||||
_______________________ | |||||||||
285,782 | 18.12 | ||||||||
_______________________ | |||||||||
Information Technology - 13.33% | |||||||||
Keyence Corp. | 90,900 | 35,017 | 2.22 | ||||||
Hamamatsu Photonics K.K. | 718,100 | 32,315 | 2.05 | ||||||
Gemalto NV | 279,052 | 31,278 | 1.98 | ||||||
ASML Holding NV | 284,812 | 23,504 | 1.49 | ||||||
Samsung Electronics Co. Ltd. (GDR) | 39,348 | 19,727 | 1.25 | ||||||
Trend Micro, Inc. | 529,000 | 17,099 | 1.08 | ||||||
Murata Manufacturing Co. Ltd. | 190,300 | 15,821 | 1.00 | ||||||
Hitachi Ltd. | 2,120,000 | 15,073 | 0.96 | ||||||
SAP AG | 104,290 | 8,395 | 0.53 | ||||||
Oracle Corp. | 141,400 | 6,507 | 0.41 | ||||||
Infosys Ltd. (ADR) | 104,400 | 5,607 | 0.36 | ||||||
_______________________ | |||||||||
210,343 | 13.33 | ||||||||
_______________________ | |||||||||
Industrials - 12.82% | |||||||||
SMC Corp. | 138,400 | 32,861 | 2.08 | ||||||
FANUC Corp. | 181,000 | 32,571 | 2.07 | ||||||
Assa Abloy AB, Class B | 582,382 | 30,981 | 1.96 | ||||||
Schneider Electric SA | 242,564 | 22,797 | 1.45 | ||||||
Zodiac Aerospace | 559,263 | 18,620 | 1.18 | ||||||
Meggitt PLC | 2,292,412 | 18,489 | 1.17 | ||||||
Jardine Matheson Holdings Ltd. | 277,200 | 17,321 | 1.10 | ||||||
DKSH Holding AG | 120,334 | 9,934 | 0.63 | ||||||
Marubeni Corp. | 1,299,000 | 8,665 | 0.55 | ||||||
Kawasaki Heavy Industries Ltd. | 1,394,000 | 5,167 | 0.33 | ||||||
Kubota Corp. | 371,000 | 4,768 | 0.30 | ||||||
_______________________ | |||||||||
202,174 | 12.82 | ||||||||
_______________________ | |||||||||
Consumer Discretionary - 12.63% | |||||||||
SES SA | 1,023,425 | 38,554 | 2.44 | ||||||
Cie Financiere Richemont SA | 263,122 | 26,792 | 1.70 | ||||||
Ryohin Keikaku Co. Ltd. | 167,200 | 18,774 | 1.19 | ||||||
Daimler AG | 172,159 | 15,948 | 1.01 | ||||||
See Notes to Financial Statements | 67 |
Capital Group Non-U.S. Equity Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Shares | Market value (000) | Percent of net assets | ||||||||
Common Stocks—continued | ||||||||||
Consumer Discretionary—continued | ||||||||||
Wynn Macau Ltd. | 3,785,600 | $ | 14,946 | 0.95 | % | |||||
Home Retail Group PLC | 3,757,000 | 12,978 | 0.82 | |||||||
Bayerische Motoren Werke AG | 100,933 | 12,638 | 0.80 | |||||||
Liberty Global PLC, Class A1 | 311,195 | 12,392 | 0.79 | |||||||
Nissan Motor Co. Ltd. | 1,414,000 | 12,129 | 0.77 | |||||||
Inditex SA | 72,915 | 10,967 | 0.69 | |||||||
Denso Corp. | 223,300 | 10,160 | 0.64 | |||||||
Marks & Spencer Group PLC | 636,700 | 4,752 | 0.30 | |||||||
LVMH Moet Hennessy Louis Vuitton SA | 21,438 | 4,220 | 0.27 | |||||||
Elringklinger AG | 101,252 | 4,077 | 0.26 | |||||||
_______________________ | ||||||||||
199,327 | 12.63 | |||||||||
_______________________ | ||||||||||
Health Care - 10.73% | ||||||||||
Roche Holding AG | 136,841 | 40,230 | 2.55 | |||||||
Bayer AG | 286,704 | 39,788 | 2.52 | |||||||
Novo Nordisk A/S, Class B | 777,391 | 35,271 | 2.24 | |||||||
Novartis AG | 341,994 | 29,721 | 1.89 | |||||||
Essilor International SA | 112,524 | 12,041 | 0.76 | |||||||
Sysmex Corp. | 334,600 | 10,587 | 0.67 | |||||||
Genmab A/S1 | 39,271 | 1,468 | 0.09 | |||||||
Novartis AG (ADR) | 1,300 | 113 | 0.01 | |||||||
_______________________ | ||||||||||
169,219 | 10.73 | |||||||||
_______________________ | ||||||||||
Consumer Staples - 8.96% | ||||||||||
Pernod-Ricard SA | 185,781 | 22,306 | 1.41 | |||||||
Nestle SA | 287,785 | 22,256 | 1.41 | |||||||
Danone SA | 288,561 | 21,324 | 1.35 | |||||||
L'Oreal SA | 92,575 | 15,936 | 1.01 | |||||||
Diageo PLC | 453,400 | 13,901 | 0.88 | |||||||
Unilever PLC | 290,100 | 12,990 | 0.82 | |||||||
Ajinomoto Co., Inc. | 663,000 | 9,773 | 0.62 | |||||||
Coca-Cola Amatil Ltd. | 1,029,827 | 8,908 | 0.57 | |||||||
Imperial Tobacco Group PLC | 188,359 | 8,145 | 0.52 | |||||||
Reckitt Benckiser Group PLC | 63,700 | 5,151 | 0.33 | |||||||
Nestle SA (ADR) | 8,700 | 672 | 0.04 | |||||||
_______________________ | ||||||||||
141,362 | 8.96 | |||||||||
_______________________ | ||||||||||
Energy - 5.57% | ||||||||||
Seadrill Ltd. | 851,506 | 29,769 | 1.89 | |||||||
Tullow Oil PLC | 1,137,600 | 16,946 | 1.07 | |||||||
Oil Search Ltd. | 1,807,333 | 14,948 | 0.95 | |||||||
Enbridge, Inc. | 271,200 | 13,087 | 0.83 | |||||||
Cenovus Energy, Inc. | 335,900 | 10,006 | 0.64 | |||||||
Ensco PLC, Class A | 60,500 | 3,052 | 0.19 | |||||||
_______________________ | ||||||||||
87,808 | 5.57 | |||||||||
_______________________ | ||||||||||
Materials - 4.82% | ||||||||||
Koninklijke DSM NV | 196,133 | 14,068 | 0.89 | |||||||
Amcor Ltd. | 1,322,211 | 12,664 | 0.80 | |||||||
Syngenta AG | 31,024 | 12,318 | 0.78 | |||||||
See Notes to Financial Statements | 68 |
Capital Group Non-U.S. Equity Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Shares | Market value (000) | Percent of net assets | ||||||||||
Common Stocks—continued | ||||||||||||
Materials—continued | ||||||||||||
Air Liquide SA | 81,148 | $ | 11,619 | 0.74 | % | |||||||
BHP Billiton Ltd. | 296,891 | 10,458 | 0.66 | |||||||||
First Quantum Minerals Ltd. | 480,783 | 9,576 | 0.61 | |||||||||
Rio Tinto PLC | 98,800 | 5,371 | 0.34 | |||||||||
_______________________ | ||||||||||||
76,074 | 4.82 | |||||||||||
_______________________ | ||||||||||||
Telecommunication Services - 2.25% | ||||||||||||
SoftBank Corp. | 252,300 | 18,727 | 1.19 | |||||||||
Singapore Telecommunications Ltd. | 2,940,000 | 8,984 | 0.57 | |||||||||
Swisscom AG | 12,830 | 7,807 | 0.49 | |||||||||
_______________________ | ||||||||||||
35,518 | 2.25 | |||||||||||
_______________________ | ||||||||||||
Utilities - 0.88% | ||||||||||||
National Grid PLC | 976,800 | 13,863 | 0.88 | |||||||||
_______________________ | ||||||||||||
13,863 | 0.88 | |||||||||||
_______________________ | ||||||||||||
Total Common Stocks (cost: $1,298,827,184) | 1,421,470 | 90.11 | ||||||||||
_______________________ | ||||||||||||
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||||
Short-term securities - 10.70% | ||||||||||||
3M Co., 0.07%, 06/23/142 | $ | 25,900 | 25,897 | 1.64 | ||||||||
Abbot Laboratories, 0.109%, 07/22/142 | 21,400 | 21,400 | 1.36 | |||||||||
Chevron Corp., 0.06%, 05/02/142 | 1,300 | 1,300 | 0.08 | |||||||||
Coca-Cola Co., 0.09%, 05/23/142 | 5,100 | 5,100 | 0.32 | |||||||||
Emerson Electric Co., 0.11%, 06/30/142 | 22,800 | 22,796 | 1.45 | |||||||||
Federal Farm Credit Bank, 0.09%, 08/12/142 | 10,000 | 9,999 | 0.63 | |||||||||
Federal Home Loan Banks:2 | ||||||||||||
0.04%, 05/23/14 | 19,200 | 19,200 | 1.22 | |||||||||
0.05%, 05/21/14 | 16,288 | 16,288 | 1.03 | |||||||||
Federal Home Loan Mortgage Corp., 0.06%, 05/12/142 | 9,800 | 9,800 | 0.62 | |||||||||
Federal National Mortgage Association, 0.11%, 07/02/142 | 10,500 | 10,499 | 0.67 | |||||||||
General Electric Co., 0.01%, 05/01/142 | 1,000 | 1,000 | 0.06 | |||||||||
Paccar Financial Corp., 0.08%, 05/29/142 | 8,500 | 8,499 | 0.54 | |||||||||
The Walt Disney Co., 0.06%, 05/19/142 | 17,000 | 17,000 | 1.08 | |||||||||
_______________________ | ||||||||||||
Total Short-term securities (cost: $168,768,873) | 168,778 | 10.70 | ||||||||||
_______________________ | ||||||||||||
Total investment securities (cost: $1,467,596,057) | 1,590,248 | 100.81 | ||||||||||
Other assets less liabilities | (12,824) | (0.81) | ||||||||||
_______________________ | ||||||||||||
Net assets | $ | 1,577,424 | 100.00 | % | ||||||||
_______________________ | ||||||||||||
_______________________ | ||||||||||||
See Notes to Financial Statements | 69 |
Capital Group Non-U.S. Equity Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
1 | Non-income producing security. | |||
2 | Zero coupon bond; interest rate represents current yield to maturity. | |||
ADR | - American Depositary Receipts | |||
GDR | - Global Depositary Receipts | |||
See Notes to Financial Statements | 70 |
Capital Group U.S. Equity Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Shares | Market value (000) | Percent of net assets | |||||||
Common Stocks - 95.95% | |||||||||
Industrials - 20.19% | |||||||||
Eaton Corp. PLC | 57,000 | $ | 4,140 | 2.33 | % | ||||
Nielsen Holdings NV | 81,900 | 3,845 | 2.16 | ||||||
Norfolk Southern Corp. | 37,000 | 3,498 | 1.97 | ||||||
United Technologies Corp. | 27,200 | 3,219 | 1.81 | ||||||
Danaher Corp. | 41,150 | 3,020 | 1.70 | ||||||
The Boeing Co. | 22,800 | 2,942 | 1.66 | ||||||
Waste Connections, Inc. | 52,000 | 2,322 | 1.31 | ||||||
B/E Aerospace, Inc.1 | 24,800 | 2,177 | 1.22 | ||||||
Caterpillar, Inc. | 19,400 | 2,045 | 1.15 | ||||||
Iron Mountain, Inc. | 65,239 | 1,855 | 1.04 | ||||||
Towers Watson & Co., Class A | 15,750 | 1,767 | 0.99 | ||||||
Hexcel Corp.1 | 39,300 | 1,638 | 0.92 | ||||||
Siemens AG (ADR) | 11,900 | 1,569 | 0.88 | ||||||
IDEX Corp. | 16,300 | 1,215 | 0.68 | ||||||
Emerson Electric Co. | 9,600 | 655 | 0.37 | ||||||
_______________________ | |||||||||
35,907 | 20.19 | ||||||||
_______________________ | |||||||||
Information Technology - 15.76% | |||||||||
VeriSign, Inc.1 | 62,650 | 2,956 | 1.66 | ||||||
Jack Henry & Associates, Inc. | 53,300 | 2,940 | 1.65 | ||||||
Texas Instruments, Inc. | 55,700 | 2,532 | 1.42 | ||||||
Automatic Data Processing, Inc. | 28,900 | 2,253 | 1.27 | ||||||
Avago Technologies Ltd. | 30,910 | 1,963 | 1.10 | ||||||
Oracle Corp. | 47,300 | 1,934 | 1.09 | ||||||
QUALCOMM, Inc. | 22,100 | 1,739 | 0.98 | ||||||
Apple, Inc. | 2,895 | 1,708 | 0.96 | ||||||
Google, Inc., Class A1 | 3,125 | 1,671 | 0.94 | ||||||
Google, Inc., Class C1 | 3,125 | 1,646 | 0.93 | ||||||
Microsoft Corp. | 36,900 | 1,491 | 0.84 | ||||||
Visa, Inc., A Shares | 5,500 | 1,114 | 0.63 | ||||||
Broadcom Corp., Class A | 34,900 | 1,075 | 0.61 | ||||||
TE Connectivity Ltd. | 17,900 | 1,056 | 0.59 | ||||||
Accenture PLC, Class A | 13,125 | 1,053 | 0.59 | ||||||
Jabil Circuit, Inc. | 51,750 | 893 | 0.50 | ||||||
_______________________ | |||||||||
28,024 | 15.76 | ||||||||
_______________________ | |||||||||
Consumer Discretionary - 15.71% | |||||||||
Comcast Corp., Class A | 93,100 | 4,819 | 2.71 | ||||||
Newell Rubbermaid, Inc. | 109,200 | 3,288 | 1.85 | ||||||
The Home Depot, Inc. | 35,700 | 2,839 | 1.60 | ||||||
Scripps Networks Interactive, Inc., Class A | 29,200 | 2,192 | 1.23 | ||||||
Coach, Inc. | 47,400 | 2,116 | 1.19 | ||||||
Daimler AG (ADR) | 19,375 | 1,793 | 1.01 | ||||||
Ross Stores, Inc. | 26,075 | 1,775 | 1.00 | ||||||
Delphi Automotive PLC | 19,700 | 1,317 | 0.74 | ||||||
Target Corp. | 18,100 | 1,118 | 0.63 | ||||||
Tiffany & Co. | 11,500 | 1,006 | 0.56 | ||||||
NIKE, Inc., Class B | 13,500 | 985 | 0.55 | ||||||
Sirius XM Holdings, Inc.1 | 286,000 | 912 | 0.51 | ||||||
Carnival Corp. | 22,350 | 879 | 0.49 | ||||||
Norwegian Cruise Line Holdings Ltd.1 | 21,100 | 691 | 0.39 | ||||||
Charter Communications, Inc., Class A1 | 4,800 | 651 | 0.37 | ||||||
See Notes to Financial Statements | 71 |
Capital Group U.S. Equity Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Shares | Market value (000) | Percent of net assets | ||||||||
Common Stocks—continued | ||||||||||
Consumer Discretionary—continued | ||||||||||
Darden Restaurants, Inc. | 12,900 | $ | 641 | 0.36 | % | |||||
Starbucks Corp. | 8,500 | 600 | 0.34 | |||||||
Johnson Controls, Inc. | 7,100 | 320 | 0.18 | |||||||
_______________________ | ||||||||||
27,942 | 15.71 | |||||||||
_______________________ | ||||||||||
Financials - 12.76% | ||||||||||
Marsh & McLennan Cos., Inc. | 66,600 | 3,284 | 1.85 | |||||||
The Goldman Sachs Group, Inc. | 17,500 | 2,797 | 1.57 | |||||||
American Tower Corp. | 33,300 | 2,781 | 1.57 | |||||||
CME Group, Inc. | 34,050 | 2,397 | 1.35 | |||||||
JPMorgan Chase & Co. | 42,100 | 2,357 | 1.33 | |||||||
Wells Fargo & Co. | 47,050 | 2,335 | 1.31 | |||||||
ACE Ltd. | 21,700 | 2,220 | 1.25 | |||||||
BB&T Corp. | 44,300 | 1,654 | 0.93 | |||||||
Aon PLC | 16,200 | 1,375 | 0.77 | |||||||
BlackRock, Inc. | 1,840 | 554 | 0.31 | |||||||
The PNC Financial Services Group, Inc. | 6,425 | 540 | 0.30 | |||||||
The Progressive Corp. | 16,300 | 395 | 0.22 | |||||||
_______________________ | ||||||||||
22,689 | 12.76 | |||||||||
_______________________ | ||||||||||
Health Care - 11.16% | ||||||||||
Gilead Sciences, Inc.1 | 63,100 | 4,953 | 2.79 | |||||||
Bristol-Myers Squibb Co. | 74,700 | 3,742 | 2.10 | |||||||
Express Scripts Holding Co.1 | 48,500 | 3,229 | 1.82 | |||||||
AbbVie, Inc. | 40,325 | 2,100 | 1.18 | |||||||
Seattle Genetics, Inc.1 | 44,175 | 1,700 | 0.96 | |||||||
Cerner Corp.1 | 31,700 | 1,626 | 0.91 | |||||||
Novo Nordisk A/S (ADR) | 22,000 | 998 | 0.56 | |||||||
UnitedHealth Group, Inc. | 11,600 | 870 | 0.49 | |||||||
Pfizer, Inc. | 20,000 | 626 | 0.35 | |||||||
_______________________ | ||||||||||
19,844 | 11.16 | |||||||||
_______________________ | ||||||||||
Energy - 8.85% | ||||||||||
Schlumberger Ltd. | 39,000 | 3,961 | 2.23 | |||||||
Chevron Corp. | 24,320 | 3,053 | 1.72 | |||||||
Halliburton Co. | 46,550 | 2,936 | 1.65 | |||||||
Noble Energy, Inc. | 39,500 | 2,835 | 1.59 | |||||||
EOG Resources, Inc. | 10,800 | 1,058 | 0.60 | |||||||
Ensco PLC, Class A | 20,185 | 1,018 | 0.57 | |||||||
ConocoPhillips | 11,700 | 870 | 0.49 | |||||||
_______________________ | ||||||||||
15,731 | 8.85 | |||||||||
_______________________ | ||||||||||
Materials - 5.73% | ||||||||||
Monsanto Co. | 23,100 | 2,557 | 1.44 | |||||||
Air Products & Chemicals, Inc. | 18,325 | 2,153 | 1.21 | |||||||
Allegheny Technologies, Inc. | 48,300 | 1,990 | 1.12 | |||||||
The Dow Chemical Co. | 33,800 | 1,687 | 0.95 | |||||||
The Mosaic Co. | 20,700 | 1,036 | 0.58 | |||||||
See Notes to Financial Statements | 72 |
Capital Group U.S. Equity Fund | |
Schedule of Investments | |
at April 30, 2014 (unaudited) |
Shares | Market value (000) | Percent of net assets | ||||||||||||
Common Stocks—continued | ||||||||||||||
Materials—continued | ||||||||||||||
Nucor Corp. | 14,800 | $ | 766 | 0.43 | % | |||||||||
_______________________ | ||||||||||||||
10,189 | 5.73 | |||||||||||||
_______________________ | ||||||||||||||
Consumer Staples - 4.61% | ||||||||||||||
Unilever PLC (ADR) | 47,600 | 2,130 | 1.20 | |||||||||||
Philip Morris International, Inc. | 22,400 | 1,914 | 1.07 | |||||||||||
Nestle SA (ADR) | 23,200 | 1,790 | 1.01 | |||||||||||
The Procter & Gamble Co. | 18,300 | 1,511 | 0.85 | |||||||||||
Diageo PLC (ADR) | 3,900 | 479 | 0.27 | |||||||||||
PepsiCo, Inc. | 4,300 | 369 | 0.21 | |||||||||||
_______________________ | ||||||||||||||
8,193 | 4.61 | |||||||||||||
_______________________ | ||||||||||||||
Telecommunication Services - 0.67% | ||||||||||||||
Verizon Communications, Inc. | 25,400 | 1,187 | 0.67 | |||||||||||
_______________________ | ||||||||||||||
1,187 | 0.67 | |||||||||||||
_______________________ | ||||||||||||||
Utilities - 0.51% | ||||||||||||||
National Grid PLC (ADR) | 12,900 | 917 | 0.51 | |||||||||||
_______________________ | ||||||||||||||
917 | 0.51 | |||||||||||||
_______________________ | ||||||||||||||
Total Common Stocks (cost: $130,762,322) | 170,623 | 95.95 | ||||||||||||
_______________________ | ||||||||||||||
Principal amount (000) | Market value (000) | Percent of net assets | ||||||||||||
Short-term securities - 3.88% | ||||||||||||||
Federal Home Loan Bank, 0.06%, 05/02/142 | $ | 2,000 | 2,000 | 1.12 | ||||||||||
General Electric Co., 0.01%, 05/01/142 | 3,300 | 3,300 | 1.86 | |||||||||||
Paccar Financial Corp., 0.01%, 05/01/142 | 1,600 | 1,600 | 0.90 | |||||||||||
_______________________ | ||||||||||||||
Total Short-term securities (cost: $6,899,997) | 6,900 | 3.88 | ||||||||||||
_______________________ | ||||||||||||||
Total investment securities (cost: $137,662,319) | 177,523 | 99.83 | ||||||||||||
Other assets less liabilities | 304 | 0.17 | ||||||||||||
_______________________ | ||||||||||||||
Net assets | $ | 177,827 | 100.00 | % | ||||||||||
_______________________ | ||||||||||||||
_______________________ | ||||||||||||||
1 | Non-income producing security. | |||||||||||||
2 | Zero coupon bond; interest rate represents current yield to maturity. | |||||||||||||
ADR | - American Depositary Receipts | |||||||||||||
See Notes to Financial Statements | 73 |
Capital Group Core Municipal Fund | |||||||||||
Statement of assets and liabilities | |||||||||||
at April 30, 2014 (unaudited) | (dollars and shares in thousands) (except per share amounts) | ||||||||||
Assets: | |||||||||||
Investment securities, at value (cost: $296,008) | $ | 305,769 | |||||||||
Short-term investments, at value (cost: $11,275) | 11,275 | ||||||||||
Cash | 53 | ||||||||||
Receivables for: | |||||||||||
Interest | 3,773 | ||||||||||
Reimbursement from investment adviser | 5 | ||||||||||
Prepaid expenses | 13 | ||||||||||
3,791 | |||||||||||
Total assets | 320,888 | ||||||||||
Liabilities: | |||||||||||
Payables for: | |||||||||||
Purchases of investments | 1,369 | ||||||||||
Repurchases of fund's shares | 8 | ||||||||||
Investment advisory services | 92 | ||||||||||
Other accrued expenses | 36 | ||||||||||
Total liabilities | 1,505 | ||||||||||
Net assets at April 30, 2014: | $ | 319,383 | |||||||||
Net assets consist of: | |||||||||||
Capital paid in on shares of beneficial interest | $ | 309,642 | |||||||||
Distributions in excess of net investment income | (–) | 1 | |||||||||
Accumulated net realized loss | (20) | ||||||||||
Net unrealized appreciation | 9,761 | ||||||||||
Net assets at April 30, 2014 | $ | 319,383 | |||||||||
Shares outstanding: | 30,435 | ||||||||||
Net asset value per share: | $ | 10.49 | |||||||||
1 | Amount rounds to less than $1,000. | ||||||||||
See Notes to Financial Statements | 74 |
Capital Group Short-Term Municipal Fund | ||||||||||
Statement of assets and liabilities | ||||||||||
at April 30, 2014 (unaudited) | (dollars and shares in thousands) (except per share amounts) | |||||||||
Assets: | ||||||||||
Investment securities, at value (cost: $119,091) | $ | 121,038 | ||||||||
Short-term investments, at value (cost: $14,840) | 14,840 | |||||||||
Cash | 16 | |||||||||
Receivables for: | ||||||||||
Sales of fund's shares | 211 | |||||||||
Interest | 1,483 | |||||||||
Reimbursement from investment adviser | 5 | |||||||||
Prepaid expenses | 11 | |||||||||
1,710 | ||||||||||
Total assets | 137,604 | |||||||||
Liabilities: | ||||||||||
Payables for: | ||||||||||
Purchases of investments | 862 | |||||||||
Repurchases of fund's shares | 70 | |||||||||
Investment advisory services | 39 | |||||||||
Other accrued expenses | 28 | |||||||||
Total liabilities | 999 | |||||||||
Net assets at April 30, 2014: | $ | 136,605 | ||||||||
Net assets consist of: | ||||||||||
Capital paid in on shares of beneficial interest | $ | 134,601 | ||||||||
Distributions in excess of net investment income | (–) | 1 | ||||||||
Accumulated net realized gain | 57 | |||||||||
Net unrealized appreciation | 1,947 | |||||||||
Net assets at April 30, 2014 | $ | 136,605 | ||||||||
Shares outstanding: | 13,414 | |||||||||
Net asset value per share: | $ | 10.18 | ||||||||
1 | Amount rounds to less than $1,000. | |||||||||
See Notes to Financial Statements | 75 |
Capital Group California Core Municipal Fund | |||||||||||
Statement of assets and liabilities | |||||||||||
at April 30, 2014 (unaudited) | (dollars and shares in thousands) (except per share amounts) | ||||||||||
Assets: | |||||||||||
Investment securities, at value (cost: $205,912) | $ | 212,409 | |||||||||
Short-term investments, at value (cost: $31,625) | 31,625 | ||||||||||
Cash | 25 | ||||||||||
Receivables for: | |||||||||||
Interest | 2,279 | ||||||||||
Reimbursement from investment adviser | 2 | ||||||||||
Prepaid expenses | 2 | ||||||||||
2,283 | |||||||||||
Total assets | 246,342 | ||||||||||
Liabilities: | |||||||||||
Payables for: | |||||||||||
Purchases of investments | 2,104 | ||||||||||
Repurchases of fund's shares | 1,244 | ||||||||||
Investment advisory services | 69 | ||||||||||
Other accrued expenses | 32 | ||||||||||
Total liabilities | 3,449 | ||||||||||
Net assets at April 30, 2014: | $ | 242,893 | |||||||||
Net assets consist of: | |||||||||||
Capital paid in on shares of beneficial interest | $ | 236,753 | |||||||||
Distributions in excess of net investment income | (–) | 1 | |||||||||
Accumulated net realized loss | (357) | ||||||||||
Net unrealized appreciation | 6,497 | ||||||||||
Net assets at April 30, 2014 | $ | 242,893 | |||||||||
Shares outstanding: | 23,131 | ||||||||||
Net asset value per share: | $ | 10.50 | |||||||||
1 | Amount rounds to less than $1,000. | ||||||||||
See Notes to Financial Statements | 76 |
Capital Group California Short-Term Municipal Fund | ||||||||||
Statement of assets and liabilities | ||||||||||
at April 30, 2014 (unaudited) | (dollars and shares in thousands) (except per share amounts) | |||||||||
Assets: | ||||||||||
Investment securities, at value (cost: $94,230) | $ | 95,722 | ||||||||
Short-term investments, at value (cost: $27,991) | 27,991 | |||||||||
Cash | 90 | |||||||||
Receivables for: | ||||||||||
Sales of fund's shares | 262 | |||||||||
Interest | 1,044 | |||||||||
Reimbursement from investment adviser | 4 | |||||||||
Prepaid expenses | 2 | |||||||||
1,312 | ||||||||||
Total assets | 125,115 | |||||||||
Liabilities: | ||||||||||
Payables for: | ||||||||||
Purchases of investments | 252 | |||||||||
Repurchases of fund's shares | 1,242 | |||||||||
Investment advisory services | 36 | |||||||||
Other accrued expenses | 28 | |||||||||
Total liabilities | 1,558 | |||||||||
Net assets at April 30, 2014: | $ | 123,557 | ||||||||
Net assets consist of: | ||||||||||
Capital paid in on shares of beneficial interest | $ | 122,045 | ||||||||
Distributions in excess of net investment income | (–) | 1 | ||||||||
Accumulated net realized gain | 20 | |||||||||
Net unrealized appreciation | 1,492 | |||||||||
Net assets at April 30, 2014 | $ | 123,557 | ||||||||
Shares outstanding: | 12,025 | |||||||||
Net asset value per share: | $ | 10.27 | ||||||||
1 | Amount rounds to less than $1,000. | |||||||||
See Notes to Financial Statements | 77 |
Capital Group Core Bond Fund | |||||||||||
Statement of assets and liabilities | |||||||||||
at April 30, 2014 (unaudited) | (dollars and shares in thousands) (except per share amounts) | ||||||||||
Assets: | |||||||||||
Investment securities, at value (cost: $282,808) | $ | 285,992 | |||||||||
Short-term investments, at value (cost: $21,198) | 21,199 | ||||||||||
Cash | 59 | ||||||||||
Receivables for: | |||||||||||
Sales of investments | 9,599 | ||||||||||
Sales of fund's shares | 36 | ||||||||||
Interest | 1,768 | ||||||||||
Reimbursement from investment adviser | 3 | ||||||||||
Prepaid expenses | 12 | ||||||||||
11,418 | |||||||||||
Total assets | 318,668 | ||||||||||
Liabilities: | |||||||||||
Payables for: | |||||||||||
Purchases of investments | 12,044 | ||||||||||
Repurchases of fund's shares | 170 | ||||||||||
Investment advisory services | 88 | ||||||||||
Other accrued expenses | 33 | ||||||||||
Total liabilities | 12,335 | ||||||||||
Net assets at April 30, 2014: | $ | 306,333 | |||||||||
Net assets consist of: | |||||||||||
Capital paid in on shares of beneficial interest | $ | 303,234 | |||||||||
Distributions in excess of net investment income | (–) | 1 | |||||||||
Accumulated net realized loss | (86) | ||||||||||
Net unrealized appreciation | 3,185 | ||||||||||
Net assets at April 30, 2014 | $ | 306,333 | |||||||||
Shares outstanding: | 30,005 | ||||||||||
Net asset value per share: | $ | 10.21 | |||||||||
1 | Amount rounds to less than $1,000. | ||||||||||
See Notes to Financial Statements | 78 |
Capital Group Global Equity Fund | ||||||||||
Statement of assets and liabilities | ||||||||||
at April 30, 2014 (unaudited) | (dollars and shares in thousands) (except per share amounts) | |||||||||
Assets: | ||||||||||
Investment securities, at value (cost: $342,907) | $ | 425,703 | ||||||||
Short-term investments, at value (cost: $31,798) | 31,798 | |||||||||
Cash | 43 | |||||||||
Foreign currency, at value (cost: $71) | 71 | |||||||||
Receivables for: | ||||||||||
Sales of investments | – | 1 | ||||||||
Sales of fund's shares | 93 | |||||||||
Dividends | 1,153 | |||||||||
Reimbursement from investment adviser | 1 | |||||||||
Prepaid expenses | – | 1 | ||||||||
1,247 | ||||||||||
Total assets | 458,862 | |||||||||
Liabilities: | ||||||||||
Payables for: | ||||||||||
Purchases of investments | 272 | |||||||||
Repurchases of fund's shares | 5,765 | |||||||||
Unified fees | 317 | |||||||||
Other accrued expenses | 1 | |||||||||
Total liabilities | 6,355 | |||||||||
Net assets at April 30, 2014: | $ | 452,507 | ||||||||
Net assets consist of: | ||||||||||
Capital paid in on shares of beneficial interest | $ | 362,664 | ||||||||
Accumulated undistributed net investment income | 1,805 | |||||||||
Accumulated net realized gain | 5,234 | |||||||||
Net unrealized appreciation | 82,804 | |||||||||
Net assets at April 30, 2014 | $ | 452,507 | ||||||||
Shares outstanding: | 35,356 | |||||||||
Net asset value per share: | $ | 12.80 | ||||||||
1 | Amount rounds to less than $1,000. | |||||||||
See Notes to Financial Statements | 79 |
Capital Group Non-U.S. Equity Fund | ||||||||||
Statement of assets and liabilities | ||||||||||
at April 30, 2014 (unaudited) | (dollars and shares in thousands) (except per share amounts) | |||||||||
Assets: | ||||||||||
Investment securities, at value (cost: $1,298,827) | $ | 1,421,470 | ||||||||
Short-term investments, at value (cost: $168,769) | 168,778 | |||||||||
Cash | 66 | |||||||||
Foreign currency, at value (cost: $324) | 325 | |||||||||
Receivables for: | ||||||||||
Sales of investments | 44 | |||||||||
Sales of fund's shares | 1,958 | |||||||||
Dividends | 7,041 | |||||||||
Reimbursement from investment adviser | 1 | |||||||||
Prepaid expenses | – | 1 | ||||||||
9,044 | ||||||||||
Total assets | 1,599,683 | |||||||||
Liabilities: | ||||||||||
Payables for: | ||||||||||
Purchases of investments | 20,315 | |||||||||
Repurchases of fund's shares | 864 | |||||||||
Unified fees | 1,079 | |||||||||
Other accrued expenses | 1 | |||||||||
Total liabilities | 22,259 | |||||||||
Net assets at April 30, 2014: | $ | 1,577,424 | ||||||||
Net assets consist of: | ||||||||||
Capital paid in on shares of beneficial interest | $ | 1,434,710 | ||||||||
Accumulated undistributed net investment income | 10,217 | |||||||||
Accumulated net realized gain | 9,809 | |||||||||
Net unrealized appreciation | 122,688 | |||||||||
Net assets at April 30, 2014 | $ | 1,577,424 | ||||||||
Shares outstanding: | 132,735 | |||||||||
Net asset value per share: | $ | 11.88 | ||||||||
1 | Amount rounds to less than $1,000. | |||||||||
See Notes to Financial Statements | 80 |
Capital Group U.S. Equity Fund | ||||||||||
Statement of assets and liabilities | ||||||||||
at April 30, 2014 (unaudited) | (dollars and shares in thousands) (except per share amounts) | |||||||||
Assets: | ||||||||||
Investment securities, at value (cost: $130,762) | $ | 170,623 | ||||||||
Short-term investments, at value (cost: $6,900) | 6,900 | |||||||||
Cash | 59 | |||||||||
Receivables for: | ||||||||||
Sales of fund's shares | 91 | |||||||||
Dividends | 249 | |||||||||
Reimbursement from investment adviser | 1 | |||||||||
Prepaid expenses | – | 1 | ||||||||
341 | ||||||||||
Total assets | 177,923 | |||||||||
Liabilities: | ||||||||||
Payables for: | ||||||||||
Unified fees | 95 | |||||||||
Other accrued expenses | 1 | |||||||||
Total liabilities | 96 | |||||||||
Net assets at April 30, 2014: | $ | 177,827 | ||||||||
Net assets consist of: | ||||||||||
Capital paid in on shares of beneficial interest | $ | 132,526 | ||||||||
Accumulated undistributed net investment income | 316 | |||||||||
Accumulated net realized gain | 5,124 | |||||||||
Net unrealized appreciation | 39,861 | |||||||||
Net assets at April 30, 2014 | $ | 177,827 | ||||||||
Shares outstanding: | 9,371 | |||||||||
Net asset value per share: | $ | 18.98 | ||||||||
1 | Amount rounds to less than $1,000. | |||||||||
See Notes to Financial Statements | 81 |
Capital Group Core Municipal Fund | |||||||||
Statement of operations | |||||||||
for the six months ended April 30, 2014 (unaudited) | (dollars in thousands) | ||||||||
Investment income: | |||||||||
Income: | |||||||||
Interest | $ | 3,746 | |||||||
Fees and expenses: | |||||||||
Investment advisory services | 536 | ||||||||
Administrative and accounting services | 45 | ||||||||
Registration fees | 13 | ||||||||
Audit and tax fees | 20 | ||||||||
Transfer agent services | 10 | ||||||||
Trustees' compensation | 6 | ||||||||
Other | 3 | ||||||||
Total fees and expenses | 633 | ||||||||
Reimbursement of fees | (21) | ||||||||
Net fees and expenses | 612 | ||||||||
Net investment income | 3,134 | ||||||||
Net realized loss and unrealized appreciation on investments: | |||||||||
Net realized loss on investments | (13) | ||||||||
Net unrealized appreciation on investments | 1,568 | ||||||||
Net realized loss and unrealized appreciation on investments | 1,555 | ||||||||
Net increase in net assets resulting from operations | $ | 4,689 | |||||||
See Notes to Financial Statements | 82 |
Capital Group Short-Term Municipal Fund | |||||||||
Statement of operations | |||||||||
for the six months ended April 30, 2014 (unaudited) | (dollars in thousands) | ||||||||
Investment income: | |||||||||
Income: | |||||||||
Interest | $ | 1,154 | |||||||
Fees and expenses: | |||||||||
Investment advisory services | 233 | ||||||||
Administrative and accounting services | 20 | ||||||||
Registration fees | 12 | ||||||||
Audit and tax fees | 20 | ||||||||
Transfer agent services | 6 | ||||||||
Trustees' compensation | 6 | ||||||||
Other | 3 | ||||||||
Total fees and expenses | 300 | ||||||||
Reimbursement of fees | (33) | ||||||||
Net fees and expenses | 267 | ||||||||
Net investment income | 887 | ||||||||
Net realized gain and unrealized depreciation on investments: | |||||||||
Net realized gain on investments | 57 | ||||||||
Net unrealized depreciation on investments | (233) | ||||||||
Net realized gain and unrealized depreciation on investments | (176) | ||||||||
Net increase in net assets resulting from operations | $ | 711 | |||||||
See Notes to Financial Statements | 83 |
Capital Group California Core Municipal Fund | |||||||||
Statement of operations | |||||||||
for the six months ended April 30, 2014 (unaudited) | (dollars in thousands) | ||||||||
Investment income: | |||||||||
Income: | |||||||||
Interest | $ | 2,770 | |||||||
Fees and expenses: | |||||||||
Investment advisory services | 404 | ||||||||
Administrative and accounting services | 34 | ||||||||
Registration fees | 3 | ||||||||
Audit and tax fees | 20 | ||||||||
Transfer agent services | 6 | ||||||||
Trustees' compensation | 6 | ||||||||
Other | 3 | ||||||||
Total fees and expenses | 476 | ||||||||
Reimbursement of fees | (15) | ||||||||
Net fees and expenses | 461 | ||||||||
Net investment income | 2,309 | ||||||||
Net realized loss and unrealized appreciation on investments: | |||||||||
Net realized loss on investments | (26) | ||||||||
Net unrealized appreciation on investments | 2,152 | ||||||||
Net realized loss and unrealized appreciation on investments | 2,126 | ||||||||
Net increase in net assets resulting from operations | $ | 4,435 | |||||||
See Notes to Financial Statements | 84 |
Capital Group California Short-Term Municipal Fund | |||||||||
Statement of operations | |||||||||
for the six months ended April 30, 2014 (unaudited) | (dollars in thousands) | ||||||||
Investment income: | |||||||||
Income: | |||||||||
Interest | $ | 782 | |||||||
Fees and expenses: | |||||||||
Investment advisory services | 201 | ||||||||
Administrative and accounting services | 17 | ||||||||
Registration fees | 3 | ||||||||
Audit and tax fees | 20 | ||||||||
Transfer agent services | 6 | ||||||||
Trustees' compensation | 6 | ||||||||
Other | 2 | ||||||||
Total fees and expenses | 255 | ||||||||
Reimbursement of fees | (26) | ||||||||
Net fees and expenses | 229 | ||||||||
Net investment income | 553 | ||||||||
Net realized gain and unrealized depreciation on investments: | |||||||||
Net realized gain on investments | 20 | ||||||||
Net unrealized depreciation on investments | (44) | ||||||||
Net realized gain and unrealized depreciation on investments | (24) | ||||||||
Net increase in net assets resulting from operations | $ | 529 | |||||||
See Notes to Financial Statements | 85 |
Capital Group Core Bond Fund | |||||||||
Statement of operations | |||||||||
for the six months ended April 30, 2014 (unaudited) | (dollars in thousands) | ||||||||
Investment income: | |||||||||
Income: | |||||||||
Interest | $ | 2,955 | |||||||
Fees and expenses: | |||||||||
Investment advisory services | 515 | ||||||||
Administrative and accounting services | 43 | ||||||||
Registration fees | 12 | ||||||||
Audit and tax fees | 20 | ||||||||
Transfer agent services | 6 | ||||||||
Trustees' compensation | 6 | ||||||||
Other | 6 | ||||||||
Total fees and expenses | 608 | ||||||||
Reimbursement of fees | (19) | ||||||||
Net fees and expenses | 589 | ||||||||
Net investment income | 2,366 | ||||||||
Net realized loss and unrealized depreciation on investments: | |||||||||
Net realized loss on investments | (23) | ||||||||
Net unrealized depreciation on investments | (52) | ||||||||
Net realized loss and unrealized depreciation on investments | (75) | ||||||||
Net increase in net assets resulting from operations | $ | 2,291 | |||||||
See Notes to Financial Statements | 86 |
Capital Group Global Equity Fund | ||||||||||
Statement of operations | ||||||||||
for the six months ended April 30, 2014 (unaudited) | (dollars in thousands) | |||||||||
Investment income: | ||||||||||
Income: | ||||||||||
Dividends (net of non-U.S. taxes of $231) | $ | 4,154 | ||||||||
Interest | 8 | 4,162 | ||||||||
Fees and expenses: | ||||||||||
Unified fees | 1,845 | |||||||||
Trustees' compensation | 6 | |||||||||
Legal fees | 1 | |||||||||
Other | – | 1 | ||||||||
Total fees and expenses | 1,852 | |||||||||
Reimbursement of fees | (7) | |||||||||
Net fees and expenses | 1,845 | |||||||||
Net investment income | 2,317 | |||||||||
Net realized gain (loss) and unrealized appreciation on investments and currency: | ||||||||||
Net realized gain on investments | 11,597 | |||||||||
Net realized loss on currency | (4) | |||||||||
Net unrealized appreciation on investments | 2,226 | |||||||||
Net unrealized appreciation on currency translations | 1 | |||||||||
Net realized gain and unrealized appreciation on investments and currency | 13,820 | |||||||||
Net increase in net assets resulting from operations | $ | 16,137 | ||||||||
1 | Amount rounds to less than $1,000. | |||||||||
See Notes to Financial Statements | 87 |
Capital Group Non-U.S. Equity Fund | ||||||||||
Statement of operations | ||||||||||
for the six months ended April 30, 2014 (unaudited) | (dollars in thousands) | |||||||||
Investment income: | ||||||||||
Income: | ||||||||||
Dividends (net of non-U.S. taxes of $1,648) | $ | 15,832 | ||||||||
Interest | 37 | 15,869 | ||||||||
Fees and expenses: | ||||||||||
Unified fees | 5,263 | |||||||||
Trustees' compensation | 6 | |||||||||
Legal fees | 1 | |||||||||
Other | – | 1 | ||||||||
Total fees and expenses | 5,270 | |||||||||
Reimbursement of fees | (7) | |||||||||
Net fees and expenses | 5,263 | |||||||||
Net investment income | 10,606 | |||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) on investments and currency: | ||||||||||
Net realized gain on investments | 19,948 | |||||||||
Net realized loss on currency | (101) | |||||||||
Net unrealized appreciation on investments | 3,860 | |||||||||
Net unrealized depreciation on currency translations | (12) | |||||||||
Net realized gain and unrealized appreciation on investments and currency | 23,695 | |||||||||
Net increase in net assets resulting from operations | $ | 34,301 | ||||||||
1 | Amount rounds to less than $1,000. | |||||||||
See Notes to Financial Statements | 88 |
Capital Group U.S. Equity Fund | ||||||||||
Statement of operations | ||||||||||
for the six months ended April 30, 2014 (unaudited) | (dollars in thousands) | |||||||||
Investment income: | ||||||||||
Income: | ||||||||||
Dividends (net of non-U.S. taxes of $30) | $ | 1,627 | ||||||||
Interest | 3 | 1,630 | ||||||||
Fees and expenses: | ||||||||||
Unified fees | 561 | |||||||||
Trustees' compensation | 6 | |||||||||
Legal fees | 1 | |||||||||
Other | – | 1 | ||||||||
Total fees and expenses | 568 | |||||||||
Reimbursement of fees | (7) | |||||||||
Net fees and expenses | 561 | |||||||||
Net investment income | 1,069 | |||||||||
Net realized gain and unrealized appreciation on investments: | ||||||||||
Net realized gain on investments | 5,471 | |||||||||
Net unrealized appreciation on investments | 2,881 | |||||||||
Net realized gain and unrealized appreciation on investments | 8,352 | |||||||||
Net increase in net assets resulting from operations | $ | 9,421 | ||||||||
1 | Amount rounds to less than $1,000. | |||||||||
See Notes to Financial Statements | 89 |
Capital Group Core Municipal Fund | |||||||||
Statements of changes in net assets | |||||||||
(dollars in thousands) | |||||||||
For the six months ended 4/30/141 | For the year ended 10/31/13 | ||||||||
Operations: | |||||||||
Net investment income | $ | 3,134 | $ | 6,136 | |||||
Net realized (loss) gain on investments | (13) | 69 | |||||||
Net unrealized appreciation (depreciation) on investments | 1,568 | (6,221) | |||||||
Net increase (decrease) in net assets resulting from operations | 4,689 | (16) | |||||||
Dividends and distributions to shareholders: | |||||||||
Dividends from net investment income | (3,134) | (6,135) | |||||||
Distributions from capital gain | – | – | |||||||
Total dividends and distributions | (3,134) | (6,135) | |||||||
Net capital share transactions | 19,313 | 12,373 | |||||||
Total increase in net assets | 20,868 | 6,222 | |||||||
Net assets: | |||||||||
Beginning of period | 298,515 | 292,293 | |||||||
End of period (including distributions in excess of and undistributed net investment income: $(–)2 and $–, respectively.) | $ | 319,383 | $ | 298,515 | |||||
1 | Unaudited. | ||||||||
2 | Amount rounds to less than $1,000. | ||||||||
See Notes to Financial Statements | 90 |
Capital Group Short-Term Municipal Fund | |||||||||
Statements of changes in net assets | |||||||||
(dollars in thousands) | |||||||||
For the six months ended 4/30/141 | For the year ended 10/31/13 | ||||||||
Operations: | |||||||||
Net investment income | $ | 887 | $ | 1,710 | |||||
Net realized gain on investments | 57 | 212 | |||||||
Net unrealized depreciation on investments | (233) | (961) | |||||||
Net increase in net assets resulting from operations | 711 | 961 | |||||||
Dividends and distributions to shareholders: | |||||||||
Dividends from net investment income | (887) | (1,710) | |||||||
Distributions from capital gain | (212) | (489) | |||||||
Total dividends and distributions | (1,099) | (2,199) | |||||||
Net capital share transactions | 663 | 13,560 | |||||||
Total increase in net assets | 275 | 12,322 | |||||||
Net assets: | |||||||||
Beginning of period | 136,330 | 124,008 | |||||||
End of period (including distributions in excess of and undistributed net investment income: $(–)2 and $–, respectively.) | $ | 136,605 | $ | 136,330 | |||||
1 | Unaudited. | ||||||||
2 | Amount rounds to less than $1,000. | ||||||||
See Notes to Financial Statements | 91 |
Capital Group California Core Municipal Fund | |||||||||
Statements of changes in net assets | |||||||||
(dollars in thousands) | |||||||||
For the six months ended 4/30/141 | For the year ended 10/31/13 | ||||||||
Operations: | |||||||||
Net investment income | $ | 2,309 | $ | 4,443 | |||||
Net realized loss on investments | (26) | (331) | |||||||
Net unrealized appreciation (depreciation) on investments | 2,152 | (4,374) | |||||||
Net increase (decrease) in net assets resulting from operations | 4,435 | (262) | |||||||
Dividends and distributions to shareholders: | |||||||||
Dividends from net investment income | (2,309) | (4,443) | |||||||
Distributions from capital gain | – | (860) | |||||||
Total dividends and distributions | (2,309) | (5,303) | |||||||
Net capital share transactions | 13,624 | 24,795 | |||||||
Total increase in net assets | 15,750 | 19,230 | |||||||
Net assets: | |||||||||
Beginning of period | 227,143 | 207,913 | |||||||
End of period (including distributions in excess of and undistributed net investment income: $(–)2 and $–, respectively.) | $ | 242,893 | $ | 227,143 | |||||
1 | Unaudited. | ||||||||
2 | Amount rounds to less than $1,000. | ||||||||
See Notes to Financial Statements | 92 |
Capital Group California Short-Term Municipal Fund | |||||||||
Statements of changes in net assets | |||||||||
(dollars in thousands) | |||||||||
For the six months ended 4/30/141 | For the year ended 10/31/13 | ||||||||
Operations: | |||||||||
Net investment income | $ | 553 | $ | 1,022 | |||||
Net realized gain on investments | 20 | 13 | |||||||
Net unrealized depreciation on investments | (44) | (450) | |||||||
Net increase in net assets resulting from operations | 529 | 585 | |||||||
Dividends and distributions to shareholders: | |||||||||
Dividends from net investment income | (553) | (1,022) | |||||||
Distributions from capital gain | (13) | (57) | |||||||
Total dividends and distributions | (566) | (1,079) | |||||||
Net capital share transactions | 8,941 | 7,711 | |||||||
Total increase in net assets | 8,904 | 7,217 | |||||||
Net assets: | |||||||||
Beginning of period | 114,653 | 107,436 | |||||||
End of period (including distributions in excess of and undistributed net investment income: $(–)2 and $–, respectively.) | $ | 123,557 | $ | 114,653 | |||||
1 | Unaudited. | ||||||||
2 | Amount rounds to less than $1,000. | ||||||||
See Notes to Financial Statements | 93 |
Capital Group Core Bond Fund | |||||||||
Statements of changes in net assets | |||||||||
(dollars in thousands) | |||||||||
For the six months ended 4/30/141 | For the year ended 10/31/13 | ||||||||
Operations: | |||||||||
Net investment income | $ | 2,366 | $ | 4,257 | |||||
Net realized (loss) gain on investments | (23) | 715 | |||||||
Net unrealized depreciation on investments | (52) | (7,040) | |||||||
Net increase (decrease) in net assets resulting from operations | 2,291 | (2,068) | |||||||
Dividends and distributions to shareholders: | |||||||||
Dividends from net investment income | (2,379) | (4,267) | |||||||
Distributions from capital gain | (753) | (4,489) | |||||||
Total dividends and distributions | (3,132) | (8,756) | |||||||
Net capital share transactions | 10,814 | 10,722 | |||||||
Total increase (decrease) in net assets | 9,973 | (102) | |||||||
Net assets: | |||||||||
Beginning of period | 296,360 | 296,462 | |||||||
End of period (including distributions in excess of and undistributed net investment income: $(–)2 and $13, respectively.) | $ | 306,333 | $ | 296,360 | |||||
1 | Unaudited. | ||||||||
2 | Amount rounds to less than $1,000. | ||||||||
See Notes to Financial Statements | 94 |
Capital Group Global Equity Fund | |||||||||
Statements of changes in net assets | |||||||||
(dollars in thousands) | |||||||||
For the six months ended 4/30/141 | For the year ended 10/31/13 | ||||||||
Operations: | |||||||||
Net investment income | $ | 2,317 | $ | 3,352 | |||||
Net realized gain on investments and currency | 11,593 | 1,934 | |||||||
Net unrealized appreciation on investments and currency | 2,227 | 64,947 | |||||||
Net increase in net assets resulting from operations | 16,137 | 70,233 | |||||||
Dividends and distributions to shareholders: | |||||||||
Dividends from net investment income | (3,426) | (2,750) | |||||||
Distributions from capital gain | – | – | |||||||
Total dividends and distributions | (3,426) | (2,750) | |||||||
Net capital share transactions | 27,356 | 140,045 | |||||||
Total increase in net assets | 40,067 | 207,528 | |||||||
Net assets: | |||||||||
Beginning of period | 412,440 | 204,912 | |||||||
End of period (including undistributed net investment income: $1,805 and $2,914, respectively.) | $ | 452,507 | $ | 412,440 | |||||
1 | Unaudited. | ||||||||
See Notes to Financial Statements | 95 |
Capital Group Non-U.S. Equity Fund | |||||||||
Statements of changes in net assets | |||||||||
(dollars in thousands) | |||||||||
For the six months ended 4/30/141 | For the year ended 10/31/13 | ||||||||
Operations: | |||||||||
Net investment income | $ | 10,606 | $ | 8,334 | |||||
Net realized gain (loss) on investments and currency | 19,847 | (5,356) | |||||||
Net unrealized appreciation on investments and currency | 3,848 | 109,929 | |||||||
Net increase in net assets resulting from operations | 34,301 | 112,907 | |||||||
Dividends and distributions to shareholders: | |||||||||
Dividends from net investment income | (8,308) | (1,697) | |||||||
Distributions from capital gain | – | – | |||||||
Total dividends and distributions | (8,308) | (1,697) | |||||||
Net capital share transactions | 562,535 | 621,501 | |||||||
Total increase in net assets | 588,528 | 732,711 | |||||||
Net assets: | |||||||||
Beginning of period | 988,896 | 256,185 | |||||||
End of period (including undistributed net investment income: $10,217 and $7,919, respectively.) | $ | 1,577,424 | $ | 988,896 | |||||
1 | Unaudited. | ||||||||
See Notes to Financial Statements | 96 |
Capital Group U.S. Equity Fund | |||||||||
Statements of changes in net assets | |||||||||
(dollars in thousands) | |||||||||
For the six months ended 4/30/141 | For the year ended 10/31/13 | ||||||||
Operations: | |||||||||
Net investment income | $ | 1,069 | $ | 1,662 | |||||
Net realized gain on investments | 5,471 | 2,597 | |||||||
Net unrealized appreciation on investments | 2,881 | 27,110 | |||||||
Net increase in net assets resulting from operations | 9,421 | 31,369 | |||||||
Dividends and distributions to shareholders: | |||||||||
Dividends from net investment income | (890) | (1,770) | |||||||
Distributions from capital gain | (2,564) | (54) | |||||||
Total dividends and distributions | (3,454) | (1,824) | |||||||
Net capital share transactions | 4,931 | 34,608 | |||||||
Total increase in net assets | 10,898 | 64,153 | |||||||
Net assets: | |||||||||
Beginning of period | 166,929 | 102,776 | |||||||
End of period (including undistributed net investment income: $316 and $137, respectively.) | $ | 177,827 | $ | 166,929 | |||||
1 | Unaudited. | ||||||||
See Notes to Financial Statements | 97 |
Capital Group Private Client Services Funds | |||||||||
Notes to financial statements (unaudited) |
1. Organization
Capital Group Private Client Services Funds (formerly, Capital Private Client Services Funds) (the “Trust”) was organized on October 22, 2009 as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The Trust has five fixed income funds (Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund) and three equity funds (Capital Group Global Equity Fund, Capital Group Non-U.S. Equity Fund and Capital Group U.S. Equity Fund) (each a “Fund,” collectively the “Funds”).
Capital Group Core Municipal Fund seeks to provide current income exempt from federal income tax and to preserve capital. Capital Group Short-Term Municipal Fund seeks to preserve capital and secondarily to provide current income exempt from federal income tax. Capital Group California Core Municipal Fund seeks to provide current income exempt from federal and California income taxes and to preserve capital. Capital Group California Short-Term Municipal Fund seeks to preserve capital and secondarily to provide current income exempt from federal and California income taxes. Capital Group Core Bond Fund seeks to provide current income and to preserve capital. Capital Group Global Equity Fund and Capital Group Non-U.S. Equity Fund seek to preserve capital while providing growth and Capital Group U.S. Equity Fund also seeks to preserve capital while providing growth and secondarily seeks to provide income.
2. Significant accounting policies
The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The Funds follow the significant accounting policies described below, as well as the valuation policies described in the next section on valuation.
Security transactions and related investment income – Security transactions are recorded by the Funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the Funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Dividends and distributions to shareholders – Dividend and distributions paid to shareholders are recorded on the ex-dividend date.
Currency translation – Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the Funds’ statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.
3. Valuation
Capital Guardian Trust Company “CGTC”, the Funds’ investment adviser, values the Funds’ investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value of each Fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.
98 |
Capital Group Private Client Services Funds | |||||||||
Notes to financial statements (unaudited) (continued) |
Methods and inputs – The Funds’ investment adviser uses the following methods and inputs to establish the fair value of their assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the Funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.
Fixed-income class | Examples of standard inputs |
All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
Corporate bonds & notes; convertible securities | Standard inputs and underlying equity of the issuer |
Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |
When the Funds’ investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if asked prices are not available) or at prices for securities of comparable maturity, quality and type. Some securities may be valued based on their effective maturity or average life, which may be shorter than the stated maturity.
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the Funds’ investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates fair value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the Funds’ investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the Funds’ board of trustees as further described. The Funds’ investment adviser follows fair
99 |
Capital Group Private Client Services Funds | |||||||||
Notes to financial statements (unaudited) (continued) |
valuation guidelines, consistent with U.S. Securities and Exchange Commission (“SEC”) rules and guidance, to consider relevant principles and factors when making fair value determinations. The Funds’ investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the Fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure – The Funds’ board of trustees has delegated authority to the Funds’ investment adviser to make fair value determinations, subject to board oversight. The Funds’ investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair value process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the Funds’ investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information to support the changes. The Funds’ board and audit committee also regularly review reports that describe fair value determinations and methods.
The Funds’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes, and controls over security valuation are also subject to additional internal reviews including an annual control self-evaluation program facilitated by the Funds’ investment adviser’s compliance group.
Classifications – The Funds’ investment adviser classifies the Funds’ assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the Funds’ investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the Funds’ valuation levels as of April 30, 2014 (dollars in thousands):
Investment Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Capital Group Core Municipal Fund | ||||||||||||||||||||
Long-term investments | ||||||||||||||||||||
Bonds & notes | $ | – | $ | 305,769 | $ | – | $ | 305,769 | ||||||||||||
Short-term investments | – | 11,275 | – | 11,275 | ||||||||||||||||
Total Investments | $ | – | $ | 317,044 | $ | – | $ | 317,044 | ||||||||||||
100 |
Capital Group Private Client Services Funds | |||||||||
Notes to financial statements (unaudited) (continued) |
Investment Securities | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Capital Group Short-Term Municipal Fund | |||||||||||||||||||||||||||||||
Long-term investments | |||||||||||||||||||||||||||||||
Bonds & notes | $ | – | $ | 121,038 | $ | – | $ | 121,038 | |||||||||||||||||||||||
Short-term investments | – | 14,840 | – | 14,840 | |||||||||||||||||||||||||||
Total Investments | $ | – | $ | 135,878 | $ | – | $ | 135,878 | |||||||||||||||||||||||
Capital Group California Core Municipal Fund | |||||||||||||||||||||||||||||||
Long-term investments | |||||||||||||||||||||||||||||||
Bonds & notes | $ | – | $ | 212,409 | $ | – | $ | 212,409 | |||||||||||||||||||||||
Short-term investments | – | 31,625 | – | 31,625 | |||||||||||||||||||||||||||
Total Investments | $ | – | $ | 244,034 | $ | – | $ | 244,034 | |||||||||||||||||||||||
Capital Group California Short-Term Municipal Fund | |||||||||||||||||||||||||||||||
Long-term investments | |||||||||||||||||||||||||||||||
Bonds & notes | $ | – | $ | 95,722 | $ | – | $ | 95,722 | |||||||||||||||||||||||
Short-term investments | – | 27,991 | – | 27,991 | |||||||||||||||||||||||||||
Total Investments | $ | – | $ | 123,713 | $ | – | $ | 123,713 | |||||||||||||||||||||||
Capital Group Core Bond Fund | |||||||||||||||||||||||||||||||
Bonds, notes & other debt investments | |||||||||||||||||||||||||||||||
U.S. government & government agency bonds & notes |
$ |
– |
$ |
159,328 |
$ |
– |
$ |
159,328 | |||||||||||||||||||||||
Mortgage-backed obligations | – | 42,632 | – | 42,632 | |||||||||||||||||||||||||||
Corporate bonds & notes | – | 68,714 | – | 68,714 | |||||||||||||||||||||||||||
Municipals | – | 8,327 | – | 8,327 | |||||||||||||||||||||||||||
Government agency bonds & notes outside the U.S. | – | 160 | – | 160 |
| ||||||||||||||||||||||||||
Asset-backed obligations | – | 6,831 1 | – | 6,831 | |||||||||||||||||||||||||||
Short-term investments | – | 21,199 | – | 21,199 | |||||||||||||||||||||||||||
Total investments | $ | – | $ | 307,191 | $ | – | $ | 307,191 | |||||||||||||||||||||||
Capital Group Global Equity Fund | |||||||||||||||||||||||||||||||
Common Stocks | |||||||||||||||||||||||||||||||
Industrials | $ | 50,087 | $ | 24,550 2 | $ | – | $ | 74,637 | |||||||||||||||||||||||
Financials | 29,773 | 42,169 2 | – | 71,942 | |||||||||||||||||||||||||||
Information Technology | 45,263 | 22,486 2 | – | 67,749 | |||||||||||||||||||||||||||
Consumer Discretionary | 42,422 | 19,720 2 | – | 62,142 | |||||||||||||||||||||||||||
Health Care | 34,904 | 22,573 2 | – | 57,477 | |||||||||||||||||||||||||||
Consumer Staples | 4,473 | 23,961 2 | – | 28,434 | |||||||||||||||||||||||||||
Materials | 15,054 | 11,908 2 | – | 26,962 | |||||||||||||||||||||||||||
Energy | 23,980 | 2,528 2 | – | 26,508 | |||||||||||||||||||||||||||
Telecommunication Services | 1,098 | 6,203 2 | – | 7,301 | |||||||||||||||||||||||||||
Utilities | – | 2,550 2 | – | 2,550 | |||||||||||||||||||||||||||
Warrants | |||||||||||||||||||||||||||||||
Financials | 1 | – | – | 1 | |||||||||||||||||||||||||||
Short-term investments | – | 31,798 | – | 31,798 | |||||||||||||||||||||||||||
101 |
Capital Group Private Client Services Funds | |||||||||
Notes to financial statements (unaudited) (continued) |
Investment Securities | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
Total Investments | $ | 247,055 | $ | 210,446 | $ | – | $ | 457,501 | |||||||||||||||||||||||||||||
Capital Group Non-U.S. Equity Fund | |||||||||||||||||||||||||||||||||||||
Common Stocks | |||||||||||||||||||||||||||||||||||||
Financials | $ | 3,436 | $ | 282,346 3 | $ | – | $ | 285,782 | |||||||||||||||||||||||||||||
Information Technology | 25,333 | 185,010 3 | – | 210,343 | |||||||||||||||||||||||||||||||||
Industrials | – | 202,174 3 | – | 202,174 | |||||||||||||||||||||||||||||||||
Consumer Discretionary | 12,392 | 186,935 3 | – | 199,327 | |||||||||||||||||||||||||||||||||
Health Care | 113 | 169,106 3 | – | 169,219 | |||||||||||||||||||||||||||||||||
Consumer Staples | 672 | 140,690 3 | – | 141,362 | |||||||||||||||||||||||||||||||||
Energy | 26,145 | 61,663 3 | – | 87,808 | |||||||||||||||||||||||||||||||||
Materials | 9,576 | 66,498 3 | – | 76,074 | |||||||||||||||||||||||||||||||||
Telecommunication Services | – | 35,518 3 | – | 35,518 | |||||||||||||||||||||||||||||||||
Utilities | – | 13,863 3 | – | 13,863 | |||||||||||||||||||||||||||||||||
Short-term investments | – | 168,778 | – | 168,778 | |||||||||||||||||||||||||||||||||
Total Investments | $ | 77,667 | $ | 1,512,581 | $ | – | $ | 1,590,248 | |||||||||||||||||||||||||||||
Capital Group U.S. Equity Fund | |||||||||||||||||||||||||||||||||||||
Common Stocks4 | $ | 170,623 | $ | – | $ | – | $ | 170,623 | |||||||||||||||||||||||||||||
Short-term investments | – | 6,900 | – | 6,900 | |||||||||||||||||||||||||||||||||
Total Investments | $ | 170,623 | $ | 6,900 | $ | – | $ | 177,523 | |||||||||||||||||||||||||||||
1 Includes investment securities with an aggregate of $683,000, which represented 0.22% of the net assets of the fund, that were fair valued under guidelines adopted by authority of the fund’s board of trustees. 2 Includes certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of trading; therefore, $178,648 of investment securities were classified as Level 2 instead of Level 1. 3 Includes certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of trading; therefore, $1,343,803 of investment securities were classified as Level 2 instead of Level 1. 4 The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. | |||||||||||||||||||||||||||||||||||||
At April 30, 2014, securities with a market value of $156,660,000, which represented 34.62% of the net assets of Capital Group Global Equity Fund and securities with a market value of $1,202,012,000, which represented 76.20% of the net assets of Capital Group Non-U.S. Equity Fund, transferred from Level 1 to Level 2 since the prior fiscal year-end, primarily due to a lack of significant market movements following the close of local trading. There were no Level 3 securities held in the Funds during the period ended April 30, 2014.
4. Risk factors
Investing in the Funds may involve certain risks including, but not limited to, those described below.
Market conditions – The prices of, and the income generated by, the securities held by the Funds may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the Funds.
Investing in bonds – Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities.
102 |
Capital Group Private Client Services Funds | |||||||||
Notes to financial statements (unaudited) (continued) |
Bonds and other debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the Fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The Funds’ investment adviser relies on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.
Credit and liquidity support – Changes in the credit quality of banks and financial institutions providing credit and liquidity support features could cause the Fund to experience a loss and may affect its share price.
Investing in lower rated bonds – Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty.
Thinly traded securities – There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value or sell.
Investing in similar municipal bonds – Investing significantly in municipal obligations of issuers in the same state or backed by revenues of similar types of projects or industries may make the Funds more susceptible to certain economic, political or regulatory occurrences. As a result, the potential for fluctuations in a Fund’s share price may increase.
Management – The Funds’ investment adviser to the Funds actively manages the Funds’ investments. Consequently, the Funds are subject to the risk that the methods and analyses employed by the Funds’ investment adviser in this process may not produce the desired results. This could cause the Funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.
Investing in municipal bonds of issuers within the state of California – Because the Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund invest in securities of issuers within the state of California, these Funds are more susceptible to factors adversely affecting issuers of California securities than comparable municipal bond mutual funds that do not concentrate their investments in a single state. For example, in the past, California voters have passed amendments to the state’s constitution and other measures that limit the taxing and spending authority of California governmental entities, and future voter initiatives may adversely affect California municipal bonds.
Investing in securities backed by the U.S. government – Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.
Investing in mortgage related securities – Many types of bonds and other debt securities, including mortgage-backed securities, are subject to prepayment risk as well as the risks associated with investing in debt securities in general. If interest rates fall and the loans underlying these securities are prepaid faster than expected, the Fund may have to reinvest the prepaid principal in lower yielding securities, thus reducing the Fund’s income. Conversely, if interest rates increase and the loans underlying the securities are prepaid slower than expected, the time in which the securities are paid off could be extended. This may reduce the Fund’s cash for potential investment in higher yielding securities.
Investing in growth-oriented stocks – Growth-oriented stocks may involve larger price swings and greater potential for loss than other types of investments.
Investing outside the United States – Securities of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because of adverse political, social, economic or market developments in the countries or regions in which the issuer operates. These securities may also lose value due to
103 |
Capital Group Private Client Services Funds | |||||||||
Notes to financial statements (unaudited) (continued) |
changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different settlement and accounting practices and different regulatory, legal and reporting standards, and may be more difficult to value, than those in the United States. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.
Investing in income-oriented stocks – Income provided by the Funds may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the Funds invest.
5. Certain investment techniques
Mortgage dollar rolls – The Capital Group Core Bond Fund has entered into mortgage dollar roll transactions in which the Fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the Fund’s portfolio turnover rate.
6. Taxation and distributions
Federal income taxation – The Funds comply with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intend to distribute substantially all of their net taxable income and net capital gains each year. The Funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required. Generally, income earned by Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund is exempt from federal income taxes; however, these funds may earn taxable income from certain investments.
As of and during the period ended April 30, 2014, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the Funds did not incur any interest or penalties.
Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund are not subject to examination by U.S. federal and state tax authorities for tax years before 2010, the year the Funds commenced operations.
Capital Group Global Equity Fund, Capital Group Non-U.S. Equity Fund and Capital Group U.S. Equity Fund are not subject to examination by U.S. federal and state tax authorities for tax years before 2011, the year the Funds commenced operations.
Non-U.S. Taxation – Dividend and interest income are recorded net of non-U.S. taxes paid. Gains realized by the Funds on the sale of securities in certain countries are subject to non-U.S. taxes. The Funds record a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.
Distributions – Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; net capital losses; cost of investments sold; and amortization of discounts. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Funds for financial reporting purposes.
As indicated in the table below, some of the Funds had capital loss carryforwards available at October 31, 2013. These will be used to offset any capital gains realized by the Funds in future years through expiration dates. Funds with capital loss carryforwards will not make distributions from capital gains while capital loss carryforwards remain.
104 |
Capital Group Private Client Services Funds | |||||||||
Notes to financial statements (unaudited) (continued) |
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.
The components of distributable earnings on a tax basis are reported as of the Funds’ most recent year-end. As of October 31, 2013, the components of distributable earnings on a tax basis were as follows (dollars in thousands):
Capital Group Core Municipal Fund | Capital Group Short-Term Municipal Fund | Capital Group California Core Municipal Fund | Capital Group California Short-Term Municipal Fund | Capital Group Core Bond Fund | Capital Group Global Equity Fund | Capital Group Non-U.S. Equity Fund | Capital Group U.S. Equity Fund | |
As of October 31, 2013: | ||||||||
Undistributed tax- exempt income | $ – | $ – | $ – | $ – | $ – | $ – | $ – | $ – |
Undistributed ordinary income | – | – | – | – | 13 | 2,895 | 7,800 | 137 |
Undistributed long- term capital gain | – | 212 | – | 13 | 752 | – | – | 2,563 |
Capital loss carryforward | ||||||||
No expiration | – | – | (331) | – | – | (5,331) | (8,885) | – |
Expiring 2019 | (7) | – | – | – | – | – | – | – |
$ (7) | $ – | $ (331) | $ – | $ – | $ (5,331) | $ (8,885) | $ – | |
Capital loss carryforwards utilized | $ 70 | $ – | $ – | $ – | $ – | $ 1,427 | $ – | $ – |
As of April 30, 2014, the tax basis unrealized appreciation (depreciation) and cost of investment securities were as follows (dollars in thousands):
Capital Group Core Municipal Fund | Capital Group Short-Term Municipal Fund | Capital Group California Core Municipal Fund | Capital Group California Short-Term Municipal Fund | Capital Group Core Bond Fund | Capital Group Global Equity Fund | Capital Group Non-U.S. Equity Fund |
Capital Group U.S. Equity Fund | |
Gross unrealized appreciation on investment securities | $ 10,420 | $ 2,009 | $ 7,106 | $ 1,537 | $ 4,452 | $86,036 | $138,939 | $ 40,946 |
Gross unrealized depreciation on investment securities | (659) | (62) | (609) | (45) | (1,267) | (3,240) | (16,287) | (1,085) |
Net unrealized appreciation on investment securities | $ 9,761 | $ 1,947 | $ 6,497 | $ 1,492 | $ 3,185 | $82,796 | $122,652 | $ 39,861 |
Cost of investments securities | $307,283 | $133,931 | $237,537 | $122,221 | $304,006 | $374,705 | $1,467,596 | $137,662 |
1 Rounds to less than $1,000.
105 |
Capital Group Private Client Services Funds | |||||||||
Notes to financial statements (unaudited) (continued) |
The tax character of distributions paid during the period ended April 30, 2014 and the year ended October 31, 2013, the most recently completed tax year, were as follows (dollars in thousands):
Six months ended April 30, 2014 | Year ended October 31, 2013 | |||||
Tax-Exempt | Ordinary Income | Long-Term Capital Gains | Tax-Exempt | Ordinary Income | Long-Term Capital Gains | |
Capital Group Core Municipal Fund | $3,134 | $ – | $ – | $6,131 | $ 4 | $ – |
Capital Group Short-Term Municipal Fund | 887 | – | 212 | 1,710 | 3 | 486 |
Capital Group California Core Municipal Fund | 2,309 | – | – | 4,435 | 28 | 840 |
Capital Group California Short-Term Municipal Fund | 553 | – | 13 | 1,022 | – | 57 |
Capital Group Core Bond Fund | – | 2,379 | 753 | – | 6,663 | 2,093 |
Capital Group Global Equity Fund | – | 3,426 | – | – | 2,750 | – |
Capital Group Non-U.S. Equity Fund | – | 8,308 | – | – | 1,697 | – |
Capital Group U.S. Equity Fund | – | 890 | 2,564 | – | 1,770 | 54 |
7. Fees and transactions with related parties
CGTC serves as investment adviser to the Funds and other funds. CGTC is a wholly owned subsidiary of Capital Group International, Inc. Expense limitations have been imposed through March 31, 2015, to limit the Funds’ total annual fund operating expenses to the following rates (as a percentage of average daily net assets):
Fund | Expense Limitation |
Capital Group Core Municipal Fund | 0.40% |
Capital Group Short-Term Municipal Fund | 0.40% |
Capital Group California Core Municipal Fund | 0.40% |
Capital Group California Short-Term Municipal Fund | 0.40% |
Capital Group Core Bond Fund | 0.40% |
Capital Group Global Equity Fund | 0.85% |
Capital Group Non-U.S. Equity Fund | 0.85% |
Capital Group U.S. Equity Fund | 0.65% |
CGTC does not intend to recoup any reimbursed expenses or waived fees from a prior year under expense limitations then in effect for the Funds.
Investment advisory services – The Investment Advisory and Service Agreement with CGTC provides for monthly fees accrued daily. The fee for each Fixed Income Fund is 0.35% of the average daily net assets of the Fund.
For the services it provides to Capital Group Global Equity Fund, Capital Group Non-U.S. Equity Fund and Capital Group U.S. Equity Fund, the CGTC receives a unified management fee based on a percentage of the daily net assets of shares of the Funds. The unified management fee for the U.S. Equity Fund is 0.65% of the average daily net assets of the Fund. The unified management fee for the Capital Group Global Equity Fund and Capital Group Non-U.S. Equity Fund is 0.85% of the average daily net assets of each Fund.
For the equity funds, all managing and operating expenses are paid by CGTC from the unified management fees except brokerage expenses, taxes, interest fees and expenses of the independent trustees (including legal counsel
106 |
Capital Group Private Client Services Funds | |||||||||
Notes to financial statements (unaudited) (continued) |
fees) and extraordinary expenses, such as litigation expenses. These expenses which are not paid by CGTC from the unified management fee are paid by the Funds. A portion of the Funds' management fee is paid by CGTC to unaffiliated third parties which provide recordkeeping and administrative services.
Distribution services – American Funds Distributors,® Inc. (the "Distributor") is the principal underwriter of each Fund's shares. The Distributor does not receive any compensation related to the sale of shares of the Funds.
Affiliated officers and trustees – Officers and certain trustees of the Trust are or may be considered to be affiliated with CGTC. No affiliated officers or trustees received any compensation directly from the Trust.
8. Capital share transactions
Capital share transactions in the Funds were as follows (dollars and shares in thousands):
Sales | Reinvestment of Dividends and Distributions | Repurchases | Net Increase/(Decrease) | |||||||
Fund | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||
Period ended April 30, 2014
| ||||||||||
Capital Group Core Municipal Fund
| $ 46,121 | 4,410 | $ 1,885 | 180 | $ (28,693) | (2,747) | $ 19,313 | 1,843 | ||
Capital Group Short-Term Municipal Fund | 23,288 | 2,283 |
856 | 84 |
(23,481) | (2,303) |
663 |
64 | ||
Capital Group California Core Municipal Fund |
28,778 |
2,753 |
1,417 |
136 |
(16,571) |
(1,590) |
13,624 |
1,299 | ||
Capital Group California Short-Term Municipal Fund |
27,134 |
2,635 |
446 |
43 |
(18,639) |
(1,815) |
8,941 |
863 | ||
Capital Group Core Bond Fund |
25,901 | 2,540 |
2,327 | 229 | (17,414) | (1,708) |
10,814 | 1,061 | ||
Capital Group Global Equity Fund | 54,726 | 4,328 |
2,602 | 203 |
(29,972) | (2,367) |
27,356 | 2,164 | ||
Capital Group Non-U.S. Equity Fund | 725,598 | 62,254 |
996 | 84 |
(164,059) | (13,980) |
562,535 | 48,358 | ||
Capital Group U.S. Equity Fund | 13,566 |
722 |
3,196 | 174 |
(11,831) | (631) |
4,931 | 265 | ||
Year ended October 31, 2013 | ||||||||
Capital Group Core Municipal Fund
| $ 84,091 | 7,946 | $ 3,708 | 352 | $ (75,426) | (7,187) | $ 12,373 | 1,111 |
Capital Group Short-Term Municipal Fund | 63,518 | 6,209 |
1,797 | 175 | (51,755) | (5,056) |
13,560 |
1,328 |
Capital Group California Core Municipal Fund | 67,952 | 6,433 |
3,435 | 327 | (46,592) | (4,455) |
24,795 |
2,305 |
107 |
Capital Group Private Client Services Funds | |||||||||
Notes to financial statements (unaudited) (continued) |
| Sales | Reinvestment of Dividends and Distributions | Repurchases | Net Increase/(Decrease) | ||||||
Fund | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||
Year ended October 31, 2013
| ||||||||||
Capital Group California Short-Term Municipal Fund |
$ 61,860 |
6,019 |
$ 898 |
87 |
$ (55,047) |
(5,352) |
$ 7,711 |
754 | ||
Capital Group Core Bond Fund | 54,710 | 5,276 |
7,189 | 691 | (51,177) | (4,944) |
10,722 |
1,023 | ||
Capital Group Global Equity Fund | 172,155 |
15,573 |
1,982 | 196 | (34,092) | (3,096) |
140,045 |
12,673 | ||
Capital Group Non-U.S. Equity Fund | 705,982 | 65,958 |
414 | 41 | (84,895) | (7,919) |
621,501 |
58,080 | ||
Capital Group U.S. Equity Fund | 58,147 | 3,592 |
1,511 | 94 | (25,050) | (1,548) |
34,608 | 2,138 | ||
The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value).
9. Investment transactions
The Funds made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, during the period ended April 30, 2014 as follows (dollars in thousands):
Fund | Cost of Investments Purchased | Proceeds from Investments Sold | ||
U.S. Government Agency Obligations | Other Investments | U.S. Government Agency Obligations | Other Investments | |
Capital Group Core Municipal Fund | $ – | $ 40,954 | $ – | $ 14,112 |
Capital Group Short-Term Municipal Fund | – | 14,037 | – | 10,104 |
Capital Group California Core Municipal Fund | – | 17,928 | – | 22,356 |
Capital Group California Short-Term Municipal Fund | – | 11,056 | – | 8,014 |
Capital Group Core Bond Fund | 146,461 | 21,799 | 138,646 | 28,820 |
Capital Group Global Equity Fund | – | 78,385 | – | 64,395 |
Capital Group Non-U.S. Equity Fund | – | 687,201 | – | 230,910 |
Capital Group U.S. Equity Fund | – | 28,619 | – | 25,949 |
108 |
Capital Group Core Municipal Fund | |||||||||||||||||||||||||||||||||
Financial highlights1 | |||||||||||||||||||||||||||||||||
(for a share outstanding throughout each period) | |||||||||||||||||||||||||||||||||
For the six months ended | For the year ended | ||||||||||||||||||||||||||||||||
4/30/142 | 10/31/13 | 10/31/12 | 10/31/11 | 10/31/103 | |||||||||||||||||||||||||||||
Selected per share data: | |||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.44 | $ | 10.64 | $ | 10.29 | $ | 10.27 | $ | 10.00 | |||||||||||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||||
Net investment income4 | 0.11 | 0.21 | 0.21 | 0.21 | 0.10 | ||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.05 | (0.20) | 0.35 | 0.04 | 0.26 | ||||||||||||||||||||||||||||
Total from investment operations | 0.16 | 0.01 | 0.56 | 0.25 | 0.36 | ||||||||||||||||||||||||||||
Dividends and distributions: | |||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.11) | (0.21) | (0.21) | (0.21) | (0.09) | ||||||||||||||||||||||||||||
Distributions from capital gain | — | — | — | (0.02) | — | 5 | |||||||||||||||||||||||||||
Total dividends and distributions | (0.11) | (0.21) | (0.21) | (0.23) | (0.09) | ||||||||||||||||||||||||||||
Net asset value, end of period | $ | 10.49 | $ | 10.44 | $ | 10.64 | $ | 10.29 | $ | 10.27 | |||||||||||||||||||||||
Total Return6 | 1.50% | 0.10% | 5.46% | 2.56% | 3.63% | ||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 319 | $ | 299 | $ | 292 | $ | 250 | $ | 269 | |||||||||||||||||||||||
Ratios / Supplemental Data: | |||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.41% | 7 | 0.41% | 0.42% | 0.42% | 0.43% | 7 | ||||||||||||||||||||||||||
Ratio of expenses to average net assets after reimbursement6 | 0.40% | 7 | 0.40% | 0.40% | 0.40% | 0.40% | 7 | ||||||||||||||||||||||||||
Ratio of net investment income to average net assets6 | 2.05% | 7 | 2.00% | 1.98% | 2.10% | 1.81% | 7 | ||||||||||||||||||||||||||
Portfolio turnover rate | 5% | 8 | 18% | 13% | 19% | 25% | 8 | ||||||||||||||||||||||||||
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | ||||||||||||||||||||||||||||||||
2 | Unaudited. | ||||||||||||||||||||||||||||||||
3 | The Fund commenced operations on April 13, 2010. | ||||||||||||||||||||||||||||||||
4 | Based on average shares outstanding. | ||||||||||||||||||||||||||||||||
5 | Rounds to less than $0.00. | ||||||||||||||||||||||||||||||||
6 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | ||||||||||||||||||||||||||||||||
7 | Annualized. | ||||||||||||||||||||||||||||||||
8 | Not annualized for periods less than one year. | ||||||||||||||||||||||||||||||||
109 |
Capital Group Short-Term Municipal Fund | |||||||||||||||||||||||||||||||||
Financial highlights1 | |||||||||||||||||||||||||||||||||
(for a share outstanding throughout each period) | |||||||||||||||||||||||||||||||||
For the six months ended | For the year ended | ||||||||||||||||||||||||||||||||
4/30/142 | 10/31/13 | 10/31/12 | 10/31/11 | 10/31/103 | |||||||||||||||||||||||||||||
Selected per share data: | |||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.21 | $ | 10.32 | $ | 10.19 | $ | 10.17 | $ | 10.00 | |||||||||||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||||
Net investment income4 | 0.07 | 0.14 | 0.14 | 0.11 | 0.05 | ||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.01) | (0.07) | 0.13 | 0.02 | 0.17 | ||||||||||||||||||||||||||||
Total from investment operations | 0.06 | 0.07 | 0.27 | 0.13 | 0.22 | ||||||||||||||||||||||||||||
Dividends and distributions: | |||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.07) | (0.14) | (0.14) | (0.10) | (0.05) | ||||||||||||||||||||||||||||
Distributions from capital gain | (0.02) | (0.04) | — | (0.01) | — | 5 | |||||||||||||||||||||||||||
Total dividends and distributions | (0.09) | (0.18) | (0.14) | (0.11) | (0.05) | ||||||||||||||||||||||||||||
Net asset value, end of period | $ | 10.18 | $ | 10.21 | $ | 10.32 | $ | 10.19 | $ | 10.17 | |||||||||||||||||||||||
Total Return6 | 0.52% | 0.66% | 2.63% | 1.33% | 2.17% | ||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 137 | $ | 136 | $ | 124 | $ | 138 | $ | 89 | |||||||||||||||||||||||
Ratios / Supplemental Data: | |||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.45% | 7 | 0.44% | 0.46% | 0.46% | 0.48% | 7 | ||||||||||||||||||||||||||
Ratio of expenses to average net assets after reimbursement6 | 0.40% | 7 | 0.40% | 0.40% | 0.40% | 0.40% | 7 | ||||||||||||||||||||||||||
Ratio of net investment income to average net assets6 | 1.33% | 7 | 1.34% | 1.32% | 1.04% | 0.94% | 7 | ||||||||||||||||||||||||||
Portfolio turnover rate | 9% | 8 | 18% | 25% | 15% | 36% | 8 | ||||||||||||||||||||||||||
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | ||||||||||||||||||||||||||||||||
2 | Unaudited. | ||||||||||||||||||||||||||||||||
3 | The Fund commenced operations on April 13, 2010. | ||||||||||||||||||||||||||||||||
4 | Based on average shares outstanding. | ||||||||||||||||||||||||||||||||
5 | Rounds to less than $0.00. | ||||||||||||||||||||||||||||||||
6 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | ||||||||||||||||||||||||||||||||
7 | Annualized. | ||||||||||||||||||||||||||||||||
8 | Not annualized for periods less than one year. | ||||||||||||||||||||||||||||||||
110 |
Capital Group California Core Municipal Fund | |||||||||||||||||||||||||||||||||
Financial highlights1 | |||||||||||||||||||||||||||||||||
(for a share outstanding throughout each period) | |||||||||||||||||||||||||||||||||
For the six months ended | For the year ended | ||||||||||||||||||||||||||||||||
4/30/142 | 10/31/13 | 10/31/12 | 10/31/11 | 10/31/103 | |||||||||||||||||||||||||||||
Selected per share data: | |||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.40 | $ | 10.65 | $ | 10.25 | $ | 10.19 | $ | 10.00 | |||||||||||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||||
Net investment income4 | 0.10 | 0.20 | 0.21 | 0.20 | 0.08 | ||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.10 | (0.20) | 0.40 | 0.06 | 0.18 | ||||||||||||||||||||||||||||
Total from investment operations | 0.20 | — | 0.61 | 0.26 | 0.26 | ||||||||||||||||||||||||||||
Dividends and distributions: | |||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.10) | (0.21) | (0.21) | (0.20) | (0.07) | ||||||||||||||||||||||||||||
Distributions from capital gain | — | (0.04) | — | 5 | — | 5 | — | 5 | |||||||||||||||||||||||||
Total dividends and distributions | (0.10) | (0.25) | (0.21) | (0.20) | (0.07) | ||||||||||||||||||||||||||||
Net asset value, end of period | $ | 10.50 | $ | 10.40 | $ | 10.65 | $ | 10.25 | $ | 10.19 | |||||||||||||||||||||||
Total Return6 | 1.96% | (0.04)% | 5.99% | 2.61% | 2.61% | ||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 243 | $ | 227 | $ | 208 | $ | 158 | $ | 169 | |||||||||||||||||||||||
Ratios / Supplemental Data: | |||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.41% | 7 | 0.41% | 0.42% | 0.42% | 0.45% | 7 | ||||||||||||||||||||||||||
Ratio of expenses to average net assets after reimbursement6 | 0.40% | 7 | 0.40% | 0.40% | 0.40% | 0.40% | 7 | ||||||||||||||||||||||||||
Ratio of net investment income to average net assets6 | 2.00% | 7 | 1.93% | 1.99% | 1.98% | 1.41% | 7 | ||||||||||||||||||||||||||
Portfolio turnover rate | 9% | 8 | 17% | 21% | 24% | 13% | 8 | ||||||||||||||||||||||||||
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | ||||||||||||||||||||||||||||||||
2 | Unaudited. | ||||||||||||||||||||||||||||||||
3 | The Fund commenced operations on April 13, 2010. | ||||||||||||||||||||||||||||||||
4 | Based on average shares outstanding. | ||||||||||||||||||||||||||||||||
5 | Rounds to less than $0.00. | ||||||||||||||||||||||||||||||||
6 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | ||||||||||||||||||||||||||||||||
7 | Annualized. | ||||||||||||||||||||||||||||||||
8 | Not annualized for periods less than one year. | ||||||||||||||||||||||||||||||||
111 |
Capital Group California Short-Term Municipal Fund | |||||||||||||||||||||||||||||||||
Financial highlights1 | |||||||||||||||||||||||||||||||||
(for a share outstanding throughout each period) | |||||||||||||||||||||||||||||||||
For the six months ended | For the year ended | ||||||||||||||||||||||||||||||||
4/30/142 | 10/31/13 | 10/31/12 | 10/31/11 | 10/31/103 | |||||||||||||||||||||||||||||
Selected per share data: | |||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.27 | $ | 10.32 | $ | 10.12 | $ | 10.13 | $ | 10.00 | |||||||||||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||||
Net investment income4 | 0.05 | 0.09 | 0.09 | 0.08 | 0.04 | ||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on securities | — | 5 | (0.04) | 0.20 | (0.01) | 0.13 | |||||||||||||||||||||||||||
Total from investment operations | 0.05 | 0.05 | 0.29 | 0.07 | 0.17 | ||||||||||||||||||||||||||||
Dividends and distributions: | |||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.05) | (0.09) | (0.09) | (0.08) | (0.04) | ||||||||||||||||||||||||||||
Distributions from capital gain | — | 5 | (0.01) | — | 5 | — | — | ||||||||||||||||||||||||||
Total dividends and distributions | (0.05) | (0.10) | (0.09) | (0.08) | (0.04) | ||||||||||||||||||||||||||||
Net asset value, end of period | $ | 10.27 | $ | 10.27 | $ | 10.32 | $ | 10.12 | $ | 10.13 | |||||||||||||||||||||||
Total Return6 | 0.49% | 0.48% | 2.96% | 0.72% | 1.67% | ||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 124 | $ | 115 | $ | 107 | $ | 77 | $ | 51 | |||||||||||||||||||||||
Ratios / Supplemental Data: | |||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.44% | 7 | 0.44% | 0.47% | 0.49% | 0.55% | 7 | ||||||||||||||||||||||||||
Ratio of expenses to average net assets after reimbursement6 | 0.40% | 7 | 0.40% | 0.40% | 0.40% | 0.40% | 7 | ||||||||||||||||||||||||||
Ratio of net investment income to average net assets6 | 0.96% | 7 | 0.91% | 0.92% | 0.83% | 0.79% | 7 | ||||||||||||||||||||||||||
Portfolio turnover rate | 9% | 8 | 9% | 14% | 20% | 35% | 8 | ||||||||||||||||||||||||||
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | ||||||||||||||||||||||||||||||||
2 | Unaudited. | ||||||||||||||||||||||||||||||||
3 | The Fund commenced operations on April 13, 2010. | ||||||||||||||||||||||||||||||||
4 | Based on average shares outstanding. | ||||||||||||||||||||||||||||||||
5 | Rounds to less than $0.00. | ||||||||||||||||||||||||||||||||
6 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | ||||||||||||||||||||||||||||||||
7 | Annualized. | ||||||||||||||||||||||||||||||||
8 | Not annualized for periods less than one year. | ||||||||||||||||||||||||||||||||
112 |
Capital Group Core Bond Fund | |||||||||||||||||||||||||||||||||
Financial highlights1 | |||||||||||||||||||||||||||||||||
(for a share outstanding throughout each period) | |||||||||||||||||||||||||||||||||
For the six months ended | For the year ended | ||||||||||||||||||||||||||||||||
4/30/142 | 10/31/13 | 10/31/12 | 10/31/11 | 10/31/103 | |||||||||||||||||||||||||||||
Selected per share data: | |||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.24 | $ | 10.62 | $ | 10.40 | $ | 10.45 | $ | 10.00 | |||||||||||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||||
Net investment income4 | 0.08 | 0.15 | 0.17 | 0.19 | 0.09 | ||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on securities | — | 5 | (0.22) | 0.23 | 0.09 | 0.46 | |||||||||||||||||||||||||||
Total from investment operations | 0.08 | (0.07) | 0.40 | 0.28 | 0.55 | ||||||||||||||||||||||||||||
Dividends and distributions: | |||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.08) | (0.15) | (0.17) | (0.20) | (0.09) | ||||||||||||||||||||||||||||
Distributions from capital gain | (0.03) | (0.16) | (0.01) | (0.13) | (0.01) | ||||||||||||||||||||||||||||
Total dividends and distributions | (0.11) | (0.31) | (0.18) | (0.33) | (0.10) | ||||||||||||||||||||||||||||
Net asset value, end of period | $ | 10.21 | $ | 10.24 | $ | 10.62 | $ | 10.40 | $ | 10.45 | |||||||||||||||||||||||
Total Return6 | 0.77% | (0.69)% | 3.92% | 2.80% | 5.52% | ||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 306 | $ | 296 | $ | 296 | $ | 280 | $ | 230 | |||||||||||||||||||||||
Ratios / Supplemental Data: | |||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.41% | 7 | 0.41% | 0.42% | 0.42% | 0.44% | 7 | ||||||||||||||||||||||||||
Ratio of expenses to average net assets after reimbursement6 | 0.40% | 7 | 0.40% | 0.40% | 0.40% | 0.40% | 7 | ||||||||||||||||||||||||||
Ratio of net investment income to average net assets6 | 1.61% | 7 | 1.43% | 1.63% | 1.82% | 1.65% | 7 | ||||||||||||||||||||||||||
Portfolio turnover rate | 59% | 8 | 192% | 134% | 118% | 123% | 8 | ||||||||||||||||||||||||||
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | ||||||||||||||||||||||||||||||||
2 | Unaudited. | ||||||||||||||||||||||||||||||||
3 | The Fund commenced operations on April 13, 2010. | ||||||||||||||||||||||||||||||||
4 | Based on average shares outstanding. | ||||||||||||||||||||||||||||||||
5 | Rounds to less than $0.00. | ||||||||||||||||||||||||||||||||
6 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | ||||||||||||||||||||||||||||||||
7 | Annualized. | ||||||||||||||||||||||||||||||||
8 | Not annualized for periods less than one year. | ||||||||||||||||||||||||||||||||
113 |
Capital Group Global Equity Fund | |||||||||||||||||||||||||||||||
Financial highlights1 | |||||||||||||||||||||||||||||||
(for a share outstanding throughout each period) | |||||||||||||||||||||||||||||||
For the six months ended | For the year ended | ||||||||||||||||||||||||||||||
4/30/142 | 10/31/13 | 10/31/12 | 10/31/113 | ||||||||||||||||||||||||||||
Selected per share data: | |||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.43 | $ | 9.99 | $ | 9.18 | $ | 10.00 | |||||||||||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||
Net investment income4 | 0.07 | 0.12 | 0.14 | 0.05 | |||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.40 | 2.45 | 0.71 | (0.87) | |||||||||||||||||||||||||||
Total from investment operations | 0.47 | 2.57 | 0.85 | (0.82) | |||||||||||||||||||||||||||
Dividends and distributions: | |||||||||||||||||||||||||||||||
Dividends from net investment income | (0.10) | (0.13) | (0.04) | — | |||||||||||||||||||||||||||
Distributions from capital gain | — | — | — | — | |||||||||||||||||||||||||||
Total dividends and distributions | (0.10) | (0.13) | (0.04) | — | |||||||||||||||||||||||||||
Net asset value, end of period | $ | 12.80 | $ | 12.43 | $ | 9.99 | $ | 9.18 | |||||||||||||||||||||||
Total Return5 | 3.79% | 26.10% | 9.19% | (8.20)% | |||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 453 | $ | 412 | $ | 205 | $ | 125 | |||||||||||||||||||||||
Ratios / Supplemental Data: | |||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.85% | 6 | 0.86% | 0.86% | 0.87% | 6 | |||||||||||||||||||||||||
Ratio of expenses to average net assets after reimbursement5 | 0.85% | 6 | 0.85% | 0.85% | 0.85% | 6 | |||||||||||||||||||||||||
Ratio of net investment income to average net assets5 | 1.07% | 6 | 1.09% | 1.47% | 0.94% | 6 | |||||||||||||||||||||||||
Portfolio turnover rate | 15% | 7 | 25% | 35% | 15% | 7 | |||||||||||||||||||||||||
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | ||||||||||||||||||||||||||||||
2 | Unaudited | ||||||||||||||||||||||||||||||
3 | The Fund commenced operations on April 1, 2011. | ||||||||||||||||||||||||||||||
4 | Based on average shares outstanding. | ||||||||||||||||||||||||||||||
5 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | ||||||||||||||||||||||||||||||
6 | Annualized. | ||||||||||||||||||||||||||||||
7 | Not annualized for periods less than one year. | ||||||||||||||||||||||||||||||
114 |
Capital Group Non-U.S. Equity Fund | |||||||||||||||||||||||||||||||
Financial highlights1 | |||||||||||||||||||||||||||||||
(for a share outstanding throughout each period) | |||||||||||||||||||||||||||||||
For the six months ended | For the year ended | ||||||||||||||||||||||||||||||
4/30/142 | 10/31/13 | 10/31/12 | 10/31/113 | ||||||||||||||||||||||||||||
Selected per share data: | |||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.72 | $ | 9.74 | $ | 9.08 | $ | 10.00 | |||||||||||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||
Net investment income4 | 0.10 | 0.15 | 0.13 | 0.07 | |||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.15 | 1.88 | 0.58 | (0.99) | |||||||||||||||||||||||||||
Total from investment operations | 0.25 | 2.03 | 0.71 | (0.92) | |||||||||||||||||||||||||||
Dividends and distributions: | |||||||||||||||||||||||||||||||
Dividends from net investment income | (0.09) | (0.05) | (0.05) | — | |||||||||||||||||||||||||||
Distributions from capital gain | — | — | — | — | |||||||||||||||||||||||||||
Total dividends and distributions | (0.09) | (0.05) | (0.05) | — | |||||||||||||||||||||||||||
Net asset value, end of period | $ | 11.88 | $ | 11.72 | $ | 9.74 | $ | 9.08 | |||||||||||||||||||||||
Total Return5 | 2.14% | 20.93% | 7.91% | (9.20)% | |||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ | 1,577 | $ | 989 | $ | 256 | $ | 50 | |||||||||||||||||||||||
Ratios / Supplemental Data: | |||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.85% | 6 | 0.85% | 0.86% | 0.89% | 6 | |||||||||||||||||||||||||
Ratio of expenses to average net assets after reimbursement5 | 0.85% | 6 | 0.85% | 0.85% | 0.85% | 6 | |||||||||||||||||||||||||
Ratio of net investment income to average net assets5 | 1.71% | 6 | 1.44% | 1.38% | 1.32% | 6 | |||||||||||||||||||||||||
Portfolio turnover rate | 20% | 7 | 25% | 17% | 20% | 7 | |||||||||||||||||||||||||
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | ||||||||||||||||||||||||||||||
2 | Unaudited. | ||||||||||||||||||||||||||||||
3 | The Fund commenced operations on April 1, 2011. | ||||||||||||||||||||||||||||||
4 | Based on average shares outstanding. | ||||||||||||||||||||||||||||||
5 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. | ||||||||||||||||||||||||||||||
6 | Annualized. | ||||||||||||||||||||||||||||||
7 | Not annualized for periods less than one year. | ||||||||||||||||||||||||||||||
115 |
Capital Group U.S. Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial highlights1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(for a share outstanding throughout each period) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the six months ended | For the year ended | For the eight months ended | For the year ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/142 | 10/31/13 | 10/31/12 | 10/31/113 | 3/31/11 | 7/31/10 | 7/31/09 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected per share data: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ 18.33 | $ 14.75 | $14.32 | $ 15.33 | $ 13.09 | $ 11.78 | $ 14.24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from investment operations: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income4 | 0.12 | 0.20 | 0.22 | 0.10 | 0.16 | 0.22 | 0.24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on securities and currency | 0.91 | 3.61 | 1.20 | (1.02) | 2.28 | 1.30 | (2.44) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total from investment operations | 1.03 | 3.81 | 1.42 | (0.92) | 2.44 | 1.52 | (2.20) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends from net investment income | (0.10) | (0.22) | (0.17) | (0.09) | (0.20) | (0.21) | (0.26) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from capital gain | (0.28) | (0.01) | (0.82) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total dividends and distributions | (0.38) | (0.23) | (0.99) | (0.09) | (0.20) | (0.21) | (0.26) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ 18.98 | $ 18.33 | $ 14.75 | $ 14.32 | $ 15.33 | $ 13.09 | $ 11.78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Return5 | 5.67% | 26.06 | % | 10.81 | % | (6.42) | % | 18.72 | % | 12.91 | % | (15.29) | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (in millions) | $ 178 | $ 167 | $ 103 | $ 74 | $ 86 | $ 75 | $ 79 | ||||||||||||||||||||||||||||
Ratios / Supplemental Data: | |||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.66 | %6 | 0.66 | % | 0.67 | % | 0.67 | %6 | 1.04 | %6 | 0.79 | % | 0.74 | % | |||||||||||||||||||||
Ratio of expenses to average net assets after reimbursement5 | 0.65 | %6 | 0.65 | % | 0.65 | % | 0.65 | %6 | 0.75 | %6 | 0.75 | % | 0.71 | % | |||||||||||||||||||||
Ratio of net investment income to average net assets5 | 1.24 | %6 | 1.22 | % | 1.52 | % | 1.13 | %6 | 1.67 | %6 | 1.72 | % | 2.12 | % | |||||||||||||||||||||
Portfolio turnover rate | 16 | %7 | 25 | % | 53 | % | 82 | %7 | 7 | %7 | 22 | % | 39 | % | |||||||||||||||||||||
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. | ||||||||||||||||||||||||||||||||||
2 | Unaudited. | ||||||||||||||||||||||||||||||||||
3 | Endowments – Growth and Income Portfolio was reorganized into the Capital Group U.S. Equity Fund at the close of business effective April 1, 2011. | ||||||||||||||||||||||||||||||||||
4 | Based on average shares outstanding. | ||||||||||||||||||||||||||||||||||
5 | Reflects the impact, if any, of certain waivers or reimbursements by Capital Guardian Trust Company or Capital Research and Management Company, the previous adviser. | ||||||||||||||||||||||||||||||||||
6 | Annualized. | ||||||||||||||||||||||||||||||||||
7 | Not annualized for periods of less than one year. | ||||||||||||||||||||||||||||||||||
116 |
Capital Group Private Client Services Funds | |||||||||
Expense example (unaudited) |
As a shareholder of the Funds, you incur ongoing costs, including management fees and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2013 through April 30, 2014).
Actual expenses:
The first line of each Fund in the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each Fund in the table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the Funds and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the Funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
Shareholders of the Funds may be subject to an additional fee charged by Capital Guardian Trust Company’s Capital Group Private Client Services division for the ongoing services provided to the shareholder. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees. Note that the expenses shown in the table are meant to highlight your ongoing costs only. The second line of each Fund in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
Beginning account value 11/1/2013 | Ending account value 4/30/2014 | Expenses paid during period* | Annualized expense ratio | ||||
Capital Group Core Municipal Fund | |||||||
actual return | $ | 1,000.00 | $ | 1,015.00 | $ | 2.00 | 0.40% |
assumed 5% return | 1,000.00 | 1,022.80 | 2.01 | 0.40% | |||
Capital Group Short-Term Municipal Fund | |||||||
actual return | 1,000.00 | 1,005.20 | 1.99 | 0.40% | |||
assumed 5% return | 1,000.00 | 1,022.80 | 2.01 | 0.40% | |||
Capital Group California Core Municipal Fund | |||||||
actual return | 1,000.00 | 1,019.60 | 2.00 | 0.40% | |||
assumed 5% return | 1,000.00 | 1,022.80 | 2.01 | 0.40% | |||
Capital Group California Short-Term Municipal Fund | |||||||
actual return | 1,000.00 | 1,004.90 | 1.99 | 0.40% | |||
assumed 5% return | 1,000.00 | 1,022.80 | 2.01 | 0.40% | |||
Capital Group Core Bond Fund | |||||||
actual return | 1,000.00 | 1,007.70 | 1.99 | 0.40% | |||
assumed 5% return | 1,000.00 | 1,022.80 | 2.01 | 0.40% |
117 |
Capital Group Private Client Services Funds | |||||||||
Expense example (unaudited) (continues) |
Beginning | Ending account value 4/30/2014 | Expenses paid during period* | Annualized expense ratio | |||||||||
Capital Group Global Equity Fund | ||||||||||||
actual return | 1,000.00 | 1,037.90 | 4.30 | 0.85% | ||||||||
assumed 5% return | 1,000.00 | 1,020.60 | 4.26 | 0.85% | ||||||||
Capital Group Non-U.S. Equity Fund | ||||||||||||
actual return | 1,000.00 | 1,021.40 | 4.26 | 0.85% | ||||||||
assumed 5% return | 1,000.00 | 1,020.60 | 4.26 | 0.85% | ||||||||
Capital Group U.S. Equity Fund | ||||||||||||
actual return | 1,000.00 | 1,056.70 | 3.31 | 0.65% | ||||||||
assumed 5% return | 1,000.00 | 1,021.60 | 3.26 | 0.65% | ||||||||
* | Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |||||||||||
118 |
Capital Group Private Client Services Funds | |||||||||
Approval of investment advisory and service agreement (unaudited) |
Approval of Investment Advisory and Service Agreement – CGPCS Funds
The Capital Group Private Client Services Funds’ board has approved the funds’ Investment Advisory and Service Agreement (the “agreement”) with Capital Guardian Trust Company (“CGTC”) for an additional one year term through March 31, 2015. The board approved the agreement following the recommendation of the funds’ Contracts Committee (the “committee”), which is composed of all of the funds’ independent board members. The board and the committee determined that the funds’ advisory fee was fair and reasonable in relation to the services provided and that approving the agreement was in the best interests of the funds and their shareholders.
In reaching this decision, the board and the committee took into account information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.
1. Nature, extent and quality of services
The board and the committee considered the depth and quality of CGTC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of it and the Capital organization; and the ongoing evolution of CGTC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CGTC to the funds under the agreement and other agreements. The board and the committee concluded that the nature, extent and quality of the services provided by CGTC have benefited and should continue to benefit the funds and their shareholders.
2. Investment results
The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund’s investment results with those of other relevant funds and data such as relevant market and fund indexes, over various periods through October 31, 2013. This report, including the letter to shareholders and related disclosures, contains certain information about the funds’ investment results.
Capital Group Global Equity Fund seeks preservation while providing growth. The board and the committee reviewed the fund’s investment results measured against (i) the MSCI World (Net) Index and (ii) the Lipper Global Funds Average. They noted that the fund’s investment results exceeded the results of its Lipper Average over the lifetime, one year and ten month periods. They further noted that the fund’s investment results against the MSCI World Index were mixed over the same periods.
Capital Group Non-U.S. Equity Fund seeks preservation while providing growth. The board and the committee reviewed the fund’s investment results measured against (i) the MSCI EAFE (Net) Index and (ii) the Lipper International Funds Average. They noted that the investment results of the MSCI EAFE exceeded the results of the fund over the lifetime, one year and ten month periods. They further noted that the fund’s investment results against the Lipper Average were mixed over the same periods.
119 |
Capital Group Private Client Services Funds | |||||||||
Approval of investment advisory and service agreement (unaudited) (continued) |
Capital Group U.S. Equity Fund seeks preservation while providing growth. The fund’s secondary objective is to provide income. The board and the committee reviewed the fund’s investment results measured against (i) the S&P 500 Index and (ii) the Lipper Growth and Income Funds Average. They noted that the fund’s investment results exceeded the results of the Lipper Average over the lifetime, one year and ten month periods. They further noted that the investment results of the S&P 500 exceeded the results of the fund over the same periods.
Capital Group Core Municipal Fund seeks current income exempt from federal income tax and preservation. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays Capital 1-10 Year Intermediate-Short Municipal Index and (ii) the Lipper Intermediate Municipal Debt Funds Average. They noted that the Barclays Index exceeded the fund’s results over the lifetime, three year, one year and ten month periods. They further noted that the fund’s investment results against the Lipper Average were mixed over the same periods.
Capital Group Short-Term Municipal Fund seeks preservation and secondarily current income exempt from federal income tax. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays 1-5 Year Short Municipal Index and (ii) the Lipper Short Municipal Debt Funds Average. They noted that the fund’s investment results exceeded the results of the Lipper Average over the lifetime, three year, one year and ten month periods. They further noted that the investment results of the Barclays Index exceeded the fund’s results over the same periods.
Capital Group California Core Municipal Fund seeks current income exempt from federal and California income taxes and preservation. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays California 1-10 Year Intermediate-Short Municipal Index and (ii) the Lipper California Intermediate Municipal Debt Funds Average. They noted that the fund’s investment results trailed the Barclays Index over the lifetime, three year, one year and ten month periods. They further noted that the fund’s investment results against the Lipper Average were mixed over the same periods.
Capital Group California Short-Term Municipal Fund seeks preservation and, secondarily, current income exempt from federal and California income taxes. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays California Short Municipal Index and (ii) the Lipper California Short-Intermediate Municipal Debt Funds Average. They noted that the fund’s investment results trailed the Barclays Index over the lifetime, three year, one year and ten month periods. They further noted that the fund’s investment results against the Lipper Average were mixed over the same periods.
Capital Group Core Bond Fund seeks current income and preservation. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays 1-10 Year U.S. Government/Credit, ex. BBB and (ii) the Lipper Short-Intermediate Investment Grade Debt Funds Average. They noted that the investment results of the Barclays and Lipper Indices exceeded the fund’s results over the lifetime, three year, one year and ten month periods.
The board and the committee concluded that the funds’ investment results have been sufficient for renewal of the Agreement and that CGTC’s record in managing the funds indicated that its continued management should benefit the funds and their shareholders.
120 |
Capital Group Private Client Services Funds | |||||||||
Approval of investment advisory and service agreement (unaudited) (continued) |
3. Advisory fees and total expenses
The board and the committee compared the advisory fees and total expense levels of Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund (collectively the “Fixed Income Funds”) (each as a percentage of average net assets) to those of other relevant funds. They observed that the advisory fees and expenses of the Fixed Income Funds remain at or below those of most other relevant funds.
For Capital Group Global Equity Fund, Capital Group Non-U.S. Equity Fund and Capital Group U.S. Equity Fund (collectively the “Equity Funds”), the Agreement provides that the Equity Funds pay CGTC a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Equity Funds, other than brokerage expenses, taxes, interest, fees and expenses of the Equity Funds’ independent trustees (including their independent legal counsel) and extraordinary expenses, such as litigation expenses. Under the unified management fee structure, CGTC is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping and shareholder services for the Equity Funds, or arranging and supervising third parties that provide such services. The board believes the unified management fee structure benefits shareholders of the Equity Funds because, as the unified fee for an Equity Fund cannot be increased without a vote of its shareholders, it shifts to CGTC the risk of future increases in the Equity Funds’ operating costs and provides a direct incentive to minimize administrative inefficiencies. In addition, it allows shareholders to more easily compare the total expenses of the Equity Funds with the total expenses of other mutual funds. In reviewing the unified management fee for the Equity Funds the board and the committee compared the unified management fees of the Equity Funds to the total expense ratios and the advisory fees of other relevant funds. They also considered the estimated portion of the unified fee that was retained by CGTC after payment of certain administrative services fees to State Street Bank and Trust Company. They observed that the total expenses of the Equity Funds remain below those of most other relevant funds.
The board and the committee noted that, although the fees paid by CGTC clients with separately managed accounts generally were lower than those to be paid by the funds, the differences appropriately reflected the significant investment, operational and regulatory differences between advising the funds and separately managed accounts. They also recognized that the fees for certain separately managed accounts could be lower than those of the funds due to the sizes of the accounts and the clients’ overall relationships with CGTC. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, and that the funds’ shareholders receive reasonable value in return for the advisory fees and other amounts paid to CGTC by the funds.
4. Ancillary benefits
The board and the committee considered a variety of other benefits that CGTC and its affiliates receive as a result of CGTC’s relationship with the funds, including fees for administrative services paid to CGTC’s Capital Group Private Client Services division; and possible ancillary benefits to CGTC and its affiliates in managing other investment vehicles. The board and the committee reviewed CGTC’s portfolio trading practices, noting that while CGTC receives the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the funds, it does not obtain third-party research or other services in return for allocating brokerage to such broker-dealers. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CGTC by the funds.
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Capital Group Private Client Services Funds | |||||||||
Approval of investment advisory and service agreement (unaudited) (continued) |
5. Adviser financial information
The board and the committee reviewed information regarding CGTC’s costs of providing services to the funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CGTC’s costs and willingness to invest in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CGTC’s investment professionals. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of The Capital Group organization’s long-term profitability for maintaining CGTC’s independence, company culture and management continuity. They further considered CGTC’s reimbursement of fund expenses through voluntary fee caps. The board and the committee concluded that each fund’s fee structure reflected a reasonable sharing of benefits between CGTC and fund shareholders.
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Capital Group Private Client Services Funds | |||||||||
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Offices of the funds Capital Guardian Trust Company 6455 Irvine Center Drive Irvine, CA 92618
| Independent registered public accounting firm Deloitte & Touche LLP 695 Town Center Drive Costa Mesa, CA 92626 |
Offices of the investment adviser Capital Guardian Trust Company 333 South Hope Street Los Angeles, CA 90071-1406
| Transfer agent State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 |
Custodian of assets State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 | Counsel Bingham McCutchen LLP 355 South Grand Avenue, Suite 4400 Los Angeles, CA 90071-3106
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Fund accounting and administration State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 | Principal underwriter American Funds Distributors, Inc. 333 South Hope Street Los Angeles, CA 90071-1406
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Investors should carefully consider the investment objectives, risks, charges and expenses of Capital Group Private Client Services Funds. This and other important information is contained in the Funds’ prospectus, which can be obtained from your Capital Group Private Client Services representative and should be read carefully before investing. You may also call Capital Group Private Client Services at 800-421-4996 to obtain a copy of the prospectus.
The proxy voting procedures and principles of Capital Group Private Client Services Funds which describe how we vote proxies relating to portfolio securities is available upon request by calling Capital Group Group Private Client Services at 800-421-4996. The Funds file their proxy voting records with the SEC for the 12 months ended June 30 by August 31. The report also is available on the SEC website at http://www.sec.gov or by calling Capital Group Private Client Services at 800-421-4996.
Capital Group Private Client Services Funds files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ forms N-Q are available on the SEC’s website at http://www.sec.gov. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at 800-SEC-0330. Additionally, the list of portfolio holdings is available by calling Capital Group Private Client Services at 800-421-4996.
ITEM 2 – Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.
ITEM 3 – Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.
ITEM 4 – Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.
ITEM 5 – Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 – Schedule of Investments
Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 10 – Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating committee.
ITEM 11 – Controls and Procedures
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. |
(b) | There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12 – Exhibits
(a)(1) | Not applicable for filing of semi-annual reports to shareholders. |
(a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CAPITAL GROUP PRIVATE CLIENT SERVICES FUNDS | |
By /s/ John S. Armour | |
John S. Armour, President and Principal Executive Officer | |
Date: June 30, 2014 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By /s/ John S. Armour |
John S. Armour, President and Principal Executive Officer |
Date: June 30, 2014 |
By /s/ Kevin M. Saks |
Kevin M. Saks, Treasurer and Principal Financial Officer |
Date: June 30, 2014 |