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, 2018
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
Capital Group Core Municipal FundSM
Capital Group Global Equity FundSM
Semi-annual report for the six months ended April 30, 2018 |
In-depth research
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Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Capital Group Core Municipal Fund | |
Investment portfolio April 30, 2018 | unaudited |
Bonds, notes & other debt instruments 91.05% | Principal amount (000) | Value (000) | ||||||
Alabama 1.73% | ||||||||
21st Century Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2012-A, 5.00% 2021 | $ | 2,230 | $ | 2,440 | ||||
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2016-A, 4.00% 2046 (put 2021) | 2,050 | 2,141 | ||||||
Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2023 (preref. 2022) | 100 | 111 | ||||||
Federal Aid Highway Fin. Auth., Special Obligation Rev. Bonds, Series 2017-A, 5.00% 2020 | 1,200 | 1,284 | ||||||
City of Huntsville, Electric Rev. Bonds, Series 2017-A, 5.00% 2021 | 250 | 275 | ||||||
City of Huntsville, Electric Rev. Bonds, Series 2017-A, 5.00% 2022 | 450 | 504 | ||||||
City of Huntsville, Electric Rev. Bonds, Series 2017-B, 5.00% 2021 | 225 | 248 | ||||||
City of Huntsville, Electric Rev. Bonds, Series 2017-B, 5.00% 2022 | 400 | 448 | ||||||
County of Jefferson, Limited Obligation Ref. Bonds, Series 2017, 5.00% 2020 | 500 | 534 | ||||||
Board of Trustees of the University of Alabama, Birmingham Hospital Rev. Ref. Bonds, Series 2008-A, 5.00% 2018 (escrowed to maturity) | 150 | 152 | ||||||
8,137 | ||||||||
Alaska 0.09% | ||||||||
Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2016-A, 3.50% 2046 | 290 | 299 | ||||||
Housing Fin. Corp., Home Mortgage Rev. Ref. Bonds, Series 2012-A, 4.00% 2040 | 130 | 130 | ||||||
429 | ||||||||
Arizona 1.79% | ||||||||
Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2009-A, 5.00% 2020 | 155 | 158 | ||||||
Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2009-A, 5.00% 2020 (preref. 2019) | 5 | 5 | ||||||
Board of Regents, Arizona State University System, Rev. Bonds, Series 2017-A, 5.00% 2024 | 400 | 460 | ||||||
Board of Regents, Arizona State University System, Rev. Ref. Bonds, Series 2017-B, 5.00% 2024 | 400 | 460 | ||||||
City of Glendale, Industrial Dev. Auth., Rev. Ref. Bonds (Midwestern University), Series 2007, 5.25% 2018 | 1,000 | 1,001 | ||||||
Health Facs. Auth., Rev. Ref. Bonds (Phoenix Children’s Hospital), Series 2013-A-1, (SIFMA Municipal Swap Index + 1.85%) 3.60% 2048 (put 2020)1 | 3,100 | 3,152 | ||||||
The Industrial Dev. Auth. of the County of Maricopa Education Rev. Bonds (Greathearts Arizona Projects), Series 2017-A, 5.00% 2027 | 745 | 868 | ||||||
City of Phoenix, Civic Improvement Corp., Airport Rev. Ref. Bonds, Series 2017-D, 5.00% 2023 | 1,000 | 1,128 | ||||||
City of Phoenix, Civic Improvement Corp., Wastewater System Rev. Ref. Bonds, Series 2008, 5.50% 2024 | 125 | 126 | ||||||
City of Phoenix, Industrial Dev. Auth., Lease Rev. Bonds (Rowan University Project), Series 2012, 5.00% 2022 | 1,000 | 1,046 | ||||||
8,404 | ||||||||
Arkansas 0.13% | ||||||||
Dev. Fin. Auth., Health Care Rev. Bonds (Baptist Memorial Health Care), Series 2015-B-3, (SIFMA Municipal Swap Index + 1.55%) 3.30% 2044 (put 2022)1 | 600 | 606 | ||||||
California 2.96% | ||||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.65% 2045 (put 2023)1 | 2,200 | 2,249 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2007-E-3, (SIFMA Municipal Swap Index + 0.70%) 2.45% 2047 (put 2019)1 | 1,150 | 1,155 | ||||||
City of Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev. Project Area), Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2025 | 620 | 704 | ||||||
Econ. Recovery Ref. Bonds, Series 2009-A, 5.25% 2021 (preref. 2019) | 65 | 68 |
Private Client Services Funds | 1 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
Econ. Recovery Ref. Bonds, Series 2009-A, 5.25% 2021 (preref. 2019) | $ | 35 | $ | 36 | ||||
Various Purpose G.O. Bonds, Series 2013-D, (SIFMA Municipal Swap Index + 0.29%) 2.04% 2028 (put 2020)1 | 1,000 | 1,002 | ||||||
Health Facs. Fncg. Auth., Insured Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2028 | 315 | 356 | ||||||
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2015-B, (SIFMA Municipal Swap Index + 1.20%) 2.95% 2037 (put 2022)1 | 1,000 | 1,014 | ||||||
City of Irvine, Reassessment Dist. No. 13-1, Limited Obligation Improvement Bonds, Series 2013, 3.125% 2021 | 565 | 582 | ||||||
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Rev. Bonds, Series 2017-A, 5.00% 2025 | 250 | 286 | ||||||
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2022 | 1,250 | 1,393 | ||||||
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010-B, 1.45% 2024 (put 2018)2 | 1,000 | 1,000 | ||||||
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2026 | 1,200 | 1,403 | ||||||
RNR School Fncg. Auth., Community Facs. Dist. No. 92-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2028 | 1,000 | 1,171 | ||||||
City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Community Facs. Dist. No. 6, Special Tax Rev. Ref. Bonds (Mission Bay South Public Improvements), Series 2013-A, 5.00% 2021 | 800 | 868 | ||||||
City of Santa Ana, Redev. Agcy., Tax Allocation Bonds, Series 2011-A, 5.25% 2019 | 600 | 627 | ||||||
13,914 | ||||||||
Colorado 2.19% | ||||||||
City and County of Denver, Airport System Rev. Bonds, Series 2013-B, 5.00% 2021 | 500 | 548 | ||||||
City and County of Denver, Airport System Rev. Ref. Bonds, Series 2009-A, 5.25% 2028 | 200 | 210 | ||||||
E-470 Public Highway Auth., Rev. Bonds, Series 2017-A, (1-month USD-LIBOR x 0.67 + 0.90%) 2.174% 2039 (put 2019)1 | 200 | 200 | ||||||
E-470 Public Highway Auth., Rev. Bonds, Series 2017-B, (1-month USD-LIBOR x 0.67 + 1.05%) 2.322% 2039 (put 2021)1 | 200 | 202 | ||||||
Educational and Cultural Facs. Auth., Rev. Ref. Bonds (Johnson & Wales Univ. Project), Series 2013-B, 5.00% 2023 | 1,590 | 1,767 | ||||||
Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2024 | 1,825 | 2,021 | ||||||
Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2016-C, 5.00% 2036 (put 2023) | 1,570 | 1,776 | ||||||
City of Loveland, Centerra Metropolitan Dist. No. 1, Rev. Ref. Bonds, Series 2017, 2.70% 2019 | 492 | 494 | ||||||
City of Loveland, Centerra Metropolitan Dist. No. 1, Rev. Ref. Bonds, Series 2017, 5.00% 20202 | 1,250 | 1,324 | ||||||
Mountain Shadows Metropolitan Dist., Limited Tax G.O. Ref. and Improvement Bonds, Series 2016, 4.00% 2026 | 735 | 742 | ||||||
Regional Transportation Dist., Certs. of Part., Series 2010-A, 5.00% 2018 | 1,000 | 1,003 | ||||||
10,287 | ||||||||
Connecticut 1.86% | ||||||||
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2017-C-2, 5.00% 2057 (put 2023) | 1,500 | 1,681 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044 | 240 | 248 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-A-1, 4.00% 2047 | 3,810 | 3,993 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-C-1, 4.00% 2047 | 1,415 | 1,483 |
2 | Private Client Services Funds |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-D, 4.00% 2047 | $ | 300 | $ | 315 | ||||
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-A, 3.50% 2044 | 260 | 266 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2016-A-1, 4.00% 2045 | 745 | 773 | ||||||
8,759 | ||||||||
District of Columbia 0.15% | ||||||||
Washington Convention and Sports Auth., Tax-Exemept Dedicated Tax Rev. Ref. Bonds, Series 2018-A, 5.00% 2027 | 600 | 709 | ||||||
Florida 5.78% | ||||||||
County of Brevard, Health Facs. Auth., Rev. Ref. Bonds (Health First, Inc. Project), Series 2014, 5.00% 2021 | 500 | 537 | ||||||
County of Brevard, Health Facs. Auth., Rev. Ref. Bonds (Health First, Inc. Project), Series 2014, 5.00% 2022 | 500 | 546 | ||||||
City of Cape Coral, Utility Improvement Rev. Ref. Assessment Bonds (Various Areas), Series 2017, Assured Guaranty Municipal insured, 1.90% 2020 | 995 | 979 | ||||||
Citizens Property Insurance Corp., Coastal Account Secured Bonds, Series 2011-A-1, 5.00% 2019 | 150 | 155 | ||||||
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Senior Secured Bonds, Series 2012-A-1, 5.00% 2019 | 1,500 | 1,550 | ||||||
City of Clearwater, Water and Sewer Rev. Ref. Bonds, Series 2009-B, 5.00% 2018 | 100 | 102 | ||||||
Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 3.00% 2026 | 345 | 339 | ||||||
Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 3.20% 2027 | 355 | 352 | ||||||
Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 3.25% 2028 | 370 | 367 | ||||||
Dept. of Environmental Protection, Fin. Division, Rev. Bonds, Series 2008-B, 5.00% 2019 (preref. 2018) | 1,450 | 1,472 | ||||||
Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), Series 2012-A, 5.00% 2022 | 1,000 | 1,088 | ||||||
Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), Series 2016, 5.00% 2026 | 655 | 749 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2010-A, 5.00% 2028 | 140 | 141 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2010-B, 4.50% 2029 | 225 | 229 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2011-B, 4.50% 2029 | 160 | 164 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2017-1, 4.00% 2048 | 1,500 | 1,577 | ||||||
City of Jacksonville, Better Jacksonville Sales Tax Rev. Ref. Bonds, Series 2011, 5.00% 2019 | 1,000 | 1,043 | ||||||
JEA, Water and Sewer System Rev. Bonds, Series 2017-A, 5.00% 2023 | 750 | 846 | ||||||
County of Lee, Transportation Facs. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2021 | 500 | 546 | ||||||
County of Martin, Health Facs. Auth., Hospital Rev. Bonds (Martin Memorial Medical Center), Series 2012, 3.50% 2019 | 100 | 102 | ||||||
City of Miami Beach, Health Facs. Auth., Hospital Rev. and Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2014, 5.00% 2027 | 145 | 159 | ||||||
Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2015-C, Assured Guaranty Municipal insured, 5.00% 2021 | 575 | 627 | ||||||
Municipal Power Agcy., Rev. Bonds (St. Lucie Project), Series 2012-A, 5.00% 2020 | 600 | 641 | ||||||
Orlando Utilities Commission, Utility System Rev. Bonds, Series 2009-B, 5.00% 2023 | 225 | 231 | ||||||
Orlando Utilities Commission, Utility System Rev. Ref. Bonds, Series 2009-B, 5.00% 2023 (preref. 2019) | 175 | 180 | ||||||
County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-C, 5.00% 2027 | 300 | 334 | ||||||
City of Pompano Beach, Rev. Bonds (John Knox Village Project), Series 2015, 5.00% 2023 | 620 | 692 | ||||||
South Florida Water Management Dist., Certs. of Part., Series 2015, 5.00% 2025 | 1,500 | 1,738 |
Private Client Services Funds | 3 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Florida (continued) | ||||||||
City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), Series 2017, 5.00% 2021 | $ | 500 | $ | 542 | ||||
City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), Series 2017, 5.00% 2024 | 500 | 565 | ||||||
Community Redev. Agcy., Tax Increment Rev. Bonds (Southeast Overtown/Park West), Series 2014-A-1, 5.00% 20192 | 1,000 | 1,026 | ||||||
Community Redev. Agcy., Tax Increment Rev. Bonds (Southeast Overtown/Park West), Series 2014-A-1, 5.00% 20212 | 785 | 844 | ||||||
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2017-C, 5.00% 2027 | 1,000 | 1,197 | ||||||
Tampa Bay Water, Rev. Ref. Bonds (Regional Water Supply Auth. Utility System), Series 2011-B, 5.00% 2018 (escrowed to maturity) | 225 | 228 | ||||||
Tampa Bay Water, Rev. Ref. Bonds (Regional Water Supply Auth. Utility System), Series 2011-B, 5.00% 2018 (escrowed to maturity) | 205 | 208 | ||||||
Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 2.625% 2024 | 1,075 | 1,049 | ||||||
Village Community Dev. Dist. No. 6, Rev. Ref. Bonds, Series 2017, 4.00% 2020 | 350 | 363 | ||||||
County of Volusia, Educational Facs. Auth., Educational Facs. Rev. Ref. Bonds (Embry-Riddle Aeronautical University, Inc. Project), Series 2015-B, 5.00% 2023 | 400 | 449 | ||||||
County of Volusia, Educational Facs. Auth., Educational Facs. Rev. Ref. Bonds (Embry-Riddle Aeronautical University, Inc. Project), Series 2015-B, 5.00% 2028 | 1,000 | 1,125 | ||||||
Water Pollution Control Fncg. Corp., Water Pollution Control Rev. Bonds, Series 2008-A, 5.00% 2020 | 186 | 190 | ||||||
Water Pollution Control Fncg. Corp., Water Pollution Control Rev. Bonds, Series 2008-A, 5.00% 2022 | 400 | 409 | ||||||
Water Pollution Control Fncg. Corp., Water Pollution Control Rev. Bonds, Series 2008-A, 5.00% 2023 | 300 | 307 | ||||||
City of Winter Garden, Winter Garden Village at Fowler Groves Community Dev. Dist., Special Assessment Rev. Ref. Bonds, Series 2016, 3.00% 2024 | 1,185 | 1,175 | ||||||
27,163 | ||||||||
Georgia 1.73% | ||||||||
County of DeKalb, Hospital Auth., Rev. Ref. Anticipation Certificates (DeKalb Medical Center, Inc. Project), Series 2009, 5.00% 2024 | 200 | 210 | ||||||
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2014-A-1, 4.00% 2044 | 1,110 | 1,147 | ||||||
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2015-A-1, 3.50% 2045 | 835 | 856 | ||||||
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2015-B-1, 3.50% 2045 | 370 | 379 | ||||||
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2017-A, 4.00% 2047 | 850 | 891 | ||||||
Municipal Electric Auth., Project One Bonds, Series 2009-B, 5.00% 2020 | 755 | 789 | ||||||
Municipal Electric Auth., Project One Bonds, Series 2016-A, 4.00% 2021 | 1,000 | 1,043 | ||||||
Private Colleges and Universities Auth., Rev. Bonds (The Savannah College of Art and Design Projects), Series 2014, 5.00% 2020 | 1,250 | 1,316 | ||||||
State Road and Tollway Auth., Federal Highway Grant Anticipation Rev. Bonds, Series 2009-A, 5.00% 2018 | 400 | 401 | ||||||
State Road and Tollway Auth., Federal Highway Grant Anticipation Rev. Ref. Bonds, Series 2017-B, 5.00% 2021 | 1,000 | 1,085 | ||||||
8,117 | ||||||||
Guam 0.37% | ||||||||
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-B, 5.00% 2023 | 1,200 | 1,269 | ||||||
Waterworks Auth., Water and Wastewater System Rev. Ref. Bonds, Series 2014-A, 5.00% 2019 | 440 | 453 | ||||||
1,722 |
4 | Private Client Services Funds |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Hawaii 1.05% | ||||||||
G.O. Bonds, Series 2011-DZ, 5.00% 2019 (escrowed to maturity) | $ | 645 | $ | 674 | ||||
G.O. Rev. Ref. Bonds, Series 2012-EF, 5.00% 2021 | 2,000 | 2,197 | ||||||
G.O. Rev. Ref. Bonds, Series 2016-FH, 5.00% 2026 | 1,390 | 1,650 | ||||||
Dept. of Transportation, Airports Division, Lease Rev. Certs. of Part., Series 2010-A, 5.00% 2022 | 400 | 426 | ||||||
4,947 | ||||||||
Idaho 0.24% | ||||||||
Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund), Series 2015-A, 5.00% 2022 | 1,000 | 1,106 | ||||||
Illinois 10.59% | ||||||||
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2013, 5.00% 2020 | 3,325 | 3,513 | ||||||
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 2026 | 1,000 | 1,068 | ||||||
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 4.00% 2021 | 250 | 261 | ||||||
County of Champaign, Community Unit School Dist. No. 4, G.O. School Building Bonds, Series 2017, 5.00% 2021 | 1,000 | 1,070 | ||||||
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2013-B, 5.00% 2021 | 500 | 535 | ||||||
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2017-D, 5.00% 2026 | 1,135 | 1,307 | ||||||
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2012, 5.00% 2020 | 650 | 678 | ||||||
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2012, Assured Guaranty Municipal insured, 4.00% 2021 | 1,000 | 1,038 | ||||||
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2012, Assured Guaranty Municipal insured, 5.00% 2023 | 500 | 540 | ||||||
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2014, 5.00% 2020 | 415 | 433 | ||||||
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 2022 | 250 | 272 | ||||||
City of Chicago, Water Rev. Ref. Bonds, Series 2004, 5.00% 2021 | 1,895 | 2,057 | ||||||
Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., G.O. Rev. Ref. Bonds, Series 1997, FGIC-National insured, 6.00% 2020 | 2,000 | 2,121 | ||||||
Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., G.O. Rev. Ref. Bonds, Series 2011-A, Assured Guaranty Municipal insured, 5.00% 2018 | 1,200 | 1,203 | ||||||
Educational Facs. Auth., Rev. Bonds (University of Chicago), Series 1998-B, 1.65% 2025 (put 2019) | 2,000 | 1,994 | ||||||
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2025 | 125 | 142 | ||||||
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2026 | 120 | 138 | ||||||
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 4.00% 2025 | 1,310 | 1,417 | ||||||
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 4.00% 2026 | 1,000 | 1,087 | ||||||
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2021 | 150 | 161 | ||||||
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2020 | 1,000 | 1,050 | ||||||
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2020 | 700 | 745 | ||||||
Fin. Auth., Rev. Bonds (DePaul University), Series 2008, 5.00% 2022 | 200 | 203 | ||||||
Fin. Auth., Rev. Bonds (Lifespace Communities), Series 2015-A, 5.00% 2027 | 590 | 656 | ||||||
Fin. Auth., Rev. Bonds (Northwestern Memorial Healthcare), Series 2017-B, 5.00% 2057 (put 2022) | 275 | 306 | ||||||
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2027 | 250 | 281 | ||||||
Fin. Auth., Rev. Bonds (Presence Health Network Obligated Group), Series 2016-C, 5.00% 2026 | 600 | 680 | ||||||
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2021 | 500 | 546 | ||||||
Fin. Auth., Rev. Ref. Bonds (Advocate Health Care Network), Series 2008-A-1, 5.00% 2030 (put 2020) | 1,500 | 1,572 | ||||||
Fin. Auth., Rev. Ref. Bonds (Advocate Health Care Network), Series 2008-A-3, 5.00% 2030 (put 2019) | 1,000 | 1,029 | ||||||
G.O. Bonds, Series 2012, 5.00% 2019 | 285 | 290 | ||||||
G.O. Bonds, Series 2017-D, 5.00% 2020 | 4,105 | 4,269 | ||||||
G.O. Ref. Bonds, Series 2012, 5.00% 2020 | 325 | 337 | ||||||
G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2021 | 970 | 1,008 |
Private Client Services Funds | 5 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Illinois (continued) | ||||||||
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2026 | $ | 1,000 | $ | 1,042 | ||||
Housing Dev. Auth., Multi Family Housing Rev. Notes (Marshall Field Garden Apartment Homes), (SIFMA Municipal Swap Index + 1.00%) 2.75% 2050 (put 2025)1 | 2,000 | 2,007 | ||||||
Board of Trustees of the Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2022 | 1,465 | 1,573 | ||||||
Municipal Electric Agcy., Power Supply System Rev. Ref. Bonds, Series 2015-A, 5.00% 2027 | 1,000 | 1,136 | ||||||
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, 5.00% 2023 | 500 | 552 | ||||||
Regional Transportation Auth., G.O. Ref. Bonds, Series 2017-A, 5.00% 2028 | 2,000 | 2,315 | ||||||
Sales Tax Securitization Corp., Sales Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2023 | 2,000 | 2,209 | ||||||
Sales Tax Securitization Corp., Sales Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2024 | 1,000 | 1,117 | ||||||
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-A, 5.00% 2020 | 500 | 536 | ||||||
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-A, 5.00% 2027 | 1,250 | 1,427 | ||||||
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-A, 5.00% 2028 | 1,110 | 1,264 | ||||||
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2005-A, National insured, 5.50% 2023 | 500 | 558 | ||||||
Board of Trustees of the University of Illinois, Rev. Ref. Certs. of Part., Series 2008-A, Assured Guaranty Municipal insured, 5.25% 2024 | 30 | 30 | ||||||
49,773 | ||||||||
Indiana 0.28% | ||||||||
Fin. Auth., Hospital Rev. Bonds (Parkview Health), 5.50% 2024 | 20 | 20 | ||||||
Fin. Auth., Hospital Rev. Bonds (Parkview Health), 5.50% 2024 (preref. 2019) | 80 | 83 | ||||||
Fin. Auth., Hospital Rev. Ref. Bonds (Beacon Health Obligated Group), Series 2013-A, 4.00% 2019 | 500 | 513 | ||||||
City of Whiting, Environmental Facs. Rev. Bonds (BP Products North America Inc. Project), Series 2008, 1.85% 2044 (put 2019) | 700 | 697 | ||||||
1,313 | ||||||||
Iowa 0.58% | ||||||||
Fin. Auth., Single Family Mortgage Bonds, Series 2017-A, 4.00% 2047 | 2,155 | 2,264 | ||||||
Fin. Auth., State Revolving Rev. Bonds, Series 2009, 5.00% 2019 (escrowed to maturity) | 425 | 442 | ||||||
2,706 | ||||||||
Kentucky 0.03% | ||||||||
Housing Corp., Housing Rev. Bonds, Series 2010-B, 5.00% 2027 | 120 | 121 | ||||||
Louisiana 1.24% | ||||||||
Louisiana Stadium and Exposition Dist., Rev. Ref. Bonds, Series 2013-A, 5.00% 2022 | 1,500 | 1,659 | ||||||
Parish of St. Charles, Gulf Opportunity Zone Rev. Bonds (Valero Project), Series 2010, 4.00% 2040 (put 2022) | 2,000 | 2,119 | ||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.50% 2028 | 1,000 | 1,002 | ||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.50% 2029 | 1,000 | 1,037 | ||||||
5,817 | ||||||||
Maine 0.29% | ||||||||
Housing Auth., Mortgage Purchase Bonds, Series 2017-A, 4.00% 2047 | 700 | 735 | ||||||
Turnpike Auth., Turnpike Rev. Ref. Bonds, Series 2014, 5.00% 2020 | 600 | 639 | ||||||
1,374 |
6 | Private Client Services Funds |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Maryland 3.97% | ||||||||
County of Baltimore, Rev. Bonds (Oak Crest Village, Inc. Fac.), Series 2016, 5.00% 2021 | $ | 1,000 | $ | 1,078 | ||||
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2014-C, 4.00% 2044 | 665 | 693 | ||||||
G.O. Ref. Bonds, State and Local Facs. Loan of 2017, Second Series B, 5.00% 2026 | 6,000 | 7,131 | ||||||
County of Montgomery, G.O. Consolidated Public Improvement Bonds, Series 2017-A, 5.00% 2022 | 1,500 | 1,680 | ||||||
County of Montgomery, G.O. Consolidated Public Improvement Rev. Ref. Bonds, Series 2017-B, 5.00% 2020 | 1,500 | 1,595 | ||||||
County of Montgomery, G.O. Consolidated Public Improvement Rev. Ref. Bonds, Series 2017-C, 5.00% 2022 | 3,000 | 3,355 | ||||||
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2017-A, 4.00% 2048 | 975 | 1,025 | ||||||
Dept. of Transportation, Consolidated Transportation Bonds, Series 2013, 4.00% 2020 | 1,000 | 1,037 | ||||||
Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2017, 5.00% 2020 | 1,000 | 1,065 | ||||||
18,659 | ||||||||
Massachusetts 1.01% | ||||||||
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2017-S, 5.00% 2024 | 1,000 | 1,142 | ||||||
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2017, 5.00% 2021 | 750 | 811 | ||||||
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2017, 5.00% 2022 | 875 | 962 | ||||||
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 169, 4.00% 2044 | 770 | 792 | ||||||
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 172, 4.00% 2045 | 1,025 | 1,064 | ||||||
4,771 | ||||||||
Michigan 3.07% | ||||||||
City of Detroit, Sewage Disposal System Rev. Ref. Bonds, Series 2006-D, Assured Guaranty Municipal insured, (3-month USD-LIBOR + 0.60%) 2.149% 20321 | 1,500 | 1,414 | ||||||
Detroit School Dist., Unlimited Tax G.O. School Building and Site Improvement Ref. Bonds, Series 2012-A, 5.00% 2019 | 1,400 | 1,441 | ||||||
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept.), Series 2014-C-3, Assured Guaranty Municipal insured, 5.00% 2024 | 1,000 | 1,132 | ||||||
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept.), Series 2014-C-5, National insured, 5.00% 2020 | 750 | 794 | ||||||
Fin. Auth., Unemployment Obligation Assessment Rev. Ref. Bonds, Series 2012-B, 5.00% 2021 | 810 | 840 | ||||||
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 2026 | 1,500 | 1,734 | ||||||
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2008-C, 5.00% 2021 | 650 | 711 | ||||||
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2008-C, 5.00% 2022 | 475 | 528 | ||||||
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2014, 4.00% 2044 | 1,275 | 1,323 | ||||||
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 2048 | 420 | 434 | ||||||
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-A, 4.00% 2048 | 900 | 944 | ||||||
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), Series 1995-CC, 1.45% 2030 (put 2021) | 1,000 | 963 | ||||||
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), Series 2008-KT, 5.625% 2020 | 1,160 | 1,240 | ||||||
Wayne County, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2012-A, 5.00% 2022 | 850 | 938 | ||||||
14,436 |
Private Client Services Funds | 7 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Minnesota 0.93% | ||||||||
Housing Fin. Agcy., Homeownership Fin. Bonds (Mortgage-Backed Securities Program), Series 2010-A, 4.25% 2028 | $ | 145 | $ | 146 | ||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2012-D, 4.00% 2040 | 220 | 224 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-B, 4.00% 2038 | 640 | 667 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-B, 3.50% 2046 | 1,545 | 1,586 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-B, 4.00% 2047 | 1,165 | 1,216 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-E, 4.00% 2048 | 495 | 520 | ||||||
4,359 | ||||||||
Mississippi 0.17% | ||||||||
Hospital Equipment and Facs. Auth., Rev. Bonds (Baptist Memorial Health Care), Series 2004-B-2, 2.05% 2022 (put 2018)2 | 250 | 250 | ||||||
Gaming Tax Rev. Ref. Bonds, Series 2015-E, 5.00% 2026 | 500 | 573 | ||||||
823 | ||||||||
Missouri 1.78% | ||||||||
Environmental Improvement and Energy Resources Auth., Water Pollution Control and Drinking Water Rev. Ref. Bonds, Series 2010-A, 5.00% 2019 | 225 | 230 | ||||||
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Saint Luke’s Health System, Inc.), Series 2016, 5.00% 2026 | 1,435 | 1,654 | ||||||
Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2016-A, 5.00% 2022 | 440 | 474 | ||||||
Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services), Series 2016-A, 5.00% 2025 | 185 | 206 | ||||||
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2016-B, 3.50% 2041 | 2,865 | 2,948 | ||||||
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2017-B, 3.25% 20473 | 567 | 569 | ||||||
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2014-A, 4.00% 2041 | 935 | 969 | ||||||
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2015-A, 3.75% 2038 | 220 | 228 | ||||||
City of Lee’s Summit, I-470 and 350 Transportation Dev. Dist., Transportation Sales Tax Rev. Ref. and Improvement Bonds, Series 2007, RADIAN insured, 4.60% 2029 | 25 | 25 | ||||||
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2021 | 1,000 | 1,084 | ||||||
8,387 | ||||||||
Montana 0.05% | ||||||||
Board of Housing, Single Family Mortgage Bonds, Series 2016-A-2, 3.50% 2044 | 235 | 243 | ||||||
Nebraska 1.41% | ||||||||
Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2014, 5.00% 2039 (put 2019) | 1,250 | 1,304 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-A, 3.00% 2043 | 165 | 167 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2014-A, 4.00% 2044 | 320 | 333 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2015-C, 3.50% 2045 | 930 | 953 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-A, 3.50% 2046 | 2,450 | 2,517 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-C, 3.50% 2046 | 310 | 318 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-A, 4.00% 2048 | 1,000 | 1,051 | ||||||
6,643 |
8 | Private Client Services Funds |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Nevada 2.80% | ||||||||
Clark County School Dist., Limited Tax G.O. Building and Rev. Ref. Bonds, Series 2017-A, 5.00% 2026 | $ | 620 | $ | 714 | ||||
Clark County School Dist., Limited Tax G.O. Building and Rev. Ref. Bonds, Series 2017-C, 5.00% 2020 | 600 | 636 | ||||||
Clark County School Dist., Limited Tax G.O. Building and Rev. Ref. Bonds, Series 2017-C, 5.00% 2027 | 750 | 873 | ||||||
Clark County School Dist., Limited Tax G.O. Rev. Ref. Bonds, Series 2016-D, 5.00% 2023 | 1,000 | 1,115 | ||||||
County of Clark, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2015-C, 5.00% 2024 | 2,705 | 3,092 | ||||||
County of Clark, Limited Tax G.O. Stadium Improvement Bonds, Series 2018-A, 5.00% 2025 | 1,000 | 1,161 | ||||||
County of Clark, Pollution Control Rev. Ref. Bonds (Southern California Edison Company), Series 2010, 1.875% 2031 (put 2020) | 2,000 | 1,980 | ||||||
County of Clark, Sales and Excise Tax Rev. Improvement and Rev. Ref. Bonds (Streets and Highway Projects), Series 2010-B, 4.00% 2018 | 2,000 | 2,007 | ||||||
City of Henderson, Local Improvement Dist. (Madeira Canyon), Series 2017, 2.00% 2023 | 495 | 465 | ||||||
Las Vegas Valley Water Dist., Limited Tax G.O. Water Bonds, Series 2012-B, 5.00% 2019 | 1,100 | 1,138 | ||||||
13,181 | ||||||||
New Hampshire 0.67% | ||||||||
Health and Education Facs. Auth., Rev. Bonds (Southern New Hampshire University), Series 2012, 4.00% 2022 | 575 | 606 | ||||||
Health and Education Facs. Auth., Rev. Bonds (Southern New Hampshire University), Series 2017, 5.00% 2020 | 300 | 314 | ||||||
Health and Education Facs. Auth., Rev. Bonds (Southern New Hampshire University), Series 2017, 5.00% 2021 | 600 | 642 | ||||||
Health and Education Facs. Auth., Rev. Bonds (Southern New Hampshire University), Series 2017, 5.00% 2022 | 320 | 349 | ||||||
Health and Education Facs. Auth., Rev. Bonds (University System of New Hampshire Issue), Series 2017-A, 5.00% 2022 | 500 | 555 | ||||||
Health and Education Facs. Auth., Rev. Bonds (University System of New Hampshire Issue), Series 2017-A, 5.00% 2023 | 600 | 676 | ||||||
3,142 | ||||||||
New Jersey 2.26% | ||||||||
Atlantic City, Tax Appeal Rev. Ref. Bonds, Series 2017-A, BAM insured, 5.00% 2020 | 100 | 105 | ||||||
Atlantic City, Tax Appeal Rev. Ref. Bonds, Series 2017-A, BAM insured, 5.00% 2022 | 200 | 216 | ||||||
Econ. Dev. Auth., Cigarette Tax Rev. Ref. Bonds, Series 2012, 5.00% 2019 | 1,200 | 1,235 | ||||||
Econ. Dev. Auth., School Facs. Contruction Rev. Bonds, Series 2013-NN, 5.00% 2020 | 480 | 499 | ||||||
Garden State Preservation Trust, Open Space and Farmland Preservation Rev. Ref. Bonds, Series 2012-A, 5.00% 2020 | 1,000 | 1,060 | ||||||
Garden State Preservation Trust, Open Space and Farmland Preservation Rev. Ref. Bonds, Series 2012-A, 5.00% 2021 | 200 | 215 | ||||||
Rutgers State University, G.O. Bonds (State University of New Jersey), Series 2013-J, 5.00% 2019 | 525 | 542 | ||||||
South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2012, 5.00% 2020 | 500 | 533 | ||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2021 | 2,250 | 2,428 | ||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2029 | 700 | 798 | ||||||
Transit Corp., Grant Anticipation Notes (Federal Transit Administration Section 5307 Urbanized Area Formula Funds), Series 2014-A, 5.00% 2018 | 1,300 | 1,314 | ||||||
Transit Corp., Grant Anticipation Notes (Federal Transit Administration Section 5307 Urbanized Area Formula Funds), Series 2014-A, 5.00% 2021 | 1,000 | 1,066 | ||||||
Transportation Trust Fund Auth., Transportation System Bonds, Series 2016-A, 5.00% 2019 | 585 | 603 | ||||||
10,614 |
Private Client Services Funds | 9 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
New Mexico 0.43% | ||||||||
City of Farmington, Pollution Control Rev. Ref. Bonds (Southern California Edison Company Four Corners Project), Series 2005-B, 1.875% 2029 (put 2020) | $ | 2,000 | $ | 1,980 | ||||
Educational Assistance Foundation, Education Loan Rev. Ref. Bonds, Series 2010-A-2, (3-month USD-LIBOR + 0.65%) 2.656% 20281 | 20 | 20 | ||||||
2,000 | ||||||||
New York 5.23% | ||||||||
Brooklyn Arena Local Dev. Corp., Pilot Rev. Ref. Bonds (Brooklyn Events Center LLC), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2022 | 210 | 232 | ||||||
Build NYC Resource Corp., Rev. Ref. Bonds (Ethical Culture Fieldston School Project), Series 2015, 5.00% 2024 | 395 | 449 | ||||||
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2023 | 2,000 | 2,246 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-2, (SIFMA Municipal Swap Index + 0.45%) 2.20% 2044 (put 2022)1 | 750 | 749 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 2.33% 2039 (put 2020)1 | 2,000 | 2,006 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2024 | 2,500 | 2,863 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2025 | 1,000 | 1,158 | ||||||
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044 | 2,275 | 2,343 | ||||||
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 203, 3.50% 2047 | 1,825 | 1,881 | ||||||
New York City G.O. Bonds, Fiscal 2018, Series 2017-C, 5.00% 2025 | 1,960 | 2,280 | ||||||
New York City G.O. Bonds, Series 2017-C, 5.00% 2027 | 2,000 | 2,367 | ||||||
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-G-2-A, 2.00% 2057 (put 2021) | 2,500 | 2,483 | ||||||
New York City Housing Dev. Corp., Multi Family Rev. Bonds (8 Spruce Street), Series 2014-E, 3.50% 2048 | 320 | 317 | ||||||
New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2009 Series S-5, 5.00% 2019 (escrowed to maturity) | 100 | 102 | ||||||
Public Housing Capital Fund Rev. Trust I, Trust Certificates, 4.50% 20222,3 | 336 | 335 | ||||||
County of Suffolk, Econ. Dev. Corp., Rev. Ref. Bonds (Peconic Landing at Southold, Inc. Project), Series 2010, 3.125% 2025 | 225 | 219 | ||||||
Thruway Auth., General Rev. Junior Indebtedness Obligations, Series 2013-A, 5.00% 2019 | 2,500 | 2,578 | ||||||
24,608 | ||||||||
North Carolina 1.18% | ||||||||
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 38-B, 4.00% 2047 | 1,970 | 2,070 | ||||||
University of North Carolina at Charlotte, General Rev. Ref. Bonds, Series 2017-A, 5.00% 2023 | 1,000 | 1,133 | ||||||
University of North Carolina at Greensboro, General Rev. Ref. Bonds, Series 2017, 5.00% 2023 | 1,125 | 1,266 | ||||||
County of Wake, G.O. Public Improvement Bonds, Series 2018-A, 5.00% 2021 | 1,000 | 1,084 | ||||||
5,553 |
10 | Private Client Services Funds |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
North Dakota 0.56% | ||||||||
Housing Fin. Agcy., Homeownership Rev. Bonds (Home Mortgage Fin. Program), Series 2016-D, 3.50% 2046 | $ | 880 | $ | 905 | ||||
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2012-A, 3.75% 2042 | 235 | 241 | ||||||
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-B, 4.00% 2036 | 565 | 590 | ||||||
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-D, 4.00% 2048 | 500 | 527 | ||||||
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-F, 4.00% 2048 | 350 | 368 | ||||||
2,631 | ||||||||
Ohio 2.92% | ||||||||
County of Allen, Hospital Facs. Rev. Bonds (Mercy Health), Series 2017-A, 5.00% 2022 | 700 | 770 | ||||||
County of Allen, Hospital Facs. Rev. Bonds (Mercy Health), Series 2017-B, 5.00% 2047 (put 2022) | 575 | 634 | ||||||
County of Allen, Hospital Facs. Rev. Ref. Bonds (Catholic Healthcare Partners), Series 2010-B, 5.00% 2019 | 2,000 | 2,077 | ||||||
County of Allen, Hospital Facs. Rev. Ref. Bonds (Catholic Healthcare Partners), Series 2010-B, 5.00% 2020 | 1,030 | 1,095 | ||||||
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2025 | 1,000 | 1,082 | ||||||
County of Franklin, Rev. Bonds (CHE Trinity Health Credit Group), Series 2013-OH, 1.27% 2046 (put 2018) | 3,000 | 3,000 | ||||||
County of Hamilton, Hospital Facs. Rev. Bonds (UC Health), Series 2014, 5.00% 2025 | 400 | 448 | ||||||
Hospital Rev. Ref. Bonds (Cleveland Clinic Health System Obligated Group), Series 2017-A, 5.00% 2022 | 1,375 | 1,512 | ||||||
Hospital Rev. Ref. Bonds (Cleveland Clinic Health System Obligated Group), Series 2017-A, 5.00% 2024 | 1,650 | 1,878 | ||||||
Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2017-A, 4.50% 2047 | 940 | 1,006 | ||||||
County of Warren, Healthcare Facs., Rev. Ref. Bonds (Otterbein Homes Obligated Group), Series 2014, 5.00% 2020 | 200 | 212 | ||||||
13,714 | ||||||||
Oklahoma 0.46% | ||||||||
Dev. Fin. Auth., Health System Rev. Ref. Bonds (Obligated Group Consisting of INTEGRIS Baptist Medical Center, Inc., INTEGRIS South Oklahoma City Hospital Corp. and INTEGRIS Rural Health, Inc.), Series 2008-C, 5.00% 2024 (preref. 2018) | 200 | 202 | ||||||
Municipal Power Auth., Power Supply System Rev. Ref. Bonds, Series 2005-A, (SIFMA Municipal Swap Index + 0.80%) 2.55% 2023 (put 2018)1 | 1,090 | 1,090 | ||||||
Trustees of the Tulsa Airports Improvement Trust, General Airport Rev. Ref. Bonds, Series 2015-D, BAM insured, 5.00% 2020 | 815 | 858 | ||||||
2,150 | ||||||||
Oregon 1.13% | ||||||||
Facs. Auth., Rev. Bonds (University of Portland Projects), Series 2015-A, 5.00% 2031 | 600 | 672 | ||||||
G.O. Bonds (Veteran’s Welfare Bonds Series 94), Series 2014-H, 4.00% 2044 | 860 | 885 | ||||||
Gilliam County Oregon Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), 1.50% 2018 | 1,500 | 1,496 | ||||||
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2016-A, 4.00% 2047 | 925 | 967 | ||||||
Housing and Community Services Dept., Single Family Mortgage Rev. Bonds, Series 2017-A, 4.00% 2047 | 1,215 | 1,278 | ||||||
5,298 |
Private Client Services Funds | 11 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Pennsylvania 3.88% | ||||||||
County of Allegheny, Airport Auth., Airport Rev. Bonds, Series 2013-A, 5.00% 2022 | $ | 400 | $ | 436 | ||||
County of Butler, Hospital Facs. Rev. Bonds (Butler Health System Project), Series 2015-A, 4.00% 2021 | 325 | 339 | ||||||
Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), 5.00% 2020 | 750 | 791 | ||||||
Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), 5.00% 2021 | 375 | 403 | ||||||
Higher Educational Facs. Auth., Rev. Ref. Bonds (Drexel University), Series 2017, 5.00% 2021 | 1,250 | 1,348 | ||||||
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046 | 1,935 | 2,026 | ||||||
County of Montgomery, Higher Education and Health Auth., Hospital Rev. Bonds (Abington Memorial Hospital Obligated Group), Series 2012-A, 5.00% 2031 (preref. 2022) | 325 | 360 | ||||||
County of Montgomery, Higher Education and Health Auth., Rev. Ref. Bonds, Series 2018-A, 2.44% 2051 (put 2023)1 | 400 | 400 | ||||||
County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Foulkeways at Gwynedd Project), Series 2016, 5.00% 2026 | 400 | 447 | ||||||
County of Montour, Geisinger Auth. Health System Rev. Bonds (Geisinger Health System), Series 2014-B, (1-month USD-LIBOR x 0.67 + 1.07%) 2.343% 2028 (put 2024)1 | 1,500 | 1,517 | ||||||
City of Philadelphia School Dist., G.O. Bonds, Series 2018-A, 5.00% 2020 | 750 | 797 | ||||||
City of Philadelphia School Dist., Rev. Ref. G.O. Bonds, Series 2016-F, 5.00% 2023 | 1,500 | 1,658 | ||||||
Scranton School Dist., G.O. Bonds, Series 2017-E, BAM insured, 5.00% 2026 | 1,000 | 1,139 | ||||||
Turnpike Commission, Turnpike Rev. Bonds, Series 2005-A, Assured Guaranty Municipal insured, 5.25% 2025 | 1,000 | 1,169 | ||||||
Turnpike Commission, Turnpike Rev. Bonds, Series 2013-A, (SIFMA Municipal Swap Index + 0.68%) 2.43% 20181 | 1,500 | 1,501 | ||||||
Turnpike Commission, Turnpike Rev. Bonds, Series 2014-B-1, (SIFMA Municipal Swap Index + 0.98%) 2.73% 20211 | 950 | 967 | ||||||
Turnpike Commission, Turnpike Rev. Bonds, Series 2017-A-1, 5.00% 2019 | 900 | 944 | ||||||
County of York, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Philadelphia Electric Co. Project), Series 1993-A, 2.55% 2036 (put 2020) | 2,000 | 1,990 | ||||||
18,232 | ||||||||
Puerto Rico 0.38% | ||||||||
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2019 | 710 | 721 | ||||||
Infrastructure Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2005-C, 5.50% 2020 | 1,000 | 1,068 | ||||||
1,789 | ||||||||
Rhode Island 0.53% | ||||||||
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2020 | 1,000 | 1,060 | ||||||
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2022 | 500 | 552 | ||||||
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2023 | 500 | 561 | ||||||
Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue), Series 2016, 5.00% 2023 | 300 | 330 | ||||||
2,503 | ||||||||
South Carolina 1.80% | ||||||||
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2011-1, 4.50% 2030 | 290 | 298 | ||||||
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-A, 4.00% 2047 | 470 | 492 | ||||||
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-B, 4.00% 2047 | 180 | 189 | ||||||
Housing Fin. and Dev. Auth., Mortgage Rev. Ref. Bonds, 4.00% 2036 | 1,145 | 1,198 | ||||||
Jobs-Econ. Dev. Auth., Hospital Rev. Ref. and Improvement Bonds (Bon Secours Health System), Series 2013, 5.00% 2020 | 500 | 535 |
12 | Private Client Services Funds |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Jobs-Econ. Dev. Auth., Hospital Rev. Ref. Bonds (Palmetto Health), Series 2013-A, 5.00% 2023 (escrowed to maturity) | $ | 2,730 | $ | 3,085 | ||||
County of Lexington, Health Services Dist., Inc., Hospital Rev. Ref. Bonds, Series 2017, 5.00% 2022 | 600 | 658 | ||||||
County of Lexington, Health Services Dist., Inc., Hospital Rev. Ref. Bonds, Series 2017, 5.00% 2024 | 500 | 561 | ||||||
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-D, 5.00% 2028 | 1,000 | 1,073 | ||||||
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2022 | 350 | 385 | ||||||
8,474 | ||||||||
South Dakota 0.88% | ||||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-E, 4.00% 2044 | 1,595 | 1,655 | ||||||
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2016-D, 3.50% 2046 | 455 | 469 | ||||||
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2017-B, 4.00% 2047 | 1,915 | 2,012 | ||||||
4,136 | ||||||||
Tennessee 1.01% | ||||||||
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-1-C, 4.50% 2037 | 370 | 384 | ||||||
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-2-C, 4.00% 2038 | 400 | 411 | ||||||
Housing Dev. Agcy., Housing Fin. Program Bonds, Series 2010-A-1, 5.00% 2027 | 90 | 91 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-A, 4.00% 2045 | 755 | 786 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2015-2-A, 4.00% 2046 | 1,120 | 1,168 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-1, 4.00% 2042 | 860 | 903 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-B-2, 4.00% 2042 | 870 | 915 | ||||||
City of Memphis, Electric System Rev. Ref. Bonds, Series 2008, 5.00% 2018 | 100 | 102 | ||||||
4,760 | ||||||||
Texas 11.98% | ||||||||
Arlington Higher Education Fin. Corp., Education Rev. and Ref. Bonds (Uplift Education), Series 2017-A, 5.00% 2023 | 885 | 998 | ||||||
Arlington Higher Education Fin. Corp., Education Rev. and Ref. Bonds (Uplift Education), Series 2017-A, 5.00% 2024 | 400 | 456 | ||||||
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2017-B, 5.00% 2026 | 450 | 525 | ||||||
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2017-B, 5.00% 2027 | 250 | 293 | ||||||
Austin Convention Enterprises, Convention Center Hotel Rev. Ref. Bonds, Series 2017-A, 5.00% 2019 | 350 | 356 | ||||||
Austin Convention Enterprises, Convention Center Hotel Rev. Ref. Bonds, Series 2017-A, 5.00% 2020 | 850 | 891 | ||||||
City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2017, 5.00% 2022 | 1,500 | 1,676 | ||||||
Beaumont Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2026 | 1,500 | 1,759 | ||||||
Clear Creek Independent School Dist., Unlimited Tax School Building Bonds, Series 2018, 5.00% 2028 | 1,100 | 1,304 | ||||||
Clifton Higher Education Fin. Corp., Education Rev. and Ref. Bonds (Idea Public Schools), Series 2017, 5.00% 2027 | 650 | 768 | ||||||
Comal Independent School Dist., Unlimited Tax School Building Bonds, Series 2017, 5.00% 2026 | 1,000 | 1,172 | ||||||
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2017-A-3, 3.00% 2043 (put 2020) | 1,000 | 1,018 | ||||||
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2012-B, 5.00% 2020 | 900 | 964 | ||||||
City of Denton, Utility System Rev. Bonds, Series 2017, 5.00% 2028 | 2,000 | 2,324 | ||||||
Dickinson Independent School Dist., Unlimited Tax Ref. Bonds, Series 2013, 1.35% 2037 (put 2017) | 500 | 496 | ||||||
G.O. Bonds, Water Financial Assistance and Rev. Ref. Bonds, Series 2018-A, 4.00% 2019 | 1,250 | 1,284 | ||||||
County of Harris, Cultural Education Facs. Fin. Corp., Thermal Utility Rev. Bonds (Teco Project), Series 2009-A, 5.00% 2023 (preref. 2019) | 125 | 131 |
Private Client Services Funds | 13 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Texas (continued) | ||||||||
County of Harris, Cultural Education Facs. Fin. Corp., Thermal Utility Rev. Bonds (Teco Project), Series 2010, 5.00% 2018 | $ | 275 | $ | 280 | ||||
County of Harris, Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Healthcare System), Series 2013-B, (SIFMA Municipal Swap Index + 0.90%) 2.65% 20221 | 250 | 250 | ||||||
County of Harris, Health Facs. Dev. Corp., Rev. Ref. Bonds (CHRISTUS Health), Series 2005-A-4, Assured Guaranty Municipal insured, 2.05% 20311 | 175 | 175 | ||||||
County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2019 | 400 | 418 | ||||||
County of Harris, Toll Road Rev. and Rev. Ref. Bonds, Series 2018-A, 5.00% 2021 | 1,000 | 1,091 | ||||||
City of Houston, Airport System Rev. and Rev. Ref. Bonds, Series 2018-B, 5.00% 2025 | 1,500 | 1,738 | ||||||
City of Houston, Airport System Rev. and Rev. Ref. Bonds, Series 2018-B, 5.00% 2028 | 1,000 | 1,195 | ||||||
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2010-C, 5.00% 2018 | 1,500 | 1,526 | ||||||
City of Houston, Public Improvement Rev. Ref. Bonds, Series 2017-A, 5.00% 2022 | 250 | 275 | ||||||
Houston Independent School Dist., Limited Tax Schoolhouse Bonds, Series 2017, 5.00% 2021 | 1,500 | 1,619 | ||||||
Katy Independent School Dist., Rev. Ref. Bonds, Series 2015-C, (1-month USD-LIBOR x 0.67 + 0.55%) 1.821% 2036 (put 2019)1 | 750 | 751 | ||||||
Klein Independent School Dist., Unlimited Tax Schoolhouse Bonds, Series 2018, 5.00% 2024 | 1,000 | 1,137 | ||||||
Lamar Consolidated Independent School Dist., Rev. Ref. Bonds, Series 2012-B, 5.00% 2022 | 1,000 | 1,103 | ||||||
Lewisville Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2016-A, 5.00% 2022 | 1,000 | 1,114 | ||||||
Longview Independent School Dist., Unlimited Tax Ref. Bonds, Series 2017, 5.00% 2022 | 1,150 | 1,269 | ||||||
Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Allied Waste North America, Inc. Project), Series 2008-A, 1.65% 2020 (put 2018) | 2,000 | 2,000 | ||||||
Board of Regents of the Texas A&M University System, Rev. Fncg. System Bonds, Series 2017-E, 5.00% 2022 | 1,425 | 1,584 | ||||||
Board of Regents of the Texas A&M University System, Rev. Fncg. System Bonds, Series 2017-E, 5.00% 2023 | 1,000 | 1,132 | ||||||
North East Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 2.375% 2047 (put 2022) | 500 | 499 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2012-C, 1.95% 2038 (put 2019) | 1,700 | 1,697 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2030 | 300 | 337 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2017-A, 5.00% 2019 | 2,000 | 2,042 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2017-A, 5.00% 2021 | 1,000 | 1,075 | ||||||
City of Olmos Park, Higher Education Facs. Corp., Higher Education Rev. Improvement and Ref. Bonds (University of the Incarnate Word Project), Series 2012, 5.00% 2019 | 980 | 1,025 | ||||||
Pasadena Independent School Dist., Unlimited Tax School Building Bonds, Series 2018, 5.00% 2020 | 1,450 | 1,527 | ||||||
Red River Education Fin. Corp., Higher Education Rev. Ref. Bonds (St. Edward’s University Project), Series 2017, 5.00% 2019 | 750 | 774 | ||||||
Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2012, 5.00% 2020 | 1,180 | 1,255 | ||||||
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-A, 2.25% 2033 (put 2019) | 1,000 | 1,004 | ||||||
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-C, 3.00% 2045 (put 2019) | 1,000 | 1,016 | ||||||
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-D, 3.00% 2045 (put 2020) | 1,000 | 1,020 | ||||||
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2016, 5.00% 2028 | 1,000 | 1,177 | ||||||
Sherman Independent School Dist., Unlimited Tax School Building Bonds, Series 2018-A, 5.00% 2027 | 1,000 | 1,187 | ||||||
County of Tarrant, Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Baylor Scott & White Health Project), Series 2008-A, 5.00% 2023 (preref. 2018) | 180 | 182 | ||||||
County of Tarrant, Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Baylor Scott & White Health Project), Series 2008-A, 5.00% 2023 (preref. 2018) | 170 | 172 | ||||||
Board of Regents of Texas Tech University System, Rev. Fncg. System, Rev. Ref. and Improvement Bonds, Series 2017-A, 5.00% 2026 | 1,000 | 1,165 |
14 | Private Client Services Funds |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Transportation Commission, G.O. Mobility Fund and Rev. Ref. Bonds, Series 2014-A, 5.00% 2023 | $ | 1,165 | $ | 1,324 | ||||
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2015-A, 5.00% 2024 | 1,100 | 1,258 | ||||||
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-A, 5.00% 2023 | 1,310 | 1,487 | ||||||
56,295 | ||||||||
Utah 0.11% | ||||||||
Housing Corp., Single Family Mortgage Bonds, Class III, Series 2015-D-2, 4.00% 2045 | 510 | 535 | ||||||
Virginia 0.66% | ||||||||
City of Chesapeake, Chesapeake Transportation System Toll Road Rev. Ref. Bonds, Series 2012-A, 4.00% 2019 | 850 | 875 | ||||||
Commonwealth Transportation Board, Federal Transportation Grant Anticipation Rev. and Rev. Ref. Notes, Series 2017, 5.00% 2022 | 2,000 | 2,207 | ||||||
3,082 | ||||||||
Washington 3.51% | ||||||||
Various Purpose G.O. Bonds, Series 2012-A, 5.00% 2025 (preref. 2021) | 1,390 | 1,520 | ||||||
Various Purpose G.O. Bonds, Series 2017-D, 5.00% 2022 | 1,605 | 1,772 | ||||||
Various Purpose G.O. Bonds, Series 2017-D, 5.00% 2028 | 1,000 | 1,182 | ||||||
Various Purpose G.O. Bonds, Series 2018-C, 5.00% 2026 | 1,500 | 1,765 | ||||||
Various Purpose G.O. Bonds, Series 2018-C, 5.00% 2027 | 1,000 | 1,188 | ||||||
Various Purpose G.O. Rev. Ref. Bonds, Series 2018-R-C, 5.00% 2022 | 2,000 | 2,230 | ||||||
County of Grant, Public Utility Dist. No. 2, Electric System Rev. Ref. Bonds, Series 2017-N, 2.00% 2044 (put 2020) | 1,000 | 994 | ||||||
County of Grant, Public Utility Dist. No. 2, Electric System Rev. Ref. Bonds, Series 2017-O, 5.00% 2022 | 670 | 736 | ||||||
County of Grant, Public Utility Dist. No. 2, Electric System Rev. Ref. Bonds, Series 2017-O, 5.00% 2023 | 555 | 619 | ||||||
County of Grant, Public Utility Dist. No. 2, Electric System Rev. Ref. Bonds, Series 2017-O, 5.00% 2024 | 275 | 311 | ||||||
Health Care Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, (SIFMA Municipal Swap Index + 1.00%) 2.75% 2035 (put 2021)1 | 500 | 501 | ||||||
Health Care Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2012-B, 5.00% 2042 (put 2021) | 800 | 877 | ||||||
Health Care Facs. Auth., Rev. Ref. Bonds (Providence St. Joseph Health), Series 2018-B, 5.00% 2027 | 500 | 587 | ||||||
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), 5.00% 2020 | 480 | 502 | ||||||
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), 5.00% 2023 | 550 | 606 | ||||||
Housing Fin. Commission, Single Family Program Bonds, Series 2017-1-N, 4.00% 2047 | 965 | 1,010 | ||||||
Port of Seattle, Rev. Bonds, Series 2009-A, 5.25% 2027 (preref. 2019) | 100 | 103 | ||||||
16,503 | ||||||||
West Virginia 0.74% | ||||||||
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Ref. Bonds (Appalachian Power Company-Amos Project), Series 2015-A, 1.90% 2040 (put 2019) | 1,000 | 996 | ||||||
County of Mason, Pollution Control Rev. Bonds (Appalachian Power Company Project), Series 2014-L, 1.625% 2022 (put 2018) | 2,500 | 2,494 | ||||||
3,490 |
Private Client Services Funds | 15 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Wisconsin 2.46% | ||||||||
G.O. Bonds, Series 2015-A, 5.00% 2031 (preref. 2023) | $ | 2,000 | $ | 2,251 | ||||
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (SSM Health Care), Series 2018-B, 5.00% 2038 (put 2023) | 1,300 | 1,423 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Children’s Hospital of Wisconsin, Inc.), Series 2008-B, 5.375% 2037 (preref. 2020) | 2,000 | 2,122 | ||||||
Housing and Econ. Dev. Auth., Home Ownership Mortgage Rev. Bonds, Series 2017-C, 4.00% 2048 | 610 | 640 | ||||||
Housing and Econ. Dev. Auth., Home Ownership Mortgage Rev. Bonds, Series 2018-B, 4.00% 2048 | 1,000 | 1,049 | ||||||
Public Fin. Auth., Hospital Rev. Ref. Bonds (Renown Regional Medical Center Project), Series 2016-A, 5.00% 2022 | 300 | 329 | ||||||
Public Fin. Auth., Tax Increment Fin. Grant Rev. Bonds (Statler Hilton & Dallas Central Library), Series 2016, 0% 2027 | 1,500 | 957 | ||||||
Transportation Rev. Ref. Bonds, Series 2017-2, 5.00% 2022 | 2,000 | 2,224 | ||||||
WPPI Energy, Power Supply System Rev. Bonds, Series 2016-A, 5.00% 2026 | 500 | 584 | ||||||
11,579 | ||||||||
Total bonds, notes & other debt instruments (cost: $431,880,000) | 427,994 | |||||||
Short-term securities 8.42% | ||||||||
State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2014-B, 1.53% 20521 | 2,300 | 2,300 | ||||||
State of California, Statewide Communities Dev. Auth., Commercial Paper, Series 2008-B, 1.80% 8/14/2018 | 2,000 | 2,000 | ||||||
State of Connecticut, Health and Educational Facs. Auth., Higher Education Commercial Paper, Series 2018-2, 1.57% 5/1/2018 | 3,620 | 3,620 | ||||||
State of Connecticut, Health and Educational Facs. Auth., Higher Education Commercial Paper, Series 2018-2, 1.57% 5/3/2018 | 4,000 | 4,000 | ||||||
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2009-E-1, JPMorgan Chase LOC, 1.55% 20431 | 2,000 | 2,000 | ||||||
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008-A, 1.56% 20431 | 1,000 | 1,000 | ||||||
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-K, 1.60% 20351 | 1,000 | 1,000 | ||||||
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-I, 1.55% 20351 | 2,500 | 2,500 | ||||||
State of Missouri, Health and Educational Facs. Auth., Medical Research Facs. Rev. Bonds (Stowers Institute for Medical Research), Tender Option Bond Trust, Series DBE-7001, 2.25% 20451,2 | 2,000 | 2,000 | ||||||
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2018-A-1, 4.00% 8/15/2019 | 1,500 | 1,541 | ||||||
State of New York, New York City G.O. Bonds, Series 2006-L-5, 1.55% 20351 | 1,500 | 1,500 | ||||||
State of New York, New York City G.O. Bonds, Series 2008-J-5, 1.55% 20281 | 2,000 | 2,000 | ||||||
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2003, Series 2002-A-2, 1.56% 20291 | 5,000 | 5,000 | ||||||
State of New York, Power Auth., Commercial Paper, Series 2018-1, 1.79% 5/9/2018 | 1,500 | 1,500 | ||||||
State of New York, Triborough Bridge and Tunnel Auth. (MTA Bridges and Tunnels), General Rev. Bonds, Series 2003-B-1, 1.55% 20331 | 2,000 | 2,000 | ||||||
State of Tennessee, City of Clarksville, Public Building Auth., Pooled Fncg. Rev. Bonds, Series 2003, Bank of America LOC, 1.62% 20331 | 565 | 565 | ||||||
State of Texas, Tax and Rev. Anticipation Notes, Series 2017, 4.00% 8/30/2018 | 5,000 | 5,038 | ||||||
Total short-term securities (cost: $39,572,000) | 39,564 | |||||||
Total investment securities 99.47% (cost: $471,452,000) | 467,558 | |||||||
Other assets less liabilities 0.53% | 2,487 | |||||||
Net assets 100.00% | $ | 470,045 |
16 | Private Client Services Funds |
Capital Group Core Municipal Fund
1 | Coupon rate may change periodically. |
2 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $6,779,000, which represented 1.44% of the net assets of the fund. |
3 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
Key to abbreviations
Agcy. = Agency
AMT = Alternative Minimum Tax
Auth. = Authority
Certs. of Part. = Certificates of Participation
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
LIBOR = London Interbank Offered Rate
LOC = Letter of Credit
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
SIFMA = Securities Industry and Financial Markets Association
TECP = Tax-Exempt Commercial Paper
Private Client Services Funds | 17 |
Capital Group Short-Term Municipal Fund
Investment portfolio April 30, 2018 | unaudited |
Bonds, notes & other debt instruments 87.31% | Principal amount (000) | Value (000) | ||||||
Alabama 0.37% | ||||||||
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2016-A, 4.00% 2046 (put 2021) | $ | 500 | $ | 522 | ||||
Arizona 0.65% | ||||||||
County of Maricopa, Industrial Dev. Auth., Rev. Bonds (Banner Health), Series 2015-A, 5.00% 2021 | 300 | 322 | ||||||
County of Maricopa, Industrial Dev. Auth., Rev. Bonds (Greathearts Arizona Projects), Series 2017-A, 4.00% 2021 | 565 | 589 | ||||||
911 | ||||||||
California 3.57% | ||||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.65% 2045 (put 2023)1 | 1,500 | 1,533 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-C, 1.875% 2047 (put 2019) | 500 | 500 | ||||||
Various Purpose G.O. Bonds, Series 2013-D, (SIFMA Municipal Swap Index + 0.29%) 2.04% 2028 (put 2020)1 | 300 | 301 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2013-C, 5.00% 2043 (put 2019) | 1,000 | 1,043 | ||||||
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2011-A-4, (3-month USD-LIBOR x 0.70 + 0.37%) 1.986% 2038 (put 2020)1 | 1,000 | 1,000 | ||||||
City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. Project), Series 2017-A, BAM insured, 5.00% 2023 | 200 | 226 | ||||||
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM insured, 4.00% 2021 | 400 | 424 | ||||||
5,027 | ||||||||
Colorado 0.47% | ||||||||
E-470 Public Highway Auth., Rev. Bonds, Series 2017-A, (1-month USD-LIBOR x 0.67 + 0.90%) 2.174% 2039 (put 2019)1 | 500 | 501 | ||||||
Regents of the University of Colorado, University Enterprise Rev. Ref. Bonds, Series 2014-A, 5.00% 2019 | 150 | 155 | ||||||
656 | ||||||||
Connecticut 5.33% | ||||||||
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 1999-B, 1.65% 2029 (put 2019) | 470 | 469 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Sacred Heart University Issue), Series 2017-I-1, 5.00% 2022 | 500 | 552 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 1999-U-1, 1.00% 2033 (put 2019) | 1,000 | 993 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2015-A, 1.375% 2035 (put 2018) | 2,000 | 1,998 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044 | 475 | 492 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-A-1, 4.00% 2047 | 950 | 996 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2013-B-2, 4.00% 2032 | 480 | 494 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2014-D-1, 4.00% 2044 | 685 | 704 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-C-1, 3.50% 2045 | 545 | 559 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2016-A-1, 4.00% 2045 | 250 | 259 | ||||||
7,516 |
18 | Private Client Services Funds |
Capital Group Short-Term Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Delaware 0.18% | ||||||||
Transportation Auth., Rev. Bonds (U.S. 301 Project), Series 2015, 5.00% 2021 | $ | 230 | $ | 249 | ||||
Florida 3.92% | ||||||||
City of Cape Coral, Utility Improvement Rev. Ref. Assessment Bonds (Various Areas), Series 2017, Assured Guaranty Municipal insured, 1.40% 2018 | 250 | 249 | ||||||
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Senior Secured Bonds, Series 2012-A-1, 5.00% 2019 | 600 | 620 | ||||||
County of Collier, Heritage Bay Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2018-A-2, 2.25% 2021 | 355 | 352 | ||||||
County of Collier, Heritage Bay Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2018-A-2, 2.50% 2022 | 500 | 495 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2011-B, 4.50% 2029 | 90 | 92 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2011-A, 4.50% 2029 | 155 | 159 | ||||||
Housing Fin. Corp., Multi Familiy Mortgage Rev. Bonds (Lake Mangonia Apartments), Series 2018-B, 1.75% 2019 | 150 | 150 | ||||||
County of Orange, Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Presbyterian Retirement Communities Project), 4.00% 2020 | 710 | 737 | ||||||
City of Orlando, Utilities Commission, Utility System Rev. Ref. Bonds, Series 2017-A, 5.00% 2027 (put 2020) | 2,000 | 2,138 | ||||||
County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-C, 5.00% 2021 | 500 | 536 | ||||||
5,528 | ||||||||
Georgia 2.64% | ||||||||
City of Atlanta, Airport Passenger Fac. Charge and General Rev. Bonds, Series 2010-B, Assured Guaranty Municipal insured, 5.00% 2019 | 95 | 97 | ||||||
County of Clayton, Dev. Auth., Student Housing and Activity Center Rev. Ref. Bonds (CSU Foundation Real Estate I, LLC Project), Series 2017, 4.00% 2021 | 455 | 479 | ||||||
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2015-A-1, 3.50% 2045 | 155 | 159 | ||||||
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2017-A, 4.00% 2047 | 850 | 892 | ||||||
Municipal Electric Auth., Project One Bonds, Series 2009-B, 5.00% 2020 | 860 | 898 | ||||||
Road and Tollway Auth., Federal Highway Grant Anticipation Rev. Bonds, Series 2009-A, 5.00% 2019 | 1,155 | 1,193 | ||||||
3,718 | ||||||||
Hawaii 0.80% | ||||||||
G.O. Bonds, Series 2017-FK, 5.00% 2023 | 1,000 | 1,130 | ||||||
Illinois 11.62% | ||||||||
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2013, 5.00% 2020 | 1,000 | 1,057 | ||||||
City of Chicago, Chicago Midway Airport, Rev. and Rev. Ref. Bonds, Series 2016-B, 5.00% 2021 | 500 | 535 | ||||||
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2015-B, 5.00% 2020 | 500 | 524 | ||||||
City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2016-C, 5.00% 2020 | 1,000 | 1,047 | ||||||
City of Chicago, Second Lien Water Rev. Bonds, Series 2004, 5.00% 2020 | 100 | 106 | ||||||
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2014, 5.00% 2024 | 475 | 524 | ||||||
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2021 | 500 | 534 | ||||||
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2017-B, 5.00% 2022 | 1,010 | 1,098 | ||||||
City of Chicago, Water Rev. Ref. Bonds, Series 2014, 3.00% 2019 | 1,065 | 1,078 | ||||||
City of Chicago, Water Rev. Ref. Bonds, Series 2017-2, 5.00% 2021 | 180 | 195 | ||||||
Fin. Auth., National Rural Utilities Cooperative Fin. Corp., Guaranteed Solid Waste Disposal Rev. Bonds (Prairie Power, Inc. Project), Series 2008-A, 1.75% 2042 (put 2020) | 490 | 485 | ||||||
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2023 | 100 | 111 | ||||||
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2024 | 130 | 146 |
Private Client Services Funds | 19 |
Capital Group Short-Term Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Illinois (continued) | ||||||||
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2021 | $ | 1,000 | $ | 1,087 | ||||
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2021 | 1,100 | 1,195 | ||||||
Fin. Auth., Rev. Ref. Bonds (Advocate Health Care Network), Series 2008-A-1, 5.00% 2030 (put 2020) | 1,000 | 1,048 | ||||||
Housing Dev. Auth., Multi Family Housing Rev. Notes (Marshall Field Garden Apartment Homes), (SIFMA Municipal Swap Index + 1.00%) 2.75% 2050 (put 2025)1 | 1,000 | 1,004 | ||||||
Board of Trustees of the Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2022 | 600 | 644 | ||||||
Board of Trustees of the Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2023 | 500 | 541 | ||||||
Board of Trustees of the Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-B, Assured Guaranty Municipal insured, 5.00% 2022 | 500 | 537 | ||||||
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.50% 2023 (preref. 2021) | 160 | 176 | ||||||
Sales Tax Securitization Corp., Sales Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2021 | 500 | 535 | ||||||
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-A, 5.00% 2020 | 605 | 649 | ||||||
Board of Trustees of the University of Illinois, Rev. Ref. Certs. of Part., Series 2016-A, 4.00% 2019 | 1,000 | 1,019 | ||||||
Village of Volo, Special Service Areas Nos. 3 and 6 (Symphony Meadows/Lancaster Falls Projects), Special Tax Rev. Ref. Bonds, Assured Guaranty Municipal insured, Series 2016, 3.00% 2021 | 500 | 502 | ||||||
16,377 | ||||||||
Indiana 1.47% | ||||||||
Fin. Auth., State Revolving Fund Program Bonds, Series 2010-B, 5.00% 2029 (preref. 2020) | 1,000 | 1,053 | ||||||
Health and Educational Facs. Fncg. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2001-A-2, 4.00% 2036 (put 2019) | 1,000 | 1,016 | ||||||
2,069 | ||||||||
Kentucky 0.03% | ||||||||
Housing Corp., Housing Rev. Bonds, Series 2010-B, 5.00% 2027 | 40 | 40 | ||||||
Louisiana 0.51% | ||||||||
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2011-A, GNMA-FNMA insured, 4.60% 2028 | 155 | 156 | ||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.00% 2020 | 280 | 296 | ||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2021 | 250 | 269 | ||||||
721 | ||||||||
Maine 0.37% | ||||||||
Housing Auth., Mortgage Purchase Bonds, Series 2017-A, 4.00% 2047 | 500 | 525 | ||||||
Maryland 0.98% | ||||||||
County of Baltimore, Rev. Bonds (Oak Crest Village, Inc. Fac.), Series 2016, 5.00% 2022 | 400 | 440 | ||||||
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2017-A, 4.00% 2048 | 485 | 509 | ||||||
Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2017, 5.00% 2020 | 400 | 426 | ||||||
1,375 |
20 | Private Client Services Funds |
Capital Group Short-Term Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Massachusetts 1.23% | ||||||||
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 169, 4.00% 2044 | $ | 150 | $ | 154 | ||||
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 183, 3.50% 2046 | 875 | 898 | ||||||
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 171, 4.00% 2044 | 665 | 688 | ||||||
1,740 | ||||||||
Michigan 3.95% | ||||||||
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Bonds, Series 2012-A, 5.00% 2023 | 700 | 759 | ||||||
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Bonds, Series 2012-A, 5.50% 2025 | 375 | 376 | ||||||
Detroit School Dist., Unlimited Tax G.O. School Building and Site Improvement Ref. Bonds, Series 2012-A, 5.00% 2018 | 1,000 | 1,000 | ||||||
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept.), Series 2014-C-5, National insured, 5.00% 2020 | 500 | 529 | ||||||
Grant Anticipation Rev. Ref. Bonds, Series 2016, 5.00% 2020 | 1,000 | 1,054 | ||||||
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Ascension Health Senior Credit Group), Series 2010-B, 5.00% 2019 | 300 | 314 | ||||||
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2014, 4.00% 2044 | 725 | 752 | ||||||
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 2048 | 140 | 145 | ||||||
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), Series 2008-ET-2, 1.45% 2029 (put 2021) | 325 | 313 | ||||||
County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-G, 5.00% 2021 | 300 | 327 | ||||||
5,569 | ||||||||
Minnesota 0.59% | ||||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2012-D, 4.00% 2040 | 75 | 77 | ||||||
City of Minneapolis, Multi Family Rev. Bonds (Albright Townhomes Project), Series 2018, 2.00% 2021 (put 2019)2 | 750 | 749 | ||||||
826 | ||||||||
Missouri 2.25% | ||||||||
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2016-B, 3.50% 2041 | 1,300 | 1,338 | ||||||
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2009-E-4, 4.25% 2030 | 200 | 205 | ||||||
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2021 | 1,500 | 1,627 | ||||||
3,170 | ||||||||
Montana 0.17% | ||||||||
Board of Housing, Single Family Mortgage Bonds, Series 2016-A-2, 3.50% 2044 | 230 | 238 | ||||||
Nebraska 2.03% | ||||||||
Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2014, 5.00% 2039 (put 2019) | 1,000 | 1,043 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-E, 3.00% 2043 | 245 | 247 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2014-A, 3.00% 2044 | 175 | 176 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2014-A, 4.00% 2044 | 605 | 630 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-A, 3.50% 2046 | 445 | 457 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-C, 3.50% 2046 | 300 | 308 | ||||||
2,861 |
Private Client Services Funds | 21 |
Capital Group Short-Term Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
New Hampshire 0.44% | ||||||||
Health and Education Facs. Auth., Rev. Bonds (University System of New Hampshire Issue), Series 2017-A, 5.00% 2021 | $ | 570 | $ | 620 | ||||
New Jersey 3.14% | ||||||||
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2014-PP, 5.00% 2019 | 750 | 773 | ||||||
Garden State Preservation Trust, Open Space and Farmland Preservation Rev. Ref. Bonds, Series 2012-A, 5.00% 2018 | 550 | 559 | ||||||
Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (RWJ Barnabas Health Obligated Group Issue), Series 2016-A, 5.00% 2022 | 200 | 220 | ||||||
Rutgers State University, G.O. Bonds (State University of New Jersey), Series 2013-J, 5.00% 2019 | 225 | 232 | ||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2021 | 1,250 | 1,349 | ||||||
Transit Corp., Grant Anticipation Notes (Federal Transit Administration Section 5307 Urbanized Area Formula Funds), Series 2014-A, 5.00% 2018 | 750 | 758 | ||||||
Transportation Trust Fund Auth., Transportation System Bonds, Series 2015-AA, 5.00% 2021 | 500 | 531 | ||||||
4,422 | ||||||||
New Mexico 1.42% | ||||||||
City of Farmington, Pollution Control Rev. Ref. Bonds (Southern California Edison Company Four Corners Project), Series 2005-A, 1.875% 2029 (put 2020) | 1,000 | 990 | ||||||
City of Farmington, Pollution Control Rev. Ref. Bonds (Southern California Edison Company Four Corners Project), Series 2005-B, 1.875% 2029 (put 2020) | 1,000 | 990 | ||||||
Educational Assistance Foundation, Education Loan Rev. Ref. Bonds, Series 2010-A-2, (3-month USD-LIBOR + 0.65%) 2.656% 20281 | 20 | 20 | ||||||
2,000 | ||||||||
New York 4.80% | ||||||||
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2017-H, 1.65% 2021 | 350 | 342 | ||||||
Metropolitan Transportation Auth., Dedicated Tax Fund Bonds, Series 2002-B-3-B, (SIFMA Municipal Swap Index + 0.90%) 2.65% 20181 | 650 | 652 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 2.33% 2039 (put 2020)1 | 2,600 | 2,608 | ||||||
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044 | 915 | 942 | ||||||
New York City G.O. Bonds, Fiscal 2018, Series 2017-C, 5.00% 2023 | 1,000 | 1,131 | ||||||
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-C-2, 1.70% 2021 | 350 | 346 | ||||||
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-G-2-A, 2.00% 2057 (put 2021) | 500 | 496 | ||||||
Public Housing Capital Fund Rev. Trust I, Trust Certificates, 4.50% 20223,4 | 248 | 248 | ||||||
6,765 | ||||||||
North Carolina 0.29% | ||||||||
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 38-B, 4.00% 2047 | 395 | 415 | ||||||
North Dakota 1.38% | ||||||||
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2012-A, 3.75% 2042 | 110 | 113 | ||||||
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-A, 4.00% 2038 | 1,200 | 1,245 | ||||||
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-D, 4.00% 2046 | 565 | 592 | ||||||
1,950 |
22 | Private Client Services Funds |
Capital Group Short-Term Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Ohio 1.64% | ||||||||
County of Franklin, Rev. Bonds (CHE Trinity Health Credit Group), Series 2013-OH, 1.80% 2046 (put 2018) | $ | 1,000 | $ | 1,000 | ||||
Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2017-A, 4.50% 2047 | 635 | 679 | ||||||
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2011-2, 4.50% 2028 | 185 | 190 | ||||||
County of Warren, Healthcare Facs., Rev. Ref. Bonds (Otterbein Homes Obligated Group), Series 2016-A, 5.00% 2022 | 400 | 440 | ||||||
2,309 | ||||||||
Oklahoma 0.81% | ||||||||
Housing Fin. Agcy., Collateralized Rev. Bonds (Windsong Apartments), Series 2018, 2.05% 2021 (put 2020) | 500 | 499 | ||||||
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2012-A, 5.00% 2043 | 465 | 487 | ||||||
City of Stillwater, Utility System and Sales Tax Rev. Bonds, Series 2014-A, 4.00% 2019 | 150 | 155 | ||||||
1,141 | ||||||||
Oregon 3.20% | ||||||||
Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2013-C, (SIFMA Municipal Swap Index + 1.00%) 2.75% 2022 (put 2018)1 | 2,625 | 2,627 | ||||||
G.O. Bonds (Veteran’s Welfare Bonds Series 94), Series 2014-H, 4.00% 2044 | 855 | 879 | ||||||
Gilliam County Oregon Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), 1.50% 2018 | 1,000 | 997 | ||||||
4,503 | ||||||||
Pennsylvania 3.37% | ||||||||
County of Butler, Hospital Facs. Rev. Bonds (Butler Health System Project), Series 2015-A, 3.00% 2018 | 250 | 250 | ||||||
Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), 5.00% 2020 | 500 | 527 | ||||||
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046 | 480 | 502 | ||||||
County of Montgomery, Higher Education and Health Auth., Hospital Rev. Bonds (Abington Memorial Hospital Obligated Group), Series 2012-A, 5.00% 2031 (preref. 2022) | 750 | 830 | ||||||
County of Montgomery, Higher Education and Health Auth., Rev. Ref. Bonds, Series 2018-A, 2.44% 2051 (put 2023)1 | 500 | 500 | ||||||
City of Philadelphia School Dist., Rev. Ref. G.O. Bonds, Series 2016-F, 5.00% 2019 | 500 | 519 | ||||||
Turnpike Commission, Turnpike Rev. Bonds, Series 2016, 5.00% 2021 | 1,500 | 1,619 | ||||||
4,747 | ||||||||
Puerto Rico 0.25% | ||||||||
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2018 | 350 | 352 | ||||||
Rhode Island 1.17% | ||||||||
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2021 | 920 | 997 | ||||||
Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 66-A-1, 4.00% 2033 | 635 | 658 | ||||||
1,655 |
Private Client Services Funds | 23 |
Capital Group Short-Term Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
South Carolina 1.01% | ||||||||
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2011-1, 4.50% 2030 | $ | 180 | $ | 185 | ||||
Housing Fin. and Dev. Auth., Mortgage Rev. Ref. Bonds, 4.00% 2036 | 500 | 523 | ||||||
Lexington County, Health Services Dist., Inc., Hospital Rev. Ref. Bonds, Series 2017, 5.00% 2021 | 250 | 270 | ||||||
Town of Southold, Local Dev. Corp., Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2015, 5.00% 2022 | 400 | 439 | ||||||
1,417 | ||||||||
South Dakota 0.21% | ||||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-E, 4.00% 2044 | 280 | 291 | ||||||
Tennessee 2.13% | ||||||||
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-1-C, 4.50% 2037 | 200 | 208 | ||||||
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-2-C, 4.00% 2038 | 215 | 221 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-A, 4.00% 2045 | 1,485 | 1,546 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-C, 4.00% 2045 | 610 | 634 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-1, 4.00% 2042 | 380 | 399 | ||||||
3,008 | ||||||||
Texas 10.16% | ||||||||
Arlington Higher Education Fin. Corp., Education Rev. and Ref. Bonds (Uplift Education) Series 2017-A, 5.00% 2022 | 635 | 706 | ||||||
City of Austin, Electric Utility System Rev. Ref. Bonds, Series 2015-A, 5.00% 2021 | 525 | 576 | ||||||
Clear Creek Independent School Dist., Unlimited Tax School Building Bonds, Series 2013-B, 3.00% 2032 (put 2019) | 1,000 | 1,013 | ||||||
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2017-A-3, 3.00% 2043 (put 2020) | 1,500 | 1,527 | ||||||
G.O. Bonds, Water Financial Assistance and Rev. Ref. Bonds, Series 2018-A, 5.00% 2020 | 600 | 640 | ||||||
County of Harris, Health Facs. Dev. Corp., Rev. Ref. Bonds (CHRISTUS Health), Series 2005-A-4, Assured Guaranty Municipal insured, 2.05% 20311 | 150 | 150 | ||||||
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2011-A, 5.00% 2029 | 110 | 115 | ||||||
City of Houston, Airport System Rev. and Rev. Ref. Bonds, Series 2018-B, 5.00% 2022 | 250 | 278 | ||||||
City of Houston, Public Improvement Rev. Ref. Bonds, Series 2017-A, 5.00% 2020 | 400 | 422 | ||||||
Katy Independent School Dist., Rev. Ref. Bonds, Series 2015-C, (1-month USD-LIBOR x 0.67 + 0.55%) 1.821% 2036 (put 2019)1 | 650 | 651 | ||||||
Board of Regents of the Texas A&M University System, Rev. Fncg. System Bonds, Series 2015-B, 5.00% 2021 | 305 | 332 | ||||||
Board of Regents of the Texas A&M University System, Rev. Fncg. System Bonds, Series 2015-B, 5.00% 2021 (escrowed to maturity) | 145 | 157 | ||||||
Board of Regents of the Texas A&M University System, Rev. Fncg. System Bonds, Series 2017-C, 5.00% 2021 | 600 | 653 | ||||||
Northside Independent School Dist., Unlimited Tax School Building Bonds, 1.45% 2047 (put 2020) | 200 | 197 | ||||||
City of Olmos Park, Higher Education Facs. Corp., Higher Education Rev. Improvement and Ref. Bonds (University of the Incarnate Word Project), Series 2012, 5.00% 2019 | 400 | 418 | ||||||
Panhandle Regional Housing Fin. Corp., Multi Family Housing Rev. Bonds (Canyons at 45 West Apartments), Series 2018, 2.00% 2021 (put 2020) | 500 | 498 | ||||||
Pasadena Independent School Dist., Unlimited Tax School Building Bonds, Series 2018, 5.00% 2021 | 750 | 810 | ||||||
Rockwall Independent School Dist., Unlimited Tax Ref. Bonds, Series 2017, 5.00% 2022 | 800 | 882 | ||||||
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2012-C, 2.00% 2027 (put 2018) | 350 | 350 | ||||||
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-C, 3.00% 2045 (put 2019) | 1,000 | 1,016 | ||||||
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-D, 3.00% 2045 (put 2020) | 1,000 | 1,020 |
24 | Private Client Services Funds |
Capital Group Short-Term Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Board of Regents of Texas Tech University System, Rev. Fncg. System, Rev. Ref. and Improvement Bonds, Series 2017-A, 5.00% 2019 | $ | 500 | $ | 513 | ||||
Tomball Independent School Dist., Unlimited Tax School Building Bonds, Series 2018, 5.00% 2022 | 355 | 391 | ||||||
County of Travis, Housing Fin. Corp., Multi Family Housing Rev. Bonds (McKinney Falls Apartments), Series 2018, AMT, 2.00% 2021 | 1,000 | 997 | ||||||
14,312 | ||||||||
Utah 0.30% | ||||||||
Housing Corp., Single Family Mortgage Bonds, Class III, Series 2015-D-2, 4.00% 2045 | 410 | 430 | ||||||
Virginia 0.97% | ||||||||
Commonwealth Transportation Board, Federal Transportation Grant Anticipation Rev. Notes, Series 2012-A, 5.00% 2019 | 600 | 626 | ||||||
County of Wise, Industrial Dev. Auth., Solid Waste and Sewage Disposal Rev. Bonds (Virginia Electric and Power Co. Project), Series 2010-A, 1.875% 2040 (put 2020) | 750 | 743 | ||||||
1,369 | ||||||||
Washington 2.67% | ||||||||
Federal Highway Grant Anticipation Rev. Bonds (SR 520 Corridor Program), Series 2014-C, 5.00% 2019 | 900 | 936 | ||||||
Various Purpose G.O. Bonds, Series 2018-C, 5.00% 2023 | 1,000 | 1,125 | ||||||
Various Purpose G.O. Rev. Ref. Bonds, Series 2018-R-C, 5.00% 2021 | 500 | 546 | ||||||
Housing Fin. Commission, Homeownership Program Bonds, Series 2011-A, 4.50% 2029 | 115 | 118 | ||||||
Housing Fin. Commission, Single Family Program Bonds, Series 2017-1-N, 4.00% 2047 | 615 | 644 | ||||||
County of King, Housing Auth., Pooled Housing Rev. Ref. Bonds, Series 2018, 2.15% 2020 | 400 | 399 | ||||||
3,768 | ||||||||
West Virginia 1.24% | ||||||||
West Virginia University, Improvement Rev. Bonds (West Virginia University Projects), Series 2014-C, (SIFMA Municipal Swap Index + 0.53%) 2.28% 2041 (put 2019)1 | 1,750 | 1,750 | ||||||
Wisconsin 3.58% | ||||||||
G.O. Bonds, Series 2015-A, 5.00% 2031 (preref. 2023) | 1,000 | 1,125 | ||||||
Various Purpose G.O. Bonds, Series 2013-A, 5.00% 2025 (preref. 2022) | 1,000 | 1,108 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2013-B-2, 4.00% 2043 (put 2019) | 1,000 | 1,021 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Children’s Hospital of Wisconsin, Inc.), Series 2008-B, 5.375% 2037 (preref. 2020) | 1,000 | 1,061 | ||||||
Housing and Econ. Dev. Auth., Home Ownership Mortgage Rev. Bonds, Series 2017-C, 4.00% 2048 | 375 | 393 | ||||||
Public Fin. Auth., Hospital Rev. Ref. Bonds (Renown Regional Medical Center Project), Series 2016-A, 5.00% 2022 | 300 | 330 | ||||||
5,038 | ||||||||
Total bonds, notes & other debt instruments (cost: $124,380,000) | 123,030 | |||||||
Short-term securities 12.80% | ||||||||
State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2014-A, 1.54% 20521 | 2,000 | 2,000 | ||||||
State of California, Various Purpose G.O. Commercial Paper, Series 2018-A-1, 1.27% 5/2/2018 | 2,000 | 2,000 | ||||||
State of California, Regents of the University of California, Commercial Paper, Series 2018-A, 1.68% 5/8/2018 | 1,000 | 1,000 | ||||||
State of Connecticut, Health and Educational Facs. Auth., Higher Education Commercial Paper, Series 2018-2, 1.57% 5/1/2018 | 2,000 | 2,000 |
Private Client Services Funds | 25 |
Capital Group Short-Term Municipal Fund
Short-term securities (continued) | Principal amount (000) | Value (000) | ||||||
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-F, 1.60% 20301 | $ | 4,000 | $ | 4,000 | ||||
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-K, 1.60% 20351 | 1,000 | 1,000 | ||||||
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2003, Series 2002-A-2, 1.56% 20291 | 1,000 | 1,000 | ||||||
State of Texas, Tax and Rev. Anticipation Notes, Series 2017, 4.00% 8/30/2018 | 5,000 | 5,038 | ||||||
Total short-term securities (cost: $18,042,000) | 18,038 | |||||||
Total investment securities 100.11% (cost: $142,422,000) | 141,068 | |||||||
Other assets less liabilities (0.11%) | (160 | ) | ||||||
Net assets 100.00% | $ | 140,908 |
1 | Coupon rate may change periodically. |
2 | Step bond; coupon rate will increase at a later date. |
3 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
4 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $248,000, which represented .18% of the net assets of the fund. |
Key to abbreviations
Agcy. = Agency
AMT = Alternative Minimum Tax
Auth. = Authority
Certs. of Part. = Certificates of Participation
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
LIBOR = London Interbank Offered Rate
LOC = Letter of Credit
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
SIFMA = Securities Industry and Financial Markets Association
TECP = Tax-Exempt Commercial Paper
26 | Private Client Services Funds |
Capital Group California Core Municipal Fund | |
Investment portfolio April 30, 2018 | unaudited |
Bonds, notes & other debt instruments 83.87% | Principal amount (000) | Value (000) | ||||||
California 80.00% | ||||||||
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2021 | $ | 1,000 | $ | 1,099 | ||||
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2022 | 975 | 1,097 | ||||||
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 4.00% 2021 | 500 | 528 | ||||||
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 2022 | 1,000 | 1,105 | ||||||
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 2024 | 600 | 679 | ||||||
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 2025 | 500 | 577 | ||||||
County of Alameda, Transportation Commission, Sales Tax Rev. Bonds, Series 2014, 4.00% 2019 | 950 | 969 | ||||||
City of Alhambra, Insured Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 2027 | 630 | 723 | ||||||
City of Aliso Viejo, Community Facs. Dist. No. 2005-01 (Glenwood at Aliso Viejo), Special Tax Bonds, Series 2014, 5.00% 2024 | 455 | 509 | ||||||
City of Aliso Viejo, Community Facs. Dist. No. 2005-01 (Glenwood at Aliso Viejo), Special Tax Bonds, Series 2014, 5.00% 2025 | 425 | 475 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Bonds (Casa de las Campanas, Inc.), Series 2010, 5.125% 2020 | 945 | 980 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Bonds (Channing House), Series 2010, 5.25% 2020 (escrowed to maturity) | 585 | 605 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Senior Living Rev. Bonds (Odd Fellows Home of California), Series 2012-A, 5.00% 2019 | 400 | 412 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Senior Living Rev. Bonds (Odd Fellows Home of California), Series 2012-A, 5.00% 2020 | 550 | 583 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-B, 5.00% 2020 | 1,000 | 1,069 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2020 | 1,430 | 1,531 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2021 | 495 | 540 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2022 | 1,000 | 1,107 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2023 | 500 | 559 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Windemere Ranch Infrastructure Fncg. Program), Series 2014-A, 5.00% 2023 | 370 | 418 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Windemere Ranch Infrastructure Fncg. Program), Series 2014-A, 5.00% 2024 | 395 | 452 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Windemere Ranch Infrastructure Fncg. Program), Series 2014-A, 5.00% 2025 | 510 | 578 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.65% 2045 (put 2023)1 | 2,800 | 2,862 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2007-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.65% 2047 (put 2023)1 | 1,500 | 1,533 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1, (SIFMA Municipal Swap Index + 1.10%) 2.85% 2045 (put 2024)1 | 4,275 | 4,416 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-G, (SIFMA Municipal Swap Index + 0.60%) 2.35% 2034 (put 2020)1 | 1,000 | 1,007 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-D, (3-month USD-LIBOR x 0.70 + 0.55%) 2.168% 2045 (put 2021)1 | 1,000 | 1,006 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-G, 2.00% 2053 (put 2024) | 3,500 | 3,361 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-C, 1.875% 2047 (put 2019) | 1,505 | 1,506 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2017-S-7, 5.00% 2024 | 1,200 | 1,387 | ||||||
Bay Area Water Supply, Series 2013-A, 5.00% 2023 | 500 | 568 | ||||||
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2, 4.00% 2049 (put 2021) | 2,000 | 2,116 | ||||||
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3, 4.00% 2051 (put 2023) | 2,500 | 2,700 | ||||||
City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Rev. Ref. Bonds, Series 2013, 3.00% 2018 | 325 | 327 |
Private Client Services Funds | 27 |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Rev. Ref. Bonds, Series 2013, 3.55% 2023 | $ | 350 | $ | 363 | ||||
City of Carson, Successor Agcy. to the Redev. Agcy., Tax Allocation Ref. Bonds (Redev. Project Area), Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2021 | 1,625 | 1,785 | ||||||
City of Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev. Project Area), Series 2014-B, Assured Guaranty Municipal insured, 5.00% 2023 | 745 | 842 | ||||||
City of Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev. Project Area), Series 2014-B, Assured Guaranty Municipal insured, 5.00% 2024 | 260 | 299 | ||||||
Ceres Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2010-A, 0% 2044 (preref. 2020) | 1,395 | 235 | ||||||
City of Cerritos, Public Fncg. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series 2002-A, AMBAC insured, 5.00% 2019 | 2,000 | 2,045 | ||||||
City of Cerritos, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Cerritos Redev. Projects), Series 2002-A, AMBAC insured, 5.00% 2024 | 600 | 613 | ||||||
Chino Unified School Dist., G.O. Bonds, Series 2017-A, 5.00% 2021 | 1,000 | 1,098 | ||||||
City of Chino, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2022 | 450 | 502 | ||||||
City of Chino, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2025 | 665 | 753 | ||||||
City of Chula Vista, Industrial Dev. Rev. Ref. Bonds (San Diego Gas & Electric Co.), Series 2006-A, 1.65% 2018 | 1,150 | 1,149 | ||||||
City of Chula Vista, Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2020 | 910 | 967 | ||||||
City of Chula Vista, Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2021 | 535 | 581 | ||||||
City of Chula Vista, Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2022 | 1,355 | 1,495 | ||||||
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2026 | 800 | 908 | ||||||
Compton Unified School Dist., G.O. Rev. Ref. Bonds, 2002 Election, Series 2006-D, AMBAC insured, 0% 2021 | 3,000 | 2,805 | ||||||
City of Concord, Successor Agcy. of the Redev. Agcy., Ref. Bonds, Series 2014, BAM insured, 5.00% 2023 | 825 | 928 | ||||||
City of Desert Hot Springs, Redev. Agcy., Tax Allocation, Series 2017, BAM insured, 5.00% 2021 | 800 | 872 | ||||||
Eastern Municipal Water Dist., Wear and Wasterwater Rev. Ref. Bonds, Series 2016-A, 5.00% 2023 | 500 | 570 | ||||||
Econ. Recovery Ref. Bonds, Series 2009-A, 5.25% 2021 (preref. 2019) | 675 | 703 | ||||||
Econ. Recovery Ref. Bonds, Series 2009-A, 5.25% 2021 (preref. 2019) | 385 | 401 | ||||||
Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2011, 5.00% 2019 | 1,150 | 1,184 | ||||||
Educational Facs. Auth., Rev. Bonds (Pitzer College), Series 2009, 5.50% 2029 (preref. 2020) | 400 | 427 | ||||||
Educational Facs. Auth., Rev. Bonds (Santa Clara University), Series 2010, 5.00% 2021 (preref. 2020) | 550 | 581 | ||||||
Educational Facs. Auth., Rev. Bonds (University of San Francisco), Series 2011, 5.00% 2021 | 355 | 389 | ||||||
Educational Facs. Auth., Rev. Bonds (University of San Francisco), Series 2011, 5.00% 2021 (escrowed to maturity) | 345 | 379 | ||||||
Educational Facs. Auth., Rev. Bonds (University of the Pacific), Series 2012-A, 4.00% 2021 | 560 | 596 | ||||||
Educational Facs. Auth., Rev. Bonds (University of the Pacific), Series 2012-A, 4.00% 2022 | 500 | 529 | ||||||
Educational Facs. Auth., Rev. Ref. Bonds (Pomona College), Series 2009-A, 5.00% 2024 (preref. 2019) | 100 | 102 | ||||||
Educational Facs. Auth., Rev. Ref. Bonds (University of Redlands), Series 2015-A, 5.00% 2021 | 535 | 587 | ||||||
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2026 | 530 | 603 | ||||||
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2027 | 500 | 565 |
28 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2030 | $ | 1,000 | $ | 1,118 | ||||
County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2024 | 860 | 949 | ||||||
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2025 | 580 | 674 | ||||||
City of Emeryville, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2026 | 1,000 | 1,144 | ||||||
City of Eureka, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2017-B, 5.00% 2022 | 835 | 936 | ||||||
City of Fillmore, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2024 | 1,000 | 1,147 | ||||||
City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 2023 | 535 | 600 | ||||||
Fresno Joint Powers Fin. Auth., Rev. Ref. Bonds (Master Lease Projects), Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2022 | 1,350 | 1,492 | ||||||
Various Purpose G.O. Bonds, 5.00% 2024 | 1,505 | 1,747 | ||||||
Various Purpose G.O. Bonds, 5.00% 2026 | 2,000 | 2,363 | ||||||
Various Purpose G.O. Bonds, 5.00% 2026 | 1,750 | 2,087 | ||||||
Various Purpose G.O. Bonds, National insured, 6.00% 2020 | 5 | 5 | ||||||
Various Purpose G.O. Bonds, Series 2016-B, (1-month USD-LIBOR x 0.70 + 0.76%) 2.081% 2031 (put 2021)1 | 2,175 | 2,197 | ||||||
Various Purpose G.O. Bonds, Series 2017, 5.00% 2024 | 530 | 614 | ||||||
Various Purpose G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2019 | 2,000 | 2,049 | ||||||
Various Purpose G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2019 | 600 | 618 | ||||||
Various Purpose G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2024 | 605 | 700 | ||||||
City of Garden Grove, Successor Agcy. to the Dev. Agcy., Tax Allocation Bonds, Series 2016, BAM insured, 5.00% 2022 | 400 | 448 | ||||||
City of Glendale, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Central Glendale Redev. Project), Series 2016, BAM insured, 5.00% 2024 | 410 | 473 | ||||||
Golden Empire Schools Fncg. Auth., Lease Rev. Ref. Bonds (Kern High School Dist. Projects), Series 2018, 4.00% 2020 | 750 | 780 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2005-A, AMBAC insured, 0% 2024 | 2,000 | 1,697 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2005-A, Assured Guaranty Municipal insured, 0% 2026 | 1,000 | 793 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013-A, 5.00% 2020 | 1,300 | 1,379 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013-A, 5.00% 2021 | 2,000 | 2,168 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A, 5.00% 2022 | 3,000 | 3,315 | ||||||
Golden West Schools Fncg. Auth., G.O. Rev. Ref. Bonds, Series 1999-A, National insured, 0% 2020 | 1,100 | 1,061 | ||||||
City of Hawthorne, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2024 | 250 | 289 | ||||||
Hayward Unified School Dist., G.O. Bonds, Series 2017, Assured Guaranty Municipal insured, 5.00% 2021 | 1,000 | 1,098 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2024 | 3,000 | 3,497 | ||||||
Health Facs. Fncg. Auth., Insured Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2022 | 175 | 194 | ||||||
Health Facs. Fncg. Auth., Insured Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2023 | 135 | 152 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 2020 | 675 | 712 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 2023 | 1,000 | 1,118 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 2024 | 1,210 | 1,350 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2008-G, 5.50% 2025 | 100 | 101 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (City of Hope), Series 2012-A, 5.00% 2021 | 350 | 385 |
Private Client Services Funds | 29 |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2026 | $ | 1,000 | $ | 1,170 | ||||
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2014-A, 5.00% 2025 | 400 | 459 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2014-A, 5.00% 2019 | 525 | 549 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Scripps Health), Series 2008-A, 5.00% 2018 | 275 | 279 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Scripps Health), Series 2012-A, 5.00% 2024 | 150 | 165 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Scripps Health), Series 2012-A, 5.00% 2025 | 375 | 413 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2011-D, 5.00% 2020 | 1,325 | 1,419 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 2026 | 300 | 349 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2025 | 2,750 | 3,259 | ||||||
Health Facs. Fncg. Auth., Rev. Green Bonds (Kaiser Permanente), Series 2017-C, 5.00% 2031 (put 2022) | 1,605 | 1,796 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2011-A, 5.00% 2021 | 2,675 | 2,887 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2012-B, 4.00% 2019 | 400 | 412 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Paradise Valley Estates Project), Series 2013, 5.00% 2020 | 1,005 | 1,058 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2013-C, 5.00% 2043 (put 2019) | 1,750 | 1,825 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2013-D, 5.00% 2043 (put 2020) | 250 | 268 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2023 | 1,000 | 1,146 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2024 | 1,000 | 1,164 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Hospital and Clinics), Series 2010-A, 5.00% 2020 | 510 | 550 | ||||||
Hemet Unified School Dist., Fncg. Auth. Special Tax Rev. Bonds, Series 2015, 5.00% 2026 | 600 | 677 | ||||||
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2023 | 885 | 1,007 | ||||||
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2029 | 500 | 569 | ||||||
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2008-A, 5.25% 2025 (preref. 2018) | 80 | 81 | ||||||
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2008-A, 5.25% 2025 (preref. 2018) | 20 | 20 | ||||||
Infrastructure and Econ. Dev. Bank, Infrastructure State Revolving Fund Rev. Bonds, Series 2008, 4.50% 2025 (preref. 2018) | 100 | 101 | ||||||
Infrastructure and Econ. Dev. Bank, Infrastructure State Revolving Fund Rev. Bonds, Series 2008, 4.50% 2026 (preref. 2018) | 100 | 101 | ||||||
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2015-B, (SIFMA Municipal Swap Index + 1.20%) 2.95% 2037 (put 2022)1 | 1,000 | 1,014 | ||||||
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2011-A-4, (3-month USD-LIBOR x 0.70 + 0.37%) 1.986% 2038 (put 2020)1 | 3,000 | 3,001 | ||||||
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B, 5.00% 2023 | 2,750 | 3,088 | ||||||
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2012, 3.00% 2020 | 1,250 | 1,275 | ||||||
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2012, 4.00% 2022 | 400 | 428 | ||||||
City of Irvine, Reassessment Dist. No. 13-1, Limited Obligation Improvement Bonds, Series 2013, 2.50% 2019 | 1,230 | 1,236 | ||||||
City of Irvine, Reassessment Dist. No. 13-1, Limited Obligation Improvement Bonds, Series 2013, 3.375% 2023 | 850 | 892 | ||||||
City of Irvine, Reassessment Dist. No. 15-1, Limited Obligation Improvement Bonds, 4.00% 2020 | 940 | 985 | ||||||
City of Irvine, Reassessment Dist. No. 15-1, Limited Obligation Improvement Bonds, 5.00% 2021 | 500 | 549 |
30 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
City of Irvine, Reassessment Dist. No. 15-2, Limited Obligation Improvement Bonds, 5.00% 2028 | $ | 500 | $ | 565 | ||||
City of Irvine, Special Assessment Ref. Bonds, 3.25% 2022 | 700 | 728 | ||||||
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Rev. Bonds, Series 2017-A, 5.00% 2021 | 1,280 | 1,399 | ||||||
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Rev. Bonds, Series 2017-A, 5.00% 2025 | 1,000 | 1,144 | ||||||
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2023 | 500 | 566 | ||||||
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2029 | 710 | 800 | ||||||
County of Kern, Water Agcy., Water Rev. Ref. Bonds (Improvement Dist. No. 4), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2022 | 2,810 | 3,131 | ||||||
Kings Canyon Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2029 | 1,600 | 1,827 | ||||||
City of La Quinta, Successor Agcy. to the Redev. Agcy., La Quinta Redev. Project Area Nos. 1 and 2, Tax Allocation Ref. Bonds, Series 2013-A, 5.00% 2019 | 200 | 209 | ||||||
City of La Quinta, Successor Agcy. to the Redev. Agcy., La Quinta Redev. Project Area Nos. 1 and 2, Tax Allocation Ref. Bonds, Series 2014-A, 4.00% 2019 | 500 | 515 | ||||||
Lammersville Joint Unified School Dist., Special Tax Community Facs. Dist. No. 2002, Series 2017, 4.00% 2022 | 680 | 717 | ||||||
City of Lincoln, Public Fin. Auth., Special Tax Rev. Bonds, Series 2007-A, AMBAC insured, 4.50% 2021 | 840 | 846 | ||||||
City of Long Beach, Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 4.00% 2020 | 750 | 787 | ||||||
City of Long Beach, Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 5.00% 2021 | 520 | 570 | ||||||
City of Long Beach, Harbor Rev. Bonds, Series 2010-A, AMT, 5.00% 2021 | 100 | 106 | ||||||
City of Long Beach, Marina Rev. Bonds (Alamitos Bay Marina Project), Series 2015, 5.00% 2019 | 275 | 284 | ||||||
City of Long Beach, Marina Rev. Bonds (Alamitos Bay Marina Project), Series 2015, 5.00% 2020 | 400 | 423 | ||||||
Long Beach Community College Dist., 2008 Election, Series 2008-A, 5.00% 2022 (preref. 2018) | 85 | 85 | ||||||
Long Beach Community College Dist., 2008 Election, Series 2008-A, 5.00% 2022 (preref. 2018) | 15 | 15 | ||||||
City of Los Angeles, Community Facs. Dist. No. 4 (Playa Vista - Phase 1), Special Tax Ref. Bonds, Series 2014, 5.00% 2020 | 600 | 640 | ||||||
City of Los Angeles, Community Facs. Dist. No. 4 (Playa Vista - Phase 1), Special Tax Ref. Bonds, Series 2014, 5.00% 2023 | 700 | 791 | ||||||
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2009-A, 5.00% 2029 | 200 | 207 | ||||||
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2010-D, 5.00% 2019 | 850 | 879 | ||||||
County of Los Angeles, Redev. Ref. Auth., Tax Allocation Rev. Ref. Bonds (Bunker Hill Project), Series 2014-C, Assured Guaranty Municipal insured, 5.00% 2020 | 3,000 | 3,229 | ||||||
County of Los Angeles, Redev. Ref. Auth., Tax Allocation Rev. Ref. Bonds (South Gate Project No. 1), Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2022 | 1,190 | 1,328 | ||||||
Los Angeles Unified School Dist., G.O. Bonds (Dedicated Unlimited Ad Valorem Property Tax Bonds), 2005 Election, Series 2018-B-1, 5.00% 2026 | 2,075 | 2,488 | ||||||
Los Angeles Unified School Dist., G.O. Bonds (Dedicated Unlimited Ad Valorem Property Tax Bonds), 2005 Election, Series 2018-B-1, 5.00% 2027 | 1,500 | 1,826 | ||||||
Los Angeles Unified School Dist., G.O. Bonds (Dedicated Unlimited Ad Valorem Property Tax Bonds), 2005 Election, Series 2018-M-1, 5.00% 2029 | 2,000 | 2,425 | ||||||
Los Angeles Unified School Dist., G.O. Bonds, 2004 Election, Series 2009-I, 5.00% 2024 | 100 | 104 | ||||||
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2024 | 3,500 | 4,071 | ||||||
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2025 | 1,000 | 1,182 | ||||||
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2027 | 6,250 | 7,608 | ||||||
Manhattan Beach Unified School Dist., G.O. Bonds, Series 1999-C, FGIC-National insured, 0% 2024 | 1,500 | 1,251 | ||||||
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2022 | 500 | 559 | ||||||
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2028 | 250 | 288 |
Private Client Services Funds | 31 |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
City of Modesto, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016, 5.00% 2021 | $ | 780 | $ | 860 | ||||
City of Modesto, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016, 5.00% 2022 | 750 | 843 | ||||||
Montebello Unified School Dist., G.O. Rev. Ref. Bonds, 2004 Election, Series 2013-A, 5.00% 2024 | 520 | 586 | ||||||
Montebello Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2028 | 1,545 | 1,753 | ||||||
Montebello Unified School Dist., Rev. Bonds, Series 2013-A, 5.00% 2020 | 925 | 987 | ||||||
Montebello Unified School Dist., Rev. Bonds, Series 2016-A, 4.00% 2019 | 1,250 | 1,282 | ||||||
Monterey Peninsula Community College Dist., G.O. Rev. Ref. Bonds, Series 2016, 0% 2024 | 815 | 677 | ||||||
Moreno Valley Unified School Dist., G.O. Bonds, Series 2007, National insured, 5.25% 2019 | 380 | 396 | ||||||
Mountain View Shoreline Regional Park Community, Rev. Bonds, Series 2011-A, 5.00% 2019 | 420 | 436 | ||||||
Mountain View Shoreline Regional Park Community, Rev. Bonds, Series 2011-A, 5.00% 2020 | 375 | 400 | ||||||
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, 4.00% 2026 | 320 | 338 | ||||||
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2023 | 750 | 845 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2013, 5.00% 2022 | 470 | 521 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 2022 | 885 | 987 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 2025 | 500 | 582 | ||||||
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 4.00% 2020 | 125 | 131 | ||||||
Natomas Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2021 | 500 | 548 | ||||||
Northern California Power Agcy., Geothermal Project No. 3 Rev. Bonds, Series 2009-A, 5.50% 2021 (preref. 2019) | 1,000 | 1,042 | ||||||
Northern California Power Agcy., Hydroelectric Project No. 1 Rev. Ref. Bonds, Series 2010-A, 5.00% 2019 | 200 | 208 | ||||||
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2023 | 1,500 | 1,715 | ||||||
Port of Oakland, Rev. Ref. Bonds, Series 2017-E, 5.00% 2020 | 1,000 | 1,075 | ||||||
Ohlone Community College Dist., G.O. Ref. Bonds, Series 2012, 5.00% 2023 | 550 | 617 | ||||||
Ohlone Community College Dist., G.O. Ref. Bonds, Series 2012, 5.00% 2024 | 1,000 | 1,120 | ||||||
City of Orange, Community Facs. Dist. No. 91-2 (Serrano Heights Public Improvements), Special Tax Ref. Bonds, Series 2013, 4.00% 2020 | 385 | 403 | ||||||
City of Orange, Community Facs. Dist. No. 91-2 (Serrano Heights Public Improvements), Special Tax Ref. Bonds, Series 2013, 4.00% 2021 | 1,485 | 1,577 | ||||||
City of Oxnard, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2021 | 750 | 816 | ||||||
Paramount Unified School Dist., G.O. Bonds, 1998 Election, Series 2001-B, Assured Guaranty Municipal insured, 0% 2025 | 3,000 | 2,472 | ||||||
Perris Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA Nos. 4 and 5; CFD 2005-1 IA4), Series 2017-B, 3.00% 2021 | 895 | 911 | ||||||
Perris Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA Nos. 4 and 5; CFD 2005-1 IA4), Series 2017-B, 4.00% 2022 | 915 | 968 | ||||||
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 2024 | 1,000 | 1,136 | ||||||
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010-B, 1.85% 2024 (put 2018)2 | 500 | 500 | ||||||
Pomona Unified School Dist., G.O. Bonds, 2016 Election, Series 2017-B, 5.00% 2020 | 2,000 | 2,139 | ||||||
Poway Unified School Dist., Community Facs. Dist. No. 6 (4S Ranch), Special Tax Bonds, Series 2012, 5.00% 2020 | 595 | 636 | ||||||
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013, 4.00% 2022 | 440 | 466 | ||||||
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2022 | 850 | 943 | ||||||
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-B, BAM insured, 5.00% 2022 | 500 | 556 |
32 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, Assured Guaranty Municipal insured, 5.00% 2023 | $ | 500 | $ | 558 | ||||
Public Works Board, Lease Rev. Bonds (Judicial Council of California, Various Judicial Council Projects), Series 2011-D, 5.00% 2022 | 1,225 | 1,353 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Coalinga State Hospital Project), Series 2013-E, 5.00% 2023 | 3,575 | 4,041 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, Various State Prisons), Series 2014-G, 5.00% 2021 | 1,000 | 1,077 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, Various State Prisons), Series 2015-A, 5.00% 2023 | 790 | 893 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Education - Riverside Campus Projects), Series 2017-H, 5.00% 2026 | 1,780 | 2,098 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Dept. of General Services), Series 2017-B, 5.00% 2021 | 3,000 | 3,288 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-C, 5.00% 2024 | 1,725 | 1,991 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2017-B, 5.00% 2024 | 1,000 | 1,153 | ||||||
City of Rancho Cucamonga, Successor Agcy. to the Redev. Agcy., Rancho Redev. Project Area, Tax Allocation Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2026 | 600 | 691 | ||||||
City of Rancho Cucamonga, Successor Agcy. to the Redev. Agcy., Rancho Redev. Project Area, Tax Allocation Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2028 | 300 | 342 | ||||||
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, BAM insured, 5.00% 2030 | 700 | 806 | ||||||
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, BAM insured, 5.00% 2032 | 240 | 273 | ||||||
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Ref. Bonds, Series 2014, 5.00% 2022 | 400 | 446 | ||||||
City of Riverside, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, 5.00% 2021 | 1,000 | 1,097 | ||||||
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Bonds (Project Area No. 1, Desert Communities and Interstate 215 Corridor Projects), Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2025 | 1,075 | 1,222 | ||||||
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Desert Communities and Interstate 215 Corridor Projects), Series 2014-D, Assured Guaranty Municipal insured, 5.00% 2020 | 405 | 434 | ||||||
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Desert Communities and Interstate 215 Corridor Projects), Series 2014-D, Assured Guaranty Municipal insured, 5.00% 2021 | 575 | 629 | ||||||
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Hemet Project), Series 2014, BAM insured, 5.00% 2023 | 500 | 569 | ||||||
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Interstate 215 Corridor Project), Series 2014-E, Assured Guaranty Municipal insured, 5.00% 2021 | 465 | 509 | ||||||
Riverside Unified School Dist., Fncg. Auth., Rev. Bonds, Series 2012-A, 5.00% 2021 | 1,280 | 1,399 | ||||||
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2025 | 350 | 402 | ||||||
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2026 | 400 | 459 | ||||||
City of Roseville, Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2017-A, 4.00% 2020 | 550 | 573 | ||||||
City of Roseville, Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2017-A, 4.00% 2021 | 700 | 738 | ||||||
City of Roseville, Westpark Community Facs. Dist. No. 1, Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2024 | 1,000 | 1,146 | ||||||
City of Sacramento, Municipal Utility Dist., Electric Rev. Ref. Bonds, Series 2017-E, 5.00% 2023 | 1,000 | 1,146 | ||||||
City of Sacramento, Municipal Utility Dist., Electric Rev. Ref. Bonds, Series 2017-E, 5.00% 2024 | 1,500 | 1,749 | ||||||
City of Sacramento, North Natomas Community Facs. Dist. No. 4, Special Tax Rev. Ref. Bonds, Series 2013-E, 5.00% 2021 | 1,050 | 1,150 | ||||||
City of Sacramento, Regional Transit Dist., Farebox Rev. Bonds, Series 2012, 5.00% 2023 | 385 | 410 |
Private Client Services Funds | 33 |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
City of Sacramento, Regional Transit Dist., Farebox Rev. Bonds, Series 2012, 5.00% 2023 (preref. 2020) | $ | 230 | $ | 246 | ||||
San Bernardino Unified School Dist., G.O. Ref. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2020 | 725 | 775 | ||||||
San Bernardino Unified School Dist., G.O. Ref. Bonds, Series 2017-D, Assured Guaranty Municipal insured, 4.00% 2020 | 480 | 502 | ||||||
San Bernardino Unified School Dist., G.O. Ref. Bonds, Series 2017-D, Assured Guaranty Municipal insured, 4.00% 2021 | 330 | 351 | ||||||
City of San Diego, Limited Obligation Rev. Bonds (Sanford Burnham Prebys Medical Discovery Institute Project), Series 2015-A, 5.00% 2022 | 200 | 223 | ||||||
City of San Diego, Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series 2009-B, 5.00% 2022 (preref. 2019) | 100 | 103 | ||||||
City of San Diego, Public Facs. Fncg. Auth., Water Rev. Bonds, Series 2009-A, 4.00% 2020 (preref. 2018) | 100 | 101 | ||||||
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2010-A, 5.00% 2020 | 700 | 748 | ||||||
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2013-A, 5.00% 2023 | 225 | 256 | ||||||
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Bonds, Series 2014-A, 5.00% 2021 | 500 | 545 | ||||||
San Diego Community College Dist., G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2024 | 1,000 | 1,120 | ||||||
City and County of San Francisco, Redev. Agcy., Community Facs. Dist. No. 6, Special Tax Ref. Bonds (Mission Bay South Public Improvements), Series 2013-A, 5.00% 2020 | 800 | 849 | ||||||
City and County of San Francisco, Redev. Agcy., Community Facs. Dist. No. 6, Special Tax Ref. Bonds (Mission Bay South Public Improvements), Series 2013-B, 3.25% 2021 | 500 | 512 | ||||||
City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2011-C, 5.00% 2018 (escrowed to maturity) | 275 | 277 | ||||||
City and County of San Francisco, Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2011-C, 5.25% 2019 (escrowed to maturity) | 290 | 303 | ||||||
City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Special Tax Rev. Ref. Bonds (San Francisco Redev. Projects), Series 2014-C, 5.00% 2022 | 305 | 341 | ||||||
City of San Jacinto, Community Facs. Dist. No. 2002-1 (Rancho San Jacinto, Phase 2), Special Tax Rev. Ref. Bonds, Series 2016, 4.00% 2021 | 1,310 | 1,381 | ||||||
San Joaquin Delta Community College Dist., G.O Bonds, 2004 Election, Series 2018-D, 4.00% 2023 | 1,000 | 1,092 | ||||||
San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 1997-A, National insured, 0% 2025 | 285 | 230 | ||||||
City of San Jose, Redev. Agcy., Housing Set-Aside Tax Allocation Rev. Ref. Bonds (Merged Area Redev. Project), Series 2010-A-1, 5.00% 2022 (preref. 2020) | 500 | 535 | ||||||
San Jose Unified School Dist., G.O. Bonds, 2002 Election, Series 2006-C, National insured, 0% 2025 | 795 | 661 | ||||||
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2022 | 500 | 561 | ||||||
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2023 | 375 | 429 | ||||||
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2024 | 500 | 581 | ||||||
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2025 | 400 | 473 | ||||||
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds (Capital Projects), Series 2009-A, 5.25% 2023 | 300 | 317 | ||||||
County of Santa Clara, Fncg. Auth., Lease Rev. Ref. Bonds (Valley Medical Center), Series 2008-A, 5.00% 2022 | 285 | 290 | ||||||
County of Santa Cruz, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2026 | 1,475 | 1,701 | ||||||
City of Santa Rosa, Wastewater Rev. Bonds, Series 2002-B, AMBAC insured, 0% 2021 | 2,000 | 1,855 | ||||||
Community of Santaluz, Community Facs. Dist. No. 2, Improvement Area No. 1, Special Tax Ref. Bonds, Series 2011-A, 5.00% 2020 | 995 | 1,058 | ||||||
Saugus Union School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2006, National insured, 0% 2024 | 1,210 | 1,031 | ||||||
Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, Special Tax Rev. Bonds, Series 2016, 5.00% 2025 | 1,110 | 1,264 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2014-A, 4.125% 2024 | 1,680 | 1,770 |
34 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2015-A, 3.625% 20252 | $ | 1,125 | $ | 1,156 | ||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 4.00% 20192 | 225 | 230 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 20242 | 435 | 487 | ||||||
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 2023 | 150 | 154 | ||||||
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 2024 | 145 | 147 | ||||||
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 2025 | 365 | 367 | ||||||
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 2026 | 150 | 148 | ||||||
City of Signal Hill, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM insured, 5.00% 2021 | 250 | 274 | ||||||
City of Signal Hill, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM insured, 5.00% 2023 | 500 | 568 | ||||||
Solano Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, 0% 2025 | 700 | 625 | ||||||
Solano Community College Dist., G.O. Ref. Bonds, National insured, Series 2005, 0% 2021 | 2,680 | 2,491 | ||||||
Southern California Public Power Auth., Rev. Bonds (Linden Wind Energy Project), Series 2010-A, 4.00% 2021 | 500 | 522 | ||||||
Southern California Public Power Auth., Rev. Bonds (Mead-Adelanto Project), Series 2012-A, 5.00% 2019 | 1,000 | 1,039 | ||||||
Southern California Public Power Auth., Rev. Bonds (Milford Wind Corridor Phase II Project), Series 2011-1, 5.00% 2018 | 200 | 201 | ||||||
Southern California Public Power Auth., Rev. Bonds (Southern Transmission Project), Series 2009-A, 5.00% 2023 | 10 | 10 | ||||||
Southern California Public Power Auth., Rev. Bonds (Southern Transmission Project), Series 2009-A, 5.00% 2023 (preref. 2019) | 90 | 92 | ||||||
Southern California Public Power Auth., Rev. Bonds (Windy Point/Windy Flats Project), Series 2010-1, 5.00% 2023 | 800 | 854 | ||||||
Southern California Public Power Auth., Rev. Bonds (Windy Point/Windy Flats Project), Series 2010-1, 5.00% 2020 | 1,550 | 1,657 | ||||||
Southern California Public Power Auth., Rev. Ref. Bonds (Southern Transmission Project), Series 2011-A, 5.00% 2018 | 350 | 352 | ||||||
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Company), Series 2006-A, 1.90% 2028 | 2,000 | 1,983 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2007-B, Assured Guaranty insured, 5.00% 2037 (preref. 2018) | 5,000 | 5,010 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2025 | 750 | 861 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2021 | 1,100 | 1,199 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2023 | 1,100 | 1,234 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Buck Institute for Research on Aging), Series 2014, Assured Guaranty Municipal insured, 5.00% 2020 | 210 | 226 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Cottage Health System Obligated Group), Series 2010, 5.00% 2019 | 1,000 | 1,045 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Jewish Home of San Francisco), Series 2016, 5.00% 2026 | 575 | 680 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (John Muir Health), Series 2009-A, 4.625% 07-01-21 (preref. 2019) | 100 | 103 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2009-A, 5.00% 2019 | 600 | 618 | ||||||
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Episcopal Communities and Services), Series 2012, 5.00% 2019 | 600 | 622 | ||||||
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Episcopal Communities and Services), Series 2012, 5.00% 2024 | 300 | 331 |
Private Client Services Funds | 35 |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Huntington Memorial Hospital), Series 2014-B, 5.00% 2021 | $ | 1,100 | $ | 1,197 | ||||
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (University of California, Irvine East Campus Apartments, CHF-Irvine, LLC, Phase I), Series 2011, 5.00% 2019 | 1,000 | 1,032 | ||||||
City of Stockton, Public Fncg. Auth., Wastewater Rev. Ref. Bonds (1998 Wastewater Project and 2003 Wastewater Project), Series 2014, BAM insured, 5.00% 2021 | 750 | 823 | ||||||
City of Richmond, Successor Agcy. to the Redev. Agcy., Rev. Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2025 | 200 | 226 | ||||||
City of Suisun, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-B, BAM insured, 5.00% 2022 | 400 | 448 | ||||||
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Ref. Bonds, Series 2014-B, 5.00% 2022 | 310 | 347 | ||||||
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Ref. Bonds, Series 2014-B, 5.00% 2024 | 530 | 609 | ||||||
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Ref. Bonds, Series 2014-B, 5.00% 2025 | 375 | 427 | ||||||
City of Tracy, Successor Agcy. to the Community Dev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2029 | 555 | 637 | ||||||
City of Tracy, Successor Agcy. to the Community Dev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2030 | 545 | 622 | ||||||
Tuolumne Wind Project Auth., Rev. Bonds (Tuolumne Co. Project), Series 2009-A, 5.00% 2022 (preref. 2019) | 1,500 | 1,533 | ||||||
Tuolumne Wind Project Auth., Rev. Bonds (Tuolumne Co. Project), Series 2009-A, 5.25% 2024 (preref. 2019) | 100 | 102 | ||||||
City of Turlock, Irrigation Dist., Rev. Ref. Bonds, Series 2011, 5.00% 2022 | 1,705 | 1,838 | ||||||
City of Tustin, Community Facs. Dist. No. 06-1, Special Tax Rev. Ref. Bonds (Tustin Legacy/Columbus Villages), Series 2015-A, 5.00% 2024 | 860 | 994 | ||||||
Tustin Unified School Dist., Community Facs. Dist. No. 88-1, Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2022 | 830 | 926 | ||||||
Twin Rivers Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 5.00% 2024 | 400 | 462 | ||||||
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006, National insured, 0% 2022 | 175 | 157 | ||||||
City of Union City, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-A, 5.00% 2023 | 375 | 427 | ||||||
Regents of the University of California, General Rev. Bonds, Series 2016-AT, 1.40% 2046 (put 2021) | 1,975 | 1,930 | ||||||
Regents of the University of California, Limited Project Rev. Bonds, Series 2010-E, 5.00% 2020 | 500 | 532 | ||||||
Val Verde Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2021 | 600 | 650 | ||||||
Val Verde Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2021 | 250 | 265 | ||||||
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 2045 | 1,980 | 2,039 | ||||||
Dept. of Veterans Affairs, Home Purchase Rev. Ref. Bonds, Series 2012-A, 2.75% 2020 | 750 | 765 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Ref. Bonds, Series 2016-CN, 3.50% 2045 | 1,075 | 1,105 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2015-CM, 1.35% 2019 | 1,125 | 1,115 | ||||||
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2024 | 575 | 631 | ||||||
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2026 | 270 | 301 | ||||||
City of Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-B-1, Assured Guaranty Municipal insured, 4.00% 2025 | 400 | 441 | ||||||
City of Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-B-1, Assured Guaranty Municipal insured, 5.00% 2022 | 340 | 380 | ||||||
Washington Township Health Care Dist., Rev. Bonds, Series 2017-A, 4.00% 2021 | 490 | 512 | ||||||
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2005-F-3, 5.00% 2021 (preref. 2018) | 100 | 100 | ||||||
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2010-L, 5.00% 2021 | 75 | 80 |
36 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2010-L, 5.00% 2021 (preref. 2020) | $ | 125 | $ | 133 | ||||
Dept. of Water Resources, Water Rev. (Central Valley Project), Series 2008-AE, 5.00% 2022 (preref. 2018) | 70 | 70 | ||||||
Dept. of Water Resources, Water Rev. (Central Valley Project), Series 2008-AE, 5.00% 2023 (preref. 2018) | 200 | 201 | ||||||
Western Placer Unified School Dist., G.O. Bonds, 2014 Election, Series 2017-B, BAM insured, 5.00% 2021 | 490 | 536 | ||||||
320,949 | ||||||||
Guam 1.37% | ||||||||
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-A, 5.00% 2021 | 350 | 374 | ||||||
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-A, 5.00% 2022 | 710 | 769 | ||||||
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-B, 5.00% 2023 | 1,100 | 1,164 | ||||||
Business Privilege Tax Bonds, Series 2011-A, 5.00% 2026 | 1,430 | 1,503 | ||||||
Business Privilege Tax Rev. Ref. Bonds, Series 2015-D, 5.00% 2025 | 1,525 | 1,677 | ||||||
5,487 | ||||||||
Iowa 0.02% | ||||||||
IJOBS Program Special Obligation Bonds, Series 2009-A, 5.00% 2027 (preref. 2019) | 100 | 103 | ||||||
Michigan 0.03% | ||||||||
Hospital Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Henry Ford Health System), Series 2009, 5.25% 2024 (preref. 2019) | 100 | 105 | ||||||
Missouri 0.06% | ||||||||
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2015-A, 3.75% 2038 | 240 | 248 | ||||||
New York 1.00% | ||||||||
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2024 | 3,500 | 4,009 | ||||||
Oregon 0.25% | ||||||||
Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2013-C, (SIFMA Municipal Swap Index + 1.00%) 2.75% 2022 (put 2018)1 | 1,000 | 1,001 | ||||||
Puerto Rico 1.14% | ||||||||
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2019 | 500 | 508 | ||||||
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2021 | 1,000 | 1,030 | ||||||
Infrastructure Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2005-C, 5.50% 2020 | 2,860 | 3,052 | ||||||
4,590 | ||||||||
Total bonds, notes & other debt instruments (cost: $337,104,000) | 336,492 |
Private Client Services Funds | 37 |
Capital Group California Core Municipal Fund
Short-term securities 15.32% | Principal amount (000) | Value (000) | ||||||
State of California, Various Purpose G.O. Commercial Paper, Series 2018-A-5, 1.23% 5/1/2018 | $ | 1,000 | $ | 1,000 | ||||
State of California, Various Purpose G.O. Commercial Paper, Series 2018-A-8, 1.25% 5/3/2018 | 4,000 | 4,000 | ||||||
State of California, Health Facs. Fncg. Auth., Health Fac. Rev. Bonds (Catholic Healthcare West), Series 2005-H, Bank of America LOC, 1.75% 20351 | 5,100 | 5,100 | ||||||
State of California, County of Los Angeles, Tax and Rev. Anticipation Notes, 5.00% 6/29/2018 | 4,035 | 4,056 | ||||||
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2, 1.38% 20371 | 3,000 | 3,000 | ||||||
State of California, California Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2005, 1.40% 20251 | 5,500 | 5,500 | ||||||
State of California, Pollution Control Fncg. Auth., Environmental Impact Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 1997-B, 1.38% 20421 | 400 | 400 | ||||||
State of California, Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 1996-C, JPMorgan Chase LOC, 1.45% 20261 | 9,500 | 9,500 | ||||||
State of California, Statewide Communities Dev. Auth., Commercial Paper, Series 2008-B, 1.63% 6/2/2018 | 2,000 | 2,000 | ||||||
State of California, Statewide Communities Dev. Auth., Commercial Paper, Series 2008-B, 1.80% 8/14/2018 | 2,000 | 2,000 | ||||||
State of California, Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2003-B, 1.64% 20251 | 1,000 | 1,000 | ||||||
State of California, Regents of the University of California, Commercial Paper, Series 2018-A, 1.23% 5/8/2018 | 5,500 | 5,500 | ||||||
State of California, Regents of the University of California, Commercial Paper, Series 2018-A, 1.25% 5/14/2018 | 3,000 | 3,000 | ||||||
State of California, Regents of the University of California, Commercial Paper, Series 2018-A, 1.38% 7/11/2018 | 5,000 | 5,000 | ||||||
State of California, Dept. of Water Resources, Water Rev. Commercial Paper, Series 2018-2, 1.50% 5/10/2018 | 4,000 | 4,000 | ||||||
State of California, Dept. of Water Resources, Water Rev. Commercial Paper, Series 2018-2, 1.57% 5/14/2018 | 2,000 | 2,000 | ||||||
State of California, Dept. of Water Resources, Water Rev. Commercial Paper, Series 2018-2, 1.60% 5/9/2018 | 4,000 | 4,000 | ||||||
State of California, Dept. of Water Resources, Water Rev. Commercial Paper, Series 2018-2, 1.62% 5/17/2018 | 400 | 400 | ||||||
Total short-term securities (cost: $61,462,000) | 61,456 | |||||||
Total investment securities 99.19% (cost: $398,566,000) | 397,948 | |||||||
Other assets less liabilities 0.81% | 3,255 | |||||||
Net assets 100.00% | $ | 401,203 |
1 | Coupon rate may change periodically. |
2 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $2,373,000, which represented .59% of the net assets of the fund. |
Key to abbreviations
Agcy. = Agency
AMT = Alternative Minimum Tax
Auth. = Authority
Certs. of Part. = Certificates of Participation
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
LIBOR = London Interbank Offered Rate
LOC = Letter of Credit
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
SIFMA = Securities Industry and Financial Markets Association
TECP = Tax-Exempt Commercial Paper
38 | Private Client Services Funds |
Capital Group California Short-Term Municipal Fund
Investment portfolio April 30, 2018 | unaudited |
Bonds, notes & other debt instruments 80.87% | Principal amount (000) | Value (000) | ||||||
California 79.92% | ||||||||
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2020 | $ | 500 | $ | 537 | ||||
City of Alhambra, Insured Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 2023 | 450 | 495 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Windemere Ranch Infrastructure Fncg. Program), Series 2014-A, 4.00% 2019 | 515 | 530 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.65% 2045 (put 2023)1 | 575 | 588 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2007-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.65% 2047 (put 2023)1 | 250 | 256 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2007-E-3, (SIFMA Municipal Swap Index + 0.70%) 2.45% 2047 (put 2019)1 | 1,230 | 1,236 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-G, (SIFMA Municipal Swap Index + 0.60%) 2.35% 2034 (put 2020)1 | 250 | 252 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-H, (SIFMA Municipal Swap Index + 0.70%) 2.45% 2034 (put 2021)1 | 250 | 253 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-C, 1.875% 2047 (put 2019) | 500 | 500 | ||||||
City of Brea, Successor Agcy. to the Redev. Agcy. (Redev. Project AB), Tax Allocation Rev. Ref. Bonds, Series 2013, 5.00% 2019 | 700 | 729 | ||||||
City of Burbank, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015, BAM insured, 4.00% 2018 | 500 | 507 | ||||||
City of Burbank, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015, BAM insured, 5.00% 2022 | 500 | 563 | ||||||
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3, 4.00% 2051 (put 2023) | 1,550 | 1,674 | ||||||
Trustees of the California State University, Systemwide Rev. Ref. Bonds, Series 2013-A, 5.00% 2018 | 400 | 407 | ||||||
City of Carson, Successor Agcy. to the Redev. Agcy., Tax Allocation Ref. Bonds (Redev. Project Area No.1), Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2018 | 700 | 709 | ||||||
Ceres Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2010-A, 0% 2044 (preref. 2020) | 500 | 84 | ||||||
Chino Unified School Dist., G.O. Bonds, Series 2017-A, 5.00% 2021 | 750 | 824 | ||||||
City of Chino, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 4.00% 2021 | 655 | 692 | ||||||
City of Chino, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2018 | 125 | 126 | ||||||
City of Chula Vista, Industrial Dev. Rev. Ref. Bonds (San Diego Gas & Electric Co.), Series 2006-A, 1.65% 2018 | 1,100 | 1,099 | ||||||
Compton Unified School Dist., G.O. Rev. Ref. Bonds, 2002 Election, Series 2006-D, AMBAC insured, 0% 2021 | 1,000 | 935 | ||||||
Educational Facs. Auth., Rev. Ref. Bonds (University of Redlands), Series 2014-A, 4.00% 2018 | 400 | 404 | ||||||
County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Rev. Ref. Bonds, Series 2012, 4.00% 2018 | 450 | 453 | ||||||
City of Emeryville, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2018 | 500 | 506 | ||||||
City of Emeryville, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2019 | 950 | 990 | ||||||
City of Fillmore, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015, BAM insured, 4.00% 2019 | 400 | 409 | ||||||
Fresno Joint Powers Fin. Auth., Rev. Ref. Bonds (Master Lease Projects), Series 2017-A, 5.00% 2020 | 1,000 | 1,052 | ||||||
Various Purpose G.O. Bonds, 4.00% 2021 | 490 | 523 | ||||||
Various Purpose G.O. Bonds, Series 2013-E, (1-month USD-LIBOR + 0.83%) 2.148% 20291 | 500 | 500 | ||||||
Various Purpose G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2021 | 500 | 548 | ||||||
City of Glendale, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Central Glendale Redev. Project), Series 2013, Assured Guaranty Municipal insured, 4.00% 2019 | 600 | 621 |
Private Client Services Funds | 39 |
Capital Group California Short-Term Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
City of Glendale, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Central Glendale Redev. Project), Series 2013, Assured Guaranty Municipal insured, 5.00% 2020 | $ | 500 | $ | 538 | ||||
Golden Empire Schools Fncg. Auth., Lease Rev. Ref. Bonds (Kern High School Dist. Projects), Series 2018, 3.00% 2019 | 1,000 | 1,012 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013-A, 5.00% 2019 | 500 | 517 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013-A, 5.00% 2020 | 450 | 477 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2020 | 700 | 742 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2021 | 500 | 542 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2017-A-1, 5.00% 2020 | 1,360 | 1,446 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A, 5.00% 2022 | 1,000 | 1,105 | ||||||
Hacienda La Puente Unified School Dist., Facs. Fncg. Auth., G.O. Rev. Bonds, Series 2007, Assured Guaranty Municipal insured, 5.00% 2021 | 590 | 647 | ||||||
City of Hawthorne, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2021 | 300 | 329 | ||||||
Health Facs. Fncg. Auth., Insured Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2019 | 200 | 209 | ||||||
Health Facs. Fncg. Auth., Insured Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2020 | 150 | 160 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 4.00% 2019 | 500 | 509 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (City of Hope), Series 2012-A, 5.00% 2019 | 300 | 314 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2014-A, 5.00% 2019 | 525 | 549 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-A, 5.00% 2022 | 300 | 337 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-B-1, 1.25% 2036 (put 2020) | 1,025 | 1,007 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 2022 | 200 | 225 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-C, 1.00% 2053 (put 2019) | 110 | 109 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2023 | 1,000 | 1,150 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Adventist Health System/West), Series 2016-A, 4.00% 2022 | 330 | 351 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2011-A, 5.00% 2020 | 695 | 733 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Memorial Health Services), Series 2012-A, 5.00% 2018 | 500 | 507 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Paradise Valley Estates Project), Series 2013, 5.00% 2019 | 500 | 511 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-D, 1.70% 2033 (put 2022) | 510 | 498 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2013-D, 5.00% 2043 (put 2020) | 500 | 536 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2021 | 500 | 551 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2022 | 500 | 563 | ||||||
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2018 | 1,000 | 1,008 | ||||||
Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2011-C, 5.00% 2018 (escrowed to maturity) | 425 | 432 | ||||||
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2021 | 235 | 256 |
40 | Private Client Services Funds |
Capital Group California Short-Term Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2022 | $ | 265 | $ | 296 | ||||
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2011-A-4, (3-month USD-LIBOR x 0.70 + 0.37%) 1.986% 2038 (put 2020)1 | 1,500 | 1,501 | ||||||
City of Irvine, Reassessment Dist. No. 15-1, Limited Obligation Improvement Bonds, 4.00% 2018 | 500 | 504 | ||||||
City of Irvine, Reassessment Dist. No. 15-1, Limited Obligation Improvement Bonds, 4.00% 2019 | 300 | 309 | ||||||
City of Irvine, Reassessment Dist. No. 15-1, Limited Obligation Improvement Bonds, 5.00% 2021 | 500 | 549 | ||||||
County of Kern, Water Agcy., Improvement Dist. No. 4, Water Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2020 | 700 | 730 | ||||||
Kern High School Dist., G.O. Bonds, 2016 Election, Series 2017-A, 4.00% 2021 | 1,500 | 1,599 | ||||||
Kings Canyon Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2022 | 470 | 524 | ||||||
City of La Quinta, Successor Agcy. to the Redev. Agcy., La Quinta Redev. Project Area Nos. 1 and 2, Tax Allocation Ref. Bonds, Series 2014-A, 4.00% 2018 | 500 | 504 | ||||||
Lammersville Joint Unified School Dist., Special Tax Community Facs. Dist. No. 2002, Series 2017, 4.00% 2021 | 525 | 549 | ||||||
City of Long Beach, Harbor Rev. Bonds, Series 2014-C, 3.00% 2018 | 1,425 | 1,435 | ||||||
City of Long Beach, Harbor Rev. Ref. Bonds, Series 2014-B, 4.00% 2018 | 225 | 225 | ||||||
Long Beach Community College Dist., G.O. Bonds, 2016 Election, Series 2016-B, 4.00% 2019 | 300 | 309 | ||||||
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2009-A, 5.00% 2021 | 400 | 413 | ||||||
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2015-C, 5.00% 2021 | 400 | 434 | ||||||
County of Los Angeles, Redev. Ref. Auth., Tax Allocation Rev. Ref. Bonds (Bunker Hill Project), Series 2014-C, Assured Guaranty Municipal insured, 5.00% 2018 | 1,100 | 1,121 | ||||||
County of Los Angeles, Redev. Ref. Auth., Tax Allocation Rev. Ref. Bonds (Bunker Hill Project), Series 2014-C, Assured Guaranty Municipal insured, 5.00% 2018 | 175 | 176 | ||||||
County of Los Angeles, Redev. Ref. Auth., Tax Allocation Rev. Ref. Bonds (Bunker Hill Project), Series 2014-C, Assured Guaranty Municipal insured, 5.00% 2019 | 700 | 734 | ||||||
Los Angeles Unified School Dist., 2004 Election, G.O. Bonds, Series 2009-I, 5.00% 2018 | 500 | 503 | ||||||
Mammoth Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1998 Election, Series 2000, AMBAC insured, 0% 2023 | 1,000 | 881 | ||||||
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM insured, 4.00% 2022 | 250 | 268 | ||||||
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 4.00% 2019 | 600 | 619 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2017-B, 5.00% 2021 | 1,000 | 1,098 | ||||||
City of Modesto, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016, 5.00% 2022 | 250 | 281 | ||||||
Montebello Unified School Dist., Rev. Bonds, Series 2016-A, 4.00% 2019 | 250 | 256 | ||||||
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2021 | 385 | 423 | ||||||
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2023 | 500 | 572 | ||||||
Port of Oakland, Rev. Ref. Bonds, Series 2017-E, 5.00% 2020 | 1,000 | 1,075 | ||||||
City of Orange, Community Facs. Dist. No. 91-2 (Serrano Heights Public Improvements), Special Tax Ref. Bonds, Series 2013, 4.00% 2018 | 300 | 303 | ||||||
City of Orange, Successor Agcy. to the Redev. Agcy., Rev. Ref. Bonds (Orange Merged and Amended Redev. Project Area), Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2018 | 375 | 379 | ||||||
City of Orange, Successor Agcy. to the Redev. Agcy., Rev. Ref. Bonds (Orange Merged and Amended Redev. Project Area), Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2019 | 200 | 208 | ||||||
City of Oxnard, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2021 | 350 | 381 | ||||||
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-A, 4.00% 2020 | 1,235 | 1,290 | ||||||
Public Works Board, Lease Rev. Bonds (Dept. of Corrections and Rehabilitation), Series 2011-C, 5.00% 2021 | 720 | 789 |
Private Client Services Funds | 41 |
Capital Group California Short-Term Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
Public Works Board, Lease Rev. Bonds (Dept. of Corrections, Various State Prisons), Series 2014-A, 5.00% 2018 | $ | 250 | $ | 253 | ||||
Public Works Board, Lease Rev. Bonds (Judicial Council of California, Various Judicial Council Projects), Series 2013-A, 4.00% 2019 | 500 | 510 | ||||||
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2014-E, 5.00% 2022 | 500 | 558 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Coalinga State Hospital Project), Series 2013-E, 5.00% 2023 | 1,000 | 1,130 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Coalinga State Hospital), Series 2013-E, 4.00% 2018 | 425 | 426 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, Various State Prisons), Series 2014-G, 5.00% 2021 | 1,000 | 1,077 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, Various State Prisons), Series 2015-A, 5.00% 2023 | 1,860 | 2,102 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2014-H, 5.00% 2020 | 1,000 | 1,076 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-C, 5.00% 2021 | 1,000 | 1,098 | ||||||
City of Rancho Cucamonga, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Rancho Redev. Project Area), Series 2014, Assured Guaranty Municipal insured, 5.00% 2019 | 630 | 657 | ||||||
City of Rancho Mirage, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Ref. Bonds, Series 2013-A, 5.00% 2021 | 1,000 | 1,085 | ||||||
City of Rancho Santa Fe, Community Services Dist., Rev. Bonds, Series 2016-A, BAM insured, 3.00% 2019 | 505 | 512 | ||||||
City of Redding, Electric System Rev. Ref. Bonds, Series 2017, 5.00% 2021 | 800 | 874 | ||||||
City of Riverside, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, 5.00% 2019 | 850 | 887 | ||||||
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Bonds (Project Area No. 1, Desert Communities and Interstate 215 Corridor Projects), Series 2014-D, Assured Guaranty Municipal insured, 5.00% 2019 | 275 | 287 | ||||||
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Bonds (Project Area No. 1, Desert Communities and Interstate 215 Corridor Projects), Series 2015-A, 5.00% 2019 | 110 | 115 | ||||||
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Interstate 215 Corridor Project), Series 2014-E, Assured Guaranty Municipal insured, 5.00% 2019 | 100 | 104 | ||||||
County of Riverside, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Jurupa Valley Redev. Project Area), Series 2015-B, Assured Guaranty Municipal insured, 4.00% 2018 | 500 | 505 | ||||||
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2021 | 285 | 312 | ||||||
City of Roseville, Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2016, 4.00% 2021 | 450 | 477 | ||||||
City of Roseville, Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2016, 4.00% 2022 | 620 | 665 | ||||||
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-B, 5.00% 2021 | 1,000 | 1,094 | ||||||
City of San Diego, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016-A, 5.00% 2021 | 365 | 401 | ||||||
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2010-A, 5.00% 2018 | 100 | 101 | ||||||
San Diego Unified School Dist., G.O. Bonds, 2008 Election, Series 2017-K-1, 5.00% 2019 | 500 | 519 | ||||||
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2009-D, 4.00% 2023 | 400 | 436 | ||||||
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2010-D, 5.00% 2018 | 500 | 500 | ||||||
City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Special Tax Rev. Ref. Bonds (San Francisco Redev. Projects), Series 2014-C, 5.00% 2022 | 250 | 280 | ||||||
City and County of San Francisco,, Successor Agcy. to the Redev. Agcy., Special Tax Rev. Ref. Bonds (San Francisco Redev. Projects), Series 2014-C, 5.00% 2020 | 500 | 535 | ||||||
San Jose Unified School Dist., G.O. Ref. Bonds, 4.00% 2018 | 300 | 302 | ||||||
San Jose Unified School Dist., G.O. Ref. Bonds, 4.00% 2019 | 475 | 489 |
42 | Private Client Services Funds |
Capital Group California Short-Term Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
San Leandro Unified School Dist., G.O. Bonds, Series 2017-A, BAM insured, 5.00% 2020 | $ | 700 | $ | 748 | ||||
City of San Ramon, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM insured, 5.00% 2021 | 340 | 367 | ||||||
Southern California Public Power Auth., Rev. Bonds (Mead-Adelanto Project), Series 2012-A, 5.00% 2019 | 600 | 623 | ||||||
Southern California Public Power Auth., Rev. Bonds (Milford Wind Corridor Phase II Project), Series 2011-1, 5.00% 2018 | 200 | 201 | ||||||
Southwestern Community College Dist., G.O. Rev. Ref. Bonds (2019 Crossover), Series 2016-A, 3.00% 2021 | 200 | 207 | ||||||
Southwestern Community College Dist., G.O. Rev. Ref. Bonds (2019 Crossover), Series 2016-B, 4.00% 2022 | 310 | 335 | ||||||
Statewide Communities Dev. Auth., Insured Rev. Bonds (Redwoods, a Community of Seniors), Series 2013, 4.00% 2019 | 160 | 166 | ||||||
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Company), Series 2006-A, 1.90% 2028 | 500 | 496 | ||||||
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Company), Series 2006-D, 2.625% 2033 (put 2023) | 1,100 | 1,098 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2007-B, Assured Guaranty insured, 5.00% 2037 (preref. 2018) | 1,000 | 1,002 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Buck Institute for Research on Aging), Series 2014, Assured Guaranty Municipal insured, 5.00% 2019 | 380 | 399 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Hebrew Home for Aged Disabled), Series 2016, 3.50% 2021 | 250 | 256 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 5.00% 2022 | 700 | 776 | ||||||
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Huntington Memorial Hospital), Series 2014-B, 5.00% 2020 | 1,225 | 1,304 | ||||||
City of Richmond, Successor Agcy. to the Redev. Agcy., Rev. Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2019 | 525 | 547 | ||||||
City of Suisun, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-B, BAM insured, 5.00% 2019 | 675 | 706 | ||||||
City of Suisun, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-B, BAM insured, 5.00% 2021 | 500 | 549 | ||||||
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2021 | 380 | 416 | ||||||
Temecula Valley Unified School Dist., Fncg. Auth. Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2021 | 515 | 562 | ||||||
City of Tracy, Successor Agcy. to the Community Dev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2022 | 450 | 502 | ||||||
City of Union City, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-A, 5.00% 2021 | 235 | 258 | ||||||
Regents of the University of California, General Rev. Bonds, Series 2016-AT, 1.40% 2046 (put 2021) | 2,575 | 2,516 | ||||||
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 2045 | 335 | 345 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2017-CQ, 4.00% 2047 | 1,000 | 1,053 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Ref. Bonds, Series 2016-CN, 3.50% 2045 | 835 | 859 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2015-CM, 1.35% 2019 | 775 | 768 | ||||||
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 3.00% 2021 | 200 | 206 | ||||||
City of Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-B-1, Assured Guaranty Municipal insured, 5.00% 2021 | 265 | 290 | ||||||
City of West Sacramento, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (West Sacramento Redev. Project), Series 2016, 4.00% 2019 | 755 | 776 | ||||||
City of Westminster, Successor Agcy. to the Redev. Agcy., Commercial Redev. Project No. 1, Tax Allocation Rev. Ref. Bonds, Series 2016-B, BAM insured, 4.00% 2020 | 180 | 189 | ||||||
City of Westminster, Successor Agcy. to the Redev. Agcy., Commercial Redev. Project No. 1, Tax Allocation Rev. Ref. Bonds, Series 2016-B, BAM insured, 4.00% 2022 | 120 | 129 | ||||||
96,126 |
Private Client Services Funds | 43 |
Capital Group California Short-Term Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Guam 0.27% | ||||||||
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2016, 5.00% 2024 | $ | 300 | $ | 329 | ||||
Louisiana 0.01% | ||||||||
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2011-A, GNMA-FNMA insured, 4.60% 2028 | 15 | 15 | ||||||
Puerto Rico 0.67% | ||||||||
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2018 | 800 | 805 | ||||||
Total bonds, notes & other debt instruments (cost: $98,183,000) | 97,275 | |||||||
Short-term securities 19.42% | ||||||||
State of California, Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A. Inc. Project), Series 2010-A, 1.40% 20351 | 2,300 | 2,300 | ||||||
State of California, Various Purpose G.O. Commercial Paper, Series 2018-A-8, 1.25% 5/3/2018 | 2,000 | 2,000 | ||||||
State of California, Health Facs. Fncg. Auth., Health Fac. Rev. Bonds (Catholic Healthcare West), Series 2005-H, Bank of America LOC, 1.75% 20351 | 3,800 | 3,800 | ||||||
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2, 1.38% 20371 | 3,500 | 3,500 | ||||||
State of California, California Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2005, 1.40% 20251 | 2,000 | 2,000 | ||||||
State of California, Pollution Control Fncg. Auth., Environmental Impact Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 1997-B, 1.38% 20421 | 825 | 825 | ||||||
State of California, Statewide Communities Dev. Auth., Commercial Paper, Series 2008-B, 1.63% 6/2/2018 | 2,000 | 2,000 | ||||||
State of California, Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2003-B, 1.64% 20251 | 1,035 | 1,035 | ||||||
State of California, Regents of the University of California, Commercial Paper, Series 2018-A, 1.23% 5/8/2018 | 2,500 | 2,500 | ||||||
State of California, Dept. of Water Resources, Water Rev. Commercial Paper, Series 2018-2, 1.50% 5/10/2018 | 1,000 | 1,000 | ||||||
State of California, Dept. of Water Resources, Water Rev. Commercial Paper, Series 2018-2, 1.57% 5/14/2018 | 2,000 | 2,000 | ||||||
State of California, Dept. of Water Resources, Water Rev. Commercial Paper, Series 2018-2, 1.62% 5/17/2018 | 400 | 400 | ||||||
Total short-term securities (cost: $23,360,000) | 23,360 | |||||||
Total investment securities 100.29% (cost: $121,543,000) | 120,635 | |||||||
Other assets less liabilities (0.29%) | (349 | ) | ||||||
Net assets 100.00% | $ | 120,286 |
1 | Coupon rate may change periodically. |
Key to abbreviations
Agcy. = Agency
AMT = Alternative Minimum Tax
Auth. = Authority
Certs. of Part. = Certificates of Participation
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
LIBOR = London Interbank Offered Rate
LOC = Letter of Credit
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
TECP = Tax-Exempt Commercial Paper
44 | Private Client Services Funds |
Capital Group Core Bond Fund
Investment portfolio April 30, 2018 | unaudited |
Bonds, notes & other debt instruments 91.70% | Principal amount (000) | Value (000) | ||||||
U.S. Treasury bonds & notes 58.59% | ||||||||
U.S. Treasury 52.37% | ||||||||
U.S. Treasury 0.875% 2018 | $ | 1,715 | $ | 1,706 | ||||
U.S. Treasury 1.25% 2018 | 3,540 | 3,519 | ||||||
U.S. Treasury 1.25% 2018 | 500 | 498 | ||||||
U.S. Treasury 1.50% 2018 | 1,000 | 996 | ||||||
U.S. Treasury 3.75% 2018 | 3,800 | 3,834 | ||||||
U.S. Treasury 3.875% 2018 | 1,000 | 1,001 | ||||||
U.S. Treasury 0.75% 2019 | 1,390 | 1,374 | ||||||
U.S. Treasury 0.875% 2019 | 4,720 | 4,645 | ||||||
U.S. Treasury 1.00% 2019 | 500 | 490 | ||||||
U.S. Treasury 1.125% 2019 | 1,860 | 1,843 | ||||||
U.S. Treasury 1.25% 2019 | 1,900 | 1,883 | ||||||
U.S. Treasury 1.25% 2019 | 500 | 495 | ||||||
U.S. Treasury 1.50% 2019 | 2,750 | 2,727 | ||||||
U.S. Treasury 1.50% 2019 | 1,000 | 987 | ||||||
U.S. Treasury 1.625% 2019 | 1,000 | 991 | ||||||
U.S. Treasury 1.625% 2019 | 500 | 493 | ||||||
U.S. Treasury 1.75% 2019 | 2,000 | 1,982 | ||||||
U.S. Treasury 1.375% 2020 | 10,000 | 9,822 | ||||||
U.S. Treasury 1.375% 2020 | 4,850 | 4,721 | ||||||
U.S. Treasury 1.375% 2020 | 1,000 | 977 | ||||||
U.S. Treasury 1.50% 2020 | 1,809 | 1,775 | ||||||
U.S. Treasury 1.625% 2020 | 2,500 | 2,440 | ||||||
U.S. Treasury 2.00% 2020 | 4,185 | 4,123 | ||||||
U.S. Treasury 1.125% 2021 | 3,010 | 2,870 | ||||||
U.S. Treasury 1.25% 2021 | 2,500 | 2,380 | ||||||
U.S. Treasury 1.25% 2021 | 2,360 | 2,269 | ||||||
U.S. Treasury 1.375% 2021 | 3,420 | 3,291 | ||||||
U.S. Treasury 1.375% 2021 | 3,215 | 3,098 | ||||||
U.S. Treasury 1.75% 2021 | 9,635 | 9,323 | ||||||
U.S. Treasury 1.875% 2021 | 500 | 486 | ||||||
U.S. Treasury 2.00% 2021 | 7,770 | 7,648 | ||||||
U.S. Treasury 2.125% 2021 | 1,000 | 980 | ||||||
U.S. Treasury 3.125% 2021 | 2,000 | 2,028 | ||||||
U.S. Treasury 1.50% 2022 | 1,750 | 1,674 | ||||||
U.S. Treasury 1.75% 2022 | 13,290 | 12,775 | ||||||
U.S. Treasury 1.75% 2022 | 3,890 | 3,745 | ||||||
U.S. Treasury 1.75% 2022 | 2,000 | 1,928 | ||||||
U.S. Treasury 1.875% 2022 | 5,336 | 5,168 | ||||||
U.S. Treasury 1.875% 2022 | 4,170 | 4,014 | ||||||
U.S. Treasury 1.875% 2022 | 3,745 | 3,622 | ||||||
U.S. Treasury 1.875% 2022 | 2,005 | 1,935 | ||||||
U.S. Treasury 2.125% 2022 | 3,000 | 2,928 | ||||||
U.S. Treasury 1.25% 2023 | 1,000 | 924 | ||||||
U.S. Treasury 1.375% 2023 | 1,275 | 1,188 | ||||||
U.S. Treasury 1.375% 2023 | 1,000 | 929 | ||||||
U.S. Treasury 1.625% 2023 | 4,000 | 3,778 | ||||||
U.S. Treasury 1.75% 2023 | 1,000 | 951 | ||||||
U.S. Treasury 2.00% 2023 | 2,000 | 1,931 | ||||||
U.S. Treasury 2.125% 2023 | 3,415 | 3,291 | ||||||
U.S. Treasury 2.25% 2023 | 500 | 485 | ||||||
U.S. Treasury 2.50% 2023 | 1,050 | 1,034 | ||||||
U.S. Treasury 2.75% 2023 | 8,092 | 8,078 | ||||||
U.S. Treasury 2.75% 2023 | 2,250 | 2,241 | ||||||
U.S. Treasury 2.00% 2024 | 5,650 | 5,373 | ||||||
U.S. Treasury 2.00% 2024 | 2,480 | 2,363 | ||||||
U.S. Treasury 2.125% 2024 | 15,000 | 14,338 | ||||||
U.S. Treasury 2.125% 2024 | 11,000 | 10,574 | ||||||
U.S. Treasury 2.125% 2024 | 4,200 | 4,034 | ||||||
U.S. Treasury 2.25% 2024 | 7,135 | 6,868 | ||||||
U.S. Treasury 2.25% 2024 | 1,820 | 1,763 | ||||||
U.S. Treasury 2.75% 2024 | 5,000 | 4,974 |
Private Client Services Funds | 45 |
Capital Group Core Bond Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. Treasury bonds & notes (continued) | ||||||||
U.S. Treasury (continued) | ||||||||
U.S. Treasury 2.00% 2025 | $ | 2,000 | $ | 1,890 | ||||
U.S. Treasury 2.00% 2025 | 2,000 | 1,880 | ||||||
U.S. Treasury 2.75% 2025 | 10,000 | 9,912 | ||||||
U.S. Treasury 2.875% 2025 | 4,470 | 4,464 | ||||||
U.S. Treasury 7.625% 2025 | 750 | 969 | ||||||
U.S. Treasury 1.625% 2026 | 3,000 | 2,728 | ||||||
U.S. Treasury 2.25% 2027 | 8,420 | 7,967 | ||||||
U.S. Treasury 2.25% 2027 | 2,200 | 2,076 | ||||||
U.S. Treasury 2.75% 2028 | 2,270 | 2,232 | ||||||
234,719 | ||||||||
U.S. Treasury inflation-protected securities 6.22% | ||||||||
U.S. Treasury Inflation-Protected Security 0.125% 20201 | 1,722 | 1,708 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20211 | 6,539 | 6,449 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20221 | 5,374 | 5,265 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 20231 | 535 | 529 | ||||||
U.S. Treasury Inflation-Protected Security 0.25% 20251 | 3,516 | 3,410 | ||||||
U.S. Treasury Inflation-Protected Security 2.00% 20261 | 627 | 687 | ||||||
U.S. Treasury Inflation-Protected Security 0.50% 20281 | 11,883 | 9,838 | ||||||
27,886 | ||||||||
Total U.S. Treasury bonds & notes | 262,605 | |||||||
Corporate bonds & notes 19.30% | ||||||||
Financials 4.12% | ||||||||
ACE INA Holdings Inc. 2.30% 2020 | 285 | 280 | ||||||
ACE INA Holdings Inc. 2.875% 2022 | 150 | 147 | ||||||
ACE INA Holdings Inc. 3.35% 2026 | 45 | 44 | ||||||
ACE INA Holdings Inc. 4.35% 2045 | 50 | 52 | ||||||
Allstate Corp. 3.28% 2026 | 175 | 169 | ||||||
American Express Co. (3-month USD-LIBOR + 0.59%) 2.494% 20182 | 500 | 500 | ||||||
American Express Co. 2.20% 2020 | 750 | 734 | ||||||
American International Group, Inc. 2.30% 2019 | 190 | 188 | ||||||
American International Group, Inc. 4.20% 2028 | 750 | 745 | ||||||
Bank of America Corp. 2.625% 2020 | 735 | 726 | ||||||
Bank of America Corp. 3.419% 20283 | 458 | 430 | ||||||
Bank of America Corp. 3.97% 2029 | 750 | 737 | ||||||
Bank of New York Mellon Corp. 2.10% 2019 | 500 | 499 | ||||||
BB&T Corp. 2.05% 2018 | 500 | 500 | ||||||
BB&T Corp. 2.625% 2020 | 385 | 382 | ||||||
Berkshire Hathaway Inc. 2.00% 2018 | 750 | 750 | ||||||
Citigroup Inc. 2.35% 2021 | 1,005 | 975 | ||||||
Citigroup Inc. 4.45% 2027 | 400 | 397 | ||||||
Credit Suisse Group AG 3.80% 2023 | 500 | 498 | ||||||
Goldman Sachs Group, Inc. 1.95% 2019 | 500 | 494 | ||||||
Goldman Sachs Group, Inc. 3.00% 2022 | 365 | 357 | ||||||
Goldman Sachs Group, Inc. 3.20% 2023 | 435 | 426 | ||||||
Goldman Sachs Group, Inc. 3.814% 2029 | 500 | 477 | ||||||
Goldman Sachs Group, Inc. 4.223% 2029 | 445 | 441 | ||||||
Goldman Sachs Group, Inc. 4.75% 2045 | 175 | 178 | ||||||
HSBC Holdings PLC 2.65% 2022 | 660 | 641 | ||||||
JPMorgan Chase & Co. 3.20% 2023 | 125 | 123 | ||||||
JPMorgan Chase & Co. 3.559% 2024 | 325 | 323 | ||||||
JPMorgan Chase & Co. 3.509% 2029 | 1,145 | 1,085 | ||||||
Lloyds Banking Group PLC 4.375% 2028 | 200 | 199 | ||||||
Morgan Stanley 2.50% 2021 | 500 | 489 | ||||||
New York Life Global Funding 1.70% 20213 | 750 | 715 | ||||||
PNC Bank 1.45% 2019 | 690 | 679 | ||||||
PNC Bank 2.55% 2021 | 350 | 341 | ||||||
Prudential Financial (3-month USD-LIBOR + 0.78%) 2.619% 20182 | 595 | 596 | ||||||
Rabobank Nederland 2.75% 2022 | 400 | 391 |
46 | Private Client Services Funds |
Capital Group Core Bond Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
UniCredit SPA 3.75% 20223 | $ | 500 | $ | 496 | ||||
Wells Fargo & Co. 2.10% 2021 | 500 | 481 | ||||||
Wells Fargo & Co. 2.625% 2022 | 805 | 774 | ||||||
18,459 | ||||||||
Health care 2.73% | ||||||||
Abbott Laboratories 2.35% 2019 | 271 | 269 | ||||||
Abbott Laboratories 2.90% 2021 | 190 | 188 | ||||||
Abbott Laboratories 3.40% 2023 | 140 | 138 | ||||||
Abbott Laboratories 3.75% 2026 | 515 | 508 | ||||||
AbbVie Inc. 2.50% 2020 | 1,060 | 1,048 | ||||||
AbbVie Inc. 2.30% 2021 | 340 | 330 | ||||||
AbbVie Inc. 3.20% 2022 | 415 | 408 | ||||||
AbbVie Inc. 2.85% 2023 | 85 | 82 | ||||||
AbbVie Inc. 3.60% 2025 | 150 | 146 | ||||||
Aetna Inc. 1.70% 2018 | 220 | 220 | ||||||
Aetna Inc. 2.80% 2023 | 55 | 52 | ||||||
Allergan PLC 3.00% 2020 | 485 | 482 | ||||||
Allergan PLC 3.45% 2022 | 490 | 482 | ||||||
Amgen Inc. 1.85% 2021 | 195 | 187 | ||||||
Amgen Inc. 2.25% 2023 | 260 | 243 | ||||||
Amgen Inc. 2.60% 2026 | 335 | 302 | ||||||
AstraZeneca PLC 3.375% 2025 | 445 | 433 | ||||||
Becton, Dickinson and Co. 3.734% 2024 | 61 | 60 | ||||||
Johnson & Johnson 2.45% 2026 | 320 | 297 | ||||||
Johnson & Johnson 2.95% 2027 | 455 | 436 | ||||||
Medtronic, Inc. 3.35% 2027 | 555 | 540 | ||||||
Novartis AG 5.125% 2019 | 300 | 306 | ||||||
Pfizer Inc. (3-month USD-LIBOR + 0.30%) 2.425% 20182 | 500 | 500 | ||||||
Shire PLC 1.90% 2019 | 350 | 344 | ||||||
Shire PLC 2.40% 2021 | 195 | 187 | ||||||
Shire PLC 2.875% 2023 | 120 | 113 | ||||||
Shire PLC 3.20% 2026 | 615 | 563 | ||||||
Teva Pharmaceutical Finance Company BV 1.70% 2019 | 165 | 160 | ||||||
Teva Pharmaceutical Finance Company BV 2.20% 2021 | 835 | 754 | ||||||
Teva Pharmaceutical Finance Company BV 2.80% 2023 | 190 | 159 | ||||||
Teva Pharmaceutical Finance Company BV 3.15% 2026 | 450 | 359 | ||||||
UnitedHealth Group Inc. 3.35% 2022 | 380 | 381 | ||||||
UnitedHealth Group Inc. 3.75% 2025 | 460 | 460 | ||||||
WellPoint, Inc. 2.30% 2018 | 295 | 295 | ||||||
WellPoint, Inc. 4.35% 2020 | 300 | 308 | ||||||
Zimmer Holdings, Inc. 3.15% 2022 | 485 | 476 | ||||||
12,216 | ||||||||
Consumer discretionary 2.53% | ||||||||
21st Century Fox America, Inc. 3.70% 2025 | 205 | 204 | ||||||
Amazon.com, Inc. 2.40% 20233 | 500 | 479 | ||||||
Amazon.com, Inc. 2.80% 20243 | 500 | 481 | ||||||
American Honda Finance Corp. 2.65% 2021 | 645 | 639 | ||||||
American Honda Finance Corp. 2.30% 2026 | 80 | 73 | ||||||
American Honda Finance Corp. 3.50% 2028 | 325 | 321 | ||||||
Bayerische Motoren Werke AG 1.45% 20193 | 340 | 334 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.464% 2022 | 325 | 332 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.908% 2025 | 165 | 168 | ||||||
Comcast Corp. 2.35% 2027 | 435 | 385 | ||||||
DaimlerChrysler North America Holding Corp. (3-month USD-LIBOR + 0.86%) 2.633% 20182,3 | 350 | 351 | ||||||
DaimlerChrysler North America Holding Corp. 3.30% 20253 | 250 | 241 | ||||||
Ford Motor Credit Co. 3.157% 2020 | 550 | 548 | ||||||
Ford Motor Credit Co. 3.219% 2022 | 205 | 201 | ||||||
General Motors Co. 4.00% 2025 | 145 | 141 | ||||||
General Motors Co. 4.35% 2025 | 200 | 198 |
Private Client Services Funds | 47 |
Capital Group Core Bond Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes (continued) | ||||||||
Consumer discretionary (continued) | ||||||||
General Motors Financial Co. 3.10% 2019 | $ | 975 | $ | 977 | ||||
General Motors Financial Co. 3.70% 2020 | 320 | 322 | ||||||
General Motors Financial Co. 4.00% 2026 | 175 | 168 | ||||||
Home Depot, Inc. 1.80% 2020 | 480 | 471 | ||||||
Home Depot, Inc. 4.40% 2021 | 350 | 363 | ||||||
McDonald’s Corp. 3.70% 2026 | 135 | 135 | ||||||
McDonald’s Corp. 3.50% 2027 | 460 | 449 | ||||||
NBCUniversal Media, LLC 5.15% 2020 | 350 | 365 | ||||||
Newell Rubbermaid Inc. 3.15% 2021 | 355 | 351 | ||||||
Newell Rubbermaid Inc. 3.85% 2023 | 340 | 337 | ||||||
Newell Rubbermaid Inc. 4.20% 2026 | 195 | 191 | ||||||
NIKE, Inc. 2.375% 2026 | 615 | 562 | ||||||
Starbucks Corp. 2.00% 2018 | 200 | 199 | ||||||
Starbucks Corp. 2.10% 2021 | 235 | 230 | ||||||
Starbucks Corp. 3.10% 2023 | 677 | 671 | ||||||
Time Warner Inc. 3.80% 2027 | 150 | 145 | ||||||
Walt Disney Co. 5.50% 2019 | 300 | 308 | ||||||
11,340 | ||||||||
Utilities 2.32% | ||||||||
Dominion Resources, Inc. 1.875% 20183 | 685 | 681 | ||||||
Duke Energy Carolinas, Inc. 3.05% 2023 | 510 | 507 | ||||||
Duke Energy Corp. 2.65% 2026 | 660 | 598 | ||||||
Eversource Energy 2.75% 2022 | 750 | 731 | ||||||
Exelon Corp. 3.40% 2026 | 65 | 62 | ||||||
FirstEnergy Corp., Series B, 4.25% 2023 | 1,930 | 1,962 | ||||||
National Rural Utilities Cooperative Finance Corp. 2.90% 2021 | 870 | 863 | ||||||
Pacific Gas and Electric Co. 2.45% 2022 | 300 | 286 | ||||||
Pacific Gas and Electric Co. 3.30% 2027 | 505 | 473 | ||||||
Pacific Gas and Electric Co. 3.30% 20273 | 225 | 210 | ||||||
PacifiCorp., First Mortgage Bonds, 5.65% 2018 | 795 | 800 | ||||||
Progress Energy, Inc. 7.05% 2019 | 955 | 990 | ||||||
Public Service Enterprise Group Inc. 1.90% 2021 | 270 | 261 | ||||||
Public Service Enterprise Group Inc. 2.25% 2026 | 520 | 467 | ||||||
Tampa Electric Co. 2.60% 2022 | 350 | 336 | ||||||
Virginia Electric and Power Co. 3.10% 2025 | 1,040 | 999 | ||||||
Xcel Energy Inc. 3.30% 2025 | 190 | 185 | ||||||
10,411 | ||||||||
Consumer staples 2.24% | ||||||||
Altria Group, Inc. 2.85% 2022 | 250 | 244 | ||||||
Altria Group, Inc. 2.95% 2023 | 200 | 194 | ||||||
Altria Group, Inc. 4.00% 2024 | 430 | 435 | ||||||
Anheuser-Busch InBev NV 2.65% 2021 | 340 | 336 | ||||||
Anheuser-Busch InBev NV 3.65% 2026 | 735 | 719 | ||||||
Constellation Brands, Inc. 3.20% 2023 | 386 | 378 | ||||||
Costco Wholesale Corp. 2.30% 2022 | 285 | 276 | ||||||
Costco Wholesale Corp. 2.75% 2024 | 285 | 276 | ||||||
CVS Health Corp. 4.30% 2028 | 995 | 983 | ||||||
General Mills, Inc. (3-month USD-LIBOR + 0.54%) 2.893% 20212 | 960 | 964 | ||||||
General Mills, Inc. 3.20% 2021 | 285 | 285 | ||||||
Kroger Co. 2.00% 2019 | 410 | 408 | ||||||
Molson Coors Brewing Co. 1.45% 2019 | 80 | 78 | ||||||
Molson Coors Brewing Co. 2.10% 2021 | 90 | 86 | ||||||
Molson Coors Brewing Co. 3.00% 2026 | 245 | 225 | ||||||
PepsiCo, Inc. 1.70% 2021 | 420 | 402 | ||||||
PepsiCo, Inc. 2.00% 2021 | 710 | 692 | ||||||
Philip Morris International Inc. 1.875% 2021 | 165 | 159 | ||||||
Philip Morris International Inc. 2.125% 2023 | 415 | 387 | ||||||
Philip Morris International Inc. 2.75% 2026 | 225 | 209 |
48 | Private Client Services Funds |
Capital Group Core Bond Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Reynolds American Inc. 4.00% 2022 | $ | 70 | $ | 71 | ||||
Reynolds American Inc. 4.45% 2025 | 945 | 958 | ||||||
Reynolds American Inc. 5.70% 2035 | 310 | 342 | ||||||
Reynolds American Inc. 5.85% 2045 | 220 | 248 | ||||||
Wal-Mart Stores, Inc. 2.35% 2022 | 715 | 692 | ||||||
10,047 | ||||||||
Energy 2.07% | ||||||||
Anadarko Petroleum Corp. 4.85% 2021 | 70 | 73 | ||||||
Anadarko Petroleum Corp. 5.55% 2026 | 145 | 156 | ||||||
Boardwalk Pipeline Partners, LP 4.95% 2024 | 460 | �� | 470 | |||||
Cenovus Energy Inc. 4.25% 2027 | 170 | 164 | ||||||
ConocoPhillips 4.95% 2026 | 235 | 253 | ||||||
Enbridge Energy Partners, LP 5.875% 2025 | 230 | 251 | ||||||
Energy Transfer Partners, LP 4.20% 2027 | 185 | 177 | ||||||
EnLink Midstream Partners, LP 4.40% 2024 | 230 | 228 | ||||||
Exxon Mobil Corp. (3-month USD-LIBOR + 0.15%) 2.275% 20192 | 1,115 | 1,116 | ||||||
Husky Energy Inc. 7.25% 2019 | 250 | 266 | ||||||
Kinder Morgan 3.15% 2023 | 495 | 479 | ||||||
Kinder Morgan, Inc. 4.30% 2028 | 1,010 | 984 | ||||||
MPLX LP 3.375% 2023 | 75 | 74 | ||||||
MPLX LP 4.00% 2028 | 350 | 337 | ||||||
Petróleos Mexicanos 5.375% 2022 | 175 | 181 | ||||||
Petróleos Mexicanos 4.625% 2023 | 1,000 | 989 | ||||||
Petróleos Mexicanos 6.375% 2021 | 300 | 317 | ||||||
Petróleos Mexicanos 6.50% 2027 | 200 | 207 | ||||||
Phillips 66 Partners LP 4.30% 2022 | 290 | 300 | ||||||
Phillips 66 Partners LP 3.55% 2026 | 105 | 99 | ||||||
Royal Dutch Shell PLC 1.75% 2021 | 435 | 417 | ||||||
Schlumberger BV 3.00% 20203 | 125 | 124 | ||||||
Schlumberger BV 4.00% 20253 | 165 | 165 | ||||||
Spectra Energy Partners, LP 2.95% 2018 | 505 | 506 | ||||||
Statoil ASA 3.25% 2024 | 85 | 84 | ||||||
TC PipeLines, LP 4.375% 2025 | 430 | 430 | ||||||
Total Capital International 2.875% 2022 | 230 | 228 | ||||||
Woodside Finance Ltd. 4.60% 20213 | 185 | 190 | ||||||
9,265 | ||||||||
Information technology 1.18% | ||||||||
Alphabet Inc. 1.998% 2026 | 465 | 416 | ||||||
Analog Devices, Inc. 2.50% 2021 | 185 | 179 | ||||||
Analog Devices, Inc. 3.50% 2026 | 170 | 163 | ||||||
Apple Inc. 1.80% 2020 | 475 | 466 | ||||||
Apple Inc. 1.55% 2021 | 575 | 550 | ||||||
Apple Inc. 2.50% 2022 | 190 | 186 | ||||||
Broadcom Ltd. 2.375% 2020 | 270 | 266 | ||||||
Broadcom Ltd. 3.00% 2022 | 730 | 712 | ||||||
Broadcom Ltd. 3.625% 2024 | 270 | 263 | ||||||
Broadcom Ltd. 3.875% 2027 | 1,125 | 1,075 | ||||||
Cisco Systems, Inc. 2.20% 2023 | 520 | 493 | ||||||
Oracle Corp. 2.375% 2019 | 500 | 500 | ||||||
5,269 | ||||||||
Real estate 0.87% | ||||||||
Alexandria Real Estate Equities, Inc. 3.95% 2028 | 60 | 58 | ||||||
American Campus Communities, Inc. 3.75% 2023 | 300 | 299 | ||||||
American Campus Communities, Inc. 4.125% 2024 | 415 | 412 | ||||||
Corporate Office Properties LP 5.25% 2024 | 235 | 245 | ||||||
DCT Industrial Trust Inc. 4.50% 2023 | 500 | 516 | ||||||
ERP Operating LP 4.625% 2021 | 215 | 223 | ||||||
Essex Portfolio LP 3.50% 2025 | 490 | 475 | ||||||
Kimco Realty Corp. 3.40% 2022 | 35 | 34 |
Private Client Services Funds | 49 |
Capital Group Core Bond Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes (continued) | ||||||||
Real estate (continued) | ||||||||
Scentre Group 2.375% 20193 | $ | 100 | $ | 99 | ||||
Scentre Group 3.50% 20253 | 250 | 243 | ||||||
Simon Property Group, LP 2.50% 2021 | 460 | 448 | ||||||
WEA Finance LLC 2.70% 20193 | 475 | 472 | ||||||
WEA Finance LLC 3.25% 20203 | 355 | 354 | ||||||
3,878 | ||||||||
Industrials 0.63% | ||||||||
Airbus Group SE 2.70% 20233 | 85 | 83 | ||||||
Boeing Co. 0.95% 2018 | 350 | 350 | ||||||
Canadian National Railway Co. 5.55% 2018 | 50 | 50 | ||||||
General Electric Co. 2.70% 2022 | 300 | 290 | ||||||
Lockheed Martin Corp. 3.10% 2023 | 95 | 94 | ||||||
Lockheed Martin Corp. 3.55% 2026 | 270 | 266 | ||||||
Northrop Grumman Corp. 2.55% 2022 | 425 | 410 | ||||||
Republic Services, Inc. 5.00% 2020 | 350 | 362 | ||||||
Rockwell Collins, Inc. 2.80% 2022 | 375 | 364 | ||||||
Rockwell Collins, Inc. 3.20% 2024 | 275 | 264 | ||||||
Waste Management, Inc. 4.60% 2021 | 300 | 311 | ||||||
2,844 | ||||||||
Telecommunication services 0.47% | ||||||||
Deutsche Telekom International Finance BV 2.82% 20223 | 405 | 396 | ||||||
Verizon Communications Inc. 1.75% 2021 | 45 | 43 | ||||||
Verizon Communications Inc. 3.125% 2022 | 275 | 272 | ||||||
Verizon Communications Inc. 4.125% 2027 | 188 | 188 | ||||||
Verizon Communications Inc. 4.50% 2033 | 1,000 | 983 | ||||||
Verizon Communications Inc. 4.40% 2034 | 250 | 242 | ||||||
2,124 | ||||||||
Materials 0.14% | ||||||||
Sherwin-Williams Co. 2.75% 2022 | 165 | 160 | ||||||
Sherwin-Williams Co. 3.125% 2024 | 70 | 67 | ||||||
Sherwin-Williams Co. 3.45% 2027 | 175 | 166 | ||||||
Vale SA 6.25% 2026 | 225 | 249 | ||||||
642 | ||||||||
Total corporate bonds & notes | 86,495 | |||||||
Mortgage-backed obligations 6.82% | ||||||||
Federal agency mortgage-backed obligations 6.67% | ||||||||
Fannie Mae 4.50% 20194 | 8 | 8 | ||||||
Fannie Mae 4.50% 20204 | 67 | 68 | ||||||
Fannie Mae 3.50% 20254 | 1,786 | 1,809 | ||||||
Fannie Mae 5.50% 20384 | 345 | 377 | ||||||
Fannie Mae 5.00% 20414 | 676 | 727 | ||||||
Fannie Mae 5.00% 20414 | 152 | 163 | ||||||
Fannie Mae 3.50% 20474 | 4,042 | 4,018 | ||||||
Fannie Mae, Series 2007-33, Class HE, 5.50% 20374 | 7 | 8 | ||||||
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 20272,4 | 445 | 429 | ||||||
Freddie Mac 3.50% 20454 | 2,226 | 2,223 | ||||||
Freddie Mac 3.50% 20484,5 | 1,490 | 1,477 | ||||||
Freddie Mac, Series 3272, Class PA, 6.00% 20374 | 22 | 24 | ||||||
Freddie Mac, Series K013, Class A2, Multi Family, 3.974% 20214 | 544 | 557 | ||||||
Freddie Mac, Series K020, Class A2, Multi Family, 2.373% 20224 | 250 | 244 | ||||||
Freddie Mac, Series K718, Class A2, Multi Family, 2.791% 20224 | 1,320 | 1,309 | ||||||
Freddie Mac, Series K057, Class A2, Multi Family, 2.57% 20264 | 1,010 | 956 | ||||||
Freddie Mac, Series K070, Class A2, Multi Family, 3.303% 20274 | 255 | 252 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 2.25% 20562,4 | 719 | 700 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 2.25% 20564 | 503 | 490 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20564 | 466 | 455 |
50 | Private Client Services Funds |
Capital Group Core Bond Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 2.25% 20574 | $ | 284 | $ | 271 | ||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20574 | 289 | 284 | ||||||
Government National Mortgage Assn. 4.50% 20404 | 58 | 61 | ||||||
Government National Mortgage Assn. 4.00% 20484,5 | 7,570 | 7,717 | ||||||
Government National Mortgage Assn. 4.50% 20484,5 | 4,270 | 4,423 | ||||||
Government National Mortgage Assn. 5.637% 20594 | 4 | 4 | ||||||
Government National Mortgage Assn. 4.982% 20644 | 93 | 95 | ||||||
Government National Mortgage Assn. 6.64% 20644 | 248 | 257 | ||||||
Government National Mortgage Assn., Series 2012-H20, Class PT, 2.655% 20622,4 | 493 | 497 | ||||||
29,903 | ||||||||
Collateralized mortgage-backed (privately originated) 0.15% | ||||||||
Connecticut Avenue Securities, Series 2014-C02, Class 1M1, (1-month USD-LIBOR + 0.95%) 2.847% 20242,4 | 17 | 17 | ||||||
Finance of America Structured Securities Trust, Series 2017-HB1, Class A, 2.321% 20272,3,4,6 | 289 | 288 | ||||||
Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75% 20562,3,4 | 387 | 382 | ||||||
687 | ||||||||
Total mortgage-backed obligations | 30,590 | |||||||
Asset-backed obligations 3.32% | ||||||||
Aesop Funding II LLC, Series 2013-1A, Class A, 1.92% 20193,4 | 833 | 832 | ||||||
Aesop Funding LLC, Series 2013-2A, Class A, 2.97% 20203,4 | 1,340 | 1,341 | ||||||
Aesop Funding LLC, Series 2014-2A, Class A, 2.50% 20213,4 | 770 | 763 | ||||||
California Republic Auto Receivables Trust, Series 2015-1, Class A4, 1.82% 20204 | 406 | 405 | ||||||
California Republic Auto Receivables Trust, Series 2015-1, Class B, 2.51% 20214 | 270 | 268 | ||||||
Capital One Multi-Asset Execution Trust, Series 2015-A5, Class A5, 1.60% 20214 | 580 | 579 | ||||||
Chase Issuance Trust, Series 2013-A7, Class A, (1-month USD-LIBOR + 0.43%) 2.327% 20202,4 | 480 | 481 | ||||||
Citi Held For Issuance, Series 2015-PM3, Class B, 4.31% 20223,4 | 60 | 60 | ||||||
CPS Auto Receivables Trust, Series 2016-B, Class A, 2.07% 20193,4 | 10 | 10 | ||||||
CPS Auto Receivables Trust, Series 2016-A, Class B, 3.34% 20203,4 | 733 | 734 | ||||||
Drive Auto Receivables Trust, Series 2015-BA, Class C, 2.76% 20213,4 | 136 | 137 | ||||||
Drive Auto Receivables Trust, Series 2016-BA, Class C, 3.19% 20223,4 | 423 | 423 | ||||||
Drivetime Auto Owner Trust, Series 2016-3A, Class C, 3.15% 20223,4 | 425 | 425 | ||||||
Enterprise Fleet Financing LLC, Series 2017-1, Class A2, 2.13% 20223,4 | 689 | 686 | ||||||
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 20313,4 | 2,365 | 2,325 | ||||||
Ford Credit Floorplan Master Owner Trust, Series 2016-3, Class A1, 1.55% 20214 | 210 | 207 | ||||||
Global SC Finance II SRL, Series 2014-1A, Class A1, 3.19% 20293,4 | 480 | 472 | ||||||
Global SC Finance II SRL, Series 2017-1A, Class A, 3.85% 20373,4 | 455 | 453 | ||||||
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2013-1A, Class A2, 1.83% 20193,4 | 867 | 865 | ||||||
Santander Drive Auto Receivables Trust, Series 2016-2, Class A3, 1.56% 20204 | 15 | 14 | ||||||
Santander Drive Auto Receivables Trust, Series 2016-2, Class C, 2.66% 20214 | 95 | 95 | ||||||
Santander Drive Auto Receivables Trust, Series 2015-3, Class C, 2.74% 20214 | 1,522 | 1,521 | ||||||
Santander Drive Auto Receivables Trust, Series 2016-1, Class C, 3.09% 20224 | 400 | 401 | ||||||
TAL Advantage V LLC, Series 2013-2A, Class A, 3.55% 20383,4 | 293 | 291 | ||||||
TAL Advantage V LLC, Series 2017-1A, Class A, 4.50% 20423,4 | 461 | 471 | ||||||
Verizon Owner Trust, Series 2017-1A, Class A, 2.06% 20213,4 | 610 | 603 | ||||||
14,862 | ||||||||
Federal agency bonds & notes 1.85% | ||||||||
Fannie Mae 1.75% 2019 | 1,710 | 1,694 | ||||||
Fannie Mae 2.375% 2023 | 2,442 | 2,389 | ||||||
Fannie Mae 2.125% 2026 | 400 | 373 | ||||||
Federal Home Loan Bank 1.875% 2020 | 3,015 | 2,979 | ||||||
United States Agency for International Development, Ukraine, 1.844% 2019 | 875 | 869 | ||||||
8,304 |
Private Client Services Funds | 51 |
Capital Group Core Bond Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Municipals 1.21% | ||||||||
Florida 0.46% | ||||||||
Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2013-A, 2.995% 2020 | $ | 2,060 | $ | 2,068 | ||||
California 0.31% | ||||||||
High-Speed Passenger Train G.O. Ref. Bonds, Series 2017-A, 2.367% 2022 | 250 | 244 | ||||||
High-Speed Passenger Train G.O. Ref. Bonds, Series 2017-B, 2.193% 2047 (put 2020) | 320 | 318 | ||||||
Industry Public Facs. Auth., Tax Allocation Rev. Ref. Bonds (Civic - Recreational Project), Series 2015-A, Assured Guaranty Municipal insured, 3.139% 2020 | 805 | 808 | ||||||
New Jersey 0.23% | ||||||||
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2015-YY, 4.447% 2020 | 650 | 664 | ||||||
Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Series 2013-B, 1.758% 2018 | 350 | 348 | ||||||
Illinois 0.21% | ||||||||
G.O. Bonds, Pension Funding Series 2003, 5.10% 20334 | 1,000 | 933 | ||||||
Washington 0.00% | ||||||||
Energy Northwest, Columbia Generating Station Electric Rev. Bonds, Series 2015-B, 2.814% 2024 | 25 | 24 | ||||||
Total municipals | 5,407 | |||||||
Bonds & notes of governments & government agencies outside the U.S. 0.61% | ||||||||
European Investment Bank 2.25% 2022 | 751 | 733 | ||||||
Manitoba (Province of) 3.05% 2024 | 200 | 198 | ||||||
Ontario (Province of) 3.20% 2024 | 500 | 497 | ||||||
Saudi Arabia (Kingdom of) 4.00% 20253 | 430 | 424 | ||||||
Saudi Arabia (Kingdom of) 4.50% 20303 | 445 | 440 | ||||||
United Mexican States 4.15% 2027 | 460 | 454 | ||||||
2,746 | ||||||||
Total bonds, notes & other debt instruments (cost: $420,266,000) | 411,009 | |||||||
Short-term securities 10.95% | ||||||||
Apple Inc. 1.91% due 6/27/20183 | 8,000 | 7,976 | ||||||
Chevron Corp. 1.79% due 5/9/20183 | 9,000 | 8,996 | ||||||
ExxonMobil Corp. 1.84% due 5/7/2018 | 6,000 | 5,998 | ||||||
Federal Home Loan Bank 1.58%–1.70% due 5/1/2018–6/14/2018 | 13,700 | 13,686 | ||||||
United Parcel Service Inc. 1.86% due 5/1/20183 | 12,400 | 12,399 | ||||||
Total short-term securities (cost: $49,056,000) | 49,055 | |||||||
Total investment securities 102.65% (cost: $469,322,000) | 460,064 | |||||||
Other assets less liabilities (2.65%) | (11,875 | ) | ||||||
Net assets 100.00% | $ | 448,189 |
52 | Private Client Services Funds |
Capital Group Core Bond Fund
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount7 (000) | Value at 4/30/20188 (000) | Unrealized appreciation at 4/30/2018 (000) | |||||||||||||
2 Year U.S. Treasury Note Futures | Long | 171 | July 2018 | $ | 34,200 | $ | 36,260 | $ | 2 |
Swap contracts
Interest rate swaps
Receive | Pay | Expiration date | Notional (000) | Value at 4/30/2018 (000) | Upfront payments/ receipts (000) | Unrealized appreciation (depreciation) at 4/30/2018 (000) | |||||||||||||
U.S. EFFR | 2.165% | 4/3/2020 | $ | 14,700 | $ | 46 | $ | — | $ | 46 | |||||||||
2.55% | 3-month USD-LIBOR | 4/3/2020 | 14,700 | (50 | ) | — | (50 | ) | |||||||||||
U.S. EFFR | 2.174% | 4/4/2020 | 18,720 | 55 | — | 55 | |||||||||||||
2.5725% | 3-month USD-LIBOR | 4/4/2020 | 18,720 | (57 | ) | — | (57 | ) | |||||||||||
U.S. EFFR | 2.19% | 4/6/2020 | 12,400 | 33 | — | 33 | |||||||||||||
2.599% | 3-month USD-LIBOR | 4/6/2020 | 12,400 | (31 | ) | — | (31 | ) | |||||||||||
3-month USD-LIBOR | 2.761% | 4/27/2020 | 15,000 | (5 | ) | — | (5 | ) | |||||||||||
3-month USD-LIBOR | 2.75% | 4/30/2020 | 8,000 | (1 | ) | — | (1 | ) | |||||||||||
3-month USD-LIBOR | 2.746% | 5/1/2020 | 11,400 | — | 9 | — | — | 9 | |||||||||||
$ | — | $ | (10 | ) |
1 | Index-linked bond whose principal amount moves with a government price index. |
2 | Coupon rate may change periodically. |
3 | Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $48,340,000, which represented 10.79% of the net assets of the fund. |
4 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
5 | Purchased on a TBA basis. |
6 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of the security was $288,000, which represented .06% of the net assets of the fund. |
7 | Notional amount is calculated based on the number of contracts and notional contract size. |
8 | Value is calculated based on the notional amount and current market price. |
9 | Amount less than one thousand. |
Key to abbreviations and symbol
Auth. = Authority
Dev. = Development
Econ. = Economic
EFFR = Federal Funds Effective Rate
Facs. = Facilities
Fin. = Finance
G.O. = General Obligation
LIBOR = London Interbank Offered Rate
Ref. = Refunding
Rev. = Revenue
TBA = To-be-announced
USD/$ = U.S. dollars
Private Client Services Funds | 53 |
Capital Group Global Equity Fund | |
Investment portfolio April 30, 2018 | unaudited |
Common stocks 93.31% | Shares | Value (000) | ||||||
Information technology 19.70% | ||||||||
ASML Holding NV1 | 63,916 | $ | 12,081 | |||||
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 312,620 | 12,020 | ||||||
Visa Inc., Class A | 84,870 | 10,768 | ||||||
GoDaddy Inc., Class A2 | 145,200 | 9,374 | ||||||
Keyence Corp.1 | 10,730 | 6,550 | ||||||
Broadcom Inc. | 24,623 | 5,649 | ||||||
Apple Inc. | 32,394 | 5,353 | ||||||
Alphabet Inc., Class A2 | 3,295 | 3,356 | ||||||
Alphabet Inc., Class C2 | 1,839 | 1,871 | ||||||
QUALCOMM Inc. | 98,245 | 5,012 | ||||||
VTech Holdings Ltd.1 | 393,900 | 4,811 | ||||||
SAP SE1 | 38,604 | 4,303 | ||||||
Murata Manufacturing Co., Ltd.1 | 34,000 | 4,296 | ||||||
Hamamatsu Photonics KK1 | 106,600 | 4,112 | ||||||
Intel Corp. | 74,900 | 3,866 | ||||||
Microsoft Corp. | 37,300 | 3,488 | ||||||
Accenture PLC, Class A | 21,200 | 3,205 | ||||||
Telefonaktiebolaget LM Ericsson, Class B1 | 421,825 | 3,199 | ||||||
Jack Henry & Associates, Inc. | 25,916 | 3,096 | ||||||
Activision Blizzard, Inc. | 41,620 | 2,762 | ||||||
Global Payments Inc. | 16,670 | 1,885 | ||||||
Facebook, Inc., Class A2 | 6,500 | 1,118 | ||||||
Micro Focus International PLC1 | 55,100 | 954 | ||||||
Texas Instruments Inc. | 9,315 | 945 | ||||||
Tencent Holdings Ltd.1 | 14,500 | 712 | ||||||
114,786 | ||||||||
Financials 16.92% | ||||||||
AIA Group Ltd.1 | 1,478,600 | 13,201 | ||||||
JPMorgan Chase & Co. | 110,380 | 12,007 | ||||||
CME Group Inc., Class A | 68,600 | 10,817 | ||||||
KBC Groep NV1 | 80,022 | 6,973 | ||||||
Moody’s Corp. | 36,200 | 5,872 | ||||||
Intercontinental Exchange, Inc. | 79,635 | 5,770 | ||||||
Bank of New York Mellon Corp. | 103,830 | 5,660 | ||||||
State Street Corp. | 48,500 | 4,839 | ||||||
HDFC Bank Ltd. (ADR) | 39,830 | 3,816 | ||||||
DNB ASA1 | 196,846 | 3,672 | ||||||
Sampo Oyj, Class A1 | 57,398 | 3,087 | ||||||
Marsh & McLennan Companies, Inc. | 32,885 | 2,680 | ||||||
Wells Fargo & Co. | 49,355 | 2,565 | ||||||
Huntington Bancshares Inc. | 168,550 | 2,513 | ||||||
Aon PLC, Class A | 16,200 | 2,308 | ||||||
Chubb Ltd. | 16,270 | 2,207 | ||||||
Lloyds Banking Group PLC1 | 2,266,700 | 2,015 | ||||||
RenaissanceRe Holdings Ltd. | 13,900 | 1,891 | ||||||
Prudential PLC1 | 58,055 | 1,489 | ||||||
BNP Paribas SA1 | 16,948 | 1,306 | ||||||
UBS Group AG1 | 74,246 | 1,247 | ||||||
London Stock Exchange Group PLC1 | 20,400 | 1,206 | ||||||
Svenska Handelsbanken AB, Class A1 | 73,732 | 823 | ||||||
Toronto-Dominion Bank | 10,270 | 577 | ||||||
98,541 | ||||||||
Consumer discretionary 12.59% | ||||||||
Las Vegas Sands Corp. | 149,880 | 10,991 | ||||||
Amazon.com, Inc.2 | 4,645 | 7,275 | ||||||
Hilton Worldwide Holdings Inc. | 90,400 | 7,127 | ||||||
Naspers Ltd., Class N (ADR) | 137,505 | 6,683 |
54 | Private Client Services Funds |
Capital Group Global Equity Fund
Common stocks | Shares | Value (000) | ||||||
LVMH Moët Hennessy-Louis Vuitton SE1 | 11,501 | $ | 4,003 | |||||
Starbucks Corp. | 67,300 | 3,874 | ||||||
Comcast Corp., Class A | 102,500 | 3,218 | ||||||
YUM! Brands, Inc. | 34,600 | 3,014 | ||||||
Newell Brands Inc. | 100,108 | 2,766 | ||||||
Hyundai Motor Co., Series 2 (GDR)1,3 | 47,300 | 2,543 | ||||||
Cie. Financière Richemont SA, Class A1 | 25,002 | 2,374 | ||||||
Yum China Holdings, Inc. | 48,510 | 2,074 | ||||||
Samsonite International SA1 | 448,800 | 2,028 | ||||||
Norwegian Cruise Line Holdings Ltd.2 | 36,535 | 1,954 | ||||||
Charter Communications, Inc., Class A2 | 7,027 | 1,906 | ||||||
Royal Caribbean Cruises Ltd. | 17,360 | 1,878 | ||||||
Viacom Inc., Class B | 47,500 | 1,433 | ||||||
Hermès International1 | 2,203 | 1,423 | ||||||
BCA Marketplace PLC1 | 506,738 | 1,324 | ||||||
NIKE, Inc., Class B | 19,000 | 1,299 | ||||||
JCDecaux SA1 | 32,167 | 1,148 | ||||||
SES SA, Class A (FDR)1 | 69,377 | 1,070 | ||||||
Modern Times Group MTG AB, Class B1 | 24,325 | 958 | ||||||
DENSO Corp.1 | 18,200 | 957 | ||||||
73,320 | ||||||||
Industrials 12.29% | ||||||||
Airbus SE, non-registered shares1 | 86,492 | 10,132 | ||||||
Safran SA1 | 78,848 | 9,247 | ||||||
Deere & Co. | 50,260 | 6,802 | ||||||
CSX Corp. | 87,300 | 5,185 | ||||||
SMC Corp.1 | 12,800 | 4,877 | ||||||
Ryanair Holdings PLC (ADR)2 | 37,095 | 4,079 | ||||||
Boeing Co. | 10,590 | 3,532 | ||||||
Equifax Inc. | 25,600 | 2,869 | ||||||
Eaton Corp. PLC | 34,600 | 2,596 | ||||||
TransDigm Group Inc. | 8,030 | 2,574 | ||||||
Jardine Matheson Holdings Ltd.1 | 37,500 | 2,276 | ||||||
Waste Connections, Inc. | 28,555 | 2,065 | ||||||
Hexcel Corp. | 30,630 | 2,036 | ||||||
FANUC CORP.1 | 8,852 | 1,905 | ||||||
IDEX Corp. | 13,350 | 1,784 | ||||||
ASSA ABLOY AB, Class B1 | 79,798 | 1,667 | ||||||
C.H. Robinson Worldwide, Inc. | 13,270 | 1,221 | ||||||
DSV A/S1 | 14,863 | 1,177 | ||||||
DKSH Holding AG1,2 | 14,647 | 1,175 | ||||||
Northrop Grumman Corp. | 3,600 | 1,159 | ||||||
Rheinmetall AG1 | 8,751 | 1,145 | ||||||
Hoshizaki Corp.1 | 11,600 | 1,077 | ||||||
Brenntag AG1 | 17,259 | 988 | ||||||
71,568 | ||||||||
Consumer staples 8.71% | ||||||||
Pernod Ricard SA1 | 44,586 | 7,395 | ||||||
Carlsberg A/S, Class B1 | 57,775 | 6,460 | ||||||
Nestlé SA1 | 73,835 | 5,708 | ||||||
L’Oréal SA, non-registered shares1 | 23,043 | 5,519 | ||||||
Danone SA1 | 59,002 | 4,757 | ||||||
British American Tobacco PLC1 | 74,920 | 4,117 | ||||||
Mondelez International, Inc. | 102,000 | 4,029 | ||||||
Reckitt Benckiser Group PLC1 | 48,845 | 3,829 | ||||||
Philip Morris International Inc. | 32,840 | 2,693 | ||||||
Diageo PLC1 | 71,785 | 2,553 |
Private Client Services Funds | 55 |
Capital Group Global Equity Fund
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer staples (continued) | ||||||||
Coca-Cola Co. | 35,290 | $ | 1,525 | |||||
Imperial Brands PLC1 | 35,300 | 1,260 | ||||||
Procter & Gamble Co. | 12,055 | 872 | ||||||
50,717 | ||||||||
Health care 8.64% | ||||||||
AstraZeneca PLC1 | 101,485 | 7,115 | ||||||
Gilead Sciences, Inc. | 83,907 | 6,061 | ||||||
UnitedHealth Group Inc. | 18,590 | 4,395 | ||||||
Novo Nordisk A/S, Class B1 | 87,302 | 4,099 | ||||||
Essilor International SA1 | 28,047 | 3,817 | ||||||
Danaher Corp. | 35,200 | 3,531 | ||||||
Incyte Corp.2 | 55,200 | 3,419 | ||||||
Seattle Genetics, Inc.2 | 61,580 | 3,152 | ||||||
Abbott Laboratories | 43,600 | 2,534 | ||||||
Johnson & Johnson | 15,170 | 1,919 | ||||||
Bluebird Bio, Inc.2 | 11,200 | 1,906 | ||||||
Eli Lilly and Co. | 20,375 | 1,652 | ||||||
Integra LifeSciences Holdings Corp.2 | 21,900 | 1,350 | ||||||
Express Scripts Holding Co.2 | 17,405 | 1,318 | ||||||
Agios Pharmaceuticals, Inc.2 | 13,100 | 1,099 | ||||||
Roche Holding AG, non-registered shares, nonvoting1 | 4,319 | 958 | ||||||
Merck & Co., Inc. | 13,800 | 812 | ||||||
Humana Inc. | 2,410 | 709 | ||||||
Genmab A/S1,2 | 2,412 | 488 | ||||||
50,334 | ||||||||
Energy 4.86% | ||||||||
Royal Dutch Shell PLC, Class B (ADR) | 123,195 | 8,922 | ||||||
Schlumberger Ltd. | 112,986 | 7,746 | ||||||
Chevron Corp. | 48,844 | 6,111 | ||||||
EOG Resources, Inc. | 39,145 | 4,626 | ||||||
Helmerich & Payne, Inc. | 8,300 | 577 | ||||||
Enbridge Inc. (CAD denominated) | 11,300 | 342 | ||||||
28,324 | ||||||||
Materials 3.34% | ||||||||
Asahi Kasei Corp.1 | 432,600 | 5,958 | ||||||
Shin-Etsu Chemical Co., Ltd.1 | 44,300 | 4,411 | ||||||
Nutrien Ltd. | 76,600 | 3,487 | ||||||
Air Liquide SA, non-registered shares1 | 11,949 | 1,553 | ||||||
Givaudan SA1 | 555 | 1,237 | ||||||
Rio Tinto PLC1 | 22,242 | 1,205 | ||||||
Praxair, Inc. | 7,145 | 1,090 | ||||||
Steel Dynamics, Inc. | 12,100 | 542 | ||||||
19,483 | ||||||||
Telecommunication services 2.25% | ||||||||
SoftBank Group Corp.1 | 93,300 | 7,233 | ||||||
Vodafone Group PLC1 | 905,690 | 2,635 | ||||||
NTT DoCoMo, Inc.1 | 50,900 | 1,319 | ||||||
América Móvil, SAB de CV, Series L (ADR) | 54,400 | 1,006 | ||||||
Koninklijke KPN NV1 | 305,033 | 946 | ||||||
13,139 |
56 | Private Client Services Funds |
Capital Group Global Equity Fund
Common stocks | Shares | Value (000) | ||||||
Utilities 2.11% | ||||||||
AES Corp. | 293,450 | $ | 3,592 | |||||
Sempra Energy | 24,530 | 2,743 | ||||||
Enel SPA1 | 381,894 | 2,419 | ||||||
Iberdrola, SA, non-registered shares1 | 242,224 | 1,867 | ||||||
National Grid PLC1 | 143,085 | 1,657 | ||||||
12,278 | ||||||||
Real estate 1.90% | ||||||||
American Tower Corp. REIT | 37,900 | 5,168 | ||||||
Crown Castle International Corp. REIT | 45,675 | 4,607 | ||||||
Link Real Estate Investment Trust REIT1 | 148,500 | 1,312 | ||||||
11,087 | ||||||||
Total common stocks (cost: $394,773,000) | 543,577 | |||||||
Short-term securities 5.51% | Principal amount (000) | |||||||
Apple Inc. 1.91% due 6/27/20183 | $ | 8,000 | 7,976 | |||||
Federal Home Loan Bank 1.58%–1.65% due 5/1/2018–5/31/2018 | 19,100 | 19,093 | ||||||
Intel Corp. 1.77% due 5/10/2018 | 5,000 | 4,998 | ||||||
Total short-term securities (cost: $32,067,000) | 32,067 | |||||||
Total investment securities 98.82% (cost: $426,840,000) | 575,644 | |||||||
Other assets less liabilities 1.18% | 6,888 | |||||||
Net assets 100.00% | $ | 582,532 |
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $221,358,000, which represented 38.00% of the net assets of the fund. This amount includes $218,815,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,519,000, which represented 1.81% of the net assets of the fund. |
Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars
FDR = Fiduciary Depositary Receipts
GDR = Global Depositary Receipts
Private Client Services Funds | 57 |
Capital Group International Equity Fund | |
Investment portfolio April 30, 2018 | unaudited |
Common stocks 89.52% | Shares | Value (000) | ||||||
Industrials 16.46% | ||||||||
Safran SA1 | 374,425 | $ | 43,913 | |||||
SMC Corp.1 | 98,900 | 37,684 | ||||||
Airbus SE, non-registered shares1 | 286,541 | 33,568 | ||||||
ASSA ABLOY AB, Class B1 | 1,157,528 | 24,182 | ||||||
FANUC CORP.1 | 97,000 | 20,874 | ||||||
Jardine Matheson Holdings Ltd.1 | 313,900 | 19,053 | ||||||
Nidec Corp.1 | 97,000 | 15,186 | ||||||
Rheinmetall AG1 | 101,064 | 13,219 | ||||||
DSV A/S1 | 138,465 | 10,960 | ||||||
DKSH Holding AG1,2 | 122,661 | 9,842 | ||||||
Brenntag AG1 | 146,375 | 8,376 | ||||||
Hoshizaki Corp.1 | 78,500 | 7,287 | ||||||
Kubota Corp.1 | 292,600 | 4,944 | ||||||
Canadian National Railway Co. | 63,300 | 4,892 | ||||||
Ryanair Holdings PLC (ADR)2 | 42,680 | 4,694 | ||||||
GLORY Ltd.1 | 129,400 | 4,458 | ||||||
Siemens AG1 | 34,457 | 4,383 | ||||||
RELX PLC1 | 203,500 | 4,347 | ||||||
271,862 | ||||||||
Financials 15.62% | ||||||||
AIA Group Ltd.1 | 5,165,000 | 46,115 | ||||||
London Stock Exchange Group PLC1 | 498,700 | 29,469 | ||||||
Sampo Oyj, Class A1 | 451,173 | 24,269 | ||||||
Prudential PLC1 | 879,070 | 22,546 | ||||||
KBC Groep NV1 | 247,825 | 21,595 | ||||||
Lloyds Banking Group PLC1 | 23,714,100 | 21,077 | ||||||
HDFC Bank Ltd. (ADR) | 163,600 | 15,674 | ||||||
DBS Group Holdings Ltd1 | 635,500 | 14,681 | ||||||
BNP Paribas SA1 | 186,692 | 14,389 | ||||||
Deutsche Boerse AG1 | 80,583 | 10,842 | ||||||
ABN AMRO Group NV, depository receipts1 | 316,767 | 9,823 | ||||||
Euronext NV1 | 92,850 | 6,644 | ||||||
Svenska Handelsbanken AB, Class A1 | 529,357 | 5,910 | ||||||
DNB ASA1 | 294,036 | 5,485 | ||||||
UBS Group AG1 | 325,245 | 5,464 | ||||||
AIB Group PLC1 | 700,057 | 4,161 | ||||||
258,144 | ||||||||
Consumer staples 13.57% | ||||||||
Pernod Ricard SA1 | 200,747 | 33,296 | ||||||
Carlsberg A/S, Class B1 | 279,439 | 31,243 | ||||||
Nestlé SA1 | 323,912 | 25,041 | ||||||
L’Oréal SA, non-registered shares1 | 103,258 | 24,730 | ||||||
British American Tobacco PLC1 | 422,000 | 23,190 | ||||||
Diageo PLC1 | 646,645 | 23,001 | ||||||
Danone SA1 | 212,497 | 17,131 | ||||||
Imperial Brands PLC1 | 375,778 | 13,418 | ||||||
TSURUHA Holdings, Inc.1 | 86,300 | 12,390 | ||||||
Associated British Foods PLC1 | 220,050 | 8,165 | ||||||
Meiji Holdings Co., Ltd.1 | 100,700 | 8,083 | ||||||
Reckitt Benckiser Group PLC1 | 57,200 | 4,485 | ||||||
224,173 |
58 | Private Client Services Funds |
Capital Group International Equity Fund
Common stocks | Shares | Value (000) | ||||||
Information technology 13.16% | ||||||||
Keyence Corp.1 | 60,200 | $ | 36,749 | |||||
ASML Holding NV1 | 187,647 | 35,467 | ||||||
Hamamatsu Photonics KK1 | 796,000 | 30,706 | ||||||
SAP SE1 | 273,872 | 30,525 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 783,600 | 30,130 | ||||||
Murata Manufacturing Co., Ltd.1 | 143,100 | 18,080 | ||||||
Micro Focus International PLC1 | 974,259 | 16,873 | ||||||
MercadoLibre, Inc. | 40,750 | 13,839 | ||||||
Samsung Electronics Co., Ltd., preferred (GDR)1 | 5,057 | 4,975 | ||||||
217,344 | ||||||||
Consumer discretionary 9.36% | ||||||||
LVMH Moët Hennessy-Louis Vuitton SE1 | 79,334 | 27,614 | ||||||
Kering SA1 | 36,831 | 21,246 | ||||||
BCA Marketplace PLC1 | 5,314,368 | 13,884 | ||||||
Samsonite International SA1 | 2,784,900 | 12,582 | ||||||
Modern Times Group MTG AB, Class B1 | 285,581 | 11,243 | ||||||
InterContinental Hotels Group PLC1 | 172,300 | 10,861 | ||||||
Cie. Financière Richemont SA, Class A1 | 100,341 | 9,529 | ||||||
JCDecaux SA1 | 246,350 | 8,788 | ||||||
Wynn Macau, Ltd.1 | 2,190,200 | 8,093 | ||||||
Ryohin Keikaku Co., Ltd.1 | 22,200 | 7,588 | ||||||
SES SA, Class A (FDR)1 | 485,762 | 7,490 | ||||||
Naspers Ltd., Class N (ADR) | 133,750 | 6,500 | ||||||
DENSO Corp.1 | 88,500 | 4,656 | ||||||
Hermès International1 | 7,186 | 4,643 | ||||||
154,717 | ||||||||
Health care 9.10% | ||||||||
AstraZeneca PLC1 | 569,850 | 39,952 | ||||||
Novo Nordisk A/S, Class B1 | 737,522 | 34,627 | ||||||
Essilor International SA1 | 212,003 | 28,852 | ||||||
Genmab A/S1,2 | 101,922 | 20,611 | ||||||
HOYA Corp.1 | 166,100 | 8,880 | ||||||
Sonova Holding AG1 | 40,370 | 6,672 | ||||||
Grifols, SA, Class B, preferred nonvoting, non-registered shares1 | 272,114 | 5,630 | ||||||
Novartis AG1 | 65,608 | 5,046 | ||||||
150,270 | ||||||||
Telecommunication services 4.93% | ||||||||
Vodafone Group PLC1 | 9,756,630 | 28,388 | ||||||
SoftBank Group Corp.1 | 298,500 | 23,141 | ||||||
NTT DoCoMo, Inc.1 | 483,700 | 12,537 | ||||||
Koninklijke KPN NV1 | 2,359,701 | 7,316 | ||||||
América Móvil, SAB de CV, Series L (ADR) | 364,400 | 6,738 | ||||||
Singapore Telecommunications Ltd.1 | 1,253,900 | 3,332 | ||||||
81,452 | ||||||||
Materials 3.14% | ||||||||
Asahi Kasei Corp.1 | 1,037,000 | 14,281 | ||||||
Shin-Etsu Chemical Co., Ltd.1 | 109,100 | 10,864 | ||||||
Givaudan SA1 | 3,644 | 8,123 | ||||||
Air Liquide SA, non-registered shares1 | 57,885 | 7,521 |
Private Client Services Funds | 59 |
Capital Group International Equity Fund
Common stocks (continued) | Shares | Value (000) | ||||||
Materials (continued) | ||||||||
Rio Tinto PLC1 | 81,490 | $ | 4,416 | |||||
Kansai Paint Co., Ltd.1 | 163,700 | 3,680 | ||||||
Amcor Ltd.1 | 298,848 | 3,084 | ||||||
51,969 | ||||||||
Utilities 1.94% | ||||||||
Enel SPA1 | 2,359,379 | 14,944 | ||||||
Iberdrola, SA, non-registered shares1 | 1,595,401 | 12,299 | ||||||
SSE PLC1 | 250,754 | 4,759 | ||||||
32,002 | ||||||||
Energy 1.23% | ||||||||
Royal Dutch Shell PLC, Class B1 | 254,890 | 9,105 | ||||||
TOTAL SA1 | 131,887 | 8,282 | ||||||
Ensco PLC, Class A | 377,700 | 2,134 | ||||||
Enbridge Inc. (CAD denominated) | 25,800 | 782 | ||||||
20,303 | ||||||||
Real estate 1.01% | ||||||||
Link Real Estate Investment Trust REIT1 | 1,404,000 | 12,405 | ||||||
Deutsche Wohnen SE, non-registered shares1 | 91,482 | 4,320 | ||||||
16,725 | ||||||||
Total common stocks (cost: $1,101,710,000) | 1,478,961 | |||||||
Short-term securities 9.07% | Principal amount (000) | |||||||
CPPIB Capital Inc. 1.86% due 5/16/20183 | $ | 10,000 | 9,992 | |||||
Danaher Corp. 1.78% due 5/14/20183 | 15,800 | 15,789 | ||||||
Federal Home Loan Bank 1.61% due 5/16/2018 | 30,000 | 29,980 | ||||||
Intel Corp. 1.77% due 5/10/2018 | 10,000 | 9,995 | ||||||
National Rural Utilities Cooperative Finance Corp. 1.74% due 5/2/2018 | 15,000 | 14,998 | ||||||
PepsiCo Inc. 1.83% due 5/3/20183 | 30,000 | 29,996 | ||||||
Société Générale 1.59% due 5/1/20183 | 30,000 | 29,999 | ||||||
United Parcel Service Inc. 1.86% due 5/1/20183 | 9,000 | 8,999 | ||||||
Total short-term securities (cost: $149,754,000) | 149,748 | |||||||
Total investment securities 98.59% (cost: $1,251,464,000) | 1,628,709 | |||||||
Other assets less liabilities 1.41% | 23,369 | |||||||
Net assets 100.00% | $ | 1,652,078 |
1 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,393,578,000, which represented 84.35% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. |
2 | Security did not produce income during the last 12 months. |
3 | Acquired in a transaction exempt from registration under 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. The total value of all such securities was $94,775,000, which represented 5.74% of the net assets of the fund. |
Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars
FDR = Fiduciary Depositary Receipts
GDR = Global Depositary Receipts
60 | Private Client Services Funds |
Capital Group U.S. Equity Fund
Investment portfolio April 30, 2018 | unaudited | |||||||
Common stocks 95.08% | Shares | Value (000) | ||||||
Information technology 18.55% | ||||||||
Visa Inc., Class A | 54,730 | $ | 6,944 | |||||
Microsoft Corp. | 67,095 | 6,275 | ||||||
Jack Henry & Associates, Inc. | 43,020 | 5,140 | ||||||
Apple Inc. | 17,640 | 2,915 | ||||||
Texas Instruments Inc. | 23,990 | 2,433 | ||||||
Broadcom Inc. | 10,381 | 2,382 | ||||||
Alphabet Inc., Class C1 | 1,742 | 1,772 | ||||||
Alphabet Inc., Class A1 | 360 | 367 | ||||||
Global Payments Inc. | 16,705 | 1,888 | ||||||
ASML Holding NV (New York registered) | 9,540 | 1,798 | ||||||
QUALCOMM Inc. | 31,865 | 1,625 | ||||||
Accenture PLC, Class A | 9,200 | 1,391 | ||||||
GoDaddy Inc., Class A1 | 21,500 | 1,388 | ||||||
Analog Devices, Inc. | 15,806 | 1,381 | ||||||
HP Inc. | 45,320 | 974 | ||||||
Facebook, Inc., Class A1 | 4,400 | 757 | ||||||
Intel Corp. | 14,300 | 738 | ||||||
Activision Blizzard, Inc. | 10,400 | 690 | ||||||
Trimble Inc.1 | 14,705 | 509 | ||||||
Xilinx, Inc. | 4,535 | 291 | ||||||
Electronic Arts Inc.1 | 2,100 | 248 | ||||||
41,906 | ||||||||
Financials 17.08% | ||||||||
Marsh & McLennan Companies, Inc. | 62,490 | 5,093 | ||||||
CME Group Inc., Class A | 28,425 | 4,482 | ||||||
Chubb Ltd. | 31,040 | 4,211 | ||||||
JPMorgan Chase & Co. | 35,830 | 3,898 | ||||||
Wells Fargo & Co. | 68,415 | 3,555 | ||||||
Bank of New York Mellon Corp. | 53,390 | 2,910 | ||||||
SVB Financial Group1 | 9,500 | 2,846 | ||||||
Intercontinental Exchange, Inc. | 32,050 | 2,322 | ||||||
Aon PLC, Class A | 16,300 | 2,322 | ||||||
Huntington Bancshares Inc. | 141,930 | 2,116 | ||||||
Moody’s Corp. | 12,575 | 2,040 | ||||||
State Street Corp. | 15,950 | 1,592 | ||||||
Toronto-Dominion Bank | 12,245 | 688 | ||||||
Nasdaq, Inc. | 5,800 | 512 | ||||||
38,587 | ||||||||
Health care 13.25% | ||||||||
UnitedHealth Group Inc. | 22,955 | 5,427 | ||||||
Humana Inc. | 11,865 | 3,490 | ||||||
Danaher Corp. | 20,473 | 2,054 | ||||||
Gilead Sciences, Inc. | 26,924 | 1,945 | ||||||
Incyte Corp.1 | 30,600 | 1,895 | ||||||
Seattle Genetics, Inc.1 | 35,980 | 1,842 | ||||||
Merck & Co., Inc. | 27,585 | 1,624 | ||||||
Express Scripts Holding Co.1 | 19,785 | 1,498 | ||||||
Eli Lilly and Co. | 16,900 | 1,370 | ||||||
Johnson & Johnson | 10,380 | 1,313 | ||||||
AstraZeneca PLC (ADR) | 35,150 | 1,249 | ||||||
Medtronic PLC | 14,015 | 1,123 | ||||||
Roche Holding AG (ADR) | 34,875 | 969 | ||||||
Essilor International SA (ADR) | 14,080 | 958 | ||||||
Bluebird Bio, Inc.1 | 5,100 | 868 |
Private Client Services Funds | 61 |
Capital Group U.S. Equity Fund
Common stocks (continued) | Shares | Value (000) | ||||||
Health care (continued) | ||||||||
Agios Pharmaceuticals, Inc.1 | 10,270 | $ | 862 | |||||
Abbott Laboratories | 13,380 | 778 | ||||||
Ultragenyx Pharmaceutical Inc.1 | 13,345 | 678 | ||||||
29,943 | ||||||||
Industrials 13.15% | ||||||||
Waste Connections, Inc. | 72,800 | 5,263 | ||||||
Northrop Grumman Corp. | 10,210 | 3,288 | ||||||
CSX Corp. | 52,800 | 3,136 | ||||||
Boeing Co. | 7,770 | 2,592 | ||||||
Deere & Co. | 14,620 | 1,979 | ||||||
TransDigm Group Inc. | 5,835 | 1,871 | ||||||
Hexcel Corp. | 26,815 | 1,782 | ||||||
Eaton Corp. PLC | 22,570 | 1,693 | ||||||
Airbus Group SE (ADR) | 53,700 | 1,567 | ||||||
Equifax Inc. | 13,350 | 1,496 | ||||||
IDEX Corp. | 9,800 | 1,310 | ||||||
C.H. Robinson Worldwide, Inc. | 12,840 | 1,182 | ||||||
Norfolk Southern Corp. | 6,785 | 973 | ||||||
Waste Management, Inc. | 11,120 | 904 | ||||||
Lockheed Martin Corp. | 2,075 | 666 | ||||||
29,702 | ||||||||
Consumer discretionary 10.32% | ||||||||
Amazon.com, Inc.1 | 2,688 | 4,210 | ||||||
Comcast Corp., Class A | 119,150 | 3,740 | ||||||
Starbucks Corp. | 62,015 | 3,570 | ||||||
Charter Communications, Inc., Class A1 | 10,236 | 2,777 | ||||||
Newell Brands Inc. | 89,800 | 2,481 | ||||||
NIKE, Inc., Class B | 33,605 | 2,298 | ||||||
Hilton Worldwide Holdings Inc. | 22,900 | 1,805 | ||||||
Booking Holdings Inc.1 | 520 | 1,133 | ||||||
Yum China Holdings, Inc. | 17,200 | 736 | ||||||
YUM! Brands, Inc. | �� | 6,580 | 573 | |||||
23,323 | ||||||||
Consumer staples 8.62% | ||||||||
Diageo PLC (ADR) | 27,750 | 3,939 | ||||||
Philip Morris International Inc. | 45,230 | 3,709 | ||||||
Procter & Gamble Co. | 33,551 | 2,427 | ||||||
Nestlé SA (ADR) | 30,305 | 2,344 | ||||||
Coca-Cola Co. | 42,120 | 1,820 | ||||||
Mondelez International, Inc. | 29,500 | 1,165 | ||||||
British American Tobacco PLC (ADR) | 14,490 | 791 | ||||||
Costco Wholesale Corp. | 4,000 | 789 | ||||||
Carlsberg A/S, Class B (ADR) | 31,725 | 712 | ||||||
Danone (ADR) | 43,170 | 702 | ||||||
Hormel Foods Corp. | 17,200 | 624 | ||||||
Reckitt Benckiser Group PLC (ADR) | 28,160 | 447 | ||||||
19,469 | ||||||||
Energy 6.96% | ||||||||
Schlumberger Ltd. | 59,344 | 4,069 | ||||||
Chevron Corp. | 25,240 | 3,158 | ||||||
EOG Resources, Inc. | 18,765 | 2,217 | ||||||
ConocoPhillips | 26,785 | 1,754 | ||||||
Occidental Petroleum Corp. | 17,710 | 1,368 |
62 | Private Client Services Funds |
Capital Group U.S. Equity Fund
Common stocks | Shares | Value (000) | ||||||
Helmerich & Payne, Inc. | 19,200 | $ | 1,335 | |||||
Halliburton Co. | 20,400 | 1,081 | ||||||
Royal Dutch Shell PLC, Class B (ADR) | 9,300 | 674 | ||||||
Enbridge Inc. | 2,700 | 82 | ||||||
15,738 | ||||||||
Real estate 4.09% | ||||||||
Crown Castle International Corp. REIT | 35,800 | 3,611 | ||||||
American Tower Corp. REIT | 18,300 | 2,495 | ||||||
Iron Mountain Inc. REIT | 51,069 | 1,733 | ||||||
Equinix, Inc. REIT | 1,900 | 800 | ||||||
Digital Realty Trust, Inc. REIT | 5,700 | 603 | ||||||
9,242 | ||||||||
Utilities 1.51% | ||||||||
Sempra Energy | 26,755 | 2,991 | ||||||
NextEra Energy, Inc. | 2,600 | 426 | ||||||
3,417 | ||||||||
Materials 1.18% | ||||||||
Praxair, Inc. | 9,806 | 1,496 | ||||||
Steel Dynamics, Inc. | 13,400 | 600 | ||||||
Sherwin-Williams Co. | 1,570 | 577 | ||||||
2,673 | ||||||||
Telecommunication services 0.37% | ||||||||
Verizon Communications Inc. | 16,835 | 831 | ||||||
Total common stocks (cost: $149,199,000) | 214,831 |
Short-term securities 4.16% | Principal amount (000) | |||||||
Army and Air Force Exchange Service 1.70% due 5/1/20182 | $ | 3,300 | 3,300 | |||||
Coca-Cola Co. 1.88% due 6/18/20182 | 1,100 | 1,097 | ||||||
Eli Lilly and Co. 1.82% due 5/3/20182 | 1,000 | 1,000 | ||||||
Federal Home Loan Bank 1.58% due 5/1/2018 | 4,000 | 4,000 | ||||||
Total short-term securities (cost: $9,397,000) | 9,397 | |||||||
Total investment securities 99.24% (cost: $158,596,000) | 224,228 | |||||||
Other assets less liabilities 0.76% | 1,708 | |||||||
Net assets 100.00% | $ | 225,936 |
1 | Security did not produce income during the last 12 months. |
2 | Acquired in a transaction exempt from registration under 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. The total value of all such securities was $5,397,000, which represented 2.39% of the net assets of the fund. |
Key to abbreviation
ADR = American Depositary Receipts
Private Client Services Funds | 63 |
Financial statements
Statements of assets and liabilities
at April 30, 2018
Capital Group Core Municipal Fund | Capital Group Short-Term Municipal Fund | Capital Group California Core Municipal Fund | ||||||||||
Assets: | ||||||||||||
Investment securities, at value: | ||||||||||||
Unaffiliated issuers | $ | 467,558 | $ | 141,068 | $ | 397,948 | ||||||
Cash | 60 | 87 | 153 | |||||||||
Cash denominated in currencies other than U.S. dollars | — | — | — | |||||||||
Receivables for: | ||||||||||||
Sales of investments | 1,993 | — | 4,217 | |||||||||
Sales of fund’s shares | — | 150 | 107 | |||||||||
Dividends and interest | 5,273 | 1,537 | 3,557 | |||||||||
Variation margin on swap contracts | — | — | — | |||||||||
Total assets | 474,884 | 142,842 | 405,982 | |||||||||
Liabilities: | ||||||||||||
Payables for: | ||||||||||||
Purchases of investments | 4,478 | 1,900 | 4,008 | |||||||||
Repurchases of fund’s shares | 16 | — | * | 452 | ||||||||
Dividends on fund’s shares | 225 | — | 222 | |||||||||
Investment advisory services | 97 | 29 | 82 | |||||||||
Variation margin on futures contracts | — | — | — | |||||||||
Variation margin on swap contracts | — | — | — | |||||||||
Non-U.S. taxes | — | — | — | |||||||||
Other | 23 | 5 | 15 | |||||||||
Total liabilities | 4,839 | 1,934 | 4,779 | |||||||||
Net assets at April 30, 2018 | $ | 470,045 | $ | 140,908 | $ | 401,203 | ||||||
Net assets consist of: | ||||||||||||
Capital paid in on shares of beneficial interest | $ | 473,775 | $ | 142,818 | $ | 401,670 | ||||||
Undistributed (distributions in excess of) net investment income | 8 | (12 | ) | (45 | ) | |||||||
Accumulated net realized gain (loss) | 157 | (544 | ) | 196 | ||||||||
Net unrealized (depreciation) appreciation | (3,895 | ) | (1,354 | ) | (618 | ) | ||||||
Net assets at April 30, 2018 | $ | 470,045 | $ | 140,908 | $ | 401,203 | ||||||
Investment securities in unaffiliated issuers, at cost | $ | 471,452 | $ | 142,422 | $ | 398,566 | ||||||
Cash denominated in currencies other than U.S. dollars, at cost | — | — | — | |||||||||
Shares outstanding | 46,096 | 14,166 | 38,694 | |||||||||
Net asset value per share | $ | 10.20 | $ | 9.95 | $ | 10.37 |
* | Amount less than one thousand. |
See Notes to Financial Statements
64 | Private Client Services Funds |
unaudited
(dollars in thousands)
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 | ||||||||||||||
$ | 120,635 | $ | 460,064 | $ | 575,644 | $ | 1,628,709 | $ | 224,228 | |||||||||
3 | 49 | 64 | 68 | 87 | ||||||||||||||
— | — | 133 | 1,254 | 6 | ||||||||||||||
481 | 25,275 | 5,852 | 14,516 | 1,583 | ||||||||||||||
— | 220 | 241 | 917 | — | ||||||||||||||
1,073 | 1,916 | 1,587 | 8,547 | 325 | ||||||||||||||
— | 33 | — | — | — | ||||||||||||||
122,192 | 487,557 | 583,521 | 1,654,011 | 226,229 | ||||||||||||||
1,872 | 38,958 | 559 | — | 106 | ||||||||||||||
4 | 52 | 6 | 560 | 82 | ||||||||||||||
— | 226 | — | — | — | ||||||||||||||
25 | 92 | 311 | 883 | 80 | ||||||||||||||
— | 3 | — | — | — | ||||||||||||||
— | 33 | — | — | — | ||||||||||||||
— | — | 90 | 352 | 25 | ||||||||||||||
5 | 4 | 23 | 138 | — | ||||||||||||||
1,906 | 39,368 | 989 | 1,933 | 293 | ||||||||||||||
$ | 120,286 | $ | 448,189 | $ | 582,532 | $ | 1,652,078 | $ | 225,936 | |||||||||
$ | 121,348 | $ | 458,894 | $ | 402,177 | $ | 1,300,290 | $ | 146,376 | |||||||||
4 | (129 | ) | 2,806 | 11,773 | 227 | |||||||||||||
(158 | ) | (1,310 | ) | 28,768 | (37,092 | ) | 13,701 | |||||||||||
(908 | ) | (9,266 | ) | 148,781 | 377,107 | 65,632 | ||||||||||||
$ | 120,286 | $ | 448,189 | $ | 582,532 | $ | 1,652,078 | $ | 225,936 | |||||||||
$ | 121,543 | $ | 469,322 | $ | 426,840 | $ | 1,251,464 | $ | 158,596 | |||||||||
— | — | 133 | 1,254 | 6 | ||||||||||||||
11,945 | 45,344 | 38,021 | 119,921 | 10,139 | ||||||||||||||
$ | 10.07 | $ | 9.88 | $ | 15.32 | $ | 13.78 | $ | 22.28 |
Private Client Services Funds | 65 |
Statements of operations
for the six months ended April 30, 2018
Capital Group Core Municipal Fund | Capital Group Short-Term Municipal Fund | Capital Group California Core Municipal Fund | ||||||||||
Investment income: | ||||||||||||
Income (net of non-U.S. taxes*): | ||||||||||||
Dividends | $ | — | $ | — | $ | — | ||||||
Interest | 5,250 | 1,374 | 3,999 | |||||||||
5,250 | 1,374 | 3,999 | ||||||||||
Fees and expenses*: | ||||||||||||
Investment advisory services | 576 | 180 | 481 | |||||||||
Reports to shareholders | 1 | 1 | 1 | |||||||||
Registration statement and prospectus | 30 | 20 | 11 | |||||||||
Trustees’ compensation | 9 | 7 | 8 | |||||||||
Auditing and legal | 1 | 1 | 2 | |||||||||
Custodian | — | † | — | † | — | † | ||||||
Other | 2 | — | — | |||||||||
Total fees and expenses before reimbursements | 619 | 209 | 503 | |||||||||
Less reimbursements of fees and expenses: | ||||||||||||
Miscellaneous fee reimbursements | — | — | — | |||||||||
Total reimbursements of fees and expenses | — | — | — | |||||||||
Total fees and expenses after reimbursements | 619 | 209 | 503 | |||||||||
Net investment income | 4,631 | 1,165 | 3,496 | |||||||||
Net realized gain (loss) and unrealized (depreciation) appreciation: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | ||||||||||||
Unaffiliated issuers | 167 | (303 | ) | 198 | ||||||||
Swap contracts | — | — | — | |||||||||
Currency transactions | — | — | — | |||||||||
167 | (303 | ) | 198 | |||||||||
Net unrealized (depreciation) appreciation on: | ||||||||||||
Investments | ||||||||||||
Unaffiliated issuers | (8,768 | ) | (1,727 | ) | (7,342 | ) | ||||||
Futures contracts | — | — | — | |||||||||
Swap contracts | — | — | — | |||||||||
Currency translations | — | — | — | |||||||||
(8,768 | ) | (1,727 | ) | (7,342 | ) | |||||||
Net realized gain (loss) and unrealized (depreciation) appreciation | (8,601 | ) | (2,030 | ) | (7,144 | ) | ||||||
Net (decrease) increase in net assets resulting from operations | $ | (3,970 | ) | $ | (865 | ) | $ | (3,648 | ) |
* | Additional information related to non-U.S. taxes and fees and expenses is included in the Notes to Financial Statements. |
† | Amount less than one thousand. |
See Notes to Financial Statements
66 | Private Client Services Funds |
unaudited
(dollars in thousands)
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 | ||||||||||||||
$ | — | $ | — | $ | 5,824 | $ | 16,968 | $ | 2,246 | |||||||||
898 | 4,907 | 185 | 919 | 69 | ||||||||||||||
898 | 4,907 | 6,009 | 17,887 | 2,315 | ||||||||||||||
150 | 538 | 1,899 | 5,291 | 499 | ||||||||||||||
1 | 1 | — | — | — | ||||||||||||||
3 | 34 | — | — | — | ||||||||||||||
4 | 9 | 5 | 5 | 5 | ||||||||||||||
1 | 1 | 9 | 9 | 2 | ||||||||||||||
1 | — | † | — | — | — | |||||||||||||
— | 1 | — | — | — | ||||||||||||||
160 | 584 | 1,913 | 5,305 | 506 | ||||||||||||||
— | — | 14 | 14 | 7 | ||||||||||||||
— | — | 14 | 14 | 7 | ||||||||||||||
160 | 584 | 1,899 | 5,291 | 499 | ||||||||||||||
738 | 4,323 | 4,110 | 12,596 | 1,816 | ||||||||||||||
(154 | ) | (565 | ) | 28,739 | 44,088 | 13,611 | ||||||||||||
— | (8 | ) | — | — | — | |||||||||||||
— | — | 35 | 199 | (1 | ) | |||||||||||||
(154 | ) | (573 | ) | 28,774 | 44,287 | 13,610 | ||||||||||||
(1,464 | ) | (10,166 | ) | (16,242 | ) | (22,590 | ) | (9,555 | ) | |||||||||
— | 2 | — | — | — | ||||||||||||||
— | (10 | ) | — | — | — | |||||||||||||
— | — | (19 | ) | (124 | ) | — | ||||||||||||
(1,464 | ) | (10,174 | ) | (16,261 | ) | (22,714 | ) | (9,555 | ) | |||||||||
(1,618 | ) | (10,747 | ) | 12,513 | 21,573 | 4,055 | ||||||||||||
$ | (880 | ) | $ | (6,424 | ) | $ | 16,623 | $ | 34,169 | $ | 5,871 |
Private Client Services Funds | 67 |
Statements of changes in net assets
Capital Group | ||||||||||||||||||||||||
Capital Group | Capital Group | California | ||||||||||||||||||||||
Core Municipal | Short-Term | Core Municipal | ||||||||||||||||||||||
Fund | Municipal Fund | Fund | ||||||||||||||||||||||
Six months | Six months | Six months | ||||||||||||||||||||||
ended | Year ended | ended | Year ended | ended | Year ended | |||||||||||||||||||
April 30 | October 31 | April 30 | October 31 | April 30 | October 31 | |||||||||||||||||||
2018* | 2017 | 2018* | 2017 | 2018* | 2017 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 4,631 | $ | 8,299 | $ | 1,165 | $ | 2,242 | $ | 3,496 | $ | 6,544 | ||||||||||||
Net realized gain (loss) | 167 | 940 | (303 | ) | (240 | ) | 198 | 396 | ||||||||||||||||
Net unrealized (depreciation) appreciation | (8,768 | ) | (3,877 | ) | (1,727 | ) | (274 | ) | (7,342 | ) | (3,915 | ) | ||||||||||||
Net (decrease) increase in net assets resulting from operations | (3,970 | ) | 5,362 | (865 | ) | 1,728 | (3,648 | ) | 3,025 | |||||||||||||||
Dividends and distributions paid or accrued to shareholders: | ||||||||||||||||||||||||
Dividends from net investment income | (4,625 | ) | (8,282 | ) | (1,177 | ) | (2,242 | ) | (3,541 | ) | (6,542 | ) | ||||||||||||
Distributions from net realized gain on investments | (872 | ) | (144 | ) | — | (32 | ) | (356 | ) | (284 | ) | |||||||||||||
Total dividends and distributions paid to shareholders | (5,497 | ) | (8,426 | ) | (1,177 | ) | (2,274 | ) | (3,897 | ) | (6,826 | ) | ||||||||||||
Net capital share transactions | 37,182 | 40,004 | (6,867 | ) | (28,231 | ) | 20,748 | 55,632 | ||||||||||||||||
Total increase (decrease) in net assets | 27,715 | 36,940 | (8,909 | ) | (28,777 | ) | 13,203 | 51,831 | ||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period | 442,330 | 405,390 | 149,817 | 178,594 | 388,000 | 336,169 | ||||||||||||||||||
End of period | $ | 470,045 | $ | 442,330 | $ | 140,908 | $ | 149,817 | $ | 401,203 | $ | 388,000 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $ | 8 | $ | 2 | $ | (12 | ) | $ | — | $ | (45 | ) | $ | — |
* | Unaudited. |
See Notes to Financial Statements
68 | Private Client Services Funds |
(dollars in thousands)
Capital Group | ||||||||||||||||||||||||||||||||||||||
California | Capital Group | |||||||||||||||||||||||||||||||||||||
Short-Term | Capital Group | Capital Group | International | Capital Group | ||||||||||||||||||||||||||||||||||
Municipal Fund | Core Bond Fund | Global Equity Fund | Equity Fund | U.S. Equity Fund | ||||||||||||||||||||||||||||||||||
Six months | Six months | Six months | Six months | Six months | ||||||||||||||||||||||||||||||||||
ended | Year ended | ended | Year ended | ended | Year ended | ended | Year ended | ended | Year ended | |||||||||||||||||||||||||||||
April 30 | October 31 | April 30 | October 31 | April 30 | October 31 | April 30 | October 31 | April 30 | October 31 | |||||||||||||||||||||||||||||
2018* | 2017 | 2018* | 2017 | 2018* | 2017 | 2018* | 2017 | 2018* | 2017 | |||||||||||||||||||||||||||||
$ | 738 | $ | 1,292 | $ | 4,323 | $ | 6,002 | $ | 4,110 | $ | 7,917 | $ | 12,596 | $ | 23,016 | $ | 1,816 | $ | 3,451 | |||||||||||||||||||
(154 | ) | 113 | (573 | ) | (677 | ) | 28,774 | 21,817 | 44,287 | 15,859 | 13,610 | 11,282 | ||||||||||||||||||||||||||
(1,464 | ) | (296 | ) | (10,174 | ) | (3,359 | ) | (16,261 | ) | 88,351 | (22,714 | ) | 260,319 | (9,555 | ) | 31,565 | ||||||||||||||||||||||
(880 | ) | 1,109 | (6,424 | ) | 1,966 | 16,623 | 118,085 | 34,169 | 299,194 | 5,871 | 46,298 | |||||||||||||||||||||||||||
(734 | ) | (1,292 | ) | (4,452 | ) | (6,147 | ) | (7,638 | ) | (7,255 | ) | (22,396 | ) | (19,754 | ) | (1,589 | ) | (3,244 | ) | |||||||||||||||||||
(87 | ) | (52 | ) | — | (1,618 | ) | (20,172 | ) | — | — | — | (10,650 | ) | (8,959 | ) | |||||||||||||||||||||||
(821 | ) | (1,344 | ) | (4,452 | ) | (7,765 | ) | (27,810 | ) | (7,255 | ) | (22,396 | ) | (19,754 | ) | (12,239 | ) | (12,203 | ) | |||||||||||||||||||
2,161 | 2,211 | 42,594 | 69,985 | 22,480 | (21,188 | ) | 56,062 | (60,784 | ) | (3,416 | ) | (8,035 | ) | |||||||||||||||||||||||||
460 | 1,976 | 31,718 | 64,186 | 11,293 | 89,642 | 67,835 | 218,656 | (9,784 | ) | 26,060 | ||||||||||||||||||||||||||||
119,826 | 117,850 | 416,471 | 352,285 | 571,239 | 481,597 | 1,584,243 | 1,365,587 | 235,720 | 209,660 | |||||||||||||||||||||||||||||
$ | 120,286 | $ | 119,826 | $ | 448,189 | $ | 416,471 | $ | 582,532 | $ | 571,239 | $ | 1,652,078 | $ | 1,584,243 | $ | 225,936 | $ | 235,720 | |||||||||||||||||||
$ | 4 | $ | — | $ | (129 | ) | $ | — | $ | 2,806 | $ | 6,334 | $ | 11,773 | $ | 21,573 | $ | 227 | $ | — |
Private Client Services Funds | 69 |
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. Each fund’s 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. 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 in this section, 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’ statements 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 disclosures
Capital Guardian Trust Company (“CGTC”), the funds’ investment adviser, values each fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value 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 each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
70 | Private Client Services Funds |
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 deemed to be not 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 ask 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 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 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 of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The funds’ board of trustees has delegated authority to the funds’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation 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 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
Private Client Services Funds | 71 |
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 investment adviser’s compliance group.
Classifications — The funds’ investment adviser classifies each fund’s 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 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, 2018 (dollars in thousands).
Capital Group Core Municipal Fund
At April 30, 2018, all of the fund’s investment securities were classified as Level 2.
Capital Group Short-Term Municipal Fund
At April 30, 2018, all of the fund’s investment securities were classified as Level 2.
Capital Group California Core Municipal Fund
At April 30, 2018, all of the fund’s investment securities were classified as Level 2.
Capital Group California Short-Term Municipal Fund
At April 30, 2018, all of the fund’s investment securities were classified as Level 2.
Capital Group Core Bond Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
U.S. Treasury bonds & notes | $ | — | $ | 262,605 | $ | — | $ | 262,605 | ||||||||
Corporate bonds & notes | — | 86,495 | — | 86,495 | ||||||||||||
Mortgage-backed obligations | — | 30,590 | — | 30,590 | ||||||||||||
Asset-backed obligations | — | 14,862 | — | 14,862 | ||||||||||||
Federal agency bonds & notes | — | 8,304 | — | 8,304 | ||||||||||||
Municipals | — | 5,407 | — | 5,407 | ||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | — | 2,746 | — | 2,746 | ||||||||||||
Short-term securities | — | 49,055 | — | 49,055 | ||||||||||||
Total | $ | — | $ | 460,064 | $ | — | $ | 460,064 |
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 2 | $ | — | $ | — | $ | 2 | ||||||||
Unrealized appreciation on interest rate swaps | — | 134 | — | 134 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on interest rate swaps | — | (144 | ) | — | (144 | ) | ||||||||||
Total | $ | 2 | $ | (10 | ) | $ | — | $ | (8 | ) |
* | Futures contracts and interest rate swaps are not included in the investment portfolio. |
72 | Private Client Services Funds |
Capital Group Global Equity Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2* | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 73,768 | $ | 41,018 | $ | — | $ | 114,786 | ||||||||
Financials | 63,522 | 35,019 | — | 98,541 | ||||||||||||
Consumer discretionary | 55,492 | 17,828 | — | 73,320 | ||||||||||||
Industrials | 35,902 | 35,666 | — | 71,568 | ||||||||||||
Consumer staples | 9,119 | 41,598 | — | 50,717 | ||||||||||||
Health care | 33,857 | 16,477 | — | 50,334 | ||||||||||||
Energy | 28,324 | — | — | 28,324 | ||||||||||||
Materials | 5,119 | 14,364 | — | 19,483 | ||||||||||||
Telecommunication services | 1,006 | 12,133 | — | 13,139 | ||||||||||||
Utilities | 6,335 | 5,943 | — | 12,278 | ||||||||||||
Real estate | 9,775 | 1,312 | — | 11,087 | ||||||||||||
Short-term securities | — | 32,067 | — | 32,067 | ||||||||||||
Total | $ | 322,219 | $ | 253,425 | $ | — | $ | 575,644 | ||||||||
* | Securities with a value of $206,477,000, which represented 35.44% of the net assets of the fund, transferred from Level 1 to Level 2 since the prior fiscal year-end, primarily due to significant market movements following the close of local trading. |
Capital Group International Equity Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2* | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Industrials | $ | 9,586 | $ | 262,276 | $ | — | $ | 271,862 | ||||||||
Financials | 15,674 | 242,470 | — | 258,144 | ||||||||||||
Consumer staples | — | 224,173 | — | 224,173 | ||||||||||||
Information technology | 43,969 | 173,375 | — | 217,344 | ||||||||||||
Consumer discretionary | 6,500 | 148,217 | — | 154,717 | ||||||||||||
Health care | — | 150,270 | — | 150,270 | ||||||||||||
Telecommunication services | 6,738 | 74,714 | — | 81,452 | ||||||||||||
Materials | — | 51,969 | — | 51,969 | ||||||||||||
Utilities | — | 32,002 | — | 32,002 | ||||||||||||
Energy | 2,916 | 17,387 | — | 20,303 | ||||||||||||
Real estate | — | 16,725 | — | 16,725 | ||||||||||||
Short-term securities | — | 149,748 | — | 149,748 | ||||||||||||
Total | $ | 85,383 | $ | 1,543,326 | $ | — | $ | 1,628,709 |
* | Securities with a value of $1,288,945,000, which represented 78.02% of the net assets of the fund, transferred from Level 1 to Level 2 since the prior fiscal year-end, primarily due to significant market movements following the close of local trading. |
Capital Group U.S. Equity Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 41,906 | $ | — | $ | — | $ | 41,906 | ||||||||
Financials | 38,587 | — | — | 38,587 | ||||||||||||
Health care | 29,943 | — | — | 29,943 | ||||||||||||
Industrials | 29,702 | — | — | 29,702 | ||||||||||||
Consumer discretionary | 23,323 | — | — | 23,323 | ||||||||||||
Consumer staples | 19,469 | — | — | 19,469 | ||||||||||||
Energy | 15,738 | — | — | 15,738 | ||||||||||||
Real estate | 9,242 | — | — | 9,242 | ||||||||||||
Utilities | 3,417 | — | — | 3,417 | ||||||||||||
Materials | 2,673 | — | — | 2,673 | ||||||||||||
Telecommunication services | 831 | — | — | 831 | ||||||||||||
Short-term securities | — | 9,397 | — | 9,397 | ||||||||||||
Total | $ | 214,831 | $ | 9,397 | $ | — | $ | 224,228 |
Private Client Services Funds | 73 |
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.
Investing in similar municipal bonds — Investing significantly in municipal obligations of multiple issuers in the same state or backed by revenues of similar types of projects or industries may make the fund more susceptible to certain economic, political or regulatory occurrences. As a result, the potential for fluctuations in the fund’s share price may increase.
Investing in municipal bonds of issuers within the state of California — Because Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund invest primarily in securities of issuers within the state of California, these funds are more susceptible to factors adversely affecting issuers of California securities than a comparable municipal bond mutual fund that does
74 | Private Client Services Funds |
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.
Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may expose the fund to losses in excess of its initial investment. Derivatives may be difficult for the fund to buy or sell at an opportune time or price and may be difficult to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction.
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.
Private Client Services Funds | 75 |
5. Certain investment techniques
Mortgage dollar rolls — Some of the funds have 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 funds’ portfolio turnover rates.
Futures contracts — Capital Group Core Bond Fund has entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage portfolio volatility and downside equity risk.
Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, or FCM, in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract. Securities deposited as initial margin, if any, are disclosed in the investment portfolio and cash deposited as initial margin, if any, is reflected as restricted cash pledged for futures contracts in the fund’s statement of assets and liabilities.
On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund’s statement of assets and liabilities. In addition, each fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations. The average month-end notional amount of open forward currency contracts while held was $34,200,000.
Interest rate swaps — Capital Group Core Bond Fund has entered into interest rate swaps, which are agreements to exchange one stream of future interest payments for another based on a specified notional amount. Typically, interest rate swaps exchange a fixed interest rate for a payment that floats relative to a benchmark or vice versa. The series’ investment adviser uses interest rate swaps to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. Risks may arise as a result of the series’ investment adviser incorrectly anticipating changes in interest rates, increased volatility, reduced liquidity and the potential inability of counterparties to meet the terms of their agreements.
Upon entering into an interest rate swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular interest rate swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.
On a daily basis, the series’ investment adviser records daily interest accruals related to the exchange of future payments as a receivable and payable in each fund’s statement of assets and liabilities. Each fund also pays or receives a variation margin based on the increase or decrease in the value of the interest rate swaps, including accrued interest, and records variation margin on interest rate swaps in each fund’s statement of assets and liabilities. Each fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the interest rate swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from interest rate swaps are recorded in each fund’s statement of operations. The average month-end notional amount of interest rate swaps while held was $96,440,000.
76 | Private Client Services Funds |
The following tables present the financial statement impacts resulting from the funds’ use of futures contracts and/or interest rate swaps as of, or for the six months ended April 30, 2018 (dollars in thousands):
Capital Group Core Bond Fund
Assets | Liabilities | ||||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | ||||||||||
Futures | Interest | Unrealized appreciation* | $ | 2 | Unrealized depreciation* | $ | — | ||||||||
Swaps | Interest | Unrealized appreciation* | 134 | Unrealized depreciation* | 144 | ||||||||||
$ | 136 | $ | 144 | ||||||||||||
Net realized loss | Net unrealized depreciation | ||||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | ||||||||||
Futures | Interest | Net realized gain on futures contracts | $ | — | Net unrealized appreciation on futures contracts | $ | 2 | ||||||||
Swaps | Interest | Net realized loss on swap contracts | (8 | ) | Net unrealized depreciation on swap contracts | (10 | ) | ||||||||
$ | (8 | ) | $ | (8 | ) |
* | Includes cumulative appreciation/depreciation on futures contracts and interest rate swaps as reported in the applicable tables following the fund’s investment portfolio. Only current day’s variation margin is reported within the statement of assets and liabilities. |
6. Taxation and distributions
Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and each intends to distribute substantially all of its net income and net capital gains each year. The funds are not subject to income taxes to the extent taxable income and net capital gains are distributed. Therefore, no federal income tax provision is required.
As of and during the period ended April 30, 2018, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.
Each fund’s tax returns are not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is generally three years after the date of filing but can be extended in certain jurisdictions.
Non-U.S. taxation — Dividend and interest income, if any, 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, the funds 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, if any, may be subject to non-U.S. taxes. If applicable, the funds record an estimated deferred tax 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 each fund’s 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 and cost of investments sold. 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.
Private Client Services Funds | 77 |
Additional tax basis disclosures for each fund are 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 | |||||||||||||
As of October 31, 2017 | ||||||||||||||||
Undistributed ordinary income | $ | — | $ | — | $ | — | $ | 31 | ||||||||
Undistributed tax-exempt income | 2 | — | — | — | ||||||||||||
Undistributed long-term capital gains | 868 | — | 355 | 54 | ||||||||||||
Capital loss carryforward* | — | (241 | ) | — | — | |||||||||||
As of April 30, 2018 | ||||||||||||||||
Gross unrealized appreciation on investments | 1,664 | 99 | 2,553 | 65 | ||||||||||||
Gross unrealized depreciation on investments | (5,555 | ) | (1,452 | ) | (3,215 | ) | (970 | ) | ||||||||
Net unrealized appreciation (depreciation) on investments | (3,891 | ) | (1,353 | ) | (662 | ) | (905 | ) | ||||||||
Cost of investments | 471,449 | 142,421 | 398,610 | 121,540 | ||||||||||||
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, 2017 | ||||||||||||||||
Undistributed ordinary income | $ | — | $ | 6,334 | $ | 21,574 | $ | — | ||||||||
Undistributed long-term capital gains | — | 20,170 | — | 10,650 | ||||||||||||
Capital loss carryforward* | (698 | ) | — | (79,865 | ) | — | ||||||||||
As of April 30, 2018 | ||||||||||||||||
Gross unrealized appreciation on investments | 453 | 156,996 | 402,938 | 68,470 | ||||||||||||
Gross unrealized depreciation on investments | (9,716 | ) | (8,129 | ) | (27,013 | ) | (2,662 | ) | ||||||||
Net unrealized appreciation (depreciation) on investments | (9,263 | ) | 148,867 | 375,925 | 65,808 | |||||||||||
Cost of investments | 469,327 | 426,777 | 1,252,784 | 158,420 |
* | Capital loss carryforwards will be used to offset any capital gains realized by the funds in the current year or in subsequent years. The funds will not make distributions from capital gains while a capital loss carryforward remains. |
Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):
Six months ended April 30, 2018 | Year ended October 31, 2017 | ||||||||||||||||||||||
Tax-Exempt Income | Ordinary Income | Long-Term Capital Gains | Tax-Exempt Income | Ordinary Income | Long-Term Capital Gains | ||||||||||||||||||
Capital Group Core Municipal Fund | 4,625 | — | 872 | 8,282 | — | 144 | |||||||||||||||||
Capital Group Short-Term Municipal Fund | 1,178 | — | — | 2,242 | 32 | — | |||||||||||||||||
Capital Group California Core Municipal Fund | 3,541 | — | 356 | 6,542 | — | 284 | |||||||||||||||||
Capital Group California Short-Term Municipal Fund | 734 | 32 | 54 | 1,292 | — | 52 | |||||||||||||||||
Capital Group Core Bond Fund | — | 4,452 | — | — | 7,046 | 719 | |||||||||||||||||
Capital Group Global Equity Fund | — | 7,638 | 20,172 | — | 7,255 | — | |||||||||||||||||
Capital Group International Equity Fund | — | 22,396 | — | — | 19,754 | — | |||||||||||||||||
Capital Group U.S. Equity Fund | — | 1,589 | 10,650 | — | 3,244 | 8,959 |
78 | Private Client Services Funds |
7. Fees and transactions
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 January 1, 2019, to limit the funds’ total annual fund operating expenses to the following rates (as a percentage of average daily net assets):
Fund | Expense Limitation | |||
Capital Group Core Municipal Fund | 0.30 | % | ||
Capital Group Short-Term Municipal Fund | 0.30 | |||
Capital Group California Core Municipal Fund | 0.30 | |||
Capital Group California Short-Term Municipal Fund | 0.30 | |||
Capital Group Core Bond Fund | 0.30 | |||
Capital Group Global Equity Fund | 0.65 | |||
Capital Group International Equity Fund | 0.65 | |||
Capital Group U.S. Equity Fund | 0.425 |
CGTC does not intend to recoup any reimbursed expenses from a prior year under expense limitations then in effect for the funds.
Investment advisory services — The funds have an investment advisory and service agreement with CGTC that provides for monthly fees accrued daily. The fee for each fixed income fund was 0.25% 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. The unified management fee for Capital Group Global Equity Fund and Capital Group International Equity Fund was 0.65% of the average daily net assets of each fund. The unified management fee for Capital Group U.S. Equity Fund was 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, 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.
Distribution services — American funds Distributors, ® Inc. (the “Distributor”) is the principal underwriter of each fund’s shares. The Distributor does not receive any compensation related to the sale of shares of the funds.
Affiliated officers and trustees — Officers and certain trustees of the Trust are or may be considered to be affiliated with CGTC. No affiliated officers or trustees received any compensation directly from the Trust.
Security transactions with related funds — The funds 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.
The following table presents purchase and sales transactions between each fund and related funds as of April 30, 2018 (dollars in thousands):
Purchases | Sales | |||||||
Capital Group Core Municipal Fund | $ | — | $ | 5,383 |
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 during the six months ended April 30, 2018.
Private Client Services Funds | 79 |
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 | ||||||||||||||||||||||||
Six months ended April 30, 2018 | ||||||||||||||||||||||||||||||||
Capital Group Core Municipal Fund | $ | 71,749 | 6,950 | $ | 4,088 | 398 | $ | (38,655 | ) | (3,760 | ) | $ | 37,182 | 3,588 | ||||||||||||||||||
Capital Group Short-Term Municipal Fund | 47,896 | 4,785 | 883 | 89 | (55,646 | ) | (5,558 | ) | (6,867 | ) | (684 | ) | ||||||||||||||||||||
Capital Group California Core Municipal Fund | 55,410 | 5,298 | 2,637 | 252 | (37,299 | ) | (3,560 | ) | 20,748 | 1,990 | ||||||||||||||||||||||
Capital Group California Short-Term Municipal Fund | 21,816 | 2,154 | 519 | 51 | (20,174 | ) | (1,993 | ) | 2,161 | 212 | ||||||||||||||||||||||
Capital Group Core Bond Fund | 51,285 | 5,120 | 3,379 | 339 | (12,070 | ) | (1,206 | ) | 42,594 | 4,253 | ||||||||||||||||||||||
Capital Group Global Equity Fund | 36,359 | 2,316 | 22,616 | 1,474 | (36,495 | ) | (2,330 | ) | 22,480 | 1,460 | ||||||||||||||||||||||
Capital Group International Equity Fund | 1,584,039 | 113,869 | 22,056 | 1,605 | (1,550,033 | ) | (111,459 | ) | 56,062 | 4,015 | ||||||||||||||||||||||
Capital Group U.S. Equity Fund | 13,623 | 598 | 11,208 | 499 | (28,247 | ) | (1,227 | ) | (3,416 | ) | (130 | ) | ||||||||||||||||||||
Year ended October 31, 2017 | ||||||||||||||||||||||||||||||||
Capital Group Core Municipal Fund | $ | 101,192 | 9,764 | $ | 5,846 | 565 | $ | (67,034 | ) | (6,488 | ) | $ | 40,004 | 3,841 | ||||||||||||||||||
Capital Group Short-Term Municipal Fund | 79,828 | 7,946 | 1,681 | 167 | (109,740 | ) | (10,927 | ) | (28,231 | ) | (2,814 | ) | ||||||||||||||||||||
Capital Group California Core Municipal Fund | 91,608 | 8,697 | 4,558 | 434 | (40,534 | ) | (3,869 | ) | 55,632 | 5,262 | ||||||||||||||||||||||
Capital Group California Short-Term Municipal Fund | 46,705 | 4,587 | 872 | 86 | (45,366 | ) | (4,457 | ) | 2,211 | 216 | ||||||||||||||||||||||
Capital Group Core Bond Fund | 101,119 | 9,984 | 5,963 | 589 | (37,097 | ) | (3,654 | ) | 69,985 | 6,919 | ||||||||||||||||||||||
Capital Group Global Equity Fund | 53,952 | 3,836 | 5,365 | 425 | (80,505 | ) | (5,764 | ) | (21,188 | ) | (1,503 | ) | ||||||||||||||||||||
Capital Group International Equity Fund | 293,846 | 25,080 | 2,587 | 241 | (357,217 | ) | (31,060 | ) | (60,784 | ) | (5,739 | ) | ||||||||||||||||||||
Capital Group U.S. Equity Fund | 12,512 | 604 | 10,740 | 532 | (31,287 | ) | (1,466 | ) | (8,035 | ) | (330 | ) |
80 | Private Client Services Funds |
9. Investment transactions and other disclosures
The following tables present additional information for each of the funds for the six months ended April 30, 2018 (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 | |||||||||||||
Purchases of investment securities* | $ | 161,051 | $ | 45,765 | $ | 129,764 | $ | 29,261 | ||||||||
Sales of investment securities* | 106,541 | 46,537 | 131,184 | 43,779 | ||||||||||||
Net-U.S. taxes paid on dividend income | — | — | — | — | ||||||||||||
Capital Group Core Bond Fund | Capital Group Global Equity Fund | Capital Group International Equity Fund | Capital Group U.S. Equity Fund | |||||||||||||
Purchases of investment securities* | $ | 182,113 | $ | 100,318 | $ | 190,018 | $ | 34,629 | ||||||||
Sales of investment securities* | 162,693 | 128,885 | 239,074 | 53,556 | ||||||||||||
Net-U.S. taxes paid on dividend income | — | 336 | 1,554 | 51 |
* | Excludes short-term securities and U.S. government obligations, if any. |
10. Advisory platform concentration
Most of the shares of Capital Group International Equity fund are held through a single advisory platform (more than 89% of the fund as of April 30, 2018). 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 | 81 |
Financial highlights
(Loss) income from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income | Net (losses) gains on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets before reimbursements | Ratio of expenses to average net assets after reimbursements2 | Ratio of net income to average net assets2 | ||||||||||||||||||||||||||||||||||||||||
Capital Group Core Municipal Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/183,4 | $ | 10.41 | $ | .10 | $ | (.20 | ) | $ | (.10 | ) | $ | (.09 | ) | $ | (.02 | ) | $ | (.11 | ) | $ | 10.20 | (.85 | )%5 | $ | 470 | .27 | %6 | .27 | %6 | 2.01 | %6 | |||||||||||||||||||||
10/31/17 | 10.48 | .21 | (.07 | ) | .14 | (.21 | ) | — | 7 | (.21 | ) | 10.41 | 1.39 | 442 | .35 | .34 | 2.02 | |||||||||||||||||||||||||||||||||||
10/31/16 | 10.49 | .21 | — | 7 | .21 | (.21 | ) | (.01 | ) | (.22 | ) | 10.48 | 1.97 | 405 | .41 | .40 | 1.97 | |||||||||||||||||||||||||||||||||||
10/31/15 | 10.56 | .21 | (.07 | ) | .14 | (.21 | ) | — | (.21 | ) | 10.49 | 1.31 | 379 | .42 | .40 | 1.97 | ||||||||||||||||||||||||||||||||||||
10/31/14 | 10.44 | .21 | .12 | .33 | (.21 | ) | — | (.21 | ) | 10.56 | 3.18 | 341 | .41 | .40 | 2.00 | |||||||||||||||||||||||||||||||||||||
10/31/13 | 10.64 | .21 | (.20 | ) | .01 | (.21 | ) | — | (.21 | ) | 10.44 | .10 | 299 | .41 | .40 | 2.00 | ||||||||||||||||||||||||||||||||||||
Capital Group Short-Term Municipal Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/183,4 | $ | 10.09 | $ | .08 | $ | (.15 | ) | $ | (.07 | ) | $ | (.07 | ) | $ | — | $ | (.07 | ) | $ | 9.95 | (.58 | )%5 | $ | 141 | .29 | %6 | .29 | %6 | 1.62 | %6 | ||||||||||||||||||||||
10/31/17 | 10.11 | .14 | (.02 | ) | .12 | (.14 | ) | — | 7 | (.14 | ) | 10.09 | 1.26 | 150 | .41 | .35 | 1.42 | |||||||||||||||||||||||||||||||||||
10/31/16 | 10.12 | .12 | (.01 | ) | .11 | (.12 | ) | — | 7 | (.12 | ) | 10.11 | 1.06 | 179 | .45 | .40 | 1.14 | |||||||||||||||||||||||||||||||||||
10/31/15 | 10.19 | .12 | (.07 | ) | .05 | (.12 | ) | — | 7 | (.12 | ) | 10.12 | .51 | 142 | .46 | .40 | 1.15 | |||||||||||||||||||||||||||||||||||
10/31/14 | 10.21 | .13 | (.01 | ) | .12 | (.13 | ) | (.01 | ) | (.14 | ) | 10.19 | 1.20 | 155 | .45 | .40 | 1.24 | |||||||||||||||||||||||||||||||||||
10/31/13 | 10.32 | .14 | (.07 | ) | .07 | (.14 | ) | (.04 | ) | (.18 | ) | 10.21 | .66 | 136 | .44 | .40 | 1.34 | |||||||||||||||||||||||||||||||||||
Capital Group California Core Municipal Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/183,4 | $ | 10.57 | $ | .09 | $ | (.20 | ) | $ | (.11 | ) | $ | (.08 | ) | $ | (.01 | ) | $ | (.09 | ) | $ | 10.37 | (.90 | )%5 | $ | 401 | .26 | %6 | .26 | %6 | 1.82 | %6 | |||||||||||||||||||||
10/31/17 | 10.69 | .20 | (.11 | ) | .09 | (.20 | ) | (.01 | ) | (.21 | ) | 10.57 | .84 | 388 | .35 | .34 | 1.88 | |||||||||||||||||||||||||||||||||||
10/31/16 | 10.59 | .21 | .09 | .30 | (.20 | ) | — | (.20 | ) | 10.69 | 2.86 | 336 | .41 | .40 | 1.89 | |||||||||||||||||||||||||||||||||||||
10/31/15 | 10.62 | .21 | (.03 | ) | .18 | (.21 | ) | — | (.21 | ) | 10.59 | 1.68 | 305 | .42 | .40 | 1.95 | ||||||||||||||||||||||||||||||||||||
10/31/14 | 10.40 | .20 | .22 | .42 | (.20 | ) | — | (.20 | ) | 10.62 | 4.08 | 280 | .41 | .40 | 1.92 | |||||||||||||||||||||||||||||||||||||
10/31/13 | 10.65 | .20 | (.20 | ) | — | (.21 | ) | (.04 | ) | (.25 | ) | 10.40 | (.04 | ) | 227 | .41 | .40 | 1.93 | ||||||||||||||||||||||||||||||||||
Capital Group California Short-Term Municipal Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/183,4 | $ | 10.21 | $ | .06 | $ | (.14 | ) | $ | (.08 | ) | $ | (.05 | ) | $ | (.01 | ) | $ | (.06 | ) | $ | 10.07 | (.70 | )%5 | $ | 120 | .27 | %6 | .27 | %6 | 1.23 | %6 | |||||||||||||||||||||
10/31/17 | 10.23 | .11 | (.02 | ) | .09 | (.11 | ) | — | 7 | (.11 | ) | 10.21 | .97 | 120 | .42 | .35 | 1.11 | |||||||||||||||||||||||||||||||||||
10/31/16 | 10.28 | .10 | (.04 | ) | .06 | (.10 | ) | (.01 | ) | (.11 | ) | 10.23 | .63 | 118 | .46 | .40 | 1.00 | |||||||||||||||||||||||||||||||||||
10/31/15 | 10.31 | .10 | (.03 | ) | .07 | (.10 | ) | — | 7 | (.10 | ) | 10.28 | .74 | 112 | .46 | .40 | .98 | |||||||||||||||||||||||||||||||||||
10/31/14 | 10.27 | .09 | .04 | .13 | (.09 | ) | — | 7 | (.09 | ) | 10.31 | 1.30 | 138 | .44 | .40 | .89 | ||||||||||||||||||||||||||||||||||||
10/31/13 | 10.32 | .09 | (.04 | ) | .05 | (.09 | ) | (.01 | ) | (.10 | ) | 10.27 | .48 | 115 | .44 | .40 | .91 | |||||||||||||||||||||||||||||||||||
Capital Group Core Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/183,4 | $ | 10.14 | $ | .10 | $ | (.27 | ) | $ | (.17 | ) | $ | (.09 | ) | $ | — | $ | (.09 | ) | $ | 9.88 | (1.57 | )%5 | $ | 448 | .27 | %6 | .27 | %6 | 2.01 | %6 | ||||||||||||||||||||||
10/31/17 | 10.31 | .16 | (.12 | ) | .04 | (.16 | ) | (.05 | ) | (.21 | ) | 10.14 | .41 | 416 | .35 | .34 | 1.58 | |||||||||||||||||||||||||||||||||||
10/31/16 | 10.19 | .16 | .15 | .31 | (.16 | ) | (.03 | ) | (.19 | ) | 10.31 | 3.03 | 352 | .41 | .40 | 1.55 | ||||||||||||||||||||||||||||||||||||
10/31/15 | 10.25 | .16 | (.04 | ) | .12 | (.16 | ) | (.02 | ) | (.18 | ) | 10.19 | 1.25 | 335 | .42 | .40 | 1.59 | |||||||||||||||||||||||||||||||||||
10/31/14 | 10.24 | .16 | .04 | .20 | (.16 | ) | (.03 | ) | (.19 | ) | 10.25 | 1.95 | 310 | .41 | .40 | 1.57 | ||||||||||||||||||||||||||||||||||||
10/31/13 | 10.62 | .15 | (.22 | ) | (.07 | ) | (.15 | ) | (.16 | ) | (.31 | ) | 10.24 | (.69 | ) | 296 | .41 | .40 | 1.43 | |||||||||||||||||||||||||||||||||
Capital Group Global Equity Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/183,4 | $ | 15.62 | $ | .11 | $ | .35 | $ | .46 | $ | (.21 | ) | $ | (.55 | ) | $ | (.76 | ) | $ | 15.32 | 2.94 | %5 | $ | 583 | .65 | %6 | .65 | %6,8 | 1.41 | %6 | |||||||||||||||||||||||
10/31/17 | 12.65 | .21 | 2.95 | 3.16 | (.19 | ) | — | (.19 | ) | 15.62 | 25.36 | 571 | .73 | .73 | 8 | 1.52 | ||||||||||||||||||||||||||||||||||||
10/31/16 | 13.13 | .20 | (.08 | ) | .12 | (.18 | ) | (.42 | ) | (.60 | ) | 12.65 | 1.04 | 482 | .86 | .85 | 1.64 | |||||||||||||||||||||||||||||||||||
10/31/15 | 13.27 | .18 | (.03 | ) | .15 | (.14 | ) | (.15 | ) | (.29 | ) | 13.13 | 1.10 | 498 | .86 | .85 | 1.34 | |||||||||||||||||||||||||||||||||||
10/31/14 | 12.43 | .14 | .80 | .94 | (.10 | ) | — | (.10 | ) | 13.27 | 7.60 | 510 | .85 | .85 | 8 | 1.09 | ||||||||||||||||||||||||||||||||||||
10/31/13 | 9.99 | .12 | 2.45 | 2.57 | (.13 | ) | — | (.13 | ) | 12.43 | 26.10 | 412 | .86 | .85 | 1.09 | |||||||||||||||||||||||||||||||||||||
Capital Group International Equity Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/183,4 | $ | 13.67 | $ | .11 | $ | .19 | $ | .30 | $ | (.19 | ) | $ | — | $ | (.19 | ) | $ | 13.78 | 2.22 | %5 | $ | 1,652 | .65 | %6 | .65 | %6,8 | 1.55 | %6 | ||||||||||||||||||||||||
10/31/17 | 11.23 | .20 | 2.42 | 2.62 | (.18 | ) | — | (.18 | ) | 13.67 | 23.73 | 1,584 | .73 | .73 | 8 | 1.64 | ||||||||||||||||||||||||||||||||||||
10/31/16 | 11.50 | .16 | (.30 | ) | (.14 | ) | (.13 | ) | — | (.13 | ) | 11.23 | (1.20 | ) | 1,366 | .85 | .85 | 8 | 1.44 | |||||||||||||||||||||||||||||||||
10/31/15 | 11.56 | .13 | (.05 | ) | .08 | (.14 | ) | — | (.14 | ) | 11.50 | .69 | 1,333 | .85 | .85 | 8 | 1.11 | |||||||||||||||||||||||||||||||||||
10/31/14 | 11.72 | .16 | (.23 | ) | (.07 | ) | (.09 | ) | — | (.09 | ) | 11.56 | (.62 | ) | 1,652 | .85 | .85 | 8 | 1.35 | |||||||||||||||||||||||||||||||||
10/31/13 | 9.74 | .15 | 1.88 | 2.03 | (.05 | ) | — | (.05 | ) | 11.72 | 20.93 | 989 | .85 | .85 | 8 | 1.44 |
82 | Private Client Services Funds |
(Loss) income from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income | Net (losses) gains on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets before reimbursements | Ratio of expenses to average net assets after reimbursements2 | Ratio of net income to average net assets2 | ||||||||||||||||||||||||||||||||||||||||
Capital Group U.S. Equity Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4/30/183,4 | $ | 22.95 | $ | .18 | $ | .38 | $ | .56 | $ | (.16 | ) | $ | (1.07 | ) | $ | (1.23 | ) | $ | 22.28 | 2.40 | %5 | $ | 226 | .43 | %6 | .43 | %6,8 | 1.55 | %6 | |||||||||||||||||||||||
10/31/17 | 19.78 | .32 | 4.02 | 4.34 | (.31 | ) | (.86 | ) | (1.17 | ) | 22.95 | 22.76 | 236 | .53 | .52 | 1.52 | ||||||||||||||||||||||||||||||||||||
10/31/16 | 19.88 | .33 | .55 | .88 | (.30 | ) | (.68 | ) | (.98 | ) | 19.78 | 4.58 | 210 | .66 | .65 | 1.68 | ||||||||||||||||||||||||||||||||||||
10/31/15 | 20.11 | .26 | .46 | .72 | (.24 | ) | (.71 | ) | (.95 | ) | 19.88 | 3.75 | 198 | .67 | .65 | 1.31 | ||||||||||||||||||||||||||||||||||||
10/31/14 | 18.33 | .25 | 2.05 | 2.30 | (.24 | ) | (.28 | ) | (.52 | ) | 20.11 | 12.78 | 192 | .66 | .65 | 1.30 | ||||||||||||||||||||||||||||||||||||
10/31/13 | 14.75 | .20 | 3.61 | 3.81 | (.22 | ) | (.01 | ) | (.23 | ) | 18.33 | 26.06 | 167 | .66 | .65 | 1.22 |
Six months ended | Year ended October 31 | |||||||||||||||||||||||
Portfolio turnover rate for all share classes | April 30, 20183,4,5 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||
Capital Group Core Municipal Fund | 25 | % | 47 | % | 18 | % | 16 | % | 9 | % | 18 | % | ||||||||||||
Capital Group Short-Term Municipal Fund | 36 | 42 | 24 | 27 | 20 | 18 | ||||||||||||||||||
Capital Group California Core Municipal Fund | 37 | 27 | 11 | 13 | 18 | 17 | ||||||||||||||||||
Capital Group California Short-Term Municipal Fund | 27 | 36 | 19 | 23 | 19 | 9 | ||||||||||||||||||
Capital Group Core Bond Fund | 53 | 95 | 86 | 126 | 137 | 192 | ||||||||||||||||||
Capital Group Global Equity Fund | 18 | 20 | 36 | 39 | 29 | 25 | ||||||||||||||||||
Capital Group International Equity Fund | 13 | 17 | 21 | 34 | 33 | 25 | ||||||||||||||||||
Capital Group U.S. Equity Fund | 14 | 19 | 31 | 29 | 27 | 25 | ||||||||||||||||||
Year ended October 31 | ||||||||||||||||||||||||
Portfolio turnover rate for all share classes excluding mortgage dollar roll transactions9 | Six months ended April 30, 20183,4,5 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||
Capital Group Core Bond Fund | 20 | % | 52 | % | 58 | % | 87 | % | Not available |
1 | Based on average shares outstanding. |
2 | This column reflects the impact, if any, of certain reimbursements by Capital Guardian Trust Company. |
3 | Based on operations for a period that is less than a full year. |
4 | Unaudited. |
5 | Not annualized. |
6 | Annualized. |
7 | Amount less than $.01. |
8 | Reimbursement was less than 0.005%. |
9 | Refer to Note 5 for further information on mortgage dollar rolls. |
See Notes to Financial Statements
Private Client Services Funds | 83 |
Expense example | unaudited |
As a shareholder of the funds, you incur ongoing costs, including management fees and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the funds so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (November 1, 2017, through April 30, 2018).
Actual expenses:
The first line of each share class in the table on the following pages 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 titled “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 share class in the table on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. 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 fund 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.
84 | Private Client Services Funds |
Beginning | Ending | Expenses | Annualized | |||||||||||||
account value | account value | paid during | expense | |||||||||||||
11/1/2017 | 4/30/2018 | period* | ratio | |||||||||||||
Capital Group Core Municipal Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 991.46 | $ | 1.33 | .27 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,023.46 | 1.35 | .27 | ||||||||||||
Capital Group Short-Term Municipal Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 994.24 | $ | 1.43 | .29 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,023.36 | 1.45 | .29 | ||||||||||||
Capital Group California Core Municipal Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 990.96 | $ | 1.28 | .26 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,023.51 | 1.30 | .26 | ||||||||||||
Capital Group California Short-Term Municipal Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 993.04 | $ | 1.33 | .27 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,023.46 | 1.35 | .27 | ||||||||||||
Capital Group Core Bond Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 984.34 | $ | 1.33 | .27 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,023.46 | 1.35 | .27 | ||||||||||||
Capital Group Global Equity Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 1,029.40 | $ | 3.27 | .65 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,021.57 | 3.26 | .65 | ||||||||||||
Capital Group International Equity Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 1,022.17 | $ | 3.26 | .65 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,021.57 | 3.26 | .65 | ||||||||||||
Capital Group U.S. Equity Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 1,023.99 | $ | 2.16 | .43 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,022.66 | 2.16 | .43 |
* | The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period). |
Private Client Services Funds | 85 |
Approval of investment advisory and service agreement | unaudited |
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, 2019, with respect to the various series of the funds (each a “fund”). 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 in the exercise of their business judgment 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; the resources and systems CGTC devotes to investment management, compliance, trading, portfolio accounting and other services; 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 (including the funds that form the basis of the Lipper index for the strategy in which the fund is included), over various periods through December 31, 2017. 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 exceeded 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 both benchmarks for the lifetime, five-year, three-year and one-year periods except the MSCI Index for the five-year period.
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.
Capital Group Core Municipal Fund seeks to provide current income exempt from federal income tax while preserving its shareholders’ investments. The board and the committee reviewed the fund’s investment results measured against (i) the Bloomberg Barclays Municipal Short-Intermediate 1–10 Years Index and (ii) the Lipper Short-Intermediate Municipal Debt Funds Average. They noted that the fund’s investment results were higher than the investment results of the Lipper Average for 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 except for the one-year period.
Capital Group Short-Term Municipal Fund seeks to preserve its shareholders’ investments 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 Municipal Short 1–5 Years 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
86 | Private Client Services Funds |
periods. They further noted that the fund’s investment results trailed the Bloomberg Barclays Index over the same periods except for the one-year period.
Capital Group California Core Municipal Fund seeks current income exempt from federal and California income taxes while preserving its shareholders’ investments. The board and the committee reviewed the fund’s investment results measured against (i) the Bloomberg Barclays California Short-Intermediate Municipal Index and (ii) the Lipper California Short-Intermediate Municipal Debt Funds Average. They noted that the fund’s investment results exceeded both benchmarks for the three-year and one-year periods. They further noted that for the lifetime and five-year periods, the fund’s investment results trailed the Bloomberg Barclays Index but exceeded the Lipper Average.
Capital Group California Short-Term Municipal Fund seeks to preserve its investments 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 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 except for the one-year period.
Capital Group Core Bond Fund seeks current income while preserving its shareholders’ investments. The board and the committee reviewed the fund’s investment results measured against (i) the Bloomberg Barclays Intermediate A+ U.S. Government/Credit Index and (ii) the Lipper Short-Intermediate Investment Grade Debt Funds Average. They noted that the fund’s investment results exceeded the Lipper Average for the lifetime and one-year periods but trailed the Lipper Average for the five-year and three-year periods. They further noted that the fund’s investment results exceeded the Bloomberg Barclays Index for the one-year period but trailed the Bloomberg Barclays Index for the three-year, five-year and lifetime periods.
The board and the 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 Core 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 of other relevant funds. They observed that the advisory fees and expenses of these funds were in line with or below those of most 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 each of the Equity Funds pays 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 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, the structure 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, the structure 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 of 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’ nonadvisory operating expenses.
Private Client Services Funds | 87 |
The board and the committee noted that, although the fees paid by CGTC clients with separately managed accounts generally were lower than those 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. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of The Capital Group organization’s long-term profitability for maintaining CGTC’s independence, company culture and management continuity. They further considered CGTC’s reimbursement of fund expenses through voluntary fee caps. The board and the committee concluded that each fund’s fee structure reflected a reasonable sharing of benefits between CGTC and fund shareholders.
88 | Private Client Services Funds |
Office of the funds and of the investment adviser
Capital Guardian Trust Company
6455 Irvine Center Drive
Irvine, CA 92618-4518
Transfer agent for shareholder accounts
American Funds Service Company
(Write to the address near you.)
P.O. Box 6007
Indianapolis, IN 46206-6007
P.O. Box 2280
Norfolk, VA 23501-2280
Custodian of assets
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Counsel
Morgan, Lewis & Bockius LLP
300 South Grand Avenue,
22nd Floor
Los Angeles, CA 90071-3132
Independent registered public accounting firm
PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874
Principal underwriter
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
Investors should carefully consider 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. Fund shares offered through American Funds Distributors, Inc.
Capital Group Private Client Services Funds file a complete list of their portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website (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.
The proxy voting procedures and principles of Capital Group Private Client Services Funds — which describe how we vote proxies relating to portfolio securities — are 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 or by calling Capital Group Private Client Services.
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 29, 2018 |
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 29, 2018 |
By /s/ Gregory F. Niland |
Gregory F. Niland, Treasurer and Principal Financial Officer |
Date: June 29, 2018 |