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: October 31, 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
Morgan, Lewis & Bockius LLP
355 South Grand Avenue, Suite 4400
Los Angeles, California 90071
(Counsel for the Registrant)
ITEM 1 – Reports to Stockholders
Private Client Services Funds
|
The investment
markets have
continued to
reward those
with a long-term
perspective.
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
Annual report for the period ending October 31, 2014 | capitalgrouppcsfunds.com |
Capital Group Private Client Services Funds
Letter to investors
October 31, 2014 (unaudited)
Fellow investors:
Global equity markets had mixed results in the 12-month period ended October 31, 2014, as enthusiasm about the improving U.S. economy was counter-balanced by fears of slowing growth overseas. U.S. stocks finished at record highs, paced by rising corporate earnings, low interest rates and subdued inflation. As expected, the Federal Reserve ended its quantitative easing program but signaled that monetary policy would largely remain accommodative. The picture was less bright globally, as Europe grappled with renewed weakness and the threat of recession. The European Central Bank pledged new efforts to jumpstart economic activity but stopped short of a U.S.-style program to buy government bonds. Japan dramatically stepped up its stimulus efforts. Growth slowed in China, which weighed on the results of other developing nations. Fixed-income markets rallied as interest rates declined amid concerns about the global economy.
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
In the past 12 months, the Capital Group U.S. Equity Fund rose 13.47%, compared with a gain of 17.27% by the S&P 500 index. The Capital Group Global Equity Fund advanced 8.57%, just shy of the 8.67% advance in its benchmark, the MSCI World (Net) Index. The Capital Group Non-U.S. Equity Fund gained 0.53%, outpacing its benchmark, the MSCI EAFE (Net) Index, which declined 0.6%.
The funds have significant holdings in the healthcare sector. One area of focus is the biopharmaceutical field, where a number of companies have introduced innovative drug therapies. The sector also has received a boost from stepped-up merger activity as companies seek to acquire rivals with promising drug pipelines. Gilead Sciences was a significant positive contributor to the U.S. Equity and Global funds. The company benefited from the continuing success of Sovaldi, its drug to treat Hepatitis C, as well as promising research in other areas.
Healthcare companies appear to be well-positioned to benefit from global demographic trends, particularly the aging of the population in the U.S., Europe and Japan. The portion of the world’s population aged 65 and older is projected to more than double between 2005 and 2040, causing a steady increase in consumer spending on medical care. Novo Nordisk, Bayer and Novartis helped results in the Non-U.S. fund.
Continued development in the emerging markets has created opportunities for a range of consumer-oriented companies, particularly those providing affordable luxuries to the world’s growing middle class. In the next decade, emerging economies are projected to account for nearly half of total global consumption, or about $30 trillion. The Non-U.S. and Global funds increased holdings in companies with significant exposure to middle-class shoppers, including AIA, Danone, Unilever and L’Oreal. At the same time, the funds trimmed positions in companies catering to high-end consumers, such as BMW, LVMH and HSBC, as luxury spending softened amid economic inconsistency in Europe and an anti-corruption crackdown in China. The funds also hold companies in the financial services and telecommunications industries, which are poised to benefit from growing affluence throughout the developing world.
A broad area of focus has been robotics and factory automation. Murata Manufacturing and Hamamatsu Photonics contributed positively to results in the Non-U.S. and Global funds. Though these companies are based in Japan, they are globally focused with limited exposure to the struggling Japanese economy.
On the downside, all three equity funds were weighed down by the energy sector, which experienced significant pressure late in 2014 as oil prices fell sharply. Despite heightened geopolitical uncertainty, which traditionally bolsters the energy sector, the price of crude oil was hurt by surging U.S. output, OPEC’s reluctance to cut production and reduced demand from China and Europe. That marked a departure from earlier in the period, when energy was a leading sector. Exploration and production companies, including firms that manufacture drilling equipment, were hit particularly hard. That weighed on portfolio holdings such as Noble Energy, Ensco, Cenovus Energy and Cobalt International Energy.
1 |
Capital Group Private Client Services Funds
Letter to investors
October 31, 2014 (unaudited) (continued)
The U.S. stock market overcame several short-lived declines, including a selloff in early October driven by worries about the global economy and the discontinuation of the Federal Reserve’s quantitative easing program. However, share prices rebounded soon thereafter on optimism about the prospects for U.S. growth. The domestic economy expanded at a 3.5% annual rate in the third quarter after a 4.2% gain in the second quarter. That marked the strongest six-month performance since 2003. There is still a lot of uncertainty about when and to what degree the Federal Reserve will begin raising interest rates. It’s expected to start pushing up the federal funds rate sometime in the second half of 2015, depending in part on economic conditions in Europe, Japan and China.
Fixed-income commentary
Despite strength in the U.S. economy, bond yields defied widespread expectations by declining over the past 12 months. The yield on the benchmark 10-year Treasury note briefly rose above 3% in January, but declined afterward to finish at 2.34%, down from 2.56%. The Capital Group Core Bond, Core Municipal, Short-Term Municipal, California Core Municipal and California Short-Term Municipal funds all rose during the period. The Core Bond Fund had a total return of 2.3%, besting the 1.86% return of its benchmark. It was significantly underweight U.S. Treasuries and overweight investment-grade bonds. The California Core Municipal and California Short-Term Municipal funds also exceeded their benchmarks, advancing 4.45% and 1.66%, respectively. The Core Municipal Fund rose 3.52%, while Short-Term Municipal Fund was up 1.54%, fractionally below their benchmarks.
Municipal bonds had strong results amid an extended rally in the debt of state and local governments. Several factors propelled the advance, including reduced investor fears about defaults and relatively low levels of issuance by cash-strapped governments. Higher federal tax rates that took effect in 2013 have increased the appeal of municipal bonds, especially in states with high personal income taxes such as California and New York. Municipal bonds in California benefited from the state’s improved financial condition, which was driven by a better economy, stepped-up financial discipline and higher income from capital gains taxes.
The funds are positioned with the expectation that interest rates would begin to edge higher in 2015. Portfolio duration has been shortened to protect against rising rates. The funds held securities that are likely to benefit from an improving U.S. economy. That includes high-quality revenue bonds, which are issued to finance public-related services such as roads, bridges, airports or schools. In general, their credit quality improves during a strengthening economy as usage of the services increases. On the taxable side, the funds held securities backed by auto loans and credit cards.
The funds reduced holdings of residential mortgage-backed securities because of their potential vulnerability in the aftermath of the Federal Reserve’s quantitative easing program. The central bank has said it will replace maturing assets on its balance sheet, but that process may not be smooth and could involve short-term disruptions in the mortgage-bond space. By contrast, the funds held positions in the commercial mortgage sector, which includes hotels, apartments, shopping malls and office buildings. Several areas of the market are benefiting from low levels of new construction, which bolsters rent levels of existing buildings. Tight lending standards on single-family homes and the reluctance of some renters to venture into the housing market following the 2008 global financial crisis have also boosted multi-family housing.
The uncertain outlook for the global economy increases the likelihood of volatility in the financial markets moving forward. Continued growth in the U.S. should partially offset the effects of turbulence overseas. Also, despite the expectation that the Federal Reserve will begin lifting interest rates in 2015, the central bank has indicated that it will move cautiously and with an eye toward economic developments overseas. Nevertheless, the unpredictable outlook underscores the importance of holding a broadly diversified portfolio. That includes a solid foundation of fixed-income securities that can serve as a buffer against potential fluctuations in equities.
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.
2 |
Capital Group Private Client Services Funds
Letter to investors
October 31, 2014 (unaudited) (continued)
Sincerely yours,
John S. Armour | William L. Robbins | John R. Queen | ||
President | Principal Investment Officer | Senior Vice President and | ||
and Equity Portfolio Manager | Fixed-Income Portfolio Manager |
3 |
Capital Group Core Municipal Fund
October 31, 2014
Growth of $25,000 investment
Here’s how a $25,000 investment in Capital Group Core Municipal Fund grew between April 13, 2010, when the fund began operations, and October 31, 2014, the end of the fund’s fiscal year.
1 | The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses. |
2 | Includes reinvested dividends and capital gain distributions. |
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.
Investment portfolio – quality ratings*
* Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poor’s and/or Fitch as an indication of an Issuer’s credit-worthiness. If agency rating differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in “unrated” at left), the investment advisor performs it’s own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.
4 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - 96.7% | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
Municipals – 96.6% | ||||||||||||
Alabama - 2.1% | ||||||||||||
Alabama 21st Century Auth., Rev. Ref. Bonds, Series A, 5.00%, June 1, 2021 | $ | 2,230 | $ | 2,616 | 0.8 | % | ||||||
Alabama Federal Aid Highway Fin. Auth., Highway Imps. Misc. Taxes Rev. Bonds, 5.00%, September 1, 2023 | 100 | 120 | — | |||||||||
Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, May 1, 2015 | 1,000 | 1,025 | 0.3 | |||||||||
5.00%, May 1, 2017 | 1,000 | 1,112 | 0.3 | |||||||||
Mobile Ind. Dev. Board, Ind. Imps. Rev. Bonds (Mandatory Put 03/19/15 @ 100), 5.00%, June 1, 20341 | 2,000 | 2,033 | 0.6 | |||||||||
Univ. of Alabama, Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, September 1, 2018 | 150 | 171 | 0.1 | |||||||||
7,077 | 2.1 | |||||||||||
Alaska - 0.2% | ||||||||||||
Alaska Housing Fin. Corp., Rev. Bonds, Series A, 4.00%, June 1, 2040 | 780 | 832 | 0.2 | |||||||||
832 | 0.2 | |||||||||||
Arizona - 3.6% | ||||||||||||
Arizona Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 02/05/20 @ 100), 1.90%, February 1, 20481 | 3,100 | 3,150 | 0.9 | |||||||||
Glendale Ind. Dev. Auth., College & Univ. Rev. Ref. Bonds, 5.25%, May 15, 2018 | 1,000 | 1,126 | 0.3 | |||||||||
Maricopa County Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, July 1, 2018 | 795 | 879 | 0.3 | |||||||||
Phoenix Civic Imp. Corp., Port, Airport, & Marina Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, July 1, 2016 | 1,000 | 1,076 | 0.3 | |||||||||
5.00%, July 1, 2020 | 2,800 | 3,311 | 1.0 | |||||||||
Phoenix Civic Imp. Corp., Sewer Rev. Ref. Bonds, 5.50%, July 1, 2024 | 125 | 145 | 0.1 | |||||||||
Phoenix Ind. Dev. Auth., Misc. Purposes Lease Rev. Bonds, 5.00%, June 1, 2022 | 1,000 | 1,095 | 0.3 | |||||||||
Salt River Project Agricultural Imp. & Power Dist., Energy Res. Auth. Imps. Rev. Bonds, Series A: | ||||||||||||
5.00%, January 1, 2020 | 160 | 186 | 0.1 | |||||||||
5.00%, January 1, 2021 | 1,000 | 1,132 | 0.3 | |||||||||
12,100 | 3.6 | |||||||||||
California - 9.5% | ||||||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg.Ins.), 4.00%, May 15, 2016 | 1,500 | 1,504 | 0.4 | |||||||||
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured), 5.00%, September 2, 2021 | 990 | 1,075 | 0.3 | |||||||||
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, October 1, 2017 | 100 | 108 | — | |||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100):1 | ||||||||||||
0.95%, April 1, 2045 | 2,200 | 2,205 | 0.7 | |||||||||
0.95%, April 1, 2047 | 1,500 | 1,503 | 0.4 | |||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 10/01/19 @ 100), 0.75%, April 1, 20471 | 1,000 | 1,003 | 0.3 | |||||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F, 5.00%, April 1, 2022 | 125 | 133 | — | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, November 15, 2019 | 750 | 892 | 0.3 | |||||||||
5.00%, March 1, 2020 | 1,000 | 1,183 | 0.4 |
See Notes to Financial Statements
5 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series D (Mandatory Put 10/15/20 @ 100), 5.00%, July 1, 20431 | $ | 1,800 | $ | 2,145 | 0.6 | % | ||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/16 @ 100), 0.33%, October 1, 20471 | 1,000 | 1,000 | 0.3 | |||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.33%, April 1, 20381 | 1,300 | 1,300 | 0.4 | |||||||||
California State Public Works Board, Rev. Bonds, Series C, 5.00%, March 1, 2023 | 780 | 971 | 0.3 | |||||||||
California State Public Works Board, Rev. Bonds, Series G, 5.00%, December 1, 2020 | 1,000 | 1,216 | 0.4 | |||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds, 2.40%, October 1, 2020 | 1,250 | 1,250 | 0.4 | |||||||||
Chula Vista Muni. Fncg. Auth., Special Tax Rev. Ref. Bonds, 5.00%, September 1, 2020 | 940 | 1,098 | 0.3 | |||||||||
City & County of San Francisco, G.O. Prop. Tax Ref. Bonds, Series R3, 5.00%, June 15, 2027 | 225 | 231 | 0.1 | |||||||||
City & County of San Francisco, Health Care Imps. Certs. of Part. Lease Bonds, Series A, 5.00%, April 1, 2017 | 100 | 111 | — | |||||||||
City of Irvine, Special Assessment Ref. Bonds: | ||||||||||||
3.125%, September 2, 2021 | 565 | 591 | 0.2 | |||||||||
4.00%, September 2, 2017 | 1,215 | 1,318 | 0.4 | |||||||||
Emeryville Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A, 5.00%, September 1, 2020 | 900 | 1,072 | 0.3 | |||||||||
Foothill-Eastern Trans. Corridor Agcy., Highway Tolls Rev. Ref. Bonds, Sub-Series B-1 (Mandatory Put 01/15/18 @ 100), 5.00%, January 15, 20531 | 1,000 | 1,095 | 0.3 | |||||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, June 1, 2020 | 1,000 | 1,190 | 0.4 | |||||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, 5.00%, July 1, 2021 | 100 | 123 | — | |||||||||
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, September 1, 2022 | 1,600 | 1,931 | 0.6 | |||||||||
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds, Series D, 5.00%, September 1, 2020 | 700 | 824 | 0.2 | |||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2018 | 700 | 808 | 0.2 | |||||||||
Northern California Gas Auth. No. 1, Natural Gas Util. Imps. Rev. Bonds, 0.788%, July 1, 20191 | 100 | 99 | — | |||||||||
San Diego County Regional Trans. Commission, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, April 1, 2020 | 250 | 301 | 0.1 | |||||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, August 1, 2018 | 200 | 201 | 0.1 | |||||||||
Santa Ana Comm. Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.25%, September 1, 2019 | 600 | 694 | 0.2 | |||||||||
State of California, G.O. General Fund Ref. Bonds, 5.00%, February 1, 2020 | 1,500 | 1,776 | 0.5 | |||||||||
State of California, G.O. General Fund Ref. Notes (NATL-RE Insured), 5.00%, June 1, 2015 | 100 | 103 | — | |||||||||
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, July 1, 2020 | 420 | 494 | 0.2 | |||||||||
5.25%, July 1, 2021 | 100 | 118 | — | |||||||||
Stockton Public Fin. Auth., Sewer Rev. Ref. Bonds (BAM Insured), 5.00%, September 1, 2023 | 375 | 449 | 0.1 |
See Notes to Financial Statements
6 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.25%, January 1, 2024 | $ | 200 | $ | 229 | 0.1 | % | ||||||
32,344 | 9.5 | |||||||||||
Colorado - 1.8% | ||||||||||||
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.25%, November 15, 2028 | 200 | 229 | 0.1 | |||||||||
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, November 15, 2017 | 300 | 327 | 0.1 | |||||||||
City & County of Denver, Port, Airport, & Marina Rev. Ref. Bonds, Series B, 5.00%, November 15, 2021 | 500 | 598 | 0.2 | |||||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S. Treasury Obligations to 11/15/16 @ 100), 5.125%, November 15, 20171 | 115 | 126 | — | |||||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, January 1, 2017 | 2,000 | 2,193 | 0.7 | |||||||||
Colorado State Board of Governors, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, March 1, 2022 | 645 | 775 | 0.2 | |||||||||
E-470 Public Highway Auth., Highway Tolls Rev. Bonds, Series CD (Mandatory Put 06/01/15 @ 100), 1.80%, September 1, 20391 | 475 | 479 | 0.1 | |||||||||
Regional Trans. Dist., Transit Imps. Cert. of Part. Lease Bonds, Series A, 5.00%, June 1, 2018 | 1,000 | 1,137 | 0.3 | |||||||||
Univ. of Colorado., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, June 1, 2020 | 150 | 179 | 0.1 | |||||||||
6,043 | 1.8 | |||||||||||
District of Columbia - 1.4% | ||||||||||||
Dist. of Columbia, Income Tax Rev. Ref. Bonds, Series A, 5.00%, December 1, 2024 | 700 | 876 | 0.2 | |||||||||
Dist. of Columbia, Water Util. Imps. Rev. Bonds (Mandatory Put 06/01/15 @ 100), 0.53%, October 1, 20441 | 975 | 975 | 0.3 | |||||||||
Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 3.50%, October 1, 2018 | 2,500 | 2,732 | 0.8 | |||||||||
Washington Convention Center Auth., Hotel Occupancy Tax Rev. Bonds, Series A (AMBAC Insured), 5.00%, October 1, 2015 | 200 | 209 | 0.1 | |||||||||
4,792 | 1.4 | |||||||||||
Florida - 12.0% | ||||||||||||
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1: | ||||||||||||
5.00%, June 1, 2016 | 635 | 680 | 0.2 | |||||||||
5.25%, June 1, 2017 | 2,100 | 2,339 | 0.7 | |||||||||
6.00%, June 1, 2016 | 300 | 326 | 0.1 | |||||||||
6.00%, June 1, 2017 | 1,275 | 1,444 | 0.4 | |||||||||
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, Series A-1: | ||||||||||||
5.00%, June 1, 2019 | 2,375 | 2,746 | 0.8 | |||||||||
5.00%, June 1, 2020 | 1,100 | 1,288 | 0.4 | |||||||||
Citizens Prop. Insurance Corp., Misc. Rev. Bonds, Series A-1, 5.00%, June 1, 2019 | 150 | 173 | 0.1 | |||||||||
City of Cape Coral, Water Rev. Ref. Bonds, 5.00%, October 1, 2018 | 1,000 | 1,128 | 0.3 | |||||||||
City of Clearwater, Water Rev. Ref. Bonds, Series B, 5.00%, December 1, 2018 | 100 | 115 | — | |||||||||
City of Fort Lauderdale, Water Util. Imps. Rev. Bonds (NATL-RE Insured), 4.00%, September 1, 2016 | 100 | 107 | — |
See Notes to Financial Statements
7 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
Florida - continued | ||||||||||||
City of Jacksonville, Sales Tax Rev. Ref. Bonds, 5.00%, October 1, 2019 | $ | 1,000 | $ | 1,175 | 0.3 | % | ||||||
City of Tampa, Health Care Facs. Rev. Ref. Bonds: | ||||||||||||
5.00%, November 15, 2016 | 1,200 | 1,313 | 0.4 | |||||||||
5.00%, November 15, 2017 | 2,000 | 2,259 | 0.7 | |||||||||
County of Lee Trans. Facs. Rev., Highway Tolls Rev. Ref. Bond (AGM Insured): | ||||||||||||
5.00%, October 1, 2021 | 500 | 594 | 0.2 | |||||||||
5.00%, October 1, 2022 | 1,300 | 1,549 | 0.5 | |||||||||
County of Miami-Dade, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, October 1, 2018 | 1,100 | 1,264 | 0.4 | |||||||||
County of Saint Johns, Water Rev. Ref. Bonds (AGM Insured), 5.00%, June 1, 2016 | 100 | 107 | — | |||||||||
Florida Higher Educ. Facs. Financial Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, April 1, 2022 | 1,000 | 1,148 | 0.3 | |||||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 5.00%, July 1, 2028 | 575 | 615 | 0.2 | |||||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B, 4.50%, January 1, 2029 | 865 | 924 | 0.3 | |||||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, January 1, 2029 | 480 | 518 | 0.2 | |||||||||
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A: | ||||||||||||
5.00%, July 1, 2015 | 1,435 | 1,482 | 0.4 | |||||||||
5.00%, July 1, 2016 | 2,100 | 2,261 | 0.7 | |||||||||
Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 5.00%, October 1, 2020 | 600 | 706 | 0.2 | |||||||||
Florida State Board of Edu., Misc. Rev. Ref. Bonds, Series E: | ||||||||||||
5.00%, July 1, 2015 | 525 | 542 | 0.2 | |||||||||
5.00%, July 1, 2016 | 2,000 | 2,154 | 0.6 | |||||||||
Florida State Dept. of Environmental Protection, Public Imps. Misc. Taxes Rev. Bonds, Series B, 5.00%, July 1, 2019 | 1,450 | 1,662 | 0.5 | |||||||||
Florida Water Pollution Control Fncg. Corp., Pollution Control Misc. Rev. Bonds, Series A: | ||||||||||||
5.00%, January 15, 2020 | 300 | 347 | 0.1 | |||||||||
5.00%, January 15, 2022 | 400 | 461 | 0.1 | |||||||||
5.00%, January 15, 2023 | 300 | 345 | 0.1 | |||||||||
Miami-Dade County Expressway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, July 1, 2021 | 1,750 | 2,094 | 0.6 | |||||||||
Miami-Dade County Expressway Auth., Highway Tolls Rev. Ref. Bonds, Series A (Assured GTY Insured): | ||||||||||||
3.00%, July 1, 2015 | 575 | 585 | 0.2 | |||||||||
3.00%, July 1, 2016 | 2,050 | 2,133 | 0.6 | |||||||||
Miami-Dade County School Board, School Imps. Certs. of Part. Lease Bonds, Series B (AMBAC Insured), 4.00%, November 1, 2015 | 100 | 104 | — | |||||||||
Orlando Utils. Commission, Multiple Util. Rev. Ref. Bonds, Series C, 5.00%, October 1, 2017 | 1,000 | 1,127 | 0.3 | |||||||||
Orlando Utils. Commission, Water Rev. Ref. Bonds, Series B, 5.00%, October 1, 2023 | 400 | 459 | 0.1 | |||||||||
South Broward Hospital Dist., Health Care Facs. Rev. Ref. Bonds (NAT-RE Insured), 5.00%, May 1, 2021 | 275 | 293 | 0.1 | |||||||||
Southeast Overtown Park West Comm Redev. Agcy., Tax Increment Allocation Local Housing Rev. Ref. Bonds, Series A-1:2 | ||||||||||||
5.00%, March 1, 2019 | 1,000 | 1,115 | 0.3 | |||||||||
5.00%, March 1, 2021 | 785 | 886 | 0.3 |
See Notes to Financial Statements
8 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
Florida - continued | ||||||||||||
Tampa Bay Water, Water Rev. Ref. Bonds, Series B, 5.00%, October 1, 2018 | $ | 430 | $ | 497 | 0.1 | % | ||||||
41,065 | 12.0 | |||||||||||
Georgia - 3.2% | ||||||||||||
Burke County Dev. Auth., Pollution Control Res. Recovery Rev. Bonds, 7.00%, January 1, 2023 | 300 | 348 | 0.1 | |||||||||
City of Atlanta, Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, January 1, 2017 | 1,250 | 1,371 | 0.4 | |||||||||
DeKalb County Hospital Auth., Health Care Facs. Imps. Rev. Bonds, 5.25%, September 1, 2020 | 2,000 | 2,291 | 0.7 | |||||||||
DeKalb Private Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, November 15, 2024 | 200 | 230 | 0.1 | |||||||||
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, June 1, 2044 | 1,780 | 1,952 | 0.6 | |||||||||
Georgia State Road & Tollway Auth., Highway Imps. Misc. Taxes Rev. Bonds, Series A, 5.00%, June 1, 2018 | 400 | 457 | 0.1 | |||||||||
Gwinnett County Dev. Auth., Certs. of Part. Lease Ref. Bonds (NATL-RE Insured), 5.00%, January 1, 2016 | 100 | 105 | — | |||||||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds, Series A (Mandatory Put 07/01/17 @ 100), 0.35%, July 1, 20251 | 700 | 700 | 0.2 | |||||||||
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, November 1, 2019 | 1,000 | 1,177 | 0.3 | |||||||||
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series A, 5.00%, January 1, 2021 | 500 | 593 | 0.2 | |||||||||
Private Colleges & Universities Auth., College & Univ. Imps. Rev. Bonds, 5.00%, April 1, 2020 | 1,000 | 1,146 | 0.3 | |||||||||
Thomasville Hospital Auth., Health Care Facs. Imps. Rev. Bonds, 3.25%, November 1, 2014 | 540 | 540 | 0.2 | |||||||||
10,910 | 3.2 | |||||||||||
Guam - 0.4% | ||||||||||||
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, October 1, 2023 | 1,200 | 1,428 | 0.4 | |||||||||
1,428 | 0.4 | |||||||||||
Hawaii - 0.9% | ||||||||||||
State of Hawaii, G.O. Prop. Tax Ref. Bonds, Series DT, 5.00%, November 1, 2019 | 600 | 712 | 0.2 | |||||||||
State of Hawaii, G.O. Public Imps. Bonds, Series DZ, 5.00%, December 1, 2019 | 1,250 | 1,486 | 0.4 | |||||||||
State of Hawaii, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, July 1, 2022 | 700 | 813 | 0.3 | |||||||||
3,011 | 0.9 | |||||||||||
Illinois - 7.4% | ||||||||||||
Chicago Board of Edu., G.O. Prop. Tax Ref. Bonds, Series A (NATL-RE Insured), 5.00%, December 1, 2016 | 100 | 100 | — | |||||||||
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, January 1, 2017 | 1,675 | 1,798 | 0.5 | |||||||||
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series C (Assured GTY Insured), 5.25%, January 1, 2022 | 1,000 | 1,154 | 0.3 | |||||||||
City of Chicago, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, January 1, 2021 | 500 | 590 | 0.2 |
See Notes to Financial Statements
9 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
Illinois - continued | ||||||||||||
City of Chicago, Sewer Imps. Rev. Bonds, 4.00%, January 1, 2021 | $ | 1,000 | $ | 1,116 | 0.3 | % | ||||||
City of Chicago, Water Util. Imps. Rev. Bonds, 3.15%, November 1, 2024 | 600 | 613 | 0.2 | |||||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, October 1, 2022 | 200 | 224 | 0.1 | |||||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, Series B-2 (Mandatory Put 02/12/15 @ 100), 1.875%, July 1, 20361 | 300 | 301 | 0.1 | |||||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 02/01/19 @ 100), 1.65%, July 1, 20251 | 2,000 | 2,022 | 0.6 | |||||||||
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, Series A-3 (Mandatory Put 05/01/19 @ 100), 5.00%, November 1, 20301 | 1,000 | 1,160 | 0.4 | |||||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, August 15, 2015 | 100 | 104 | — | |||||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-1 (Mandatory Put 01/15/20 @ 100), 5.00%, November 1, 20301 | 1,500 | 1,749 | 0.5 | |||||||||
Illinois State Toll Highway Auth., Highway Imps. Rev. Bonds, Series A (AGM Insured), 5.00%, January 1, 2015 | 1,000 | 1,008 | 0.3 | |||||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, December 1, 2020 | 500 | 599 | 0.2 | |||||||||
5.50%, January 1, 2015 | 1,950 | 1,968 | 0.6 | |||||||||
Regional Trans. Auth. Rev. Ref. Bonds (NATL-RE Insured), 6.00%, June 1, 2020 | 2,000 | 2,395 | 0.7 | |||||||||
Regional Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (AGM G.O. of Auth. Insured), 5.00%, June 1, 2018 | 1,200 | 1,372 | 0.4 | |||||||||
Regional Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.50%, July 1, 2020 | 1,610 | 1,945 | 0.6 | |||||||||
State of Illinois, G.O. Misc. Rev. Ref. Bonds, Series B, 5.25%, January 1, 2021 | 2,000 | 2,273 | 0.7 | |||||||||
State of Illinois, G.O. Public Imps. Misc. Rev. Bonds: | ||||||||||||
5.00%, July 1, 2017 | 300 | 329 | 0.1 | |||||||||
5.00%, July 1, 2021 | 375 | 422 | 0.1 | |||||||||
State of Illinois, Sales Tax Rev. Ref. Bonds, 5.00%, June 15, 2020 | 1,500 | 1,775 | 0.5 | |||||||||
Univ. of Illinois, Certs. of Part. Lease Rev. Ref. Bonds, Series A (AGM Insured), 5.25%, October 1, 2024 | 100 | 111 | — | |||||||||
25,128 | 7.4 | |||||||||||
Indiana - 1.6% | ||||||||||||
City of Whiting, Ind. Imps. Rev. Bonds (Mandatory Put 10/01/19 @ 100), 1.85%, June 1, 20441 | 500 | 503 | 0.2 | |||||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, August 15, 2019 | 500 | 557 | 0.2 | |||||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.50%, May 1, 2024 | 100 | 115 | — | |||||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, February 15, 2020 | 1,400 | 1,480 | 0.4 | |||||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series N, 5.00%, March 1, 2020 | 1,200 | 1,413 | 0.4 | |||||||||
Indiana Fin. Auth., Sewer Imps. Prop. Tax Bonds, Series A, 5.00%, October 1, 2017 | 1,000 | 1,125 | 0.3 | |||||||||
Purdue Univ., Certs. of Part. Lease Rev. Ref. Bonds, 5.00%, July 1, 2015 | 150 | 155 | 0.1 | |||||||||
5,348 | 1.6 | |||||||||||
Iowa - 0.4% | ||||||||||||
Iowa Fin. Auth., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 2.15%, February 1, 2043 | 913 | 850 | 0.3 | |||||||||
Iowa Fin. Auth., Water Util. Imps. Misc. Rev. Bonds, 5.00%, August 1, 2019 | 300 | 354 | 0.1 | |||||||||
1,204 | 0.4 |
See Notes to Financial Statements
10 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
Kansas - 0.2% | ||||||||||||
Kansas Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, September 1, 2018 | $ | 500 | $ | 577 | 0.2 | % | ||||||
577 | 0.2 | |||||||||||
Kentucky - 1.8% | ||||||||||||
Kentucky Asset Liability Commission, Public Imps. Rev. Bonds, 5.00%, September 1, 2024 | 1,500 | 1,828 | 0.5 | |||||||||
Kentucky Housing Corp., St. Single Family Housing Rev. Bonds, Series B, 5.00%, July 1, 2027 | 590 | 604 | 0.2 | |||||||||
Kentucky Public Trans. Infrastructure Auth., Highway Tolls Rev. Bonds, 5.00%, July 1, 2017 | 3,475 | 3,836 | 1.1 | |||||||||
6,268 | 1.8 | |||||||||||
Louisiana - 1.6% | ||||||||||||
Louisiana Office Facs. Corp., Lease Rev. Ref. Bonds, 5.00%, March 1, 2016 | 300 | 318 | 0.1 | |||||||||
Louisiana Public Facs. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, Series B, 5.25%, May 15, 2027 | 250 | 264 | 0.1 | |||||||||
Louisiana Stadium & Exposition Dist., Misc. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2022 | 1,500 | 1,807 | 0.5 | |||||||||
Parish of St Charles, Ind. Imps. Rev. Bonds (Mandatory Put 06/01/22 @ 100), 4.00%, December 1, 20401 | 2,000 | 2,157 | 0.6 | |||||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, May 15, 2025 | 1,000 | 1,040 | 0.3 | |||||||||
5,586 | 1.6 | |||||||||||
Maine - 0.2% | ||||||||||||
Maine Turnpike Auth., Highway Tolls Rev. Ref. Bonds, 5.00%, July 1, 2020 | 600 | 717 | 0.2 | |||||||||
717 | 0.2 | |||||||||||
Maryland - 0.2% | ||||||||||||
Maryland Comm. Dev. Administration, Loc. or GTD Housing Rev. Ref. Bonds, Series C, 4.00%, September 1, 2044 | 700 | 770 | 0.2 | |||||||||
770 | 0.2 | |||||||||||
Massachusetts - 2.7% | ||||||||||||
City of Boston, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, April 1, 2016 | 160 | 171 | 0.1 | |||||||||
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%, July 1, 2025 | 100 | 103 | — | |||||||||
Massachusetts Bay Trans. Auth., Sales Tax Rev. Ref. Bonds, Series C, 5.00%, July 1, 2019 | 900 | 1,061 | 0.3 | |||||||||
Massachusetts Dev. Fin. Agcy., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, January 1, 2015 | 1,000 | 1,007 | 0.3 | |||||||||
Massachusetts Dev. Fin. Agcy., College & Univ. Rev. Ref. Bonds, Series B-3, 5.00%, January 1, 2023 | 1,100 | 1,304 | 0.4 | |||||||||
Massachusetts Dev. Fin. Agcy., Health Care Facs. Rev. Ref. Bonds, Series M (Mandatory Put 01/30/18 @ 100), 0.60%, July 1, 20381 | 995 | 995 | 0.3 | |||||||||
Massachusetts Dev. Fin. Agcy., Rev. Bonds, Series N (Mandatory Put 07/01/17 @ 100), 0.33%, July 1, 20411 | 1,500 | 1,498 | 0.4 | |||||||||
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, December 15, 2025 | 100 | 118 | — | |||||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, Series 172, 4.00%, June 1, 2045 | 1,500 | 1,651 | 0.5 |
See Notes to Financial Statements
11 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
Massachusetts - continued | ||||||||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series 169, 4.00%, December 1, 2044 | $ | 1,250 | $ | 1,371 | 0.4 | % | ||||||
9,279 | 2.7 | |||||||||||
Michigan - 3.7% | ||||||||||||
City Detroit, G.O. Public Imps. Prop. Tax Bonds, Series A-1 (NATL-RE Insured), 5.375%, April 1, 2018 | 700 | 700 | 0.2 | |||||||||
Detroit City School Dist., G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, May 1, 2019 | 1,400 | 1,590 | 0.5 | |||||||||
Michigan Fin. Auth., Misc. Rev. Ref. Bonds: | ||||||||||||
5.00%, January 1, 2018 | 2,000 | 2,268 | 0.7 | |||||||||
5.00%, January 1, 2021 | 700 | 819 | 0.2 | |||||||||
Michigan Fin. Auth., Water Util. Imps. Rev. Bonds, 5.00%, July 1, 2024 | 1,000 | 1,165 | 0.3 | |||||||||
Michigan State Univ., College & Univ. Imps. Rev. Ref. Bonds, Series C, 5.00%, August 15, 2017 | 1,500 | 1,684 | 0.5 | |||||||||
Michigan Strategic Fund, Energy Res. Auth. Rev. Ref. Bonds, 5.625%, July 1, 2020 | 1,160 | 1,386 | 0.4 | |||||||||
Univ. of Michigan, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, April 1, 2016 | 150 | 160 | — | |||||||||
Univ. of Michigan, College & Univ. Imps. Rev. Ref. Bonds, Series C, 4.00%, April 1, 2015 | 200 | 203 | 0.1 | |||||||||
Wayne County Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, December 1, 2022 | 850 | 1,008 | 0.3 | |||||||||
Wayne County Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, December 1, 2017 | 1,500 | 1,682 | 0.5 | |||||||||
Wayne State Univ., College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, November 15, 2016 | 100 | 108 | — | |||||||||
12,773 | 3.7 | |||||||||||
Minnesota - 0.7% | ||||||||||||
Minneapolis-Saint Paul Metropolitan Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, January 1, 2017 | 350 | 384 | 0.1 | |||||||||
Minnesota Housing Fin. Agcy., Housing Rev. Bonds (GNMA/FNMA/FHLMC COLL Insured), 4.25%, July 1, 2028 | 595 | 631 | 0.2 | |||||||||
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 2.25%, December 1, 2042 | 885 | 847 | 0.2 | |||||||||
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.00%, July 1, 2040 | 585 | 620 | 0.2 | |||||||||
2,482 | 0.7 | |||||||||||
Mississippi - 0.6% | ||||||||||||
Jackson State Univ. Educ. Building Corp., College & Univ. Imps. Lease Rev. Bonds (Mandatory Put 03/01/15 @ 100) (AGM Insured), 5.00%, March 1, 20341 | 2,120 | 2,152 | 0.6 | |||||||||
2,152 | 0.6 | |||||||||||
Missouri - 0.1% | ||||||||||||
I-470 & 350 Trans. Dev. Dist., Sales Tax Rev. Ref. Bonds (Radian Insured), 4.60%, June 1, 2029 | 55 | 56 | — |
See Notes to Financial Statements
12 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
Missouri - continued | ||||||||||||
Missouri State Environmental Imps. & Energy Ress. Auth, Water Rev. Ref. Bonds, Series A, 5.00%, January 1, 2019 | $ | 100 | $ | 117 | 0.1 | % | ||||||
173 | 0.1 | |||||||||||
Nebraska - 0.5% | ||||||||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A, 4.00%, September 1, 2044 | 500 | 550 | 0.2 | |||||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured): | ||||||||||||
2.50%, September 1, 2034 | 580 | 601 | 0.2 | |||||||||
3.00%, March 1, 2043 | 415 | 436 | 0.1 | |||||||||
1,587 | 0.5 | |||||||||||
Nevada - 1.6% | ||||||||||||
Clark County School Dist., G.O. Public Imps. Rev. Bonds (AGM Insured), 5.50%, June 15, 2015 | 100 | 103 | — | |||||||||
County of Clark, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, July 1, 2016 | 325 | 350 | 0.1 | |||||||||
County of Clark, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, July 1, 2017 | 1,400 | 1,559 | 0.5 | |||||||||
County of Clark, Sales Tax Rev. Bonds, Series B, 4.00%, July 1, 2018 | 2,000 | 2,210 | 0.6 | |||||||||
Las Vegas Valley Water Dist., G.O. Water Util. Imps. Prop. Tax Bonds, Series B, 5.00%, June 1, 2019 | 1,100 | 1,282 | 0.4 | |||||||||
5,504 | 1.6 | |||||||||||
New Hampshire - 0.2% | ||||||||||||
New Hampshire Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, 4.00%, January 1, 2022 | 575 | 612 | 0.2 | |||||||||
612 | 0.2 | |||||||||||
New Jersey - 6.3% | ||||||||||||
Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, November 1, 2020 | 1,000 | 1,201 | 0.3 | |||||||||
5.00%, November 1, 2021 | 200 | 242 | 0.1 | |||||||||
New Jersey Econ. Dev. Auth., Lease Rev. Ref. Bonds: | ||||||||||||
4.00%, December 15, 2015 | 1,000 | 1,039 | 0.3 | |||||||||
5.00%, December 15, 2017 | 2,000 | 2,230 | 0.7 | |||||||||
New Jersey Econ. Dev. Auth., Rev. Ref. Bonds, Series PP, 5.00%, June 15, 2025 | 1,200 | 1,365 | 0.4 | |||||||||
New Jersey Econ. Dev. Auth., School Imps. Rev. Bonds, 0.95%, February 1, 20171 | 1,025 | 1,028 | 0.3 | |||||||||
New Jersey Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2017 | 1,500 | 1,680 | 0.5 | |||||||||
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Ref. Bonds, Series 1A: | ||||||||||||
5.00%, December 1, 2015 | 1,000 | 1,051 | 0.3 | |||||||||
5.00%, December 1, 2017 | 1,420 | 1,587 | 0.5 | |||||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/18 @ 100), 0.73%, January 1, 20241 | 1,950 | 1,957 | 0.6 | |||||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series E (Mandatory Put 01/01/18 @ 100), 0.73%, January 1, 20241 | 1,150 | 1,154 | 0.3 | |||||||||
New Jersey Trans. Trust Fund Auth., Transit Imps. Misc. Rev. Bonds, Series A, 5.00%, June 15, 2015 | 500 | 515 | 0.1 |
See Notes to Financial Statements
13 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
New Jersey - continued | ||||||||||||
New Jersey Trans. Trust Fund Auth., Transit Imps. Misc. Rev. Bonds, Series D (Mandatory Put 06/15/15 @ 100) (AMBAC Insured), 5.00%, June 15, 2017 | $ | 100 | $ | 103 | — | % | ||||||
New Jersey Trans. Trust Fund Auth., Transit Rev. Ref. Bonds, Series A (AMBAC Insured), 5.50%, December 15, 2015 | 2,000 | 2,114 | 0.6 | |||||||||
New Jersey Transit Corp., Transit Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, September 15, 2018 | 1,200 | 1,360 | 0.4 | |||||||||
5.00%, September 15, 2021 | 2,000 | 2,296 | 0.7 | |||||||||
Rutgers The State University of New Jersey, College & Univ. Rev. Ref. Bonds, Series J, 5.00%, May 1, 2019 | 525 | 614 | 0.2 | |||||||||
21,536 | 6.3 | |||||||||||
New Mexico - —% | ||||||||||||
New Mexico Educ. Assistance Foundation, Rev. Bonds, Series A-2 (GTD St. Lns. Insured), 0.884%, December 1, 20281 | 155 | 154 | — | |||||||||
154 | — | |||||||||||
New York - 6.2% | ||||||||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Series B, 5.00%, August 1, 2017 | 2,000 | 2,234 | 0.7 | |||||||||
City of New York, G.O. Public Imps. Prop. Tax Rev. Bonds, Series H-1, 4.00%, March 1, 2017 | 100 | 108 | — | |||||||||
City of New York, G.O. Public Imps. Prop. Tax Rev. Bonds, Sub-Series A-6, 0.55%, August 1, 20311 | 1,250 | 1,252 | 0.4 | |||||||||
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series F (NATL-RE Insured), 5.00%, May 1, 2016 | 1,830 | 1,951 | 0.6 | |||||||||
Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B, 1.05%, November 1, 20201 | 2,000 | 2,009 | 0.6 | |||||||||
Metropolitan Trans. Auth., Transit Rev. Ref. Bonds, Series A-2, 5.00%, November 15, 2024 | 2,000 | 2,410 | 0.7 | |||||||||
New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, February 15, 2017 | 2,000 | 2,202 | 0.6 | |||||||||
New York City Housing Dev. Corp. Multi-Family Mortgage Rev. Bond (8 Spruce Street), Series 2014, Class E, 3.50%, November 15, 2024 | 320 | 322 | 0.1 | |||||||||
New York City Transitional Fin. Auth., School Imps. Misc. Rev. Bonds, Series S-5 (St. Aid Withhldg. Insured), 5.00%, January 15, 2019 | 100 | 116 | — | |||||||||
New York City Trust for Cultural Ress. Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.35%, January 1, 20361 | 1,250 | 1,273 | 0.4 | |||||||||
New York State Dormitory Auth., College & Univ. Imps. Rev. Bonds, 4.00%, July 1, 2016 | 125 | 131 | — | |||||||||
New York State Dormitory Auth., Health Care Facs. Imps. Income Tax Rev. Bonds, Series A, 5.00%, February 15, 2016 | 500 | 531 | 0.2 | |||||||||
New York State Dormitory Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, October 1, 2017 | 1,000 | 1,125 | 0.3 | |||||||||
New York State Thruway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, May 1, 2019 | 2,500 | 2,895 | 0.8 | |||||||||
Public Housing Capital Fund Trust I Rev. Bonds (HUD Ln. Insured), 4.50%, July 1, 20222 | 611 | 639 | 0.2 | |||||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, June 1, 2017 | 1,850 | 2,059 | 0.6 | |||||||||
21,257 | 6.2 | |||||||||||
North Carolina - 1.2% | ||||||||||||
Board of Governors of the Univ. of North Carolina, College & Univ. Imps. Rev. Ref. Bonds, Series A (NATL-RE Insured), 5.00%, October 1, 2015 | 110 | 115 | — |
See Notes to Financial Statements
14 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
North Carolina - continued | ||||||||||||
City of Charlotte, Rev. Ref. Bonds, Series B, 5.00%, July 1, 2023 | $ | 400 | $ | 476 | 0.1 | % | ||||||
North Carolina Muni. Power Agcy. No. 1, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.25%, January 1, 2020 | 175 | 196 | 0.1 | |||||||||
Raleigh Durham Airport Auth., Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, May 1, 2019 | 2,500 | 2,907 | 0.9 | |||||||||
State of North Carolina, Highway Imps. Rev. Bonds, 5.00%, March 1, 2017 | 400 | 441 | 0.1 | |||||||||
4,135 | 1.2 | |||||||||||
North Dakota - 0.2% | ||||||||||||
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, 3.75%, July 1, 2042 | 515 | 559 | 0.2 | |||||||||
559 | 0.2 | |||||||||||
Ohio - 4.3% | ||||||||||||
City of Cleveland, Airport System Rev., Port, Airport & Marina Imps. Rev. Bonds, Series C (AGM Insured), 5.00%, January 1, 2017 | 1,250 | 1,361 | 0.4 | |||||||||
City of Cleveland, Airport System, Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, January 1, 2025 | 1,000 | 1,133 | 0.3 | |||||||||
County of Allen, Lease Rev. Ref. Bonds, Series B: | ||||||||||||
5.00%, September 1, 2018 | 1,000 | 1,145 | 0.3 | |||||||||
5.00%, September 1, 2019 | 2,000 | 2,317 | 0.7 | |||||||||
5.00%, September 1, 2020 | 1,030 | 1,205 | 0.4 | |||||||||
County of Warren, Health Care Facs. Rev. Ref. Bonds, 5.00%, July 1, 2020 | 200 | 230 | 0.1 | |||||||||
County of Warren, Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2021 | 1,220 | 1,407 | 0.4 | |||||||||
Miami University/Oxford, College & Univ. Imps. Rev. Bonds, 4.00%, September 1, 2019 | 800 | 896 | 0.3 | |||||||||
Ohio Air Quality Dev. Auth., Ind. Rev. Ref. Bonds (Mandatory Put 06/01/16 @ 100), 5.75%, June 1, 20331 | 1,000 | 1,067 | 0.3 | |||||||||
Ohio Air Quality Dev. Auth., Ind. Rev. Ref. Bonds, Series C, 5.625%, June 1, 2018 | 1,000 | 1,121 | 0.3 | |||||||||
Ohio Air Quality Dev. Auth., Res. Recovery Imps. Rev. Bonds, Series A, 5.70%, August 1, 2020 | 1,000 | 1,164 | 0.3 | |||||||||
Ohio State Building Auth., Rev. Ref. Bonds, Series A, 5.00%, October 1, 2017 | 1,500 | 1,695 | 0.5 | |||||||||
14,741 | 4.3 | |||||||||||
Oklahoma - 0.5% | ||||||||||||
Oklahoma Dev. Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, August 15, 2024 | 200 | 222 | 0.1 | |||||||||
Oklahoma Muni. Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A (Mandatory Put 08/01/18 @ 100), 0.85%, January 1, 20231 | 1,520 | 1,524 | 0.4 | |||||||||
1,746 | 0.5 | |||||||||||
Oregon - 0.8% | ||||||||||||
County of Gilliam, Res. Recovery Imps. Rev. Bonds, 1.50%, October 1, 2018 | 1,500 | 1,502 | 0.5 | |||||||||
Tri-County Metropolitan Trans. Dist., Transit Imps. Misc. Taxes Rev. Bonds, 4.00%, November 1, 2017 | 1,000 | 1,053 | 0.3 | |||||||||
2,555 | 0.8 | |||||||||||
Pennsylvania - 2.6% | ||||||||||||
Allegheny County Higher Edu. Building Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, March 1, 2022 | 400 | 473 | 0.1 |
See Notes to Financial Statements
15 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
Pennsylvania - continued | ||||||||||||
City of Philadelphia, Water Rev. Ref. Bonds, Series A, 5.00%, June 15, 2015 | $ | 3,000 | $ | 3,092 | 0.9 | % | ||||||
Pennsylvania Higher Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AMBAC Insured), 5.00%, August 15, 2015 | 200 | 208 | 0.1 | |||||||||
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds, 5.00%, June 15, 2017 | 1,500 | 1,673 | 0.5 | |||||||||
Pennsylvania Turnpike Commission, Highway Tolls Rev. Bonds, Series A, 0.73%, December 1, 20181 | 1,500 | 1,508 | 0.4 | |||||||||
Philadelphia School Dist., G.O. School Imps. Prop. Tax Rev. Bonds, Series A (St. Aid Withhldg. Insured), 5.00%, June 1, 2015 | 1,745 | 1,793 | 0.5 | |||||||||
Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.25%, September 15, 2024 | 200 | 234 | 0.1 | |||||||||
8,981 | 2.6 | |||||||||||
Puerto Rico - 0.8% | ||||||||||||
Commonwealth of Puerto Rico, G.O. Prop. Tax Rev. Ref. Bonds, 5.00%, July 1, 2023 | 500 | 382 | 0.1 | |||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||||||
3.00%, October 1, 2018 | 500 | 471 | 0.2 | |||||||||
5.00%, October 1, 2016 | 400 | 414 | 0.1 | |||||||||
5.00%, October 1, 2017 | 500 | 524 | 0.2 | |||||||||
5.00%, October 1, 2019 | 710 | 752 | 0.2 | |||||||||
2,543 | 0.8 | |||||||||||
South Carolina - 1.2% | ||||||||||||
South Carolina Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||||||
5.00%, August 1, 2018 | 1,025 | 1,124 | 0.3 | |||||||||
5.00%, November 1, 2020 | 500 | 587 | 0.2 | |||||||||
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA/FNMA/FHLMC Insured), 4.50%, July 1, 2030 | 870 | 950 | 0.3 | |||||||||
South Carolina State Public Service Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B, 5.00%, January 1, 2016 | 1,300 | 1,371 | 0.4 | |||||||||
4,032 | 1.2 | |||||||||||
South Dakota - 0.7% | ||||||||||||
South Dakota Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series E, 4.00%, May 1, 2044 | 2,300 | 2,539 | 0.7 | |||||||||
2,539 | 0.7 | |||||||||||
Tennessee - 1.2% | ||||||||||||
City of Memphis, Energy Res. Auth. Rev. Ref. Bonds: | ||||||||||||
5.00%, December 1, 2014 | 125 | 125 | — | |||||||||
5.00%, December 1, 2018 | 100 | 116 | — | |||||||||
Metropolitan Govt. Nashville & Davidson County Health & Educ. Facs. Board, College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 10/01/17 @ 100), 0.65%, October 1, 20381 | 1,400 | 1,406 | 0.4 | |||||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds: | ||||||||||||
4.00%, July 1, 2038 | 865 | 954 | 0.3 | |||||||||
4.50%, July 1, 2037 | 810 | 907 | 0.3 |
See Notes to Financial Statements
16 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
Tennessee - continued | ||||||||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds, Series A-1, 5.00%, January 1, 2027 | $ | 565 | $ | 603 | 0.2 | % | ||||||
4,111 | 1.2 | |||||||||||
Texas - 6.2% | ||||||||||||
City of Houston, Port, Airport & Marina Rev. Ref. Bonds, Series B (NATL-RE FGIC Insured), 5.00%, July 1, 2025 | 275 | 302 | 0.1 | |||||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 0.80%, May 15, 20341 | 1,400 | 1,406 | 0.4 | |||||||||
City of Houston, Water Rev. Ref. Bonds, Series C, 5.00%, November 15, 2018 | 1,500 | 1,739 | 0.5 | |||||||||
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, February 1, 2017 | 550 | 606 | 0.2 | |||||||||
County of Dallas, G.O. Public Imps. Prop. Tax Rev. Bonds, 5.00%, August 15, 2016 | 100 | 108 | — | |||||||||
Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series A: | ||||||||||||
3.00%, December 1, 2017 | 1,695 | 1,818 | 0.5 | |||||||||
4.00%, December 1, 2016 | 955 | 1,027 | 0.3 | |||||||||
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, November 1, 2023 | 100 | 109 | — | |||||||||
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, November 1, 2020 | 900 | 1,072 | 0.3 | |||||||||
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, November 1, 2020 | 1,000 | 1,191 | 0.4 | |||||||||
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series G, 5.00%, November 1, 2025 | 1,000 | 1,164 | 0.3 | |||||||||
Grand Parkway Trans. Corp., Highway Tolls Rev. Ref. Bonds, Series A, 3.00%, December 15, 2016 | 1,500 | 1,580 | 0.5 | |||||||||
Harris County Cultural Edu. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds: | ||||||||||||
5.00%, November 15, 2017 | 445 | 503 | 0.2 | |||||||||
5.00%, November 15, 2018 | 275 | 318 | 0.1 | |||||||||
Harris County Cultural Edu. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, November 15, 2023 | 125 | 145 | 0.1 | |||||||||
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.36%, July 1, 20311 | 200 | 200 | 0.1 | |||||||||
Houston Comm. College System, College & Univ. Imps. Rev. Ref. Bonds (AGM Insured), 5.25%, April 15, 2015 | 100 | 102 | — | |||||||||
Houston Higher Edu. Fin. Corp., College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 11/16/17 @ 100), 0.58%, May 15, 20481 | 850 | 853 | 0.3 | |||||||||
North Texas Tollway Auth., Highway Imps. Rev. Bonds, Series A (Escrowed to Maturity) (AGM Insured), 5.00%, January 1, 2015 | 100 | 101 | — | |||||||||
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 01/01/19 @ 100), 1.95%, January 1, 20381 | 1,325 | 1,352 | 0.4 | |||||||||
North Texas Tollway Auth., Misc. Rev. Ref. Bonds, Series A: | ||||||||||||
6.00%, January 1, 2019 | 100 | 115 | — | |||||||||
6.00%, January 1, 2021 | 100 | 114 | — | |||||||||
Olmos Park Higher Edu. Facs. Corp., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, December 1, 2019 | 980 | 1,140 | 0.3 | |||||||||
Sam Rayburn Muni. Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, 5.00%, October 1, 2020 | 1,180 | 1,379 | 0.4 | |||||||||
Tarrant County Cultural Educ. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds, 5.00%, August 15, 2023 | 350 | 385 | 0.1 | |||||||||
Texas Public Fin. Auth., Unemployment & Welfare Fndg. Misc. Rev. Bonds, Series A, 5.00%, January 1, 2016 | 1,500 | 1,584 | 0.5 |
See Notes to Financial Statements
17 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
Texas - continued | ||||||||||||
Texas Water Dev. Board, Water Util. Imps. Rev. Bonds, Series B, 5.25%, July 15, 2022 | $ | 600 | $ | 671 | 0.2 | % | ||||||
21,084 | 6.2 | |||||||||||
Virginia - 0.4% | ||||||||||||
City of Chesapeake, Chesapeake Expressway Toll Road Rev., Highway Tolls Rev. Ref. Bonds, Series A, 4.00%, July 15, 2019 | 850 | 918 | 0.2 | |||||||||
County of Fairfax, G.O. Prop. Tax Rev. Ref. Bonds, Series C (St. Aid Withhldg. Insured), 5.00%, October 1, 2017 | 200 | 226 | 0.1 | |||||||||
Fairfax County Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, October 1, 2015 | 275 | 283 | 0.1 | |||||||||
1,427 | 0.4 | |||||||||||
Washington - 3.6% | ||||||||||||
City of Seattle, Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B, 5.00%, February 1, 2015 | 2,000 | 2,024 | 0.6 | |||||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, July 1, 2022 | 15 | 16 | — | |||||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds (Pre-refunded with U.S. Govt Securities 07/01/16 @ 100), 5.00%, July 1, 2022 | 85 | 91 | — | |||||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, July 1, 2015 | 500 | 516 | 0.2 | |||||||||
5.00%, July 1, 2017 | 1,000 | 1,119 | 0.3 | |||||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, July 1, 2017 | 1,650 | 1,846 | 0.5 | |||||||||
Grays Harbor County Public Util. Dist. No. 1, Energy Res. Auth. Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.00%, July 1, 2020 | 155 | 166 | 0.1 | |||||||||
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, 5.00%, June 1, 2016 | 1,500 | 1,607 | 0.5 | |||||||||
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, Series A-1, 5.25%, May 1, 2027 | 100 | 114 | — | |||||||||
State of Washington, Highway Imps. Rev. Bonds, 5.00%, September 1, 2020 | 2,000 | 2,376 | 0.7 | |||||||||
Washington Health Care Facs. Auth., Health Care Facs. Imps. Rev. Bonds, Series B (Mandatory Put 10/01/21 @ 100), 5.00%, October 1, 20421 | 800 | 953 | 0.3 | |||||||||
Washington Health Care Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, October 1, 2020 | 1,100 | 1,295 | 0.4 | |||||||||
12,123 | 3.6 | |||||||||||
West Virginia - 0.7% | ||||||||||||
County of Mason, Ind. Imps. Rev. Bonds, Series L (Mandatory Put 10/01/18 @ 100), 1.625%, October 1, 20221 | 2,500 | 2,519 | 0.7 | |||||||||
2,519 | 0.7 | |||||||||||
Wisconsin - 1.1% | ||||||||||||
County of Milwaukee, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, December 1, 2018 | 1,145 | 1,302 | 0.4 | |||||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, August 15, 2018 | 100 | 112 | — | |||||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, October 15, 2017 | 1,200 | 1,348 | 0.4 |
See Notes to Financial Statements
18 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
Wisconsin - continued | ||||||||||||
WPPI Energy, Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, July 1, 2020 | $ | 800 | $ | 948 | 0.3 | % | ||||||
3,710 | 1.1 | |||||||||||
Total municipals | 329,514 | 96.6 | ||||||||||
Corporate bonds & notes - 0.1% | ||||||||||||
Electric - 0.1% | ||||||||||||
Southern California Edison Co., 1.125%, May 1, 2017 | 455 | 455 | 0.1 | |||||||||
455 | 0.1 | |||||||||||
Total corporate bonds & notes | 455 | 0.1 | ||||||||||
Total bonds & notes (cost: $318,165,000) | 329,969 | 96.7 | ||||||||||
Short-term securities - 3.4% | ||||||||||||
Athens-Clarke County Unified Govt. Dev. Auth., College & Univ. Imps. Rev. Bonds, 0.08%, July 1, 20351 | 1,100 | 1,100 | 0.3 | |||||||||
City of Minneapolis Saint Paul Housing & Redev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B-2, 0.07%, November 15, 20351 | 600 | 600 | 0.2 | |||||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series E2, 0.07%, August 1, 20201 | 1,000 | 1,000 | 0.3 | |||||||||
City of Valdez, Port, Airport & Marina Rev. Ref. Bonds, 0.08%, December 1, 20331 | 1,700 | 1,700 | 0.6 | |||||||||
Harris County Cultural Educ. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds, Sub-Series B-2, 0.07%, September 1, 20311 | 100 | 100 | — | |||||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series H, 0.08%, November 1, 20351 | 1,700 | 1,700 | 0.5 | |||||||||
Missouri State Health & Educ. Facs Auth., College & Univ. Imps. Rev. Bonds, Series A, 0.07%, February 15, 20341 | 3,100 | 3,100 | 0.9 | |||||||||
Montgomery County Public Building Auth., Public Imps. Misc. Rev. Bonds, 0.08%, July 1, 20381 | 680 | 680 | 0.2 | |||||||||
New Hampshire Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 0.07%, June 1, 20311 | 840 | 840 | 0.2 | |||||||||
New York City Trust for Cultural Ress., Rev. Ref. Bonds, Series A-1, 0.07%, December 1, 20351 | 700 | 700 | 0.2 | |||||||||
Total short-term securities (cost: $11,520,000) | 11,520 | 3.4 | ||||||||||
Total investment securities (cost: $329,685,000) | 341,489 | 100.1 | ||||||||||
Other assets less liabilities | (417 | ) | (0.1 | ) | ||||||||
Net assets | $ | 341,072 | 100.0 | % |
See Notes to Financial Statements
19 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
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 October 31, 2014, the aggregate market value of these securities amounted to $2,640,964, representing 0.77% of net assets. |
Key to abbreviations
Agcy. = Agency
AGM = Assured Guaranty Municipal Corporation
AMBAC = American Municipal Bond Assurance Corporation
Auth. = Authority
BAM = Build America Mutual Assurance Company
CA Mtg. Ins. = California Mortgage Insurance
Certs. of Part. = Certificates of Participation
CIFG = CDC IXIS Financial Guaranty
COLL = Collateral
Comm. = Community
Comms. = Communities
Corp. = Corporation
Corps. = Corporations
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Edu. = Education
Educ. = Educational
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
See Notes to Financial Statements
20 |
Capital Group Core Municipal Fund
Schedule of investments
October 31, 2014
Util. = Utility
Utils. = Utilities
Withhldg. = Withholding
See Notes to Financial Statements
21 |
Capital Group Short-Term Municipal Fund
October 31, 2014
Growth of $25,000 investment
Here’s how a $25,000 investment in Capital Group Short-Term Municipal Fund grew between April 13, 2010, when the fund began operations, and October 31, 2014, the end of the fund’s fiscal year.
1 | The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses. |
2 | Includes reinvested dividends and capital gain distributions. |
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.
Investment portfolio – quality ratings*
* | Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poor’s and/or Fitch as an indication of an Issuer’s credit-worthiness. If agency rating differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in “unrated” at left), the investment advisor performs it’s own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm. |
22 |
Capital Group Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - 88.9% | Principal amount (000) | Market value | Percent of net assets | |||||||||
Alabama - 1.3% | ||||||||||||
Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, May 1, 2015 | $ | 1,000 | $ | 1,024 | 0.7 | % | ||||||
Mobile Ind. Dev. Board, Ind. Imps. Rev. Bonds (Mandatory Put 03/19/15 @ 100), 5.00%, June 1, 20341 | 1,000 | 1,017 | 0.6 | |||||||||
2,041 | 1.3 | |||||||||||
Arizona - 0.8% | ||||||||||||
Arizona School Facs. Board, Certs of Part. Lease Ref. Bonds, Series A-1 (NATL-RE FGIC Insured), 5.00%, September 1, 2015 | 365 | 380 | 0.2 | |||||||||
Phoenix Civic Imp. Corp, Sewer Rev. Ref. Bonds, 5.00%, July 1, 2017 | 250 | 280 | 0.2 | |||||||||
Salt River Project Agricultural Imps. & Power Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 4.00%, December 1, 2017 | 550 | 607 | 0.4 | |||||||||
1,267 | 0.8 | |||||||||||
California - 9.3% | ||||||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100):1 | ||||||||||||
0.95%, April 1, 2045 | 1,500 | 1,503 | 1.0 | |||||||||
0.95%, April 1, 2047 | 550 | 551 | 0.4 | |||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds, Series B (Mandatory Put 04/02/18 @ 100), 1.50%, April 1, 20471 | 625 | 634 | 0.4 | |||||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, 4.00%, April 1, 2022 | 500 | 577 | 0.4 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, March 1, 2020 | 1,000 | 1,183 | 0.8 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/15/19 @ 100), 5.00%, July 1, 20431 | 1,000 | 1,183 | 0.8 | |||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.33%, April 1, 20381 | 500 | 500 | 0.3 | |||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series B1 (Mandatory Put 04/01/15 @ 100), 0.35%, October 1, 20471 | 300 | 300 | 0.2 | |||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series G, 4.00%, December 1, 2016 | 600 | 645 | 0.4 | |||||||||
California State Public Works Board, Lease Rev. Ref. Bonds, 4.00%, June 1, 2018 | 775 | 859 | 0.5 | |||||||||
Emeryville Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A, 5.00%, September 1, 2018 | 585 | 673 | 0.4 | |||||||||
Glendale Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (AGM Insured), 4.00%, December 1, 2019 | 200 | 225 | 0.1 | |||||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, June 1, 2019 | 1,000 | 1,171 | 0.7 | |||||||||
La Quinta Redev. Agcy. Successor Agcy., Tax Allocation, Ref. Bonds, 5.00%, September 1, 2020 | 600 | 717 | 0.5 | |||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2015 | 300 | 310 | 0.2 | |||||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, July 1, 2020 | 500 | 600 | 0.4 | |||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series G-2 (Mandatory Put 10/01/17 @ 100), 3.00%, July 1, 20371 | 750 | 794 | 0.5 | |||||||||
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, 5.00%, December 1, 2014 | 450 | 452 | 0.3 | |||||||||
San Diego County Regional Trans. Commission., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, April 1, 2018 | 150 | 172 | 0.1 | |||||||||
State of California Dept. of Water Ress. Power Supply, Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, May 1, 2020 | 200 | 241 | 0.2 |
See Notes to Financial Statements
23 |
Capital Group Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
California - continued | ||||||||||||
State of California, G.O. Public Imps. Misc. Rev. Bonds, 4.00%, September 1, 2018 | $ | 1,000 | $ | 1,117 | 0.7 | % | ||||||
14,407 | 9.3 | |||||||||||
Colorado - 2.4% | ||||||||||||
City & County of Denver, Port, Airport & Marina Imps. Rev. Bonds, Series C, 5.00%, November 15, 2016 | 400 | 438 | 0.3 | |||||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, January 1, 2015 | 1,000 | 1,008 | 0.7 | |||||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B (Mandatory Put 11/11/14 @ 100), 5.00%, July 1, 20391 | 1,000 | 1,001 | 0.6 | |||||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series C-2 (Mandatory Put 11/12/15 @ 100), 4.00%, October 1, 20401 | 500 | 519 | 0.3 | |||||||||
Colorado State Board of Governors, College & Univ. Rev. Ref. Bonds, Series A, 4.00%, March 1, 2018 | 525 | 579 | 0.4 | |||||||||
Univ. of Colorado., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, June 1, 2019 | 150 | 176 | 0.1 | |||||||||
3,721 | 2.4 | |||||||||||
Connecticut - 2.1% | ||||||||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Bonds, Sub-Series B-2 (FHA/INS/GTD Insured), 4.00%, November 15, 2032 | 490 | 536 | 0.4 | |||||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Bonds, Sub-Series C- 1, 4.00%, November 15, 2044 | 725 | 799 | 0.5 | |||||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, 4.00%, November 15, 2044 | 1,320 | 1,448 | 0.9 | |||||||||
State of Connecticut, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, April 1, 2015 | 425 | 434 | 0.3 | |||||||||
3,217 | 2.1 | |||||||||||
District of Columbia - 2.4% | ||||||||||||
Dist. of Columbia Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (AGM HUD Ln. Insured), 5.00%, July 1, 2016 | 100 | 103 | 0.1 | |||||||||
Dist. of Columbia, Income Tax Secured, Rev. Ref. Bonds, Series A, 5.00%, December 1, 2018 | 750 | 872 | 0.6 | |||||||||
Dist. of Columbia, Income Tax Secured, Rev. Ref. Bonds, Series E, 0.65%, December 1, 20151 | 1,000 | 1,003 | 0.6 | |||||||||
Dist. of Columbia, Water Util. Imps. Rev. Bonds (Mandatory Put 06/01/15 @ 100), 0.53%, October 1, 20441 | 600 | 600 | 0.4 | |||||||||
Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, October 1, 2015 | 1,100 | 1,138 | 0.7 | |||||||||
3,716 | 2.4 | |||||||||||
Florida - 6.8% | ||||||||||||
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, Series A-1, 5.00%, June 1, 2019 | 2,100 | 2,428 | 1.6 | |||||||||
City of Cape Coral, Water Rev. Ref. Bonds, 3.00%, October 1, 2017 | 600 | 627 | 0.4 | |||||||||
City of Tampa, Health Care Facs. Rev. Ref. Bonds, 5.00%, November 15, 2015 | 750 | 787 | 0.5 | |||||||||
City of Tampa, Sewer Imps. Prop. Tax Bonds, 4.00%, October 1, 2015 | 225 | 233 | 0.2 | |||||||||
City of Tampa, Water Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, October 1, 2016 | 1,250 | 1,360 | 0.9 |
See Notes to Financial Statements
24 |
Capital Group Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
Florida - continued | ||||||||||||
5.00%, October 1, 2017 | $ | 450 | $ | 507 | 0.3 | % | ||||||
County of Broward, Port, Airport & Marina Imps. Rev. Bonds, Series C, 5.00%, October 1, 2017 | 1,000 | 1,122 | 0.7 | |||||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA COLL Insured), 4.50%, July 1, 2029 | 455 | 491 | 0.3 | |||||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, January 1, 2029 | 260 | 281 | 0.2 | |||||||||
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A: | ||||||||||||
5.00%, July 1, 2015 | 1,450 | 1,497 | 1.0 | |||||||||
5.00%, July 1, 2016 | 190 | 204 | 0.1 | |||||||||
Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 4.00%, October 1, 2017 | 300 | 327 | 0.2 | |||||||||
Florida State Board of Edu., Misc. Rev. Ref. Bonds, Series E, 5.00%, July 1, 2015 | 675 | 697 | 0.4 | |||||||||
10,561 | 6.8 | |||||||||||
Georgia - 3.9% | ||||||||||||
Atlanta Dev. Auth., Loc. or GTD Housing Rev. Ref. Bonds, 5.00%, September 1, 2017 | 250 | 279 | 0.2 | |||||||||
City of Atlanta Dept., Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, January 1, 2019 | 95 | 111 | 0.1 | |||||||||
City of Atlanta, Water Rev. Ref. Bonds, Series B, 5.00%, November 1, 2019 | 1,000 | 1,178 | 0.8 | |||||||||
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, June 1, 2044 | 645 | 707 | 0.4 | |||||||||
Georgia State Road & Tollway Auth., Govt. Fndg. Grant Highway Imps. Rev. Bonds, Series A, 5.00%, June 1, 2019 | 1,155 | 1,348 | 0.9 | |||||||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds, Series A (Mandatory Put 07/01/17 @ 100), 0.35%, July 1, 20251 | 1,300 | 1,300 | 0.8 | |||||||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds, Series B (Mandatory Put 07/01/17 @ 100), 0.33%, July 1, 20251 | 1,000 | 1,000 | 0.6 | |||||||||
Muni. Electric Auth. of Georgia, Energy Res. Imps. Rev. Ref. Bonds, Series B, 5.00%, January 1, 2018 | 120 | 136 | 0.1 | |||||||||
6,059 | 3.9 | |||||||||||
Guam - 0.4% | ||||||||||||
Territory of Guam, Cash Flow Mgmt., Misc. Rev. Bonds, Series A, 5.00%, January 1, 2017 | 600 | 650 | 0.4 | |||||||||
650 | 0.4 | |||||||||||
Hawaii - 0.8% | ||||||||||||
State of Hawaii, G.O. Prop. Tax Ref. Bonds, Series DT, 5.00%, November 1, 2014 | 100 | 100 | 0.1 | |||||||||
State of Hawaii, G.O. Public Imps. Bonds, Series DZ, 5.00%, December 1, 2017 | 1,000 | 1,135 | 0.7 | |||||||||
1,235 | 0.8 | |||||||||||
Illinois - 7.2% | ||||||||||||
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, January 1, 2016 | 1,000 | 1,043 | 0.7 | |||||||||
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.25%, January 1, 2015 | 100 | 101 | 0.1 | |||||||||
City of Chicago, Sewer Imps. Rev. Bonds: | ||||||||||||
3.00%, January 1, 2017 | 325 | 342 | 0.2 |
See Notes to Financial Statements
25 |
Capital Group Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
Illinois - continued | ||||||||||||
5.00%, January 1, 2018 | $ | 200 | $ | 225 | 0.1 | % | ||||||
City of Chicago, Water Util. Imps. Rev. Bonds, 3.00%, November 1, 2019 | 700 | 744 | 0.5 | |||||||||
Greater Chicago Metropolitan Water Reclamation Dist., G.O. Sewer Imps. Prop. Tax Bonds, Series B, 5.00%, December 1, 2017 | 300 | 339 | 0.2 | |||||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, August 15, 2015 | 1,345 | 1,396 | 0.9 | |||||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-1 (Mandatory Put 01/15/20 @ 100), 5.00%, November 1, 20301 | 1,000 | 1,166 | 0.7 | |||||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, December 1, 2020 | 500 | 599 | 0.4 | |||||||||
5.50%, January 1, 2015 | 700 | 706 | 0.5 | |||||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, December 1, 2017 | 1,500 | 1,698 | 1.1 | |||||||||
Regional Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (AGM G.O. of Auth. Insured), 5.00%, June 1, 2015 | 1,000 | 1,029 | 0.7 | |||||||||
Regional Trans. Auth., Sales Tax Transit Imps. Rev. Bonds (NATL-RE G.O. of Auth. Insured), 6.25%, July 1, 2015 | 1,000 | 1,041 | 0.7 | |||||||||
State of Illinois, G.O. Public Imps. Misc. Rev. Bonds, 5.00%, July 1, 2017 | 625 | 686 | 0.4 | |||||||||
11,115 | 7.2 | |||||||||||
Indiana - 1.1% | ||||||||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series N, 5.00%, March 1, 2016 | 600 | 637 | 0.4 | |||||||||
Indiana Univ., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, June 1, 2018 | 500 | 574 | 0.4 | |||||||||
Purdue Univ., College & Univ. Rev. Ref. Bonds, Series C, 5.00%, July 1, 2017 | 405 | 453 | 0.3 | |||||||||
1,664 | 1.1 | |||||||||||
Kentucky - 0.8% | ||||||||||||
Kentucky Housing Corp., St. Single Family Housing Rev. Bonds, Series B, 5.00%, July 1, 2027 | 210 | 215 | 0.1 | |||||||||
Kentucky State Prop. & Building Commission, Lease Rev. Ref. Bonds, Series A, 4.00%, August 1, 2015 | 1,000 | 1,029 | 0.7 | |||||||||
1,244 | 0.8 | |||||||||||
Louisiana - 0.8% | ||||||||||||
Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA COLL Insured), 4.60%, December 1, 2028 | 1,175 | 1,274 | 0.8 | |||||||||
1,274 | 0.8 | |||||||||||
Maine - 0.5% | ||||||||||||
Maine Turnpike Auth., Highway Tolls Rev. Ref. Bonds, 5.00%, July 1, 2018 | 625 | 718 | 0.5 | |||||||||
718 | 0.5 | |||||||||||
Massachusetts - 2.8% | ||||||||||||
Commonwealth of Massachusetts, G.O. Public Imps. Prop. Tax Bonds, Series D-2 (Mandatory Put 08/01/17 @ 100), 0.35%, August 1, 20431 | 1,750 | 1,749 | 1.1 | |||||||||
Massachusetts Dev. Fin. Agcy., Health Care Facs. Imps. Rev. Bonds, Series K-6, 5.00%, July 1, 2016 | 600 | 647 | 0.4 | |||||||||
Massachusetts Dev. Fin. Agcy., Rev. Bonds, Series N (Mandatory Put 07/01/17 @ 100), 0.33%, July 1, 20411 | 500 | 499 | 0.3 | |||||||||
Massachusetts Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, November 15, 2014 | 100 | 100 | 0.1 |
See Notes to Financial Statements
26 |
Capital Group Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
Massachusetts - continued | ||||||||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, Series 171, 4.00%, December 1, 2044 | $ | 1,000 | $ | 1,094 | 0.7 | % | ||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series 169, 4.00%, December 1, 2044 | 250 | 274 | 0.2 | |||||||||
4,363 | 2.8 | |||||||||||
Michigan - 1.9% | ||||||||||||
Detroit City School Dist, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, May 1, 2018 | 1,000 | 1,119 | 0.7 | |||||||||
Michigan Fin. Auth., School Imps. Misc. Rev. Bonds, Series E, 2.85%, August 20, 2015 | 400 | 401 | 0.3 | |||||||||
Michigan State Univ., College & Univ. Rev. Ref. Bonds, Series C, 5.00%, August 15, 2015 | 1,000 | 1,038 | 0.7 | |||||||||
Wayne County Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, December 1, 2018 | 300 | 343 | 0.2 | |||||||||
2,901 | 1.9 | |||||||||||
Minnesota - 1.2% | ||||||||||||
Minneapolis-Saint Paul Metropolitan Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, January 1, 2017 | 500 | 549 | 0.4 | |||||||||
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.00%, July 1, 2040 | 285 | 302 | 0.2 | |||||||||
Univ. of Minnesota, College & Univ. Imps. Rev. Bonds, Series A, 5.00%, December 1, 2016 | 900 | 986 | 0.6 | |||||||||
1,837 | 1.2 | |||||||||||
Missouri - 0.6% | ||||||||||||
City of St Louis, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, July 1, 2017 | 330 | 367 | 0.2 | |||||||||
Missouri Housing Dev. Commission, Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.25%, November 1, 2030 | 515 | 560 | 0.4 | |||||||||
927 | 0.6 | |||||||||||
Nebraska - 1.8% | ||||||||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A: 3.00%, March 1, 2044 | 500 | 524 | 0.4 | |||||||||
4.00%, September 1, 2044 | 1,000 | 1,099 | 0.7 | |||||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 2.50%, September 1, 2034 | 485 | 503 | 0.3 | |||||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series E, 3.00%, September 1, 2043 | 610 | 642 | 0.4 | |||||||||
2,768 | 1.8 | |||||||||||
Nevada - 0.7% | ||||||||||||
County of Clark, Port, Airport & Marina Imps. Rev. Bonds, Series D: | ||||||||||||
5.00%, July 1, 2016 | 300 | 323 | 0.2 | |||||||||
5.00%, July 1, 2017 | 750 | 835 | 0.5 | |||||||||
1,158 | 0.7 |
See Notes to Financial Statements
27 |
Capital Group Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
New Hampshire - 0.4% | ||||||||||||
New Hampshire State Turnpike System, Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, February 1, 2018 | $ | 600 | $ | 680 | 0.4 | % | ||||||
680 | 0.4 | |||||||||||
New Jersey - 7.0% | ||||||||||||
Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, November 1, 2018 | 550 | 638 | 0.4 | |||||||||
New Jersey Econ. Dev. Auth., Lease Rev. Ref. Bonds, Series PP, 5.00%, June 15, 2019 | 750 | 851 | 0.6 | |||||||||
New Jersey Econ. Dev. Auth., Misc. Rev. Ref. Bonds, Series DD-1, 5.00%, December 15, 2016 | 1,000 | 1,087 | 0.7 | |||||||||
New Jersey Econ. Dev. Auth., School Imps. Misc. Rev. Bonds, 0.63%, February 1, 20151 | 525 | 525 | 0.3 | |||||||||
New Jersey Econ. Dev. Auth., School Imps. Rev. Bonds, 0.95%, February 1, 20171 | 1,000 | 1,002 | 0.6 | |||||||||
New Jersey Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2017 | 600 | 672 | 0.4 | |||||||||
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Bonds, Series 2, 5.00%, December 1, 2014 | 1,000 | 1,004 | 0.6 | |||||||||
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Ref. Bonds, Series 1A, 5.00%, December 1, 2015 | 500 | 526 | 0.3 | |||||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/18 @ 100), 0.73%, January 1, 20241 | 250 | 251 | 0.2 | |||||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series E (Mandatory Put 01/01/18 @ 100), 0.73%, January 1, 20241 | 500 | 502 | 0.3 | |||||||||
New Jersey Trans. Trust Fund Auth., Transit Rev. Ref. Bonds, Series A (AMBAC Insured), 5.50%, December 15, 2015 | 1,000 | 1,057 | 0.7 | |||||||||
New Jersey Transit Corp., Transit Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, September 15, 2018 | 750 | 850 | 0.6 | |||||||||
5.00%, September 15, 2019 | 1,500 | 1,717 | 1.1 | |||||||||
Rutgers The State University of New Jersey, College & Univ. Rev. Ref. Bonds, Series J, 5.00%, May 1, 2019 | 225 | 263 | 0.2 | |||||||||
10,945 | 7.0 | |||||||||||
New Mexico - 0.1% | ||||||||||||
New Mexico Educ. Assistance Foundation, Rev. Bonds, Series A-2 (GTD St. Lns. Insured), 0.884%, December 1, 20281 | 155 | 154 | 0.1 | |||||||||
154 | 0.1 | |||||||||||
New York - 6.1% | ||||||||||||
City of New York Transitional Fin. Auth., Income Tax Rev. Ref. Bonds, 5.00%, November 1, 2019 | 750 | 885 | 0.6 | |||||||||
City of New York Transitional Fin. Auth., Income Tax Rev. Ref. Bonds, Sub-Series A-1, 5.00%, November 1, 2016 | 1,000 | 1,093 | 0.7 | |||||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series J-4, 0.60%, August 1, 20251 | 1,000 | 1,000 | 0.6 | |||||||||
Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B-3B, 0.95%, November 1, 20181 | 1,000 | 1,005 | 0.6 | |||||||||
Metropolitan Trans. Auth., Transit Imps. Rev. Bonds, Series C, 5.00%, November 15, 2020 | 850 | 1,010 | 0.6 | |||||||||
New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, February 15, 2016 | 400 | 424 | 0.3 |
See Notes to Financial Statements
28 |
Capital Group Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
New York - continued | ||||||||||||
New York City Transitional Fin. Auth. Building Aid Rev., School Imps. Misc. Rev. Bonds, Sub-Series S-1A (St. Aid Withhldg. Insured), 5.00%, July 15, 2017 | $ | 500 | $ | 558 | 0.4 | % | ||||||
New York City Trust for Cultural Ress. Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.35%, January 1, 20361 | 500 | 509 | 0.3 | |||||||||
New York State Thruway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, May 1, 2019 | 300 | 347 | 0.2 | |||||||||
Public Housing Capital Fund Trust I Rev. Bonds (HUD Ln. Insured), 4.50%, July 1, 20222 | 285 | 298 | 0.2 | |||||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, June 1, 2015 | 1,325 | 1,363 | 0.9 | |||||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series B, 5.00%, June 1, 2019 | 1,000 | 1,027 | 0.7 | |||||||||
9,519 | 6.1 | |||||||||||
North Dakota - 0.1% | ||||||||||||
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, 3.75%, July 1, 2042 | 220 | 239 | 0.1 | |||||||||
239 | 0.1 | |||||||||||
Ohio - 2.5% | ||||||||||||
City of Cleveland, Airport System Rev., Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, January 1, 2016 | 1,660 | 1,747 | 1.1 | |||||||||
City of Cleveland, Airport System Rev., Port, Airport & Marina Rev. Ref. Bonds, Series C (Assured GTY Insured), 5.00%, January 1, 2017 | 750 | 817 | 0.5 | |||||||||
County of Allen, Health Care Facs. Imps., Rev. Ref. Bonds, Series B, 5.00%, September 1, 2015 | 500 | 519 | 0.3 | |||||||||
County of Warren, Health Care Facs. Rev. Ref. Bonds, 4.00%, July 1, 2018 | 220 | 240 | 0.2 | |||||||||
Ohio Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.50%, November 1, 2028 | 525 | 571 | 0.4 | |||||||||
3,894 | 2.5 | |||||||||||
Oklahoma - 0.2% | ||||||||||||
Oklahoma City Water Utils. Trust, Water Rev. Ref. Bonds, 3.00%, July 1, 2015 | 125 | 127 | 0.1 | |||||||||
Stillwater Utilis. Auth., Power Plants (Non Nuclear) Multiple Util. Rev. Ref. Bonds, Series A, 4.00%, October 1, 2019 | 150 | 170 | 0.1 | |||||||||
297 | 0.2 | |||||||||||
Oregon - 2.3% | ||||||||||||
County of Gilliam, Res. Recovery Imps. Rev. Bonds, 1.50%, October 1, 2018 | 1,000 | 1,001 | 0.6 | |||||||||
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 09/15/18 @ 100), 1.05%, October 1, 20221 | 2,225 | 2,236 | 1.4 | |||||||||
Tri-County Metropolitan Trans. Dist., Transit Imps. Misc. Taxes Rev. Bonds, 4.00%, November 1, 2017 | 400 | 421 | 0.3 | |||||||||
3,658 | 2.3 | |||||||||||
Pennsylvania - 1.2% | ||||||||||||
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds, 5.00%, June 15, 2015 | 750 | 773 | 0.5 | |||||||||
Philadelphia School Dist., G.O. School Imps. Prop. Tax Rev. Bonds, Series A (St. Aid Withhldg. Insured), 5.00%, June 1, 2015 | 1,000 | 1,027 | 0.7 | |||||||||
1,800 | 1.2 |
See Notes to Financial Statements
29 |
Capital Group Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
Puerto Rico - 0.6% | ||||||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, October 1, 2018 | $ | 350 | $ | 369 | 0.2 | % | ||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||||||
5.00%, October 1, 2016 | 250 | 259 | 0.2 | |||||||||
5.00%, October 1, 2017 | 250 | 262 | 0.2 | |||||||||
890 | 0.6 | |||||||||||
South Carolina - 0.7% | ||||||||||||
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA/FNMA/FHLMC Insured), 4.50%, July 1, 2030 | 520 | 568 | 0.4 | |||||||||
South Carolina State Public Service Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B, 5.00%, January 1, 2015 | 450 | 454 | 0.3 | |||||||||
1,022 | 0.7 | |||||||||||
South Dakota - 0.3% | ||||||||||||
South Dakota Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series E, 4.00%, May 1, 2044 | 425 | 469 | 0.3 | |||||||||
469 | 0.3 | |||||||||||
Tennessee - 1.8% | ||||||||||||
City of Memphis, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, December 1, 2014 | 100 | 101 | 0.1 | |||||||||
Metropolitan Govt. Nashville & Davidson County Health & Educ. Facs. Board, College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 10/01/17 @ 100), 0.65%, October 1, 20381 | 700 | 703 | 0.4 | |||||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds: | ||||||||||||
4.00%, July 1, 2038 | 430 | 474 | 0.3 | |||||||||
4.00%, January 1, 2045 | 950 | 1,047 | 0.7 | |||||||||
4.50%, July 1, 2037 | 405 | 453 | 0.3 | |||||||||
2,778 | 1.8 | |||||||||||
Texas - 6.4% | ||||||||||||
City of Houston, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, March 1, 2016 | 1,000 | 1,063 | 0.7 | |||||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 0.80%, May 15, 20341 | 600 | 603 | 0.4 | |||||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 08/01/16 @ 100), 0.65%, May 15, 20341 | 1,000 | 1,004 | 0.6 | |||||||||
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, February 1, 2017 | 500 | 551 | 0.4 | |||||||||
County of Harris, Highway Tolls Rev. Ref. Bonds, Series B (Mandatory Put 08/15/15 @ 100), 0.64%, August 15, 20211 | 1,000 | 1,002 | 0.6 | |||||||||
Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series A, 4.00%, December 1, 2016 | 100 | 108 | 0.1 | |||||||||
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, November 1, 2018 | 200 | 231 | 0.2 | |||||||||
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, November 1, 2019 | 500 | 586 | 0.4 | |||||||||
Grand Parkway Trans. Corp., Highway Tolls Rev. Ref. Bonds, Series A, 3.00%, December 15, 2016 | 350 | 369 | 0.2 | |||||||||
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.36%, July 1, 20311 | 200 | 200 | 0.1 |
See Notes to Financial Statements
30 |
Capital Group Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
Texas - continued | ||||||||||||
Houston Higher Edu. Finance Corp., Charter Sch. Aid, Rev. Ref. Bonds, Series A (PSF-GTD Insured), 5.00%, February 15, 2018 | $ | 455 | $ | 516 | 0.3 | % | ||||||
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 01/01/19 @ 100), 1.95%, January 1, 20381 | 600 | 612 | 0.4 | |||||||||
Olmos Park Higher Edu. Facs. Corp., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, December 1, 2019 | 400 | 465 | 0.3 | |||||||||
Texas A&M University, College & Univ. Imps. Rev. Ref. Bonds, 3.00%, July 1, 2016 | 325 | 340 | 0.2 | |||||||||
Texas Dept. of Housing & Comm. Affairs, Loc. or GTD Housing Rev. Bonds, Series A (GNMA COLL Insured), 5.00%, July 1, 2029 | 310 | 334 | 0.2 | |||||||||
Texas State Univ. Systems, College & Univ. Imps. Rev. Ref. Bonds, 5.00%, March 15, 2015 | 715 | 728 | 0.5 | |||||||||
Texas Tech Univ., College & Univ. Rev. Ref. Bonds, Series A, 3.00%, August 15, 2016 | 500 | 523 | 0.3 | |||||||||
Texas Trans. Commission State Highway Fund, Highway Imps. Fuel Sales Tax Rev. Bonds, Series B (Mandatory Put 04/01/17 @ 100), 0.40%, April 1, 20321 | 500 | 501 | 0.3 | |||||||||
Texas Water Dev. Board, Water Rev. Ref. Bonds, 5.00%, July 15, 2015 | 225 | 233 | 0.2 | |||||||||
9,969 | 6.4 | |||||||||||
Virginia - 1.2% | ||||||||||||
Virginia Commonwealth Trans. Board, Govt. Fndg. Grant Transit Imps. Rev. Bonds: | ||||||||||||
5.00%, September 15, 2019 | 600 | 708 | 0.4 | |||||||||
5.00%, March 15, 2020 | 1,000 | 1,188 | 0.8 | |||||||||
1,896 | 1.2 | |||||||||||
Washington - 6.2% | ||||||||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series A: 4.00%, July 1, 2015 | 500 | 513 | 0.3 | |||||||||
5.00%, July 1, 2015 | 1,250 | 1,291 | 0.8 | |||||||||
Grant County Public Util. Dist. No. 2, Energy Res. Auth. Rev. Ref. Bonds, Series A, 3.00%, January 1, 2017 | 300 | 316 | 0.2 | |||||||||
Grant County Public Util. Dist. No. 2, Energy Res. Auth. Rev. Ref. Bonds, Series I, 5.00%, January 1, 2016 | 1,000 | 1,055 | 0.7 | |||||||||
Port of Seattle, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, August 1, 2018 | 600 | 687 | 0.4 | |||||||||
Snohomish County Public Util. Dist. No. 1, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, December 1, 2015 | 1,000 | 1,053 | 0.7 | |||||||||
State of Washington, G.O. Prop. Tax Ref. Bonds, Series R-2006A (AMBAC Insured), 5.00%, July 1, 2015 | 500 | 516 | 0.3 | |||||||||
State of Washington, G.O. Prop. Tax Ref. Bonds, Series R-2012A, 5.00%, July 1, 2016 | 1,000 | 1,078 | 0.7 | |||||||||
State of Washington, Highway Imps. Rev. Bonds: | ||||||||||||
5.00%, September 1, 2018 | 1,500 | 1,725 | 1.1 | |||||||||
5.00%, September 1, 2019 | 900 | 1,056 | 0.7 | |||||||||
Washington St. Housing Fin. Commission, Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 4.50%, April 1, 2029 | 370 | 396 | 0.3 | |||||||||
9,686 | 6.2 |
See Notes to Financial Statements
31 |
Capital Group Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
West Virginia - 1.1% | ||||||||||||
West Virginia Univ., College & Univ. Rev. Ref. Bonds (Mandatory Put 10/01/19 @ 100), 0.58%, October 1, 20411 | $ | 1,750 | $ | 1,751 | 1.1 | % | ||||||
1,751 | 1.1 | |||||||||||
Wisconsin - 1.1% | ||||||||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 05/30/19 @ 100), 4.00%, November 15, 20431 | 1,000 | 1,120 | 0.7 | |||||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 3.00%, October 15, 2016 | 500 | 522 | 0.4 | |||||||||
1,642 | 1.1 | |||||||||||
Total bonds & notes (cost: $136,197,000) | 138,132 | 88.9 | ||||||||||
Short-term securities - 12.2% | ||||||||||||
Charlotte-Mecklenburg Hospital Auth., Health Care Facs. Rev. Ref. Bonds, Series H, 0.07%, January 15, 20451 | 785 | 785 | 0.5 | |||||||||
City of Minneapolis Saint Paul Housing & Redev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B-2, 0.07%, November 15, 20351 | 400 | 400 | 0.3 | |||||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series E2, 0.07%, August 1, 20201 | 400 | 400 | 0.3 | |||||||||
City of Valdez, Port, Airport & Marina Rev. Ref. Bonds, 0.08%, December 1, 20331 | 2,500 | 2,500 | 1.6 | |||||||||
County of Montgomery, G.O. Prop. Tax Ref. Notes, Series A, 0.06%, June 1, 20261 | 700 | 700 | 0.4 | |||||||||
County of Uinta, Ind. Rev. Ref. Bonds, 0.07%, August 15, 20201 | 600 | 600 | 0.4 | |||||||||
Harris County Cultural Educ. Facs. Fin. Corp. Rev. Ref. Bonds, Series B-1, 0.07%, September 1, 20311 | 1,270 | 1,270 | 0.8 | |||||||||
Harris County Cultural Educ. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds, | ||||||||||||
Sub-Series B-2, 0.07%, September 1, 20311 | 500 | 500 | 0.3 | |||||||||
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, 0.07%, August 1, 20441 | 1,000 | 1,000 | 0.6 | |||||||||
Kentucky Econ. Dev. Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series B-2, 0.07%, August 15, 20381 | 1,100 | 1,100 | 0.7 | |||||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series C, 0.07%, December 1, 20301 | 1,200 | 1,200 | 0.8 | |||||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series E, 0.08%, December 1, 20301 | 500 | 500 | 0.3 | |||||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series F, 0.08%, December 1, 20301 | 700 | 700 | 0.5 | |||||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series H, 0.08%, November 1, 20351 | 200 | 200 | 0.1 | |||||||||
Missouri State Health & Educ. Facs Auth., College & Univ. Imps. Rev. Bonds, Series A, 0.07%, February 15, 20341 | 1,400 | 1,400 | 0.9 | |||||||||
New Hampshire Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 0.07%, June 1, 20311 | 2,425 | 2,425 | 1.6 | |||||||||
New York City Trust for Cultural Ress., Rev. Ref. Bonds, Series A-1, 0.07%, December 1, 20351 | 1,280 | 1,280 | 0.8 | |||||||||
Sarasota County Public Hospital Dist., Health Care Facs. Rev. Ref. Bonds, 0.07%, July 1, 20371 | 2,000 | 2,000 | 1.3 | |||||||||
Total short-term securities (cost: $18,960,000) | 18,960 | 12.2 |
See Notes to Financial Statements
32 |
Capital Group Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Total investment securities (cost: $155,157,000) | 157,092 | 101.1 | ||||||
Other assets less liabilities | (1,749 | ) | (1.1 | ) | ||||
Net assets | $ | 155,343 | 100.0 | % |
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 October 31, 2014, the aggregate market value of these securities amounted to $298,349, representing 0.19% 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
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
See Notes to Financial Statements
33 |
Capital Group Short-Term Municipal Fund
Schedule of investments
October 31, 2014
No. = Number
Prop. = Property
PSF = Permanent School Fund
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
34 |
Capital Group California Core Municipal Fund
October 31, 2014
Growth of $25,000 investment
Here’s how a $25,000 investment in Capital Group California Core Municipal Fund grew between April 13, 2010, when the fund began operations, and October 31, 2014, the end of the fund’s fiscal year.
1 | The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses. |
2 | Includes reinvested dividends and capital gain distributions. |
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.
Investment portfolio – quality ratings*
* | Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poor’s and/or Fitch as an indication of an Issuer’s credit-worthiness. If agency rating differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in “unrated” at left), the investment advisor performs it’s own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm. |
35 |
Capital Group California Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - 91.4% | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - 86.6% | ||||||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds: | ||||||||||||
5.00%, July 1, 2020 | $ | 1,000 | $ | 1,142 | 0.4 | % | ||||||
5.00%, November 15, 2020 | 715 | 802 | 0.3 | |||||||||
5.00%, November 15, 2021 | 495 | 554 | 0.2 | |||||||||
5.00%, November 15, 2022 | 1,000 | 1,118 | 0.4 | |||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.): | ||||||||||||
4.00%, May 15, 2016 | 1,500 | 1,504 | 0.5 | |||||||||
5.125%, September 1, 2020 | 1,500 | 1,684 | 0.6 | |||||||||
5.25%, May 15, 2020 | 1,000 | 1,119 | 0.4 | |||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A (CA Mtg. Ins.): | ||||||||||||
5.00%, April 1, 2019 | 400 | 463 | 0.2 | |||||||||
5.00%, April 1, 2020 | 550 | 647 | 0.2 | |||||||||
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured): | ||||||||||||
5.00%, September 2, 2021 | 600 | 652 | 0.2 | |||||||||
5.00%, September 2, 2022 | 225 | 242 | 0.1 | |||||||||
Abag Fin. Auth. for Nonprofit Corps., Special Tax Ref. Bonds: | ||||||||||||
5.00%, September 2, 2023 | 375 | 451 | 0.2 | |||||||||
5.00%, September 2, 2024 | 400 | 483 | 0.2 | |||||||||
5.00%, September 2, 2025 | 515 | 616 | 0.2 | |||||||||
Alameda Corridor Trans. Auth., Port, Airport & Marina. Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, October 1, 2021 | 1,250 | 1,505 | 0.5 | |||||||||
5.00%, October 1, 2022 | 975 | 1,181 | 0.4 | |||||||||
Alameda County Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, 4.00%, March 1, 2019 | 875 | 991 | 0.4 | |||||||||
Aliso Viejo Comm. Fac. Dist., Special Tax Ref. Bonds: | ||||||||||||
5.00%, September 1, 2024 | 455 | 535 | 0.2 | |||||||||
5.00%, September 1, 2025 | 425 | 495 | 0.2 | |||||||||
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, October 1, 2017 | 575 | 620 | 0.2 | |||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 04/01/24 @ 100), 1.15%, April 1, 20451 | 3,700 | 3,775 | 1.4 | |||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100), 0.95%, April 1, 20451 | 2,800 | 2,806 | 1.0 | |||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.45%, April 1, 20451 | 1,500 | 1,521 | 0.6 | |||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds, Series B (Mandatory Put 04/02/18 @ 100), 1.50%, April 1, 20471 | 650 | 659 | 0.2 | |||||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F-1, 5.00%, April 1, 2021 | 100 | 117 | — | |||||||||
Bay Area Water Supply & Conservation Agcy., Water Util. Imps. Rev. Bonds, Series A, 5.00%, October 1, 2023 | 500 | 619 | 0.2 | |||||||||
Bonita Canyon Public Facs. Fncg. Auth., Special Tax Ref. Bonds: | ||||||||||||
4.00%, September 1, 2021 | 700 | 724 | 0.3 | |||||||||
5.00%, September 1, 2026 | 500 | 518 | 0.2 | |||||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds: | ||||||||||||
5.00%, April 1, 2019 | 950 | 1,099 | 0.4 | |||||||||
5.00%, February 1, 2021 | 550 | 647 | 0.2 | |||||||||
5.00%, October 1, 2021 | 700 | 846 | 0.3 | |||||||||
5.00%, November 1, 2021 | 525 | 548 | 0.2 | |||||||||
5.50%, April 1, 2029 | 300 | 350 | 0.1 |
See Notes to Financial Statements
36 |
Capital Group California Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%,January 1, 2018 | $ | 125 | $ | 142 | 0.1 | % | ||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, October 1, 2015 | 625 | 652 | 0.2 | |||||||||
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, 5.00%, September 1, 2020 | 165 | 198 | 0.1 | |||||||||
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A: | ||||||||||||
4.00%, November 1, 2021 | 560 | 628 | 0.2 | |||||||||
4.00%, November 1, 2022 | 500 | 553 | 0.2 | |||||||||
4.50%, November 1, 2017 | 335 | 371 | 0.1 | |||||||||
5.00%, January 1, 2024 | 100 | 116 | — | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds: | ||||||||||||
4.00%, August 15, 2016 | 710 | 751 | 0.3 | |||||||||
5.00%, August 15, 2018 | 1,100 | 1,270 | 0.5 | |||||||||
5.00%, August 15, 2025 | 400 | 489 | 0.2 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series A: | ||||||||||||
5.00%, October 1, 2018 | 275 | 318 | 0.1 | |||||||||
5.00%, October 1, 2022 | 770 | 890 | 0.3 | |||||||||
5.00%, November 15, 2024 | 150 | 174 | 0.1 | |||||||||
5.00%, November 15, 2025 | 375 | 433 | 0.2 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series D, 5.00%, August 15, 2020 | 1,325 | 1,591 | 0.6 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series G, 5.50%, July 1, 2025 | 100 | 114 | — | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series I (Pre-refunded with St. & Loc. Govt. Series to 07/01/15 @ 100), 5.125%, July 1, 2022 | 525 | 542 | 0.2 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 5.00%, January 1, 2020 | 1,005 | 1,180 | 0.4 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, October 1, 2019 | 525 | 618 | 0.2 | |||||||||
5.00%, November 15, 2019 | 1,350 | 1,605 | 0.6 | |||||||||
5.00%, March 1, 2020 | 1,675 | 1,974 | 0.7 | |||||||||
5.00%, November 15, 2020 | 500 | 602 | 0.2 | |||||||||
5.00%, November 15, 2021 | 350 | 420 | 0.2 | |||||||||
5.00%, March 1, 2023 | 1,000 | 1,189 | 0.4 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series B: | ||||||||||||
4.00%, August 15, 2019 | 400 | 455 | 0.2 | |||||||||
5.00%, August 15, 2020 | 300 | 360 | 0.1 | |||||||||
5.00%, November 15, 2021 | 1,000 | 1,046 | 0.4 | |||||||||
5.375%, July 1, 2021 | 1,500 | 1,506 | 0.5 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/15/19 @ 100), 5.00%, July 1, 20431 | 1,750 | 2,070 | 0.7 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Pre-refunded with U.S. Treasury Obligations to 10/01/18 @ 100), 6.25%, October 1, 2028 | 200 | 242 | 0.1 | |||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/16 @ 100), 0.33%, October 1, 20471 | 1,000 | 1,000 | 0.4 | |||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.33%, April 1, 20381 | 2,500 | 2,500 | 0.9 | |||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series B1 (Mandatory Put 04/01/15 @ 100), 0.35%, October 1, 20471 | 1,800 | 1,800 | 0.6 |
See Notes to Financial Statements
37 |
Capital Group California Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
California Infrastructure & Econ. Dev. Bank, Public Imps. Misc. Rev. Bonds: | ||||||||||||
4.50%, October 1, 2025 | $ | 100 | $ | 109 | — | % | ||||||
4.50%, October 1, 2026 | 100 | 108 | — | |||||||||
California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds: | ||||||||||||
5.00%, February 1, 2018 | 100 | 112 | — | |||||||||
5.00%, February 1, 2019 | 100 | 111 | — | |||||||||
California Muni. Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, October 1, 2022 | 160 | 186 | 0.1 | |||||||||
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, 5.625%, October 1, 2023 | 465 | 520 | 0.2 | |||||||||
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, Series B, 4.00%, October 1, 2017 | 150 | 164 | 0.1 | |||||||||
California Muni. Fin. Auth., Res. Recovery Imps. Rev. Bonds, Series A, 1.55%, February 1, 2019 | 1,500 | 1,510 | 0.5 | |||||||||
California Muni., Fin., Auth., Loc. or GTD Housing Rev. Bonds, 5.00%, August 15, 2030 | 1,000 | 1,126 | 0.4 | |||||||||
California State Dept. of Veterans Affairs, Loc. or GTD Housing Rev. Ref. Bonds, Series A, 2.75%, December 1, 2020 | 750 | 800 | 0.3 | |||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G-11: | ||||||||||||
4.875%, May 1, 2018 | 200 | 229 | 0.1 | |||||||||
5.00%, May 1, 2018 | 2,000 | 2,296 | 0.8 | |||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 5.00%, May 1, 2017 | 100 | 111 | — | |||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series K, 5.00%, May 1, 2018 | 225 | 258 | 0.1 | |||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, May 1, 2021 | 200 | 240 | 0.1 | |||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, May 1, 2018 | 1,250 | 1,435 | 0.5 | |||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, 5.00%, May 1, 2021 | 100 | 115 | — | |||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE: | ||||||||||||
4.50%, December 1, 2016 | 525 | 570 | 0.2 | |||||||||
5.00%, December 1, 2022 | 1,010 | 1,164 | 0.4 | |||||||||
5.00%, December 1, 2023 | 200 | 230 | 0.1 | |||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds (Pre-refunded with U.S. Treasury Obligations to 04/01/15 @ 100, 5.00%, April 1, 2020 | 200 | 204 | 0.1 | |||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B, 5.00%, October 1, 2017 | 300 | 337 | 0.1 | |||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 5.00%, March 1, 2018 | 1,350 | 1,532 | 0.6 | |||||||||
California State Public Works Board, Health Care Facs. Imps. Lease Rev. Bonds, Series E, 5.00%, April 1, 2015 | 1,315 | 1,342 | 0.5 | |||||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, June 1, 2015 | 200 | 206 | 0.1 | |||||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series H, 5.00%,June 1, 2023 | 600 | 729 | 0.3 | |||||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, November 1, 2018 | 750 | 873 | 0.3 | |||||||||
5.00%, November 1, 2023 | 250 | 311 | 0.1 | |||||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series C (NATL-RE Insured), 5.00%, November 1, 2021 | 955 | 1,000 | 0.4 |
See Notes to Financial Statements
38 |
Capital Group California Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
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%, November 1, 2021 | $ | 1,645 | $ | 1,723 | 0.6 | % | ||||||
California Statewide Comms. Dev. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, May 15, 2019 | 1,000 | 1,134 | 0.4 | |||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, 4.625%, July 1, 2021 | 100 | 111 | — | |||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, April 1, 2019 | 600 | 701 | 0.3 | |||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, July 1, 2016 | 1,100 | 1,186 | 0.4 | |||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds, 2.10%, October 1, 2019 | 2,000 | 2,001 | 0.7 | |||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds (CA Mtg. Ins.): | ||||||||||||
2.50%, August 1, 2020 | 700 | 718 | 0.3 | |||||||||
3.00%, August 1, 2021 | 600 | 616 | 0.2 | |||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||||||
5.00%, July 1, 2016 | 100 | 103 | — | |||||||||
5.00%, May 15, 2019 | 600 | 692 | 0.3 | |||||||||
5.00%, November 1, 2019 | 1,000 | 1,169 | 0.4 | |||||||||
5.00%, May 15, 2024 | 300 | 345 | 0.1 | |||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AGM Insured), 5.00%, October 1, 2023 | 500 | 577 | 0.2 | |||||||||
Carson Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, October 1, 2021 | 1,625 | 1,936 | 0.7 | |||||||||
Cathedral City Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, August 1, 2023 | 745 | 899 | 0.3 | |||||||||
Cathedral City Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, August 1, 2024 | 260 | 316 | 0.1 | |||||||||
Cerritos Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds, Series A (AMBAC Insured): | ||||||||||||
5.00%, November 1, 2019 | 2,000 | 2,233 | 0.8 | |||||||||
5.00%, November 1, 2024 | 600 | 648 | 0.2 | |||||||||
Chino Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured): | ||||||||||||
5.00%, September 1, 2020 | 1,000 | 1,190 | 0.4 | |||||||||
5.00%, September 1, 2022 | 450 | 541 | 0.2 | |||||||||
5.00%, September 1, 2025 | 665 | 795 | 0.3 | |||||||||
Chula Vista Muni. Fncg. Auth., Special Tax Ref. Bonds: | ||||||||||||
5.00%, September 1, 2021 | 500 | 588 | 0.2 | |||||||||
5.00%, September 1, 2022 | 1,400 | 1,653 | 0.6 | |||||||||
City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds, 5.00%, June 15, 2020 | 1,350 | 1,627 | 0.6 | |||||||||
City & County of San Francisco, Sewer Rev. Ref. Bonds, Series A, 5.00%, October 1, 2020 | 750 | 906 | 0.3 | |||||||||
City of Carlsbad California, Special Assessment Ref. Bonds: | ||||||||||||
3.00%, September 2, 2018 | 325 | 339 | 0.1 | |||||||||
3.15%, September 2, 2021 | 570 | 590 | 0.2 | |||||||||
3.55%, September 2, 2023 | 350 | 366 | 0.1 | |||||||||
City of Chula Vista, Energy Res. Auth. Rev. Ref. Bonds, Series A, 1.65%, July 1, 2018 | 1,150 | 1,158 | 0.4 | |||||||||
City of Fontana California, Special Tax Ref. Bonds, 5.00%, September 1, 2023 | 535 | 624 | 0.2 |
See Notes to Financial Statements
39 |
Capital Group California Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
City of Irvine California, Public Imps. Special Assessment Bonds: | ||||||||||||
4.00%, September 2, 2019 | $ | 500 | $ | 518 | 0.2 | % | ||||||
4.375%, September 2, 2021 | 700 | 725 | 0.3 | |||||||||
City of Irvine California, Special Assessment Ref. Bonds: | ||||||||||||
2.50%, September 2, 2019 | 1,230 | 1,259 | 0.5 | |||||||||
3.00%, September 2, 2020 | 1,250 | 1,332 | 0.5 | |||||||||
3.25%, September 2, 2022 | 700 | 750 | 0.3 | |||||||||
3.375%, September 2, 2023 | 850 | 894 | 0.3 | |||||||||
4.00%, September 2, 2018 | 500 | 551 | 0.2 | |||||||||
4.00%, September 2, 2019 | 475 | 517 | 0.2 | |||||||||
4.50%, September 2, 2022 | 250 | 259 | 0.1 | |||||||||
4.75%, September 2, 2023 | 250 | 259 | 0.1 | |||||||||
City of Long Beach, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, May 15, 2021 | 100 | 118 | — | |||||||||
City of Long Beach, Port, Airport & Marina Rev. Ref. Bonds, Series C, 3.00%, November 15, 2018 | 2,250 | 2,441 | 0.9 | |||||||||
City of Manhattan Beach, Public Imps. Special Assessment Bonds, 4.375%, September 2, 2017 | 120 | 124 | — | |||||||||
City of Roseville, Energy Res. Auth. Rev. Certs. of Part. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 02/01/15 @ 100) (NATL-RE FGIC Insured), 5.00%, February 1, 2017 | 100 | 101 | — | |||||||||
City of Roseville, Special Tax Ref. Bonds: | ||||||||||||
3.50%, September 1, 2015 | 1,000 | 1,018 | 0.4 | |||||||||
4.00%, September 1, 2016 | 2,000 | 2,090 | 0.8 | |||||||||
City of San Jose, Port, Airport & Marina Imps. Rev. Bonds, Series A-2, 5.00%, March 1, 2018 | 700 | 793 | 0.3 | |||||||||
Concord Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (BAM Insured): | ||||||||||||
5.00%, March 1, 2020 | 500 | 588 | 0.2 | |||||||||
5.00%, March 1, 2023 | 450 | 540 | 0.2 | |||||||||
Contra Costa County Public Fncg. Auth., Public Imps. Lease Rev. Bonds, Series A (NATL-RE Insured), 5.00%, June 1, 2021 | 275 | 303 | 0.1 | |||||||||
County of El Dorado, Special Tax Rev. Ref. Bonds: | ||||||||||||
5.00%, September 1, 2022 | 1,295 | 1,532 | 0.6 | |||||||||
5.00%, September 1, 2024 | 860 | 995 | 0.4 | |||||||||
County of Orange, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, July 1, 2015 | 200 | 207 | 0.1 | |||||||||
County of San Diego, College & Univ. Imps. Rev. Certs. of Part. Bonds, 4.00%, July 1, 2016 | 490 | 516 | 0.2 | |||||||||
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series B, 5.00%, June 1, 2019 | 900 | 1,063 | 0.4 | |||||||||
Emeryville Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (AGM Insured): | ||||||||||||
5.00%, September 1, 2022 | 1,100 | 1,331 | 0.5 | |||||||||
5.00%, September 1, 2026 | 1,000 | 1,195 | 0.4 | |||||||||
Foothill-Eastern Trans. Corridor Agcy., Highway Tolls Rev. Ref. Bonds, Sub-Series B-1 (Mandatory Put 01/15/18 @ 100), 5.00%, January 15, 20531 | 2,000 | 2,190 | 0.8 | |||||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, June 1, 2020 | 1,200 | 1,428 | 0.5 | |||||||||
5.00%, June 1, 2021 | 1,200 | 1,445 | 0.5 | |||||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds: | ||||||||||||
5.00%, November 1, 2017 | 100 | 113 | — | |||||||||
5.25%, November 1, 2025 | 100 | 114 | — |
See Notes to Financial Statements
40 |
Capital Group California Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, November 1, 2022 | $ | 700 | $ | 815 | 0.3 | % | ||||||
Irvine Public Facs. & Infrastructure Auth., Public Imps. Special Assessment Bonds, Series A: | ||||||||||||
3.00%, September 2, 2015 | 200 | 203 | 0.1 | |||||||||
4.00%, September 2, 2021 | 1,350 | 1,396 | 0.5 | |||||||||
4.00%, September 2, 2023 | 430 | 444 | 0.2 | |||||||||
Irvine Ranch Water Dist., Water Rev. Certs. of Part. Ref. Bonds, 5.00%, March 1, 2017 | 100 | 111 | — | |||||||||
Jurupa Public Fncg. Auth., Special Tax Ref. Bonds, Series A, 5.00%, September 1, 2023 | 500 | 596 | 0.2 | |||||||||
La Quinta Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds: | ||||||||||||
4.00%, September 1, 2019 | 500 | 562 | 0.2 | |||||||||
5.00%, September 1, 2019 | 200 | 232 | 0.1 | |||||||||
Las Virgenes Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (AGM Insured), 4.25%, August 1, 2015 | 100 | 103 | — | |||||||||
Lincoln Public Fncg. Auth., Public Imps. Special Tax Bonds, Series A (AMBAC Insured), 4.50%, September 1, 2021 | 840 | 891 | 0.3 | |||||||||
Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds: | ||||||||||||
4.00%, November 1, 2020 | 750 | 842 | 0.3 | |||||||||
5.00%, November 1, 2021 | 500 | 591 | 0.2 | |||||||||
Long Beach Comm., College Dist., G.O. Univ. & College Imps. Prop. Tax Bonds (Pre-refunded with U.S. Treasury Obligations to 06/01/18 @ 100), 5.00%, June 1, 2022 | 15 | 17 | — | |||||||||
Long Beach Comm., College Dist., G.O. Univ. & College Imps. Prop. Tax Bonds, Series A, 5.00%, June 1, 2022 | 85 | 97 | — | |||||||||
Los Angeles Comm. Facs. Dist., Special Tax Ref. Bonds: | ||||||||||||
5.00%, September 1, 2020 | 600 | 706 | 0.3 | |||||||||
5.00%, September 1, 2023 | 700 | 841 | 0.3 | |||||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, 5.00%, July 1, 2016 | 500 | 540 | 0.2 | |||||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, July 1, 2020 | 2,685 | 3,238 | 1.2 | |||||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, Series B, 5.00%, July 1, 2018 | 1,000 | 1,156 | 0.4 | |||||||||
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds (AGM Insured): | ||||||||||||
5.00%, September 1, 2022 | 1,190 | 1,436 | 0.5 | |||||||||
5.00%, September 1, 2024 | 1,000 | 1,221 | 0.4 | |||||||||
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds, Series D, 5.00%, September 1, 2019 | 1,000 | 1,160 | 0.4 | |||||||||
Los Angeles County Redev. Auth., Tax Increment Allocation Rev. Ref. Bonds, 5.00%, December 1, 2020 | 3,000 | 3,578 | 1.3 | |||||||||
Los Angeles County Regional Fncg. Auth., Health Care Facs. Repayment of Bank Loan Rev. Bonds, Series B-3 (CA Mtg. Ins.), 2.50%, November 15, 2020 | 420 | 427 | 0.2 | |||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, May 15, 2029 | 200 | 229 | 0.1 | |||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, May 15, 2019 | 850 | 1,003 | 0.4 | |||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, May 15, 2022 | 700 | 832 | 0.3 | |||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2018 | 300 | 346 | 0.1 |
See Notes to Financial Statements
41 |
Capital Group California Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series B, 5.00%, July 1, 2020 | $ | 1,000 | $ | 1,181 | 0.4 | % | ||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, July 1, 2019 | 2,175 | 2,560 | 0.9 | |||||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Rev. Ref. Bonds, Series A-1, 5.00%, July 1, 2020 | 1,000 | 1,199 | 0.4 | |||||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, July 1, 2024 | 100 | 117 | — | |||||||||
Los Rios Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, August 1, 2020 | 900 | 1,081 | 0.4 | |||||||||
Manhattan Beach Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series C (NATL-RE Insured), Zero Coupon, September 1, 2024 | 1,000 | 755 | 0.3 | |||||||||
Metropolitan Water Dist. of Southern California, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, March 1, 2017 | 100 | 102 | — | |||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B, 5.00%, July 1, 2015 | 500 | 516 | 0.2 | |||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 05/01/15 @ 100), 0.40%, July 1, 20271 | 1,500 | 1,501 | 0.5 | |||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-2 (Mandatory Put 05/01/15 @ 100), 0.40%, July 1, 20271 | 1,100 | 1,101 | 0.4 | |||||||||
Modesto Irrigation Dist., Certs. of Part. Lease Ref. Bonds, Series A (AMBAC Insured), 5.00%, October 1, 2015 | 800 | 835 | 0.3 | |||||||||
Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2017 | 400 | 448 | 0.2 | |||||||||
Moreno Valley Unified School Dist., G.O. School Imps. Prop. Tax Ref. Bonds (NATL-RE Insured), 5.25%, August 1, 2019 | 380 | 442 | 0.2 | |||||||||
Mountain View Shoreline Regional Park Comm., Tax Allocation Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, August 1, 2019 | 420 | 489 | 0.2 | |||||||||
5.00%, August 1, 2020 | 375 | 444 | 0.2 | |||||||||
Napa Valley Comm. College Dist., G.O. School Imps. Prop. Tax Bonds, Series B (Pre-refunded with St. & Loc. Govt. Series to 08/01/15 @ 100) (NATL-RE Insured), 5.00%, August 1, 2018 | 150 | 155 | 0.1 | |||||||||
North Natomas Comm. Facs. Dist. No. 4, Special Tax Ref. Bonds, Series E, 5.00%, September 1, 2021 | 1,050 | 1,233 | 0.4 | |||||||||
Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A: | ||||||||||||
5.00%, June 1, 2016 | 750 | 807 | 0.3 | |||||||||
5.50%, July 1, 2021 | 1,000 | 1,194 | 0.4 | |||||||||
Northern California Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, July 1, 2017 | 200 | 224 | 0.1 | |||||||||
5.00%, July 1, 2019 | 200 | 235 | 0.1 | |||||||||
Oakland Redev. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, September 1, 2018 | 500 | 570 | 0.2 | |||||||||
Ohlone Comm. College Dist., G.O. Ref. Bonds, 5.00%, August 1, 2024 | 1,000 | 1,213 | 0.4 | |||||||||
Orange Comm. Facs. Dist., Special Tax Ref. Bonds: | ||||||||||||
4.00%, October 1, 2020 | 385 | 429 | 0.2 | |||||||||
4.00%, October 1, 2021 | 1,485 | 1,654 | 0.6 | |||||||||
Orange County Sanitation Dist., Certs.of Part. Sewer Imps. Rev. Bonds, Series B (Pre-refunded with St. & Loc. Govt. Series 02/01/17 @ 100) (AGM Insured), 5.00%, February 1, 2019 | 965 | 1,064 | 0.4 | |||||||||
Perris Union High School Dist., School Imps. Special Tax Bonds: | ||||||||||||
4.25%, September 1, 2019 | 360 | 373 | 0.1 | |||||||||
4.50%, September 1, 2020 | 445 | 460 | 0.2 | |||||||||
Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds: |
See Notes to Financial Statements
42 |
Capital Group California Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
3.375%, September 15, 2017 | $ | 500 | $ | 519 | 0.2 | % | ||||||
3.75%, September 15, 2018 | 770 | 799 | 0.3 | |||||||||
4.00%, September 15, 2020 | 340 | 378 | 0.1 | |||||||||
4.00%, September 15, 2022 | 440 | 489 | 0.2 | |||||||||
5.00%, September 1, 2020 | 600 | 701 | 0.3 | |||||||||
Rancho Cucamonga Redev. Agcy. Successor Agcy., Tax Allocation Ref. Bonds (AGM Insured): | ||||||||||||
5.00%, September 1, 2020 | 775 | 925 | 0.3 | |||||||||
5.00%, September 1, 2025 | 750 | 913 | 0.3 | |||||||||
Rancho Water Dist. Fncg. Auth., Water Rev. Ref. Bonds, Series D (Radian Insured), 4.20%, September 2, 2017 | 100 | 103 | — | |||||||||
Riverside Cnty. Redev. Successor Agcy., Tax Allocation Rev. Ref. Bonds: | ||||||||||||
5.00%, October 1, 2020 | 405 | 480 | 0.2 | |||||||||
5.00%, October 1, 2021 | 615 | 734 | 0.3 | |||||||||
Riverside Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, Series A: | ||||||||||||
3.00%, September 1, 2016 | 1,120 | 1,173 | 0.4 | |||||||||
5.00%, September 1, 2021 | 1,000 | 1,202 | 0.4 | |||||||||
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, December 1, 2018 | 500 | 581 | 0.2 | |||||||||
5.00%, December 1, 2025 | 1,190 | 1,467 | 0.5 | |||||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, August 15, 2017 | 475 | 534 | 0.2 | |||||||||
Sacramento Regional Transit Dist., Transit Rev. Ref. Bonds, 5.00%, March 1, 2023 | 615 | 705 | 0.3 | |||||||||
San Bernardino City Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series A (AGM Insured), 5.00%, August 1, 2020 | 725 | 860 | 0.3 | |||||||||
San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, August 1, 2018 | 1,000 | 1,159 | 0.4 | |||||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, July 1, 2023 | 225 | 273 | 0.1 | |||||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Sub-Series A: | ||||||||||||
5.00%, July 1, 2018 | 850 | 968 | 0.4 | |||||||||
5.00%, July 1, 2020 | 700 | 827 | 0.3 | |||||||||
San Diego County Regional Trans. Commission, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, April 1, 2021 | 500 | 609 | 0.2 | |||||||||
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, May 1, 2018 | 700 | 804 | 0.3 | |||||||||
San Diego County Water Auth., Water Rev. Ref. Bonds, Series A, 5.00%, May 1, 2020 | 750 | 900 | 0.3 | |||||||||
San Diego County Water Auth., Water Rev. Ref. Bonds, Series S-1, 5.00%, July 1, 2016 | 475 | 510 | 0.2 | |||||||||
San Diego Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series B, 5.00%, May 15, 2022 | 100 | 118 | — | |||||||||
San Diego Public Facs. Fncg. Auth., Water Rev. Ref. Bonds, Series A, 4.00%, August 1, 2020 | 100 | 110 | — | |||||||||
San Francisco Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds, 5.00%, July 1, 2022 | 800 | 964 | 0.4 | |||||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Imps. Rev. Bonds, Series E, 5.25%, May 1, 2024 | 100 | 117 | — | |||||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, May 1, 2019 | 400 | 468 | 0.2 |
See Notes to Financial Statements
43 |
Capital Group California Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C2, 5.00%, May 1, 2021 | $ | 300 | $ | 349 | 0.1 | % | ||||||
San Francisco City & County Redev. Agcy., Tax Allocation, Series C: | ||||||||||||
4.75%, August 1, 2017 | 265 | 292 | 0.1 | |||||||||
5.00%, August 1, 2018 | 275 | 312 | 0.1 | |||||||||
5.25%, August 1, 2019 | 290 | 338 | 0.1 | |||||||||
San Francisco City & County Redev. Successor Agcy., Public Imps. Special Tax Bonds, 3.25%, August 1, 2021 | 500 | 518 | 0.2 | |||||||||
San Francisco City & County Redev. Successor Agcy., Special Tax Ref. Bonds, 5.00%, August 1, 2020 | 800 | 912 | 0.3 | |||||||||
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, June 15, 2019 | 1,150 | 1,357 | 0.5 | |||||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, August 1, 2022 | 500 | 563 | 0.2 | |||||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, August 1, 2018 | 400 | 401 | 0.1 | |||||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series D (AMBAC Insured), 5.00%, August 1, 2018 | 800 | 859 | 0.3 | |||||||||
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds: | ||||||||||||
4.00%, June 15, 2022 | 650 | 747 | 0.3 | |||||||||
5.00%, June 15, 2020 | 500 | 599 | 0.2 | |||||||||
5.00%, June 15, 2022 | 500 | 610 | 0.2 | |||||||||
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A, 5.25%, July 15, 2023 | 200 | 233 | 0.1 | |||||||||
Santa Ana Community Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 6.00%, September 1, 2020 | 750 | 909 | 0.3 | |||||||||
Santa Clara County Fncg. Auth., Lease Rev. Ref. Bonds, 5.00%, November 15, 2022 | 285 | 326 | 0.1 | |||||||||
Santa Margarita Water Dist., Special Tax Ref. Bonds: | ||||||||||||
5.00%, September 1, 2022 | 325 | 387 | 0.1 | |||||||||
5.00%, September 1, 2024 | 550 | 667 | 0.2 | |||||||||
5.00%, September 1, 2025 | 375 | 447 | 0.2 | |||||||||
Santaluz Community Facs. Dist. No 2, Special Tax Ref. Bonds, Series A, 5.00%, September 1, 2020 | 995 | 1,162 | 0.4 | |||||||||
Sonoma-Marin Area Rail Transit Dist., Rev. Bonds, Series A, 5.00%, March 1, 2021 | 1,000 | 1,209 | 0.4 | |||||||||
South Orange County Public Fncg. Auth., Special Tax Ref. Bonds, Series A (AMBAC Insured): | ||||||||||||
5.00%, August 15, 2015 | 900 | 934 | 0.3 | |||||||||
5.00%, August 15, 2020 | 1,000 | 1,027 | 0.4 | |||||||||
South Placer Wastewater Auth., Sewer Rev. Ref. Bonds, 0.38%, November 1, 20171 | 1,625 | 1,625 | 0.6 | |||||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds: | ||||||||||||
5.00%, July 1, 2018 | 200 | 231 | 0.1 | |||||||||
5.00%, July 1, 2020 | 1,550 | 1,860 | 0.7 | |||||||||
5.00%, July 1, 2023 | 800 | 956 | 0.3 | |||||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 4.00%, July 1, 2021 | 500 | 559 | 0.2 | |||||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds: | ||||||||||||
5.00%, July 1, 2016 | 500 | 539 | 0.2 | |||||||||
5.00%, July 1, 2018 | 350 | 404 | 0.1 | |||||||||
5.00%, July 1, 2021 | 750 | 913 | 0.3 | |||||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A: |
See Notes to Financial Statements
44 |
Capital Group California Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
5.00%, July 1, 2019 | $ | 1,000 | $ | 1,180 | 0.4 | % | ||||||
5.00%, July 1, 2020 | 245 | 294 | 0.1 | |||||||||
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, 5.00%, July 1, 2023 | 100 | 115 | — | |||||||||
State of California, G.O. Correctional Facs. Imps. Prop. Tax Bonds, 5.25%, October 1, 2020 | 100 | 119 | — | |||||||||
State of California, G.O. General Fund Public Imps. Bonds (Mandatory Put 12/01/17 @ 100), 4.00%, December 1, 20271 | 750 | 814 | 0.3 | |||||||||
State of California, G.O. General Fund Ref. Bonds: | ||||||||||||
4.00%, December 1, 2020 | 1,175 | 1,344 | 0.5 | |||||||||
5.00%, February 1, 2019 | 2,000 | 2,326 | 0.8 | |||||||||
5.00%, April 1, 2019 | 600 | 701 | 0.3 | |||||||||
5.00%, February 1, 2020 | 2,700 | 3,196 | 1.1 | |||||||||
5.00%, October 1, 2020 | 1,000 | 1,199 | 0.4 | |||||||||
5.00%, December 1, 2024 | 800 | 976 | 0.4 | |||||||||
5.25%, October 1, 2020 | 650 | 774 | 0.3 | |||||||||
State of California, G.O. Public Imps. General Fund Bonds, 5.50%, April 1, 2018 | 100 | 116 | — | |||||||||
State of California, G.O. Public Imps. Misc. Tax Bonds (NATL-RE Insured), 6.00%, August 1, 2020 | 5 | 5 | — | |||||||||
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, July 1, 2017 | 950 | 1,064 | 0.4 | |||||||||
5.25%, July 1, 2021 | 1,060 | 1,252 | 0.5 | |||||||||
Stockton Public Fncg. Auth., Sewer Rev. Ref. Bonds (BAM Insured), 5.00%, September 1, 2021 | 750 | 890 | 0.3 | |||||||||
Successor Agcy. to the Richmond County Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series A (BAM Insured), 5.00%, September 1, 2025 | 200 | 234 | 0.1 | |||||||||
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A: | ||||||||||||
5.00%, January 1, 2015 | 100 | 101 | — | |||||||||
5.00%, January 1, 2022 | 1,500 | 1,710 | 0.6 | |||||||||
5.25%, January 1, 2024 | 100 | 115 | — | |||||||||
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds: | ||||||||||||
5.00%, January 1, 2018 | 500 | 566 | 0.2 | |||||||||
5.00%, January 1, 2020 | 610 | 719 | 0.3 | |||||||||
5.00%, January 1, 2022 | 700 | 823 | 0.3 | |||||||||
Univ. of California, College & Univ. Imps. Rev. Bonds, Series D (Pre-refunded with St. & Loc. Govt. Series to 05/15/16 @ 101) (NATL-RE FGIC Insured), 5.00%, May 15, 2023 | 130 | 141 | 0.1 | |||||||||
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E: | ||||||||||||
4.00%, May 15, 2017 | 500 | 545 | 0.2 | |||||||||
5.00%, May 15, 2020 | 500 | 600 | 0.2 | |||||||||
Vallejo Sanitation & Flood Control Dist., Solid Waste Mgmt. Certs. of Part. Ref. Bonds (Pre-refunded with St. & Loc. Govt. Series to 05/01/15 @ 100) (AMBAC Insured), 4.00%, May 1, 2018 | 200 | 204 | 0.1 | |||||||||
242,307 | 86.6 | |||||||||||
District of Columbia - —% | ||||||||||||
Metropolitan Washington Airports Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, October 1, 2017 | 100 | 112 | — | |||||||||
112 | — |
See Notes to Financial Statements
45 |
Capital Group California Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
Florida - 0.2% | ||||||||||||
Citizens Prop. Insurance Corp., Misc. Rev. Bonds, Series A-1, 5.00%, June 1, 2019 | $ | 500 | $ | 578 | 0.2 | % | ||||||
578 | 0.2 | |||||||||||
Guam - 1.1% | ||||||||||||
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, October 1, 2019 | 150 | 173 | 0.1 | |||||||||
5.00%, October 1, 2020 | 225 | 263 | 0.1 | |||||||||
5.00%, October 1, 2021 | 350 | 411 | 0.1 | |||||||||
5.00%, October 1, 2022 | 710 | 837 | 0.3 | |||||||||
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, October 1, 2023 | 1,100 | 1,309 | 0.5 | |||||||||
2,993 | 1.1 | |||||||||||
Iowa - —% | ||||||||||||
State of Iowa, General Fund Public Imps. Rev. Bonds, Series A, 5.00%, June 1, 2027 | 100 | 115 | — | |||||||||
115 | — | |||||||||||
Michigan - —% | ||||||||||||
Michigan State Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.25%, November 15, 2024 | 100 | 115 | — | |||||||||
115 | — | |||||||||||
Oregon - 0.4% | ||||||||||||
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 09/15/18 @ 100), 1.05%, October 1, 20221 | 1,000 | 1,005 | 0.4 | |||||||||
1,005 | 0.4 | |||||||||||
Puerto Rico - 1.9% | ||||||||||||
Commonwealth of Puerto Rico, G.O. Prop. Tax Rev. Ref. Bonds, 5.00%, July 1, 2023 | 730 | 558 | 0.2 | |||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Auth., Water Rev. Ref. Bonds, Series A, 5.00%, July 1, 2019 | 500 | 387 | 0.1 | |||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||||||
3.00%, October 1, 2018 | 355 | 334 | 0.1 | |||||||||
5.00%, October 1, 2016 | 350 | 362 | 0.1 | |||||||||
5.00%, October 1, 2017 | 500 | 524 | 0.2 | |||||||||
5.00%, October 1, 2019 | 500 | 529 | 0.2 | |||||||||
5.00%, October 1, 2021 | 1,000 | 1,061 | 0.4 | |||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2017 | 1,000 | 1,059 | 0.4 | |||||||||
Puerto Rico Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series C, 5.00%, August 1, 2022 | 500 | 476 | 0.2 | |||||||||
5,290 | 1.9 | |||||||||||
Texas - 0.4% | ||||||||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 0.80%, May 15, 20341 | 1,100 | 1,105 | 0.4 |
See Notes to Financial Statements
46 |
Capital Group California Core Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
Texas - continued | ||||||||||||
City of San Antonio, Energy Res. Auth. Imps. Rev. Bonds, Series A (Pre-refunded with U.S. Treasury Obligations to 02/01/16 @ 100), 5.00%, February 1, 2024 | $ | 100 | $ | 106 | — | % | ||||||
1,211 | 0.4 | |||||||||||
U. S. Virgin Islands - 0.8% | ||||||||||||
Virgin Islands Public Fin. Auth., Misc. Rev. Ref. Bonds, Series B, 5.00%, October 1, 2024 | 500 | 579 | 0.2 | |||||||||
Virgin Islands Public Fin. Auth., Misc. Rev. Ref. Bonds, Series B (AGM Insured), 5.00%, October 1, 2019 | 1,400 | 1,619 | 0.6 | |||||||||
2,198 | 0.8 | |||||||||||
Total bonds & notes (cost: $246,688,000) | 255,924 | 91.4 | ||||||||||
Short-term securities - 7.7% | ||||||||||||
California Health Facs. Fncg. Auth., Special Assessment Rev. Ref. Bonds, 0.06%, September 1, 20381 | 400 | 400 | 0.1 | |||||||||
California Muni. Fin. Auth., Ind. Imps. Rev. Bonds, 0.04%, November 1, 20351 | 100 | 100 | — | |||||||||
California Muni. Fin. Auth., Res. Recovery Rev. Ref. Bonds, 0.04%, June 1, 20251 | 500 | 500 | 0.2 | |||||||||
California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds:1 | ||||||||||||
0.06%, November 1, 2026 | 4,000 | 4,000 | 1.4 | |||||||||
0.07%, November 1, 2026 | 1,700 | 1,700 | 0.6 | |||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 0.08%, August 15, 20271 | 1,950 | 1,950 | 0.7 | |||||||||
California Statewide Comms. Dev. Auth., Res. Recovery Rev. Ref. Bonds, 0.04%, May 15, 20241 | 1,000 | 1,000 | 0.4 | |||||||||
City of Irvine California, Public Imps. Special Assessment Bonds, Series A, 0.05%, September 2, 20291 | 2,360 | 2,360 | 0.9 | |||||||||
City of Irvine California, Special Assessment Ref. Bonds, 0.05%, September 2, 20501,2 | 3,300 | 3,300 | 1.2 | |||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Sub- Series B-6, 0.06%, July 1, 20341 | 5,300 | 5,300 | 1.9 | |||||||||
State of California, G.O. General Fund School Imps. Bonds, Series A-1, 0.05%, May 1, 20331 | 950 | 950 | 0.3 | |||||||||
Total short-term securities (cost: $21,560,000) | 21,560 | 7.7 | ||||||||||
Total investment securities (cost: $268,248,000) | 277,484 | 99.1 | ||||||||||
Other assets less liabilities | 2,430 | 0.9 | ||||||||||
Net assets | $ | 279,914 | 100.0 | % |
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. |
See Notes to Financial Statements
47 |
Capital Group California Core Municipal Fund
Schedule of investments
October 31, 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 October 31, 2014, the aggregate market value of these securities amounted to $3,300,000, representing 1.18% of net assets. |
Key to abbreviations
Agcy. = Agency
AGM = Assured Guaranty Municipal Corporation
AMBAC = American Municipal Bond Assurance Corporation
Auth. = Authority
BAM = Build America Mutual Assurance Company
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
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
See Notes to Financial Statements
48 |
Capital Group California Short-Term Municipal Fund
October 31, 2014
Growth of $25,000 investment
Here’s how a $25,000 investment in Capital Group California Short-Term Municipal Fund grew between April 13, 2010, when the fund began operations, and October 31, 2014, the end of the fund’s fiscal year.
1 | The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses. |
2 | Includes reinvested dividends and capital gain distributions. |
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.
Investment portfolio – quality ratings*
* | Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poor’s and/or Fitch as an indication of an Issuer’s credit-worthiness. If agency rating differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in “unrated” at left), the investment advisor performs it’s own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm. |
49 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - 83.9% | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - 79.3% | ||||||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, May 15, 2016 | $ | 500 | $ | 501 | 0.4 | % | ||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, August 1, 2016 | 200 | 216 | 0.2 | |||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A (CA Mtg. Ins.): | ||||||||||||
4.00%, April 1, 2016 | 400 | 421 | 0.3 | |||||||||
5.00%, April 1, 2018 | 250 | 284 | 0.2 | |||||||||
Abag Fin. Auth. for Nonprofit Corps., Special Tax Ref. Bonds: | ||||||||||||
4.00%, September 2, 2019 | 525 | 589 | 0.4 | |||||||||
4.00%, September 2, 2020 | 315 | 356 | 0.3 | |||||||||
Alameda County Trans. Auth., Transit Imps. Rev. Bonds, 4.00%, March 1, 2018 | 500 | 556 | 0.4 | |||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100):1 | ||||||||||||
0.95%, April 1, 2045 | 500 | 501 | 0.4 | |||||||||
0.95%, April 1, 2047 | 250 | 251 | 0.2 | |||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.45%, April 1, 20451 | 750 | 760 | 0.6 | |||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 10/01/19 @ 100), 0.75%, April 1, 20471 | 1,675 | 1,680 | 1.2 | |||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds, Series B (Mandatory Put 04/02/18 @ 100), 1.50%, April 1, 20471 | 600 | 608 | 0.4 | |||||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds: | ||||||||||||
4.00%, April 1, 2018 | 250 | 278 | 0.2 | |||||||||
5.00%, April 1, 2017 | 400 | 445 | 0.3 | |||||||||
Bay Area Water Supply & Conservation Agcy., Water Util. Imps. Rev. Bonds, Series A, 4.00%, October 1, 2019 | 570 | 649 | 0.5 | |||||||||
Brea Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, 5.00%, August 1, 2019 | 700 | 823 | 0.6 | |||||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds: | ||||||||||||
4.00%, October 1, 2015 | 350 | 362 | 0.3 | |||||||||
4.00%, September 1, 2016 | 75 | 80 | 0.1 | |||||||||
4.00%, February 1, 2017 | 100 | 108 | 0.1 | |||||||||
5.00%, October 1, 2016 | 250 | 271 | 0.2 | |||||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A: | ||||||||||||
3.00%, November 1, 2016 | 400 | 419 | 0.3 | |||||||||
5.00%, October 1, 2015 | 500 | 521 | 0.4 | |||||||||
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||||||
3.00%, October 1, 2015 | 150 | 154 | 0.1 | |||||||||
4.00%, April 1, 2016 | 300 | 315 | 0.2 | |||||||||
4.00%, April 1, 2017 | 200 | 216 | 0.2 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds: | ||||||||||||
5.00%, August 15, 2017 | 510 | 568 | 0.4 | |||||||||
5.00%, August 15, 2018 | 500 | 577 | 0.4 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series B, 5.00%, August 15, 2016 | 200 | 217 | 0.2 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series I (Pre-refunded with St. & Loc. Govt. Series to 07/01/15 @ 100), 5.125%, July 1, 2022 | 375 | 387 | 0.3 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||||||
5.00%, August 15, 2015 | 150 | 156 | 0.1 | |||||||||
5.00%, November 15, 2016 | 225 | 236 | 0.2 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.): |
See Notes to Financial Statements
50 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
4.00%, January 1, 2018 | $ | 425 | $ | 467 | 0.3 | % | ||||||
5.00%, January 1, 2019 | 500 | 578 | 0.4 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||||||
4.00%, March 1, 2018 | 200 | 219 | 0.2 | |||||||||
4.00%, March 1, 2019 | 500 | 556 | 0.4 | |||||||||
5.00%, November 15, 2016 | 250 | 274 | 0.2 | |||||||||
5.00%, October 1, 2018 | 500 | 579 | 0.4 | |||||||||
5.00%, October 1, 2019 | 525 | 618 | 0.4 | |||||||||
5.00%, November 15, 2019 | 300 | 353 | 0.3 | |||||||||
5.00%, March 1, 2020 | 500 | 591 | 0.4 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A- 3, 4.00%, November 15, 2015 | 150 | 156 | 0.1 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series B (Mandatory Put 10/17/17 @ 100), 5.00%, July 1, 20431 | 805 | 910 | 0.7 | |||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series D (Mandatory Put 10/15/20 @ 100), 5.00%, July 1, 20431 | 500 | 596 | 0.4 | |||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/16 @ 100), 0.33%, October 1, 20471 | 500 | 500 | 0.4 | |||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.33%, April 1, 20381 | 1,100 | 1,100 | 0.8 | |||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series B1 (Mandatory Put 04/01/15 @ 100), 0.35%, October 1, 20471 | 1,000 | 1,000 | 0.7 | |||||||||
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, Series B, 4.00%, October 1, 2016 | 200 | 213 | 0.2 | |||||||||
California Muni. Fin. Auth., Res. Recovery Imps. Rev. Bonds, Series A, 1.55%, February 1, 2019 | 700 | 705 | 0.5 | |||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 4.50%, May 1, 2017 | 200 | 220 | 0.2 | |||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, May 1, 2018 | 1,250 | 1,435 | 1.0 | |||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AM, 5.00%, December 1, 2018 | 500 | 584 | 0.4 | |||||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Sub-Series G-4, 5.00%, May 1, 2016 | 1,000 | 1,071 | 0.8 | |||||||||
California State Public Works Board, Public Imps. Lease Rev. Bonds, Series A: | ||||||||||||
4.00%, March 1, 2019 | 400 | 448 | 0.3 | |||||||||
5.00%, April 1, 2018 | 400 | 455 | 0.3 | |||||||||
California State Public Works Board, Public Imps. Lease Rev. Bonds, Series I: | ||||||||||||
4.00%, November 1, 2017 | 210 | 230 | 0.2 | |||||||||
4.00%, November 1, 2019 | 500 | 565 | 0.4 | |||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B, 5.00%, October 1, 2017 | 475 | 533 | 0.4 | |||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 4.00%, March 1, 2016 | 400 | 420 | 0.3 | |||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series C-1, 5.00%, March 1, 2016 | 500 | 532 | 0.4 | |||||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series G, 4.00%, December 1, 2016 | 325 | 349 | 0.3 | |||||||||
California State Public Works Board, Correctional Fac. Imps. Lease Rev. Bonds, Series A, 5.00%, September 1, 2018 | 250 | 288 | 0.2 | |||||||||
California State Public Works Board, Lease Rev. Ref. Bonds, 4.00%, June 1, 2018 | 425 | 471 | 0.3 | |||||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured): |
See Notes to Financial Statements
51 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
5.00%, June 1, 2015 | $ | 100 | $ | 103 | 0.1 | % | ||||||
5.00%, October 1, 2016 | 240 | 261 | 0.2 | |||||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, November 1, 2016 | 400 | 437 | 0.3 | |||||||||
5.00%, November 1, 2017 | 475 | 539 | 0.4 | |||||||||
5.00%, November 1, 2018 | 400 | 465 | 0.3 | |||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, July 1, 2016 | 500 | 539 | 0.4 | |||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (Mandatory Put 05/01/17 @ 100), 5.00%, November 1, 20291 | 600 | 668 | 0.5 | |||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds (CA Mtg. Ins.), 2.50%, August 1, 2020 | 1,100 | 1,128 | 0.8 | |||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||||||
4.00%, November 1, 2014 | 400 | 400 | 0.3 | |||||||||
5.00%, November 1, 2015 | 300 | 314 | 0.2 | |||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, November 15, 2019 | 160 | 179 | 0.1 | |||||||||
Carson Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A, 5.00%, October 1, 2018 | 700 | 796 | 0.6 | |||||||||
Chino Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured): | ||||||||||||
5.00%, September 1, 2017 | 500 | 558 | 0.4 | |||||||||
5.00%, September 1, 2020 | 625 | 744 | 0.5 | |||||||||
City & County of San Francisco, Certs. of Part. Lease Ref. Bonds, Series A, 5.00%, October 1, 2015 | 500 | 522 | 0.4 | |||||||||
City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds: | ||||||||||||
5.00%, June 15, 2018 | 1,745 | 2,012 | 1.5 | |||||||||
5.00%, June 15, 2019 | 380 | 449 | 0.3 | |||||||||
City & County of San Francisco, Sewer Rev. Ref Bonds, Series A: | ||||||||||||
5.00%, October 1, 2018 | 500 | 582 | 0.4 | |||||||||
5.00%, October 1, 2019 | 555 | 660 | 0.5 | |||||||||
City of Chula Vista, Energy Res. Auth. Rev. Ref. Bonds, Series A, 1.65%, July 1, 2018 | 1,100 | 1,107 | 0.8 | |||||||||
City of Long Beach, Port, Airport & Marina Imps. Rev. Ref. Bonds, Series B, 4.00%, May 15, 2018 | 225 | 251 | 0.2 | |||||||||
City of Long Beach, Port, Airport & Marina Rev. Ref. Bonds, Series C, 3.00%, November 15, 2018 | 1,250 | 1,356 | 1.0 | |||||||||
City of Los Angeles, Res. Recovery Imps. Rev. Bonds, Series A, 5.00%, February 1, 2019 | 550 | 644 | 0.5 | |||||||||
City of Los Angeles, Sewer Rev. Ref. Bonds, Series A, 4.00%, June 1, 2016 | 100 | 106 | 0.1 | |||||||||
City of San Jose, Port, Airport & Marina Imps. Rev. Bonds, Series A-2, 3.00%, March 1, 2015 | 440 | 444 | 0.3 | |||||||||
City of Santa Clara, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2018 | 500 | 575 | 0.4 | |||||||||
Concord Redv. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds: | ||||||||||||
5.00%, March 1, 2017 | 700 | 770 | 0.6 | |||||||||
5.00%, March 1, 2018 | 600 | 679 | 0.5 | |||||||||
County of El Dorado, Special Tax Ref. Bonds: | ||||||||||||
4.00%, September 1, 2018 | 450 | 493 | 0.4 | |||||||||
5.00%, September 1, 2020 | 545 | 636 | 0.5 | |||||||||
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series B, 5.00%, June 1, 2019 | 500 | 590 | 0.4 | |||||||||
Emeryville Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A: |
See Notes to Financial Statements
52 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
5.00%, September 1, 2018 | $ | 500 | $ | 576 | 0.4 | % | ||||||
5.00%, September 1, 2019 | 600 | 704 | 0.5 | |||||||||
Glendale Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (AGM Insured): | ||||||||||||
4.00%, December 1, 2019 | 600 | 675 | 0.5 | |||||||||
5.00%, December 1, 2020 | 500 | 596 | 0.4 | |||||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, June 1, 2018 | 500 | 572 | 0.4 | |||||||||
5.00%, June 1, 2019 | 500 | 586 | 0.4 | |||||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C: | ||||||||||||
5.00%, November 1, 2016 | 300 | 328 | 0.2 | |||||||||
5.00%, November 1, 2018 | 425 | 492 | 0.4 | |||||||||
La Quinta Redev. Agcy. Successor Agcy., Tax Allocation Ref. Bonds, 4.00%, September 1, 2018 | 500 | 555 | 0.4 | |||||||||
Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds, 5.00%, November 1, 2018 | 700 | 803 | 0.6 | |||||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, 5.00%, July 1, 2016 | 500 | 540 | 0.4 | |||||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, July 1, 2020 | 1,400 | 1,688 | 1.2 | |||||||||
Los Angeles County Redev. Auth., Tax Increment Allocation Ref. Bonds, Series S, 5.00%, September 1, 2019 | 1,000 | 1,174 | 0.8 | |||||||||
Los Angeles County Redev. Auth., Tax Increment Allocation Rev. Ref. Bonds: | ||||||||||||
5.00%, December 1, 2018 | 1,100 | 1,274 | 0.9 | |||||||||
5.00%, December 1, 2019 | 700 | 823 | 0.6 | |||||||||
Los Angeles County Regional Fncg. Auth., Health Care Facs. Repayment of Bank Loan Rev. Bonds, Series B-3 (CA Mtg. Ins.), 2.50%, November 15, 2020 | 245 | 249 | 0.2 | |||||||||
Los Angeles County Sanitation Dists. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A, 5.00%, October 1, 2017 | 770 | 871 | 0.6 | |||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 3.00%, May 15, 2015 | 300 | 305 | 0.2 | |||||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, Series E, 4.00%, May 15, 2015 | 200 | 204 | 0.1 | |||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A: | ||||||||||||
3.00%, July 1, 2018 | 550 | 595 | 0.4 | |||||||||
5.00%, July 1, 2015 | 420 | 434 | 0.3 | |||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series C, 4.00%, July 1, 2020 | 300 | 345 | 0.2 | |||||||||
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series B, 5.00%, July 1, 2020 | 400 | 473 | 0.3 | |||||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series C: | ||||||||||||
5.00%, July 1, 2019 | 1,600 | 1,883 | 1.4 | |||||||||
5.00%, July 1, 2020 | 500 | 600 | 0.4 | |||||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, July 1, 2018 | 500 | 576 | 0.4 | |||||||||
Los Rios Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 4.00%, August 1, 2016 | 500 | 532 | 0.4 | |||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B, 5.00%, July 1, 2015 | 200 | 207 | 0.1 | |||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 05/01/15 @ 100), 0.40%, July 1, 20271 | 1,600 | 1,601 | 1.2 | |||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-2 (Mandatory Put 05/01/15 @ 100), 0.40%, July 1, 20271 | 500 | 500 | 0.4 |
See Notes to Financial Statements
53 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series G-2 (Mandatory Put 10/01/17 @ 100), 3.00%, July 1, 20371 | $ | 700 | $ | 741 | 0.5 | % | ||||||
Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2015 | 300 | 310 | 0.2 | |||||||||
Mountain View Shoreline Regional Park Comm., Tax Increment Allocation Rev. Ref. Bonds, 4.00%, August 1, 2015 | 375 | 386 | 0.3 | |||||||||
Oakland Redev. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, September 1, 2018 | 500 | 570 | 0.4 | |||||||||
Orange Comm. Facs. Dist., Special Tax Ref. Bonds: | ||||||||||||
3.00%, October 1, 2017 | 360 | 380 | 0.3 | |||||||||
4.00%, October 1, 2018 | 300 | 329 | 0.2 | |||||||||
Orange County Sanitation Dist., Certs.of Part. Sewer Imps. Rev. Bonds, Series B (Pre-refunded with St. & Loc. Govt. Series 02/01/17 @ 100) (AGM Insured), 5.00%, February 1, 2019 | 1,000 | 1,102 | 0.8 | |||||||||
Rancho Cucamonga Redev. Agcy. Successor Agcy., Tax Allocation Ref. Bonds, 5.00%, September 1, 2019 | 370 | 436 | 0.3 | |||||||||
Rancho Cucamonga Redev. Agcy. Successor Agcy., Tax Allocation Ref. Bonds (AGM Insured), 5.00%, September 1, 2020 | 750 | 896 | 0.6 | |||||||||
Riverside County Redev. Successor Agcy., Tax Allocation Ref. Bonds, 5.00%, October 1, 2019 | 275 | 322 | 0.2 | |||||||||
Riverside Redev. Successor Agcy., Tax Allocation Ref. Bonds, Series A: | ||||||||||||
4.00%, September 1, 2017 | 500 | 547 | 0.4 | |||||||||
5.00%, September 1, 2019 | 850 | 1,000 | 0.7 | |||||||||
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, 5.00%, December 1, 2014 | 250 | 251 | 0.2 | |||||||||
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, December 1, 2018 | 500 | 581 | 0.4 | |||||||||
5.00%, December 1, 2019 | 500 | 593 | 0.4 | |||||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, July 1, 2015 | 100 | 103 | 0.1 | |||||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, August 15, 2017 | 225 | 253 | 0.2 | |||||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series X, 5.00%, August 15, 2017 | 250 | 281 | 0.2 | |||||||||
Sacramento Regional Transit Dist., Transit Rev. Ref. Bonds, 5.00%, March 1, 2018 | 250 | 281 | 0.2 | |||||||||
San Bernardino County Trans. Auth. Rev. Ref. Bonds, Series A, 4.00%, March 1, 2018 | 500 | 556 | 0.4 | |||||||||
San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds: | ||||||||||||
4.00%, August 1, 2017 | 400 | 439 | 0.3 | |||||||||
5.00%, August 1, 2018 | 1,000 | 1,159 | 0.8 | |||||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Sub-Series A: | ||||||||||||
5.00%, July 1, 2016 | 250 | 269 | 0.2 | |||||||||
5.00%, July 1, 2017 | 650 | 723 | 0.5 | |||||||||
5.00%, July 1, 2018 | 100 | 114 | 0.1 | |||||||||
San Diego County Regional Trans. Commission., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, April 1, 2018 | 300 | 344 | 0.2 | |||||||||
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, May 1, 2018 | 500 | 574 | 0.4 | |||||||||
San Diego County Water Auth., Water Rev. Ref. Bonds, Series A, 5.00%, May 1, 2017 | 850 | 948 | 0.7 | |||||||||
San Diego County Water Auth., Water Rev. Ref. Bonds, Series S-1, 5.00%, July 1, 2016 | 175 | 188 | 0.1 |
See Notes to Financial Statements
54 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
San Diego Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series B, 5.00%, May 15, 2015 | $ | 300 | $ | 308 | 0.2 | % | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, May 1, 2016 | 200 | 214 | 0.2 | |||||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, May 1, 2018 | 500 | 572 | 0.4 | |||||||||
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, June 15, 2018 | 500 | 576 | 0.4 | |||||||||
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series B, 5.00%, June 15, 2015 | 100 | 103 | 0.1 | |||||||||
San Jose Redev. Agcy., Tax Increment Allocation Ref. Bonds, 4.00%, August 1, 2016 | 300 | 317 | 0.2 | |||||||||
San Jose Unified School Dist., G.O. Prop. Tax Ref. Bonds: | ||||||||||||
4.00%, August 1, 2018 | 300 | 335 | 0.2 | |||||||||
4.00%, August 1, 2019 | 475 | 540 | 0.4 | |||||||||
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, 4.00%, June 15, 2020 | 775 | 886 | 0.6 | |||||||||
Sonoma-Marin Area Rail Transit Dist. Rev. Bonds, Series A: | ||||||||||||
4.00%, March 1, 2016 | 500 | 525 | 0.4 | |||||||||
5.00%, March 1, 2018 | 750 | 855 | 0.6 | |||||||||
South Placer Wastewater Auth., Sewer Rev. Ref. Bonds, 0.38%, November 1, 20171 | 1,075 | 1,075 | 0.8 | |||||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds: | ||||||||||||
4.00%, July 1, 2015 | 225 | 231 | 0.2 | |||||||||
5.00%, July 1, 2016 | 200 | 216 | 0.2 | |||||||||
5.00%, July 1, 2017 | 750 | 839 | 0.6 | |||||||||
5.00%, July 1, 2018 | 200 | 231 | 0.2 | |||||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A: | ||||||||||||
4.00%, July 1, 2016 | 150 | 159 | 0.1 | |||||||||
5.00%, July 1, 2017 | 775 | 867 | 0.6 | |||||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds: | ||||||||||||
5.00%, July 1, 2016 | 500 | 539 | 0.4 | |||||||||
5.00%, July 1, 2018 | 350 | 403 | 0.3 | |||||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A: | ||||||||||||
5.00%, July 1, 2016 | 705 | 760 | 0.5 | |||||||||
5.00%, July 1, 2019 | 600 | 708 | 0.5 | |||||||||
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, July 1, 2018 | 300 | 346 | 0.3 | |||||||||
State of California, G.O. General Fund Public Imps. Bonds (Mandatory Put 12/01/17 @ 100), 4.00%, December 1, 20271 | 500 | 543 | 0.4 | |||||||||
State of California, G.O. General Fund Public Imps. Bonds, Series E (Mandatory Put 12/03/18 @ 100), 0.94%, December 1, 20291 | 500 | 508 | 0.4 | |||||||||
State of California, G.O. General Fund Ref. Bonds: | ||||||||||||
5.00%, February 1, 2018 | 1,000 | 1,135 | 0.8 | |||||||||
5.00%, February 1, 2019 | 650 | 756 | 0.5 | |||||||||
State of California, G.O. General Fund Ref. Notes: | ||||||||||||
5.00%, April 1, 2015 | 500 | 510 | 0.4 | |||||||||
5.00%, December 1, 2019 | 900 | 1,067 | 0.8 | |||||||||
State of California, G.O. General Fund Ref. Notes (NATL-RE Insured), 5.00%, June 1, 2015 | 250 | 257 | 0.2 | |||||||||
State of California, G.O. Misc. Rev. Ref. Bonds, 4.00%, September 1, 2017 | 500 | 548 | 0.4 |
See Notes to Financial Statements
55 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
California - continued | ||||||||||||
State of California, G.O. Prop. Tax Ref. Bonds: | ||||||||||||
4.00%, April 1, 2018 | $ | 500 | $ | 554 | 0.4 | % | ||||||
5.00%, June 1, 2015 | 200 | 206 | 0.1 | |||||||||
State of California, G.O. Prop. Tax Ref. Bonds, Series B, 0.80%, May 1, 20171 | 400 | 404 | 0.3 | |||||||||
State of California, G.O. Public Imps. Misc. Rev. Bonds: | ||||||||||||
4.00%, September 1, 2018 | 570 | 637 | 0.5 | |||||||||
5.50%, April 1, 2019 | 2,050 | 2,437 | 1.8 | |||||||||
Stockton Public Fncg. Auth., Sewer Rev. Ref. Bonds (BAM Insured), 5.00%, September 1, 2020 | 500 | 589 | 0.4 | |||||||||
Successor Agcy. Rancho Mirage Redev. Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured): | ||||||||||||
4.00%, April 1, 2016 | 340 | 356 | 0.3 | |||||||||
4.00%, April 1, 2017 | 350 | 375 | 0.3 | |||||||||
Successor Agcy. to the Richmond County Redev. Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured), 5.00%, September 1, 2019 | 525 | 607 | 0.4 | |||||||||
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, January 1, 2015 | 100 | 101 | 0.1 | |||||||||
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds: | ||||||||||||
4.00%, January 1, 2018 | 250 | 275 | 0.2 | |||||||||
5.00%, January 1, 2017 | 300 | 329 | 0.2 | |||||||||
Univ. of California, College & Univ. Imps. Rev. Bonds, Series AB, 5.00%, May 15, 2016 | 350 | 376 | 0.3 | |||||||||
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E, 5.00%, May 15, 2016 | 200 | 215 | 0.2 | |||||||||
Walnut Energy Center Auth., Energy Res. Auth. Rev. Ref. Bonds, 4.00%, January 1, 2018 | 300 | 331 | 0.2 | |||||||||
109,686 | 79.3 | |||||||||||
Colorado - 0.3% | ||||||||||||
City & County of Denver, Port, Airport & Marina Imps. Rev. Ref. Bonds, Series B, 5.00%, November 15, 2017 | 300 | 338 | 0.3 | |||||||||
338 | 0.3 | |||||||||||
Florida - 1.1% | ||||||||||||
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, Series A-1: | ||||||||||||
5.00%, June 1, 2019 | 100 | 115 | 0.1 | |||||||||
5.00%, June 1, 2020 | 600 | 703 | 0.5 | |||||||||
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A, 5.00%, July 1, 2016 | 600 | 646 | 0.5 | |||||||||
1,464 | 1.1 | |||||||||||
Guam - 0.2% | ||||||||||||
Territory of Guam, Cash Flow Mgmt., Misc. Rev. Bonds, Series A, 5.00%, January 1, 2017 | 300 | 325 | 0.2 | |||||||||
325 | 0.2 | |||||||||||
Illinois - 0.4% | ||||||||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, December 1, 2017 | 500 | 566 | 0.4 | |||||||||
566 | 0.4 |
See Notes to Financial Statements
56 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Bonds & notes - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
Louisiana - 0.1% | ||||||||||||
Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA COLL Insured), 4.60%, December 1, 2028 | $ | 155 | $ | 168 | 0.1 | % | ||||||
168 | 0.1 | |||||||||||
Massachusetts - 0.1% | ||||||||||||
Commonwealth of Massachusetts, G.O. Misc. Tax Public Imps. Rev. Bonds, Series D, 0.48%, January 1, 20181 | 175 | 176 | 0.1 | |||||||||
176 | 0.1 | |||||||||||
Mississippi - 0.3% | ||||||||||||
Jackson State Univ. Educ. Building Corp., College & Univ. Imps. Lease Rev. Bonds (Mandatory Put 03/01/15 @ 100) (AGM Insured), 5.00%, March 1, 20341 | 465 | 472 | 0.3 | |||||||||
472 | 0.3 | |||||||||||
Oregon - 0.4% | ||||||||||||
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 09/15/18 @ 100), 1.05%, October 1, 20221 | 600 | 603 | 0.4 | |||||||||
603 | 0.4 | |||||||||||
Puerto Rico - 1.0% | ||||||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, October 1, 2018 | 800 | 844 | 0.6 | |||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||||||
5.00%, October 1, 2016 | 200 | 207 | 0.2 | |||||||||
5.00%, October 1, 2017 | 250 | 262 | 0.2 | |||||||||
1,313 | 1.0 | |||||||||||
U. S. Virgin Islands - 0.7% | ||||||||||||
Virgin Islands Public Fin. Auth., Misc. Rev. Ref. Bonds, Series B (AGM Insured), 5.00%, October 1, 2019 | 800 | 925 | 0.7 | |||||||||
925 | 0.7 | |||||||||||
Total bonds & notes (cost: $114,184,000) | 116,036 | 83.9 | ||||||||||
Short-term securities - 15.3% | ||||||||||||
California Health Facs. Fncg. Auth., Special Assessment Rev. Ref. Bonds, 0.06%, September 1, 20381 | 1,720 | 1,720 | 1.2 | |||||||||
California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, 0.06%, November 1, 20261 | 2,700 | 2,700 | 2.0 | |||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 0.08%, August 15, 20271 | 2,600 | 2,600 | 1.9 | |||||||||
City of Irvine California, Public Imps. Special Assessment Bonds, Series A, 0.05%, September 2, 20291 | 3,800 | 3,800 | 2.7 | |||||||||
City of Irvine California, Special Assessment Ref. Bonds, 0.05%, September 2, 20501,2 | 3,500 | 3,500 | 2.5 | |||||||||
Irvine Unified School Dist., School Imps. Special Tax Bonds, 0.06%, September 1, 20511 | 3,543 | 3,543 | 2.6 |
See Notes to Financial Statements
57 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Short-term securities - continued | Principal amount (000) | Market value (000) | Percent of net assets | |||||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Sub- Series B-6, 0.06%, July 1, 20341 | $ | 3,300 | $ | 3,300 | 2.4 | % | ||||||
Total short-term securities (cost: $21,163,000) | 21,163 | 15.3 | ||||||||||
Total investment securities (cost: $135,347,000) | 137,199 | 99.2 | ||||||||||
Other assets less liabilities | 1,107 | 0.8 | ||||||||||
Net assets | $ | 138,306 | 100.0 | % | ||||||||
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 October 31, 2014, the aggregate market value of these securities amounted to $3,500,000, representing 2.53% of net assets. |
Key to abbreviations
Agcy. = Agency
AGM = Assured Guaranty Municipal Corporation
Auth. = Authority
BAM = Build America Mutual Assurance Company
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
GTD = Guaranteed
Imps. = Improvements
Ind. = Industrial
Loc. = Local
Mgmt. = Management
Misc. = Miscellaneous
Muni. = Municipal
NATL-RE = National Reinsurance
Prop. = Property
Redev. = Redevelopment
See Notes to Financial Statements
58 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
October 31, 2014
Ref. = Refunding
Res. = Resource
Ress. = Resources
Rev. = Revenue
Trans. = Transportation
Univ. = University
Util. = Utility
See Notes to Financial Statements
59 |
Capital Group Core Bond Fund
October 31, 2014
Growth of $25,000 investment
Here’s how a $25,000 investment in Capital Group Core Bond Fund grew between April 13, 2010, when the fund began operations, and October 31, 2014, the end of the fund’s fiscal year.
1 | The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses. |
2 | Includes reinvested dividends and capital gain distributions. |
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.
Investment portfolio – quality ratings*
* | Bond ratings, which typically range from Aaa/AAA (highest) to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poor’s and/or Fitch as an indication of an Issuer’s credit-worthiness. If agency rating differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in “unrated” at left), the investment advisor performs it’s own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm. |
60 |
Capital Group Core Bond Fund
Schedule of investments
October 31, 2014
Bonds, notes & other debt investments - 95.4% | Principal amount (000) | Market value | Percent of net assets | |||||||||
U.S. government & government agency bonds & notes - 53.0% | ||||||||||||
Fannie Mae: | ||||||||||||
0.375%, July 5, 2016 | $ | 1,000 | $ | 998 | 0.3 | % | ||||||
1.25%, September 28, 2016 | 1,000 | 1,015 | 0.3 | |||||||||
1.25%, January 30, 2017 | 1,445 | 1,462 | 0.5 | |||||||||
1.00%, November 15, 2017 | 4,645 | 4,639 | 1.5 | |||||||||
0.875%, May 21, 2018 | 500 | 493 | 0.2 | |||||||||
1.75%, September 12, 2019 | 1,545 | 1,545 | 0.5 | |||||||||
2.625%, September 6, 2024 | 1,990 | 1,985 | 0.6 | |||||||||
Federal Home Loan Banks: | ||||||||||||
1.00%, June 21, 2017 | 600 | 603 | 0.2 | |||||||||
1.875%, March 13, 2020 | 2,910 | 2,899 | 0.9 | |||||||||
Freddie Mac: | ||||||||||||
0.75%, November 25, 2014 | 1,025 | 1,025 | 0.3 | |||||||||
0.50%, August 28, 2015 | 2,500 | 2,507 | 0.8 | |||||||||
4.75%, January 19, 2016 | 2,000 | 2,108 | 0.7 | |||||||||
2.50%, May 27, 2016 | 1,000 | 1,032 | 0.3 | |||||||||
1.00%, June 29, 2017 | 500 | 502 | 0.2 | |||||||||
4.875%, June 13, 2018 | 500 | 563 | 0.2 | |||||||||
U.S. Treasury Bonds, 7.625%, February 15, 2025 | 750 | 1,114 | 0.4 | |||||||||
U.S. Treasury Inflation Indexed Bonds: | ||||||||||||
2.00%, January 15, 2026 | 599 | 693 | 0.2 | |||||||||
1.375%, February 15, 2044 | 3,343 | 3,686 | 1.2 | |||||||||
U.S. Treasury Inflation Indexed Notes: | ||||||||||||
0.125%, April 15, 2016 | 4,046 | 4,093 | 1.3 | |||||||||
2.375%, January 15, 2017 | 389 | 416 | 0.1 | |||||||||
0.125%, April 15, 2018 | 1,029 | 1,042 | 0.3 | |||||||||
0.125%, April 15, 2019 | 508 | 512 | 0.2 | |||||||||
0.375%, July 15, 2023 | 511 | 511 | 0.2 | |||||||||
U.S. Treasury Notes: | ||||||||||||
4.00%, February 15, 2015 | 2,575 | 2,604 | 0.8 | |||||||||
1.25%, September 30, 2015 | 500 | 505 | 0.2 | |||||||||
4.50%, February 15, 2016 | 500 | 527 | 0.2 | |||||||||
2.625%, February 29, 2016 | 6,075 | 6,267 | 2.0 | |||||||||
0.50%, June 15, 2016 | 14,495 | 14,532 | 4.7 | |||||||||
1.50%, July 31, 2016 | 3,650 | 3,719 | 1.2 | |||||||||
0.625%, August 15, 2016 | 1,000 | 1,004 | 0.3 | |||||||||
1.00%, September 30, 2016 | 1,000 | 1,010 | 0.3 | |||||||||
4.625%, February 15, 2017 | 4,000 | 4,361 | 1.4 | |||||||||
1.00%, March 31, 2017 | 1,000 | 1,007 | 0.3 | |||||||||
0.875%, April 30, 2017 | 1,000 | 1,003 | 0.3 | |||||||||
4.50%, May 15, 2017 | 18,960 | 20,739 | 6.7 | |||||||||
8.75%, May 15, 2017 | 490 | 588 | 0.2 | |||||||||
0.875%, July 15, 2017 | 1,000 | 1,002 | 0.3 | |||||||||
1.875%, August 31, 2017 | 8,430 | 8,661 | 2.8 | |||||||||
0.75%, March 31, 2018 | 500 | 493 | 0.2 | |||||||||
3.875%, May 15, 2018 | 1,000 | 1,093 | 0.4 | |||||||||
1.375%, June 30, 2018 | 250 | 251 | 0.1 | |||||||||
4.00%, August 15, 2018 | 4,000 | 4,405 | 1.4 | |||||||||
1.25%, October 31, 2018 | 500 | 498 | 0.2 | |||||||||
1.50%, December 31, 2018 | 3,855 | 3,867 | 1.3 | |||||||||
1.625%, March 31, 2019 | 1,000 | 1,005 | 0.3 | |||||||||
1.25%, April 30, 2019 | 500 | 494 | 0.2 | |||||||||
1.50%, May 31, 2019 | 2,750 | 2,745 | 0.9 |
See Notes to Financial Statements
61 |
Capital Group Core Bond Fund
Schedule of investments
October 31, 2014
Bonds, notes & other debt investments - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
U.S. government & government agency bonds & notes - continued | ||||||||||||
1.625%, June 30, 2019 | $ | 9,265 | $ | 9,296 | 3.0 | % | ||||||
1.625%, July 31, 2019 | 1,000 | 1,002 | 0.3 | |||||||||
1.625%, August 31, 2019 | 750 | 751 | 0.2 | |||||||||
1.00%, September 30, 2019 | 500 | 485 | 0.2 | |||||||||
1.75%, September 30, 2019 | 4,000 | 4,027 | 1.3 | |||||||||
1.50%, October 31, 2019 | 2,000 | 1,989 | 0.6 | |||||||||
1.375%, May 31, 2020 | 1,000 | 978 | 0.3 | |||||||||
2.00%, November 30, 2020 | 1,000 | 1,005 | 0.3 | |||||||||
2.25%, March 31, 2021 | 7,635 | 7,764 | 2.5 | |||||||||
3.125%, May 15, 2021 | 2,000 | 2,141 | 0.7 | |||||||||
2.00%, February 15, 2023 | 2,000 | 1,971 | 0.6 | |||||||||
1.75%, May 15, 2023 | 1,000 | 963 | 0.3 | |||||||||
2.50%, August 15, 2023 | 1,050 | 1,071 | 0.3 | |||||||||
2.75%, November 15, 2023 | 2,250 | 2,340 | 0.8 | |||||||||
2.75%, February 15, 2024 | 5,000 | 5,193 | 1.7 | |||||||||
2.50%, May 15, 2024 | 5,375 | 5,461 | 1.8 | |||||||||
Total U.S. government & government agency bonds & notes | 164,260 | 53.0 | ||||||||||
Mortgage-backed obligations - 13.6% | ||||||||||||
Federal agency mortgage-backed obligations - 7.3% | ||||||||||||
Fannie Mae: | ||||||||||||
4.50%, July 1, 2019 | 82 | 87 | — | |||||||||
4.50%, March 1, 2020 | 425 | 448 | 0.1 | |||||||||
2.717%, February 25, 2022 | 500 | 505 | 0.2 | |||||||||
3.50%, October 1, 2025 | 4,507 | 4,769 | 1.5 | |||||||||
2.50%, November 1, 2027 | 1,162 | 1,185 | 0.4 | |||||||||
5.50%, April 25, 2037 | 85 | 94 | — | |||||||||
5.50%, September 1, 2038 | 958 | 1,067 | 0.3 | |||||||||
5.00%, June 1, 2041 | 1,289 | 1,434 | 0.5 | |||||||||
5.00%, August 1, 2041 | 343 | 381 | 0.1 | |||||||||
3.163%, September 1, 20411 | 212 | 222 | 0.1 | |||||||||
4.00%, December 1, 2044 TBA | 2,565 | 2,723 | 0.9 | |||||||||
4.50%, December 1, 2044 TBA | 3,525 | 3,815 | 1.2 | |||||||||
6.00%, December 1, 2044 TBA | 250 | 283 | 0.1 | |||||||||
Freddie Mac: | ||||||||||||
1.873%, January 25, 2018 | 219 | 222 | 0.1 | |||||||||
2.699%, May 25, 2018 | 790 | 820 | 0.3 | |||||||||
3.034%, October 25, 20201 | 495 | 516 | 0.2 | |||||||||
3.974%, January 25, 20211 | 524 | 573 | 0.2 | |||||||||
2.373%, May 25, 2022 | 500 | 495 | 0.2 | |||||||||
6.00%, February 15, 2037 | 54 | 60 | — | |||||||||
Ginnie Mae: | ||||||||||||
4.50%, January 20, 2040 | 143 | 157 | 0.1 | |||||||||
0.992%, July 20, 20621 | 748 | 758 | 0.2 | |||||||||
5.075%, February 20, 2064 | 344 | 372 | 0.1 | |||||||||
6.64%, July 20, 2064 | 1,439 | 1,582 | 0.5 | |||||||||
22,568 | 7.3 | |||||||||||
Commercial mortgage-backed securities - 6.3% | ||||||||||||
Commercial Mortgage Pass-Through Certificates: | ||||||||||||
5.467%, September 15, 2039 | 1,295 | 1,375 | 0.4 |
See Notes to Financial Statements
62 |
Capital Group Core Bond Fund
Schedule of investments
October 31, 2014
Bonds, notes & other debt investments - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
Mortgage-backed obligations - continued | ||||||||||||
Commercial mortgage-backed securities - continued | ||||||||||||
5.695%, September 15, 20401 | $ | 720 | $ | 786 | 0.2 | % | ||||||
Commercial Mortgage Trust, 5.292%, December 10, 2046 | 356 | 384 | 0.1 | |||||||||
DBUBS Mortgage Trust, Series 144A:2 | ||||||||||||
3.386%, July 10, 2044 | 750 | 776 | 0.2 | |||||||||
3.742%, November 10, 2046 | 1,525 | 1,572 | 0.5 | |||||||||
Fannie Mae Aces, 1.4513%, February 25, 2018 | 1,050 | 1,050 | 0.3 | |||||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, 1.152%, February 25, 20241 | 236 | 234 | 0.1 | |||||||||
Greenwich Capital Commercial Funding Corp., 5.444%, March 10, 2039 | 350 | 377 | 0.1 | |||||||||
GS Mortgage Securities Trust, 1.468%, August 10, 2044 | 169 | 169 | 0.1 | |||||||||
Hilton USA Trust, Series 144A:2 | ||||||||||||
2.662%, November 5, 2030 | 480 | 484 | 0.2 | |||||||||
3.367%, November 5, 2030 | 725 | 733 | 0.2 | |||||||||
JPMorgan Chase Commercial Mortgage Securities Corp., Series 144A, 3.6727%, February 15, 20462 | 348 | 361 | 0.1 | |||||||||
JPMorgan Chase Commercial Mortgage Securities Trust: | ||||||||||||
4.895%, September 12, 2037 | 500 | 507 | 0.2 | |||||||||
5.44%, May 15, 2045 | 650 | 693 | 0.2 | |||||||||
5.703%, February 12, 20491 | 650 | 708 | 0.2 | |||||||||
5.85%, February 15, 20511 | 347 | 382 | 0.1 | |||||||||
LB-UBS Commercial Mortgage Trust: | ||||||||||||
5.387%, February 15, 2040 | 624 | 676 | 0.2 | |||||||||
5.493%, February 15, 20401 | 680 | 722 | 0.2 | |||||||||
5.858%, July 15, 20441 | 313 | 345 | 0.1 | |||||||||
6.163%, September 15, 20451 | 500 | 562 | 0.2 | |||||||||
Merrill Lynch Mortgage Trust, 5.8351%, June 12, 20501 | 730 | 802 | 0.3 | |||||||||
ML-CFC Commercial Mortgage Trust, 5.8821%, August 12, 20491 | 550 | 604 | 0.2 | |||||||||
Morgan Stanley Capital I Trust: | ||||||||||||
5.207%, November 14, 20421 | 325 | 333 | 0.1 | |||||||||
5.319%, December 15, 2043 | 446 | 479 | 0.2 | |||||||||
Wachovia Bank Commercial Mortgage Trust: | ||||||||||||
5.118%, July 15, 20421 | 970 | 986 | 0.3 | |||||||||
5.342%, December 15, 2043 | 1,650 | 1,781 | 0.6 | |||||||||
5.466%, January 15, 20451 | 510 | 535 | 0.2 | |||||||||
5.591%, April 15, 20471 | 510 | 549 | 0.2 | |||||||||
5.716%, June 15, 20491 | 725 | 787 | 0.3 | |||||||||
19,752 | 6.3 | |||||||||||
Total mortgage-backed obligations | 42,320 | 13.6 | ||||||||||
Corporate bonds & notes - 22.2% | ||||||||||||
Banks - 3.5% | ||||||||||||
Bank of America Corp.: | ||||||||||||
2.60%, January 15, 2019 | 715 | 722 | 0.2 | |||||||||
3.30%, January 11, 2023 | 165 | 164 | 0.1 | |||||||||
4.00%, April 1, 2024 | 780 | 807 | 0.3 | |||||||||
Barclays Bank PLC, 2.50%, February 20, 2019 | 1,100 | 1,110 | 0.4 | |||||||||
BB&T Corp., 2.05%, June 19, 2018 | 670 | 675 | 0.2 | |||||||||
BNP Paribas SA, 0.7146%, March 17, 20171 | 520 | 521 | 0.2 | |||||||||
Citigroup, Inc., 4.587%, December 15, 2015 | 18 | 19 | — |
See Notes to Financial Statements
63 |
Capital Group Core Bond Fund
Schedule of investments
October 31, 2014
Bonds, notes & other debt investments - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
Corporate bonds & notes - continued | ||||||||||||
Banks - continued | ||||||||||||
JP Morgan Chase & Co.: | ||||||||||||
3.40%, June 24, 2015 | $ | 120 | $ | 122 | — | % | ||||||
2.20%, October 22, 2019 | 1,105 | 1,093 | 0.3 | |||||||||
3.20%, January 25, 2023 | 125 | 124 | — | |||||||||
3.625%, May 13, 2024 | 620 | 628 | 0.2 | |||||||||
Morgan Stanley: | ||||||||||||
2.125%, April 25, 2018 | 300 | 301 | 0.1 | |||||||||
3.70%, October 23, 2024 | 440 | 441 | 0.1 | |||||||||
Regions Financial Corp., 2.00%, May 15, 2018 | 500 | 496 | 0.2 | |||||||||
The Bank of New York Mellon Corp., 2.10%, January 15, 2019 | 500 | 500 | 0.2 | |||||||||
The Goldman Sachs Group, Inc.: | ||||||||||||
2.55%, October 23, 2019 | 510 | 507 | 0.2 | |||||||||
3.625%, January 22, 2023 | 350 | 351 | 0.1 | |||||||||
3.85%, July 8, 2024 | 690 | 698 | 0.2 | |||||||||
The Royal Bank of Scotland PLC, 4.375%, March 16, 2016 | 700 | 731 | 0.2 | |||||||||
UBS AG/Stamford CT, 3.875%, January 15, 2015 | 275 | 277 | 0.1 | |||||||||
Wells Fargo & Co., 3.30%, September 9, 2024 | 700 | 699 | 0.2 | |||||||||
10,986 | 3.5 | |||||||||||
Electric - 2.8% | ||||||||||||
Appalachian Power Co., Series S, 3.40%, May 24, 2015 | 250 | 254 | 0.1 | |||||||||
CMS Energy Corp., 3.875%, March 1, 2024 | 400 | 414 | 0.1 | |||||||||
Duke Energy Corp.: | ||||||||||||
3.95%, October 15, 2023 | 165 | 174 | 0.1 | |||||||||
3.75%, April 15, 2024 | 750 | 780 | 0.2 | |||||||||
Entergy Louisiana LLC, 1.875%, December 15, 2014 | 350 | 350 | 0.1 | |||||||||
Midamerican Energy Holdings Co., 5.75%, April 1, 2018 | 300 | 340 | 0.1 | |||||||||
Northern States Power Co., 2.60%, May 15, 2023 | 500 | 489 | 0.2 | |||||||||
Pacific Gas & Electric Co., 2.45%, August 15, 2022 | 300 | 288 | 0.1 | |||||||||
PacifiCorp, 5.65%, July 15, 2018 | 755 | 862 | 0.3 | |||||||||
Progress Energy, Inc., 7.05%, March 15, 2019 | 930 | 1,112 | 0.4 | |||||||||
PSEG Power LLC, 2.75%, September 15, 2016 | 250 | 258 | 0.1 | |||||||||
Public Service Co. of Colorado, 3.20%, November 15, 2020 | 300 | 315 | 0.1 | |||||||||
Southern California Edison Co., 1.125%, May 1, 2017 | 430 | 430 | 0.1 | |||||||||
Tampa Electric Co., 2.60%, September 15, 2022 | 350 | 343 | 0.1 | |||||||||
Virginia Electric and Power Co.: | ||||||||||||
5.40%, April 30, 2018 | 621 | 699 | 0.2 | |||||||||
2.95%, January 15, 2022 | 300 | 306 | 0.1 | |||||||||
3.45%, February 15, 2024 | 1,075 | 1,106 | 0.4 | |||||||||
8,520 | 2.8 | |||||||||||
Pipelines - 1.6% | ||||||||||||
Enbridge, Inc.: | ||||||||||||
5.60%, April 1, 2017 | 790 | 867 | 0.3 | |||||||||
4.00%, October 1, 2023 | 505 | 524 | 0.2 | |||||||||
Enterprise Products Operating LLC: | ||||||||||||
3.90%, February 15, 2024 | 780 | 804 | 0.2 | |||||||||
3.75%, February 15, 2025 | 345 | 347 | 0.1 | |||||||||
Kinder Morgan Energy Partners LP: | ||||||||||||
3.95%, September 1, 2022 | 310 | 310 | 0.1 |
See Notes to Financial Statements
64 |
Capital Group Core Bond Fund
Schedule of investments
October 31, 2014
Bonds, notes & other debt investments - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
Corporate bonds & notes - continued | ||||||||||||
Pipelines - continued | ||||||||||||
4.25%, September 1, 2024 | $ | 430 | $ | 429 | 0.1 | % | ||||||
Spectra Energy Partners LP, 2.95%, September 25, 2018 | 500 | 517 | 0.2 | |||||||||
TransCanada PipeLines Ltd., 3.40%, June 1, 2015 | 190 | 193 | 0.1 | |||||||||
Williams Partners LP: | ||||||||||||
3.80%, February 15, 2015 | 300 | 302 | 0.1 | |||||||||
4.50%, November 15, 2023 | 495 | 521 | 0.2 | |||||||||
4,814 | 1.6 | |||||||||||
Oil & gas - 1.5% | ||||||||||||
Anadarko Petroleum Corp., 6.375%, September 15, 2017 | 250 | 282 | 0.1 | |||||||||
Canadian Natural Resources Ltd., 1.45%, November 14, 2014 | 300 | 300 | 0.1 | |||||||||
Chevron Corp.: | ||||||||||||
0.889%, June 24, 2016 | 500 | 503 | 0.1 | |||||||||
1.718%, June 24, 2018 | 430 | 434 | 0.1 | |||||||||
Devon Energy Corp.: | ||||||||||||
2.25%, December 15, 2018 | 225 | 226 | 0.1 | |||||||||
3.25%, May 15, 2022 | 200 | 199 | 0.1 | |||||||||
Exxon Mobil Corp., 0.3841%, March 15, 20191 | 1,115 | 1,118 | 0.3 | |||||||||
Husky Energy, Inc., 7.25%, December 15, 2019 | 250 | 303 | 0.1 | |||||||||
Phillips 66, 4.30%, April 1, 2022 | 290 | 311 | 0.1 | |||||||||
Statoil ASA, 2.45%, January 17, 2023 | 540 | 519 | 0.2 | |||||||||
Total Capital International SA, 2.875%, February 17, 2022 | 230 | 230 | 0.1 | |||||||||
Woodside Finance Ltd., Series 144A, 4.60%, May 10, 20212 | 185 | 201 | 0.1 | |||||||||
4,626 | 1.5 | |||||||||||
Insurance - 1.4% | ||||||||||||
ACE INA Holdings, Inc., 3.35%, May 15, 2024 | 760 | 769 | 0.2 | |||||||||
American International Group, Inc.: | ||||||||||||
2.30%, July 16, 2019 | 495 | 498 | 0.2 | |||||||||
4.125%, February 15, 2024 | 360 | 380 | 0.1 | |||||||||
Berkshire Hathaway, 2.00%, August 15, 2018 | 750 | 756 | 0.2 | |||||||||
Prudential Financial, Inc.: | ||||||||||||
1.014%, August 15, 20181 | 570 | 576 | 0.2 | |||||||||
2.30%, August 15, 2018 | 350 | 354 | 0.1 | |||||||||
QBE Insurance Group Ltd., Series 144A, 2.40%, May 1, 20182 | 1,125 | 1,126 | 0.4 | |||||||||
4,459 | 1.4 | |||||||||||
Diversified financial services - 1.2% | ||||||||||||
American Express Co., 0.8249%, May 22, 20181 | 500 | 503 | 0.1 | |||||||||
Ford Motor Credit Co. LLC, 4.375%, August 6, 2023 | 500 | 531 | 0.2 | |||||||||
General Electric Capital Corp.: | ||||||||||||
2.45%, March 15, 2017 | 565 | 582 | 0.2 | |||||||||
2.30%, April 27, 2017 | 250 | 257 | 0.1 | |||||||||
3.10%, January 9, 2023 | 200 | 201 | 0.1 | |||||||||
Intercontinental Exchange, Inc., 4.00%, October 15, 2023 | 970 | 1,018 | 0.3 | |||||||||
National Rural Utilities Cooperative Finance Corp., 1.00%, February 2, 2015 | 733 | 734 | 0.2 | |||||||||
3,826 | 1.2 |
See Notes to Financial Statements
65 |
Capital Group Core Bond Fund
Schedule of investments
October 31, 2014
Bonds, notes & other debt investments - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
Corporate bonds & notes - continued | ||||||||||||
Telecommunications - 1.2% | ||||||||||||
AT&T, Inc.: | ||||||||||||
0.90%, February 12, 2016 | $ | 200 | $ | 200 | 0.1 | % | ||||||
2.40%, August 15, 2016 | 200 | 205 | 0.1 | |||||||||
Deutsche Telekom International Finance BV, Series 144A, 2.25%, March 6, 20172 | 500 | 511 | 0.2 | |||||||||
Verizon Communications, Inc.: | ||||||||||||
5.15%, September 15, 2023 | 940 | 1,053 | 0.3 | |||||||||
3.50%, November 1, 2024 | 1,150 | 1,134 | 0.4 | |||||||||
4.40%, November 1, 2034 | 500 | 490 | 0.1 | |||||||||
3,593 | 1.2 | |||||||||||
Pharmaceuticals - 1.1% | ||||||||||||
Abbvie, Inc., 2.90%, November 6, 2022 | 175 | 171 | 0.1 | |||||||||
Eli Lilly & Co., 1.95%, March 15, 2019 | 660 | 663 | 0.2 | |||||||||
GlaxoSmithKline Capital PLC, 0.75%, May 8, 2015 | 440 | 441 | 0.1 | |||||||||
Mckesson Corp.: | ||||||||||||
0.95%, December 4, 2015 | 45 | 45 | — | |||||||||
3.25%, March 1, 2016 | 310 | 319 | 0.1 | |||||||||
Merck & Co., Inc.: | ||||||||||||
1.10%, January 31, 2018 | 250 | 248 | 0.1 | |||||||||
2.80%, May 18, 2023 | 250 | 247 | 0.1 | |||||||||
Novartis Capital Corp., 3.40%, May 6, 2024 | 515 | 530 | 0.2 | |||||||||
Novartis Securities Investment Ltd., 5.125%, February 10, 2019 | 300 | 339 | 0.1 | |||||||||
Pfizer, Inc., 0.5341%, June 15, 20181 | 500 | 502 | 0.1 | |||||||||
3,505 | 1.1 | |||||||||||
Beverages - 1.0% | ||||||||||||
Anheuser-Busch InBev Worldwide, Inc., 4.125%, January 15, 2015 | 300 | 302 | 0.1 | |||||||||
Pernod-Ricard SA, Series 144A, 2.95%, January 15, 20172 | 800 | 825 | 0.3 | |||||||||
SABMiller Holdings, Inc., Series 144A, 2.45%, January 15, 20172 | 745 | 762 | 0.2 | |||||||||
The Coca-Cola Co.: | ||||||||||||
1.50%, November 15, 2015 | 350 | 354 | 0.1 | |||||||||
3.20%, November 1, 2023 | 850 | 863 | 0.3 | |||||||||
3,106 | 1.0 | |||||||||||
Healthcare-services - 0.9% | ||||||||||||
Aetna, Inc., 1.50%, November 15, 2017 | 350 | 350 | 0.1 | |||||||||
Roche Holdings, Inc., Series 144A, 2.875%, September 29, 20212 | 1,250 | 1,264 | 0.4 | |||||||||
UnitedHealth Group, Inc.: | ||||||||||||
1.40%, October 15, 2017 | 250 | 251 | 0.1 | |||||||||
2.75%, February 15, 2023 | 285 | 278 | 0.1 | |||||||||
WellPoint, Inc.: | ||||||||||||
2.30%, July 15, 2018 | 285 | 288 | 0.1 | |||||||||
4.35%, August 15, 2020 | 300 | 327 | 0.1 | |||||||||
2,758 | 0.9 | |||||||||||
Media - 0.9% | ||||||||||||
21st Century Fox America, Inc., 4.50%, February 15, 2021 | 350 | 383 | 0.1 | |||||||||
CBS Corp., 1.95%, July 1, 2017 | 200 | 203 | 0.1 | |||||||||
Comcast Corp.: |
See Notes to Financial Statements
66 |
Capital Group Core Bond Fund
Schedule of investments
October 31, 2014
Bonds, notes & other debt investments - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
Corporate bonds & notes - continued | ||||||||||||
Media - continued | ||||||||||||
5.85%, November 15, 2015 | $ | 300 | $ | 316 | 0.1 | % | ||||||
5.70%, May 15, 2018 | 300 | 341 | 0.1 | |||||||||
NBCUniversal Media LLC, 5.15%, April 30, 2020 | 350 | 399 | 0.2 | |||||||||
The Walt Disney Co., 5.50%, March 15, 2019 | 300 | 344 | 0.1 | |||||||||
Time Warner, Inc., 5.875%, November 15, 2016 | 300 | 328 | 0.1 | |||||||||
Viacom, Inc., 2.50%, September 1, 2018 | 350 | 356 | 0.1 | |||||||||
2,670 | 0.9 | |||||||||||
REITS - 0.8% | ||||||||||||
Corporate Office Properties LP, 5.25%, February 15, 2024 | 225 | 242 | 0.1 | |||||||||
DCT Industrial Operating Partnership LP, 4.50%, October 15, 2023 | 500 | 515 | 0.2 | |||||||||
ERP Operating LP, 4.625%, December 15, 2021 | 350 | 384 | 0.1 | |||||||||
Kimco Realty Corp., 5.584%, November 23, 2015 | 325 | 341 | 0.1 | |||||||||
Prologis LP, 2.75%, February 15, 2019 | 360 | 366 | 0.1 | |||||||||
Simon Property Group LP, 4.20%, February 1, 2015 | 300 | 300 | 0.1 | |||||||||
UDR, Inc., 3.70%, October 1, 2020 | 400 | 415 | 0.1 | |||||||||
2,563 | 0.8 | |||||||||||
Retail - 0.5% | ||||||||||||
CVS Health Corp., 4.00%, December 5, 2023 | 200 | 210 | 0.1 | |||||||||
Starbucks Corp., 2.00%, December 5, 2018 | 190 | 191 | 0.1 | |||||||||
Target Corp., 6.00%, January 15, 2018 | 350 | 398 | 0.1 | |||||||||
The Home Depot, Inc., 4.40%, April 1, 2021 | 350 | 391 | 0.1 | |||||||||
Wal-Mart Stores, Inc., 5.80%, February 15, 2018 | 300 | 341 | 0.1 | |||||||||
1,531 | 0.5 | |||||||||||
Real Estate - 0.4% | ||||||||||||
American Campus Communities Operating Partnership LP: | ||||||||||||
3.75%, April 15, 2023 | 300 | 298 | 0.1 | |||||||||
4.125%, July 1, 2024 | 400 | 406 | 0.1 | |||||||||
Scentre Group Trust 1 / Scentre Group Trust 2, Series 144A, 2.375%, November 5, 20192 | 100 | 100 | — | |||||||||
WEA Finance LLC, Series 144A, 2.70%, September 17, 20192 | 475 | 479 | 0.2 | |||||||||
1,283 | 0.4 | |||||||||||
Biotechnology - 0.4% | �� | |||||||||||
Amgen, Inc., 1.875%, November 15, 2014 | 250 | 250 | 0.1 | |||||||||
Celgene Corp., 3.625%, May 15, 2024 | 155 | 157 | 0.1 | |||||||||
Gilead Sciences, Inc.: | ||||||||||||
2.40%, December 1, 2014 | 100 | 100 | — | |||||||||
3.05%, December 1, 2016 | 80 | 83 | — | |||||||||
4.40%, December 1, 2021 | 550 | 603 | 0.2 | |||||||||
1,193 | 0.4 | |||||||||||
Agriculture - 0.3% | ||||||||||||
Altria Group, Inc.: | ||||||||||||
2.85%, August 9, 2022 | 250 | 243 | 0.1 | |||||||||
2.95%, May 2, 2023 | 200 | 193 | 0.1 |
See Notes to Financial Statements
67 |
Capital Group Core Bond Fund
Schedule of investments
October 31, 2014
Bonds, notes & other debt investments - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
Corporate bonds & notes - continued | ||||||||||||
Agriculture - continued | ||||||||||||
4.00%, January 31, 2024 | $ | 580 | $ | 601 | 0.1 | % | ||||||
1,037 | 0.3 | |||||||||||
Cosmetics/Personal Care - 0.3% | ||||||||||||
The Procter & Gamble Co., 1.80%, November 15, 2015 | 790 | 802 | 0.3 | |||||||||
802 | 0.3 | |||||||||||
Iron/Steel - 0.3% | ||||||||||||
Glencore Funding LLC, Series 144A, 1.5906%, January 15, 20191,2 | 750 | 762 | 0.3 | |||||||||
762 | 0.3 | |||||||||||
Software - 0.2% | ||||||||||||
Oracle Corp.: | ||||||||||||
1.20%, October 15, 2017 | 250 | 249 | 0.1 | |||||||||
2.375%, January 15, 2019 | 500 | 509 | 0.1 | |||||||||
758 | 0.2 | |||||||||||
Chemicals - 0.2% | ||||||||||||
Ecolab, Inc., 3.00%, December 8, 2016 | 180 | 187 | — | |||||||||
Ei Du Pont De Nemours & Co., 2.80%, February 15, 2023 | 350 | 343 | 0.1 | |||||||||
The Dow Chemical Co., 4.125%, November 15, 2021 | 207 | 219 | 0.1 | |||||||||
749 | 0.2 | |||||||||||
Environmental Control - 0.2% | ||||||||||||
Republic Services, Inc., 5.00%, March 1, 2020 | 350 | 390 | 0.1 | |||||||||
Waste Management, Inc., 4.60%, March 1, 2021 | 300 | 332 | 0.1 | |||||||||
722 | 0.2 | |||||||||||
Aerospace/Defense - 0.2% | ||||||||||||
Airbus Finance BV, Series 144A, 2.70%, April 17, 20232 | 300 | 294 | 0.1 | |||||||||
The Boeing Co., 0.95%, May 15, 2018 | 350 | 342 | 0.1 | |||||||||
636 | 0.2 | |||||||||||
Auto Manufacturers - 0.2% | ||||||||||||
Daimler Finance North America LLC, Series 144A, 1.0924%, August 1, 20181,2 | 350 | 356 | 0.1 | |||||||||
Toyota Motor Credit Corp., 1.75%, May 22, 2017 | 250 | 254 | 0.1 | |||||||||
610 | 0.2 | |||||||||||
Mining - 0.2% | ||||||||||||
BHP Billiton Finance USA Ltd., 1.125%, November 21, 2014 | 300 | 300 | 0.1 | |||||||||
Teck Resources Ltd., 3.15%, January 15, 2017 | 260 | 268 | 0.1 | |||||||||
568 | 0.2 | |||||||||||
Transportation - 0.2% | ||||||||||||
Burlington Northern Santa Fe LLC, 3.00%, March 15, 2023 | 150 | 148 | 0.1 | |||||||||
Canadian National Railway Co.: | ||||||||||||
5.55%, May 15, 2018 | 50 | 56 | — |
See Notes to Financial Statements
68 |
Capital Group Core Bond Fund
Schedule of investments
October 31, 2014
Bonds, notes & other debt investments - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
Corporate bonds & notes - continued | ||||||||||||
Transportation - continued | ||||||||||||
2.85%, December 15, 2021 | $ | 200 | $ | 204 | 0.1 | % | ||||||
CSX Corp., 3.40%, August 1, 2024 | 145 | 146 | — | |||||||||
554 | 0.2 | |||||||||||
Miscellaneous manufacturing - 0.2% | ||||||||||||
Danaher Corp., 2.30%, June 23, 2016 | 200 | 205 | 0.1 | |||||||||
General Electric Co., 2.70%, October 9, 2022 | 300 | 297 | 0.1 | |||||||||
502 | 0.2 | |||||||||||
Computers - 0.1% | ||||||||||||
International Business Machines Corp., 5.70%, September 14, 2017 | 350 | 394 | 0.1 | |||||||||
394 | 0.1 | |||||||||||
Commercial Services - 0.1% | ||||||||||||
Catholic Health Initiatives, 1.60%, November 1, 2017 | 350 | 350 | 0.1 | |||||||||
350 | 0.1 | |||||||||||
Food - 0.1% | ||||||||||||
ConAgra Foods, Inc., 1.90%, January 25, 2018 | 350 | 349 | 0.1 | |||||||||
349 | 0.1 | |||||||||||
Healthcare-products - 0.1% | ||||||||||||
Medtronic, Inc., 3.625%, March 15, 2024 | 300 | 304 | 0.1 | |||||||||
304 | 0.1 | |||||||||||
Office/Business Equip - 0.1% | ||||||||||||
Xerox Corp., 2.95%, March 15, 2017 | 250 | 259 | 0.1 | |||||||||
259 | 0.1 | |||||||||||
Total corporate bonds & notes | 68,789 | 22.2 | ||||||||||
Municipals - 2.7% | ||||||||||||
City Detroit, G.O. Public Imps. Prop. Tax Bonds, Series A (AGM Insured), 5.00%, April 1, 2016 | 50 | 50 | — | |||||||||
City Detroit, G.O. Public Imps. Prop. Tax Bonds, Series A (Assured GTY Insured), 5.00%, April 1, 2022 | 50 | 52 | — | |||||||||
City Detroit, G.O. Public Imps. Prop. Tax Bonds, Series A-1 (NATL-RE Insured), 5.375%, April 1, 2018 | 700 | 700 | 0.2 | |||||||||
County of Harris, Highway Tolls Rev. Ref. Bonds, 1.061%, August 15, 2016 | 1,000 | 1,006 | 0.3 | |||||||||
Hurricane Catastrophe Fund Fin. Corp., Misc. Rev. Bonds, Series A, 2.995%, July 1, 2020 | 3,000 | 3,034 | 1.0 | |||||||||
New Jersey Trans. Trust Fund Auth., Appropriations Rev. Ref. Bonds, Series B: | ||||||||||||
1.087%, December 15, 2016 | 2,350 | 2,363 | 0.8 | |||||||||
1.758%, December 15, 2018 | 350 | 344 | 0.1 | |||||||||
State of Illinois, G.O. School Imps. Misc. Rev. Bonds, 4.422%, April 1, 2015 | 300 | 304 | 0.1 | |||||||||
Univ. of Texas System, College & Univ. Rev. Ref. Bonds, Series D, 2.616%, August 15, 2015 | 500 | 509 | 0.2 | |||||||||
Total municipals | 8,362 | 2.7 |
See Notes to Financial Statements
69 |
Capital Group Core Bond Fund
Schedule of investments
October 31, 2014
Bonds, notes & other debt investments - continued | Principal amount (000) | Market value | Percent of net assets | |||||||||
Government & government agency bonds & notes outside the U.S. - 0.5% | ||||||||||||
Sovereign - 0.5% | ||||||||||||
Province of Manitoba Canada, 3.05%, May 14, 2024 | $ | 200 | $ | 205 | 0.1 | % | ||||||
Province of Ontario Canada, 3.20%, May 16, 2024 | 500 | 515 | 0.1 | |||||||||
Ukraine Government AID Bonds, 1.844%, May 16, 2019 | 875 | 880 | 0.3 | |||||||||
1,600 | 0.5 | |||||||||||
Total government & government agency bonds & notes outside the U.S. | 1,600 | 0.5 | ||||||||||
Asset-backed obligations - 3.4% | ||||||||||||
AEP Texas Central Transition Fndg II. LLC, 5.09%, July 1, 2017 | 24 | 24 | — | |||||||||
AmeriCredit Automobile Receivables Trust: | ||||||||||||
0.57%, July 10, 2017 | 622 | 622 | 0.2 | |||||||||
1.15%, June 10, 2019 | 355 | 355 | 0.1 | |||||||||
Avis Budget Rental Car Funding AESOP LLC, Series 144A:2 | ||||||||||||
1.92%, September 20, 2019 | 1,000 | 1,000 | 0.3 | |||||||||
2.97%, February 20, 2020 | 1,340 | 1,371 | 0.4 | |||||||||
2.50%, February 20, 2021 | 770 | 770 | 0.2 | |||||||||
CarMax Auto Owner Trust, 1.16%, June 17, 2019 | 500 | 501 | 0.2 | |||||||||
Chesapeake Funding LLC, Series 144A, 0.573%, March 7, 20261,2 | 200 | 200 | 0.1 | |||||||||
Discover Card Execution Note Trust, 2.12%, December 15, 2021 | 655 | 659 | 0.2 | |||||||||
Enterprise Fleet Financing LLC, Series 144A, 1.05%, March 20, 20202 | 800 | 801 | 0.3 | |||||||||
Ford Credit Auto Lease Trust, 1.10%, November 15, 2017 | 165 | 166 | 0.1 | |||||||||
Ford Credit Auto Owner Trust, Series 144A, 2.26%, November 15, 20252 | 705 | 710 | 0.2 | |||||||||
Hertz Fleet Lease Funding LP, Series 144A:1,2 | ||||||||||||
0.552%, April 10, 2028 | 575 | 575 | 0.2 | |||||||||
0.902%, April 10, 2028 | 300 | 300 | 0.1 | |||||||||
Hertz Vehicle Financing LLC, Series 144A, 1.12%, August 25, 20172 | 1,600 | 1,602 | 0.5 | |||||||||
Santander Drive Auto Receivables Trust, 0.87%, January 16, 2018 | 310 | 311 | 0.1 | |||||||||
Trade MAPS 1 Ltd., Series 144A:1,2 | ||||||||||||
0.852%, December 10, 2018 | 430 | 430 | 0.1 | |||||||||
1.402%, December 10, 2018 | 250 | 250 | 0.1 | |||||||||
Total asset-backed obligations | 10,647 | 3.4 | ||||||||||
Total bonds, notes & other debt investments (cost: $292,463,000) | 295,978 | 95.4 | ||||||||||
Short-term securities - 6.5% | ||||||||||||
Abbot Laboratories, 0.10%, December 22, 20143 | 3,500 | 3,500 | 1.1 | |||||||||
General Electric Co., 0.06%, November 3, 20143 | 5,700 | 5,700 | 1.8 | |||||||||
Private Export Funding Corp., 0.14%, January 20, 20153 | 3,000 | 2,999 | 1.0 | |||||||||
Fannie Mae, 0.05%, January 20, 20153 | 3,000 | 3,000 | 1.0 | |||||||||
Federal Home Loan Bank, 0.04%, December 17, 20143 | 5,000 | 5,000 | 1.6 | |||||||||
Total short-term securities (cost: $20,198,000) | 20,199 | 6.5 | ||||||||||
Total investment securities (cost: $312,661,000) | 316,177 | 101.9 | ||||||||||
Other assets less liabilities | (5,932 | ) | (1.9 | ) | ||||||||
Net assets | $ | 310,245 | 100.0 | % |
See Notes to Financial Statements
70 |
Capital Group Core Bond Fund
Schedule of investments
October 31, 2014
1 | Indicates a variable rate security. The interest rate shown reflects the rate in effect at October 31, 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 October 31, 2014, the aggregate market value of these securities amounted to $18,614,446, representing 6.00% 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
Misc. = Miscellaneous
Prop. = Property
Ref. = Refunding
REITS = Real Estate Investment Trusts
Rev. = Revenue
TBA = To be announced
Univ. = University
See Notes to Financial Statements
71 |
Capital Group Global Equity Fund
October 31, 2014
Growth of $25,000 investment
Here’s how a $25,000 investment in Capital Group Global Equity Fund grew between April 1, 2011, when the fund began operations, and October 31, 2014, the end of the fund’s fiscal year.
1 | The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses. Index returns are net of foreign withholding dividends. |
2 | Includes reinvested dividends and capital gain distributions. |
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.
Investment portfolio – sector diversification
* Other includes short-term securities and other assets less liabilities
72 |
Capital Group Global Equity Fund
October 31, 2014
Investment portfolio - country diversification
Country | (percent of net assets) | |||
United States | 47.6 | % | ||
Britain | 8.1 | |||
Japan | 8.0 | |||
France | 5.0 | |||
Switzerland | 4.6 | |||
Germany | 3.8 | |||
Hong Kong | 2.5 | |||
Singapore | 2.1 | |||
Denmark | 1.6 | |||
Ireland | 1.5 | |||
Canada | 1.3 | |||
Netherlands | 1.2 | |||
Finland | 1.1 | |||
Australia | 0.9 | |||
Sweden | 0.9 | |||
India | 0.8 | |||
Luxembourg | 0.7 | |||
Spain | 0.6 | |||
South Korea | 0.5 | |||
China | 0.2 | |||
Macau | 0.2 | |||
Bermuda | 0.1 | |||
Short-term securities & other assets less liabilities | 6.7 |
73 |
Capital Group Global Equity Fund
Schedule of investments
October 31, 2014
Common Stocks - 93.3% | Shares | Market value (000) | Percent of net assets | |||||||||
Industrials - 17.5% | ||||||||||||
Eaton Corp. PLC | 98,400 | $ | 6,730 | 1.3 | % | |||||||
Nielsen NV | 152,900 | 6,497 | 1.3 | |||||||||
SMC Corp. | 21,800 | 6,030 | 1.2 | |||||||||
The Boeing Co. | 45,100 | 5,633 | 1.1 | |||||||||
FANUC Corp. | 32,600 | 5,549 | 1.1 | |||||||||
Siemens AG | 44,858 | 5,054 | 1.0 | |||||||||
United Technologies Corp. | 45,000 | 4,815 | 0.9 | |||||||||
Iron Mountain, Inc. | 119,995 | 4,328 | 0.8 | |||||||||
Danaher Corp. | 49,400 | 3,972 | 0.8 | |||||||||
Norfolk Southern Corp. | 34,600 | 3,828 | 0.8 | |||||||||
Caterpillar, Inc. | 32,900 | 3,336 | 0.7 | |||||||||
Assa Abloy AB, Class B | 62,609 | 3,316 | 0.7 | |||||||||
Zodiac Aerospace | 107,984 | 3,293 | 0.6 | |||||||||
Towers Watson & Co., Class A | 27,125 | 2,992 | 0.6 | |||||||||
Hexcel Corp.1 | 69,300 | 2,903 | 0.6 | |||||||||
Schneider Electric SE | 36,717 | 2,893 | 0.6 | |||||||||
IDEX Corp. | 33,500 | 2,510 | 0.5 | |||||||||
B/E Aerospace, Inc.1 | 30,200 | 2,248 | 0.4 | |||||||||
Jardine Matheson Holdings Ltd. | 36,000 | 2,156 | 0.4 | |||||||||
China Everbright International Ltd. | 1,533,080 | 2,131 | 0.4 | |||||||||
Waste Connections, Inc. | 39,600 | 1,976 | 0.4 | |||||||||
3M Co. | 8,530 | 1,312 | 0.3 | |||||||||
AA PLC1 | 234,500 | 1,256 | 0.2 | |||||||||
Safran SA | 19,420 | 1,229 | 0.2 | |||||||||
Meggitt PLC | 168,009 | 1,212 | 0.2 | |||||||||
DKSH Holding Ltd. | 16,262 | 1,200 | 0.2 | |||||||||
Illinois Tool Works, Inc. | 3,700 | 337 | 0.1 | |||||||||
FedEx Corp. | 1,600 | 268 | 0.1 | |||||||||
89,004 | 17.5 | |||||||||||
Health Care - 16.2% | ||||||||||||
Gilead Sciences, Inc.1 | 134,255 | 15,036 | 2.9 | |||||||||
Novo Nordisk A/S, Class B | 175,091 | 7,921 | 1.6 | |||||||||
Bristol-Myers Squibb Co. | 118,450 | 6,893 | 1.3 | |||||||||
Express Scripts Holding Co.1 | 86,800 | 6,668 | 1.3 | |||||||||
Bayer AG | 46,604 | 6,626 | 1.3 | |||||||||
Seattle Genetics, Inc.1 | 151,600 | 5,559 | 1.1 | |||||||||
AstraZeneca PLC | 74,020 | 5,380 | 1.1 | |||||||||
Roche Holding AG | 16,603 | 4,895 | 1.0 | |||||||||
Novartis AG | 45,595 | 4,232 | 0.8 | |||||||||
Cerner Corp.1 | 66,600 | 4,218 | 0.8 | |||||||||
AbbVie, Inc. | 53,400 | 3,389 | 0.7 | |||||||||
UnitedHealth Group, Inc. | 23,500 | 2,233 | 0.4 | |||||||||
AmerisourceBergen Corp. | 24,700 | 2,110 | 0.4 | |||||||||
Essilor International SA | 18,610 | 2,055 | 0.4 | |||||||||
Sysmex Corp. | 46,800 | 1,964 | 0.4 | |||||||||
St. Jude Medical, Inc. | 29,000 | 1,861 | 0.4 | |||||||||
Incyte Corp.1 | 16,000 | 1,073 | 0.2 | |||||||||
DaVita HealthCare Partners, Inc.1 | 4,800 | 375 | 0.1 | |||||||||
82,488 | 16.2 |
See Notes to Financial Statements
74 |
Capital Group Global Equity Fund
Schedule of investments
October 31, 2014
Common Stocks - continued | Shares | Market value (000) | Percent of net assets | |||||||||
Information Technology - 15.6% | ||||||||||||
Keyence Corp. | 17,300 | $ | 8,083 | 1.6 | % | |||||||
VeriSign, Inc.1 | 119,110 | 7,118 | 1.4 | |||||||||
Avago Technologies Ltd. | 59,500 | 5,132 | 1.0 | |||||||||
ASML Holding NV | 46,916 | 4,671 | 0.9 | |||||||||
Apple, Inc. | 40,265 | 4,349 | 0.8 | |||||||||
Hamamatsu Photonics K.K. | 90,700 | 4,054 | 0.8 | |||||||||
Visa, Inc., A Shares | 16,700 | 4,032 | 0.8 | |||||||||
Google, Inc., Class A1 | 6,470 | 3,674 | 0.7 | |||||||||
Google, Inc., Class C1 | 6,510 | 3,640 | 0.7 | |||||||||
Jack Henry & Associates, Inc. | 60,300 | 3,607 | 0.7 | |||||||||
Automatic Data Processing, Inc. | 41,600 | 3,402 | 0.7 | |||||||||
Texas Instruments, Inc. | 66,115 | 3,283 | 0.6 | |||||||||
Microsoft Corp. | 55,700 | 2,615 | 0.5 | |||||||||
Samsung Electronics Co. Ltd. (GDR) | 5,294 | 2,435 | 0.5 | |||||||||
Murata Manufacturing Co. Ltd. | 21,400 | 2,325 | 0.5 | |||||||||
QUALCOMM, Inc. | 28,800 | 2,261 | 0.4 | |||||||||
Jabil Circuit, Inc. | 97,700 | 2,047 | 0.4 | |||||||||
Infosys Ltd. (ADR) | 28,385 | 1,898 | 0.4 | |||||||||
Broadcom Corp., Class A | 44,600 | 1,868 | 0.4 | |||||||||
Trend Micro, Inc. | 56,100 | 1,835 | 0.4 | |||||||||
Oracle Corp. | 63,900 | 2,474 | 0.4 | |||||||||
Hitachi Ltd. | 204,000 | 1,560 | 0.3 | |||||||||
Xilinx, Inc. | 33,800 | 1,503 | 0.3 | |||||||||
Accenture PLC, Class A | 12,800 | 1,038 | 0.2 | |||||||||
Gemalto NV | 7,558 | 578 | 0.1 | |||||||||
KLA-Tencor Corp. | 3,400 | 269 | 0.1 | |||||||||
79,751 | 15.6 | |||||||||||
Financials - 14.6% | ||||||||||||
The Goldman Sachs Group, Inc. | 41,100 | 7,809 | 1.5 | |||||||||
AIA Group Ltd. | 1,341,400 | 7,481 | 1.5 | |||||||||
American Tower Corp. | 61,000 | 5,947 | 1.2 | |||||||||
Sampo OYJ, A Shares | 121,978 | 5,834 | 1.1 | |||||||||
CME Group, Inc. | 64,700 | 5,422 | 1.1 | |||||||||
Marsh & McLennan Cos., Inc. | 74,600 | 4,056 | 0.8 | |||||||||
BNP Paribas SA | 60,616 | 3,809 | 0.7 | |||||||||
Wells Fargo & Co. | 68,080 | 3,614 | 0.7 | |||||||||
DBS Group Holdings Ltd. | 240,475 | 3,459 | 0.7 | |||||||||
Lloyds Banking Group PLC1 | 2,738,100 | 3,378 | 0.7 | |||||||||
JPMorgan Chase & Co. | 52,300 | 3,163 | 0.6 | |||||||||
ACE Ltd. | 23,100 | 2,525 | 0.5 | |||||||||
Deutsche Wohnen AG | 107,888 | 2,431 | 0.5 | |||||||||
HDFC Bank Ltd. (ADR) | 41,500 | 2,176 | 0.4 | |||||||||
CaixaBank SA | 390,058 | 2,127 | 0.4 | |||||||||
Aon PLC | 19,600 | 1,686 | 0.3 | |||||||||
Aberdeen Asset Management PLC | 191,525 | 1,330 | 0.3 | |||||||||
Svenska Handelsbanken AB, A Shares | 25,301 | 1,206 | 0.2 | |||||||||
Bank of China Ltd., Class H | 2,445,300 | 1,170 | 0.2 | |||||||||
HSBC Holdings PLC | 98,889 | 1,012 | 0.2 | |||||||||
Julius Baer Group Ltd.1 | 22,720 | 994 | 0.2 | |||||||||
The PNC Financial Services Group, Inc. | 8,800 | 760 | 0.2 | |||||||||
PacWest Bancorp | 14,300 | 610 | 0.1 | |||||||||
BOC Hong Kong Holdings Ltd. | 171,500 | 572 | 0.1 |
See Notes to Financial Statements
75 |
Capital Group Global Equity Fund
Schedule of investments
October 31, 2014
Common Stocks - continued | Shares | Market value (000) | Percent of net assets | |||||||||
Financials - continued | ||||||||||||
Standard Chartered PLC | 34,318 | $ | 516 | 0.1 | % | |||||||
The Progressive Corp. | 15,750 | 416 | 0.1 | |||||||||
The Charles Schwab Corp. | 13,880 | 398 | 0.1 | |||||||||
UBS AG1 | 21,927 | 378 | 0.1 | |||||||||
Sun Hung Kai Properties Ltd. | 13,000 | 194 | — | |||||||||
74,473 | 14.6 | |||||||||||
Consumer Discretionary - 11.5% | ||||||||||||
Comcast Corp., Class A | 142,500 | 7,887 | 1.6 | |||||||||
Newell Rubbermaid, Inc. | 192,200 | 6,406 | 1.3 | |||||||||
Liberty Global PLC, Class A1 | 95,730 | 4,353 | 0.9 | |||||||||
Cie Financiere Richemont SA | 51,622 | 4,343 | 0.9 | |||||||||
SES SA | 106,391 | 3,673 | 0.7 | |||||||||
The Home Depot, Inc. | 36,800 | 3,589 | 0.7 | |||||||||
Royal Caribbean Cruises Ltd. | 49,000 | 3,331 | 0.7 | |||||||||
Sirius XM Holdings, Inc.1 | 937,700 | 3,216 | 0.6 | |||||||||
Scripps Networks Interactive, Inc., Class A | 39,300 | 3,036 | 0.6 | |||||||||
Delphi Automotive PLC | 39,600 | 2,732 | 0.5 | |||||||||
Starbucks Corp. | 32,600 | 2,463 | 0.5 | |||||||||
Denso Corp. | 50,400 | 2,247 | 0.4 | |||||||||
Bayerische Motoren Werke AG | 20,357 | 2,177 | 0.4 | |||||||||
Daimler AG | 27,134 | 2,109 | 0.4 | |||||||||
ElringKlinger AG | 40,758 | 1,244 | 0.2 | |||||||||
Home Retail Group PLC | 388,600 | 1,139 | 0.2 | |||||||||
Inditex SA | 33,110 | 930 | 0.2 | |||||||||
Wynn Macau Ltd. | 244,400 | 881 | 0.2 | |||||||||
Carnival Corp. | 17,800 | 715 | 0.1 | |||||||||
Nordstrom, Inc. | 9,300 | 675 | 0.1 | |||||||||
Signet Jewelers Ltd. | 5,600 | 672 | 0.1 | |||||||||
The Walt Disney Co. | 4,500 | 411 | 0.1 | |||||||||
Liberty Global PLC, Series C1 | 5,100 | 227 | 0.1 | |||||||||
58,456 | 11.5 | |||||||||||
Consumer Staples - 6.1% | ||||||||||||
Unilever PLC | 142,700 | 5,739 | 1.1 | |||||||||
Pernod Ricard SA | 39,029 | 4,442 | 0.9 | |||||||||
Nestle SA | 59,929 | 4,385 | 0.8 | |||||||||
L’Oreal SA | 21,572 | 3,382 | 0.7 | |||||||||
The Procter & Gamble Co. | 29,600 | 2,583 | 0.5 | |||||||||
Imperial Tobacco Group PLC | 50,814 | 2,204 | 0.4 | |||||||||
Philip Morris International, Inc. | 22,700 | 2,021 | 0.4 | |||||||||
Ajinomoto Co., Inc. | 105,000 | 1,966 | 0.4 | |||||||||
Danone SA | 27,974 | 1,901 | 0.4 | |||||||||
Diageo PLC | 64,600 | 1,899 | 0.4 | |||||||||
Nestle SA (ADR) | 7,600 | 557 | 0.1 | |||||||||
31,079 | 6.1 | |||||||||||
Energy - 4.7% | ||||||||||||
Schlumberger Ltd. | 70,900 | 6,995 | 1.3 | |||||||||
Chevron Corp. | 39,500 | 4,738 | 0.9 | |||||||||
Noble Energy, Inc. | 69,100 | 3,982 | 0.8 | |||||||||
ConocoPhillips | 47,780 | 3,447 | 0.7 |
See Notes to Financial Statements
76 |
Capital Group Global Equity Fund
Schedule of investments
October 31, 2014
Common Stocks - continued | Shares | Market value (000) | Percent of net assets | |||||||||
Energy - continued | ||||||||||||
Cenovus Energy, Inc. | 106,800 | $ | 2,643 | 0.5 | % | |||||||
Enbridge, Inc. | 50,900 | 2,409 | 0.5 | |||||||||
24,214 | 4.7 | |||||||||||
Materials - 4.5% | ||||||||||||
Monsanto Co. | 41,400 | 4,763 | 0.9 | |||||||||
Air Liquide SA | 22,788 | 2,749 | 0.5 | |||||||||
BHP Billiton Ltd. | 85,487 | 2,555 | 0.5 | |||||||||
Rio Tinto PLC | 52,600 | 2,500 | 0.5 | |||||||||
The Dow Chemical Co. | 45,400 | 2,243 | 0.4 | |||||||||
Amcor Ltd. | 205,225 | 2,117 | 0.4 | |||||||||
Air Products & Chemicals, Inc. | 13,800 | 1,858 | 0.4 | |||||||||
Praxair, Inc. | 13,435 | 1,693 | 0.3 | |||||||||
First Quantum Minerals Ltd. | 82,993 | 1,252 | 0.3 | |||||||||
Koninklijke DSM NV | 13,040 | 816 | 0.2 | |||||||||
Ecolab, Inc. | 4,500 | 500 | 0.1 | |||||||||
23,046 | 4.5 | |||||||||||
Telecommunication Services - 2.0% | ||||||||||||
SoftBank Corp. | 57,100 | 4,036 | 0.8 | |||||||||
Verizon Communications, Inc. | 47,800 | 2,402 | 0.5 | |||||||||
Singapore Telecommunications Ltd. | 763,000 | 2,245 | 0.4 | |||||||||
Vodafone Group PLC | 458,935 | 1,522 | 0.3 | |||||||||
10,205 | 2.0 | |||||||||||
Utilities - 0.6% | ||||||||||||
National Grid PLC | 220,900 | 3,272 | 0.6 | |||||||||
3,272 | 0.6 | |||||||||||
Total common stocks (cost: $378,157,000) | 475,988 | 93.3 | ||||||||||
Principal amount (000) | ||||||||||||
Short-term securities - 6.5% | ||||||||||||
General Electric Co., 0.06%, November 3, 20142 | $ | 12,800 | 12,800 | 2.5 | ||||||||
Nordea Bank AB Public, 0.18%, January 8, 20152 | 10,300 | 10,297 | 2.0 | |||||||||
Federal Home Loan Bank, 0.04%, December 17, 20142 | 5,000 | 5,000 | 1.0 | |||||||||
Federal National Mortgage Association, 0.06%, December 10, 20142 | 5,000 | 5,000 | 1.0 | |||||||||
Total short-term securities (cost: $33,096,000) | 33,097 | 6.5 | ||||||||||
Total investment securities (cost: $411,253,000) | 509,085 | 99.8 | ||||||||||
Other assets less liabilities | 1,075 | 0.2 | ||||||||||
Net assets | $ | 510,160 | 100.0 | % |
See Notes to Financial Statements
77 |
Capital Group Global Equity Fund
Schedule of investments
October 31, 2014
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
78 |
Capital Group Non-U.S. Equity Fund
October 31, 2014
Growth of $25,000 investment
Here’s how a $25,000 investment in Capital Group Non-U.S. Equity Fund grew between April 1, 2011, when the fund began operations, and October 31, 2014, the end of the fund’s fiscal year.
1 | The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses. Index returns are net of foreign withholding dividends. |
2 | Includes reinvested dividends and capital gain distributions. |
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.
Investment portfolio – sector diversification
* | Other includes short-term securities and other assets less liabilities |
79 |
Capital Group Non-U.S. Equity Fund
October 31, 2014
Investment portfolio - country diversification
Country | (percent of net assets) | |||
Japan | 20.9 | % | ||
Britain | 14.2 | |||
France | 11.5 | |||
Switzerland | 9.2 | |||
Germany | 7.2 | |||
Hong Kong | 4.8 | |||
Netherlands | 3.1 | |||
Denmark | 3.1 | |||
Sweden | 2.7 | |||
Australia | 2.4 | |||
Finland | 2.2 | |||
Luxembourg | 2.2 | |||
Spain | 1.9 | |||
Singapore | 1.8 | |||
Canada | 1.3 | |||
South Korea | 1.1 | |||
India | 0.6 | |||
China | 0.5 | |||
Taiwan | 0.3 | |||
Macau | 0.2 | |||
Short-term securities & other assets less liabilities | 8.8 |
80 |
Capital Group Non-U.S. Equity Fund
Schedule of investments
October 31, 2014
Common Stocks - 91.2% | Shares | Market value (000) | Percent of net assets | |||||||||
Industrials - 17.0% | ||||||||||||
SMC Corp. | 148,700 | $ | 41,132 | 2.5 | % | |||||||
Assa Abloy AB, Class B | 641,364 | 33,970 | 2.1 | |||||||||
FANUC Corp. | 194,900 | 33,176 | 2.0 | |||||||||
Schneider Electric SE | 276,242 | 21,767 | 1.3 | |||||||||
China Everbright International Ltd. | 13,868,390 | 19,278 | 1.2 | |||||||||
Zodiac Aerospace | 616,751 | 18,808 | 1.2 | |||||||||
Safran SA | 293,759 | 18,590 | 1.1 | |||||||||
Jardine Matheson Holdings Ltd. | 304,800 | 18,258 | 1.1 | |||||||||
Siemens AG | 133,934 | 15,090 | 0.9 | |||||||||
Marubeni Corp. | 1,930,000 | 12,165 | 0.7 | |||||||||
AA PLC1 | 1,965,000 | 10,523 | 0.6 | |||||||||
Kawasaki Heavy Industries Ltd. | 2,616,000 | 10,014 | 0.6 | |||||||||
DKSH Holding Ltd. | 133,157 | 9,826 | 0.6 | |||||||||
Meggitt PLC | 1,229,309 | 8,871 | 0.5 | |||||||||
Kubota Corp. | 371,000 | 5,739 | 0.4 | |||||||||
Mitsubishi Corp. | 174,100 | 3,353 | 0.2 | |||||||||
280,560 | 17.0 | |||||||||||
Financials - 15.0% | ||||||||||||
AIA Group Ltd. | 7,466,600 | 41,641 | 2.5 | |||||||||
Sampo OYJ, A Shares | 777,492 | 37,190 | 2.3 | |||||||||
Lloyds Banking Group PLC1 | 29,611,400 | 36,536 | 2.2 | |||||||||
BNP Paribas SA | 325,092 | 20,426 | 1.2 | |||||||||
DBS Group Holdings Ltd. | 1,376,582 | 19,802 | 1.2 | |||||||||
Deutsche Wohnen AG | 792,432 | 17,855 | 1.1 | |||||||||
CaixaBank SA | 2,926,109 | 15,954 | 1.0 | |||||||||
Svenska Handelsbanken AB, A Shares | 217,876 | 10,389 | 0.6 | |||||||||
Bank of China Ltd., Class H | 18,235,000 | 8,723 | 0.5 | |||||||||
HSBC Holdings PLC | 822,196 | 8,411 | 0.5 | |||||||||
Prudential PLC | 343,200 | 7,920 | 0.5 | |||||||||
Julius Baer Group Ltd.1 | 158,566 | 6,935 | 0.4 | |||||||||
HDFC Bank Ltd. (ADR) | 89,200 | 4,677 | 0.3 | |||||||||
Sumitomo Mitsui Financial Group, Inc. | 106,300 | 4,163 | 0.3 | |||||||||
Standard Chartered PLC | 260,518 | 3,916 | 0.2 | |||||||||
UBS AG1 | 178,073 | 3,072 | 0.2 | |||||||||
247,610 | 15.0 | |||||||||||
Health Care - 14.0% | ||||||||||||
Roche Holding AG | 151,640 | 44,713 | 2.7 | |||||||||
Bayer AG | 303,977 | 43,216 | 2.6 | |||||||||
Novo Nordisk A/S, Class B | 948,453 | 42,908 | 2.6 | |||||||||
Novartis AG | 358,671 | 33,289 | 2.0 | |||||||||
AstraZeneca PLC | 314,690 | 22,872 | 1.4 | |||||||||
Sysmex Corp. | 456,200 | 19,150 | 1.2 | |||||||||
Essilor International SA | 112,524 | 12,423 | 0.7 | |||||||||
Genmab A/S1 | 187,096 | 8,155 | 0.5 | |||||||||
Grifols SA, Class B | 119,646 | 4,204 | 0.3 | |||||||||
Novartis AG (ADR) | 1,300 | 121 | — | |||||||||
231,051 | 14.0 | |||||||||||
Information Technology - 12.8% | ||||||||||||
Keyence Corp. | 98,000 | 45,787 | 2.8 |
See Notes to Financial Statements
81 |
Capital Group Non-U.S. Equity Fund
Schedule of investments
October 31, 2014
Common Stocks - continued | Shares | Market value (000) | Percent of net assets | |||||||||
Information Technology - continued | ||||||||||||
Hamamatsu Photonics K.K. | 755,900 | $ | 33,783 | 2.0 | % | |||||||
ASML Holding NV | 307,596 | 30,625 | 1.9 | |||||||||
Murata Manufacturing Co. Ltd. | 205,800 | 22,362 | 1.3 | |||||||||
Trend Micro, Inc. | 559,200 | 18,296 | 1.1 | |||||||||
Samsung Electronics Co. Ltd. (GDR) | 38,659 | 17,781 | 1.1 | |||||||||
Hitachi Ltd. | 1,583,000 | 12,107 | 0.7 | |||||||||
Gemalto NV | 108,851 | 8,322 | 0.5 | |||||||||
SAP SE | 116,856 | 7,943 | 0.5 | |||||||||
Oracle Corp. | 141,400 | 5,375 | 0.3 | |||||||||
Infosys Ltd. (ADR) | 72,180 | 4,826 | 0.3 | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 190,500 | 4,195 | 0.3 | |||||||||
211,402 | 12.8 | |||||||||||
Consumer Discretionary - 12.0% | ||||||||||||
SES SA | 1,071,447 | 36,991 | 2.2 | |||||||||
Liberty Global PLC, Class A1 | 543,975 | 24,734 | 1.5 | |||||||||
Ryohin Keikaku Co. Ltd. | 167,200 | 22,254 | 1.3 | |||||||||
Cie Financiere Richemont SA | 264,137 | 22,223 | 1.3 | |||||||||
Daimler AG | 192,515 | 14,965 | 0.9 | |||||||||
Nissan Motor Co. Ltd. | 1,414,000 | 12,562 | 0.8 | |||||||||
Home Retail Group PLC | 4,207,900 | 12,339 | 0.7 | |||||||||
Bayerische Motoren Werke AG | 105,815 | 11,314 | 0.7 | |||||||||
Inditex SA | 398,335 | 11,189 | 0.7 | |||||||||
Denso Corp. | 243,500 | 10,859 | 0.7 | |||||||||
ElringKlinger AG | 298,252 | 9,103 | 0.6 | |||||||||
LVMH Moet Hennessy Louis Vuitton SA | 22,542 | 3,823 | 0.2 | |||||||||
Wynn Macau Ltd. | 864,400 | 3,115 | 0.2 | |||||||||
Liberty Global PLC, Series C1 | 54,900 | 2,441 | 0.2 | |||||||||
197,912 | 12.0 | |||||||||||
Consumer Staples - 8.8% | ||||||||||||
L’Oreal SA | 166,133 | 26,045 | 1.6 | |||||||||
Pernod Ricard SA | 196,570 | 22,374 | 1.4 | |||||||||
Danone SA | 328,850 | 22,344 | 1.3 | |||||||||
Nestle SA | 302,650 | 22,145 | 1.3 | |||||||||
Diageo PLC | 456,500 | 13,422 | 0.8 | |||||||||
Ajinomoto Co., Inc. | 701,000 | 13,124 | 0.8 | |||||||||
Unilever PLC | 314,600 | 12,652 | 0.8 | |||||||||
Imperial Tobacco Group PLC | 190,959 | 8,282 | 0.5 | |||||||||
Reckitt Benckiser Group PLC | 63,700 | 5,350 | 0.3 | |||||||||
Nestle SA (ADR) | 8,700 | 638 | — | |||||||||
146,376 | 8.8 | |||||||||||
Materials - 4.1% | ||||||||||||
Amcor Ltd. | 1,441,144 | 14,863 | 0.9 | |||||||||
Koninklijke DSM NV | 209,763 | 13,134 | 0.8 | |||||||||
Air Liquide SA | 96,564 | 11,647 | 0.7 | |||||||||
BHP Billiton Ltd. | 363,335 | 10,858 | 0.7 | |||||||||
Rio Tinto PLC | 193,300 | 9,189 | 0.6 | |||||||||
First Quantum Minerals Ltd. | 490,283 | 7,395 | 0.4 | |||||||||
67,086 | 4.1 |
See Notes to Financial Statements
82 |
Capital Group Non-U.S. Equity Fund
Schedule of investments
October 31, 2014
Common Stocks - continued | Shares | Market value (000) | Percent of net assets | |||||||||
Telecommunication Services - 3.2% | ||||||||||||
SoftBank Corp. | 273,600 | $ | 19,338 | 1.2 | % | |||||||
Vodafone Group PLC | 4,866,160 | 16,137 | 1.0 | |||||||||
Singapore Telecommunications Ltd. | 3,142,000 | 9,245 | 0.5 | |||||||||
Swisscom AG | 14,295 | 8,416 | 0.5 | |||||||||
53,136 | 3.2 | |||||||||||
Energy - 2.7% | ||||||||||||
Oil Search Ltd. | 1,889,319 | 14,348 | 0.9 | |||||||||
Enbridge, Inc. | 301,700 | 14,276 | 0.8 | |||||||||
Total SA | 204,600 | 12,158 | 0.7 | |||||||||
Tullow Oil PLC | 586,100 | 4,555 | 0.3 | |||||||||
45,337 | 2.7 | |||||||||||
Utilities - 1.6% | ||||||||||||
National Grid PLC | 1,767,790 | 26,187 | 1.6 | |||||||||
26,187 | 1.6 | |||||||||||
Total common stocks (cost: $1,401,494,000) | 1,506,657 | 91.2 | ||||||||||
Short-term securities - 8.7% | Principal amount (000) | �� | ||||||||||
Abbot Laboratories, 0.10%, December 5, 20142 | $ | 7,500 | 7,500 | 0.5 | ||||||||
Chevron Corp., 0.10%, December 16, 20142 | 11,100 | 11,098 | 0.7 | |||||||||
Federal Home Loan Bank:2 | ||||||||||||
0.07%, December 3, 2014 | 15,700 | 15,700 | 1.0 | |||||||||
0.14%, July 31, 2015 | 8,600 | 8,595 | 0.5 | |||||||||
0.04%, December 17, 2014 | 7,200 | 7,200 | 0.4 | |||||||||
Federal Home Loan Mortgage Corp., 0.053%, January 26, 20112 | 10,000 | 9,999 | 0.6 | |||||||||
General Electric Co., 0.06%, November 3, 20142 | 22,000 | 22,000 | 1.3 | |||||||||
International Business Machines Corp., 0.10%, December 19, 20142 | 10,000 | 9,999 | 0.6 | |||||||||
John Deere Bank SA, 0.09%, December 5, 20142 | 14,000 | 13,999 | 0.8 | |||||||||
John Deere Credit Ltd., 0.08%, November 13, 20142 | 7,800 | 7,800 | 0.5 | |||||||||
Tennessee Valley Authority, 0.04%, November 25, 20142 | 15,400 | 15,400 | 0.9 | |||||||||
Wal-Mart Stores, Inc., 0.06%, November 12, 20142 | 14,400 | 14,400 | 0.9 | |||||||||
Total short-term securities (cost: $143,683,000) | 143,690 | 8.7 | ||||||||||
Total investment securities (cost: $1,545,177,000) | 1,650,347 | 99.9 | ||||||||||
Other assets less liabilities | 1,547 | 0.1 | ||||||||||
Net assets | $ | 1,651,894 | 100.0 | % |
See Notes to Financial Statements
83 |
Capital Group Non-U.S. Equity Fund
Schedule of investments
October 31, 2014
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
84 |
Capital Group U.S. Equity Fund
October 31, 2014
Growth of $25,000 investment
Here’s how a $25,000 investment in Capital Group U.S. Equity Fund grew between April 1, 2011, when the fund began operations, and October 31, 2014, the end of the fund’s fiscal year.
1 | The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, or expenses. |
2 | Includes reinvested dividends and capital gain distributions. |
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.
Investment portfolio – sector diversification
* Other includes short-term securities and other assets less liabilities
85 |
Capital Group U.S. Equity Fund
Schedule of investments
October 31, 2014
Common Stocks - 93.8% | Shares | Market value (000) | Percent of net assets | |||||||||
Industrials - 19.2% | ||||||||||||
Eaton Corp. PLC | 58,700 | $ | 4,014 | 2.1 | % | |||||||
Norfolk Southern Corp. | 33,000 | 3,651 | 1.9 | |||||||||
Nielsen NV | 84,000 | 3,569 | 1.8 | |||||||||
Danaher Corp. | 42,350 | 3,405 | 1.8 | |||||||||
United Technologies Corp. | 28,600 | 3,060 | 1.6 | |||||||||
Iron Mountain, Inc. | 78,639 | 2,837 | 1.5 | |||||||||
The Boeing Co. | 22,200 | 2,773 | 1.4 | |||||||||
Waste Connections, Inc. | 53,800 | 2,685 | 1.4 | |||||||||
Caterpillar, Inc. | 19,100 | 1,937 | 1.0 | |||||||||
B/E Aerospace, Inc.1 | 25,400 | 1,891 | 1.0 | |||||||||
Hexcel Corp.1 | 44,900 | 1,881 | 1.0 | |||||||||
Towers Watson & Co., Class A | 17,050 | 1,880 | 1.0 | |||||||||
Siemens AG (ADR) | 11,800 | 1,330 | 0.7 | |||||||||
IDEX Corp. | 16,700 | 1,251 | 0.6 | |||||||||
Emerson Electric Co. | 11,000 | 705 | 0.4 | |||||||||
36,869 | 19.2 | |||||||||||
Information Technology - 16.7% | ||||||||||||
VeriSign, Inc.1 | 68,150 | 4,073 | 2.1 | |||||||||
Jack Henry & Associates, Inc. | 54,200 | 3,242 | 1.7 | |||||||||
Automatic Data Processing, Inc. | 36,700 | 3,001 | 1.6 | |||||||||
Texas Instruments, Inc. | 58,500 | 2,905 | 1.5 | |||||||||
Avago Technologies Ltd. | 31,510 | 2,718 | 1.4 | |||||||||
Apple, Inc. | 18,865 | 2,037 | 1.1 | |||||||||
Oracle Corp. | 48,700 | 1,902 | 1.0 | |||||||||
Microsoft Corp. | 38,600 | 1,812 | 0.9 | |||||||||
Google, Inc., Class A1 | 3,125 | 1,775 | 0.9 | |||||||||
Google, Inc., Class C1 | 3,125 | 1,747 | 0.9 | |||||||||
QUALCOMM, Inc. | 22,100 | 1,735 | 0.9 | |||||||||
Visa, Inc., A Shares | 6,850 | 1,654 | 0.9 | |||||||||
Jabil Circuit, Inc. | 59,950 | 1,256 | 0.7 | |||||||||
Broadcom Corp., Class A | 29,600 | 1,240 | 0.6 | |||||||||
Accenture PLC, Class A | 12,825 | 1,040 | 0.5 | |||||||||
32,137 | 16.7 | |||||||||||
Health Care - 15.1% | ||||||||||||
Gilead Sciences, Inc.1 | 61,755 | 6,916 | 3.6 | |||||||||
Bristol-Myers Squibb Co. | 74,700 | 4,347 | 2.3 | |||||||||
Express Scripts Holding Co.1 | 48,900 | 3,756 | 2.0 | |||||||||
AbbVie, Inc. | 34,125 | 2,166 | 1.1 | |||||||||
Cerner Corp.1 | 34,100 | 2,160 | 1.1 | |||||||||
St. Jude Medical, Inc. | 32,605 | 2,092 | 1.1 | |||||||||
AmerisourceBergen Corp. | 20,900 | 1,785 | 0.9 | |||||||||
Seattle Genetics, Inc.1 | 46,075 | 1,690 | 0.9 | |||||||||
UnitedHealth Group, Inc. | 11,600 | 1,102 | 0.6 | |||||||||
Novo Nordisk A/S (ADR) | 23,200 | 1,048 | 0.5 | |||||||||
AstraZeneca PLC (ADR) | 13,750 | 1,003 | 0.5 | |||||||||
Pfizer, Inc. | 23,500 | 704 | 0.4 | |||||||||
Incyte Corp.1 | 3,800 | 255 | 0.1 | |||||||||
29,024 | 15.1 |
See Notes to Financial Statements
86 |
Capital Group U.S. Equity Fund
Schedule of investments
October 31, 2014
Common Stocks - continued | Shares | Market value (000) | Percent of net assets | |||||||||
Financials - 12.7% | ||||||||||||
Marsh & McLennan Cos., Inc. | 66,400 | $ | 3,610 | 1.9 | % | |||||||
The Goldman Sachs Group, Inc. | 17,700 | 3,363 | 1.7 | |||||||||
American Tower Corp. | 28,700 | 2,798 | 1.5 | |||||||||
CME Group, Inc. | 31,125 | 2,608 | 1.4 | |||||||||
JPMorgan Chase & Co. | 43,000 | 2,601 | 1.3 | |||||||||
Wells Fargo & Co. | 46,650 | 2,477 | 1.3 | |||||||||
ACE Ltd. | 20,800 | 2,273 | 1.2 | |||||||||
BB&T Corp. | 47,300 | 1,792 | 0.9 | |||||||||
The PNC Financial Services Group, Inc. | 17,025 | 1,471 | 0.8 | |||||||||
Aon PLC | 16,200 | 1,393 | 0.7 | |||||||||
24,386 | 12.7 | |||||||||||
Consumer Discretionary - 12.4% | ||||||||||||
Comcast Corp., Class A | 94,700 | 5,242 | 2.7 | |||||||||
Newell Rubbermaid, Inc. | 112,000 | 3,733 | 1.9 | |||||||||
The Home Depot, Inc. | 25,500 | 2,487 | 1.3 | |||||||||
Scripps Networks Interactive, Inc., Class A | 30,900 | 2,387 | 1.2 | |||||||||
Daimler AG (ADR) | 20,575 | 1,601 | 0.8 | |||||||||
Delphi Automotive PLC | 20,700 | 1,428 | 0.8 | |||||||||
NIKE, Inc., Class B | 13,800 | 1,283 | 0.7 | |||||||||
Sirius XM Holdings, Inc.1 | 324,500 | 1,113 | 0.6 | |||||||||
Starbucks Corp. | 14,500 | 1,095 | 0.6 | |||||||||
Carnival Corp. | 22,350 | 897 | 0.5 | |||||||||
Norwegian Cruise Line Holdings Ltd.1 | 22,800 | 889 | 0.5 | |||||||||
Charter Communications, Inc., Class A1 | 5,200 | 824 | 0.4 | |||||||||
Ross Stores, Inc. | 5,570 | 449 | 0.2 | |||||||||
Tiffany & Co. | 4,150 | 399 | 0.2 | |||||||||
23,827 | 12.4 | |||||||||||
Energy - 7.8% | ||||||||||||
Schlumberger Ltd. | 39,900 | 3,937 | 2.0 | |||||||||
Chevron Corp. | 24,420 | 2,929 | 1.5 | |||||||||
ConocoPhillips | 33,890 | 2,445 | 1.3 | |||||||||
Noble Energy, Inc. | 40,400 | 2,328 | 1.2 | |||||||||
Halliburton Co. | 27,700 | 1,527 | 0.8 | |||||||||
EOG Resources, Inc. | 11,100 | 1,055 | 0.6 | |||||||||
Cenovus Energy, Inc. | 33,500 | 830 | 0.4 | |||||||||
15,051 | 7.8 | |||||||||||
Materials - 4.5% | ||||||||||||
Monsanto Co. | 23,800 | 2,738 | 1.4 | |||||||||
Air Products & Chemicals, Inc. | 18,725 | 2,521 | 1.3 | |||||||||
The Dow Chemical Co. | 35,100 | 1,734 | 0.9 | |||||||||
Praxair, Inc. | 10,870 | 1,370 | 0.7 | |||||||||
The Mosaic Co. | 7,300 | 323 | 0.2 | |||||||||
8,686 | 4.5 | |||||||||||
Consumer Staples - 3.9% | ||||||||||||
Unilever PLC (ADR) | 49,700 | 1,999 | 1.0 | |||||||||
Philip Morris International, Inc. | 20,200 | 1,798 | 0.9 | |||||||||
The Procter & Gamble Co. | 19,500 | 1,702 | 0.9 |
See Notes to Financial Statements
87 |
Capital Group U.S. Equity Fund
Schedule of investments
October 31, 2014
Common Stocks - continued | Shares | Market value (000) | Percent of net assets | |||||||||
Consumer Staples - continued | �� | |||||||||||
Nestle SA (ADR) | 21,800 | $ | 1,599 | 0.8 | % | |||||||
Diageo PLC (ADR) | 4,100 | 484 | 0.3 | |||||||||
7,582 | 3.9 | |||||||||||
Telecommunication Services - 1.1% | ||||||||||||
Verizon Communications, Inc. | 40,600 | 2,040 | 1.1 | |||||||||
2,040 | 1.1 | |||||||||||
Utilities - 0.4% | ||||||||||||
National Grid PLC (ADR) | 11,500 | 856 | 0.4 | |||||||||
856 | 0.4 | |||||||||||
Total common stocks (cost: $131,493,000) | 180,458 | 93.8 |
Short-term securities - 6.1% | Principal amount (000) | |||||||||||
3M Co., 0.07%, November 12, 20142 | $ | 1,300 | 1,300 | 0.7 | ||||||||
General Electric Co., 0.06%, November 3, 20142 | 4,800 | 4,800 | 2.5 | |||||||||
John Deere Bank SA, 0.09%, November 13, 20142 | 1,900 | 1,900 | 1.0 | |||||||||
Medtronic, Inc., 0.08%, November 4, 20142 | 2,400 | 2,400 | 1.2 | |||||||||
The Procter & Gamble Co., 0.12%, November 4, 20142 | 1,300 | 1,300 | 0.7 | |||||||||
Total short-term securities (cost: $11,700,000) | 11,700 | 6.1 | ||||||||||
Total investment securities (cost: $143,193,000) | 192,158 | 99.9 | ||||||||||
Other assets less liabilities | 105 | 0.1 | ||||||||||
Net assets | $ | 192,263 | 100.0 | % |
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
88 |
Capital Group Core Municipal Fund
Statement of assets and liabilities
at October 31, 2014
(dollars and shares in thousands) (except per share amounts) | ||||||||
Assets: | ||||||||
Investment securities, at value (cost: $318,165) | $ | 329,969 | ||||||
Short-term investments, at value (cost: $11,520) | 11,520 | |||||||
Cash | 51 | |||||||
Receivables for: | ||||||||
Sales of fund’s shares | 336 | |||||||
Interest | 3,912 | |||||||
Reimbursement from investment adviser | 5 | |||||||
4,253 | ||||||||
Total assets | 345,793 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 4,509 | |||||||
Repurchases of fund’s shares | 44 | |||||||
Investment advisory services | 101 | |||||||
Other accrued expenses | 67 | |||||||
Total liabilities | 4,721 | |||||||
Net assets at October 31, 2014: | $ | 341,072 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 329,390 | ||||||
Accumulated undistributed net investment income | 1 | |||||||
Accumulated net realized loss | (123 | ) | ||||||
Net unrealized appreciation | 11,804 | |||||||
Net assets at October 31, 2014 | $ | 341,072 | ||||||
Shares outstanding: | 32,307 | |||||||
Net asset value per share: | $ | 10.56 |
See Notes to Financial Statements
89 |
Capital Group Core Municipal Fund
Statement of operations
for the year ended October 31, 2014
(dollars in thousands) | ||||||||
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 7,616 | ||||||
Fees and expenses: | ||||||||
Investment advisory services | 1,111 | |||||||
Administrative and accounting services | 92 | |||||||
Registration fees | 30 | |||||||
Audit and tax fees | 42 | |||||||
Transfer agent services | 19 | |||||||
Trustees’ compensation | 13 | |||||||
Other | 8 | |||||||
Total fees and expenses before reimbursements | 1,315 | |||||||
Less reimbursements of fees and expenses | 45 | |||||||
Total fees and expenses after reimbursements | 1,270 | |||||||
Net investment income | 6,346 | |||||||
Net realized loss and unrealized appreciation on investments: | ||||||||
Net realized loss on investments | (116 | ) | ||||||
Net unrealized appreciation on investments | 3,611 | |||||||
Net realized loss and unrealized appreciation on investments | 3,495 | |||||||
Net increase in net assets resulting from operations | $ | 9,841 |
See Notes to Financial Statements
90 |
Capital Group Core Municipal Fund
Statements of changes in net assets
(dollars in thousands) | ||||||||
For the year | For the year | |||||||
ended 10/31/14 | ended 10/31/13 | |||||||
Operations: | ||||||||
Net investment income | $ | 6,346 | $ | 6,136 | ||||
Net realized (loss) gain on investments | (116 | ) | 69 | |||||
Net unrealized appreciation (depreciation) on investments | 3,611 | (6,221 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 9,841 | (16 | ) | |||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (6,345 | ) | (6,135 | ) | ||||
Distributions from capital gain | — | — | ||||||
Total dividends and distributions | (6,345 | ) | (6,135 | ) | ||||
Net capital share transactions | 39,061 | 12,373 | ||||||
Total increase in net assets | 42,557 | 6,222 | ||||||
Net assets: | ||||||||
Beginning of year | 298,515 | 292,293 | ||||||
End of year (including undistributed net investment income: $1 and $–, respectively.) | $ | 341,072 | $ | 298,515 |
See Notes to Financial Statements
91 |
Capital Group Short-Term Municipal Fund
Statement of assets and liabilities | ||||||||
at October 31, 2014 | (dollars and shares in thousands) (except per share amounts) | |||||||
Assets: | ||||||||
Investment securities, at value (cost: $136,197) | $ | 138,132 | ||||||
Short-term investments, at value (cost: $18,960) | 18,960 | |||||||
Cash | 119 | |||||||
Receivables for: | ||||||||
Interest | 1,517 | |||||||
Reimbursement from investment adviser | 8 | |||||||
1,525 | ||||||||
Total assets | 158,736 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 3,289 | |||||||
Investment advisory services | 46 | |||||||
Other accrued expenses | 58 | |||||||
Total liabilities | 3,393 | |||||||
Net assets at October 31, 2014: | $ | 155,343 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 153,339 | ||||||
Accumulated undistributed net investment income | 2 | |||||||
Accumulated net realized gain | 67 | |||||||
Net unrealized appreciation | 1,935 | |||||||
Net assets at October 31, 2014 | $ | 155,343 | ||||||
Shares outstanding: | 15,251 | |||||||
Net asset value per share: | $ | 10.19 |
See Notes to Financial Statements
92 |
Capital Group Short-Term Municipal Fund
Statement of operations | ||||||||
for the year ended October 31, 2014 | (dollars in thousands) | |||||||
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 2,323 | ||||||
Fees and expenses: | ||||||||
Investment advisory services | 496 | |||||||
Administrative and accounting services | 41 | |||||||
Registration fees | 27 | |||||||
Audit and tax fees | 41 | |||||||
Transfer agent services | 14 | |||||||
Trustees’ compensation | 13 | |||||||
Other | 5 | |||||||
Total fees and expenses before reimbursements | 637 | |||||||
Less reimbursements of fees and expenses | 70 | |||||||
Total fees and expenses after reimbursements | 567 | |||||||
Net investment income | 1,756 | |||||||
Net realized gain and unrealized depreciation on investments: | ||||||||
Net realized gain on investments | 87 | |||||||
Net unrealized depreciation on investments | (245 | ) | ||||||
Net realized gain and unrealized depreciation on investments | (158 | ) | ||||||
Net increase in net assets resulting from operations | $ | 1,598 |
See Notes to Financial Statements
93 |
Capital Group Short-Term Municipal Fund
Statements of changes in net assets
(dollars in thousands) | ||||||||
For the year ended 10/31/14 | For the year ended 10/31/13 | |||||||
Operations: | ||||||||
Net investment income | $ | 1,756 | $ | 1,710 | ||||
Net realized gain on investments | 87 | 212 | ||||||
Net unrealized depreciation on investments | (245 | ) | (961 | ) | ||||
Net increase in net assets resulting from operations | 1,598 | 961 | ||||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (1,754 | ) | (1,710 | ) | ||||
Distributions from capital gain | (212 | ) | (489 | ) | ||||
Total dividends and distributions | (1,966 | ) | (2,199 | ) | ||||
Net capital share transactions | 19,381 | 13,560 | ||||||
Total increase in net assets | 19,013 | 12,322 | ||||||
Net assets: | ||||||||
Beginning of year | 136,330 | 124,008 | ||||||
End of year (including undistributed net investment income: $2 and $–, respectively.) | $ | 155,343 | $ | 136,330 |
See Notes to Financial Statements
94 |
Capital Group California Core Municipal Fund
Statement of assets and liabilities | ||||||||
at October 31, 2014 | (dollars and shares in thousands) (except per share amounts) | |||||||
Assets: | ||||||||
Investment securities, at value (cost: $246,688) | $ | 255,924 | ||||||
Short-term investments, at value (cost: $21,560) | 21,560 | |||||||
Cash | 32 | |||||||
Receivables for: | ||||||||
Interest | 2,562 | |||||||
Reimbursement from investment adviser | 6 | |||||||
2,568 | ||||||||
Total assets | 280,084 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Repurchases of fund’s shares | 23 | |||||||
Investment advisory services | 83 | |||||||
Other accrued expenses | 64 | |||||||
Total liabilities | 170 | |||||||
Net assets at October 31, 2014: | $ | 279,914 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 270,835 | ||||||
Accumulated undistributed net investment income | 3 | |||||||
Accumulated net realized loss | (160 | ) | ||||||
Net unrealized appreciation | 9,236 | |||||||
Net assets at October 31, 2014 | $ | 279,914 | ||||||
Shares outstanding: | 26,352 | |||||||
Net asset value per share: | $ | 10.62 |
See Notes to Financial Statements
95 |
Capital Group California Core Municipal Fund
Statement of operations | ||||||||
for the year ended October 31, 2014 | (dollars in thousands) | |||||||
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 5,711 | ||||||
Fees and expenses: | ||||||||
Investment advisory services | 862 | |||||||
Administrative and accounting services | 71 | |||||||
Registration fees | 9 | |||||||
Audit and tax fees | 42 | |||||||
Transfer agent services | 14 | |||||||
Trustees’ compensation | 13 | |||||||
Other | 7 | |||||||
Total fees and expenses before reimbursements | 1,018 | |||||||
Less reimbursements of fees and expenses | 33 | |||||||
Total fees and expenses after reimbursements | 985 | |||||||
Net investment income | 4,726 | |||||||
Net realized gain and unrealized appreciation on investments: | ||||||||
Net realized gain on investments | 171 | |||||||
Net unrealized appreciation on investments | 4,891 | |||||||
Net realized gain and unrealized appreciation on investments | 5,062 | |||||||
Net increase in net assets resulting from operations | $ | 9,788 |
See Notes to Financial Statements
96 |
Capital Group California Core Municipal Fund
Statements of changes in net assets
(dollars in thousands) | ||||||||
For the year ended 10/31/14 | For the year ended 10/31/13 | |||||||
Operations: | ||||||||
Net investment income | $ | 4,726 | $ | 4,443 | ||||
Net realized gain (loss) on investments | 171 | (331 | ) | |||||
Net unrealized appreciation (depreciation) on investments | 4,891 | (4,374 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 9,788 | (262 | ) | |||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (4,723 | ) | (4,443 | ) | ||||
Distributions from capital gain | — | (860 | ) | |||||
Total dividends and distributions | (4,723 | ) | (5,303 | ) | ||||
Net capital share transactions | 47,706 | 24,795 | ||||||
Total increase in net assets | 52,771 | 19,230 | ||||||
Net assets: | ||||||||
Beginning of year | 227,143 | 207,913 | ||||||
End of year (including undistributed net investment income: $3 and $–,respectively.) | $ | 279,914 | $ | 227,143 |
See Notes to Financial Statements
97 |
Capital Group California Short-Term Municipal Fund
Statement of assets and liabilities | ||||||||
at October 31, 2014 | (dollars and shares in thousands) (except per share amounts) | |||||||
Assets: | ||||||||
Investment securities, at value (cost: $114,184) | $ | 116,036 | ||||||
Short-term investments, at value (cost: $21,163) | 21,163 | |||||||
Cash | 43 | |||||||
Receivables for: | ||||||||
Interest | 1,159 | |||||||
Reimbursement from investment adviser | 6 | |||||||
1,165 | ||||||||
Total assets | 138,407 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Repurchases of fund’s shares | 1 | |||||||
Investment advisory services | 41 | |||||||
Other accrued expenses | 59 | |||||||
Total liabilities | 101 | |||||||
Net assets at October 31, 2014: | $ | 138,306 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 136,405 | ||||||
Accumulated undistributed net investment income | 1 | |||||||
Accumulated net realized gain | 48 | |||||||
Net unrealized appreciation | 1,852 | |||||||
Net assets at October 31, 2014 | $ | 138,306 | ||||||
Shares outstanding: | 13,419 | |||||||
Net asset value per share: | $ | 10.31 |
See Notes to Financial Statements
98 |
Capital Group California Short-Term Municipal Fund
Statement of operations | ||||||||
for the year ended October 31, 2014 | (dollars in thousands) | |||||||
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 1,615 | ||||||
Fees and expenses: | ||||||||
Investment advisory services | 439 | |||||||
Administrative and accounting services | 36 | |||||||
Registration fees | 8 | |||||||
Audit and tax fees | 42 | |||||||
Transfer agent services | 14 | |||||||
Trustees’ compensation | 13 | |||||||
Other | 6 | |||||||
Total fees and expenses before reimbursements | 558 | |||||||
Less reimbursements of fees and expenses | 56 | |||||||
Total fees and expenses after reimbursements | 502 | |||||||
Net investment income | 1,113 | |||||||
Net realized gain and unrealized appreciation on investments: | ||||||||
Net realized gain on investments | 61 | |||||||
Net unrealized appreciation on investments | 316 | |||||||
Net realized gain and unrealized appreciation on investments | 377 | |||||||
Net increase in net assets resulting from operations | $ | 1,490 |
See Notes to Financial Statements
99 |
Capital Group California Short-Term Municipal Fund
Statements of changes in net assets
(dollars in thousands) | ||||||||
For the year ended 10/31/14 | For the year ended 10/31/13 | |||||||
Operations: | ||||||||
Net investment income | $ | 1,113 | $ | 1,022 | ||||
Net realized gain on investments | 61 | 13 | ||||||
Net unrealized appreciation (depreciation) on investments | 316 | (450 | ) | |||||
Net increase in net assets resulting from operations | 1,490 | 585 | ||||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (1,112 | ) | (1,022 | ) | ||||
Distributions from capital gain | (13 | ) | (57 | ) | ||||
Total dividends and distributions | (1,125 | ) | (1,079 | ) | ||||
Net capital share transactions | 23,288 | 7,711 | ||||||
Total increase in net assets | 23,653 | 7,217 | ||||||
Net assets: | ||||||||
Beginning of year | 114,653 | 107,436 | ||||||
End of year (including undistributed net investment income: $1 and $–, respectively.) | $ | 138,306 | $ | 114,653 |
See Notes to Financial Statements
100 |
Capital Group Core Bond Fund
Statement of assets and liabilities | ||||||||
at October 31, 2014 | (dollars and shares in thousands) (except per share amounts) | |||||||
Assets: | ||||||||
Investment securities, at value (cost: $292,463) | $ | 295,978 | ||||||
Short-term investments, at value (cost: $20,198) | 20,199 | |||||||
Cash | 19 | |||||||
Receivables for: | ||||||||
Sales of investments | 6,495 | |||||||
Interest | 1,742 | |||||||
Reimbursement from investment adviser | 6 | |||||||
8,243 | ||||||||
Total assets | 324,439 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 14,033 | |||||||
Repurchases of fund’s shares | 3 | |||||||
Investment advisory services | 93 | |||||||
Other accrued expenses | 65 | |||||||
Total liabilities | 14,194 | |||||||
Net assets at October 31, 2014: | $ | 310,245 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 306,023 | ||||||
Accumulated undistributed net investment income | 3 | |||||||
Accumulated net realized gain | 703 | |||||||
Net unrealized appreciation | 3,516 | |||||||
Net assets at October 31, 2014 | $ | 310,245 | ||||||
Shares outstanding: | 30,276 | |||||||
Net asset value per share: | $ | 10.25 |
See Notes to Financial Statements
101 |
Capital Group Core Bond Fund
Statement of operations for the year ended October 31, 2014 | (dollars in thousands) |
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 5,977 | ||||||
Fees and expenses: | ||||||||
Investment advisory services | 1,064 | |||||||
Administrative and accounting services | 87 | |||||||
Registration fees | 30 | |||||||
Audit and tax fees | 42 | |||||||
Transfer agent services | 14 | |||||||
Trustees’ compensation | 13 | |||||||
Other | 8 | |||||||
Total fees and expenses before reimbursements | 1,258 | |||||||
Less reimbursements of fees and expenses | 43 | |||||||
Total fees and expenses after reimbursements | 1,215 | |||||||
Net investment income | 4,762 | |||||||
Net realized gain and unrealized appreciation on investments: | ||||||||
Net realized gain on investments | 822 | |||||||
Net unrealized appreciation on investments | 279 | |||||||
Net realized gain and unrealized appreciation on investments | 1,101 | |||||||
Net increase in net assets resulting from operations | $ | 5,863 |
See Notes to Financial Statements
102 |
Capital Group Core Bond Fund
Statements of changes in net assets | |
(dollars in thousands) |
For the year | For the year | |||||||
ended 10/31/14 | ended 10/31/13 | |||||||
Operations: | ||||||||
Net investment income | $ | 4,762 | $ | 4,257 | ||||
Net realized gain on investments | 822 | 715 | ||||||
Net unrealized appreciation (depreciation) on investments | 279 | (7,040 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 5,863 | (2,068 | ) | |||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (4,774 | ) | (4,267 | ) | ||||
Distributions from capital gain | (753 | ) | (4,489 | ) | ||||
Total dividends and distributions | (5,527 | ) | (8,756 | ) | ||||
Net capital share transactions | 13,549 | 10,722 | ||||||
Total increase (decrease) in net assets | 13,885 | (102 | ) | |||||
Net assets: | ||||||||
Beginning of year | 296,360 | 296,462 | ||||||
End of year (including undistributed net investment income: $3 and $13, respectively.) | $ | 310,245 | $ | 296,360 |
See Notes to Financial Statements
103 |
Capital Group Global Equity Fund
Statement of assets and liabilities | |
at October 31, 2014 | (dollars and shares in thousands) (except per share amounts) |
Assets: | ||||||||
Investment securities, at value (cost: $378,157) | $ | 475,988 | ||||||
Short-term investments, at value (cost: $33,096) | 33,097 | |||||||
Cash | 98 | |||||||
Foreign currency, at value (cost: $–1) | — | 1 | ||||||
Receivables for: | ||||||||
Sales of investments | 1,755 | |||||||
Sales of fund’s shares | 381 | |||||||
Dividends | 1,116 | |||||||
Reimbursement from investment adviser | 1 | |||||||
Prepaid expenses | — | 1 | ||||||
3,253 | ||||||||
Total assets | 512,436 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 1,914 | |||||||
Repurchases of fund’s shares | 1 | |||||||
Unified fees | 354 | |||||||
Other accrued expenses | 7 | |||||||
Total liabilities | 2,276 | |||||||
Net assets at October 31, 2014: | $ | 510,160 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 403,521 | ||||||
Accumulated undistributed net investment income | 4,480 | |||||||
Accumulated net realized gain | 4,364 | |||||||
Net unrealized appreciation | 97,795 | |||||||
Net assets at October 31, 2014 | $ | 510,160 | ||||||
Shares outstanding: | 38,456 | |||||||
Net asset value per share: | $ | 13.27 |
1 | Amount rounds to less than $1,000. |
See Notes to Financial Statements
104 |
Capital Group Global Equity Fund
Statement of operations | |
for the year ended October 31, 2014 | (dollars in thousands) |
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of non-U.S. taxes of $429) | $ | 9,036 | ||||||
Interest | 20 | 9,056 | ||||||
Fees and expenses: | ||||||||
Unified fees | 3,963 | |||||||
Trustees’ compensation | 13 | |||||||
Legal fees | 2 | |||||||
Other | — | 1 | ||||||
Total fees and expenses before reimbursements | 3,978 | |||||||
Less reimbursements of fees and expenses | 15 | |||||||
Total fees and expenses after reimbursements | 3,963 | |||||||
Net investment income | 5,093 | |||||||
Net realized gain (loss) and unrealized appreciation (depreciation) on investments and currency: | ||||||||
Net realized gain on investments | 11,084 | |||||||
Net realized loss on currency | (42 | ) | ||||||
Net unrealized appreciation on investments | 17,261 | |||||||
Net unrealized depreciation on currency translations | (43 | ) | ||||||
Net realized gain and unrealized appreciation on investments and currency | 28,260 | |||||||
Net increase in net assets resulting from operations | $ | 33,353 |
1 | Amount rounds to less than $1,000. |
See Notes to Financial Statements
105 |
Capital Group Global Equity Fund
Statements of changes in net assets | |
(dollars in thousands) |
For the year | For the year | |||||||
ended 10/31/14 | ended 10/31/13 | |||||||
Operations: | ||||||||
Net investment income | $ | 5,093 | $ | 3,352 | ||||
Net realized gain on investments and currency | 11,042 | 1,934 | ||||||
Net unrealized appreciation on investments and currency | 17,218 | 64,947 | ||||||
Net increase in net assets resulting from operations | 33,353 | 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 | 67,793 | 140,045 | ||||||
Total increase in net assets | 97,720 | 207,528 | ||||||
Net assets: | ||||||||
Beginning of year | 412,440 | 204,912 | ||||||
End of year (including undistributed net investment income: $4,480 and $2,914, respectively.) | $ | 510,160 | $ | 412,440 |
See Notes to Financial Statements
106 |
Capital Group Non-U.S. Equity Fund
Statement of assets and liabilities | |
at October 31, 2014 | (dollars and shares in thousands) (except per share amounts) |
Assets: | ||||||||
Investment securities, at value (cost: $1,401,494) | $ | 1,506,657 | ||||||
Short-term investments, at value (cost: $143,683) | 143,690 | |||||||
Cash | 6 | |||||||
Foreign currency, at value (cost: $–1) | — | 1 | ||||||
Receivables for: | ||||||||
Sales of investments | 12,261 | |||||||
Sales of fund’s shares | 855 | |||||||
Interest and dividends | 3,564 | |||||||
Reimbursement from investment adviser | 1 | |||||||
Prepaid expenses | — | 1 | ||||||
16,681 | ||||||||
Total assets | 1,667,034 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 12,881 | |||||||
Repurchases of fund’s shares | 1,092 | |||||||
Unified fees | 1,160 | |||||||
Other accrued expenses | 7 | |||||||
Total liabilities | 15,140 | |||||||
Net assets at October 31, 2014: | $ | 1,651,894 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 1,556,235 | ||||||
Accumulated undistributed net investment income | 19,062 | |||||||
Accumulated net realized loss | (28,315 | ) | ||||||
Net unrealized appreciation | 104,912 | |||||||
Net assets at October 31, 2014 | $ | 1,651,894 | ||||||
Shares outstanding: | 142,860 | |||||||
Net asset value per share: | $ | 11.56 |
1 | Amount rounds to less than $1,000. |
See Notes to Financial Statements
107 |
Capital Group Non-U.S. Equity Fund
Statement of operations | |
for the year ended October 31, 2014 | (dollars in thousands) |
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of non-U.S. taxes of $3,030) | $ | 31,974 | ||||||
Interest | 78 | 32,052 | ||||||
Fees and expenses: | ||||||||
Unified fees | 12,390 | |||||||
Trustees’ compensation | 13 | |||||||
Legal fees | 2 | |||||||
Other | — | 1 | ||||||
Total fees and expenses before reimbursements | 12,405 | |||||||
Less reimbursements of fees and expenses | 15 | |||||||
Total fees and expenses after reimbursements | 12,390 | |||||||
Net investment income | 19,662 | |||||||
Net realized loss and unrealized depreciation on investments and currency: | ||||||||
Net realized loss on investments | (18,277 | ) | ||||||
Net realized loss on currency | (211 | ) | ||||||
Net unrealized depreciation on investments | (13,622 | ) | ||||||
Net unrealized depreciation on currency translations | (306 | ) | ||||||
Net realized loss and unrealized depreciation on investments and currency | (32,416 | ) | ||||||
Net decrease in net assets resulting from operations | $ | (12,754 | ) |
1 | Amount rounds to less than $1,000. |
See Notes to Financial Statements
108 |
Capital Group Non-U.S. Equity Fund
Statements of changes in net assets | |
(dollars in thousands) |
For the year | For the year | |||||||
ended 10/31/14 | ended 10/31/13 | |||||||
Operations: | ||||||||
Net investment income | $ | 19,662 | $ | 8,334 | ||||
Net realized loss on investments and currency | (18,488 | ) | (5,356 | ) | ||||
Net unrealized (depreciation) appreciation on investments and currency | (13,928 | ) | 109,929 | |||||
Net (decrease) increase in net assets resulting from operations | (12,754 | ) | 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 | 684,060 | 621,501 | ||||||
Total increase in net assets | 662,998 | 732,711 | ||||||
Net assets: | ||||||||
Beginning of year | 988,896 | 256,185 | ||||||
End of year (including undistributed net investment income: $19,062 and $7,919, respectively.) | $ | 1,651,894 | $ | 988,896 |
See Notes to Financial Statements
109 |
Capital Group U.S. Equity Fund
Statement of assets and liabilities | |
at October 31, 2014 | (dollars and shares in thousands) (except per share amounts) |
Assets: | ||||||||
Investment securities, at value (cost: $131,493) | $ | 180,458 | ||||||
Short-term investments, at value (cost: $11,700) | 11,700 | |||||||
Cash | 94 | |||||||
Receivables for: | ||||||||
Dividends | 505 | |||||||
Reimbursement from investment adviser | 1 | |||||||
506 | ||||||||
Total assets | 192,758 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 387 | |||||||
Repurchases of fund’s shares | 1 | |||||||
Unified fees | 101 | |||||||
Other accrued expenses | 6 | |||||||
Total liabilities | 495 | |||||||
Net assets at October 31, 2014: | $ | 192,263 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 136,604 | ||||||
Accumulated undistributed net investment income | 160 | |||||||
Accumulated net realized gain | 6,534 | |||||||
Net unrealized appreciation | 48,965 | |||||||
Net assets at October 31, 2014 | $ | 192,263 | ||||||
Shares outstanding: | 9,561 | |||||||
Net asset value per share: | $ | 20.11 |
See Notes to Financial Statements
110 |
Capital Group U.S. Equity Fund
Statement of operations | |
for the year ended October 31, 2014 | (dollars in thousands) |
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of non-U.S. taxes of $38) | $ | 3,501 | ||||||
Interest | 6 | 3,507 | ||||||
Fees and expenses: | ||||||||
Unified fees | 1,169 | |||||||
Trustees’ compensation | 13 | |||||||
Legal fees | 2 | |||||||
Other | — | 1 | ||||||
Total fees and expenses before reimbursements | 1,184 | |||||||
Less reimbursements of fees and expenses | 15 | |||||||
Total fees and expenses after reimbursements | 1,169 | |||||||
Net investment income | 2,338 | |||||||
Net realized gain (loss) and unrealized appreciation on investments and currency: | ||||||||
Net realized gain on investments | 7,218 | |||||||
Net realized loss on currency | (— | )1 | ||||||
Net unrealized appreciation on investments | 11,985 | |||||||
Net realized gain and unrealized appreciation on investments and currency | 19,203 | |||||||
Net increase in net assets resulting from operations | $ | 21,541 |
1 | Amount rounds to less than $1,000. |
See Notes to Financial Statements
111 |
Capital Group U.S. Equity Fund
Statements of changes in net assets | |
(dollars in thousands) |
For the year | For the year | |||||||
ended 10/31/14 | ended 10/31/13 | |||||||
Operations: | ||||||||
Net investment income | $ | 2,338 | $ | 1,662 | ||||
Net realized gain on investments and currency | 7,218 | 2,597 | ||||||
Net unrealized appreciation on investments | 11,985 | 27,110 | ||||||
Net increase in net assets resulting from operations | 21,541 | 31,369 | ||||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (2,244 | ) | (1,770 | ) | ||||
Distributions from capital gain | (2,564 | ) | (54 | ) | ||||
Total dividends and distributions | (4,808 | ) | (1,824 | ) | ||||
Net capital share transactions | 8,601 | 34,608 | ||||||
Total increase in net assets | 25,334 | 64,153 | ||||||
Net assets: | ||||||||
Beginning of year | 166,929 | 102,776 | ||||||
End of year (including undistributed net investment income: $160 and $137, respectively.) | $ | 192,263 | $ | 166,929 |
See Notes to Financial Statements
112 |
Capital Group Private Client Services Funds
Notes to financial statements
1. Organization
Capital Group Private Client Services Funds (formerly, Capital Private Client Services Funds) (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
Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The financial statements have been prepared to comply with U.S generally accepted accounting principles (“U.S. GAAP”). 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 U.S. GAAP. 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.
113 |
Capital Group Private Client Services Funds
Notes to financial statements (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, 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.
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 valuation guidelines, consistent with U.S. Securities and Exchange Commission 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
114 |
Capital Group Private Client Services Funds
Notes to financial statements (continued)
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 October 31, 2014 (dollars in thousands):
Investment securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Capital Group Core Municipal Fund | ||||||||||||||||
Bonds & notes | ||||||||||||||||
Municipals | $ | — | $ | 329,514 | $ | — | $ | 329,514 | ||||||||
Corporate bonds & notes | — | 455 | — | 455 | ||||||||||||
Short-term investments | — | 11,520 | — | 11,520 | ||||||||||||
Total | $ | — | $ | 341,489 | $ | — | $ | 341,489 | ||||||||
Capital Group Short-Term | ||||||||||||||||
Municipal Fund | ||||||||||||||||
Bonds & notes | $ | — | $ | 138,132 | $ | — | $ | 138,132 | ||||||||
Short-term investments | — | 18,960 | — | 18,960 | ||||||||||||
Total | $ | — | $ | 157,092 | $ | — | $ | 157,092 |
115 |
Capital Group Private Client Services Funds
Notes to financial statements (continued)
Investment securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Capital Group California Core Municipal Fund | ||||||||||||||||
Bonds & notes | $ | — | $ | 255,924 | $ | — | $ | 255,924 | ||||||||
Short-term investments | — | 21,560 | — | 21,560 | ||||||||||||
Total | $ | — | $ | 277,484 | $ | — | $ | 277,484 | ||||||||
Capital Group California Short-Term Municipal Fund | ||||||||||||||||
Bonds & notes | $ | — | $ | 116,036 | $ | — | $ | 116,036 | ||||||||
Short-term investments | — | 21,163 | — | 21,163 | ||||||||||||
Total | $ | — | $ | 137,199 | $ | — | $ | 137,199 | ||||||||
Capital Group Core Bond Fund | ||||||||||||||||
Bonds, notes & other debt investments: | ||||||||||||||||
U.S. government & government agency bonds & notes | $ | — | $ | 164,260 | $ | — | $ | 164,260 | ||||||||
Mortgage-backed obligations | — | 42,320 | — | 42,320 | ||||||||||||
Corporate bonds & notes | — | 68,789 | — | 68,789 | ||||||||||||
Municipals | — | 8,362 | — | 8,362 | ||||||||||||
Government agency bonds & notes outside the U.S. | — | 1,600 | — | 1,600 | ||||||||||||
Asset-backed obligations | — | 10,647 | — | 10,647 | ||||||||||||
Short-term investments | — | 20,199 | — | 20,199 | ||||||||||||
Total | $ | — | $ | 316,177 | $ | — | $ | 316,177 | ||||||||
Capital Group Global Equity Fund | ||||||||||||||||
Common Stocks1 | $ | 475,988 | $ | — | $ | — | $ | 475,988 | ||||||||
Short-term investments | — | 33,097 | — | 33,097 | ||||||||||||
Total | $ | 475,988 | $ | 33,097 | $ | — | $ | 509,085 | ||||||||
Capital Group Non-U.S. Equity Fund | ||||||||||||||||
Common Stocks1 | $ | 1,506,657 | $ | — | $ | — | $ | 1,506,657 | ||||||||
Short-term investments | — | 143,690 | — | 143,690 | ||||||||||||
Total | $ | 1,506,657 | $ | 143,690 | $ | — | $ | 1,650,347 | ||||||||
Capital Group U.S. Equity Fund | ||||||||||||||||
Common Stocks1 | $ | 180,458 | $ | — | $ | — | $ | 180,458 | ||||||||
Short-term investments | — | 11,700 | — | 11,700 | ||||||||||||
Total | $ | 180,458 | $ | 11,700 | $ | — | $ | 192,158 |
1 | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
116 |
Capital Group Private Client Services Funds
Notes to financial statements (continued)
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 a Fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency, interest rate and commodity price fluctuations.
Issuer risks – The prices of, and the income generated by, securities held by a Fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.
Investing in debt instruments – The prices of, and the income generated by, bonds and other debt securities held by a Fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.
Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a Fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.
Bonds and other debt securities are also 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 a 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.
Investing in growth-oriented stocks – Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments.
Investing in income-oriented stocks – Income provided by a Fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the Fund invests.
Credit and liquidity support – Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a Fund could cause the values of these securities to decline.
Investing in lower rated debt instruments – 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, acquire 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 a Fund more susceptible to certain economic, political or regulatory occurrences. As a result, the potential for fluctuations in a Fund’s share price may increase.
117 |
Capital Group Private Client Services Funds
Notes to financial statements (continued)
Investing in municipal bonds of issuers within the state of California – Because Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund invest primarily in securities of issuers within the state of California, these Funds are more susceptible to factors adversely affecting issuers of California securities than a comparable municipal bond mutual fund that does concentrate its 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 mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a Fund having to reinvest the proceeds in lower yielding securities, effectively reducing the Fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a Fund’s cash available for reinvestment in higher yielding securities.
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 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 (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled or operate. These securities may also lose value due to 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 accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by a Fund. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.
Management – The 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.
5. Certain investment techniques
Mortgage dollar rolls – 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
118 |
Capital Group Private Client Services Funds
Notes to financial statements (continued)
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 year ended October 31, 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 year, 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; 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, 2014. These will be used to offset any capital gains realized by the Funds in future years through expiration date. Funds with capital loss carryforwards will not make distributions from capital gains while capital loss carryforwards remain.
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.
119 |
Capital Group Private Client Services Funds
Notes to financial statements (continued)
The components of distributable earnings on a tax basis are reported as of the Funds’ most recent year-end. As of October 31, 2014, 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, 2014: | ||||||||||||||||||||||||||||||||
Undistributed tax-exempt income | $ | 1 | $ | 2 | $ | 3 | $ | 1 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Undistributed ordinary income | — | — | — | — | 374 | 4,446 | 18,935 | 160 | ||||||||||||||||||||||||
Undistributed long-term capital gain | — | 67 | — | 48 | 379 | 5,574 | — | 6,835 | ||||||||||||||||||||||||
Capital loss carryforward | ||||||||||||||||||||||||||||||||
No expiration | (116 | ) | (160 | ) | (26,839 | ) | ||||||||||||||||||||||||||
Expiring 2019 | (7 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||
$ | (123 | ) | $ | — | $ | (160 | ) | $ | — | $ | — | $ | — | $ | (26,839 | ) | $ | — | ||||||||||||||
Capital loss carryforwards utilized | $ | — | $ | — | $ | 171 | $ | — | $ | — | $ | 5,308 | $ | — | $ | — |
120 |
Capital Group Private Client Services Funds
Notes to financial statements (continued)
As of October 31, 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 | |||||||||||||||||||||||||
Reclassification (from) to distributions in excess of/undistributed net investment income (to) from accumulated net realized loss/undistributed net realized gain | $ | — | $ | — | $ | — | $ | — | $ | 2 | $ | (101 | ) | $ | (211 | ) | $ | (71 | ) | |||||||||||||
Reclassification to (from) distributions in excess of/undistributed net investment income (to) from capital paid in on shares of beneficial interest | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Reclassification (from) to accumulated net realized loss (to) from capital paid in on shares of beneficial interest | — | (20 | ) | — | (13 | ) | (54 | ) | (420 | ) | — | (407 | ) | |||||||||||||||||||
Gross unrealized appreciation on investment securities | 11,989 | 1,962 | 9,570 | 1,856 | 4,538 | 100,845 | 140,870 | 49,143 | ||||||||||||||||||||||||
Gross unrealized depreciation on investment securities | (185 | ) | (27 | ) | (334 | ) | (4 | ) | (1,067 | ) | (4,224 | ) | (37,176 | ) | (479 | ) | ||||||||||||||||
Net unrealized appreciation on investment securities | $ | 11,804 | $ | 1,935 | $ | 9,236 | $ | 1,852 | $ | 3,471 | $ | 96,621 | $ | 103,694 | $ | 48,664 | ||||||||||||||||
Cost of investments securities | $ | 329,685 | $ | 155,157 | $ | 268,248 | $ | 135,347 | $ | 312,706 | $ | 412,464 | $ | 1,546,653 | $ | 143,494 |
The tax character of distributions paid during the Funds’ year ended October 31, 2014, and the Funds’ year ended October 31, 2013, the most recently completed tax year, were as follows (dollars in thousands):
121 |
Capital Group Private Client Services Funds
Notes to financial statements (continued)
Year ended October 31, 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 | $ | 6,338 | $ | 7 | $ | — | $ | 6,131 | $ | 4 | $ | — | ||||||||||||
Capital Group Short-Term Municipal Fund | 1,754 | –1 | 212 | 1,710 | 3 | 486 | ||||||||||||||||||
Capital Group California Core Municipal Fund | 4,712 | 11 | — | 4,435 | 28 | 840 | ||||||||||||||||||
Capital Group California Short- Term Municipal Fund | 1,112 | –1 | 13 | 1,022 | — | 57 | ||||||||||||||||||
Capital Group Core Bond Fund | — | 4,774 | 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 | — | 2,244 | 2,564 | — | 1,770 | 54 |
1 | Amount rounds to less than $1,000. |
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 Funds have an investment advisory and service agreement with CGTC that 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, CGTC receives a unified management fee based on a percentage of the average daily net assets of the Funds. The unified management fee for Capital Group U.S. Equity Fund is 0.65% of the average daily
122 |
Capital Group Private Client Services Funds
Notes to financial statements (continued)
net assets of the Fund. The unified management fee for 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 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 | ||||||||||||||||||||||||
Year ended October 31, 2014 | ||||||||||||||||||||||||||||||||
Capital Group Core Municipal Fund | $ | 79,163 | 7,544 | $ | 3,913 | 373 | $ | (44,015 | ) | (4,202 | ) | $ | 39,061 | 3,715 | ||||||||||||||||||
Capital Group Short-Term Municipal Fund | 56,054 | 5,497 | 1,446 | 142 | (38,119 | ) | (3,738 | ) | 19,381 | 1,901 | ||||||||||||||||||||||
Capital Group California Core Municipal Fund | 70,225 | 6,670 | 2,921 | 278 | (25,440 | ) | (2,428 | ) | 47,706 | 4,520 | ||||||||||||||||||||||
Capital Group California Short- Term Municipal Fund | 60,388 | 5,864 | 875 | 85 | (37,975 | ) | (3,692 | ) | 23,288 | 2,257 | ||||||||||||||||||||||
Capital Group Core Bond Fund | 45,206 | 4,427 | 3,996 | 392 | (35,653 | ) | (3,487 | ) | 13,549 | 1,332 | ||||||||||||||||||||||
Capital Group Global Equity Fund | 134,023 | 10,395 | 2,602 | 203 | (68,832 | ) | (5,334 | ) | 67,793 | 5,264 | ||||||||||||||||||||||
Capital Group Non- U.S. Equity Fund | 971,687 | 82,973 | 996 | 84 | (288,623 | ) | (24,574 | ) | 684,060 | 58,483 | ||||||||||||||||||||||
Capital Group U.S. Equity Fund | 29,516 | 1,539 | 4,349 | 232 | (25,264 | ) | (1,316 | ) | 8,601 | 455 |
123 |
Capital Group Private Client Services Funds
Notes to financial statements (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 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 | ||||||||||||||||||||||
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).
124 |
Capital Group Private Client Services Funds
Notes to financial statements (continued)
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 Funds’ year ended October 31, 2014, as follows (dollars in thousands):
Cost of Investments Purchased | Proceeds from Investments Sold | |||||||||||||||
Fund | U.S. Government Agency Obligations | Other Investments | U.S. Government Agency Obligations | Other Investments | ||||||||||||
Capital Group Core Municipal Fund | $ | — | $ | 76,971 | $ | — | $ | 25,597 | ||||||||
Capital Group Short-Term Municipal Fund | — | 46,334 | — | 24,505 | ||||||||||||
Capital Group California Core Municipal Fund | — | 78,411 | — | 40,753 | ||||||||||||
Capital Group California Short-Term Municipal Fund | — | 43,338 | — | 18,783 | ||||||||||||
Capital Group Core Bond Fund | 367,048 | 40,211 | 352,862 | 44,080 | ||||||||||||
Capital Group Global Equity Fund | — | 178,873 | — | 129,157 | ||||||||||||
Capital Group Non-U.S. Equity Fund | — | 1,037,833 | — | 440,947 | ||||||||||||
Capital Group U.S. Equity Fund | — | 48,276 | — | 46,621 |
125 |
Capital Group Core Municipal Fund
Financial highlights1
(for a share outstanding throughout each year)
For the year ended | ||||||||||||||||||||
10/31/14 | 10/31/13 | 10/31/12 | 10/31/11 | 10/31/102 | ||||||||||||||||
Selected per share data: | ||||||||||||||||||||
Net asset value, beginning of year | $ | 10.44 | $ | 10.64 | $ | 10.29 | $ | 10.27 | $ | 10.00 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income3 | 0.21 | 0.21 | 0.21 | 0.21 | 0.10 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.12 | (0.20 | ) | 0.35 | 0.04 | 0.26 | ||||||||||||||
Total from investment operations | 0.33 | 0.01 | 0.56 | 0.25 | 0.36 | |||||||||||||||
Dividends and distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.21 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | (0.09 | ) | ||||||||||
Distributions from capital gain | — | — | — | (0.02 | ) | — | 4 | |||||||||||||
Total dividends and distributions | (0.21 | ) | (0.21 | ) | (0.21 | ) | (0.23 | ) | (0.09 | ) | ||||||||||
Net asset value, end of year | $ | 10.56 | $ | 10.44 | $ | 10.64 | $ | 10.29 | $ | 10.27 | ||||||||||
Total Return5 | 3.18 | % | 0.10 | % | 5.46 | % | 2.56 | % | 3.63 | % | ||||||||||
Net assets, end of year (in millions) | $ | 341 | $ | 299 | $ | 292 | $ | 250 | $ | 269 | ||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.41 | % | 0.41 | % | 0.42 | % | 0.42 | % | 0.43 | %6 | ||||||||||
Ratio of expenses to average net assets after reimbursement5 | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | %6 | ||||||||||
Ratio of net investment income to average net assets5 | 2.00 | % | 2.00 | % | 1.98 | % | 2.10 | % | 1.81 | %6 | ||||||||||
Portfolio turnover rate | 9 | % | 18 | % | 13 | % | 19 | % | 25 | %7 |
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. |
2 | The Fund commenced operations on April 13, 2010. |
3 | Based on average shares outstanding. |
4 | Rounds to less than $0.00. |
5 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. |
6 | Annualized. |
7 | Not annualized for periods less than one year. |
See Notes to Financial Statements
126 |
Capital Group Short-Term Municipal Fund
Financial highlights1
(for a share outstanding throughout each year)
For the year ended | ||||||||||||||||||||
10/31/14 | 10/31/13 | 10/31/12 | 10/31/11 | 10/31/102 | ||||||||||||||||
Selected per share data: | ||||||||||||||||||||
Net asset value, beginning of year | $ | 10.21 | $ | 10.32 | $ | 10.19 | $ | 10.17 | $ | 10.00 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income3 | 0.13 | 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 | 0.12 | 0.07 | 0.27 | 0.13 | 0.22 | |||||||||||||||
Dividends and distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.13 | ) | (0.14 | ) | (0.14 | ) | (0.10 | ) | (0.05 | ) | ||||||||||
Distributions from capital gain | (0.01 | ) | (0.04 | ) | — | (0.01 | ) | — | 4 | |||||||||||
Total dividends and distributions | (0.14 | ) | (0.18 | ) | (0.14 | ) | (0.11 | ) | (0.05 | ) | ||||||||||
Net asset value, end of year | $ | 10.19 | $ | 10.21 | $ | 10.32 | $ | 10.19 | $ | 10.17 | ||||||||||
Total Return5 | 1.20 | % | 0.66 | % | 2.63 | % | 1.33 | % | 2.17 | % | ||||||||||
Net assets, end of year (in millions) | $ | 155 | $ | 136 | $ | 124 | $ | 138 | $ | 89 | ||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.45 | % | 0.44 | % | 0.46 | % | 0.46 | % | 0.48 | %6 | ||||||||||
Ratio of expenses to average net assets after reimbursement5 | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | %6 | ||||||||||
Ratio of net investment income to average net assets5 | 1.24 | % | 1.34 | % | 1.32 | % | 1.04 | % | 0.94 | %6 | ||||||||||
Portfolio turnover rate | 20 | % | 18 | % | 25 | % | 15 | % | 36 | %7 |
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. |
2 | The Fund commenced operations on April 13, 2010. |
3 | Based on average shares outstanding. |
4 | Rounds to less than $0.00. |
5 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. |
6 | Annualized. |
7 | Not annualized for periods less than one year. |
See Notes to Financial Statements
127 |
Capital Group California Core Municipal Fund
Financial highlights1
(for a share outstanding throughout each year)
For the year ended | ||||||||||||||||||||
10/31/14 | 10/31/13 | 10/31/12 | 10/31/11 | 10/31/102 | ||||||||||||||||
Selected per share data: | ||||||||||||||||||||
Net asset value, beginning of year | $ | 10.40 | $ | 10.65 | $ | 10.25 | $ | 10.19 | $ | 10.00 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income3 | 0.20 | 0.20 | 0.21 | 0.20 | 0.08 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.22 | (0.20 | ) | 0.40 | 0.06 | 0.18 | ||||||||||||||
Total from investment operations | 0.42 | — | 0.61 | 0.26 | 0.26 | |||||||||||||||
Dividends and distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.20 | ) | (0.21 | ) | (0.21 | ) | (0.20 | ) | (0.07 | ) | ||||||||||
Distributions from capital gain | — | (0.04 | ) | — | 4 | — | 4 | — | 4 | |||||||||||
Total dividends and distributions | (0.20 | ) | (0.25 | ) | (0.21 | ) | (0.20 | ) | (0.07 | ) | ||||||||||
Net asset value, end of year | $ | 10.62 | $ | 10.40 | $ | 10.65 | $ | 10.25 | $ | 10.19 | ||||||||||
Total Return5 | 4.08 | % | (0.04 | )% | 5.99 | % | 2.61 | % | 2.61 | % | ||||||||||
Net assets, end of year (in millions) | $ | 280 | $ | 227 | $ | 208 | $ | 158 | $ | 169 | ||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.41 | % | 0.41 | % | 0.42 | % | 0.42 | % | 0.45 | %6 | ||||||||||
Ratio of expenses to average net assets after reimbursement5 | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | %6 | ||||||||||
Ratio of net investment income to average net assets5 | 1.92 | % | 1.93 | % | 1.99 | % | 1.98 | % | 1.41 | %6 | ||||||||||
Portfolio turnover rate | 18 | % | 17 | % | 21 | % | 24 | % | 13 | %7 |
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. |
2 | The Fund commenced operations on April 13, 2010. |
3 | Based on average shares outstanding. |
4 | Rounds to less than $0.00. |
5 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. |
6 | Annualized. |
7 | Not annualized for periods less than one year. |
See Notes to Financial Statements
128 |
Capital Group California Short-Term Municipal Fund
Financial highlights1
(for a share outstanding throughout each year)
For the year ended | ||||||||||||||||||||
10/31/14 | 10/31/13 | 10/31/12 | 10/31/11 | 10/31/102 | ||||||||||||||||
Selected per share data: | ||||||||||||||||||||
Net asset value, beginning of year | $ | 10.27 | $ | 10.32 | $ | 10.12 | $ | 10.13 | $ | 10.00 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income3 | 0.09 | 0.09 | 0.09 | 0.08 | 0.04 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.04 | (0.04 | ) | 0.20 | (0.01 | ) | 0.13 | |||||||||||||
Total from investment operations | 0.13 | 0.05 | 0.29 | 0.07 | 0.17 | |||||||||||||||
Dividends and distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.09 | ) | (0.09 | ) | (0.09 | ) | (0.08 | ) | (0.04 | ) | ||||||||||
Distributions from capital gain | — | 4 | (0.01 | ) | — | 4 | — | — | ||||||||||||
Total dividends and distributions | (0.09 | ) | (0.10 | ) | (0.09 | ) | (0.08 | ) | (0.04 | ) | ||||||||||
Net asset value, end of year | $ | 10.31 | $ | 10.27 | $ | 10.32 | $ | 10.12 | $ | 10.13 | ||||||||||
Total Return5 | 1.30 | % | 0.48 | % | 2.96 | % | 0.72 | % | 1.67 | % | ||||||||||
Net assets, end of year (in millions) | $ | 138 | $ | 115 | $ | 107 | $ | 77 | $ | 51 | ||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.44 | % | 0.44 | % | 0.47 | % | 0.49 | % | 0.55 | %6 | ||||||||||
Ratio of expenses to average net assets after reimbursement5 | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | %6 | ||||||||||
Ratio of net investment income to average net assets5 | 0.89 | % | 0.91 | % | 0.92 | % | 0.83 | % | 0.79 | %6 | ||||||||||
Portfolio turnover rate | 19 | % | 9 | % | 14 | % | 20 | % | 35 | %7 |
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. |
2 | The Fund commenced operations on April 13, 2010. |
3 | Based on average shares outstanding. |
4 | Rounds to less than $0.00. |
5 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. |
6 | Annualized. |
7 | Not annualized for periods less than one year. |
See Notes to Financial Statements
129 |
Capital Group Core Bond Fund
Financial highlights1
(for a share outstanding throughout each year)
For the year ended | ||||||||||||||||||||
10/31/14 | 10/31/13 | 10/31/12 | 10/31/11 | 10/31/102 | ||||||||||||||||
Selected per share data: | ||||||||||||||||||||
Net asset value, beginning of year | $ | 10.24 | $ | 10.62 | $ | 10.40 | $ | 10.45 | $ | 10.00 | ||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment income3 | 0.16 | 0.15 | 0.17 | 0.19 | 0.09 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.04 | (0.22 | ) | 0.23 | 0.09 | 0.46 | ||||||||||||||
Total from investment operations | 0.20 | (0.07 | ) | 0.40 | 0.28 | 0.55 | ||||||||||||||
Dividends and distributions: | ||||||||||||||||||||
Dividends from net investment income | (0.16 | ) | (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 | (0.19 | ) | (0.31 | ) | (0.18 | ) | (0.33 | ) | (0.10 | ) | ||||||||||
Net asset value, end of year | $ | 10.25 | $ | 10.24 | $ | 10.62 | $ | 10.40 | $ | 10.45 | ||||||||||
Total Return4 | 1.95 | % | (0.69 | )% | 3.92 | % | 2.80 | % | 5.52 | % | ||||||||||
Net assets, end of year (in millions) | $ | 310 | $ | 296 | $ | 296 | $ | 280 | $ | 230 | ||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.41 | % | 0.41 | % | 0.42 | % | 0.42 | % | 0.44 | %5 | ||||||||||
Ratio of expenses to average net assets after reimbursement4 | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | %5 | ||||||||||
Ratio of net investment income to average net assets4 | 1.57 | % | 1.43 | % | 1.63 | % | 1.82 | % | 1.65 | %5 | ||||||||||
Portfolio turnover rate | 137 | % | 192 | % | 134 | % | 118 | % | 123 | %6 |
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. |
2 | The Fund commenced operations on April 13, 2010. |
3 | Based on average shares outstanding. |
4 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. |
5 | Annualized. |
6 | Not annualized for periods less than one year. |
See Notes to Financial Statements
130 |
Capital Group Global Equity Fund
Financial highlights1
(for a share outstanding throughout each year)
For the year ended | ||||||||||||||||
10/31/14 | 10/31/13 | 10/31/12 | 10/31/112 | |||||||||||||
Selected per share data: | ||||||||||||||||
Net asset value, beginning of year | $ | 12.43 | $ | 9.99 | $ | 9.18 | $ | 10.00 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment income3 | 0.14 | 0.12 | 0.14 | 0.05 | ||||||||||||
Net realized and unrealized gains (losses) on securities | 0.80 | 2.45 | 0.71 | (0.87 | ) | |||||||||||
Total from investment operations | 0.94 | 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 year | $ | 13.27 | $ | 12.43 | $ | 9.99 | $ | 9.18 | ||||||||
Total Return4 | 7.60 | % | 26.10 | % | 9.19 | % | (8.20 | )% | ||||||||
Net assets, end of year (in millions) | $ | 510 | $ | 412 | $ | 205 | $ | 125 | ||||||||
Ratios / Supplemental Data: | ||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.85 | % | 0.86 | % | 0.86 | % | 0.87 | %5 | ||||||||
Ratio of expenses to average net assets after reimbursement4 | 0.85 | %6 | 0.85 | % | 0.85 | % | 0.85 | %5 | ||||||||
Ratio of net investment income to average net assets4 | 1.09 | % | 1.09 | % | 1.47 | % | 0.94 | %5 | ||||||||
Portfolio turnover rate | 29 | % | 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 | The Fund commenced operations on April 1, 2011. |
3 | Based on average shares outstanding. |
4 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. |
5 | Annualized. |
6 | Reimbursement was less than $0.005. |
7 | Not annualized for periods less than one year. |
See Notes to Financial Statements
131 |
Capital Group Non-U.S. Equity Fund
Financial highlights1
(for a share outstanding throughout each year)
For the year ended | ||||||||||||||||
10/31/14 | 10/31/13 | 10/31/12 | 10/31/112 | |||||||||||||
Selected per share data: | ||||||||||||||||
Net asset value, beginning of year | $ | 11.72 | $ | 9.74 | $ | 9.08 | $ | 10.00 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment income3 | 0.16 | 0.15 | 0.13 | 0.07 | ||||||||||||
Net realized and unrealized gains (losses) on securities | (0.23 | ) | 1.88 | 0.58 | (0.99 | ) | ||||||||||
Total from investment operations | (0.07 | ) | 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 year | $ | 11.56 | $ | 11.72 | $ | 9.74 | $ | 9.08 | ||||||||
Total Return4 | (0.62 | )% | 20.93 | % | 7.91 | % | (9.20 | )% | ||||||||
Net assets, end of year (in millions) | $ | 1,652 | $ | 989 | $ | 256 | $ | 50 | ||||||||
Ratios / Supplemental Data: | ||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.85 | % | 0.85 | % | 0.86 | % | 0.89 | %5 | ||||||||
Ratio of expenses to average net assets after reimbursement4 | 0.85 | %6 | 0.85 | %6 | 0.85 | % | 0.85 | %5 | ||||||||
Ratio of net investment income to average net assets4 | 1.35 | % | 1.44 | % | 1.38 | % | 1.32 | %5 | ||||||||
Portfolio turnover rate | 33 | % | 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 | The Fund commenced operations on April 1, 2011. |
3 | Based on average shares outstanding. |
4 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. |
5 | Annualized. |
6 | Reimbursement was less than $0.005. |
7 | Not annualized for periods less than one year. |
See Notes to Financial Statements
132 |
Capital Group U.S. Equity Fund
Financial highlights1
(for a share outstanding throughout each year)
For the year ended | For the eight months ended | For the year ended | ||||||||||||||||||||||
10/31/14 | 10/31/13 | 10/31/12 | 10/31/112 | 3/31/11 | 7/31/10 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of year | $ | 18.33 | $ | 14.75 | $ | 14.32 | $ | 15.33 | $ | 13.09 | $ | 11.78 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income3 | 0.25 | 0.20 | 0.22 | 0.10 | 0.16 | 0.22 | ||||||||||||||||||
Net realized and unrealized gains (losses) on securities and currency | 2.05 | 3.61 | 1.20 | (1.02 | ) | 2.28 | 1.30 | |||||||||||||||||
Total from investment operations | 2.30 | 3.81 | 1.42 | (0.92 | ) | 2.44 | 1.52 | |||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.24 | ) | (0.22 | ) | (0.17 | ) | (0.09 | ) | (0.20 | ) | (0.21 | ) | ||||||||||||
Distributions from capital gain | (0.28 | ) | (0.01 | ) | (0.82 | ) | — | — | — | |||||||||||||||
Total dividends and distributions | (0.52 | ) | (0.23 | ) | (0.99 | ) | (0.09 | ) | (0.20 | ) | (0.21 | ) | ||||||||||||
�� | ||||||||||||||||||||||||
Net asset value, end of year | $ | 20.11 | $ | 18.33 | $ | 14.75 | $ | 14.32 | $ | 15.33 | $ | 13.09 | ||||||||||||
Total Return4 | 12.78 | % | 26.06 | % | 10.81 | % | (6.42 | )% | 18.72 | % | 12.91 | % | ||||||||||||
Net assets, end of year (in millions) | $ | 192 | $ | 167 | $ | 103 | $ | 74 | $ | 86 | $ | 75 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.66 | % | 0.66 | % | 0.67 | % | 0.67 | %5 | 1.04 | %5 | 0.79 | % | ||||||||||||
Ratio of expenses to average net assets after reimbursement4 | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | %5 | 0.75 | %5 | 0.75 | % | ||||||||||||
Ratio of net investment income to average net assets4 | 1.30 | % | 1.22 | % | 1.52 | % | 1.13 | %5 | 1.67 | %5 | 1.72 | % | ||||||||||||
Portfolio turnover rate | 27 | % | 25 | % | 53 | % | 82 | %6 | 7 | %6 | 22 | % |
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. |
2 | Endowments – Growth and Income Portfolio was reorganized into the Capital Group U.S. Equity Fund at the close of business effective April 1, 2011. |
3 | Based on average shares outstanding. |
4 | Reflects the impact, if any, of certain waivers or reimbursements by Capital Guardian Trust Company or Capital Research and Management Company, the previous adviser. |
5 | Annualized. |
6 | Not annualized for periods of less than one year. |
See Notes to Financial Statements
133 |
Capital Group Private Client Services Funds
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees and Shareholders of
Capital Group Private Client Services Funds:
We have audited the accompanying statement of assets and liabilities of Capital Group Private Client Services Funds (the “Trust”) comprising the 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, and Capital Group U.S. Equity Fund, including the schedule of investments, as of October 31, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Capital Group Private Client Services Funds as of October 31, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Costa Mesa, California
December 15, 2014
134 |
Capital Group Private Client Services Funds
Tax Information (unaudited)
The Funds hereby designate the following amounts for the Funds’ fiscal year ended October 31, 2014:
Exempt Interest | |||||
Dividends | |||||
Capital Group Core Municipal Fund | 99.90 | % | |||
Capital Group Short-Term Municipal Fund | 99.99 | ||||
Capital Group California Core Municipal Fund | 99.77 | ||||
Capital Group California Short-Term Municipal Fund | 100.00 | ||||
Qualified Dividend | |||||
Income (dollars in | |||||
thousands) | |||||
Capital Group Global Equity Fund | $ | 8,083 | |||
Capital Group Non-U.S. Equity Fund | 29,445 | ||||
Capital Group U.S. Equity Fund | 3,116 |
Capital Group Global Equity Fund and Capital Group Non-U.S. Equity Fund designates $5,629 and $35,004, respectively in Foreign Source Income, and $429 and $3,028, respectively in Foreign Tax Credit Information (dollars in thousands).
Capital Group Global Equity Fund, and Capital Group U.S. Equity Fund designate the maximum amount allowable for the corporate dividend received deduction for the fiscal year ended October 31, 2014.
The tax character of distributions paid for the year ended October 31, 2014, were as follows:
Long Term Capital Gain Distributions (dollars in thousands) | |||||
Capital Group Short-Term Municipal Fund | $ | 222 | |||
Capital Group California Short-Term Municipal Fund | 26 | ||||
Capital Group Core Bond Fund | 753 | ||||
Capital Group Global Equity Fund | 420 | ||||
Capital Group U.S. Equity Fund | 2,971 |
Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2015, to determine the calendar year amounts to be included on their 2014 tax returns. Shareholders should consult their tax advisers.
135 |
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 six-month period (May 1, 2014, through October 31, 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 | Ending | Expenses | ||||||||||||||
account | account | paid | Annualized | |||||||||||||
value | value | during | expense | |||||||||||||
5/1/2014 | 10/31/2014 | period* | ratio | |||||||||||||
Capital Group Core Municipal Fund | ||||||||||||||||
actual return | $ | 1,000.00 | $ | 1,016.60 | $ | 2.03 | 0.40 | % | ||||||||
assumed 5% return | 1,000.00 | 1,023.20 | 2.04 | 0.40 | % | |||||||||||
Capital Group Short-Term Municipal Fund | ||||||||||||||||
actual return | 1,000.00 | 1,006.80 | 2.02 | 0.40 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,023.20 | 2.04 | 0.40 | % | |||||||||||
Capital Group California Core Municipal Fund | ||||||||||||||||
actual return | 1,000.00 | 1,020.80 | 2.04 | 0.40 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,023.20 | 2.04 | 0.40 | % | |||||||||||
Capital Group California Short-Term Municipal Fund | ||||||||||||||||
actual return | 1,000.00 | 1,008.00 | 2.02 | 0.40 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,023.20 | 2.04 | 0.40 | % |
136 |
Capital Group Private Client Services Funds
Expense example (unaudited) (continued)
Beginning | Ending | Expenses | ||||||||||||||
account | account | paid | Annualized | |||||||||||||
value | value | during | expense | |||||||||||||
5/1/2014 | 10/31/2014 | period* | ratio | |||||||||||||
Capital Group Core Bond Fund | ||||||||||||||||
actual return | $ | 1,000.00 | $ | 1,011.70 | $ | 2.03 | 0.40 | % | ||||||||
assumed 5% return | 1,000.00 | 1,023.20 | 2.04 | 0.40 | % | |||||||||||
Capital Group Global Equity Fund | ||||||||||||||||
actual return | 1,000.00 | 1,036.70 | 4.36 | 0.85 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,020.90 | 4.33 | 0.85 | % | |||||||||||
Capital Group Non-U.S. Equity Fund | ||||||||||||||||
actual return | 1,000.00 | 973.10 | 4.23 | 0.85 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,020.90 | 4.33 | 0.85 | % | |||||||||||
Capital Group U.S. Equity Fund | ||||||||||||||||
actual return | 1,000.00 | 1,067.20 | 3.39 | 0.65 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,021.90 | 3.31 | 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 184/365 (to reflect the one-half year period). |
137 |
Capital Group Private Client Services Funds
Trustees and other officers
“Independent” trustees1
Name, year of birth and position with Funds | Year first elected as a trustee2 | Principal occupation(s) during the past five years | Number of portfolios overseen in fund complex by trustee | Other directorships4 held by trustee | ||||
Richard G. Capen, Jr., 1934 Lead Independent trustee | 2009 | Corporate director and author | 9 | None | ||||
H. Frederick Christie, 1933 Trustee | 2009 | Private investor | 9 | None | ||||
Richard G. Newman, 1934 Trustee | 2009 | Founder, Chairman Emeritus and Director – AECOM Technology Corporation (global engineering, consulting and professional technical services) | 9 | None |
Martin Fenton, a trustee of the Funds since 2009, retired from the board on December 31, 2014. The trustees thank Mr. Fenton for his dedication and service to the Funds.
138 |
Capital Group Private Client Services Funds
Trustees and other officers
“Interested” trustees5
Interested trustees have similar qualifications, skills and attributes as the independent trustees. Interested trustees are senior executive officers of Capital Guardian Trust Company or its affiliates. This management role with the Funds’ service providers also permits them to make a significant contribution to the Funds’ board.
Principal occupation(s) | ||||||||
during the past five years | Number of | |||||||
and positions held with | portfolios | |||||||
Year first | affiliated entities or the | overseen in | Other | |||||
Name, year of birth and | elected as a | Principal Underwriter of the | fund complex | directorships4 | ||||
position with Funds | director/officer2 | Funds | by trustee | held by trustee | ||||
Paul F. Roye, 1953 Chairman of the Board | 2009 | Senior Vice President – Fund Business Management Group, Capital Research and Management Company6; Director – American Funds Service Company6 | 12 | None |
The Funds’ statement of additional information includes further details about fund trustees and is available without charge upon request by calling Capital Group Private Client Services at 800-421-4996 or by visiting the Funds website at capitalpcsfunds.com. The address for all trustees and officers of the Funds is 333 South Hope Street, 55th Floor, Los Angeles, California 90071, Attention: Secretary.
139 |
Capital Group Private Client Services Funds
Trustees and other officers
Other officers5
Year first | ||||
Name, year of birth and | elected an | Principal occupation(s) during the past five years and positions held | ||
position with Funds | officer2 | with affiliated entities or the Principal Underwriter of the Funds | ||
John S. Armour, 1957 President | 2013 | Senior Vice President – Capital Guardian Trust Company; President – Private Client Services Division, Capital Guardian Trust Company; Chairman of the Board, Capital Guardian Trust Company, a Nevada Corporation6 | ||
John R. Queen, 1965 Senior Vice President | 2009 | Senior Vice President – Private Client Services Division, Capital Guardian Trust Company; Vice President – Capital Fixed Income Investors, Capital Research and Management Company6 | ||
William L. Robbins, 1968 Senior Vice President | 2014 | President – Capital International Investors, Capital Research and Management Company6 ; Director – The Capital Group Companies, Inc.6 | ||
Timothy W. McHale, 1978 Vice President | 2009 | Vice President and Associate Counsel – Fund Business Management Group, Capital Research and Management Company6; Secretary – American Funds Distributors, Inc.6 | ||
Courtney R. Taylor, 1975 Secretary | 2009 | Assistant Vice President – Fund Business Management Group, Capital Research and Management Company6 | ||
Gregory F. Niland, 1971 Treasurer | 2014 | Vice President – Fund Business Management Group, Capital Research and Management Company6 | ||
Susan K. Countess, 1966 Assistant Secretary | 2012 | Fund Boards Coordinator – Fund Business Management Group, Capital Research and Management Company6 | ||
Susan R. Sunga, 1955 Assistant Treasurer | 2011 | Vice President – Capital Research and Management Company6; Tax Officer – Capital Guardian Trust Company, a Nevada Corporation6 | ||
1 | The term “independent” trustee refers to a trustee who is not an “interested person” of the Funds within the meaning of the Investment Company Act of 1940. |
2 | Trustees and officers of the Funds serve until their resignation, removal or retirement. |
3 | This includes all directorships (other than the Funds) that are held by each trustee as a director of a public company or a registered investment company. Unless otherwise noted, all directorships are current. |
4 | The term “interested” trustee refers to a trustee who is an “interested person” of the Funds within the meaning of the 1940 Act, on the basis of his or her affiliation with the Funds’ investment adviser, Capital Guardian Trust Company, or affiliated entities (including the Funds’ principal underwriter). |
5 | All of the officers listed, except William L. Robbins, are officers of one or more of the other funds for which Capital Guardian Trust Company serves as Investment Adviser. |
6 | Company affiliated with Capital Guardian Trust Company. |
140 |
Capital Group Private Client Services Funds
Offices of the Funds |
Capital Guardian Trust Company |
6455 Irvine Center Drive |
Irvine, CA 92618 |
Offices of the investment adviser |
Capital Guardian Trust Company |
333 South Hope Street |
Los Angeles, CA 90071-1406 |
Custodian of assets |
State Street Bank and Trust Company |
One Lincoln Street |
Boston, MA 02111 |
Fund accounting and administration |
State Street Bank and Trust Company |
One Lincoln Street |
Boston, MA 02111 |
Independent registered public accounting firm |
Deloitte & Touche LLP |
695 Town Center Drive |
Costa Mesa, CA 92626 |
Transfer agent |
State Street Bank and Trust Company |
One Lincoln Street |
Boston, MA 02111 |
Counsel |
Morgan, Lewis and Bockius LLP |
355 South Grand Avenue, Suite 4400 |
Los Angeles, CA 90071-3106 |
Principal underwriter |
American Funds Distributors, Inc. |
333 South Hope Street |
Los Angeles, CA 90071-1406 |
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 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.
141 |
ITEM 2 – Code of Ethics
The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made to American Funds Service Company at 800/421-9225 or to the Secretary of the Registrant, 6455 Irvine Center Drive, Irvine, California 92618.
ITEM 3 – Audit Committee Financial Expert
The Registrant’s board has determined that H. Frederick Christie, a member of the Registrant’s audit committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition.
ITEM 4 – Principal Accountant Fees and Services
Registrant: | ||||
a) Audit Fees: | ||||
2013 | $11,115 | |||
2014 | $164,951 | |||
b) Audit-Related Fees: | ||||
2013 | None | |||
2014 | None | |||
c) Tax Fees: | ||||
2013 | 33,500 | |||
2014 | 35,715 | |||
The tax fees consist of professional services relating to the review of the Registrant’s tax returns. | ||||
d) All Other Fees: | ||||
2013 | None | |||
2014 | None | |||
The other fees consist of the review of the N1A annual update. | ||||
Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below): | ||||
a) Audit Fees: | ||||
Not Applicable | ||||
b) Audit-Related Fees: | ||||
2013 | None | |||
2014 | $288,925 | |||
The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 16 issued by the American Institute of Certified Public Accountants. | ||||
c) Tax Fees: | ||||
Not Applicable | ||||
d) All Other Fees: | ||||
Not Applicable |
All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.
Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $385,000 for fiscal year 2013 and $185,000 for fiscal year 2014. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.
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) | The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto. |
(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: December 31, 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: December 31, 2014 |
By /s/ Gregory F. Niland |
Gregory F. Niland, Treasurer and Principal Financial Officer |
Date: December 31, 2014 |