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, 2017
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
to Shareholders
For the period ending April 30, 2017
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 Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - 92.0% | Principal amount (000) | Value (000) | ||||||
Municipals - 91.9% | ||||||||
Alabama - 1.4% | ||||||||
Alabama 21st Century Auth., Rev. Ref. Bonds, Series A, 5.00%, 2021 | $ | 2,230 | $ | 2,516 | ||||
Alabama Federal Aid Highway Fin. Auth., Highway Imps. Misc. Taxes Rev. Bonds, 5.00%, 2023 | 100 | 115 | ||||||
Black Belt Energy Gas Dist., Natural Gas Util. Imps. Rev. Bonds, Series A (Mandatory Put 06/01/21 @ 100), 4.00%, 20461 | 2,500 | 2,701 | ||||||
Univ. of Alabama, Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2018 | 150 | 158 | ||||||
5,490 | ||||||||
Alaska - 0.5% | ||||||||
Alaska Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series A, 3.50%, 2046 | 310 | 327 | ||||||
Alaska Housing Fin. Corp., Rev. Bonds, Series A, 4.00%, 2040 | 305 | 313 | ||||||
Alaska Intl. Airports System, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 2024 | 1,000 | 1,194 | ||||||
1,834 | ||||||||
Arizona - 2.6% | ||||||||
Arizona Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 02/05/20 @ 100), 2.75%, 20481 | 3,100 | 3,146 | ||||||
Glendale Ind. Dev. Auth., College & Univ. Rev. Ref. Bonds, 5.25%, 2018 | 1,000 | 1,041 | ||||||
Maricopa County Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2018 | 795 | 801 | ||||||
Phoenix Civic Imp. Corp., Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 2020 | 2,800 | 3,114 | ||||||
Phoenix Civic Imp. Corp., Sewer Rev. Ref. Bonds, 5.50%, 2024 | 125 | 132 | ||||||
Phoenix Ind. Dev. Auth., Misc. Purposes Lease Rev. Bonds, 5.00%, 2022 | 1,000 | 1,065 | ||||||
Salt River Project Agricultural Imp. & Power Dist., Energy Res. Auth. Imps. Rev. Bonds, Series A: | ||||||||
5.00%, 2020 | 160 | 171 | ||||||
5.00%, 2021 | 1,000 | 1,028 | ||||||
10,498 | ||||||||
Arkansas - 0.1% | ||||||||
Arkansas Dev. Fin. Auth., Health Care Facs. Rev. Bonds (Mandatory Put 09/01/22 @ 100), 2.45%, 20441 | 600 | 595 | ||||||
595 | ||||||||
California - 9.4% | ||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100):1 | ||||||||
1.80%, 2045 | 2,200 | 2,199 | ||||||
1.80%, 2047 | 1,500 | 1,500 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 10/01/19 @ 100), 1.60%, 20471 | 1,000 | 1,000 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.): | ||||||||
5.00%, 2026 | 300 | 355 | ||||||
5.00%, 2028 | 315 | 362 | ||||||
California Muni. Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2024 | 485 | 556 | ||||||
California Pollution Control Fncg. Auth., Res. Recovery Rev. Ref. Bonds, Series B (Mandatory Put 05/01/17 @ 100), 0.95%, 20241,2 | 1,500 | 1,500 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2022 | 1,065 | 1,216 | ||||||
California Statewide Comms. Dev. Auth., Private Schools Rev. Ref. Bonds, Series B (Mandatory Put 06/01/22 @ 100), 2.10%, 20371 | 1,000 | 1,000 | ||||||
Cathedral City Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, 2025 | 620 | 719 | ||||||
Center Unified School Dist., G.O. Prop. Tax Ref. Bonds (BAM Insured), 0.00%, 20263 | 475 | 367 |
Private Client Services Funds | 1 |
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
California - continued | ||||||||
Chula Vista Muni. Fncg. Auth., Special Tax Rev. Ref. Bonds, 5.00%, 2020 | $ | 910 | $ | 1,001 | ||||
City of Irvine California, Special Assessment Ref. Bonds, 5.00%, 2023 | 900 | 1,061 | ||||||
City of Irvine, Special Assessment Ref. Bonds: | ||||||||
3.125%, 2021 | 565 | 593 | ||||||
4.00%, 2017 | 1,215 | 1,227 | ||||||
Fillmore Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (BAM Insured), 5.00%, 2022 | 1,000 | 1,161 | ||||||
Golden State Tobacco Securitization Corp., Approp. Rev. Ref. Bonds, Series A (AMBAC Insured), 0.00%, 20273 | 1,000 | 722 | ||||||
Golden State Tobacco Securitization Corp., Rev. Ref. Bonds, Series A, 5.00%, 2019 | 1,170 | 1,266 | ||||||
Hemet Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2029 | 500 | 577 | ||||||
Jurupa Public Fncg. Auth., Special Tax Ref. Bonds, Series A, 5.00%, 2030 | 850 | 965 | ||||||
Kings Canyon Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2027 | 735 | 880 | ||||||
Lancaster Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured): | ||||||||
5.00%, 2024 | 175 | 207 | ||||||
5.00%, 2026 | 825 | 988 | ||||||
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds, Series D, 5.00%, 2020 | 700 | 782 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 03/27/18 @ 100), 1.28%, 20271 | 1,350 | 1,349 | ||||||
Murrieta Valley Unified School Dist. Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series A, 5.00%, 2022 | 1,250 | 1,428 | ||||||
Palm Desert Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A, 5.00%, 2020 | 1,200 | 1,335 | ||||||
Perris Union High School Dist., Special Tax Ref. Bonds, 5.00%, 2030 | 1,250 | 1,374 | ||||||
Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds, Series A, 5.00%, 2026 | 1,200 | 1,405 | ||||||
Rancho Cordova Comm. Facs. Dist., Public Imps. Special Tax Ref. Bonds, 4.00%, 2024 | 500 | 544 | ||||||
RNR School Fncg. Auth., School Imps. Special Tax Bonds, Series A (BAM Insured), 5.00%, 2028 | 1,000 | 1,174 | ||||||
San Diego Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2024 | 900 | 1,100 | ||||||
5.00%, 2025 | 500 | 614 | ||||||
San Francisco City & County Redev. Agcy., Special Tax Rev. Ref. Bonds, 5.00%, 2021 | 800 | 897 | ||||||
Santa Ana Comm. Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.25%, 2019 | 600 | 657 | ||||||
State of California, G.O. General Fund Ref. Bonds, 5.00%, 2030 | 2,000 | 2,371 | ||||||
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 | 100 | 109 | ||||||
Tracy Comm. Dev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, 2030 | 1,000 | 1,160 | ||||||
37,721 | ||||||||
Colorado - 3.4% | ||||||||
Centerra Metropolitan Dist. No. 1, Tax Allocation Repayment of Bank Loan Rev. Bonds: | ||||||||
2.70%, 2019 | 705 | 707 | ||||||
5.00%, 2020 | 750 | 806 | ||||||
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.25%, 2028 | 200 | 220 | ||||||
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2021 | 500 | 572 | ||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Bonds (Mandatory Put 11/15/23 @ 100), 5.00%, 20361 | 1,570 | 1,844 | ||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 2024 | 1,825 | 2,075 | ||||||
5.00%, 2026 | 2,000 | 2,242 | ||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2018 | 1,485 | 1,521 |
Private Client Services Funds | 2 |
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Colorado - continued | ||||||||
E-470 Public Highway Auth., Misc. Rev. Ref. Bonds (Mandatory Put 09/01/19 @ 100), 1.567%, 20391 | $ | 200 | $ | 200 | ||||
E-470 Public Highway Auth., Misc. Rev. Ref. Bonds (Mandatory Put 09/01/21 @ 100), 1.715%, 20391 | 200 | 200 | ||||||
Mountain Shadows Metropolitan Dist., G.O. Prop. Tax Ref. Bonds, 4.00%, 2026 | 735 | 718 | ||||||
Park Creek Metropolitan Dist., Tax Increment Allocation Ref. Bonds, 5.00%, 2024 | 1,100 | 1,272 | ||||||
Regional Trans. Dist., Transit Imps. Cert. of Part. Lease Bonds, Series A, 5.00%, 2018 | 1,000 | 1,043 | ||||||
Univ. of Colorado., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 2020 | 150 | 167 | ||||||
13,587 | ||||||||
Connecticut - 1.8% | ||||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A, 3.50%, 2044 | 310 | 324 | ||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, Series A-1, 4.00%, 2045 | 835 | 898 | ||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, Sub-Series A-1, 4.00%, 2047 | 4,000 | 4,343 | ||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, Sub-Series C-1: | ||||||||
4.00%, 2044 | 290 | 307 | ||||||
4.00%, 2047 | 1,475 | 1,599 | ||||||
7,471 | ||||||||
Florida - 6.3% | ||||||||
Brevard County Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 2021 | 500 | 559 | ||||||
5.00%, 2022 | 500 | 569 | ||||||
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, Series A-1: | ||||||||
5.00%, 2019 | 1,500 | 1,618 | ||||||
5.00%, 2020 | 1,100 | 1,219 | ||||||
Citizens Prop. Insurance Corp., Misc. Rev. Bonds, Series A-1, 5.00%, 2019 | 150 | 162 | ||||||
City of Cape Coral, Special Assessment Ref. Bonds (AGM Insured), 1.90%, 2020 | 1,000 | 1,000 | ||||||
City of Clearwater, Water Rev. Ref. Bonds, Series B, 5.00%, 2018 | 100 | 106 | ||||||
City of Jacksonville, Sales Tax Rev. Ref. Bonds, 5.00%, 2019 | 1,000 | 1,091 | ||||||
County of Lee Trans. Facs. Rev., Highway Tolls Rev. Ref. Bond (AGM Insured): | ||||||||
5.00%, 2021 | 500 | 573 | ||||||
5.00%, 2022 | 1,300 | 1,513 | ||||||
County of Miami-Dade, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 2018 | 1,100 | 1,161 | ||||||
Florida Higher Educ. Facs. Financial Auth., College & Univ. Imps. Rev. Ref. Bonds: | ||||||||
5.00%, 2022 | 1,000 | 1,125 | ||||||
5.00%, 2026 | 655 | 763 | ||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 5.00%, 2028 | 250 | 260 | ||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B, 4.50%, 2029 | 390 | 411 | ||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, 2029 | 240 | 253 | ||||||
Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2020 | 600 | 672 | ||||||
Florida State Dept. of Environmental Protection, Public Imps. Misc. Taxes Rev. Bonds, Series B, 5.00%, 2019 | 1,450 | 1,532 | ||||||
Florida Water Pollution Control Fncg. Corp., Pollution Control Misc. Rev. Bonds, Series A: | ||||||||
5.00%, 2020 | 300 | 320 | ||||||
5.00%, 2022 | 400 | 427 | ||||||
5.00%, 2023 | 300 | 320 |
Private Client Services Funds | 3 |
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Florida - continued | ||||||||
Mid-Bay Bridge Auth., Highway Tolls Rev. Ref. Bonds, Series C, 5.00%, 2021 | $ | 575 | $ | 642 | ||||
Orlando Utils. Commission Water Rev. Ref. Bonds, Series B, 5.00%, 2023 | 225 | 241 | ||||||
Orlando Utils. Commission Water Rev. Ref. Bonds, Series B (Pre-refunded with U.S. Treasury Obligations 04/01/19 @ 100), 5.00%, 2023 | 175 | 188 | ||||||
Palm Beach County Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2027 | 300 | 348 | ||||||
Seminole Tribe of Florida, Inc., Public Imps. Misc. Rev. Bonds, Series A, 5.50%, 20242 | 1,000 | 1,013 | ||||||
South Florida Water Mgmt. Dist., Cert. of Part. Lease Ref. Bonds, 5.00%, 2025 | 1,500 | 1,802 | ||||||
Southeast Overtown Park West Comm Redev. Agcy., Tax Increment Allocation Local Housing Rev. Ref. Bonds, Series A-1:2 | ||||||||
5.00%, 2019 | 1,000 | 1,053 | ||||||
5.00%, 2021 | 785 | 858 | ||||||
Tampa Bay Water Rev. Ref. Bonds, Series B, 5.00%, 2018 | 430 | 455 | ||||||
Village Comm. Dev. Dist. No. 6, Special Assessment Ref. Bonds, 4.00%, 2020 | 355 | 376 | ||||||
Volusia County Educ. Fac. Auth., College & Univ. Imps. Rev. Bonds, Series B: | ||||||||
5.00%, 2023 | 400 | 458 | ||||||
5.00%, 2028 | 1,000 | 1,125 | ||||||
Winter Garden Village at Fowler Groves Comm. Dev. Dist., Special Assessment Ref. Bonds, 3.00%, 2024 | 1,350 | 1,305 | ||||||
25,518 | ||||||||
Georgia - 2.4% | ||||||||
Burke County Dev. Auth., Pollution Control Res. Recovery Rev. Bonds, 7.00%, 2023 | 965 | 1,001 | ||||||
DeKalb County Hospital Auth., Health Care Facs. Imps. Rev. Bonds, 5.25%, 2020 | 1,640 | 1,723 | ||||||
DeKalb Private Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2024 | 200 | 219 | ||||||
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, 2044 | 1,230 | 1,292 | ||||||
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A, 4.00%, 2047 | 850 | 924 | ||||||
Georgia State Road & Tollway Auth., Highway Imps. Misc. Taxes Rev. Bonds, Series A, 5.00%, 2018 | 400 | 417 | ||||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds, Series A (Mandatory Put 07/01/17 @ 100), 1.20%, 20251 | 800 | 800 | ||||||
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series A: | ||||||||
4.00%, 2021 | 1,500 | 1,610 | ||||||
5.00%, 2021 | 500 | 554 | ||||||
Private Colleges & Universities Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 2020 | 1,000 | 1,092 | ||||||
9,632 | ||||||||
Guam - 0.3% | ||||||||
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2023 | 1,200 | 1,348 | ||||||
1,348 | ||||||||
Hawaii - 0.3% | ||||||||
State of Hawaii, G.O. Public Imps., Series DZ, 5.00%, 2019 | 645 | 709 | ||||||
State of Hawaii, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 2022 | 400 | 447 | ||||||
1,156 | ||||||||
Idaho - 0.6% | ||||||||
Idaho Housing & Fin. Association, Rev. Ref. Bonds: 5.00%, 2020 | 1,000 | 1,111 |
Private Client Services Funds | 4 |
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Idaho - continued | ||||||||
5.00%, 2022 | $ | 1,000 | $ | 1,157 | ||||
2,268 | ||||||||
Illinois - 10.5% | ||||||||
Chicago O’Hare Intl. Airport, Port, Airport & Marina Imps. Rev. Bonds, Series E, 5.00%, 2026 | 1,135 | 1,355 | ||||||
Chicago O’Hare Intl. Airport, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2021 | 250 | 281 | ||||||
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series C (Assured GTY Insured), 5.25%, 2022 | 1,000 | 1,098 | ||||||
City of Chicago, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2021 | 500 | 562 | ||||||
City of Chicago, Sewer Imps. Rev. Bonds: | ||||||||
4.00%, 2021 | 1,000 | 1,062 | ||||||
5.00%, 2020 | 650 | 700 | ||||||
City of Chicago, Water Rev. Ref. Bonds, 5.00%, 2021 | 1,025 | 1,146 | ||||||
City of Chicago, Water Util. Imps. Rev. Bonds, 5.00%, 2022 | 1,000 | 1,133 | ||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 2022 | 200 | 210 | ||||||
Illinois Fin. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 02/01/19 @ 100), 1.65%, 20251 | 2,000 | 2,012 | ||||||
Illinois Fin. Auth., College & Univ. Rev. Ref. Bonds, 5.125%, 2020 | 930 | 969 | ||||||
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds: | ||||||||
5.00%, 2022 | 850 | 987 | ||||||
5.00%, 2027 | 590 | 661 | ||||||
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, Series A: | ||||||||
5.00%, 2021 | 500 | 571 | ||||||
5.00%, 2027 | 250 | 290 | ||||||
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, Series A-3 (Mandatory Put 05/01/19 @ 100), 5.00%, 20301 | 1,000 | 1,074 | ||||||
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, Series C, 5.00%, 2026 | 600 | 671 | ||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-1 (Mandatory Put 01/15/20 @ 100), 5.00%, 20301 | 1,500 | 1,644 | ||||||
Illinois Fin. Auth., Misc. Rev. Ref. Bonds: | ||||||||
5.00%, 2025 | 125 | 147 | ||||||
5.00%, 2026 | 120 | 142 | ||||||
Illinois Fin. Auth., Water Util. Imps. Rev. Bonds, 4.00%, 2026 | 1,000 | 1,123 | ||||||
Illinois Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds (Mandatory Put 05/15/25 @ 100) (FNMA Insured), 1.90%, 20501 | 2,000 | 1,980 | ||||||
Illinois Muni. Electric Agcy., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series A, 5.00%, 2027 | 1,000 | 1,170 | ||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Bonds ,Series A: | ||||||||
5.00%, 2027 | 1,250 | 1,470 | ||||||
5.00%, 2028 | 1,110 | 1,295 | ||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Bonds ,Series B, 5.00%, 2041 | 1,000 | 1,119 | ||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2020 | 500 | 562 | ||||||
5.00%, 2022 | 1,000 | 1,169 | ||||||
Illinois State Univ., College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, 2022 | 1,465 | 1,655 | ||||||
Metropolitan Pier & Exposition Auth., Public Imps. Sales Tax Rev. Bonds, Series A (NATL-RE Insured), 0.00%, 20313 | 1,000 | 541 | ||||||
Metropolitan Pier & Exposition Auth., Sales Tax Rev. Ref. Bonds, Series B (St. Approp Insured), 5.00%, 2028 | 1,000 | 1,041 | ||||||
Regional Trans. Auth. Rev. Ref. Bonds (NATL-RE Insured), 6.00%, 2020 | 2,000 | 2,221 | ||||||
Regional Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (AGM G.O. of Auth. Insured), 5.00%, 2018 | 1,200 | 1,252 |
Private Client Services Funds | 5 |
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Illinois - continued | ||||||||
Regional Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.50%, 2020 | $ | 1,610 | $ | 1,814 | ||||
State of Illinois, G.O. Misc. Rev. Ref. Bonds, 5.00%, 2026 | 1,000 | 1,048 | ||||||
State of Illinois, G.O. Public Imps. Misc. Rev. Bonds, 5.00%, 2017 | 300 | 302 | ||||||
State of Illinois, Sales Tax Rev. Ref. Bonds, 5.00%, 2020 | 3,325 | 3,673 | ||||||
State of Illinois, Sales Tax Rev. Ref. Bonds, Series C: | ||||||||
4.00%, 2024 | 1,000 | 1,103 | ||||||
4.00%, 2026 | 1,000 | 1,096 | ||||||
Univ. of Illinois, Transit Imps. Cert. of Part. Lease Bonds, Series A, 5.25%, 2024 | 30 | 31 | ||||||
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 | 71 | ||||||
42,451 | ||||||||
Indiana - 0.6% | ||||||||
City of Whiting, Ind. Imps. Rev. Bonds, (Mandatory Put 10/01/19 @ 100), 1.85%, 20441 | 500 | 502 | ||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, 2019 | 500 | 532 | ||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.50%, 2024 | 100 | 108 | ||||||
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series N, 5.00%, 2020 | 1,200 | 1,327 | ||||||
2,469 | ||||||||
Iowa - 0.5% | ||||||||
Iowa Fin. Auth., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 2.15%, 2043 | 586 | 555 | ||||||
Iowa Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FHLMC COLL Insured), 4.00%, 2047 | 1,200 | 1,309 | ||||||
Iowa Fin. Auth., Water Util. Imps. Misc. Rev. Bonds, 5.00%, 2019 | 300 | 326 | ||||||
2,190 | ||||||||
Kansas - 0.1% | ||||||||
Kansas Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2018 | 500 | 527 | ||||||
527 | ||||||||
Kentucky - 1.8% | ||||||||
Kentucky Asset Liability Commission, Public Imps. Rev. Bonds, 5.00%, 2024 | 1,500 | 1,782 | ||||||
Kentucky Econ. Dev. Fin. Auth., Res. Recovery Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 1.05%, 20311 | 1,500 | 1,500 | ||||||
Kentucky Housing Corp., State Single Family Housing Rev. Bonds, Series B, 5.00%, 2027 | 240 | 252 | ||||||
Kentucky Public Trans. Infrastructure Auth., Highway Tolls Rev. Bonds, 5.00%, 2017 | 3,575 | 3,596 | ||||||
7,130 | ||||||||
Louisiana - 1.9% | ||||||||
Louisiana Public Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.25%, 2027 | 185 | 186 | ||||||
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 | 65 | ||||||
Louisiana Stadium & Exposition Dist., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2022 | 1,500 | 1,715 | ||||||
Louisiana State Citizens Prop. Insurance Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2023 | 1,000 | 1,159 | ||||||
Parish of St Charles, Ind. Imps. Rev. Bonds (Mandatory Put 06/01/22 @ 100), 4.00%, 20401 | 2,000 | 2,106 | ||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A: 5.00%, 2025 | 195 | 195 |
Private Client Services Funds | 6 |
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Louisiana - continued | ||||||||
5.50%, 2028 | $ | 1,000 | $ | 1,040 | ||||
5.50%, 2029 | 1,000 | 1,055 | ||||||
7,521 | ||||||||
Maine - 0.4% | ||||||||
Maine State Housing Auth., Loc. or GTD Housing Rev. Bonds, Series A, 4.00%, 2047 | 700 | 759 | ||||||
Maine Turnpike Auth., Highway Tolls Rev. Ref. Bonds, 5.00%, 2020 | 600 | 672 | ||||||
1,431 | ||||||||
Maryland - 0.7% | ||||||||
County of Baltimore, Health Care Facs. Rev. Ref. Bonds, 5.00%, 2021 | 1,000 | 1,119 | ||||||
Maryland Comm. Dev. Administration, Loc. or GTD Housing Rev. Ref. Bonds, Series C, 4.00%, 2044 | 735 | 791 | ||||||
Montgomery County Housing Opportunities Commission, Loc. or GTD Housing Rev. Bonds, Series A, 4.00%, 2048 | 1,000 | 1,083 | ||||||
2,993 | ||||||||
Massachusetts - 1.7% | ||||||||
Massachusetts Dev. Fin. Agcy., College & Univ. Rev. Ref. Bonds: | ||||||||
5.00%, 2021 | 750 | 843 | ||||||
5.00%, 2022 | 875 | 995 | ||||||
5.00%, 2029 | 400 | 458 | ||||||
Massachusetts Dev. Fin. Agcy., Health Care Facs. Rev. Ref. Bonds, Series M (Mandatory Put 01/30/18 @ 100), 1.45%, 20381 | 1,975 | 1,977 | ||||||
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 2025 | 100 | 110 | ||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, Series 172, 4.00%, 2045 | 1,270 | 1,345 | ||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series 169, 4.00%, 2044 | 1,025 | 1,074 | ||||||
6,802 | ||||||||
Michigan - 4.1% | ||||||||
City of Detroit Sewage Disposal System Rev., Sewer Rev. Ref. Bonds (AGM Insured), 1.369%, 20321 | 1,500 | 1,289 | ||||||
Detroit City School Dist., G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 2019 | 1,400 | 1,497 | ||||||
Detroit City School Dist., G.O. Prop. Tax Ref. Bonds, Series A (AGM Insured), 5.25%, 2032 | 1,110 | 1,308 | ||||||
Michigan Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2026 | 1,500 | 1,800 | ||||||
Michigan Fin. Auth., Misc. Rev. Ref. Bonds, 5.00%, 2021 | 700 | 759 | ||||||
Michigan Fin. Auth., Water Util. Imps. Rev. Bonds, 5.00%, 2024 | 1,000 | 1,177 | ||||||
Michigan State Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, 2044 | 1,505 | 1,586 | ||||||
Michigan Strategic Fund, Energy Res. Auth. Rev. Ref. Bonds, 5.625%, 2020 | 1,160 | 1,298 | ||||||
Michigan Strategic Fund, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 09/01/21 @ 100), 1.45%, 20301 | 1,000 | 980 | ||||||
State of Michigan, Rev. Ref. Bonds, 5.00%, 2024 | 2,000 | 2,371 | ||||||
Wayne County Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2022 | 850 | 974 | ||||||
Wayne County Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 2017 | 1,500 | 1,535 | ||||||
16,574 |
Private Client Services Funds | 7 |
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Minnesota - 0.8% | ||||||||
Minnesota Housing Fin. Agcy., Housing Rev. Bonds (GNMA/FNMA/FHLMC COLL Insured), 4.25%, 2028 | $ | 260 | $ | 270 | ||||
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 2.25%, 2042 | 653 | 653 | ||||||
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.00%, 2040 | 295 | 306 | ||||||
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, Series B, 3.50%, 2046 | 1,830 | 1,926 | ||||||
3,155 | ||||||||
Mississippi - 0.1% | ||||||||
State of Mississippi, Public Imps. Misc. Taxes Rev. Bonds, Series E, 5.00%, 2026 | 500 | 581 | ||||||
581 | ||||||||
Missouri - 1.4% | ||||||||
I-470 & 350 Trans. Dev. Dist., Sales Tax Rev. Ref. Bonds (Radian Insured), 4.60%, 2029 | 35 | 35 | ||||||
Missouri Housing Dev. Commission, Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured): | ||||||||
3.50%, 2041 | 2,680 | 2,831 | ||||||
3.75%, 2038 | 270 | 286 | ||||||
Missouri State Environmental Imp. & Energy Ress. Auth., Water Rev. Ref. Bonds, 5.00%, 2019 | 100 | 107 | ||||||
State of Missouri Health & Educ. Facs. Auth., Health Care Facs. Nursing Homes Rev. Bonds, 5.00%, 2026 | 1,435 | 1,714 | ||||||
State of Missouri Health & Educ. Facs. Auth., Health Care Facs. Nursing Homes Rev. Bonds, Series A: | ||||||||
5.00%, 2022 | 440 | 496 | ||||||
5.00%, 2025 | 185 | 210 | ||||||
5,679 | ||||||||
Montana - 0.1% | ||||||||
Montana Board of Housing, Loc. or GTD Housing Rev. Bonds, Series A-2, 3.50%, 2044 | 250 | 265 | ||||||
265 | ||||||||
Nebraska - 1.1% | ||||||||
Central Plains Energy Project, Natural Gas Rev. Ref. Bonds (Mandatory Put 12/01/19 @ 100), 5.00%, 20391 | 1,000 | 1,086 | ||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A: | ||||||||
3.50%, 2046 | 2,265 | 2,387 | ||||||
4.00%, 2044 | 380 | 398 | ||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured): | ||||||||
2.50%, 2034 | 105 | 106 | ||||||
3.00%, 2043 | 235 | 239 | ||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series C (GNMA/FNMA/FHLMC COLL Insured), 3.50%, 2046 | 350 | 369 | ||||||
4,585 | ||||||||
Nevada - 2.1% | ||||||||
County of Clark, Ind. Rev. Ref. Bonds, Series A (Mandatory Put 04/01/20 @ 100), 1.875%, 20311 | 2,000 | 2,014 |
Private Client Services Funds | 8 |
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Nevada - continued | ||||||||
County of Clark, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 2024 | $ | 2,705 | $ | 3,210 | ||||
County of Clark, Sales Tax Rev. Bonds, Series B, 4.00%, 2018 | 2,000 | 2,071 | ||||||
Las Vegas Valley Water Dist., G.O. Water Util. Imps. Prop. Tax Bonds, Series B, 5.00%, 2019 | 1,100 | 1,190 | ||||||
8,485 | ||||||||
New Hampshire - 0.2% | ||||||||
New Hampshire Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, 4.00%, 2022 | 575 | 629 | ||||||
629 | ||||||||
New Jersey - 4.4% | ||||||||
Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2020 | 1,000 | 1,093 | ||||||
5.00%, 2021 | 200 | 222 | ||||||
New Jersey Econ. Dev. Auth., Misc. Rev. Ref. Bonds, 5.00%, 2017 | 2,000 | 2,052 | ||||||
New Jersey Econ. Dev. Auth., Rev. Ref. Bonds, Series PP, 5.00%, 2025 | 1,200 | 1,265 | ||||||
New Jersey Health Care Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 2025 | 1,340 | 1,583 | ||||||
5.00%, 2026 | 1,400 | 1,679 | ||||||
New Jersey Health Care Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AGM Insured), 5.00%, 2025 | 1,380 | 1,617 | ||||||
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Ref. Bonds, Series 1A, 5.00%, 2017 | 1,420 | 1,451 | ||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/18 @ 100), 1.58%, 20241 | 2,050 | 2,051 | ||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series E (Mandatory Put 01/01/18 @ 100), 1.58%, 20241 | 1,150 | 1,151 | ||||||
New Jersey Transit Corp., Transit Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2018 | 1,300 | 1,352 | ||||||
5.00%, 2021 | 1,000 | 1,079 | ||||||
Rutgers The State Univ. of New Jersey, College & Univ. Rev. Ref. Bonds, Series J, 5.00%, 2019 | 525 | 566 | ||||||
South Jersey Trans. Auth. LLC, Highway Tolls Rev. Ref. Bonds, 5.00%, 2020 | 500 | 550 | ||||||
17,711 | ||||||||
New Mexico - 0.5% | ||||||||
City of Farmington, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 04/01/20 @ 100), 1.875%, 20291 | 2,000 | 2,010 | ||||||
New Mexico Educ. Assistance Foundation, Student Ln, Rev. Ref. Bonds, Series A-2 (GTD St. Lns. Insured), 1.705%, 20281 | 20 | 20 | ||||||
2,030 | ||||||||
New York - 5.3% | ||||||||
Brooklyn Arena Loc. Dev. Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2022 | 210 | 239 | ||||||
Build NYC Res. Corp., Misc. Rev. Ref. Bonds, 5.00%, 2024 | 395 | 471 | ||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, 2027 | 2,000 | 2,458 | ||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series J-4, 1.45%, 20251 | 1,000 | 1,000 | ||||||
Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B, 1.90%, 20201 | 2,000 | 2,021 | ||||||
Metropolitan Trans. Auth., Transit Imps. Rev. Bonds, Sub-Series A-2 (Mandatory Put 06/01/20 @ 100), 1.48%, 20391 | 2,000 | 1,998 | ||||||
Metropolitan Trans. Auth., Transit Rev. Ref. Bonds, Series A-2, 5.00%, 2024 | 2,000 | 2,351 |
Private Client Services Funds | 9 |
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2017 (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 | $ | 321 | ||||
New York City Transitional Fin. Auth., School Imps. Misc. Rev. Bonds, Series S-5 (St. Aid Withhldg. Insured), 5.00%, 2019 | 100 | 107 | ||||||
New York State Dormitory Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2017 | 1,000 | 1,018 | ||||||
New York State Thruway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2019 | 2,500 | 2,692 | ||||||
Public Housing Capital Fund Trust I Rev. Bonds (HUD Ln. Insured), 4.50%, 20222 | 405 | 417 | ||||||
Southold Local Dev. Corp., Health Care Facs. Nursing Homes Rev. Bonds, 3.125%, 2025 | 225 | 229 | ||||||
State of New York Mortgage Agcy., Loc. or GTD Housing Rev. Bonds, 4.00%, 2047 | 1,500 | 1,632 | ||||||
State of New York Mortgage Agcy., Loc. or GTD Housing Rev. Bonds, Series 197, 3.50%, 2044 | 2,500 | 2,650 | ||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, 2017 | 1,850 | 1,857 | ||||||
21,461 | ||||||||
North Carolina - 1.0% | ||||||||
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 | 180 | ||||||
Raleigh Durham Airport Auth., Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 2019 | 1,500 | 1,617 | ||||||
State of North Carolina, Highway Imps. Rev. Bonds, 5.00%, 2025 | 1,900 | 2,277 | ||||||
4,074 | ||||||||
North Dakota - 0.3% | ||||||||
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, 3.75%, 2042 | 310 | 321 | ||||||
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series D, 3.50%, 2046 | 980 | 1,036 | ||||||
1,357 | ||||||||
Ohio - 2.5% | ||||||||
City of Cleveland, Airport System, Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 2025 | 1,000 | 1,125 | ||||||
County of Allen, Lease Rev. Ref. Bonds, Series B: | ||||||||
5.00%, 2018 | 1,000 | 1,050 | ||||||
5.00%, 2019 | 2,000 | 2,167 | ||||||
5.00%, 2020 | 1,030 | 1,148 | ||||||
County of Hamilton, Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 2025 | 400 | 462 | ||||||
5.00%, 2027 | 1,425 | 1,623 | ||||||
County of Warren, Health Care Facs. Rev. Ref. Bonds, 5.00%, 2020 | 200 | 221 | ||||||
County of Warren, Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2027 | 300 | 351 | ||||||
5.00%, 2028 | 585 | 679 | ||||||
Ohio Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC COLL Insured), 4.50%, 2047 | 1,000 | 1,109 | ||||||
9,935 | ||||||||
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 | 210 | ||||||
Oklahoma Muni. Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A (Mandatory Put 08/01/18 @ 100), 1.70%, 20231 | 1,215 | 1,214 |
Private Client Services Funds | 10 |
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Oklahoma - continued | ||||||||
Tulsa Airports Imp. Trust, Port, Airport & Marina Rev. Ref. Bonds, Series D (BAM Insured), 5.00%, 2020 | $ | 815 | $ | 892 | ||||
2,316 | ||||||||
Oregon - 1.1% | ||||||||
County of Gilliam, Res. Recovery Imps. Rev. Bonds, 1.50%, 2018 | 1,500 | 1,506 | ||||||
Oregon State Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 2031 | 600 | 686 | ||||||
State of Oregon Housing & Comm. Services Dept., Loc. or GTD Housing Rev. Bonds, Series A, 4.00%, 2047 | 1,010 | 1,082 | ||||||
State of Oregon, G.O. Unemployment & Welfare Fndg. Prop. Tax Bonds, Series 94-H, 4.00%, 2044 | 1,105 | 1,168 | ||||||
4,442 | ||||||||
Pennsylvania - 3.0% | ||||||||
Allegheny County Higher Edu. Building Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 2022 | 400 | 457 | ||||||
Butler County Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, 2021 | 325 | 353 | ||||||
Montgomery County Ind. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds, 5.00%, 2026 | 400 | 455 | ||||||
Pennsylvania Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds Series 122, 4.00%, 2046 | 2,200 | 2,369 | ||||||
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds (BAM Insured), 5.00%, 2028 | 855 | 984 | ||||||
Pennsylvania Turnpike Commission, Highway Tolls Rev. Bonds, Series A, 1.58%, 20181 | 1,500 | 1,499 | ||||||
Pennsylvania Turnpike Commission, Highway Tolls Rev. Ref. Bonds, Series B-1, 1.88%, 20211 | 950 | 954 | ||||||
Pennsylvania Turnpike Commission., Misc. Rev. Ref. Bonds, Series A (AGM Insured), 5.25%, 2025 | 1,000 | 1,214 | ||||||
Philadelphia School Dist., G.O. Prop. Tax Ref. Bonds, Series F (St. Aid Withhldg. Insured), 5.00%, 2023 | 1,500 | 1,676 | ||||||
Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.25%, 2024 | 200 | 220 | ||||||
York County Ind. Dev. Auth., Ind. Rev. Ref. Bonds, Series A (Mandatory Put 06/01/20 @ 100), 2.55%, 20361 | 2,000 | 2,001 | ||||||
12,182 | ||||||||
Puerto Rico - 0.5% | ||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||
3.00%, 2018 | 500 | 467 | ||||||
5.00%, 2017 | 500 | 502 | ||||||
5.00%, 2019 | 710 | 725 | ||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2017 | 500 | 502 | ||||||
2,196 | ||||||||
Rhode Island - 0.6% | ||||||||
Rhode Island Commerce Corp., Rev. Ref. Bonds: | ||||||||
5.00%, 2020 | 1,000 | 1,104 | ||||||
5.00%, 2022 | 500 | 573 | ||||||
5.00%, 2023 | 500 | 582 | ||||||
2,259 |
Private Client Services Funds | 11 |
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
South Carolina - 2.0% | ||||||||
South Carolina Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2020 | $ | 500 | $ | 561 | ||||
South Carolina Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2023 | 2,730 | 3,139 | ||||||
South Carolina Public Service Auth., Misc. Rev. Ref. Bonds, Series C, 5.00%, 2022 | 350 | 393 | ||||||
South Carolina Public Service Auth., Water Rev. Ref. Bonds, Series D, 5.00%, 2028 | 1,000 | 1,081 | ||||||
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC COLL FHA Insured), 4.00%, 2036 | 1,770 | 1,895 | ||||||
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA COLL Insured), 4.50%, 2030 | 430 | 453 | ||||||
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series A, 4.00%, 2047 | 500 | 542 | ||||||
8,064 | ||||||||
South Dakota - 0.8% | ||||||||
South Dakota Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series D, 3.50%, 2046 | 1,000 | 1,061 | ||||||
South Dakota Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series E, 4.00%, 2044 | 1,945 | 2,078 | ||||||
3,139 | ||||||||
Tennessee - 1.1% | ||||||||
City of Memphis, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2018 | 100 | 106 | ||||||
Knox County Health Educ. & Housing Fac. Board, Health Care Facs. Nursing Homes Rev. Ref. Bonds, 3.00%, 2018 | 400 | 405 | ||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds: | ||||||||
4.00%, 2038 | 520 | 548 | ||||||
4.00%, 2042 | 900 | 977 | ||||||
4.00%, 2045 | 890 | 950 | ||||||
4.50%, 2037 | 480 | 510 | ||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds, Series 2B, 4.00%, 2046 | 815 | 872 | ||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds, Series A-1, 5.00%, 2027 | 210 | 218 | ||||||
4,586 | ||||||||
Texas - 7.1% | ||||||||
City of Denton, Util. System, Energy Res. Auth. Imps. Water Rev. Ref. Bonds, 5.00%, 2028 | 2,000 | 2,397 | ||||||
City of Houston, Port, Airport & Marina Rev. Ref. Bonds, Series B (NATL-RE FGIC Insured), 5.00%, 2025 | 275 | 277 | ||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 1.65%, 20341 | 1,400 | 1,400 | ||||||
City of Houston, Water Rev. Ref. Bonds, Series C, 5.00%, 2018 | 1,500 | 1,593 | ||||||
City Public Service Board of San Antonio, Energy Res. Auth. Imps. Rev. Bonds (Mandatory Put 12/01/20 @ 100), 3.00%, 20451 | 1,000 | 1,051 | ||||||
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 | 1,037 | ||||||
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2028 | 1,000 | 1,215 | ||||||
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 02/01/18 @ 100), 1.28%, 20331 | 3,150 | 3,146 | ||||||
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 12/01/19 @ 100), 2.25%, 20331 | 1,000 | 1,022 | ||||||
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2020 | 900 | 1,012 | ||||||
Harris County Cultural Edu. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds: |
Private Client Services Funds | 12 |
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Texas - continued | ||||||||
5.00%, 2017 | $ | 445 | $ | 455 | ||||
5.00%, 2018 | 275 | 291 | ||||||
Harris County Cultural Edu. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 2023 | 125 | 136 | ||||||
Harris County Cultural Edu. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds, 1.80%, 20221 | 250 | 250 | ||||||
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 1.07%, 20311 | 175 | 175 | ||||||
Harris County, Highway Tolls Rev. Ref. Bonds, 5.00%, 2025 | 800 | 970 | ||||||
Harris County-Houston Sports Auth., Hotel Occupancy Tax Rev. Ref. Bonds, Series A, 5.00%, 2019 | 400 | 436 | ||||||
Katy Independent School Dist., G.O. Prop. Tax Ref. Bonds, Series C (PSF-GTD Insured), (Mandatory Put 08/15/19 @ 100), 1.216%, 20361 | 750 | �� | 749 | |||||
Mission Econ. Dev. Corp., Res. Recovery Imps. Rev. Bonds, Series A (Mandatory Put 07/03/17 @ 100), 1.15%, 20201 | 400 | 400 | ||||||
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2030 | 300 | 349 | ||||||
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 01/01/19 @ 100), 1.95%, 20381 | 1,000 | 1,008 | ||||||
North Texas Tollway Auth., Misc. Rev. Ref. Bonds, 6.00%, 2021 | 15 | 15 | ||||||
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 | 88 | ||||||
North Texas Tollway Auth., Misc. Rev. Ref. Bonds, Series A, 6.00%, 2019 | 100 | 103 | ||||||
Olmos Park Higher Edu. Facs. Corp., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 2019 | 980 | 1,068 | ||||||
Red River Edu. Fin. Corp., College & Univ. Rev. Ref. Bonds, 5.00%, 2019 | 750 | 804 | ||||||
Sam Rayburn Muni. Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, 5.00%, 2020 | 1,180 | 1,307 | ||||||
Spring Independent School Dist., G.O. School Imps. Prop. Tax Bonds (PSF-GTD Insured), 5.00%, 2023 | 2,000 | 2,387 | ||||||
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 | 179 | ||||||
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 | 189 | ||||||
Texas State Univ. System., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 2027 | 1,000 | 1,227 | ||||||
Texas Tech Univ., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 2026 | 1,000 | 1,215 | ||||||
Texas Water Dev. Board, Water Util. Imps. Rev. Bonds, Series B, 5.25%, 2022 | 600 | 606 | ||||||
28,557 | ||||||||
Virginia - 0.3% | ||||||||
City of Chesapeake, Chesapeake Expressway Toll Road Rev., Highway Tolls Rev. Ref. Bonds, Series A, 4.00%, 2019 | 850 | 893 | ||||||
County of Fairfax, G.O. Prop. Tax Rev. Ref. Bonds, Series C (St. Aid Withhldg. Insured), 5.00%, 2017 | 200 | 203 | ||||||
1,096 | ||||||||
Washington - 1.0% | ||||||||
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, Series A-1, 5.25%, 2027 | 100 | 107 | ||||||
State of Washington, G.O. Public Imps., Series D, 5.00%, 2028 | 1,000 | 1,221 | ||||||
Washington Health Care Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2026 | 500 | 568 | ||||||
Washington Health Care Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B (Mandatory Put 10/01/21 @ 100), 5.00%, 20421 | 800 | 913 |
Private Client Services Funds | 13 |
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Municipals - continued | ||||||||
Washington - continued | ||||||||
Washington State Housing Fin. Commission, Loc. or GTD Housing Rev. Ref. Bonds, 4.00%, 2047 | $ | 1,000 | $ | 1,082 | ||||
3,891 | ||||||||
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 | 1,002 | ||||||
3,520 | ||||||||
Wisconsin - 1.3% | ||||||||
County of Milwaukee, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2018 | 1,145 | 1,216 | ||||||
Public Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2022 | 300 | 344 | ||||||
Public Fin. Auth., Tax Increment Allocation Econ. Imps. Rev. Bonds, 0.00%, 20273 | 1,500 | 961 | ||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2017 | 1,200 | 1,222 | ||||||
WPPI Energy, Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 2020 | 800 | 890 | ||||||
WPPI Energy, Energy Res. Auth. Imps. Rev. Ref. Bonds, Series A, 5.00%, 2026 | 500 | 607 | ||||||
5,240 | ||||||||
Wyoming - 0.4% | ||||||||
Wyoming Comm. Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 3, 3.00%, 2044 | 1,590 | 1,641 | ||||||
1,641 | ||||||||
Total municipals | 370,282 | |||||||
Corporate bonds & notes - 0.1% | ||||||||
Electric - 0.1% | ||||||||
Southern California Edison Co., 1.125%, 2017 | 455 | 455 | ||||||
455 | ||||||||
Total corporate bonds & notes | 455 | |||||||
Total bonds & notes (cost: $366,747,000) | 370,737 | |||||||
Short-term securities - 7.8% | ||||||||
California Statewide Comms. Dev. Auth., 0.83%, June 13, 20171 | 1,000 | 1,000 | ||||||
City of Minneapolis Saint Paul Housing & Redev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B-1, 0.87%, November 15, 20351 | 2,000 | 2,000 | ||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series J-5, 0.88%, August 01, 20281 | 4,000 | 4,000 | ||||||
City of New York, G.O. Public Imps. Prop. Tax Bonds, Sub-Series H-1, 0.89%, January 01, 20361 | 400 | 400 | ||||||
City of New York, G.O. Public Imps. Prop. Tax Bonds, Sub-Series L-5, VRDN, 0.88%, April 01, 20351 | 2,000 | 2,000 | ||||||
Clarksville Public Building Auth., Public Imps. Misc. Rev. Bonds, 0.98%, January 01, 20331 | 620 | 620 | ||||||
Connecticut State Health & Educ. Facs. Auth., Rev. Bonds, 0.90%, May 10, 20171 | 1,000 | 1,000 | ||||||
East Baton Rouge Parish Ind. Dev. Board Inc., Ind. Imps. Rev. Bonds, Series A, 0.86%, August 01, 20351 | 1,000 | 1,000 | ||||||
Los Angeles, California, Dept. of Water & Power Rev. Bonds, 0.78%, June 05, 20171 | 1,000 | 1,000 |
Private Client Services Funds | 14 |
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Short-term securities - continued | Principal amount (000) | Value (000) | ||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series A, 0.88%, December 01, 20301 | $ | 3,000 | $ | 3,000 | ||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series B, 0.89%, November 01, 20351 | 2,000 | 2,000 | ||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series L, 0.89%, November 01, 20351 | 3,000 | 3,000 | ||||||
New York City Transitional Fin. Auth., Public Imps. Income Tax Rev. Bonds, Series 1, 0.89%, November 01, 20221 | 1,000 | 1,000 | ||||||
New York City Transitional Fin. Auth., Public Imps. Income Tax Rev. Bonds, Sub-1C, 0.89%, February 01, 20451 | 3,650 | 3,650 | ||||||
New York City, Water Util. Imps. Rev. Bonds, 0.89%, June 15, 20321 | 4,000 | 4,000 | ||||||
State of Missouri Health & Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A, 0.84%, September 01, 20301 | 1,000 | 1,000 | ||||||
Univ. of Michigan, College & Univ. Rev. Ref. Bonds, Series E (Mandatory Put 04/02/18 @ 100), 1.33%, April 01, 20331 | 600 | 601 | ||||||
Total short-term securities (cost: $31,270,000) | 31,271 | |||||||
Total investment securities (cost: $398,017,000) | 402,008 | |||||||
Other assets less liabilities | 875 | |||||||
Net assets | $ | 402,883 |
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, 2017, the aggregate market value of these securities amounted to $4,841,000, representing 1.20% of net assets. |
3 | Zero coupon bond; interest rate represents current yield to maturity. |
Private Client Services Funds | 15 |
Capital Group Core Municipal Fund
Schedule of investments
April 30, 2017 (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 |
COLL | = | Collateral |
Comm. | = | Community |
Comms. | = | Communities |
Corp. | = | Corporation |
Dept. | = | Department |
Dev. | = | Development |
Dist. | = | District |
Econ. | = | Economic |
Edu. | = | Education |
Educ. | = | Educational |
Fac. | = | Facility |
Facs. | = | Facilities |
FGIC | = | Financial Guaranty Insurance Company |
FHA | = | Federal Housing Administration |
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 |
Trans. | = | Transportation |
Univ. | = | University |
Util. | = | Utility |
Utils. | = | Utilities |
Withhldg. | = | Withholding |
See Notes to Financial Statements
Private Client Services Funds | 16 |
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - 89.2% | Principal amount (000) | Value (000) | ||||||
Alabama - 1.4% | ||||||||
Black Belt Energy Gas Dist., Natural Gas Util. Imps. Rev. Bonds, Series A (Mandatory Put 06/01/21 @ 100), 4.00%, 20461 | $ | 2,050 | $ | 2,214 | ||||
2,214 | ||||||||
Arizona - 0.7% | ||||||||
Arizona Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2021 | 300 | 339 | ||||||
Phoenix Civic Imp. Corp., Sewer Rev. Ref. Bonds, 5.00%, 2017 | 250 | 252 | ||||||
Salt River Project Agricultural Imps. & Power Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 4.00%, 2017 | 550 | 560 | ||||||
1,151 | ||||||||
California - 7.7% | ||||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100), 1.80%, 20451 | 1,500 | 1,500 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 04/01/19 @ 100), 1.875%, 20471 | 500 | 506 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 2021 | 250 | 289 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/15/19 @ 100), 5.00%, 20431 | 1,000 | 1,088 | ||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds (Mandatory Put 04/01/20 @ 100), 1.173%, 20381 | 1,000 | 1,000 | ||||||
Chula Vista Muni. Fncg. Auth., Special Tax Rev. Ref. Bonds, Series B, 5.00%, 2023 | 950 | 1,115 | ||||||
Glendale Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (AGM Insured), 4.00%, 2019 | 200 | 213 | ||||||
Hawthorne Comm. Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, (AGM Insured), 5.00%, 2022 | 400 | 466 | ||||||
Inglewood Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (BAM Insured), 5.00%, 2023 | 200 | 232 | ||||||
La Quinta Redev. Agcy. Successor Agcy., Tax Allocation, Ref. Bonds, 5.00%, 2020 | 600 | 670 | ||||||
Menifee Union School Dist. Public Fncg. Auth., Special Tax Ref. Bonds, Series A, 4.00%, 2021 | 400 | 433 | ||||||
Menlo Park Comm. Dev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 2020 | 335 | 375 | ||||||
San Diego County Regional Trans. Commission., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2018 | 150 | 156 | ||||||
San Diego Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A: | ||||||||
2.00%, 2018 | 1,000 | 1,014 | ||||||
3.00%, 2019 | 1,000 | 1,044 | ||||||
State of California Dept. of Water Res., Rev. Ref. Bonds, Series AU (Mandatory Put 09/01/17 @ 100), 1.52%, 20351 | 650 | 650 | ||||||
State of California Dept. of Water Ress. Power Supply, Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 2020 | 200 | 223 | ||||||
Temecula Valley Unified School Dist. Fncg. Auth., Special Tax Rev. Ref. Bonds (BAM Insured), 4.00%, 2017 | 400 | 404 | ||||||
Tracy Comm. Dev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, 5.00%, 2021 | 250 | 285 | ||||||
Westminster Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (BAM Insured), 5.00%, 2028 | 375 | 449 | ||||||
Westminster Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, 4.00%, 2021 | 150 | 166 | ||||||
12,278 |
Private Client Services Funds | 17 |
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Colorado - 0.9% | ||||||||
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2018 | $ | 750 | $ | 768 | ||||
E-470 Public Highway Auth., Misc. Rev. Ref. Bonds (Mandatory Put 09/01/19 @ 100), 1.567%, 20391 | 500 | 500 | ||||||
Univ. of Colorado., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 2019 | 150 | 163 | ||||||
1,431 | ||||||||
Connecticut - 3.6% | ||||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Bonds, Sub-Series B-2 (FHA/INS/GTD Insured), 4.00%, 2032 | 585 | 622 | ||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, 4.00%, 2044 | 910 | 941 | ||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, Series A-1, 4.00%, 2045 | 280 | 301 | ||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, Sub-Series A-1, 4.00%, 2047 | 1,000 | 1,086 | ||||||
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, Sub-Series C-1: | ||||||||
3.50%, 2045 | 615 | 647 | ||||||
4.00%, 2044 | 585 | 619 | ||||||
Connecticut State Health & Educ. Fac. Auth., College & Univ. Imps. Rev. Bonds, Series U1 (Mandatory Put 02/06/19 @ 100), 1.00%, 20331 | 1,000 | 997 | ||||||
Connecticut State Health & Educ. Fac. Auth., Health Care Facs. Rev Bonds (Mandatory Put 03/01/19 @ 100), 1.65%, 20291 | 500 | 502 | ||||||
5,715 | ||||||||
Delaware - 0.2% | ||||||||
Delaware Trans. Auth., Highway Tolls Rev. Bonds, 5.00%, 2021 | 230 | 262 | ||||||
262 | ||||||||
Florida - 4.0% | ||||||||
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, Series A-1, 5.00%, 2019 | 600 | 647 | ||||||
City of Cape Coral, Water Rev. Ref. Bonds (AGM Insured), 3.00%, 2017 | 600 | 605 | ||||||
City of Cape Coral, Water Rev. Special Assessment Ref. Bonds (AGM Insured), 1.40%, 2018 | 250 | 250 | ||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 4.50%, 2029 | 225 | 236 | ||||||
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, 2029 | 130 | 137 | ||||||
Orange County Health Facs. Auth., Health Care Facs. Nursing Homes Rev. Bonds, 4.00%, 2020 | 710 | 751 | ||||||
Orange County Health Facs. Auth., Health Care Facs. Nursing Homes Rev. Ref. Bonds, 2.00%, 2017 | 500 | 500 | ||||||
Orlando Utils. Commission, Energy Res. Auth. Rev. Ref. Bonds, Series A (Mandatory Put 10/01/20 @ 100), 5.00%, 20271 | 2,000 | 2,241 | ||||||
Palm Beach County Health Facs. Auth., Health Care Facs. Nursing Homes Rev. Ref. Bonds, 5.00%, 2021 | 500 | 563 | ||||||
Tampa Bay Water, Water Rev. Ref. Bonds, Series A, 5.00%, 2017 | 450 | 458 | ||||||
6,388 | ||||||||
Georgia - 5.1% | ||||||||
Atlanta Dev. Auth., Loc. or GTD Housing Rev. Ref. Bonds, 5.00%, 2017 | 250 | 254 | ||||||
Burke County Dev. Auth., Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 1.75%, 20491 | 1,000 | 1,000 | ||||||
City of Atlanta Dept., Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 2019 | 95 | 101 | ||||||
City of Atlanta, Water Rev. Ref. Bonds, Series A, 5.00%, 2020 | 1,000 | 1,128 |
Private Client Services Funds | 18 |
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Georgia - continued | ||||||||
City of Atlanta, Water Rev. Ref. Bonds, Series B, 5.00%, 2019 | $ | 1,000 | $ | 1,097 | ||||
Gainesville & Hall County Hospital Auth., Health Care Facs. Rev. Ref. Bonds, Series B (Mandatory Put 02/18/20 @ 100), 1.85%, 20351 | 400 | 399 | ||||||
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, 2044 | 450 | 472 | ||||||
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A, 4.00%, 2047 | 850 | 924 | ||||||
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, Series A-1, 3.50%, 2045 | 190 | 199 | ||||||
Georgia State Road & Tollway Auth., Govt. Fndg. Grant Highway Imps. Rev. Bonds, Series A, 5.00%, 2019 | 1,155 | 1,248 | ||||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds, Series A (Mandatory Put 07/01/17 @ 100), 1.20%, 20251 | 300 | 300 | ||||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds, Series B (Mandatory Put 07/01/17 @ 100), 1.18%, 20251 | 1,000 | 1,000 | ||||||
Muni. Electric Auth. of Georgia, Energy Res. Imps. Rev. Ref. Bonds, Series B, 5.00%, 2018 | 120 | 123 | ||||||
8,245 | ||||||||
Hawaii - 0.0% | ||||||||
State of Hawaii, G.O. Public Imps. Misc. Rev. Bonds, Series DZ, 5.00%, 2017 | 70 | 72 | ||||||
72 | ||||||||
Illinois - 10.2% | ||||||||
Chicago Midway Intl. Airport, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 2021 | 500 | 562 | ||||||
Chicago O’hare Intl. Airport, Port, Airport & Marina Rev. Ref. Bonds, Series C: | ||||||||
5.00%, 2020 | 1,000 | 1,097 | ||||||
5.00%, 2021 | 650 | 730 | ||||||
City of Chicago, Sewer Imps. Rev. Bonds: | ||||||||
5.00%, 2018 | 200 | 204 | ||||||
5.00%, 2022 | 1,010 | 1,125 | ||||||
City of Chicago, Sewer Rev. Ref. Bonds, Series C, 5.00%, 2021 | 500 | 549 | ||||||
City of Chicago, Water Util. Imps. Rev. Bonds, 3.00%, 2019 | 1,065 | 1,100 | ||||||
Greater Chicago Metropolitan Water Reclamation Dist., G.O. Sewer Imps. Prop. Tax Bonds, Series B, 5.00%, 2017 | 300 | 307 | ||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2021 | 1,100 | 1,255 | ||||||
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-1 (Mandatory Put 01/15/20 @ 100), 5.00%, 20301 | 1,000 | 1,096 | ||||||
Illinois Fin. Auth., Misc. Rev. Ref. Bonds, 5.00%, 2023 | 100 | 116 | ||||||
Illinois Fin. Auth., Misc. Rev. Ref. Bonds, 5.00%, 2024 | 130 | 152 | ||||||
Illinois Fin. Auth., Res. Recovery Imps. Rev. Bonds (Mandatory Put 05/06/20 @ 100), 1.75%, 20421 | 500 | 500 | ||||||
Illinois Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds (Mandatory Put 05/15/25 @ 100) (FNMA Insured), 1.90%, 20501 | 1,000 | 990 | ||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2020 | 500 | 562 | ||||||
5.00%, 2022 | 1,000 | 1,169 | ||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 2017 | 1,500 | 1,537 | ||||||
Illinois State Univ., College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, 2022 | 600 | 678 | ||||||
State of Illinois, Sales Tax Rev. Ref. Bonds, 5.00%, 2020 | 1,000 | 1,105 | ||||||
Univ. of Illinois, College & Univ. Rev. Certs. of Part. Ref. Bonds, Series A, 4.00%, 2019 | 1,000 | 1,057 | ||||||
Volo Village Special Service Area No. 3 & 6, Special Tax Rev. Ref. Bonds, (AGM Insured), 3.00%, 2021 | 500 | 513 | ||||||
16,404 |
Private Client Services Funds | 19 |
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Indiana - 1.0% | ||||||||
City of Whiting, Ind. Imps. Rev. Bonds, (Mandatory Put 10/01/19 @ 100), 1.85%, 20441 | $ | 200 | $ | 201 | ||||
Indiana Health Fac. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 03/01/19 @ 100), 4.00%, 20361 | 1,000 | 1,050 | ||||||
Indiana Univ., College & Univ. Rev. Ref. Bonds, Series A, 3.00%, 2020 | 210 | 222 | ||||||
Purdue Univ., College & Univ. Rev. Ref. Bonds, Series BB-1, 5.00%, 2020 | 200 | 224 | ||||||
1,697 | ||||||||
Kentucky - 0.1% | ||||||||
Kentucky Housing Corp., State Single Family Housing Rev. Bonds, Series B, 5.00%, 2027 | 80 | 84 | ||||||
84 | ||||||||
Louisiana - 1.0% | ||||||||
Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.60%, 2028 | 465 | 479 | ||||||
Louisiana State Citizens Prop. Insurance Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2023 | 500 | 579 | ||||||
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2020 | 280 | 303 | ||||||
5.00%, 2021 | 250 | 278 | ||||||
1,639 | ||||||||
Maine - 0.3% | ||||||||
Maine State Housing Auth., Loc. or GTD Housing Rev. Bonds, Series A, 4.00%, 2047 | 500 | 542 | ||||||
542 | ||||||||
Maryland - 2.0% | ||||||||
County of Baltimore, Health Care Facs. Rev. Ref. Bond, 5.00%, 2022 | 400 | 456 | ||||||
Montgomery County Housing Opportunities Commission, Loc. or GTD Housing Rev. Bonds, Series A, 4.00%, 2048 | 500 | 542 | ||||||
Univ. System of Maryland, College & Univ. Rev. Ref. Bonds, Series B, 5.00%, 2021 | 2,000 | 2,290 | ||||||
3,288 | ||||||||
Massachusetts - 2.1% | ||||||||
Massachusetts Dev. Fin. Agcy., Health Care Facs. Rev. Ref. Bonds, Series M (Mandatory Put 01/30/18 @ 100), 1.45%, 20381 | 1,290 | 1,291 | ||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, Series 171, 4.00%, 2044 | 850 | 909 | ||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, Series 183, 3.50%, 2046 | 1,000 | 1,051 | ||||||
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series 169, 4.00%, 2044 | 200 | 210 | ||||||
3,461 | ||||||||
Michigan - 4.8% | ||||||||
City of Detroit, Sewer Rev. Ref. Bonds, 5.50%, 2025 | 375 | 378 | ||||||
City of Detroit, Sewer Rev. Ref. Bonds, Series A, 5.00%, 2023 | 700 | 790 | ||||||
Detroit City School Dist, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 2018 | 1,000 | 1,036 | ||||||
Michigan Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2023 | 925 | 1,092 | ||||||
Michigan State Hospital Fin. Auth., Health Care Facs. Imps. Rev. Bonds, 0.95%, 20331 | 775 | 775 | ||||||
Michigan State Hospital Fin. Auth., Health Care Facs. Imps. Rev. Bonds (Pre-refunded with U.S. Govt. Securities to 02/01/18 @ 100), 0.95%, 20331 | 25 | 25 | ||||||
Michigan State Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, 2044 | 860 | 906 |
Private Client Services Funds | 20 |
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Michigan - continued | ||||||||
Michigan Strategic Fund, Energy Res. Auth. Rev. Ref. Bonds, Series SE (Mandatory Put 09/01/21 @ 100), 1.45%, 20291 | $ | 325 | $ | 319 | ||||
State of Michigan, Highway Imps. Rev. Ref. Bonds, 5.00%, 2020 | 1,000 | 1,105 | ||||||
Univ. of Michigan, College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 2021 | 500 | 573 | ||||||
Wayne County Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2018 | 300 | 317 | ||||||
Wayne County Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series G, 5.00%, 2021 | 300 | 337 | ||||||
7,653 | ||||||||
Minnesota - 0.1% | ||||||||
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.00%, 2040 | 135 | 140 | ||||||
140 | ||||||||
Missouri - 1.3% | ||||||||
City of Saint Louis, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 2017 | 330 | 332 | ||||||
Missouri Housing Dev. Commission, Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 3.50%, 2041 | 1,390 | 1,468 | ||||||
Missouri Housing Dev. Commission, Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.25%, 2030 | 275 | 287 | ||||||
2,087 | ||||||||
Montana - 0.2% | ||||||||
Montana Board of Housing, Loc. or GTD Housing Rev. Bonds, Series A-2, 3.50%, 2044 | 250 | 265 | ||||||
265 | ||||||||
Nebraska - 2.1% | ||||||||
Central Plains Energy Project, Natural Gas Rev. Ref. Bonds (Mandatory Put 12/01/19 @ 100), 5.00%, 20391 | 1,000 | 1,086 | ||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A: | ||||||||
3.00%, 2044 | 275 | 281 | ||||||
3.50%, 2046 | 395 | 416 | ||||||
4.00%, 2044 | 760 | 797 | ||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 2.50%, 2034 | 95 | 96 | ||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series C (GNMA/FNMA/FHLMC COLL Insured), 3.50%, 2046 | 300 | 316 | ||||||
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series E (GNMA/FNMA/FHLMC Insured), 3.00%, 2043 | 335 | 342 | ||||||
3,334 | ||||||||
Nevada - 0.5% | ||||||||
County of Clark, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 2017 | 750 | 755 | ||||||
755 | ||||||||
New Jersey - 3.0% | ||||||||
Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2018 | 550 | 576 | ||||||
New Jersey Econ. Dev. Auth., Lease Rev. Ref. Bonds, Series PP, 5.00%, 2019 | 750 | 788 | ||||||
New Jersey Health Care Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 2022 | 200 | 231 |
Private Client Services Funds | 21 |
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
New Jersey - continued | ||||||||
New Jersey Health Care Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AGM Insured), 5.00%, 2021 | $ | 550 | $ | 616 | ||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/18 @ 100), 1.58%, 20241 | 500 | 500 | ||||||
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series E (Mandatory Put 01/01/18 @ 100), 1.58%, 20241 | 500 | 500 | ||||||
New Jersey Trans. Trust Fund Auth., Transit Imps. Misc. Rev. Bonds, Series AA, 5.00%, 2021 | 500 | 537 | ||||||
New Jersey Transit Corp., Transit Rev. Ref. Bonds, Series A, 5.00%, 2018 | 750 | 780 | ||||||
Rutgers The State Univ. of New Jersey, College & Univ. Rev. Ref. Bonds, Series J, 5.00%, 2019 | 225 | 243 | ||||||
4,771 | ||||||||
New Mexico - 1.3% | ||||||||
City of Farmington, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 04/01/20 @ 100), 1.875%, 20291 | 1,000 | 1,005 | ||||||
City of Farmington, Energy Res. Auth. Rev. Ref. Bonds, Series A (Mandatory Put 04/01/20 @ 100), 1.875%, 20291 | 1,000 | 1,011 | ||||||
New Mexico Educ. Assistance Foundation, Student Ln, Rev. Ref. Bonds, Series A-2 (GTD St. Lns. Insured), 1.705%, 20281 | 20 | 20 | ||||||
2,036 | ||||||||
New York - 6.7% | ||||||||
Build NYC Res. Corp., Misc. Rev. Ref. Bonds, 5.00%, 2021 | 525 | 597 | ||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, 2028 | 300 | 365 | ||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series J-4, 1.45%, 20251 | 2,000 | 2,000 | ||||||
Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B-3B, 1.80%, 20181 | 650 | 652 | ||||||
Metropolitan Trans. Auth., Transit Imps. Rev. Bonds, Sub-Series A-2 (Mandatory Put 06/01/20 @ 100), 1.48%, 20391 | 2,600 | 2,597 | ||||||
New York City Transitional Fin. Auth., Public Imps. Income Tax Rev. Bonds, 5.00%, 2019 | 750 | 822 | ||||||
New York City Trust for Cultural Ress. Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.35%, 20361 | 500 | 501 | ||||||
New York State Thruway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2019 | 300 | 323 | ||||||
Public Housing Capital Fund Trust I Rev. Bonds (HUD Ln. Insured), 4.50%, 20222 | 300 | 308 | ||||||
State of New York Mortgage Agcy., Loc. or GTD Housing Rev. Bonds, 4.00%, 2047 | 1,380 | 1,502 | ||||||
State of New York Mortgage Agcy., Loc. or GTD Housing Rev. Bonds, Series 197, 3.50%, 2044 | 1,000 | 1,060 | ||||||
10,727 | ||||||||
North Carolina - 0.8% | ||||||||
City of Charlotte, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2021 | 810 | 903 | ||||||
State of North Carolina, Govt. Fndg. Grant Highway Imps. Rev. Bonds, 5.00%, 2020 | 400 | 441 | ||||||
1,344 | ||||||||
North Dakota - 1.5% | ||||||||
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds: | ||||||||
3.75%, 2042 | 140 | 145 | ||||||
4.00%, 2038 | 1,440 | 1,525 | ||||||
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, Series D, 4.00%, 2046 | 630 | 678 | ||||||
2,348 | ||||||||
Ohio - 1.1% | ||||||||
County of Warren, Health Care Facs. Rev. Ref. Bonds, 4.00%, 2018 | 220 | 227 |
Private Client Services Funds | 22 |
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Ohio - continued | ||||||||
County of Warren, Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2022 | $ | 400 | $ | 459 | ||||
Ohio Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.50%, 2028 | 270 | 285 | ||||||
Ohio Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC COLL Insured), 4.50%, 2047 | 675 | 749 | ||||||
1,720 | ||||||||
Oklahoma - 0.1% | ||||||||
Stillwater Utils. Auth., Power Plants (Non Nuclear) Multiple Util. Rev. Ref. Bonds, Series A, 4.00%, 2019 | 150 | 160 | ||||||
160 | ||||||||
Oregon - 2.8% | ||||||||
County of Gilliam, Res. Recovery Imps. Rev. Bonds, 1.50%, 2018 | 1,000 | 1,004 | ||||||
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 09/15/18 @ 100), 1.90%, 20221 | 2,300 | 2,300 | ||||||
State of Oregon, G.O. Unemployment & Welfare Fndg. Prop. Tax Bonds, Series 94-H, 4.00%, 2044 | 1,100 | 1,163 | ||||||
4,467 | ||||||||
Pennsylvania - 1.9% | ||||||||
Butler County Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 3.00%, 2018 | 250 | 255 | ||||||
Pennsylvania Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds Series 122, 4.00%, 2046 | 550 | 592 | ||||||
Pennsylvania Turnpike Commission, Highway Tolls Rev. Ref. Bonds, 5.00%, 2021 | 1,500 | 1,690 | ||||||
School Dist. of Philadelphia, G.O. Prop. Tax Ref. Bonds, Series F (St. Aid Withhldg. Insured), 5.00%, 2019 | 500 | 534 | ||||||
3,071 | ||||||||
Puerto Rico - 0.4% | ||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 2018 | 350 | 355 | ||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds, 5.00%, 2017 | 250 | 251 | ||||||
606 | ||||||||
Rhode Island - 1.2% | ||||||||
Rhode Island Commerce Corp., Govt. Fndg. Grant Rev. Ref. Bonds, 5.00%, 2021 | 920 | 1,040 | ||||||
Rhode Island Housing & Mortgage Fin. Corp., Loc. or GTD Housing Rev. Ref. Bonds, 4.00%, 2033 | 795 | 837 | ||||||
1,877 | ||||||||
South Carolina - 0.9% | ||||||||
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC COLL FHA Insured), 4.00%, 2036 | 700 | 750 | ||||||
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA COLL Insured), 4.50%, 2030 | 260 | 274 | ||||||
South Carolina State Public Service Auth., Nuclear Rev. Ref. Bonds, Series A, 5.00%, 2022 | 400 | 449 | ||||||
1,473 |
Private Client Services Funds | 23 |
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
South Dakota - 1.1% | ||||||||
South Dakota Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2021 | $ | 250 | $ | 287 | ||||
South Dakota Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series D, 3.50%, 2046 | 1,050 | 1,114 | ||||||
South Dakota Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series E, 4.00%, 2044 | 340 | 363 | ||||||
1,764 | ||||||||
Tennessee - 2.3% | ||||||||
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds: | ||||||||
4.00%, 2038 | 280 | 295 | ||||||
4.00%, 2042 | 400 | 434 | ||||||
4.00%, 2045 | 740 | 784 | ||||||
4.00%, 2045 | 1,755 | 1,874 | ||||||
4.50%, 2037 | 255 | 271 | ||||||
3,658 | ||||||||
Texas - 8.3% | ||||||||
City of Austin, Electric Util., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 2021 | 525 | 605 | ||||||
City of Denton, Water Util. System, Energy Res. Auth. Imps. Rev. Bonds, 5.00%, 2021 | 750 | 861 | ||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 1.65%, 20341 | 600 | 600 | ||||||
City Public Service Board of San Antonio, Energy Res. Auth. Imps. Rev. Bonds (Mandatory Put 12/01/20 @ 100), 3.00%, 20451 | 1,000 | 1,051 | ||||||
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 | 1,037 | ||||||
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 02/01/18 @ 100), 1.28%, 20331 | 1,650 | 1,648 | ||||||
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 12/01/18 @ 100), 2.00%, 20271 | 350 | 354 | ||||||
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2018 | 200 | 212 | ||||||
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, 2019 | 500 | 546 | ||||||
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 1.07%, 20311 | 175 | 175 | ||||||
Houston Higher Edu. Finance Corp., Charter Sch. Aid, Rev. Ref. Bonds, Series A (PSF-GTD Insured), 5.00%, 2018 | 455 | 470 | ||||||
Katy Independent School Dist., G.O. Prop. Tax Ref. Bonds, Series C (PSF-GTD Insured), (Mandatory Put 08/15/19 @ 100), 1.216%, 20361 | 650 | 649 | ||||||
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 01/01/19 @ 100), 1.95%, 20381 | 600 | 604 | ||||||
Olmos Park Higher Edu. Facs. Corp., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 2019 | 400 | 436 | ||||||
Spring Independent School Dist., G.O. School Imps. Prop. Tax Bonds (PSF-GTD Insured): | ||||||||
5.00%, 2022 | 500 | 587 | ||||||
5.00%, 2023 | 500 | 597 | ||||||
State of Texas, G.O. Public Imps. Prop. Tax Bonds, (Mandatory Put 10/01/18 @ 100), 1.28%, 20411 | 1,000 | 1,000 | ||||||
Texas A&M Univ., College & Univ. Rev. Ref. Bonds, Series B, 5.00%, 2021 | 450 | 515 | ||||||
Texas Dept. of Housing & Comm. Affairs, Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 5.00%, 2029 | 160 | 170 | ||||||
Texas State Univ. System, College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 2020 | 550 | 609 | ||||||
Texas Tech Univ., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 2019 | 500 | 536 | ||||||
13,262 |
Private Client Services Funds | 24 |
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Utah - 0.3% | ||||||||
Utah Housing Corp., Loc. or GTD Housing Rev. Bonds, Series D2 (FHA/INS Insured), 4.00%, 2045 | $ | 465 | $ | 498 | ||||
498 | ||||||||
Virginia - 1.0% | ||||||||
Northern Virginia Trans. Auth., Transit Imps. Misc. Taxes Rev. Bonds, 5.00%, 2020 | 250 | 279 | ||||||
Virginia Commonwealth Trans. Board, Govt. Fndg. Grant Transit Imps. Rev. Bonds, 5.00%, 2019 | 600 | 656 | ||||||
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 | 750 | ||||||
1,685 | ||||||||
Washington - 2.8% | ||||||||
State of Washington, Highway Imps. Rev. Bonds: | ||||||||
5.00%, 2018 | 1,500 | 1,580 | ||||||
5.00%, 2019 | 900 | 980 | ||||||
Washington Health Care Facs. Auth., Health Care Facs. Nursing Homes Rev. Bonds (Mandatory Put 01/01/21 @ 100), 1.90%, 20351 | 1,000 | 996 | ||||||
Washington State Housing Fin. Commission, Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 4.50%, 2029 | 180 | 188 | ||||||
Washington State Housing Fin. Commission, Loc. or GTD Housing Rev. Ref. Bonds, 4.00%, 2047 | 640 | 692 | ||||||
4,436 | ||||||||
West Virginia - 1.1% | ||||||||
West Virginia Univ., College & Univ. Rev. Ref. Bonds (Mandatory Put 10/01/19 @ 100), 1.43%, 20411 | 1,750 | 1,748 | ||||||
1,748 | ||||||||
Wisconsin - 0.9% | ||||||||
Public Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2022 | 300 | 344 | ||||||
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 05/30/19 @ 100), 4.00%, 20431 | 1,000 | 1,058 | ||||||
1,402 | ||||||||
Wyoming - 0.4% | ||||||||
Wyoming Comm. Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 3, 3.00%, 2044 | 610 | 630 | ||||||
630 | ||||||||
Total bonds & notes (cost: $142,650,000) | 142,788 | |||||||
Short-term securities - 11.9% | ||||||||
California Statewide Comms. Dev. Auth., 0.83%, June 13, 20171 | 1,000 | 1,000 | ||||||
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series J-5, 0.88%, August 01, 20281 | 4,000 | 4,000 | ||||||
City of New York, G.O. Public Imps. Prop. Tax Bonds, Sub-Series L-5, VRDN, 0.88%, April 01, 20351 | 1,000 | 1,000 | ||||||
Connecticut State Health & Educ. Facs. Auth., Rev. Bonds, 0.90%, May 10, 20171 | 2,000 | 2,000 | ||||||
East Baton Rouge Parish Ind. Dev. Board Inc., Ind. Imps. Rev. Bonds, Series A, 0.86%, August 01, 20351 | 1,000 | 1,000 | ||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series A, 0.88%, December 01, 20301 | 4,000 | 4,000 | ||||||
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series E, 0.88%, November 01, 20351 | 2,000 | 2,000 |
Private Client Services Funds | 25 |
Capital Group Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Short-term securities - continued | Principal amount (000) | Value (000) | ||||||
New York City Transitional Fin. Auth., Public Imps. Income Tax Rev. Bonds, Series 1, 0.89%, November 01, 20221 | $ | 750 | $ | 750 | ||||
New York City Transitional Fin. Auth., Public Imps. Income Tax Rev. Bonds, Sub-1C, 0.89%, February 01, 20451 | 3,400 | 3,400 | ||||||
Total short-term securities (cost: $19,150,000) | 19,150 | |||||||
Total investment securities (cost: $161,800,000) | 161,938 | |||||||
Other assets less liabilities | (1,803 | ) | ||||||
Net assets | $ | 160,135 |
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, 2017, the aggregate market value of this security amounted to $308,000, representing 0.19% of net assets. |
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 |
Intl. | = | International |
Ln. | = | Loan |
Lns. | = | Loans |
Loc. | = | Local |
Misc. | = | Miscellaneous |
Muni. | = | Municipal |
No. | = | Number |
Prop. | = | Property |
PSF | = | Permanent School Fund |
Redev. | = | Redevelopment |
Ref. | = | Refunding |
Res. | = | Resource |
Ress. | = | Resources |
Rev. | = | Revenue |
Trans. | = | Transportation |
Univ. | = | University |
Util. | = | Utility |
Utils. | = | Utilities |
See Notes to Financial Statements
Private Client Services Funds | 26 |
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - 88.6% | Principal amount (000) | Value (000) | ||||||
California - 86.5% | ||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 2020 | $ | 1,000 | $ | 1,094 | ||||
5.00%, 2020 | 715 | 789 | ||||||
5.00%, 2021 | 495 | 555 | ||||||
5.00%, 2022 | 1,000 | 1,139 | ||||||
5.00%, 2023 | 500 | 575 | ||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.): | ||||||||
5.125%, 2020 | 1,230 | 1,308 | ||||||
5.25%, 2020 | 765 | 812 | ||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A (CA Mtg. Ins.): | ||||||||
5.00%, 2019 | 400 | 430 | ||||||
5.00%, 2020 | 550 | 609 | ||||||
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured): | ||||||||
5.00%, 2021 | 600 | 608 | ||||||
5.00%, 2022 | 225 | 228 | ||||||
Abag Fin. Auth. for Nonprofit Corps., Special Tax Ref. Bonds: | ||||||||
5.00%, 2023 | 375 | 439 | ||||||
5.00%, 2024 | 400 | 475 | ||||||
5.00%, 2025 | 515 | 604 | ||||||
Alameda Corridor Trans. Auth., Port, Airport & Marina. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2021 | 1,000 | 1,144 | ||||||
5.00%, 2022 | 975 | 1,136 | ||||||
Alameda County Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, 4.00%, 2019 | 875 | 925 | ||||||
Aliso Viejo Comm. Fac. Dist., Special Tax Ref. Bonds: | ||||||||
5.00%, 2024 | 455 | 523 | ||||||
5.00%, 2025 | 425 | 485 | �� | |||||
Anaheim Public Fncg. Auth., Lease Rev. Ref. Bonds, Series A, 5.00%, 2017 | 300 | 300 | ||||||
Bay Area Toll Auth., Health Care Facs. Imps. Rev. Ref. Bonds (Mandatory Put 04/01/21 @ 100), 1.353%, 20451 | 1,000 | 1,000 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 04/01/24 @ 100), 2.00%, 20451 | 4,200 | 4,228 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100), 1.80%, 20451 | 2,800 | 2,799 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds, Series B (Mandatory Put 04/02/18 @ 100), 1.50%, 20471 | 650 | 652 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 04/01/19 @ 100), 1.875%, 20471 | 1,505 | 1,522 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series G (Mandatory Put 04/01/20 @ 100), 1.50%, 20341 | 1,000 | 1,000 | ||||||
Bay Area Water Supply & Conservation Agcy., Water Util. Imps. Rev. Bonds, Series A, 5.00%, 2023 | 500 | 595 | ||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds: | ||||||||
5.00%, 2019 | 1,150 | 1,234 | ||||||
5.00%, 2021 | 550 | 608 | ||||||
5.00%, 2021 | 700 | 803 | ||||||
5.50%, 2029 | 300 | 331 | ||||||
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 2018 | 125 | 129 | ||||||
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||
5.00%, 2020 | 165 | 186 | ||||||
5.00%, 2025 | 1,000 | 1,200 | ||||||
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A: | ||||||||
4.00%, 2021 | 560 | 617 | ||||||
4.00%, 2022 | 500 | 546 | ||||||
4.50%, 2017 | 335 | 341 | ||||||
5.00%, 2021 | 535 | 606 |
Private Client Services Funds | 27 |
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
5.00%, 2024 | $ | 100 | $ | 107 | ||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, 5.00%, 2025 | 400 | 475 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series A: | ||||||||
5.00%, 2018 | 275 | 290 | ||||||
5.00%, 2022 | 770 | 813 | ||||||
5.00%, 2024 | 150 | 174 | ||||||
5.00%, 2025 | 375 | 431 | ||||||
5.00%, 2026 | 300 | 359 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series D, 5.00%, 2020 | 1,325 | 1,487 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series G, 5.50%, 2025 | 100 | 105 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.): | ||||||||
5.00%, 2020 | 1,005 | 1,106 | ||||||
5.00%, 2022 | 175 | 203 | ||||||
5.00%, 2023 | 135 | 159 | ||||||
5.00%, 2025 | 130 | 156 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2019 | 525 | 575 | ||||||
5.00%, 2020 | 675 | 743 | ||||||
5.00%, 2020 | 500 | 564 | ||||||
5.00%, 2021 | 350 | 402 | ||||||
5.00%, 2023 | 1,000 | 1,171 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 4.00%, 2019 | 400 | 427 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/15/19 @ 100), 5.00%, 20431 | 1,750 | 1,905 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series D (Mandatory Put 10/15/20 @ 100), 5.00%, 20431 | 250 | 279 | ||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds (Mandatory Put 04/01/18 @ 100), 1.18%, 20471 | 1,000 | 1,000 | ||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds (Mandatory Put 04/01/20 @ 100), 1.173%, 20381 | 3,000 | 3,001 | ||||||
California Infrastructure & Econ. Dev. Bank, Private Schools Rev. Ref. Bonds, Series B (Mandatory Put 06/01/22 @ 100), 2.10%, 20371 | 1,000 | 1,000 | ||||||
California Infrastructure & Econ. Dev. Bank, Public Imps. Misc. Rev. Bonds: | ||||||||
4.50%, 2025 | 100 | 105 | ||||||
4.50%, 2026 | 100 | 105 | ||||||
California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds, 5.00%, 2018 | 100 | 103 | ||||||
California Muni. Fin. Auth., Charter School AID Ref. Rev. Bonds, Series A, 4.00%, 2026 | 320 | 334 | ||||||
California Muni. Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 2022 | 470 | 544 | ||||||
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds: | ||||||||
5.00%, 2023 | 750 | 883 | ||||||
5.625%, 2023 | 465 | 496 | ||||||
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, Series B, 4.00%, 2017 | 150 | 152 | ||||||
California Muni. Fin. Auth., Energy Res. Auth. Imps. Rev. Bonds (Mandatory Put 04/02/18 @ 100), 1.40%, 20451 | 1,425 | 1,421 | ||||||
California Muni. Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2024 | 500 | 573 | ||||||
California Muni. Fin. Auth., Loc. or GTD Housing Rev. Bonds, 5.00%, 2030 | 1,000 | 1,109 | ||||||
California Muni. Fin. Auth., Misc. Rev. Ref. Bonds: | ||||||||
5.00%, 2022 | 885 | 1,021 | ||||||
5.00%, 2025 | 500 | 588 | ||||||
California State Dept. of Veterans Affairs, Loc. or GTD Housing Rev. Ref. Bonds, Series A, 2.75%, 2020 | 750 | 787 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G-11: 4.875%, 2018 | 200 | 208 |
Private Client Services Funds | 28 |
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
5.00%, 2018 | $ | 1,000 | $ | 1,042 | ||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2021 | 100 | 104 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 5.00%, 2017 | 100 | 100 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series K, 5.00%, 2018 | 225 | 234 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 2021 | 75 | 84 | ||||||
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 | 139 | ||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 2018 | 1,250 | 1,302 | ||||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE, 5.00%, 2022 | 70 | 73 | ||||||
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 | 209 | ||||||
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 5.00%, 2018 | 1,350 | 1,396 | ||||||
California State Public Works Board, Correctional Fac. Imps. Lease Rev. Bonds, Series A, 5.00%, 2023 | 790 | 934 | ||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series B, 5.00%, 2021 | 3,000 | 3,448 | ||||||
California State Public Works Board, Lease Rev. Ref. Bonds, Series H, 5.00%, 2023 | 600 | 709 | ||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 2023 | 250 | 301 | ||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series B-3 (Mandatory Put 11/01/23 @ 100), 4.00%, 20511 | 2,500 | 2,810 | ||||||
California Statewide Comms. Dev. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 2019 | 1,000 | 1,067 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, 4.625%, 2021 | 100 | 107 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 2019 | 600 | 645 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds (CA Mtg. Ins.): | ||||||||
2.50%, 2020 | 700 | 702 | ||||||
3.00%, 2021 | 600 | 601 | ||||||
5.00%, 2025 | 300 | 362 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 2019 | 600 | 644 | ||||||
5.00%, 2019 | 1,000 | 1,092 | ||||||
5.00%, 2021 | 1,100 | 1,236 | ||||||
5.00%, 2023 | 1,100 | 1,269 | ||||||
5.00%, 2024 | 300 | 339 | ||||||
5.00%, 2025 | 750 | 898 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AGM Insured), 5.00%, 2023 | 500 | 583 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 2021 | 1,100 | 1,248 | ||||||
California Statewide Comms. Dev. Auth., Misc. Rev. Ref. Bonds (AGM Insured), 5.00%, 2020 | 210 | 236 | ||||||
Carson Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 2021 | 1,625 | 1,854 | ||||||
Cathedral City Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, 2023 | 745 | 877 | ||||||
Cathedral City Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured), | ||||||||
5.00%, 2024 | 260 | 312 | ||||||
Center Unified School Dist., G.O. Prop. Tax Ref. Bonds (BAM Insured), 0.00%, 20262 | 350 | �� | 270 | |||||
Cerritos Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds, Series A (AMBAC Insured): | ||||||||
5.00%, 2019 | 2,000 | 2,080 | ||||||
5.00%, 2024 | 600 | 623 | ||||||
Chino Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured): | ||||||||
5.00%, 2020 | 500 | 560 |
Private Client Services Funds | 29 |
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
5.00%, 2022 | $ | 450 | $ | 525 | ||||
5.00%, 2025 | 665 | 789 | ||||||
Chino Valley Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 2021 | 1,000 | 1,153 | ||||||
Chula Vista Muni. Fncg. Auth., Special Tax Ref. Bonds: | ||||||||
5.00%, 2021 | 485 | 544 | ||||||
5.00%, 2022 | 1,355 | 1,543 | ||||||
City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds, 5.00%, 2020 | 1,350 | 1,513 | ||||||
City of Alhambra, Health Care Facs. Nursing Homes Rev. Ref. Bonds (CA Mtg. Ins.), 5.00%, 2027 | 630 | 756 | ||||||
City of Carlsbad California, Special Assessment Ref. Bonds: | ||||||||
3.00%, 2018 | 325 | 331 | ||||||
3.15%, 2021 | 570 | 594 | ||||||
3.55%, 2023 | 350 | 366 | ||||||
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 | 615 | ||||||
City of Irvine California, Special Assessment Ref. Bonds: | ||||||||
2.50%, 2019 | 1,230 | 1,255 | ||||||
3.00%, 2020 | 1,250 | 1,303 | ||||||
3.25%, 2022 | 700 | 744 | ||||||
3.375%, 2023 | 850 | 900 | ||||||
4.00%, 2018 | 500 | 518 | ||||||
4.00%, 2022 | 400 | 441 | ||||||
5.00%, 2023 | 1,455 | 1,715 | ||||||
5.00%, 2028 | 500 | 562 | ||||||
City of Irvine, Special Assessment Ref. Bonds: | ||||||||
4.00%, 2020 | 940 | 1,018 | ||||||
5.00%, 2021 | 500 | 571 | ||||||
City of Long Beach, Port, Airport & Marina Imps. Rev. Bonds: | ||||||||
5.00%, 2019 | 275 | 294 | ||||||
5.00%, 2020 | 400 | 437 | ||||||
City of Long Beach, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2021 | 100 | 112 | ||||||
City of Long Beach, Port, Airport & Marina Rev. Ref. Bonds, Series C, 3.00%, 2018 | 2,250 | 2,323 | ||||||
City of Roseville California, Special Tax Ref. Bonds, 5.00%, 2024 | 1,000 | 1,148 | ||||||
City of Sacramento California, Special Tax Ref. Bonds, 5.00%, 2028 | 1,235 | 1,411 | ||||||
City of San Jose, Port, Airport & Marina Imps. Rev. Bonds, Series A-2, 5.00%, 2018 | 700 | 724 | ||||||
Clovis Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (NATL-RE Insured), 0.00%, 20252 | 500 | 406 | ||||||
Compton Comm. College Dist., G.O. Prop. Tax Ref. Bonds (BAM Insured), 5.00%, 2026 | 800 | 943 | ||||||
Concord Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (BAM Insured): | ||||||||
5.00%, 2020 | 500 | 549 | ||||||
5.00%, 2023 | 825 | 962 | ||||||
Contra Costa County Public Fncg. Auth., Public Imps. Lease Rev. Bonds (NATL-RE Insured), 5.00%, 2021 | 180 | 181 | ||||||
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 | 95 | ||||||
County of El Dorado, Special Tax Rev. Ref. Bonds: | ||||||||
5.00%, 2022 | 1,295 | 1,503 | ||||||
5.00%, 2024 | 860 | 981 | ||||||
County of San Diego, Health Care Facs. Rev. Ref. Bonds: | ||||||||
4.00%, 2023 | 625 | 692 | ||||||
5.00%, 2022 | 200 | 231 | ||||||
Eastern Municipal Water Dist., Water Rev. Ref. Bonds, Series A, 5.00%, 2023 | 500 | 600 | ||||||
El Centro Fncg. Auth., Sewer Rev. Ref. Bonds, Series A (AGM Insured): | ||||||||
5.00%, 2026 | 530 | 627 |
Private Client Services Funds | 30 |
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
5.00%, 2027 | $ | 500 | $ | 586 | ||||
5.00%, 2030 | 1,000 | 1,149 | ||||||
Elk Grove Fin. Auth., Special Tax Ref. Bonds, 5.00%, 2025 | 580 | 694 | ||||||
Elk Grove Fin. Auth., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2030 | 735 | 846 | ||||||
Emeryville Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (AGM Insured): | ||||||||
5.00%, 2022 | 1,700 | 1,987 | ||||||
5.00%, 2026 | 1,000 | 1,184 | ||||||
Eureka Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series B, 5.00%, 2022 | 835 | 964 | ||||||
Fillmore Redev. Agcy. Successr Agcy., Tax Increment Allocation Ref. Bonds (BAM Insured): | ||||||||
5.00%, 2024 | 1,000 | 1,196 | ||||||
5.00%, 2025 | 1,095 | 1,320 | ||||||
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 | 2,115 | ||||||
Fresno Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A (AGM Insured), 5.00%, 2022 | 1,350 | 1,553 | ||||||
Garden Grove Agcy. Comm. Dev. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds (BAM Insured), 5.00%, 2022 | 400 | 467 | ||||||
Glendale Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds (BAM Insured), 5.00%, 2024 | 410 | 489 | ||||||
Golden State Tobacco Securitization Corp., Approp. Rev. Ref. Bonds, Series A (AGM Insured), 0.00%, 20262 | 1,000 | 771 | ||||||
Golden State Tobacco Securitization Corp., Approp. Rev. Ref. Bonds, Series A (AMBAC Insured):2 | ||||||||
0.00%, 2024 | 2,000 | 1,642 | ||||||
0.00%, 2027 | 500 | 361 | ||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2018 | 400 | 417 | ||||||
5.00%, 2020 | 1,200 | 1,336 | ||||||
5.00%, 2021 | 1,200 | 1,371 | ||||||
Hawthorne Comm. Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, 2024 | 250 | 301 | ||||||
Hayward Unified School Dist., G.O. School Imps. Prop. Tax Bonds (AGM Insured), 5.00%, 2021 | 1,000 | 1,152 | ||||||
Hemet Unified School Dist. Fncg. Auth., Misc. Purposes Special Tax Ref. Bonds: | ||||||||
5.00%, 2026 | 600 | 675 | ||||||
5.00%, 2028 | 720 | 799 | ||||||
Hemet Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2029 | 500 | 577 | ||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2017 | 100 | 102 | ||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.25%, 2025 | 20 | 21 | ||||||
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 | 85 | ||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 2022 | 700 | 793 | ||||||
Jurupa Public Fncg. Auth., Special Tax Ref. Bonds, Series A: | ||||||||
5.00%, 2023 | 500 | 587 | ||||||
5.00%, 2029 | 710 | 810 | ||||||
Kings Canyon Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2029 | 1,600 | 1,887 | ||||||
La Quinta Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds: | ||||||||
4.00%, 2019 | 500 | 531 | ||||||
5.00%, 2019 | 200 | 217 | ||||||
Lake Elsinore Public Fncg. Auth., Special Tax Ref. Bonds, 5.00%, 2028 | 2,000 | 2,234 | ||||||
Lancaster Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured): | ||||||||
5.00%, 2024 | 590 | 697 | ||||||
5.00%, 2025 | 770 | 915 | ||||||
Lincoln Public Fncg. Auth., Public Imps. Special Tax Bonds, Series A (AMBAC Insured), 4.50%, 2021 | 840 | 848 |
Private Client Services Funds | 31 |
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds: | ||||||||
4.00%, 2020 | $ | 750 | $ | 818 | ||||
5.00%, 2021 | 520 | 599 | ||||||
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 | 89 | ||||||
Los Angeles Comm. Facs. Dist., Special Tax Ref. Bonds: | ||||||||
5.00%, 2020 | 600 | 660 | ||||||
5.00%, 2023 | 700 | 808 | ||||||
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds (AGM Insured): | ||||||||
5.00%, 2022 | 1,190 | 1,388 | ||||||
5.00%, 2024 | 1,000 | 1,200 | ||||||
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds, Series D, 5.00%, 2019 | 1,000 | 1,087 | ||||||
Los Angeles County Redev. Auth., Tax Increment Allocation Rev. Ref. Bonds, 5.00%, 2020 | 3,000 | 3,372 | ||||||
Los Angeles County, G.O. General Fund Public Imps. Bonds, 3.00%, 2017 | 3,000 | 3,011 | ||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2029 | 200 | 216 | ||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 2019 | 850 | 919 | ||||||
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 2022 | 700 | 783 | ||||||
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series A: | ||||||||
5.00%, 2021 | 1,000 | 1,153 | ||||||
5.00%, 2022 | 1,000 | 1,178 | ||||||
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series B, 5.00%, 2020 | 1,000 | 1,094 | ||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, 2019 | 2,175 | 2,364 | ||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Rev. Ref. Bonds, Series A-1, 5.00%, 2020 | 1,000 | 1,121 | ||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, 2024 | 100 | 108 | ||||||
Los Rios Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 2020 | 900 | 1,010 | ||||||
Manhattan Beach Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series C (NATL-RE Insured), 0.00%, 20242 | 1,500 | 1,275 | ||||||
Menifee Union School Dist. Public Fncg. Auth., Special Tax Ref. Bonds, Series A, 5.00%, 2022 | 250 | 288 | ||||||
Menlo Park Comms. Dev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, (AGM Insured), | ||||||||
5.00%, 2028 | 1,070 | 1,262 | ||||||
Merced Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A (AGM Insured): | ||||||||
5.00%, 2022 | 500 | 581 | ||||||
5.00%, 2028 | 250 | 291 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 03/27/18 @ 100), 1.28%, 20271 | 500 | 500 | ||||||
Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2022 | 750 | 877 | ||||||
Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 2017 | 400 | 403 | ||||||
Montebello Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 4.00%, 2019 | 250 | 266 | ||||||
Monterey Peninsula Comm. College Dist., G.O. Prop. Tax Ref. Bonds:2 | ||||||||
0.00%, 2024 | 565 | 477 | ||||||
0.00%, 2028 | 625 | 434 | ||||||
Moreno Valley Unified School Dist., G.O. School Imps. Prop. Tax Ref. Bonds (NATL-RE Insured), | ||||||||
5.25%, 2019 | 380 | 415 | ||||||
Mountain View Shoreline Regional Park Comm., Tax Allocation Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2019 | 420 | 455 | ||||||
5.00%, 2020 | 375 | 416 | ||||||
Murrieta Valley Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds, Series A: | ||||||||
4.00%, 2020 | 125 | 134 | ||||||
5.00%, 2025 | 2,000 | 2,318 | ||||||
5.00%, 2028 | 395 | 453 | ||||||
Natomas Unified School Dist., G.O. Prop. Tax Ref. Bonds (BAM Insured), 5.00%, 2021 | 500 | 576 |
Private Client Services Funds | 32 |
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
North Natomas Comm. Facs. Dist. No. 4, Special Tax Ref. Bonds, Series E, 5.00%, 2021 | $ | 1,050 | $ | 1,178 | ||||
Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.50%, 2021 | 1,000 | 1,097 | ||||||
Northern California Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2017 | 200 | 201 | ||||||
5.00%, 2019 | 200 | 217 | ||||||
Oakland Redev. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 2018 | 500 | 526 | ||||||
Oakland Unified School Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 2022 | 250 | 295 | ||||||
Oakland Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A: | ||||||||
5.00%, 2029 | 500 | 595 | ||||||
5.00%, 2030 | 500 | 590 | ||||||
Ohlone Comm. College Dist., G.O. Ref. Bonds: | ||||||||
5.00%, 2023 | 550 | 643 | ||||||
5.00%, 2024 | 1,000 | 1,166 | ||||||
Orange Comm. Facs. Dist., Special Tax Ref. Bonds: | ||||||||
4.00%, 2020 | 385 | 417 | ||||||
4.00%, 2021 | 1,485 | 1,632 | ||||||
Orange Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds: | ||||||||
5.00%, 2020 | 770 | 856 | ||||||
5.00%, 2021 | 375 | 427 | ||||||
Oxnard Fncg. Auth., Sewer Rev. Ref. Bonds (AGM Insured), 5.00%, 2021 | 750 | 856 | ||||||
Palm Desert Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A (BAM Insured), 5.00%, 2027 | 600 | 721 | ||||||
Palomar Health, G.O. Public Imps. Prop. Tax Bonds, Series A (AGC Insured), 0.00%, 20282 | 1,000 | 668 | ||||||
Perris Union High School Dist., Special Tax Ref. Bonds, 5.00%, 2024 | 1,000 | 1,150 | ||||||
Pomona Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series B, 5.00%, 2020 | 2,000 | 2,245 | ||||||
Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds: | ||||||||
4.00%, 2022 | 440 | 480 | ||||||
5.00%, 2020 | 595 | 655 | ||||||
5.00%, 2026 | 720 | 847 | ||||||
Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds, Series A, 5.00%, 2022 | 850 | 968 | ||||||
Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds, Series B (BAM Insured), 5.00%, 2022 | 500 | 580 | ||||||
Rancho Cordova Comm. Facs. Dist., Public Imps. Special Tax Bonds, 4.00%, 2025 | 1,000 | 1,080 | ||||||
Rancho Cucamonga Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured): | ||||||||
5.00%, 2020 | 775 | 868 | ||||||
5.00%, 2025 | 750 | 887 | ||||||
5.00%, 2026 | 600 | 705 | ||||||
5.00%, 2028 | 300 | 347 | ||||||
Rio Elementary School Dist. Comm. Facs. Dist., School Imps. Special Tax Ref. Bonds (BAM Insured): | ||||||||
5.00%, 2030 | 700 | 819 | ||||||
5.00%, 2032 | 240 | 278 | ||||||
Rio Elementary School Dist. Comm. Facs. Dist., Special Tax Ref. Bonds, 5.00%, 2022 | 400 | 454 | ||||||
Riverside Cnty. Public Fncg. Auth., Tax Increment Allocation Misc. Purposes Rev. Bonds, Series A (AGM Insured), 5.00%, 2023 | 1,075 | 1,277 | ||||||
Riverside Cnty. Public Fncg. Auth., Tax Increment Allocation Ref. Bonds (BAM Insured), 5.00%, 2023 | 500 | 593 | ||||||
Riverside Cnty. Redev. Successor Agcy., Tax Allocation Rev. Ref. Bonds: | ||||||||
5.00%, 2020 | 405 | 453 | ||||||
5.00%, 2021 | 1,040 | 1,188 | ||||||
Riverside Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, Series A, 5.00%, 2021 | 1,000 | 1,152 | ||||||
Riverside Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds (BAM Insured): |
Private Client Services Funds | 33 |
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
5.00%, 2025 | $ | 350 | $ | 419 | ||||
5.00%, 2026 | 400 | 475 | ||||||
Sacramento City Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2028 | 500 | 581 | ||||||
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 2017 | 475 | 481 | ||||||
Sacramento Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, Series A (BAM Insured): | ||||||||
5.00%, 2025 | 585 | 709 | ||||||
5.00%, 2028 | 250 | 295 | ||||||
Sacramento Regional Transit Dist., Transit Rev. Ref. Bonds, 5.00%, 2023 | 385 | 428 | ||||||
Sacramento Regional Transit Dist., Transit Rev. Ref. Bonds (Pre-refunded with U.S. Treasury Securities to 09/01/20 @ 100), 5.00%, 2023 | 230 | 259 | ||||||
San Bernardino City Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series A (AGM Insured), 5.00%, 2020 | 725 | 810 | ||||||
San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 2018 | 1,000 | 1,052 | ||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2023 | 225 | 266 | ||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Sub-Series A: | 850 | 888 | ||||||
5.00%, 2018 | ||||||||
5.00%, 2020 | 700 | 776 | ||||||
San Diego County Regional Trans. Commission, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2021 | 500 | 574 | ||||||
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 2018 | 700 | 731 | ||||||
San Diego Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series B, 5.00%, 2022 | 100 | 108 | ||||||
San Diego Public Facs. Fncg. Auth., Water Rev. Ref. Bonds, Series A, 4.00%, 2020 | 100 | 104 | ||||||
San Diego Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2024 | 500 | 611 | ||||||
5.00%, 2025 | 500 | 614 | ||||||
San Francisco Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds, 5.00%, 2022 | 800 | 896 | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Imps. Rev. Bonds, Series E, 5.25%, 2024 | 100 | 108 | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2019 | 400 | 431 | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C2, 5.00%, 2021 | 300 | 324 | ||||||
San Francisco City & County Redev. Agcy., Tax Allocation Rev. Series C: | ||||||||
4.75%, 2017 | 265 | 268 | ||||||
5.00%, 2018 | 275 | 290 | ||||||
5.25%, 2019 | 290 | 318 | ||||||
San Francisco City & County Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series C, 5.00%, 2022 | 305 | 355 | ||||||
San Francisco City & County Redev. Successor Agcy., Public Imps. Special Tax Bonds, 3.25%, 2021 | 500 | 523 | ||||||
San Francisco City & County Redev. Successor Agcy., Special Tax Ref. Bonds, 5.00%, 2020 | 800 | 880 | ||||||
San Francisco Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 2023 | 2,185 | 2,615 | ||||||
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 2019 | 1,150 | 1,249 | ||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, 2022 | 500 | 556 | ||||||
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series D (AMBAC Insured), 5.00%, 2018 | 800 | 808 | ||||||
San Marcos Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, Series A, 5.00%, 2029 | 1,000 | 1,168 | ||||||
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds: | ||||||||
4.00%, 2022 | 650 | 729 | ||||||
5.00%, 2020 | 500 | 558 |
Private Client Services Funds | 34 |
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
5.00%, 2022 | $ | 500 | $ | 585 | ||||
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A, 5.25%, 2023 | 200 | 222 | ||||||
Santa Ana Comm. Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 6.00%, 2020 | 750 | 863 | ||||||
Santa Clara County Fncg. Auth., Lease Rev. Ref. Bonds, 5.00%, 2022 | 285 | 303 | ||||||
Santa Cruz County Redev. Agcy., Special Assessment Ref. Bonds, Series A, 5.00%, 2025 | 200 | 241 | ||||||
Santa Cruz County Redev. Agcy., Special Assessment Ref. Bonds, Series A (AGM Insured), 5.00%, 2026 | 1,475 | 1,769 | ||||||
Santa Margarita Water Dist., Special Tax Ref. Bonds: | ||||||||
5.00%, 2022 | 310 | 353 | ||||||
5.00%, 2024 | 530 | 612 | ||||||
5.00%, 2025 | 375 | 426 | ||||||
Santaluz Comm. Facs. Dist. No 2, Special Tax Ref. Bonds, Series A, 5.00%, 2020 | 995 | 1,095 | ||||||
Saugus/Hart School Facs. Fncg. Auth., Special Tax Ref. Bonds: | ||||||||
4.00%, 2028 | 590 | 616 | ||||||
5.00%, 2025 | 1,110 | 1,284 | ||||||
5.00%, 2027 | 460 | 526 | ||||||
Seal Beach Comm. Facs. Dist. No 2005-1, Special Tax Ref. Bonds: | ||||||||
3.00%, 2023 | 150 | 152 | ||||||
3.00%, 2024 | 145 | 145 | ||||||
3.00%, 2025 | 365 | 359 | ||||||
3.00%, 2026 | 150 | 146 | ||||||
Signal Hill Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured): | ||||||||
5.00%, 2021 | 250 | 287 | ||||||
5.00%, 2023 | 500 | 594 | ||||||
Sonoma-Marin Area Rail Transit Dist., Rev. Bonds, Series A, 5.00%, 2021 | 1,000 | 1,141 | ||||||
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, 1.23%, 20171 | 1,725 | 1,725 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds: | ||||||||
5.00%, 2018 | 200 | 210 | ||||||
5.00%, 2020 | 1,550 | 1,736 | ||||||
5.00%, 2023 | 800 | 895 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 4.00%, 2021 | 500 | 541 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds: | ||||||||
5.00%, 2018 | 350 | 367 | ||||||
5.00%, 2021 | 750 | 864 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2019 | 1,000 | 1,087 | ||||||
5.00%, 2020 | 245 | 274 | ||||||
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, 5.00%, 2023 | 10 | 11 | ||||||
Southern California Public Power Auth., Misc. Rev. Ref. Bonds (Pre-refunded with U.S. Treasury Obligations to 01/01/19 @ 100), 5.00%, 2023 | 90 | 96 | ||||||
State of California Dept. of Veterans Affairs, Loc. or GTD Housing Rev. Ref. Bonds, Series B, 3.50%, 2045 | 1,925 | 2,037 | ||||||
State of California Dept. of Water Res., Rev. Ref. Bonds, Series AU (Mandatory Put 09/01/17 @ 100), 1.52%, 20351 | 1,475 | 1,475 | ||||||
State of California, G.O. Correctional Facs. Imps. Prop. Tax Bonds, 5.25%, 2020 | 100 | 110 | ||||||
State of California, G.O. General Fund Ref. Bonds: | ||||||||
5.00%, 2019 | 2,000 | 2,141 | ||||||
5.00%, 2019 | 600 | 646 | ||||||
5.00%, 2020 | 700 | 774 |
Private Client Services Funds | 35 |
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
5.25%, 2020 | $ | 650 | $ | 715 | ||||
State of California, G.O. Misc. Rev. Ref. Bonds, 1.35%, 2019 | 1,125 | 1,128 | ||||||
State of California, G.O. Misc. Rev. Ref. Bonds, Series A (Mandatory Put 05/01/18 @ 100), 1.35%, 20331 | 5,400 | 5,407 | ||||||
State of California, G.O. Prop. Tax Ref. Bonds, 5.00%, 2023 | 1,000 | 1,183 | ||||||
State of California, G.O. Public Imps. General Fund Bonds, 5.50%, 2018 | 100 | 104 | ||||||
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, Series CN, 3.50%, 2045 | 995 | 1,054 | ||||||
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 | 1,157 | ||||||
Stockton Public Fncg. Auth., Sewer Rev. Ref. Bonds (BAM Insured), 5.00%, 2021 | 750 | 861 | ||||||
Successor Agcy. to the Richmond County Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series A (BAM Insured), 5.00%, 2025 | 200 | 235 | ||||||
Suisun City Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series B (BAM Insured), 5.00%, 2022 | 400 | 467 | ||||||
Temecula Valley Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2027 | 1,720 | 1,993 | ||||||
Tracy Comm. Dev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured): 5.00%, 2029 | 555 | 647 | ||||||
5.00%, 2030 | 545 | 632 | ||||||
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A: | ||||||||
5.00%, 2022 | 1,500 | 1,601 | ||||||
5.25%, 2024 | 100 | 107 | ||||||
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds: | ||||||||
5.00%, 2018 | 500 | 514 | ||||||
5.00%, 2020 | 610 | 671 | ||||||
5.00%, 2022 | 700 | 791 | ||||||
Tustin Comm. Facs. Dist., Special Tax Ref. Bonds, 5.00%, 2024 | 500 | 582 | ||||||
Tustin Unified School Dist., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2022 | 830 | 963 | ||||||
Ukiah Unified School Dist., G.O. School Imps. Prop. Tax Bonds (NATL-RE Insured):2 | ||||||||
0.00%, 2023 | 1,830 | 1,602 | ||||||
0.00%, 2026 | 1,000 | 775 | ||||||
Union City Comm. Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A, 5.00%, 2023 | 375 | 444 | ||||||
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E, 5.00%, 2020 | 500 | 559 | ||||||
Val Verde Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series A (AGM Insured): | ||||||||
4.00%, 2021 | 250 | 276 | ||||||
4.00%, 2023 | 600 | 673 | ||||||
Victor Valley Union High School Dist., G.O. Prop. Tax Ref. Bonds, Series B (AGM Insured): | ||||||||
4.00%, 2024 | 575 | 651 | ||||||
4.00%, 2026 | 270 | 306 | ||||||
Vista Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series B1 (AGM Insured): | ||||||||
4.00%, 2025 | 400 | 449 | ||||||
5.00%, 2022 | 340 | 395 | ||||||
Western Riverside County Regional Wastewater Auth., Water Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2030 | 600 | 691 | ||||||
5.00%, 2032 | 1,195 | 1,345 | ||||||
297,708 |
Private Client Services Funds | 36 |
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
District of Columbia - 0.0% | ||||||||
Metropolitan Washington Airports Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 2017 | $ | 100 | $ | 102 | ||||
102 | ||||||||
Guam - 0.7% | ||||||||
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2021 | 350 | 386 | ||||||
5.00%, 2022 | 710 | 792 | ||||||
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2023 | 1,100 | 1,235 | ||||||
2,413 | ||||||||
Iowa - 0.0% | ||||||||
State of Iowa, General Fund Public Imps. Rev. Bonds, Series A, 5.00%, 2027 | 100 | 108 | ||||||
108 | ||||||||
Michigan - 0.1% | ||||||||
Michigan State Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.25%, 2024 | 100 | 110 | ||||||
110 | ||||||||
Missouri - 0.1% | ||||||||
Missouri Housing Dev. Commission, Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 3.75%, 2038 | 300 | 317 | ||||||
317 | ||||||||
Oregon - 0.3% | ||||||||
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 09/15/18 @ 100), 1.90%, 20221 | 1,000 | 1,000 | ||||||
1,000 | ||||||||
Puerto Rico - 0.6% | ||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. | ||||||||
Rev. Ref. Bonds: | ||||||||
5.00%, 2017 | 500 | 503 | ||||||
5.00%, 2019 | 500 | 510 | ||||||
5.00%, 2021 | 1,000 | 1,031 | ||||||
2,044 | ||||||||
Texas - 0.3% | ||||||||
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 1.65%, 20341 | 1,100 | 1,100 | ||||||
1,100 | ||||||||
Total bonds & notes (cost: $298,985,000) | 304,902 | |||||||
Short-term securities - 13.3% | ||||||||
California Educ. Facs. Auth. Rev., 0.92%, July 12, 20171 | 3,000 | 3,000 |
Private Client Services Funds | 37 |
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Short-term securities - continued | Principal amount (000) | Value (000) | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, 0.70%, September 01, 20281 | $ | 900 | $ | 900 | ||||
California Health Facs. Fncg. Auth., Special Assessment Rev. Ref. Bonds, Series B, 0.70%, September 01, 20381 | 4,000 | 4,000 | ||||||
California Muni. Fin. Auth., Ind. Imps. Rev. Bonds, 0.77%, November 01, 20351 | 5,000 | 5,000 | ||||||
California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, Series C, 0.87%, November 01, 20261 | 5,500 | 5,500 | ||||||
California Statewide Comms. Dev. Auth.:1 | ||||||||
1.01%, July 12, 2017 | 2,000 | 2,000 | ||||||
0.83%, June 13, 2017 | 2,000 | 2,000 | ||||||
Irvine Unified School Dist., School Imps. Special Tax Ref. Bonds, 0.70%, September 01, 20511 | 5,000 | 5,000 | ||||||
Los Angeles, California, Dept. of Water & Power Rev. Bonds, 0.78%, June 05, 20171 | 3,000 | 2,999 | ||||||
Los Angeles, California, Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series A-6, 0.76%, July 01, 20351 | 3,000 | 3,000 | ||||||
Manteca Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, 0.81%, October 01, 20421 | 4,100 | 4,100 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-2, 0.78%, July 01, 20371 | 5,500 | 5,500 | ||||||
State of California G.O., 0.73%, May 08, 20171 | 3,000 | 3,000 | ||||||
Total short-term securities (cost: $46,000,000) | 45,999 | |||||||
Total investment securities (cost: $344,985,000) | 350,901 | |||||||
Other assets less liabilities | (6,656 | ) | ||||||
Net assets | $ | 344,245 |
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. |
Private Client Services Funds | 38 |
Capital Group California Core Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Key to abbreviations | ||
Agcy. | = | Agency |
AGM | = | Assured Guaranty Municipal Corporation |
AMBAC | = | American Municipal Bond Assurance Corporation |
Approp. | = | Appropriation |
Auth. | = | Authority |
BAM | = | Build America Mutual Assurance Company |
CA Mtg. Ins. | = | California Mortgage Insurance |
Certs. of Part. | = | Certificates of Participation |
CIFG | = | CDC IXIS Financial Guaranty |
Comm. | = | Community |
Comms. | = | Communities |
Corp. | = | Corporation |
Corps. | = | Corporations |
Dept. | = | Department |
Dev. | = | Development |
Dist. | = | District |
Econ. | = | Economic |
Educ. | = | Educational |
Fac. | = | Facility |
Facs. | = | Facilities |
FGIC | = | Financial Guaranty Insurance Company |
Fin. | = | Finance |
Fncg. | = | Financing |
FNMA | = | Federal National Mortgage Association |
GNMA | = | Government National Mortgage Association |
G.O. | = | General Obligation |
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 |
Trans. | = | Transportation |
Univ. | = | University |
Util. | = | Utility |
See Notes to Financial Statements
Private Client Services Funds | 39 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - 94.8% | Principal amount (000) | Value (000) | ||||||
California - 92.8% | ||||||||
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A (CA Mtg. Ins.), 5.00%, 2018 | $ | 250 | $ | 259 | ||||
Abag Fin. Auth. for Nonprofit Corps., Special Tax Ref. Bonds, 4.00%, 2019 | 525 | 558 | ||||||
Alameda County Trans. Auth., Transit Imps. Rev. Bonds, 4.00%, 2018 | 500 | 513 | ||||||
Anaheim Public Fncg. Auth., Rec. Fac. Imps. Lease Rev. Bonds (AGM Insured), 0.00%, 20221 | 1,000 | 888 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100):2 | ||||||||
1.80%, 2045 | 500 | 500 | ||||||
1.80%, 2047 | 250 | 250 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 10/01/19 @ 100), 1.60%, 20472 | 800 | 800 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Bonds, Series B (Mandatory Put 04/02/18 @ 100), 1.50%, 20472 | 600 | 601 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 04/01/19 @ 100), 1.875%, 20472 | 500 | 506 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series G (Mandatory Put 04/01/20 @ 100), 1.50%, 20342 | 250 | 250 | ||||||
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series H (Mandatory Put 04/01/21 @ 100), 1.60%, 20342 | 250 | 250 | ||||||
Brea Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, 5.00%, 2019 | 700 | 758 | ||||||
Burbank Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds (BAM Insured): | ||||||||
4.00%, 2018 | 500 | 524 | ||||||
5.00%, 2020 | 750 | 845 | ||||||
5.00%, 2022 | 500 | 587 | ||||||
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, 4.00%, 2018 | 400 | 415 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 2022 | 200 | 236 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds: | ||||||||
4.00%, 2022 | 330 | 364 | ||||||
5.00%, 2022 | 300 | 353 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.): | ||||||||
4.00%, 2018 | 425 | 434 | ||||||
5.00%, 2019 | 500 | 533 | ||||||
5.00%, 2019 | 200 | 218 | ||||||
5.00%, 2020 | 150 | 167 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 10/18/22 @ 100), 1.70%, 20332 | 510 | 501 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A: | ||||||||
4.00%, 2018 | 200 | 205 | ||||||
4.00%, 2019 | 500 | 525 | ||||||
4.00%, 2020 | 625 | 671 | ||||||
5.00%, 2018 | 500 | 529 | ||||||
5.00%, 2019 | 525 | 575 | ||||||
5.00%, 2019 | 300 | 328 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series B (Mandatory Put 10/17/17 @ 100), 5.00%, 20432 | 500 | 509 | ||||||
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series D (Mandatory Put 10/15/20 @ 100), 5.00%, 20432 | 500 | 559 | ||||||
California Infrastructure & Econ. Dev. Bank, Health Care Facs. Rev. Ref. Bonds: | ||||||||
5.00%, 2021 | 235 | 269 | ||||||
5.00%, 2022 | 265 | 310 | ||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds (Mandatory Put 04/01/18 @ 100), 1.18%, 20472 | 900 | 900 | ||||||
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds (Mandatory Put 04/01/20 @ 100), 1.173%, 20382 | 1,500 | 1,500 |
Private Client Services Funds | 40 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 4.50%, 2017 | $ | 200 | $ | 200 | ||||
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AM, 5.00%, 2018 | 160 | 170 | ||||||
California State Public Works Board, Correctional Fac. Imps. Lease Rev. Bonds, Series A: | ||||||||
5.00%, 2018 | 250 | 263 | ||||||
5.00%, 2020 | 700 | 781 | ||||||
California State Public Works Board, Lease Rev. Ref. Bonds, 4.00%, 2018 | 425 | 439 | ||||||
California State Public Works Board, Public Imps. Lease Rev. Bonds, Series A: | ||||||||
4.00%, 2019 | 400 | 422 | ||||||
5.00%, 2018 | 400 | 415 | ||||||
California State Public Works Board, Public Imps. Lease Rev. Bonds, Series I: | ||||||||
4.00%, 2017 | 210 | 213 | ||||||
4.00%, 2019 | 500 | 536 | ||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 2018 | 400 | 425 | ||||||
California State Univ., College & Univ. Rev. Ref. Bonds, Series B-3 (Mandatory Put 11/01/23 @ 100), 4.00%, 20512 | 1,550 | 1,742 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (Mandatory Put 05/01/17 @ 100), 5.00%, 20292 | 600 | 600 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds (CA Mtg. Ins.): | ||||||||
2.50%, 2020 | 1,100 | 1,103 | ||||||
3.50%, 2021 | 250 | 262 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 2019 | 160 | 171 | ||||||
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 2020 | 1,225 | 1,358 | ||||||
California Statewide Comms. Dev. Auth., Ind. Rev. Ref. Bonds (Mandatory Put 12/01/23 @ 100), 2.625%, 20332 | 1,100 | 1,129 | ||||||
California Statewide Comms. Dev. Auth., Misc. Rev. Ref. Bonds (AGM Insured), 5.00%, 2019 | 280 | 307 | ||||||
Carson Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A, 5.00%, 2018 | 700 | 738 | ||||||
Chabot-Las Positas Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 2022 | 745 | 878 | ||||||
Chino Public Fncg. Auth., Special Tax Ref. Bonds, Series A (AGM Insured), 4.00%, 2021 | 500 | 549 | ||||||
Chino Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured), 5.00%, 2018 | 125 | 132 | ||||||
Chino Valley Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 2021 | 750 | 864 | ||||||
City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds, 5.00%, 2018 | 745 | 780 | ||||||
City & County of San Francisco, Sewer Rev. Ref Bonds, Series A, 5.00%, 2018 | 500 | 529 | ||||||
City of Alhambra, Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 5.00%, 2023 | 450 | 526 | ||||||
City of Chula Vista, Energy Res. Auth. Rev. Ref. Bonds, Series A, 1.65%, 2018 | 1,100 | 1,101 | ||||||
City of Irvine, Special Assessment Ref. Bonds: | ||||||||
4.00%, 2018 | 500 | 519 | ||||||
4.00%, 2019 | 300 | 319 | ||||||
5.00%, 2021 | 500 | 571 | ||||||
City of Long Beach, Port, Airport & Marina Imps. Rev. Ref. Bonds, Series B, 4.00%, 2018 | 225 | 232 | ||||||
City of Long Beach, Port, Airport & Marina Rev. Ref. Bonds, Series C, 3.00%, 2018 | 1,425 | 1,471 | ||||||
City of Los Angeles, Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 2021 | 400 | 433 | ||||||
City of Los Angeles, Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 2021 | 400 | 457 | ||||||
City of Redding Electric System Rev., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2021 | 800 | 911 | ||||||
City of Santa Clara, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 2018 | 500 | 524 | ||||||
Concord Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, 5.00%, 2018 | 600 | 620 |
Private Client Services Funds | 41 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
County of El Dorado, Special Tax Ref. Bonds: | ||||||||
4.00%, 2018 | $ | 450 | $ | 467 | ||||
5.00%, 2020 | 545 | 607 | ||||||
Desert Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 4.00%, 2018 | 700 | 727 | ||||||
Elk Grove Fin. Auth., Special Tax Ref. Bonds, 5.00%, 2021 | 900 | 1,025 | ||||||
Emeryville Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A: | ||||||||
5.00%, 2018 | 500 | 527 | ||||||
5.00%, 2019 | 950 | 1,035 | ||||||
Fillmore Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds: | ||||||||
4.00%, 2019 | 400 | 423 | ||||||
5.00%, 2020 | 500 | 554 | ||||||
Glendale Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (AGM Insured): | ||||||||
4.00%, 2019 | 600 | 640 | ||||||
5.00%, 2020 | 500 | 560 | ||||||
Glendale Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (BAM Insured), 4.00%, 2023 | 500 | 559 | ||||||
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2018 | 500 | 522 | ||||||
5.00%, 2019 | 500 | 540 | ||||||
Golden West Schools Fncg. Auth., Misc. Rev. Ref. Bonds, Series A (NATL-RE Insured), 0.00%, 20201 | 1,100 | 1,057 | ||||||
Hawthorne Comm. Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, 2021 | 300 | 344 | ||||||
Hemet Unified School Dist, G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2018 | 1,000 | 1,050 | ||||||
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 2018 | 425 | 451 | ||||||
Kern County Water Agcy. Imp. Dist. No. 4, Water Rev. Ref. Bonds, Series A (AGM Insured): | ||||||||
4.00%, 2020 | 700 | 757 | ||||||
5.00%, 2021 | 740 | 846 | ||||||
Kings Canyon Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2022 | 470 | 547 | ||||||
La Quinta Redev. Agcy. Successor Agcy., Tax Allocation Ref. Bonds, 4.00%, 2018 | 500 | 519 | ||||||
Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds, 5.00%, 2018 | 700 | 742 | ||||||
Long Beach Comm., College Dist., G.O. Univ. & College Imps. Prop. Tax Bonds, Series B, 4.00%, 2019 | 300 | 320 | ||||||
Los Angeles County Redev. Auth., Tax Increment Allocation Ref. Bonds, Series S, 5.00%, 2019 | 1,000 | 1,087 | ||||||
Los Angeles County Redev. Auth., Tax Increment Allocation Rev. Ref. Bonds: | ||||||||
5.00%, 2018 | 175 | 183 | ||||||
5.00%, 2018 | 1,100 | 1,170 | ||||||
5.00%, 2019 | 700 | 766 | ||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 2020 | 1,500 | 1,681 | ||||||
Los Angeles Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, 2019 | 1,100 | 1,195 | ||||||
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, 2018 | 500 | 524 | ||||||
Menifee Union School Dist. Public Fncg. Auth., Special Tax Ref. Bonds, Series A: | ||||||||
4.00%, 2022 | 250 | 272 | ||||||
5.00%, 2022 | 250 | 288 | ||||||
Merced Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A (AGM Insured), 4.00%, 2019 | 600 | 638 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 03/27/18 @ 100), 1.28%, 20272 | 500 | 500 | ||||||
Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2022 | 250 | 292 | ||||||
Montebello Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 4.00%, 2019 | 250 | 266 | ||||||
Oakland Redev. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 2018 | 500 | 526 | ||||||
Orange Comm. Facs. Dist., Special Tax Ref. Bonds: | ||||||||
3.00%, 2017 | 360 | 363 | ||||||
4.00%, 2018 | 300 | 312 |
Private Client Services Funds | 42 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
Orange Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds: | ||||||||
5.00%, 2018 | $ | 375 | $ | 395 | ||||
5.00%, 2019 | 200 | 217 | ||||||
5.00%, 2021 | 200 | 227 | ||||||
Oxnard Fncg. Auth., Sewer Rev. Ref. Bonds (AGM Insured), 5.00%, 2021 | 350 | 399 | ||||||
Palomar Health, G.O. Prop. Tax Ref. Bonds, Series A, 4.00%, 2020 | 1,235 | 1,342 | ||||||
Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds, Series A, 4.00%, 2022 | 800 | 888 | ||||||
Rancho Cucamonga Redev. Agcy. Successor Agcy., Tax Allocation Ref. Bonds, 5.00%, 2019 | 370 | 403 | ||||||
Rancho Santa Fe Comm. Services Dist., Special Tax Ref. Bonds, Series A: | ||||||||
3.00%, 2019 | 505 | 525 | ||||||
4.00%, 2020 | 490 | 529 | ||||||
Regents of the Univ. of California Medical Center Pooled Rev., Health Care Facs. Rev. Ref. Bonds, Series L, 5.00%, 2022 | 650 | 762 | ||||||
Riverside County Redev. Successor Agcy., Tax Allocation Ref. Bonds, 5.00%, 2019 | 375 | 409 | ||||||
Riverside County Redev. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series B (AGM Insured), 4.00%, 2018 | 500 | 521 | ||||||
Riverside Redev. Successor Agcy., Tax Allocation Ref. Bonds, Series A, 5.00%, 2019 | 850 | 927 | ||||||
Riverside Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2021 | 285 | 324 | ||||||
Roseville Finance Auth., Special Tax Ref. Bonds: | ||||||||
4.00%, 2021 | 450 | 494 | ||||||
4.00%, 2022 | 620 | 688 | ||||||
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A, 5.00%, 2018 | 500 | 532 | ||||||
San Bernardino County Trans. Auth. Rev. Ref. Bonds, Series A, 4.00%, 2018 | 500 | 513 | ||||||
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Sub-Series A: | ||||||||
5.00%, 2017 | 650 | 654 | ||||||
5.00%, 2018 | 100 | 104 | ||||||
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 2018 | 500 | 522 | ||||||
San Diego Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A: | ||||||||
5.00%, 2020 | 850 | 955 | ||||||
5.00%, 2021 | 365 | 421 | ||||||
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, 2018 | 500 | 521 | ||||||
San Francisco City & County Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series C: | ||||||||
5.00%, 2020 | 500 | 557 | ||||||
5.00%, 2022 | 250 | 291 | ||||||
San Francisco Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 2020 | 1,000 | 1,119 | ||||||
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 2018 | 500 | 524 | ||||||
San Jose Unified School Dist., G.O. Prop. Tax Ref. Bonds: | ||||||||
4.00%, 2018 | 300 | 312 | ||||||
4.00%, 2019 | 475 | 507 | ||||||
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, 4.00%, 2020 | 775 | 842 | ||||||
San Ramon Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Sub-Series A (BAM Insured), 5.00%, 2021 | 340 | 385 | ||||||
Sonoma-Marin Area Rail Transit Dist. Rev. Bonds, Series A, 5.00%, 2018 | 750 | 776 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, 5.00%, 2018 | 200 | 210 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2018 | 350 | 367 | ||||||
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 2019 | 600 | 652 | ||||||
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2018 | 300 | 315 | ||||||
Southwestern Comm. College Dist., G.O. Prop. Tax Ref. Bonds, Series A, 3.00%, 2021 | 200 | 214 | ||||||
Southwestern Comm. College Dist., G.O. Prop. Tax Ref. Bonds, Series B, 4.00%, 2022 | 310 | 350 |
Private Client Services Funds | 43 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
California - continued | ||||||||
State of California Dept. of Veterans Affairs, Loc. or GTD Housing Rev. Ref. Bonds, Series B, 3.50%, 2045 | $ | 350 | $ | 370 | ||||
State of California Dept. of Water Res., Rev. Ref. Bonds, Series AU (Mandatory Put 09/01/17 @ 100), 1.52%, 20352 | 1,350 | 1,350 | ||||||
State of California, G.O. General Fund Public Imps. Bonds, Series E (Mandatory Put 12/03/18 @ 100), 1.518%, 20292 | 500 | 501 | ||||||
State of California, G.O. General Fund Ref. Bonds, 5.00%, 2021 | 500 | 576 | ||||||
State of California, G.O. General Fund Ref. Notes, 5.00%, 2019 | 900 | 991 | ||||||
State of California, G.O. Misc. Rev. Ref. Bonds, 1.35%, 2019 | 775 | 777 | ||||||
State of California, G.O. Misc. Rev. Ref. Bonds, Series A (Mandatory Put 05/01/18 @ 100), 1.35%, 20332 | 1,500 | 1,502 | ||||||
State of California, G.O. Prop. Tax Ref. Bonds, 5.00%, 2021 | 2,000 | 2,319 | ||||||
State of California, G.O. Prop. Tax Ref. Bonds, Series B, 1.65%, 20172 | 500 | 500 | ||||||
State of California, G.O. Public Imps. Prop. Tax Bonds, Series CN, 3.50%, 2045 | 600 | 636 | ||||||
Stockton Public Fncg. Auth., Sewer Rev. Ref. Bonds (BAM Insured), 5.00%, 2020 | 500 | 560 | ||||||
Successor Agcy. to the Richmond County Redev. Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured), 5.00%, 2019 | 525 | 570 | ||||||
Suisun City Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series B (BAM Insured): | ||||||||
5.00%, 2019 | 675 | 737 | ||||||
5.00%, 2021 | 500 | 575 | ||||||
Temecula Valley Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2021 | 515 | 585 | ||||||
Tracy Comm. Dev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, 2022 | 450 | 523 | ||||||
Tustin Unified School Dist., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2020 | 275 | 307 | ||||||
Union City Comm. Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A, 5.00%, 2021 | 235 | 270 | ||||||
Victor Valley Union High School Dist., G.O. Prop. Tax Ref. Bonds, Series B (AGM Insured), 3.00%, 2021 | 200 | 213 | ||||||
Vista Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series B1 (AGM Insured): | ||||||||
5.00%, 2020 | 275 | 306 | ||||||
5.00%, 2021 | 265 | 302 | ||||||
Walnut Energy Center Auth., Energy Res. Auth. Rev. Ref. Bonds, 4.00%, 2018 | 300 | 306 | ||||||
West Sacramento Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, 4.00%, 2019 | 755 | 802 | ||||||
Westminster Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds: | ||||||||
4.00%, 2020 | 180 | 195 | ||||||
4.00%, 2022 | 120 | 134 | ||||||
Westminster Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (BAM Insured), 5.00%, 2028 | 300 | 359 | ||||||
102,721 | ||||||||
Guam - 0.3% | ||||||||
Guam Government Waterworks Auth., Water Util. Imps. Rev. Bonds, 5.00%, 2024 | 300 | 341 | ||||||
341 | ||||||||
Illinois - 0.5% | ||||||||
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 2017 | 500 | 512 | ||||||
512 |
Private Client Services Funds | 44 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds & notes - continued | Principal amount (000) | Value (000) | ||||||
Louisiana - 0.1% | ||||||||
Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.60%, 2028 | $ | 55 | $ | 56 | ||||
56 | ||||||||
Massachusetts - 0.1% | ||||||||
Commonwealth of Massachusetts, G.O. Misc. Tax Public Imps. Rev. Bonds, Series D, 1.33%, 20182 | 175 | 175 | ||||||
175 | ||||||||
Puerto Rico - 1.0% | ||||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 2018 | 800 | 812 | ||||||
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds, 5.00%, 2017 | 250 | 251 | ||||||
1,063 | ||||||||
Total bonds & notes (cost: $104,457,000) | 104,868 | |||||||
Short-term securities - 8.3% | ||||||||
California Educ. Facs. Auth. Rev., 0.92%, July 12, 20172 | 1,000 | 1,000 | ||||||
California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, Series C, 0.87%, November 01, 20262 | 3,000 | 3,000 | ||||||
Los Angeles, California, Dept. of Water & Power Rev. Bonds, 0.78%, June 05, 20172 | 2,000 | 2,000 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-2, 0.78%, July 01, 20372 | 200 | 200 | ||||||
State of California, 0.69%, May 05, 20172 | 3,000 | 3,000 | ||||||
Total short-term securities (cost: $9,200,000) | 9,200 | |||||||
Total investment securities (cost: $113,657,000) | 114,068 | |||||||
Other assets less liabilities | (3,440 | ) | ||||||
Net assets | $ | 110,628 |
1 | Zero coupon bond; interest rate represents current yield to maturity. |
2 | 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. |
Private Client Services Funds | 45 |
Capital Group California Short-Term Municipal Fund
Schedule of investments
April 30, 2017 (unaudited)
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 |
Fac. | = | Facility |
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 |
Imp. | = | Improvement |
Imps. | = | Improvements |
Ind. | = | Industrial |
Loc. | = | Local |
Misc. | = | Miscellaneous |
NATL-RE | = | National Reinsurance |
Prop. | = | Property |
Rec. | = | Recreational |
Redev. | = | Redevelopment |
Ref. | = | Refunding |
Res. | = | Resource |
Ress. | = | Resources |
Rev. | = | Revenue |
Trans. | = | Transportation |
Univ. | = | University |
Util. | = | Utility |
See Notes to Financial Statements
Private Client Services Funds | 46 |
Capital Group Core Bond Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds, notes & other debt investments - 96.7% | Principal amount (000) | Value (000) | ||||||
U.S. government & government agency bonds & notes - 56.1% | ||||||||
Fannie Mae: | ||||||||
1.75%, 2019 | $ | 1,710 | $ | 1,723 | ||||
2.125%, 2026 | 400 | 386 | ||||||
Federal Home Loan Banks, 1.875%, 2020 | 3,015 | 3,041 | ||||||
Freddie Mac, 1.00%, 2017 | 365 | 365 | ||||||
U.S. Treasury Bonds: | ||||||||
7.625%, 2025 | 750 | 1,047 | ||||||
3.00%, 2045 | 500 | 504 | ||||||
U.S. Treasury Inflation Indexed Bonds: | ||||||||
0.125%, 2021 | 10,344 | 10,444 | ||||||
0.25%, 2025 | 3,440 | 3,427 | ||||||
0.625%, 2026 | 5,115 | 5,238 | ||||||
2.00%, 2026 | 614 | 700 | ||||||
0.75%, 2045 | 207 | 199 | ||||||
U.S. Treasury Inflation Indexed Notes: | ||||||||
0.125%, 2020 | 1,685 | 1,705 | ||||||
0.375%, 2023 | 523 | 533 | ||||||
0.375%, 2025 | 3,364 | 3,390 | ||||||
U.S. Treasury Notes: | ||||||||
0.875%, 2017 | 1,000 | 1,000 | ||||||
4.50%, 2017 | 15,825 | 15,848 | ||||||
8.75%, 2017 | 490 | 491 | ||||||
0.75%, 2018 | 4,295 | 4,281 | ||||||
0.875%, 2018 | 1,715 | 1,707 | ||||||
1.25%, 2018 | 500 | 500 | ||||||
1.25%, 2018 | 3,540 | 3,541 | ||||||
1.50%, 2018 | 1,000 | 1,004 | ||||||
3.75%, 2018 | 3,800 | 3,946 | ||||||
3.875%, 2018 | 1,000 | 1,028 | ||||||
0.75%, 2019 | 1,390 | 1,378 | ||||||
0.875%, 2019 | 4,720 | 4,679 | ||||||
1.00%, 2019 | 500 | 496 | ||||||
1.125%, 2019 | 1,860 | 1,856 | ||||||
1.25%, 2019 | 500 | 500 | ||||||
1.25%, 2019 | 1,900 | 1,900 | ||||||
1.50%, 2019 | 1,000 | 1,004 | ||||||
1.50%, 2019 | 2,750 | 2,763 | ||||||
1.625%, 2019 | 500 | 503 | ||||||
1.625%, 2019 | 1,000 | 1,007 | ||||||
1.75%, 2019 | 2,000 | 2,020 | ||||||
1.375%, 2020 | 1,000 | 997 | ||||||
1.375%, 2020 | 4,850 | 4,823 | ||||||
1.375%, 2020 | 10,000 | 9,994 | ||||||
1.50%, 2020 | 1,809 | 1,812 | ||||||
1.625%, 2020 | 2,500 | 2,502 | ||||||
1.625%, 2020 | 3,215 | 3,227 | ||||||
2.00%, 2020 | 1,000 | 1,014 | ||||||
1.125%, 2021 | 3,010 | 2,939 | ||||||
1.25%, 2021 | 2,500 | 2,445 | ||||||
1.25%, 2021 | 2,360 | 2,323 | ||||||
1.375%, 2021 | 3,420 | 3,377 | ||||||
1.375%, 2021 | 5,165 | 5,104 | ||||||
1.75%, 2021 | 9,635 | 9,626 |
Private Client Services Funds | 47 |
Capital Group Core Bond Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
U.S. government & government agency bonds & notes - continued | ||||||||
1.875%, 2021 | $ | 500 | $ | 502 | ||||
2.125%, 2021 | 1,000 | 1,015 | ||||||
3.125%, 2021 | 2,000 | 2,112 | ||||||
1.50%, 2022 | 1,750 | 1,726 | ||||||
1.75%, 2022 | 2,000 | 1,993 | ||||||
1.875%, 2022 | 5,336 | 5,351 | ||||||
1.875%, 2022 | 5,665 | 5,677 | ||||||
2.125%, 2022 | 3,000 | 3,040 | ||||||
1.25%, 2023 | 1,000 | 954 | ||||||
1.375%, 2023 | 1,000 | 961 | ||||||
1.375%, 2023 | 1,275 | 1,228 | ||||||
1.625%, 2023 | 4,000 | 3,913 | ||||||
1.75%, 2023 | 1,000 | 986 | ||||||
1.75%, 2023 | 1,680 | 1,661 | ||||||
2.00%, 2023 | 2,000 | 2,005 | ||||||
2.125%, 2023 | 3,415 | 3,430 | ||||||
2.25%, 2023 | 500 | 506 | ||||||
2.50%, 2023 | 1,050 | 1,079 | ||||||
2.75%, 2023 | 2,250 | 2,347 | ||||||
2.00%, 2024 | 1,900 | 1,887 | ||||||
2.125%, 2024 | 4,200 | 4,209 | ||||||
2.125%, 2024 | 11,000 | 11,028 | ||||||
2.25%, 2024 | 1,820 | 1,840 | ||||||
2.75%, 2024 | 5,000 | 5,213 | ||||||
2.00%, 2025 | 2,000 | 1,966 | ||||||
2.00%, 2025 | 2,000 | 1,974 | ||||||
1.625%, 2026 | 3,000 | 2,849 | ||||||
2.25%, 2027 | 8,420 | 8,396 | ||||||
Total U.S. government & government agency bonds & notes | 214,185 | |||||||
Mortgage-backed obligations - 7.4% | ||||||||
Federal agency mortgage-backed obligations - 5.8% | ||||||||
Fannie Mae: | ||||||||
4.50%, 2019 | 21 | 22 | ||||||
4.50%, 2020 | 141 | 145 | ||||||
3.50%, 2025 | 2,360 | 2,470 | ||||||
5.50%, 2037 | 9 | 10 | ||||||
5.50%, 2038 | 444 | 496 | ||||||
5.00%, 2041 | 200 | 220 | ||||||
5.00%, 2041 | 872 | 959 | ||||||
FHLMC Multifamily Structured Pass Through Certificates: | ||||||||
3.974%, 20211 | 544 | 582 | ||||||
2.373%, 2022 | 250 | 252 | ||||||
2.791%, 2022 | 1,320 | 1,359 | ||||||
3.413%, 2026 | 1,310 | 1,378 | ||||||
Freddie Mac: | ||||||||
3.50%, 2034 | 2,053 | 2,144 | ||||||
3.50%, 2045 | 2,533 | 2,624 | ||||||
Freddie Mac REMICS, 6.00%, 2037 | 28 | 31 | ||||||
Ginnie Mae: | ||||||||
4.50%, 2040 | 72 | 78 | ||||||
4.00%, 2047, TBA | 7,570 | 7,976 |
Private Client Services Funds | 48 |
Capital Group Core Bond Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations - continued | ||||||||
Federal agency mortgage-backed obligations - continued | ||||||||
5.641%, 20591 | $ | 67 | $ | 68 | ||||
1.672%, 20621 | 571 | 578 | ||||||
4.981%, 20641 | 176 | 182 | ||||||
6.64%, 20641 | 627 | 655 | ||||||
22,229 | ||||||||
Commercial mortgage-backed securities - 1.6% | ||||||||
Citigroup Commercial Mortgage Trust, 3.608%, 2048 | 570 | 597 | ||||||
Core Industrial Trust, Series 144A, 3.04%, 20342 | 890 | 915 | ||||||
Credit Suisse Commercial Mortgage Trust, 5.695%, 20401 | 307 | 307 | ||||||
Fannie Mae Connecticut Avenue Securities:1 | ||||||||
1.941%, 2024 | 36 | 36 | ||||||
2.191%, 2024 | 7 | 7 | ||||||
2.941%, 2024 | 8 | 8 | ||||||
2.491%, 2025 | 2 | 2 | ||||||
2.691%, 2028 | 15 | 16 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes:1 | ||||||||
1.991%, 2024 | 14 | 14 | ||||||
3.391%, 2024 | 11 | 11 | ||||||
3.391%, 2024 | 30 | 30 | ||||||
2.091%, 2025 | 65 | 65 | ||||||
3.391%, 2025 | 83 | 84 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, 5.85%, 20511 | 142 | 142 | ||||||
LB-UBS Commercial Mortgage Trust:1 | ||||||||
6.161%, 2044 | 56 | 56 | ||||||
6.37%, 2045 | 500 | 510 | ||||||
Merrill Lynch Mortgage Trust, 6.0269%, 20501 | 292 | 292 | ||||||
ML-CFC Commercial Mortgage Trust, 6.0659%, 20491 | 237 | 238 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, 3.383%, 2048 | 675 | 702 | ||||||
Seasoned Credit Risk Transfer Trust, 2.00%, 2056 | 800 | 799 | ||||||
Station Place Securitization Trust, Series 144A, 1.8906%, 20491,2 | 975 | 975 | ||||||
Wachovia Bank Commercial Mortgage Trust, 5.591%, 20471 | 33 | 33 | ||||||
5,839 | ||||||||
Total mortgage-backed obligations | 28,068 | |||||||
Corporate bonds & notes - 24.5% | ||||||||
Banks - 4.0% | ||||||||
Bank of America Corp.: | ||||||||
2.625%, 2020 | 735 | 740 | ||||||
3.875%, 2025 | 865 | 886 | ||||||
3.705%, 20281 | 475 | 477 | ||||||
BB&T Corp.: | ||||||||
2.05%, 2018 | 500 | 502 | ||||||
2.625%, 2020 | 385 | 391 | ||||||
Citigroup, Inc.: | ||||||||
2.35%, 2021 | 1,005 | 994 | ||||||
2.75%, 2022 | 645 | 644 | ||||||
4.45%, 2027 | 400 | 410 |
Private Client Services Funds | 49 |
Capital Group Core Bond Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes - continued | ||||||||
Banks - continued | ||||||||
3.887%, 20281 | $ | 885 | $ | 900 | ||||
Cooperatieve Rabobank UA, 2.75%, 2022 | 400 | 405 | ||||||
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 2023 | 500 | 511 | ||||||
HSBC Holdings PLC, 2.65%, 2022 | 660 | 657 | ||||||
JPMorgan Chase & Co.: | ||||||||
2.55%, 2021 | 645 | 649 | ||||||
3.20%, 2023 | 125 | 127 | ||||||
3.54%, 20281 | 635 | 633 | ||||||
Morgan Stanley: | ||||||||
2.125%, 2018 | 300 | 301 | ||||||
2.50%, 2021 | 500 | 499 | ||||||
3.125%, 2026 | 260 | 252 | ||||||
PNC Bank NA: | ||||||||
1.45%, 2019 | 690 | 684 | ||||||
2.55%, 2021 | 350 | 352 | ||||||
The Bank of New York Mellon Corp., 2.10%, 2019 | 500 | 503 | ||||||
The Goldman Sachs Group, Inc.: | ||||||||
3.00%, 2022 | 365 | 368 | ||||||
3.75%, 2026 | 435 | 443 | ||||||
4.75%, 2045 | 175 | 188 | ||||||
UniCredit SpA, Series 144A, 3.75%, 20222 | 500 | 501 | ||||||
Wells Fargo & Co.: | ||||||||
2.10%, 2021 | 1,360 | 1,343 | ||||||
3.069%, 2023 | 890 | 901 | ||||||
15,261 | ||||||||
Electric - 2.5% | ||||||||
Berkshire Hathaway Energy Co., 5.75%, 2018 | 300 | 311 | ||||||
CMS Energy Corp., 3.875%, 2024 | 400 | 416 | ||||||
Dominion Resources, Inc., Series 144A, 1.875%, 20182 | 685 | 684 | ||||||
Duke Energy Corp.: | ||||||||
1.80%, 2021 | 605 | 589 | ||||||
2.65%, 2026 | 660 | 625 | ||||||
Eversource Energy, 2.75%, 2022 | 750 | 757 | ||||||
Exelon Corp., 3.40%, 2026 | 65 | 65 | ||||||
Pacific Gas & Electric Co., 2.45%, 2022 | 300 | 299 | ||||||
PacifiCorp, 5.65%, 2018 | 795 | 833 | ||||||
Progress Energy, Inc., 7.05%, 2019 | 955 | 1,041 | ||||||
Public Service Electric & Gas Co.: | ||||||||
1.90%, 2021 | 270 | 267 | ||||||
2.25%, 2026 | 520 | 490 | ||||||
Southern California Edison Co., 1.125%, 2017 | 430 | 430 | ||||||
Tampa Electric Co., 2.60%, 2022 | 350 | 347 | ||||||
Virginia Electric and Power Co.: | ||||||||
1.20%, 2018 | 620 | 618 | ||||||
3.10%, 2025 | 1,040 | 1,043 | ||||||
3.50%, 2027 | 555 | 574 | ||||||
Xcel Energy, Inc., 3.30%, 2025 | 190 | 192 | ||||||
9,581 |
Private Client Services Funds | 50 |
Capital Group Core Bond Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes - continued | ||||||||
Pharmaceuticals - 2.5% | ||||||||
Abbvie, Inc.: | ||||||||
2.50%, 2020 | $ | 1,060 | $ | 1,070 | ||||
2.30%, 2021 | 340 | 338 | ||||||
3.20%, 2022 | 415 | 423 | ||||||
2.85%, 2023 | 85 | 84 | ||||||
3.60%, 2025 | 150 | 151 | ||||||
Actavis Funding SCS: | ||||||||
3.00%, 2020 | 485 | 495 | ||||||
3.45%, 2022 | 490 | 504 | ||||||
3.80%, 2025 | 740 | 754 | ||||||
AstraZeneca PLC, 3.375%, 2025 | 445 | 451 | ||||||
Johnson & Johnson: | ||||||||
2.25%, 2022 | 455 | 460 | ||||||
2.45%, 2026 | 320 | 311 | ||||||
2.95%, 2027 | 455 | 459 | ||||||
Merck & Co., Inc., 1.10%, 2018 | 250 | 250 | ||||||
Novartis Securities Investment Ltd., 5.125%, 2019 | 300 | 318 | ||||||
Pfizer, Inc., 1.4312%, 20181 | 500 | 502 | ||||||
Shire Acquisitions Investments Ireland DAC: | ||||||||
1.90%, 2019 | 350 | 348 | ||||||
2.40%, 2021 | 195 | 193 | ||||||
2.875%, 2023 | 120 | 118 | ||||||
3.20%, 2026 | 615 | 597 | ||||||
Teva Pharmaceutical Finance Netherlands III BV: | ||||||||
1.40%, 2018 | 165 | 164 | ||||||
1.70%, 2019 | 165 | 163 | ||||||
2.20%, 2021 | 600 | 584 | ||||||
2.80%, 2023 | 190 | 183 | ||||||
3.15%, 2026 | 450 | 420 | ||||||
4.10%, 2046 | 30 | 26 | ||||||
9,366 | ||||||||
Oil & gas - 1.6% | ||||||||
Anadarko Petroleum Corp.: | ||||||||
4.85%, 2021 | 70 | 75 | ||||||
5.55%, 2026 | 145 | 163 | ||||||
Cenovus Energy, Inc., Series 144A, 4.25%, 20272 | 170 | 169 | ||||||
ConocoPhillips Co.: | ||||||||
4.20%, 2021 | 155 | 166 | ||||||
4.95%, 2026 | 235 | 264 | ||||||
Exxon Mobil Corp., 1.2812%, 20191 | 1,115 | 1,116 | ||||||
Husky Energy, Inc., 7.25%, 2019 | 250 | 282 | ||||||
Petroleos Mexicanos: | ||||||||
6.375%, 2021 | 300 | 327 | ||||||
4.625%, 2023 | 1,000 | 1,009 | ||||||
Petroleos Mexicanos, Series 144A:2 | ||||||||
5.375%, 2022 | 175 | 184 | ||||||
6.50%, 2027 | 200 | 217 | ||||||
Phillips 66, 4.30%, 2022 | 290 | 313 | ||||||
Shell International Finance BV: | ||||||||
1.75%, 2021 | 435 | 426 |
Private Client Services Funds | 51 |
Capital Group Core Bond Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes - continued | ||||||||
Oil & gas - continued | ||||||||
1.875%, 2021 | $ | 270 | $ | 266 | ||||
2.50%, 2026 | 265 | 254 | ||||||
2.875%, 2026 | 340 | 336 | ||||||
Statoil ASA, 3.25%, 2024 | 85 | 87 | ||||||
Total Capital International SA, 2.875%, 2022 | 230 | 235 | ||||||
Woodside Finance Ltd., Series 144A, 4.60%, 20212 | 185 | 197 | ||||||
6,086 | ||||||||
Auto Manufacturers - 1.4% | ||||||||
American Honda Finance Corp., 2.30%, 2026 | 80 | 75 | ||||||
BMW US Capital LLC, Series 144A, 1.45%, 20192 | 340 | 337 | ||||||
Daimler Finance North America LLC, Series 144A:2 | ||||||||
2.03%, 20181 | 350 | 352 | ||||||
3.30%, 2025 | 250 | 252 | ||||||
Ford Motor Credit Co. LLC: | ||||||||
3.157%, 2020 | 550 | 560 | ||||||
3.219%, 2022 | 205 | 207 | ||||||
General Motors Co., 4.00%, 2025 | 145 | 146 | ||||||
General Motors Financial Co., Inc.: | ||||||||
3.10%, 2019 | 975 | 990 | ||||||
3.70%, 2020 | 320 | 330 | ||||||
4.30%, 2025 | 535 | 546 | ||||||
4.00%, 2026 | 175 | 174 | ||||||
Toyota Motor Credit Corp.: | ||||||||
1.45%, 2018 | 350 | 351 | ||||||
2.60%, 2022 | 420 | 424 | ||||||
3.20%, 2027 | 415 | 422 | ||||||
5,166 | ||||||||
Insurance - 1.2% | ||||||||
American International Group, Inc., 2.30%, 2019 | 515 | 517 | ||||||
Berkshire Hathaway Finance Corp., 2.00%, 2018 | 750 | 756 | ||||||
Chubb INA Holdings, Inc.: | ||||||||
2.30%, 2020 | 285 | 286 | ||||||
2.875%, 2022 | 150 | 152 | ||||||
3.35%, 2026 | 45 | 46 | ||||||
4.35%, 2045 | 50 | 54 | ||||||
New York Life Global Funding, Series 144A, 1.70%, 20212 | 750 | 731 | ||||||
Prudential Financial, Inc., 1.819%, 20181 | 595 | 598 | ||||||
QBE Insurance Group Ltd., Series 144A, 2.40%, 20182 | 1,125 | 1,128 | ||||||
The Allstate Corp., 3.28%, 2026 | 175 | 177 | ||||||
4,445 | ||||||||
Pipelines - 1.1% | ||||||||
Boardwalk Pipelines LP, 4.95%, 2024 | 460 | 491 | ||||||
Enbridge Energy Partners LP, 5.875%, 2025 | 230 | 263 | ||||||
Enbridge, Inc., 4.00%, 2023 | 525 | 546 | ||||||
Energy Transfer Partners LP, 4.20%, 2027 | 185 | 187 | ||||||
EnLink Midstream Partners LP, 4.40%, 2024 | 230 | 236 |
Private Client Services Funds | 52 |
Capital Group Core Bond Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes - continued | ||||||||
Pipelines - continued | ||||||||
Kinder Morgan Energy Partners LP, 4.25%, 2024 | $ | 430 | $ | 445 | ||||
Kinder Morgan, Inc., 4.30%, 2025 | 1,010 | 1,054 | ||||||
Phillips 66 Partners LP, 3.55%, 2026 | 105 | 102 | ||||||
Spectra Energy Partners LP, 2.95%, 2018 | 505 | 512 | ||||||
TC PipeLines LP, 4.375%, 2025 | 430 | 443 | ||||||
4,279 | ||||||||
Agriculture - 0.8% | ||||||||
Altria Group, Inc.: | ||||||||
2.85%, 2022 | 250 | 253 | ||||||
2.95%, 2023 | 200 | 201 | ||||||
4.00%, 2024 | 430 | 457 | ||||||
Philip Morris International, Inc.: | ||||||||
1.875%, 2021 | 165 | 163 | ||||||
2.125%, 2023 | 415 | 399 | ||||||
2.75%, 2026 | 225 | 219 | ||||||
Reynolds American, Inc.: | ||||||||
3.25%, 2020 | 475 | 490 | ||||||
4.00%, 2022 | 70 | 74 | ||||||
4.45%, 2025 | 430 | 459 | ||||||
5.70%, 2035 | 30 | 34 | ||||||
5.85%, 2045 | 220 | 261 | ||||||
3,010 | ||||||||
REITS - 0.8% | ||||||||
Alexandria Real Estate Equities, Inc., 3.95%, 2028 | 60 | 61 | ||||||
Corporate Office Properties LP, 5.25%, 2024 | 235 | 249 | ||||||
DCT Industrial Operating Partnership LP, 4.50%, 2023 | 500 | 529 | ||||||
DDR Corp., 4.25%, 2026 | 430 | 430 | ||||||
ERP Operating LP, 4.625%, 2021 | 215 | 233 | ||||||
Essex Portfolio LP, 3.50%, 2025 | 490 | 491 | ||||||
Kimco Realty Corp.: | ||||||||
3.40%, 2022 | 90 | 92 | ||||||
2.80%, 2026 | 475 | 441 | ||||||
Simon Property Group LP, 2.50%, 2021 | 460 | 462 | ||||||
2,988 | ||||||||
Media - 0.7% | ||||||||
21st Century Fox America, Inc., 3.70%, 2025 | 205 | 210 | ||||||
CBS Corp., 1.95%, 2017 | 200 | 200 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital: | ||||||||
4.464%, 2022 | 325 | 346 | ||||||
4.908%, 2025 | 165 | 177 | ||||||
Comcast Corp., 2.35%, 2027 | 435 | 404 | ||||||
NBCUniversal Media LLC, 5.15%, 2020 | 350 | 383 | ||||||
The Walt Disney Co., 5.50%, 2019 | 300 | 321 | ||||||
Time Warner, Inc., 3.80%, 2027 | 150 | 150 |
Private Client Services Funds | 53 |
Capital Group Core Bond Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes - continued | ||||||||
Media - continued | ||||||||
Viacom, Inc., 3.875%, 2024 | $ | 380 | $ | 384 | ||||
2,575 | ||||||||
Telecommunications - 0.7% | ||||||||
AT&T, Inc., 2.80%, 2021 | 405 | 409 | ||||||
Cisco Systems, Inc., 2.20%, 2023 | 520 | 509 | ||||||
Deutsche Telekom International Finance BV, Series 144A, 2.82%, 20222 | 880 | 882 | ||||||
Verizon Communications, Inc.: | ||||||||
1.75%, 2021 | 45 | 44 | ||||||
3.125%, 2022 | 275 | 279 | ||||||
4.125%, 2027 | 188 | 192 | ||||||
4.272%, 2036 | 250 | 234 | ||||||
2,549 | ||||||||
Healthcare-services - 0.7% | ||||||||
Aetna, Inc.: | ||||||||
1.50%, 2017 | 350 | 350 | ||||||
1.70%, 2018 | 220 | 220 | ||||||
2.80%, 2023 | 55 | 55 | ||||||
Anthem, Inc.: | ||||||||
2.30%, 2018 | 295 | 297 | ||||||
4.35%, 2020 | 300 | 318 | ||||||
Laboratory Corp. of America Holdings, 4.70%, 2045 | 135 | 134 | ||||||
UnitedHealth Group, Inc.: | ||||||||
1.40%, 2017 | 250 | 250 | ||||||
3.35%, 2022 | 380 | 397 | ||||||
3.75%, 2025 | 460 | 484 | ||||||
2,505 | ||||||||
Healthcare-products - 0.6% | ||||||||
Abbott Laboratories: | ||||||||
2.35%, 2019 | 430 | 433 | ||||||
2.90%, 2021 | 190 | 192 | ||||||
3.40%, 2023 | 140 | 142 | ||||||
3.75%, 2026 | 515 | 522 | ||||||
Becton Dickinson & Co., 3.734%, 2024 | 61 | 62 | ||||||
Medtronic Global Holdings SCA, 3.35%, 2027 | 555 | 565 | ||||||
Zimmer Biomet Holdings, Inc., 3.15%, 2022 | 485 | 491 | ||||||
2,407 | ||||||||
Retail - 0.6% | ||||||||
McDonald’s Corp.: | ||||||||
2.625%, 2022 | 250 | 251 | ||||||
3.70%, 2026 | 135 | 140 | ||||||
3.50%, 2027 | 275 | 280 | ||||||
Starbucks Corp.: | ||||||||
2.00%, 2018 | 200 | 202 | ||||||
2.10%, 2021 | 235 | 237 |
Private Client Services Funds | 54 |
Capital Group Core Bond Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes - continued | ||||||||
Retail - continued | ||||||||
The Home Depot, Inc.: | ||||||||
4.40%, 2021 | $ | 350 | $ | 380 | ||||
2.125%, 2026 | 825 | 775 | ||||||
Walgreens Boots Alliance, Inc., 3.10%, 2023 | 135 | 136 | ||||||
2,401 | ||||||||
Beverages - 0.6% | ||||||||
Anheuser-Busch InBev Finance, Inc.: | ||||||||
2.65%, 2021 | 340 | 344 | ||||||
3.30%, 2023 | 175 | 180 | ||||||
3.65%, 2026 | 560 | 574 | ||||||
Molson Coors Brewing Co.: | ||||||||
1.45%, 2019 | 80 | 79 | ||||||
2.10%, 2021 | 90 | 88 | ||||||
3.00%, 2026 | 245 | 235 | ||||||
PepsiCo, Inc.: | ||||||||
1.35%, 2019 | 335 | 333 | ||||||
1.70%, 2021 | 420 | 413 | ||||||
2,246 | ||||||||
Biotechnology - 0.5% | ||||||||
Amgen, Inc.: | ||||||||
1.85%, 2021 | 195 | 190 | ||||||
2.25%, 2023 | 260 | 251 | ||||||
2.60%, 2026 | 470 | 441 | ||||||
Celgene Corp.: | ||||||||
2.125%, 2018 | 210 | 211 | ||||||
2.875%, 2020 | 125 | 127 | ||||||
3.875%, 2025 | 455 | 472 | ||||||
Gilead Sciences, Inc., 3.50%, 2025 | 320 | 326 | ||||||
2,018 | ||||||||
Software - 0.5% | ||||||||
Microsoft Corp.: | ||||||||
2.875%, 2024 | 445 | 452 | ||||||
2.40%, 2026 | 350 | 336 | ||||||
3.30%, 2027 | 435 | 447 | ||||||
Oracle Corp.: | ||||||||
1.20%, 2017 | 250 | 250 | ||||||
2.375%, 2019 | 500 | 507 | ||||||
1,992 | ||||||||
Real Estate - 0.5% | ||||||||
American Campus Communities Operating Partnership LP: | ||||||||
3.75%, 2023 | 300 | 310 | ||||||
4.125%, 2024 | 415 | 433 | ||||||
Scentre Group Trust 1 / Scentre Group Trust 2, Series 144A:2 | ||||||||
2.375%, 2019 | 100 | 100 |
Private Client Services Funds | 55 |
Capital Group Core Bond Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes - continued | ||||||||
Real Estate - continued | ||||||||
3.50%, 2025 | $ | 250 | $ | 252 | ||||
WEA Finance LLC / Westfield UK & Europe Finance PLC, Series 144A:2 | ||||||||
2.70%, 2019 | 475 | 480 | ||||||
3.25%, 2020 | 355 | 363 | ||||||
1,938 | ||||||||
Semiconductors - 0.5% | ||||||||
Analog Devices, Inc.: | ||||||||
2.50%, 2021 | 185 | 185 | ||||||
3.50%, 2026 | 170 | 171 | ||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd., Series 144A:2 | ||||||||
2.375%, 2020 | 270 | 270 | ||||||
3.00%, 2022 | 520 | 525 | ||||||
3.625%, 2024 | 270 | 274 | ||||||
3.875%, 2027 | 380 | 387 | ||||||
1,812 | ||||||||
Aerospace/Defense - 0.4% | ||||||||
Airbus Finance BV, Series 144A, 2.70%, 20232 | 85 | 86 | ||||||
Lockheed Martin Corp.: | ||||||||
3.10%, 2023 | 95 | 97 | ||||||
3.55%, 2026 | 270 | 279 | ||||||
Rockwell Collins, Inc.: | ||||||||
1.95%, 2019 | 140 | 140 | ||||||
2.80%, 2022 | 375 | 379 | ||||||
3.20%, 2024 | 275 | 279 | ||||||
The Boeing Co., 0.95%, 2018 | 350 | 349 | ||||||
1,609 | ||||||||
Diversified financial services - 0.3% | ||||||||
American Express Co., 1.6401%, 20181 | 500 | 503 | ||||||
Visa, Inc., 2.20%, 2020 | 815 | 822 | ||||||
1,325 | ||||||||
Housewares - 0.3% | ||||||||
Newell Brands, Inc.: | ||||||||
3.15%, 2021 | 355 | 365 | ||||||
3.85%, 2023 | 340 | 355 | ||||||
4.20%, 2026 | 515 | 542 | ||||||
1,262 | ||||||||
Computers - 0.2% | ||||||||
Apple, Inc.: | ||||||||
1.55%, 2021 | 575 | 563 | ||||||
2.50%, 2022 | 190 | 193 | ||||||
3.00%, 2024 | 185 | 189 | ||||||
945 |
Private Client Services Funds | 56 |
Capital Group Core Bond Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes - continued | ||||||||
Electronics - 0.2% | ||||||||
Honeywell International, Inc.: | ||||||||
1.40%, 2019 | $ | 440 | $ | 437 | ||||
1.85%, 2021 | 395 | 389 | ||||||
826 | ||||||||
Miscellaneous manufacturing - 0.2% | ||||||||
3M Co., 1.625%, 2021 | 520 | 511 | ||||||
General Electric Co., 2.70%, 2022 | 300 | 305 | ||||||
816 | ||||||||
Multi-National - 0.2% | ||||||||
European Investment Bank, 2.25%, 2022 | 751 | 758 | ||||||
758 | ||||||||
Environmental Control - 0.2% | ||||||||
Republic Services, Inc., 5.00%, 2020 | 350 | 378 | ||||||
Waste Management, Inc., 4.60%, 2021 | 300 | 325 | ||||||
703 | ||||||||
Apparel - 0.2% | ||||||||
NIKE, Inc., 2.375%, 2026 | 615 | 584 | ||||||
584 | ||||||||
Oil&Gas Services - 0.1% | ||||||||
Halliburton Co., 3.80%, 2025 | 170 | 175 | ||||||
Schlumberger Holdings Corp., Series 144A:2 | ||||||||
3.00%, 2020 | 125 | 128 | ||||||
4.00%, 2025 | 165 | 174 | ||||||
477 | ||||||||
Internet - 0.1% | ||||||||
Alphabet, Inc., 1.998%, 2026 | 465 | 435 | ||||||
435 | ||||||||
Food - 0.1% | ||||||||
The Kroger Co., 2.00%, 2019 | 410 | 411 | ||||||
411 | ||||||||
Commercial Services - 0.1% | ||||||||
Catholic Health Initiatives, 1.60%, 2017 | 350 | 350 | ||||||
350 |
Private Client Services Funds | 57 |
Capital Group Core Bond Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes - continued | ||||||||
Iron/Steel - 0.1% | ||||||||
Vale Overseas Ltd., 6.25%, 2026 | $ | 225 | $ | 247 | ||||
247 | ||||||||
Gas - 0.0% | ||||||||
Dominion Gas Holdings LLC, 2.80%, 2020 | 125 | 127 | ||||||
127 | ||||||||
Transportation - 0.0% | ||||||||
Canadian National Railway Co., 5.55%, 2018 | 50 | 52 | ||||||
52 | ||||||||
Total corporate bonds & notes | 93,552 | |||||||
Municipals - 1.6% | ||||||||
City of Detroit, G.O. Public Imps. Prop. Tax Ref. Bonds (Assured GTY Insured), 5.00%, 2022 | 8 | 8 | ||||||
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, 2.814%, 2024 | 500 | 507 | ||||||
Hurricane Catastrophe Fund Fin. Corp., Misc. Rev. Bonds, Series A, 2.995%, 2020 | 2,060 | 2,118 | ||||||
Industry Public Facs. Auth., Tax Increment Allocation Rev. Ref. Bonds (AGM Insured): | ||||||||
2.203%, 2018 | 500 | 502 | ||||||
3.139%, 2020 | 805 | 820 | ||||||
Michigan Fin. Auth., Public Imps. Misc. Rev. Bonds, Series G (Assured GTY Insured), 5.00%, 2022 | 42 | 44 | ||||||
New Jersey Econ. Dev. Auth., Appropriations Rev. Ref. Bonds, Series YY, 4.447%, 2020 | 650 | 667 | ||||||
New Jersey Trans. Trust Fund Auth., Appropriations Rev. Ref. Bonds, Series B, 1.758%, 2018 | 350 | 346 | ||||||
State of California, G.O. Public Imps. Misc. Rev. Bonds (Mandatory Put 04/01/20 @ 100), 2.193%, 20471 | 320 | 320 | ||||||
State of California, G.O. Transit Imps. Misc. Rev. Bonds, 2.367%, 2022 | 250 | 251 | ||||||
State of Illinois, G.O. Pension Fndg. Prop. Tax Bonds, 5.10%, 2033 | 500 | 451 | ||||||
Total municipals | 6,034 | |||||||
Government & government agency bonds & notes outside the U.S. - 0.5% | ||||||||
Sovereign - 0.5% | ||||||||
Mexico Government International Bond, 4.15%, 2027 | 460 | 474 | ||||||
Province of Manitoba Canada, 3.05%, 2024 | 200 | 207 | ||||||
Province of Ontario Canada, 3.20%, 2024 | 500 | 523 | ||||||
Ukraine Government AID Bonds, 1.844%, 2019 | 875 | 887 | ||||||
2,091 | ||||||||
Total government & government agency bonds & notes outside the U.S. | 2,091 | |||||||
Asset-backed obligations - 6.6% | ||||||||
AmeriCredit Automobile Receivables Trust, 1.15%, 2019 | 83 | 83 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 144A:2 | ||||||||
1.92%, 2019 | 1,000 | 999 | ||||||
2.97%, 2020 | 1,340 | 1,360 | ||||||
2.50%, 2021 | 770 | 771 | ||||||
California Republic Auto Receivables Trust: | ||||||||
1.82%, 2020 | 775 | 776 |
Private Client Services Funds | 58 |
Capital Group Core Bond Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations - continued | ||||||||
2.51%, 2021 | $ | 270 | $ | 272 | ||||
Capital One Multi-Asset Execution Trust, 1.60%, 2021 | 580 | 581 | ||||||
CarMax Auto Owner Trust, 1.16%, 2019 | 203 | 203 | ||||||
Chase Issuance Trust: | ||||||||
1.10%, 2020 | 690 | 689 | ||||||
1.424%, 20201 | 480 | 482 | ||||||
Chrysler Capital Auto Receivables Trust, Series 144A, 1.22%, 20192 | 205 | 205 | ||||||
Citi Held For Asset Issuance, Series 144A:2 | ||||||||
2.56%, 2022 | 89 | 89 | ||||||
4.31%, 2022 | 865 | 873 | ||||||
Citibank Credit Card Issuance Trust, 2.1383%, 20201 | 540 | 544 | ||||||
CLI Funding V LLC, Series 144A, 3.38%, 20292 | 74 | 73 | ||||||
CPS Auto Receivables Trust, Series 144A:2 | ||||||||
2.07%, 2019 | 105 | 106 | ||||||
3.34%, 2020 | 800 | 812 | ||||||
Discover Card Execution Note Trust, 1.3439%, 20201 | 1,165 | 1,168 | ||||||
Drive Auto Receivables Trust, Series 144A:2 | ||||||||
1.67%, 2019 | 185 | 185 | ||||||
1.77%, 2020 | 970 | 971 | ||||||
2.56%, 2020 | 190 | 191 | ||||||
2.76%, 2021 | 736 | 739 | ||||||
3.19%, 2022 | 430 | 436 | ||||||
DT Auto Owner Trust, Series 144A:2 | ||||||||
1.75%, 2019 | 140 | 140 | ||||||
3.15%, 2022 | 425 | 429 | ||||||
Enterprise Fleet Financing LLC, Series 144A:2 | ||||||||
1.05%, 2020 | 131 | 131 | ||||||
2.13%, 2022 | 835 | 835 | ||||||
Ford Credit Auto Owner Trust, Series 144A:2 | ||||||||
2.26%, 2025 | 565 | 571 | ||||||
2.03%, 2027 | 525 | 521 | ||||||
Ford Credit Floorplan Master Owner Trust, 1.55%, 2021 | 210 | 209 | ||||||
Global SC Finance II SRL, Series 144A, 3.19%, 20292 | 557 | 545 | ||||||
Global SC Finance IV Ltd., Series 144A, 3.85%, 20372 | 500 | 500 | ||||||
Hertz Fleet Lease Funding LP, Series 144A:1,2 | ||||||||
1.389%, 2028 | 105 | 105 | ||||||
1.739%, 2028 | 300 | 300 | ||||||
Hertz Vehicle Financing LLC, Series 144A:2 | ||||||||
1.83%, 2019 | 1,300 | 1,296 | ||||||
2.73%, 2021 | 1,048 | 1,046 | ||||||
Madison Park Funding XIII Ltd., Series 144A, 1.9876%, 20251,2 | 400 | 400 | ||||||
Nationstar HECM Loan Trust, Series 144A, 2.2394%, 20262,3 | 68 | 68 | ||||||
Octagon Investment Partners XV Ltd., Series 144A, 2.3148%, 20251,2 | 598 | 598 | ||||||
Santander Drive Auto Receivables Trust: | ||||||||
1.56%, 2020 | 275 | 275 | ||||||
2.66%, 2021 | 95 | 96 | ||||||
2.74%, 2021 | 1,735 | 1,756 | ||||||
3.09%, 2022 | 400 | 406 | ||||||
Sheridan Square CLO Ltd., Series 144A, 2.2084%, 20251,2 | 415 | 414 | ||||||
TAL Advantage V LLC, Series 144A, 3.55%, 20382 | 346 | 342 | ||||||
TAL Advantage VI LLC, Series 144A, 4.50%, 20422 | 510 | 525 | ||||||
Towd Point Mortgage Trust, Series 144A, 2.75%, 20561,2 | 490 | 494 | ||||||
Verizon Owner Trust, Series 144A:2 |
Private Client Services Funds | 59 |
Capital Group Core Bond Fund
Schedule of investments
April 30, 2017 (unaudited)
Bonds, notes & other debt investments - continued | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations - continued | ||||||||
1.42%, 2021 | $ | 165 | $ | 164 | ||||
2.06%, 2021 | 610 | 613 | ||||||
Total asset-backed obligations | 25,387 | |||||||
Total bonds, notes & other debt investments (cost: $367,689,000) | 369,317 | |||||||
Short-term securities - 4.9% | ||||||||
General Electric Co., 0.01%, May 01, 20174 | 4,600 | 4,599 | ||||||
Private Exp. Funding, 1.0163%, June 12, 20174 | 9,100 | 9,090 | ||||||
Wal-Mart Stores, Inc., 0.8318%, May 08, 20174 | 5,000 | 4,999 | ||||||
Total short-term securities (cost: $18,689,000) | 18,688 | |||||||
Total investment securities (cost: $386,378,000) | 388,005 | |||||||
Other assets less liabilities | (6,203 | ) | ||||||
Net assets | $ | 381,802 |
1 | Indicates a variable rate security. The interest rate shown reflects the rate in effect at April 30, 2017. |
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, 2017, the aggregate market value of these securities amounted to $28,410,000, representing 7.44% of net assets. |
3 | Security was valued in good faith under procedures approved by the Board of Trustees. As of April 30, 2017, this security represents less than 0.02% of net assets. |
4 | Zero coupon bond; interest rate represents current yield to maturity. |
Private Client Services Funds | 60 |
Capital Group Core Bond Fund
Schedule of investments
April 30, 2017 (unaudited)
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 |
Ltd. | = | Limited |
Misc. | = | Miscellaneous |
Prop. | = | Property |
Ref. | = | Refunding |
REITS | = | Real Estate Investment Trusts |
Rev. | = | Revenue |
TBA | = | To be announced |
See Notes to Financial Statements
Private Client Services Funds | 61 |
Capital Group Global Equity Fund
Schedule of investments
April 30, 2017 (unaudited)
Common Stocks - 96.1% | Shares | Value (000) | ||||||
Information Technology - 18.4% | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 300,120 | $ | 9,925 | |||||
ASML Holding NV | 67,090 | 8,868 | ||||||
Visa, Inc., A Shares | 90,170 | 8,225 | ||||||
Keyence Corp. | 18,550 | 7,455 | ||||||
Apple, Inc. | 43,194 | 6,205 | ||||||
Broadcom Ltd. | 24,173 | 5,338 | ||||||
VTech Holdings Ltd. | 373,900 | 4,737 | ||||||
Murata Manufacturing Co. Ltd. | 33,700 | 4,518 | ||||||
QUALCOMM, Inc. | 77,645 | 4,173 | ||||||
Hamamatsu Photonics K.K. | 122,800 | 3,608 | ||||||
Amadeus IT Group SA | 66,775 | 3,600 | ||||||
Alphabet, Inc., Class A1 | 3,295 | 3,046 | ||||||
SAP SE | 30,133 | 3,022 | ||||||
Jack Henry & Associates, Inc. | 29,466 | 2,856 | ||||||
Gemalto NV | 47,154 | 2,641 | ||||||
Microsoft Corp. | 34,800 | 2,382 | ||||||
Activision Blizzard, Inc. | 41,620 | 2,175 | ||||||
Texas Instruments, Inc. | 27,265 | 2,159 | ||||||
Jabil Circuit, Inc. | 67,600 | 1,962 | ||||||
Alphabet, Inc., Class C1 | 2,139 | 1,938 | ||||||
Xilinx, Inc. | 25,480 | 1,608 | ||||||
Accenture PLC, Class A | 10,900 | 1,322 | ||||||
Oracle Corp. | 18,400 | 1,060 | ||||||
Automatic Data Processing, Inc. | 8,222 | 859 | ||||||
VeriSign, Inc.1 | 8,805 | 783 | ||||||
Analog Devices, Inc. | 8,580 | 654 | ||||||
95,119 | ||||||||
Financials - 14.5% | ||||||||
AIA Group Ltd. | 1,651,400 | 11,433 | ||||||
CME Group, Inc. | 65,100 | 7,564 | ||||||
BNP Paribas SA | 103,568 | 7,308 | ||||||
JPMorgan Chase & Co. | 79,840 | 6,946 | ||||||
Moody’s Corp. | 39,300 | 4,650 | ||||||
HDFC Bank Ltd. (ADR) | 46,830 | 3,728 | ||||||
Sampo Oyj, A Shares | 68,065 | 3,262 | ||||||
The Goldman Sachs Group, Inc. | 14,375 | 3,217 | ||||||
KBC Group NV | 44,165 | 3,189 | ||||||
The Bank of New York Mellon Corp. | 59,550 | 2,803 | ||||||
Wells Fargo & Co. | 49,355 | 2,657 | ||||||
Chubb Ltd. | 18,870 | 2,590 | ||||||
Marsh & McLennan Cos., Inc. | 32,885 | 2,438 | ||||||
Aon PLC | 16,200 | 1,941 | ||||||
The PNC Financial Services Group, Inc. | 14,400 | 1,724 | ||||||
Lloyds Banking Group PLC | 1,727,700 | 1,549 | ||||||
Prudential PLC | 58,055 | 1,290 | ||||||
Huntington Bancshares, Inc. | 94,250 | 1,212 | ||||||
UBS Group AG | 68,607 | 1,172 | ||||||
DNB ASA | 72,619 | 1,134 | ||||||
Svenska Handelsbanken AB, A Shares | 73,732 | 1,046 | ||||||
Intercontinental Exchange, Inc. | 16,970 | 1,022 | ||||||
ABN AMRO Group NV2 | 34,060 | 894 |
Private Client Services Funds | 62 |
Capital Group Global Equity Fund
Schedule of investments
April 30, 2017 (unaudited)
Common Stocks - continued | Shares | Value (000) | ||||||
Financials - continued | ||||||||
The Toronto-Dominion Bank | 10,270 | $ | 484 | |||||
75,253 | ||||||||
Consumer Discretionary - 13.6% | ||||||||
Las Vegas Sands Corp. | 149,480 | 8,818 | ||||||
Amazon.com, Inc.1 | 9,025 | 8,348 | ||||||
Naspers Ltd. (ADR), N Shares | 333,610 | 6,418 | ||||||
Royal Caribbean Cruises Ltd. | 47,050 | 5,016 | ||||||
Comcast Corp., Class A | 109,300 | 4,283 | ||||||
Norwegian Cruise Line Holdings Ltd.1 | 78,735 | 4,246 | ||||||
Starbucks Corp. | 67,300 | 4,042 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 12,867 | 3,175 | ||||||
Dollar General Corp. | 40,880 | 2,972 | ||||||
Newell Brands, Inc. | 61,408 | 2,932 | ||||||
Charter Communications, Inc., Class A1 | 8,027 | 2,771 | ||||||
Yum! Brands, Inc. | 34,600 | 2,275 | ||||||
Cie Financiere Richemont SA | 25,002 | 2,089 | ||||||
Yum China Holdings, Inc.1 | 55,610 | 1,897 | ||||||
Samsonite International SA | 448,800 | 1,731 | ||||||
Liberty Global PLC, Class A1 | 44,340 | 1,571 | ||||||
SES SA | 64,207 | 1,404 | ||||||
BCA Marketplace PLC | 506,738 | 1,290 | ||||||
Scripps Networks Interactive, Inc., Class A | 12,970 | 969 | ||||||
Denso Corp. | 22,400 | 964 | ||||||
JCDecaux SA | 23,389 | 825 | ||||||
Modern Times Group MTG AB, B Shares | 24,325 | 794 | ||||||
Tempur Sealy International, Inc.1 | 16,130 | 757 | ||||||
Advance Auto Parts, Inc. | 3,135 | 446 | ||||||
Liberty Global PLC, Series C1 | 5,100 | 176 | ||||||
70,209 | ||||||||
Industrials - 12.8% | ||||||||
Airbus SE | 91,702 | 7,415 | ||||||
Safran SA | 88,004 | 7,288 | ||||||
FANUC Corp. | 28,300 | 5,751 | ||||||
SMC Corp. | 18,500 | 5,209 | ||||||
Eaton Corp. PLC | 67,315 | 5,092 | ||||||
Assa Abloy AB, Class B | 182,842 | 3,961 | ||||||
Hexcel Corp. | 68,830 | 3,562 | ||||||
The Boeing Co. | 15,825 | 2,925 | ||||||
IDEX Corp. | 22,000 | 2,305 | ||||||
Jardine Matheson Holdings Ltd. | 34,000 | 2,194 | ||||||
Nielsen Holdings PLC | 49,350 | 2,030 | ||||||
Waste Connections, Inc. | 21,970 | 2,022 | ||||||
TransDigm Group, Inc. | 8,030 | 1,981 | ||||||
Norfolk Southern Corp. | 15,510 | 1,822 | ||||||
General Electric Co. | 61,890 | 1,794 | ||||||
Deere & Co. | 14,060 | 1,569 | ||||||
Canadian National Railway Co. | 19,020 | 1,375 | ||||||
Ryanair Holdings PLC (ADR)1 | 12,995 | 1,195 | ||||||
DKSH Holding AG Ltd. | 14,647 | 1,178 | ||||||
Sydney Airport | 214,770 | 1,108 |
Private Client Services Funds | 63 |
Capital Group Global Equity Fund
Schedule of investments
April 30, 2017 (unaudited)
Common Stocks - continued | Shares | Value (000) | ||||||
Industrials - continued | ||||||||
Waste Management, Inc. | 13,990 | $ | 1,018 | |||||
Hoshizaki Corp. | 11,600 | 967 | ||||||
CH Robinson Worldwide, Inc. | 13,270 | 965 | ||||||
Brenntag AG | 15,364 | 911 | ||||||
AA PLC | 232,284 | 786 | ||||||
66,423 | ||||||||
Consumer Staples - 10.1% | ||||||||
Pernod Ricard SA | 49,820 | 6,233 | ||||||
Nestle SA | 70,575 | 5,437 | ||||||
Carlsberg A/S, Class B | 53,694 | 5,359 | ||||||
L’Oreal SA | 23,943 | 4,769 | ||||||
Reckitt Benckiser Group PLC | 44,045 | 4,056 | ||||||
Danone SA | 51,499 | 3,600 | ||||||
British American Tobacco PLC | 52,020 | 3,514 | ||||||
Shiseido Co. Ltd. | 120,400 | 3,257 | ||||||
Imperial Brands PLC | 65,370 | 3,202 | ||||||
Seven & i Holdings Co. Ltd. | 69,300 | 2,928 | ||||||
Diageo PLC | 81,785 | 2,380 | ||||||
The Coca-Cola Co. | 45,190 | 1,950 | ||||||
Philip Morris International, Inc. | 16,040 | 1,778 | ||||||
Mondelez International, Inc., Class A | 28,800 | 1,297 | ||||||
The Procter & Gamble Co. | 12,055 | 1,053 | ||||||
Japan Tobacco, Inc. | 30,100 | 1,001 | ||||||
Nestle SA (ADR) | 4,300 | 331 | ||||||
52,145 | ||||||||
Health Care - 9.6% | ||||||||
Roche Holding AG | 25,336 | 6,628 | ||||||
Novo Nordisk A/S, Class B | 167,007 | 6,499 | ||||||
Cerner Corp.1 | 88,595 | 5,737 | ||||||
Astrazeneca PLC | 93,485 | 5,615 | ||||||
Incyte Corp.1 | 41,600 | 5,170 | ||||||
Essilor International SA | 28,047 | 3,634 | ||||||
Eli Lilly & Co. | 38,045 | 3,122 | ||||||
Danaher Corp. | 35,200 | 2,933 | ||||||
Seattle Genetics, Inc.1 | 35,780 | 2,444 | ||||||
Gilead Sciences, Inc. | 26,907 | 1,844 | ||||||
UnitedHealth Group, Inc. | 7,240 | 1,266 | ||||||
Express Scripts Holding Co.1 | 17,405 | 1,068 | ||||||
Sysmex Corp. | 17,100 | 1,040 | ||||||
Johnson & Johnson | 6,270 | 774 | ||||||
Medtronic PLC | 7,860 | 653 | ||||||
Humana, Inc. | 2,410 | 535 | ||||||
Merck & Co., Inc. | 7,900 | 492 | ||||||
49,454 | ||||||||
Energy - 6.9% | ||||||||
Royal Dutch Shell PLC, Class B (ADR) | 119,995 | 6,494 | ||||||
Chevron Corp. | 56,994 | 6,081 | ||||||
Enbridge, Inc. | 112,035 | 4,644 |
Private Client Services Funds | 64 |
Capital Group Global Equity Fund
Schedule of investments
April 30, 2017 (unaudited)
Common Stocks - continued | Shares | Value (000) | ||||||
Energy - continued | ||||||||
Occidental Petroleum Corp. | 72,095 | $ | 4,437 | |||||
Exxon Mobil Corp. | 52,125 | 4,256 | ||||||
EOG Resources, Inc. | 30,145 | 2,788 | ||||||
Schlumberger Ltd. | 37,986 | 2,757 | ||||||
Total SA | 39,057 | 2,007 | ||||||
Helmerich & Payne, Inc. | 22,725 | 1,378 | ||||||
ConocoPhillips | 19,800 | 949 | ||||||
35,791 | ||||||||
Telecommunication Services - 3.6% | ||||||||
SoftBank Group Corp. | 110,100 | 8,338 | ||||||
Singapore Telecommunications Ltd. | 2,454,400 | 6,570 | ||||||
Vodafone Group PLC | 827,135 | 2,132 | ||||||
NTT DOCOMO, Inc. | 52,900 | 1,276 | ||||||
Verizon Communications, Inc. | 10,245 | 470 | ||||||
18,786 | ||||||||
Materials - 3.2% | ||||||||
Asahi Kasei Corp. | 506,000 | 4,823 | ||||||
The Dow Chemical Co. | 60,830 | 3,820 | ||||||
Monsanto Co. | 29,645 | 3,457 | ||||||
Air Liquide SA | 10,863 | 1,309 | ||||||
Givaudan SA | 555 | 1,069 | ||||||
Praxair, Inc. | 8,545 | 1,068 | ||||||
Rio Tinto PLC | 22,242 | 882 | ||||||
16,428 | ||||||||
Real Estate - 2.1% | ||||||||
American Tower Corp. REIT | 42,500 | 5,352 | ||||||
Crown Castle International Corp. REIT | 48,475 | 4,586 | ||||||
Link REIT | 98,000 | 705 | ||||||
Deutsche Wohnen AG | 13,288 | 454 | ||||||
11,097 | ||||||||
Utilities - 1.3% | ||||||||
AES Corp. | 251,550 | 2,845 | ||||||
Sempra Energy | 22,680 | 2,564 | ||||||
National Grid PLC | 117,990 | 1,528 | ||||||
6,937 | ||||||||
Total common stocks (cost: $383,192,000) | 497,642 |
Short-term securities - 3.8% | Principal amount (000) | |||||||
Cisco Systems, Inc., 0.852%, May 24, 20173 | $ | 5,000 | 4,997 | |||||
Federal Home Loan Bank, 0.838%, July 11, 20173 | 3,800 | 3,794 |
Private Client Services Funds | 65 |
Capital Group Global Equity Fund
Schedule of investments
April 30, 2017 (unaudited)
Short-term securities - continued | Principal amount (000) | Value (000) | ||||||
General Electric Co., 0.01%, May 01, 20173 | $ | 4,500 | $ | 4,500 | ||||
L’Oreal USA, Inc., 0.852%, May 02, 20173 | 6,100 | 6,099 | ||||||
Total short-term securities (cost: $19,391,000) | 19,390 | |||||||
Total investment securities (cost: $402,583,000) | 517,032 | |||||||
Other assets less liabilities | 672 | |||||||
Net assets | $ | 517,704 |
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, 2017, the aggregate market value of this security amounted to $894,000, representing 0.17% of net assets. |
3 | Zero coupon bond; interest rate represents current yield to maturity. |
Key to abbreviations
ADR - American Depositary Receipts
REIT - Real Estate Investment Trust
See Notes to Financial Statements
Private Client Services Funds | 66 |
Capital Group International Equity Fund
Schedule of investments
April 30, 2017 (unaudited)
Common Stocks - 94.9% | Shares | Value (000) | ||||||
Industrials - 16.4% | ||||||||
Safran SA | 374,425 | $ | 31,006 | |||||
SMC Corp. | 107,200 | 30,186 | ||||||
FANUC Corp. | 117,700 | 23,920 | ||||||
Assa Abloy AB, Class B | 1,055,326 | 22,864 | ||||||
Airbus SE | 268,980 | 21,749 | ||||||
Jardine Matheson Holdings Ltd. | 281,500 | 18,165 | ||||||
Sydney Airport | 3,131,059 | 16,154 | ||||||
DKSH Holding AG Ltd. | 115,345 | 9,280 | ||||||
Nidec Corp. | 97,000 | 8,893 | ||||||
AA PLC | 2,509,515 | 8,493 | ||||||
Brenntag AG | 135,395 | 8,029 | ||||||
Hoshizaki Corp. | 78,500 | 6,542 | ||||||
Siemens AG | 34,457 | 4,940 | ||||||
Kubota Corp. | 292,600 | 4,601 | ||||||
Canadian National Railway Co. | 63,300 | 4,576 | ||||||
DSV A/S | 71,590 | 3,988 | ||||||
Ryanair Holdings PLC (ADR)1 | 35,670 | 3,279 | ||||||
Glory Ltd. | 87,500 | 2,936 | ||||||
229,601 | ||||||||
Information Technology - 15.7% | ||||||||
Keyence Corp. | 101,100 | 40,630 | ||||||
Murata Manufacturing Co. Ltd. | 194,500 | 26,076 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 783,600 | 25,914 | ||||||
Hamamatsu Photonics K.K. | 856,400 | 25,160 | ||||||
ASML Holding NV | 187,647 | 24,804 | ||||||
SAP SE | 203,037 | 20,363 | ||||||
Amadeus IT Group SA | 313,618 | 16,910 | ||||||
Micro Focus International PLC | 370,750 | 12,427 | ||||||
Gemalto NV | 214,621 | 12,021 | ||||||
MercadoLibre, Inc. | 27,350 | 6,261 | ||||||
Oracle Corp. | 106,400 | 6,128 | ||||||
Samsung Electronics Co. Ltd. (GDR) | 5,057 | 3,874 | ||||||
220,568 | ||||||||
Financials - 13.3% | ||||||||
AIA Group Ltd. | 5,165,000 | 35,758 | ||||||
Sampo Oyj, A Shares | 451,173 | 21,619 | ||||||
BNP Paribas SA | 290,637 | 20,509 | ||||||
Prudential PLC | 879,070 | 19,538 | ||||||
KBC Group NV | 247,825 | 17,893 | ||||||
Lloyds Banking Group PLC | 18,804,300 | 16,854 | ||||||
HDFC Bank Ltd. (ADR) | 156,900 | 12,491 | ||||||
ABN AMRO Group NV2 | 471,423 | 12,376 | ||||||
Svenska Handelsbanken AB, A Shares | 529,357 | 7,512 | ||||||
UBS Group AG | 325,245 | 5,557 | ||||||
ING Groep NV | 315,015 | 5,128 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 129,200 | 4,780 | ||||||
DNB ASA | 294,036 | 4,592 | ||||||
DBS Group Holdings Ltd. | 140,855 | 1,951 |
Private Client Services Funds | 67 |
Capital Group International Equity Fund
Schedule of investments
April 30, 2017 (unaudited)
Common Stocks - continued | Shares | Value (000) | ||||||
Financials - continued | ||||||||
Henderson Group PLC | 50,200 | $ | 150 | |||||
186,708 | ||||||||
Consumer Staples - 13.2% | ||||||||
Pernod Ricard SA | 200,747 | 25,115 | ||||||
Carlsberg A/S, Class B | 251,512 | 25,102 | ||||||
British American Tobacco PLC | 340,600 | 23,006 | ||||||
Nestle SA | 289,820 | 22,326 | ||||||
L’Oreal SA | 103,258 | 20,567 | ||||||
Diageo PLC | 605,145 | 17,608 | ||||||
Imperial Brands PLC | 251,278 | 12,309 | ||||||
Danone SA | 168,835 | 11,803 | ||||||
Reckitt Benckiser Group PLC | 94,000 | 8,657 | ||||||
Associated British Foods PLC | 220,050 | 8,009 | ||||||
Meiji Holdings Co. Ltd. | 44,300 | 3,759 | ||||||
PZ Cussons PLC | 834,615 | 3,617 | ||||||
Japan Tobacco, Inc. | 101,900 | 3,388 | ||||||
185,266 | ||||||||
Health Care - 12.9% | ||||||||
Roche Holding AG | 144,878 | 37,901 | ||||||
Novo Nordisk A/S, Class B | 904,524 | 35,197 | ||||||
Astrazeneca PLC | 556,250 | 33,411 | ||||||
Genmab A/S1 | 101,922 | 20,270 | ||||||
Essilor International SA | 147,769 | 19,147 | ||||||
Sysmex Corp. | 236,100 | 14,360 | ||||||
Medtronic PLC | 112,700 | 9,364 | ||||||
Sonova Holding AG | 40,370 | 5,968 | ||||||
Novartis AG | 65,608 | 5,048 | ||||||
180,666 | ||||||||
Consumer Discretionary - 11.1% | ||||||||
SES SA | 1,089,867 | 23,833 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 79,334 | 19,574 | ||||||
Ryohin Keikaku Co. Ltd. | 83,600 | 18,854 | ||||||
Liberty Global PLC, Class A1 | 403,720 | 14,300 | ||||||
Samsonite International SA | 3,701,400 | 14,276 | ||||||
Kering | 36,831 | 11,416 | ||||||
BCA Marketplace PLC | 4,442,168 | 11,306 | ||||||
Modern Times Group MTG AB, B Shares | 285,581 | 9,318 | ||||||
Cie Financiere Richemont SA | 100,341 | 8,385 | ||||||
JCDecaux SA | 163,622 | 5,772 | ||||||
Naspers Ltd. (ADR), N Shares | 267,500 | 5,146 | ||||||
Wynn Macau Ltd.1 | 2,190,200 | 4,815 | ||||||
Denso Corp. | 88,500 | 3,810 | ||||||
Greene King PLC | 357,175 | 3,474 | ||||||
Liberty Global PLC, Series C1 | 30,000 | 1,038 | ||||||
155,317 |
Private Client Services Funds | 68 |
Capital Group International Equity Fund
Schedule of investments
April 30, 2017 (unaudited)
Common Stocks - continued | Shares | Value (000) | ||||||
Telecommunication Services - 5.0% | ||||||||
SoftBank Group Corp. | 284,500 | $ | 21,545 | |||||
Vodafone Group PLC | 8,234,760 | 21,230 | ||||||
NTT DOCOMO, Inc. | 483,700 | 11,664 | ||||||
KDDI Corp. | 317,300 | 8,412 | ||||||
Singapore Telecommunications Ltd. | 2,740,400 | 7,336 | ||||||
70,187 | ||||||||
Energy - 3.3% | ||||||||
Total SA | 456,304 | 23,446 | ||||||
Enbridge, Inc. | 444,190 | 18,411 | ||||||
Royal Dutch Shell PLC, Class B | 152,990 | 4,067 | ||||||
45,924 | ||||||||
Materials - 2.4% | ||||||||
Asahi Kasei Corp. | 1,037,000 | 9,884 | ||||||
Givaudan SA | 3,644 | 7,021 | ||||||
Air Liquide SA | 49,966 | 6,020 | ||||||
Kansai Paint Co. Ltd. | 163,700 | 3,624 | ||||||
Rio Tinto PLC | 81,490 | 3,232 | ||||||
Amcor Ltd. | 258,547 | 3,041 | ||||||
32,822 | ||||||||
Real Estate - 1.2% | ||||||||
Link REIT | 1,176,500 | 8,463 | ||||||
Deutsche Wohnen AG | 240,171 | 8,212 | ||||||
16,675 | ||||||||
Utilities - 0.4% | ||||||||
SSE PLC | 239,665 | 4,318 | ||||||
National Grid PLC | 117,965 | 1,528 | ||||||
5,846 | ||||||||
Total common stocks (cost: $1,092,832,000) | 1,329,580 | |||||||
Preferred Securities - 0.4% | ||||||||
Health Care - 0.4% | ||||||||
Grifols SA, Class B | 272,114 | 5,808 | ||||||
Total preferred securities (cost: $4,466,000) | 5,808 |
Short-term securities - 4.2% | Principal amount (000) | |||||||
Federal Home Loan Bank, 0.838%, July 11, 20173 | $ | 16,600 | 16,572 | |||||
General Electric Co., 0.01%, May 01, 20173 | 40,000 | 39,997 |
Private Client Services Funds | 69 |
Capital Group International Equity Fund
Schedule of investments
April 30, 2017 (unaudited)
Short-term securities - continued | Principal amount (000) | Value (000) | ||||||
Wal-mart Stores, Inc., 0.842%, May 22, 20173 | $ | 3,100 | $ | 3,098 | ||||
Total short-term securities (cost: $59,671,000) | 59,667 | |||||||
Total investment securities (cost: $1,156,969,000) | 1,395,055 | |||||||
Other assets less liabilities | 6,674 | |||||||
Net assets | $ | 1,401,729 |
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, 2017, the aggregate market value of this security amounted to $12,376,000, representing 0.88% of net assets. |
3 | Zero coupon bond; interest rate represents current yield to maturity. |
Key to abbreviations
ADR - American Depositary Receipts
GDR - Global Depositary Receipts
REIT - Real Estate Investment Trust
See Notes to Financial Statements
Private Client Services Funds | 70 |
Capital Group U.S. Equity Fund
Schedule of investments
April 30, 2017 (unaudited)
Common Stocks - 98.2% | Shares | Value (000) | ||||||
Information Technology - 18.4% | ||||||||
Visa, Inc., A Shares | 63,880 | $ | 5,827 | |||||
Microsoft Corp. | 79,195 | 5,422 | ||||||
Jack Henry & Associates, Inc. | 50,320 | 4,877 | ||||||
Apple, Inc. | 27,010 | 3,880 | ||||||
Texas Instruments, Inc. | 46,500 | 3,682 | ||||||
Broadcom Ltd. | 14,931 | 3,297 | ||||||
Automatic Data Processing, Inc. | 29,435 | 3,076 | ||||||
Analog Devices, Inc. | 34,655 | 2,641 | ||||||
Alphabet, Inc., Class C1 | 1,857 | 1,682 | ||||||
ASML Holding NV | 10,590 | 1,396 | ||||||
QUALCOMM, Inc. | 21,665 | 1,164 | ||||||
HP, Inc. | 56,520 | 1,064 | ||||||
Xilinx, Inc. | 15,945 | 1,006 | ||||||
Accenture PLC, Class A | 5,700 | 691 | ||||||
Trimble, Inc.1 | 17,005 | 603 | ||||||
Jabil Circuit, Inc. | 18,540 | 538 | ||||||
Alphabet, Inc., Class A1 | 450 | 416 | ||||||
Global Payments, Inc. | 4,000 | 327 | ||||||
VeriSign, Inc.1 | 3,240 | 288 | ||||||
41,877 | ||||||||
Consumer Discretionary - 16.2% | ||||||||
Newell Brands, Inc. | 107,400 | 5,127 | ||||||
Comcast Corp., Class A | 120,250 | 4,713 | ||||||
Charter Communications, Inc., Class A1 | 12,206 | 4,213 | ||||||
Starbucks Corp. | 61,415 | 3,688 | ||||||
Amazon.com, Inc.1 | 3,881 | 3,590 | ||||||
Advance Auto Parts, Inc. | 19,265 | 2,738 | ||||||
Dollar General Corp. | 35,595 | 2,588 | ||||||
Panera Bread Co., Class A1 | 6,560 | 2,051 | ||||||
NIKE, Inc., Class B | 27,180 | 1,506 | ||||||
Norwegian Cruise Line Holdings Ltd.1 | 27,185 | 1,466 | ||||||
Scripps Networks Interactive, Inc., Class A | 18,694 | 1,397 | ||||||
The Priceline Group, Inc.1 | 685 | 1,265 | ||||||
Carnival Corp. | 19,650 | 1,214 | ||||||
Yum China Holdings, Inc.1 | 22,100 | 754 | ||||||
Yum! Brands, Inc. | 5,530 | 364 | ||||||
36,674 | ||||||||
Financials - 14.0% | ||||||||
Marsh & McLennan Cos., Inc. | 71,400 | 5,293 | ||||||
Chubb Ltd. | 33,240 | 4,562 | ||||||
Wells Fargo & Co. | 69,415 | 3,737 | ||||||
JPMorgan Chase & Co. | 42,380 | 3,687 | ||||||
CME Group, Inc. | 30,425 | 3,535 | ||||||
Aon PLC | 16,700 | 2,001 | ||||||
Intercontinental Exchange, Inc. | 32,050 | 1,930 | ||||||
Huntington Bancshares, Inc. | 141,930 | 1,825 | ||||||
Moody’s Corp. | 14,155 | 1,675 | ||||||
The Bank of New York Mellon Corp. | 25,600 | 1,205 | ||||||
The Goldman Sachs Group, Inc. | 4,700 | 1,052 | ||||||
The PNC Financial Services Group, Inc. | 6,490 | 777 |
Private Client Services Funds | 71 |
Capital Group U.S. Equity Fund
Schedule of investments
April 30, 2017 (unaudited)
Common Stocks - continued | Shares | Value (000) | ||||||
Financials - continued | ||||||||
The Toronto-Dominion Bank | 12,245 | $ | 577 | |||||
31,856 | ||||||||
Industrials - 13.1% | ||||||||
Waste Connections, Inc. | 57,500 | 5,291 | ||||||
The Boeing Co. | 14,085 | 2,603 | ||||||
Norfolk Southern Corp. | 22,102 | 2,597 | ||||||
Hexcel Corp. | 44,435 | 2,300 | ||||||
Eaton Corp. PLC | 26,770 | 2,025 | ||||||
Northrop Grumman Corp. | 7,230 | 1,778 | ||||||
IDEX Corp. | 16,800 | 1,760 | ||||||
TransDigm Group, Inc. | 6,635 | 1,637 | ||||||
Canadian National Railway Co. | 21,330 | 1,542 | ||||||
General Electric Co. | 45,050 | 1,306 | ||||||
Waste Management, Inc. | 17,940 | 1,306 | ||||||
Deere & Co. | 11,420 | 1,275 | ||||||
Nielsen Holdings PLC | 28,425 | 1,169 | ||||||
CH Robinson Worldwide, Inc. | 15,240 | 1,108 | ||||||
Airbus SE (ADR) | 53,700 | 1,083 | ||||||
Lockheed Martin Corp. | 2,075 | 559 | ||||||
Union Pacific Corp. | 4,600 | 515 | ||||||
29,854 | ||||||||
Health Care - 12.6% | ||||||||
Cerner Corp.1 | 56,765 | 3,676 | ||||||
Medtronic PLC | 42,440 | 3,526 | ||||||
UnitedHealth Group, Inc. | 19,485 | 3,408 | ||||||
Humana, Inc. | 12,715 | 2,822 | ||||||
Danaher Corp. | 30,055 | 2,504 | ||||||
Express Scripts Holding Co.1 | 40,500 | 2,484 | ||||||
AstraZeneca PLC (ADR) | 72,870 | 2,204 | ||||||
Incyte Corp.1 | 14,900 | 1,852 | ||||||
Gilead Sciences, Inc. | 17,424 | 1,194 | ||||||
Roche Holding AG (ADR) | 33,675 | 1,101 | ||||||
Seattle Genetics, Inc.1 | 14,080 | 962 | ||||||
Johnson & Johnson | 7,280 | 899 | ||||||
Ultragenyx Pharmaceutical, Inc.1 | 10,445 | 673 | ||||||
Merck & Co., Inc. | 9,385 | 585 | ||||||
Agios Pharmaceuticals, Inc.1 | 10,270 | 511 | ||||||
Essilor International SA (ADR) | 2,680 | 174 | ||||||
28,575 | ||||||||
Consumer Staples - 8.4% | ||||||||
The Procter & Gamble Co. | 52,600 | 4,594 | ||||||
Diageo PLC (ADR) | 31,780 | 3,732 | ||||||
Philip Morris International, Inc. | 30,580 | 3,389 | ||||||
Nestle SA (ADR) | 29,205 | 2,249 | ||||||
The Coca-Cola Co. | 38,020 | 1,641 | ||||||
Unilever PLC (ADR) | 20,740 | 1,065 | ||||||
British American Tobacco PLC (ADR) | 9,790 | 666 | ||||||
Carlsberg A/S, Class B (ADR) | 31,725 | 634 |
Private Client Services Funds | 72 |
Capital Group U.S. Equity Fund
Schedule of investments
April 30, 2017 (unaudited)
Common Stocks - continued | Shares | Value (000) | ||||||
Consumer Staples - continued | ||||||||
Mondelez International, Inc., Class A | 13,000 | $ | 585 | |||||
Reckitt Benckiser Group PLC (ADR) | 26,660 | 500 | ||||||
19,055 | ||||||||
Energy - 7.8% | ||||||||
Enbridge, Inc. | 97,590 | 4,045 | ||||||
Schlumberger Ltd. | 40,054 | 2,908 | ||||||
Chevron Corp. | 27,240 | 2,906 | ||||||
Exxon Mobil Corp. | 22,500 | 1,837 | ||||||
Occidental Petroleum Corp. | 28,340 | 1,744 | ||||||
ConocoPhillips | 35,685 | 1,710 | ||||||
EOG Resources, Inc. | 16,665 | 1,541 | ||||||
Halliburton Co. | 20,400 | 936 | ||||||
17,627 | ||||||||
Real Estate - 3.4% | ||||||||
Crown Castle International Corp. REIT | 37,270 | 3,526 | ||||||
American Tower Corp. REIT | 19,750 | 2,487 | ||||||
Iron Mountain, Inc. REIT | 50,969 | 1,772 | ||||||
7,785 | ||||||||
Materials - 2.2% | ||||||||
Monsanto Co. | 24,400 | 2,845 | ||||||
Praxair, Inc. | 11,636 | 1,454 | ||||||
Sherwin-Williams Co. | 1,810 | 606 | ||||||
4,905 | ||||||||
Utilities - 1.4% | ||||||||
Sempra Energy | 28,255 | 3,193 | ||||||
3,193 | ||||||||
Telecommunication Services - 0.7% | ||||||||
Verizon Communications, Inc. | 32,190 | 1,478 | ||||||
1,478 | ||||||||
Total common stocks (cost: $159,236,000) | 222,879 |
Short-term securities - 1.1% | Principal amount (000) | |||||||
General Electric Co., 0.01%, May 01, 20172 | $ | 2,500 | 2,500 | |||||
Total short-term securities (cost: $2,500,000) | 2,500 |
Private Client Services Funds | 73 |
Capital Group U.S. Equity Fund
Schedule of investments
April 30, 2017 (unaudited)
Total investment securities (cost: $161,736,000) | 225,379 | |||||||
Other assets less liabilities | 1,691 | |||||||
Net assets | $ | 227,070 |
1 | Non-income producing security. |
2 | Zero coupon bond; interest rate represents current yield to maturity. |
Key to abbreviations
ADR - American Depositary Receipts
REIT - Real Estate Investment Trust
See Notes to Financial Statements
Private Client Services Funds | 74 |
Capital Group Core Municipal Fund
Statement of assets and liabilities
at April 30, 2017 (unaudited)
(dollars and shares in thousands, except per share amounts)
Assets: | ||||||||
Investment securities, at value (cost: $366,747) | $ | 370,737 | ||||||
Short-term investments, at value (cost: $31,270) | 31,271 | |||||||
Cash | 1,644 | |||||||
Receivables for: | ||||||||
Sales of investments | 1,683 | |||||||
Sales of fund’s shares | 270 | |||||||
Interest | 4,037 | |||||||
Reimbursement from investment adviser | 6 | |||||||
5,996 | ||||||||
Prepaid expenses | 12 | |||||||
Total assets | 409,660 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 6,353 | |||||||
Repurchases of fund’s shares | 8 | |||||||
Investment advisory services | 310 | |||||||
Other accrued expenses | 106 | |||||||
Total liabilities | 6,777 | |||||||
Net assets at April 30, 2017: | $ | 402,883 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 398,734 | ||||||
Accumulated undistributed net investment income | 20 | |||||||
Accumulated net realized gain | 138 | |||||||
Net unrealized appreciation | 3,991 | |||||||
Net assets at April 30, 2017 | $ | 402,883 | ||||||
Shares outstanding: | 38,883 | |||||||
Net asset value per share: | $ | 10.36 |
See Notes to Financial Statements
Private Client Services Funds | 75 |
Capital Group Core Municipal Fund
Statement of operations
for the six months ended April 30, 2017 (unaudited)
(dollars in thousands)
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 4,787 | ||||||
Fees and expenses: | ||||||||
Investment advisory services | 656 | |||||||
Administrative and accounting services | 54 | |||||||
Registration fees | 13 | |||||||
Audit and tax fees | 19 | |||||||
Transfer agent services | 10 | |||||||
Trustees’ compensation | 15 | |||||||
Other | 10 | |||||||
Total fees and expenses before reimbursements | 777 | |||||||
Less reimbursements of fees and expenses | 15 | |||||||
Total fees and expenses after reimbursements | 762 | |||||||
Net investment income | 4,025 | |||||||
Net realized gain and unrealized depreciation on investments: | ||||||||
Net realized gain on investments | 138 | |||||||
Net unrealized depreciation on investments | (4,759 | ) | ||||||
Net realized gain and unrealized depreciation on investments | (4,621 | ) | ||||||
Net decrease in net assets resulting from operations | $ | (596 | ) |
See Notes to Financial Statements
Private Client Services Funds | 76 |
Capital Group Core Municipal Fund
Statements of changes in net assets
(dollars in thousands)
For the six | ||||||||
months ended | For the year | |||||||
4/30/17* | ended 10/31/16 | |||||||
Operations: | ||||||||
Net investment income | $ | 4,025 | $ | 7,740 | ||||
Net realized gain on investments | 138 | 178 | ||||||
Net unrealized depreciation on investments | (4,759 | ) | (306 | ) | ||||
Net (decrease) increase in net assets resulting from operations | (596 | ) | 7,612 | |||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (4,005 | ) | (7,721 | ) | ||||
Distributions from capital gain | (144 | ) | (303 | ) | ||||
Total dividends and distributions | (4,149 | ) | (8,024 | ) | ||||
Net capital share transactions | 2,238 | 26,646 | ||||||
Total (decrease) increase in net assets | (2,507 | ) | 26,234 | |||||
Net assets: | ||||||||
Beginning of period | 405,390 | 379,156 | ||||||
End of period (including undistributed net investment income: $20 and $–, respectively.) | $ | 402,883 | $ | 405,390 |
* | Unaudited. |
See Notes to Financial Statements
Private Client Services Funds | 77 |
Capital Group Short-Term Municipal Fund
Statement of assets and liabilities
at April 30, 2017 (unaudited)
(dollars and shares in thousands, except per share amounts)
Assets: | ||||||||
Investment securities, at value (cost: $142,650) | $ | 142,788 | ||||||
Short-term investments, at value (cost: $19,150) | 19,150 | |||||||
Cash | 597 | |||||||
Receivables for: | ||||||||
Interest | 1,484 | |||||||
Reimbursement from investment adviser | 20 | |||||||
1,504 | ||||||||
Prepaid expenses | 12 | |||||||
Total assets | 164,051 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 2,419 | |||||||
Repurchases of fund’s shares | 1,302 | |||||||
Investment advisory services | 129 | |||||||
Other accrued expenses | 66 | |||||||
Total liabilities | 3,916 | |||||||
Net assets at April 30, 2017: | $ | 160,135 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 160,317 | ||||||
Accumulated undistributed net investment income | 8 | |||||||
Accumulated net realized loss | (328 | ) | ||||||
Net unrealized appreciation | 138 | |||||||
Net assets at April 30, 2017 | $ | 160,135 | ||||||
Shares outstanding: | 15,904 | |||||||
Net asset value per share: | $ | 10.07 |
See Notes to Financial Statements
Private Client Services Funds | 78 |
Capital Group Short-Term Municipal Fund
Statement of operations
for the six months ended April 30, 2017 (unaudited)
(dollars in thousands)
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 1,407 | ||||||
Fees and expenses: | ||||||||
Investment advisory services | 273 | |||||||
Administrative and accounting services | 22 | |||||||
Registration fees | 13 | |||||||
Audit and tax fees | 19 | |||||||
Transfer agent services | 10 | |||||||
Trustees’ compensation | 15 | |||||||
Other | 9 | |||||||
Total fees and expenses before reimbursements | 361 | |||||||
Less reimbursements of fees and expenses | 41 | |||||||
Total fees and expenses after reimbursements | 320 | |||||||
Net investment income | 1,087 | |||||||
Net realized loss and unrealized depreciation on investments: | ||||||||
Net realized loss on investments | (327 | ) | ||||||
Net unrealized depreciation on investments | (509 | ) | ||||||
Net realized loss and unrealized depreciation on investments | (836 | ) | ||||||
Net increase in net assets resulting from operations | $ | 251 |
See Notes to Financial Statements
Private Client Services Funds | 79 |
Capital Group Short-Term Municipal Fund
Statements of changes in net assets
(dollars in thousands)
For the six | ||||||||
months ended | For the year | |||||||
4/30/17* | ended 10/31/16 | |||||||
Operations: | ||||||||
Net investment income | $ | 1,087 | $ | 1,848 | ||||
Net realized (loss) gain on investments | (327 | ) | 91 | |||||
Net unrealized depreciation on investments | (509 | ) | (385 | ) | ||||
Net increase in net assets resulting from operations | 251 | 1,554 | ||||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (1,079 | ) | (1,846 | ) | ||||
Distributions from capital gain | (32 | ) | (21 | ) | ||||
Total dividends and distributions | (1,111 | ) | (1,867 | ) | ||||
Net capital share transactions | (17,599 | ) | 36,596 | |||||
Total (decrease) increase in net assets | (18,459 | ) | 36,283 | |||||
Net assets: | ||||||||
Beginning of period | 178,594 | 142,311 | ||||||
End of period (including undistributed net investment income: $8 and $–, respectively.) | $ | 160,135 | $ | 178,594 |
* | Unaudited. |
See Notes to Financial Statements
Private Client Services Funds | 80 |
Capital Group California Core Municipal Fund
Statement of assets and liabilities
at April 30, 2017 (unaudited)
(dollars and shares in thousands, except per share amounts)
Assets: | ||||||||
Investment securities, at value (cost: $298,985) | $ | 304,902 | ||||||
Short-term investments, at value (cost: $46,000) | 45,999 | |||||||
Cash | 26 | |||||||
Receivables for: | ||||||||
Sales of fund’s shares | 641 | |||||||
Interest | 2,900 | |||||||
Reimbursement from investment adviser | 6 | |||||||
3,547 | ||||||||
Prepaid expenses | 3 | |||||||
Total assets | 354,477 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 9,778 | |||||||
Repurchases of fund’s shares | 103 | |||||||
Investment advisory services | 257 | |||||||
Other accrued expenses | 94 | |||||||
Total liabilities | 10,232 | |||||||
Net assets at April 30, 2017: | $ | 344,245 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 338,791 | ||||||
Accumulated undistributed net investment income | 16 | |||||||
Accumulated net realized loss | (478 | ) | ||||||
Net unrealized appreciation | 5,916 | |||||||
Net assets at April 30, 2017 | $ | 344,245 | ||||||
Shares outstanding: | 32,732 | |||||||
Net asset value per share: | $ | 10.52 |
See Notes to Financial Statements
Private Client Services Funds | 81 |
Capital Group California Core Municipal Fund
Statement of operations
for the six months ended April 30, 2017 (unaudited)
(dollars in thousands)
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 3,831 | ||||||
Fees and expenses: | ||||||||
Investment advisory services | 542 | |||||||
Administrative and accounting services | 44 | |||||||
Registration fees | 4 | |||||||
Audit and tax fees | 19 | |||||||
Transfer agent services | 10 | |||||||
Trustees’ compensation | 15 | |||||||
Other | 9 | |||||||
Total fees and expenses before reimbursements | 643 | |||||||
Less reimbursements of fees and expenses | 14 | |||||||
Total fees and expenses after reimbursements | 629 | |||||||
Net investment income | 3,202 | |||||||
Net realized loss and unrealized depreciation on investments: | ||||||||
Net realized loss on investments | (477 | ) | ||||||
Net unrealized depreciation on investments | (4,723 | ) | ||||||
Net realized loss and unrealized depreciation on investments | (5,200 | ) | ||||||
Net decrease in net assets resulting from operations | $ | (1,998 | ) |
See Notes to Financial Statements
Private Client Services Funds | 82 |
Capital Group California Core Municipal Fund
Statements of changes in net assets
(dollars in thousands)
For the six months ended 4/30/17* | For the year ended 10/31/16 | |||||||
Operations: | ||||||||
Net investment income | $ | 3,202 | $ | 6,044 | ||||
Net realized (loss) gain on investments | (477 | ) | 378 | |||||
Net unrealized (depreciation) appreciation on investments | (4,723 | ) | 2,381 | |||||
Net (decrease) increase in net assets resulting from operations | (1,998 | ) | 8,803 | |||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (3,186 | ) | (6,040 | ) | ||||
Distributions from capital gain | (284 | ) | — | |||||
Total dividends and distributions | (3,470 | ) | (6,040 | ) | ||||
Net capital share transactions | 13,544 | 28,412 | ||||||
Total increase in net assets | 8,076 | 31,175 | ||||||
Net assets: | ||||||||
Beginning of period | 336,169 | 304,994 | ||||||
End of period (including undistributed net investment income: $16 and $–, respectively.) | $ | 344,245 | $ | 336,169 |
* | Unaudited. |
See Notes to Financial Statements
Private Client Services Funds | 83 |
Capital Group California Short-Term Municipal Fund
Statement of assets and liabilities
at April 30, 2017 (unaudited)
(dollars and shares in thousands, except per share amounts)
Assets: | ||||||||
Investment securities, at value (cost: $104,457) | $ | 104,868 | ||||||
Short-term investments, at value (cost: $9,200) | 9,200 | |||||||
Cash | 247 | |||||||
Receivables for: | ||||||||
Sales of fund’s shares | 13 | |||||||
Interest | 1,126 | |||||||
Reimbursement from investment adviser | 18 | |||||||
1,157 | ||||||||
Prepaid expenses | 1 | |||||||
Total assets | 115,473 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 3,923 | |||||||
Repurchases of fund’s shares | 776 | |||||||
Investment advisory services | 88 | |||||||
Other accrued expenses | 58 | |||||||
Total liabilities | 4,845 | |||||||
Net assets at April 30, 2017: | $ | 110,628 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 110,143 | ||||||
Accumulated undistributed net investment income | 5 | |||||||
Accumulated net realized gain | 69 | |||||||
Net unrealized appreciation | 411 | |||||||
Net assets at April 30, 2017 | $ | 110,628 | ||||||
Shares outstanding: | 10,851 | |||||||
Net asset value per share: | $ | 10.20 |
See Notes to Financial Statements
Private Client Services Funds | 84 |
Capital Group California Short-Term Municipal Fund
Statement of operations
for the six months ended April 30, 2017 (unaudited)
(dollars in thousands)
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 837 | ||||||
Fees and expenses: | ||||||||
Investment advisory services | 189 | |||||||
Administrative and accounting services | 15 | |||||||
Registration fees | 3 | |||||||
Audit and tax fees | 19 | |||||||
Transfer agent services | 10 | |||||||
Trustees’ compensation | 15 | |||||||
Other | 7 | |||||||
Total fees and expenses before reimbursements | 258 | |||||||
Less reimbursements of fees and expenses | 38 | |||||||
Total fees and expenses after reimbursements | 220 | |||||||
Net investment income | 617 | |||||||
Net realized gain and unrealized depreciation on investments: | ||||||||
Net realized gain on investments | 69 | |||||||
Net unrealized depreciation on investments | (441 | ) | ||||||
Net realized gain and unrealized depreciation on investments | (372 | ) | ||||||
Net increase in net assets resulting from operations | $ | 245 |
See Notes to Financial Statements
Private Client Services Funds | 85 |
Capital Group California Short-Term Municipal Fund
Statements of changes in net assets
(dollars in thousands)
For the six months ended 4/30/17* | For the year ended 10/31/16 | |||||||
Operations: | ||||||||
Net investment income | $ | 617 | $ | 1,144 | ||||
Net realized gain on investments | 69 | 72 | ||||||
Net unrealized depreciation on investments | (441 | ) | (465 | ) | ||||
Net increase in net assets resulting from operations | 245 | 751 | ||||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (612 | ) | (1,144 | ) | ||||
Distributions from capital gain | (52 | ) | (123 | ) | ||||
Total dividends and distributions | (664 | ) | (1,267 | ) | ||||
Net capital share transactions | (6,803 | ) | 6,365 | |||||
Total (decrease) increase in net assets | (7,222 | ) | 5,849 | |||||
Net assets: | ||||||||
Beginning of period | 117,850 | 112,001 | ||||||
End of period (including undistributed net investment income: $5 and $–, respectively.) | $ | 110,628 | $ | 117,850 |
* | Unaudited. |
See Notes to Financial Statements
Private Client Services Funds | 86 |
Capital Group Core Bond Fund
Statement of assets and liabilities
at April 30, 2017 (unaudited)
(dollars and shares in thousands, except per share amounts)
Assets: | ||||||||
Investment securities, at value (cost: $367,689) | $ | 369,317 | ||||||
Short-term investments, at value (cost: $18,689) | 18,688 | |||||||
Cash | 44 | |||||||
Receivables for: | ||||||||
Sales of investments | 23,078 | |||||||
Sales of fund’s shares | 108 | |||||||
Interest | 2,079 | |||||||
Reimbursement from investment adviser | 10 | |||||||
25,275 | ||||||||
Prepaid expenses | 12 | |||||||
Total assets | 413,336 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 31,136 | |||||||
Repurchases of fund’s shares | 14 | |||||||
Investment advisory services | 287 | |||||||
Other accrued expenses | 97 | |||||||
Total liabilities | 31,534 | |||||||
Net assets at April 30, 2017: | $ | 381,802 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 380,877 | ||||||
Distributions in excess of net investment income | (16 | ) | ||||||
Accumulated net realized loss | (686 | ) | ||||||
Net unrealized appreciation | 1,627 | |||||||
Net assets at April 30, 2017 | $ | 381,802 | ||||||
Shares outstanding: | 37,605 | |||||||
Net asset value per share: | $ | 10.15 |
See Notes to Financial Statements
Private Client Services Funds | 87 |
Capital Group Core Bond Fund
Statement of operations
for the six months ended April 30, 2017 (unaudited)
(dollars in thousands)
Investment income: | ||||||||
Income: | ||||||||
Interest | $ | 3,321 | ||||||
Fees and expenses: | ||||||||
Investment advisory services | 597 | |||||||
Administrative and accounting services | 49 | |||||||
Registration fees | 13 | |||||||
Audit and tax fees | 19 | |||||||
Transfer agent services | 10 | |||||||
Trustees’ compensation | 15 | |||||||
Other | 6 | |||||||
Total fees and expenses before reimbursements | 709 | |||||||
Less reimbursements of fees and expenses | 21 | |||||||
Total fees and expenses after reimbursements | 688 | |||||||
Net investment income | 2,633 | |||||||
Net realized loss and unrealized depreciation on investments: | ||||||||
Net realized loss on investments | (626 | ) | ||||||
Net unrealized depreciation on investments | (2,640 | ) | ||||||
Net realized loss and unrealized depreciation on investments | (3,266 | ) | ||||||
Net decrease in net assets resulting from operations | $ | (633 | ) |
See Notes to Financial Statements
Private Client Services Funds | 88 |
Capital Group Core Bond Fund
Statements of changes in net assets
(dollars in thousands)
For the six months ended 4/30/17* | For the year ended 10/31/16 | |||||||
Operations: | ||||||||
Net investment income | $ | 2,633 | $ | 5,277 | ||||
Net realized (loss) gain on investments | (626 | ) | 1,800 | |||||
Net unrealized (depreciation) appreciation on investments | (2,640 | ) | 2,912 | |||||
Net (decrease) increase in net assets resulting from operations | (633 | ) | 9,989 | |||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (2,794 | ) | (5,227 | ) | ||||
Distributions from capital gain | (1,618 | ) | (922 | ) | ||||
Total dividends and distributions | (4,412 | ) | (6,149 | ) | ||||
Net capital share transactions | 34,562 | 13,891 | ||||||
Total increase in net assets | 29,517 | 17,731 | ||||||
Net assets: | ||||||||
Beginning of period | 352,285 | 334,554 | ||||||
End of period (including distributions in excess of and undistributed net investment income: $(16) and $145, respectively.) | $ | 381,802 | $ | 352,285 |
* | Unaudited. |
See Notes to Financial Statements
Private Client Services Funds | 89 |
Capital Group Global Equity Fund
Statement of assets and liabilities
at April 30, 2017 (unaudited)
(dollars and shares in thousands, except per share amounts)
Assets: | ||||||||
Investment securities, at value (cost: $383,192) | $ | 497,642 | ||||||
Short-term investments, at value (cost: $19,391) | 19,390 | |||||||
Cash | 79 | |||||||
Foreign currency, at value (cost: $–*) | — | * | ||||||
Receivables for: | ||||||||
Sales of fund’s shares | 269 | |||||||
Dividends | 1,489 | |||||||
Reimbursement from investment adviser | 9 | |||||||
1,767 | ||||||||
Prepaid expenses | — | * | ||||||
Total assets | 518,878 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 120 | |||||||
Repurchases of fund’s shares | 89 | |||||||
Unified Management fees | 959 | |||||||
Other accrued expenses | 6 | |||||||
Total liabilities | 1,174 | |||||||
Net assets at April 30, 2017: | $ | 517,704 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 387,378 | ||||||
Accumulated undistributed net investment income | 2,395 | |||||||
Accumulated net realized gain | 13,489 | |||||||
Net unrealized appreciation | 114,442 | |||||||
Net assets at April 30, 2017 | $ | 517,704 | ||||||
Shares outstanding: | 37,177 | |||||||
Net asset value per share: | $ | 13.93 |
* | Amount less than one thousand. |
See Notes to Financial Statements
Private Client Services Funds | 90 |
Capital Group Global Equity Fund
Statement of operations
for the six months ended April 30, 2017 (unaudited)
(dollars in thousands)
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of non-U.S. taxes of $274) | $ | 5,595 | ||||||
Interest | 55 | 5,650 | ||||||
Fees and expenses: | ||||||||
Unified Management fees | 1,996 | |||||||
Trustees’ compensation | 15 | |||||||
Legal fees | 1 | |||||||
Other | — | * | ||||||
Total fees and expenses before reimbursements | 2,012 | |||||||
Less reimbursements of fees and expenses | 16 | |||||||
Total fees and expenses after reimbursements | 1,996 | |||||||
Net investment income | 3,654 | |||||||
Net realized gain (loss) and unrealized appreciation on investments and currency: | ||||||||
Net realized gain on investments | 13,824 | |||||||
Net realized loss on currency | (22 | ) | ||||||
Net unrealized appreciation on investments | 37,739 | |||||||
Net unrealized appreciation on currency translations | 12 | |||||||
Net realized gain and unrealized appreciation on investments and currency | 51,553 | |||||||
Net increase in net assets resulting from operations | $ | 55,207 |
* | Amount less than one thousand. |
See Notes to Financial Statements
Private Client Services Funds | 91 |
Capital Group Global Equity Fund
Statements of changes in net assets
(dollars in thousands)
For the six months ended 4/30/17* | For the year ended 10/31/16 | |||||||
Operations: | ||||||||
Net investment income | $ | 3,654 | $ | 7,968 | ||||
Net realized gain on investments and currency | 13,802 | 93 | ||||||
Net unrealized appreciation (depreciation) on investments and currency | 37,751 | (2,629 | ) | |||||
Net increase in net assets resulting from operations | 55,207 | 5,432 | ||||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (7,255 | ) | (6,944 | ) | ||||
Distributions from capital gain | — | (15,930 | ) | |||||
Total dividends and distributions | (7,255 | ) | (22,874 | ) | ||||
Net capital share transactions | (11,845 | ) | 1,358 | |||||
Total increase (decrease) in net assets | 36,107 | (16,084 | ) | |||||
Net assets: | ||||||||
Beginning of period | 481,597 | 497,681 | ||||||
End of period (including undistributed net investment income: $2,395 and $5,996, respectively.) | $ | 517,704 | $ | 481,597 |
* | Unaudited. |
See Notes to Financial Statements
Private Client Services Funds | 92 |
Capital Group International Equity Fund
Statement of assets and liabilities
at April 30, 2017 (unaudited)
(dollars and shares in thousands, except per share amounts)
Assets: | ||||||||
Investment securities, at value (cost: $1,097,298) | $ | 1,335,388 | ||||||
Short-term investments, at value (cost: $59,671) | 59,667 | |||||||
Cash | 8 | |||||||
Foreign currency, at value (cost: $438) | 443 | |||||||
Receivables for: | ||||||||
Sales of investments | 880 | |||||||
Sales of fund’s shares | 880 | |||||||
Dividends | 7,794 | |||||||
Reimbursement from investment adviser | 9 | |||||||
9,563 | ||||||||
Prepaid expenses | — | * | ||||||
Total assets | 1,405,069 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 380 | |||||||
Repurchases of fund’s shares | 408 | |||||||
Unified Management fees | 2,546 | |||||||
Other accrued expenses | 6 | |||||||
Total liabilities | 3,340 | |||||||
Net assets at April 30, 2017: | $ | 1,401,729 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 1,237,158 | ||||||
Accumulated undistributed net investment income | 9,725 | |||||||
Accumulated net realized loss | (83,191 | ) | ||||||
Net unrealized appreciation | 238,037 | |||||||
Net assets at April 30, 2017 | $ | 1,401,729 | ||||||
Shares outstanding: | 115,294 | |||||||
Net asset value per share: | $ | 12.16 |
* | Amount less than one thousand. |
See Notes to Financial Statements
Private Client Services Funds | 93 |
Capital Group International Equity Fund
Statement of operations
for the six months ended April 30, 2017 (unaudited)
(dollars in thousands)
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of non-U.S. taxes of $1,650) | $ | 15,953 | ||||||
Interest | 168 | 16,121 | ||||||
Fees and expenses: | ||||||||
Unified Management fees | 5,266 | |||||||
Trustees’ compensation | 15 | |||||||
Legal fees | 1 | |||||||
Total fees and expenses before reimbursements | 5,282 | |||||||
Less reimbursements of fees and expenses | 16 | |||||||
Total fees and expenses after reimbursements | 5,266 | |||||||
Net investment income | 10,855 | |||||||
Net realized gain (loss) and unrealized appreciation on investments and currency: | ||||||||
Net realized gain on investments | 14,858 | |||||||
Net realized loss on currency | (498 | ) | ||||||
Net unrealized appreciation on investments | 98,392 | |||||||
Net unrealized appreciation on currency translations | 143 | |||||||
Net realized gain and unrealized appreciation on investments and currency | 112,895 | |||||||
Net increase in net assets resulting from operations | $ | 123,750 |
See Notes to Financial Statements
Private Client Services Funds | 94 |
Capital Group International Equity Fund
Statements of changes in net assets
(dollars in thousands)
For the six months ended 4/30/17* | For the year ended 10/31/16 | |||||||
Operations: | ||||||||
Net investment income | $ | 10,855 | $ | 19,420 | ||||
Net realized gain (loss) on investments and currency | 14,360 | (40,426 | ) | |||||
Net unrealized appreciation on investments and currency | 98,535 | 10,819 | ||||||
Net increase (decrease) in net assets resulting from operations | 123,750 | (10,187 | ) | |||||
Dividends to shareholders: | ||||||||
Dividends from net investment income | (19,754 | ) | (15,606 | ) | ||||
Total dividends | (19,754 | ) | (15,606 | ) | ||||
Net capital share transactions | (67,854 | ) | 58,562 | |||||
Total increase in net assets | 36,142 | 32,769 | ||||||
Net assets: | ||||||||
Beginning of period | 1,365,587 | 1,332,818 | ||||||
End of period (including undistributed net investment income: $9,725 and $18,624, respectively.) | $ | 1,401,729 | $ | 1,365,587 |
* | Unaudited. |
See Notes to Financial Statements
Private Client Services Funds | 95 |
Capital Group U.S. Equity Fund
Statement of assets and liabilities
at April 30, 2017 (unaudited)
(dollars and shares in thousands, except per share amounts)
Assets: | ||||||||
Investment securities, at value (cost: $159,236) | $ | 222,879 | ||||||
Short-term investments, at value (cost: $2,500) | 2,500 | |||||||
Cash | 28 | |||||||
Foreign currency, at value (cost: $–*) | — | * | ||||||
Receivables for: | ||||||||
Sales of investments | 3,058 | |||||||
Sales of fund’s shares | 36 | |||||||
Dividends | 319 | |||||||
Reimbursement from investment adviser | 9 | |||||||
3,422 | ||||||||
Total assets | 228,829 | |||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 1,431 | |||||||
Repurchases of fund’s shares | 4 | |||||||
Unified Management fees | 317 | |||||||
Other accrued expenses | 7 | |||||||
Total liabilities | 1,759 | |||||||
Net assets at April 30, 2017: | $ | 227,070 | ||||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 157,885 | ||||||
Accumulated undistributed net investment income | 236 | |||||||
Accumulated net realized gain | 5,306 | |||||||
Net unrealized appreciation | 63,643 | |||||||
Net assets at April 30, 2017 | $ | 227,070 | ||||||
Shares outstanding: | 10,653 | |||||||
Net asset value per share: | $ | 21.32 | ||||||
* | Amount less than one thousand. |
See Notes to Financial Statements
Private Client Services Funds | 96 |
Capital Group U.S. Equity Fund
Statement of operations
for the six months ended April 30, 2017 (unaudited)
(dollars in thousands)
Investment income: | ||||||||
Income: | ||||||||
Dividends (net of non-U.S. taxes of $36) | $ | 2,344 | ||||||
Interest | 20 | 2,364 | ||||||
Fees and expenses: | ||||||||
Unified Management fees | 672 | |||||||
Trustees’ compensation | 15 | |||||||
Legal fees | 1 | |||||||
Other | — | * | ||||||
Total fees and expenses before reimbursements | 688 | |||||||
Less reimbursements of fees and expenses | 16 | |||||||
Total fees and expenses after reimbursements | 672 | |||||||
Net investment income | 1,692 | |||||||
Net realized gain (loss) and unrealized appreciation on investments and currency: | ||||||||
Net realized gain on investments | 5,453 | |||||||
Net realized loss on currency | (— | )* | ||||||
Net unrealized appreciation on investments | 20,021 | |||||||
Net unrealized appreciation on currency translations | — | * | ||||||
Net realized gain and unrealized appreciation on investments and currency | 25,474 | |||||||
Net increase in net assets resulting from operations | $ | 27,166 |
* | Amount less than one thousand. |
See Notes to Financial Statements
Private Client Services Funds | 97 |
Capital Group U.S. Equity Fund
Statements of changes in net assets
(dollars in thousands)
For the six | ||||||||
months ended | For the year | |||||||
4/30/17* | ended 10/31/16 | |||||||
Operations: | ||||||||
Net investment income | $ | 1,692 | $ | 3,367 | ||||
Net realized gain on investments and currency | 5,453 | 9,134 | ||||||
Net unrealized appreciation (depreciation) on investments and currency | 20,021 | (3,494 | ) | |||||
Net increase in net assets resulting from operations | 27,166 | 9,007 | ||||||
Dividends and distributions to shareholders: | ||||||||
Dividends from net investment income | (1,456 | ) | (3,101 | ) | ||||
Distributions from capital gain | (8,959 | ) | (6,581 | ) | ||||
Total dividends and distributions | (10,415 | ) | (9,682 | ) | ||||
Net capital share transactions | 659 | 12,361 | ||||||
Total increase in net assets | 17,410 | 11,686 | ||||||
Net assets: | ||||||||
Beginning of period | 209,660 | 197,974 | ||||||
End of period (including undistributed net investment income: $236 and $–, respectively.) | $ | 227,070 | $ | 209,660 |
* | Unaudited. |
See Notes to Financial Statements
Private Client Services Funds | 98 |
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. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. 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.
Private Client Services Funds | 99 |
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.
Private Client Services Funds | 100 |
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 tables present the funds’ valuation levels as of April 30, 2017 (dollars in thousands):
Investment securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Capital Group Core Municipal Fund | ||||||||||||||||
Bonds & notes | ||||||||||||||||
Municipals | $ | — | $ | 370,282 | $ | — | $ | 370,282 | ||||||||
Corporate bonds & notes | — | 455 | — | 455 | ||||||||||||
Short-term securities | — | 31,271 | — | 31,271 | ||||||||||||
Total | $ | — | $ | 402,008 | $ | — | $ | 402,008 | ||||||||
Capital Group Short-Term Municipal Fund | ||||||||||||||||
Bonds & notes | $ | — | $ | 142,788 | $ | — | $ | 142,788 | ||||||||
Short-term securities | — | 19,150 | — | 19,150 | ||||||||||||
Total | $ | — | $ | 161,938 | $ | — | $ | 161,938 |
Private Client Services Funds | 101 |
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
Investment securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Capital Group California Core Municipal Fund | ||||||||||||||||
Bonds & notes | $ | — | $ | 304,902 | $ | — | $ | 304,902 | ||||||||
Short-term securities | — | 45,999 | — | 45,999 | ||||||||||||
Total | $ | — | $ | 350,901 | $ | — | $ | 350,901 | ||||||||
Capital Group California Short-Term Municipal Fund | ||||||||||||||||
Bonds & notes | $ | — | $ | 104,868 | $ | — | $ | 104,868 | ||||||||
Short-term securities | — | 9,200 | — | 9,200 | ||||||||||||
Total | $ | — | $ | 114,068 | $ | — | $ | 114,068 | ||||||||
Capital Group Core Bond Fund | ||||||||||||||||
Bonds, notes & other debt investments | ||||||||||||||||
U.S. government & government agency bonds & notes | $ | — | $ | 214,185 | $ | — | $ | 214,185 | ||||||||
Mortgage-backed obligations | — | 28,068 | — | 28,068 | ||||||||||||
Corporate bonds & notes | — | 93,552 | — | 93,552 | ||||||||||||
Municipals | — | 6,034 | — | 6,034 | ||||||||||||
Government & government agency bonds & notes outside the U.S. | — | 2,091 | — | 2,091 | ||||||||||||
Asset-backed obligations | — | 25,387 | — | 25,387 | ||||||||||||
Short-term securities | — | 18,688 | — | 18,688 | ||||||||||||
Total | $ | — | $ | 388,005 | $ | — | $ | 388,005 | ||||||||
Capital Group Global Equity Fund | ||||||||||||||||
Common Stocks* | $ | 497,642 | $ | — | $ | — | $ | 497,642 | ||||||||
Short-term securities | — | 19,390 | — | 19,390 | ||||||||||||
Total | $ | 497,642 | $ | 19,390 | $ | — | $ | 517,032 | ||||||||
Capital Group International Equity Fund | ||||||||||||||||
Common Stocks* | $ | 1,329,580 | $ | — | $ | — | $ | 1,329,580 | ||||||||
Preferred Securities | 5,808 | — | — | 5,808 | ||||||||||||
Short-term securities | — | 59,667 | — | 59,667 | ||||||||||||
Total | $ | 1,335,388 | $ | 59,667 | $ | — | $ | 1,395,055 | ||||||||
Capital Group U.S. Equity Fund | ||||||||||||||||
Common Stocks* | $ | 222,879 | $ | — | $ | — | $ | 222,879 | ||||||||
Short-term securities | — | 2,500 | — | 2,500 | ||||||||||||
Total | $ | 222,879 | $ | 2,500 | $ | — | $ | 225,379 |
* | The level classification by major category of investments is the same as the category presentation in the Schedule of investments. |
Private Client Services Funds | 102 |
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
4. Risk factors
Investing in the funds may involve certain risks including, but not limited to, those described below.
Market conditions – The prices of, and the income generated by, the securities held by 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.
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.
Liquidity risk — Certain fund holdings may be deemed to be less liquid or illiquid because they cannot be readily sold without significantly impacting the value of the holdings. Liquidity risk may result from the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs.
Private Client Services Funds | 103 |
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
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 the fund invests primarily in securities of issuers within the state of California, the fund is more susceptible to factors adversely affecting issuers of California securities than a comparable municipal bond mutual fund that does not 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 U.S. — Securities of issuers domiciled outside the U.S, or with significant operations or revenues outside the U.S., 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 the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. 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 U.S. In addition, the value of investments outside the U.S. 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 U.S. may be heightened in connection with investments in emerging markets.
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.
Private Client Services Funds | 104 |
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
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, 2017, 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.
The funds are not subject to examination by U.S. federal tax authorities for tax years before 2012 and by state tax authorities for tax years before 2011.
Non-U.S. Taxation – Dividend and interest income are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, Capital Group International Equity 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 funds on the sale of securities in certain countries are subject to non-U.S. taxes. The funds record a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.
Distributions – Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; net capital losses; cost of investments sold; and amortization of discounts. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.
As indicated in the table below, Capital Group International Equity Fund had a capital loss carryforward available at October 31, 2016. The capital loss carryforward will be used to offset any capital gains realized by the fund in future years. The fund will not make distributions from capital gains while a capital loss carryforward remains.
The components of distributable earnings on a tax basis are reported as of the funds’ most recent year-end. As of October 31, 2016 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 International Equity Fund | Capital Group U.S. Equity Fund | |||||||||||||||||||||||||
As of October 31, 2016: | ||||||||||||||||||||||||||||||||
Undistributed ordinary income | $ | — | $ | 31 | $ | — | $ | — | $ | 1,044 | $ | 5,999 | $ | 18,625 | $ | — | ||||||||||||||||
Undistributed long-term capital gain | 144 | — | 284 | 52 | 718 | — | — | 8,959 | ||||||||||||||||||||||||
Capital loss carryforward No expiration | — | — | — | — | — | — | (95,059 | ) | — | |||||||||||||||||||||||
Capital loss carryforwards utilized | $ | — | $ | — | $ | 54 | $ | — | $ | — | $ | — | $ | — | $ | — |
Private Client Services Funds | 105 |
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
As of April 30, 2017, 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 International Equity Fund | Capital Group U.S. Equity Fund | |||||||||||||||||||||||||
Gross unrealized appreciation on investment securities | $ | 5,636 | $ | 709 | $ | 6,870 | $ | 689 | $ | 3,510 | $ | 119,721 | $ | 259,998 | $ | 64,824 | ||||||||||||||||
Gross unrealized depreciation on investment securities | (1,645 | ) | (571 | ) | (954 | ) | (278 | ) | (1,883 | ) | (5,272 | ) | (21,912 | ) | (1,181 | ) | ||||||||||||||||
Net unrealized appreciation on investment securities | $ | 3,991 | $ | 138 | $ | 5,916 | $ | 411 | $ | 1,627 | $ | 114,449 | $ | 238,086 | $ | 63,643 | ||||||||||||||||
Cost of investments securities | $ | 398,017 | $ | 161,800 | $ | 344,985 | $ | 113,657 | $ | 386,378 | $ | 402,583 | $ | 1,156,969 | $ | 161,736 |
The tax character of distributions paid during the period ended April 30, 2017 and the year ended October 31, 2016, the most recently completed tax year, were as follows (dollars in thousands):
Six months ended April 30, 2017 | Year ended October 31, 2016 | |||||||||||||||||||||||
Tax-Exempt | Ordinary Income | Long-Term Capital Gains | Tax-Exempt | Ordinary Income | Long-Term Capital Gains | |||||||||||||||||||
Capital Group Core Municipal Fund | $ | 4,005 | $ | — | $ | 144 | $ | 7,720 | $ | 1 | $ | 303 | ||||||||||||
Capital Group Short-Term Municipal Fund | 1,079 | 32 | — | 1,846 | 1 | 20 | ||||||||||||||||||
Capital Group California Core Municipal Fund | 3,186 | — | 284 | 6,040 | — | * | — | |||||||||||||||||
Capital Group California Short-Term Municipal Fund | 612 | — | 52 | 1,144 | — | * | 123 | |||||||||||||||||
Capital Group Core Bond Fund | — | 3,694 | 718 | — | 5,532 | 617 | ||||||||||||||||||
Capital Group Global Equity Fund | — | 7,255 | — | — | 6,944 | 15,930 | ||||||||||||||||||
Capital Group International Equity Fund | — | 19,754 | — | — | 15,606 | — | ||||||||||||||||||
Capital Group U.S. Equity Fund | — | 1,456 | 8,959 | — | 3,101 | 6,581 |
* | Amounts less than one thousand. |
Private Client Services Funds | 106 |
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
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 1, 2018, to limit the funds’ total annual fund operating expenses to the following rates (as a percentage of average daily net assets):
Expense Limitation* | ||||||||
Fund | Period from 11/1/2016 to 3/31/2017 | Period from 4/1/2017 to 4/30/2017 | ||||||
Capital Group Core Municipal Fund | 0.40 | % | 0.30 | % | ||||
Capital Group Short-Term Municipal Fund | 0.40 | % | 0.30 | % | ||||
Capital Group California Core Municipal Fund | 0.40 | % | 0.30 | % | ||||
Capital Group California Short-Term Municipal Fund | 0.40 | % | 0.30 | % | ||||
Capital Group Core Bond Fund | 0.40 | % | 0.30 | % | ||||
Capital Group Global Equity Fund | 0.85 | % | 0.65 | % | ||||
Capital Group International Equity Fund | 0.85 | % | 0.65 | % | ||||
Capital Group U.S. Equity Fund | 0.65 | % | 0.425 | % |
* | The Investment advisory services fees were amended effective April 1, 2017. |
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. From November 1, 2016 to March 31, 2017, the fee for each fixed income fund was 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 U.S. Equity Fund, CGTC receives a unified management fee based on a percentage of the average daily net assets of the funds. From November 1, 2016 to March 31, 2017, the unified management fee for Capital Group Global Equity Fund and Capital Group International Equity Fund was 0.85% of the average daily net assets of each fund. The unified management fee for Capital Group U.S. Equity Fund was 0.65% of the average daily net assets of the fund. Effective April 1, 2017, the monthly fees were amended for all funds. The fee for each fixed income fund was amended to 0.25% of the average daily net assets of the fund. The unified management fee for Capital Group Global Equity Fund and Capital Group International Equity was amended to 0.65% of the average daily net assets of each fund. The unified management fee for Capital Group U.S. Equity Fund was amended to 0.425% of the average daily net assets of the 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.
Private Client Services Funds | 107 |
Capital Group Private Client Services Funds
Notes to financial statements (unaudited) (continued)
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.
Security transactions with related funds — The Trust’s 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) may purchase from, or sell securities to, other CGTC-managed funds (or accounts managed by certain affiliates of CGTC) under procedures adopted by the funds’ board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act. During the period ended April 30, 2017, such purchase and sale transactions occurred between Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Short-Term Municipal Fund and related funds in the amounts of $2,543,000, $1,795,000 and 4,631,000, respectively, for purchases and $10,549,000, $3,691,000 and $3,496,000, respectively, for sales.
Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CGTC-managed funds (or funds managed by certain affiliates of CGTC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the six months ended April 30, 2017.
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, 2017 (unaudited) | ||||||||||||||||||||||||||||||||
Capital Group Core Municipal Fund | $ | 47,328 | 4,595 | $ | 2,866 | 279 | $ | (47,956 | ) | (4,658 | ) | $ | 2,238 | 216 | ||||||||||||||||||
Capital Group Short-Term Municipal Fund | 54,693 | 5,458 | 817 | 82 | (73,109 | ) | (7,300 | ) | (17,599 | ) | (1,760 | ) | ||||||||||||||||||||
Capital Group California Core Municipal Fund | 40,817 | 3,903 | 2,340 | 224 | (29,613 | ) | (2,837 | ) | 13,544 | 1,290 | ||||||||||||||||||||||
Capital Group California Short-Term Municipal Fund | 24,000 | 2,368 | 458 | 45 | (31,261 | ) | (3,079 | ) | (6,803 | ) | (666 | ) | ||||||||||||||||||||
Capital Group Core Bond Fund | 51,174 | 5,072 | 3,483 | 345 | (20,095 | ) | (1,984 | ) | 34,562 | 3,433 | ||||||||||||||||||||||
Capital Group Global Equity Fund | 24,376 | 1,846 | 5,365 | 425 | (41,586 | ) | (3,158 | ) | (11,845 | ) | (887 | ) |
Private Client Services Funds | 108 |
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 | ||||||||||||||||||||||||
Period ended April 30, 2017 (unaudited) | ||||||||||||||||||||||||||||||||
Capital Group International Equity Fund | $ | 193,251 | 17,262 | $ | 2,587 | 241 | $ | (263,692 | ) | (23,854 | ) | $ | (67,854 | ) | (6,351 | ) | ||||||||||||||||
Capital Group U.S. Equity Fund | 8,934 | 441 | 9,321 | 468 | (17,596 | ) | (855 | ) | 659 | 54 | ||||||||||||||||||||||
Year ended October 31, 2016 | ||||||||||||||||||||||||||||||||
Capital Group Core Municipal Fund | 72,380 | 6,853 | 5,421 | 515 | (51,155 | ) | (4,848 | ) | 26,646 | 2,520 | ||||||||||||||||||||||
Capital Group Short-Term Municipal Fund | 141,327 | 13,929 | 1,377 | 136 | (106,108 | ) | (10,457 | ) | 36,596 | 3,608 | ||||||||||||||||||||||
Capital Group California Core Municipal Fund | 61,473 | 5,723 | 3,866 | 361 | (36,927 | ) | (3,441 | ) | 28,412 | 2,643 | ||||||||||||||||||||||
Capital Group California Short-Term Municipal Fund | 35,087 | 3,413 | 928 | 91 | (29,650 | ) | (2,884 | ) | 6,365 | 620 | ||||||||||||||||||||||
Capital Group Core Bond Fund | 50,573 | 4,927 | 4,540 | 444 | (41,222 | ) | (4,029 | ) | 13,891 | 1,342 | ||||||||||||||||||||||
Capital Group Global Equity Fund | 62,500 | 5,089 | 18,674 | 1,494 | (79,816 | ) | (6,413 | ) | 1,358 | 170 | ||||||||||||||||||||||
Capital Group International Equity Fund | 475,681 | 43,766 | 2,021 | 178 | (419,140 | ) | (38,212 | ) | 58,562 | 5,732 | ||||||||||||||||||||||
Capital Group U.S. Equity Fund | 24,876 | 1,297 | 8,642 | 446 | (21,157 | ) | (1,101 | ) | 12,361 | 642 |
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).
Private Client Services Funds | 109 |
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, 2017, 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 | $ | — | $ | 87,975 | $ | — | $ | 91,440 | ||||||||
Capital Group Short-Term Municipal Fund | — | 38,824 | — | 48,384 | ||||||||||||
Capital Group California Core Municipal Fund | — | 38,169 | — | 38,093 | ||||||||||||
Capital Group California Short-Term Municipal Fund | — | 19,223 | — | 22,322 | ||||||||||||
Capital Group Core Bond Fund | 165,931 | 32,128 | 121,808 | 33,199 | ||||||||||||
Capital Group Global Equity Fund | — | 44,343 | — | 66,800 | ||||||||||||
Capital Group International Equity Fund | — | 142,170 | — | 245,472 | ||||||||||||
Capital Group U.S. Equity Fund | — | 23,537 | — | 27,643 |
10. Advisory platform concentration
Most of the shares of Capital Group International Equity fund are held through a single advisory platform (more than 87% of the fund as of April 30, 2017). If the platform sponsor decides to move a significant number of its clients out of the fund it could have an adverse impact by causing the fund to have to sell securities in order to meet redemptions. The fund’s investment adviser monitors the fund’s asset allocation and the liquidity of the fund’s portfolio in seeking to mitigate this risk.
Private Client Services Funds | 110 |
Capital Group Core Municipal Fund
Financial highlights
(for a share outstanding throughout each period)
For the six | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
ended | For the year ended | |||||||||||||||||||||||
4/30/171 | 10/31/16 | 10/31/15 | 10/31/14 | 10/31/13 | 10/31/12 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.48 | $ | 10.49 | $ | 10.56 | $ | 10.44 | $ | 10.64 | $ | 10.29 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.10 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | ||||||||||||||||||
Net realized and unrealized (losses) gains on securities | (0.12 | ) | (— | )3 | (0.07 | ) | 0.12 | (0.20 | ) | 0.35 | ||||||||||||||
Total from investment operations | (0.02 | ) | 0.21 | 0.14 | 0.33 | 0.01 | 0.56 | |||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.10 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | ||||||||||||
Distributions from capital gain | (— | )3 | (0.01 | ) | — | — | — | — | ||||||||||||||||
Total dividends and distributions | (0.10 | ) | (0.22 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | (0.21 | ) | ||||||||||||
Net asset value, end of period | $ | 10.36 | $ | 10.48 | $ | 10.49 | $ | 10.56 | $ | 10.44 | $ | 10.64 | ||||||||||||
Total return4 | (0.10 | )%6 | 1.97 | % | 1.31 | % | 3.18 | % | 0.10 | % | 5.46 | % | ||||||||||||
Net assets, end of period (in millions) | $ | 403 | $ | 405 | $ | 379 | $ | 341 | $ | 299 | $ | 292 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.39 | %5 | 0.41 | % | 0.42 | % | 0.41 | % | 0.41 | % | 0.42 | % | ||||||||||||
Ratio of expenses to average net assets after reimbursement4 | 0.39 | %5 | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
Ratio of net investment income to average net assets4 | 2.04 | %5 | 1.97 | % | 1.97 | % | 2.00 | % | 2.00 | % | 1.98 | % | ||||||||||||
Portfolio turnover rate | 24 | %6 | 18 | % | 16 | % | 9 | % | 18 | % | 13 | % |
1 | Unaudited. |
2 | Based on average shares outstanding. |
3 | Amount less than $0.01. |
4 | Reflects the impact, if any, of certain reimbursement from Capital Guardian Trust Company. |
5 | Annualized. |
6 | Not annualized for periods less than one year. |
Private Client Services Funds | 111 |
Capital Group Short-Term Municipal Fund
Financial highlights
(for a share outstanding throughout each period)
For the six | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
ended | For the year ended | |||||||||||||||||||||||
4/30/171 | 10/31/16 | 10/31/15 | 10/31/14 | 10/31/13 | 10/31/12 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.11 | $ | 10.12 | $ | 10.19 | $ | 10.21 | $ | 10.32 | $ | 10.19 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.07 | 0.12 | 0.12 | 0.13 | 0.14 | 0.14 | ||||||||||||||||||
Net realized and unrealized (losses) gains on securities | (0.04 | ) | (0.01 | ) | (0.07 | ) | (0.01 | ) | (0.07 | ) | 0.13 | |||||||||||||
Total from investment operations | 0.03 | 0.11 | 0.05 | 0.12 | 0.07 | 0.27 | ||||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.07 | ) | (0.12 | ) | (0.12 | ) | (0.13 | ) | (0.14 | ) | (0.14 | ) | ||||||||||||
Distributions from capital gain | (— | )3 | (— | )3 | (— | )3 | (0.01 | ) | (0.04 | ) | — | |||||||||||||
Total dividends and distributions | (0.07 | ) | (0.12 | ) | (0.12 | ) | (0.14 | ) | (0.18 | ) | (0.14 | ) | ||||||||||||
Net asset value, end of period | $ | 10.07 | $ | 10.11 | $ | 10.12 | $ | 10.19 | $ | 10.21 | $ | 10.32 | ||||||||||||
Total return4 | 0.29 | %6 | 1.06 | % | 0.51 | % | 1.20 | % | 0.66 | % | 2.63 | % | ||||||||||||
Net assets, end of period (in millions) | $ | 160 | $ | 179 | $ | 142 | $ | 155 | $ | 136 | $ | 124 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.44 | %5 | 0.45 | % | 0.46 | % | 0.45 | % | 0.44 | % | 0.46 | % | ||||||||||||
Ratio of expenses to average net assets after reimbursement4 | 0.39 | %5 | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
Ratio of net investment income to average net assets4 | 1.33 | %5 | 1.14 | % | 1.15 | % | 1.24 | % | 1.34 | % | 1.32 | % | ||||||||||||
Portfolio turnover rate | 27 | %6 | 24 | % | 27 | % | 20 | % | 18 | % | 25 | % |
1 | Unaudited. |
2 | Based on average shares outstanding. |
3 | Amount less than $0.01. |
4 | Reflects the impact, if any, of certain reimbursement from Capital Guardian Trust Company. |
5 | Annualized. |
6 | Not annualized for periods less than one year. |
Private Client Services Funds | 112 |
Capital Group California Core Municipal Fund
Financial highlights
(for a share outstanding throughout each period)
For the six | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
ended | For the year ended | |||||||||||||||||||||||
4/30/171 | 10/31/16 | 10/31/15 | 10/31/14 | 10/31/13 | 10/31/12 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.69 | $ | 10.59 | $ | 10.62 | $ | 10.40 | $ | 10.65 | $ | 10.25 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.10 | 0.21 | 0.21 | 0.20 | 0.20 | 0.21 | ||||||||||||||||||
Net realized and unrealized (losses) gains on securities | (0.16 | ) | 0.09 | (0.03 | ) | 0.22 | (0.20 | ) | 0.40 | |||||||||||||||
Total from investment operations | (0.06 | ) | 0.30 | 0.18 | 0.42 | — | 0.61 | |||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.10 | ) | (0.20 | ) | (0.21 | ) | (0.20 | ) | (0.21 | ) | (0.21 | ) | ||||||||||||
Distributions from capital gain | (0.01 | ) | — | — | — | (0.04 | ) | (— | )3 | |||||||||||||||
Total dividends and distributions | (0.11 | ) | (0.20 | ) | (0.21 | ) | (0.20 | ) | (0.25 | ) | (0.21 | ) | ||||||||||||
Net asset value, end of period | $ | 10.52 | $ | 10.69 | $ | 10.59 | $ | 10.62 | $ | 10.40 | $ | 10.65 | ||||||||||||
Total return4 | (0.54 | )%6 | 2.86 | % | 1.68 | % | 4.08 | % | (0.04 | )% | 5.99 | % | ||||||||||||
Net assets, end of period (in millions) | $ | 344 | $ | 336 | $ | 305 | $ | 280 | $ | 227 | $ | 208 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.40 | %5 | 0.41 | % | 0.42 | % | 0.41 | % | 0.41 | % | 0.42 | % | ||||||||||||
Ratio of expenses to average net assets after reimbursement4 | 0.39 | %5 | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
Ratio of net investment income to average net assets4 | 1.97 | %5 | 1.89 | % | 1.95 | % | 1.92 | % | 1.93 | % | 1.99 | % | ||||||||||||
Portfolio turnover rate | 13 | %6 | 11 | % | 13 | % | 18 | % | 17 | % | 21 | % |
1 | Unaudited. |
2 | Based on average shares outstanding. |
3 | Amount less than $0.01. |
4 | Reflects the impact, if any, of certain reimbursement from Capital Guardian Trust Company. |
5 | Annualized. |
6 | Not annualized for periods less than one year. |
Private Client Services Funds | 113 |
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 | |||||||||||||||||||||||
4/30/171 | 10/31/16 | 10/31/15 | 10/31/14 | 10/31/13 | 10/31/12 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.23 | $ | 10.28 | $ | 10.31 | $ | 10.27 | $ | 10.32 | $ | 10.12 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.05 | 0.10 | 0.10 | 0.09 | 0.09 | 0.09 | ||||||||||||||||||
Net realized and unrealized (losses) gains on securities | (0.03 | ) | (0.04 | ) | (0.03 | ) | 0.04 | (0.04 | ) | 0.20 | ||||||||||||||
Total from investment operations | 0.02 | 0.06 | 0.07 | 0.13 | 0.05 | 0.29 | ||||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.05 | ) | (0.10 | ) | (0.10 | ) | (0.09 | ) | (0.09 | ) | (0.09 | ) | ||||||||||||
Distributions from capital gain | (— | )3 | (0.01 | ) | (— | )3 | (— | )3 | (0.01 | ) | (— | )3 | ||||||||||||
Total dividends and distributions | (0.05 | ) | (0.11 | ) | (0.10 | ) | (0.09 | ) | (0.10 | ) | (0.09 | ) | ||||||||||||
Net asset value, end of period | $ | 10.20 | $ | 10.23 | $ | 10.28 | $ | 10.31 | $ | 10.27 | $ | 10.32 | ||||||||||||
Total return4 | 0.20 | %6 | 0.63 | % | 0.74 | % | 1.30 | % | 0.48 | % | 2.96 | % | ||||||||||||
Net assets, end of period (in millions) | $ | 111 | $ | 118 | $ | 112 | $ | 138 | $ | 115 | $ | 107 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.46 | %5 | 0.46 | % | 0.46 | % | 0.44 | % | 0.44 | % | 0.47 | % | ||||||||||||
Ratio of expenses to average net assets after reimbursement4 | 0.39 | %5 | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
Ratio of net investment income to average net assets4 | 1.09 | %5 | 1.00 | % | 0.98 | % | 0.89 | % | 0.91 | % | 0.92 | % | ||||||||||||
Portfolio turnover rate | 18 | %6 | 19 | % | 23 | % | 19 | % | 9 | % | 14 | % |
1 | Unaudited. |
2 | Based on average shares outstanding. |
3 | Amount less than $0.01. |
4 | Reflects the impact, if any, of certain reimbursement from Capital Guardian Trust Company. |
5 | Annualized. |
6 | Not annualized for periods less than one year. |
Private Client Services Funds | 114 |
Capital Group Core Bond Fund
Financial highlights
(for a share outstanding throughout each period)
For the six | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
ended | For the year ended | |||||||||||||||||||||||
4/30/171 | 10/31/16 | 10/31/15 | 10/31/14 | 10/31/13 | 10/31/12 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.31 | $ | 10.19 | $ | 10.25 | $ | 10.24 | $ | 10.62 | $ | 10.40 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.07 | 0.16 | 0.16 | 0.16 | 0.15 | 0.17 | ||||||||||||||||||
Net realized and unrealized (losses) gains on securities | (0.10 | ) | 0.15 | (0.04 | ) | 0.04 | (0.22 | ) | 0.23 | |||||||||||||||
Total from investment operations | (0.03 | ) | 0.31 | 0.12 | 0.20 | (0.07 | ) | 0.40 | ||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.08 | ) | (0.16 | ) | (0.16 | ) | (0.16 | ) | (0.15 | ) | (0.17 | ) | ||||||||||||
Distributions from capital gain | (0.05 | ) | (0.03 | ) | (0.02 | ) | (0.03 | ) | (0.16 | ) | (0.01 | ) | ||||||||||||
Total dividends and distributions | (0.13 | ) | (0.19 | ) | (0.18 | ) | (0.19 | ) | (0.31 | ) | (0.18 | ) | ||||||||||||
Net asset value, end of period | $ | 10.15 | $ | 10.31 | $ | 10.19 | $ | 10.25 | $ | 10.24 | $ | 10.62 | ||||||||||||
Total return3 | (0.33 | )%6 | 3.03 | % | 1.25 | % | 1.95 | % | (0.69 | )% | 3.92 | % | ||||||||||||
Net assets, end of period (in millions) | $ | 382 | $ | 352 | $ | 335 | $ | 310 | $ | 296 | $ | 296 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.39 | %4 | 0.41 | % | 0.42 | % | 0.41 | % | 0.41 | % | 0.42 | % | ||||||||||||
Ratio of expenses to average net assets after reimbursement3 | 0.38 | %4 | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||||||
Ratio of net investment income to average net assets3 | 1.47 | %4 | 1.55 | % | 1.59 | % | 1.57 | % | 1.43 | % | 1.63 | % | ||||||||||||
Portfolio Turnover Rate5 : | ||||||||||||||||||||||||
Including mortgage dollar roll transactions | 45 | %6 | 86 | % | 126 | % | 137 | % | 192 | % | 134 | % | ||||||||||||
Excluding mortgage dollar roll transactions | 29 | %6 | 58 | % | 87 | % | — | 7 | — | 7 | — | 7 |
1 | Unaudited. |
2 | Based on average shares outstanding. |
3 | Reflects the impact, if any, of certain reimbursement from 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 | 115 |
Capital Group Global Equity Fund
Financial highlights
(for a share outstanding throughout each period)
For the six | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
ended | For the year ended | |||||||||||||||||||||||
4/30/171 | 10/31/16 | 10/31/15 | 10/31/14 | 10/31/13 | 10/31/12 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.65 | $ | 13.13 | $ | 13.27 | $ | 12.43 | $ | 9.99 | $ | 9.18 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.10 | 0.20 | 0.18 | 0.14 | 0.12 | 0.14 | ||||||||||||||||||
Net realized and unrealized gains (losses) on securities | 1.37 | (0.08 | ) | (0.03 | ) | 0.80 | 2.45 | 0.71 | ||||||||||||||||
Total from investment operations | 1.47 | 0.12 | 0.15 | 0.94 | 2.57 | 0.85 | ||||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.19 | ) | (0.18 | ) | (0.14 | ) | (0.10 | ) | (0.13 | ) | (0.04 | ) | ||||||||||||
Distributions from capital gain | — | (0.42 | ) | (0.15 | ) | — | — | — | ||||||||||||||||
Total dividends and distributions | (0.19 | ) | (0.60 | ) | (0.29 | ) | (0.10 | ) | (0.13 | ) | (0.04 | ) | ||||||||||||
Net asset value, end of period | $ | 13.93 | $ | 12.65 | $ | 13.13 | $ | 13.27 | $ | 12.43 | $ | 9.99 | ||||||||||||
Total return3 | 11.79 | %6 | 1.04 | % | 1.10 | % | 7.60 | % | 26.10 | % | 9.19 | % | ||||||||||||
Net assets, end of period (in millions) | $ | 518 | $ | 482 | $ | 498 | $ | 510 | $ | 412 | $ | 205 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.82 | %4 | 0.86 | % | 0.86 | % | 0.85 | % | 0.86 | % | 0.86 | % | ||||||||||||
Ratio of expenses to average net assets after reimbursement3 | 0.82 | %4 5 | 0.85 | % | 0.85 | % | 0.85 | %5 | 0.85 | % | 0.85 | % | ||||||||||||
Ratio of net investment income to average net assets3 | 1.49 | %4 | 1.64 | % | 1.34 | % | 1.09 | % | 1.09 | % | 1.47 | % | ||||||||||||
Portfolio turnover rate | 9 | %6 | 36 | % | 39 | % | 29 | % | 25 | % | 35 | % |
1 | Unaudited. |
2 | Based on average shares outstanding. |
3 | Reflects the impact, if any, of certain reimbursement from Capital Guardian Trust Company. |
4 | Annualized. |
5 | Reimbursement was less than 0.01%. |
6 | Not annualized for periods less than one year. |
Private Client Services Funds | 116 |
Capital Group International Equity Fund
Financial highlights
(for a share outstanding throughout each period)
For the six | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
ended | For the year ended | |||||||||||||||||||||||
4/30/171 | 10/31/16 | 10/31/15 | 10/31/14 | 10/31/13 | 10/31/12 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.23 | $ | 11.50 | $ | 11.56 | $ | 11.72 | $ | 9.74 | $ | 9.08 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.09 | 0.16 | 0.13 | 0.16 | 0.15 | 0.13 | ||||||||||||||||||
Net realized and unrealized gains (losses) on securities | 1.02 | (0.30 | ) | (0.05 | ) | (0.23 | ) | 1.88 | 0.58 | |||||||||||||||
Total from investment operations | 1.11 | (0.14 | ) | 0.08 | (0.07 | ) | 2.03 | 0.71 | ||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.18 | ) | (0.13 | ) | (0.14 | ) | (0.09 | ) | (0.05 | ) | (0.05 | ) | ||||||||||||
Net asset value, end of period | $ | 12.16 | $ | 11.23 | $ | 11.50 | $ | 11.56 | $ | 11.72 | $ | 9.74 | ||||||||||||
Total return3 | 10.06 | %6 | (1.20 | )% | 0.69 | % | (0.62 | )% | 20.93 | % | 7.91 | % | ||||||||||||
Net assets, end of period (in millions) | $ | 1,402 | $ | 1,366 | $ | 1,333 | $ | 1,652 | $ | 989 | $ | 256 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.82 | %4 | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.86 | % | ||||||||||||
Ratio of expenses to average net assets after reimbursement3 | 0.82 | %4 5 | 0.85 | %5 | 0.85 | %5 | 0.85 | %5 | 0.85 | %5 | 0.85 | % | ||||||||||||
Ratio of net investment income to average net assets3 | 1.68 | %4 | 1.44 | % | 1.11 | % | 1.35 | % | 1.44 | % | 1.38 | % | ||||||||||||
Portfolio turnover rate | 11 | %6 | 21 | % | 34 | % | 33 | % | 25 | % | 17 | % |
1 | Unaudited. |
2 | Based on average shares outstanding. |
3 | Reflects the impact, if any, of certain reimbursement from Capital Guardian Trust Company. |
4 | Annualized. |
5 | Reimbursement was less than 0.01%. |
6 | Not annualized for periods less than one year. |
Private Client Services Funds | 117 |
Capital Group U.S. Equity Fund
Financial highlights
(for a share outstanding throughout each period)
For the six | ||||||||||||||||||||||||
months | ||||||||||||||||||||||||
ended | For the year ended | |||||||||||||||||||||||
4/30/171 | 10/31/16 | 10/31/15 | 10/31/14 | 10/31/13 | 10/31/12 | |||||||||||||||||||
Selected per share data: | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 19.78 | $ | 19.88 | $ | 20.11 | $ | 18.33 | $ | 14.75 | $ | 14.32 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income2 | 0.16 | 0.33 | 0.26 | 0.25 | 0.20 | 0.22 | ||||||||||||||||||
Net realized and unrealized gains on securities | 2.38 | 0.55 | 0.46 | 2.05 | 3.61 | 1.20 | ||||||||||||||||||
Total from investment operations | 2.54 | 0.88 | 0.72 | 2.30 | 3.81 | 1.42 | ||||||||||||||||||
Dividends and distributions: | ||||||||||||||||||||||||
Dividends from net investment income | (0.14 | ) | (0.30 | ) | (0.24 | ) | (0.24 | ) | (0.22 | ) | (0.17 | ) | ||||||||||||
Distributions from capital gain | (0.86 | ) | (0.68 | ) | (0.71 | ) | (0.28 | ) | (0.01 | ) | (0.82 | ) | ||||||||||||
Total dividends and distributions | (1.00 | ) | (0.98 | ) | (0.95 | ) | (0.52 | ) | (0.23 | ) | (0.99 | ) | ||||||||||||
Net asset value, end of period | $ | 21.32 | $ | 19.78 | $ | 19.88 | $ | 20.11 | $ | 18.33 | $ | 14.75 | ||||||||||||
Total return3 | 13.12 | %5 | 4.58 | % | 3.75 | % | 12.78 | % | 26.06 | % | 10.81 | % | ||||||||||||
Net assets, end of period (in millions) | $ | 227 | $ | 210 | $ | 198 | $ | 192 | $ | 167 | $ | 103 | ||||||||||||
Ratios / Supplemental Data: | ||||||||||||||||||||||||
Ratio of expenses to average net assets before reimbursement | 0.63 | %4 | 0.66 | % | 0.67 | % | 0.66 | % | 0.66 | % | 0.67 | % | ||||||||||||
Ratio of expenses to average net assets after reimbursement3 | 0.61 | %4 | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||
Ratio of net investment income to average net assets3 | 1.54 | %4 | 1.68 | % | 1.31 | % | 1.30 | % | 1.22 | % | 1.52 | % | ||||||||||||
Portfolio turnover rate | 11 | %5 | 31 | % | 29 | % | 27 | % | 25 | % | 53 | % |
1 | Unaudited. |
2 | Based on average shares outstanding. |
3 | Reflects the impact, if any, of certain reimbursement from Capital Guardian Trust Company. |
4 | Annualized. |
5 | Not annualized for periods less than one year. |
Private Client Services Funds | 118 |
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, 2016 through April 30, 2017).
Actual expenses:
The first line of each fund in the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each fund in the table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the funds and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the funds and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
Shareholders of the funds may be subject to an additional fee charged by Capital Guardian Trust Company’s Capital Group Private Client Services division for the ongoing services provided to the shareholder. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees. Note that the expenses shown in the table are meant to highlight your ongoing costs only. The second line of each fund in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
Beginning | Ending | Expenses | ||||||||||||||
account | account | paid | Annualized | |||||||||||||
value | value | during | expense | |||||||||||||
11/1/2016 | 4/30/2017 | period* | ratio | |||||||||||||
Capital Group Core Municipal Fund | ||||||||||||||||
actual return | $ | 1,000.00 | $ | 999.00 | $ | 1.93 | 0.39 | % | ||||||||
assumed 5% return | 1,000.00 | 1,022.90 | 1.96 | 0.39 | % | |||||||||||
Capital Group Short-Term Municipal Fund | ||||||||||||||||
actual return | 1,000.00 | 1,002.90 | 1.94 | 0.39 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,022.90 | 1.96 | 0.39 | % | |||||||||||
Capital Group California Core Municipal Fund | ||||||||||||||||
actual return | 1,000.00 | 994.60 | 1.93 | 0.39 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,022.90 | 1.96 | 0.39 | % | |||||||||||
Capital Group California Short-Term Municipal Fund | ||||||||||||||||
actual return | 1,000.00 | 1,002.00 | 1.94 | 0.39 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,022.90 | 1.96 | 0.39 | % | |||||||||||
Capital Group Core Bond Fund | ||||||||||||||||
actual return | 1,000.00 | 996.70 | 1.88 | 0.38 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,022.90 | 1.91 | 0.38 | % | |||||||||||
Capital Group Global Equity Fund | ||||||||||||||||
actual return | 1,000.00 | 1,117.90 | 4.31 | 0.82 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,020.70 | 4.11 | 0.82 | % |
Private Client Services Funds | 119 |
Capital Group Private Client Services Funds
Expense example (unaudited) (continued)
Beginning | Ending | Expenses | ||||||||||||||
account | account | paid | Annualized | |||||||||||||
value | value | during | expense | |||||||||||||
11/1/2016 | 4/30/2017 | period* | ratio | |||||||||||||
Capital Group International Equity Fund | ||||||||||||||||
actual return | 1,000.00 | 1,100.60 | 4.27 | 0.82 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,020.70 | 4.11 | 0.82 | % | |||||||||||
Capital Group U.S. Equity Fund | ||||||||||||||||
actual return | 1,000.00 | 1,131.20 | 3.22 | 0.61 | % | |||||||||||
assumed 5% return | 1,000.00 | 1,021.80 | 3.06 | 0.61 | % |
* | Expenses are equal to the fund’s annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Private Client Services Funds | 120 |
Capital Group Private Client Services Funds
Approval of investment advisory and service agreement (unaudited)
Approval of Investment Advisory and Service Agreement –
Capital Group Private Client Services Funds’ board has approved renewal of the funds’ Investment Advisory and Service Agreement (the “agreement”) with Capital Guardian Trust Company (“CGTC”) through July 31, 2018. 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 December 31, 2016. This report, including the letter to shareholders and related disclosures, contains certain information about the funds’ investment results.
Capital Group Global Equity Fund seeks to provide prudent growth of capital and conservation of principal. The board and the committee reviewed the fund’s investment results measured against (i) the MSCI World 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 and five-year periods and trailed the MSCI Index over the same periods. They further noted that the fund’s investment results trailed both benchmarks for the one-year and three-year periods.
Capital Group International Equity Fund seeks to provide prudent growth of capital and conservation of principal. The board and the committee reviewed the fund’s investment results measured against (i) the MSCI EAFE Index and (ii) the Lipper International Funds Average. They noted that the fund’s investment results exceeded the investment results of the Lipper Average, trailed the MSCI Index for the lifetime of the fund and trailed both benchmarks for the one-year, three-year and five-year periods.
Capital Group U.S. Equity Fund seeks to provide prudent growth of capital and conservation of principal. The fund’s secondary objective is to provide income. The board and the committee reviewed the fund’s investment results measured against (i) the Standard & Poor’s 500 Composite 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, five-year, three-year and one-year periods. They further noted that the fund’s investment results trailed the S&P 500 Index over the same periods.
Private Client Services Funds | 121 |
Capital Group Private Client Services Funds
Approval of investment advisory and service agreement (unaudited) (continued)
Capital Group Core Municipal Fund seeks to provide current income exempt from federal income tax while preserving your investment. The board and the committee reviewed the fund’s investment results measured against (i) the Bloomberg Barclays 1-10 Year Short-Intermediate Municipal Bond Index and (ii) the Lipper Short-Intermediate Municipal Debt Funds Average. They noted that the fund’s investment results were higher than or equal to the investment results of the Lipper Average for the lifetime, five-year, three-year and one-year periods. They further noted that the funds’ investment results trailed the Bloomberg Barclays Index over the same periods.
Capital Group Short-Term Municipal Fund seeks to preserve your investment and secondarily to provide current income exempt from federal income tax. The board and the committee reviewed the fund’s investment results measured against (i) the Bloomberg Barclays 1-5 Year Municipal Short 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 and one-year periods. They further noted that the fund’s investment results trailed the Bloomberg Barclays Index over the same periods.
Capital Group California Core Municipal Fund seeks current income exempt from federal and California income taxes while preserving your investment. The board and the committee reviewed the fund’s investment results measured against (i) the Bloomberg Barclays California 1-10 Year Short-Intermediate Municipal Bond Index, (ii) the Lipper California Intermediate Municipal Debt Funds Average and (iii) the Lipper California Short-Intermediate Municipal Debt Funds Average. They noted that for the lifetime and five-year periods, the fund’s investment results trailed the Bloomberg Barclays Index and the Lipper California Intermediate Average but exceeded the Lipper California Short-Intermediate Average. They further noted that the fund’s investment results exceeded all benchmarks for the one-year period, trailed the Lipper California Intermediate Average for the three-year period and exceeded all other benchmarks for the three-year period.
Capital Group California Short-Term Municipal Fund seeks to preserve your investment and secondarily to provide current income exempt from federal and California income taxes. The board and the committee reviewed the fund’s investment results measured against (i) the Bloomberg Barclays California Short Municipal Bond Index, (ii) the Lipper California Short-Intermediate Municipal Debt Funds Average and (iii) the Lipper Short Municipal Debt Funds Average. They noted that the fund’s investment results trailed the Bloomberg Barclays Index and the Lipper California Short-Intermediate Average and exceeded the Lipper Short Municipal Debt Funds Average over the lifetime, five-year and three-year periods. They further noted that the fund’s investment results trailed all benchmarks for the one-year period.
Capital Group Core Bond Fund seeks current income while preserving your investment. The board and the committee reviewed the fund’s investment results measured against (i) the Bloomberg Barclays 1-10 Year U.S. Government/Credit, ex. BBB Index, (ii) the Lipper Short-Intermediate Investment Grade Debt Funds Average and (iii) the Lipper Core Bond Funds Average. They noted that the fund’s investment results trailed the all benchmarks for the lifetime and five-year periods. They further noted that the fund’s investment results exceeded the Lipper Short-Intermediate Average but trailed the Bloomberg Barclays Index and Lipper Core Average for the three-year period, and exceeded the Bloomberg Barclays Index but trailed both Lipper Averages for the one-year period.
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 (each as a percentage of average net assets) to those
Private Client Services Funds | 122 |
Capital Group Private Client Services Funds
Approval of investment advisory and service agreement (unaudited) (continued)
of other relevant funds. They observed that the advisory fees and expenses of these funds were in line with or below those of the relevant funds in their respective Lipper categories.
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 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 observed that the total expenses of the Equity Funds remain below those of the medians of the relevant funds included in their respective Lipper categories. They noted that the Equity Funds’ unified management fees were higher than the non-unified management fees with certain relevant funds included in their respective Lipper categories, but 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 and noted that CGTC bears the risk of future increases in the funds non-advisory operating expenses.
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 division 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 its 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
Private Client Services Funds | 123 |
Capital Group Private Client Services Funds
Approval of investment advisory and service agreement (unaudited) (continued)
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.
Private Client Services Funds | 124 |
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.
Private Client Services Funds | 125 |
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, 2017 |
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, 2017 |
By /s/ Gregory F. Niland |
Gregory F. Niland, Treasurer and Principal Financial Officer |
Date: June 30, 2017 |