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: (213) 486-9200
Date of fiscal year end: October 31
Date of reporting period: April 30, 2016
Courtney R. Taylor
Capital Group Private Client Services Funds
333 South Hope Street
Los Angeles, California 90071
(Name and Address of Agent for Service)
ITEM 1 – Reports to Stockholders
Private Client Services FundsSM
Semi-Annual Report
For the six months ended April 30, 2016
Volatility increases
in the financial
markets amid
uncertainty in the
global economy.
Capital Group Core Municipal FundSM |
Capital Group Short-Term Municipal FundSM |
Capital Group California Core Municipal FundSM |
Capital Group California Short-Term Municipal FundSM |
Capital Group Core Bond FundSM |
Capital Group Global Equity FundSM |
Capital Group International Equity FundSM |
Capital Group U.S. Equity FundSM |
capitalgrouppcsfunds.com
Capital Group Private Client Services Funds
Letter to investors
April 30, 2016 (unaudited)
Fellow investors:
Global equities declined modestly in the six months ended April 30, 2016, as a sharp drop at the beginning of the new year was followed by a partial recovery toward the end of the period. Stocks were hurt by concerns about economic deceleration in China and a lengthy pullback in oil prices. The subsequent rebound in the market was partly driven by the Federal Reserve’s decision to slow the pace of interest rate hikes in response to a cloudier global outlook. In the U.S., employment gains helped to ease concern about the possibility of contagion from overseas uncertainty. Japanese stocks were hurt by fear that China’s sluggish growth could weigh on export-oriented companies. European stocks sagged as the European Central Bank initiated a new round of measures aimed at kick-starting growth.
The U.S. fixed-income market rallied as investor concerns about China caused global investors to seek the relative safety and attractive returns of Treasury bonds. Despite moving lower, yields on Treasury securities remained notably higher than those available on comparable debt in Europe and Japan, where yields on some securities have dropped into negative territory.
Below is a more detailed discussion of the investment results for each of the Capital Group Private Client Services Funds during the covered reporting period.
Equity Commentary
Over the past six months, the Capital Group U.S. Equity Fund rose 1.66%, topping the 0.44% gain in the S&P 500 index. The Capital Group Global Equity Fund declined 1.84%, slightly behind the 1.04% drop in the MSCI World Index. The Capital Group International Equity Fund declined 2.17%, but still outpaced the 3.06% drop in the MSCI EAFE Index.
All three funds benefited from holdings in the information technology sector. In a global economy characterized by slow growth and muted productivity gains, there is strong demand for robotics and other forms of industrial technology that allow companies to streamline their own manufacturing processes. Broadcom, a maker of specialty semiconductors, was a top contributor to both the U.S. and Global funds. Keyence, a factory automation sensor manufacturer, and Hamamatsu Photonics, an optical sensor maker, were among the top contributors to the International and Global funds. Taiwan Semiconductor Manufacturing and Gemalto also added to the results of the International and Global funds.
The funds also were helped by the energy sector. After tumbling to a 13-year low near $26 a barrel, crude oil prices staged a partial rebound. The plunge was due largely to a supply glut as Russia and Saudi Arabia pumped at full capacity and additional stockpiles came on line from Iran. The subsequent move up was driven by production cuts in the U.S. and hope that foreign producers might forge a deal to curtail output. Our investment team has selectively purchased shares of energy companies — primarily integrated oils and pipeline companies — whose long-term prospects appear to be encouraging. These companies have the financial heft to ride out the downturn and the potential to lift market share through acquisitions of depleted rivals. Chevron and Exxon Mobil were among the top contributors to the Global fund, while Columbia Pipeline Group and Chevron helped the U.S. fund.
Compared to their benchmarks, financial services stocks also were contributors. This sector suffered at the beginning of the year amid fear that global economic conditions could trigger a rise in loan defaults. Additionally, banks stocks were hurt by the Fed’s decision to slow down rate hikes. The funds benefited from a combination of stock selection and limited exposure to the troubled sector. Compared to their benchmarks, the portfolios had fewer holdings of interest-rate-sensitive companies such as large commercial banks, whose earnings were pressured by low rates.
Capital Group Private Client Services Funds
Letter to investors
April 30, 2016 (unaudited) (continued)
Among other contributors to the U.S. fund were several real estate investment trusts with attractive yields, including Iron Mountain, American Tower and Crown Castle International. The fund also gained from its holdings of insurance companies such as Marsh & McLennan and Aon. Deutsche Wohnen, a German property-management and development company, and AIA Group, a pan-Asian insurer, contributed to results in the International fund. Within financial services, areas of interest include credit card companies and regional banks. If the U.S. economy steers clear of a recession and continues to expand at a moderate pace, which our managers think is possible, earnings of these companies could surprise on the upside.
On the downside, the U.S. and Global funds were hurt by positions in health care. After an extended period of strong results driven by advances in pharmaceutical development and heavy merger activity, the sector experienced profit-taking. The selling pressure was driven partly by political criticism of high drug pricing, particularly for unique and patent-protected compounds. Incyte, Gilead Sciences and Express Scripts were the top three detractors in the U.S. fund, while Incyte, Gilead and Novartis were among the top detractors in the Global fund. By contrast, health care was a bright spot in the International fund, where Genmab and Novo Nordisk were among the top contributors.
The troubles in the global economy weighed on industrial companies in the Global and International funds. China Everbright International, an environmental cleanup company, was one of the biggest detractors from both funds. Other detractors included FANUC, Safran and Zodiac Aerospace. The bumpy global outlook also took a toll on consumer discretionary companies, which tend to struggle in periods of economic uncertainty. Cie Financiere Richemont, Liberty Global and Bayerische Motoren Werke were additional detractors from the two funds.
Fixed-Income Commentary
The bond market rallied over the past six months as the bumpy outlook for the global economy caused yields to decline. The Capital Group Core Bond, Core Municipal, Short-Term Municipal, California Core Municipal and California Short-Term Municipal funds all rose during the period, with each topping its respective benchmark.
Core Bond had a total return of 2.05%, exceeding the 1.97% return of its benchmark. The fund was significantly underweight U.S. Treasuries, while being moderately overweight investment-grade bonds. It also had notable holdings in asset-backed securities. The 1.66% return of the Core Municipal fund topped the 1.83% registered by its benchmark, while the 0.76% gain in the Short-Term Municipal fund outpaced the 0.77% showing of its benchmark. The California Core Municipal fund advanced 2.39%, while the California Short-Term Municipal Fund increased 0.63%. Both surpassed their benchmarks, which had total returns of 1.69% and 0.65%, respectively.
The Fed’s slowing of rate hikes put a cap on long-term yields despite continued strength in employment and rising pressure on wages, which historically have tended to push rates up. Treasury Inflation Protected Securities, or TIPS, gained as expectations of inflation picked up amid loose monetary policies around the world. Investment-grade corporate debt and high-yield bonds also rallied.
Our fixed-income managers expect interest rates to rise very gradually given the uncertainty in the global economy, and they have positioned the funds accordingly. Whenever possible, managers have tried to boost yields without taking undue risks. Within taxable portfolios, our managers have identified opportunities among asset-backed securities, especially those tied to auto loans and credit cards. The credit quality of these securities improves during periods of rising economic growth as borrowers are better able to pay off their obligations.
Capital Group Private Client Services Funds
Letter to investors
April 30, 2016 (unaudited) (continued)
On the municipal side, our team has favored revenue bonds, which are used to finance the construction of water, sewer and other public infrastructure projects. The credit quality of these securities is typically enhanced as growth in the economy boosts borrowers’ ability to pay off debts. Revenue bonds offer a compelling blend of safety and attractive yields.
Regardless of the direction of the economy or interest rates, fixed income plays an essential role within client portfolios. At a time of heightened volatility in stock prices, bonds have a tendency to generate reliable income and serve as a counterweight to the fluctuations in equities. The optimal strategy for investors is to maintain a well-balanced portfolio that is designed to do well in any type of market environment.
We appreciate the continued trust and confidence you have placed in us to manage your assets. We look forward to reporting back to you again in six months.
Sincerely yours,
John S. Armour President |
William L. Robbins |
Senior Vice President and Principal Investment Officer, Equity Funds |
John R. Queen |
Senior Vice President and Principal Investment Officer, Fixed-Income Funds |
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - 95.9% | Principal amount (000) | Value (000) | ||||||
Municipals - 95.8% | ||||||||
Alabama - 1.0% | ||||||||
Alabama 21st Century Auth., Rev. Ref. Bonds, Series A, 5.00%, 2021 | $ | 2,230 | $ | 2,605 | ||||
Alabama Federal Aid Highway Fin. Auth., Highway Imps. Misc. Taxes Rev. Bonds, 5.00%, 2023 | 100 | 120 | ||||||
Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2017 | 1,000 | 1,044 | ||||||
Univ. of Alabama, Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2018 | 150 | 164 | ||||||
3,933 | ||||||||
Alaska - 0.4% | ||||||||
Alaska Housing Fin. Corp., Rev. Bonds, Series A, 4.00%, 2040 | 490 | 505 | ||||||
Alaska Intl. Airports System, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 2024 | 1,000 | 1,259 | ||||||
1,764 | ||||||||
Arizona - 2.9% | ||||||||
Arizona Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 02/05/20 @ 100), 2.26%, 20481 | 3,100 | 3,163 | ||||||
Arizona Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2024 | 300 | 373 | ||||||
Glendale Ind. Dev. Auth., College & Univ. Rev. Ref. Bonds, 5.25%, 2018 | 1,000 | 1,080 | ||||||
Maricopa County Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2018 | 795 | 833 | ||||||
Phoenix Civic Imp. Corp., Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 2020 | 2,800 | 3,246 | ||||||
Phoenix Civic Imp. Corp., Sewer Rev. Ref. Bonds, 5.50%, 2024 | 125 | 138 | ||||||
Phoenix Ind. Dev. Auth., Misc. Purposes Lease Rev. Bonds, 5.00%, 2022 | 1,000 | 1,090 | ||||||
Salt River Project Agricultural Imp. & Power Dist., Energy Res. Auth. Imps. Rev. Bonds, Series A: | ||||||||
5.00%, 2020 | 160 | 178 | ||||||
5.00%, 2021 | 1,000 | 1,072 | ||||||
11,173 | ||||||||
Arkansas - 0.2% | ||||||||
Arkansas Dev. Fin. Auth., Health Care Facs. Rev. Bonds (Mandatory Put 09/01/22 @ 100), 1.96%, 20441 | 600 | 594 | ||||||
594 | ||||||||
California - 12.4% | ||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 2016 | 1,500 | 1,502 | ||||||
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured), 5.00%, 2021 | 990 | 1,042 | ||||||
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, 2017 | 100 | 103 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100):1 | ||||||||
1.31%, 2045 | 2,200 | 2,174 | ||||||
1.31%, 2047 | 1,500 | 1,482 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 10/01/19 @ 100), 1.11%, 20471 | 1,000 | 1,000 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.): | ||||||||
5.00%, 2026 | 300 | 372 | ||||||
5.00%, 2028 | 315 | 377 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2019 | 750 | 858 | ||||||
5.00%, 2020 | 1,000 | 1,154 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series D (Mandatory Put 10/15/20 @ 100), 5.00%, 20431 | 1,800 | 2,092 |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
California - continued | ||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds (Mandatory Put 04/01/18 @ 100), 0.69%, 20471 | $ | 1,000 | $ | 994 | ||||
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds, 2.40%, 2020 | 1,250 | 1,251 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2022 | 1,000 | 1,175 | ||||||
California Statewide Comms. Dev. Auth., Private Schools Rev. Ref. Bonds, Series B (Mandatory Put 06/01/22 @ 100), 1.61%, 20371 | 1,000 | 1,003 | ||||||
Cathedral City Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, 2025 | 620 | 758 | ||||||
Chula Vista Muni. Fncg. Auth., Special Tax Rev. Ref. Bonds, 5.00%, 2020 | 910 | 1,054 | ||||||
City & County of San Francisco, Health Care Imps. Certs. of Part. Lease Bonds, Series A, 5.00%, 2017 | 100 | 104 | ||||||
City of Irvine, Special Assessment Ref. Bonds: | ||||||||
3.125%, 2021 | 565 | 615 | ||||||
4.00%, 2017 | 1,215 | 1,266 | ||||||
5.00%, 2023 | 900 | 1,089 | ||||||
City of Long Beach CA Harbor Rev., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2024 | 685 | 869 | ||||||
Emeryville Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A, 5.00%, 2020 | 900 | 1,053 | ||||||
Fillmore Redev. Agcy. Successr Agcy., Tax Increment Allocation Ref. Bonds (BAM Insured), 5.00%, 2022 | 1,000 | 1,207 | ||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2020 | 1,000 | 1,153 | ||||||
Golden State Tobacco Securitization Corp., Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2019 | 1,170 | 1,318 | ||||||
5.00%, 2020 | 750 | 869 | ||||||
5.00%, 2021 | 1,000 | 1,190 | ||||||
Hemet Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2029 | 500 | 600 | ||||||
Jurupa Public Fncg. Auth., Special Tax Ref. Bonds, Series A, 5.00%, 2030 | 850 | 1,014 | ||||||
Kings Canyon Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2028 | 875 | 1,084 | ||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, 5.00%, 2021 | 100 | 120 | ||||||
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds, Series D, 5.00%, 2020 | 700 | 807 | ||||||
Menlo Park Comm. Dev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, 2022 | 800 | 979 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 03/27/18 @ 100), 0.79%, 20271 | 1,350 | 1,349 | ||||||
Northern California Gas Auth. No. 1, Natural Gas Util. Imps. Rev. Bonds, 1.049%, 20191 | 100 | 98 | ||||||
Perris Union High School Dist., Special Tax Ref. Bonds, 5.00%, 2030 | 1,250 | 1,444 | ||||||
San Diego County Regional Trans. Commission, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2020 | 250 | 291 | ||||||
San Diego Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2024 | 900 | 1,142 | ||||||
5.00%, 2025 | 500 | 644 | ||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, 2018 | 200 | 201 | ||||||
Santa Ana Comm. Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.25%, 2019 | 600 | 680 | ||||||
Santa Cruz County Redev. Agcy., Special Assessment Ref. Bonds, Series A (AGM Insured), 5.00%, 2026 | 1,825 | 2,261 | ||||||
State of California Dept. of Water Res., Rev. Ref. Bonds, Series AU (Mandatory Put 09/01/17 @ 100), 1.03%, 20351 | 1,850 | 1,852 | ||||||
State of California, G.O. General Fund Ref. Bonds: | ||||||||
5.00%, 2017 | 500 | 517 |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
California - continued | ||||||||
5.00%, 2020 | $ | 1,500 | $ | 1,728 | ||||
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A (Pre-refunded with U.S. Treasury Obligations 07/01/19 @ 100): | ||||||||
5.00%, 2020 | 520 | 589 | ||||||
5.25%, 2021 | 100 | 114 | ||||||
Stockton Public Fin. Auth., Sewer Rev. Ref. Bonds (BAM Insured), 5.00%, 2023 | 375 | 462 | ||||||
Tracy Comm. Dev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, 2030 | 1,000 | 1,221 | ||||||
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.25%, 2024 | 200 | 222 | ||||||
48,543 | ||||||||
Colorado - 3.1% | ||||||||
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.25%, 2028 | 200 | 229 | ||||||
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 2017 | 300 | 308 | ||||||
City & County of Denver, Port, Airport, & Marina Rev. Ref. Bonds, Series B, 5.00%, 2021 | 500 | 597 | ||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 2024 | 1,500 | 1,770 | ||||||
5.00%, 2026 | 2,000 | 2,342 | ||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S. Treasury Obligations to 11/15/16 @ 100), 5.125%, 20171 | 115 | 118 | ||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 2017 | 2,000 | 2,058 | ||||||
Colorado State Board of Governors, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 2022 | 645 | 780 | ||||||
E-470 Public Highway Auth., Highway Tolls Rev. Bonds, Series CD (Mandatory Put 06/01/15 @ 100), 2.16%, 20391 | 475 | 476 | ||||||
Mountain Shadows Metropolitan Dist., G.O. Prop. Tax Ref. Bonds, 4.00%, 2026 | 735 | 746 | ||||||
Park Creek Metropolitan Dist., Tax Increment Allocation Ref. Bonds, 5.00%, 2024 | 1,100 | 1,345 | ||||||
Regional Trans. Dist., Transit Imps. Cert. of Part. Lease Bonds, Series A, 5.00%, 2018 | 1,000 | 1,086 | ||||||
Univ. of Colorado., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 2020 | 150 | 175 | ||||||
12,030 | ||||||||
Connecticut - 0.3% | ||||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A, 3.50%, 2044 | 350 | 373 | ||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, Series A-1, 4.00%, 2045 | 900 | 979 | ||||||
1,352 | ||||||||
District of Columbia - 0.2% | ||||||||
Dist. of Columbia, Income Tax Rev. Ref. Bonds, Series A, 5.00%, 2024 | 700 | 893 | ||||||
893 | ||||||||
Florida - 10.0% | ||||||||
Brevard County Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 2021 | 500 | 583 | ||||||
5.00%, 2022 | 500 | 591 | ||||||
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1: | ||||||||
5.00%, 2016 | 700 | 703 | ||||||
5.25%, 2017 | 2,100 | 2,201 | ||||||
6.00%, 2016 | 300 | 302 |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Florida - continued | ||||||||
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, Series A-1: | ||||||||
5.00%, 2019 | $ | 1,500 | $ | 1,680 | ||||
5.00%, 2020 | 1,100 | 1,267 | ||||||
Citizens Prop. Insurance Corp., Misc. Rev. Bonds, Series A-1, 5.00%, 2019 | 150 | 168 | ||||||
City of Cape Coral, Water Rev. Ref. Bonds, 5.00%, 2018 | 1,000 | 1,095 | ||||||
City of Clearwater, Water Rev. Ref. Bonds, Series B, 5.00%, 2018 | 100 | 110 | ||||||
City of Fort Lauderdale, Water Util. Imps. Rev. Bonds (NATL-RE Insured), 4.00%, 2016 | 100 | 101 | ||||||
City of Jacksonville, Sales Tax Rev. Ref. Bonds, 5.00%, 2019 | 1,000 | 1,135 | ||||||
City of Tallahassee, Health Care Facs. Imps. Rev. Bonds, 5.00%, 2025 | 1,000 | 1,214 | ||||||
City of Tampa, Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 2016 | 1,200 | 1,229 | ||||||
5.00%, 2017 | 2,000 | 2,131 | ||||||
County of Lee Trans. Facs. Rev., Highway Tolls Rev. Ref. Bond (AGM Insured): | ||||||||
5.00%, 2021 | 500 | 596 | ||||||
5.00%, 2022 | 1,300 | 1,579 | ||||||
County of Miami-Dade, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 2018 | 1,100 | 1,207 | ||||||
County of Saint Johns, Water Rev. Ref. Bonds (AGM Insured), 5.00%, 2016 | 100 | 100 | ||||||
Florida Higher Educ. Facs. Financial Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 2022 | 1,000 | 1,185 | ||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 5.00%, 2028 | 370 | 388 | ||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B, 4.50%, 2029 | 565 | 602 | ||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, 2029 | 330 | 350 | ||||||
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A, 5.00%, 2016 | 2,100 | 2,116 | ||||||
Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2020 | 600 | 697 | ||||||
Florida State Dept. of Environmental Protection, Public Imps. Misc. Taxes Rev. Bonds, Series B, 5.00%, 2019 | 1,450 | 1,596 | ||||||
Florida Water Pollution Control Fncg. Corp., Pollution Control Misc. Rev. Bonds, Series A: | ||||||||
5.00%, 2020 | 300 | 334 | ||||||
5.00%, 2022 | 400 | 444 | ||||||
5.00%, 2023 | 300 | 333 | ||||||
Miami-Dade County Expressway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2021 | 1,750 | 2,078 | ||||||
Mid-Bay Bridge Auth., Highway Tolls Rev. Ref. Bonds, Series C, 5.00%, 2021 | 575 | 660 | ||||||
Orlando Utils. Commission, Multiple Util. Rev. Ref. Bonds, Series C, 5.00%, 2017 | 1,000 | 1,062 | ||||||
Orlando Utils. Commission, Water Rev. Ref. Bonds, Series B, 5.00%, 2023 | 400 | 445 | ||||||
Palm Beach County Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2027 | 300 | 353 | ||||||
South Broward Hospital Dist., Health Care Facs. Rev. Ref. Bonds (NATL-RE Insured), 5.00%, 2021 | 75 | 75 | ||||||
South Broward Hospital Dist., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S. Treasury Obligations 05/01/16 @ 100) (NATL-RE Insured), 5.00%, 2021 | 200 | 200 | ||||||
South Florida Water Mgmt. Dist., Cert. of Part. Lease Ref. Bonds, 5.00%, 2025 | 1,500 | 1,898 | ||||||
Southeast Overtown Park West Comm Redev. Agcy., Tax Increment Allocation Local Housing Rev. Ref. Bonds, Series A-1:2 | ||||||||
5.00%, 2019 | 1,000 | 1,085 | ||||||
5.00%, 2021 | 785 | 885 | ||||||
State of Florida Lottery Rev., Ref. Bond, Series E, 5.00%, 2016 | 2,000 | 2,016 | ||||||
Tampa Bay Water Rev. Ref. Bonds, Series B, 5.00%, 2018 | 430 | 474 | ||||||
Volusia County Educ. Fac. Auth., College & Univ. Imps. Rev. Bonds, Series B: | ||||||||
5.00%, 2023 | 400 | 484 | ||||||
5.00%, 2028 | 1,000 | 1,177 | ||||||
38,929 |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Georgia - 2.5% | ||||||||
Burke County Dev. Auth., Pollution Control Res. Recovery Rev. Bonds, 7.00%, 2023 | $ | 300 | $ | 328 | ||||
City of Atlanta, Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 2017 | 1,250 | 1,287 | ||||||
DeKalb County Hospital Auth., Health Care Facs. Imps. Rev. Bonds, 5.25%, 2020 | 2,000 | 2,180 | ||||||
DeKalb Private Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2024 | 200 | 228 | ||||||
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, 2044 | 1,565 | 1,667 | ||||||
Georgia State Road & Tollway Auth., Highway Imps. Misc. Taxes Rev. Bonds, Series A, 5.00%, 2018 | 400 | 435 | ||||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds, Series A (Mandatory Put 07/01/17 @ 100), 0.71%, 20251 | 800 | 800 | ||||||
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 2019 | 1,000 | 1,139 | ||||||
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series A, 5.00%, 2021 | 500 | 587 | ||||||
Private Colleges & Universities Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 2020 | 1,000 | 1,129 | ||||||
9,780 | ||||||||
Guam - 0.4% | ||||||||
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2023 | 1,200 | 1,436 | ||||||
1,436 | ||||||||
Hawaii - 0.6% | ||||||||
State of Hawaii, G.O. Public Imps., Series DZ, 5.00%, 2019 | 1,250 | 1,431 | ||||||
State of Hawaii, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 2022 | 700 | 815 | ||||||
2,246 | ||||||||
Idaho - 0.6% | ||||||||
Idaho Housing & Fin. Association, Rev. Ref. Bonds: | ||||||||
5.00%, 2020 | 1,000 | 1,150 | ||||||
5.00%, 2022 | 1,000 | 1,197 | ||||||
2,347 | ||||||||
Illinois - 8.3% | ||||||||
Chicago O’Hare Intl. Airport, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2021 | 250 | 292 | ||||||
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 2017 | 1,675 | 1,712 | ||||||
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series C (Assured GTY Insured), 5.25%, 2022 | 1,000 | 1,146 | ||||||
City of Chicago, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2021 | 500 | 584 | ||||||
City of Chicago, Sewer Imps. Rev. Bonds, 4.00%, 2021 | 1,000 | 1,079 | ||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 2022 | 200 | 216 | ||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 02/01/19 @ 100), 1.65%, 20251 | 2,000 | 2,023 | ||||||
Illinois Fin. Auth., College & Univ. Rev. Ref. Bonds, 5.125%, 2020 | 1,070 | 1,146 | ||||||
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds: | ||||||||
5.00%, 2022 | 850 | 1,026 | ||||||
5.00%, 2027 | 590 | 701 | ||||||
5.00%, 2027 | 600 | 702 | ||||||
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, Series A: | ||||||||
5.00%, 2021 | 500 | 594 | ||||||
5.00%, 2027 | 250 | 301 |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Illinois - continued | ||||||||
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, Series A-3 (Mandatory Put 05/01/19 @ 100), 5.00%, 20301 | $ | 1,000 | $ | 1,116 | ||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-1 (Mandatory Put 01/15/20 @ 100), 5.00%, 20301 | 1,500 | 1,705 | ||||||
Illinois Fin. Auth., Loc. or GTD Housing, College & Univ. Imps. Rev. Bonds, 5.00%, 2030 | 1,000 | 1,071 | ||||||
Illinois Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds (Mandatory Put 05/15/25 @ 100) (FNMA Insured), 1.41%, 20501 | 2,000 | 1,990 | ||||||
Illinois Muni. Electric Agcy., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series A, 5.00%, 2027 | 1,000 | 1,224 | ||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2020 | 500 | 585 | ||||||
Illinois State Univ., College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, 2022 | 1,465 | 1,714 | ||||||
Metropolitan Pier & Exposition Auth., Sales Tax Rev. Ref. Bonds, Series B (St. Approp Insured), 5.00%, 2028 | 1,000 | 1,100 | ||||||
Regional Trans. Auth. Rev. Ref. Bonds (NATL-RE Insured), 6.00%, 2020 | 2,000 | 2,305 | ||||||
Regional Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (AGM G.O. of Auth. Insured), 5.00%, 2018 | 1,200 | 1,304 | ||||||
Regional Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.50%, 2020 | 1,610 | 1,898 | ||||||
State of Illinois, G.O. Misc. Rev. Ref. Bonds, Series B, 5.25%, 2021 | 2,000 | 2,238 | ||||||
State of Illinois, G.O. Public Imps. Misc. Rev. Bonds: | ||||||||
5.00%, 2017 | 300 | 312 | ||||||
5.00%, 2021 | 375 | 418 | ||||||
State of Illinois, Sales Tax Rev. Ref. Bonds, 5.00%, 2020 | 1,500 | 1,728 | ||||||
Univ. of Illinois, Transit Imps. Cert. of Part. Lease Bonds, Series A, 5.25%, 2024 | 30 | 32 | ||||||
Univ. of Illinois, Transit Imps. Cert. of Part. Lease Bonds, Series A (Pre-refunded with U.S. Treasury Obligations 10/01/17 @ 100) (AMBAC Insured), 5.25%, 2024 | 70 | 75 | ||||||
32,337 | ||||||||
Indiana - 1.2% | ||||||||
City of Whiting, Ind. Imps. Rev. Bonds, (Mandatory Put 10/01/19 @ 100), 1.85%, 20441 | 500 | 503 | ||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, 2019 | 500 | 549 | ||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.50%, 2024 | 100 | 113 | ||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series N, 5.00%, 2020 | 1,200 | 1,380 | ||||||
Indiana Fin. Auth., Sewer Imps. Prop. Tax Bonds, Series A, 5.00%, 2017 | 1,000 | 1,060 | ||||||
Purdue Univ., College & Univ. Rev. Ref. Bonds, Series BB-1, 5.00%, 2021 | 1,050 | 1,258 | ||||||
4,863 | ||||||||
Iowa - 0.3% | ||||||||
Iowa Fin. Auth., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 2.15%, 2043 | 712 | 680 | ||||||
Iowa Fin. Auth., Water Util. Imps. Misc. Rev. Bonds, 5.00%, 2019 | 300 | 340 | ||||||
1,020 | ||||||||
Kansas - 0.1% | ||||||||
Kansas Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2018 | 500 | 549 | ||||||
549 | ||||||||
Kentucky - 1.5% | ||||||||
Kentucky Asset Liability Commission, Public Imps. Rev. Bonds, 5.00%, 2024 | 1,500 | 1,848 | ||||||
Kentucky Housing Corp., St. Single Family Housing Rev. Bonds, Series B, 5.00%, 2027 | 370 | 391 |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Kentucky - continued | ||||||||
Kentucky Public Trans. Infrastructure Auth., Highway Tolls Rev. Bonds, 5.00%, 2017 | $ | 3,575 | $ | 3,729 | ||||
5,968 | ||||||||
Louisiana - 1.9% | ||||||||
Louisiana Public Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.25%, 2027 | 185 | 193 | ||||||
Louisiana Public Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S Treasury Obligations 05/15/2017 @ 100), 5.25%, 2027 | 65 | 68 | ||||||
Louisiana Stadium & Exposition Dist., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2022 | 1,500 | 1,811 | ||||||
Parish of St Charles, Ind. Imps. Rev. Bonds (Mandatory Put 06/01/22 @ 100), 4.00%, 20401 | 2,000 | 2,187 | ||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2025 | 1,000 | 1,002 | ||||||
5.50%, 2028 | 1,000 | 1,068 | ||||||
5.50%, 2029 | 1,000 | 1,100 | ||||||
7,429 | ||||||||
Maine - 0.2% | ||||||||
Maine Turnpike Auth., Highway Tolls Rev. Ref. Bonds, 5.00%, 2020 | 600 | 698 | ||||||
698 | ||||||||
Maryland - 0.2% | ||||||||
Maryland Comm. Dev. Administration, Loc. or GTD Housing Rev. Ref. Bonds, Series C, 4.00%, 2044 | 630 | 687 | ||||||
687 | ||||||||
Massachusetts - 2.3% | ||||||||
Commonwealth of Massachusetts, G.O. Cash Flow Mgmt. Prop. Tax Notes, Series B, 2.00%, 2016 | 2,600 | 2,603 | ||||||
Commonwealth of Massachusetts, G.O. Cash Flow Mgmt. Prop. Tax Notes, Series C, 2.00%, 2016 | 1,400 | 1,403 | ||||||
Massachusetts Dev. Fin. Agcy., Health Care Facs. Rev. Ref. Bonds, Series M (Mandatory Put 01/30/18 @ 100), 0.96%, 20381 | 1,990 | 1,989 | ||||||
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 2025 | 100 | 115 | ||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, Series 172, 4.00%, 2045 | 1,390 | 1,497 | ||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series 169, 4.00%, 2044 | 1,125 | 1,209 | ||||||
8,816 | ||||||||
Michigan - 4.0% | ||||||||
City of Detroit Sewage Disposal System Rev., Sewer Rev. Ref. Bonds (AGM Insured), 1.019%, 20321 | 1,500 | 1,356 | ||||||
City of Detroit, G.O. Public Imps. Prop. Tax Bonds (NATL-RE Insured), 5.375%, 2018 | 109 | 109 | ||||||
Detroit City School Dist., G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 2019 | 1,400 | 1,549 | ||||||
Detroit City School Dist., G.O. Prop. Tax Ref. Bonds, Series A (AGM Insured), 5.25%, 2032 | 1,110 | 1,376 | ||||||
Michigan Fin. Auth., Misc. Rev. Ref. Bonds: | ||||||||
5.00%, 2018 | 2,000 | 2,145 | ||||||
5.00%, 2021 | 700 | 791 | ||||||
Michigan Fin. Auth., Public Imps. Misc. Rev. Bonds, Series G (NATL-RE Insured), 5.375%, 2018 | 591 | 593 | ||||||
Michigan Fin. Auth., Water Util. Imps. Rev. Bonds, 5.00%, 2024 | 1,000 | 1,222 | ||||||
Michigan State Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, 2044 | 1,750 | 1,888 |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Michigan - continued | ||||||||
Michigan Strategic Fund, Energy Res. Auth. Rev. Ref. Bonds, 5.625%, 2020 | $ | 1,160 | $ | 1,354 | ||||
Wayne County Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2022 | 850 | 1,014 | ||||||
Wayne County Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 2017 | 1,500 | 1,598 | ||||||
Wayne State Univ., College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, 2016 | 700 | 715 | ||||||
15,710 | ||||||||
Minnesota - 0.8% | ||||||||
Minneapolis-Saint Paul Metropolitan Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 2017 | 350 | 361 | ||||||
Minnesota Housing Fin. Agcy., Housing Rev. Bonds (GNMA/FNMA/FHLMC COLL Insured), 4.25%, 2028 | 385 | 401 | ||||||
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 2.25%, 2042 | 752 | 728 | ||||||
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.00%, 2040 | 405 | 422 | ||||||
St. Paul Housing & Redev. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, 5.00%, 2023 | 1,000 | 1,200 | ||||||
3,112 | ||||||||
Missouri - 0.3% | ||||||||
I-470 & 350 Trans. Dev. Dist., Sales Tax Rev. Ref. Bonds (Radian Insured), 4.60%, 2029 | 50 | 50 | ||||||
Missouri Housing Dev. Commission, Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 3.75%, 2038 | 290 | 313 | ||||||
Missouri State Environmental Imp. & Energy Ress. Auth., Water Rev. Ref. Bonds, 5.00%, 2019 | 100 | 111 | ||||||
State of Missouri Health & Educ. Facs. Auth., Health Care Facs. Nursing Homes Rev. Bonds, Series A: | ||||||||
5.00%, 2022 | 440 | 512 | ||||||
5.00%, 2025 | 185 | 221 | ||||||
1,207 | ||||||||
Nebraska - 1.2% | ||||||||
Central Plains Energy Project, Natural Gas Rev. Ref. Bonds (Mandatory Put 12/01/19 @ 100), 5.00%, 20391 | 1,000 | 1,132 | ||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A: | ||||||||
3.50%, 2046 | 2,350 | 2,528 | ||||||
4.00%, 2044 | 440 | 473 | ||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured): | ||||||||
2.50%, 2034 | 270 | 273 | ||||||
3.00%, 2043 | 320 | 329 | ||||||
4,735 | ||||||||
Nevada - 2.2% | ||||||||
County of Clark, Ind. Rev. Ref. Bonds, Series A (Mandatory Put 04/01/20 @ 100), 1.875%, 20311 | 2,000 | 2,036 | ||||||
County of Clark, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 2024 | 2,705 | 3,366 | ||||||
County of Clark, Sales Tax Rev. Bonds, Series B, 4.00%, 2018 | 2,000 | 2,132 |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Nevada - continued | ||||||||
Las Vegas Valley Water Dist., G.O. Water Util. Imps. Prop. Tax Bonds, Series B, 5.00%, 2019 | $ | 1,100 | $ | 1,237 | ||||
8,771 | ||||||||
New Hampshire - 0.2% | ||||||||
New Hampshire Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, 4.00%, 2022 | 575 | 642 | ||||||
642 | ||||||||
New Jersey - 4.4% | ||||||||
Camden County Imp. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2034 | 590 | 672 | ||||||
Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2020 | 1,000 | 1,131 | ||||||
5.00%, 2021 | 200 | 230 | ||||||
New Jersey Econ. Dev. Auth., Misc. Rev. Ref. Bonds, 5.00%, 2017 | 2,000 | 2,136 | ||||||
New Jersey Econ. Dev. Auth., Rev. Ref. Bonds, Series PP, 5.00%, 2025 | 1,200 | 1,334 | ||||||
New Jersey Econ. Dev. Auth., School Imps. Rev. Bonds, 1.31%, 20171 | 1,025 | 1,016 | ||||||
New Jersey Health Care Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2025 | 1,340 | 1,661 | ||||||
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Ref. Bonds, Series 1A, 5.00%, 2017 | 1,420 | 1,501 | ||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/18 @ 100), 1.09%, 20241 | 2,050 | 2,045 | ||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series E (Mandatory Put 01/01/18 @ 100), 1.09%, 20241 | 1,150 | 1,147 | ||||||
New Jersey Transit Corp., Transit Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2018 | 1,300 | 1,397 | ||||||
5.00%, 2021 | 2,000 | 2,280 | ||||||
Rutgers The State University of New Jersey, College & Univ. Rev. Ref. Bonds, Series J, 5.00%, 2019 | 525 | 589 | ||||||
17,139 | ||||||||
New Mexico - 0.5% | ||||||||
City of Farmington, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 04/01/20 @ 100), 1.875%, 20291 | 2,000 | 2,039 | ||||||
New Mexico Educ. Assistance Foundation, Student Ln, Rev. Ref. Bonds, Series A-2 (GTD St. Lns. Insured), 1.285%, 20281 | 35 | 35 | ||||||
2,074 | ||||||||
New York - 5.4% | ||||||||
Build NYC Res. Corp., Misc. Rev. Ref. Bonds, 5.00%, 2024 | 395 | 486 | ||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Series B, 5.00%, 2017 | 2,000 | 2,109 | ||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series J-4, 0.96%, 20251 | 1,000 | 1,000 | ||||||
City of New York, G.O. Public Imps. Prop. Tax Rev. Bonds, Series H-1, 4.00%, 2017 | 100 | 103 | ||||||
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series F (NATL-RE Insured), 5.00%, 2016 | 1,830 | 1,830 | ||||||
Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B, 1.41%, 20201 | 2,000 | 2,008 | ||||||
Metropolitan Trans. Auth., Transit Imps. Rev. Bonds, Sub-Series A-2 (Mandatory Put 06/01/20 @ 100), 0.99%, 20391 | 2,000 | 1,987 | ||||||
Metropolitan Trans. Auth., Transit Rev. Ref. Bonds, Series A-2, 5.00%, 2024 | 2,000 | 2,483 | ||||||
New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2017 | 2,000 | 2,068 |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
New York - continued | ||||||||
New York City Housing Dev. Corp. Multi-Family Mortgage Rev. Bond (8 Spruce Street), 3.50%, 2048 | $ | 320 | $ | 328 | ||||
New York City Transitional Fin. Auth., School Imps. Misc. Rev. Bonds, Series S-5 (St. Aid Withhldg. Insured), 5.00%, 2019 | 100 | 111 | ||||||
New York State Dormitory Auth., College & Univ. Imps. Rev. Bonds, 4.00%, 2016 | 125 | 126 | ||||||
New York State Dormitory Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2017 | 1,000 | 1,061 | ||||||
New York State Thruway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2019 | 2,500 | 2,803 | ||||||
Public Housing Capital Fund Trust I Rev. Bonds (HUD Ln. Insured), 4.50%, 20222 | 471 | 495 | ||||||
Southold Local Dev. Corp., Health Care Facs. Nursing Homes Rev. Bonds, 3.125%, 2025 | 225 | 230 | ||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, 2017 | 1,850 | 1,938 | ||||||
21,166 | ||||||||
North Carolina - 1.2% | ||||||||
City of Charlotte, Rev. Ref. Bonds, Series B, 5.00%, 2023 | 400 | 465 | ||||||
North Carolina Muni. Power Agcy. No. 1, Energy Res. Auth. Rev. Ref. Bonds, Series A (Pre-refunded with U.S Govt. Securities to 01/01/2018 @ 100), 5.25%, 2020 | 175 | 188 | ||||||
Raleigh Durham Airport Auth., Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 2019 | 1,500 | 1,684 | ||||||
State of North Carolina, Highway Imps. Rev. Bonds, 5.00%, 2025 | 1,900 | 2,383 | ||||||
4,720 | ||||||||
North Dakota - 0.1% | ||||||||
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, 3.75%, 2042 | 425 | 448 | ||||||
448 | ||||||||
Ohio - 4.6% | ||||||||
City of Cleveland, Airport System Rev., Port, Airport & Marina Imps. Rev. Bonds, Series C (AGM Insured), 5.00%, 2017 | 1,250 | 1,285 | ||||||
City of Cleveland, Airport System Rev., Port, Airport & Marina Rev. Ref. Bonds, Series C (AGC Insured), 5.00%, 2017 | 475 | 488 | ||||||
City of Cleveland, Airport System, Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 2025 | 1,000 | 1,161 | ||||||
County of Hamilton, Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 2025 | 400 | 476 | ||||||
5.00%, 2027 | 1,425 | 1,671 | ||||||
County of Allen, Lease Rev. Ref. Bonds, Series B: | ||||||||
5.00%, 2018 | 1,000 | 1,093 | ||||||
5.00%, 2019 | 2,000 | 2,254 | ||||||
5.00%, 2020 | 1,030 | 1,190 | ||||||
County of Warren, Health Care Facs. Rev. Ref. Bonds, 5.00%, 2020 | 200 | 229 | ||||||
County of Warren, Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2021 | 1,220 | 1,430 | ||||||
5.00%, 2027 | 300 | 367 | ||||||
5.00%, 2028 | 585 | 707 | ||||||
Miami University/Oxford, College & Univ. Imps. Rev. Bonds, 4.00%, 2019 | 800 | 876 | ||||||
Ohio Air Quality Dev. Auth., Ind. Rev. Ref. Bonds (Mandatory Put 06/01/16 @ 100), 5.75%, 20331 | 1,000 | 1,004 | ||||||
Ohio Air Quality Dev. Auth., Ind. Rev. Ref. Bonds, Series C, 5.625%, 2018 | 1,000 | 1,069 | ||||||
Ohio Air Quality Dev. Auth., Res. Recovery Imps. Rev. Bonds, Series A, 5.70%, 2020 | 1,000 | 1,128 | ||||||
Ohio State Building Auth., Rev. Ref. Bonds, Series A, 5.00%, 2017 | 1,500 | 1,592 | ||||||
18,020 |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Oklahoma - 0.6% | ||||||||
Oklahoma Dev. Fin. Auth., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S Treasury Obligations to 08/15/2018 @ 100), 5.00%, 2024 | $ | 200 | $ | 219 | ||||
Oklahoma Muni. Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A (Mandatory Put 08/ 01/18 @ 100), 1.21%, 20231 | 1,380 | 1,378 | ||||||
Tulsa Airports Imp. Trust, Port, Airport & Marina Rev. Ref. Bonds, Series D (BAM Insured), 5.00%, 2020 | 815 | 925 | ||||||
2,522 | ||||||||
Oregon - 1.2% | ||||||||
County of Gilliam, Res. Recovery Imps. Rev. Bonds, 1.50%, 2018 | 1,500 | 1,516 | ||||||
Oregon State Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 2031 | 600 | 711 | ||||||
Oregon State Lottery, Misc. Rev. Ref. Bonds, Series C (Moral Obligation Insured), 5.00%, 2023 | 725 | 901 | ||||||
State of Oregon, G.O. Unemployment & Welfare Fndg. Prop. Tax Bonds, Series 94-H, 4.00%, 2044 | 1,320 | 1,442 | ||||||
4,570 | ||||||||
Pennsylvania - 2.6% | ||||||||
Allegheny County Higher Edu. Building Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 2022 | 400 | 477 | ||||||
Butler County Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, 2021 | 325 | 361 | ||||||
Montgomery County Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2025 | 800 | 922 | ||||||
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds, 5.00%, 2017 | 1,500 | 1,574 | ||||||
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds (BAM Insured), 5.00%, 2028 | 855 | 1,032 | ||||||
Pennsylvania Turnpike Commission, Highway Tolls Rev. Ref. Bonds, Series A, 1.09%, 20181 | 1,500 | 1,494 | ||||||
Pennsylvania Turnpike Commission, Highway Tolls Rev. Ref. Bonds, Series B-1, 1.39%, 20211 | 950 | 943 | ||||||
Pennsylvania Turnpike Commission., Misc. Rev. Ref. Bonds, Series A (AGM Insured), 5.25%, 2025 | 1,000 | 1,264 | ||||||
Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.25%, 2024 | 200 | 229 | ||||||
York County Ind. Dev. Auth., Ind. Rev. Ref. Bonds, Series A (Mandatory Put 06/01/20 @ 100), 2.55%, 20361 | 2,000 | 2,029 | ||||||
10,325 | ||||||||
Puerto Rico - 0.5% | ||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||
3.00%, 2018 | 500 | 444 | ||||||
5.00%, 2016 | 400 | 402 | ||||||
5.00%, 2017 | 500 | 506 | ||||||
5.00%, 2019 | 710 | 728 | ||||||
2,080 | ||||||||
South Carolina - 2.3% | ||||||||
South Carolina Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 2018 | 1,025 | 1,108 | ||||||
5.00%, 2020 | 500 | 582 | ||||||
South Carolina Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2023 | 2,730 | 3,275 | ||||||
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC COLL FHA Insured), 4.00%, 2036 | 1,900 | 2,084 |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
South Carolina - continued | ||||||||
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA COLL Insured), 4.50%, 2030 | $ | 600 | $ | 637 | ||||
South Carolina State Public Service Auth., Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 2021 | 1,000 | 1,199 | ||||||
8,885 | ||||||||
South Dakota - 0.6% | ||||||||
South Dakota Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series E, 4.00%, 2044 | 2,105 | 2,269 | ||||||
2,269 | ||||||||
Tennessee - 1.3% | ||||||||
City of Memphis, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2018 | 100 | 111 | ||||||
Metropolitan Govt. Nashville & Davidson County Health & Educ. Facs. Board, College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 10/01/17 @ 100), 1.01%, 20381 | 1,400 | 1,398 | ||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds: | ||||||||
4.00%, 2038 | 660 | 701 | ||||||
4.00%, 2045 | 965 | 1,051 | ||||||
4.50%, 2037 | 605 | 648 | ||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds, Series 2B, 4.00%, 2046 | 900 | 983 | ||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds, Series A-1, 5.00%, 2027 | 350 | 365 | ||||||
5,257 | ||||||||
Texas - 6.0% | ||||||||
City of Houston, Port, Airport & Marina Rev. Ref. Bonds, Series B (NATL-RE FGIC Insured), 5.00%, 2025 | 275 | 288 | ||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 1.16%, 20341 | 1,400 | 1,399 | ||||||
City of Houston, Water Rev. Ref. Bonds, Series C, 5.00%, 2018 | 1,500 | 1,658 | ||||||
City Public Service Board of San Antonio, Energy Res. Auth. Imps. Rev. Bonds (Mandatory Put 12/01/20 @ 100), 3.00%, 20451 | 1,000 | 1,074 | ||||||
City Public Service Board of San Antonio, Energy Res. Auth. Imps. Rev. Bonds, Series C (Mandatory Put 12/01/19 @ 100), 3.00%, 20451 | 1,000 | 1,065 | ||||||
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 02/01/18 @ 100), 0.79%, 20331 | 3,150 | 3,138 | ||||||
County of Dallas, G.O. Public Imps. Prop. Tax Rev. Bonds, 5.00%, 2016 | 100 | 101 | ||||||
Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series A, 4.00%, 2016 | 955 | 975 | ||||||
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 2023 | 100 | 102 | ||||||
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2020 | 900 | 1,050 | ||||||
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, 2020 | 1,000 | 1,166 | ||||||
Grand Parkway Trans. Corp., Highway Tolls Rev. Ref. Bonds, Series A, 3.00%, 2016 | 500 | 507 | ||||||
Harris County Cultural Edu. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds: | ||||||||
5.00%, 2017 | 445 | 474 | ||||||
5.00%, 2018 | 275 | 303 | ||||||
Harris County Cultural Edu. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 2023 | 125 | 142 | ||||||
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.59%, 20311 | 200 | 200 |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Texas - continued | ||||||||
Harris County, Highway Tolls Rev. Ref. Bonds, 5.00%, 2025 | $ | 800 | $ | 1,026 | ||||
Harris County-Houston Sports Auth., Hotel Occupancy Tax Rev. Ref. Bonds, Series A, 5.00%, 2019 | 400 | 455 | ||||||
Houston Higher Edu. Fin. Corp., College & Univ. Imps. Rev. Ref. Bonds, Series B (Pre-refunded with U.S Govt. Securities to 05/16/2016 @ 100), (Mandatory Put 11/16/17 @ 100), 0.94%, 20481 | 950 | 950 | ||||||
Katy Independent School Dist., G.O. Prop. Tax Ref. Bonds, Series C (PSF-GTD Insured), (Mandatory Put 08/15/19 @ 100), 0.84%, 20361 | 750 | 749 | ||||||
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2030 | 300 | 359 | ||||||
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 01/01/19 @100), 1.95%, 20381 | 1,000 | 1,016 | ||||||
North Texas Tollway Auth., Misc. Rev. Ref. Bonds, 6.00%, 2021 | 15 | 16 | ||||||
North Texas Tollway Auth., Misc. Rev. Ref. Bonds (Pre-refunded with FHL Banks/U.S. Treasury Obligations 01/01/18 @ 100), 6.00%, 2021 | 85 | 92 | ||||||
North Texas Tollway Auth., Misc. Rev. Ref. Bonds, Series A, 6.00%, 2019 | 100 | 108 | ||||||
Olmos Park Higher Edu. Facs. Corp., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 2019 | 980 | 1,110 | ||||||
Sam Rayburn Muni. Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, 5.00%, 2020 | 1,180 | 1,358 | ||||||
Tarrant County Cultural Educ. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2029 | 1,315 | 1,479 | ||||||
Tarrant County Cultural Educ. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S Treasury Obligations to 08/15/2018 @ 100), 5.00%, 2023 | 170 | 186 | ||||||
Tarrant County Cultural Educ. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S Treasury Strips to 08/15/2018 @ 100), 5.00%, 2023 | 180 | 197 | ||||||
Texas Water Dev. Board, Water Util. Imps. Rev. Bonds, Series B, 5.25%, 2022 | 600 | 634 | ||||||
23,377 | ||||||||
Virginia - 0.6% | ||||||||
City of Chesapeake, Chesapeake Expressway Toll Road Rev., Highway Tolls Rev. Ref. Bonds, Series A, 4.00%, 2019 | 850 | 918 | ||||||
County of Fairfax, G.O. Prop. Tax Rev. Ref. Bonds, Series C (St. Aid Withhldg. Insured), 5.00%, 2017 | 200 | 212 | ||||||
Virgin Islands Public Fin. Auth., Misc. Taxes Rev. Bonds, Series A, 5.00%, 2024 | 1,000 | 1,154 | ||||||
2,284 | ||||||||
Washington - 2.1% | ||||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds (Pre-refunded with Agencies/U.S Treasury Obligations to 07/01/2016 @ 100), 5.00%, 2022 | 15 | 15 | ||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds (Pre-refunded with U.S. Govt. Securities 07/01/16 @ 100), 5.00%, 2022 | 85 | 86 | ||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 2017 | 1,000 | 1,051 | ||||||
Grays Harbor County Public Util. Dist. No. 1, Energy Res. Auth. Imps. Rev. Ref. Bonds (NATL Insured), 5.00%, 2020 | 100 | 103 | ||||||
Grays Harbor County Public Util. Dist. No. 1, Energy Res. Auth. Imps. Rev. Ref. Bonds (Pre-refunded with U.S. Treasury Obligations 01/01/17 @ 100) (NATL Insured), 5.00%, 2020 | 55 | 57 | ||||||
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, 5.00%, 2016 | 1,500 | 1,506 | ||||||
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, Series A-1, 5.25%, 2027 | 100 | 111 | ||||||
State of Washington, Highway Imps. Rev. Bonds, 5.00%, 2020 | 2,000 | 2,322 | ||||||
Washington Health Care Facs. Auth., Health Care Facs. Imps. Rev. Bonds, Series B (Mandatory Put 10/01/21 @ 100), 5.00%, 20421 | 800 | 949 | ||||||
Washington Health Care Facs. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 2020 | 1,100 | 1,279 |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Washington - continued | ||||||||
5.00%, 2026 | $ | 500 | $ | 589 | ||||
8,068 | ||||||||
West Virginia - 0.9% | ||||||||
County of Mason, Ind. Imps. Rev. Bonds, Series L (Mandatory Put 10/01/18 @ 100), 1.625%, 20221 | 2,500 | 2,518 | ||||||
West Virginia Econ. Dev. Auth., Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 04/01/19 @100), 1.90%, 20401 | 1,000 | 1,006 | ||||||
3,524 | ||||||||
Wisconsin - 1.1% | ||||||||
County of Milwaukee, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2018 | 1,145 | 1,252 | ||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||
4.20%, 2018 | 100 | 108 | ||||||
5.00%, 2024 | 525 | 665 | ||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2017 | 1,200 | 1,274 | ||||||
WPPI Energy, Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 2020 | 800 | 930 | ||||||
4,229 | ||||||||
Wyoming - 0.5% | ||||||||
Wyoming Comm. Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 3, 3.00%, 2044 | 1,830 | 1,914 | ||||||
1,914 | ||||||||
Total municipals | 374,435 | |||||||
Corporate bonds & notes - 0.1% | ||||||||
Electric - 0.1% | ||||||||
Southern California Edison Co., 1.125%, 2017 | 455 | 456 | ||||||
456 | ||||||||
Total corporate bonds & notes | 456 | |||||||
Total bonds & notes (cost: $363,418,000) | 374,891 | |||||||
Short-term securities - 2.7% | ||||||||
Charlotte-Mecklenburg Hospital Auth., Health Care Facs. Rev. Ref. Bonds, Series H, 0.28%, January 15, 20451 | 945 | 945 | ||||||
City of Minneapolis Saint Paul Housing & Redev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B-1, 0.31%, November 15, 20351 | 1,200 | 1,200 | ||||||
City of New York Transitional Fin. Auth., Income Tax Rev. Ref. Bonds:1 | ||||||||
0.28%, February 01, 2045 | 1,000 | 1,000 | ||||||
0.32%, February 01, 2045 | 1,000 | 1,000 | ||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series E2, 0.32%, August 01, 20201 | 1,000 | 1,000 | ||||||
City of New York, G.O. Public Imps. Prop. Tax Bonds, Sub-Series H-1, 0.32%, January 01, 20361 | 500 | 500 | ||||||
Clarksville Public Building Auth., Public Imps. Misc. Rev. Bonds, 0.32%, January 01, 20331 | 720 | 720 | ||||||
Connecticut State Health & Educ. Fac. Auth., College & Univ. Imps. Rev. Bonds, Series V-2, 0.23%, July 01, 20361 | 1,000 | 1,000 |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Short-term securities - continued | Principal amount (000) | Value (000) | ||||||
Illinois Fin. Auth., Health Care Facs. Nursing Homes Rev. Bonds, Series A, 0.29%, August 01, 20441 | $ | 500 | $ | 500 | ||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series B, 0.28%, November 01, 20351 | 1,000 | 1,000 | ||||||
Montgomery County Public Building Auth., Public Imps. Misc. Rev. Bonds, 0.32%, July 01, 20341 | 935 | 935 | ||||||
State of Missouri Health & Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A-2, 0.28%, October 01, 20351 | 200 | 200 | ||||||
Univ. of Michigan, College & Univ. Rev. Ref. Bonds, Series E (Mandatory Put 04/02/18 @ 100), 0.84%, April 01, 20331 | 600 | 600 | ||||||
Total short-term securities (cost: $10,600,000) | 10,600 | |||||||
Total investment securities (cost: $374,018,000) | 385,491 | |||||||
Other assets less liabilities | 5,595 | |||||||
Net assets | $ | 391,086 |
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
2 | Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2016, the aggregate market value of these securities amounted to $2,465,000, representing 0.63% of net assets. |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
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 | |
FHA | = | Federal Housing Administration | |
FHL | = | Federal Home Loan | |
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 | |
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
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - 91.5% | Principal amount (000) | Value (000) | ||||||
Arizona - 0.8% | ||||||||
Arizona Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2021 | $ | 300 | $ | 353 | ||||
Phoenix Civic Imp. Corp, Sewer Rev. Ref. Bonds, 5.00%, 2017 | 250 | 263 | ||||||
Salt River Project Agricultural Imps. & Power Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 4.00%, 2017 | 550 | 579 | ||||||
1,195 | ||||||||
California - 11.7% | ||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100), 1.31%, 20451 | 1,500 | 1,482 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds, Series B (Mandatory Put 04/02/18 @ 100), 1.50%, 20471 | 625 | 631 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, 4.00%, 2022 | 500 | 581 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 2021 | 250 | 304 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, 3.00%, 2021 | 640 | 696 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2020 | 1,000 | 1,154 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/15/19 @ 100), 5.00%, 20431 | 1,000 | 1,132 | ||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series G, 4.00%, 2016 | 600 | 612 | ||||||
Chula Vista Muni. Fncg. Auth., Special Tax Rev. Ref. Bonds, Series B, 5.00%, 2023 | 950 | 1,166 | ||||||
Fillmore Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, 4.00%, 2018 | 400 | 426 | ||||||
Glendale Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (AGM Insured), 4.00%, 2019 | 200 | 221 | ||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2019 | 1,000 | 1,122 | ||||||
Hawthorne Comm. Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, (AGM Insured), 5.00%, 2022 | 400 | 488 | ||||||
Kings Canyon Unified School Dist., G.O. Prop. Tax Ref. Bonds, (AGM Insured), 5.00%, 2022 | 720 | 877 | ||||||
La Quinta Redev. Agcy. Successor Agcy., Tax Allocation, Ref. Bonds, 5.00%, 2020 | 600 | 701 | ||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, 2020 | 500 | 584 | ||||||
Menifee Union School Dist. Public Fncg. Auth., Special Tax Ref. Bonds, Series A, 4.00%, 2021 | 400 | 451 | ||||||
Menlo Park Comm. Dev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 2020 | 235 | 275 | ||||||
San Diego County Regional Trans. Commission., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2018 | 150 | 163 | ||||||
San Diego Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A, 5.00%, 2021 | 725 | 871 | ||||||
State of California Dept. of Water Res., Rev. Ref. Bonds, Series AU (Mandatory Put 09/01/17 @ 100), 1.03%, 20351 | 650 | 651 | ||||||
State of California Dept. of Water Ress. Power Supply, Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 2020 | 200 | 233 | ||||||
State of California, G.O. Public Imps. Misc. Rev. Bonds, 4.00%, 2018 | 1,000 | 1,077 | ||||||
State of California, G.O. Ref. Bonds, (Mandatory Put 12/01/21 @ 100), 4.00%, 20301 | 1,000 | 1,133 | ||||||
Temecula Valley Unified School Dist. Fncg. Auth., Special Tax Rev. Ref. Bonds (BAM Insured), 4.00%, 2017 | 400 | 417 | ||||||
Tracy Comm. Dev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds: | ||||||||
3.00%, 2017 | 275 | 283 | ||||||
5.00%, 2021 | 250 | 298 | ||||||
Union City Comm. Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A, 5.00%, 2021 | 250 | 300 | ||||||
18,329 | ||||||||
Colorado - 0.5% | ||||||||
Colorado State Board of Governors, College & Univ. Rev. Ref. Bonds, Series A, 4.00%, 2018 | 525 | 557 |
See Notes to Financial Statements
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Colorado – continued | ||||||||
Univ. of Colorado., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 2019 | $ | 150 | $ | 169 | ||||
726 | ||||||||
Connecticut - 2.8% | ||||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Bonds, Sub-Series B-2 (FHA/INS/GTD Insured), 4.00%, 2032 | 420 | 446 | ||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Bonds, Sub-Series C-1, 4.00%, 2044 | 655 | 712 | ||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, 4.00%, 2044 | 1,115 | 1,182 | ||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, Series A-1, 4.00%, 2045 | 300 | 326 | ||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, Sub-Series C-1, 3.50%, 2045 | 675 | 723 | ||||||
Connecticut State Health & Educ. Fac. Auth., College & Univ. Imps. Rev. Bonds, Series U1 (Mandatory Put 02/06/19 @ 100), 1.00%, 20331 | 1,000 | 1,000 | ||||||
4,389 | ||||||||
Delaware - 0.2% | ||||||||
Delaware Trans. Auth., Highway Tolls Rev. Bonds, 5.00%, 2021 | 230 | 272 | ||||||
272 | ||||||||
District of Columbia - 0.1% | ||||||||
Dist. of Columbia Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (AGM HUD Ln. Insured), 5.00%, 2016 | 100 | 100 | ||||||
100 | ||||||||
Florida - 4.6% | ||||||||
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, Series A-1, 5.00%, 2019 | 2,100 | 2,352 | ||||||
City of Cape Coral, Water Rev. Ref. Bonds (AGM Insured), 3.00%, 2017 | 600 | 618 | ||||||
City of Lakeland Dept. of Electric Utils., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2021 | 350 | 420 | ||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 4.50%, 2029 | 310 | 329 | ||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, 2029 | 180 | 191 | ||||||
Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 4.00%, 2017 | 300 | 313 | ||||||
Orange County Health Facs. Auth., Health Care Facs. Nursing Homes Rev. Bonds, 4.00%, 2020 | 710 | 771 | ||||||
Palm Beach County Health Facs. Auth., Health Care Facs. Nursing Homes Rev. Ref. Bonds, 5.00%, 2021 | 500 | 576 | ||||||
South Florida Water Mgmt. Dist., Certs. of Part. Lease Ref. Bonds, 5.00%, 2021 | 1,000 | 1,197 | ||||||
Tampa Bay Water, Water Rev. Ref. Bonds, Series A, 5.00%, 2017 | 450 | 477 | ||||||
7,244 | ||||||||
Georgia - 4.1% | ||||||||
Atlanta Dev. Auth., Loc. or GTD Housing Rev. Ref. Bonds, 5.00%, 2017 | 250 | 264 | ||||||
City of Atlanta Dept., Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 2019 | 95 | 105 | ||||||
City of Atlanta, Water Rev. Ref. Bonds, Series B, 5.00%, 2019 | 1,000 | 1,142 | ||||||
Gainesville & Hall County Hospital Auth., Health Care Facs. Rev. Ref. Bonds, Series B (Mandatory Put 02/18/20 @ 100), 1.36%, 20351 | 400 | 401 | ||||||
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, 2044 | 570 | 607 | ||||||
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, Series A-1, 3.50%, 2045 | 200 | 214 |
See Notes to Financial Statements
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Georgia - continued | ||||||||
Georgia State Road & Tollway Auth., Govt. Fndg. Grant Highway Imps. Rev. Bonds, Series A, 5.00%, 2019 | $ | 1,155 | $ | 1,296 | ||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds, Series A (Mandatory Put 07/01/17 @ 100), 0.71%, 20251 | 1,300 | 1,300 | ||||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds, Series B (Mandatory Put 07/01/17 @ 100), 0.69%, 20251 | 1,000 | 999 | ||||||
Muni. Electric Auth. of Georgia, Energy Res. Imps. Rev. Ref. Bonds, Series B, 5.00%, 2018 | 120 | 129 | ||||||
6,457 | ||||||||
Guam - 0.4% | ||||||||
Territory of Guam, Cash Flow Mgmt., Misc. Rev. Bonds, Series A, 5.00%, 2017 | 600 | 616 | ||||||
616 | ||||||||
Hawaii - 0.7% | ||||||||
State of Hawaii, G.O. Public Imps. Misc. Rev. Bonds, Series DZ, 5.00%, 2017 | 1,000 | 1,069 | ||||||
1,069 | ||||||||
Illinois - 6.2% | ||||||||
City of Chicago, Sewer Imps. Rev. Bonds: | ||||||||
3.00%, 2017 | 325 | 329 | ||||||
5.00%, 2018 | 200 | 211 | ||||||
City of Chicago, Sewer Rev. Ref. Bonds, Series C, 5.00%, 2021 | 500 | 558 | ||||||
City of Chicago, Water Util. Imps. Rev. Bonds, 3.00%, 2019 | 700 | 723 | ||||||
Greater Chicago Metropolitan Water Reclamation Dist., G.O. Sewer Imps. Prop. Tax Bonds, Series B, 5.00%, 2017 | 300 | 320 | ||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2021 | 1,100 | 1,297 | ||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-1 (Mandatory Put 01/15/20 @ 100), 5.00%, 20301 | 1,000 | 1,137 | ||||||
Illinois Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds (Mandatory Put 05/15/25 @ 100) (FNMA Insured), 1.41%, 20501 | 1,000 | 995 | ||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2020 | 500 | 585 | ||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 2017 | 1,500 | 1,600 | ||||||
Illinois State Univ., College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, 2022 | 600 | 702 | ||||||
State of Illinois, G.O. Public Imps. Misc. Rev. Bonds, 5.00%, 2017 | 725 | 755 | ||||||
Volo Village Special Service Area No. 3 & 6, Special Tax Rev. Ref. Bonds, (AGM Insured), 3.00%, 2021 | 500 | 521 | ||||||
9,733 | ||||||||
Indiana - 2.2% | ||||||||
City of Whiting, Ind. Imps. Rev. Bonds, (Mandatory Put 10/01/19 @ 100), 1.85%, 20441 | 200 | 201 | ||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2021 | 1,250 | 1,501 | ||||||
Indiana Univ., College & Univ. Rev. Ref. Bonds, Series A: | ||||||||
3.00%, 2020 | 210 | 228 | ||||||
5.00%, 2018 | 500 | 545 | ||||||
5.00%, 2022 | 540 | 660 | ||||||
Purdue Univ., College & Univ. Rev. Ref. Bonds, Series BB-1, 5.00%, 2020 | 200 | 233 | ||||||
3,368 |
See Notes to Financial Statements
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Kentucky - 1.6% | ||||||||
Kentucky Housing Corp., St. Single Family Housing Rev. Bonds, Series B, 5.00%, 2027 | $ | 125 | $ | 132 | ||||
Kentucky State Prop. & Building Commission., Lease Rev. Ref. Bonds, Series B, 5.00%, 2022 | 2,000 | 2,385 | ||||||
2,517 | ||||||||
Louisiana - 0.6% | ||||||||
Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.60%, 2028 | 820 | 864 | ||||||
864 | ||||||||
Maine - 0.4% | ||||||||
Maine Turnpike Auth., Highway Tolls Rev. Ref. Bonds, 5.00%, 2018 | 625 | 683 | ||||||
683 | ||||||||
Massachusetts - 3.1% | ||||||||
Commonwealth of Massachusetts, G.O. Public Imps. Prop. Tax Bonds, Series D-2 (Mandatory Put 08/01/17 @ 100), 0.71%, 20431 | 1,750 | 1,749 | ||||||
Massachusetts Dev. Fin. Agcy., Health Care Facs. Imps. Rev. Bonds, Series K-6, 5.00%, 2016 | 600 | 605 | ||||||
Massachusetts Dev. Fin. Agcy., Health Care Facs. Rev. Ref. Bonds, Series M (Mandatory Put 01/30/18 @ 100), 0.96%, 20381 | 1,300 | 1,300 | ||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, Series 171, 4.00%, 2044 | 915 | 994 | ||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series 169, 4.00%, 2044 | 220 | 236 | ||||||
4,884 | ||||||||
Michigan - 2.7% | ||||||||
Detroit City School Dist, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 2018 | 1,000 | 1,074 | ||||||
Michigan State Hospital Fin. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 02/01/18 @ 100), 0.95%, 20331 | 800 | 800 | ||||||
Michigan State Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, 2044 | 1,000 | 1,079 | ||||||
Wayne County Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2018 | 300 | 330 | ||||||
Wayne County Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series G, 5.00%, 2021 | 300 | 350 | ||||||
Wayne State Univ., College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, 2016 | 550 | 562 | ||||||
4,195 | ||||||||
Minnesota - 0.1% | ||||||||
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.00%, 2040 | 195 | 203 | ||||||
203 | ||||||||
Missouri - 0.5% | ||||||||
City of Saint Louis, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 2017 | 330 | 347 | ||||||
Missouri Housing Dev. Commission, Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.25%, 2030 | 360 | 377 | ||||||
724 | ||||||||
Nebraska - 2.3% | ||||||||
Central Plains Energy Project, Natural Gas Rev. Ref. Bonds (Mandatory Put 12/01/19 @ 100), 5.00%, 20391 | 1,000 | 1,132 |
See Notes to Financial Statements
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Nebraska - continued | ||||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A: | ||||||||
3.00%, 2044 | $ | 365 | $ | 376 | ||||
3.50%, 2046 | 400 | 431 | ||||||
4.00%, 2044 | 895 | 961 | ||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 2.50%, 2034 | 220 | 222 | ||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series E (GNMA/FNMA/FHLMC Insured), 3.00%, 2043 | 455 | 466 | ||||||
3,588 | ||||||||
Nevada - 1.3% | ||||||||
County of Clark, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 2017 | 750 | 788 | ||||||
County of Clark, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 2021 | 1,000 | 1,188 | ||||||
1,976 | ||||||||
New Jersey - 4.0% | ||||||||
Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2018 | 550 | 600 | ||||||
New Jersey Econ. Dev. Auth., Lease Rev. Ref. Bonds, Series PP, 5.00%, 2019 | 750 | 812 | ||||||
New Jersey Health Care Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AGM Insured), 5.00%, 2021 | 550 | 643 | ||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/18 @ 100), 1.09%, 20241 | 500 | 499 | ||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series E (Mandatory Put 01/01/18 @ 100), 1.09%, 20241 | 500 | 499 | ||||||
New Jersey Trans. Trust Fund Auth., Transit Imps. Misc. Rev. Bonds, Series AA, 5.00%, 2021 | 500 | 553 | ||||||
New Jersey Transit Corp., Transit Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2018 | 750 | 806 | ||||||
5.00%, 2019 | 1,500 | 1,652 | ||||||
Rutgers The State University of New Jersey, College & Univ. Rev. Ref. Bonds, Series J, 5.00%, 2019 | 225 | 252 | ||||||
6,316 | ||||||||
New Mexico - 1.3% | ||||||||
City of Farmington, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 04/01/20 @ 100), 1.875%, 20291 | 1,000 | 1,019 | ||||||
City of Farmington, Energy Res. Auth. Rev. Ref. Bonds, Series A (Mandatory Put 04/01/20 @ 100), 1.875%, 20291 | 1,000 | 1,018 | ||||||
New Mexico Educ. Assistance Foundation, Student Ln, Rev. Ref. Bonds, Series A-2 (GTD St. Lns. Insured), 1.285%, 20281 | 35 | 35 | ||||||
2,072 | ||||||||
New York - 6.7% | ||||||||
Build NYC Res. Corp., Misc. Rev. Ref. Bonds, 5.00%, 2021 | 525 | 614 | ||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series J-4, 0.96%, 20251 | 2,000 | 2,000 | ||||||
City of New York, Transitional Fin. Auth., Income Tax Rev. Ref. Bonds, 5.00%, 2016 | 1,000 | 1,023 | ||||||
City of New York, Transitional Fin. Auth., Public Imps. Rev. Bonds, 5.00%, 2019 | 750 | 857 | ||||||
Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B-3B, 1.31%, 20181 | 650 | 651 | ||||||
Metropolitan Trans. Auth., Transit Imps. Rev. Bonds, Sub-Series A-2 (Mandatory Put 06/01/20 @ 100), 0.99%, 20391 | 2,600 | 2,584 |
See Notes to Financial Statements
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
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%, 2017 | $ | 500 | $ | 526 | ||||
New York City Trust for Cultural Ress. Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.35%, 20361 | 500 | 503 | ||||||
New York State Dormitory Auth., Income Tax Econ. Dev. & Housing Rev. Ref. Bonds, Series A, 5.00%, 2016 | 1,000 | 1,028 | ||||||
New York State Thruway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2019 | 300 | 336 | ||||||
Public Housing Capital Fund Trust I Rev. Bonds (HUD Ln. Insured), 4.50%, 20222 | 348 | 366 | ||||||
10,488 | ||||||||
North Carolina - 0.3% | ||||||||
State of North Carolina, Govt. Fndg. Grant Highway Imps. Rev. Bonds, 5.00%, 2020 | 400 | 458 | ||||||
458 | ||||||||
North Dakota - 1.7% | ||||||||
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds: | ||||||||
3.75%, 2042 | 185 | 195 | ||||||
4.00%, 2038 | 1,575 | 1,698 | ||||||
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, Series D, 4.00%, 2046 | 650 | 708 | ||||||
2,601 | ||||||||
Ohio - 1.2% | ||||||||
City of Cleveland, Airport System Rev., Port, Airport & Marina Rev. Ref. Bonds, Series C (AGC Insured), 5.00%, 2017 | 750 | 771 | ||||||
County of Warren, Health Care Facs. Rev. Ref. Bonds, 4.00%, 2018 | 220 | 234 | ||||||
County of Warren, Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2022 | 400 | 476 | ||||||
Ohio Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.50%, 2028 | 360 | 383 | ||||||
1,864 | ||||||||
Oklahoma - 0.4% | ||||||||
Stillwater Utils. Auth., Power Plants (Non Nuclear) Multiple Util. Rev. Ref. Bonds, Series A, 4.00%, 2019 | 150 | 165 | ||||||
Tulsa Airports Imps. Trust, Port, Airport & Marina Rev. Ref. Bonds, Series D (BAM Insured), 3.00%, 2016 | 400 | 401 | ||||||
566 | ||||||||
Oregon - 3.3% | ||||||||
County of Gilliam, Res. Recovery Imps. Rev. Bonds, 1.50%, 2018 | 1,000 | 1,011 | ||||||
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 09/15/18 @ 100), 1.41%, 20221 | 2,225 | 2,225 | ||||||
State of Oregon, G.O. Unemployment & Welfare Fndg. Prop. Tax Bonds, Series 94-H, 4.00%, 2044 | 1,320 | 1,442 | ||||||
Tri-County Metropolitan Trans. Dist., Transit Imps. Misc. Taxes Rev. Bonds, 4.00%, 2017 | 400 | 407 | ||||||
5,085 | ||||||||
Pennsylvania - 1.3% | ||||||||
Butler County Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 3.00%, 2018 | 250 | 260 | ||||||
Pennsylvania Turnpike Commission, Highway Tolls Rev. Ref. Bonds, 5.00%, 2021 | 1,500 | 1,763 | ||||||
2,023 |
See Notes to Financial Statements
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Puerto Rico - 0.5% | ||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 2018 | $ | 350 | $ | 357 | ||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||
5.00%, 2016 | 250 | 251 | ||||||
5.00%, 2017 | 250 | 253 | ||||||
861 | ||||||||
Rhode Island - 0.7% | ||||||||
Rhode Island Housing & Mortgage Fin. Corp., Loc. or GTD Housing Rev. Ref. Bonds, 4.00%, 2033 | 960 | 1,029 | ||||||
1,029 | ||||||||
South Carolina - 1.1% | ||||||||
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC COLL FHA Insured), 4.00%, 2036 | 750 | 823 | ||||||
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA COLL Insured), 4.50%, 2030 | 360 | 382 | ||||||
South Carolina State Public Service Auth., Nuclear Rev. Ref. Bonds, Series A, 5.00%, 2022 | 400 | 488 | ||||||
1,693 | ||||||||
South Dakota - 0.5% | ||||||||
South Dakota Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2021 | 250 | 297 | ||||||
South Dakota Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series E, 4.00%, 2044 | 390 | 420 | ||||||
717 | ||||||||
Tennessee - 2.8% | ||||||||
Metropolitan Govt. Nashville & Davidson County Health & Educ. Facs. Board, College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 10/01/17 @ 100), 1.01%, 20381 | 700 | 699 | ||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds: | ||||||||
4.00%, 2038 | 340 | 361 | ||||||
4.00%, 2045 | 855 | 922 | ||||||
4.00%, 2045 | 1,925 | 2,097 | ||||||
4.50%, 2037 | 315 | 338 | ||||||
4,417 | ||||||||
Texas - 9.2% | ||||||||
City of Austin, Electric Util., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 2021 | 525 | 634 | ||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 1.16%, 20341 | 600 | 600 | ||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 08/01/16 @ 100), 1.01%, 20341 | 1,000 | 1,000 | ||||||
City Public Service Board of San Antonio, Energy Res. Auth. Imps. Rev. Bonds (Mandatory Put 12/01/20 @ 100), 3.00%, 20451 | 1,000 | 1,074 | ||||||
City Public Service Board of San Antonio, Energy Res. Auth. Imps. Rev. Bonds, Series C (Mandatory Put 12/01/19 @ 100), 3.00%, 20451 | 1,000 | 1,065 | ||||||
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2017 | 500 | 517 | ||||||
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 02/01/18 @ 100), 0.79%, 20331 | 1,650 | 1,644 | ||||||
County of Harris, Highway Tolls Rev. Ref. Bonds, 5.00%, 2021 | 400 | 478 |
See Notes to Financial Statements
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Texas - continued | ||||||||
Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series A, 4.00%, 2016 | $ | 100 | $ | 102 | ||||
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2018 | 200 | 220 | ||||||
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, 2019 | 500 | 568 | ||||||
Grand Parkway Trans. Corp., Highway Tolls Rev. Ref. Bonds, Series A, 3.00%, 2016 | 350 | 355 | ||||||
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.59%, 20311 | 175 | 175 | ||||||
Houston Higher Edu. Finance Corp., Charter Sch. Aid, Rev. Ref. Bonds, Series A (PSF-GTD Insured), 5.00%, 2018 | 455 | 488 | ||||||
Katy Independent School Dist., G.O. Prop. Tax Ref. Bonds, Series C (PSF-GTD Insured), (Mandatory Put 08/15/19 @ 100), 0.84%, 20361 | 650 | 649 | ||||||
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 01/01/19 @ 100), 1.95%, 20381 | 600 | 609 | ||||||
Olmos Park Higher Edu. Facs. Corp., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 2019 | 400 | 453 | ||||||
State of Texas, G.O. Public Imps. Prop. Tax Bonds, (Mandatory Put 10/01/18 @ 100), 0.79%, 20411 | 1,000 | 993 | ||||||
Texas A&M Univ., College & Univ. Imps. Rev. Ref. Bonds, 3.00%, 2016 | 325 | 326 | ||||||
Texas A&M Univ., College & Univ. Rev. Ref. Bonds, Series B, 5.00%, 2021 | 450 | 537 | ||||||
Texas Dept. of Housing & Comm. Affairs, Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 5.00%, 2029 | 215 | 230 | ||||||
Texas State Univ. System, College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 2020 | 550 | 633 | ||||||
Texas Tech Univ., College & Univ. Rev. Ref. Bonds, Series A, 3.00%, 2016 | 500 | 504 | ||||||
Texas Trans. Commission State Highway Fund, Highway Imps. Fuel Sales Tax Rev. Bonds, Series B (Mandatory Put 04/01/17 @ 100), 0.76%, 20321 | 500 | 500 | ||||||
14,354 | ||||||||
Utah - 0.3% | ||||||||
Utah Housing Corp., Loc. or GTD Housing Rev. Bonds, Series D2 (FHA/INS Insured), 4.00%, 2045 | 500 | 545 | ||||||
545 | ||||||||
Virginia - 1.9% | ||||||||
Northern Virginia Trans. Auth., Transit Imps. Misc. Taxes Rev. Bonds, 5.00%, 2020 | 250 | 291 | ||||||
Virginia Commonwealth Trans. Board, Govt. Fndg. Grant Transit Imps. Rev. Bonds: | ||||||||
5.00%, 2019 | 600 | 682 | ||||||
5.00%, 2020 | 1,000 | 1,153 | ||||||
Wise County Ind. Dev. Auth., Energy Res. Auth. Res. Recovery Imps. Rev. Bonds, Series A (Mandatory Put 06/01/20 @ 100), 1.875%, 20401 | 750 | 766 | ||||||
2,892 | ||||||||
Washington - 4.4% | ||||||||
Grant County Public Util. Dist. No. 2, Energy Res. Auth. Rev. Ref. Bonds, Series A, 3.00%, 2017 | 300 | 305 | ||||||
Port of Seattle, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 2018 | 600 | 657 | ||||||
State of Washington, G.O. Prop. Tax Ref. Bonds, Series R-2012A, 5.00%, 2016 | 1,000 | 1,008 | ||||||
State of Washington, Highway Imps. Rev. Bonds: | ||||||||
5.00%, 2018 | 1,500 | 1,642 | ||||||
5.00%, 2019 | 900 | 1,016 | ||||||
Washington Health Care Facs. Auth., Health Care Facs. Nursing Homes Rev. Bonds (Mandatory Put 01/01/21 @ 100), 1.41%, 20351 | 2,000 | 1,988 | ||||||
Washington St. Housing Fin. Commission, Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 4.50%, 2029 | 255 | 268 | ||||||
6,884 |
See Notes to Financial Statements
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
West Virginia - 1.1% | ||||||||
West Virginia Univ., College & Univ. Rev. Ref. Bonds (Mandatory Put 10/01/19 @ 100), 0.94%, 20411 | $ | 1,750 | $ | 1,737 | ||||
1,737 | ||||||||
Wisconsin - 1.4% | ||||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 05/30/19 @ 100), 4.00%, 20431 | 1,000 | 1,090 | ||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 06/01/20 @ 100), 5.00%, 20431 | 1,000 | 1,153 | ||||||
2,243 | ||||||||
Wyoming - 0.5% | ||||||||
Wyoming Comm. Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 3, 3.00%, 2044 | 700 | 732 | ||||||
732 | ||||||||
Total bonds & notes (cost: $141,400,000) | 142,709 | |||||||
Short-term securities - 6.7% | ||||||||
Charlotte-Mecklenburg Hospital Auth., Health Care Facs. Rev. Ref. Bonds, Series H, 0.28%, January 15, 20451 | 1,000 | 1,000 | ||||||
City of New York, G.O. Public Imps. Prop. Tax Bonds, Sub-Series H-1, 0.32%, January 01, 20361 | 1,000 | 1,000 | ||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series A, 0.27%, December 01, 20301 | 1,000 | 1,000 | ||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series E, 0.28%, December 01, 20301 | 1,000 | 1,000 | ||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series G, 0.25%, November 01, 20351 | 500 | 500 | ||||||
New Hampshire Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series B, 0.25%, June 01, 20411 | 2,000 | 2,000 | ||||||
Syracuse Ind. Dev. Agcy., College & Univ. Rev. Ref. Bonds, Series A-1, 0.31%, July 01, 20371 | 1,935 | 1,935 | ||||||
Virginia College Building Auth., College & Univ. Rev. Ref. Bonds, 0.28%, November 01, 20361 | 2,000 | 2,000 | ||||||
Total short-term securities (cost: $10,435,000) | 10,435 | |||||||
Total investment securities (cost: $151,835,000) | 153,144 | |||||||
Other assets less liabilities | 2,835 | |||||||
Net assets | $ | 155,979 |
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
2 | Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2016, the aggregate market value of these securities amounted to $366,000, representing 0.23% of net assets. |
See Notes to Financial Statements
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Key to abbreviations
Agcy. | = | Agency |
AGM | = | Assured Guaranty Municipal Corporation |
Auth. | = | Authority |
BAM | = | Build America Mutual Assurance Company |
Certs. of Part. | = | Certificates of Participation |
COLL | = | Collateral |
Comm. | = | Community |
Corp. | = | Corporation |
Dept. | = | Department |
Dev. | = | Development |
Dist. | = | District |
Econ. | = | Economic |
Edu. | = | Education |
Educ. | = | Educational |
Fac. | = | Facility |
Facs. | = | Facilities |
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 |
HUD | = | Housing and Urban Development |
Imp. | = | Improvement |
Imps. | = | Improvements |
Ind. | = | Industrial |
Ln. | = | Loan |
Lns. | = | Loans |
Loc. | = | Local |
Mgmt. | = | Management |
Misc. | = | Miscellaneous |
Muni. | = | Municipal |
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
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - 96.8% | Principal amount (000) | Value (000) | ||||||
California - 92.7% | ||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 2020 | $ | 1,000 | $ | 1,124 | ||||
5.00%, 2020 | 715 | 796 | ||||||
5.00%, 2021 | 495 | 558 | ||||||
5.00%, 2022 | 1,000 | 1,140 | ||||||
5.00%, 2023 | 500 | 575 | ||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.): | ||||||||
4.00%, 2016 | 1,500 | 1,502 | ||||||
5.125%, 2020 | 1,500 | 1,625 | ||||||
5.25%, 2020 | 885 | 959 | ||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A (CA Mtg. Ins.): | ||||||||
5.00%, 2019 | 400 | 448 | ||||||
5.00%, 2020 | 550 | 634 | ||||||
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured): | ||||||||
5.00%, 2021 | 600 | 632 | ||||||
5.00%, 2022 | 225 | 236 | ||||||
Abag Fin. Auth. for Nonprofit Corps., Special Tax Ref. Bonds: | ||||||||
5.00%, 2023 | 375 | 461 | ||||||
5.00%, 2024 | 400 | 497 | ||||||
5.00%, 2025 | 515 | 634 | ||||||
Alameda Corridor Trans. Auth., Port, Airport & Marina. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2021 | 1,000 | 1,202 | ||||||
5.00%, 2022 | 975 | 1,196 | ||||||
Alameda County Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, 4.00%, 2019 | 875 | 957 | ||||||
Aliso Viejo Comm. Fac. Dist., Special Tax Ref. Bonds: | ||||||||
5.00%, 2024 | 455 | 548 | ||||||
5.00%, 2025 | 425 | 504 | ||||||
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, 2017 | 575 | 593 | ||||||
Anaheim Public Fncg. Auth., Lease Rev. Ref. Bonds, Series A, 5.00%, 2017 | 300 | 313 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 04/01/24 @ 100), 1.51%, 20451 | 4,200 | 4,173 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100), 1.31%, 20451 | 2,800 | 2,767 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.45%, 20451 | 1,500 | 1,509 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds, Series B (Mandatory Put 04/02/18 @ 100), 1.50%, 20471 | 650 | 656 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series G (Mandatory Put 04/01/20 @ 100), 1.01%, 20341 | 1,000 | 993 | ||||||
Bay Area Water Supply & Conservation Agcy., Water Util. Imps. Rev. Bonds, Series A, 5.00%, 2023 | 500 | 631 | ||||||
Bonita Canyon Public Facs. Fncg. Auth., Special Tax Ref. Bonds, 4.00%, 2021 | 700 | 725 | ||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds: | ||||||||
5.00%, 2019 | 1,150 | 1,283 | ||||||
5.00%, 2021 | 550 | 635 | ||||||
5.00%, 2021 | 700 | 839 | ||||||
5.50%, 2029 | 300 | 344 | ||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 2018 | 125 | 134 | ||||||
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||
5.00%, 2020 | 165 | 194 | ||||||
5.00%, 2025 | 1,000 | 1,263 | ||||||
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A: | ||||||||
4.00%, 2021 | 560 | 636 | ||||||
4.00%, 2022 | 500 | 564 | ||||||
4.50%, 2017 | 335 | 353 | ||||||
5.00%, 2021 | 535 | 631 |
See Notes to Financial Statements
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
5.00%, 2024 | $ | 100 | $ | 112 | ||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds: | ||||||||
4.00%, 2016 | 710 | 717 | ||||||
5.00%, 2018 | 1,100 | 1,207 | ||||||
5.00%, 2025 | 400 | 502 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series A: | ||||||||
5.00%, 2018 | 275 | 303 | ||||||
5.00%, 2022 | 770 | 850 | ||||||
5.00%, 2024 | 150 | 179 | ||||||
5.00%, 2025 | 375 | 444 | ||||||
5.00%, 2026 | 300 | 383 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series D, 5.00%, 2020 | 1,325 | 1,551 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series G, 5.50%, 2025 | 100 | 109 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.): | ||||||||
5.00%, 2020 | 1,005 | 1,154 | ||||||
5.00%, 2022 | 175 | 211 | ||||||
5.00%, 2023 | 135 | 164 | ||||||
5.00%, 2025 | 130 | 163 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2019 | 525 | 600 | ||||||
5.00%, 2020 | 675 | 776 | ||||||
5.00%, 2020 | 500 | 589 | ||||||
5.00%, 2021 | 350 | 420 | ||||||
5.00%, 2023 | 1,000 | 1,226 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series B: | ||||||||
4.00%, 2019 | 400 | 441 | ||||||
5.375%, 2021 | 1,500 | 1,506 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/15/19 @ 100), 5.00%, 20431 | 1,750 | 1,980 | ||||||
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%, 2028 | 200 | 227 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series D (Mandatory Put 10/15/20 @ 100), 5.00%, 20431 | 250 | 290 | ||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds (Mandatory Put 04/01/18 @100), 0.69%, 20471 | 1,000 | 994 | ||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.69%, 20381 | 1,500 | 1,498 | ||||||
California Infrastructure & Econ. Dev. Bank, Private Schools Rev. Ref. Bonds, Series B (Mandatory Put 06/01/22 @ 100), 1.61%, 20371 | 1,000 | 1,003 | ||||||
California Infrastructure & Econ. Dev. Bank, Public Imps. Misc. Rev. Bonds: | ||||||||
4.50%, 2025 | 100 | 109 | ||||||
4.50%, 2026 | 100 | 109 | ||||||
California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds: | ||||||||
5.00%, 2018 | 100 | 107 | ||||||
5.00%, 2019 | 100 | 108 | ||||||
California Muni. Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 2022 | 320 | 377 | ||||||
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, 5.625%, 2023 | 465 | 505 | ||||||
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, Series B, 4.00%, 2017 | 150 | 157 | ||||||
California Muni. Fin. Auth., Energy Res. Auth. Imps. Rev. Bonds (Mandatory Put 04/02/18 @ 100), 0.91%, 20451 | 1,325 | 1,318 | ||||||
California Muni. Fin. Auth., Misc. Rev. Ref. Bonds: | ||||||||
5.00%, 2022 | 885 | 1,065 | ||||||
5.00%, 2025 | 500 | 622 |
See Notes to Financial Statements
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
California Muni., Fin., Auth., Loc. or GTD Housing Rev. Bonds, 5.00%, 2030 | $ | 1,000 | $ | 1,154 | ||||
California State Dept. of Veterans Affairs, Loc. or GTD Housing Rev. Ref. Bonds, Series A, 2.75%, 2020 | 750 | 811 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G-11: | ||||||||
4.875%, 2018 | 200 | 217 | ||||||
5.00%, 2018 | 2,000 | 2,172 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 5.00%, 2017 | 100 | 104 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series K, 5.00%, 2018 | 225 | 244 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 2021 | 75 | 87 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L (Pre-refunded with U.S. Treasury Obligations to 05/01/20 @ 100), 5.00%, 2021 | 125 | 145 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 2018 | 1,250 | 1,357 | ||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, 5.00%, 2021 | 100 | 109 | ||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE: | ||||||||
4.50%, 2016 | 525 | 537 | ||||||
5.00%, 2022 | 70 | 77 | ||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE (Pre-refunded with U.S. Treasury Obligations to 06/01/18 @ 100), 5.00%, 2023 | 200 | 218 | ||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 5.00%, 2018 | 1,350 | 1,455 | ||||||
California State Public Works Board, Correctional Fac. Imps. Lease Rev. Bonds, Series A, 5.00%, 2023 | 790 | 981 | ||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series H, 5.00%, 2023 | 600 | 745 | ||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2018 | 750 | 830 | ||||||
5.00%, 2023 | 250 | 315 | ||||||
5.00%, 2025 | 1,500 | 1,950 | ||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series B-3 (Mandatory Put 11/01/23 @ 100), 4.00%, 20511 | 500 | 581 | ||||||
California Statewide Comms. Dev. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 2019 | 1,000 | 1,118 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, 4.625%, 2021 | 100 | 111 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 2019 | 600 | 674 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, 2016 | 1,100 | 1,109 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds, 2.10%, 2019 | 2,000 | 2,001 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds (CA Mtg. Ins.): | ||||||||
2.50%, 2020 | 700 | 705 | ||||||
3.00%, 2021 | 600 | 606 | ||||||
5.00%, 2025 | 300 | 384 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 2016 | 15 | 15 | ||||||
5.00%, 2019 | 600 | 669 | ||||||
5.00%, 2019 | 1,000 | 1,141 | ||||||
5.00%, 2021 | 1,000 | 1,157 | ||||||
5.00%, 2023 | 1,100 | 1,306 | ||||||
5.00%, 2024 | 300 | 353 | ||||||
5.00%, 2025 | 750 | 937 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AGM Insured), 5.00%, 2023 | 500 | 604 |
See Notes to Financial Statements
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B: | ||||||||
5.00%, 2021 | $ | 1,100 | $ | 1,295 | ||||
5.00%, 2026 | 650 | 839 | ||||||
California Statewide Comms. Dev. Auth., Misc. Rev. Ref. Bonds (AGM Insured), 5.00%, 2020 | 210 | 245 | ||||||
Carson Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 2021 | 1,625 | 1,923 | ||||||
Cathedral City Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, 2023 | 745 | 917 | ||||||
Cathedral City Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, 2024 | 260 | 325 | ||||||
Cerritos Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds, Series A (AMBAC Insured): | ||||||||
5.00%, 2019 | 2,000 | 2,160 | ||||||
5.00%, 2024 | 600 | 644 | ||||||
Chino Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured): | ||||||||
5.00%, 2020 | 500 | 583 | ||||||
5.00%, 2022 | 450 | 546 | ||||||
5.00%, 2025 | 665 | 822 | ||||||
Chula Vista Muni. Fncg. Auth., Special Tax Ref. Bonds: | ||||||||
5.00%, 2021 | 485 | 568 | ||||||
5.00%, 2022 | 1,355 | 1,609 | ||||||
City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds, 5.00%, 2020 | 1,350 | 1,579 | ||||||
City of Carlsbad California, Special Assessment Ref. Bonds: | ||||||||
3.00%, 2018 | 325 | 339 | ||||||
3.15%, 2021 | 570 | 615 | ||||||
3.55%, 2023 | 350 | 382 | ||||||
City of Chula Vista, Energy Res. Auth. Rev. Ref. Bonds, Series A, 1.65%, 2018 | 1,150 | 1,151 | ||||||
City of Fontana California, Special Tax Ref. Bonds, 5.00%, 2023 | 535 | 646 | ||||||
City of Irvine California, Special Assessment Ref. Bonds: | ||||||||
2.50%, 2019 | 1,230 | 1,284 | ||||||
3.00%, 2020 | 1,250 | 1,337 | ||||||
3.25%, 2022 | 700 | 768 | ||||||
3.375%, 2023 | 850 | 942 | ||||||
4.00%, 2018 | 500 | 535 | ||||||
4.00%, 2022 | 400 | 458 | ||||||
5.00%, 2021 | 500 | 590 | ||||||
5.00%, 2028 | 500 | 588 | ||||||
City of Irvine, Special Assessment Ref. Bonds, 5.00%, 2023 | 1,455 | 1,761 | ||||||
City of Long Beach, Port, Airport & Marina Imps. Rev. Bonds: | ||||||||
5.00%, 2019 | 275 | 305 | ||||||
5.00%, 2020 | 400 | 454 | ||||||
City of Long Beach, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2021 | 100 | 117 | ||||||
City of Long Beach, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2024 | 500 | 635 | ||||||
City of Long Beach, Port, Airport & Marina Rev. Ref. Bonds, Series C, 3.00%, 2018 | 2,250 | 2,383 | ||||||
City of Manhattan Beach, Public Imps. Special Assessment Bonds, 4.375%, 2017 | 120 | 121 | ||||||
City of Roseville, Special Tax Ref. Bonds, 4.00%, 2016 | 2,000 | 2,019 | ||||||
City of Sacramento California, Special Tax Ref. Bonds, 5.00%, 2028 | 1,235 | 1,464 | ||||||
City of San Jose, Port, Airport & Marina Imps. Rev. Bonds, Series A-2, 5.00%, 2018 | 700 | 755 | ||||||
Compton Comm. College Dist., G.O. Prop. Tax Ref. Bonds (BAM Insured), 5.00%, 2026 | 800 | 983 | ||||||
Concord Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (BAM Insured): | ||||||||
5.00%, 2020 | 500 | 573 | ||||||
5.00%, 2023 | 450 | 546 | ||||||
Contra Costa County Public Fncg. Auth., Public Imps. Lease Rev. Bonds (NATL-RE Insured), 5.00%, 2021 | 180 | 188 |
See Notes to Financial Statements
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
Contra Costa County Public Fncg. Auth., Public Imps. Lease Rev. Bonds (Pre-refunded with U.S. Treasury Obligations to 06/01/17 @ 100) (NATL-RE Insured), 5.00%, 2021 | $ | 95 | $ | 100 | ||||
County of El Dorado, Special Tax Rev. Ref. Bonds: | ||||||||
5.00%, 2022 | 1,295 | 1,544 | ||||||
5.00%, 2024 | 860 | 1,021 | ||||||
County of San Diego, College & Univ. Imps. Rev. Certs. of Part. Bonds, 4.00%, 2016 | 490 | 493 | ||||||
County of San Diego, Health Care Facs. Rev. Ref. Bonds: | ||||||||
4.00%, 2023 | 625 | 720 | ||||||
5.00%, 2022 | 200 | 242 | ||||||
Eastern Municipal Water Dist., Water Rev. Ref. Bonds, Series A, 5.00%, 2023 | 500 | 625 | ||||||
El Centro Fncg. Auth., Sewer Rev. Ref. Bonds, Series A (AGM Insured): | ||||||||
5.00%, 2026 | 530 | 651 | ||||||
5.00%, 2027 | 500 | 609 | ||||||
5.00%, 2030 | 1,000 | 1,193 | ||||||
Elk Grove Fin. Auth., Special Tax Ref. Bonds, 5.00%, 2025 | 580 | 717 | ||||||
Elk Grove Fin. Auth., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2030 | 735 | 881 | ||||||
Emeryville Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (AGM Insured): | ||||||||
5.00%, 2022 | 1,700 | 2,080 | ||||||
5.00%, 2026 | 1,000 | 1,238 | ||||||
Fillmore Redev. Agcy. Successr Agcy., Tax Increment Allocation Ref. Bonds (BAM Insured): | ||||||||
5.00%, 2024 | 1,000 | 1,245 | ||||||
5.00%, 2025 | 1,095 | 1,378 | ||||||
Foothill-Eastern Trans. Corridor Agcy., Highway Tolls Rev. Ref. Bonds, Sub-Series B-1 (Mandatory Put 01/15/18 @ 100), 5.00%, 20531 | 2,100 | 2,192 | ||||||
Garden Grove Agcy. Comm. Dev. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds (BAM Insured), 5.00%, 2022 | 400 | 489 | ||||||
Glendale Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds (BAM Insured), 5.00%, 2024 | 410 | 513 | ||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2018 | 400 | 434 | ||||||
5.00%, 2020 | 1,200 | 1,384 | ||||||
5.00%, 2021 | 1,200 | 1,418 | ||||||
Hawthorne Comm. Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, 2024 | 250 | 316 | ||||||
Hemet Unified School Dist. Fncg. Auth., Misc. Purposes Special Tax Ref. Bonds: | ||||||||
5.00%, 2026 | 600 | 714 | ||||||
5.00%, 2028 | 720 | 847 | ||||||
Hemet Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2029 | 500 | 600 | ||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2017 | 100 | 107 | ||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.25%, 2025 | 20 | 22 | ||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A (Pre-refunded with U.S. Treasury Obligations to 11/01/18 @ 100), 5.25%, 2025 | 80 | 89 | ||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 2022 | 700 | 812 | ||||||
Irvine Ranch Water Dist., Water Rev. Certs. of Part. Ref. Bonds, 5.00%, 2017 | 100 | 104 | ||||||
Jurupa Public Fncg. Auth., Special Tax Ref. Bonds, Series A: | ||||||||
5.00%, 2023 | 500 | 613 | ||||||
5.00%, 2029 | 710 | 851 | ||||||
Kings Canyon Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2029 | 1,600 | 1,967 | ||||||
La Quinta Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds: | ||||||||
4.00%, 2019 | 500 | 550 | ||||||
5.00%, 2019 | 200 | 225 | ||||||
Lake Elsinore Public Fncg. Auth., Special Tax Ref. Bonds, 5.00%, 2028 | 2,000 | 2,325 |
See Notes to Financial Statements
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
Lincoln Public Fncg. Auth., Public Imps. Special Tax Bonds, Series A (AMBAC Insured), 4.50%, 2021 | $ | 840 | $ | 874 | ||||
Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds: | ||||||||
4.00%, 2020 | 750 | 847 | ||||||
5.00%, 2021 | 500 | 601 | ||||||
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%, 2022 | 15 | 16 | ||||||
Long Beach Comm., College Dist., G.O. Univ. & College Imps. Prop. Tax Bonds, Series A, 5.00%, 2022 | 85 | 93 | ||||||
Los Angeles Comm. Facs. Dist., Special Tax Ref. Bonds: | ||||||||
5.00%, 2020 | 600 | 691 | ||||||
5.00%, 2023 | 700 | 853 | ||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, 5.00%, 2016 | 500 | 504 | ||||||
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2020 | 2,685 | 3,146 | ||||||
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds (AGM Insured): | ||||||||
5.00%, 2022 | 1,190 | 1,451 | ||||||
5.00%, 2024 | 1,000 | 1,261 | ||||||
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds, Series D, 5.00%, 2019 | 1,000 | 1,127 | ||||||
Los Angeles County Redev. Auth., Tax Increment Allocation Rev. Ref. Bonds, 5.00%, 2020 | 3,000 | 3,518 | ||||||
Los Angeles County Regional Fncg. Auth., Health Care Facs. Repayment of Bank Loan Rev. Bonds, Series B-3 (CA Mtg. Ins.), 2.50%, 2020 | 265 | 265 | ||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2029 | 200 | 224 | ||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 2019 | 850 | 962 | ||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 2022 | 700 | 817 | ||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Imps. Rev. Bonds, Series A-2, 4.00%, 2016 | 1,000 | 1,006 | ||||||
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series A, 5.00%, 2021 | 1,000 | 1,202 | ||||||
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series B, 5.00%, 2020 | 1,000 | 1,136 | ||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, 2019 | 2,175 | 2,463 | ||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Rev. Ref. Bonds, Series A-1, 5.00%, 2020 | 1,000 | 1,169 | ||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, 2024 | 100 | 113 | ||||||
Los Rios Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 2020 | 900 | 1,054 | ||||||
Manhattan Beach Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series C (NATL-RE Insured), 0.00%, 20242 | 1,000 | 842 | ||||||
Menlo Park Comms. Dev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, (AGM Insured), 5.00%, 2028 | 1,070 | 1,326 | ||||||
Merced Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A (AGM Insured): | ||||||||
5.00%, 2022 | 500 | 600 | ||||||
5.00%, 2028 | 250 | 304 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 03/27/18 @ 100), 0.79%, 20271 | 500 | 500 | ||||||
Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 2017 | 400 | 421 | ||||||
Moreno Valley Unified School Dist., G.O. School Imps. Prop. Tax Ref. Bonds (NATL-RE Insured), 5.25%, 2019 | 380 | 433 | ||||||
Mountain View Shoreline Regional Park Comm., Tax Allocation Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2019 | 420 | 474 | ||||||
5.00%, 2020 | 375 | 434 | ||||||
Natomas Unified School Dist., G.O. Prop. Tax Ref. Bonds (BAM Insured), 5.00%, 2021 | 500 | 599 | ||||||
North Natomas Comm. Facs. Dist. No. 4, Special Tax Ref. Bonds, Series E, 5.00%, 2021 | 1,050 | 1,230 | ||||||
Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A: | ||||||||
5.00%, 2016 | 750 | 753 | ||||||
5.50%, 2021 | 1,000 | 1,148 | ||||||
Northern California Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A: |
See Notes to Financial Statements
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
5.00%, 2017 | $ | 200 | $ | 210 | ||||
5.00%, 2019 | 200 | 226 | ||||||
Oakland Redev. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 2018 | 500 | 547 | ||||||
Oakland Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A: | ||||||||
5.00%, 2029 | 500 | 601 | ||||||
5.00%, 2030 | 500 | 600 | ||||||
Ohlone Comm. College Dist., G.O. Ref. Bonds: | ||||||||
5.00%, 2023 | 550 | 679 | ||||||
5.00%, 2024 | 1,000 | 1,232 | ||||||
Orange Comm. Facs. Dist., Special Tax Ref. Bonds: | ||||||||
4.00%, 2020 | 385 | 426 | ||||||
4.00%, 2021 | 1,485 | 1,665 | ||||||
Orange Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds: | ||||||||
5.00%, 2020 | 770 | 892 | ||||||
5.00%, 2021 | 375 | 443 | ||||||
Oxnard Fncg. Auth., Sewer Rev. Ref. Bonds (AGM Insured), 5.00%, 2021 | 750 | 880 | ||||||
Palomar Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 2029 | 1,000 | 1,242 | ||||||
Palomar Health, G.O. Public Imps. Prop. Tax Bonds, Series A ( AGC Insured), 0.00%, 20282 | 1,000 | 673 | ||||||
Perris Union High School Dist., Special Tax Ref. Bonds, 5.00%, 2024 | 1,000 | 1,193 | ||||||
Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds: | ||||||||
3.375%, 2017 | 500 | 517 | ||||||
3.75%, 2018 | 770 | 801 | ||||||
4.00%, 2022 | 440 | 497 | ||||||
5.00%, 2020 | 595 | 682 | ||||||
Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds, Series A, 5.00%, 2022 | 850 | 1,020 | ||||||
Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds, Series B (BAM Insured), 5.00%, 2022 | 500 | 596 | ||||||
Rancho Cucamonga Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured): | ||||||||
5.00%, 2020 | 775 | 907 | ||||||
5.00%, 2025 | 750 | 935 | ||||||
5.00%, 2026 | 600 | 739 | ||||||
5.00%, 2028 | 800 | 972 | ||||||
Rio Elementary School Dist. Comm. Facs. Dist., Special Tax Ref. Bonds, 5.00%, 2022 | 400 | 472 | ||||||
Riverside Cnty. Public Fncg. Auth., Tax Increment Allocation Misc. Purposes Rev. Bonds, Series A (AGM Insured), 5.00%, 2023 | 1,075 | 1,333 | ||||||
Riverside Cnty. Public Fncg. Auth., Tax Increment Allocation Ref. Bonds (BAM Insured), 5.00%, 2023 | 500 | 619 | ||||||
Riverside Cnty. Redev. Successor Agcy., Tax Allocation Rev. Ref. Bonds: | ||||||||
5.00%, 2020 | 405 | 472 | ||||||
5.00%, 2021 | 1,040 | 1,241 | ||||||
Riverside Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, Series A: | ||||||||
3.00%, 2016 | 1,120 | 1,130 | ||||||
5.00%, 2021 | 1,000 | 1,197 | ||||||
Riverside Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds (BAM Insured): | ||||||||
5.00%, 2025 | 350 | 434 | ||||||
5.00%, 2026 | 400 | 491 | ||||||
Sacramento City Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2028 | 500 | 607 | ||||||
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A, 5.00%, 2025 | 1,190 | 1,508 | ||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 2017 | 475 | 502 | ||||||
Sacramento Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, Series A (BAM Insured): | ||||||||
5.00%, 2025 | 585 | 731 |
See Notes to Financial Statements
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
5.00%, 2028 | $ | 250 | $ | 303 | ||||
Sacramento Regional Transit Dist., Transit Rev. Ref. Bonds, 5.00%, 2023 | 615 | 703 | ||||||
San Bernardino City Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series A (AGM Insured), 5.00%, 2020 | 725 | 846 | ||||||
San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 2018 | 1,000 | 1,099 | ||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2023 | 225 | 279 | ||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Sub-Series A: | ||||||||
5.00%, 2018 | 850 | 926 | ||||||
5.00%, 2020 | 700 | 809 | ||||||
San Diego County Regional Trans. Commission, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2021 | 500 | 599 | ||||||
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 2018 | 700 | 763 | ||||||
San Diego County Water Auth., Water Rev. Ref. Bonds, Series S-1, 5.00%, 2016 | 475 | 477 | ||||||
San Diego Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series B, 5.00%, 2022 | 100 | 113 | ||||||
San Diego Public Facs. Fncg. Auth., Water Rev. Ref. Bonds, Series A, 4.00%, 2020 | 100 | 107 | ||||||
San Diego Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2024 | 500 | 635 | ||||||
5.00%, 2025 | 500 | 644 | ||||||
San Francisco Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds, 5.00%, 2022 | 800 | 932 | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Imps. Rev. Bonds, Series E, 5.25%, 2024 | 100 | 113 | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Imps. Rev. Ref. Bonds, Series A, 5.00%, 2027 | 1,000 | 1,281 | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2019 | 400 | 451 | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C2, 5.00%, 2021 | 300 | 337 | ||||||
San Francisco City & County Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series C, 5.00%, 2022 | 305 | 371 | ||||||
San Francisco City & County Redev. Agcy., Tax Allocation Rev. Series C: | ||||||||
4.75%, 2017 | 265 | 279 | ||||||
5.00%, 2018 | 275 | 301 | ||||||
5.25%, 2019 | 290 | 331 | ||||||
San Francisco City & County Redev. Successor Agcy., Public Imps. Special Tax Bonds, 3.25%, 2021 | 500 | 544 | ||||||
San Francisco City & County Redev. Successor Agcy., Special Tax Ref. Bonds, 5.00%, 2020 | 800 | 924 | ||||||
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 2019 | 1,150 | 1,300 | ||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, 2022 | 500 | 572 | ||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, 2018 | 400 | 401 | ||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series D (AMBAC Insured), 5.00%, 2018 | 800 | 842 | ||||||
San Marcos Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, Series A, 5.00%, 2029 | 1,000 | 1,231 | ||||||
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds: | ||||||||
4.00%, 2022 | 650 | 757 | ||||||
5.00%, 2020 | 500 | 583 | ||||||
5.00%, 2022 | 500 | 612 | ||||||
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A, 5.25%, 2023 | 200 | 228 | ||||||
Santa Ana Community Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 6.00%, 2020 | 750 | 894 | ||||||
Santa Clara County Fncg. Auth., Lease Rev. Ref. Bonds, 5.00%, 2022 | 285 | 314 | ||||||
Santa Cruz County Redev. Agcy., Special Assessment Ref. Bonds, Series A (AGM Insured), 5.00%, 2026 | 1,475 | 1,827 | ||||||
Santa Margarita Water Dist., Special Tax Ref. Bonds: |
See Notes to Financial Statements
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
5.00%, 2022 | $ | 310 | $ | 368 | ||||
5.00%, 2024 | 530 | 641 | ||||||
5.00%, 2025 | 375 | 446 | ||||||
Santaluz Community Facs. Dist. No 2, Special Tax Ref. Bonds, Series A, 5.00%, 2020 | 995 | 1,140 | ||||||
Saugus/Hart School Facs. Fncg. Auth., Special Tax Ref. Bonds: | ||||||||
4.00%, 2028 | 590 | 651 | ||||||
5.00%, 2025 | 1,110 | 1,353 | ||||||
5.00%, 2027 | 460 | 556 | ||||||
Seal Beach Community Facs. Dist. No 2005-1, Special Tax Ref. Bonds: | ||||||||
3.00%, 2023 | 150 | 157 | ||||||
3.00%, 2024 | 145 | 150 | ||||||
3.00%, 2025 | 365 | 376 | ||||||
3.00%, 2026 | 150 | 152 | ||||||
Signal Hill Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured): | ||||||||
5.00%, 2021 | 250 | 298 | ||||||
5.00%, 2023 | 500 | 619 | ||||||
Sonoma-Marin Area Rail Transit Dist., Rev. Bonds, Series A, 5.00%, 2021 | 1,000 | 1,189 | ||||||
South Orange County Public Fncg. Auth., Special Tax Ref. Bonds, Series A (AMBAC Insured), 5.00%, 2020 | 1,000 | 1,003 | ||||||
South Placer Wastewater Auth., Sewer Rev. Ref. Bonds, 0.74%, 20171 | 1,625 | 1,616 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds: | ||||||||
5.00%, 2018 | 200 | 219 | ||||||
5.00%, 2020 | 1,550 | 1,808 | ||||||
5.00%, 2023 | 800 | 932 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 4.00%, 2021 | 500 | 559 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds: | ||||||||
5.00%, 2018 | 350 | 383 | ||||||
5.00%, 2021 | 750 | 901 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2019 | 1,000 | 1,133 | ||||||
5.00%, 2020 | 245 | 286 | ||||||
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, 5.00%, 2023 | 100 | 112 | ||||||
State of California Dept. of Water Res., Rev. Ref. Bonds, Series AU (Mandatory Put 09/01/17 @ 100), 1.03%, 20351 | 1,475 | 1,477 | ||||||
State of California, G.O. Correctional Facs. Imps. Prop. Tax Bonds, 5.25%, 2020 | 100 | 115 | ||||||
State of California, G.O. General Fund Ref. Bonds: | ||||||||
5.00%, 2017 | 1,500 | 1,550 | ||||||
5.00%, 2017 | 1,000 | 1,037 | ||||||
5.00%, 2019 | 2,000 | 2,229 | ||||||
5.00%, 2019 | 600 | 673 | ||||||
5.00%, 2020 | 2,700 | 3,109 | ||||||
5.00%, 2020 | 1,000 | 1,175 | ||||||
5.00%, 2024 | 800 | 1,009 | ||||||
5.25%, 2020 | 650 | 746 | ||||||
State of California, G.O. General Fund Ref. Notes, 2.00%, 2016 | 1,000 | 1,004 | ||||||
State of California, G.O. Misc. Rev. Ref. Bonds: | ||||||||
1.35%, 2019 | 1,125 | 1,144 | ||||||
3.00%, 2016 | 1,000 | 1,007 | ||||||
State of California, G.O. Misc. Rev. Ref. Bonds, Series A (Mandatory Put 05/01/18 @ 100), 0.86%, 20331 | 2,900 | 2,889 | ||||||
State of California, G.O. Public Imps. General Fund Bonds, 5.50%, 2018 | 100 | 109 |
See Notes to Financial Statements
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
State of California, G.O. Public Imps. Misc. Tax Bonds (NATL-RE Insured), 6.00%, 2020 | $ | 5 | $ | 5 | ||||
State of California, G.O. Public Imps. Prop. Tax Bonds, 5.00%, 2016 | 2,460 | 2,507 | ||||||
State of California, G.O. Public Imps. Prop. Tax Bonds, Series CN, 3.50%, 2045 | 1,000 | 1,086 | ||||||
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A (Pre-refunded with U.S. Treasury Obligations 07/01/19 @ 100), 5.25%, 2021 | 1,060 | 1,209 | ||||||
Stockton Public Fncg. Auth., Sewer Rev. Ref. Bonds (BAM Insured), 5.00%, 2021 | 750 | 891 | ||||||
Successor Agcy. to the Richmond County Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series A (BAM Insured), 5.00%, 2025 | 200 | 244 | ||||||
Suisun City Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series B (BAM Insured), 5.00%, 2022 | 400 | 485 | ||||||
Temecula Valley Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2027 | 1,720 | 2,092 | ||||||
Tracy Comm. Dev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured): | ||||||||
5.00%, 2029 | 555 | 681 | ||||||
5.00%, 2030 | 545 | 665 | ||||||
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A: | ||||||||
5.00%, 2022 | 1,500 | 1,662 | ||||||
5.25%, 2024 | 100 | 111 | ||||||
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds: | ||||||||
5.00%, 2018 | 500 | 536 | ||||||
5.00%, 2020 | 610 | 698 | ||||||
5.00%, 2022 | 700 | 818 | ||||||
Tustin Comm. Facs. Dist., Special Tax Ref. Bonds, 5.00%, 2025 | 500 | 619 | ||||||
Tustin Unified School Dist., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2022 | 375 | 452 | ||||||
Union City Comm. Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2023 | 375 | 467 | ||||||
5.00%, 2025 | 335 | 428 | ||||||
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%, 2023 | 130 | 132 | ||||||
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E, 5.00%, 2020 | 500 | 582 | ||||||
Vista Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series B1 (AGM Insured): | ||||||||
4.00%, 2025 | 400 | 472 | ||||||
5.00%, 2022 | 340 | 414 | ||||||
295,496 | ||||||||
District of Columbia - 0.0% | ||||||||
Metropolitan Washington Airports Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 2017 | 100 | 106 | ||||||
106 | ||||||||
Guam - 0.8% | ||||||||
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2021 | 350 | 408 | ||||||
5.00%, 2022 | 710 | 842 | ||||||
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2023 | 1,100 | 1,316 | ||||||
2,566 |
See Notes to Financial Statements
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Iowa - 0.0% | ||||||||
State of Iowa, General Fund Public Imps. Rev. Bonds, Series A, 5.00%, 2027 | $ | 100 | $ | 112 | ||||
112 | ||||||||
Michigan - 0.0% | ||||||||
Michigan State Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.25%, 2024 | 100 | 112 | ||||||
112 | ||||||||
Missouri - 0.1% | ||||||||
Missouri Housing Dev. Commission, Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA Insured), 3.75%, 2038 | 340 | 367 | ||||||
367 | ||||||||
Oregon - 0.4% | ||||||||
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 09/15/18 @ 100), 1.41%, 20221 | 1,000 | 1,000 | ||||||
Tri-County Metropolitan Trans. Dist., Transit Imps. Misc. Taxes Rev. Bonds, 4.00%, 2017 | 100 | 102 | ||||||
1,102 | ||||||||
Puerto Rico - 1.8% | ||||||||
Puerto Rico Highways & Trans. Auth., Highway Tolls Rev. Ref. Bonds, Series BB (AGM Insured), 5.25%, 2022 | 435 | 454 | ||||||
Puerto Rico Highways & Trans. Auth., Sales Tax Rev. Ref. Bonds, Series AA-1 (AGM Insured), 4.95%, 2026 | 1,405 | 1,431 | ||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||
3.00%, 2018 | 355 | 315 | ||||||
5.00%, 2016 | 350 | 351 | ||||||
5.00%, 2017 | 500 | 506 | ||||||
5.00%, 2019 | 500 | 513 | ||||||
5.00%, 2021 | 1,000 | 1,035 | ||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2017 | 1,000 | 1,017 | ||||||
5,622 | ||||||||
Texas - 0.3% | ||||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 1.16%, 20341 | 1,100 | 1,099 | ||||||
1,099 | ||||||||
U. S. Virgin Islands - 0.7% | ||||||||
Virgin Islands Public Fin. Auth., Misc. Rev. Ref. Bonds, Series B, 5.00%, 2024 | 500 | 573 | ||||||
Virgin Islands Public Fin. Auth., Misc. Rev. Ref. Bonds, Series B (AGM Insured), 5.00%, 2019 | 1,400 | 1,555 | ||||||
2,128 | ||||||||
Total bonds & notes (cost: $296,337,000) | 308,710 |
See Notes to Financial Statements
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Short-term securities - 2.5% | Principal amount (000) | Value (000) | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series B, 0.24%, July 01, 20411 | $ | 700 | $ | 700 | ||||
California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds:1 | ||||||||
0.28%, November 01, 2026 | 1,900 | 1,900 | ||||||
0.27%, November 01, 2026 | 700 | 700 | ||||||
City of Irvine California, Public Imps. Special Assessment Bonds, Series A, 0.23%, September 02, 20291 | 1,103 | 1,103 | ||||||
City of Irvine California, Special Assessment Ref. Bonds, 0.23%, September 02, 20501,3 | 1,000 | 1,000 | ||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, 0.28%, August 01, 20441 | 1,700 | 1,700 | ||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series B-6, 0.23%, July 01, 20341 | 300 | 300 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-3, 0.23%, July 01, 20351 | 450 | 450 | ||||||
Total short-term securities (cost: $7,853,000) | 7,853 | |||||||
Total investment securities (cost: $304,190,000) | 316,563 | |||||||
Other assets less liabilities | 2,235 | |||||||
Net assets | $ | 318,798 |
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 | Zero coupon bond; interest rate represents current yield to maturity. |
3 | Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2016, the aggregate market value of these securities amounted to $1,000,000, representing 0.31% 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 | |
Facs. | = | Facilities | |
FGIC | = | Financial Guaranty Insurance Company | |
Fin. | = | Finance | |
Fncg. | = | Financing | |
FNMA | = | Federal National Mortgage Association | |
GNMA | = | Government National Mortgage Association | |
G.O. | = | General Obligation | |
Govt. | = | Government | |
GTD | = | Guaranteed | |
Imps. | = | Improvements | |
Ind. | = | Industrial | |
Intl. | = | International | |
Loc. | = | Local | |
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
Capital Group California Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - 93.3% | Principal amount (000) | Value (000) | ||||||
California - 90.0% | ||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2016 | $ | 200 | $ | 202 | ||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A (CA Mtg. Ins.), 5.00%, 2018 | 250 | 271 | ||||||
Abag Fin. Auth. for Nonprofit Corps., Special Tax Ref. Bonds, 4.00%, 2019 | 525 | 577 | ||||||
Alameda County Trans. Auth., Transit Imps. Rev. Bonds, 4.00%, 2018 | 500 | 532 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100):1 | ||||||||
1.31%, 2045 | 500 | 494 | ||||||
1.31%, 2047 | 250 | 247 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.45%, 20451 | 750 | 755 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 10/01/19 @ 100), 1.11%, 20471 | 800 | 800 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds, Series B (Mandatory Put 04/02/18 @ 100), 1.50%, 20471 | 600 | 606 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds: | ||||||||
4.00%, 2018 | 250 | 266 | ||||||
5.00%, 2017 | 400 | 417 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series G (Mandatory Put 04/01/20 @ 100), 1.01%, 20341 | 250 | 248 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series H (Mandatory Put 04/01/21 @ 100), 1.11%, 20341 | 250 | 248 | ||||||
Brea Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, 5.00%, 2019 | 700 | 791 | ||||||
Burbank Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds (BAM Insured): | ||||||||
5.00%, 2020 | 700 | 823 | ||||||
5.00%, 2022 | 500 | 614 | ||||||
California Educ. Fac. Auth., College & Univ. Rev. Ref. Bonds, 4.00%, 2017 | 200 | 206 | ||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds: | ||||||||
4.00%, 2016 | 75 | 76 | ||||||
4.00%, 2017 | 100 | 103 | ||||||
5.00%, 2016 | 250 | 255 | ||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 3.00%, 2016 | 400 | 405 | ||||||
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, 4.00%, 2018 | 400 | 428 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds: | ||||||||
5.00%, 2017 | 510 | 537 | ||||||
5.00%, 2018 | 500 | 549 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 2022 | 200 | 248 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series B, 5.00%, 2016 | 200 | 203 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.): | ||||||||
4.00%, 2018 | 425 | 449 | ||||||
5.00%, 2019 | 500 | 556 | ||||||
5.00%, 2019 | 200 | 226 | ||||||
5.00%, 2020 | 150 | 174 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||
4.00%, 2018 | 200 | 211 | ||||||
4.00%, 2019 | 500 | 542 | ||||||
4.00%, 2020 | 625 | 696 | ||||||
5.00%, 2018 | 500 | 553 | ||||||
5.00%, 2019 | 525 | 600 | ||||||
5.00%, 2019 | 300 | 343 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series B (Mandatory Put 10/17/17 @ 100), 5.00%, 20431 | 1,075 | 1,142 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series D (Mandatory Put 10/15/20 @ 100), 5.00%, 20431 | 500 | 581 | ||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds (Mandatory Put 04/01/18 @100), 0.69%, 20471 | 500 | 497 |
See Notes to Financial Statements
Capital Group California Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.69%, 20381 | $ | 600 | $ | 599 | ||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 4.50%, 2017 | 200 | 208 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 2018 | 500 | 543 | ||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AM, 5.00%, 2018 | 160 | 178 | ||||||
California State Public Works Board, Public Imps. Lease Rev. Bonds, Series A: | ||||||||
4.00%, 2019 | 400 | 435 | ||||||
5.00%, 2018 | 400 | 432 | ||||||
California State Public Works Board, Public Imps. Lease Rev. Bonds, Series I: | ||||||||
4.00%, 2017 | 210 | 221 | ||||||
4.00%, 2019 | 500 | 553 | ||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B, 5.00%, 2017 | 275 | 292 | ||||||
California State Public Works Board, Correctional Fac. Imps. Lease Rev. Bonds, Series A: | ||||||||
5.00%, 2018 | 250 | 274 | ||||||
5.00%, 2020 | 700 | 812 | ||||||
California State Public Works Board, Lease Rev. Ref. Bonds, 4.00%, 2018 | 425 | 454 | ||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 2016 | 240 | 245 | ||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2017 | 475 | 506 | ||||||
5.00%, 2018 | 400 | 443 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (Mandatory Put 05/01/17 @ 100), 5.00%, 20291 | 600 | 626 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds (CA Mtg. Ins.), 2.50%, 2020 | 1,100 | 1,108 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 2019 | 160 | 177 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 2020 | 1,225 | 1,414 | ||||||
California Statewide Comms. Dev. Auth., Misc. Rev. Ref. Bonds (AGM Insured), 5.00%, 2019 | 280 | 319 | ||||||
Carson Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A, 5.00%, 2018 | 700 | 765 | ||||||
Chino Public Fncg. Auth., Special Tax Ref. Bonds, Series A (AGM Insured), 4.00%, 2021 | 500 | 562 | ||||||
Chino Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured), 5.00%, 2017 | 500 | 528 | ||||||
City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds: | ||||||||
5.00%, 2018 | 1,745 | 1,909 | ||||||
5.00%, 2019 | 380 | 431 | ||||||
City & County of San Francisco, Sewer Rev. Ref Bonds, Series A, 5.00%, 2018 | 500 | 553 | ||||||
City of Chula Vista, Energy Res. Auth. Rev. Ref. Bonds, Series A, 1.65%, 2018 | 1,100 | 1,101 | ||||||
City of Irvine California, Special Assessment Ref. Bonds: | ||||||||
4.00%, 2018 | 500 | 535 | ||||||
4.00%, 2019 | 300 | 328 | ||||||
City of Long Beach, Port, Airport & Marina Imps. Rev. Ref. Bonds, Series B, 4.00%, 2018 | 225 | 241 | ||||||
City of Long Beach, Port, Airport & Marina Rev. Ref. Bonds, Series C, 3.00%, 2018 | 1,425 | 1,509 | ||||||
City of Los Angeles, Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 2021 | 250 | 282 | ||||||
City of Los Angeles, Sewer Rev. Ref. Bonds, Series A, 4.00%, 2016 | 100 | 100 | ||||||
City of Santa Clara, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 2018 | 500 | 547 | ||||||
Concord Redv. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds: | ||||||||
5.00%, 2017 | 700 | 725 |
See Notes to Financial Statements
Capital Group California Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
5.00%, 2018 | $ | 600 | $ | 646 | ||||
County of El Dorado, Special Tax Ref. Bonds: | ||||||||
4.00%, 2018 | 450 | 480 | ||||||
5.00%, 2020 | 545 | 625 | ||||||
Desert Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 4.00%, 2018 | 700 | 751 | ||||||
Elk Grove Fin. Auth., Special Tax Ref. Bonds, 5.00%, 2021 | 450 | 530 | ||||||
Emeryville Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A: | ||||||||
5.00%, 2018 | 500 | 550 | ||||||
5.00%, 2019 | 950 | 1,079 | ||||||
Fillmore Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds: | ||||||||
4.00%, 2019 | 400 | 437 | ||||||
5.00%, 2020 | 500 | 577 | ||||||
Glendale Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (AGM Insured): | ||||||||
4.00%, 2019 | 600 | 663 | ||||||
5.00%, 2020 | 500 | 585 | ||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2018 | 500 | 543 | ||||||
5.00%, 2019 | 500 | 561 | ||||||
Golden West Schools Fncg. Auth., Misc. Rev. Ref. Bonds, Series A (NATL-RE Insured), 0.00%, 20202 | 1,100 | 1,013 | ||||||
Hawthorne Comm. Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, 2021 | 300 | 359 | ||||||
Hemet Unified School Dist, G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2018 | 1,000 | 1,095 | ||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C: | ||||||||
5.00%, 2016 | 300 | 307 | ||||||
5.00%, 2018 | 425 | 470 | ||||||
Kings Canyon Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2021 | 305 | 364 | ||||||
La Quinta Redev. Agcy. Successor Agcy., Tax Allocation Ref. Bonds, 4.00%, 2018 | 500 | 537 | ||||||
Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds, 5.00%, 2018 | 700 | 773 | ||||||
Los Angeles County Redev. Auth., Tax Increment Allocation Ref. Bonds, Series S, 5.00%, 2019 | 1,000 | 1,134 | ||||||
Los Angeles County Redev. Auth., Tax Increment Allocation Rev. Ref. Bonds: | ||||||||
5.00%, 2018 | 1,100 | 1,217 | ||||||
5.00%, 2019 | 700 | 799 | ||||||
Los Angeles County Regional Fncg. Auth., Health Care Facs. Repayment of Bank Loan Rev. Bonds, Series B-3 (CA Mtg. Ins.), 2.50%, 2020 | 155 | 155 | ||||||
Los Angeles County Sanitation Dists. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A, 5.00%, 2017 | 770 | 819 | ||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 2021 | 400 | 477 | ||||||
Los Angeles Dept. of Water & Power, Energy Res. Auth. Imps. Rev. Bonds, Series A-2, 4.00%, 2016 | 1,000 | 1,006 | ||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, 2019 | 1,100 | 1,246 | ||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, 2018 | 500 | 547 | ||||||
Menifee Union School Dist. Public Fncg. Auth., Special Tax Ref. Bonds, Series A, 4.00%, 2022 | 250 | 284 | ||||||
Merced Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A (AGM Insured), 4.00%, 2019 | 600 | 658 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 03/27/18 @ 100), 0.79%, 20271 | 500 | 500 | ||||||
Milpitas Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, 4.00%, 2017 | 750 | 783 | ||||||
Oakland Redev. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 2018 | 500 | 547 | ||||||
Orange Comm. Facs. Dist., Special Tax Ref. Bonds: | ||||||||
3.00%, 2017 | 360 | 370 | ||||||
4.00%, 2018 | 300 | 321 | ||||||
Orange Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds: | ||||||||
5.00%, 2018 | 375 | 410 | ||||||
5.00%, 2019 | 200 | 226 |
See Notes to Financial Statements
Capital Group California Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
5.00%, 2021 | $ | 200 | $ | 237 | ||||
Oxnard Fncg. Auth., Sewer Rev. Ref. Bonds (AGM Insured), 5.00%, 2021 | 350 | 411 | ||||||
Rancho Cucamonga Redev. Agcy. Successor Agcy., Tax Allocation Ref. Bonds, 5.00%, 2019 | 370 | 421 | ||||||
Riverside County Redev. Successor Agcy., Tax Allocation Ref. Bonds, 5.00%, 2019 | 275 | 312 | ||||||
Riverside County Redev. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series B (AGM Insured), 4.00%, 2018 | 500 | 538 | ||||||
Riverside Redev. Successor Agcy., Tax Allocation Ref. Bonds, Series A, 5.00%, 2019 | 850 | 965 | ||||||
Riverside Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2021 | 285 | 339 | ||||||
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A, 5.00%, 2018 | 500 | 555 | ||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 2017 | 225 | 238 | ||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series X, 5.00%, 2017 | 250 | 264 | ||||||
Sacramento Regional Transit Dist., Transit Rev. Ref. Bonds, 5.00%, 2018 | 250 | 268 | ||||||
San Bernardino County Trans. Auth. Rev. Ref. Bonds, Series A, 4.00%, 2018 | 500 | 531 | ||||||
San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds: | ||||||||
4.00%, 2017 | 400 | 418 | ||||||
5.00%, 2018 | 500 | 550 | ||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Sub-Series A: | ||||||||
5.00%, 2016 | 250 | 252 | ||||||
5.00%, 2017 | 650 | 682 | ||||||
5.00%, 2018 | 100 | 109 | ||||||
San Diego County Regional Trans. Commission., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2018 | 300 | 326 | ||||||
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 2018 | 500 | 545 | ||||||
San Diego County Water Auth., Water Rev. Ref. Bonds, Series A, 5.00%, 2017 | 500 | 523 | ||||||
San Diego County Water Auth., Water Rev. Ref. Bonds, Series S-1, 5.00%, 2016 | 175 | 176 | ||||||
San Diego Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2020 | 750 | 878 | ||||||
5.00%, 2021 | 365 | 439 | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2016 | 200 | 200 | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, 2018 | 500 | 544 | ||||||
San Francisco City & County Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series C, 5.00%, 2020 | 500 | 582 | ||||||
San Francisco Municipal Trans. Agcy., Transit Rev. Ref. Bonds, 4.00%, 2018 | 245 | 260 | ||||||
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 2018 | 500 | 546 | ||||||
San Jose Redev. Agcy., Tax Increment Allocation Ref. Bonds, 4.00%, 2016 | 300 | 302 | ||||||
San Jose Unified School Dist., G.O. Prop. Tax Ref. Bonds: | ||||||||
4.00%, 2018 | 300 | 322 | ||||||
4.00%, 2019 | 475 | 524 | ||||||
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, 4.00%, 2020 | 775 | 872 | ||||||
San Ramon Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Sub-Series A (BAM Insured), 5.00%, 2021 | 340 | 401 | ||||||
Sonoma-Marin Area Rail Transit Dist. Rev. Bonds, Series A, 5.00%, 2018 | 750 | 810 | ||||||
South Placer Wastewater Auth., Sewer Rev. Ref. Bonds, 0.74%, 20171 | 1,075 | 1,069 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds: | ||||||||
5.00%, 2017 | 750 | 789 | ||||||
5.00%, 2018 | 200 | 219 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 4.00%, 2016 | 150 | 151 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2018 | 350 | 383 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A: |
See Notes to Financial Statements
Capital Group California Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
5.00%, 2016 | $ | 335 | $ | 338 | ||||
5.00%, 2019 | 600 | 680 | ||||||
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2018 | 300 | 328 | ||||||
State of California Dept. of Water Res., Rev. Ref. Bonds, Series AU (Mandatory Put 09/01/17 @ 100), 1.03%, 20351 | 1,050 | 1,051 | ||||||
State of California, G.O. General Fund Public Imps. Bonds, Series E (Mandatory Put 12/03/18 @ 100), 1.136%, 20291 | 500 | 502 | ||||||
State of California, G.O. General Fund Ref. Bonds: | ||||||||
5.00%, 2018 | 1,000 | 1,076 | ||||||
5.00%, 2019 | 650 | 724 | ||||||
5.00%, 2021 | 500 | 599 | ||||||
State of California, G.O. General Fund Ref. Notes: | ||||||||
2.00%, 2016 | 1,000 | 1,004 | ||||||
5.00%, 2019 | 900 | 1,032 | ||||||
State of California, G.O. Misc. Rev. Ref. Bonds: | ||||||||
1.35%, 2019 | 425 | 432 | ||||||
3.00%, 2016 | 1,000 | 1,007 | ||||||
State of California, G.O. Misc. Rev. Ref. Bonds, Series A (Mandatory Put 05/01/18 @ 100), 0.86%, 20331 | 1,500 | 1,494 | ||||||
State of California, G.O. Prop. Tax Ref. Bonds, Series B, 1.16%, 20171 | 400 | 401 | ||||||
State of California, G.O. Public Imps. Misc. Rev. Bonds: | ||||||||
4.00%, 2018 | 570 | 614 | ||||||
5.50%, 2019 | 1,000 | 1,135 | ||||||
State of California, G.O. Public Imps. Prop. Tax Bonds, Series CN, 3.50%, 2045 | 500 | 543 | ||||||
Stockton Public Fncg. Auth., Sewer Rev. Ref. Bonds (BAM Insured), 5.00%, 2020 | 500 | 581 | ||||||
Successor Agcy. Rancho Mirage Redev. Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured), 4.00%, 2017 | 350 | 360 | ||||||
Successor Agcy. to the Richmond County Redev. Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured), 5.00%, 2019 | 525 | 590 | ||||||
Suisun City Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series B (BAM Insured): | ||||||||
5.00%, 2019 | 675 | 765 | ||||||
5.00%, 2021 | 500 | 595 | ||||||
Temecula Valley Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2021 | 515 | 614 | ||||||
Tracy Comm. Dev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, 2022 | 450 | 549 | ||||||
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds: | ||||||||
4.00%, 2018 | 250 | 264 | ||||||
5.00%, 2017 | 300 | 309 | ||||||
Tustin Unified School Dist., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2020 | 275 | 318 | ||||||
Union City Comm. Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A, 5.00%, 2021 | 235 | 282 | ||||||
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E, 5.00%, 2016 | 200 | 200 | ||||||
Univ. of California, College & Univ. Rev. Ref. Bonds, Series I, 3.00%, 2016 | 1,000 | 1,001 | ||||||
Vista Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series B1 (AGM Insured): | ||||||||
5.00%, 2020 | 275 | 320 | ||||||
5.00%, 2021 | 265 | 316 | ||||||
Walnut Energy Center Auth., Energy Res. Auth. Rev. Ref. Bonds, 4.00%, 2018 | 300 | 316 | ||||||
100,161 | ||||||||
Guam - 0.6% | ||||||||
Guam Government Waterworks Auth., Water Util. Imps. Rev. Bonds, 5.00%, 2024 | 300 | 361 |
See Notes to Financial Statements
Capital Group California Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Guam - continued | ||||||||
Territory of Guam, Cash Flow Mgmt., Misc. Rev. Bonds, Series A, 5.00%, 2017 | $ | 300 | $ | 308 | ||||
669 | ||||||||
Illinois - 0.5% | ||||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 2017 | 500 | 533 | ||||||
533 | ||||||||
Louisiana - 0.1% | ||||||||
Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.60%, 2028 | 115 | 121 | ||||||
121 | ||||||||
Massachusetts - 0.2% | ||||||||
Commonwealth of Massachusetts, G.O. Misc. Tax Public Imps. Rev. Bonds, Series D, 0.84%, 20181 | 175 | 175 | ||||||
175 | ||||||||
Puerto Rico - 1.1% | ||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 2018 | 800 | 816 | ||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||
5.00%, 2016 | 200 | 201 | ||||||
5.00%, 2017 | 250 | 253 | ||||||
1,270 | ||||||||
U. S. Virgin Islands - 0.8% | ||||||||
Virgin Islands Public Fin. Auth., Misc. Rev. Ref. Bonds, Series B (AGM Insured), 5.00%, 2019 | 800 | 889 | ||||||
889 | ||||||||
Total bonds & notes (cost: $102,423,000) | 103,818 | |||||||
Short-term securities - 3.8% | ||||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series B, 0.24%, July 01, 20411 | 700 | 700 | ||||||
City of Irvine California, Special Assessment Ref. Bonds, 0.23%, September 02, 20501,3 | 1,000 | 1,000 | ||||||
Los Angeles Dept. of Water & Power., Misc. Rev. Ref. Bonds, Series A-2, 0.20%, July 01, 20351 | 2,500 | 2,500 | ||||||
Total short-term securities (cost: $4,200,000) | 4,200 | |||||||
Total investment securities (cost: $106,623,000) | 108,018 | |||||||
Other assets less liabilities | 3,227 | |||||||
Net assets | $ | 111,245 |
See Notes to Financial Statements
Capital Group California Short-Term Municipal Fund
Schedule of investments
April 30, 2016 (unaudited)
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
2 | Zero coupon bond; interest rate represents current yield to maturity. |
3 | Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2016, the aggregate market value of these securities amounted to $1,000,000, representing 0.90% 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 |
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 |
FHLMC | = | Federal Home Loan Mortgage Corporation |
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 |
Ref. | = | Refunding |
Res. | = | Resource |
Ress. | = | Resources |
Rev. | = | Revenue |
Trans. | = | Transportation |
Univ. | = | University |
Util. | = | Utility |
See Notes to Financial Statements
Capital Group Core Bond Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds, notes & other debt investments - 92.6% | Principal Amount (000) | Value (000) | ||||||
U.S. government & government agency bonds & notes - 51.2% | ||||||||
Fannie Mae: | ||||||||
0.375%, 2016 | $ | 1,000 | $ | 1,000 | ||||
1.25%, 2016 | 1,000 | 1,003 | ||||||
1.75%, 2019 | 1,545 | 1,579 | ||||||
2.125%, 2026 | 1,780 | 1,778 | ||||||
Federal Home Loan Banks: | ||||||||
0.625%, 2017 | 1,225 | 1,223 | ||||||
1.875%, 2020 | 2,910 | 2,986 | ||||||
Freddie Mac: | ||||||||
2.50%, 2016 | 1,000 | 1,001 | ||||||
1.00%, 2017 | 350 | 351 | ||||||
U.S. Treasury Bonds: | ||||||||
7.625%, 2025 | 750 | 1,112 | ||||||
3.625%, 2044 | 1,000 | 1,203 | ||||||
3.00%, 2045 | 500 | 535 | ||||||
U.S. Treasury Inflation Indexed Bonds: | ||||||||
0.125%, 2021 | 8,005 | 8,183 | ||||||
0.25%, 2025 | 4,350 | 4,400 | ||||||
2.00%, 2026 | 597 | 701 | ||||||
0.75%, 2045 | 201 | 196 | ||||||
U.S. Treasury Inflation Indexed Notes: | ||||||||
2.375%, 2017 | 388 | 399 | ||||||
0.125%, 2020 | 1,640 | 1,674 | ||||||
0.375%, 2023 | 509 | 526 | ||||||
0.375%, 2025 | 8,384 | 8,602 | ||||||
U.S. Treasury Notes: | ||||||||
1.50%, 2016 | 3,650 | 3,661 | ||||||
0.625%, 2016 | 1,000 | 1,001 | ||||||
1.00%, 2016 | 1,000 | 1,002 | ||||||
4.625%, 2017 | 4,000 | 4,127 | ||||||
1.00%, 2017 | 1,000 | 1,004 | ||||||
0.875%, 2017 | 1,000 | 1,003 | ||||||
4.50%, 2017 | 18,305 | 19,036 | ||||||
8.75%, 2017 | 490 | 532 | ||||||
0.875%, 2017 | 1,000 | 1,003 | ||||||
0.875%, 2017 | 2,000 | 2,005 | ||||||
0.75%, 2018 | 500 | 500 | ||||||
3.875%, 2018 | 1,000 | 1,064 | ||||||
1.375%, 2018 | 250 | 253 | ||||||
0.875%, 2018 | 3,300 | 3,302 | ||||||
1.25%, 2018 | 500 | 505 | ||||||
1.25%, 2018 | 6,515 | 6,579 | ||||||
3.75%, 2018 | 3,800 | 4,079 | ||||||
1.50%, 2018 | 1,000 | 1,016 | ||||||
0.75%, 2019 | 1,390 | 1,384 | ||||||
1.25%, 2019 | 500 | 505 | ||||||
1.50%, 2019 | 2,750 | 2,796 | ||||||
1.625%, 2019 | 1,000 | 1,021 | ||||||
1.625%, 2019 | 750 | 765 | ||||||
1.00%, 2019 | 500 | 500 | ||||||
1.75%, 2019 | 2,000 | 2,049 | ||||||
1.50%, 2019 | 1,000 | 1,016 | ||||||
1.625%, 2019 | 500 | 510 |
See Notes to Financial Statements
Capital Group Core Bond Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
U.S. government & government agency bonds & notes - continued | ||||||||
1.375%, 2020 | $ | 4,615 | $ | 4,657 | ||||
1.375%, 2020 | 1,000 | 1,008 | ||||||
1.625%, 2020 | 3,215 | 3,272 | ||||||
1.375%, 2020 | 4,850 | 4,884 | ||||||
1.625%, 2020 | 2,500 | 2,543 | ||||||
2.00%, 2020 | 1,000 | 1,033 | ||||||
1.125%, 2021 | 4,320 | 4,292 | ||||||
1.25%, 2021 | 2,360 | 2,356 | ||||||
3.125%, 2021 | 2,000 | 2,177 | ||||||
1.875%, 2021 | 500 | 513 | ||||||
2.125%, 2021 | 1,000 | 1,038 | ||||||
1.50%, 2022 | 1,750 | 1,756 | ||||||
1.75%, 2022 | 2,000 | 2,031 | ||||||
1.875%, 2022 | 2,000 | 2,045 | ||||||
2.125%, 2022 | 3,000 | 3,109 | ||||||
2.125%, 2022 | 4,700 | 4,863 | ||||||
1.75%, 2023 | 4,820 | 4,869 | ||||||
2.00%, 2023 | 2,000 | 2,054 | ||||||
1.50%, 2023 | 4,750 | 4,718 | ||||||
1.625%, 2023 | 2,000 | 2,002 | ||||||
1.75%, 2023 | 1,000 | 1,010 | ||||||
2.50%, 2023 | 1,050 | 1,114 | ||||||
2.75%, 2023 | 2,250 | 2,428 | ||||||
2.75%, 2024 | 5,000 | 5,396 | ||||||
2.00%, 2025 | 2,000 | 2,038 | ||||||
2.00%, 2025 | 2,000 | 2,034 | ||||||
1.625%, 2026 | 3,000 | 2,946 | ||||||
Total U.S. government & government agency bonds & notes | 172,856 | |||||||
Mortgage-backed obligations - 10.1% | ||||||||
Federal agency mortgage-backed obligations - 5.5% | ||||||||
Fannie Mae: | ||||||||
4.50%, 2019 | 41 | 42 | ||||||
4.50%, 2020 | 230 | 236 | ||||||
3.50%, 2025 | 3,070 | 3,251 | ||||||
5.50%, 2037 | 12 | 13 | ||||||
5.50%, 2038 | 598 | 672 | ||||||
5.00%, 2041 | 1,007 | 1,120 | ||||||
5.00%, 2041 | 243 | 270 | ||||||
FHLMC Multifamily Structured Pass Through Certificates: | ||||||||
3.974%, 2021 | 524 | 578 | ||||||
2.791%, 2022 | 1,320 | 1,391 | ||||||
2.373%, 2022 | 250 | 257 | ||||||
Freddie Mac: | ||||||||
3.50%, 2034 | 2,632 | 2,777 | ||||||
3.00%, 2035 | 342 | 355 | ||||||
3.00%, 2035 | 2,549 | 2,649 | ||||||
Freddie Mac REMICS, 6.00%, 2037 | 35 | 40 | ||||||
Ginnie Mae: | ||||||||
4.50%, 2040 | 96 | 105 | ||||||
4.00%, 2046, TBA | 2,570 | 2,741 | ||||||
5.616%, 2059 | 276 | 284 |
See Notes to Financial Statements
Capital Group Core Bond Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations - continued | ||||||||
Federal agency mortgage-backed obligations - continued | ||||||||
1.33%, 2062 1 | $ | 642 | $ | 646 | ||||
5.075%, 2064 | 249 | 263 | ||||||
6.64%, 2064 | 945 | 1,006 | ||||||
18,696 | ||||||||
Commercial mortgage-backed securities - 4.6% | ||||||||
Citigroup Commercial Mortgage Trust, 3.608%, 2048 | 570 | 610 | ||||||
Commercial Mortgage Trust, 5.292%, 2046 | 314 | 320 | ||||||
Core Industrial Trust, Series 144A, 3.04%, 20342 | 890 | 924 | ||||||
Credit Suisse Commercial Mortgage Trust: | ||||||||
5.467%, 2039 | 658 | 660 | ||||||
5.695%, 2040 1 | 531 | 548 | ||||||
DBUBS Mortgage Trust, Series 144A:2 | ||||||||
3.386%, 2044 | 378 | 378 | ||||||
3.742%, 2046 | 33 | 33 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes:1 | ||||||||
1.439%, 2024 | 155 | 155 | ||||||
1.539%, 2025 | 221 | 221 | ||||||
Greenwich Capital Commercial Funding Corp., 5.444%, 2039 | 294 | 300 | ||||||
Hilton USA Trust, Series 144A:2 | ||||||||
2.662%, 2030 | 480 | 482 | ||||||
3.367%, 2030 | 725 | 729 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust: | ||||||||
5.44%, 2045 | 650 | 654 | ||||||
5.889%, 2049 1 | 631 | 648 | ||||||
5.85%, 2051 1 | 314 | 326 | ||||||
LB-UBS Commercial Mortgage Trust: | ||||||||
5.387%, 2040 | 619 | 632 | ||||||
5.493%, 2040 1 | 680 | 691 | ||||||
6.051%, 2044 1 | 312 | 325 | ||||||
6.362%, 2045 1 | 500 | 516 | ||||||
Merrill Lynch Mortgage Trust, 6.0258%, 20501 | 730 | 750 | ||||||
ML-CFC Commercial Mortgage Trust, 6.0713%, 20491 | 547 | 567 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, 3.383%, 2048 | 675 | 712 | ||||||
Morgan Stanley Capital I Trust, 5.319%, 2043 | 412 | 418 | ||||||
Station Place Securitization Trust, 1.00%, 2017 | 1,000 | 1,000 | ||||||
Wachovia Bank Commercial Mortgage Trust: | ||||||||
5.342%, 2043 | 1,650 | 1,685 | ||||||
5.591%, 2047 1 | 510 | 523 | ||||||
5.889%, 2049 1 | 725 | 747 | ||||||
15,554 | ||||||||
Total mortgage-backed obligations | 34,250 | |||||||
Corporate bonds & notes - 22.5% | ||||||||
Banks - 3.7% | ||||||||
Bank of America Corp.: | ||||||||
2.625%, 2020 | 735 | 742 | ||||||
3.875%, 2025 | 1,430 | 1,492 |
See Notes to Financial Statements
Capital Group Core Bond Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes - continued | ||||||||
Banks - continued | ||||||||
BB&T Corp.: | ||||||||
2.05%, 2018 | $ | 500 | $ | 506 | ||||
2.625%, 2020 | 385 | 394 | ||||||
BNP Paribas SA, 1.122%, 20171 | 520 | 520 | ||||||
Citigroup, Inc.: | ||||||||
2.70%, 2021 | 575 | 583 | ||||||
4.45%, 2027 | 390 | 399 | ||||||
HSBC Holdings PLC, 3.40%, 2021 | 660 | 685 | ||||||
JPMorgan Chase & Co.: | ||||||||
2.55%, 2021 | 1,225 | 1,243 | ||||||
3.20%, 2023 | 125 | 129 | ||||||
Morgan Stanley: | ||||||||
2.125%, 2018 | 300 | 303 | ||||||
2.50%, 2021 | 500 | 502 | ||||||
3.875%, 2026 | 570 | 593 | ||||||
PNC Bank NA, 2.15%, 2021 | 1,000 | 1,006 | ||||||
The Bank of New York Mellon Corp., 2.10%, 2019 | 500 | 509 | ||||||
The Goldman Sachs Group, Inc.: | ||||||||
2.60%, 2020 | 510 | 516 | ||||||
2.625%, 2021 | 415 | 418 | ||||||
3.75%, 2026 | 845 | 870 | ||||||
4.75%, 2045 | 175 | 186 | ||||||
Wells Fargo & Co., 2.50%, 2021 | 820 | 832 | ||||||
12,428 | ||||||||
Pharmaceuticals - 2.0% | ||||||||
Abbvie, Inc.: | ||||||||
2.50%, 2020 | 1,060 | 1,079 | ||||||
3.20%, 2022 | 165 | 171 | ||||||
3.60%, 2025 | 150 | 158 | ||||||
Actavis Funding SCS: | ||||||||
3.00%, 2020 | 485 | 496 | ||||||
3.45%, 2022 | 840 | 863 | ||||||
3.80%, 2025 | 850 | 873 | ||||||
AstraZeneca PLC, 3.375%, 2025 | 445 | 464 | ||||||
EMD Finance LLC, Series 144A, 3.25%, 20252 | 1,165 | 1,179 | ||||||
Johnson & Johnson, 2.45%, 2026 | 320 | 322 | ||||||
Merck & Co., Inc., 1.10%, 2018 | 250 | 251 | ||||||
Novartis Securities Investment Ltd., 5.125%, 2019 | 300 | 331 | ||||||
Pfizer, Inc., 0.9339%, 20181 | 500 | 500 | ||||||
6,687 | ||||||||
Electric - 1.8% | ||||||||
Berkshire Hathaway Energy Co., 5.75%, 2018 | 300 | 324 | ||||||
CMS Energy Corp., 3.875%, 2024 | 400 | 429 | ||||||
Exelon Corp., 3.40%, 2026 | 65 | 66 | ||||||
Pacific Gas & Electric Co., 2.45%, 2022 | 300 | 301 | ||||||
PacifiCorp, 5.65%, 2018 | 755 | 828 | ||||||
Progress Energy, Inc., 7.05%, 2019 | 930 | 1,058 | ||||||
PSEG Power LLC, 2.75%, 2016 | 250 | 252 |
See Notes to Financial Statements
Capital Group Core Bond Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes - continued | ||||||||
Electric - continued | ||||||||
Public Service Electric & Gas Co., 1.90%, 2021 | $ | 270 | $ | 274 | ||||
Southern California Edison Co., 1.125%, 2017 | 430 | 431 | ||||||
Tampa Electric Co., 2.60%, 2022 | 350 | 357 | ||||||
Virginia Electric and Power Co.: | ||||||||
1.20%, 2018 | 620 | 620 | ||||||
3.10%, 2025 | 1,020 | 1,065 | ||||||
Xcel Energy, Inc., 3.30%, 2025 | 190 | 197 | ||||||
6,202 | ||||||||
Oil & gas - 1.8% | ||||||||
Anadarko Petroleum Corp.: | ||||||||
6.375%, 2017 | 32 | 34 | ||||||
4.85%, 2021 | 65 | 68 | ||||||
5.55%, 2026 | 145 | 155 | ||||||
Chevron Corp., 0.889%, 2016 | 500 | 500 | ||||||
ConocoPhillips Co.: | ||||||||
4.20%, 2021 | 155 | 166 | ||||||
4.95%, 2026 | 235 | 260 | ||||||
Devon Energy Corp., 2.25%, 2018 | 225 | 216 | ||||||
Ensco PLC, 5.20%, 2025 | 50 | 37 | ||||||
Exxon Mobil Corp., 0.7839%, 20191 | 1,115 | 1,108 | ||||||
Husky Energy, Inc., 7.25%, 2019 | 250 | 279 | ||||||
Noble Holding International Ltd., 6.95%, 2025 | 430 | 354 | ||||||
Petroleos Mexicanos Co., Series 144A, 6.375%, 20212 | 300 | 325 | ||||||
Phillips 66, 4.30%, 2022 | 290 | 314 | ||||||
Shell International Finance BV, 2.125%, 2020 | 860 | 872 | ||||||
Statoil ASA: | ||||||||
2.45%, 2023 | 540 | 536 | ||||||
3.25%, 2024 | 280 | 289 | ||||||
Total Capital International SA, 2.875%, 2022 | 230 | 237 | ||||||
Woodside Finance Ltd., Series 144A, 4.60%, 20212 | 185 | 195 | ||||||
5,945 | ||||||||
Pipelines - 1.6% | ||||||||
Boardwalk Pipelines LP, 4.95%, 2024 | 460 | 429 | ||||||
Enbridge Energy Partners LP, 5.875%, 2025 | 230 | 243 | ||||||
Enbridge, Inc.: | ||||||||
5.60%, 2017 | 790 | 816 | ||||||
4.00%, 2023 | 505 | 493 | ||||||
EnLink Midstream Partners LP, 4.40%, 2024 | 220 | 191 | ||||||
Enterprise Products Operating LLC, 3.70%, 2026 | 80 | 81 | ||||||
Kinder Morgan Energy Partners LP, 4.25%, 2024 | 430 | 417 | ||||||
Kinder Morgan, Inc., 4.30%, 2025 | 1,350 | 1,340 | ||||||
Spectra Energy Partners LP, 2.95%, 2018 | 500 | 507 | ||||||
TC PipeLines LP, 4.375%, 2025 | 415 | 380 | ||||||
Williams Partners LP, 4.50%, 2023 | 535 | 483 | ||||||
5,380 |
See Notes to Financial Statements
Capital Group Core Bond Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes - continued | ||||||||
Auto Manufacturers - 1.3% | ||||||||
Daimler Finance North America LLC, Series 144A:2 | ||||||||
1.497%, 2018 1 | $ | 350 | $ | 349 | ||||
3.30%, 2025 | 250 | 258 | ||||||
Ford Motor Credit Co. LLC: | ||||||||
3.157%, 2020 | 550 | 564 | ||||||
3.219%, 2022 | 205 | 211 | ||||||
4.389%, 2026 | 575 | 622 | ||||||
General Motors Co., 4.00%, 2025 | 145 | 147 | ||||||
General Motors Financial Co., Inc.: | ||||||||
3.10%, 2019 | 975 | 1,000 | ||||||
3.70%, 2020 | 320 | 332 | ||||||
4.30%, 2025 | 535 | 550 | ||||||
5.25%, 2026 | 80 | 88 | ||||||
Toyota Motor Credit Corp., 1.45%, 2018 | 350 | 352 | ||||||
4,473 | ||||||||
REITS - 1.0% | ||||||||
Corporate Office Properties LP, 5.25%, 2024 | 225 | 236 | ||||||
DCT Industrial Operating Partnership LP, 4.50%, 2023 | 500 | 518 | ||||||
DDR Corp., 4.25%, 2026 | 430 | 441 | ||||||
ERP Operating LP, 4.625%, 2021 | 210 | 236 | ||||||
Essex Portfolio LP, 3.50%, 2025 | 490 | 500 | ||||||
Kimco Realty Corp., 3.40%, 2022 | 90 | 92 | ||||||
Prologis LP: | ||||||||
2.75%, 2019 | 360 | 369 | ||||||
3.75%, 2025 | 235 | 250 | ||||||
Simon Property Group LP, 2.50%, 2021 | 460 | 473 | ||||||
UDR, Inc., 3.70%, 2020 | 400 | 420 | ||||||
3,535 | ||||||||
Insurance - 1.0% | ||||||||
American International Group, Inc., 2.30%, 2019 | 495 | 501 | ||||||
Berkshire Hathaway Finance Corp., 2.00%, 2018 | 750 | 764 | ||||||
Chubb INA Holdings, Inc.: | ||||||||
2.30%, 2020 | 275 | 282 | ||||||
2.875%, 2022 | 145 | 150 | ||||||
3.35%, 2026 | 45 | 48 | ||||||
4.35%, 2045 | 50 | 55 | ||||||
Prudential Financial, Inc., 1.3982%, 20181 | 570 | 569 | ||||||
QBE Insurance Group Ltd., Series 144A, 2.40%, 20182 | 1,125 | 1,133 | ||||||
3,502 | ||||||||
Agriculture - 1.0% | ||||||||
Altria Group, Inc.: | ||||||||
2.85%, 2022 | 250 | 260 | ||||||
2.95%, 2023 | 200 | 209 | ||||||
4.00%, 2024 | 580 | 642 | ||||||
Philip Morris International, Inc.: | ||||||||
1.875%, 2021 | 165 | 166 |
See Notes to Financial Statements
Capital Group Core Bond Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes - continued | ||||||||
Agriculture - continued | ||||||||
2.125%, 2023 | $ | 415 | $ | 411 | ||||
2.75%, 2026 | 225 | 228 | ||||||
Reynolds American, Inc.: | ||||||||
3.25%, 2020 | 475 | 499 | ||||||
4.00%, 2022 | 70 | 76 | ||||||
4.45%, 2025 | 430 | 478 | ||||||
5.70%, 2035 | 30 | 36 | ||||||
5.85%, 2045 | 220 | 272 | ||||||
3,277 | ||||||||
Beverages - 0.9% | ||||||||
Anheuser-Busch InBev Worldwide, Inc.: | ||||||||
2.65%, 2021 | 340 | 349 | ||||||
3.30%, 2023 | 175 | 184 | ||||||
3.65%, 2026 | 830 | 877 | ||||||
Pernod-Ricard SA, Series 144A, 2.95%, 20172 | 800 | 809 | ||||||
SABMiller Holdings, Inc., Series 144A, 2.45%, 20172 | 745 | 752 | ||||||
2,971 | ||||||||
Diversified financial services - 0.7% | ||||||||
American Express Co., 1.2082%, 20181 | 500 | 498 | ||||||
Intercontinental Exchange, Inc., 4.00%, 2023 | 970 | 1,029 | ||||||
Visa, Inc., 2.20%, 2020 | 815 | 836 | ||||||
2,363 | ||||||||
Media - 0.7% | ||||||||
21st Century Fox America, Inc., 3.70%, 2025 | 205 | 220 | ||||||
CBS Corp., 1.95%, 2017 | 200 | 201 | ||||||
Comcast Corp., 3.15%, 2026 | 405 | 423 | ||||||
NBCUniversal Media LLC, 5.15%, 2020 | 350 | 398 | ||||||
The Walt Disney Co., 5.50%, 2019 | 300 | 336 | ||||||
Viacom, Inc.: | ||||||||
2.50%, 2018 | 350 | 354 | ||||||
3.875%, 2024 | 380 | 381 | ||||||
2,313 | ||||||||
Health care-services-0.7% | ||||||||
Aetna, Inc., 1.50%, 2017 | 350 | 352 | ||||||
Anthem, Inc.: | ||||||||
2.30%, 2018 | 285 | 289 | ||||||
4.35%, 2020 | 300 | 326 | ||||||
Laboratory Corp. of America Holdings, 4.70%, 2045 | 135 | 138 | ||||||
UnitedHealth Group, Inc.: | ||||||||
1.40%, 2017 | 250 | 251 | ||||||
3.35%, 2022 | 380 | 403 | ||||||
3.75%, 2025 | 460 | 499 | ||||||
2,258 |
See Notes to Financial Statements
Capital Group Core Bond Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes - continued | ||||||||
Real Estate - 0.6% | ||||||||
American Campus Communities Operating Partnership LP: | ||||||||
3.75%, 2023 | $ | 300 | $ | 306 | ||||
4.125%, 2024 | 400 | 416 | ||||||
Scentre Group Trust 1 / Scentre Group Trust 2, Series 144A:2 | ||||||||
2.375%, 2019 | 100 | 100 | ||||||
3.50%, 2025 | 250 | 251 | ||||||
WEA Finance LLC, Series 144A:2 | ||||||||
2.70%, 2019 | 475 | 481 | ||||||
3.25%, 2020 | 355 | 365 | ||||||
1,919 | ||||||||
Biotechnology - 0.5% | ||||||||
Celgene Corp.: | ||||||||
2.125%, 2018 | 200 | 203 | ||||||
2.875%, 2020 | 120 | 124 | ||||||
3.875%, 2025 | 455 | 482 | ||||||
Gilead Sciences, Inc.: | ||||||||
3.05%, 2016 | 80 | 81 | ||||||
3.25%, 2022 | 325 | 345 | ||||||
3.50%, 2025 | 320 | 340 | ||||||
1,575 | ||||||||
Housewares - 0.5% | ||||||||
Newell Rubbermaid, Inc.: | ||||||||
3.15%, 2021 | 355 | 368 | ||||||
3.85%, 2023 | 340 | 355 | ||||||
4.20%, 2026 | 755 | 797 | ||||||
1,520 | ||||||||
Telecommunications - 0.4% | ||||||||
AT&T, Inc.: | ||||||||
2.40%, 2016 | 200 | 201 | ||||||
2.80%, 2021 | 405 | 415 | ||||||
4.125%, 2026 | 325 | 349 | ||||||
Verizon Communications, Inc., 4.272%, 2036 | 500 | 504 | ||||||
1,469 | ||||||||
Aerospace/Defense - 0.3% | ||||||||
Airbus Finance BV, Series 144A, 2.70%, 20232 | 300 | 306 | ||||||
Lockheed Martin Corp.: | ||||||||
3.10%, 2023 | 90 | 94 | ||||||
3.55%, 2026 | 265 | 285 | ||||||
The Boeing Co., 0.95%, 2018 | 350 | 350 | ||||||
1,035 | ||||||||
Retail - 0.3% | ||||||||
McDonald’s Corp., 3.70%, 2026 | 135 | 144 | ||||||
Starbucks Corp.: |
See Notes to Financial Statements
Capital Group Core Bond Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes - continued | ||||||||
Retail - continued | ||||||||
2.00%, 2018 | $ | 190 | $ | 195 | ||||
2.10%, 2021 | 235 | 240 | ||||||
The Home Depot, Inc., 4.40%, 2021 | 350 | 393 | ||||||
972 | ||||||||
Oil&Gas Services - 0.2% | ||||||||
Halliburton Co.: | ||||||||
2.70%, 2020 | 185 | 188 | ||||||
3.375%, 2022 | 170 | 173 | ||||||
3.80%, 2025 | 165 | 169 | ||||||
Schlumberger Holdings Corp., Series 144A:2 | ||||||||
3.00%, 2020 | 125 | 129 | ||||||
4.00%, 2025 | 165 | 176 | ||||||
835 | ||||||||
Computers - 0.2% | ||||||||
Apple, Inc., 2.00%, 2020 | 800 | 818 | ||||||
818 | ||||||||
Healthcare-products - 0.2% | ||||||||
Becton Dickinson & Co., 3.734%, 2024 | 130 | 138 | ||||||
Zimmer Biomet Holdings, Inc.: | ||||||||
3.15%, 2022 | 470 | 483 | ||||||
3.55%, 2025 | 145 | 149 | ||||||
770 | ||||||||
Software - 0.2% | ||||||||
Oracle Corp.: | ||||||||
1.20%, 2017 | 250 | 251 | ||||||
2.375%, 2019 | 500 | 517 | ||||||
768 | ||||||||
Environmental Control - 0.2% | ||||||||
Republic Services, Inc., 5.00%, 2020 | 350 | 382 | ||||||
Waste Management, Inc., 4.60%, 2021 | 300 | 332 | ||||||
714 | ||||||||
Chemicals - 0.2% | ||||||||
Ecolab, Inc., 3.00%, 2016 | 180 | 182 | ||||||
Ei Du Pont De Nemours & Co., 2.80%, 2023 | 350 | 355 | ||||||
537 | ||||||||
Miscellaneous manufacturing - 0.2% | ||||||||
Danaher Corp., 2.30%, 2016 | 200 | 200 |
See Notes to Financial Statements
Capital Group Core Bond Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes - continued | ||||||||
Miscellaneous manufacturing - continued | ||||||||
General Electric Co., 2.70%, 2022 | $ | 300 | $ | 310 | ||||
510 | ||||||||
Food - 0.1% | ||||||||
The Kroger Co., 2.00%, 2019 | 410 | 416 | ||||||
416 | ||||||||
Commercial Services - 0.1% | ||||||||
Catholic Health Initiatives, 1.60%, 2017 | 350 | 351 | ||||||
351 | ||||||||
Office/Business Equip - 0.1% | ||||||||
Xerox Corp., 2.95%, 2017 | 250 | 252 | ||||||
252 | ||||||||
Gas - 0.0% | ||||||||
Dominion Gas Holdings LLC, 2.80%, 2020 | 125 | 128 | ||||||
128 | ||||||||
Transportation - 0.0% | ||||||||
Canadian National Railway Co., 5.55%, 2018 | 50 | 54 | ||||||
54 | ||||||||
Total corporate bonds & notes | 75,977 | |||||||
Municipals - 2.0% | ||||||||
City of Detroit, G.O. Public Imps. Prop. Tax Bonds (NATL-RE Insured), 5.375%, 2018 | 109 | 109 | ||||||
City of Detroit, G.O. Public Imps. Prop. Tax Ref. Bonds (Assured GTY Insured), 5.00%, 2022 | 8 | 8 | ||||||
County of Harris, Highway Tolls Rev. Ref. Bonds, 1.061%, 2016 | 1,000 | 1,002 | ||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, 2.814%, 2024 | 500 | 515 | ||||||
Hurricane Catastrophe Fund Fin. Corp., Misc. Rev. Bonds, Series A, 2.995%, 2020 | 2,000 | 2,078 | ||||||
Industry Public Facs. Auth., Tax Increment Allocation Rev. Ref. Bonds (AGM Insured): | ||||||||
2.203%, 2018 | 500 | 510 | ||||||
3.139%, 2020 | 805 | 846 | ||||||
Michigan Fin. Auth., Public Imps. Misc. Rev. Bonds, Series G (Assured GTY Insured), 5.00%, 2022 | 42 | 44 | ||||||
Michigan Fin. Auth., Public Imps. Misc. Rev. Bonds, Series G (NATL-RE Insured), 5.375%, 2018 | 591 | 593 | ||||||
New Jersey Econ. Dev. Auth., Appropriations Rev. Ref. Bonds, Series YY, 4.447%, 2020 | 650 | 672 | ||||||
New Jersey Trans. Trust Fund Auth., Appropriations Rev. Ref. Bonds, Series B, 1.758%, 2018 | 350 | 345 | ||||||
Total municipals | 6,722 | |||||||
Government & government agency bonds & notes outside the U.S. - 0.6% | ||||||||
Sovereign - 0.6% | ||||||||
Mexico Government International Bond, 4.00%, 2023 | 450 | 472 | ||||||
Province of Manitoba Canada, 3.05%, 2024 | 200 | 213 | ||||||
Province of Ontario Canada, 3.20%, 2024 | 500 | 534 |
See Notes to Financial Statements
Capital Group Core Bond Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Government & government agency bonds & notes outside the U.S. - continued | ||||||||
Sovereign - continued | ||||||||
Ukraine Government AID Bonds, 1.844%, 2019 | $ | 875 | $ | 890 | ||||
2,109 | ||||||||
Total government & government agency bonds & notes outside the U.S. | 2,109 | |||||||
Asset-backed obligations - 6.2% | ||||||||
AmeriCredit Automobile Receivables Trust, 1.15%, 2019 | 355 | 355 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 144A:2 | ||||||||
1.92%, 2019 | 1,000 | 996 | ||||||
2.97%, 2020 | 1,340 | 1,366 | ||||||
2.50%, 2021 | 770 | 773 | ||||||
California Republic Auto Receivables Trust: | ||||||||
1.82%, 2020 | 775 | 775 | ||||||
2.51%, 2021 | 270 | 267 | ||||||
Capital One Multi-Asset Execution Trust, 1.60%, 2021 | 580 | 584 | ||||||
CarMax Auto Owner Trust, 1.16%, 2019 | 500 | 500 | ||||||
Chase Issuance Trust, 0.8628%, 20201 | 480 | 481 | ||||||
Chesapeake Funding LLC, Series 144A, 0.8585%, 20261,2 | 132 | 131 | ||||||
Chrysler Capital Auto Receivables Trust, Series 144A, 1.22%, 20192 | 640 | 640 | ||||||
Citi Held For Asset Issuance, Series 144A:2 | ||||||||
2.56%, 2022 | 552 | 552 | ||||||
4.31%, 2022 | 865 | 818 | ||||||
Citibank Credit Card Issuance Trust, 1.5889%, 20201 | 540 | 549 | ||||||
CPS Auto Receivables Trust, Series 144A:2 | ||||||||
2.07%, 2019 | 200 | 200 | ||||||
3.34%, 2020 | 800 | 804 | ||||||
Discover Card Execution Note Trust, 0.7828%, 20201 | 1,165 | 1,167 | ||||||
Drive Auto Receivables Trust, Series 144A:2 | ||||||||
0.93%, 2017 | 39 | 40 | ||||||
2.76%, 2021 | 800 | 800 | ||||||
Enterprise Fleet Financing LLC, Series 144A, 1.05%, 20202 | 473 | 471 | ||||||
Ford Credit Auto Lease Trust, 1.10%, 2017 | 165 | 165 | ||||||
Ford Credit Auto Owner Trust, Series 144A:2 | ||||||||
2.26%, 2025 | 565 | 573 | ||||||
2.12%, 2026 | 315 | 318 | ||||||
Hertz Fleet Lease Funding LP, Series 144A:1,2 | ||||||||
0.837%, 2028 | 303 | 303 | ||||||
1.187%, 2028 | 300 | 299 | ||||||
Hertz Vehicle Financing LLC, Series 144A:2 | ||||||||
1.12%, 2017 | 1,067 | 1,067 | ||||||
3.29%, 2018 | 810 | 819 | ||||||
1.83%, 2019 | 1,300 | 1,292 | ||||||
2.73%, 2021 | 1,048 | 1,055 | ||||||
Octagon Investment Partners XV Ltd., Series 144A, 1.9231%, 20251,2 | 800 | 795 | ||||||
Santander Drive Auto Receivables Trust: | ||||||||
1.27%, 2019 | 775 | 776 | ||||||
3.09%, 2022 | 400 | 403 | ||||||
Trade MAPS 1 Ltd., Series 144A:1,2 | ||||||||
1.137%, 2018 | 430 | 428 |
See Notes to Financial Statements
Capital Group Core Bond Fund
Schedule of investments
April 30, 2016 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations - continued | ||||||||
1.687%, 2018 | $ | 250 | $ | 248 | ||||
Total asset-backed obligations | 20,810 | |||||||
Total bonds, notes & other debt investments (cost: $307,926,000) | 312,724 | |||||||
Short-term securities - 5.9% | ||||||||
3M Co., 0.33%, May 23, 20163 | 3,000 | 2,999 | ||||||
Exxon Mobil Corp., 0.33%, May 5, 20163 | 9,000 | 9,000 | ||||||
Federal Home Loan Bank, 0.38%, May 18, 20163 | 7,900 | 7,899 | ||||||
Total short-term securities (cost: $19,898,000) | 19,898 | |||||||
Total investment securities (cost: $327,824,000) | 332,622 | |||||||
Other assets less liabilities | 5,201 | |||||||
Net assets | $ | 337,823 |
1 | Indicates a variable rate security. The interest rate shown reflects the rate in effect at April 30, 2016. |
2 | Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2016, the aggregate market value of these securities amounted to $24,142,000, representing 7.15% of net assets. |
3 | Zero coupon bond; interest rate represents current yield to maturity. |
Key to abbreviations
AGM | = | Assured Guaranty Municipal Corporation |
Auth. | = | Authority |
Co. | = | Company |
Corp. | = | Corporation |
Econ. | = | Economic |
Facs. | = | Facilities |
FHLMC | = | Federal Home Loan Mortgage Corporation |
Fndg. | = | Funding |
G.O. | = | General Obligation |
GTY | = | Guaranty |
Imps. | = | Improvements |
Inc. | = | Incorporated |
Ind. | = | Industrial |
Ltd. | = | Limited |
Misc. | = | Miscellaneous |
NATL-RE | = | National Reinsurance |
Prop. | = | Property |
Ref. | = | Refunding |
REITS | = | Real Estate Investment Trusts |
Rev. | = | Revenue |
TBA | = | To be announced |
Univ. | = | University |
See Notes to Financial Statements
Capital Group Global Equity Fund
Schedule of investments
April 30, 2016 (unaudited)
Common Stocks - 95.2% | Shares | Value (000) | ||||||
Information Technology - 17.7% | ||||||||
Keyence Corp. | 15,000 | $ | 8,933 | |||||
Broadcom Ltd. | 41,573 | 6,059 | ||||||
ASML Holding NV | 58,911 | 5,696 | ||||||
Visa, Inc., A Shares | 65,700 | 5,075 | ||||||
Hamamatsu Photonics K.K. | 177,500 | 4,899 | ||||||
Murata Manufacturing Co. Ltd. | 37,300 | 4,823 | ||||||
Microsoft Corp. | 89,000 | 4,438 | ||||||
Xilinx, Inc. | 101,205 | 4,360 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 174,180 | 4,109 | ||||||
Texas Instruments, Inc. | 64,315 | 3,669 | ||||||
Paychex, Inc. | 67,670 | 3,527 | ||||||
Apple, Inc. | 33,794 | 3,168 | ||||||
Amadeus IT Holding SA, A Shares | 69,421 | 3,166 | ||||||
Alphabet, Inc., Class C1 | 4,422 | 3,065 | ||||||
VeriSign, Inc.1 | 30,575 | 2,642 | ||||||
Automatic Data Processing, Inc. | 28,142 | 2,489 | ||||||
Jack Henry & Associates, Inc. | 30,466 | 2,469 | ||||||
International Business Machines Corp. | 14,700 | 2,145 | ||||||
HP, Inc. | 142,620 | 1,750 | ||||||
Alphabet, Inc., Class A1 | 2,460 | 1,741 | ||||||
Gemalto NV | 26,349 | 1,715 | ||||||
Trend Micro, Inc. | 35,600 | 1,338 | ||||||
Accenture PLC, Class A | 11,800 | 1,332 | ||||||
VTech Holdings Ltd. | 129,300 | 1,331 | ||||||
Jabil Circuit, Inc. | 69,900 | 1,213 | ||||||
Oracle Corp. | 18,400 | 982 | ||||||
Activision Blizzard, Inc. | 22,600 | 779 | ||||||
Analog Devices, Inc. | 6,880 | 388 | ||||||
87,301 | ||||||||
Financials - 17.2% | ||||||||
AIA Group Ltd. | 1,254,600 | 7,490 | ||||||
Sampo Oyj, A Shares | 158,701 | 6,934 | ||||||
CME Group, Inc. | 67,200 | 6,176 | ||||||
The Goldman Sachs Group, Inc. | 31,100 | 5,104 | ||||||
Marsh & McLennan Cos., Inc. | 79,800 | 5,039 | ||||||
American Tower Corp. | 43,800 | 4,594 | ||||||
Moody’s Corp. | 40,900 | 3,915 | ||||||
Deutsche Wohnen AG | 121,062 | 3,706 | ||||||
Wells Fargo & Co. | 70,280 | 3,513 | ||||||
Iron Mountain, Inc. | 92,170 | 3,367 | ||||||
JPMorgan Chase & Co. | 50,800 | 3,210 | ||||||
HDFC Bank Ltd. (ADR) | 44,000 | 2,766 | ||||||
BNP Paribas SA | 48,455 | 2,568 | ||||||
The PNC Financial Services Group, Inc. | 25,800 | 2,265 | ||||||
PacWest Bancorp | 55,690 | 2,226 | ||||||
Chubb Ltd. | 18,870 | 2,224 | ||||||
Aon PLC | 18,500 | 1,945 | ||||||
Mercury General Corp. | 36,750 | 1,944 | ||||||
DBS Group Holdings Ltd. | 166,775 | 1,887 | ||||||
Svenska Handelsbanken AB, A Shares | 141,869 | 1,887 | ||||||
Crown Castle International Corp. | 21,550 | 1,872 |
See Notes to Financial Statements
Capital Group Global Equity Fund
Schedule of investments
April 30, 2016 (unaudited)
Common Stocks - continued | Shares | Value (000) | ||||||
Financials - continued | ||||||||
Aberdeen Asset Management PLC | 422,100 | $ | 1,853 | |||||
Invesco Ltd. | 58,100 | 1,802 | ||||||
Lloyds Banking Group PLC | 1,767,000 | 1,738 | ||||||
UBS Group AG | 68,607 | 1,185 | ||||||
Credit Suisse Group AG | 69,673 | 1,056 | ||||||
DNB ASA | 72,619 | 930 | ||||||
Prudential PLC | 38,400 | 760 | ||||||
ABN AMRO Group NV1,2 | 34,060 | 727 | ||||||
84,683 | ||||||||
Industrials - 12.5% | ||||||||
Safran SA | 86,064 | 5,933 | ||||||
Eaton Corp. PLC | 74,500 | 4,714 | ||||||
FANUC Corp. | 29,300 | 4,298 | ||||||
SMC Corp. | 17,500 | 4,237 | ||||||
Hexcel Corp. | 92,655 | 4,194 | ||||||
Assa Abloy AB, Class B | 182,842 | 3,832 | ||||||
Danaher Corp. | 35,200 | 3,406 | ||||||
The Boeing Co. | 23,300 | 3,141 | ||||||
China Everbright International Ltd. | 2,520,680 | 2,832 | ||||||
Nielsen Holdings PLC | 52,980 | 2,762 | ||||||
Siemens AG | 25,626 | 2,675 | ||||||
Zodiac Aerospace | 107,792 | 2,523 | ||||||
BAE Systems PLC | 324,130 | 2,265 | ||||||
Norfolk Southern Corp. | 25,110 | 2,263 | ||||||
Jardine Matheson Holdings Ltd. | 34,000 | 1,879 | ||||||
IDEX Corp. | 22,000 | 1,802 | ||||||
General Electric Co. | 50,000 | 1,538 | ||||||
Canadian National Railway Co. | 19,020 | 1,171 | ||||||
Sydney Airport | 214,770 | 1,111 | ||||||
Airbus Group SE | 15,279 | 956 | ||||||
DKSH Holding AG Ltd. | 14,647 | 956 | ||||||
AA PLC | 232,284 | 946 | ||||||
TransDigm Group, Inc.1 | 4,000 | 911 | ||||||
Waste Management, Inc. | 13,990 | 822 | ||||||
Meggitt PLC | 59,034 | 355 | ||||||
61,522 | ||||||||
Health Care - 12.3% | ||||||||
Novo Nordisk A/S, Class B | 161,165 | 9,006 | ||||||
Astrazeneca PLC | 111,930 | 6,437 | ||||||
Novartis AG | 70,056 | 5,349 | ||||||
Cerner Corp.1 | 92,595 | 5,198 | ||||||
Roche Holding AG | 18,208 | 4,606 | ||||||
Gilead Sciences, Inc. | 47,042 | 4,150 | ||||||
Essilor International SA | 29,940 | 3,878 | ||||||
Incyte Corp.1 | 47,600 | 3,440 | ||||||
Eli Lilly & Co. | 41,710 | 3,150 | ||||||
Pfizer, Inc. | 83,500 | 2,731 | ||||||
Illumina, Inc.1 | 16,660 | 2,249 | ||||||
Medtronic PLC | 26,760 | 2,118 | ||||||
AmerisourceBergen Corp. | 23,700 | 2,017 |
See Notes to Financial Statements
Capital Group Global Equity Fund
Schedule of investments
April 30, 2016 (unaudited)
Common Stocks - continued | Shares | Value (000) | ||||||
Health Care - continued | ||||||||
Sysmex Corp. | 32,400 | $ | 2,010 | |||||
Express Scripts Holding Co.1 | 26,400 | 1,947 | ||||||
Aetna, Inc. | 9,000 | 1,010 | ||||||
DaVita HealthCare Partners, Inc.1 | 13,500 | 998 | ||||||
60,294 | ||||||||
Consumer Staples - 11.7% | ||||||||
Nestle SA | 96,916 | 7,216 | ||||||
Unilever PLC | 154,200 | 6,915 | ||||||
Imperial Brands PLC | 102,994 | 5,590 | ||||||
Pernod Ricard SA | 49,955 | 5,396 | ||||||
L’Oreal SA | 26,632 | 4,835 | ||||||
The Procter & Gamble Co. | 53,995 | 4,326 | ||||||
Philip Morris International, Inc. | 42,330 | 4,153 | ||||||
The Coca-Cola Co. | 87,540 | 3,922 | ||||||
Carlsberg A/S, Class B | 35,246 | 3,437 | ||||||
British American Tobacco PLC | 43,300 | 2,642 | ||||||
Danone SA | 29,732 | 2,083 | ||||||
Tate & Lyle PLC | 240,500 | 2,064 | ||||||
Mondelez International, Inc., Class A | 28,800 | 1,237 | ||||||
Japan Tobacco, Inc. | 30,100 | 1,233 | ||||||
Diageo PLC | 44,585 | 1,205 | ||||||
CVS Health Corp. | 7,165 | 720 | ||||||
Nestle SA (ADR) | 7,600 | 567 | ||||||
57,541 | ||||||||
Consumer Discretionary - 10.5% | ||||||||
Newell Brands, Inc. | 121,563 | 5,536 | ||||||
Starbucks Corp. | 69,100 | 3,885 | ||||||
Royal Caribbean Cruises Ltd. | 49,000 | 3,793 | ||||||
Yum! Brands, Inc. | 47,465 | 3,776 | ||||||
Cie Financiere Richemont SA | 54,159 | 3,606 | ||||||
Comcast Corp., Class A | 57,870 | 3,516 | ||||||
Las Vegas Sands Corp. | 71,770 | 3,240 | ||||||
Liberty Global PLC, Class A1 | 72,530 | 2,737 | ||||||
Viacom, Inc., Class B | 63,800 | 2,609 | ||||||
Greene King PLC | 208,700 | 2,499 | ||||||
Sirius XM Holdings, Inc.1 | 507,000 | 2,003 | ||||||
Charter Communications, Inc., Class A1 | 9,210 | 1,955 | ||||||
Marks & Spencer Group PLC | 282,900 | 1,754 | ||||||
Samsonite International SA | 448,800 | 1,442 | ||||||
Bayerische Motoren Werke AG | 14,447 | 1,331 | ||||||
BCA Marketplace PLC | 506,738 | 1,236 | ||||||
Burberry Group PLC | 62,000 | 1,076 | ||||||
ElringKlinger AG | 40,921 | 1,003 | ||||||
SES SA | 35,526 | 970 | ||||||
Scripps Networks Interactive, Inc., Class A | 14,970 | 933 | ||||||
Denso Corp. | 22,400 | 839 | ||||||
Wynn Macau Ltd. | 417,200 | 594 | ||||||
Panera Bread Co., Class A1 | 2,760 | 592 | ||||||
The Home Depot, Inc. | 3,685 | 493 |
See Notes to Financial Statements
Capital Group Global Equity Fund
Schedule of investments
April 30, 2016 (unaudited)
Common Stocks - continued | Shares | Value (000) | ||||||
Consumer Discretionary - continued | ||||||||
Liberty Global PLC, Series C1 | 5,100 | $ | 187 | |||||
51,605 | ||||||||
Energy - 6.0% | ||||||||
Chevron Corp. | 57,910 | 5,917 | ||||||
Exxon Mobil Corp. | 56,525 | 4,997 | ||||||
Enbridge, Inc. | 110,210 | 4,578 | ||||||
Occidental Petroleum Corp. | 43,145 | 3,307 | ||||||
Total SA | 56,299 | 2,847 | ||||||
Royal Dutch Shell PLC, Class B (ADR) | 52,585 | 2,805 | ||||||
Schlumberger Ltd. | 34,386 | 2,763 | ||||||
EOG Resources, Inc. | 30,145 | 2,491 | ||||||
29,705 | ||||||||
Telecommunication Services - 3.0% | ||||||||
NTT DOCOMO, Inc. | 52,900 | 1,248 | ||||||
Singapore Telecommunications Ltd. | 1,296,400 | 3,711 | ||||||
SoftBank Group Corp. | 73,700 | 3,877 | ||||||
Verizon Communications, Inc. | 64,100 | 3,265 | ||||||
Vodafone Group PLC | 827,135 | 2,675 | ||||||
14,776 | ||||||||
Materials - 2.5% | ||||||||
Monsanto Co. | 28,050 | 2,628 | ||||||
The Dow Chemical Co. | 35,175 | 1,851 | ||||||
Praxair, Inc. | 14,575 | 1,712 | ||||||
Nucor Corp. | 30,500 | 1,518 | ||||||
LyondellBasell Industries NV, Class A | 18,170 | 1,502 | ||||||
Air Liquide SA | 10,863 | 1,233 | ||||||
Givaudan SA | 555 | 1,094 | ||||||
Rio Tinto PLC | 24,242 | 814 | ||||||
12,352 | ||||||||
Utilities - 1.8% | ||||||||
National Grid PLC | 275,500 | 3,932 | ||||||
SSE PLC | 117,300 | 2,593 | ||||||
Sempra Energy | 22,680 | 2,344 | ||||||
8,869 | ||||||||
Total common stocks (cost: $399,594,000) | 468,648 | |||||||
Short-term securities - 4.4% | Principal amount (000) | |||||||
Federal Home Loan Bank, 0.58%, July 25, 20163 | $ | 4,600 | 4,597 | |||||
General Electric Co., 0.31%, May 02, 20163 | 12,200 | 12,200 |
See Notes to Financial Statements
Capital Group Global Equity Fund
Schedule of investments
April 30, 2016 (unaudited)
Short-term securities - continued | Principal amount (000) | Value (000) | ||||||
Siemens Capital Co. LLC, 0.48%, June 20, 20163 | $ | 4,800 | $ | 4,797 | ||||
Total short-term securities (cost: $21,591,000) | 21,594 | |||||||
Total investment securities (cost: $421,185,000) | 490,242 | |||||||
Other assets less liabilities | 1,742 | |||||||
Net assets | $ | 491,984 |
1 | Non-income producing security. |
2 | Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2016, the aggregate market value of these securities amounted to $727,000, representing 0.15% of net assets. |
3 | Zero coupon bond; interest rate represents current yield to maturity. |
Key to abbreviation
ADR - American Depositary Receipts
See Notes to Financial Statements
Capital Group International Equity Fund
Schedule of investments
April 30, 2016 (unaudited)
Common Stocks - 94.9% | Shares | Value (000) | ||||||
Industrials - 15.2% | ||||||||
SMC Corp. | 105,000 | $ | 25,423 | |||||
Assa Abloy AB, Class B | 1,198,516 | 25,115 | ||||||
Safran SA | 357,317 | 24,633 | ||||||
FANUC Corp. | 155,200 | 22,769 | ||||||
Jardine Matheson Holdings Ltd. | 295,000 | 16,300 | ||||||
Zodiac Aerospace | 563,945 | 13,198 | ||||||
China Everbright International Ltd. | 11,636,390 | 13,074 | ||||||
Sydney Airport | 2,360,400 | 12,215 | ||||||
Airbus Group SE | 189,324 | 11,847 | ||||||
AA PLC | 2,290,115 | 9,329 | ||||||
DKSH Holding AG Ltd. | 124,581 | 8,132 | ||||||
Nidec Corp. | 107,000 | 7,738 | ||||||
Kubota Corp. | 341,900 | 4,995 | ||||||
Canadian National Railway Co. | 75,200 | 4,629 | ||||||
Kawasaki Heavy Industries Ltd. | 1,584,000 | 4,366 | ||||||
Siemens AG | 39,338 | 4,106 | ||||||
207,869 | ||||||||
Information Technology - 14.5% | ||||||||
Keyence Corp. | 70,200 | 41,808 | ||||||
Hamamatsu Photonics K.K. | 1,202,400 | 33,189 | ||||||
Murata Manufacturing Co. Ltd. | 212,300 | 27,453 | ||||||
ASML Holding NV | 243,531 | 23,546 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 740,400 | 17,466 | ||||||
Amadeus IT Holding SA, A Shares | 332,961 | 15,183 | ||||||
Gemalto NV | 162,866 | 10,598 | ||||||
Trend Micro, Inc. | 278,100 | 10,455 | ||||||
SAP SE | 94,985 | 7,430 | ||||||
Oracle Corp. | 116,200 | 6,202 | ||||||
Yahoo Japan Corp. | 1,003,400 | 4,484 | ||||||
197,814 | ||||||||
Health Care - 14.5% | ||||||||
Novo Nordisk A/S, Class B | 828,024 | 46,271 | ||||||
Roche Holding AG | 129,184 | 32,676 | ||||||
Astrazeneca PLC | 460,620 | 26,492 | ||||||
Genmab A/S1 | 178,209 | 26,423 | ||||||
Sysmex Corp. | 340,300 | 21,110 | ||||||
Novartis AG | 246,380 | 18,813 | ||||||
Essilor International SA | 117,670 | 15,241 | ||||||
Medtronic PLC | 128,400 | 10,163 | ||||||
197,189 | ||||||||
Financials - 14.2% | ||||||||
AIA Group Ltd. | 6,341,000 | 37,856 | ||||||
Sampo Oyj, A Shares | 659,737 | 28,827 | ||||||
Deutsche Wohnen AG | 724,788 | 22,187 | ||||||
Prudential PLC | 1,033,240 | 20,440 | ||||||
Lloyds Banking Group PLC | 17,105,300 | 16,828 |
See Notes to Financial Statements
Capital Group International Equity Fund
Schedule of investments
April 30, 2016 (unaudited)
Common Stocks - continued | Shares | Value (000) | ||||||
Financials - continued | ||||||||
BNP Paribas SA | 188,654 | $ | 9,998 | |||||
HDFC Bank Ltd. (ADR) | 156,400 | 9,833 | ||||||
Svenska Handelsbanken AB, A Shares | 529,357 | 7,042 | ||||||
Credit Suisse Group AG | 403,671 | 6,116 | ||||||
ABN AMRO Group NV1,2 | 269,005 | 5,742 | ||||||
UBS Group AG | 325,245 | 5,616 | ||||||
DBS Group Holdings Ltd. | 473,655 | 5,360 | ||||||
ING Groep NV | 408,805 | 5,013 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 166,700 | 5,011 | ||||||
DNB ASA | 346,768 | 4,440 | ||||||
Henderson Group PLC | 862,110 | 3,230 | ||||||
193,539 | ||||||||
Consumer Staples - 13.6% | ||||||||
Pernod Ricard SA | 220,149 | 23,780 | ||||||
L’Oreal SA | 126,063 | 22,884 | ||||||
Nestle SA | 289,820 | 21,578 | ||||||
British American Tobacco PLC | 320,900 | 19,584 | ||||||
Carlsberg A/S, Class B | 188,827 | 18,415 | ||||||
Imperial Brands PLC | 330,554 | 17,941 | ||||||
Diageo PLC | 517,945 | 13,994 | ||||||
Unilever PLC | 291,500 | 13,072 | ||||||
Reckitt Benckiser Group PLC | 96,500 | 9,368 | ||||||
Associated British Foods PLC | 190,250 | 8,534 | ||||||
Danone SA | 119,662 | 8,385 | ||||||
PZ Cussons PLC | 888,415 | 4,186 | ||||||
Japan Tobacco, Inc. | 101,900 | 4,174 | ||||||
185,895 | ||||||||
Consumer Discretionary - 11.1% | ||||||||
Liberty Global PLC, Class A1 | 609,575 | 22,999 | ||||||
Cie Financiere Richemont SA | 310,361 | 20,666 | ||||||
Ryohin Keikaku Co. Ltd. | 86,000 | 19,148 | ||||||
Samsonite International SA | 3,055,200 | 9,817 | ||||||
Nissan Motor Co. Ltd. | 1,096,900 | 9,764 | ||||||
SES SA | 334,520 | 9,130 | ||||||
BCA Marketplace PLC | 3,573,468 | 8,715 | ||||||
ElringKlinger AG | 332,248 | 8,144 | ||||||
Bayerische Motoren Werke AG | 72,819 | 6,707 | ||||||
WPP PLC | 277,040 | 6,476 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 33,717 | 5,591 | ||||||
Denso Corp. | 125,700 | 4,710 | ||||||
Naspers Ltd. (ADR), N Shares | 302,500 | 4,194 | ||||||
Burberry Group PLC | 204,500 | 3,548 | ||||||
Greene King PLC | 290,350 | 3,476 | ||||||
The Swatch Group AG | 51,484 | 3,435 | ||||||
Wynn Macau Ltd. | 2,074,000 | 2,951 | ||||||
Liberty Global PLC, Series C1 | 48,000 | 1,757 | ||||||
151,228 |
See Notes to Financial Statements
Capital Group International Equity Fund
Schedule of investments
April 30, 2016 (unaudited)
Common Stocks - continued | Shares | Value (000) | ||||||
Telecommunication Services - 5.4% | ||||||||
Vodafone Group PLC | 6,901,290 | $ | 22,318 | |||||
SoftBank Group Corp. | 383,100 | 20,151 | ||||||
NTT DOCOMO, Inc. | 545,200 | 12,864 | ||||||
KDDI Corp. | 371,200 | 10,559 | ||||||
Singapore Telecommunications Ltd. | 2,740,400 | 7,845 | ||||||
73,737 | ||||||||
Energy - 3.6% | ||||||||
Total SA | 489,499 | 24,753 | ||||||
Enbridge, Inc. | 425,700 | 17,684 | ||||||
Oil Search Ltd. | 1,147,819 | 6,046 | ||||||
Royal Dutch Shell PLC, Class B | 18 | — | ||||||
48,483 | ||||||||
Materials - 1.8% | ||||||||
Givaudan SA | 4,262 | 8,401 | ||||||
Asahi Kasei Corp. | 931,000 | 6,303 | ||||||
Air Liquide SA | 52,738 | 5,986 | ||||||
Rio Tinto PLC | 107,490 | 3,611 | ||||||
24,301 | ||||||||
Utilities - 1.0% | ||||||||
National Grid PLC | 996,770 | 14,227 | ||||||
14,227 | ||||||||
Total common stocks (cost: $1,170,439,000) | 1,294,282 | |||||||
Preferred Securities - 0.3% | ||||||||
Health Care - 0.3% | ||||||||
Grifols SA, Class B | 272,114 | 4,297 | ||||||
Total preferred securities (cost: $4,466,000) | 4,297 |
Short-term securities - 4.3% | Principal amount (000) | |||||||
Exxon Mobil Corp., 0.49%, May 09, 20163 | $ | 10,000 | 9,999 | |||||
Federal Home Loan Bank, 0.25%, May 23, 20163 | 13,400 | 13,398 | ||||||
General Electric Co., 0.31%, May 02, 20163 | 26,400 | 26,399 | ||||||
Wal-Mart Stores, Inc., 0.36%, June 01, 20163 | 9,000 | 8,997 | ||||||
Total short-term securities (cost: $58,794,000) | 58,793 |
See Notes to Financial Statements
Capital Group International Equity Fund
Schedule of investments
April 30, 2016 (unaudited)
Total investment securities (cost: $1,233,699,000) | 1,357,372 | |||
Other assets less liabilities | 7,049 | |||
Net assets | $ | 1,364,421 |
1 | Non-income producing security. |
2 | Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2016, the aggregate market value of these securities amounted to $5,742,000, representing 0.42% of net assets. |
3 | Zero coupon bond; interest rate represents current yield to maturity. |
Key to abbreviation
ADR - American Depositary Receipts
See Notes to Financial Statements
Capital Group U.S. Equity Fund
Schedule of investments
April 30, 2016 (unaudited)
Common Stocks - 97.0% | Shares | Value (000) | ||||||
Information Technology - 15.9% | ||||||||
Jack Henry & Associates, Inc. | 49,720 | $ | 4,029 | |||||
Automatic Data Processing, Inc. | 42,200 | 3,732 | ||||||
Microsoft Corp. | 60,815 | 3,033 | ||||||
Texas Instruments, Inc. | 50,900 | 2,903 | ||||||
Visa, Inc., A Shares | 36,800 | 2,842 | ||||||
Broadcom Ltd. | 17,631 | 2,570 | ||||||
Apple, Inc. | 19,765 | 1,853 | ||||||
Analog Devices, Inc. | 32,755 | 1,845 | ||||||
Alphabet, Inc., Class C1 | 2,627 | 1,821 | ||||||
VeriSign, Inc.1 | 18,600 | 1,607 | ||||||
Accenture PLC, Class A | 12,825 | 1,448 | ||||||
HP, Inc. | 102,400 | 1,256 | ||||||
International Business Machines Corp. | 8,245 | 1,203 | ||||||
Xilinx, Inc. | 15,945 | 687 | ||||||
Jabil Circuit, Inc. | 18,540 | 322 | ||||||
Alphabet, Inc., Class A1 | 450 | 319 | ||||||
31,470 | ||||||||
Financials - 15.9% | ||||||||
Marsh & McLennan Cos., Inc. | 69,600 | 4,395 | ||||||
Wells Fargo & Co. | 61,060 | 3,052 | ||||||
Iron Mountain, Inc. | 81,530 | 2,978 | ||||||
CME Group, Inc. | 30,425 | 2,796 | ||||||
The Goldman Sachs Group, Inc. | 16,900 | 2,773 | ||||||
Chubb Ltd. | 22,865 | 2,695 | ||||||
JPMorgan Chase & Co. | 41,900 | 2,648 | ||||||
Discover Financial Services | 47,000 | 2,645 | ||||||
American Tower Corp. | 19,400 | 2,035 | ||||||
Aon PLC | 16,700 | 1,755 | ||||||
Moody’s Corp. | 13,000 | 1,244 | ||||||
The PNC Financial Services Group, Inc. | 11,035 | 969 | ||||||
PacWest Bancorp | 20,900 | 836 | ||||||
Crown Castle International Corp. | 6,500 | 565 | ||||||
31,386 | ||||||||
Consumer Discretionary - 14.9% | ||||||||
Newell Brands, Inc. | 107,400 | 4,891 | ||||||
Comcast Corp., Class A | 71,450 | 4,341 | ||||||
Charter Communications, Inc., Class A1 | 13,500 | 2,865 | ||||||
Yum! Brands, Inc. | 35,000 | 2,785 | ||||||
Panera Bread Co., Class A1 | 12,145 | 2,605 | ||||||
The Home Depot, Inc. | 16,700 | 2,236 | ||||||
Starbucks Corp. | 32,300 | 1,816 | ||||||
NIKE, Inc., Class B | 27,180 | 1,602 | ||||||
Scripps Networks Interactive, Inc., Class A | 18,694 | 1,166 | ||||||
Carnival Corp. | 21,650 | 1,062 | ||||||
Las Vegas Sands Corp. | 23,040 | 1,040 | ||||||
Norwegian Cruise Line Holdings Ltd.1 | 18,895 | 924 | ||||||
The Priceline Group, Inc.1 | 620 | 833 | ||||||
Sirius XM Holdings, Inc.1 | 207,405 | 819 |
See Notes to Financial Statements
Capital Group U.S. Equity Fund
Schedule of investments
April 30, 2016 (unaudited)
Common Stocks - continued | Shares | Value (000) | ||||||
Consumer Discretionary - continued | ||||||||
Viacom, Inc., Class B | 11,290 | $ | 462 | |||||
29,447 | ||||||||
Industrials - 14.0% | ||||||||
Waste Connections, Inc. | 57,500 | 3,869 | ||||||
Norfolk Southern Corp. | 40,125 | 3,616 | ||||||
Danaher Corp. | 32,955 | 3,188 | ||||||
Eaton Corp. PLC | 46,900 | 2,967 | ||||||
Hexcel Corp. | 61,600 | 2,789 | ||||||
The Boeing Co. | 14,320 | 1,930 | ||||||
Nielsen Holdings PLC | 31,015 | 1,617 | ||||||
TransDigm Group, Inc.1 | 6,635 | 1,512 | ||||||
General Electric Co. | 45,050 | 1,385 | ||||||
IDEX Corp. | 16,800 | 1,376 | ||||||
Waste Management, Inc. | 17,940 | 1,055 | ||||||
Siemens AG (ADR) | 7,820 | 819 | ||||||
Caterpillar, Inc. | 8,400 | 653 | ||||||
Northrop Grumman Corp. | 2,730 | 563 | ||||||
Union Pacific Corp. | 4,600 | 401 | ||||||
27,740 | ||||||||
Health Care - 12.2% | ||||||||
Medtronic PLC | 45,700 | 3,617 | ||||||
Express Scripts Holding Co.1 | 40,500 | 2,986 | ||||||
Gilead Sciences, Inc. | 29,514 | 2,604 | ||||||
Cerner Corp.1 | 40,580 | 2,278 | ||||||
Eli Lilly & Co. | 28,625 | 2,162 | ||||||
Aetna, Inc. | 17,575 | 1,973 | ||||||
AmerisourceBergen Corp. | 22,300 | 1,898 | ||||||
AstraZeneca PLC (ADR) | 60,555 | 1,754 | ||||||
Novo Nordisk A/S (ADR) | 23,200 | 1,294 | ||||||
UnitedHealth Group, Inc. | 9,500 | 1,251 | ||||||
Incyte Corp.1 | 12,700 | 918 | ||||||
Illumina, Inc.1 | 5,455 | 736 | ||||||
Roche Holding AG (ADR) | 14,700 | 464 | ||||||
DaVita HealthCare Partners, Inc.1 | 3,340 | 247 | ||||||
24,182 | ||||||||
Consumer Staples - 9.5% | ||||||||
The Procter & Gamble Co. | 52,600 | 4,214 | ||||||
Philip Morris International, Inc. | 36,305 | 3,562 | ||||||
Diageo PLC (ADR) | 28,490 | 3,086 | ||||||
Unilever PLC (ADR) | 50,900 | 2,283 | ||||||
Nestle SA (ADR) | 28,100 | 2,096 | ||||||
The Coca-Cola Co. | 38,020 | 1,703 | ||||||
CVS Health Corp. | 7,700 | 774 | ||||||
Mondelez International, Inc., Class A | 13,000 | 559 | ||||||
Mead Johnson Nutrition Co. | 4,900 | 427 | ||||||
18,704 |
See Notes to Financial Statements
Capital Group U.S. Equity Fund
Schedule of investments
April 30, 2016 (unaudited)
Common Stocks - continued | Shares | Value (000) | ||||||
Energy - 9.2% | ||||||||
Schlumberger Ltd. | 44,100 | $ | 3,543 | |||||
Columbia Pipeline Group, Inc. | 119,740 | 3,068 | ||||||
Chevron Corp. | 27,240 | 2,783 | ||||||
Enbridge, Inc. | 49,565 | 2,059 | ||||||
Exxon Mobil Corp. | 22,500 | 1,989 | ||||||
Occidental Petroleum Corp. | 19,045 | 1,460 | ||||||
ConocoPhillips | 25,580 | 1,222 | ||||||
EOG Resources, Inc. | 13,965 | 1,154 | ||||||
Halliburton Co. | 20,400 | 843 | ||||||
18,121 | ||||||||
Materials - 2.8% | ||||||||
Praxair, Inc. | 17,910 | 2,104 | ||||||
Monsanto Co. | 21,300 | 1,995 | ||||||
The Dow Chemical Co. | 28,200 | 1,484 | ||||||
5,583 | ||||||||
Utilities - 1.4% | ||||||||
Sempra Energy | 18,560 | 1,918 | ||||||
National Grid PLC (ADR) | 11,500 | 828 | ||||||
2,746 | ||||||||
Telecommunication Services - 1.2% | ||||||||
Verizon Communications, Inc. | 47,100 | 2,399 | ||||||
2,399 | ||||||||
Total common stocks (cost: $146,350,000) | 191,778 |
Short-term securities - 3.0% | Principal amount (000) | |||||||
Federal Home Loan Bank, 0.30%, May 16, 20162 | $ | 1,200 | 1,200 | |||||
General Electric Co., 0.31%, May 02, 20162 | 4,600 | 4,600 | ||||||
Total short-term securities (cost: $5,800,000) | 5,800 | |||||||
Total investment securities (cost: $152,150,000) | 197,578 | |||||||
Other assets less liabilities | 93 | |||||||
Net assets | $ | 197,671 |
1 | Non-income producing security. |
2 | Zero coupon bond; interest rate represents current yield to maturity. |
See Notes to Financial Statements
Capital Group U.S. Equity Fund
Schedule of investments
April 30, 2016 (unaudited)
Key to abbreviation
ADR - American Depositary Receipts
See Notes to Financial Statements
Capital Group Core Municipal Fund
Statement of assets and liabilities
at April 30, 2016 (unaudited)
(dollars and shares in thousands, except per share amounts)
Assets: | ||||||||
Investment securities, at value (cost: $363,418) | $ | 374,891 | ||||||
Short-term investments, at value (cost: $10,600) | 10,600 | |||||||
Cash | 216 | |||||||
Receivables for: | ||||||||
Sales of investments | 3,274 | |||||||
Sales of fund’s shares | 5 | |||||||
Interest | 4,226 | |||||||
Reimbursement from investment adviser | 6 | |||||||
7,511 | ||||||||
Prepaid expenses | 8 | |||||||
Total assets | 393,226 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 1,728 | |||||||
Repurchases of fund’s shares | 112 | |||||||
Investment advisory services | 228 | |||||||
Other accrued expenses | 72 | |||||||
Total liabilities | 2,140 | |||||||
Net assets at April 30, 2016: | $ | 391,086 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 379,396 | ||||||
Accumulated undistributed net investment income | 7 | |||||||
Accumulated net realized gain | 210 | |||||||
Net unrealized appreciation | 11,473 | |||||||
Net assets at April 30, 2016 | $ | 391,086 | ||||||
Shares outstanding: | 37,056 | |||||||
Net asset value per share: | $ | 10.55 |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Statement of operations
for the six months ended April 30, 2016 (unaudited)
(dollars in thousands)
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 4,601 | ||||||
Fees and expenses: | ||||||||
Investment advisory services | 670 | |||||||
Administrative and accounting services | 53 | |||||||
Registration fees | 11 | |||||||
Audit and tax fees | 20 | |||||||
Transfer agent services | 10 | |||||||
Trustees’ compensation | 14 | |||||||
Other | 10 | |||||||
Total fees and expenses before reimbursements | 788 | |||||||
Less reimbursements of fees and expenses | 19 | |||||||
Total fees and expenses after reimbursements | 769 | |||||||
Net investment income | 3,832 | |||||||
Net realized gain and unrealized appreciation on investments: | ||||||||
Net realized gain on investments | 210 | |||||||
Net unrealized appreciation on investments | 2,417 | |||||||
Net realized gain and unrealized appreciation on investments | 2,627 | |||||||
Net increase in net assets resulting from operations | $ | 6,459 |
See Notes to Financial Statements
Capital Group Core Municipal Fund
Statements of changes in net assets
(dollars in thousands)
For the six months ended 4/30/16* | For the year ended 10/31/15 | |||||||
Operations: | ||||||||
Net investment income | $ | 3,832 | $ | 7,171 | ||||
Net realized gain on investments | 210 | 460 | ||||||
Net unrealized appreciation (depreciation) on investments | 2,417 | (2,748 | ) | |||||
Net increase in net assets resulting from operations | 6,459 | 4,883 | ||||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (3,825 | ) | (7,173 | ) | ||||
Distributions from capital gain | (303 | ) | — | |||||
Total dividends and distributions | (4,128 | ) | (7,173 | ) | ||||
Net capital share transactions | 9,599 | 40,374 | ||||||
Total increase in net assets | 11,930 | 38,084 | ||||||
Net assets: | ||||||||
Beginning of period | 379,156 | 341,072 | ||||||
End of period (including undistributed net investment income: $7 and $–, respectively.) | $ | 391,086 | $ | 379,156 |
* Unaudited.
See Notes to Financial Statements
Capital Group Short-Term Municipal Fund
Statement of assets and liabilities
at April 30, 2016 (unaudited)
(dollars and shares in thousands, except per share amounts)
Assets: | ||||||||
Investment securities, at value (cost: $141,400) | $ | 142,709 | ||||||
Short-term investments, at value (cost: $10,435) | 10,435 | |||||||
Cash | 82 | |||||||
Receivables for: | ||||||||
Sales of investments | 2,754 | |||||||
Sales of fund’s shares | 50 | |||||||
Interest | 1,420 | |||||||
Reimbursement from investment adviser | 13 | |||||||
4,237 | ||||||||
Prepaid expenses | — | * | ||||||
Total assets | 157,463 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 474 | |||||||
Repurchases of fund’s shares | 863 | |||||||
Investment advisory services | 96 | |||||||
Other accrued expenses | 51 | |||||||
Total liabilities | 1,484 | |||||||
Net assets at April 30, 2016: | $ | 155,979 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 154,602 | ||||||
Distributions in excess of net investment income | (– | )* | ||||||
Accumulated net realized gain | 68 | |||||||
Net unrealized appreciation | 1,309 | |||||||
Net assets at April 30, 2016 | $ | 155,979 | ||||||
Shares outstanding: | 15,377 | |||||||
Net asset value per share: | $ | 10.14 |
* Amount less than one thousand.
See Notes to Financial Statements
Capital Group Short-Term Municipal Fund
Statement of operations
for the six months ended April 30, 2016 (unaudited)
(dollars in thousands)
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 1,193 | ||||||
Fees and expenses: | ||||||||
Investment advisory services | 275 | |||||||
Administrative and accounting services | 22 | |||||||
Registration fees | 10 | |||||||
Audit and tax fees | 20 | |||||||
Transfer agent services | 10 | |||||||
Trustees’ compensation | 14 | |||||||
Other | 10 | |||||||
Total fees and expenses before reimbursements | 361 | |||||||
Less reimbursements of fees and expenses | 41 | |||||||
Total fees and expenses after reimbursements | 320 | |||||||
Net investment income | 873 | |||||||
Net realized gain and unrealized appreciation on investments: | ||||||||
Net realized gain on investments | 68 | |||||||
Net unrealized appreciation on investments | 277 | |||||||
Net realized gain and unrealized appreciation on investments | 345 | |||||||
Net increase in net assets resulting from operations | $ | 1,218 |
See Notes to Financial Statements
Capital Group Short-Term Municipal Fund
Statements of changes in net assets
(dollars in thousands)
For the six months ended 4/30/16* | For the year ended 10/31/15 | |||||||
Operations: | ||||||||
Net investment income | $ | 873 | $ | 1,731 | ||||
Net realized gain on investments | 68 | 45 | ||||||
Net unrealized appreciation (depreciation) on investments | 277 | (903 | ) | |||||
Net increase in net assets resulting from operations | 1,218 | 873 | ||||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (873 | ) | (1,733 | ) | ||||
Distributions from capital gain | (21 | ) | (67 | ) | ||||
Total dividends and distributions | (894 | ) | (1,800 | ) | ||||
Net capital share transactions | 13,344 | (12,105 | ) | |||||
Total increase (decrease) in net assets | 13,668 | (13,032 | ) | |||||
Net assets: | ||||||||
Beginning of period | 142,311 | 155,343 | ||||||
End of period (including distributions in excess of and undistributed net investment income: $(–)† and $–, respectively.) | $ | 155,979 | $ | 142,311 |
* | Unaudited. |
† | Amount less than one thousand. |
See Notes to Financial Statements
Capital Group California Core Municipal Fund
Statement of assets and liabilities
at April 30, 2016 (unaudited)
(dollars and shares in thousands, except per share amounts)
Assets: | ||||||||
Investment securities, at value (cost: $296,337) | $ | 308,710 | ||||||
Short-term investments, at value (cost: $7,853) | 7,853 | |||||||
Cash | 317 | |||||||
Receivables for: | ||||||||
Sales of fund’s shares | 65 | |||||||
Interest | 3,014 | |||||||
Reimbursement from investment adviser | 5 | |||||||
3,084 | ||||||||
Prepaid expenses | 2 | |||||||
Total assets | 319,966 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 813 | |||||||
Repurchases of fund’s shares | 103 | |||||||
Investment advisory services | 185 | |||||||
Other accrued expenses | 67 | |||||||
Total liabilities | 1,168 | |||||||
Net assets at April 30, 2016: | $ | 318,798 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 306,193 | ||||||
Accumulated undistributed net investment income | 3 | |||||||
Accumulated net realized gain | 229 | |||||||
Net unrealized appreciation | 12,373 | |||||||
Net assets at April 30, 2016 | $ | 318,798 | ||||||
Shares outstanding: | 29,678 | |||||||
Net asset value per share: | $ | 10.74 |
See Notes to Financial Statements
Capital Group California Core Municipal Fund
Statement of operations
for the six months ended April 30, 2016 (unaudited)
(dollars in thousands)
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 3,615 | ||||||
Fees and expenses: | ||||||||
Investment advisory services | 542 | |||||||
Administrative and accounting services | 43 | |||||||
Registration fees | 2 | |||||||
Audit and tax fees | 20 | |||||||
Transfer agent services | 10 | |||||||
Trustees’ compensation | 14 | |||||||
Other | 11 | |||||||
Total fees and expenses before reimbursements | 642 | |||||||
Less reimbursements of fees and expenses | 17 | |||||||
Total fees and expenses after reimbursements | 625 | |||||||
Net investment income | 2,990 | |||||||
Net realized gain and unrealized appreciation on investments: | ||||||||
Net realized gain on investments | 282 | |||||||
Net unrealized appreciation on investments | 4,115 | |||||||
Net realized gain and unrealized appreciation on investments | 4,397 | |||||||
Net increase in net assets resulting from operations | $ | 7,387 |
See Notes to Financial Statements
Capital Group California Core Municipal Fund
Statements of changes in net assets
(dollars in thousands)
For the six months ended 4/30/16* | For the year ended 10/31/15 | |||||||
Operations: | ||||||||
Net investment income | $ | 2,990 | $ | 5,753 | ||||
Net realized gain on investments | 282 | 107 | ||||||
Net unrealized appreciation (depreciation) on investments | 4,115 | (978 | ) | |||||
Net increase in net assets resulting from operations | 7,387 | 4,882 | ||||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (2,987 | ) | (5,756 | ) | ||||
Total dividends and distributions | (2,987 | ) | (5,756 | ) | ||||
Net capital share transactions | 9,404 | 25,954 | ||||||
Total increase in net assets | 13,804 | 25,080 | ||||||
Net assets: | ||||||||
Beginning of period | 304,994 | 279,914 | ||||||
End of period (including undistributed net investment income: $3 and $–, respectively.) | $ | 318,798 | $ | 304,994 |
* Unaudited.
See Notes to Financial Statements
Capital Group California Short-Term Municipal Fund
Statement of assets and liabilities
at April 30, 2016 (unaudited)
(dollars and shares in thousands, except per share amounts)
Assets: | ||||||||
Investment securities, at value (cost: $102,423) | $ | 103,818 | ||||||
Short-term investments, at value (cost: $4,200) | 4,200 | |||||||
Cash | 860 | |||||||
Receivables for: | ||||||||
Sales of investments | 977 | |||||||
Sales of fund’s shares | 449 | |||||||
Interest | 1,049 | |||||||
Reimbursement from investment adviser | 13 | |||||||
2,488 | ||||||||
Prepaid expenses | 2 | |||||||
Total assets | 111,368 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Repurchases of fund’s shares | 2 | |||||||
Investment advisory services | 65 | |||||||
Other accrued expenses | 56 | |||||||
Total liabilities | 123 | |||||||
Net assets at April 30, 2016: | $ | 111,245 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 109,779 | ||||||
Accumulated undistributed net investment income | — | * | ||||||
Accumulated net realized gain | 71 | |||||||
Net unrealized appreciation | 1,395 | |||||||
Net assets at April 30, 2016 | $ | 111,245 | ||||||
Shares outstanding: | 10,823 | |||||||
Net asset value per share: | $ | 10.28 |
* Amount less than one thousand.
See Notes to Financial Statements
Capital Group California Short-Term Municipal Fund
Statement of operations
for the six months ended April 30, 2016 (unaudited)
(dollars in thousands)
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 803 | ||||||
Fees and expenses: | ||||||||
Investment advisory services | 195 | |||||||
Administrative and accounting services | 15 | |||||||
Registration fees | 2 | |||||||
Audit and tax fees | 20 | |||||||
Transfer agent services | 10 | |||||||
Trustees’ compensation | 14 | |||||||
Other | 8 | |||||||
Total fees and expenses before reimbursements | 264 | |||||||
Less reimbursements of fees and expenses | 38 | |||||||
Total fees and expenses after reimbursements | 226 | |||||||
Net investment income | 577 | |||||||
Net realized gain and unrealized appreciation on investments: | ||||||||
Net realized gain on investments | 71 | |||||||
Net unrealized appreciation on investments | 78 | |||||||
Net realized gain and unrealized appreciation on investments | 149 | |||||||
Net increase in net assets resulting from operations | $ | 726 |
See Notes to Financial Statements
Capital Group California Short-Term Municipal Fund
Statements of changes in net assets
(dollars in thousands)
For the six months ended 4/30/16* | For the year ended 10/31/15 | |||||||
Operations: | ||||||||
Net investment income | $ | 577 | $ | 1,251 | ||||
Net realized gain on investments | 71 | 162 | ||||||
Net unrealized appreciation (depreciation) on investments | 78 | (535 | ) | |||||
Net increase in net assets resulting from operations | 726 | 878 | ||||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (577 | ) | (1,252 | ) | ||||
Distributions from capital gain | (123 | ) | (48 | ) | ||||
Total dividends and distributions | (700 | ) | (1,300 | ) | ||||
Net capital share transactions | (782 | ) | (25,883 | ) | ||||
Total decrease in net assets | (756 | ) | (26,305 | ) | ||||
Net assets: | ||||||||
Beginning of period | 112,001 | 138,306 | ||||||
End of period (including undistributed net investment income: $–† and $–, respectively.) | $ | 111,245 | $ | 112,001 |
* | Unaudited. |
† | Amount less than one thousand. |
See Notes to Financial Statements
Capital Group Core Bond Fund
Statement of assets and liabilities
at April 30, 2016 (unaudited)
(dollars and shares in thousands, except per share amounts)
Assets: | ||||||||
Investment securities, at value (cost: $307,926) | $ | 312,724 | ||||||
Short-term investments, at value (cost: $19,898) | 19,898 | |||||||
Cash | 206 | |||||||
Receivables for: | ||||||||
Sales of investments | 16,728 | |||||||
Sales of fund’s shares | 324 | |||||||
Interest | 1,817 | |||||||
Reimbursement from investment adviser | 8 | |||||||
18,877 | ||||||||
Prepaid expenses | 8 | |||||||
Total assets | 351,713 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 13,611 | |||||||
Repurchases of fund’s shares | 15 | |||||||
Investment advisory services | 195 | |||||||
Other accrued expenses | 69 | |||||||
Total liabilities | 13,890 | |||||||
Net assets at April 30, 2016: | $ | 337,823 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 332,197 | ||||||
Distributions in excess of net investment income | (17 | ) | ||||||
Accumulated net realized gain | 845 | |||||||
Net unrealized appreciation | 4,798 | |||||||
Net assets at April 30, 2016 | $ | 337,823 | ||||||
Shares outstanding: | 32,816 | |||||||
Net asset value per share: | $ | 10.29 |
See Notes to Financial Statements
Capital Group Core Bond Fund
Statement of operations
for the six months ended April 30, 2016 (unaudited)
(dollars in thousands)
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 3,169 | ||||||
Fees and expenses: | ||||||||
Investment advisory services | 578 | |||||||
Administrative and accounting services | 46 | |||||||
Registration fees | 11 | |||||||
Audit and tax fees | 20 | |||||||
Transfer agent services | 10 | |||||||
Trustees’ compensation | 14 | |||||||
Other | 6 | |||||||
Total fees and expenses before reimbursements | 685 | |||||||
Less reimbursements of fees and expenses | 25 | |||||||
Total fees and expenses after reimbursements | 660 | |||||||
Net investment income | 2,509 | |||||||
Net realized gain and unrealized appreciation on investments: | ||||||||
Net realized gain on investments | 944 | |||||||
Net unrealized appreciation on investments | 3,443 | |||||||
Net realized gain and unrealized appreciation on investments | 4,387 | |||||||
Net increase in net assets resulting from operations | $ | 6,896 |
See Notes to Financial Statements
Capital Group Core Bond Fund
Statements of changes in net assets
(dollars in thousands)
For the six months ended 4/30/16* | For the year ended 10/31/15 | |||||||
Operations: | ||||||||
Net investment income | $ | 2,509 | $ | 5,124 | ||||
Net realized gain on investments | 944 | 1,005 | ||||||
Net unrealized appreciation (depreciation) on investments | 3,443 | (2,161 | ) | |||||
Net increase in net assets resulting from operations | 6,896 | 3,968 | ||||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (2,588 | ) | (5,130 | ) | ||||
Distributions from capital gain | (922 | ) | (748 | ) | ||||
Total dividends and distributions | (3,510 | ) | (5,878 | ) | ||||
Net capital share transactions | (117 | ) | 26,219 | |||||
Total increase in net assets | 3,269 | 24,309 | ||||||
Net assets: | ||||||||
Beginning of period | 334,554 | 310,245 | ||||||
End of period (including distributions in excess of and undistributed net investment income: $(17) and $62, respectively.) | $ | 337,823 | $ | 334,554 |
* Unaudited.
See Notes to Financial Statements
Capital Group Global Equity Fund
Statement of assets and liabilities
at April 30, 2016 (unaudited)
(dollars and shares in thousands, except per share amounts)
Assets: | ||||||||
Investment securities, at value (cost: $399,594) | $ | 468,648 | ||||||
Short-term investments, at value (cost: $21,591) | 21,594 | |||||||
Cash | 11 | |||||||
Foreign currency, at value (cost: $–)* | — | * | ||||||
Receivables for: | ||||||||
Sales of fund’s shares | 886 | |||||||
Dividends | 1,611 | |||||||
Reimbursement from investment adviser | 5 | |||||||
2,502 | ||||||||
Prepaid expenses | — | * | ||||||
Total assets | 492,755 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 63 | |||||||
Repurchases of fund’s shares | 8 | |||||||
Unified Management fees | 685 | |||||||
Other accrued expenses | 15 | |||||||
Total liabilities | 771 | |||||||
Net assets at April 30, 2016: | $ | 491,984 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 423,578 | ||||||
Accumulated undistributed net investment income | 2,934 | |||||||
Accumulated net realized loss | (3,602 | ) | ||||||
Net unrealized appreciation | 69,074 | |||||||
Net assets at April 30, 2016 | $ | 491,984 | ||||||
Shares outstanding: | 40,046 | |||||||
Net asset value per share: | $ | 12.29 |
* Amount less than one thousand.
See Notes to Financial Statements
Capital Group Global Equity Fund
Statement of operations
for the six months ended April 30, 2016 (unaudited)
(dollars in thousands)
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of non-U.S. taxes of $332) | $ | 6,181 | ||||||
Interest | 37 | 6,218 | ||||||
Fees and expenses: | ||||||||
Unified Management fees | 2,012 | |||||||
Trustees’ compensation | 14 | |||||||
Legal fees | 1 | |||||||
Other | — | * | ||||||
Total fees and expenses before reimbursements | 2,027 | |||||||
Less reimbursements of fees and expenses | 15 | |||||||
Total fees and expenses after reimbursements | 2,012 | |||||||
Net investment income | 4,206 | |||||||
Net realized loss and unrealized (depreciation) appreciation on investments and currency: | ||||||||
Net realized loss on investments | (3,067 | ) | ||||||
Net realized loss on currency | (23 | ) | ||||||
Net unrealized depreciation on investments | (10,282 | ) | ||||||
Net unrealized appreciation on currency translations | 36 | |||||||
Net realized loss and unrealized depreciation on investments and currency | (13,336 | ) | ||||||
Net decrease in net assets resulting from operations | $ | (9,130 | ) |
* Amount less than one thousand.
See Notes to Financial Statements
Capital Group Global Equity Fund
Statements of changes in net assets
(dollars in thousands)
For the six months ended 4/30/16* | For the year ended 10/31/15 | |||||||
Operations: | ||||||||
Net investment income | $ | 4,206 | $ | 6,850 | ||||
Net realized (loss) gain on investments and currency | (3,090 | ) | 17,601 | |||||
Net unrealized depreciation on investments and currency | (10,246 | ) | (18,475 | ) | ||||
Net (decrease) increase in net assets resulting from operations | (9,130 | ) | 5,976 | |||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (6,944 | ) | (5,230 | ) | ||||
Distributions from capital gain | (15,930 | ) | (5,575 | ) | ||||
Total dividends and distributions | (22,874 | ) | (10,805 | ) | ||||
Net capital share transactions | 26,307 | (7,650 | ) | |||||
Total decrease in net assets | (5,697 | ) | (12,479 | ) | ||||
Net assets: | ||||||||
Beginning of period | 497,681 | 510,160 | ||||||
End of period (including undistributed net investment income: $2,934 and $5,672, respectively.) | $ | 491,984 | $ | 497,681 |
* Unaudited.
See Notes to Financial Statements
Capital Group International Equity Fund
Statement of assets and liabilities
at April 30, 2016 (unaudited)
(dollars and shares in thousands, except per share amounts)
Assets: | ||||||||
Investment securities, at value (cost: $1,174,905) | $ | 1,298,579 | ||||||
Short-term investments, at value (cost: $58,794) | 58,793 | |||||||
Cash | 72 | |||||||
Foreign currency, at value (cost: $486) | 499 | |||||||
Receivables for: | ||||||||
Sales of fund’s shares | 952 | |||||||
Dividends | 8,785 | |||||||
Reimbursement from investment adviser | 5 | |||||||
9,742 | ||||||||
Prepaid expenses | — | * | ||||||
Total assets | 1,367,685 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Repurchases of fund’s shares | 1,347 | |||||||
Unified Management fees | 1,904 | |||||||
Other accrued expenses | 13 | |||||||
Total liabilities | 3,264 | |||||||
Net assets at April 30, 2016: | $ | 1,364,421 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 1,316,710 | ||||||
Accumulated undistributed net investment income | 9,859 | |||||||
Accumulated net realized loss | (85,977 | ) | ||||||
Net unrealized appreciation | 123,829 | |||||||
Net assets at April 30, 2016 | $ | 1,364,421 | ||||||
Shares outstanding: | 122,649 | |||||||
Net asset value per share: | $ | 11.12 |
* Amount less than one thousand.
See Notes to Financial Statements
Capital Group International Equity Fund
Statement of operations
for the six months ended April 30, 2016 (unaudited)
(dollars in thousands)
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of non-U.S. taxes of $1,745) | $ | 16,024 | ||||||
Interest | 90 | 16,114 | ||||||
Fees and expenses: | ||||||||
Unified Management fees | 5,558 | |||||||
Trustees’ compensation | 14 | |||||||
Legal fees | 1 | |||||||
Other | — | * | ||||||
Total fees and expenses before reimbursements | 5,573 | |||||||
Less reimbursements of fees and expenses | 15 | |||||||
Total fees and expenses after reimbursements | 5,558 | |||||||
Net investment income | 10,556 | |||||||
Net realized loss and unrealized (depreciation) appreciation on investments and currency: | ||||||||
Net realized loss on investments | (28,683 | ) | ||||||
Net realized loss on currency | (70 | ) | ||||||
Net unrealized depreciation on investments | (5,161 | ) | ||||||
Net unrealized appreciation on currency translations | 307 | |||||||
Net realized loss and unrealized depreciation on investments and currency | (33,607 | ) | ||||||
Net decrease in net assets resulting from operations | $ | (23,051 | ) |
* Amount less than one thousand.
See Notes to Financial Statements
Capital Group International Equity Fund
Statements of changes in net assets
(dollars in thousands)
For the six months ended 4/30/16* | For the year ended 10/31/15 | |||||||
Operations: | ||||||||
Net investment income | $ | 10,556 | $ | 15,610 | ||||
Net realized loss on investments and currency | (28,753 | ) | (28,939 | ) | ||||
Net unrealized (depreciation) appreciation on investments and currency | (4,854 | ) | 23,771 | |||||
Net (decrease) increase in net assets resulting from operations | (23,051 | ) | 10,442 | |||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (15,606 | ) | (19,733 | ) | ||||
Total dividends and distributions | (15,606 | ) | (19,733 | ) | ||||
Net capital share transactions | 70,260 | (309,785 | ) | |||||
Total increase (decrease) in net assets | 31,603 | (319,076 | ) | |||||
Net assets: | ||||||||
Beginning of period | 1,332,818 | 1,651,894 | ||||||
End of period (including undistributed net investment income: $9,859 and $14,909, respectively.) | $ | 1,364,421 | $ | 1,332,818 |
* Unaudited.
See Notes to Financial Statements
Capital Group U.S. Equity Fund
Statement of assets and liabilities
at April 30, 2016 (unaudited)
(dollars and shares in thousands, except per share amounts)
Assets: | ||||||||
Investment securities, at value (cost: $146,350) | $ | 191,778 | ||||||
Short-term investments, at value (cost: $5,800) | 5,800 | |||||||
Cash | 36 | |||||||
Receivables for: | ||||||||
Sales of fund’s shares | 74 | |||||||
Dividends | 294 | |||||||
Reimbursement from investment adviser | 5 | |||||||
373 | ||||||||
Prepaid expenses | — | * | ||||||
Total assets | 197,987 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 84 | |||||||
Repurchases of fund’s shares | 9 | |||||||
Unified Management fees | 211 | |||||||
Other accrued expenses | 12 | |||||||
Total liabilities | 316 | |||||||
Net assets at April 30, 2016: | $ | 197,671 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 148,877 | ||||||
Accumulated undistributed net investment income | 223 | |||||||
Accumulated net realized gain | 3,143 | |||||||
Net unrealized appreciation | 45,428 | |||||||
Net assets at April 30, 2016 | $ | 197,671 | ||||||
Shares outstanding: | 10,203 | |||||||
Net asset value per share: | $ | 19.37 |
* Amount less than one thousand.
See Notes to Financial Statements
Capital Group U.S. Equity Fund
Statement of operations
for the six months ended April 30, 2016 (unaudited)
(dollars in thousands)
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of non-U.S. taxes of $22) | $ | 2,390 | ||||||
Interest | 10 | 2,400 | ||||||
Fees and expenses: | ||||||||
Unified Management fees | 617 | |||||||
Trustees’ compensation | 14 | |||||||
Legal fees | 1 | |||||||
Other | — | * | ||||||
Total fees and expenses before reimbursements | 632 | |||||||
Less reimbursements of fees and expenses | 15 | |||||||
Total fees and expenses after reimbursements | 617 | |||||||
Net investment income | 1,783 | |||||||
Net realized gain and unrealized depreciation on investments and currency: | ||||||||
Net realized gain on investments | 3,234 | |||||||
Net realized gain on currency | — | * | ||||||
Net unrealized depreciation on investments | (1,688 | ) | ||||||
Net realized gain and unrealized depreciation on investments and currency | 1,546 | |||||||
Net increase in net assets resulting from operations | $ | 3,329 |
* Amount less than one thousand.
See Notes to Financial Statements
Capital Group U.S. Equity Fund
Statements of changes in net assets
(dollars in thousands)
For the six months ended 4/30/16* | For the year ended 10/31/15 | |||||||
Operations: | ||||||||
Net investment income | $ | 1,783 | $ | 2,582 | ||||
Net realized gain on investments and currency | 3,234 | 6,821 | ||||||
Net unrealized depreciation on investments | (1,688 | ) | (1,849 | ) | ||||
Net increase in net assets resulting from operations | 3,329 | 7,554 | ||||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (1,560 | ) | (2,369 | ) | ||||
Distributions from capital gain | (6,581 | ) | (6,835 | ) | ||||
Total dividends and distributions | (8,141 | ) | (9,204 | ) | ||||
Net capital share transactions | 4,509 | 7,361 | ||||||
Total (decrease) increase in net assets | (303 | ) | 5,711 | |||||
Net assets: | ||||||||
Beginning of period | 197,974 | 192,263 | ||||||
End of period (including undistributed net investment income: $223 and $–, respectively.) | $ | 197,671 | $ | 197,974 |
* Unaudited.
See Notes to Financial Statements
Capital Group Private Client Services Funds
Notes to financial statements (unaudited)
1. Organization
Capital Group 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 International 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, Capital Group International Equity Fund and Capital Group U.S. Equity Fund seek to provide prudent growth of capital and conservation of principal.
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.
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.
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
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 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.
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
Processes and structure – The funds’ board of trustees has delegated authority to the funds’ investment adviser to make fair value determinations, subject to board oversight. The funds’ investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair value process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the funds’ investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees with supplemental information to support the changes. The funds’ board and audit committee also regularly review reports that describe fair value determinations and methods.
The funds’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes, and controls over security valuation are also subject to additional internal reviews including an annual control self-evaluation program facilitated by the funds’ investment adviser’s compliance group.
Classifications – The funds’ investment adviser classifies the funds’ assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the funds’ investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the funds’ valuation levels as of April 30, 2016 (dollars in thousands):
Investment securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Capital Group Core Municipal Fund | ||||||||||||||||
Bonds & notes | ||||||||||||||||
Municipals | $ | — | $ | 374,435 | $ | — | $ | 374,435 | ||||||||
Corporate bonds & notes | — | 456 | — | 456 | ||||||||||||
Short-term securities | — | 10,600 | — | 10,600 | ||||||||||||
Total | $ | — | $ | 385,491 | $ | — | $ | 385,491 | ||||||||
Capital Group Short-Term Municipal Fund | ||||||||||||||||
Bonds & notes | $ | — | $ | 142,709 | $ | — | $ | 142,709 | ||||||||
Short-term securities | — | 10,435 | — | 10,435 | ||||||||||||
Total | $ | — | $ | 153,144 | $ | — | $ | 153,144 | ||||||||
Capital Group California Core Municipal Fund | ||||||||||||||||
Bonds & notes | $ | — | $ | 308,710 | $ | — | $ | 308,710 | ||||||||
Short-term securities | — | 7,853 | — | 7,853 | ||||||||||||
Total | $ | — | $ | 316,563 | $ | — | $ | 316,563 |
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
Investment securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Capital Group California Short-Term Municipal Fund | ||||||||||||||||
Bonds & notes | $ | — | $ | 103,818 | $ | — | $ | 103,818 | ||||||||
Short-term securities | — | 4,200 | — | 4,200 | ||||||||||||
Total | $ | — | $ | 108,018 | $ | — | $ | 108,018 | ||||||||
Capital Group Core Bond Fund | ||||||||||||||||
Bonds, notes & other debt investments | ||||||||||||||||
U.S. government & government agency bonds & notes | $ | — | $ | 172,856 | $ | — | $ | 172,856 | ||||||||
Mortgage-backed obligations | — | 34,250 | — | 34,250 | ||||||||||||
Corporate bonds & notes | — | 75,977 | — | 75,977 | ||||||||||||
Municipals | — | 6,722 | — | 6,722 | ||||||||||||
Government & government agency bonds & notes outside the U.S. | — | 2,109 | — | 2,109 | ||||||||||||
Asset-backed obligations | — | 20,810 | — | 20,810 | ||||||||||||
Short-term securities | — | 19,898 | — | 19,898 | ||||||||||||
Total | $ | — | $ | 332,622 | $ | — | $ | 332,622 | ||||||||
Capital Group Global Equity Fund | ||||||||||||||||
Common Stocks 1 | ||||||||||||||||
Information Technology | $ | 54,418 | $ | 32,883 | $ | — | $ | 87,301 | ||||||||
Financials | 51,962 | 32,721 | — | 84,683 | ||||||||||||
Industrials | 26,724 | 34,798 | — | 61,522 | ||||||||||||
Health Care | 29,008 | 31,286 | — | 60,294 | ||||||||||||
Consumer Staples | 14,925 | 42,616 | — | 57,541 | ||||||||||||
Consumer Discretionary | 35,255 | 16,350 | — | 51,605 | ||||||||||||
Energy | 26,858 | 2,847 | — | 29,705 | ||||||||||||
Telecommunication Services | 3,265 | 11,511 | — | 14,776 | ||||||||||||
Materials | 9,211 | 3,141 | — | 12,352 | ||||||||||||
Utilities | 2,344 | 6,525 | — | 8,869 | ||||||||||||
Short-term securities | — | 21,594 | — | 21,594 | ||||||||||||
Total | $ | 253,970 | $ | 236,272 | $ | — | $ | 490,242 | ||||||||
Capital Group International Equity Fund | ||||||||||||||||
Common Stocks 2 | ||||||||||||||||
Industrials | $ | 4,629 | $ | 203,240 | $ | — | $ | 207,869 | ||||||||
Information Technology | 17,466 | 180,348 | — | 197,814 | ||||||||||||
Health Care | 10,163 | 187,026 | — | 197,189 | ||||||||||||
Financials | 9,833 | 183,706 | — | 193,539 | ||||||||||||
Consumer Staples | — | 185,895 | — | 185,895 | ||||||||||||
Consumer Discretionary | 28,950 | 122,278 | — | 151,228 | ||||||||||||
Telecommunication Services | — | 73,737 | — | 73,737 | ||||||||||||
Energy | 17,684 | 30,799 | — | 48,483 | ||||||||||||
Materials | — | 24,301 | — | 24,301 | ||||||||||||
Utilities | — | 14,227 | — | 14,227 | ||||||||||||
Preferred Securities | — | 4,297 | — | 4,297 | ||||||||||||
Short-term securities | — | 58,793 | — | 58,793 | ||||||||||||
Total | $ | 88,725 | $ | 1,268,647 | $ | — | $ | 1,357,372 |
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
Investment securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Capital Group U.S. Equity Fund | ||||||||||||||||
Common Stocks 3 | $ | 191,778 | $ | — | $ | — | $ | 191,778 | ||||||||
Short-term securities | — | 5,800 | — | 5,800 | ||||||||||||
Total | $ | 191,778 | $ | 5,800 | $ | — | $ | 197,578 |
1 | Level 2 includes investment securities with an aggregate value of $214,678,000, which represented 43.63% of the net assets of the Fund, that were fair valued under guidelines adopted by authority of the Fund’s investment advisor as a result of significant market movements following the close of local trading. |
2 | Level 2 includes investment securities with an aggregate value of $1,209,854,000, which represented 88.67% of the net assets of the Fund, that were fair valued under guidelines adopted by authority of the Fund’s investment advisor as a result of significant market movements following the close of local trading. |
3 | The level classification by major category of investments is the same as the category presentation in the Schedule of investments. |
4. Risk factors
Investing in the funds may involve certain risks including, but not limited to, those described below.
Market conditions – The prices of, and the income generated by, the securities held by the 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 exchange rate, interest rate and commodity price fluctuations.
Issuer risks – The prices of, and the income generated by, securities held by the 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 the 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 the 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 the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s 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 the 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.
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
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 the 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 the fund more susceptible to certain economic, political or regulatory occurrences. As a result, the potential for fluctuations in the fund’s share price may increase.
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 the 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 the 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 or revenues 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 operate or generate revenue. 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. Issuers of these securities may be more susceptible to actions of foreign governments, such as the imposition of price controls or punitive taxes, that could adversely impact revenues. 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 the fund. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
Management – The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its 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 Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund is exempt from federal income taxes; however, these funds may earn taxable income from certain investments.
As of and during the period ended April 30, 2016, the funds did not have a liability for any unrecognized tax benefits. The funds recognized interest and penalties, if any, related to unrecognized tax benefit as income tax expense in the statement of operations. During the period, the funds did not incur any interest or penalties.
Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund are not subject to examination by U.S. federal tax authorities for tax years before 2011 and by state tax authorities for tax years before 2010, the year the funds commenced operations.
Capital Group Global Equity Fund, Capital Group International 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. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the fund on the sale of securities in certain countries are subject to non-U.S. taxes. The fund records 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, 2015. These will be used to offset any capital gains realized by the funds in future years. Funds with capital loss carryforwards will not make distributions from capital gains while capital loss carryforwards remain.
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
The components of distributable earnings on a tax basis are reported as of the funds’ most recent year-end. As of October 31, 2015 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 Internatio -nal equity | Capital Group U.S. Equity Fund | |||||||||||||||||||||||||
As of October 31, 2015: | ||||||||||||||||||||||||||||||||
Undistributed tax-exempt income | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Undistributed ordinary income | — | — | — | — | 385 | 5,674 | 14,922 | — | ||||||||||||||||||||||||
Undistributed long-term capital gain | 303 | 21 | — | 123 | 617 | 15,930 | — | 6,581 | ||||||||||||||||||||||||
Capital loss carryforward No expiration | — | — | (54 | ) | — | — | — | (51,961 | ) | — | ||||||||||||||||||||||
Capital loss carryforwards utilized | $ | 123 | $ | — | $ | 106 | $ | — | $ | — | $ | — | $ | — | $ | — |
As of April 30, 2016, 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 Internation- al Equity Fund | Capital Group U.S. Equity Fund | |||||||||||||||||||||||||
Gross unrealized appreciation on investment securities | $ | 11,796 | $ | 1,489 | $ | 12,530 | $ | 1,434 | $ | 6,240 | $ | 82,477 | $ | 169,519 | $ | 47,479 | ||||||||||||||||
Gross unrealized depreciation on investment securities | (323 | ) | (180 | ) | (157 | ) | (39 | ) | (1,442 | ) | (13,420 | ) | (45,846 | ) | (2,051 | ) | ||||||||||||||||
Net unrealized appreciation on investment securities | $ | 11,473 | $ | 1,309 | $ | 12,373 | $ | 1,395 | $ | 4,798 | $ | 69,057 | $ | 123,673 | $ | 45,428 | ||||||||||||||||
Cost of investments securities | $ | 374,018 | $ | 151,835 | $ | 304,190 | $ | 106,623 | $ | 327,824 | $ | 421,185 | $ | 1,233,699 | $ | 152,150 |
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
The tax character of distributions paid to shareholder was as follows (dollars in thousands):
Six months ended April 30, 2016 | Year ended October 31, 2015 | |||||||||||||||||||||||
Long-Term | Long-Term | |||||||||||||||||||||||
Ordinary | Capital | Ordinary | Capital | |||||||||||||||||||||
Tax-Exempt | Income | Gains | Tax-Exempt | Income | Gains | |||||||||||||||||||
Capital Group Core Municipal Fund | $ | 3,825 | $ | — | $ | 303 | $ | 7,158 | $ | 14 | $ | 1 | ||||||||||||
Capital Group Short-Term Municipal Fund | 873 | — | 21 | 1,733 | — | 1 | 67 | |||||||||||||||||
Capital Group California Core Municipal Fund | 2,987 | — | — | 5,748 | 8 | — | ||||||||||||||||||
Capital Group California Short-Term Municipal Fund | 577 | — | 123 | 1,252 | — | 1 | 48 | |||||||||||||||||
Capital Group Core Bond Fund | — | 2,893 | 617 | — | 5,500 | 379 | ||||||||||||||||||
Capital Group Global Equity Fund | — | 6,944 | 15,930 | — | 5,230 | 5,575 | ||||||||||||||||||
Capital Group International Equity Fund | — | 15,606 | — | — | 19,733 | — | ||||||||||||||||||
Capital Group U.S. Equity Fund | — | 1,560 | 6,581 | — | 2,369 | 6,835 |
1 | Amounts less than one thousand. |
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 April 30, 2016, to limit the funds’ total annual fund operating expenses to the following rates (as a percentage of average daily net assets):
Expense | ||||
Fund | 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 International Equity Fund | 0.85 | % | ||
Capital Group U.S. Equity Fund | 0.65 | % |
CGTC does not intend to recoup any reimbursed expenses 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 International Equity Fund and
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
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 net assets of the fund. The unified management fee for Capital Group Global Equity Fund and Capital Group International 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, compensation, 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, which are currently reimbursed by the advisor. 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.
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
8. Capital share transactions
Capital share transactions in the funds were as follows (dollars and shares in thousands):
Sales | Reinvestment of Dividends and Distributions | Repurchases | Net Increase/(Decrease) | |||||||||||||||||||||||||||||
Fund | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Period ended April 30, 2016 (unaudited) | ||||||||||||||||||||||||||||||||
Capital Group Core Municipal Fund | $ | 36,912 | 3,502 | $ | 2,800 | 266 | $ | (30,113 | ) | (2,859 | ) | $ | 9,599 | 909 | ||||||||||||||||||
Capital Group Short-Term Municipal Fund | 63,073 | 6,228 | 658 | 65 | (50,387 | ) | (4,972 | ) | 13,344 | 1,321 | ||||||||||||||||||||||
Capital Group California Core Municipal Fund | 30,480 | 2,849 | 1,890 | 177 | (22,966 | ) | (2,147 | ) | 9,404 | 879 | ||||||||||||||||||||||
Capital Group California Short-Term Municipal Fund | 13,778 | 1,341 | 524 | 51 | (15,084 | ) | (1,466 | ) | (782 | ) | (74 | ) | ||||||||||||||||||||
Capital Group Core Bond Fund | 25,184 | 2,470 | 2,645 | 261 | (27,946 | ) | (2,745 | ) | (117 | ) | (14 | ) | ||||||||||||||||||||
Capital Group Global Equity Fund | 47,305 | 3,892 | 18,674 | 1,494 | (39,672 | ) | (3,234 | ) | 26,307 | 2,152 | ||||||||||||||||||||||
Capital Group International Equity Fund | 337,235 | 31,481 | 2,021 | 178 | (268,996 | ) | (24,923 | ) | 70,260 | 6,736 | ||||||||||||||||||||||
Capital Group U.S. Equity Fund | 12,121 | 656 | 7,417 | 384 | (15,029 | ) | (794 | ) | 4,509 | 246 |
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
Sales | Reinvestment of Dividends and Distributions | Repurchases | Net Increase/(Decrease) | |||||||||||||||||||||||||||||
Fund | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended October 31, 2015 | ||||||||||||||||||||||||||||||||
Capital Group Core Municipal Fund | $ | 75,222 | 7,157 | $ | 4,593 | 438 | $ | (39,441 | ) | (3,755 | ) | $ | 40,374 | 3,840 | ||||||||||||||||||
Capital Group Short-Term Municipal Fund | 63,240 | 6,239 | 1,303 | 129 | (76,648 | ) | (7,563 | ) | (12,105 | ) | (1,195 | ) | ||||||||||||||||||||
Capital Group California Core Municipal Fund | 58,998 | 5,571 | 3,673 | 347 | (36,717 | ) | (3,471 | ) | 25,954 | 2,447 | ||||||||||||||||||||||
Capital Group California Short-Term Municipal Fund | 38,075 | 3,703 | 1,004 | 98 | (64,962 | ) | (6,323 | ) | (25,883 | ) | (2,522 | ) | ||||||||||||||||||||
Capital Group Core Bond Fund | 62,706 | 6,117 | 4,272 | 417 | (40,759 | ) | (3,980 | ) | 26,219 | 2,554 | ||||||||||||||||||||||
Capital Group Global Equity Fund | 73,619 | 5,498 | 8,308 | 632 | (89,577 | ) | (6,692 | ) | (7,650 | ) | (562 | ) | ||||||||||||||||||||
Capital Group International Equity Fund | 495,615 | 42,405 | 1,930 | 169 | (807,330 | ) | (69,521 | ) | (309,785 | ) | (26,947 | ) | ||||||||||||||||||||
Capital Group U.S. Equity Fund | 28,864 | 1,453 | 8,247 | 424 | (29,750 | ) | (1,481 | ) | 7,361 | 396 |
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).
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (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’ period ended April 30, 2016, 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 | $ | — | $ | 36,442 | $ | — | $ | 29,112 | ||||||||
Capital Group Short-Term Municipal Fund | — | 34,481 | — | 16,885 | ||||||||||||
Capital Group California Core Municipal Fund | — | 22,225 | — | 12,791 | ||||||||||||
Capital Group California Short-Term Municipal Fund | — | 6,119 | — | 10,085 | ||||||||||||
Capital Group Core Bond Fund | 134,658 | 32,153 | 120,407 | 33,189 | ||||||||||||
Capital Group Global Equity Fund | — | 56,456 | — | 57,238 | ||||||||||||
Capital Group International Equity Fund | — | 242,907 | — | 167,623 | ||||||||||||
Capital Group U.S. Equity Fund | — | 29,056 | — | 26,296 |
Capital Group Core Municipal Fund
Financial highlights
(for a share outstanding throughout each period)
For the six | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
ended | For the year ended | |||||||||||||||||||||||
4/30/161 | 10/31/15 | 10/31/14 | 10/31/13 | 10/31/12 | 10/31/11 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.49 | $ | 10.56 | $ | 10.44 | $ | 10.64 | $ | 10.29 | $ | 10.27 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.10 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | ||||||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.07 | (0.07 | ) | 0.12 | (0.20 | ) | 0.35 | 0.04 | ||||||||||||||||
Total from investment operations | 0.17 | 0.14 | 0.33 | 0.01 | 0.56 | 0.25 | ||||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.10 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | ||||||||||||
Distributions from capital gain | (0.01 | ) | — | — | — | — | (0.02 | ) | ||||||||||||||||
Total dividends and distributions | (0.11 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | (0.23 | ) | ||||||||||||
Net asset value, end of period | $ | 10.55 | $ | 10.49 | $ | 10.56 | $ | 10.44 | $ | 10.64 | $ | 10.29 | ||||||||||||
Total return3 | 1.66 | % | 1.31 | % | 3.18 | % | 0.10 | % | 5.46 | % | 2.56 | % | ||||||||||||
Net assets, end of period (in millions) | $ | 391 | $ | 379 | $ | 341 | $ | 299 | $ | 292 | $ | 250 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.41 | %4 | 0.42 | % | 0.41 | % | 0.41 | % | 0.42 | % | 0.42 | % | ||||||||||||
Ratio of expenses to average net assets after reimbursement 3 | 0.40 | %4 | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
Ratio of net investment income to average net assets 3 | 2.00 | %4 | 1.97 | % | 2.00 | % | 2.00 | % | 1.98 | % | 2.10 | % | ||||||||||||
Portfolio turnover rate | 8 | %5 | 16 | % | 9 | % | 18 | % | 13 | % | 19 | % |
1 | Unaudited. |
2 | Based on average shares outstanding. |
3 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. |
4 | Annualized. |
5 | Not annualized for periods less than one year. |
Private Client Services Funds
Capital Group Short-Term Municipal Fund
Financial highlights
(for a share outstanding throughout each period)
For the six | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
ended | For the year ended | |||||||||||||||||||||||
4/30/161 | 10/31/15 | 10/31/14 | 10/31/13 | 10/31/12 | 10/31/11 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.12 | $ | 10.19 | $ | 10.21 | $ | 10.32 | $ | 10.19 | $ | 10.17 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.06 | 0.12 | 0.13 | 0.14 | 0.14 | 0.11 | ||||||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.02 | (0.07 | ) | (0.01 | ) | (0.07 | ) | 0.13 | 0.02 | |||||||||||||||
Total from investment operations | 0.08 | 0.05 | 0.12 | 0.07 | 0.27 | 0.13 | ||||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.06 | ) | (0.12 | ) | (0.13 | ) | (0.14 | ) | (0.14 | ) | (0.10 | ) | ||||||||||||
Distributions from capital gain | (— | )3 | (— | )3 | (0.01 | ) | (0.04 | ) | — | (0.01 | ) | |||||||||||||
Total dividends and distributions | (0.06 | ) | (0.12 | ) | (0.14 | ) | (0.18 | ) | (0.14 | ) | (0.11 | ) | ||||||||||||
Net asset value, end of period | $ | 10.14 | $ | 10.12 | $ | 10.19 | $ | 10.21 | $ | 10.32 | $ | 10.19 | ||||||||||||
Total return4 | 0.76 | % | 0.51 | % | 1.20 | % | 0.66 | % | 2.63 | % | 1.33 | % | ||||||||||||
Net assets, end of period (in millions) | $ | 156 | $ | 142 | $ | 155 | $ | 136 | $ | 124 | $ | 138 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.46 | %5 | 0.46 | % | 0.45 | % | 0.44 | % | 0.46 | % | 0.46 | % | ||||||||||||
Ratio of expenses to average net assets after reimbursement4 | 0.40 | %5 | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
Ratio of net investment income to average net assets4 | 1.11 | %5 | 1.15 | % | 1.24 | % | 1.34 | % | 1.32 | % | 1.04 | % | ||||||||||||
Portfolio turnover rate | 12 | %6 | 27 | % | 20 | % | 18 | % | 25 | % | 15 | % |
1 | Unaudited. |
2 | Based on average shares outstanding. |
3 | Amount less than $0.01. |
4 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. |
5 | Annualized. |
6 | Not annualized for periods less than one year. |
Private Client Services Funds
Capital Group California Core Municipal Fund
Financial highlights
(for a share outstanding throughout each period)
For the six | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
ended | For the year ended | |||||||||||||||||||||||
4/30/161 | 10/31/15 | 10/31/14 | 10/31/13 | 10/31/12 | 10/31/11 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.59 | $ | 10.62 | $ | 10.40 | $ | 10.65 | $ | 10.25 | $ | 10.19 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.10 | 0.21 | 0.20 | 0.20 | 0.21 | 0.20 | ||||||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.15 | (0.03 | ) | 0.22 | (0.20 | ) | 0.40 | 0.06 | ||||||||||||||||
Total from investment operations | 0.25 | 0.18 | 0.42 | 0.00 | 0.61 | 0.26 | ||||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.10 | ) | (0.21 | ) | (0.20 | ) | (0.21 | ) | (0.21 | ) | (0.20 | ) | ||||||||||||
Distributions from capital gain | — | — | — | (0.04 | ) | (— | )3 | (— | )3 | |||||||||||||||
Total dividends and distributions | (0.10 | ) | (0.21 | ) | (0.20 | ) | (0.25 | ) | (0.21 | ) | (0.20 | ) | ||||||||||||
Net asset value, end of period | $ | 10.74 | $ | 10.59 | $ | 10.62 | $ | 10.40 | $ | 10.65 | $ | 10.25 | ||||||||||||
Total return4 | 2.39 | % | 1.68 | % | 4.08 | % | (0.04 | )% | 5.99 | % | 2.61 | % | ||||||||||||
Net assets, end of period (in millions) | $ | 319 | $ | 305 | $ | 280 | $ | 227 | $ | 208 | $ | 158 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.41 | %5 | 0.42 | % | 0.41 | % | 0.41 | % | 0.42 | % | 0.42 | % | ||||||||||||
Ratio of expenses to average net assets after reimbursement4 | 0.40 | %5 | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
Ratio of net investment income to average net assets4 | 1.93 | %5 | 1.95 | % | 1.92 | % | 1.93 | % | 1.99 | % | 1.98 | % | ||||||||||||
Portfolio turnover rate | 4 | %6 | 13 | % | 18 | % | 17 | % | 21 | % | 24 | % |
1 | Unaudited. |
2 | Based on average shares outstanding. |
3 | Amount less than $0.01. |
4 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. |
5 | Annualized. |
6 | Not annualized for periods less than one year. |
Private Client Services Funds
Capital Group California Short-Term Municipal Fund
Financial highlights
(for a share outstanding throughout each period)
For the six | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
ended | For the year ended | |||||||||||||||||||||||
4/30/161 | 10/31/15 | 10/31/14 | 10/31/13 | 10/31/12 | 10/31/11 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.28 | $ | 10.31 | $ | 10.27 | $ | 10.32 | $ | 10.12 | $ | 10.13 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.05 | 0.10 | 0.09 | 0.09 | 0.09 | 0.08 | ||||||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.01 | (0.03 | ) | 0.04 | (0.04 | ) | 0.20 | (0.01 | ) | |||||||||||||||
Total from investment operations | 0.06 | 0.07 | 0.13 | 0.05 | 0.29 | 0.07 | ||||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.05 | ) | (0.10 | ) | (0.09 | ) | (0.09 | ) | (0.09 | ) | (0.08 | ) | ||||||||||||
Distributions from capital gain | (0.01 | ) | (— | )3 | (— | )3 | (0.01 | ) | (— | )3 | — | |||||||||||||
Total dividends and distributions | (0.06 | ) | (0.10 | ) | (0.09 | ) | (0.10 | ) | (0.09 | ) | (0.08 | ) | ||||||||||||
Net asset value, end of period | $ | 10.28 | $ | 10.28 | $ | 10.31 | $ | 10.27 | $ | 10.32 | $ | 10.12 | ||||||||||||
Total return4 | 0.63 | % | 0.74 | % | 1.30 | % | 0.48 | % | 2.96 | % | 0.72 | % | ||||||||||||
Net assets, end of period (in millions) | $ | 111 | $ | 112 | $ | 138 | $ | 115 | $ | 107 | $ | 77 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.48 | %5 | 0.46 | % | 0.44 | % | 0.44 | % | 0.47 | % | 0.49 | % | ||||||||||||
Ratio of expenses to average net assets after reimbursement4 | 0.40 | %5 | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
Ratio of net investment income to average net assets4 | 1.04 | %5 | 0.98 | % | 0.89 | % | 0.91 | % | 0.92 | % | 0.83 | % | ||||||||||||
Portfolio turnover rate | 6 | %6 | 23 | % | 19 | % | 9 | % | 14 | % | 20 | % |
1 | Unaudited. |
2 | Based on average shares outstanding. |
3 | Amount less than $0.01. |
4 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. |
5 | Annualized. |
6 | Not annualized for periods less than one year. |
Private Client Services Funds
Capital Group Core Bond Fund
Financial highlights
(for a share outstanding throughout each period)
For the six | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
ended | For the year ended | |||||||||||||||||||||||
4/30/161 | 10/31/15 | 10/31/14 | 10/31/13 | 10/31/12 | 10/31/11 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.19 | $ | 10.25 | $ | 10.24 | $ | 10.62 | $ | 10.40 | $ | 10.45 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.08 | 0.16 | 0.16 | 0.15 | 0.17 | 0.19 | ||||||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.13 | (0.04 | ) | 0.04 | (0.22 | ) | 0.23 | 0.09 | ||||||||||||||||
Total from investment operations | 0.21 | 0.12 | 0.20 | (0.07 | ) | 0.40 | 0.28 | |||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.08 | ) | (0.16 | ) | (0.16 | ) | (0.15 | ) | (0.17 | ) | (0.20 | ) | ||||||||||||
Distributions from capital gain | (0.03 | ) | (0.02 | ) | (0.03 | ) | (0.16 | ) | (0.01 | ) | (0.13 | ) | ||||||||||||
Total dividends and distributions | (0.11 | ) | (0.18 | ) | (0.19 | ) | (0.31 | ) | (0.18 | ) | (0.33 | ) | ||||||||||||
Net asset value, end of period | $ | 10.29 | $ | 10.19 | $ | 10.25 | $ | 10.24 | $ | 10.62 | $ | 10.40 | ||||||||||||
Total return3 | 2.05 | % | 1.25 | % | 1.95 | % | (0.69 | )% | 3.92 | % | 2.80 | % | ||||||||||||
Net assets, end of period (in millions) | $ | 338 | $ | 335 | $ | 310 | $ | 296 | $ | 296 | $ | 280 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.41 | %4 | 0.42 | % | 0.41 | % | 0.41 | % | 0.42 | % | 0.42 | % | ||||||||||||
Ratio of expenses to average net assets after reimbursement3 | 0.40 | %4 | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
Ratio of net investment income to average net assets3 | 1.52 | %4 | 1.59 | % | 1.57 | % | 1.43 | % | 1.63 | % | 1.82 | % | ||||||||||||
Portfolio Turnover Rate5: | ||||||||||||||||||||||||
Including mortgage dollar roll transactions | 49 | %6 | 126 | % | 137 | % | 192 | % | 134 | % | 118 | % | ||||||||||||
Excluding mortgage dollar roll transactions | 34 | %6 | 87 | % | — | 7 | — | 7 | — | 7 | — | 7 |
1 | Unaudited. |
2 | Based on average shares outstanding. |
3 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. |
4 | Annualized. |
5 | Refer to Note 5 for more information on mortgage dollar rolls. |
6 | Not annualized for periods less than one year. |
7 | Not available. |
Private Client Services Funds
Capital Group Global Equity Fund
Financial highlights1
(for a share outstanding throughout each period)
For the six | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
ended | For the year ended | |||||||||||||||||||||||
4/30/162 | 10/31/15 | 10/31/14 | 10/31/13 | 10/31/12 | 10/31/113 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.13 | $ | 13.27 | $ | 12.43 | $ | 9.99 | $ | 9.18 | $ | 10.00 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income4 | 0.11 | 0.18 | 0.14 | 0.12 | 0.14 | 0.05 | ||||||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.35 | ) | (0.03 | ) | 0.80 | 2.45 | 0.71 | (0.87 | ) | |||||||||||||||
Total from investment operations | (0.24 | ) | 0.15 | 0.94 | 2.57 | 0.85 | (0.82 | ) | ||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.18 | ) | (0.14 | ) | (0.10 | ) | (0.13 | ) | (0.04 | ) | — | |||||||||||||
Distributions from capital gain | (0.42 | ) | (0.15 | ) | — | — | — | — | ||||||||||||||||
Total dividends and distributions | (0.60 | ) | (0.29 | ) | (0.10 | ) | (0.13 | ) | (0.04 | ) | 0.00 | |||||||||||||
Net asset value, end of period | $ | 12.29 | $ | 13.13 | $ | 13.27 | $ | 12.43 | $ | 9.99 | $ | 9.18 | ||||||||||||
Total return5 | (1.84 | )% | 1.10 | % | 7.60 | % | 26.10 | % | 9.19 | % | (8.20 | )% | ||||||||||||
Net assets, end of period (in millions) | $ | 492 | $ | 498 | $ | 510 | $ | 412 | $ | 205 | $ | 125 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.86 | %6 | 0.86 | % | 0.85 | % | 0.86 | % | 0.86 | % | 0.87 | %6 | ||||||||||||
Ratio of expenses to average net assets after reimbursement5 | 0.85 | %6 | 0.85 | %7 | 0.85 | %7 | 0.85 | % | 0.85 | % | 0.85 | %6 | ||||||||||||
Ratio of net investment income to average net assets5 | 1.78 | %6 | 1.34 | % | 1.09 | % | 1.09 | % | 1.47 | % | 0.94 | %6 | ||||||||||||
Portfolio turnover rate | 12 | %8 | 39 | % | 29 | % | 25 | % | 35 | % | 15 | %8 |
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. |
2 | Unaudited. |
3 | The fund commenced operations on April 1, 2011. |
4 | Based on average shares outstanding. |
5 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. |
6 | Annualized. |
7 | Reimbursement was less than $0.005. |
8 | Not annualized for periods less than one year. |
Private Client Services Funds
Capital Group International Equity Fund
Financial highlights1
(for a share outstanding throughout each period)
For the six | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
ended | For the year ended | |||||||||||||||||||||||
4/30/162 | 10/31/15 | 10/31/14 | 10/31/13 | 10/31/12 | 10/31/113 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.50 | $ | 11.56 | $ | 11.72 | $ | 9.74 | $ | 9.08 | $ | 10.00 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income4 | 0.09 | 0.13 | 0.16 | 0.15 | 0.13 | 0.07 | ||||||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.34 | ) | (0.05 | ) | (0.23 | ) | 1.88 | 0.58 | (0.99 | ) | ||||||||||||||
Total from investment operations | (0.25 | ) | 0.08 | (0.07 | ) | 2.03 | 0.71 | (0.92 | ) | |||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.13 | ) | (0.14 | ) | (0.09 | ) | (0.05 | ) | (0.05 | ) | — | |||||||||||||
Total dividends and distributions | (0.13 | ) | (0.14 | ) | (0.09 | ) | (0.05 | ) | (0.05 | ) | — | |||||||||||||
Net asset value, end of period | $ | 11.12 | $ | 11.50 | $ | 11.56 | $ | 11.72 | $ | 9.74 | $ | 9.08 | ||||||||||||
Total return5 | (2.17 | )% | 0.69 | % | (0.62 | )% | 20.93 | % | 7.91 | % | (9.20 | )% | ||||||||||||
Net assets, end of period (in millions) | $ | 1,364 | $ | 1,333 | $ | 1,652 | $ | 989 | $ | 256 | $ | 50 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.85 | %6 | 0.85 | % | 0.85 | % | 0.85 | % | 0.86 | % | 0.89 | %6 | ||||||||||||
Ratio of expenses to average net assets after reimbursement5 | 0.85 | %6,7 | 0.85 | %7 | 0.85 | %7 | 0.85 | %7 | 0.85 | % | 0.85 | %6 | ||||||||||||
Ratio of net investment income to average net assets5 | 1.61 | %6 | 1.11 | % | 1.35 | % | 1.44 | % | 1.38 | % | 1.32 | %6 | ||||||||||||
Portfolio turnover rate | 13 | %8 | 34 | % | 33 | % | 25 | % | 17 | % | 20 | %8 |
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. |
2 | Unaudited. |
3 | The fund commenced operations on April 1, 2011. |
4 | Based on average shares outstanding. |
5 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company. |
6 | Annualized. |
7 | Reimbursement was less than $0.005. |
8 | Not annualized for periods less than one year. |
Private Client Services Funds
Capital Group U.S. Equity Fund
Financial highlights1
(for a share outstanding throughout each period)
For the | ||||||||||||||||||||||||
six | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
ended | For the year ended | |||||||||||||||||||||||
4/30/162 | 10/31/15 | 10/31/14 | 10/31/13 | 10/31/12 | 10/31/113 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 19.88 | $ | 20.11 | $ | 18.33 | $ | 14.75 | $ | 14.32 | $ | 15.33 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income4 | 0.18 | 0.26 | 0.25 | 0.20 | 0.22 | 0.10 | ||||||||||||||||||
Net realized and unrealized gains (losses) on securities and currency | 0.15 | 0.46 | 2.05 | 3.61 | 1.20 | (1.02 | ) | |||||||||||||||||
Total from investment operations | 0.33 | 0.72 | 2.30 | 3.81 | 1.42 | (0.92 | ) | |||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.16 | ) | (0.24 | ) | (0.24 | ) | (0.22 | ) | (0.17 | ) | (0.09 | ) | ||||||||||||
Distributions from capital gain | (0.68 | ) | (0.71 | ) | (0.28 | ) | (0.01 | ) | (0.82 | ) | — | |||||||||||||
Total dividends and distributions | (0.84 | ) | (0.95 | ) | (0.52 | ) | (0.23 | ) | (0.99 | ) | (0.09 | ) | ||||||||||||
Net asset value, end of period | $ | 19.37 | $ | 19.88 | $ | 20.11 | $ | 18.33 | $ | 14.75 | $ | 14.32 | ||||||||||||
Total return5 | 1.66 | % | 3.75 | % | 12.78 | % | 26.06 | % | 10.81 | % | (6.42 | )% | ||||||||||||
Net assets, end of period (in millions) | $ | 198 | $ | 198 | $ | 192 | $ | 167 | $ | 103 | $ | 74 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.67 | %6 | 0.67 | % | 0.66 | % | 0.66 | % | 0.67 | % | 0.67 | %6 | ||||||||||||
Ratio of expenses to average net assets after reimbursement5 | 0.65 | %6 | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | %6 | ||||||||||||
Ratio of net investment income to average net assets5 | 1.88 | %6 | 1.31 | % | 1.30 | % | 1.22 | % | 1.52 | % | 1.13 | %6 | ||||||||||||
Portfolio turnover rate | 14 | %7 | 29 | % | 27 | % | 25 | % | 53 | % | 82 | %7 |
1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year. |
2 | Unaudited. |
3 | Endowments - Growth and Income Portfolio was reorganized into the Capital U.S. Equity Fund at the close of business effective April 1, 2011. |
4 | Based on average shares outstanding. |
5 | Reflects the impact, if any, of certain waivers or reimbursements by Capital Guardian Trust Company or Capital Research and Management Company, the previous adviser. |
6 | Annualized. |
7 | Not annualized for periods less than one year. |
Private Client Services Funds
Capital Group Private Client Services Funds
Expense example (unaudited)
As a shareholder of the funds, you incur ongoing costs, including management fees and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the funds so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2015 through April 30, 2016).
Actual expenses:
The first line of each fund in the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each fund in the table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the funds and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the funds and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
Shareholders of the funds may be subject to an additional fee charged by Capital Guardian Trust Company’s Capital Group Private Client Services division for the ongoing services provided to the shareholder. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees. Note that the expenses shown in the table are meant to highlight your ongoing costs only. The second line of each fund in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
Beginning account value 11/1/2015 | Ending account value 4/30/2016 | Expenses paid during period* | Annualized expense ratio | |||||||||||||
Capital Group Core Municipal Fund | ||||||||||||||||
actual return | $ | 1,000.00 | $ | 1,016.60 | $ | 2.01 | 0.40 | % | ||||||||
assumed 5% return | 1,000.00 | 1,022.90 | 2.01 | 0.40 | % | |||||||||||
Capital Group Short-Term Municipal Fund | ||||||||||||||||
actual return | 1,000.00 | 1,007.60 | 2.05 | 0.40 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,022.80 | 2.06 | 0.40 | % | |||||||||||
Capital Group California Core Municipal Fund | ||||||||||||||||
actual return | 1,000.00 | 1,023.90 | 2.01 | 0.40 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,022.90 | 2.01 | 0.40 | % | |||||||||||
Capital Group California Short-Term Municipal Fund | ||||||||||||||||
actual return | 1,000.00 | 1,006.30 | 2.05 | 0.40 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,022.80 | 2.06 | 0.40 | % | |||||||||||
Capital Group Core Bond Fund | ||||||||||||||||
actual return | 1,000.00 | 1,020.50 | 2.01 | 0.40 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,022.90 | 2.01 | 0.40 | % | |||||||||||
Capital Group Global Equity Fund | ||||||||||||||||
actual return | 1,000.00 | 981.60 | 4.19 | 0.85 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,020.60 | 4.27 | 0.85 | % |
Capital Group Private Client Services Funds
Expense example (unaudited) (continued)
Beginning account value 11/1/2015 | Ending account value 4/30/2016 | Expenses paid during period* | Annualized expense ratio | |||||||||||||
Capital Group International Equity Fund | ||||||||||||||||
actual return | 1,000.00 | 978.30 | 4.18 | 0.85 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,020.60 | 4.27 | 0.85 | % | |||||||||||
Capital Group U.S. Equity Fund | ||||||||||||||||
actual return | 1,000.00 | 1,016.60 | 3.26 | 0.65 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,021.60 | 3.27 | 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 182/366 (to reflect the one-half year period). |
Capital Private Client Services Funds
Approval of investment advisory and service agreement (unaudited)
Approval of Investment Advisory and Service Agreement
The Capital Group Private Client Services Funds’ board has approved the funds’ Investment Advisory and Service Agreement (the “agreement”) with Capital Guardian Trust Company (“CGTC”) for an additional one year term through April 30, 2017. The board approved the agreement following the recommendation of the funds’ Contracts Committee (the “committee”), which is composed of all of the funds’ independent board members. The board and the committee determined that each fund’s advisory fee was fair and reasonable in relation to the services provided and that approving the agreement was in the best interests of each fund and its shareholders.
In reaching this decision, the board and the committee took into account information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.
1. Nature, extent and quality of services
The board and the committee considered the depth and quality of CGTC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CGTC and the Capital Group organization; and the ongoing evolution of CGTC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CGTC to the funds under the agreement and other agreements. The board and the committee concluded that the nature, extent and quality of the services provided by CGTC have benefited and should continue to benefit the funds and their shareholders.
2. Investment results
The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund’s investment results with those of other relevant funds and data such as relevant market and fund indexes, over various periods through October 31, 2015. This report, including the letter to shareholders and related disclosures, contains certain information about the funds’ investment results.
Capital Group Global Equity Fund seeks preservation while providing growth. The board and the committee reviewed the fund’s investment results measured against (i) the MSCI World (Net) Index and (ii) the Lipper Global Funds Average. They noted that the fund’s investment results exceeded the investment results of the Lipper Average over the lifetime, three-year and one-year periods and trailed the MSCI World Index over the same periods. They further noted that the fund’s investment results were below both benchmarks for the ten-month period.
Capital Group International Equity Fund seeks preservation while providing growth. The board and the committee reviewed the fund’s investment results measured against (i) the MSCI EAFE (Net) Index and (ii) the Lipper International Funds Average. They noted that the fund’s investment results exceeded the investment results of the MSCI EAFE Index and the Lipper Average for the lifetime and the one-year periods and trailed both benchmarks for the three-year period. They further noted that the funds’ investment results were higher than the MSCI EAFE Index but lower than the Lipper Average for the ten-month period.
Capital Group U.S. Equity Fund seeks preservation while providing growth. The fund’s secondary objective is to provide income. The board and the committee reviewed the fund’s investment results measured against (i) the S&P 500 Index and (ii) the Lipper Growth and Income Funds Average. They noted that the fund’s investment results exceeded the investment results of the Lipper Average over the lifetime, three-year, one-year and ten-month periods. They further noted that the fund’s investment results trailed the S&P 500 over the same periods.
Capital Group Core Municipal Fund seeks current income exempt from federal income tax and preservation. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays 1-10 Year
Capital Private Client Services Funds
Approval of investment advisory and service agreement (unaudited) (continued)
Intermediate-Short Municipal Index and (ii) the Lipper Intermediate Municipal Debt Funds Average. They noted that the fund’s investment results trailed the Barclays Index and Lipper Average over the lifetime, five-year, three-year and one-year periods. They further noted that the funds’ investment results were higher than the Lipper Average but lower than the Barclays Index for the ten-month period.
Capital Group Short-Term Municipal Fund seeks preservation and secondarily current income exempt from federal income tax. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays 1-5 Year Short Municipal Index and (ii) the Lipper Short Municipal Debt Funds Average. They noted that the fund’s investment results exceeded the investment results of the Lipper Average over the lifetime, five-year, three-year, one-year and ten-month periods. They further noted that the fund’s investment results trailed the Barclays Index over the same periods.
Capital Group California Core Municipal Fund seeks current income exempt from federal and California income taxes and preservation. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays California 1-10 Year Intermediate-Short Municipal Index and (ii) the Lipper California Intermediate Municipal Debt Funds Average. They noted that the fund trailed the Barclays Index and Lipper Average over the lifetime, five-year, three-year and one-year periods. They further noted that the funds’ investment results were higher than the Lipper Average but lower than the Barclays Index for the ten-month period.
Capital Group California Short-Term Municipal Fund seeks preservation and, secondarily, current income exempt from federal and California income taxes. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays California Short Municipal Bond Index and (ii) the Lipper California Short-Intermediate Municipal Debt Funds Average. They noted that the fund’s investment results trailed the Barclays Index and Lipper Average over the lifetime, five-year and three-year periods. They further noted that the funds’ investment results compared to the Barclays Index and Lipper Average were mixed for the one-year and ten-month periods.
Capital Group Core Bond Fund seeks current income and preservation. The board and the committee reviewed the fund’s investment results measured against (i) the Barclays 1-10 Year U.S. Government/Credit, ex. BBB and (ii) the Lipper Short-Intermediate Investment Grade Debt Funds Average. They noted that the fund’s investment results exceeded the investment results of the Lipper Average for the lifetime, one-year and ten-month periods and trailed the Barclays Index for the same periods. They further noted that the fund’s investment results trailed both benchmarks for the five-year and three-year periods.
The board and committee also considered the challenging environment for fixed income investments during these periods, the impact of fund fees on index comparisons, and the important role of the CGPCS fixed income funds in preserving capital for the funds’ shareholders. The board and the committee concluded that the funds’ investment results have been sufficient for renewal of the agreement and that CGTC’s record in managing the funds indicated that its continued management should benefit the funds and their shareholders.
3. Advisory fees and total expenses
The board and the committee compared the advisory fees and total expense levels of Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund (collectively the “Fixed Income Funds”) (each as a percentage of average net assets) to those of other relevant funds. They observed that the advisory fees of the Fixed Income Funds were in line with or below the medians of the relevant funds in their respective Lipper averages, and the expenses of the Fixed Income Funds remain below the median of those other relevant funds.
For Capital Group Global Equity Fund, Capital Group International Equity Fund and Capital Group U.S. Equity Fund (collectively the “Equity Funds”), the agreement provides that the Equity Funds pay CGTC a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Equity Funds, other than brokerage expenses, taxes, interest, fees and expenses of the Equity Funds’ independent trustees (including expenses of their independent legal counsel) and extraordinary expenses, such as litigation expenses. Under the unified management fee structure, CGTC is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping and shareholder services for the Equity Funds, or arranging for and
Capital Private Client Services Funds
Approval of investment advisory and service agreement (unaudited) (continued)
supervising third parties that provide such services. The board believes the unified management fee structure benefits shareholders of the Equity Funds because, as the unified fee for an Equity Fund cannot be increased without a vote of its shareholders, it shifts to CGTC the risk of future increases in the Equity Funds’ operating costs and provides a direct incentive to minimize administrative inefficiencies. In addition, it allows shareholders to more easily compare the total expenses of the Equity Funds with the total expenses of other mutual funds. In reviewing the unified management fee for the Equity Funds the board and the committee compared the unified management fees of the Equity Funds to the total expense ratios and the advisory fees of other relevant funds. They also considered the estimated portion of the unified fee that was retained by CGTC after payment of certain administrative services fees to State Street Bank and Trust Company. They observed that the total expenses of the Equity Funds remain below those of the medians of the relevant funds, included in their respective Lipper averages.
The board and the committee noted that, although the fees paid by CGTC clients with separately managed accounts generally were lower than those to be paid by the funds, the differences appropriately reflected the significant investment, operational and regulatory differences between advising the funds and separately managed accounts. They also recognized that the fees for certain separately managed accounts could be lower than those of the funds due to the sizes of the accounts and the clients’ overall relationships with CGTC. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, and that the funds’ shareholders receive reasonable value in return for the advisory fees and other amounts paid to CGTC by the funds.
4. Ancillary benefits
The board and the committee considered a variety of other benefits that CGTC and its affiliates receive as a result of CGTC’s relationship with the funds, including fees for administrative services paid to Capital Group Private Client Services, a divison of Capital Bank and Trust Company, and possible ancillary benefits to CGTC and its affiliates in managing other investment vehicles and accounts. The board and the committee reviewed CGTC’s portfolio trading practices, noting the potential benefits CGTC receives from the research obtained with commissions from portfolio transactions made on behalf of the funds. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees paid to CGTC by the funds.
5. Adviser financial information
The board and the committee reviewed information regarding CGTC’s costs of providing services to the funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CGTC’s costs and related cost allocation methodology as well as their willingness to invest in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CGTC’s investment professionals. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of The Capital Group organization’s long-term profitability for maintaining CGTC’s independence, company culture and management continuity. They further considered CGTC’s reimbursement of fund expenses through voluntary fee caps. The board and the committee concluded that each fund’s fee structure reflected a reasonable sharing of benefits between CGTC and fund shareholders.
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 & Bockius LLP
300 South Grand Avenue, Twenty-Second Floor
Los Angeles, CA 90071-3132
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.
ITEM 2 – Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.
ITEM 3 – Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.
ITEM 4 – Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.
ITEM 5 – Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 – Schedule of Investments
Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 10 – Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating committee.
ITEM 11 – Controls and Procedures
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. |
(b) | There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12 – Exhibits
(a)(1) | Not applicable for filing of semi-annual reports to shareholders. |
(a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CAPITAL GROUP PRIVATE CLIENT SERVICES FUNDS | |
By /s/ John S. Armour | |
John S. Armour, President and Principal Executive Officer | |
Date: June 30, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By /s/ John S. Armour |
John S. Armour, President and Principal Executive Officer |
Date: June 30, 2016 |
By /s/ Gregory F. Niland |
Gregory F. Niland, Treasurer and Principal Financial Officer |
Date: June 30, 2016 |