UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
Certified Shareholder Report of
Registered Management Investment Companies
Investment Company Act File Number: 811-22349
Capital Group Private Client Services Funds
(Exact Name of Registrant as Specified in Charter)
6455 Irvine Center Drive
Irvine, California 92618
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (949) 975-5000
Date of fiscal year end: October 31
Date of reporting period: October 31, 2019
Gregory F. Niland
Capital Group Private Client Services Funds
5300 Robin Hood Road
Norfolk, Virginia 23513
(Name and Address of Agent for Service)
ITEM 1 – Reports to Stockholders
Capital Group Core Municipal FundSM
American Funds Global Insight FundSM (formerly Capital Group Global Equity FundSM) American Funds International Vantage FundSM (formerly Capital Group International Equity FundSM) Capital Group U.S. Equity FundSM
Annual report for the year ended October 31, 2019 |
In-depth research and
a global investment
perspective can lead
to strong long-term
outcomes
Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, we intend to no longer mail paper copies of the fund’s shareholder reports, unless specifically requested from the funds or your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the fund’s website (capitalgrouppcsfunds.com); you will be notified by mail and provided with a website link to access the report each time a report is posted.
You may elect to receive paper copies of all future reports free of charge. If you invest through a financial intermediary, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the fund, you may inform the funds that you wish to continue receiving paper copies of your shareholder reports by contacting us at (800) 421-4225. Your election to receive reports in paper will apply to all funds held with the fund’s transfer agent or through your financial intermediary.
Capital Group Core Municipal Fund seeks to provide current income exempt from federal income tax while preserving your investment.
Capital Group Short-Term Municipal Fund seeks to preserve your investment 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 while preserving your investment.
Capital Group California Short-Term Municipal Fund seeks to preserve your investment and secondarily to provide current income exempt from federal and California income taxes.
Capital Group Core Bond Fund seeks to provide you with current income while preserving your investment.
American Funds Global Insight Fund seeks to provide prudent growth of capital and conservation of principal.
American Funds International Vantage Fund seeks to provide prudent growth of capital and conservation of principal.
Capital Group U.S. Equity Fund seeks to provide prudent growth of capital and conservation of principal.
Each fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For more than 85 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.
Fund results shown in this report are at net asset value. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely.
Here are the total returns on a $1,000 investment with all distributions reinvested for periods ended September 30, 2019 (the most recent calendar quarter-end), and the total annual fund operating expense ratios as of the prospectus dated January 1, 2020 (unaudited):
Cumulative total returns | Average annual total returns | Gross | Net | |||||||||||||||||
1 year | 5 years | Lifetime* | expense ratios | expense ratios | ||||||||||||||||
Capital Group Core Municipal Fund | 5.55 | % | 2.08 | % | 2.63 | % | 0.28 | % | 0.28 | % | ||||||||||
Capital Group Short-Term Municipal Fund | 3.76 | 1.36 | 1.55 | 0.30 | 0.25 | |||||||||||||||
Capital Group California Core Municipal Fund | 5.25 | 2.19 | 2.72 | 0.28 | 0.28 | |||||||||||||||
Capital Group California Short-Term Municipal Fund | 3.24 | 1.13 | 1.33 | 0.30 | 0.25 | |||||||||||||||
Capital Group Core Bond Fund | 6.69 | 2.19 | 2.51 | 0.28 | 0.28 | |||||||||||||||
American Funds Global Insight Fund† | 5.39 | 8.26 | 8.48 | 0.59 | 0.59 | |||||||||||||||
American Funds International Vantage Fund† | 5.39 | 5.62 | 5.38 | 0.66 | 0.65 | |||||||||||||||
Capital Group U.S. Equity Fund | 8.40 | 10.60 | 10.78 | 0.45 | 0.43 |
* | Since April 13, 2010, for all funds except American Funds Global Insight Fund, American Funds International Vantage Fund and Capital Group U.S. Equity fund, which commenced operations on April 1, 2011. |
† | American Funds Global Insight Fund was reorganized from Capital Group Global Equity Fund on November 8, 2019. American Funds International Vantage Fund was reorganized from Capital Group International Equity Fund on November 8, 2019. The total operating expense ratios are for Class F-3 shares. |
The investment adviser is currently reimbursing a portion of the expenses for Capital Group Short-Term Municipal Fund, Capital Group California Short-Term Municipal Fund, American Funds Global Insight Fund, American Funds International Vantage Fund and Capital Group U.S. Equity Fund. These reimbursements will be in effect through at least January 1, 2021, for Capital Group Short-Term Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group U.S. Equity Fund, and through at least January 1, 2024, for Class F-3 shares of American Funds International Vantage Fund. The adviser may elect at its discretion to extend, modify or terminate the reimbursements at that time. Visit capitalgrouppcsfunds.com and capitalgroup.com for American Funds for more information.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Contents
Global equities advanced strongly in the 12 months ended October 31, 2019, with major indexes climbing to new highs amid ongoing U.S. growth and aggressive rate cutting by central banks around the world. The U.S. was the global economic standard bearer, with extremely low unemployment, steady wage gains and vigorous consumer sentiment continuing to pace the record-long economic upturn and decade-long bull market. Conditions overseas were mixed, as trade tensions with the U.S. contributed to a broader economic slowdown in China, while weakness in Germany overshadowed hopeful signs elsewhere in Europe.
Nevertheless, investors were encouraged by what was seen as fast and decisive action by global central banks. The Federal Reserve, European Central Bank and People’s Bank of China all took steps to spur growth. Those moves raised hope that robust consumer spending would continue to outweigh sluggishness in areas such as global manufacturing activity. Indeed, an improving economic outlook in the U.S., coupled with hints of progress in U.S.-China trade relations, pushed share prices to fresh highs late in the period.
All three Capital Group equity funds significantly outpaced their benchmarks. American Funds Global Insight Fund advanced 17.65%, outdistancing the MSCI World Index,1which rose 12.69%. American Funds International Vantage Fund rose 18.95%, beating the MSCI EAFE Index,1which increased 11.04%. Capital Group U.S. Equity Fund climbed 17.65%, surpassing the 14.33% return of Standard & Poor’s 500 Index.1
As for fixed income, global markets notched extremely favorable returns as bond yields fell sharply. Yields declined early in the period as economic uncertainty caused investors to flock to safe havens. They continued to move lower later in the year as central banks slashed interest rates. As of October 31, the 10-year U.S. Treasury yield stood at 1.69%, down from a high of 3.24%.
Despite potent returns by historical standards, the five Capital Group fixed income funds slightly lagged their respective benchmarks. The funds pursue a conservative investment strategy that is designed to protect capital and avoid unnecessary risks in uncertain market conditions. Throughout the period, the funds emphasized high credit quality and relatively short durations.2 Investments in derivatives had no significant impact on any of the bond funds. It’s important to remember that bonds perform three fundamental roles within well-balanced client portfolios. They provide diversification from equities, generate income and help to preserve capital.
Fixed Income Funds
Capital Group Core Municipal Fund and Capital Group Short-Term Municipal Fund
Municipal bond returns were particularly robust throughout the period, thanks partly to favorable supply-demand dynamics and a compelling yield differential between municipals and comparable Treasury bonds. The U.S. tax overhaul passed at the end of 2017 increased the appetite for tax-advantaged securities in high-tax states such as California and New York.
Against this backdrop, Core Municipal Fund rose 6.15%. It slightly trailed its benchmark, the Bloomberg Barclays Municipal Short-Intermediate 1–10 Years Index,1which climbed 6.51%. The fund invests in a range of high-quality revenue bonds, which are issued to finance public services such as roads, bridges, airports and schools. Relative to the index, the fund was buoyed by housing-related securities. It was hurt by an underweight position in non-general obligation government bonds.
Short-Term Municipal Fund rose 4.19%, while its benchmark, the Bloomberg Barclays Municipal Short 1–5 Years Index,1advanced 4.40%. The fund registered strong gains with significant holdings in housing-related securities but was hampered by its positioning in general obligation bonds.
Private Client Services Funds | 1 |
Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund
California Core Municipal Fund rose 5.84%, shy of the 6.03% increase in the Bloomberg Barclays California Short-Intermediate Municipal Index.1 The fund’s position in special tax bonds, which are paid with proceeds from specific taxes, helped returns compared to the index. Conversely, its position in utility bonds was the largest detractor.
California Short-Term Municipal Fund gained 3.55%, trailing the 3.91% rise in the Bloomberg Barclays California Short Municipal Index.1Housing-related debt provided the largest boost, while an underweight position in general obligation bonds weighed on the fund.
Capital Group Core Bond Fund
On a total return basis, Core Bond Fund rose 7.33%, while its benchmark, the Bloomberg Barclays Intermediate A+ U.S. Government/Credit Index,1advanced 8.18%. A modest position in asset-backed securities provided the largest boost against the index, which does not have any such holdings. The fund suffered a relative drag from its position in U.S. Treasuries.
Equity Funds
American Funds Global Insight Fund3
The fund benefited from strong stock selection across industries, particularly its overweight position in technology, which produced four of the top six stocks. Taiwan Semiconductor Manufacturing was the biggest contributor, as product demand and vibrant growth projections prompted the chipmaker to boost capital spending. ASML, a Netherlands-based provider of photolithography systems for the semiconductor industry, reported higher sales, improved margins and lower taxes.
The fund also was helped by stock selection in financials and health care. AIA Group, a pan-Asian insurer, significantly expanded its business in China, while shares of Seattle Genetics, a biotechnology company, surged after new bladder and colorectal cancer programs displayed promising results. In a sign of the significant contributions from international businesses, more than half of the fund’s top 25 stocks were based overseas.
The fund was hurt by companies in a variety of sectors. Two of the top five detractors — oilfield-services provider Schlumberger and oil exploration company EOG Resources — came from the energy sector, as persistently low oil prices weighed on capital expenditure budgets. On the bright side, the fund benefited from an underweight position in the sector.
VTech Holdings, a Hong Kong-based maker of cellphones and digital learning toys, was hurt by its landline business, as well as the closure of the Toys ‘R’ Us retail chain, which significantly reduced its distribution channels. GoDaddy, an internet domain registrar and web-hosting company, lost value as earnings growth cooled from the previous year’s pace.
American Funds International Vantage Fund3
The fund benefited from solid returns across several sectors, with financials, technology and health care significantly outpacing the index. The fund has favored select financial companies with sustainable revenue and dominant positions within their industries. Top contributors included the London Stock Exchange Group, which benefited from a pickup in market volatility and investor demand for data services, and AIA Group, which saw heavy issuance of insurance products among China’s expanding middle class.
Three of the top 15 stocks for the fund came from the health care sector. Novo Nordisk led the way, as its GLP-1 diabetes franchise continued to grow and the Danish company received approval for an oral form of the medication.
On the downside, shares were hurt largely by company-specific dynamics. Ensco, an offshore drilling contractor, was squeezed by falling energy spending. Hutchison China MediTech, a biopharma-ceutical company, suffered as a planned stock offering was derailed amid unrest in Hong Kong. DKSH Holding, a provider of business services, slipped on disappointing earnings.
Capital Group U.S. Equity Fund3
The fund benefited from holdings across a range of sectors, including industrials, health care and communication services. The biggest contributors were Microsoft
2 | Private Client Services Funds |
and Visa, both of which were galvanized by formidable earnings and robust outlooks. Demand for high-speed internet services propelled Charter Communications, an internet and television service provider. Defense and aerospace contractor Northrop Grumman advanced on strong earnings and a higher profit guidance for 2019.
Energy companies weighed on the fund, with most of the top detractors — including Schlumberger, EOG Resources and ConocoPhillips — coming from this sector. Oil prices continued to hover at low levels, and the fund was further weighed down by a moderate overweight position in the weakest sector in the S&P 500.
Market Outlook
Looking forward, U.S.-China trade relations are likely to exert considerable influence over global market sentiment. Negotiations between the two countries appeared to be moving forward as the period closed, with rising hopes that a partial accord was within reach in the short term. Of course, a pronounced setback in negotiations or a further ramping up of tariffs could spark a potentially significant economic slowdown. Other geopolitical events, including Britain’s plan to leave the European Union and the pro-democracy protests in Hong Kong, also could weigh on markets. And given that the U.S. is at a late stage in its economic cycle, disappointing data could renew intermittent concerns about the risk of a recession.
Overall, however, the near-term outlook appears to be favorable. In the U.S., muted inflation gives the Federal Reserve room to keep rates low, while corporate earnings growth is projected to be strong in 2020. Looking abroad, the share prices of many international businesses are attractive by historic standards and are especially compelling in comparison to their U.S. counterparts. There are also greater dividend opportunities overseas.
Thank you for your trust and your continued investment. We look forward to reporting to you again in six months.
Sincerely,
John S. Armour
President
December 16, 2019
The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
1 | Index definitions can be found on pages 4–13. |
2 | Duration is a measure of how sensitive a fund or security is to shifts in interest rates. The higher the duration, the more sensitive the fund or security is to changing rates. |
3 | American Funds Global Insight Fund, American Funds International Vantage Fund and Capital Group U.S. Equity Fund are each newly organized for the purpose of effecting the reorganizations of Capital Group Global Equity Fund, Capital Group International Equity Fund and Capital Group U.S. Equity Fund, respectively, (the “predecessor funds”) into new Delaware statutory trusts. Each fund acquired the assets and assumed the liabilities of its predecessor fund on November 8, 2019, and each predecessor fund is the accounting and performance survivor of each reorganization. This means that each predecessor fund’s performance and financial history have been adopted by each newly organized fund and will be used going forward from the date of reorganization. In connection with the reorganization, former shareholders of Capital Group Global Equity Fund and Capital Group International Equity Fund received Class F-3 shares of American Funds Global Insight Fund and American Funds International Vantage Fund. The performance of Class F-3 shares of each fund includes the performance of each predecessor fund prior to the reorganization. Class F-3 shares of each fund have the same expenses as shares of the predecessor fund. The inception date shown for Class F-3 shares is that of their fund’s predecessor fund. American Funds Global Insight Fund and American Funds International Vantage Fund will be open to new investors on December 16, 2019. |
Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Income from municipal bonds may be subject to state or local income taxes. Certain other income, as well as capital gain distributions, may be taxable. Refer to the funds’ prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.
Private Client Services Funds | 3 |
Capital Group Core Municipal Fund October 31, 2019
How a $25,000 investment has grown
1 | Bloomberg Barclays Municipal Short-Intermediate 1–10 Years Index is a market value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to 10 years. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. Investors cannot invest directly in an index. Source: Bloomberg Index Services Ltd. |
2 | Includes reinvested dividends and capital gain distributions. |
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. The results shown are before taxes on fund distributions and sale of fund shares.
Average annual total returns based on a $25,000 investment
For periods ended October 31, 2019
1 year | 5 years | Lifetime | ||||
Capital Group Core Municipal Fund | 6.15% | 2.08% | 2.64% | |||
Portfolio quality summary* | Percent of net assets |
* | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm. |
4 | Private Client Services Funds |
Capital Group Short-Term Municipal Fund October 31, 2019
How a $25,000 investment has grown
1 | Bloomberg Barclays Municipal Short 1–5 Years Index is a market value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to five years. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. Investors cannot invest directly in an index. Source: Bloomberg Index Services Ltd. |
2 | Includes reinvested dividends and capital gain distributions. |
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. The results shown are before taxes on fund distributions and sale of fund shares.
Average annual total returns based on a $25,000 investment
For periods ended October 31, 2019
1 year | 5 years | Lifetime | ||||
Capital Group Short-Term Municipal Fund | 4.19% | 1.40% | 1.57% | |||
Portfolio quality summary* | Percent of net assets |
* | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm. |
Private Client Services Funds | 5 |
Capital Group California Core Municipal Fund October 31, 2019
How a $25,000 investment has grown
1 | Bloomberg Barclays California Short-Intermediate Municipal Index is a market value-weighted index that includes only investment-grade tax-exempt bonds that are issued from California with maturities of one to 10 years. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of commissions, account fees, expenses or U.S. federal income taxes. Investors cannot invest directly in an index. Source: Bloomberg Index Services Ltd. |
2 | Includes reinvested dividends and capital gain distributions. |
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. The results shown are before taxes on fund distributions and sale of fund shares.
Average annual total returns based on a $25,000 investment
For periods ended October 31, 2019
1 year | 5 years | Lifetime | ||||
Capital Group California Core Municipal Fund | 5.84% | 2.17% | 2.72% | |||
Portfolio quality summary* | Percent of net assets |
* | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm. |
6 | Private Client Services Funds |
Capital Group California Short-Term Municipal Fund October 31, 2019
How a $25,000 investment has grown
1 | Bloomberg Barclays California Short Municipal Index is a market value-weighted index that includes only investment-grade tax-exempt bonds that are issued from California with maturities of one to five years. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of commissions, account fees, expenses or U.S. federal income taxes. Investors cannot invest directly in an index. Source: Bloomberg Index Services Ltd. |
2 | Includes reinvested dividends and capital gain distributions. |
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. The results shown are before taxes on fund distributions and sale of fund shares.
Average annual total returns based on a $25,000 investment
For periods ended October 31, 2019
1 year | 5 years | Lifetime | ||||
Capital Group California Short-Term Municipal Fund | 3.55% | 1.16% | 1.35% | |||
Portfolio quality summary* | Percent of net assets |
* | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm. |
Private Client Services Funds | 7 |
Capital Group Core Bond Fund October 31, 2019
How a $25,000 investment has grown
1 | The Bloomberg Barclays Intermediate A+ U.S. Government/Credit Index is a market value-weighted index that tracks the total return of fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies and quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements, with maturities of one to 10 years, excluding BBB-rated securities. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of account fees, expenses or U.S. federal income taxes. Investors cannot invest directly in an index. Source: Bloomberg Index Services Ltd. |
2 | Includes reinvested dividends and capital gain distributions. |
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. The results shown are before taxes on fund distributions and sale of fund shares.
Average annual total returns based on a $25,000 investment
For periods ended October 31, 2019
1 year | 5 years | Lifetime | ||||
Capital Group Core Bond Fund | 7.33% | 2.14% | 2.52% | |||
Portfolio quality summary* | Percent of net assets |
* | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm. |
† | These securities are guaranteed by the full faith and credit of the U.S. government. |
8 | Private Client Services Funds |
American Funds Global Insight Fund October 31, 2019
How a $25,000 investment has grown
(Based on M share results. M shares were converted to F-3 shares in connection with the fund reorganization on November 8, 2019.)
1 | Includes reinvested dividends and capital gain distributions. |
2 | MSCI World Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results of developed markets. The index consists of more than 20 developed market country indexes, including the United States. Results reflect dividends net of withholding taxes. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. Investors cannot invest directly in an index. Source: MSCI. |
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. The results shown are before taxes on fund distributions and sale of fund shares.
Average annual total returns based on a $25,000 investment
For periods ended October 31, 2019
1 year | 5 years | Lifetime | ||||
American Funds Global Insight Fund | 17.65% | 8.60% | 8.75% | |||
Industry sector diversification | Percent of net assets |
Private Client Services Funds | 9 |
American Funds Global Insight Fund October 31, 2019
Country diversification by domicile | Percent of net assets | |||
United States | 45.95 | % | ||
France | 9.93 | |||
United Kingdom | 6.79 | |||
Japan | 5.92 | |||
Denmark | 3.76 | |||
Netherlands | 3.16 | |||
Hong Kong | 3.04 | |||
Taiwan | 2.49 | |||
Switzerland | 1.85 | |||
Canada | 1.38 | |||
Germany | 1.16 | |||
Other countries | 5.08 | |||
Short-term securities & other assets less liabilities | 9.49 |
10 | Private Client Services Funds |
American Funds International Vantage Fund October 31, 2019
How a $25,000 investment has grown
(Based on M share results. M shares were converted to F-3 shares in connection with the fund reorganization on November 8, 2019.)
1 | Includes reinvested dividends and capital gain distributions. |
2 | MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization-weighted index that is designed to measure developed equity market results, excluding the United States and Canada. Results reflect dividends net of withholding taxes. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. Investors cannot invest directly in an index. Source: MSCI. |
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. The results shown are before taxes on fund distributions and sale of fund shares.
Average annual total returns based on a $25,000 investment
For periods ended October 31, 2019
1 year | 5 years | Lifetime | ||||
American Funds International Vantage Fund | 18.95% | 6.58% | 5.77% | |||
Industry sector diversification | Percent of net assets |
Private Client Services Funds | 11 |
American Funds International Vantage Fund October 31, 2019
Country diversification by domicile | Percent of net assets | |||
France | 19.58 | % | ||
Japan | 19.48 | |||
United Kingdom | 13.95 | |||
Denmark | 7.53 | |||
Hong Kong | 6.44 | |||
Germany | 5.22 | |||
Switzerland | 5.06 | |||
Netherlands | 4.08 | |||
Taiwan | 2.40 | |||
Italy | 2.00 | |||
Belgium | 1.69 | |||
Spain | 1.53 | |||
China | 1.49 | |||
United States | 1.43 | |||
India | 1.31 | |||
Other countries | 3.23 | |||
Short-term securities & other assets less liabilities | 3.58 |
12 | Private Client Services Funds |
Capital Group U.S. Equity Fund October 31, 2019
How a $25,000 investment has grown
1 | Standard & Poor’s 500 Composite Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. This index is unmanaged, and its results include reinvested dividends and/or distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. Investors cannot invest directly in an index. Source: S&P Dow Jones Indices LLC. |
2 | Includes reinvested dividends and capital gain distributions. |
Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. The results shown are before taxes on fund distributions and sale of fund shares.
Average annual total returns based on a $25,000 investment
For periods ended October 31, 2019
1 year | 5 years | Lifetime | ||||
Capital Group U.S. Equity Fund | 17.65% | 10.53% | 10.91% | |||
Industry sector diversification | Percent of net assets |
Private Client Services Funds | 13 |
Capital Group Core Municipal Fund
Investment portfolioOctober 31, 2019
Bonds, notes & other debt instruments 95.82% | Principal amount (000) | Value (000) | ||||||
Alabama 1.05% | ||||||||
21st Century Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2012-A, 5.00% 2021 | $ | 2,230 | $ | 2,354 | ||||
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2017-A, 4.00% 2047 (put 2022) | 2,050 | 2,173 | ||||||
Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2023 (preref. 2022) | 100 | 111 | ||||||
City of Huntsville, Electric Rev. Bonds, Series 2017-A, 5.00% 2022 | 450 | 502 | ||||||
City of Huntsville, Electric Rev. Bonds, Series 2017-B, 5.00% 2022 | 400 | 446 | ||||||
County of Jefferson, Limited Obligation Rev. Ref. Bonds, Series 2017, 5.00% 2020 | 500 | 516 | ||||||
6,102 | ||||||||
Alaska 0.23% | ||||||||
Housing Fin. Corp., Collateralized Bonds (Veterans Mortgage Program), Series 2019, 4.00% 2048 | 1,000 | 1,092 | ||||||
Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2016-A, 3.50% 2046 | 230 | 241 | ||||||
1,333 | ||||||||
Arizona 0.27% | ||||||||
Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2009-A, 5.00% 2020 | 10 | 10 | ||||||
County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (GreatHearts Arizona Projects), Series 2017-A, 5.00% 2027 | 745 | 906 | ||||||
City of Phoenix, Industrial Dev. Auth., Lease Rev. Bonds (Rowan University Project), Series 2012, 5.00% 2022 | 600 | 632 | ||||||
1,548 | ||||||||
Arkansas 0.10% | ||||||||
Dev. Fin. Auth., Health Care Rev. Bonds (Baptist Memorial Health Care), Series 2015-B-3, (SIFMA Municipal Swap Index + 1.55%) 2.67% 2044 (put 2022)1 | 600 | 609 | ||||||
California 2.18% | ||||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.02% 2045 (put 2023)1 | 2,200 | 2,240 | ||||||
Health Facs. Fncg. Auth., Insured Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2028 | 315 | 372 | ||||||
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2015-B, (SIFMA Municipal Swap Index + 1.20%) 2.32% 2037 (put 2022)1 | 1,000 | 1,018 | ||||||
City of Irvine, Reassessment Dist. No. 13-1, Limited Obligation Improvement Bonds, Series 2013, 3.125% 2021 | 65 | 68 | ||||||
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2025 | 250 | 295 | ||||||
City of Los Angeles, Multi Family Housing Rev. Bonds (Jordan Downs Phase 1B Apartments), Series 2018-A-2, 2.08% 2022 (put 2021) | 150 | 151 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2019-A, 5.00% 2022 | 1,000 | 1,106 | ||||||
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2022 | 1,250 | 1,366 | ||||||
RNR School Fncg. Auth., Community Facs. Dist. No. 92-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2028 | 1,000 | 1,224 | ||||||
City of Santee, Community Facs. Dist. Number 2017-1, Special Tax Bonds (Weston Infrastructure), Series 2019, 5.00% 2022 | 135 | 148 | ||||||
City of Santee, Community Facs. Dist. Number 2017-1, Special Tax Bonds (Weston Infrastructure), Series 2019, 5.00% 2023 | 160 | 180 | ||||||
City of Santee, Community Facs. Dist. Number 2017-1, Special Tax Bonds (Weston Infrastructure), Series 2019, 5.00% 2024 | 170 | 196 | ||||||
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (La Mesa Springs Apartments), Series 2019-E, 1.78% 2021 (put 2020) | 500 | 503 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2013-A, 5.00% 2023 | 160 | 175 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-M, 5.00% 2038 (put 2029) | 1,300 | 1,707 |
14 | Private Client Services Funds |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025 | $ | 200 | $ | 204 | ||||
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2026 | 500 | 510 | ||||||
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 2030 | 180 | 228 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2019-CS, 4.00% 2049 | 950 | 1,045 | ||||||
12,736 | ||||||||
Colorado 1.78% | ||||||||
City of Arvada, Mountain Shadows Metropolitan Dist., Limited Tax G.O. Rev. Ref. and Improvement Bonds, Series 2016, 4.00% 2026 | 735 | 761 | ||||||
City and County of Denver, Airport System Rev. Ref. Bonds, Series 2009-A, 5.25% 2028 | 200 | 201 | ||||||
E-470 Public Highway Auth., Rev. Bonds, Series 2017-B, (1-month USD-LIBOR x 0.67 + 1.05%) 2.246% 2039 (put 2021)1 | 200 | 202 | ||||||
Educational and Cultural Facs. Auth., Rev. Ref. Bonds (Johnson & Wales University Project), Series 2013-B, 5.00% 2023 | 1,590 | 1,753 | ||||||
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2024 (escrowed to maturity) | 1,825 | 2,127 | ||||||
Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2016-C, 5.00% 2036 (put 2023) | 1,570 | 1,792 | ||||||
Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2018-A, 5.00% 2048 | 125 | 150 | ||||||
Health Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2014-B-3, 1.875% 2039 (put 2019) | 1,000 | 1,000 | ||||||
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2018-C, Class I, 4.25% 2048 | 780 | 854 | ||||||
City of Loveland, Centerra Metropolitan Dist. No. 1, Rev. Ref. Bonds, Series 2017, 2.70% 20192 | 268 | 268 | ||||||
City of Loveland, Centerra Metropolitan Dist. No. 1, Rev. Ref. Bonds, Series 2017, 5.00% 20202 | 1,250 | 1,286 | ||||||
10,394 | ||||||||
Connecticut 1.76% | ||||||||
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2015-A, 2.05% 2035 (put 2021) | 1,785 | 1,808 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2017-B-1, 5.00% 2037 (put 2020)3 | 1,430 | 1,466 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044 | 170 | 179 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-A-1, 4.00% 2045 | 525 | 554 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-A-1, 4.00% 2047 | 3,130 | 3,338 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-C-1, 4.00% 2047 | 1,195 | 1,274 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-D-1, 4.00% 2047 | 250 | 267 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2019-A-1, 4.00% 2045 | 1,100 | 1,201 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-A, 3.50% 2044 | 175 | 181 | ||||||
10,268 | ||||||||
Delaware 0.15% | ||||||||
Health Facs. Auth., Rev. Bonds (Beebe Medical Center Project), Series 2018, 5.00% 2022 | 290 | 314 | ||||||
Health Facs. Auth., Rev. Bonds (Beebe Medical Center Project), Series 2018, 5.00% 2023 | 200 | 222 | ||||||
Health Facs. Auth., Rev. Bonds (Beebe Medical Center Project), Series 2018, 5.00% 2024 | 300 | 341 | ||||||
877 |
Private Client Services Funds | 15 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments(continued) | Principal amount (000) | Value (000) | ||||||
District of Columbia 0.84% | ||||||||
G.O. Bonds, Series 2019-A, 5.00% 2023 | $ | 2,000 | $ | 2,296 | ||||
Income Tax Secured Rev. Bonds, Series 2011-A, 5.00% 2029 | 235 | 253 | ||||||
Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2019-B, 5.00% 2021 | 1,500 | 1,608 | ||||||
Washington Convention and Sports Auth., Dedicated Tax Rev. Ref. Bonds, Series 2018-A, 5.00% 2027 | 600 | 756 | ||||||
4,913 | ||||||||
Florida 6.14% | ||||||||
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2019-A, 5.00% 2021 | 490 | 520 | ||||||
County of Brevard, Health Facs. Auth., Rev. Ref. Bonds (Health First, Inc. Project), Series 2014, 5.00% 2021 | 500 | 525 | ||||||
County of Brevard, Health Facs. Auth., Rev. Ref. Bonds (Health First, Inc. Project), Series 2014, 5.00% 2022 | 500 | 542 | ||||||
County of Broward, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Prospect Park Apartments), Series 2019-C, 1.40% 2022 (put 2021) | 305 | 305 | ||||||
City of Cape Coral, Utility Improvement Rev. Ref. Assessment Bonds (Various Areas), Series 2017, Assured Guaranty Municipal insured, 1.90% 2020 | 925 | 927 | ||||||
Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 3.00% 2026 | 345 | 365 | ||||||
Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 3.20% 2027 | 355 | 382 | ||||||
Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 3.25% 2028 | 370 | 402 | ||||||
Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), Series 2012-A, 5.00% 2022 | 1,000 | 1,085 | ||||||
Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), Series 2016, 5.00% 2026 | 655 | 784 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2010-B, 4.50% 2029 | 15 | 15 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2011-B, 4.50% 2029 | 60 | 61 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2015-A, 3.50% 2046 | 105 | 108 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2017-1, 4.00% 2048 | 1,420 | 1,527 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-1, 4.00% 2049 | 1,375 | 1,491 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-2, 4.25% 2050 | 2,530 | 2,782 | ||||||
Housing Fin. Corp., Multi Family Housing Rev. Bonds (Azure Estates), Series 2019-J, 1.45% 2023 (put 2022) | 1,220 | 1,221 | ||||||
Housing Fin. Corp., Multi Family Housing Rev. Bonds (Logan Heights Apartments), Series 2018-F, 1.90% 2020 | 1,000 | 1,001 | ||||||
Housing Fin. Corp., Multi Family Housing Rev. Bonds (Pembroke Tower Apartments), Series 2019-G, 1.55% 2021 (put 2021) | 175 | 175 | ||||||
Housing Fin. Corp., Multi Family Mortgage Rev. Bonds (Mary Bethune Highrise), Series 2019-D-1, 1.70% 2022 (put 2021) | 775 | 776 | ||||||
JEA, Electric System Rev. Bonds, Series 2014-A-3, 5.00% 2022 | 600 | 660 | ||||||
JEA, Electric System Rev. Bonds, Series 2014-A-3, 5.00% 2023 (escrowed to maturity) | 250 | 287 | ||||||
JEA, Electric System Rev. Bonds, Series 2017-B, 5.00% 2026 | 500 | 606 | ||||||
JEA, Electric System Rev. Bonds, Series 2017-B-3, 5.00% 2026 | 340 | 413 | ||||||
JEA, Water and Sewer System Rev. Bonds, Series 2017-A, 5.00% 2023 | 750 | 852 | ||||||
County of Martin, Health Facs. Auth., Hospital Rev. Bonds (Martin Memorial Medical Center), Series 2012, 3.50% 2019 (escrowed to maturity) | 100 | 100 | ||||||
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 | 167 | ||||||
County of Miami-Dade, Expressway Auth., Toll System Rev. Bonds, Series 2014-A, 5.00% 2026 | 780 | 896 | ||||||
County of Miami-Dade, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2014-B, 5.00% 2026 | 760 | 873 | ||||||
Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 2015-C, Assured Guaranty Municipal insured, 5.00% 2021 | 575 | 611 |
16 | Private Client Services Funds |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
County of Orange, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Willow Key Apartments), Series 2019-A, 1.90% 2022 (put 2021) | $ | 325 | $ | 327 | ||||
County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-C, 5.00% 2021 | 500 | 523 | ||||||
County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-C, 5.00% 2027 | 300 | 342 | ||||||
City of Pompano Beach, Rev. Bonds (John Knox Village Project), Series 2015, 5.00% 2023 | 620 | 693 | ||||||
County of St. Johns, Sweetwater Creek Community Dev. Dist., Capital Improvement Rev. Ref. Bonds, Series 2019-A-1, Assured Guaranty Municipal insured, 2.00% 2020 | 330 | 331 | ||||||
County of St. Johns, Sweetwater Creek Community Dev. Dist., Capital Improvement Rev. Ref. Bonds, Series 2019-A-1, Assured Guaranty Municipal insured, 2.00% 2022 | 345 | 347 | ||||||
South Florida Water Management Dist., Certs. of Part., Series 2015, 5.00% 2025 | 1,500 | 1,818 | ||||||
City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), Series 2017, 5.00% 2021 | 500 | 533 | ||||||
City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), Series 2017, 5.00% 2024 | 500 | 583 | ||||||
Southeast Overtown/Park West Community Redev. Agcy., Tax Increment Rev. Bonds, Series 2014-A-1, 5.00% 20212 | 785 | 821 | ||||||
County of Sumter, Village Community Dev. Dist. No. 6, Rev. Ref. Bonds, Series 2017, 4.00% 2020 | 345 | 349 | ||||||
Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 2.625% 2024 | 1,070 | 1,105 | ||||||
Dept. of Transportation, Bridge Construction Bonds, Series 2018-B, 5.00% 2025 | 2,000 | 2,415 | ||||||
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Rev. Ref. Bonds, Series 2012-A, 4.00% 2028 | 1,040 | 1,087 | ||||||
Dept. of Transportation, Turnpike Rev. Bonds, Series 2018-A, 5.00% 2026 | 1,000 | 1,235 | ||||||
Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2013-A, 5.00% 2021 | 735 | 782 | ||||||
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 | 1,161 | ||||||
Water Pollution Control Fncg. Corp., Water Pollution Control Rev. Bonds, Series 2008-A, 5.00% 2020 | 76 | 76 | ||||||
City of Winter Garden, Winter Garden Village at Fowler Groves Community Dev. Dist., Special Assessment Rev. Ref. Bonds, Series 2016, 3.00% 2024 | 855 | 865 | ||||||
35,852 | ||||||||
Georgia 2.92% | ||||||||
City of Atlanta, Water and Wastewater Rev. Bonds, Series 2004, Assured Guaranty Municipal insured, 5.75% 2029 | 1,800 | 2,488 | ||||||
County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Georgia Power Co. Plant Vogtle Project), Series 2013, 2.925% 2053 (put 2024) | 600 | 628 | ||||||
County of DeKalb, Hospital Auth., Rev. Ref. Anticipation Certificates (DeKalb Medical Center, Inc. Project), Series 2009, 5.00% 2024 | 200 | 200 | ||||||
City of East Point, Housing Auth., Multi Family Housing Rev. Bonds (Hillcrest Senior Apartments Projects), Series 2018, 2.25% 2022 (put 2021)3 | 675 | 683 | ||||||
G.O. Bonds, Series 2011-C, 5.00% 2021 | 120 | 128 | ||||||
G.O. Bonds, Series 2016-A, 5.00% 2020 | 420 | 424 | ||||||
G.O. Bonds, Series 2019-A, 5.00% 2028 | 2,630 | 3,408 | ||||||
G.O. Bonds, Series 2019-A, 5.00% 2029 | 2,000 | 2,637 | ||||||
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2014-A-1, 4.00% 2044 | 615 | 641 | ||||||
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2015-A-1, 3.50% 2045 | 560 | 582 | ||||||
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2015-B-1, 3.50% 2045 | 255 | 266 | ||||||
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2017-A, 4.00% 2047 | 685 | 729 | ||||||
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2019-A, 5.00% 2021 | 180 | 189 | ||||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds (Third Indenture Series), Series 2012-A, 5.00% 2030 (preref. 2022) | 630 | 694 | ||||||
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 2029 | 120 | 147 | ||||||
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 2030 | 115 | 140 |
Private Client Services Funds | 17 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments(continued) | Principal amount (000) | Value (000) | ||||||
Georgia (continued) | ||||||||
Municipal Electric Auth., Project One Bonds, Series 2009-B, 5.00% 2020 | $ | 755 | $ | 759 | ||||
Municipal Electric Auth., Project One Bonds, Series 2016-A, 4.00% 2021 | 1,000 | 1,030 | ||||||
Private Colleges and Universities Auth., Rev. Bonds (The Savannah College of Art and Design Projects), Series 2014, 5.00% 2020 | 1,250 | 1,269 | ||||||
17,042 | ||||||||
Guam 0.22% | ||||||||
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-B, 5.00% 2023 | 1,180 | 1,263 | ||||||
Hawaii 1.11% | ||||||||
G.O. Bonds, Series 2011-DZ, 5.00% 2019 (escrowed to maturity) | 645 | 647 | ||||||
G.O. Bonds, Series 2011-DZ, 5.00% 2026 (preref. 2021) | 1,805 | 1,948 | ||||||
G.O. Bonds, Series 2011-DZ, 5.00% 2028 (preref. 2021) | 255 | 275 | ||||||
G.O. Bonds, Series 2011-DZ, 5.00% 2030 (preref. 2021) | 745 | 804 | ||||||
G.O. Bonds, Series 2017-FK, 5.00% 2023 | 425 | 481 | ||||||
G.O. Rev. Ref. Bonds, Series 2017-F-N, 5.00% 2023 | 1,000 | 1,146 | ||||||
City and County of Honolulu, Wastewater System Rev. Bonds (First Bond Resolution), Series 2019-A, 4.00% 2028 | 1,000 | 1,193 | ||||||
6,494 | ||||||||
Idaho 0.19% | ||||||||
Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund), Series 2015-A, 5.00% 2022 | 1,000 | 1,097 | ||||||
Illinois 9.24% | ||||||||
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2013, 5.00% 2020 | 3,325 | 3,389 | ||||||
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 2026 | 1,000 | 1,090 | ||||||
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 4.00% 2021 | 250 | 258 | ||||||
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 5.00% 2025 | 200 | 227 | ||||||
County of Champaign, Community Unit School Dist. No. 4, G.O. School Building Bonds, Series 2017, 5.00% 2021 | 1,000 | 1,043 | ||||||
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2023 | 1,100 | 1,225 | ||||||
City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2013-B, 5.00% 2021 | 500 | 521 | ||||||
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2017-D, 5.00% 2026 | 1,135 | 1,367 | ||||||
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2012, 5.00% 2020 | 660 | 664 | ||||||
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2012, Assured Guaranty Municipal insured, 4.00% 2021 | 1,000 | 1,028 | ||||||
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2012, Assured Guaranty Municipal insured, 5.00% 2023 | 500 | 535 | ||||||
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2014, 5.00% 2020 | 515 | 518 | ||||||
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2023 | 200 | 226 | ||||||
City of Chicago, Water Rev. Ref. Bonds, Series 2004, 5.00% 2021 | 1,895 | 2,024 | ||||||
Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., G.O. Bonds, Series 2000, MBIA insured, 6.25% 2021 | 1,000 | 1,080 | ||||||
County of Cook, Community College Dist. No. 508 (City Colleges of Chicago), Unlimited Tax G.O. Bonds, Series 2013, 5.00% 2023 | 200 | 218 | ||||||
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana - Champaign Project), Series 2019-A, 5.00% 2025 | 110 | 130 | ||||||
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana - Champaign Project), Series 2019-A, 5.00% 2027 | 500 | 614 | ||||||
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana - Champaign Project), Series 2019-A, 5.00% 2028 | 400 | 499 | ||||||
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2025 | 125 | 147 | ||||||
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2026 | 120 | 145 | ||||||
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 4.00% 2026 | 1,000 | 1,143 | ||||||
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2021 | 150 | 157 | ||||||
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2020 | 500 | 508 | ||||||
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2027 | 590 | 672 |
18 | Private Client Services Funds |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Fin. Auth., Rev. Bonds (Northwestern Memorial Healthcare), Series 2017-B, 5.00% 2057 (put 2022) | $ | 275 | $ | 305 | ||||
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2027 | 250 | 296 | ||||||
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2020 | 200 | 203 | ||||||
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2024 | 310 | 351 | ||||||
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2026 | 600 | 729 | ||||||
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2021 | 500 | 537 | ||||||
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2028 | 1,000 | 1,171 | ||||||
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2029 | 500 | 583 | ||||||
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2021 | 545 | 579 | ||||||
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2026 | 1,000 | 1,225 | ||||||
Fin. Auth., Rev. Ref. Bonds (Advocate Health Care Network), Series 2008-A-1, 5.00% 2030 (put 2020) | 2,000 | 2,015 | ||||||
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2026 | 770 | 914 | ||||||
G.O. Bonds, Series 2010, Assured Guaranty Municipal insured, 5.00% 2020 | 475 | 477 | ||||||
G.O. Bonds, Series 2017-A, 5.00% 2021 | 500 | 530 | ||||||
G.O. Bonds, Series 2017-B, 5.00% 2019 | 3,825 | 3,825 | ||||||
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2020 | 4,105 | 4,222 | ||||||
G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2020 | 325 | 332 | ||||||
G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2021 | 970 | 1,019 | ||||||
Housing Dev. Auth., Multi Family Housing Rev. Notes (Marshall Field Garden Apartment Homes), Series 2015, (SIFMA Municipal Swap Index + 1.00%) 2.12% 2050 (put 2025)1 | 2,000 | 2,014 | ||||||
Housing Dev. Auth., Rev. Bonds, Series 2019-A, 4.25% 2049 | 2,020 | 2,229 | ||||||
Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2022 | 1,465 | 1,570 | ||||||
Municipal Electric Agcy., Power Supply System Rev. Ref. Bonds, Series 2015-A, 5.00% 2027 | 1,000 | 1,184 | ||||||
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.25% 2020 | 10 | 10 | ||||||
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2017, 5.00% 2023 | 555 | 623 | ||||||
Sales Tax Securitization Corp., Sales Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2024 | 1,000 | 1,121 | ||||||
Sales Tax Securitization Corp., Sales Tax Securitization Rev. Ref. Bonds, Series 2017-A, 5.00% 2023 | 2,000 | 2,189 | ||||||
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-A, 5.00% 2027 | 1,250 | 1,484 | ||||||
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-A, 5.00% 2028 | 1,110 | 1,314 | ||||||
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2025 | 740 | 869 | ||||||
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2005-A, National insured, 5.50% 2023 | 500 | 568 | ||||||
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 | ||||||
53,946 | ||||||||
Indiana 1.03% | ||||||||
Fin. Auth., Hospital Rev. Bonds (Parkview Health System), Series 2019-A, 5.00% 2025 | 1,500 | 1,784 | ||||||
Fin. Auth., State Revolving Fund Green Bonds, Series 2019-E, 5.00% 2022 | 750 | 814 | ||||||
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 2048 | 3,120 | 3,438 | ||||||
6,036 | ||||||||
Iowa 0.68% | ||||||||
Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2019-A, 4.00% 2047 | 1,000 | 1,115 | ||||||
Fin. Auth., Single Family Mortgage Bonds, Series 2017-A, 4.00% 2047 | 2,700 | 2,881 | ||||||
3,996 |
Private Client Services Funds | 19 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments(continued) | Principal amount (000) | Value (000) | ||||||
Kansas 0.10% | ||||||||
City of Wichita, Hospital Facs. Rev. Ref. and Improvement Bonds (Christi Health, Inc.), Series 2011-A, 5.00% 2020 (escrowed to maturity) | $ | 575 | $ | 597 | ||||
Kentucky 0.17% | ||||||||
Housing Corp., Housing Rev. Bonds (Westminster Village Project), Series 2019, 2.00% 2022 (put 2021) | 1,000 | 1,007 | ||||||
Louisiana 1.49% | ||||||||
G.O. Bonds, Series 2011-A, 5.00% 2029 (preref. 2020) | 570 | 588 | ||||||
Housing Corp., Single Family Mortgage Bonds (Home Ownership Program), Series 2019-A-1, 4.50% 2049 | 990 | 1,101 | ||||||
Parish of Jefferson, Sales Tax Rev. Ref. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 5.00% 2027 | 1,000 | 1,253 | ||||||
Louisiana Stadium and Exposition Dist., Rev. Ref. Bonds, Series 2013-A, 5.00% 2022 | 1,500 | 1,644 | ||||||
Parish of St. Charles, Gulf Opportunity Zone Rev. Bonds (Valero Project), Series 2010, 4.00% 2040 (put 2022) | 2,000 | 2,111 | ||||||
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 3.00% 2022 | 115 | 121 | ||||||
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 4.00% 2023 | 105 | 115 | ||||||
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 4.00% 2025 | 145 | 166 | ||||||
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 5.00% 2024 | 80 | 94 | ||||||
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 5.00% 2026 | 140 | 172 | ||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2021 | 480 | 505 | ||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.50% 2029 | 805 | 806 | ||||||
8,676 | ||||||||
Maine 0.69% | ||||||||
Housing Auth., Mortgage Purchase Bonds, Series 2017-A, 4.00% 2047 | 660 | 702 | ||||||
Housing Auth., Mortgage Purchase Bonds, Series 2018-F, 4.25% 2048 | 1,490 | 1,638 | ||||||
Housing Auth., Mortgage Purchase Bonds, Series 2019-A, 4.00% 2049 | 965 | 1,053 | ||||||
Maine Municipal Bond Bank, Grant Anticipation Bonds (Dept. of Transportation), Series 2018-A, 5.00% 2026 | 500 | 614 | ||||||
4,007 | ||||||||
Maryland 1.25% | ||||||||
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2014-C, 4.00% 2044 | 540 | 570 | ||||||
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2018-A, 4.50% 2048 | 215 | 239 | ||||||
G.O. Rev. Ref. Bonds, State and Local Facs. Loan of 2017, Series 2017-B-2, 5.00% 2026 | 2,000 | 2,477 | ||||||
County of Howard, Consolidated Public Improvement Bonds, Series 2013, 3.00% 2027 (preref. 2021) | 1,000 | 1,023 | ||||||
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2017-A, 4.00% 2048 | 835 | 895 | ||||||
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2018-A, 4.00% 2049 | 1,920 | 2,076 | ||||||
7,280 |
20 | Private Client Services Funds |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Massachusetts 0.89% | ||||||||
Dev. Fin. Agcy., Rev. Bonds (Harvard University Issue), Series 2010-B-2, 5.25% 2034 (preref. 2021) | $ | 250 | $ | 263 | ||||
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2017-S, 5.00% 2024 | 1,000 | 1,168 | ||||||
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2017, 5.00% 2021 | 750 | 796 | ||||||
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2017, 5.00% 2022 | 875 | 958 | ||||||
Housing Fin. Agcy., Multi Family Conduit Rev. Bonds (Chestnut Park Project), Series 2018-A, 2.40% 2023 (put 2021) | 260 | 264 | ||||||
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 169, 4.00% 2044 | 475 | 492 | ||||||
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 172, 4.00% 2045 | 690 | 723 | ||||||
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 203, 4.50% 2048 | 500 | 553 | ||||||
5,217 | ||||||||
Michigan 3.50% | ||||||||
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Local Project Bonds), Series 2014-C-5, National insured, 5.00% 2020 | 750 | 768 | ||||||
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2015-C, 5.00% 2027 | 250 | 295 | ||||||
Great Lakes Water Auth., Water Supply System Rev. Ref. Bonds, Series 2016-C, 5.00% 2027 | 1,000 | 1,211 | ||||||
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 2026 | 1,500 | 1,838 | ||||||
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2008-C, 5.00% 2021 | 650 | 699 | ||||||
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2008-C, 5.00% 2022 | 475 | 528 | ||||||
Housing Dev. Auth., Rental Housing Rev. Bonds, Series 2019-A-1, 1.50% 2022 | 1,250 | 1,250 | ||||||
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2014-A, 4.00% 2044 | 925 | 970 | ||||||
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 2047 | 735 | 773 | ||||||
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 2048 | 380 | 402 | ||||||
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-A, 4.00% 2048 | 865 | 934 | ||||||
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 2049 | 3,695 | 4,048 | ||||||
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 2049 | 1,000 | 1,104 | ||||||
Board of Trustees of Michigan State University, Rev. Bonds, Series 2019-B, 5.00% 2023 | 300 | 337 | ||||||
Board of Trustees of Michigan State University, Rev. Bonds, Series 2019-B, 5.00% 2030 | 700 | 894 | ||||||
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), Series 1995-CC, 1.45% 2030 (put 2021) | 1,000 | 998 | ||||||
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), Series 2008-KT, 5.625% 2020 | 1,160 | 1,191 | ||||||
County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2012-A, 5.00% 2022 | 850 | 945 | ||||||
County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2018-A, 5.00% 2029 | 990 | 1,254 | ||||||
20,439 | ||||||||
Minnesota 3.83% | ||||||||
City of Brooklyn Park, Multi Family Housing Rev. Ref. Bonds (Amorce I Limited Partnership Project), Series 2019-A, 1.25% 2022 (put 2021) | 1,545 | 1,543 | ||||||
City of Coon Rapids, Multi Family Housing Rev. Ref. Bonds (Drake Apartments Project), Series 2018-A, 2.20% 2021 (put 2020) | 300 | 301 | ||||||
G.O. Bonds, Series 2015-A, 5.00% 2025 | 1,500 | 1,815 | ||||||
G.O. Bonds, Series 2016-B, 5.00% 2023 | 1,500 | 1,712 | ||||||
G.O. Bonds, Series 2019-A, 5.00% 2032 | 1,000 | 1,299 | ||||||
G.O. Bonds, Trunk Highway Bonds, Series 2019-B, 5.00% 2020 | 500 | 514 | ||||||
G.O. Rev. Ref. Bonds, Series 2017-D, 5.00% 2024 | 1,500 | 1,774 | ||||||
Housing Fin. Agcy., Homeownership Fin. Bonds (Mortgage-Backed Securities Program), Series 2010-A, 4.25% 2028 | 15 | 15 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2012-D, 4.00% 2040 | 100 | 102 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-B, 4.00% 2038 | 455 | 481 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-B, 3.50% 2046 | 1,120 | 1,175 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-B, 4.00% 2047 | 910 | 969 |
Private Client Services Funds | 21 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments(continued) | Principal amount (000) | Value (000) | ||||||
Minnesota (continued) | ||||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-E, 4.00% 2048 | $ | 425 | $ | 457 | ||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-B, 4.00% 2048 | 480 | 520 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-E, 4.25% 2049 | 2,230 | 2,450 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2019-B 4.25% 2049 | 980 | 1,082 | ||||||
City of Maplewood, Multi Family Housing Rev. Ref. Bonds (Maple Pond Apartments Project), Series 2018-A, 2.20% 2021 (put 2020) | 600 | 602 | ||||||
City of Minneapolis, Multi Family Rev. Bonds (Riverside Homes Project), Series 2018-A, 2.40% 2021 (put 2020) | 725 | 725 | ||||||
City of Rochester, Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2011-C, 4.50% 2038 (put 2021) | 1,000 | 1,064 | ||||||
City of St. Paul, Housing and Redev. Auth., Multi Family Housing Rev. Bonds (Millberry Apartments Project), Series 2018-A, 2.15% 2021 (put 2020) | 250 | 250 | ||||||
City of St. Paul, Housing and Redev. Auth., Multi Family Housing Rev. Bonds (Millberry Apartments Project), Series 2018-A, 2.20% 2021 (put 2020) | 1,100 | 1,103 | ||||||
Regents of the University of Minnesota, G.O. Bonds, Series 2011-D, 5.00% 2029 (preref. 2021) | 1,265 | 1,364 | ||||||
Regents of the University of Minnesota, G.O. Rev. Ref. Bonds, Series 2017-B, 5.00% 2021 | 960 | 1,036 | ||||||
22,353 | ||||||||
Mississippi 0.68% | ||||||||
Gaming Tax Rev. Bonds, Series 2019-A, 5.00% 2023 | 850 | 969 | ||||||
Gaming Tax Rev. Ref. Bonds, Series 2015-E, 5.00% 2026 | 500 | 598 | ||||||
Home Corp., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 2048 | 775 | 846 | ||||||
Hospital Equipment and Facs. Auth., Rev. Bonds (Baptist Memorial Health Care), Series 2015-A, 5.00% 2021 | 1,490 | 1,576 | ||||||
3,989 | ||||||||
Missouri 0.82% | ||||||||
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Saint Luke’s Health System, Inc.), Series 2016, 5.00% 2026 | 1,435 | 1,728 | ||||||
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2016-B, 3.50% 2041 | 2,295 | 2,405 | ||||||
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2017-B, 3.25% 2047 | 473 | 494 | ||||||
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2015-A, 3.75% 2038 | 160 | 168 | ||||||
4,795 | ||||||||
Montana 0.03% | ||||||||
Board of Housing, Single Family Mortgage Bonds, Series 2016-A-2, 3.50% 2044 | 190 | 199 | ||||||
Nebraska 1.02% | ||||||||
Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2014, 5.00% 2039 (put 2019) | 1,250 | 1,253 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-A, 3.00% 2043 | 90 | 92 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2014-A, 4.00% 2044 | 230 | 243 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2015-C, 3.50% 2045 | 630 | 655 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-A, 3.50% 2046 | 35 | 37 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-C, 3.50% 2046 | 255 | 262 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-A, 4.00% 2048 | 925 | 998 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-C, 4.00% 2048 | 2,220 | 2,407 | ||||||
5,947 |
22 | Private Client Services Funds |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Nevada 2.59% | ||||||||
Clark County School Dist., Limited Tax G.O. Building and Rev. Ref. Bonds, Series 2017-A, 5.00% 2026 | $ | 640 | $ | 775 | ||||
Clark County School Dist., Limited Tax G.O. Building and Rev. Ref. Bonds, Series 2017-C, 5.00% 2027 | 750 | 922 | ||||||
Clark County School Dist., Limited Tax G.O. Building Bonds, Series 2018-A, 5.00% 2029 | 1,000 | 1,244 | ||||||
Clark County School Dist., Limited Tax G.O. Building Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2027 | 1,220 | 1,499 | ||||||
Clark County School Dist., Limited Tax G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2023 | 1,000 | 1,125 | ||||||
Clark County School Dist., Limited Tax G.O. Rev. Ref. Bonds, Series 2016-D, 5.00% 2023 | 1,000 | 1,125 | ||||||
County of Clark, Airport System Rev. Bonds, Series 2010-D, 5.00% 2021 | 385 | 387 | ||||||
County of Clark, Las Vegas-McCarran International Airport Passenger Fac. Charge Rev. Ref. Bonds, Series 2015-C, 5.00% 2025 | 1,000 | 1,195 | ||||||
County of Clark, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2015-C, 5.00% 2024 | 2,705 | 3,151 | ||||||
County of Clark, Limited Tax G.O. Stadium Improvement Bonds, Series 2018-A, 5.00% 2025 | 1,000 | 1,199 | ||||||
County of Clark, Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), Series 2010, 1.875% 2031 (put 2020) | 2,000 | 2,002 | ||||||
City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Limited Obligation Rev. Ref. Bonds, Series 2017, 2.00% 2023 | 475 | 478 | ||||||
15,102 | ||||||||
New Hampshire 0.48% | ||||||||
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% 2021 | 600 | 624 | ||||||
Health and Education Facs. Auth., Rev. Bonds (Southern New Hampshire University), Series 2017, 5.00% 2022 | 320 | 344 | ||||||
Health and Education Facs. Auth., Rev. Bonds (University System of New Hampshire Issue), Series 2017-A, 5.00% 2022 | 500 | 550 | ||||||
Health and Education Facs. Auth., Rev. Bonds (University System of New Hampshire Issue), Series 2017-A, 5.00% 2023 | 600 | 682 | ||||||
2,806 | ||||||||
New Jersey 1.96% | ||||||||
Atlantic City, Tax Appeal Rev. Ref. Bonds, Series 2017-A, BAM insured, 5.00% 2020 | 100 | 101 | ||||||
Atlantic City, Tax Appeal Rev. Ref. Bonds, Series 2017-A, BAM insured, 5.00% 2022 | 200 | 216 | ||||||
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2005-K, AMBAC insured, 5.50% 2019 | 550 | 553 | ||||||
Econ. Dev. Auth., School Facs. Contruction Rev. Bonds, Series 2013-NN, 5.00% 2020 | 480 | 485 | ||||||
Garden State Preservation Trust, Open Space and Farmland Preservation Rev. Ref. Bonds, Series 2012-A, 5.00% 2020 | 1,000 | 1,034 | ||||||
Garden State Preservation Trust, Open Space and Farmland Preservation Rev. Ref. Bonds, Series 2012-A, 5.00% 2021 | 200 | 214 | ||||||
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Georgia King Village Project), Series 2018-E, 2.45% 2021 (put 2020) | 525 | 530 | ||||||
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Pilgram Baptist Village I & II), Series 2019-E, 1.50% 2022 (put 2021) | 550 | 551 | ||||||
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Spruce Spires Project), Series 2018-B, 2.02% 2021 (put 2020) | 1,500 | 1,507 | ||||||
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 2048 | 465 | 516 | ||||||
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2019-C, 4.75% 2050 | 260 | 292 | ||||||
South Jersey Transportation Auth., Transportation System Rev. Bonds, Series 2012, 5.00% 2020 | 500 | 517 | ||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2021 | 2,250 | 2,371 |
Private Client Services Funds | 23 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments(continued) | Principal amount (000) | Value (000) | ||||||
New Jersey (continued) | ||||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2022 | $ | 560 | $ | 608 | ||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2029 | 700 | 861 | ||||||
Transit Corp., Grant Anticipation Notes (Federal Transit Administration Section 5307 Urbanized Area Formula Funds), Series 2014-A, 5.00% 2021 | 1,000 | 1,066 | ||||||
11,422 | ||||||||
New Mexico 1.15% | ||||||||
City of Farmington, Pollution Control Rev. Ref. Bonds (Southern California Edison Co. Four Corners Project), Series 2005-B, 1.875% 2029 (put 2020) | 2,000 | 2,002 | ||||||
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2018-B-1, Class I, 4.00% 2049 | 1,125 | 1,221 | ||||||
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-A-1, Class I, 4.25% 2050 | 2,970 | 3,275 | ||||||
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-C-1, Class I, 4.00% 2050 | 170 | 186 | ||||||
6,684 | ||||||||
New York 4.91% | ||||||||
Build NYC Resource Corp., Rev. Ref. Bonds (Ethical Culture Fieldston School Project), Series 2015, 5.00% 2024 | 395 | 455 | ||||||
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-A, 5.00% 2022 | 200 | 218 | ||||||
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2030 | 1,500 | 1,864 | ||||||
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2028 | 1,000 | 1,281 | ||||||
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2018-D, 2.35% 2021 | 2,000 | 2,022 | ||||||
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2018-H, 2.75% 2022 | 600 | 603 | ||||||
Long Island Power Auth., Electric System General Rev. Bonds, Series 2014-C, (1-month USD-LIBOR x 0.70 + 0.75%) 2.172% 2033 (put 2023)1 | 1,000 | 1,007 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-2, (SIFMA Municipal Swap Index + 0.45%) 1.57% 2044 (put 2022)1 | 750 | 749 | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 1.70% 2039 (put 2020)1 | 2,000 | 2,001 | ||||||
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044 | 1,710 | 1,796 | ||||||
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 203, 3.50% 2047 | 1,540 | 1,625 | ||||||
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 2047 | 980 | 1,074 | ||||||
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 217, 4.00% 2049 | 1,990 | 2,175 | ||||||
New York City G.O. Bonds, Fiscal 1994, Series 1994-A-4, 5.00% 2021 | 625 | 666 | ||||||
New York City G.O. Bonds, Fiscal 2014, Series 2014-I-1, 5.00% 2021 | 500 | 525 | ||||||
New York City G.O. Bonds, Fiscal 2018, Series 2018-E-1, 5.00% 2031 | 1,635 | 2,043 | ||||||
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (8 Spruce Street), Series 2014-E, 3.50% 2048 | 320 | 333 | ||||||
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 | 2,511 | ||||||
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2018-L-2, 2.75% 2050 (put 2023) | 750 | 780 | ||||||
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2013, Series 2012-E, 5.00% 2021 | 1,000 | 1,076 | ||||||
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 2023 | 1,250 | 1,428 | ||||||
Public Housing Capital Fund Rev. Trust I, Trust Certificates, Series 2012, 4.50% 20222 | 225 | 227 | ||||||
County of Suffolk, Econ. Dev. Corp., Rev. Ref. Bonds (Peconic Landing at Southold, Inc. Project), Series 2010, 3.125% 2025 | 225 | 227 | ||||||
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2013-A-1, 5.00% 2020 | 1,000 | 1,014 | ||||||
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2013-C, 5.00% 2024 | 835 | 941 | ||||||
28,641 |
24 | Private Client Services Funds |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
North Carolina 3.31% | ||||||||
G.O. Public Improvement Bonds (Connect NC), Series 2019-B, 5.00% 2021 | $ | 2,125 | $ | 2,254 | ||||
G.O. Public Improvement Bonds, Series 2010-A, 5.00% 2020 | 750 | 764 | ||||||
G.O. Public Improvement Bonds, Series 2010-A, 5.00% 2028 (preref. 2020) | 1,085 | 1,106 | ||||||
G.O. Rev. Ref. Bonds, Series 2013-D, 4.00% 2021 | 500 | 523 | ||||||
G.O. Rev. Ref. Bonds, Series 2013-E, 5.00% 2020 | 4,215 | 4,296 | ||||||
Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 40, 4.25% 2047 | 1,225 | 1,343 | ||||||
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 38-B, 4.00% 2047 | 1,640 | 1,756 | ||||||
University of North Carolina at Chapel Hill, General Rev. Bonds, Series 2012-B, (1-month USD-LIBOR x 0.67 + 0.40%) 1.761% 2041 (put 2022)1 | 1,480 | 1,480 | ||||||
University of North Carolina at Charlotte, General Rev. Ref. Bonds, Series 2017-A, 5.00% 2023 | 1,000 | 1,143 | ||||||
University of North Carolina at Greensboro, General Rev. Ref. Bonds, Series 2011, 5.00% 2036 (preref. 2036) | 270 | 285 | ||||||
University of North Carolina at Greensboro, General Rev. Ref. Bonds, Series 2017, 5.00% 2023 | 1,125 | 1,269 | ||||||
County of Wake, Housing Auth., Multi Family Housing Rev. Bonds (Sunnybrook Pointe Apartments), Series 2017, 1.86% 2020 (put 2020)3 | 3,100 | 3,101 | ||||||
19,320 | ||||||||
North Dakota 0.40% | ||||||||
Housing Fin. Agcy., Homeownership Rev. Bonds (Home Mortgage Fin. Program), Series 2016-D, 3.50% 2046 | 700 | 738 | ||||||
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2012-A, 3.75% 2042 | 145 | 149 | ||||||
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-B, 4.00% 2036 | 400 | 418 | ||||||
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-D, 4.00% 2048 | 450 | 483 | ||||||
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-F, 4.00% 2048 | 320 | 345 | ||||||
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2019-A, 4.25% 2049 | 205 | 226 | ||||||
2,359 | ||||||||
Ohio 3.39% | ||||||||
County of Allen, Hospital Facs. Rev. Bonds (Mercy Health), Series 2017-A, 5.00% 2022 | 700 | 768 | ||||||
County of Allen, Hospital Facs. Rev. Bonds (Mercy Health), Series 2017-B, 5.00% 2047 (put 2022) | 575 | 626 | ||||||
County of Allen, Hospital Facs. Rev. Ref. Bonds (Catholic Healthcare Partners), Series 2010-B, 5.00% 2020 | 1,030 | 1,061 | ||||||
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2025 | 1,000 | 1,082 | ||||||
G.O. Bonds, Common Schools Bonds, Series 2018-A, 5.00% 2023 | 500 | 568 | ||||||
G.O. Rev. Ref. Bonds, Common Schools Bonds, Series 2010-A, 5.00% 2021 | 500 | 536 | ||||||
G.O. Rev. Ref. Bonds, Common Schools Bonds, Series 2012-C, 5.00% 2021 | 1,000 | 1,072 | ||||||
G.O. Rev. Ref. Bonds, Common Schools Bonds, Series 2017-B, 5.00% 2025 | 975 | 1,185 | ||||||
G.O. Rev. Ref. Bonds, Common Schools Bonds, Series 2017-B, 5.00% 2027 | 990 | 1,253 | ||||||
G.O. Rev. Ref. Bonds, Higher Education Bonds, Series 2016-A, 5.00% 2024 | 905 | 1,065 | ||||||
County of Hamilton, Hospital Facs. Rev. Bonds (UC Health), Series 2014, 5.00% 2025 | 400 | 457 | ||||||
Hospital Rev. Ref. Bonds (Cleveland Clinic Health System Obligated Group), Series 2017-A, 5.00% 2024 | 1,650 | 1,901 | ||||||
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Neilan Park Apartments Program), Series 2019, 1.75% 2022 (put 2021) | 160 | 161 | ||||||
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2017-A, 4.50% 2047 | 1,400 | 1,522 | ||||||
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2019-A, 4.50% 2049 | 1,760 | 1,958 | ||||||
Public Facs. Commission, Higher Education G.O. Bonds, Series 2015-C, 5.00% 2028 | 1,000 | 1,188 | ||||||
Public Facs. Commission, Higher Education G.O. Rev. Ref. Bonds, Series 2010-A, 5.00% 2021 | 685 | 731 | ||||||
County of Warren, Healthcare Facs., Rev. Ref. Bonds (Otterbein Homes Obligated Group), Series 2014, 5.00% 2020 | 200 | 205 |
Private Client Services Funds | 25 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments(continued) | Principal amount (000) | Value (000) | ||||||
Ohio (continued) | ||||||||
Water Dev. Auth., Drinking Water Assistance Fund Rev. Bonds, Series 2019, 5.00% 2023 | $ | 500 | $ | 576 | ||||
Water Dev. Auth., Drinking Water Assistance Fund Rev. Bonds, Series 2019, 5.00% 2024 | 500 | 584 | ||||||
Water Dev. Auth., Drinking Water Assistance Fund Rev. Bonds, Series 2019, 5.00% 2029 | 1,000 | 1,314 | ||||||
19,813 | ||||||||
Oklahoma 0.13% | ||||||||
Housing Fin. Agcy., Collateralized Rev. Bonds (Deer Park & Apple Run Apartments), Series 2019, 1.60% 2022 | 750 | 751 | ||||||
Oregon 0.81% | ||||||||
Facs. Auth., Rev. Bonds (University of Portland Projects), Series 2015-A, 5.00% 2031 | 600 | 702 | ||||||
G.O. Bonds (Veteran’s Welfare Bonds Series 94), Series 2014-H, 4.00% 2044 | 510 | 525 | ||||||
G.O. Bonds, Series 2017-I, 5.00% 2023 | 650 | 741 | ||||||
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2016-A, 4.00% 2047 | 700 | 742 | ||||||
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2017-A, 4.00% 2047 | 1,025 | 1,100 | ||||||
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2018-A, 4.50% 2049 | 190 | 208 | ||||||
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2018-D, 4.75% 2050 | 650 | 728 | ||||||
4,746 | ||||||||
Pennsylvania 3.89% | ||||||||
County of Allegheny, Airport Auth., Airport Rev. Bonds, Series 2013-A, 5.00% 2022 | 400 | 433 | ||||||
County of Allegheny, Hospital Dev. Auth., UPMC Rev. Bonds, Series 2019-A, 5.00% 2022 | 1,000 | 1,099 | ||||||
County of Butler, Hospital Facs. Rev. Bonds (Butler Health System Project), Series 2015-A, 4.00% 2021 | 325 | 338 | ||||||
East Hempfield Township, Industrial Dev. Auth., Rev. and Rev. Ref. Bonds (Willow Valley Communities Project), Series 2016, 5.00% 2023 | 300 | 341 | ||||||
Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), Series 2018, 5.00% 2020 | 750 | 765 | ||||||
Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), Series 2018, 5.00% 2021 | 375 | 395 | ||||||
G.O. Bonds, First Series 2012, 5.00% 2027 (preref. 2022) | 1,000 | 1,098 | ||||||
General Auth. of Southcentral Pennsylvania, Rev. Bonds (Wellspan Health Obligated Group), Series 2019-B, (SIFMA Municipal Swap Index + 0.60%) 1.72% 2049 (put 2024)1 | 455 | 455 | ||||||
Higher Educational Facs. Auth., Rev. Ref. Bonds (Drexel University), Series 2017, 5.00% 2021 | 1,250 | 1,317 | ||||||
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046 | 1,605 | 1,715 | ||||||
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 | 356 | ||||||
County of Montgomery, Higher Education and Health Auth., Rev. Bonds, Series 2018-A, 1.84% 2051 (put 2023)1 | 400 | 400 | ||||||
County of Montgomery, Industrial Dev. Auth. Rev. Bonds (Waverly Heights Ltd.), Series 2019, 4.00% 2021 | 100 | 105 | ||||||
County of Montgomery, Industrial Dev. Auth. Rev. Bonds (Waverly Heights Ltd.), Series 2019, 4.00% 2023 | 125 | 136 | ||||||
County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Foulkeways at Gwynedd Project), Series 2016, 5.00% 2026 | 400 | 464 | ||||||
County of Northampton, General Purpose Auth., Hospital Rev. Bonds (St. Luke’s University Health Network Project), Series 2018-B, (1-month USD-LIBOR x 0.70 + 1.04%) 2.462% 2048 (put 2022)1 | 175 | 176 | ||||||
Philadelphia School Dist., G.O. Bonds, Series 2018-A, 5.00% 2020 | 750 | 773 | ||||||
Philadelphia School Dist., G.O. Bonds, Series 2019-A, 5.00% 2022 | 1,050 | 1,154 | ||||||
Philadelphia School Dist., Rev. Ref. G.O. Bonds, Series 2016-F, 5.00% 2023 | 1,500 | 1,699 | ||||||
City of Pittsburgh, Urban Redev. Auth., Rev. Bonds (Crawford Square Apartments Project), Series 2018, 2.25% 2020 (put 2020) | 660 | 660 | ||||||
Scranton School Dist., G.O. Bonds, Series 2017-E, BAM insured, 5.00% 2026 | 1,000 | 1,205 |
26 | Private Client Services Funds |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Turnpike Commission, Turnpike Rev. Bonds (Motor License Fund), Series 2012-A, 5.00% 2026 (preref. 2021) | $ | 1,000 | $ | 1,080 | ||||
Turnpike Commission, Turnpike Rev. Bonds, Series 2005-A, Assured Guaranty Municipal insured, 5.25% 2025 | 1,000 | 1,216 | ||||||
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2029 (preref. 2021) | 1,315 | 1,420 | ||||||
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2030 (preref. 2021) | 335 | 362 | ||||||
Turnpike Commission, Turnpike Rev. Bonds, Series 2014-B-1, (SIFMA Municipal Swap Index + 0.98%) 2.10% 20211 | 1,100 | 1,113 | ||||||
County of York, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Philadelphia Electric Co. Project), Series 1993-A, 2.55% 2036 (put 2020) | 2,440 | 2,445 | ||||||
22,720 | ||||||||
Puerto Rico 0.18% | ||||||||
Infrastructure Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2005-C, 5.50% 2020 | 1,000 | 1,021 | ||||||
Rhode Island 0.25% | ||||||||
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2022 | 500 | 548 | ||||||
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2023 | 500 | 564 | ||||||
Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue), Series 2016, 5.00% 2023 | 300 | 334 | ||||||
1,446 | ||||||||
South Carolina 1.44% | ||||||||
County of Charleston, G.O. Capital Improvement Transportation Sales Tax Bonds, Series 2011, 5.00% 2024 (preref. 2021) | 515 | 554 | ||||||
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2011-1, 4.50% 2030 | 125 | 127 | ||||||
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-A, 4.00% 2047 | 630 | 669 | ||||||
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-B, 4.00% 2047 | 160 | 171 | ||||||
Housing Fin. and Dev. Auth., Mortgage Rev. Ref. Bonds, Series 2016-A, 4.00% 2036 | 830 | 886 | ||||||
Jobs-Econ. Dev. Auth., Hospital Rev. Ref. Bonds (Palmetto Health), Series 2013-A, 5.00% 2023 (escrowed to maturity) | 2,730 | 3,106 | ||||||
County of Lexington, Health Services Dist., Inc., Hospital Rev. Ref. Bonds, Series 2017, 5.00% 2022 | 600 | 665 | ||||||
County of Lexington, Health Services Dist., Inc., Hospital Rev. Ref. Bonds, Series 2017, 5.00% 2024 | 500 | 586 | ||||||
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-D, 5.00% 2028 | 1,000 | 1,083 | ||||||
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2022 | 350 | 388 | ||||||
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2023 | 125 | 143 | ||||||
8,378 | ||||||||
South Dakota 1.38% | ||||||||
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-E, 4.00% 2044 | 1,120 | 1,179 | ||||||
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2016-D, 3.50% 2046 | 1,340 | 1,410 | ||||||
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2017-B, 4.00% 2047 | 1,635 | 1,759 | ||||||
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-B, 4.50% 2048 | 1,870 | 2,077 | ||||||
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2019-B, 4.00% 2049 | 1,485 | 1,621 | ||||||
8,046 | ||||||||
Tennessee 1.15% | ||||||||
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-1-C, 4.50% 2037 | 215 | 222 | ||||||
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-2-C, 4.00% 2038 | 225 | 231 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2015-2-A, 3.75% 2050 | 495 | 544 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2015-2-A, 4.00% 2046 | 810 | 858 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-1, 4.00% 2042 | 720 | 771 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-2-B, 4.00% 2042 | 745 | 798 |
Private Client Services Funds | 27 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments(continued) | Principal amount (000) | Value (000) | ||||||
Tennessee (continued) | ||||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2019-1, 4.25% 2050 | $ | 995 | $ | 1,098 | ||||
City of Lewisburg, Industrial Dev. Board, Multi Family Housing Bonds (Lewisburg Summit Apartments Project), Series 2019, 1.55% 2022 (put 2022) | 115 | 116 | ||||||
Metropolitan Government of Nashville and Davidson County, Health and Educational Facs. Board, Collateralized Multi Family Housing Rev. Bonds (Trevecca Towers II Project), Series 2018, 2.00% 2022 (put 2021) | 2,075 | 2,093 | ||||||
6,731 | ||||||||
Texas 16.44% | ||||||||
Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Uplift Education), Series 2017-A, 5.00% 2023 | 885 | 1,011 | ||||||
Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Uplift Education), Series 2017-A, 5.00% 2024 | 400 | 470 | ||||||
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 5.00% 2026 | 200 | 245 | ||||||
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 5.00% 2028 | 595 | 753 | ||||||
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 5.00% 2029 | 235 | 301 | ||||||
Arlington Higher Education Fin. Corp., Education Rev. Bonds (KIPP Texas, Inc.), Series 2019, 5.00% 2026 | 1,900 | 2,312 | ||||||
Arlington Higher Education Fin. Corp., Education Rev. Bonds (KIPP Texas, Inc.), Series 2019, 5.00% 2027 | 1,000 | 1,240 | ||||||
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2017-B, 5.00% 2026 | 450 | 554 | ||||||
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2017-B, 5.00% 2027 | 250 | 310 | ||||||
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 2027 | 460 | 537 | ||||||
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 2028 | 475 | 552 | ||||||
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 2029 | 395 | 456 | ||||||
City of Arlington, Permanent Improvement Rev. Ref. Bonds, Series 2018, 5.00% 2024 | 1,535 | 1,802 | ||||||
Austin Convention Enterprises, Convention Center Hotel Rev. Ref. Bonds, Series 2017-A, 5.00% 2020 | 880 | 885 | ||||||
City of Austin, Electric Utility System Rev. Ref. Bonds, Series 2015-A, 5.00% 2023 | 875 | 1,005 | ||||||
City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2015-A, 5.00% 2030 | 740 | 888 | ||||||
Beaumont Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2026 | 1,500 | 1,829 | ||||||
County of Bexar, Combination Tax and Rev. Certificates of Obligation, Series 2013-B, 5.00% 2024 (preref. 2023) | 2,000 | 2,270 | ||||||
County of Bexar, Hospital Dist., Limited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2031 | 480 | 597 | ||||||
Brazosport Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2022 | 115 | 125 | ||||||
Capital Area Housing Fin. Corp., Multi Family Housing Rev. Bonds (Mission Trail at El Camino Real Apartments), Series 2019, 2.10% 2037 (put 2022) | 1,080 | 1,092 | ||||||
Carroll Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2026 | 970 | 1,185 | ||||||
Clear Creek Independent School Dist., Unlimited Tax School Building Bonds, Series 2018, 5.00% 2028 | 1,100 | 1,366 | ||||||
Clear Creek Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2015-A, 5.00% 2025 | 860 | 1,022 | ||||||
Clifton Higher Education Fin. Corp., Education Rev. and Ref. Bonds (Idea Public Schools), Series 2017, 5.00% 2027 | 670 | 834 | ||||||
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2018, 5.00% 2025 | 500 | 598 | ||||||
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2019, 5.00% 2021 | 500 | 534 | ||||||
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2019, 5.00% 2026 | 1,000 | 1,222 | ||||||
Comal Independent School Dist., Unlimited Tax School Building Bonds, Series 2017, 5.00% 2026 | 1,000 | 1,218 |
28 | Private Client Services Funds |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Conroe Independent School Dist., Unlimited Rev. Ref. Bonds, Series 2019, 5.00% 2022 | $ | 220 | $ | 238 | ||||
Conroe Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2016, 5.00% 2025 | 1,190 | 1,415 | ||||||
Port of Corpus Christi, Senior Lien Rev. Bonds, Series 2018-A, 5.00% 2027 | 490 | 616 | ||||||
Crowley Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2025 | 1,000 | 1,204 | ||||||
Cypress-Fairbanks Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2025 | 850 | 1,010 | ||||||
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2016, 5.00% 2021 | 500 | 524 | ||||||
City of Denton, Utility System Rev. Bonds, Series 2017, 5.00% 2028 | 2,000 | 2,452 | ||||||
Fort Bend Independent School Dist., Unlimited Tax School Building Bonds, Series 2017-E, 5.00% 2025 | 1,230 | 1,465 | ||||||
Frisco Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2019, 5.00% 2021 | 725 | 774 | ||||||
G.O. Bonds, Water Financial Assistance Rev. Ref. Bonds (Water Infrastructure Fund), Series 2019-E-1, 5.00% 2021 | 500 | 534 | ||||||
County of Harris, Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Texas Children’s Hospital), Series 2019-B, 5.00% 2041 (put 2024) | 1,000 | 1,170 | ||||||
County of Harris, Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Health System), Series 2013-B, (SIFMA Municipal Swap Index + 0.90%) 2.02% 20221 | 250 | 253 | ||||||
County of Harris, Cultural Education Facs. Fin. Corp., Thermal Utility Rev. Bonds (TECO Project), Series 2009-A, 5.00% 2023 (preref. 2019) | 125 | 125 | ||||||
County of Harris, Health Facs. Dev. Corp., Rev. Ref. Bonds (CHRISTUS Health), Series 2005-A-4, Assured Guaranty Municipal insured, 1.59% 20311 | 150 | 150 | ||||||
County of Harris, Toll Road Rev. Ref. Bonds, Series 2012-B, (SIFMA Municipal Swap Index + 0.45%) 1.45% 2021 | 1,390 | 1,391 | ||||||
County of Harris, Toll Road Rev. Ref. Bonds, Series 2018-A, 5.00% 2022 | 1,000 | 1,103 | ||||||
Dept. of Housing and Community Affairs, Multi Family Housing Rev. Bonds (Springs Apartments), Series 2018, 2.23% 2021 (put 2020) | 1,500 | 1,506 | ||||||
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2019-A, 4.75% 2049 | 1,395 | 1,567 | ||||||
City of Houston, Airport System Rev. and Rev. Ref. Bonds, Series 2018-B, 5.00% 2025 | 1,500 | 1,798 | ||||||
City of Houston, Airport System Rev. and Rev. Ref. Bonds, Series 2018-B, 5.00% 2028 | 1,000 | 1,275 | ||||||
City of Houston, Combined Utility System Rev. and Rev. Ref. Bonds, Series 2016-B, 5.00% 2027 | 500 | 616 | ||||||
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2019-B, 5.00% 2027 | 550 | 697 | ||||||
City of Houston, Public Improvement Rev. Ref. Bonds, Series 2017-A, 5.00% 2022 | 250 | 271 | ||||||
Houston Independent School Dist., Limited Tax Schoolhouse Bonds, Series 2014-A-1B, 2.20% 2039 (put 2020) | 870 | 874 | ||||||
Houston Independent School Dist., Limited Tax Schoolhouse Rev. Ref. Bonds, Series 2017, 5.00% 2025 | 1,000 | 1,191 | ||||||
Irving Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2025 | 500 | 595 | ||||||
Katy Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019-B, 5.00% 2022 | 465 | 504 | ||||||
Katy Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019-B, 5.00% 2030 | 445 | 571 | ||||||
Keller Independent School Dist., Unlimited Tax Rev. Ref. Bonds., Series 2014-A, 5.00% 2024 | 1,500 | 1,757 | ||||||
Kileen Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2022 | 445 | 483 | ||||||
Klein Independent School Dist., Unlimited Tax Schoolhouse Bonds, Series 2018, 5.00% 2024 | 1,000 | 1,157 | ||||||
Lewisville Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2027 | 1,115 | 1,370 | ||||||
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2018, 5.00% 2024 | 250 | 291 | ||||||
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2028 | 235 | 267 | ||||||
North East Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015, 5.00% 2026 | 1,295 | 1,555 | ||||||
North East Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 2.375% 2047 (put 2022) | 500 | 513 | ||||||
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2030 | 300 | 350 | ||||||
Northside Independent School Dist., School Building and Rev. Ref. Bonds, Series 2019, 5.00% 2021 | 835 | 892 |
Private Client Services Funds | 29 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments(continued) | Principal amount (000) | Value (000) | ||||||
Texas (continued) | ||||||||
Northside Independent School Dist., Unlimited Tax School Building Bonds, Series 2011, 2.125% 2040 (put 2020) | $ | 1,945 | $ | 1,948 | ||||
Northwest Independent School Dist., Unlimited Tax Bonds, Series 2019, 5.00% 2023 | 1,000 | 1,122 | ||||||
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 | 983 | ||||||
Pasadena Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2027 | 1,000 | 1,243 | ||||||
Pasadena Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2029 | 260 | 334 | ||||||
Pflugerville Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-A, 5.00% 2022 | 1,000 | 1,087 | ||||||
Plano Independent School Dist., Unlimited Tax School Building Bonds, Series 2016, 5.00% 2021 | 120 | 126 | ||||||
Public Fin. Auth., G.O. Rev. Ref. Bonds, Series 2011, 5.00% 2020 | 1,055 | 1,092 | ||||||
Red River Education Fin. Corp., Higher Education Rev. Ref. Bonds (Saint Edward’s University Project), Series 2017, 5.00% 2020 | 1,000 | 1,018 | ||||||
Richardson Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2020 | 500 | 505 | ||||||
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-B, 2.00% 2033 (put 2021) | 1,150 | 1,159 | ||||||
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-D, 3.00% 2045 (put 2020) | 1,000 | 1,018 | ||||||
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2016, 5.00% 2028 | 1,000 | 1,228 | ||||||
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2018, 2.75% 2048 (put 2022) | 1,300 | 1,354 | ||||||
City of San Antonio, Water System Rev. Ref. Bonds, Series 2019-C, 5.00% 2021 | 165 | 175 | ||||||
City of San Antonio, Water System Rev. Ref. Bonds, Series 2019-C, 5.00% 2022 | 185 | 202 | ||||||
San Antonio Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2016, 5.00% 2026 | 1,930 | 2,388 | ||||||
Sheldon Independent School Dist., School Building Bonds, Series 2017, 5.00% 2022 | 250 | 272 | ||||||
Sherman Independent School Dist., Unlimited Tax School Building Bonds, Series 2018-A, 5.00% 2027 | 1,010 | 1,255 | ||||||
Spring Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2031 | 465 | 588 | ||||||
Board of Regents of the Texas A&M University System, Rev. Fncg. System Bonds, Series 2017-E, 5.00% 2022 | 1,425 | 1,562 | ||||||
Board of Regents of the Texas State University System, Rev. Fncg. System Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2024 | 750 | 867 | ||||||
Board of Regents of the Texas Tech University System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, Series 2017-A, 5.00% 2026 | 1,000 | 1,218 | ||||||
Transportation Commission, G.O. Mobility Fund and Rev. Ref. Bonds, Series 2014-A, 5.00% 2023 | 1,165 | 1,337 | ||||||
Trinity River Auth., Regional Wastewater System Rev. Improvement and Rev. Ref. Bonds, Series 2019, 5.00% 2026 | 1,000 | 1,228 | ||||||
United Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2020 | 445 | 458 | ||||||
Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, Series 2018-A, 5.00% 2025 | 240 | 287 | ||||||
Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, Series 2018-A, 5.00% 2026 | 760 | 931 | ||||||
Board of Regents of the University of Texas System, Rev. Fncg. System Bonds, Series 2016-D, 5.00% 2021 | 1,090 | 1,164 | ||||||
Board of Regents of the University of Texas System, Rev. Fncg. System Rev. Ref. Bonds, Series 2012-A, 5.00% 2021 | 1,400 | 1,495 | ||||||
Board of Regents of the University of Texas System, Rev. Fncg. System Rev. Ref. Bonds, Series 2016-I, 5.00% 2021 | 500 | 534 |
30 | Private Client Services Funds |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2015-A, 5.00% 2024 | $ | 1,100 | $ | 1,281 | ||||
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-A, 5.00% 2023 | 1,310 | 1,503 | ||||||
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-A, 5.00% 2029 | 990 | 1,256 | ||||||
95,955 | ||||||||
Utah 0.19% | ||||||||
Housing Corp., Single Family Mortgage Bonds, Class III, Series 2015-D-2, 4.00% 2045 | 390 | 415 | ||||||
School Fin. Auth., Charter School Rev. Bonds (Utah Charter Academies Project), Series 2018, 4.00% 2021 | 310 | 325 | ||||||
School Fin. Auth., Charter School Rev. Bonds (Utah Charter Academies Project), Series 2018, 4.00% 2022 | 335 | 358 | ||||||
1,098 | ||||||||
Vermont 0.06% | ||||||||
Housing Fin. Agcy., Multiple Purpose Bonds, Series 2018-A, 4.00% 2048 | 340 | 366 | ||||||
Virginia 2.04% | ||||||||
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2012-A, 5.00% 2020 | �� | 1,025 | 1,035 | |||||
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2013-A, 5.00% 2024 (preref. 2023) | 500 | 562 | ||||||
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2017-A, 5.00% 2020 | 230 | 232 | ||||||
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2019-A, 5.00% 2020 | 1,365 | 1,378 | ||||||
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2019-A, 5.00% 2023 | 1,000 | 1,122 | ||||||
College Building Auth., Educational Facs. Rev. Ref. Bonds (21st Century College and Equipment Programs), Series 2015-A, 5.00% 2026 (preref. 2025) | 705 | 841 | ||||||
County of Fairfax, Public Improvement Bonds, Series 2013-A, 5.00% 2029 (preref. 2021) | 1,370 | 1,469 | ||||||
G.O. Bonds, Series 2016-B, 5.00% 2021 | 1,215 | 1,289 | ||||||
G.O. Rev. Ref. Bonds, Series 2019-B, 5.00% 2021 | 1,000 | 1,061 | ||||||
County of Henrico, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Westminster Canterbury Richmond), Series 2018, 5.00% 2023 | 575 | 649 | ||||||
Town of Louisa, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Virginia Electric and Power Co. Project), Series 2008-A, 1.90% 2035 (put 2023) | 1,000 | 1,012 | ||||||
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) | 1,255 | 1,259 | ||||||
11,909 | ||||||||
Washington 3.34% | ||||||||
G.O. Bonds, Series 2014-A, 5.00% 2024 | 1,000 | 1,140 | ||||||
G.O. Bonds, Series 2017-D, 5.00% 2028 | 1,000 | 1,243 | ||||||
G.O. Bonds, Series 2018-C, 5.00% 2026 | 1,500 | 1,832 | ||||||
G.O. Bonds, Series 2019-C, 5.00% 2025 | 1,000 | 1,191 | ||||||
G.O. Bonds, Series 2019-C, 5.00% 2031 | 1,000 | 1,280 | ||||||
G.O. Rev. Ref. Bonds, Series 2015-R-A, 5.00% 2024 | 500 | 586 | ||||||
G.O. Rev. Ref. Bonds, Series 2018-R-D, 5.00% 2026 | 990 | 1,224 | ||||||
G.O. Rev. Ref. Bonds, Series 2018-R-D, 5.00% 2027 | 1,000 | 1,261 | ||||||
G.O. Rev. Ref. Bonds, Series R-2012-C, 5.00% 2020 | 1,255 | 1,287 | ||||||
County of Grant, Public Utility Dist. No. 2, Electric System Rev. Ref. Bonds, Series 2017-N, 2.00% 2044 (put 2020) | 1,000 | 1,004 | ||||||
County of Grant, Public Utility Dist. No. 2, Electric System Rev. Ref. Bonds, Series 2017-O, 5.00% 2024 | 275 | 315 | ||||||
Health Care Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, (SIFMA Municipal Swap Index + 1.00%) 2.12% 2035 (put 2021)1 | 500 | 501 | ||||||
Health Care Facs. Auth., Rev. Bonds (Kadlec Regional Medical Center), Series 2012, 5.00% 2042 (preref. 2021) | 825 | 889 |
Private Client Services Funds | 31 |
Capital Group Core Municipal Fund
Bonds, notes & other debt instruments(continued) | Principal amount (000) | Value (000) | ||||||
Washington (continued) | ||||||||
Health Care Facs. Auth., Rev. Ref. Bonds (Providence St. Joseph Health), Series 2018-B, 5.00% 2027 | $ | 500 | $ | 625 | ||||
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), Series 2017, 5.00% 20202 | 480 | 482 | ||||||
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), Series 2017, 5.00% 20232 | 1,095 | 1,184 | ||||||
Housing Fin. Commission, Single Family Program Bonds, Series 2017-1-N, 4.00% 2047 | 820 | 869 | ||||||
Motor Vehicle Fuel Tax G.O. Rev. Ref. Bonds, Series R-2015-F, 5.00% 2024 | 1,000 | 1,172 | ||||||
City of Seattle, Municipal Light and Power Improvement Rev. Ref. Bonds, Series 2010-B, 5.00% 2021 | 590 | 595 | ||||||
City of Seattle, Municipal Light and Power Improvement Rev. Ref. Bonds, Series 2018-C-2, (SIFMA Municipal Swap Index + 0.49%) 1.61% 2046 (put 2023)1 | 825 | 829 | ||||||
19,509 | ||||||||
West Virginia 0.22% | ||||||||
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Bonds (Appalachian Power Co. - Amos Project), Series 2009-B, 2.625% 2042 (put 2022) | 750 | 770 | ||||||
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Ref. Bonds (Appalachian Power Co. - Amos Project), Series 2015-A, 2.55% 2040 (put 2024) | 500 | 520 | ||||||
1,290 | ||||||||
Wisconsin 1.57% | ||||||||
G.O. Bonds, Series 2015-A, 5.00% 2031 (preref. 2023) | 2,000 | 2,258 | ||||||
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (SSM Health Care), Series 2018-B, 5.00% 2038 (put 2023) | 1,300 | 1,427 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-3, (SIFMA Municipal Swap Index + 0.55%) 1.67% 2054 (put 2023)1 | 1,130 | 1,131 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2019-A, 5.00% 2021 | 325 | 350 | ||||||
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2017-C, 4.00% 2048 | 1,415 | 1,515 | ||||||
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2018-B, 4.00% 2048 | 1,070 | 1,149 | ||||||
Public Fin. Auth., Hospital Rev. Ref. Bonds (Renown Regional Medical Center Project), Series 2016-A, 5.00% 2022 | 300 | 326 | ||||||
Public Fin. Auth., Student Housing Rev. Bonds (Beyond Boone, LLC - Appalachian State University Project), Series 2019-A, Assured Guaranty Municipal insured, 5.00% 2030 | 315 | 383 | ||||||
WPPI Energy, Power Supply System Rev. Bonds, Series 2016-A, 5.00% 2026 | 500 | 612 | ||||||
9,151 | ||||||||
Wyoming 0.18% | ||||||||
Community Dev. Auth., Housing Rev. Bonds, Series 2019-1, 4.00% 2048 | 990 | 1,077 | ||||||
Total bonds, notes & other debt instruments(cost: $546,851,000) | 559,353 | |||||||
Short-term securities 4.05% | ||||||||
State of Alabama, County of Mobile, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2002, 1.26% 20321 | 2,030 | 2,030 | ||||||
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2010-A, 1.30% 20441 | 1,500 | 1,500 | ||||||
State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. Bonds (ExxonMobil Project), Series 2010-B, 1.30% 20401 | 3,000 | 3,000 | ||||||
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 1993, 1.30% 20221 | 1,800 | 1,800 | ||||||
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008-A, 1.30% 20431 | 1,500 | 1,500 | ||||||
State of Massachusetts, City of Boston, Water and Sewer System IAM Commercial Paper, Series 2019-A, 1.29% 12/3/2019 | 235 | 235 |
32 | Private Client Services Funds |
Capital Group Core Municipal Fund
Short-term securities | Principal amount (000) | Value (000) | ||||||
State of Michigan, Fin. Auth., Hospital Rev. Bonds (CHE Trinity Health Credit Group), Series 2013-MI-1, 1.22% 2034 (put 2019)4 | $ | 1,400 | $ | 1,400 | ||||
State of Michigan, Strategic Fund, Demand Limited Obligation Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 2007, 1.30% 20421 | 4,000 | 4,000 | ||||||
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-A, 1.30% 20301 | 2,000 | 2,000 | ||||||
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-D, 1.30% 20301 | 1,300 | 1,300 | ||||||
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-L, 1.26% 20351 | 500 | 500 | ||||||
State of Pennsylvania, Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2004-A, 2.15% 20214 | 200 | 202 | ||||||
State of Tennessee, City of Clarksville, Public Building Auth., Pooled Fncg. Rev. Bonds, Series 2003, Bank of America LOC, 1.33% 20331 | 460 | 460 | ||||||
State of Tennessee, County of Montgomery, Public Building Auth., Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool), Series 2004, Bank of America LOC, 1.33% 20341 | 805 | 805 | ||||||
State of Texas, County of Harris, Cultural Education Facs. Fin. Corp., Special Facs. Rev. Ref. Bonds (Medical Center), Series 2008-A, JPMorgan Chase LOC, 1.38% 20311 | 2,900 | 2,900 | ||||||
Total short-term securities (cost: $23,630,000) | 23,632 | |||||||
Total investment securities 99.87% (cost: $570,481,000) | 582,985 | |||||||
Other assets less liabilities 0.13% | 765 | |||||||
Net assets 100.00% | $ | 583,750 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000 | 5 ) | Value at 10/31/2019 (000 | 6 ) | Unrealized (depreciation) appreciation at 10/31/2019 (000) | ||||||||
2 Year U.S. Treasury Note Futures | Long | 161 | January 2020 | $ | 32,200 | $ | 34,712 | $ | (8 | ) | ||||||
5 Year U.S. Treasury Note Futures | Long | 160 | January 2020 | 16,000 | 19,073 | 43 | ||||||||||
$ | 35 |
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
2 | Acquired in a transaction exempt from registration under Rule 144A 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 $4,268,000, which represented .73% of the net assets of the fund. |
3 | Step bond; coupon rate may change at a later date. |
4 | For short-term securities, the mandatory put date is considered to be the maturity date. |
5 | Notional amount is calculated based on the number of contracts and notional contract size. |
6 | Value is calculated based on the notional amount and current market price. |
Key to abbreviations and symbol
Agcy. = Agency
AMT = Alternative Minimum Tax
Auth. = Authority
Certs. of Part. = Certificates of Participation
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
LIBOR = London Interbank Offered Rate
LOC = Letter of Credit
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
SIFMA = Securities Industry and Financial Markets Association
USD/$ = U.S. dollars
Private Client Services Funds | 33 |
Capital Group Short-Term Municipal Fund
Investment portfolioOctober 31, 2019
Bonds, notes & other debt instruments 94.67% | Principal amount (000) | Value (000) | ||||||
Alabama 0.41% | ||||||||
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2016-A, 4.00% 2046 (put 2021) | $ | 500 | $ | 518 | ||||
Arizona 0.46% | ||||||||
County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (GreatHearts Arizona Projects), Series 2017-A, 4.00% 2021 | 565 | 587 | ||||||
California 2.49% | ||||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.02% 2045 (put 2023)1 | 1,500 | 1,527 | ||||||
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%) 1.839% 2038 (put 2020)1 | 1,000 | 1,001 | ||||||
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM insured, 4.00% 2021 | 400 | 418 | ||||||
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (La Mesa Springs Apartments), Series 2019-E, 1.78% 2021 (put 2020) | 200 | 201 | ||||||
3,147 | ||||||||
Colorado 0.22% | ||||||||
City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series 2015-A, 5.00% 2021 | 260 | 278 | ||||||
Connecticut 3.24% | ||||||||
Health and Educational Facs. Auth., Rev. Bonds (Sacred Heart University Issue), Series 2017-I-1, 5.00% 2022 | 500 | 548 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2015-A, 2.05% 2035 (put 2021) | 285 | 289 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2017-B, 5.00% 2029 (put 2020) | 410 | 420 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2017-B-1, 5.00% 2037 (put 2020)2 | 255 | 261 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044 | 330 | 347 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-A-1, 4.00% 2045 | 175 | 185 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-A-1, 4.00% 2047 | 785 | 837 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2013-B-2, 4.00% 2032 | 360 | 370 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2014-D-1, 4.00% 2044 | 425 | 438 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-C-1, 3.50% 2045 | 385 | 402 | ||||||
4,097 | ||||||||
District of Columbia 1.56% | ||||||||
Income Tax Secured Rev. Bonds, Series 2011-A, 5.00% 2022 | 300 | 324 | ||||||
Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2019-B, 5.00% 2021 | 500 | 536 | ||||||
Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2019-B, 5.00% 2022 | 1,000 | 1,111 | ||||||
1,971 | ||||||||
Florida 7.67% | ||||||||
County of Alachua, Health Facs. Auth., Health Facs. Rev. Ref. Bonds, Series 2019-B-1, 4.00% 2023 | 500 | 550 | ||||||
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2019-A, 5.00% 2021 | 285 | 302 | ||||||
County of Broward, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Prospect Park Apartments), Series 2019-C, 1.40% 2022 (put 2021) | 70 | 70 | ||||||
County of Collier, Heritage Bay Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2018-A-2, 2.25% 2021 | 355 | 358 |
34 | Private Client Services Funds |
Capital Group Short-Term Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
County of Collier, Heritage Bay Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2018-A-2, 2.50% 2022 | $ | 500 | $ | 509 | ||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2011-B, 4.50% 2029 | 35 | 36 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2011-A, 4.50% 2029 | 55 | 56 | ||||||
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-2, 4.25% 2050 | 880 | 968 | ||||||
Housing Fin. Corp., Multi Family Housing Rev. Bonds (Azure Estates), Series 2019-J, 1.45% 2023 (put 2022) | 265 | 265 | ||||||
Housing Fin. Corp., Multi Family Housing Rev. Bonds (Logan Heights Apartments), Series 2018-F, 1.90% 2020 | 1,000 | 1,001 | ||||||
Housing Fin. Corp., Multi Family Housing Rev. Bonds (Pembroke Tower Apartments), Series 2019-G, 1.55% 2021 (put 2021) | 80 | 80 | ||||||
Housing Fin. Corp., Multi Family Mortgage Rev. Bonds (Lake Mangonia Apartments), Series 2018-B, 2.00% 2020 | 150 | 150 | ||||||
JEA, Electric System Rev. Bonds, Series 2012-B, 5.00% 2023 (preref. 2021) | 1,095 | 1,174 | ||||||
Lee Memorial Health System Hospital Rev. and Rev. Ref. Bonds, Series 2019-A-1, 5.00% 2024 | 550 | 633 | ||||||
County of Miami-Dade, Expressway Auth., Toll System Rev. Bonds, Series 2014-A, 5.00% 2020 | 160 | 164 | ||||||
County of Orange, Health Facs. Auth., Health Care Facs. Rev. Bonds (Presbyterian Retirement Communities Project), Series 2015, 4.00% 2020 | 765 | 778 | ||||||
County of Orange, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Willow Key Apartments), Series 2019-A, 1.90% 2022 (put 2021) | 85 | 86 | ||||||
City of Orlando, Utilities Commission, Utility System Rev. Ref. Bonds, Series 2017-A, 5.00% 2027 (put 2020) | 1,500 | 1,552 | ||||||
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Bonds, Series 2018-A, 5.00% 2021 | 170 | 181 | ||||||
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Rev. Ref. Bonds, Series 2012-A, 4.00% 2028 | 320 | 334 | ||||||
Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2013-A, 5.00% 2021 | 430 | 457 | ||||||
9,704 | ||||||||
Georgia 2.26% | ||||||||
City of Atlanta, Water and Wastewater Rev. Ref. Bonds, Series 2019, 5.00% 2023 | 500 | 573 | ||||||
City of East Point, Housing Auth., Multi Family Housing Rev. Bonds (Hillcrest Senior Apartments Projects), Series 2018, 2.25% 2022 (put 2021)2 | 175 | 177 | ||||||
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2015-A-1, 3.50% 2045 | 105 | 109 | ||||||
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2017-A, 4.00% 2047 | 685 | 729 | ||||||
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds (Third Indenture Series), Series 2012-A, 5.00% 2030 (preref. 2022) | 370 | 408 | ||||||
Municipal Electric Auth., Project One Bonds, Series 2009-B, 5.00% 2020 | 860 | 865 | ||||||
2,861 | ||||||||
Hawaii 0.08% | ||||||||
Dept. of Transportation, Airports Division, Lease Rev. Certs. of Part., Series 2010-A, 5.00% 2022 | 100 | 103 | ||||||
Illinois 8.61% | ||||||||
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2013, 5.00% 2020 | 1,050 | 1,070 | ||||||
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-C, 6.50% 2041 (preref. 2021) | 450 | 478 | ||||||
City of Chicago, Second Lien Water Rev. Bonds, Series 2004, 5.00% 2020 | 100 | 103 | ||||||
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2014, 5.00% 2024 | 625 | 708 | ||||||
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2021 | 500 | 520 | ||||||
City of Chicago, Water Rev. Ref. Bonds, Series 2017-2, 5.00% 2021 | 180 | 192 | ||||||
Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., G.O. Bonds, Series 2000, MBIA insured, 6.25% 2021 | 460 | 497 | ||||||
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) | 475 | 476 | ||||||
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 | 149 | ||||||
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2021 | 1,100 | 1,178 |
Private Client Services Funds | 35 |
Capital Group Short-Term Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Illinois (continued) | ||||||||
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2023 | $ | 225 | $ | 249 | ||||
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2021 | 145 | 154 | ||||||
Housing Dev. Auth., Multi Family Housing Rev. Notes (Marshall Field Garden Apartment Homes), Series 2015, (SIFMA Municipal Swap Index + 1.00%) 2.12% 2050 (put 2025)1 | 1,000 | 1,007 | ||||||
Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2022 | 600 | 643 | ||||||
Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2023 | 500 | 549 | ||||||
Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-B, Assured Guaranty Municipal insured, 5.00% 2022 | 500 | 536 | ||||||
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.50% 2023 (preref. 2021) | 160 | 171 | ||||||
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2017, 5.00% 2023 | 295 | 331 | ||||||
Sales Tax Securitization Corp., Sales Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2021 | 500 | 518 | ||||||
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-A, 5.00% 2021 | 100 | 108 | ||||||
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2023 | 175 | 195 | ||||||
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2025 | 250 | 294 | ||||||
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Bonds, Series 2010-A, 5.00% 2021 | 150 | 152 | ||||||
Village of Volo, Special Service Areas Nos. 3 and 6 (Symphony Meadows/Lancaster Falls Projects), Special Tax Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 3.00% 2021 | 500 | 507 | ||||||
10,896 | ||||||||
Indiana 0.93% | ||||||||
Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System), Series 2012-A, 5.00% 2022 | 440 | 480 | ||||||
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 2048 | 630 | 694 | ||||||
1,174 | ||||||||
Iowa 0.42% | ||||||||
Fin. Auth., State Revolving Fund Rev. Bonds, Series 2011, 5.00% 2026 (preref. 2021) | 495 | 528 | ||||||
Kentucky 0.55% | ||||||||
Housing Corp., Housing Rev. Bonds (Jefferson Green Apartments Project), Series 2018, 2.20% 2022 (put 2021) | 685 | 692 | ||||||
Louisiana 1.04% | ||||||||
Citizens Property Insurance Corp., Assessment Rev. Ref. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2021 | 300 | 318 | ||||||
Parish of Jefferson, Sales Tax Rev. Ref. Bonds, Series 2019-A, Assured Guaranty Municipal insured, 5.00% 2023 | 250 | 287 | ||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2020 | 280 | 285 | ||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2021 | 400 | 421 | ||||||
1,311 | ||||||||
Maine 0.79% | ||||||||
Housing Auth., Mortgage Purchase Bonds, Series 2017-A, 4.00% 2047 | 470 | 499 | ||||||
Housing Auth., Mortgage Purchase Bonds, Series 2018-F, 4.25% 2048 | 150 | 165 | ||||||
Maine Municipal Bond Bank, Grant Anticipation Bonds (Dept. of Transportation), Series 2018-A, 5.00% 2023 | 300 | 342 | ||||||
1,006 |
36 | Private Client Services Funds |
Capital Group Short-Term Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Maryland 2.02% | ||||||||
County of Baltimore, Rev. Bonds (Oak Crest Village, Inc. Fac.), Series 2016, 5.00% 2022 | $ | 400 | $ | 431 | ||||
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2018-A, 4.50% 2048 | 425 | 471 | ||||||
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2017-A, 4.00% 2048 | 410 | 440 | ||||||
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2018-A, 4.00% 2049 | 965 | 1,043 | ||||||
Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2012, 5.00% 2021 | 160 | 170 | ||||||
2,555 | ||||||||
Massachusetts 1.17% | ||||||||
Dev. Fin. Agcy., Rev. Bonds (Harvard University Issue), Series 2010-B-2, 5.25% 2034 (preref. 2021) | 200 | 210 | ||||||
Housing Fin. Agcy., Multi Family Conduit Rev. Bonds (Chestnut Park Project), Series 2018-A, 2.40% 2023 (put 2021) | 80 | 82 | ||||||
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 169, 4.00% 2044 | 90 | 93 | ||||||
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 183, 3.50% 2046 | 640 | 667 | ||||||
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 171, 4.00% 2044 | 410 | 426 | ||||||
1,478 | ||||||||
Michigan 3.90% | ||||||||
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Bonds, Series 2012-A, 5.00% 2023 | 700 | 766 | ||||||
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Local Project Bonds), Series 2014-C-5, National insured, 5.00% 2020 | 500 | 512 | ||||||
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2014-A, 4.00% 2044 | 525 | 550 | ||||||
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 2048 | 130 | 138 | ||||||
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 2049 | 1,415 | 1,550 | ||||||
City of Lansing, Board of Water and Light, Utility System Rev. Bonds, Series 2019-A, 5.00% 2024 | 375 | 439 | ||||||
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), Series 2008-ET-2, 1.45% 2029 (put 2021) | 325 | 324 | ||||||
County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-G, 5.00% 2021 | 300 | 323 | ||||||
County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2018-C, 5.00% 2023 | 290 | 332 | ||||||
4,934 | ||||||||
Minnesota 2.98% | ||||||||
City of Brooklyn Park, Multi Family Housing Rev. Ref. Bonds (Amorce I Limited Partnership Project), Series 2019-A, 1.25% 2022 (put 2021) | 205 | 205 | ||||||
City of Coon Rapids, Multi Family Housing Rev. Ref. Bonds (Drake Apartments Project), Series 2018-A, 2.20% 2021 (put 2020) | 700 | 702 | ||||||
G.O. Bonds, Trunk Highway Bonds, Series 2019-B, 5.00% 2020 | 520 | 535 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2012-D, 4.00% 2040 | 30 | 31 | ||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-E, 4.25% 2049 | 785 | 862 | ||||||
City of Maplewood, Multi Family Housing Rev. Ref. Bonds (Maple Pond Apartments Project), Series 2018-A, 2.20% 2021 (put 2020) | 280 | 281 | ||||||
City of Minneapolis, Multi Family Rev. Bonds (Riverside Homes Project), Series 2018-A, 2.40% 2021 (put 2020) | 500 | 500 | ||||||
Regents of the University of Minnesota, G.O. Bonds, Series 2011-A, 5.25% 2030 (preref. 2020) | 500 | 522 | ||||||
Regents of the University of Minnesota, G.O. Rev. Ref. Bonds, Series 2017-B, 5.00% 2021 | 120 | 129 | ||||||
3,767 |
Private Client Services Funds | 37 |
Capital Group Short-Term Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Missouri 0.95% | ||||||||
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2016-B, 3.50% 2041 | $ | 1,050 | $ | 1,100 | ||||
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2009-E-4, 4.25% 2030 | 95 | 98 | ||||||
1,198 | ||||||||
Montana 0.29% | ||||||||
Board of Housing, Single Family Mortgage Bonds, Series 2016-A-2, 3.50% 2044 | 185 | 194 | ||||||
Board of Housing, Single Family Mortgage Bonds, Series 2019-A, 4.25% 2045 | 155 | 170 | ||||||
364 | ||||||||
Nebraska 2.00% | ||||||||
Central Plains Energy Project, Gas Supply Rev. Ref. Bonds, Series 2014, 5.00% 2039 (put 2019) | 1,000 | 1,003 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-E, 3.00% 2043 | 160 | 162 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2014-A, 4.00% 2044 | 410 | 433 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-A, 3.50% 2046 | 5 | 5 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-C, 3.50% 2046 | 250 | 257 | ||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-C, 4.00% 2048 | 620 | 672 | ||||||
2,532 | ||||||||
Nevada 0.89% | ||||||||
Clark County School Dist., Limited Tax G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2023 | 1,000 | 1,125 | ||||||
New Jersey 3.48% | ||||||||
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Garden Spires Project), Series 2018-A, 2.02% 2021 (put 2020) | 1,000 | 1,005 | ||||||
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Georgia King Village Project), Series 2018-E, 2.45% 2021 (put 2020) | 215 | 217 | ||||||
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Pilgram Baptist Village I & II), Series 2019-E, 1.50% 2022 (put 2021) | 130 | 130 | ||||||
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Spruce Spires Project), Series 2018-B, 2.02% 2021 (put 2020) | 500 | 502 | ||||||
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 2048 | 640 | 710 | ||||||
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2021 | 1,250 | 1,317 | ||||||
Transportation Trust Fund Auth., Transportation System Bonds, Series 2015-AA, 5.00% 2021 | 500 | 528 | ||||||
4,409 | ||||||||
New Mexico 1.23% | ||||||||
City of Farmington, Pollution Control Rev. Ref. Bonds (Southern California Edison Co. Four Corners Project), Series 2005-B, 1.875% 2029 (put 2020) | 1,000 | 1,001 | ||||||
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-A-1, Class I, 4.25% 2050 | 500 | 551 | ||||||
1,552 | ||||||||
New York 8.05% | ||||||||
Build NYC Resource Corp., Rev. Ref. Bonds (Ethical Culture Fieldston School Project), Series 2015, 5.00% 2024 | 360 | 415 | ||||||
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-A, 5.00% 2022 | 175 | 190 | ||||||
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2017-H, 1.65% 2021 | 350 | 351 | ||||||
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2018-D, 2.35% 2021 | 1,000 | 1,011 | ||||||
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2018-I, 2.55% 2022 | 250 | 252 | ||||||
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2018-I, 2.70% 2023 | 650 | 672 | ||||||
Long Island Power Auth., Electric System General Rev. Bonds, Series 2014-C, (1-month USD-LIBOR x 0.70 + 0.75%) 2.172% 2033 (put 2023)1 | 300 | 302 |
38 | Private Client Services Funds |
Capital Group Short-Term Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 1.70% 2039 (put 2020)1 | $ | 2,000 | $ | 2,001 | ||||
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044 | 685 | 720 | ||||||
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 2047 | 665 | 729 | ||||||
County of Nassau, General Improvement G.O. Bonds, Series 2018-B, Assured Guaranty Municipal insured, 5.00% 2024 | 500 | 584 | ||||||
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2023 | 1,000 | 1,139 | ||||||
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-C-2, 1.70% 2021 | 150 | 150 | ||||||
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 | 502 | ||||||
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2018-L-2, 2.75% 2050 (put 2023) | 250 | 260 | ||||||
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-B-1, 5.00% 2024 | 395 | 465 | ||||||
Public Housing Capital Fund Rev. Trust I, Trust Certificates, Series 2012, 4.50% 20223 | 166 | 168 | ||||||
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2013-C, 5.00% 2024 | 250 | 282 | ||||||
10,193 | ||||||||
North Carolina 1.25% | ||||||||
G.O. Public Improvement Bonds (Connect NC), Series 2019-B, 5.00% 2021 | 105 | 111 | ||||||
G.O. Public Improvement Bonds, Series 2010-A, 5.00% 2028 (preref. 2020) | 170 | 173 | ||||||
Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 40, 4.25% 2047 | 5 | 6 | ||||||
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 38-B, 4.00% 2047 | 335 | 359 | ||||||
University of North Carolina at Chapel Hill, General Rev. Bonds, Series 2012-B, (1-month USD-LIBOR x 0.67 + 0.40%) 1.761% 2041 (put 2022)1 | 440 | 440 | ||||||
County of Wake, Housing Auth., Multi Family Housing Rev. Bonds (Sunnybrook Pointe Apartments), Series 2017, 1.86% 2020 (put 2020)2 | 500 | 500 | ||||||
1,589 | ||||||||
North Dakota 1.09% | ||||||||
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2012-A, 3.75% 2042 | 70 | 72 | ||||||
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-A, 4.00% 2038 | 825 | 864 | ||||||
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-D, 4.00% 2046 | 420 | 443 | ||||||
1,379 | ||||||||
Ohio 2.59% | ||||||||
G.O. Bonds, Common Schools Bonds, Series 2018-A, 5.00% 2023 | 205 | 233 | ||||||
G.O. Rev. Ref. Bonds, Common Schools Bonds, Series 2010-A, 5.00% 2021 | 385 | 413 | ||||||
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Neilan Park Apartments Program), Series 2019, 1.75% 2022 (put 2021) | 40 | 40 | ||||||
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2017-A, 4.50% 2047 | 830 | 902 | ||||||
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2019-A, 4.50% 2049 | 230 | 256 | ||||||
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2011-2, 4.50% 2028 | 85 | 87 | ||||||
Public Facs. Commission, Higher Education G.O. Rev. Ref. Bonds, Series 2010-A, 5.00% 2021 | 205 | 219 | ||||||
Water Dev. Auth., Drinking Water Assistance Fund Rev. Bonds, Series 2019, 5.00% 2022 | 525 | 586 | ||||||
Water Dev. Auth., Drinking Water Assistance Fund Rev. Bonds, Series 2019, 5.00% 2023 | 475 | 539 | ||||||
3,275 |
Private Client Services Funds | 39 |
Capital Group Short-Term Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Oklahoma 0.81% | ||||||||
Housing Fin. Agcy., Collateralized Rev. Bonds (Deer Park & Apple Run Apartments), Series 2019, 1.60% 2022 | $ | 250 | $ | 250 | ||||
Housing Fin. Agcy., Collateralized Rev. Bonds (Windsong Apartments), Series 2018, 2.05% 2021 (put 2020) | 500 | 502 | ||||||
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2012-A, 5.00% 2043 | 260 | 270 | ||||||
1,022 | ||||||||
Oregon 0.77% | ||||||||
G.O. Bonds (Veteran’s Welfare Bonds Series 94), Series 2014-H, 4.00% 2044 | 510 | 525 | ||||||
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2018-D, 4.75% 2050 | 400 | 448 | ||||||
973 | ||||||||
Pennsylvania 3.36% | ||||||||
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046 | 375 | 401 | ||||||
Housing Fin. Agcy., Special Limited Obligation, Multi Family Housing Dev. Bonds (Central Pennsylvania Dev.), Series 2018, 2.45% 2022 (put 2021) | 1,000 | 1,017 | ||||||
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 | 822 | ||||||
City of Pittsburgh, Urban Redev. Auth., Rev. Bonds (Crawford Square Apartments Project), Series 2018, 2.25% 2020 (put 2020) | 275 | 275 | ||||||
Turnpike Commission, Turnpike Rev. Bonds (Motor License Fund), Series 2019-A, 5.00% 2023 | 200 | 229 | ||||||
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2029 (preref. 2021) | 185 | 200 | ||||||
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2030 (preref. 2021) | 55 | 59 | ||||||
Turnpike Commission, Turnpike Rev. Bonds, Series 2018-B, (SIFMA Municipal Swap Index + 0.50%) 1.62% 20211 | 1,000 | 1,003 | ||||||
Wilkes-Barre Area School Dist., G.O. Bonds, Series 2019, BAM insured, 5.00% 2023 | 225 | 251 | ||||||
4,257 | ||||||||
Rhode Island 1.11% | ||||||||
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2021 | 920 | 975 | ||||||
Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 66-A-1, 4.00% 2033 | 415 | 434 | ||||||
1,409 | ||||||||
South Carolina 1.73% | ||||||||
County of Charleston, G.O. Capital Improvement Transportation Sales Tax Bonds, Series 2011, 5.00% 2024 (preref. 2021) | 500 | 538 | ||||||
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2011-1, 4.50% 2030 | 70 | 71 | ||||||
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2018-A, 4.50% 2048 | 310 | 341 | ||||||
Housing Fin. and Dev. Auth., Mortgage Rev. Ref. Bonds, Series 2016-A, 4.00% 2036 | 365 | 390 | ||||||
County of Lexington, Health Services Dist., Inc., Hospital Rev. Ref. Bonds, Series 2017, 5.00% 2021 | 250 | 268 | ||||||
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2025 | 120 | 140 | ||||||
Town of Southold, Local Dev. Corp., Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2015, 5.00% 2022 | 400 | 444 | ||||||
2,192 | ||||||||
South Dakota 0.59% | ||||||||
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-E, 4.00% 2044 | 195 | 206 | ||||||
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-B, 4.50% 2048 | 490 | 544 | ||||||
750 |
40 | Private Client Services Funds |
Capital Group Short-Term Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Tennessee 2.32% | ||||||||
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-1-C, 4.50% 2037 | $ | 140 | $ | 145 | ||||
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-2-C, 4.00% 2038 | 125 | 128 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-A, 4.00% 2045 | 1,050 | 1,108 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-C, 4.00% 2045 | 440 | 463 | ||||||
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-1, 4.00% 2042 | 310 | 332 | ||||||
City of Lewisburg, Industrial Dev. Board, Multi Family Housing Bonds (Lewisburg Summit Apartments Project), Series 2019, 1.55% 2022 (put 2022) | 55 | 55 | ||||||
Metropolitan Government of Nashville and Davidson County, Health and Educational Facs. Board, Collateralized Multi Family Housing Rev. Bonds (Trevecca Towers II Project), Series 2018, 2.00% 2022 (put 2021) | 700 | 706 | ||||||
2,937 | ||||||||
Texas 15.85% | ||||||||
Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Uplift Education), Series 2017-A, 5.00% 2022 | 635 | 704 | ||||||
Arlington Higher Education Fin. Corp., Education Rev. Bonds (KIPP Texas, Inc.), Series 2019, 5.00% 2026 | 560 | 681 | ||||||
Arlington Independent School Dist., Unlimited Tax School Building Bonds, Series 2017, 5.00% 2022 | 405 | 440 | ||||||
Austin Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2019, 5.00% 2024 | 500 | 587 | ||||||
County of Bexar, Combination Tax and Rev. Certificates of Obligation, Series 2013-B, 5.00% 2024 (preref. 2023) | 500 | 568 | ||||||
County of Bexar, Combination Tax and Rev. Certificates of Obligation, Series 2013-B, 5.00% 2043 (preref. 2023) | 500 | 568 | ||||||
Brazosport Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2022 | 70 | 76 | ||||||
Brazosport Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2025 | 650 | 772 | ||||||
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2019, 5.00% 2021 | 600 | 640 | ||||||
Conroe Independent School Dist., Unlimited Rev. Ref. Bonds, Series 2019, 5.00% 2022 | 50 | 54 | ||||||
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2017-A-3, 3.00% 2043 (put 2020) | 1,500 | 1,519 | ||||||
Frisco Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2019, 5.00% 2021 | 170 | 182 | ||||||
G.O. Bonds, Water Financial Assistance Rev. Ref. Bonds (Water Infrastructure Fund), Series 2019-E-1, 5.00% 2021 | 220 | 235 | ||||||
County of Harris, Health Facs. Dev. Corp., Rev. Ref. Bonds (CHRISTUS Health), Series 2005-A-4, Assured Guaranty Municipal insured, 1.59% 20311 | 150 | 150 | ||||||
County of Harris, Metropolitan Transit Auth., Sales and Use Tax Bonds, Series 2011-A, 5.00% 2023 (preref. 2021) | 600 | 645 | ||||||
County of Harris, Toll Road Rev. Ref. Bonds, Series 2012-B, (SIFMA Municipal Swap Index + 0.45%) 1.45% 2021 | 635 | 636 | ||||||
Dept. of Housing and Community Affairs, Multi Family Housing Rev. Bonds (Springs Apartments), Series 2018, 2.23% 2021 (put 2020) | 1,350 | 1,355 | ||||||
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2011-A, 5.00% 2029 | 55 | 57 | ||||||
Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2018-A, 4.75% 2049 | 485 | 540 | ||||||
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2019-B, 2.00% 2024 | 615 | 637 | ||||||
City of Houston, Higher Education Fin. Corp., Higher Education Rev. Bonds (Rice University Project), Series 2010-A, 5.00% 2040 (preref. 2020) | 500 | 510 | ||||||
City of Houston, Public Improvement Rev. Ref. Bonds, Series 2017-A, 5.00% 2020 | 400 | 405 | ||||||
Houston Independent School Dist., Limited Tax Schoolhouse Bonds, Series 2014-A-1B, 2.20% 2039 (put 2020) | 215 | 216 | ||||||
Katy Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019-B, 5.00% 2022 | 100 | 108 | ||||||
Kileen Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2022 | 95 | 103 | ||||||
Northside Independent School Dist., School Building and Rev. Ref. Bonds, Series 2019, 5.00% 2020 | 750 | 772 | ||||||
Northside Independent School Dist., Unlimited Tax School Building Bonds, Series 2011, 2.125% 2040 (put 2020) | 485 | 486 |
Private Client Services Funds | 41 |
Capital Group Short-Term Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Texas (continued) | ||||||||
Northside Independent School Dist., Unlimited Tax School Building Bonds, Series 2017, 1.45% 2047 (put 2020) | $ | 225 | $ | 225 | ||||
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 | 401 | ||||||
Panhandle Regional Housing Fin. Corp., Multi Family Housing Rev. Bonds (Canyons at 45 West Apartments), Series 2018, 2.00% 2021 (put 2020) | 755 | 757 | ||||||
Pasadena Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2022 | 125 | 136 | ||||||
Pflugerville Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-A, 4.00% 2021 | 325 | 337 | ||||||
Public Fin. Auth., G.O. Rev. Ref. Bonds, Series 2011, 5.00% 2020 | 125 | 129 | ||||||
Richardson Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2021 | 135 | 142 | ||||||
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-C, 3.00% 2045 (put 2019) | 1,000 | 1,001 | ||||||
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-D, 3.00% 2045 (put 2020) | 1,000 | 1,018 | ||||||
Board of Regents of the Texas A&M University System, Rev. Fncg. System Bonds, Series 2015-B, 5.00% 2021 (escrowed to maturity) | 145 | 153 | ||||||
Board of Regents of the Texas State University System, Rev. Fncg. System Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2024 | 500 | 578 | ||||||
County of Travis, Housing Fin. Corp., Multi Family Housing Rev. Bonds (McKinney Falls Apartments), Series 2018, 2.00% 20212 | 1,000 | 1,003 | ||||||
Board of Regents of the University of Texas System, Rev. Fncg. System Rev. Ref. Bonds, Series 2016-I, 5.00% 2021 | 500 | 534 | ||||||
20,060 | ||||||||
Utah 0.43% | ||||||||
Housing Corp., Single Family Mortgage Bonds, Class III, Series 2015-D-2, 4.00% 2045 | 305 | 324 | ||||||
School Fin. Auth., Charter School Rev. Bonds (Utah Charter Academies Project), Series 2018, 3.00% 2020 | 220 | 224 | ||||||
548 | ||||||||
Virginia 0.69% | ||||||||
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2012-A, 5.00% 2020 | 120 | 121 | ||||||
College Building Auth., Educational Facs. Rev. Ref. Bonds (21st Century College and Equipment Programs), Series 2015-A, 5.00% 2026 (preref. 2025) | 190 | 226 | ||||||
G.O. Rev. Ref. Bonds, Series 2019-B, 5.00% 2021 | 500 | 531 | ||||||
878 | ||||||||
Washington 2.67% | ||||||||
G.O. Rev. Ref. Bonds, Series 2015-R-A, 5.00% 2024 | 500 | 586 | ||||||
G.O. Rev. Ref. Bonds, Series 2018-R-C, 5.00% 2021 | 500 | 533 | ||||||
G.O. Rev. Ref. Bonds, Series 2020-R-A, 5.00% 2022 | 605 | 655 | ||||||
G.O. Rev. Ref. Bonds, Series R-2012-C, 5.00% 2020 | 75 | 77 | ||||||
Health Care Facs. Auth., Rev. Bonds (Kadlec Regional Medical Center), Series 2012, 5.00% 2042 (preref. 2021) | 130 | 140 | ||||||
Housing Fin. Commission, Homeownership Program Bonds, Series 2011-A, 4.50% 2029 | 40 | 41 | ||||||
Housing Fin. Commission, Single Family Program Bonds, Series 2017-1-N, 4.00% 2047 | 520 | 551 | ||||||
County of King, Housing Auth., Pooled Housing Rev. Ref. Bonds, Series 2018, 2.15% 2020 | 400 | 401 | ||||||
City of Seattle, Municipal Light and Power Improvement Rev. Ref. Bonds, Series 2010-B, 5.00% 2021 | 70 | 71 | ||||||
City of Seattle, Municipal Light and Power Improvement Rev. Ref. Bonds, Series 2018-C-2, (SIFMA Municipal Swap Index + 0.49%) 1.61% 2046 (put 2023)1 | 325 | 327 | ||||||
3,382 |
42 | Private Client Services Funds |
Capital Group Short-Term Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Wisconsin 1.72% | ||||||||
G.O. Bonds, Series 2013-A, 5.00% 2025 (preref. 2022) | $ | 1,000 | $ | 1,093 | ||||
Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-3, (SIFMA Municipal Swap Index + 0.55%) 1.67% 2054 (put 2023)1 | 340 | 340 | ||||||
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Senior Credit Group), Series 2019-A, 5.00% 2021 | 70 | 75 | ||||||
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2017-C, 4.00% 2048 | 320 | 343 | ||||||
Public Fin. Auth., Hospital Rev. Ref. Bonds (Renown Regional Medical Center Project), Series 2016-A, 5.00% 2022 | 300 | 327 | ||||||
2,178 | ||||||||
Total bonds, notes & other debt instruments(cost: $118,510,000) | 119,809 | |||||||
Short-term securities 4.86% | ||||||||
Freddie Mac, Multi Family Certificates, Series 2018-M-046, 1.40% 20351 | 605 | 605 | ||||||
State of Arizona, Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Phoenix Children’s Hospital), Series 2019-B, 1.31% 20481 | 2,000 | 2,000 | ||||||
State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. Bonds (ExxonMobil Project), Series 2010-B, 1.30% 20401 | 1,000 | 1,000 | ||||||
State of Massachusetts, City of Boston, Water and Sewer System IAM Commercial Paper, Series 2019-A, 1.29% 12/3/2019 | 115 | 115 | ||||||
State of Michigan, Fin. Auth., Hospital Rev. Bonds (CHE Trinity Health Credit Group), Series 2013-MI-1, 1.22% 2034 (put 2019)4 | 325 | 325 | ||||||
State of Texas, Gulf Coast Industrial Dev. Auth., Rev. Bonds (ExxonMobil Project), Series 2012, 1.33% 20411 | 1,000 | 1,000 | ||||||
State of Texas, Gulf Coast Waste Disposal Auth., Pollution Control Rev. Ref. Bonds (Exxon Project), Series 1989, 1.30% 20241 | 1,100 | 1,100 | ||||||
Total short-term securities (cost: $6,145,000) | 6,145 | |||||||
Total investment securities 99.53% (cost: $124,655,000) | 125,954 | |||||||
Other assets less liabilities 0.47% | 593 | |||||||
Net assets 100.00% | $ | 126,547 |
Futures contracts
Unrealized | ||||||||||||||||||||
(depreciation) | ||||||||||||||||||||
Notional | Value at | appreciation | ||||||||||||||||||
Number of | amount | 5 | 10/31/2019 | 6 | at 10/31/2019 | |||||||||||||||
Contracts | Type | contracts | Expiration | (000) | (000) | (000) | ||||||||||||||
2 Year U.S. Treasury Note Futures | Long | 54 | January 2020 | $ | 10,800 | $11,642 | $ | (4 | ) | |||||||||||
5 Year U.S. Treasury Note Futures | Long | 29 | January 2020 | 2,900 | 3,457 | 6 | ||||||||||||||
$ | 2 |
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
2 | Step bond; coupon rate may change at a later date. |
3 | 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 $168,000, which represented .13% of the net assets of the fund. |
4 | For short-term securities, the mandatory put date is considered to be the maturity date. |
5 | Notional amount is calculated based on the number of contracts and notional contract size. |
6 | Value is calculated based on the notional amount and current market price. |
Private Client Services Funds | 43 |
Capital Group Short-Term Municipal Fund
Key to abbreviations and symbol
Agcy. = Agency
AMT = Alternative Minimum Tax
Auth. = Authority
Certs. of Part. = Certificates of Participation
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
LIBOR = London Interbank Offered Rate
LOC = Letter of Credit
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
SIFMA = Securities Industry and Financial Markets Association
USD/$ = U.S. dollars
44 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Investment portfolioOctober 31, 2019
Bonds, notes & other debt instruments 96.11% | Principal amount (000) | Value (000) | ||||||
California 93.11% | ||||||||
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2022 | $ | 975 | $ | 1,085 | ||||
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 2024 | 600 | 694 | ||||||
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 2025 | 500 | 591 | ||||||
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2021 | 650 | 680 | ||||||
Alameda Unified School Dist., Capital Appreciation Bonds, Series 2004, Assured Guaranty Municipal insured, 0% 2024 | 3,500 | 3,265 | ||||||
City of Alhambra, Insured Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 2027 | 630 | 753 | ||||||
Alvord Unified School Dist., G.O. Rev. Ref. Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 2025 | 800 | 975 | ||||||
City of Anaheim, Public Fncg. Auth., Lease Rev. Bonds (Anaheim Public Improvement Project), Capital Appreciation Bonds, Series 1997-C, Assured Guaranty Municipal insured, 0% 2022 | 2,000 | 1,920 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Bonds (Casa de las Campanas, Inc.), Series 2010, 5.125% 2020 | 330 | 341 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Bonds (Channing House), Series 2010, 5.25% 2020 (escrowed to maturity) | 585 | 598 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-B, 5.00% 2020 | 1,000 | 1,025 | ||||||
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 | 1,480 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2021 | 495 | 529 | ||||||
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 | 1,098 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2023 | 500 | 564 | ||||||
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 | 424 | ||||||
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 | 467 | ||||||
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 | 602 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2001-A, (SIFMA Municipal Swap Index + 1.25%) 2.37% 2036 (put 2027)1 | 1,000 | 1,044 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.02% 2045 (put 2023)1 | 2,800 | 2,851 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1, (SIFMA Municipal Swap Index + 1.10%) 2.22% 2045 (put 2024)1 | 4,275 | 4,393 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-G, 2.00% 2053 (put 2024) | 4,525 | 4,653 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2017-S-7, 5.00% 2024 | 1,200 | 1,406 | ||||||
Bay Area Water Supply and Conservation Agcy., Rev. Bonds, Series 2013-A, 5.00% 2023 | 500 | 568 | ||||||
City of Beaumont, Wastewater Rev. Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2026 | 500 | 623 | ||||||
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2, 4.00% 2049 (put 2021) | 2,000 | 2,083 | ||||||
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3, 4.00% 2051 (put 2023) | 2,500 | 2,739 | ||||||
Trustees of the California State University, Systemwide Rev. Bonds, Series 2018-A, 5.00% 2048 | 1,000 | 1,232 | ||||||
City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Rev. Ref. Bonds, Series 2013, 3.55% 2023 | 350 | 365 | ||||||
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 | 722 | ||||||
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 | 306 | ||||||
Cerritos Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2012-D, 0% 2027 | 830 | 716 |
Private Client Services Funds | 45 |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
City of Chino, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2022 | $ | 450 | $ | 498 | ||||
City of Chino, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2025 | 665 | 779 | ||||||
City of Chula Vista, Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2020 | 910 | 938 | ||||||
City of Chula Vista, Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2021 | 535 | 571 | ||||||
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 | 1,290 | 1,513 | ||||||
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2029 | 1,000 | 1,202 | ||||||
Compton Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2015 Election, Series 2019-B, BAM insured, 0% 2033 | 1,000 | 683 | ||||||
Compton Unified School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006-D, AMBAC insured, 0% 2021 | 3,000 | 2,935 | ||||||
City of Concord, Successor Agcy. of the Redev. Agcy., Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2023 | 825 | 927 | ||||||
County of Contra Costa, Transportation Auth., Sales Tax Rev. Ref. Bonds, Series 2018-A, (1-month USD-LIBOR x 0.70 + 0.25%) 1.672% 2034 (put 2021)1 | 5,525 | 5,522 | ||||||
Desert Community College Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2032 | 1,885 | 2,279 | ||||||
City of Desert Hot Springs, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2017, BAM insured, 5.00% 2021 | 800 | 857 | ||||||
Educational Facs. Auth., Rev. Bonds (California Institute of Technology), Series 2009, 5.00% 2039 (preref. 2019) | 3,000 | 3,000 | ||||||
Educational Facs. Auth., Rev. Bonds (Loma Linda University), Series 2017-A, 5.00% 2022 | 1,000 | 1,089 | ||||||
Educational Facs. Auth., Rev. Bonds (Pitzer College), Series 2009, 5.50% 2029 (preref. 2020) | 400 | 407 | ||||||
Educational Facs. Auth., Rev. Bonds (Santa Clara University), Series 2010, 5.00% 2021 (preref. 2020) | 550 | 555 | ||||||
Educational Facs. Auth., Rev. Bonds (University of San Francisco), Series 2011, 5.00% 2021 (escrowed to maturity) | 345 | 371 | ||||||
Educational Facs. Auth., Rev. Bonds (University of San Francisco), Series 2011, 5.00% 2021(escrowed to maturity) | 355 | 382 | ||||||
Educational Facs. Auth., Rev. Bonds (University of the Pacific), Series 2012-A, 4.00% 2021 | 560 | 592 | ||||||
Educational Facs. Auth., Rev. Bonds (University of the Pacific), Series 2012-A, 4.00% 2022 | 500 | 528 | ||||||
Educational Facs. Auth., Rev. Ref. Bonds (University of Redlands), Series 2015-A, 5.00% 2021 | 535 | 574 | ||||||
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2026 | 530 | 620 | ||||||
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2027 | 500 | 582 | ||||||
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2030 | 1,000 | 1,157 | ||||||
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 | 948 | ||||||
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2025 | 580 | 699 | ||||||
City of Eureka, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2017-B, 5.00% 2022 | 835 | 927 | ||||||
City of Fillmore, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2024 | 1,000 | 1,167 | ||||||
Folsom Cordova Unified School Dist., School Facs. Improvement Dist. No. 1, Capital Appreciation Bonds, Series 2004-B, National insured, 0% 2026 | 1,000 | 881 | ||||||
City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 2023 | 535 | 600 | ||||||
G.O. Bonds, Series 1994, National insured, 6.00% 2020 | 5 | 5 | ||||||
G.O. Bonds, Series 2014, 5.00% 2023 | 1,000 | 1,152 | ||||||
G.O. Bonds, Series 2017, 5.00% 2024 | 530 | 626 | ||||||
G.O. Bonds, Series 2018, 5.00% 2026 | 2,000 | 2,458 | ||||||
G.O. Bonds, Series 2018, 5.00% 2029 | 2,000 | 2,578 | ||||||
G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2024 | 4,505 | 5,347 | ||||||
G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2024 | 615 | 725 |
46 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2026 | $ | 7,785 | $ | 9,651 | ||||
G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2026 | 2,875 | 3,585 | ||||||
G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2027 | 4,000 | 5,060 | ||||||
G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2029 | 4,000 | 5,045 | ||||||
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2027 | 745 | 935 | ||||||
City of Garden Grove, Successor Agcy. to the Dev. Agcy., Tax Allocation Bonds, Series 2016, BAM insured, 5.00% 2022 | 400 | 445 | ||||||
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 | 425 | 505 | ||||||
Golden Empire Schools Fncg. Auth., Lease Rev. Ref. Bonds (Kern High School Dist. Projects), Series 2018, 4.00% 2020 | 1,500 | 1,521 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Bonds, Series 2005-A, AMBAC insured, 0% 2024 | 2,000 | 1,870 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Bonds, Series 2005-A, Assured Guaranty Municipal insured, 0% 2026 | 2,785 | 2,505 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013-A, 5.00% 2021 | 2,000 | 2,120 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2017-A, 5.00% 2021 | 295 | 311 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2017A-1, 5.00% 2022 | 1,730 | 1,881 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A, 5.00% 2022 | 3,000 | 3,290 | ||||||
Golden West Schools Fncg. Auth., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1999-A, MBIA insured, 0% 2020 | 1,100 | 1,096 | ||||||
Greenfield Elementary School Dist., Capital Appreciation Bonds, 2006 Election, Series 2007-A, Assured Guaranty Municipal insured, 0% 2029 | 1,270 | 1,038 | ||||||
Hacienda La Puente Unified School Dist., Facs. Fncg. Auth., G.O. Rev. Bonds, Series 2007, Assured Guaranty Municipal insured, 5.00% 2025 | 1,000 | 1,223 | ||||||
City of Hawthorne, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2024 | 250 | 297 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 2020 | 675 | 684 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 2023 | 1,000 | 1,127 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 2024 | 1,210 | 1,357 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Beebe Medical Center Project), Series 2018, 5.00% 2025 | 1,000 | 1,198 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Cedars-Sinai Medical Center), Series 2016-A, 5.00% 2023 | 650 | 748 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (City of Hope), Series 2012-A, 5.00% 2021 | 350 | 379 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2014-A, 5.00% 2025 | 400 | 471 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Scripps Health), Series 2012-A, 5.00% 2024 | 150 | 162 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Scripps Health), Series 2012-A, 5.00% 2025 | 375 | 405 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 2026 | 300 | 367 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018A, 5.00% 2024 | 3,000 | 3,586 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2025 | 3,525 | 4,332 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Adventist Health System/West), Series 2016-A, 4.00% 2025 | 1,400 | 1,602 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2011-A, 5.00% 2021 | 2,675 | 2,802 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2022 | 175 | 195 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2023 | 135 | 156 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2023 | 1,000 | 1,156 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2024 | 1,000 | 1,193 | ||||||
Hemet Unified School Dist., Fncg. Auth. Special Tax Rev. Bonds, Series 2015, 5.00% 2026 | 600 | 696 | ||||||
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2023 | 885 | 1,014 |
Private Client Services Funds | 47 |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2029 | $ | 500 | $ | 583 | ||||
Housing Fin. Agcy., Limited Obligation Multi Family Housing Rev. Bonds (Breezewood Village Apartments), Series 2019-E, FHA insured, 2.05% 2022 (put 2021) | 1,650 | 1,661 | ||||||
Housing Fin. Agcy., Limited Obligation Multi Family Housing Rev. Bonds III (Hookston Senior Apartments), Series 2018-A, 2.375% 2020 | 4,000 | 4,010 | ||||||
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2025 | 100 | 120 | ||||||
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2026 | 125 | 153 | ||||||
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2027 | 110 | 137 | ||||||
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2028 | 375 | 473 | ||||||
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2029 | 140 | 176 | ||||||
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2030 | 340 | 424 | ||||||
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2015-B,(SIFMA Municipal Swap Index + 1.20%) 2.32% 2037 (put 2022)1 | 1,000 | 1,018 | ||||||
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Academy of Sciences, San Francisco),Series 2018-C, (3-month USD-LIBOR x 0.70 + 0.38%) 1.63% 2047 (put 2021)1 | 4,000 | 3,997 | ||||||
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%) 1.839% 2038 (put 2020)1 | 3,000 | 3,002 | ||||||
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2017, 5.00% 2028 | 3,250 | 4,117 | ||||||
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2012, 3.00% 2020 | 1,250 | 1,270 | ||||||
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2012, 3.25% 2022 | 700 | 741 | ||||||
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2012, 4.00% 2022 | 400 | 432 | ||||||
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2013, 5.00% 2024 | 725 | 827 | ||||||
City of Irvine, Reassessment Dist. No. 13-1, Limited Obligation Improvement Bonds, Series 2013, 3.375% 2023 | 850 | 918 | ||||||
City of Irvine, Reassessment Dist. No. 15-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2021 | 500 | 535 | ||||||
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 4.00% 2021 | 245 | 258 | ||||||
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 4.00% 2022 | 225 | 243 | ||||||
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2023 | 200 | 229 | ||||||
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2024 | 200 | 236 | ||||||
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2025 | 250 | 304 | ||||||
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2021 | 1,280 | 1,359 | ||||||
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 5.00% 2027 | 140 | 172 | ||||||
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 5.00% 2028 | 350 | 437 | ||||||
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 5.00% 2030 | 215 | 271 | ||||||
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2023 | 500 | 574 | ||||||
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2029 | 710 | 833 | ||||||
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 | 3,091 | ||||||
Kern Community College Dist., Capital Appreciation Bonds, 2002 Election, Series 2006, FSA insured, 0% 2022 | 1,500 | 1,441 |
48 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Kings Canyon Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2029 | $ | 1,600 | $ | 1,908 | ||||
La Habra School Dist., G.O. Bonds, Capital Appreciation Bonds, 2000 Election, Series 2002-A, FSA insured, 0% 2026 | 1,010 | 902 | ||||||
Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2002, Special Tax Bonds, Series 2017, 4.00% 2022 | 680 | 726 | ||||||
City of Lodi, Public Fin. Auth., Rev. Ref. Bonds, Series 2018, Assured Guaranty Muncipal insured, 5.00% 2024 | 260 | 307 | ||||||
City of Long Beach, Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 4.00% 2020 | 750 | 772 | ||||||
City of Long Beach, Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 5.00% 2021 | 520 | 561 | ||||||
City of Long Beach, Harbor Rev. Bonds, Series 2010-A, AMT, 5.00% 2021 | 100 | 102 | ||||||
City of Long Beach, Marina Rev. Bonds (Alamitos Bay Marina Project), Series 2015, 5.00% 2020 | 400 | 407 | ||||||
Long Beach Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2008-A, Assured Guaranty Municipal insured, 0% 2027 | 3,865 | 3,367 | ||||||
City of Los Angeles, Community Facs. Dist. No. 4 (Playa Vista - Phase 1), Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 2020 | 600 | 619 | ||||||
City of Los Angeles, Community Facs. Dist. No. 4 (Playa Vista - Phase 1), Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 2023 | 700 | 799 | ||||||
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2019-C, 5.00% 2025 | 2,000 | 2,420 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 2024 | 535 | 632 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 2025 | 500 | 609 | ||||||
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Ref. Bonds, Series 2019-C, 5.00% 2023 | 2,000 | 2,290 | ||||||
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 | 1,318 | ||||||
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds (Dedicated Unlimited Ad Valorem Property Tax Bonds), Series 2016-A, 5.00% 2024 | 4,000 | 4,693 | ||||||
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014-C, 5.00% 2023 | 520 | 592 | ||||||
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2025 | 3,000 | 3,619 | ||||||
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2026 | 660 | 815 | ||||||
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2019-A, 5.00% 2027 | 5,000 | 6,305 | ||||||
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2019-A, 5.00% 2032 | 6,000 | 7,714 | ||||||
M-S-R Public Power Agcy., Rev. Bonds (San Juan Project), Series 2018-R, 5.00% 2021 | 2,000 | 2,129 | ||||||
Manhattan Beach Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 1999-C, FGIC-National insured, 0% 2024 | 3,950 | 3,620 | ||||||
Manteca Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2006, MBIA insured, 0% 2027 | 560 | 489 | ||||||
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2022 | 500 | 555 | ||||||
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2028 | 250 | 300 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Bonds, Series 2017-C, 1.06% 2047 (put 2020)1 | 3,045 | 3,045 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2017-E, 1.06% 2037 (put 2020)1 | 1,230 | 1,230 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2019-A, 5.00% 2025 | 10,000 | 12,186 | ||||||
City of Modesto, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016, 5.00% 2022 | 750 | 837 | ||||||
Montebello Unified School Dist., G.O. Rev. Ref. Bonds, 2004 Election, Series 2013-A, 5.00% 2024 | 520 | 591 | ||||||
Montebello Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2028 | 1,545 | 1,812 | ||||||
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, 4.00% 2026 | 270 | 288 | ||||||
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Hollywood El Centro Apartments), Series 2019-A, 1.40% 2021 (put 2021) | 1,750 | 1,751 | ||||||
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2026 | 300 | 364 | ||||||
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation), Series 2017-A, 5.00% 2024 | 300 | 348 |
Private Client Services Funds | 49 |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2023 | $ | 750 | $ | 847 | ||||
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2013, 5.00% 2022 | 470 | 518 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 2022 | 885 | 983 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 2025 | 500 | 604 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2028 | 750 | 856 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2029 | 1,000 | 1,137 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2035 | 1,000 | 1,109 | ||||||
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project), Series 2019, BAM insured, 5.00% 2027 | 530 | 657 | ||||||
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 4.00% 2020 | 125 | 128 | ||||||
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2023 | 2,530 | 2,841 | ||||||
Natomas Unified School Dist., G.O. Bonds, Series 2014, BAM insured, 5.00% 2021 | 500 | 534 | ||||||
North Orange County Community College Dist., G.O. Bonds, 2014 Election, Series 2019-B, 4.00% 2022 | 2,000 | 2,165 | ||||||
Oakland Unified School Dist., G.O. Bonds, 2006 Election, Series 2016-A, 5.00% 2026 | 1,325 | 1,631 | ||||||
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured, 4.00% 2034 | 1,000 | 1,133 | ||||||
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, 2016 Election, Series 2016, 5.00% 2022 | 915 | 1,008 | ||||||
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2024 | 1,310 | 1,535 | ||||||
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2025 | 3,000 | 3,613 | ||||||
Ohlone Community College Dist., G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2023 (preref. 2022) | 550 | 610 | ||||||
Ohlone Community College Dist., G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2024 (preref. 2022) | 1,000 | 1,109 | ||||||
City of Orange, Community Facs. Dist. No. 91-2 (Serrano Heights Public Improvements), Special Tax Rev. Ref. Bonds, Series 2013, 4.00% 2020 | 385 | 395 | ||||||
City of Orange, Community Facs. Dist. No. 91-2 (Serrano Heights Public Improvements), Special Tax Rev. Ref. Bonds, Series 2013, 4.00% 2021 | 1,485 | 1,568 | ||||||
County of Orange, Airport Private Activity Rev. Ref. Bonds, Series 2019-A, 5.00% 2025 | 1,000 | 1,214 | ||||||
County of Orange, Airport Private Activity Rev. Ref. Bonds, Series 2019-B, 5.00% 2025 | 1,000 | 1,214 | ||||||
County of Orange, Sanitation Dist., Certificate Anticipation Rev. Ref. Bonds, Series 2018-A, 5.00% 2021 | 5,300 | 5,664 | ||||||
City of Oxnard, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2024 | 250 | 294 | ||||||
City of Oxnard, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2021 | 750 | 797 | ||||||
City of Oxnard, Water Rev. Ref. Bonds, Series 2018, BAM insured, 5.00% 2022 | 700 | 769 | ||||||
City of Oxnard, Water Rev. Ref. Bonds, Series 2018, BAM insured, 5.00% 2024 | 450 | 526 | ||||||
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2026 | 630 | 767 | ||||||
Paramount Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1998 Election, Series 2001-B, Assured Guaranty Municipal insured, 0% 2025 | 3,000 | 2,728 | ||||||
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2026 | 250 | 313 | ||||||
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2027 | 200 | 256 | ||||||
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2028 | 285 | 374 | ||||||
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2029 | 400 | 532 | ||||||
Peralta Community College Dist., G.O. Rev. Ref. Bonds, Series 2014-A, 5.00% 2025 | 2,680 | 3,148 | ||||||
City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA Nos. 4 and 5; CFD 2005-1 IA No. 4), Series 2017-B, 3.00% 2021 | 895 | 915 | ||||||
City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA Nos. 4 and 5; CFD 2005-1 IA No. 4), Series 2017-B, 4.00% 2022 | 915 | 970 | ||||||
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 2024 | 1,000 | 1,147 | ||||||
Poway Unified School Dist., Community Facs. Dist. No. 6 (4S Ranch), Special Tax Bonds, Series 2012, 5.00% 2020 | 595 | 615 | ||||||
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013, 4.00% 2022 | 440 | 477 |
50 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2022 | $ | 850 | $ | 927 | ||||
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-B, BAM insured, 5.00% 2022 | 500 | 556 | ||||||
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2016-A, 4.00% 2022 | 1,000 | 1,082 | ||||||
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2016-A, 5.00% 2023 | 890 | 1,021 | ||||||
Public Fin. Auth., Electric System Rev. Ref. Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 2023 | 730 | 836 | ||||||
Public Fin. Auth., Reassessment Rev. Ref. Bonds, Series 2019, 5.00% 2022 | 1,115 | 1,222 | ||||||
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, 5.00% 2020 | 250 | 257 | ||||||
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, 5.00% 2021 | 150 | 158 | ||||||
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, Assured Guaranty Municipal insured, 5.00% 2023 | 500 | 570 | ||||||
Public Works Board, Lease Rev. Bonds (Judicial Council of California, Various Judicial Council Projects), Series 2011-D, 5.00% 2022 | 1,225 | 1,322 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, Various State Prisons), Series 2015-A, 5.00% 2023 | 790 | 897 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, Various State Prisons), Series 2018-C, 5.00% 2026 | 1,000 | 1,242 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Education - Riverside Campus Projects), Series 2017-H, 5.00% 2026 | 1,780 | 2,181 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-C, 5.00% 2024 | 1,725 | 2,042 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-D, 5.00% 2028 | 5,000 | 6,157 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2017-B, 5.00% 2025 | 3,255 | 3,946 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2017-B, 5.00% 2028 | 1,400 | 1,764 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2017-C, 5.00% 2026 | 4,060 | 4,964 | ||||||
City of Rancho Cucamonga, Successor Agcy. to the Redev. Agcy., Tax Allocation Ref. Bonds (Rancho Redev. Project Area), Series 2014, Assured Guaranty Municipal insured, 5.00% 2028 | 300 | 351 | ||||||
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% 2026 | 600 | 704 | ||||||
City of Redding, Joint Powers Fin. Auth., Electric System Rev. Bonds, Series 2015-A, 5.00% 2024 | 15 | 18 | ||||||
City of Richmond, Successor Agcy. to the Redev. Agcy., Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2025 | 200 | 232 | ||||||
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, BAM insured, 5.00% 2032 | 240 | 287 | ||||||
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 2022 | 400 | 438 | ||||||
Rio Hondo Community College Dist., G.O. Bonds, 2004 Election, Series 2019-B, 5.00% 2022 | 1,500 | 1,665 | ||||||
City of Riverside, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, 5.00% 2021 | 1,000 | 1,074 | ||||||
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% 2023 | 1,075 | 1,231 | ||||||
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Hemet Project), Series 2014, BAM insured, 5.00% 2023 | 500 | 572 | ||||||
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 | 499 | ||||||
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Project Area No. 1, Desert Communities and Interstate 215 Corridor Projects), Series 2014-D, Assured Guaranty Municipal insured, 5.00% 2020 | 405 | 419 |
Private Client Services Funds | 51 |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Project Area No. 1, Desert Communities and Interstate 215 Corridor Projects), Series 2014-D, Assured Guaranty Municipal insured, 5.00% 2021 | $ | 575 | $ | 617 | ||||
Riverside Unified School Dist., Fncg. Auth., Rev. Bonds, Series 2012-A, 5.00% 2021 | 1,280 | 1,371 | ||||||
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2025 | 350 | 414 | ||||||
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2026 | 400 | 472 | ||||||
Robla School Dist., G.O. Bonds, 2018 Election, Series 2019-A, Assured Guaranty Municipal insured, 4.00% 2021 | 645 | 679 | ||||||
City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2024 | 1,000 | 1,153 | ||||||
City of Sacramento, Housing Auth., Multi Family Housing Rev. Bonds (Imperial Tower Project), Series 2018-C, 2.15% 2021 (put 2020) | 5,000 | 5,021 | ||||||
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.25% 2024 | 1,000 | 1,132 | ||||||
City of Sacramento, Regional Transit Dist., Farebox Rev. Bonds, Series 2012, 5.00% 2023 | 385 | 397 | ||||||
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2017-E, 5.00% 2027 | 555 | 683 | ||||||
Sacramento Unified School Dist., G.O. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2030 | 1,000 | 1,145 | ||||||
Sacramento Unified School Dist., G.O. Ref. Bonds, Series 2012, 5.25% 2024 | 1,300 | 1,420 | ||||||
San Bernardino Unified School Dist., G.O. Rev. Ref. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2021 | 1,150 | 1,229 | ||||||
San Bernardino Unified School Dist., G.O. Rev. Ref. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2022 | 1,500 | 1,660 | ||||||
San Bernardino Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-D, Assured Guaranty Municipal insured, 4.00% 2021 | 330 | 347 | ||||||
City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, Series 2011-A, 5.00% 2020 | 985 | 1,016 | ||||||
City of San Diego, Housing Auth., Multi Family Housing Rev. Bonds (Hillside Views Apartments), Series 2018-G-1, 2.05% 2021 (put 2020) | 2,000 | 2,015 | ||||||
City of San Diego, Limited Obligation Rev. Bonds (Sanford Burnham Prebys Medical Discovery Institute Project), Series 2015-A, 5.00% 2022 | 200 | 222 | ||||||
County of San Diego, Association of Governments Capital Grant Receipts, Rev. Green Bonds (Mid-Coast Corridor Transit Project), Series 2019-A, 5.00% 2025 | 3,000 | 3,554 | ||||||
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 | 528 | ||||||
San Diego Community College Dist., G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2024 (preref. 2022) | 1,000 | 1,111 | ||||||
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, 2018 Election, Series 2019, 5.00% 2021 | 4,500 | 4,794 | ||||||
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2016-SR-1, 4.00% 2031 | 3,000 | 3,468 | ||||||
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2019-D, 5.00% 2024 | 1,000 | 1,175 | ||||||
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2019-D, 5.00% 2025 | 3,000 | 3,632 | ||||||
City and County of San Francisco, Redev. Agcy., Community Facs. Dist. No. 6 (Mission Bay South Public Improvements), Special Tax Rev. Ref. Bonds, Series 2013-A, 5.00% 2020 | 800 | 821 | ||||||
City and County of San Francisco, Redev. Agcy., Community Facs. Dist. No. 6 (Mission Bay South Public Improvements), Special Tax Rev. Ref. Bonds, Series 2013-B, 3.25% 2021 | 500 | 513 | ||||||
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 | 338 | ||||||
City of San Francisco, Bay Area Rapid Transit Dist., G.O. Green Bonds, Series 2019-B-1, 5.00% 2027 | 3,000 | 3,856 | ||||||
San Francisco Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2023 | 1,810 | 2,068 | ||||||
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 | 1,365 | ||||||
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2021 | 60 | 64 |
52 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2022 | $ | 25 | $ | 27 | ||||
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2023 | 40 | 45 | ||||||
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2024 | 65 | 75 | ||||||
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2025 | 90 | 106 | ||||||
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2026 | 155 | 187 | ||||||
San Joaquin Delta Community College Dist., G.O Bonds, 2004 Election, Series 2018-D, 4.00% 2023 | 1,000 | 1,110 | ||||||
San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1997-A, National insured, 0% 2025 | 285 | 253 | ||||||
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 | 515 | ||||||
San Jose Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006-C, National insured, 0% 2025 | 795 | 731 | ||||||
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2022 | 500 | 555 | ||||||
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2023 | 375 | 430 | ||||||
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2024 | 500 | 592 | ||||||
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2025 | 400 | 488 | ||||||
County of San Mateo, Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds (Capital Projects), Series 2009-A, 5.25% 2023 | 300 | 303 | ||||||
San Ramon Valley Unified School Dist., G.O. Bonds, 2012 Election, Series 2018, 5.00% 2024 | 1,000 | 1,183 | ||||||
San Ramon Valley Unified School Dist., G.O. Bonds, 2012 Election, Series 2018, 5.00% 2025 | 850 | 1,036 | ||||||
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 2022 | 310 | 338 | ||||||
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 2024 | 530 | 609 | ||||||
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 2025 | 375 | 430 | ||||||
City of Santa Rosa, Wastewater Rev. Bonds, Capital Appreciation Bonds, Series 2002-B, AMBAC insured, 0% 2021 | 2,000 | 1,954 | ||||||
Saugus Union School Dist., G.O. Rev. Ref. Bonds, 2006 Election, Series 2006, FGIC-National insured, 5.25% 2021 | 600 | 645 | ||||||
Saugus Union School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2006, National insured, 0% 2024 | 1,210 | 1,130 | ||||||
Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, Special Tax Rev. Bonds, Series 2016, 5.00% 2024 | 500 | 576 | ||||||
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 | 1,310 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group),Series 2019, 4.00% 20272 | 740 | 848 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group),Series 2019, 4.00% 20292 | 805 | 913 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group),Series 2019, 5.00% 20312 | 875 | 1,038 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2014-A, 4.125% 2024 | 1,275 | 1,352 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2015-A, 3.625% 20252 | 875 | 920 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 20242 | 435 | 498 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 20262 | 180 | 214 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP Social), Series 2019-A, 5.00% 20222 | 100 | 109 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP Social), Series 2019-A, 5.00% 20232 | 125 | 140 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP Social), Series 2019-A, 5.00% 20242 | 130 | 149 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP Social), Series 2019-A, 5.00% 20252 | 100 | 117 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP Social), Series 2019-A, 5.00% 20262 | 105 | 125 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP Social), Series 2019-A, 5.00% 20272 | 220 | 266 | ||||||
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 | 156 | ||||||
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 | 150 | ||||||
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 | 378 |
Private Client Services Funds | 53 |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
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 | $ | 155 | ||||
City of Signal Hill, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM insured, 5.00% 2021 | 250 | 268 | ||||||
City of Signal Hill, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM insured, 5.00% 2023 | 500 | 572 | ||||||
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2019-A, 3.00% 2024 | 4,065 | 4,355 | ||||||
Solano Community College Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2005, National insured, 0% 2021 | 2,680 | 2,623 | ||||||
Southern California Public Power Auth., Rev. Ref. Bonds (Magnolia Power Project A), Series 2017-1, 2.00% 2036 (put 2020) | 1,000 | 1,003 | ||||||
Southern California Public Power Auth., Rev. Ref. Bonds (Milford Wind Corridor Phase I Project), Series 2019-1, 5.00% 2025 | 3,050 | 3,703 | ||||||
Stanislaus Union School Dist., G.O. Rev. Ref. Bonds, Series 2019, BAM insured, 5.00% 2025 | 500 | 607 | ||||||
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (La Mesa Springs Apartments), Series 2019-E, 1.78% 2021 (put 2020) | 3,000 | 3,019 | ||||||
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), Series 2006-A, 1.90% 2028 | 2,000 | 2,004 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2025 | 750 | 897 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2028 | 2,085 | 2,525 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2034 | 975 | 1,197 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2021 | 1,100 | 1,171 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2023 | 1,110 | 1,252 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Cottage Health System Obligated Group), Series 2010, 5.00% 2019 | 1,000 | 1,000 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2014, Assured Guaranty Municipal insured, 5.00% 2022 | 750 | 829 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Jewish Home of San Francisco), Series 2016, 5.00% 2026 | 575 | 720 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-L, 5.00% 2038 (put 2029) | 4,975 | 6,533 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025 | 1,000 | 1,020 | ||||||
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Episcopal Communities and Services), Series 2012, 5.00% 2024 | 300 | 329 | ||||||
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Huntington Memorial Hospital), Series 2014-B, 5.00% 2021 | 1,650 | 1,751 | ||||||
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2023 | 500 | 553 | ||||||
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2024 | 390 | 443 | ||||||
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Rady Children’s Hospital), Series 2016-B, 5.00% 2028 | 860 | 1,118 | ||||||
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments), Series 2016, 5.00% 2022 | 1,000 | 1,092 | ||||||
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 | 803 | ||||||
Solano Community College Dist., G.O. Ref. Bonds, Series 2005, National insured, 5.00% 2026 | 4,690 | 5,693 | ||||||
Stockton Unified School Dist., G.O. Bonds, 2012 Election, Series 2018-C, BAM insured, 5.00% 2030 | 2,145 | 2,719 | ||||||
City of Suisun, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-B, BAM insured, 5.00% 2022 | 400 | 445 | ||||||
Sweetwater Union High School Dist., G.O. Bonds, 2006 Election, Series 2006, 4.00% 2026 | 515 | 587 | ||||||
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2025 | 1,715 | 1,991 | ||||||
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2026 | 6,000 | 6,943 |
54 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Sweetwater Union High School Dist., Public Fin. Auth., Rev. Ref. Bonds, Series 2013, BAM insured, 5.00% 2021 | $ | 2,000 | $ | 2,131 | ||||
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 2025 | 1,000 | 1,189 | ||||||
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 | 649 | ||||||
City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy/Columbus Villages), Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2024 | 860 | 1,011 | ||||||
Tustin Unified School Dist., Community Facs. Dist. No. 88-1, Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2022 | 830 | 921 | ||||||
Twin Rivers Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 5.00% 2024 | 400 | 472 | ||||||
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006, MBIA insured, 0% 2023 | 1,500 | 1,414 | ||||||
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006, National insured, 0% 2022 | 175 | 168 | ||||||
City of Union City, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-A, 5.00% 2023 | 375 | 432 | ||||||
Regents of the University of California, Limited Project Rev. Bonds, Series 2010-E, 5.00% 2020 | 500 | 511 | ||||||
Upland Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2008-A, Assured Guaranty Municipal insured, 0% 2030 | 3,000 | 2,386 | ||||||
Val Verde Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2021 | 250 | 263 | ||||||
Val Verde Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2023 | 600 | 661 | ||||||
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 2045 | 1,660 | 1,740 | ||||||
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 2049 | 3,200 | 3,499 | ||||||
Dept. of Veterans Affairs, Home Purchase Rev. Ref. Bonds, Series 2012-A, 2.75% 2020 | 750 | 763 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 2048 | 6,000 | 6,536 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2019-CS, 4.00% 2049 | 3,000 | 3,300 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2015-CM, 1.35% 2019 | 1,125 | 1,125 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 2045 | 1,140 | 1,190 | ||||||
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2024 | 730 | 826 | ||||||
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2026 | 270 | 318 | ||||||
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 | 461 | ||||||
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 | 376 | ||||||
Washington Township Health Care Dist., Rev. Bonds, Series 2017-A, 4.00% 2021 | 490 | 511 | ||||||
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2010-L, 5.00% 2021 | 75 | 76 | ||||||
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2010-L, 5.00% 2021 (preref. 2020) | 125 | 127 | ||||||
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2011-N, 5.00% 2020 | 1,810 | 1,846 | ||||||
West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, 2005 Election, Series 2008-B, 6.00% 2027 | 3,000 | 4,064 | ||||||
Western Placer Unified School Dist., G.O. Bonds, 2014 Election, Series 2017-B, BAM insured, 5.00% 2021 | 490 | 525 | ||||||
Westminster School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2009-A-1, Assured Guaranty insured, 0% 2023 | 1,000 | 947 | ||||||
Whittier City School Dist., G.O. Rev. Ref. Bonds, Series 2016, 4.00% 2030 | 825 | 949 | ||||||
518,212 | ||||||||
Guam 0.41% | ||||||||
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-A, 5.00% 2021 | 350 | 370 | ||||||
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-A, 5.00% 2022 | 710 | 770 | ||||||
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-B, 5.00% 2023 | 1,085 | �� | 1,162 | |||||
2,302 |
Private Client Services Funds | 55 |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Michigan 0.02% | ||||||||
Hospital Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Henry Ford Health System), Series 2009, 5.25% 2024 (preref. 2019) | $ | 100 | $ | 100 | ||||
Missouri 0.03% | ||||||||
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2015-A, 3.75% 2038 | 170 | 178 | ||||||
Nevada 0.79% | ||||||||
Clark County School Dist., Limited Tax G.O. Building Bonds, Series 2018-A, 5.00% 2029 | 3,540 | 4,402 | ||||||
Puerto Rico 0.71% | ||||||||
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 | 1,033 | ||||||
Infrastructure Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2005-C, 5.50% 2020 | 2,860 | 2,920 | ||||||
3,953 | ||||||||
South Dakota 0.45% | ||||||||
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-B, 4.50% 2048 | 2,230 | 2,477 | ||||||
United States 0.59% | ||||||||
Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class A-CA, 3.35% 2033 | 2,989 | 3,302 | ||||||
Total bonds, notes & other debt instruments(cost: $520,110,000) | 534,926 | |||||||
Short-term securities 3.02% | ||||||||
State of California, Chula Vista Elementary School Dist., G.O. Bond Anticipation Notes, Series 2019, 0% 2023 | 1,000 | 958 | ||||||
State of California, Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A. Inc. Project),Series 2010-A, 1.04% 20351 | 4,500 | 4,500 | ||||||
State of California, County of Los Angeles, Tax and Rev. Anticipation Notes, Series 2019, 5.00% 6/30/2020 | 3,000 | 3,078 | ||||||
State of California, County of Riverside, Tax and Rev. Anticipation Notes, Series 2019, 5.00% 6/30/2020 | 65 | 67 | ||||||
State of California, San Diego Unified School Dist., Tax and Rev. Anticipation Notes, Series 2019-A, 5.00% 6/30/2020 | 4,210 | 4,317 | ||||||
State of California, City of Stockton, Public Fncg. Auth., Wastewater Bond Anticipation Notes, Series 2019, 1.40% 2022 | 3,875 | 3,870 | ||||||
Total short-term securities (cost: $16,776,000) | 16,790 | |||||||
Total investment securities 99.13% (cost: $536,886,000) | 551,716 | |||||||
Other assets less liabilities 0.87% | 4,853 | |||||||
Net assets 100.00% | $ | 556,569 |
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
2 | Acquired in a transaction exempt from registration under Rule 144A 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 $5,337,000, which represented .96% of the net assets of the fund. |
56 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Key to abbreviations and symbol
Agcy. = Agency
AMT = Alternative Minimum Tax
Auth. = Authority
Certs. of Part. = Certificates of Participation
Dept. = Department
Dev. = Development
Dist. = District
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
LIBOR = London Interbank Offered Rate
LOC = Letter of Credit
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
SIFMA = Securities Industry and Financial Markets Association
USD/$ = U.S. dollars
Private Client Services Funds | 57 |
Capital Group California Short-Term Municipal Fund
Investment portfolioOctober 31, 2019
Bonds, notes & other debt instruments 94.95% | Principal amount (000) | Value (000) | ||||||
California 94.55% | ||||||||
City of Alhambra, Insured Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 2023 | $ | 450 | $ | 496 | ||||
Alvord Unified School Dist., G.O. Rev. Ref. Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 2022 | 500 | 554 | ||||||
City of Anaheim, Housing and Public Improvements Auth., Rev. Ref. Bonds, Series 2017-A, 5.00% 2026 | 500 | 626 | ||||||
City of Anaheim, Public Fncg. Auth., Lease Rev. Bonds (Anaheim Public Improvement Project), Series 1997-C, Assured Guaranty Municipal insured, 5.00% 2019 | 200 | 200 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp HealthCare), Series 2012-A, 5.00% 2023 | 1,640 | 1,780 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2001-A, (SIFMA Municipal Swap Index + 1.25%) 2.37% 2036 (put 2027)1 | 1,000 | 1,044 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 2.02% 2045 (put 2023)1 | 575 | 585 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-H, (SIFMA Municipal Swap Index + 0.70%) 1.82% 2034 (put 2021)1 | 250 | 252 | ||||||
City of Beaumont, Wastewater Rev. Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2022 | 225 | 250 | ||||||
City of Burbank, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015, BAM insured, 5.00% 2022 | 500 | 561 | ||||||
Trustees of the California State University, Systemwide Rev. Bonds, Series 2013-A, 5.00% 2023 | 400 | 463 | ||||||
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3, 4.00% 2051 (put 2023) | 1,550 | 1,698 | ||||||
City of Chino, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 4.00% 2021 | 655 | 690 | ||||||
Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 4.00% 2022 | 1,350 | 1,450 | ||||||
Compton Unified School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006-D, AMBAC insured, 0% 2021 | 1,000 | 978 | ||||||
County of Contra Costa, Transportation Auth., Sales Tax Rev. Ref. Bonds, Series 2018-A, (1-month USD-LIBOR x 0.70 + 0.25%) 1.672% 2034 (put 2021)1 | 2,000 | 1,999 | ||||||
Corona-Norco Unified School Dist., G.O. Bonds, 2014 Election, Series 2019-C, 5.00% 2020 | 1,000 | 1,030 | ||||||
Corona-Norco Unified School Dist., G.O. Bonds, 2014 Election, Series 2019-C, 5.00% 2021 | 300 | 321 | ||||||
East Bay Municipal Utility Dist., Water System Rev. Bonds, Series 2019-A, 5.00% 2023 | 1,390 | 1,586 | ||||||
Educational Facs. Auth., Rev. Ref. Bonds (Stanford University), Series 2009-T-5, 5.00% 2023 | 1,415 | 1,606 | ||||||
Fowler Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 4.00% 2024 | 745 | 841 | ||||||
Fresno Joint Powers Fin. Auth., Rev. Ref. Bonds (Master Lease Projects), Series 2017-A, 5.00% 2020 | 1,000 | 1,016 | ||||||
Fresno Joint Powers Fin. Auth., Rev. Ref. Bonds (Master Lease Projects), Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2022 | 1,350 | 1,473 | ||||||
G.O. Bonds, Series 2013, (SIFMA Municipal Swap Index + 0.38%) 1.50% 2027 (put 2027)1 | 1,600 | 1,602 | ||||||
G.O. Bonds, Series 2013-E, (1-month USD-LIBOR + 0.43%) 1.55% 2029 (put 2023)1 | 500 | 501 | ||||||
G.O. Bonds, Series 2014, 5.00% 2023 | 770 | 887 | ||||||
G.O. Bonds, Series 2017, 4.00% 2021 | 490 | 519 | ||||||
G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2022 | 805 | 891 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2021 | 500 | 530 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2017-A-1, 5.00% 2020 | 1,360 | 1,388 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2017A-1, 5.00% 2022 | 1,500 | 1,631 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A, 5.00% 2022 | 1,000 | 1,097 | ||||||
Hacienda La Puente Unified School Dist., Certs. of Part. (Los Angeles County Schools Pooled Fncg. Program), Series 2005-C, Assured Guaranty Municipal insured, 5.00% 2021 | 500 | 531 | ||||||
Hacienda La Puente Unified School Dist., Facs. Fncg. Auth., G.O. Rev. Bonds, Series 2007, Assured Guaranty Municipal insured, 5.00% 2021 | 590 | 632 | ||||||
Hacienda La Puente Unified School Dist., Facs. Fncg. Auth., G.O. Rev. Bonds, Series 2007, Assured Guaranty Municipal insured, 5.00% 2025 | 1,000 | 1,223 |
58 | Private Client Services Funds |
Capital Group California Short-Term Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
City of Hawthorne, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2021 | $ | 300 | $ | 322 | ||||
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 2024 | 450 | 505 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (City of Hope), Series 2012-A, 5.00% 2019 | 300 | 300 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2025 | 400 | 486 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-A, 5.00% 2022 | 300 | 335 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-B-1, 1.25% 2036 (put 2020) | 1,210 | 1,209 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 2022 | 200 | 224 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 2026 | 275 | 336 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2023 | 1,000 | 1,159 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Adventist Health System/West), Series 2016-A, 4.00% 2022 | 330 | 352 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2020 | 150 | 154 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, National insured, 5.00% 2020 | 1,080 | 1,068 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-C, 5.00% 2034 (put 2022) | 1,000 | 1,111 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-D, 1.70% 2033 (put 2022) | 650 | 660 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2021 | 500 | 540 | ||||||
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 4.00% 2024 | 500 | 567 | ||||||
Housing Fin. Agcy., Limited Obligation Multi Family Housing Rev. Bonds (Breezewood Village Apartments), Series 2019-E, FHA insured, 2.05% 2022 (put 2021) | 1,025 | 1,032 | ||||||
Housing Fin. Agcy., Limited Obligation Multi Family Housing Rev. Bonds III (Hookston Senior Apartments), Series 2018-A, 2.375% 2020 | 1,000 | 1,002 | ||||||
Huntington Beach Union High School Dist., Certs. of Part., Series 2016, BAM insured, 5.00% 2021 | 750 | 805 | ||||||
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2021 | 395 | 419 | ||||||
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2022 | 265 | 292 | ||||||
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2024 | 965 | 1,135 | ||||||
City of Irvine, Reassessment Dist. No. 15-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2021 | 500 | 535 | ||||||
County of Kern, Water Agcy., Improvement Dist. No. 4, Water Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2023 | 810 | 922 | ||||||
County of Kern, Water Agcy., Water Rev. Ref. Bonds (Improvement Dist. No. 4), Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2020 | 700 | 711 | ||||||
Kings Canyon Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2022 | 470 | 520 | ||||||
La Mirada Unified School Dist., G.O. Bonds, 2014 Election, Series 2019-D, 4.00% 2021 | 1,250 | 1,317 | ||||||
Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2002, Special Tax Bonds, Series 2017, 4.00% 2021 | 525 | 548 | ||||||
City of Long Beach, Harbor Rev. Bonds, Series 2010-A, 5.00% 2023 | 805 | 822 | ||||||
Long Beach Community College Dist., G.O. Bonds, 2016 Election, Series 2019-C, 4.00% 2021 | 1,000 | 1,052 | ||||||
Los Altos Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 1997-C, National insured, 0% 2022 | 460 | 446 | ||||||
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2015-C, 5.00% 2021 | 650 | 690 | ||||||
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2019-C, 5.00% 2021 | 2,250 | 2,388 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2014-B, 5.00% 2023 | 825 | 944 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2016-A, 5.00% 2023 | 1,000 | 1,144 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2016-B, 5.00% 2024 | 800 | 946 |
Private Client Services Funds | 59 |
Capital Group California Short-Term Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-B, 5.00% 2022 | $ | 1,000 | $ | 1,084 | ||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 2023 | 1,000 | 1,144 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-B, 5.00% 2023 | 1,000 | 1,144 | ||||||
City of Los Angeles, Multi Family Housing Rev. Bonds (Jordan Downs Phase 1B Apartments), Series 2018-A-2, 2.08% 2022 (put 2021) | 1,000 | 1,009 | ||||||
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Ref. Bonds, Series 2019-C, 5.00% 2023 | 1,405 | 1,608 | ||||||
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014-A, 5.00% 2022 | 250 | 275 | ||||||
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014-C, 5.00% 2022 | 2,000 | 2,203 | ||||||
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015-A, 5.00% 2023 | 685 | 779 | ||||||
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2025 | 1,000 | 1,206 | ||||||
M-S-R Public Power Agcy., Rev. Bonds (San Juan Project), Series 2018-R, 4.00% 2020 | 1,000 | 1,019 | ||||||
Mammoth Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1998 Election, Series 2000, AMBAC insured, 0% 2023 | 1,000 | 942 | ||||||
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM insured, 4.00% 2022 | 250 | 267 | ||||||
Merced School Dist., G.O. Bonds, Capital Appreciation Bonds, 2003 Election, Series 2005, MBIA insured, 0% 2023 | 1,065 | 1,012 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Bonds, Series 2017-C, 1.06% 2047 (put 2020)1 | 1,420 | 1,420 | ||||||
City of Modesto, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016, 5.00% 2022 | 250 | 279 | ||||||
Municipal Fin. Auth., Rev. Bonds (Community Medical Centers), Series 2017-A, 5.00% 2021 | 1,100 | 1,152 | ||||||
Municipal Fin. Auth., Solid Waste Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010, Assured Guaranty Municipal insured, 1.48% 2023 | 260 | 245 | ||||||
Murrieta Valley Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 1998-A, FGIC-National insured, 0% 2023 | 965 | 915 | ||||||
North Orange County Community College Dist., G.O. Bonds, 2014 Election, Series 2019-B, 4.00% 2022 | 1,000 | 1,083 | ||||||
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2021 | 1,100 | 1,172 | ||||||
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, 2016 Election, Series 2016, 5.00% 2022 | 575 | 634 | ||||||
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2021 | 385 | 411 | ||||||
City of Oxnard, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2021 | 350 | 372 | ||||||
City of Oxnard, Water Rev. Ref. Bonds, Series 2018, BAM insured, 5.00% 2021 | 300 | 318 | ||||||
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-A, 4.00% 2020 | 1,235 | 1,262 | ||||||
Pasadena Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, 5.00% 2024 | 655 | 777 | ||||||
Peralta Community College Dist., G.O. Rev. Ref. Bonds, Series 2014-A, 5.00% 2024 | 2,000 | 2,350 | ||||||
Perris Union High School Dist., G.O. Bonds, 2018 Election, Series 2019, Assured Guaranty Municipal insured, 5.00% 2021 | 855 | 916 | ||||||
City of Poway, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Paguay Redev. Project), Series 2015-A, 5.00% 2020 | 445 | 465 | ||||||
Public Fin. Auth., Reassessment Rev. Ref. Bonds, Series 2019, 4.00% 2020 | 300 | 307 | ||||||
Public Works Board, Lease Rev. Bonds (Dept. of Corrections and Rehabilitation), Series 2011-C, 5.00% 2021 | 720 | 773 | ||||||
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2010-A-1, 5.75% 2030 (preref. 2020) | 450 | 457 | ||||||
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2014-E, 5.00% 2022 | 500 | 554 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, Various State Prisons), Series 2015-A, 5.00% 2023 | 1,860 | 2,111 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, Various State Prisons), Series 2018-C, 5.00% 2025 | 510 | 620 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-C, 5.00% 2021 | 1,000 | 1,076 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-C, 5.00% 2026 | 2,405 | 2,986 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2017-B, 5.00% 2025 | 400 | 485 |
60 | Private Client Services Funds |
Capital Group California Short-Term Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
City of Rancho Mirage, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds, Series 2013-A, 5.00% 2021 | $ | 1,000 | $ | 1,057 | ||||
Ravenswood City School Dist., G.O. Bonds, 2016 Election, Series 2016, 5.00% 2023 | 445 | 508 | ||||||
City of Redding, Electric System Rev. Ref. Bonds, Series 2017, 5.00% 2021 | 800 | 851 | ||||||
City of Redding, Electric System Rev. Ref. Bonds, Series 2018, 5.00% 2022 | 725 | 800 | ||||||
City of Richmond, Successor Agcy. to the Redev. Agcy., Ref. Bonds, Series 2014-A, BAM insured, 4.00% 2020 | 110 | 113 | ||||||
City of Richmond, Wastewater Rev. Ref. Bonds, Series 2019-B, 5.00% 2023 | 940 | 1,077 | ||||||
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2021 | 685 | 733 | ||||||
Robla School Dist., G.O. Bonds, 2018 Election, Series 2019-A, Assured Guaranty Municipal insured, 4.00% 2022 | 740 | 800 | ||||||
City of Roseville, Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2016, 4.00% 2021 | 450 | 474 | ||||||
City of Roseville, Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2016, 4.00% 2022 | 620 | 669 | ||||||
City of Sacramento, Housing Auth., Multi Family Housing Rev. Bonds (Imperial Tower Project), Series 2018-C, 2.15% 2021 (put 2020) | 2,000 | 2,009 | ||||||
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.25% 2024 | 150 | 170 | ||||||
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-B, 5.00% 2021 | 1,000 | 1,066 | ||||||
Sacramento Unified School Dist., Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2024 | 500 | 577 | ||||||
City of San Diego, Housing Auth., Multi Family Housing Rev. Bonds (Hillside Views Apartments), Series 2018-G-1, 2.05% 2021 (put 2020) | 1,000 | 1,007 | ||||||
City of San Diego, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016-A, 5.00% 2021 | 365 | 392 | ||||||
County of San Diego, Association of Governments Capital Grant Receipts, Rev. Green Bonds (Mid-Coast Corridor Transit Project), Series 2019-A, 5.00% 2023 | 1,000 | 1,115 | ||||||
County of San Diego, Association of Governments Capital Grant Receipts, Rev. Green Bonds (Mid-Coast Corridor Transit Project), Series 2019-A, 5.00% 2026 | 1,000 | 1,215 | ||||||
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, 2018 Election, Series 2019, 5.00% 2021 | 1,500 | 1,598 | ||||||
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2019-D, 5.00% 2024 | 2,000 | 2,349 | ||||||
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2009-D, 4.00% 2023 (escrowed to maturity) | 400 | 441 | ||||||
City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2018-C, 2.125% 2048 (put 2023) | 1,000 | 1,030 | ||||||
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 | 515 | ||||||
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 | 277 | ||||||
San Gabriel Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2012-B, 0% 2023 | 200 | 189 | ||||||
San Leandro Unified School Dist., G.O. Bonds, Series 2017-A, BAM insured, 5.00% 2020 | 700 | 721 | ||||||
City of San Ramon, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM insured, 5.00% 2021 | 340 | 356 | ||||||
San Ramon Valley Unified School Dist., G.O. Bonds, 2012 Election, Series 2018, 5.00% 2023 | 800 | 918 | ||||||
City of Santa Rosa, High School Dist., G.O. Bonds, 2014 Election, Series 2018-C, Assured Guaranty Municipal insured, 4.00% 2020 | 750 | 767 | ||||||
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2019-A, 3.00% 2024 | 2,500 | 2,679 | ||||||
Simi Valley Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2023 | 1,000 | 1,148 | ||||||
Southern California Public Power Auth., Rev. Ref. Bonds (Magnolia Power Project A), Series 2017-1, 2.00% 2036 (put 2020) | 925 | 928 | ||||||
Southern California Public Power Auth., Rev. Ref. Bonds (Milford Wind Corridor Phase I Project), Series 2019-1, 5.00% 2021 | 300 | 320 | ||||||
Southern California Public Power Auth., Rev. Ref. Bonds (Milford Wind Corridor Phase I Project), Series 2019-1, 5.00% 2022 | 200 | 221 | ||||||
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 | 336 | ||||||
State Public Works Board, Lease Rev. Ref. Bonds, Series 2015-F, 5.00% 2022 | 1,000 | 1,096 | ||||||
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 4.00% 2021 | 150 | 159 |
Private Client Services Funds | 61 |
Capital Group California Short-Term Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 4.00% 2022 | $ | 265 | $ | 287 | ||||
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 4.00% 2023 | 250 | 277 | ||||||
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-B, 4.00% 2023 | 660 | 732 | ||||||
Statewide Communities Dev. Auth., Insured Rev. Bonds (Redwoods, a Community of Seniors), Series 2013, 4.00% 2019 | 160 | 160 | ||||||
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Courtyards at Penn Valley Apartments), Series 2019-J-1, 1.41% 2021 (put 2021) | 750 | 750 | ||||||
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (La Mesa Springs Apartments), Series 2019-E, 1.78% 2021 (put 2020) | 1,000 | 1,006 | ||||||
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), Series 2006-A, 1.90% 2028 | 500 | 501 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018, 5.00% 2022 | 150 | 163 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2024 | 200 | 233 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2025 | 415 | 496 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2023 | 135 | 152 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Buck Institute for Research on Aging), Series 2014, Assured Guaranty Municipal insured, 5.00% 2019 | 380 | 381 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 5.00% 2022 | 700 | 768 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 5.25% 2024 (preref. 2020) | 890 | 920 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025 | 500 | 510 | ||||||
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Huntington Memorial Hospital), Series 2014-B, 5.00% 2020 | 1,225 | 1,255 | ||||||
City of Stockton, Public Fncg. Auth., Water Rev. Ref. Green Bonds, Series 2018-A, BAM insured, 5.00% 2021 | 500 | 537 | ||||||
City of Stockton, Public Fncg. Auth., Water Rev. Ref. Green Bonds, Series 2018-A, BAM insured, 5.00% 2022 | 1,210 | 1,343 | ||||||
Stockton Unified School Dist., G.O. Bonds, 2018 Election, Series 2019-A, BAM insured, 5.00% 2022 | 1,000 | 1,101 | ||||||
City of Suisun, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-B, BAM insured, 5.00% 2021 | 500 | 539 | ||||||
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2021 | 380 | 405 | ||||||
Sweetwater Union High School Dist., Public Fin. Auth., Rev. Ref. Bonds, Series 2013, BAM insured, 5.00% 2021 | 1,000 | 1,065 | ||||||
Temecula Valley Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2021 | 515 | 551 | ||||||
Torrance Unified School Dist., G.O. Bonds, 2008 Election, Series 2009-B-1, 0% 2023 | 250 | 237 | ||||||
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 | 497 | ||||||
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006, MBIA insured, 0% 2023 | 440 | 415 | ||||||
City of Union City, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-A, 5.00% 2021 | 235 | 253 | ||||||
Regents of the University of California, G.O. Rev. Bonds, Series 2016-AT, 1.40% 2046 (put 2021) | 2,505 | 2,515 | ||||||
Regents of the University of California, G.O. Rev. Bonds, Series 2018-AZ, 5.00% 2020 | 200 | 204 | ||||||
Regents of the University of California, G.O. Rev. Bonds, Series 2018-AZ, 5.00% 2021 | 300 | 318 | ||||||
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 2045 | 725 | 760 | ||||||
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 2049 | 1,500 | 1,640 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2017-CQ, 4.00% 2047 | 935 | 1,007 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 2048 | 1,500 | 1,634 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 2045 | 1,140 | 1,190 |
62 | Private Client Services Funds |
Capital Group California Short-Term Municipal Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 3.00% 2021 | $ | 200 | $ | 207 | ||||
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 | 285 | ||||||
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2015-O, 5.00% 2022 | 755 | 829 | ||||||
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series AS, 5.00% 2021 | 445 | 482 | ||||||
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 | 185 | ||||||
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 | 130 | ||||||
Whittier Union High School Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2022 | 300 | 333 | ||||||
154,902 | ||||||||
Guam 0.40% | ||||||||
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2016, 5.00% 2021 | 300 | 316 | ||||||
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2016, 5.00% 2024 | 300 | 342 | ||||||
658 | ||||||||
Total bonds, notes & other debt instruments(cost: $153,559,000) | 155,560 | |||||||
Short-term securities 2.58% | ||||||||
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-1, 0.95% 20371 | 500 | 500 | ||||||
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2, 0.95% 20371 | 1,000 | 1,000 | ||||||
State of California, San Diego Unified School Dist., Tax and Rev. Anticipation Notes, Series 2019-A, 5.00% 6/30/2020 | 1,685 | 1,728 | ||||||
State of California, City of Stockton, Public Fncg. Auth., Wastewater Bond Anticipation Notes, Series 2019, 1.40% 2022 | 1,000 | 999 | ||||||
Total short-term securities (cost: $4,227,000) | 4,227 | |||||||
Total investment securities 97.53% (cost: $157,786,000) | 159,787 | |||||||
Other assets less liabilities 2.47% | 4,044 | |||||||
Net assets 100.00% | $ | 163,831 |
Futures contracts
Number of | Notional amount | 2 | Value at 10/31/2019 | 3 | Unrealized (depreciation) appreciation at 10/31/2019 | |||||||||||||
Contracts | Type | contracts | Expiration | (000) | (000) | (000) | ||||||||||||
2 Year U.S. Treasury Note Futures | Long | 37 | January 2020 | $ | 7,400 | $ | 7,977 | $ | (4 | ) | ||||||||
5 Year U.S. Treasury Note Futures | Long | 10 | January 2020 | 1,000 | 1,192 | 2 | ||||||||||||
$ | (2 | ) |
1 | Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
2 | Notional amount is calculated based on the number of contracts and notional contract size. |
3 | Value is calculated based on the notional amount and current market price. |
Private Client Services Funds | 63 |
Capital Group California Short-Term Municipal Fund
Key to abbreviations and symbol
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
USD/$ = U.S. dollars
64 | Private Client Services Funds |
Investment portfolioOctober 31, 2019
Bonds, notes & other debt instruments 97.19% | Principal amount (000) | Value (000) | ||||||
U.S. Treasury bonds & notes 53.59% | ||||||||
U.S. Treasury 43.63% | ||||||||
U.S. Treasury 1.625% 2020 | $ | 2,500 | $ | 2,501 | ||||
U.S. Treasury 1.125% 2021 | 3,010 | 2,988 | ||||||
U.S. Treasury 1.25% 2021 | 1,500 | 1,493 | ||||||
U.S. Treasury 1.375% 2021 | 3,420 | 3,409 | ||||||
U.S. Treasury 1.375% 2021 | 2,000 | 1,994 | ||||||
U.S. Treasury 1.50% 2021 | 5,392 | 5,387 | ||||||
U.S. Treasury 1.50% 2021 | 745 | 744 | ||||||
U.S. Treasury 1.75% 2021 | 11,570 | 11,608 | ||||||
U.S. Treasury 1.75% 2021 | 2,000 | 2,009 | ||||||
U.S. Treasury 1.875% 2021 | 500 | 504 | ||||||
U.S. Treasury 2.125% 2021 | 1,000 | 1,013 | ||||||
U.S. Treasury 3.125% 2021 | 2,000 | 2,047 | ||||||
U.S. Treasury 1.50% 2022 | 14,920 | 14,922 | ||||||
U.S. Treasury 1.50% 2022 | 1,750 | 1,750 | ||||||
U.S. Treasury 1.75% 2022 | 2,000 | 2,011 | ||||||
U.S. Treasury 1.875% 2022 | 4,000 | 4,034 | ||||||
U.S. Treasury 1.875% 2022 | 3,745 | 3,780 | ||||||
U.S. Treasury 2.125% 2022 | 3,000 | 3,049 | ||||||
U.S. Treasury 1.25% 2023 | 1,000 | 991 | ||||||
U.S. Treasury 1.375% 2023 | 1,275 | 1,269 | ||||||
U.S. Treasury 1.375% 2023 | 1,000 | 995 | ||||||
U.S. Treasury 1.625% 2023 | 4,000 | 4,016 | ||||||
U.S. Treasury 1.75% 2023 | 1,000 | 1,008 | ||||||
U.S. Treasury 2.00% 2023 | 2,000 | 2,031 | ||||||
U.S. Treasury 2.125% 2023 | 3,415 | 3,496 | ||||||
U.S. Treasury 2.25% 2023 | 500 | 514 | ||||||
U.S. Treasury 2.50% 2023 | 1,050 | 1,088 | ||||||
U.S. Treasury 2.75% 2023 | 5,542 | 5,775 | ||||||
U.S. Treasury 2.75% 2023 | 2,250 | 2,357 | ||||||
U.S. Treasury 1.75% 2024 | 4,000 | 4,041 | ||||||
U.S. Treasury 2.00% 2024 | 3,288 | 3,357 | ||||||
U.S. Treasury 2.00% 2024 | 2,480 | 2,530 | ||||||
U.S. Treasury 2.125% 2024 | 5,000 | 5,138 | ||||||
U.S. Treasury 2.125% 20241 | 5,000 | 5,124 | ||||||
U.S. Treasury 2.25% 2024 | 26,713 | 27,551 | ||||||
U.S. Treasury 2.25% 2024 | 1,820 | 1,874 | ||||||
U.S. Treasury 2.75% 2024 | 5,000 | 5,254 | ||||||
U.S. Treasury 2.00% 2025 | 2,000 | 2,046 | ||||||
U.S. Treasury 2.625% 2025 | 6,600 | 7,000 | ||||||
U.S. Treasury 2.75% 20251 | 10,000 | 10,611 | ||||||
U.S. Treasury 7.625% 2025 | 750 | 981 | ||||||
U.S. Treasury 1.625% 2026 | 3,000 | 3,006 | ||||||
U.S. Treasury 1.875% 20261 | 16,265 | 16,548 | ||||||
U.S. Treasury 1.875% 2026 | 5,000 | 5,087 | ||||||
U.S. Treasury 2.25% 2027 | 8,420 | 8,793 | ||||||
U.S. Treasury 2.25% 2027 | 2,200 | 2,301 | ||||||
U.S. Treasury 1.625% 2029 | 8,042 | 8,001 | ||||||
208,026 | ||||||||
U.S. Treasury inflation-protected securities 9.96% | ||||||||
U.S. Treasury Inflation-Protected Security 0.125% 20202 | 1,775 | 1,766 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20212 | 6,739 | 6,689 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20222 | 5,538 | 5,497 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 20232 | 551 | 556 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20242 | 14,555 | 14,593 | ||||||
U.S. Treasury Inflation-Protected Security 0.25% 20252 | 3,623 | 3,637 | ||||||
U.S. Treasury Inflation-Protected Security 2.00% 20262 | 646 | 717 | ||||||
U.S. Treasury Inflation-Protected Security 0.75% 20281,2 | 5,110 | 5,375 | ||||||
U.S. Treasury Inflation-Protected Security 0.875% 20291,2 | 8,128 | 8,638 | ||||||
47,468 | ||||||||
Total U.S. Treasury bonds & notes | 255,494 |
Private Client Services Funds | 65 |
Capital Group Core Bond Fund
Bonds, notes & other debt instruments(continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes 22.55% | ||||||||
Financials 5.22% | ||||||||
ACE INA Holdings Inc. 2.30% 2020 | $ | 285 | $ | 286 | ||||
ACE INA Holdings Inc. 2.875% 2022 | 150 | 154 | ||||||
ACE INA Holdings Inc. 3.35% 2026 | 45 | 48 | ||||||
ACE INA Holdings Inc. 4.35% 2045 | 50 | 61 | ||||||
Allstate Corp. 3.28% 2026 | 175 | 188 | ||||||
Bank of America Corp. 3.458% 2025 (3-month USD-LIBOR + 0.97% on 3/15/2024)3 | 1,864 | 1,948 | ||||||
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)3 | 458 | 480 | ||||||
Bank of America Corp. 3.194% 2030 (3-month USD-LIBOR + 1.18% on 7/23/2029)3 | 1,640 | 1,693 | ||||||
BB&T Corp. 2.625% 2020 | 385 | 387 | ||||||
Citigroup Inc. 4.45% 2027 | 400 | 441 | ||||||
Credit Suisse Group AG 3.80% 2023 | 500 | 524 | ||||||
Goldman Sachs Group, Inc. 3.272% 2025 (3-month USD-LIBOR + 1.201% on 9/29/2024)3 | 1,385 | 1,433 | ||||||
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)3 | 725 | 771 | ||||||
Goldman Sachs Group, Inc. 4.75% 2045 | 175 | 212 | ||||||
Intesa Sanpaolo SpA 5.71% 20264 | 1,605 | 1,722 | ||||||
JPMorgan Chase & Co. 3.20% 2023 | 125 | 130 | ||||||
JPMorgan Chase & Co. 3.559% 2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)3 | 1,125 | 1,177 | ||||||
JPMorgan Chase & Co. 2.301% 2025 (3-month USD-SOFR + 1.16% on 10/15/2024)3 | 1,165 | 1,163 | ||||||
JPMorgan Chase & Co. 3.509% 2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)3 | 500 | 529 | ||||||
JPMorgan Chase & Co. 4.203% 2029 (3-month USD-LIBOR + 1.26% on 7/23/2028)3 | 679 | 755 | ||||||
JPMorgan Chase & Co. 2.739% 2030 (3-month USD-SOFR + 1.51% on 10/15/2029)3 | 1,870 | 1,868 | ||||||
Lloyds Banking Group PLC 4.375% 2028 | 200 | 221 | ||||||
Marsh & McLennan Companies, Inc. 3.50% 2020 | 385 | 392 | ||||||
Marsh & McLennan Companies, Inc. 3.875% 2024 | 495 | 529 | ||||||
Morgan Stanley 2.72% 2025 (1-month USD-SOFR + 1.152% on 7/22/2024)3 | 1,640 | 1,663 | ||||||
National Rural Utilities Cooperative Finance Corp. 2.90% 2021 | 870 | 882 | ||||||
New York Life Global Funding 1.70% 20214 | 750 | 748 | ||||||
New York Life Global Funding 2.25% 20224 | 305 | 307 | ||||||
Toronto-Dominion Bank 2.65% 2024 | 1,180 | 1,209 | ||||||
UniCredit SpA 3.75% 20224 | 500 | 512 | ||||||
US Bancorp 3.05% 2020 | 900 | 907 | ||||||
US Bancorp 3.104% 2021 (3-month USD-LIBOR + 0.29% on 5/21/2020)3 | 1,000 | 1,006 | ||||||
US Bancorp 3.40% 2023 | 500 | 526 | ||||||
24,872 | ||||||||
Industrials 2.95% | ||||||||
3M Co. 3.25% 2024 | 1,297 | 1,364 | ||||||
Airbus Group SE 2.70% 20234 | 85 | 87 | ||||||
Avolon Holdings Funding Ltd. 3.625% 20224 | 587 | 600 | ||||||
Avolon Holdings Funding Ltd. 3.95% 20244 | 743 | 772 | ||||||
Avolon Holdings Funding Ltd. 4.375% 20264 | 925 | 980 | ||||||
Boeing Co. 2.70% 2022 | 1,615 | 1,641 | ||||||
Boeing Co. 2.80% 2024 | 660 | 677 | ||||||
Boeing Co. 3.10% 2026 | 855 | 894 | ||||||
General Electric Co. 2.70% 2022 | 300 | 302 | ||||||
Honeywell International Inc. 2.15% 2022 | 1,160 | 1,174 | ||||||
Honeywell International Inc. 2.30% 2024 | 878 | 895 | ||||||
Lockheed Martin Corp. 3.10% 2023 | 95 | 99 | ||||||
Lockheed Martin Corp. 3.55% 2026 | 95 | 103 | ||||||
Northrop Grumman Corp. 2.55% 2022 | 425 | 432 | ||||||
Republic Services, Inc. 5.00% 2020 | 350 | 354 | ||||||
Rockwell Collins, Inc. 2.80% 2022 | 375 | 382 | ||||||
Rockwell Collins, Inc. 3.20% 2024 | 275 | 287 | ||||||
Union Pacific Corp. 3.50% 2023 | 360 | 378 | ||||||
Union Pacific Corp. 3.15% 2024 | 1,002 | 1,049 | ||||||
Union Pacific Corp. 3.75% 2025 | 230 | 249 | ||||||
United Technologies Corp. 3.65% 2023 | 785 | 831 | ||||||
Vinci SA 3.75% 20294 | 200 | 221 | ||||||
Waste Management, Inc. 4.60% 2021 | 300 | 309 | ||||||
14,080 |
66 | Private Client Services Funds |
Capital Group Core Bond Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Energy 2.51% | ||||||||
Boardwalk Pipeline Partners, LP 4.95% 2024 | $ | 460 | $ | 499 | ||||
BP Capital Markets PLC 4.234% 2028 | 447 | 507 | ||||||
Cenovus Energy Inc. 4.25% 2027 | 170 | 179 | ||||||
Concho Resources Inc. 4.30% 2028 | 80 | 86 | ||||||
ConocoPhillips 4.95% 2026 | 95 | 110 | ||||||
Enbridge Energy Partners, LP 5.875% 2025 | 230 | 268 | ||||||
Energy Transfer Partners, LP 4.20% 2023 | 155 | 164 | ||||||
Energy Transfer Partners, LP 4.50% 2024 | 90 | 96 | ||||||
Equinor ASA 3.625% 2028 | 265 | 294 | ||||||
Exxon Mobil Corp. 2.019% 2024 | 1,145 | 1,154 | ||||||
Exxon Mobil Corp. 2.275% 2026 | 1,145 | 1,158 | ||||||
Exxon Mobil Corp. 2.44% 2029 | 368 | 372 | ||||||
Husky Energy Inc. 7.25% 2019 | 250 | 251 | ||||||
Kinder Morgan, Inc. 3.15% 2023 | 495 | 507 | ||||||
MPLX LP 3.375% 2023 | 75 | 77 | ||||||
MPLX LP 4.00% 2028 | 350 | 364 | ||||||
Occidental Petroleum Corp. 2.90% 2024 | 507 | 512 | ||||||
Occidental Petroleum Corp. 3.20% 2026 | 154 | 156 | ||||||
Petróleos Mexicanos 6.50% 2027 | 200 | 212 | ||||||
Petróleos Mexicanos 6.84% 20304 | 1,447 | 1,548 | ||||||
Phillips 66 4.30% 2022 | 290 | 306 | ||||||
Phillips 66 Partners LP 3.55% 2026 | 105 | 110 | ||||||
Schlumberger BV 4.00% 20254 | 165 | 177 | ||||||
Shell International Finance BV 1.75% 2021 | 435 | 435 | ||||||
Statoil ASA 3.25% 2024 | 85 | 90 | ||||||
TC PipeLines, LP 4.375% 2025 | 430 | 458 | ||||||
Total Capital International 2.875% 2022 | 230 | 236 | ||||||
Total Capital International 2.434% 2025 | 775 | 787 | ||||||
TransCanada PipeLines Ltd. 4.25% 2028 | 615 | 680 | ||||||
Woodside Finance Ltd. 4.60% 20214 | 185 | 190 | ||||||
11,983 | ||||||||
Health care 2.51% | ||||||||
Abbott Laboratories 2.90% 2021 | 190 | 194 | ||||||
Abbott Laboratories 3.40% 2023 | 98 | 103 | ||||||
Abbott Laboratories 3.75% 2026 | 292 | 320 | ||||||
Aetna Inc. 2.80% 2023 | 55 | 56 | ||||||
AstraZeneca PLC 3.375% 2025 | 445 | 471 | ||||||
AstraZeneca PLC 4.00% 2029 | 296 | 332 | ||||||
Bayer US Finance II LLC 3.875% 20234 | 400 | 419 | ||||||
Becton, Dickinson and Co. 3.734% 2024 | 61 | 65 | ||||||
Boston Scientific Corp. 3.45% 2024 | 675 | 709 | ||||||
Boston Scientific Corp. 3.75% 2026 | 530 | 572 | ||||||
Bristol-Myers Squibb Co. 2.90% 20244 | 1,735 | 1,802 | ||||||
Bristol-Myers Squibb Co. 3.20% 20264 | 1,008 | 1,072 | ||||||
Cigna Corp. 3.40% 2021 | 255 | 261 | ||||||
Cigna Corp. 3.75% 2023 | 275 | 289 | ||||||
Cigna Corp. 4.375% 2028 | 250 | 276 | ||||||
CVS Health Corp. 4.30% 2028 | 500 | 543 | ||||||
GlaxoSmithKline PLC 3.375% 2023 | 750 | 787 | ||||||
GlaxoSmithKline PLC 3.00% 2024 | 910 | 949 | ||||||
Pfizer Inc. 2.95% 2024 | 485 | 507 | ||||||
Shire PLC 2.875% 2023 | 120 | 123 | ||||||
Shire PLC 3.20% 2026 | 300 | 311 | ||||||
Teva Pharmaceutical Finance Co. BV 2.80% 2023 | 60 | 52 | ||||||
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | 60 | 45 | ||||||
UnitedHealth Group Inc. 3.35% 2022 | 380 | 395 | ||||||
UnitedHealth Group Inc. 3.75% 2025 | 460 | 499 | ||||||
WellPoint, Inc. 4.35% 2020 | 300 | 306 | ||||||
Zimmer Holdings, Inc. 3.15% 2022 | 485 | 495 | ||||||
11,953 |
Private Client Services Funds | 67 |
Capital Group Core Bond Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds & notes (continued) | ||||||||
Utilities 2.48% | ||||||||
Ameren Corp. 2.50% 2024 | $ | 373 | $ | 376 | ||||
Connecticut Light and Power Co. 3.20% 2027 | 1,025 | 1,090 | ||||||
Consumers Energy Co. 4.05% 2048 | 285 | 336 | ||||||
Duke Energy Corp. 2.65% 2026 | 660 | 668 | ||||||
Duke Energy Progress, LLC 3.375% 2023 | 786 | 825 | ||||||
Duke Energy Progress, LLC 3.70% 2028 | 200 | 221 | ||||||
Enel Finance International SA 4.25% 20234 | 1,106 | 1,176 | ||||||
Enel Finance International SA 3.50% 20284 | 378 | 390 | ||||||
Enel Finance International SA 4.875% 20294 | 327 | 375 | ||||||
Eversource Energy 2.75% 2022 | 750 | 763 | ||||||
Exelon Corp. 3.40% 2026 | 65 | 68 | ||||||
Pacific Gas and Electric Co. 2.45% 20225 | 300 | 280 | ||||||
Public Service Enterprise Group Inc. 1.90% 2021 | 270 | 270 | ||||||
Public Service Enterprise Group Inc. 2.25% 2026 | 520 | 520 | ||||||
Southern California Edison Co. 2.85% 2029 | 2,820 | 2,832 | ||||||
Tampa Electric Co. 2.60% 2022 | 350 | 355 | ||||||
Virginia Electric and Power Co. 3.10% 2025 | 1,040 | 1,085 | ||||||
Xcel Energy Inc. 3.30% 2025 | 190 | 199 | ||||||
11,829 | ||||||||
Information technology 1.74% | ||||||||
Apple Inc. 1.80% 2020 | 475 | 475 | ||||||
Apple Inc. 1.55% 2021 | 575 | 574 | ||||||
Apple Inc. 2.50% 2022 | 190 | 193 | ||||||
Broadcom Inc. 3.125% 20224 | 930 | 948 | ||||||
Broadcom Inc. 3.625% 20244 | 930 | 957 | ||||||
Broadcom Inc. 4.25% 20264 | 930 | 972 | ||||||
Broadcom Ltd. 2.375% 2020 | 270 | 270 | ||||||
Broadcom Ltd. 3.00% 2022 | 730 | 740 | ||||||
Broadcom Ltd. 3.625% 2024 | 270 | 278 | ||||||
Broadcom Ltd. 3.875% 2027 | 185 | 187 | ||||||
Cisco Systems, Inc. 2.20% 2023 | 520 | 527 | ||||||
Fiserv, Inc. 2.75% 2024 | 950 | 972 | ||||||
Fiserv, Inc. 3.20% 2026 | 670 | 701 | ||||||
Fiserv, Inc. 3.50% 2029 | 475 | 502 | ||||||
8,296 | ||||||||
Consumer discretionary 1.69% | ||||||||
Amazon.com, Inc. 2.40% 2023 | 500 | 510 | ||||||
Amazon.com, Inc. 2.80% 2024 | 500 | 520 | ||||||
American Honda Finance Corp. 2.65% 2021 | 645 | 652 | ||||||
American Honda Finance Corp. 2.30% 2026 | 80 | 80 | ||||||
American Honda Finance Corp. 3.50% 2028 | 325 | 350 | ||||||
DaimlerChrysler North America Holding Corp. 3.30% 20254 | 250 | 259 | ||||||
Ford Motor Credit Co. 3.157% 2020 | 550 | 553 | ||||||
Ford Motor Credit Co. 3.219% 2022 | 205 | 205 | ||||||
General Motors Co. 4.00% 2025 | 145 | 150 | ||||||
General Motors Co. 4.35% 2025 | 200 | 210 | ||||||
General Motors Financial Co. 3.70% 2020 | 320 | 324 | ||||||
General Motors Financial Co. 3.55% 2022 | 570 | 585 | ||||||
General Motors Financial Co. 4.15% 2023 | 710 | 739 | ||||||
General Motors Financial Co. 4.00% 2026 | 175 | 179 | ||||||
Home Depot, Inc. 4.40% 2021 | 350 | 361 | ||||||
Home Depot, Inc. 3.25% 2022 | 350 | 363 | ||||||
McDonald’s Corp. 3.70% 2026 | 135 | 146 | ||||||
McDonald’s Corp. 3.50% 2027 | 185 | 199 | ||||||
NIKE, Inc. 2.375% 2026 | 615 | 631 | ||||||
Starbucks Corp. 3.80% 2025 | 782 | 849 | ||||||
Starbucks Corp. 4.00% 2028 | 185 | 207 | ||||||
8,072 |
68 | Private Client Services Funds |
Capital Group Core Bond Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Consumer staples 1.36% | ||||||||
Altria Group, Inc. 2.85% 2022 | $ | 250 | $ | 254 | ||||
Altria Group, Inc. 2.95% 2023 | 200 | 203 | ||||||
Altria Group, Inc. 4.40% 2026 | 225 | 243 | ||||||
Anheuser-Busch InBev NV 4.15% 2025 | 391 | 428 | ||||||
Anheuser-Busch InBev NV 4.90% 2031 | 100 | 120 | ||||||
British American Tobacco PLC 3.462% 2029 | 1,630 | 1,603 | ||||||
Constellation Brands, Inc. 3.20% 2023 | 386 | 398 | ||||||
Costco Wholesale Corp. 2.30% 2022 | 285 | 289 | ||||||
Costco Wholesale Corp. 2.75% 2024 | 285 | 296 | ||||||
Keurig Dr Pepper Inc. 4.057% 2023 | 900 | 955 | ||||||
Molson Coors Brewing Co. 3.00% 2026 | 245 | 248 | ||||||
Philip Morris International Inc. 1.875% 2021 | 165 | 165 | ||||||
Reynolds American Inc. 4.00% 2022 | 70 | 73 | ||||||
Wal-Mart Stores, Inc. 3.125% 2021 | 449 | 459 | ||||||
Wal-Mart Stores, Inc. 3.40% 2023 | 335 | 354 | ||||||
Wal-Mart Stores, Inc. 3.70% 2028 | 339 | 377 | ||||||
6,465 | ||||||||
Materials 0.85% | ||||||||
Dow Chemical Co. 3.15% 20244 | 920 | 951 | ||||||
Dow Chemical Co. 3.625% 20264 | 250 | 262 | ||||||
DowDuPont Inc. 4.205% 2023 | 560 | 602 | ||||||
DowDuPont Inc. 4.493% 2025 | 515 | 570 | ||||||
Sherwin-Williams Co. 2.75% 2022 | 75 | 76 | ||||||
Sherwin-Williams Co. 3.125% 2024 | 70 | 73 | ||||||
Sherwin-Williams Co. 3.45% 2027 | 112 | 118 | ||||||
Sherwin-Williams Co. 2.95% 2029 | 1,375 | 1,390 | ||||||
4,042 | ||||||||
Real estate 0.83% | ||||||||
Alexandria Real Estate Equities, Inc. 3.95% 2028 | 60 | 65 | ||||||
American Campus Communities, Inc. 3.75% 2023 | 300 | 313 | ||||||
American Campus Communities, Inc. 4.125% 2024 | 415 | 446 | ||||||
Corporate Office Properties LP 5.25% 2024 | 235 | 254 | ||||||
ERP Operating LP 4.625% 2021 | 215 | 226 | ||||||
Essex Portfolio LP 3.50% 2025 | 490 | 515 | ||||||
Gaming and Leisure Properties, Inc. 3.35% 2024 | 242 | 246 | ||||||
Kimco Realty Corp. 3.40% 2022 | 35 | 36 | ||||||
Scentre Group 2.375% 20194 | 100 | 100 | ||||||
Scentre Group 3.50% 20254 | 250 | 260 | ||||||
Simon Property Group, LP 2.50% 2021 | 460 | 464 | ||||||
WEA Finance LLC 3.25% 20204 | 355 | 359 | ||||||
Welltower Inc. 3.95% 2023 | 645 | 686 | ||||||
3,970 | ||||||||
Communication services 0.41% | ||||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.908% 2025 | 165 | 182 | ||||||
Comcast Corp. 3.95% 2025 | 539 | 593 | ||||||
Deutsche Telekom International Finance BV 2.82% 20224 | 405 | 411 | ||||||
Vodafone Group PLC 3.75% 2024 | 275 | 290 | ||||||
Vodafone Group PLC 4.125% 2025 | 220 | 239 | ||||||
Walt Disney Co. 3.70% 20254 | 205 | 223 | ||||||
1,938 | ||||||||
Total corporate bonds & notes | 107,500 | |||||||
Asset-backed obligations 9.67% | ||||||||
Aesop Funding LLC, Series 2014-2A, Class A, 2.50% 20214,6 | 513 | 514 | ||||||
CarMaxAuto Owner Trust, Series 2019-2, Class A2A, 2.69% 20226 | 585 | 589 | ||||||
CarMaxAuto Owner Trust, Series 2019-2, Class A3, 2.68% 20246 | 750 | 761 | ||||||
CarMaxAuto Owner Trust, Series 2019-2, Class A4, 2.77% 20246 | 805 | 825 | ||||||
CarMaxAuto Owner Trust, Series 2019-2, Class B, 3.01% 20246 | 775 | 797 | ||||||
CarMaxAuto Owner Trust, Series 2019-2, Class C, 3.16% 20256 | 1,150 | 1,185 |
Private Client Services Funds | 69 |
Capital Group Core Bond Fund
Bonds, notes & other debt instruments(continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
CPS Auto Receivables Trust, Series 2019-B, Class A, 2.89% 20224,6 | $ | 336 | $ | 337 | ||||
CPS Auto Receivables Trust, Series 2019-B, Class C, 3.35% 20244,6 | 510 | 518 | ||||||
Drive Auto Receivables Trust, Series 2019-3, Class A3, 2.49% 20236 | 1,615 | 1,626 | ||||||
Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65% 20246 | 330 | 333 | ||||||
Drivetime Auto Owner Trust, Series 2019-2A, Class A, 2.85% 20224,6 | 235 | 236 | ||||||
Drivetime Auto Owner Trust, Series 2019-2A, Class B, 2.99% 20234,6 | 540 | 545 | ||||||
Enterprise Fleet Financing LLC, Series 2017-1, Class A2, 2.13% 20224,6 | 125 | 125 | ||||||
Exeter Automobile Receivables Trust, Series 2019-2A, Class A, 2.93% 20224,6 | 1,407 | 1,413 | ||||||
Exeter Automobile Receivables Trust, Series 2017-1A, Class C, 3.95% 20224,6 | 1,000 | 1,012 | ||||||
Exeter Automobile Receivables Trust, Series 2019-2, Class B, 3.06% 20234,6 | 1,345 | 1,360 | ||||||
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30% 20244,6 | 1,070 | 1,091 | ||||||
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 20304,6 | 460 | 482 | ||||||
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 20314,6 | 2,365 | 2,477 | ||||||
Global SC Finance II SRL, Series 2014-1A, Class A1, 3.19% 20294,6 | 365 | 366 | ||||||
Global SC Finance II SRL, Series 2017-1A, Class A, 3.85% 20374,6 | 381 | 391 | ||||||
GM Financial Automobile Leasing Trust, Series 2019-2, Class A3, 2.67% 20226 | 2,310 | 2,330 | ||||||
GM Financial Automobile Leasing Trust, Series 2019-2, Class A4, 2.72% 20236 | 487 | 493 | ||||||
Santander Drive Auto Receivables Trust, Series 2016-2, Class C, 2.66% 20216 | 30 | 30 | ||||||
Santander Drive Auto Receivables Trust, Series 2019-3, Class A2A, 2.28% 20226 | 1,452 | 1,454 | ||||||
Santander Drive Auto Receivables Trust, Series 2016-1, Class C, 3.09% 20226 | 60 | 60 | ||||||
Santander Drive Auto Receivables Trust, Series 2019-3, Class B, 2.28% 20236 | 1,363 | 1,367 | ||||||
Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49% 20256 | 934 | 938 | ||||||
Synchrony Credit Card Master Note Trust, Series 2018-A1, Class A1, 3.38% 20246 | 1,390 | 1,428 | ||||||
Synchrony Credit Card Master Note Trust, Series 2019-1, Class A, 2.95% 20256 | 1,585 | 1,621 | ||||||
TAL Advantage V LLC, Series 2013-2A, Class A, 3.55% 20384,6 | 214 | 215 | ||||||
TAL Advantage V LLC, Series 2017-1A, Class A, 4.50% 20424,6 | 380 | 392 | ||||||
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 20314,6 | 1,250 | 1,281 | ||||||
Toyota Auto Receivables Owner Trust, Series 2019-B, Class A2A, 2.59% 20226 | 1,845 | 1,852 | ||||||
Toyota Auto Receivables Owner Trust, Series 2019-B, Class A3, 2.57% 20236 | 1,223 | 1,240 | ||||||
Verizion Owner Trust, Series 2019-C, Class A1A, 1.94% 20246 | 2,816 | 2,819 | ||||||
Verizon Owner Trust, Series 2017-1A, Class A, 2.06% 20214,6 | 232 | 232 | ||||||
Volkswagen Auto Lease Trust, Series 2019-A, Class A3, 1.99% 20226 | 1,415 | 1,418 | ||||||
Volkswagen Auto Lease Trust, Series 2019-A, Class A2A, 2.00% 20226 | 975 | 977 | ||||||
Westlake Automobile Receivables Trust, Series 2017-2A, Class C, 2.59% 20224,6 | 2,000 | 2,003 | ||||||
Westlake Automobile Receivables Trust, Series 2019-2A, Class A2, 3.06% 20234,6 | 1,610 | 1,616 | ||||||
Westlake Automobile Receivables Trust, Series 2019-2A, Class B, 2.62% 20244,6 | 435 | 438 | ||||||
World Financial Network Credit Card Master Note Trust, Series 2019-A, Class A, 3.14% 20256 | 1,385 | 1,419 | ||||||
World Financial Network Credit Card Master Note Trust, Series 2018-B, Class A, 3.46% 20256 | 1,460 | 1,500 | ||||||
World OMNI Select Auto Trust, Series 2019-A, Class A2A, 2.48% 20236 | 1,987 | 1,990 | ||||||
46,096 | ||||||||
Mortgage-backed obligations 8.73% | ||||||||
Federal agency mortgage-backed obligations 7.09% | �� | |||||||
Bunker Hill Loan Depositary Trust, Series 2019-1, Class A1, 3.613% 20484,6,7 | 790 | 803 | ||||||
Bunker Hill Loan Depositary Trust, Series 2019-1, Class A3, 3.919% 20484,6,7 | 706 | 713 | ||||||
Fannie Mae Pool #MA0548 3.50% 20206 | 441 | 457 | ||||||
Fannie Mae Pool #932617 4.50% 20206 | 3 | 3 | ||||||
Fannie Mae Pool #MA0771 3.50% 20216 | 55 | 57 | ||||||
Fannie Mae Pool #AE9743 3.50% 20256 | 68 | 70 | ||||||
Fannie Mae Pool #AW7396 3.50% 20276 | 376 | 389 | ||||||
Fannie Mae Pool #889995 5.50% 20386 | 264 | 297 | ||||||
Fannie Mae Pool #AI5236 5.00% 20416 | 544 | 599 | ||||||
Fannie Mae Pool #AI8806 5.00% 20416 | 108 | 119 | ||||||
Fannie Mae Pool #CA0487 3.50% 20476 | 3,493 | 3,623 | ||||||
Fannie Mae, Series 2007-33, Class HE, 5.50% 20376 | 6 | 6 | ||||||
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 20276,7 | 461 | 487 | ||||||
Freddie Mac 3.50% 20456 | 1,814 | 1,932 | ||||||
Freddie Mac 3.50% 20496 | 1,283 | 1,319 | ||||||
Freddie Mac, Series 3272, Class PA, 6.00% 20376 | 17 | 19 | ||||||
Freddie Mac, Series K013, Class A2, Multi Family, 3.974% 20216 | 544 | 555 | ||||||
Freddie Mac, Series K020, Class A2, Multi Family, 2.373% 20226 | 250 | 253 |
70 | Private Client Services Funds |
Capital Group Core Bond Fund
Bonds, notes & other debt instruments | Principal amount (000) | Value (000) | ||||||
Freddie Mac, Series K718, Class A2, Multi Family, 2.791% 20226 | $ | 1,368 | $ | 1,390 | ||||
Freddie Mac, Series K070, Class A2, Multi Family, 3.303% 20276,7 | 265 | 287 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 2.50% 20566 | 435 | 446 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20566,7 | 628 | 643 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20566 | 417 | 428 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.00% 20576,7 | 246 | 255 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20576 | 500 | 527 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20576 | 255 | 269 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20586 | 2,106 | 2,206 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20286 | 2,225 | 2,312 | ||||||
Government National Mortgage Assn. 4.50% 20406 | 44 | 48 | ||||||
Government National Mortgage Assn. 4.50% 20496,8 | 1,335 | 1,397 | ||||||
Government National Mortgage Assn. 4.50% 20496 | 271 | 284 | ||||||
Government National Mortgage Assn. Pool #MA3939 4.50% 20466 | 12 | 13 | ||||||
Government National Mortgage Assn. Pool #MA5876 4.00% 20496 | 5,913 | 6,154 | ||||||
Government National Mortgage Assn. Pool #MA5986 4.00% 20496 | 1,275 | 1,328 | ||||||
Government National Mortgage Assn. Pool #MA5931 4.00% 20496 | 202 | 211 | ||||||
Government National Mortgage Assn. Pool #MA5987 4.50% 20496 | 1,173 | 1,233 | ||||||
Government National Mortgage Assn. Pool #MA5877 4.50% 20496 | 702 | 736 | ||||||
Government National Mortgage Assn. Pool #MA6041 4.50% 20496 | 578 | 609 | ||||||
Government National Mortgage Assn. Pool #MA6156 4.50% 20496 | 444 | 469 | ||||||
Government National Mortgage Assn. Pool #MA6092 4.50% 20496 | 275 | 290 | ||||||
Government National Mortgage Assn. Pool #MA5932 4.50% 20496 | 89 | 93 | ||||||
Government National Mortgage Assn. Pool #694836 5.644% 20596 | 3 | 3 | ||||||
Government National Mortgage Assn. Pool #776095 5.009% 20646 | 15 | 15 | ||||||
Government National Mortgage Assn. Pool #AA7554 6.64% 20646 | 79 | 82 | ||||||
Government National Mortgage Assn., Series 2012-H20, Class PT, 2.823% 20626,7 | 374 | 376 | ||||||
33,805 | ||||||||
Collateralized mortgage-backed obligations (privately originated) 1.64% | ||||||||
Bellemeade Re Ltd., Series 2019-3A, Class M1A, 2.923% 20294,6,7 | 500 | 501 | ||||||
Finance of America Structured Securities Trust, Series 2019-HB1, Class M1, 3.396% 20294,6,7 | 698 | 710 | ||||||
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 20694,6 | 993 | 1,040 | ||||||
Finance of America Structured Securities Trust, Series 2019-HB1, Class A, 3.279% 20294,6,7 | 404 | 407 | ||||||
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 20594,6,7 | 774 | 780 | ||||||
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 20594,6,7 | 1,000 | 1,009 | ||||||
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 20594,6,7 | 881 | 889 | ||||||
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 2.573% 20524,6,7,9 | 1,000 | 1,000 | ||||||
Mello Warehouse Securitization Trust, Series 2019-2, Class B, (1-month USD-LIBOR + 0.95%) 2.773% 20524,6,7,9 | 276 | 276 | ||||||
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 20634,6,7 | 649 | 646 | ||||||
Station Place Securitization Trust, Series 2019-WL1, Class A, (1-month USD-LIBOR + 0.65%) 2.891% 20524,6,7 | 570 | 572 | ||||||
7,830 | ||||||||
Total mortgage-backed obligations | 41,635 | |||||||
Federal agency bonds & notes 1.16% | ||||||||
Fannie Mae 2.375% 2023 | 2,442 | 2,506 | ||||||
Federal Home Loan Bank 1.875% 2020 | 3,015 | 3,018 | ||||||
5,524 | ||||||||
Municipals 0.87% | ||||||||
California 0.29% | ||||||||
City of Industry, Public Facs. Auth., Tax Allocation Rev. Ref. Bonds (Civic - Recreational Project), Series 2015-A, Assured Guaranty Municipal insured, 3.139% 2020 | 805 | 806 | ||||||
High-Speed Passenger Train G.O. Rev. Ref. Bonds, Series 2017-A, 2.367% 2022 | 250 | 253 | ||||||
High-Speed Passenger Train G.O. Rev. Ref. Bonds, Series 2017-B, 2.193% 2047 (put 2020) | 320 | 320 | ||||||
1,379 |
Private Client Services Funds | 71 |
Capital Group Core Bond Fund
Bonds, notes & other debt instruments(continued) | Principal amount (000) | Value (000) | ||||||
Municipals (continued) | ||||||||
Florida 0.43% | ||||||||
Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2013-A, 2.995% 2020 | $ | 2,060 | $ | 2,075 | ||||
New Jersey 0.14% | ||||||||
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2015-YY, 4.447% 2020 | 650 | 659 | ||||||
Washington 0.01% | ||||||||
Energy Northwest, Columbia Generating Station Electric Rev. Bonds, Series 2015-B, 2.814% 2024 | 25 | 26 | ||||||
Total municipals | 4,139 | |||||||
Bonds & notes of governments & government agencies outside the U.S. 0.62% | ||||||||
European Investment Bank 2.25% 2022 | 751 | 762 | ||||||
Manitoba (Province of) 3.05% 2024 | 200 | 211 | ||||||
Ontario (Province of) 3.20% 2024 | 500 | 531 | ||||||
Saudi Arabia (Kingdom of) 4.00% 20254 | 430 | 463 | ||||||
Saudi Arabia (Kingdom of) 4.50% 20304 | 445 | 505 | ||||||
United Mexican States 4.15% 2027 | 460 | 494 | ||||||
2,966 | ||||||||
Total bonds, notes & other debt instruments (cost: $453,381,000) | 463,354 | |||||||
Short-term securities 2.43% | Shares | |||||||
Money market investments 2.43% | ||||||||
Capital Group Central Cash Fund 1.92%10 | 116,072 | 11,608 | ||||||
Total short-term securities (cost: $11,608,000) | 11,608 | |||||||
Total investment securities 99.62% (cost: $464,989,000) | 474,962 | |||||||
Other assets less liabilities 0.38% | 1,793 | |||||||
Net assets 100.00% | $ | 476,755 |
Futures contracts
Notional | Value at | Unrealized (depreciation) appreciation | ||||||||||||||||
Number of | amount | 11 | 10/31/2019 | 12 | at 10/31/2019 | |||||||||||||
Contracts | Type | contracts | Expiration | (000) | (000) | (000) | ||||||||||||
2 Year U.S. Treasury Note Futures | Long | 865 | January 2020 | $ | 173,000 | $ | 186,495 | $ | (410 | ) | ||||||||
5 Year U.S. Treasury Note Futures | Long | 539 | January 2020 | 53,900 | 64,250 | (318 | ) | |||||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 195 | December 2019 | (19,500 | ) | (27,711 | ) | 387 | ||||||||||
$ | (341 | ) |
72 | Private Client Services Funds |
Capital Group Core Bond Fund
Swap contracts
Interest rate swaps
Value at | Upfront payments/ | Unrealized appreciation (depreciation) | ||||||||||||||||
Expiration | Notional | 10/31/2019 | receipts | at 10/31/2019 | ||||||||||||||
Receive | Pay | date | (000) | (000) | (000) | (000) | ||||||||||||
1.61% | U.S. EFFR | 7/12/2021 | $ 118,900 | $ | 629 | $ | 85 | $ | 544 | |||||||||
3-month USD-LIBOR | 2.18075% | 3/29/2024 | 7,500 | (222 | ) | (1 | ) | (221 | ) | |||||||||
3-month USD-LIBOR | 2.194% | 3/29/2024 | 7,600 | (229 | ) | (1 | ) | (228 | ) | |||||||||
3-month USD-LIBOR | 2.21875% | 3/29/2024 | 7,910 | (248 | ) | (2 | ) | (246 | ) | |||||||||
3-month USD-LIBOR | 2.3295% | 4/30/2024 | 26,300 | (975 | ) | (7 | ) | (968 | ) | |||||||||
U.S. EFFR | 2.383% | 2/11/2029 | 25,200 | (2,346 | ) | (21 | ) | (2,325 | ) | |||||||||
2.10% | U.S. EFFR | 4/1/2029 | 25,180 | 1,729 | 24 | 1,705 | ||||||||||||
U.S. EFFR | 1.74875% | 7/12/2029 | 19,175 | (719 | ) | (11 | ) | (708 | ) | |||||||||
$ | 66 | $ | (2,447 | ) |
1 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,255,000, which represented .47% of the net assets of the fund. |
2 | Index-linked bond whose principal amount moves with a government price index. |
3 | Step bond; coupon rate may change at a later 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 $46,158,000, which represented 9.68% of the net assets of the fund. |
5 | Scheduled interest and/or principal payment was not received. |
6 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
7 | Coupon rate may change periodically. |
8 | Purchased on a TBA basis. |
9 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,276,000, which represented .27% of the net assets of the fund. |
10 | Rate represents the seven-day yield at 10/31/2019. |
11 | Notional amount is calculated based on the number of contracts and notional contract size. |
12 | Value is calculated based on the notional amount and current market price. |
Key to abbreviations and symbol
Auth. = Authority
Dev. = Development
Econ. = Economic
EFFR = Effective Federal Funds Rate
Facs. = Facilities
Fin. = Finance
G.O. = General Obligation
LIBOR = London Interbank Offered Rate
Ref. = Refunding
Rev. = Revenue
SOFR = Secured Overnight Financing Rate
TBA = To-be-announced
USD/$ = U.S. dollars
Private Client Services Funds | 73 |
Capital Group Global Equity Fund
Investment portfolioOctober 31, 2019
Common stocks 90.00% | Shares | Value (000) | ||||||
Information technology 18.09% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 338,620 | $ | 17,484 | |||||
Visa Inc., Class A | 84,870 | 15,180 | ||||||
Broadcom Inc. | 45,023 | 13,185 | ||||||
ASML Holding NV | 48,635 | 12,747 | ||||||
Microsoft Corp. | 71,900 | 10,308 | ||||||
Intel Corp. | 149,600 | 8,457 | ||||||
Apple Inc. | 32,394 | 8,058 | ||||||
Keyence Corp. | 10,730 | 6,838 | ||||||
GoDaddy Inc., Class A1 | 101,400 | 6,594 | ||||||
SAP SE | 45,840 | 6,074 | ||||||
Global Payments Inc. | 26,670 | 4,512 | ||||||
Hamamatsu Photonics KK | 106,600 | 4,175 | ||||||
Jack Henry & Associates, Inc. | 25,916 | 3,669 | ||||||
VTech Holdings Ltd. | 250,200 | 2,197 | ||||||
ServiceNow, Inc.1 | 6,500 | 1,607 | ||||||
KLA Corp. | 8,900 | 1,504 | ||||||
OBIC Co., Ltd. | 11,200 | 1,416 | ||||||
Murata Manufacturing Co., Ltd. | 22,800 | 1,238 | ||||||
NetApp, Inc. | 18,300 | 1,023 | ||||||
Adobe Inc.1 | 2,430 | 675 | ||||||
126,941 | ||||||||
Industrials 12.40% | ||||||||
Safran SA | 103,393 | 16,357 | ||||||
Airbus SE, non-registered shares | 96,792 | 13,863 | ||||||
Northrop Grumman Corp. | 22,000 | 7,755 | ||||||
SMC Corp. | 15,800 | 6,904 | ||||||
Deere & Co. | 33,025 | 5,751 | ||||||
CSX Corp. | 77,400 | 5,439 | ||||||
Westinghouse Air Brake Technologies Corp. | 66,200 | 4,592 | ||||||
TransDigm Group Inc. | 8,030 | 4,226 | ||||||
Boeing Co. | 10,590 | 3,600 | ||||||
Old Dominion Freight Line, Inc. | 16,400 | 2,986 | ||||||
Equifax Inc. | 19,300 | 2,639 | ||||||
Waste Connections, Inc. | 28,555 | 2,639 | ||||||
Ryanair Holdings PLC (ADR)1 | 28,900 | 2,157 | ||||||
Jardine Matheson Holdings Ltd. | 37,500 | 2,142 | ||||||
Hexcel Corp. | 21,280 | 1,588 | ||||||
DSV Panalpina A/S | 14,863 | 1,442 | ||||||
DKSH Holding AG | 24,370 | 1,157 | ||||||
Rheinmetall AG | 8,638 | 1,039 | ||||||
Union Pacific Corp. | 4,300 | 711 | ||||||
86,987 | ||||||||
Financials 12.21% | ||||||||
AIA Group Ltd. | 1,360,000 | 13,616 | ||||||
JPMorgan Chase & Co. | 72,940 | 9,112 | ||||||
CME Group Inc., Class A | 41,000 | 8,436 | ||||||
Intercontinental Exchange, Inc. | 79,635 | 7,511 | ||||||
Moody’s Corp. | 29,600 | 6,532 | ||||||
Aon PLC, Class A | 27,600 | 5,331 | ||||||
HDFC Bank Ltd. (ADR) | 79,660 | 4,866 | ||||||
DNB ASA | 245,684 | 4,464 | ||||||
Bank of New York Mellon Corp. | 89,430 | 4,181 | ||||||
Marsh & McLennan Companies, Inc. | 32,885 | 3,408 | ||||||
Wells Fargo & Co. | 59,075 | 3,050 | ||||||
London Stock Exchange Group PLC | 32,300 | 2,909 | ||||||
RenaissanceRe Holdings Ltd. | 13,900 | 2,602 | ||||||
Chubb Ltd. | 16,270 | 2,480 | ||||||
Everest Re Group, Ltd. | 5,200 | 1,337 | ||||||
Swedbank AB, Class A | 88,753 | 1,241 |
74 | Private Client Services Funds |
Capital Group Global Equity Fund
Common stocks | Shares | Value (000) | ||||||
KBC Groep NV | 16,015 | $ | 1,123 | |||||
Svenska Handelsbanken AB, Class A | 99,626 | 997 | ||||||
State Street Corp. | 13,953 | 922 | ||||||
First Republic Bank | 8,200 | 872 | ||||||
Lloyds Banking Group PLC | 893,700 | 658 | ||||||
85,648 | ||||||||
Health care 11.06% | ||||||||
AstraZeneca PLC | 146,685 | 14,252 | ||||||
Novo Nordisk A/S, Class B | 200,730 | 10,963 | ||||||
Seattle Genetics, Inc.1 | 80,280 | 8,622 | ||||||
UnitedHealth Group Inc. | 28,990 | 7,326 | ||||||
Abbott Laboratories | 80,800 | 6,756 | ||||||
Koninklijke Philips NV (EUR denominated) | 147,976 | 6,481 | ||||||
Danaher Corp. | 35,200 | 4,851 | ||||||
Gilead Sciences, Inc. | 57,971 | 3,693 | ||||||
Genmab A/S1 | 15,005 | 3,270 | ||||||
Eli Lilly and Co. | 20,375 | 2,322 | ||||||
BeiGene, Ltd. (ADR)1 | 12,600 | 1,743 | ||||||
Neurocrine Biosciences, Inc.1 | 15,100 | 1,502 | ||||||
Shionogi & Co., Ltd. | 23,900 | 1,443 | ||||||
Merck & Co., Inc. | 13,800 | 1,196 | ||||||
Bluebird Bio, Inc.1 | 9,900 | 802 | ||||||
Cigna Corp. | 4,236 | 756 | ||||||
Straumann Holding AG | 761 | 679 | ||||||
Galapagos NV1 | 3,215 | 591 | ||||||
Agios Pharmaceuticals, Inc.1 | 12,200 | 367 | ||||||
77,615 | ||||||||
Consumer staples 10.49% | ||||||||
Carlsberg A/S, Class B | 76,211 | 10,722 | ||||||
Nestlé SA | 89,023 | 9,504 | ||||||
Pernod Ricard SA | 44,586 | 8,230 | ||||||
Reckitt Benckiser Group PLC | 99,900 | 7,718 | ||||||
L’Oréal SA, non-registered shares | 23,043 | 6,728 | ||||||
Costco Wholesale Corp. | 22,350 | 6,640 | ||||||
Danone SA | 73,911 | 6,130 | ||||||
Diageo PLC | 127,185 | 5,213 | ||||||
Philip Morris International Inc. | 52,590 | 4,283 | ||||||
Mondelez International, Inc. | 41,800 | 2,192 | ||||||
Coca-Cola Co. | 35,290 | 1,921 | ||||||
British American Tobacco PLC | 48,200 | 1,687 | ||||||
Imperial Brands PLC | 60,700 | 1,331 | ||||||
Uni-Charm Corp. | 37,500 | 1,281 | ||||||
73,580 | ||||||||
Consumer discretionary 7.98% | ||||||||
Hilton Worldwide Holdings Inc. | 109,700 | 10,637 | ||||||
Las Vegas Sands Corp. | 158,180 | 9,782 | ||||||
EssilorLuxottica | 54,770 | 8,356 | ||||||
Amazon.com, Inc.1 | 4,445 | 7,897 | ||||||
Naspers Ltd., Class N (ADR) | 132,105 | 3,732 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 8,577 | 3,659 | ||||||
YUM! Brands, Inc. | 34,600 | 3,519 | ||||||
Kering SA | 3,714 | 2,113 | ||||||
Prosus NV (ADR)1 | 132,105 | 1,828 | ||||||
NIKE, Inc., Class B | 19,000 | 1,702 | ||||||
Hermès International | 2,203 | 1,585 | ||||||
Nitori Holdings Co., Ltd. | 7,700 | 1,177 | ||||||
55,987 |
Private Client Services Funds | 75 |
Capital Group Global Equity Fund
Common stocks (continued) | Shares | Value (000) | ||||||
Communication services 6.19% | ||||||||
Activision Blizzard, Inc. | 132,420 | $ | 7,420 | |||||
Alphabet Inc., Class A1 | 3,295 | 4,148 | ||||||
Alphabet Inc., Class C1 | 1,839 | 2,317 | ||||||
Charter Communications, Inc., Class A1 | 8,527 | 3,989 | ||||||
Comcast Corp., Class A | 71,400 | 3,200 | ||||||
Vodafone Group PLC | 1,569,100 | 3,199 | ||||||
Facebook, Inc., Class A1 | 15,100 | 2,894 | ||||||
Electronic Arts Inc.1 | 26,000 | 2,506 | ||||||
Tencent Holdings Ltd. | 58,600 | 2,399 | ||||||
SoftBank Group Corp. | 57,480 | 2,230 | ||||||
BT Group PLC | 531,000 | 1,408 | ||||||
China Tower Corp. Ltd., Class H | 5,978,000 | 1,320 | ||||||
CBS Corp., Class B | 32,300 | 1,164 | ||||||
Koninklijke KPN NV | 366,864 | 1,138 | ||||||
Nippon Telegraph and Telephone Corp. | 22,400 | 1,115 | ||||||
América Móvil, SAB de CV, Series L (ADR) | 69,300 | 1,096 | ||||||
Adevinta ASA1 | 88,236 | 1,008 | ||||||
JCDecaux SA | 32,167 | 879 | ||||||
43,430 | ||||||||
Energy 3.90% | ||||||||
Royal Dutch Shell PLC, Class B (ADR) | 139,395 | 8,125 | ||||||
Enbridge Inc. (CAD denominated) | 164,500 | 5,991 | ||||||
Chevron Corp. | 38,484 | 4,470 | ||||||
Schlumberger Ltd. | 111,200 | 3,635 | ||||||
EOG Resources, Inc. | 50,945 | 3,531 | ||||||
Exxon Mobil Corp. | 23,500 | 1,588 | ||||||
27,340 | ||||||||
Materials 3.33% | ||||||||
Asahi Kasei Corp. | 645,700 | 7,244 | ||||||
Shin-Etsu Chemical Co., Ltd. | 57,800 | 6,508 | ||||||
Nutrien Ltd. (CAD denominated) | 76,600 | 3,665 | ||||||
Air Liquide SA, non-registered shares | 13,143 | 1,746 | ||||||
Givaudan SA | 555 | 1,630 | ||||||
Linde PLC | 7,145 | 1,417 | ||||||
Rio Tinto PLC | 22,242 | 1,156 | ||||||
23,366 | ||||||||
Real estate 2.55% | ||||||||
American Tower Corp. REIT | 30,200 | 6,586 | ||||||
Crown Castle International Corp. REIT | 46,675 | 6,478 | ||||||
Equinix, Inc. REIT | 5,650 | 3,202 | ||||||
Link Real Estate Investment Trust REIT | 148,500 | 1,620 | ||||||
17,886 | ||||||||
Utilities 1.80% | ||||||||
Enel SpA | 722,321 | 5,591 | ||||||
Iberdrola, SA, non-registered shares | 242,224 | 2,488 | ||||||
Sempra Energy | 14,015 | 2,025 | ||||||
AES Corp. | 108,300 | 1,846 | ||||||
Exelon Corp. | 14,600 | 664 | ||||||
12,614 | ||||||||
Total common stocks (cost: $416,719,000) | 631,394 |
76 | Private Client Services Funds |
Capital Group Global Equity Fund
Preferred securities 0.51% | Shares | Value (000) | ||||||
Consumer discretionary 0.37% | ||||||||
Hyundai Motor Co., Series 2, preferred shares (GDR)2,3 | 75,400 | $ | 2,570 | |||||
Health care 0.14% | ||||||||
Sartorius AG, nonvoting preferred, non-registered shares | 5,148 | 1,000 | ||||||
Total preferred securities (cost: $3,525,000) | 3,570 | |||||||
Short-term securities 11.26% | ||||||||
Money market investments 5.55% | ||||||||
Capital Group Central Cash Fund 1.92%4 | 389,371 | 38,941 | ||||||
Principal amount (000) | ||||||||
Other short-term securities 5.71% | ||||||||
KfW 1.73% due 2/6/20203 | $ | 15,000 | 14,929 | |||||
Oversea-Chinese Banking Corp. Ltd. 1.85% due 1/24/20203 | 5,200 | 5,176 | ||||||
Sumitomo Mitsui Banking Corp. 1.79% due 11/20/20193 | 10,000 | 9,990 | ||||||
Toronto-Dominion Bank 1.81% due 12/4/20193 | 10,000 | 9,983 | ||||||
40,078 | ||||||||
Total short-term securities (cost: $79,016,000) | 79,019 | |||||||
Total investment securities 101.77% (cost: $499,260,000) | 713,983 | |||||||
Other assets less liabilities (1.77)% | (12,440 | ) | ||||||
Net assets 100.00% | $ | 701,543 |
1 | Security did not produce income during the last 12 months. |
2 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of the security was $2,570,000, which represented .37% of the net assets of the fund. |
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 $42,648,000, which represented 6.08% of the net assets of the fund. |
4 | Rate represents the seven-day yield at 10/31/2019. |
Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars
EUR = Euros
GDR = Global Depositary Receipts
Private Client Services Funds | 77 |
Capital Group International Equity Fund
Investment portfolioOctober 31, 2019
Common stocks 95.52% | Shares | Value (000) | ||||||
Consumer staples 16.77% | ||||||||
Pernod Ricard SA | 128,989 | $ | 23,809 | |||||
Carlsberg A/S, Class B | 161,331 | 22,696 | ||||||
Nestlé SA | 196,845 | 21,015 | ||||||
Diageo PLC | 388,245 | 15,915 | ||||||
L’Oréal SA, non-registered shares | 51,520 | 15,043 | ||||||
Danone SA | 175,863 | 14,585 | ||||||
Reckitt Benckiser Group PLC | 151,600 | 11,712 | ||||||
Uni-Charm Corp. | 339,200 | 11,587 | ||||||
KOSÉ Corp. | 38,300 | 6,845 | ||||||
Imperial Brands PLC | 223,078 | 4,890 | ||||||
Anheuser-Busch InBev SA/NV | 48,523 | 3,899 | ||||||
British American Tobacco PLC | 57,700 | 2,020 | ||||||
154,016 | ||||||||
Industrials 14.94% | ||||||||
Airbus SE, non-registered shares | 195,381 | 27,984 | ||||||
Safran SA | 174,112 | 27,545 | ||||||
SMC Corp. | 46,500 | 20,320 | ||||||
Rheinmetall AG | 122,779 | 14,768 | ||||||
RELX PLC | 470,400 | 11,321 | ||||||
Jardine Matheson Holdings Ltd. | 168,200 | 9,608 | ||||||
Nidec Corp. | 56,600 | 8,431 | ||||||
DSV Panalpina A/S | 69,228 | 6,717 | ||||||
ASSA ABLOY AB, Class B | 132,401 | 3,140 | ||||||
Canadian National Railway Co. | 32,900 | 2,940 | ||||||
Recruit Holdings Co., Ltd. | 76,200 | 2,548 | ||||||
Daikin Industries, Ltd. | 11,200 | 1,580 | ||||||
DKSH Holding AG | 7,179 | 341 | ||||||
137,243 | ||||||||
Health care 13.81% | ||||||||
Novo Nordisk A/S, Class B | 470,748 | 25,710 | ||||||
AstraZeneca PLC | 255,850 | 24,859 | ||||||
Genmab A/S1 | 64,176 | 13,987 | ||||||
Galapagos NV1 | 63,112 | 11,600 | ||||||
Koninklijke Philips NV (EUR denominated) | 233,975 | 10,248 | ||||||
Straumann Holding AG | 8,949 | 7,981 | ||||||
Shionogi & Co., Ltd. | 115,500 | 6,971 | ||||||
HOYA Corp. | 67,100 | 5,967 | ||||||
Novartis AG | 45,744 | 3,992 | ||||||
Sonova Holding AG | 15,886 | 3,639 | ||||||
Hutchison China MediTech Ltd. (ADR)1 | 180,700 | 3,415 | ||||||
BeiGene, Ltd. (ADR)1 | 24,600 | 3,403 | ||||||
Asahi Intecc Co., Ltd. | 102,600 | 2,841 | ||||||
Daiichi Sankyo Co., Ltd. | 33,500 | 2,215 | ||||||
126,828 | ||||||||
Information technology 12.42% | ||||||||
Keyence Corp. | 37,060 | 23,618 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 426,500 | 22,020 | ||||||
SAP SE | 160,266 | 21,235 | ||||||
ASML Holding NV | 69,374 | 18,183 | ||||||
Hamamatsu Photonics KK | 417,800 | 16,365 | ||||||
Murata Manufacturing Co., Ltd. | 116,600 | 6,330 | ||||||
OBIC Co., Ltd. | 49,600 | 6,270 | ||||||
114,021 |
78 | Private Client Services Funds |
Capital Group International Equity Fund
Common stocks | Shares | Value (000) | ||||||
Financials 11.26% | ||||||||
AIA Group Ltd. | 2,777,700 | $ | 27,809 | |||||
London Stock Exchange Group PLC | 249,700 | 22,493 | ||||||
HDFC Bank Ltd. (ADR) | 197,200 | 12,047 | ||||||
Hong Kong Exchanges and Clearing Ltd. | 268,100 | 8,383 | ||||||
Deutsche Boerse AG | 46,035 | 7,134 | ||||||
Lloyds Banking Group PLC | 6,240,100 | 4,591 | ||||||
Aon PLC, Class A | 22,900 | 4,423 | ||||||
DNB ASA | 179,745 | 3,266 | ||||||
DBS Group Holdings Ltd. | 161,700 | 3,090 | ||||||
Euronext NV | 36,075 | 2,907 | ||||||
Sampo Oyj, Class A | 63,299 | 2,594 | ||||||
BNP Paribas SA | 49,618 | 2,591 | ||||||
Partners Group Holding AG | 2,627 | 2,048 | ||||||
103,376 | ||||||||
Consumer discretionary 8.98% | ||||||||
EssilorLuxottica | 132,973 | 20,288 | ||||||
Kering SA | 25,585 | 14,559 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 31,129 | 13,280 | ||||||
InterContinental Hotels Group PLC | 103,000 | 6,217 | ||||||
MercadoLibre, Inc.1 | 8,000 | 4,172 | ||||||
Hermès International | 5,643 | 4,059 | ||||||
Nitori Holdings Co., Ltd. | 23,500 | 3,593 | ||||||
Ryohin Keikaku Co., Ltd. | 141,000 | 3,166 | ||||||
Suzuki Motor Corp. | 64,700 | 3,078 | ||||||
DENSO Corp. | 58,800 | 2,756 | ||||||
Samsonite International SA | 1,114,500 | 2,296 | ||||||
Naspers Ltd., Class N (ADR) | 73,050 | 2,064 | ||||||
Wynn Macau, Ltd. | 887,800 | 1,935 | ||||||
Prosus NV (ADR)1 | 73,050 | 1,011 | ||||||
82,474 | ||||||||
Communication services 6.05% | ||||||||
SoftBank Group Corp. | 270,400 | 10,491 | ||||||
Koninklijke KPN NV | 2,595,754 | 8,048 | ||||||
Vodafone Group PLC | 3,347,770 | 6,826 | ||||||
Nippon Telegraph and Telephone Corp. | 131,500 | 6,546 | ||||||
China Tower Corp. Ltd., Class H | 29,636,000 | 6,543 | ||||||
BT Group PLC | 1,622,900 | 4,303 | ||||||
JCDecaux SA | 148,605 | 4,061 | ||||||
Tencent Holdings Ltd. | 92,100 | 3,770 | ||||||
Adevinta ASA1 | 282,088 | 3,221 | ||||||
Nordic Entertainment Group AB, Class B | 60,527 | 1,718 | ||||||
55,527 | ||||||||
Materials 4.79% | ||||||||
Asahi Kasei Corp. | 894,500 | 10,035 | ||||||
Shin-Etsu Chemical Co., Ltd. | 82,700 | 9,312 | ||||||
Kansai Paint Co., Ltd. | 330,020 | 8,022 | ||||||
Givaudan SA | 2,550 | 7,489 | ||||||
Air Liquide SA, non-registered shares | 37,048 | 4,921 | ||||||
Amcor PLC (CDI) | 229,654 | 2,205 | ||||||
Rio Tinto PLC | 38,990 | 2,028 | ||||||
44,012 |
Private Client Services Funds | 79 |
Capital Group International Equity Fund
Common stocks (continued) | Shares | Value (000) | ||||||
Utilities 3.14% | ||||||||
Enel SpA | 2,372,268 | $ | 18,362 | |||||
Iberdrola, SA, non-registered shares | 1,022,858 | 10,504 | ||||||
28,866 | ||||||||
Energy 2.33% | ||||||||
Royal Dutch Shell PLC, Class B | 380,490 | 10,932 | ||||||
Enbridge Inc. (CAD denominated) | 170,000 | 6,192 | ||||||
TOTAL SA | 80,646 | 4,239 | ||||||
21,363 | ||||||||
Real estate 1.03% | ||||||||
Link Real Estate Investment Trust REIT | 733,200 | 7,996 | ||||||
TAG Immobilien AG | 60,277 | 1,464 | ||||||
9,460 | ||||||||
Total common stocks (cost: $569,144,000) | 877,186 | |||||||
Preferred securities 0.90% | ||||||||
Health care 0.74% | ||||||||
Grifols, SA, Class B, nonvoting preferred, non-registered shares | 163,817 | 3,559 | ||||||
Sartorius AG, nonvoting preferred, non-registered shares | 16,786 | 3,261 | ||||||
6,820 | ||||||||
Information technology 0.16% | ||||||||
Samsung Electronics Co., Ltd., preferred (GDR) | 1,711 | 1,480 | ||||||
Total preferred securities (cost: $6,327,000) | 8,300 | |||||||
Short-term securities 4.93% | ||||||||
Money market investments 4.93% | ||||||||
Capital Group Central Cash Fund 1.92%2 | 452,894 | 45,294 | ||||||
Total short-term securities (cost: $45,289,000) | 45,294 | |||||||
Total investment securities 101.35% (cost: $620,760,000) | 930,780 | |||||||
Other assets less liabilities (1.35)% | (12,407 | ) | ||||||
Net assets 100.00% | $ | 918,373 |
1 | Security did not produce income during the last 12 months. |
2 | Rate represents the seven-day yield at 10/31/2019. |
Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars
CDI = CREST Depository Interest
EUR = Euros
GDR = Global Depositary Receipts
80 | Private Client Services Funds |
Capital Group U.S. Equity Fund
Investment portfolioOctober 31, 2019
Common stocks 94.33% | Shares | Value (000) | ||||||
Information technology 18.57% | ||||||||
Microsoft Corp. | 62,995 | $ | 9,032 | |||||
Visa Inc., Class A | 48,730 | 8,716 | ||||||
Jack Henry & Associates, Inc. | 38,840 | 5,498 | ||||||
Apple Inc. | 16,165 | 4,021 | ||||||
Global Payments Inc. | 20,605 | 3,486 | ||||||
Broadcom Inc. | 9,881 | 2,894 | ||||||
Intel Corp. | 42,400 | 2,397 | ||||||
ASML Holding NV (New York registered) | 8,840 | 2,316 | ||||||
Analog Devices, Inc. | 13,156 | 1,403 | ||||||
Texas Instruments Inc. | 11,360 | 1,340 | ||||||
GoDaddy Inc., Class A1 | 19,600 | 1,275 | ||||||
Adobe Inc.1 | 3,570 | 992 | ||||||
ServiceNow, Inc.1 | 3,500 | 865 | ||||||
Accenture PLC, Class A | 3,430 | 636 | ||||||
Trimble Inc.1 | 12,805 | 510 | ||||||
45,381 | ||||||||
Financials 13.95% | ||||||||
Marsh & McLennan Companies, Inc. | 59,290 | 6,144 | ||||||
Chubb Ltd. | 30,680 | 4,676 | ||||||
JPMorgan Chase & Co. | 31,130 | 3,889 | ||||||
CME Group Inc., Class A | 18,275 | 3,760 | ||||||
Bank of New York Mellon Corp. | 62,090 | 2,903 | ||||||
Aon PLC, Class A | 14,800 | 2,859 | ||||||
Moody’s Corp. | 12,575 | 2,775 | ||||||
Intercontinental Exchange, Inc. | 29,350 | 2,768 | ||||||
Huntington Bancshares Inc. | 133,130 | 1,881 | ||||||
State Street Corp. | 12,387 | 818 | ||||||
Wells Fargo & Co. | 15,005 | 775 | ||||||
Nasdaq, Inc. | 5,550 | 554 | ||||||
MSCI Inc. | 1,200 | 281 | ||||||
34,083 | ||||||||
Health care 13.23% | ||||||||
UnitedHealth Group Inc. | 24,385 | 6,162 | ||||||
Seattle Genetics, Inc.1 | 36,310 | 3,900 | ||||||
Merck & Co., Inc. | 27,585 | 2,391 | ||||||
Eli Lilly and Co. | 20,800 | 2,370 | ||||||
Danaher Corp. | 16,973 | 2,339 | ||||||
Humana Inc. | 7,415 | 2,181 | ||||||
Abbott Laboratories | 25,830 | 2,160 | ||||||
Gilead Sciences, Inc. | 26,924 | 1,715 | ||||||
Edwards Lifesciences Corp.1 | 6,900 | 1,645 | ||||||
AstraZeneca PLC (ADR) | 33,050 | 1,620 | ||||||
Neurocrine Biosciences, Inc.1 | 13,850 | 1,378 | ||||||
Anthem, Inc. | 4,775 | 1,285 | ||||||
Novo Nordisk A/S, Class B (ADR) | 17,100 | 944 | ||||||
Cigna Corp. | 4,565 | 815 | ||||||
Koninklijke Philips NV | 11,800 | 518 | ||||||
Bluebird Bio, Inc.1 | 5,000 | 405 | ||||||
Sage Therapeutics, Inc.1 | 2,200 | 298 | ||||||
Ultragenyx Pharmaceutical Inc.1 | 5,100 | 205 | ||||||
32,331 | ||||||||
Industrials 10.93% | ||||||||
Waste Connections, Inc. | 69,800 | 6,450 | ||||||
Northrop Grumman Corp. | 14,940 | 5,266 | ||||||
CSX Corp. | 36,450 | 2,561 | ||||||
Boeing Co. | 7,495 | 2,548 | ||||||
TransDigm Group Inc. | 4,385 | 2,308 |
Private Client Services Funds | 81 |
Capital Group U.S. Equity Fund
Common stocks (continued) | Shares | Value (000) | ||||||
Industrials (continued) | ||||||||
Airbus Group SE (ADR) | 50,200 | $ | 1,802 | |||||
Waste Management, Inc. | 10,620 | 1,192 | ||||||
Westinghouse Air Brake Technologies Corp. | 17,025 | 1,181 | ||||||
Deere & Co. | 5,734 | 998 | ||||||
Norfolk Southern Corp. | 3,435 | 625 | ||||||
Union Pacific Corp. | 3,700 | 612 | ||||||
Equifax Inc. | 4,450 | 608 | ||||||
Hexcel Corp. | 7,500 | 560 | ||||||
26,711 | ||||||||
Consumer staples 10.61% | ||||||||
Costco Wholesale Corp. | 13,250 | 3,937 | ||||||
Philip Morris International Inc. | 41,655 | 3,392 | ||||||
Procter & Gamble Co. | 24,921 | 3,103 | ||||||
Nestlé SA (ADR) | 28,005 | 3,001 | ||||||
Carlsberg A/S, Class B (ADR) | 89,725 | 2,527 | ||||||
Coca-Cola Co. | 40,020 | 2,178 | ||||||
Diageo PLC (ADR) | 11,250 | 1,844 | ||||||
Mondelez International, Inc. | 29,500 | 1,547 | ||||||
The Estée Lauder Companies Inc., Class A | 5,980 | 1,114 | ||||||
Danone (ADR) | 44,389 | 732 | ||||||
Reckitt Benckiser Group PLC (ADR) | 46,260 | 729 | ||||||
Hormel Foods Corp. | 17,200 | 703 | ||||||
British American Tobacco PLC (ADR) | 16,700 | 584 | ||||||
Church & Dwight Co., Inc. | 7,500 | 525 | ||||||
25,916 | ||||||||
Communication services 8.37% | ||||||||
Charter Communications, Inc., Class A1 | 10,036 | 4,695 | ||||||
Comcast Corp., Class A | 79,740 | 3,574 | ||||||
Alphabet Inc., Class C1 | 2,177 | 2,743 | ||||||
Alphabet Inc., Class A1 | 360 | 453 | ||||||
Activision Blizzard, Inc. | 49,740 | 2,787 | ||||||
Facebook, Inc., Class A1 | 13,200 | 2,530 | ||||||
Cable One, Inc. | 1,615 | 2,141 | ||||||
Verizon Communications Inc. | 15,235 | 921 | ||||||
Electronic Arts Inc.1 | 6,200 | 598 | ||||||
20,442 | ||||||||
Consumer discretionary 5.72% | ||||||||
Amazon.com, Inc.1 | 2,313 | 4,109 | ||||||
NIKE, Inc., Class B | 31,705 | 2,839 | ||||||
Chipotle Mexican Grill, Inc.1 | 3,400 | 2,646 | ||||||
Hilton Worldwide Holdings Inc. | 24,400 | 2,366 | ||||||
EssilorLuxottica (ADR) | 14,080 | 1,078 | ||||||
YUM! Brands, Inc. | 6,580 | 669 | ||||||
YETI Holdings, Inc.1 | 8,100 | 270 | ||||||
13,977 | ||||||||
Energy 5.05% | ||||||||
EOG Resources, Inc. | 44,265 | 3,068 | ||||||
Enbridge Inc. | 81,400 | 2,964 | ||||||
Chevron Corp. | 20,440 | 2,374 | ||||||
ConocoPhillips | 22,985 | 1,269 | ||||||
Schlumberger Ltd. | 33,700 | 1,101 | ||||||
Royal Dutch Shell PLC, Class B (ADR) | 18,100 | 1,055 | ||||||
Exxon Mobil Corp. | 7,300 | 493 | ||||||
12,324 |
82 | Private Client Services Funds |
Capital Group U.S. Equity Fund
Common stocks | Shares | Value (000) | ||||||
Real estate 4.95% | ||||||||
Crown Castle International Corp. REIT | 32,900 | $ | 4,566 | |||||
Equinix, Inc. REIT | 7,350 | 4,166 | ||||||
American Tower Corp. REIT | 15,400 | 3,359 | ||||||
12,091 | ||||||||
Utilities 1.83% | ||||||||
Sempra Energy | 22,605 | 3,267 | ||||||
NextEra Energy, Inc. | 2,600 | 620 | ||||||
Exelon Corp. | 13,000 | 591 | ||||||
4,478 | ||||||||
Materials 1.12% | ||||||||
Linde PLC | 9,806 | 1,945 | ||||||
Sherwin-Williams Co. | 1,370 | 784 | ||||||
2,729 | ||||||||
Total common stocks (cost: $135,601,000) | 230,463 | |||||||
Short-term securities 5.87% | ||||||||
Money market investments 5.87% | ||||||||
Capital Group Central Cash Fund 1.92%2 | 143,549 | 14,356 | ||||||
Total short-term securities (cost: $14,354,000) | 14,356 | |||||||
Total investment securities 100.20% (cost: $149,955,000) | 244,819 | |||||||
Other assets less liabilities (0.20)% | (494 | ) | ||||||
Net assets 100.00% | $ | 244,325 |
1 | Security did not produce income during the last 12 months. |
2 | Rate represents the seven-day yield at 10/31/2019. |
Key to abbreviation
ADR = American Depositary Receipts
Private Client Services Funds | 83 |
Statements of assets and liabilities
at October 31, 2019
Capital Group | ||||||||||||
Capital Group | Capital Group | California | ||||||||||
Core Municipal | Short-Term | Core Municipal | ||||||||||
Fund | Municipal Fund | Fund | ||||||||||
Assets: | ||||||||||||
Investment securities, at value: | ||||||||||||
Unaffiliated issuers | $ | 582,985 | $ | 125,954 | $ | 551,716 | ||||||
Cash | 460 | 197 | 492 | |||||||||
Cash pledged for futures contracts | 312 | 70 | 105 | |||||||||
Cash denominated in currencies other than U.S. dollars | — | — | — | |||||||||
Receivables for: | ||||||||||||
Sales of investments | 5,049 | 1,188 | — | |||||||||
Sales of fund’s shares | 378 | 6 | 412 | |||||||||
Dividends and interest | 6,622 | 1,325 | 5,403 | |||||||||
Services provided by related parties | — | 16 | — | |||||||||
Variation margin on futures contracts | 177 | 39 | 50 | |||||||||
Variation margin on swap contracts | — | — | — | |||||||||
Total assets | 595,983 | 128,795 | 558,178 | |||||||||
Liabilities: | ||||||||||||
Payables for: | ||||||||||||
Purchases of investments | 11,876 | 1,684 | 1,249 | |||||||||
Repurchases of fund’s shares | 233 | 537 | 241 | |||||||||
Investment advisory services | 123 | 27 | 119 | |||||||||
Services provided by related parties | — | — | — | |||||||||
Variation margin on futures contracts | — | — | — | |||||||||
Variation margin on swap contracts | — | — | — | |||||||||
Other | 1 | — | — | * | ||||||||
Total liabilities | 12,233 | 2,248 | 1,609 | |||||||||
Net assets at October 31, 2019 | $ | 583,750 | $ | 126,547 | $ | 556,569 | ||||||
Net assets consist of: | ||||||||||||
Capital paid in on shares of beneficial interest | $ | 570,362 | $ | 125,801 | $ | 540,958 | ||||||
Total distributable earnings | 13,388 | 746 | 15,611 | |||||||||
Net assets at October 31, 2019 | $ | 583,750 | $ | 126,547 | $ | 556,569 | ||||||
Investment securities in unaffiliated issuers, at cost | $ | 570,481 | $ | 124,655 | $ | 536,886 | ||||||
Cash denominated in currencies other than U.S. dollars, at cost | — | — | — | |||||||||
Shares outstanding | 55,355 | 12,472 | 51,881 | |||||||||
Net asset value per share | $ | 10.55 | $ | 10.15 | $ | 10.73 |
* | Amount less than one thousand. |
See notes to financial statements.
84 | Private Client Services Funds |
(dollars and shares in thousands, except per-share amounts)
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 | ||||||||||||||
$ | 159,787 | $ | 474,962 | $ | 713,983 | $ | 930,780 | $ | 244,819 | |||||||||
502 | 24 | 2 | — | * | 1 | |||||||||||||
64 | — | — | — | — | ||||||||||||||
— | — | 51 | 707 | — | ||||||||||||||
1,320 | 1,382 | 3,045 | 320 | 293 | ||||||||||||||
1,600 | 16 | 914 | — | — | ||||||||||||||
1,791 | 2,030 | 880 | 2,519 | 192 | ||||||||||||||
14 | — | — | 12 | 21 | ||||||||||||||
32 | 610 | — | — | — | ||||||||||||||
— | 443 | — | — | — | ||||||||||||||
165,110 | 479,467 | 718,875 | 934,338 | 245,326 | ||||||||||||||
1,113 | 1,438 | 16,933 | 71 | 889 | ||||||||||||||
131 | 149 | 38 | 15,255 | 13 | ||||||||||||||
35 | 101 | 302 | 467 | 86 | ||||||||||||||
— | — | 17 | 23 | — | ||||||||||||||
— | 241 | — | — | — | ||||||||||||||
— | 783 | — | — | — | ||||||||||||||
— | — | * | 42 | 149 | 13 | |||||||||||||
1,279 | 2,712 | 17,332 | 15,965 | 1,001 | ||||||||||||||
$ | 163,831 | $ | 476,755 | $ | 701,543 | $ | 918,373 | $ | 244,325 | |||||||||
$ | 161,869 | $ | 467,759 | $ | 469,614 | $ | 558,897 | $ | 141,474 | |||||||||
1,962 | 8,996 | 231,929 | 359,476 | 102,851 | ||||||||||||||
$ | 163,831 | $ | 476,755 | $ | 701,543 | $ | 918,373 | $ | 244,325 | |||||||||
$ | 157,786 | $ | 464,989 | $ | 499,260 | $ | 620,760 | $ | 149,955 | |||||||||
— | — | 50 | 703 | — | ||||||||||||||
15,941 | 46,245 | 42,597 | 62,858 | 9,943 | ||||||||||||||
$ | 10.28 | $ | 10.31 | $ | 16.47 | $ | 14.61 | $ | 24.57 |
Private Client Services Funds | 85 |
Statements of operations
for the year ended October 31, 2019
Capital Group | ||||||||||||
Capital Group | Capital Group | California | ||||||||||
Core Municipal | Short-Term | Core Municipal | ||||||||||
Fund | Municipal Fund | Fund | ||||||||||
Investment income: | ||||||||||||
Income (net of non-U.S. taxes*): | ||||||||||||
Dividends | $ | — | $ | — | $ | — | ||||||
Interest | 12,743 | 2,962 | 10,987 | |||||||||
12,743 | 2,962 | 10,987 | ||||||||||
Fees and expenses*: | ||||||||||||
Investment advisory services | 1,331 | 334 | 1,267 | |||||||||
Transfer agent services | — | † | — | † | — | † | ||||||
Administrative services | — | — | — | |||||||||
Reports to shareholders | 10 | 8 | 10 | |||||||||
Registration statement and prospectus | 38 | 27 | 15 | |||||||||
Trustees’ compensation | 36 | 36 | 36 | |||||||||
Auditing and legal | 55 | 52 | 55 | |||||||||
Custodian | 11 | 8 | 10 | |||||||||
Other | 6 | 3 | 6 | |||||||||
Total fees and expenses before reimbursements | 1,487 | 468 | 1,399 | |||||||||
Less reimbursements of fees and expenses: | ||||||||||||
Miscellaneous fee reimbursements | — | 67 | — | |||||||||
Total reimbursements of fees and expenses | — | 67 | — | |||||||||
Total fees and expenses after reimbursements | 1,487 | 401 | 1,399 | |||||||||
Net investment income | 11,256 | 2,561 | 9,588 | |||||||||
Net realized gain and unrealized appreciation: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments in unaffiliated issuers | 1,217 | 95 | 1,147 | |||||||||
Futures contracts | 394 | 178 | (363 | ) | ||||||||
Swap contracts | — | — | — | |||||||||
Currency transactions | — | — | — | |||||||||
1,611 | 273 | 784 | ||||||||||
Net unrealized appreciation (depreciation) | ||||||||||||
Investments in unaffiliated issuers | 17,452 | 2,620 | 17,407 | |||||||||
Futures contracts | 46 | 18 | (14 | ) | ||||||||
Swap contracts | — | — | — | |||||||||
Currency translations | — | — | — | |||||||||
17,498 | 2,638 | 17,393 | ||||||||||
Net realized gain and unrealized appreciation | 19,109 | 2,911 | 18,177 | |||||||||
Net increase in net assets resulting from operations | $ | 30,365 | $ | 5,472 | $ | 27,765 |
* | 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.
86 | 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 | ||||||||||||||
$ | — | $ | 299 | $ | 12,714 | $ | 19,859 | $ | 4,375 | |||||||||
2,698 | 11,474 | 400 | 930 | 79 | ||||||||||||||
2,698 | 11,773 | 13,114 | 20,789 | 4,454 | ||||||||||||||
384 | 1,167 | 3,608 | 6,195 | 986 | ||||||||||||||
— | † | 1 | — | † | 10 | — | ||||||||||||
— | — | 222 | 337 | — | ||||||||||||||
8 | 9 | 10 | 21 | — | ||||||||||||||
6 | 35 | 24 | 43 | — | ||||||||||||||
37 | 36 | 36 | 37 | 36 | ||||||||||||||
52 | 55 | 52 | 54 | 12 | ||||||||||||||
7 | 16 | 34 | 88 | — | ||||||||||||||
3 | 6 | 7 | 11 | 2 | ||||||||||||||
497 | 1,325 | 3,993 | 6,796 | 1,036 | ||||||||||||||
36 | — | — | 424 | 51 | ||||||||||||||
36 | — | — | 424 | 51 | ||||||||||||||
461 | 1,325 | 3,993 | 6,372 | 985 | ||||||||||||||
2,237 | 10,448 | 9,121 | 14,417 | 3,469 | ||||||||||||||
182 | 4,311 | 9,812 | 56,072 | 8,244 | ||||||||||||||
(75 | ) | 904 | — | — | — | |||||||||||||
— | (1,283 | ) | — | — | — | |||||||||||||
— | — | 34 | (329 | ) | (1 | ) | ||||||||||||
107 | 3,932 | 9,846 | 55,743 | 8,243 | ||||||||||||||
2,947 | 21,341 | 84,103 | 99,604 | 26,011 | ||||||||||||||
(5 | ) | (341 | ) | — | — | — | ||||||||||||
— | (2,356 | ) | — | — | — | |||||||||||||
— | — | 6 | 49 | — | ||||||||||||||
2,942 | 18,644 | 84,109 | 99,653 | 26,011 | ||||||||||||||
3,049 | 22,576 | 93,955 | 155,396 | 34,254 | ||||||||||||||
$ | 5,286 | $ | 33,024 | $ | 103,076 | $ | 169,813 | $ | 37,723 |
Private Client Services Funds | 87 |
Statements of changes in net assets
Capital Group | ||||||||||||||||||||||||
Capital Group | Capital Group | California | ||||||||||||||||||||||
Core Municipal | Short-Term | Core Municipal | ||||||||||||||||||||||
Fund | Municipal Fund | Fund | ||||||||||||||||||||||
Year ended October 31, | Year ended October 31, | Year ended October 31, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 11,256 | $ | 9,593 | $ | 2,561 | $ | 2,382 | $ | 9,588 | $ | 7,521 | ||||||||||||
Net realized gain (loss) | 1,611 | (831 | ) | 273 | (609 | ) | 784 | 487 | ||||||||||||||||
Net unrealized appreciation (depreciation) | 17,498 | (9,833 | ) | 2,638 | (1,710 | ) | 17,393 | (9,287 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 30,365 | (1,071 | ) | 5,472 | 63 | 27,765 | (1,279 | ) | ||||||||||||||||
Distributions paid to shareholders | (11,191 | ) | (10,407 | ) | (2,575 | ) | (2,344 | ) | (9,947 | ) | (7,873 | ) | ||||||||||||
Net capital share transactions | 90,653 | 43,071 | (14,037 | ) | (9,849 | ) | 86,886 | 73,017 | ||||||||||||||||
Total increase (decrease) in net assets | 109,827 | 31,593 | (11,140 | ) | (12,130 | ) | 104,704 | 63,865 | ||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 473,923 | 442,330 | 137,687 | 149,817 | 451,865 | 388,000 | ||||||||||||||||||
End of year | $ | 583,750 | $ | 473,923 | $ | 126,547 | $ | 137,687 | $ | 556,569 | $ | 451,865 |
See notes to financial statements.
88 | 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 | |||||||||||||||||||||||||||||||||
Year ended October 31, | Year ended October 31, | Year ended October 31, | Year ended October 31, | Year ended October 31, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||
$ | 2,237 | $ | 1,525 | $ | 10,448 | $ | 9,211 | $ | 9,121 | $ | 8,193 | $ | 14,417 | $ | 27,682 | $ | 3,469 | $ | 3,406 | |||||||||||||||||||
107 | (212 | ) | 3,932 | (1,543 | ) | 9,846 | 27,507 | 55,743 | 67,156 | 8,243 | 15,414 | |||||||||||||||||||||||||||
2,942 | (1,499 | ) | 18,644 | (12,367 | ) | 84,109 | (34,432 | ) | 99,653 | (189,474 | ) | 26,011 | (6,334 | ) | ||||||||||||||||||||||||
5,286 | (186 | ) | 33,024 | (4,699 | ) | 103,076 | 1,268 | 169,813 | (94,636 | ) | 37,723 | 12,486 | ||||||||||||||||||||||||||
(2,211 | ) | (1,566 | ) | (10,336 | ) | (9,145 | ) | (33,488 | ) | (27,810 | ) | (30,004 | ) | (22,396 | ) | (17,919 | ) | (13,578 | ) | |||||||||||||||||||
31,985 | 10,697 | 7,886 | 43,554 | 65,035 | 22,223 | (383,614 | ) | (305,033 | ) | 1,163 | (11,270 | ) | ||||||||||||||||||||||||||
35,060 | 8,945 | 30,574 | 29,710 | 134,623 | (4,319 | ) | (243,805 | ) | (422,065 | ) | 20,967 | (12,362 | ) | |||||||||||||||||||||||||
128,771 | 119,826 | 446,181 | 416,471 | 566,920 | 571,239 | 1,162,178 | 1,584,243 | 223,358 | 235,720 | |||||||||||||||||||||||||||||
$ | 163,831 | $ | 128,771 | $ | 476,755 | $ | 446,181 | $ | 701,543 | $ | 566,920 | $ | 918,373 | $ | 1,162,178 | $ | 244,325 | $ | 223,358 |
Private Client Services Funds | 89 |
Notes to financial statements
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 Research and Management Company (“CRMC”), the funds’ investment adviser, values each fund’s investments at fair value as defined by U.S. GAAP. 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.
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.
90 | Private Client Services Funds |
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. The Capital Group Central Cash Fund (“CCF”) is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. Interest rate swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency.
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 funds 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. The funds’ board and audit committee also regularly review reports that describe fair value determinations and methods.
Private Client Services Funds | 91 |
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 October 31, 2019 (dollars in thousands):
Capital Group Core Municipal Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Municipals | $ | — | $ | 559,353 | $ | — | $ | 559,353 | ||||||||
Short-term securities | — | 23,632 | — | 23,632 | ||||||||||||
Total | $ | — | $ | 582,985 | $ | — | $ | 582,985 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 43 | $ | — | $ | — | $ | 43 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (8 | ) | — | — | (8 | ) | ||||||||||
Total | $ | 35 | $ | — | $ | — | $ | 35 |
* | Futures contracts are not included in the investment portfolio. |
Capital Group Short-Term Municipal Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Municipals | $ | — | $ | 119,809 | $ | — | $ | 119,809 | ||||||||
Short-term securities | — | 6,145 | — | 6,145 | ||||||||||||
Total | $ | — | $ | 125,954 | $ | — | $ | 125,954 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 6 | $ | — | $ | — | $ | 6 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (4 | ) | — | — | (4 | ) | ||||||||||
Total | $ | 2 | $ | — | $ | — | $ | 2 |
* | Futures contracts are not included in the investment portfolio. |
Capital Group California Core Municipal Fund
At October 31, 2019, all of the fund’s investment securities were classified as Level 2.
92 | Private Client Services Funds |
Capital Group California Short-Term Municipal Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Municipals | $ | — | $ | 155,560 | $ | — | $ | 155,560 | ||||||||
Short-term securities | — | 4,227 | — | 4,227 | ||||||||||||
Total | $ | — | $ | 159,787 | $ | — | $ | 159,787 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 2 | $ | — | $ | — | $ | 2 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (4 | ) | — | — | (4 | ) | ||||||||||
Total | $ | (2 | ) | $ | — | $ | — | $ | (2 | ) |
* | Futures contracts are not included in the investment portfolio. |
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 | $ | — | $ | 255,494 | $ | — | $ | 255,494 | ||||||||
Corporate bonds & notes | — | 107,500 | — | 107,500 | ||||||||||||
Asset-backed obligations | — | 46,096 | — | 46,096 | ||||||||||||
Mortgage-backed obligations | — | 41,635 | — | 41,635 | ||||||||||||
Federal agency bonds & notes | — | 5,524 | — | 5,524 | ||||||||||||
Municipals | — | 4,139 | — | 4,139 | ||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | — | 2,966 | — | 2,966 | ||||||||||||
Short-term securities | 11,608 | — | — | 11,608 | ||||||||||||
Total | $ | 11,608 | $ | 463,354 | $ | — | $ | 474,962 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 387 | $ | — | $ | — | $ | 387 | ||||||||
Unrealized appreciation on interest rate swaps | — | 2,249 | — | 2,249 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (728 | ) | — | — | (728 | ) | ||||||||||
Unrealized depreciation on interest rate swaps | — | (4,696 | ) | — | (4,696 | ) | ||||||||||
Total | $ | (341 | ) | $ | (2,447 | ) | $ | — | $ | (2,788 | ) |
* | Futures contracts and interest rate swaps are not included in the investment portfolio. |
Private Client Services Funds | 93 |
Capital Group Global Equity Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 126,941 | $ | — | $ | — | $ | 126,941 | ||||||||
Industrials | 86,987 | — | — | 86,987 | ||||||||||||
Financials | 85,648 | — | — | 85,648 | ||||||||||||
Health care | 77,615 | — | — | 77,615 | ||||||||||||
Consumer staples | 73,580 | — | — | 73,580 | ||||||||||||
Consumer discretionary | 55,987 | — | — | 55,987 | ||||||||||||
Communication services | 43,430 | — | — | 43,430 | ||||||||||||
Energy | 27,340 | — | — | 27,340 | ||||||||||||
Materials | 23,366 | — | — | 23,366 | ||||||||||||
Real estate | 17,886 | — | — | 17,886 | ||||||||||||
Utilities | 12,614 | — | — | 12,614 | ||||||||||||
Preferred securities | 1,000 | 2,570 | — | 3,570 | ||||||||||||
Short-term securities | 38,941 | 40,078 | — | 79,019 | ||||||||||||
Total | $ | 671,335 | $ | 42,648 | $ | — | $ | 713,983 |
Capital Group International Equity Fund
At October 31, 2019, all of the fund’s investment securities were classified as Level 1.
Capital Group U.S. Equity Fund
At October 31, 2019, all of the fund’s investment securities were classified as Level 1.
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, governmental agency or central bank 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, major litigation related to the issuer, changes in government regulations affecting the issuer or its competitive environment 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. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. 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 failing to recoup the full amount of its initial investment and 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 or guarantor will weaken or be perceived to be weaker, 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. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. 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 assess credit and default risks.
94 | Private Client Services Funds |
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 — The value of the fund’s securities and 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 or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by 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 or may be forced to sell at a loss.
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 fund has greater risk of volatility, and greater risk of loss, from these investments.
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 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, potentially increasing the volatility of the securities and the fund’s net asset value. 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. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.
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 and the credit rating of the U.S. government. 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 nationalization, currency blockage or the imposition of price controls or
Private Client Services Funds | 95 |
punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.
Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.
5. Certain investment techniques
Mortgage dollar rolls — 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 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 have 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, known as a futures commission merchant (“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 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.
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.
96 | Private Client Services Funds |
The following table presents the average month-end notional amounts of futures contracts and interest rate swaps while held for each fund (dollars in thousands):
Futures contracts | Interest rate swaps | |||||
Capital Group Core Municipal Fund | $ | 84,033 | Not applicable | |||
Capital Group Short-Term Municipal Fund | 23,317 | Not applicable | ||||
Capital Group California Core Municipal Fund | 96,389 | Not applicable | ||||
Capital Group California Short-Term Municipal | 33,400 | Not applicable | ||||
Capital Group Core Bond Fund | 332,227 | $151,065 |
The following tables identify the location and fair value amounts on the funds’ statements of assets and liabilities and the effect on the funds’ statements of operations resulting from the funds’ use of futures contracts and/or interest rate swaps as of, or for the year ended, October 31, 2019 (dollars in thousands):
Capital Group Core Municipal 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* | $ | 43 | Unrealized depreciation* | $ | 8 | |||||||
Net realized gain | Net unrealized appreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized gain on futures contracts | $ | 394 | Net unrealized appreciation on futures contracts | $ | 46 | |||||||
Capital Group Short-Term Municipal 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* | $ | 6 | Unrealized depreciation* | $ | 4 | |||||||
Net realized gain | Net unrealized appreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized gain on futures contracts | $ | 178 | Net unrealized appreciation on futures contracts | $ | 18 | |||||||
Capital Group California Core Municipal Fund | ||||||||||||||
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 loss on futures contracts | $ | (363 | ) | Net unrealized depreciation on futures contracts | $ | (14 | ) | |||||
Private Client Services Funds | 97 |
Capital Group California Short-Term Municipal 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* | $ | 4 | |||||||
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 loss on futures contracts | $ | (75 | ) | Net unrealized depreciation on futures contracts | $ | (5 | ) | |||||
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* | $ | 387 | Unrealized depreciation* | $ | 728 | |||||||
Swap | Interest | Unrealized appreciation* | 2,249 | Unrealized depreciation* | 4,696 | |||||||||
$ | 2,636 | $ | 5,424 | |||||||||||
Net realized gain (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 | $ | 904 | Net unrealized depreciation on futures contracts | $ | (341 | ) | ||||||
Swap | Interest | Net realized loss on swap contracts | (1,283 | ) | Net unrealized depreciation on swap contracts | (2,356 | ) | |||||||
$ | (379 | ) | $ | (2,697 | ) | |||||||||
* | Includes cumulative appreciation/depreciation on futures contracts and interest rate swaps as reported in the applicable tables following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities. |
Collateral — The funds participate in a collateral program that call for the funds to either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to their use of futures contracts, interest rate swaps and future delivery contracts. For futures contracts and interest rate swaps, the program calls for the fund to pledge collateral for initial and variation margin by contract. For future delivery contracts, the program calls for the fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligations. Non-cash collateral pledged by the fund, if any, is disclosed in the fund’s investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash in the fund’s 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 October 31, 2019, 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.
98 | Private Client Services Funds |
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; income on certain investments; amortization of premiums and discounts 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. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
Additional tax basis disclosures for each fund as of October 31, 2019, were as follows (dollars in thousands):
Capital Group Core Municipal Fund | Capital Group Short-Term Municipal Fund | Capital Group California Core Municipal Fund | Capital Group California Short-Term Municipal Fund | |||||||||||||
Undistributed ordinary income | $ | 619 | $ | — | $ | 561 | $ | — | ||||||||
Undistributed tax-exempt income | 58 | 10 | 58 | 29 | ||||||||||||
Undistributed long-term capital gains | 183 | — | 152 | — | ||||||||||||
Capital loss carryforward* | — | (569 | ) | — | (98 | ) | ||||||||||
Capital loss carryforward utilized | 841 | 292 | — | 109 | ||||||||||||
Gross unrealized appreciation on investments | 12,682 | 1,375 | 15,058 | 2,106 | ||||||||||||
Gross unrealized depreciation on investments | (154 | ) | (69 | ) | (217 | ) | (75 | ) | ||||||||
Net unrealized appreciation (depreciation) on investments | 12,528 | 1,306 | 14,841 | 2,031 | ||||||||||||
Cost of investments | 570,492 | 124,650 | 536,875 | 157,754 | ||||||||||||
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest | 35 | 2 | 76 | 2 | ||||||||||||
Capital | Capital | Capital | Capital | |||||||||||||
Group | Group | Group | Group | |||||||||||||
Core Bond | Global Equity | International | U.S. Equity | |||||||||||||
Fund | Fund | Equity Fund | Fund | |||||||||||||
Undistributed ordinary income | $ | 1,689 | $ | 9,861 | $ | 14,503 | $ | 255 | ||||||||
Undistributed long-term capital gains | 1,115 | 9,512 | 36,274 | 7,783 | ||||||||||||
Capital loss carryforward utilized | 2,200 | — | 16,445 | — | ||||||||||||
Gross unrealized appreciation on investments | 13,688 | 219,137 | 316,748 | 96,658 | ||||||||||||
Gross unrealized depreciation on investments | (6,180 | ) | (6,576 | ) | (8,029 | ) | (1,845 | ) | ||||||||
Net unrealized appreciation (depreciation) on investments | 7,508 | 212,561 | 308,719 | 94,813 | ||||||||||||
Cost of investments | 464,600 | 501,422 | 622,061 | 150,006 | ||||||||||||
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest | 20 | 218 | 3,315 | 462 |
* | Capital loss carryforwards will be used to offset any capital gains realized by the funds in future years. The funds will not make distributions from capital gains while a capital loss carryforward remains. |
Private Client Services Funds | 99 |
Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):
Year ended October 31, 2019 | ||||||||||||||||
Tax-exempt income | Ordinary income | Long-term capital gains | Total distributions paid | |||||||||||||
Capital Group Core Municipal Fund | $ | 11,191 | $ | — | $ | — | $ | 11,191 | ||||||||
Capital Group Short-Term Municipal Fund | 2,575 | — | — | 2,575 | ||||||||||||
Capital Group California Core Municipal Fund | 9,495 | — | 452 | 9,947 | ||||||||||||
Capital Group California Short-Term Municipal Fund | 2,211 | — | — | 2,211 | ||||||||||||
Capital Group Core Bond Fund | — | 10,336 | — | 10,336 | ||||||||||||
Capital Group Global Equity Fund | — | 6,901 | 26,587 | 33,488 | ||||||||||||
Capital Group International Equity Fund | — | 30,004 | — | 30,004 | ||||||||||||
Capital Group U.S. Equity Fund | — | 3,495 | 14,424 | 17,919 | ||||||||||||
Year ended October 31, 2018 | ||||||||||||||||
Tax-exempt income | Ordinary income | Long-term capital gains | Total distributions paid | |||||||||||||
Capital Group Core Municipal Fund | $ | 9,535 | $ | — | $ | 872 | $ | 10,407 | ||||||||
Capital Group Short-Term Municipal Fund | 2,344 | — | — | 2,344 | ||||||||||||
Capital Group California Core Municipal Fund | 7,517 | — | 356 | 7,873 | ||||||||||||
Capital Group California Short-Term Municipal Fund | 1,479 | 32 | 55 | 1,566 | ||||||||||||
Capital Group Core Bond Fund | — | 9,145 | — | 9,145 | ||||||||||||
Capital Group Global Equity Fund | — | 7,638 | 20,172 | 27,810 | ||||||||||||
Capital Group International Equity Fund | — | 22,396 | — | 22,396 | ||||||||||||
Capital Group U.S. Equity Fund | — | 2,928 | 10,650 | 13,578 |
7. Fees and transactions with related parties
CRMC, the funds’ investment adviser, is the parent company of American Funds Distributors®, Inc. (“AFD”), the principal underwriter of the funds’ shares, and American Funds Service Company® (“AFS”), the funds’ transfer agent. CRMC, AFD and AFS are considered related parties to each fund.
Expense limitations have been imposed through at least January 1, 2021, for Capital Group Short-Term Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group U.S. Equity Fund, and through at least January 1, 2024, for Capital Group Global Equity Fund and Capital Group International Equity Fund to limit the share classes’ total annual operating expenses to the following rates (as a percentage of daily net assets):
Fund | Expense limitation | |||
Capital Group Short-Term Municipal Fund | 0.30 | % | ||
Capital Group California Short-Term Municipal 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 |
CRMC does not intend to recoup any reimbursed expenses from a prior year under expense limitations then in effect for any of the funds.
Investment advisory services — Each fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. The fee for 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 is 0.25% of the daily net assets of each fund.
For the services it provides to Capital Group U.S. Equity Fund, CRMC receives a unified management fee of 0.425% of the daily net assets of the fund. Out of the fund’s unified management fee CRMC pays all expenses of managing and operating the fund 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 CRMC from the unified management fee, are paid by the fund, which are currently reimbursed by CRMC.
100 | Private Client Services Funds |
At the beginning of the year, CRMC received a unified management fee of 0.650% of the daily net assets of Capital Group Global Equity Fund and Capital Group International Equity Fund. Out of the funds’ unified management fee CRMC paid all expenses of managing and operating the funds 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 were not paid by CRMC from the unified management fee, were paid by the funds, which were reimbursed by CRMC. The board of trustees approved amended investment advisory and service agreements for Capital Group Global Equity Fund and Capital Group International Equity Fund effective January 1, 2019, replacing the unified management fee of 0.650% for each fund and basing the fees for Capital Group Global Equity Fund on a set of decreasing annual rates beginning with 0.600% on the first $500 million of daily net assets and decreasing to 0.500% on such assets in excess of $500 million, and basing the fees for Capital Group International Equity Fund on a set of decreasing annual rates beginning with 0.690% on the first $500 million of daily net assets and decreasing to 0.500% on such assets in excess of $1.5 billion. The board of trustees further approved amended investment advisory and service agreements for Capital Group Global Equity Fund and Capital Group International Equity Fund effective August 1, 2019, basing the fees for Capital Group Global Equity Fund on an annual rate of 0.520% of daily net assets, and basing the fees for Capital Group International Equity Fund on a set of decreasing annual rates beginning with 0.603% on the first $1.5 billion of daily net assets and decreasing to 0.500% on such assets in excess of $1.5 billion.
Distribution services — None of the funds pay a distribution services fee to AFD.
Transfer agent services — Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund, Capital Group Core Bond Fund, Capital Group Global Equity Fund and Capital Group International Equity Fund each have a shareholder services agreement with AFS under which each fund compensates AFS for providing transfer agent services. These services include recordkeeping, shareholder communications and transaction processing. In addition, each fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.
Administrative services — Capital Group Global Equity Fund and Capital Group International Equity Fund each have an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to each fund’s shareholders. These services include, but are not limited to, coordinating, monitoring, assisting and overseeing third parties that provide services to fund shareholders. The agreement provides each fund the ability to charge an administrative services fee at the annual rate of 0.05% of the daily net assets of each fund. Each fund’s board of trustees authorized effective July 1, 2019, an administrative services fee at the annual rate of 0.03% of the daily net assets of each fund’s shares (which could increase as noted above) for CRMC’s provision of administrative services.
Affiliated officers and trustees — Officers and certain trustees of the Trust are or may be considered to be affiliated with CRMC. No affiliated officers or trustees received any compensation directly from the Trust.
Investment in CCF — Some of the funds hold shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. For the funds that hold shares of CCF, it is used as the primary investment vehicle for each fund’s short-term investments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC. CCF shares are not available to the public. CRMC does not receive an investment advisory services fee from CCF.
Security transactions with related funds — The funds may purchase from, or sell securities to, other CRMC-managed funds (or accounts managed by certain affiliates of CRMC) 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.
Private Client Services Funds | 101 |
The following table presents purchase and sales transactions between each fund and related funds and the net realized gains (loss) from such sales as of October 31, 2019 (dollars in thousands):
Fund | Purchases | Sales | Net realized gain (loss) | |||||||||
Capital Group Core Municipal Fund | $ | 2,999 | $ | 13,975 | $ | 9 | ||||||
Capital Group Short-Term Municipal Fund | 1,120 | 2,478 | 1 | |||||||||
Capital Group California Core Municipal Fund | 11,639 | 13,879 | 80 | |||||||||
Capital Group California Short-Term Municipal Fund | 3,437 | 7,297 | (8 | ) | ||||||||
Capital Group Core Bond Fund | — | 210 | 18 | |||||||||
Capital Group Global Equity Fund | 4,280 | 11,840 | 953 | |||||||||
Capital Group International Equity Fund | 1,824 | 14,274 | (1,176 | ) | ||||||||
Capital Group U.S. Equity Fund | 1,677 | 4,182 | 11 |
Interfund lending — Pursuant to an exemptive order issued by the SEC, the funds, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), 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 funds did not lend or borrow cash through the interfund lending program at any time during the year ended October 31, 2019.
102 | Private Client Services Funds |
8. Capital share transactions
Capital share transactions in the funds were as follows (dollars and shares in thousands):
Sales | Reinvestment of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Fund | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended October 31, 2019 | ||||||||||||||||||||||||||||||||
Capital Group Core Municipal Fund | $ | 175,135 | 16,876 | $ | 9,114 | 873 | $ | (93,596 | ) | (9,064 | ) | $ | 90,653 | 8,685 | ||||||||||||||||||
Capital Group Short-Term Municipal Fund | 76,051 | 7,560 | 2,079 | 206 | (92,167 | ) | (9,158 | ) | (14,037 | ) | (1,392 | ) | ||||||||||||||||||||
Capital Group California Core Municipal Fund | 143,597 | 13,529 | 7,872 | 741 | (64,583 | ) | (6,093 | ) | 86,886 | 8,177 | ||||||||||||||||||||||
Capital Group California Short-Term Municipal Fund | 83,197 | 8,163 | 1,841 | 180 | (53,053 | ) | (5,196 | ) | 31,985 | 3,147 | ||||||||||||||||||||||
Capital Group Core Bond Fund | 75,927 | 7,540 | 8,773 | 866 | (76,814 | ) | (7,599 | ) | 7,886 | 807 | ||||||||||||||||||||||
Capital Group Global Equity Fund | 104,700 | 6,985 | 27,870 | 2,088 | (67,535 | ) | (4,472 | ) | 65,035 | 4,601 | ||||||||||||||||||||||
Capital Group International Equity Fund | 68,929 | 5,394 | 29,053 | 2,447 | (481,596 | ) | (36,746 | ) | (383,614 | ) | (28,905 | ) | ||||||||||||||||||||
Capital Group U.S. Equity Fund | 14,574 | 640 | 15,402 | 762 | (28,813 | ) | (1,262 | ) | 1,163 | 140 | ||||||||||||||||||||||
Year ended October 31, 2018 | ||||||||||||||||||||||||||||||||
Capital Group Core Municipal Fund | $ | 97,527 | 9,471 | $ | 7,627 | 744 | $ | (62,083 | ) | (6,053 | ) | $ | 43,071 | 4,162 | ||||||||||||||||||
Capital Group Short-Term Municipal Fund | 71,336 | 7,134 | 1,767 | 177 | (82,952 | ) | (8,297 | ) | (9,849 | ) | (986 | ) | ||||||||||||||||||||
Capital Group California Core Municipal Fund | 125,385 | 12,006 | 5,305 | 508 | (57,673 | ) | (5,514 | ) | 73,017 | 7,000 | ||||||||||||||||||||||
Capital Group California Short-Term Municipal Fund | 42,212 | 4,174 | 978 | 97 | (32,493 | ) | (3,210 | ) | 10,697 | 1,061 | ||||||||||||||||||||||
Capital Group Core Bond Fund | 77,015 | 7,723 | 6,963 | 701 | (40,424 | ) | (4,077 | ) | 43,554 | 4,347 | ||||||||||||||||||||||
Capital Group Global Equity Fund | 67,752 | 4,301 | 22,616 | 1,474 | (68,145 | ) | (4,340 | ) | 22,223 | 1,435 | ||||||||||||||||||||||
Capital Group International Equity Fund | 1,657,055 | 119,264 | 22,056 | 1,605 | (1,984,144 | ) | (145,012 | ) | (305,033 | ) | (24,143 | ) | ||||||||||||||||||||
Capital Group U.S. Equity Fund | 18,287 | 799 | 12,222 | 542 | (41,779 | ) | (1,807 | ) | (11,270 | ) | (466 | ) | ||||||||||||||||||||
Private Client Services Funds | 103 |
9. Investment transactions and other disclosures
The following tables present additional information for each of the funds for the year ended October 31, 2019 (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* | $ | 291,698 | $ | 61,483 | $ | 239,584 | $ | 96,424 | ||||||||
Sales of investment securities* | 184,327 | 67,887 | 104,776 | 55,504 | ||||||||||||
Non-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* | $ | 294,403 | $ | 160,055 | $ | 261,223 | $ | 35,012 | ||||||||
Sales of investment securities* | 246,627 | 129,775 | 418,738 | 51,724 | ||||||||||||
Non-U.S. taxes paid on dividend income | — | 725 | 1,906 | 66 |
* | 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 81% of the fund as of October 31, 2019). 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.
11. Subsequent events
On September 16, 2019, the funds’ board of trustees approved the reorganization of the three equity funds (Capital Group Global Equity Fund, Capital Group International Equity Fund and Capital Group U.S. Equity Fund) into newly established separate Delaware statutory trusts. Additionally, Capital Group Global Equity Fund reorganized into American Funds Global Insight Fund, and Capital Group International Equity Fund reorganized into American Funds International Vantage Fund. Former shareholders of Capital Group Global Equity Fund and Capital Group International Equity Fund received new Class F-3 shares of the reorganized funds. The reorganization occurred on November 8, 2019.
104 | Private Client Services Funds |
Financial highlights
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net gains (losses) 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 year | Total return2 | Net assets, end of year (in millions) | Ratio of expenses to average net assets before reimbursements3 | Ratio of expenses to average net assets after reimbursements2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
Capital Group Core Municipal Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/2019 | $ | 10.15 | $ | .22 | $ | .40 | $ | .62 | $ | (.22 | ) | $ | — | $ | (.22 | ) | $ | 10.55 | 6.15 | % | $ | 584 | .28 | % | .28 | % | 2.11 | % | ||||||||||||||||||||||||
10/31/2018 | 10.41 | .21 | (.26 | ) | (.05 | ) | (.19 | ) | (.02 | ) | (.21 | ) | 10.15 | (.32 | ) | 474 | .27 | .27 | 2.04 | |||||||||||||||||||||||||||||||||
10/31/2017 | 10.48 | .21 | (.07 | ) | .14 | (.21 | ) | — | 4 | (.21 | ) | 10.41 | 1.39 | 442 | .35 | .34 | 2.02 | |||||||||||||||||||||||||||||||||||
10/31/2016 | 10.49 | .21 | — | 4 | .21 | (.21 | ) | (.01 | ) | (.22 | ) | 10.48 | 1.97 | 405 | .41 | .40 | 1.97 | |||||||||||||||||||||||||||||||||||
10/31/2015 | 10.56 | .21 | (.07 | ) | .14 | (.21 | ) | — | (.21 | ) | 10.49 | 1.31 | 379 | .42 | .40 | 1.97 | ||||||||||||||||||||||||||||||||||||
Capital Group Short-Term Municipal Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/2019 | $ | 9.93 | $ | .19 | $ | .22 | $ | .41 | $ | (.19 | ) | $ | — | $ | (.19 | ) | $ | 10.15 | 4.19 | % | $ | 127 | .35 | % | .30 | % | 1.92 | % | ||||||||||||||||||||||||
10/31/2018 | 10.09 | .17 | (.18 | ) | (.01 | ) | (.15 | ) | — | (.15 | ) | 9.93 | .05 | 138 | .32 | .30 | 1.67 | |||||||||||||||||||||||||||||||||||
10/31/2017 | 10.11 | .14 | (.02 | ) | .12 | (.14 | ) | — | 4 | (.14 | ) | 10.09 | 1.26 | 150 | .41 | .35 | 1.42 | |||||||||||||||||||||||||||||||||||
10/31/2016 | 10.12 | .12 | (.01 | ) | .11 | (.12 | ) | — | 4 | (.12 | ) | 10.11 | 1.06 | 179 | .45 | .40 | 1.14 | |||||||||||||||||||||||||||||||||||
10/31/2015 | 10.19 | .12 | (.07 | ) | .05 | (.12 | ) | — | 4 | (.12 | ) | 10.12 | .51 | 142 | .46 | .40 | 1.15 | |||||||||||||||||||||||||||||||||||
Capital Group California Core Municipal Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/2019 | $ | 10.34 | $ | .20 | $ | .40 | $ | .60 | $ | (.20 | ) | $ | (.01 | ) | $ | (.21 | ) | $ | 10.73 | 5.84 | % | $ | 557 | .28 | % | .28 | % | 1.89 | % | |||||||||||||||||||||||
10/31/2018 | 10.57 | .19 | (.23 | ) | (.04 | ) | (.18 | ) | (.01 | ) | (.19 | ) | 10.34 | (.27 | ) | 452 | .27 | .27 | 1.85 | |||||||||||||||||||||||||||||||||
10/31/2017 | 10.69 | .20 | (.11 | ) | .09 | (.20 | ) | (.01 | ) | (.21 | ) | 10.57 | .84 | 388 | .35 | .34 | 1.88 | |||||||||||||||||||||||||||||||||||
10/31/2016 | 10.59 | .21 | .09 | .30 | (.20 | ) | — | (.20 | ) | 10.69 | 2.86 | 336 | .41 | .40 | 1.89 | |||||||||||||||||||||||||||||||||||||
10/31/2015 | 10.62 | .21 | (.03 | ) | .18 | (.21 | ) | — | (.21 | ) | 10.59 | 1.68 | 305 | .42 | .40 | 1.95 | ||||||||||||||||||||||||||||||||||||
Capital Group California Short-Term Municipal Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/2019 | $ | 10.06 | $ | .15 | $ | .22 | $ | .37 | $ | (.15 | ) | $ | — | $ | (.15 | ) | $ | 10.28 | 3.55 | % | $ | 164 | .32 | % | .30 | % | 1.46 | % | ||||||||||||||||||||||||
10/31/2018 | 10.21 | .13 | (.15 | ) | (.02 | ) | (.12 | ) | (.01 | ) | (.13 | ) | 10.06 | (.07 | ) | 129 | .31 | .30 | 1.28 | |||||||||||||||||||||||||||||||||
10/31/2017 | 10.23 | .11 | (.02 | ) | .09 | (.11 | ) | — | 4 | (.11 | ) | 10.21 | .97 | 120 | .42 | .35 | 1.11 | |||||||||||||||||||||||||||||||||||
10/31/2016 | 10.28 | .10 | (.04 | ) | .06 | (.10 | ) | (.01 | ) | (.11 | ) | 10.23 | .63 | 118 | .46 | .40 | 1.00 | |||||||||||||||||||||||||||||||||||
10/31/2015 | 10.31 | .10 | (.03 | ) | .07 | (.10 | ) | — | 4 | (.10 | ) | 10.28 | .74 | 112 | .46 | .40 | .98 | |||||||||||||||||||||||||||||||||||
Capital Group Core Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/2019 | $ | 9.82 | $ | .23 | $ | .48 | $ | .71 | $ | (.22 | ) | $ | — | $ | (.22 | ) | $ | 10.31 | 7.33 | % | $ | 477 | .28 | % | .28 | % | 2.24 | % | ||||||||||||||||||||||||
10/31/2018 | 10.14 | .21 | (.34 | ) | (.13 | ) | (.19 | ) | — | (.19 | ) | 9.82 | (1.14 | ) | 446 | .28 | .28 | 2.08 | ||||||||||||||||||||||||||||||||||
10/31/2017 | 10.31 | .16 | (.12 | ) | .04 | (.16 | ) | (.05 | ) | (.21 | ) | 10.14 | .41 | 416 | .35 | .34 | 1.58 | |||||||||||||||||||||||||||||||||||
10/31/2016 | 10.19 | .16 | .15 | .31 | (.16 | ) | (.03 | ) | (.19 | ) | 10.31 | 3.03 | 352 | .41 | .40 | 1.55 | ||||||||||||||||||||||||||||||||||||
10/31/2015 | 10.25 | .16 | (.04 | ) | .12 | (.16 | ) | (.02 | ) | (.18 | ) | 10.19 | 1.25 | 335 | .42 | .40 | 1.59 | |||||||||||||||||||||||||||||||||||
Capital Group Global Equity Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/2019 | $ | 14.92 | $ | .22 | $ | 2.21 | $ | 2.43 | $ | (.18 | ) | $ | (.70 | ) | $ | (.88 | ) | $ | 16.47 | 17.65 | % | $ | 702 | .64 | % | .64 | % | 1.45 | % | |||||||||||||||||||||||
10/31/2018 | 15.62 | .22 | (.16 | ) | .06 | (.21 | ) | (.55 | ) | (.76 | ) | 14.92 | .25 | 567 | .66 | .65 | 1.38 | |||||||||||||||||||||||||||||||||||
10/31/2017 | 12.65 | .21 | 2.95 | 3.16 | (.19 | ) | — | (.19 | ) | 15.62 | 25.36 | 571 | .73 | .73 | 5 | 1.52 | ||||||||||||||||||||||||||||||||||||
10/31/2016 | 13.13 | .20 | (.08 | ) | .12 | (.18 | ) | (.42 | ) | (.60 | ) | 12.65 | 1.04 | 482 | .86 | .85 | 1.64 | |||||||||||||||||||||||||||||||||||
10/31/2015 | 13.27 | .18 | (.03 | ) | .15 | (.14 | ) | (.15 | ) | (.29 | ) | 13.13 | 1.10 | 498 | .86 | .85 | 1.34 | |||||||||||||||||||||||||||||||||||
Capital Group International Equity Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/2019 | $ | 12.67 | $ | .20 | $ | 2.10 | $ | 2.30 | $ | (.36 | ) | $ | — | $ | (.36 | ) | $ | 14.61 | 18.95 | % | $ | 918 | .70 | % | .65 | % | 1.47 | % | ||||||||||||||||||||||||
10/31/2018 | 13.67 | .24 | (1.05 | ) | (.81 | ) | (.19 | ) | — | (.19 | ) | 12.67 | (6.09 | ) | 1,162 | .65 | .65 | 5 | 1.71 | |||||||||||||||||||||||||||||||||
10/31/2017 | 11.23 | .20 | 2.42 | 2.62 | (.18 | ) | — | (.18 | ) | 13.67 | 23.73 | 1,584 | .73 | .73 | 5 | 1.64 | ||||||||||||||||||||||||||||||||||||
10/31/2016 | 11.50 | .16 | (.30 | ) | (.14 | ) | (.13 | ) | — | (.13 | ) | 11.23 | (1.20 | ) | 1,366 | .85 | .85 | 5 | 1.44 | |||||||||||||||||||||||||||||||||
10/31/2015 | 11.56 | .13 | (.05 | ) | .08 | (.14 | ) | — | (.14 | ) | 11.50 | .69 | 1,333 | .85 | .85 | 5 | 1.11 | |||||||||||||||||||||||||||||||||||
Capital Group U.S. Equity Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/2019 | $ | 22.78 | $ | .34 | $ | 3.27 | $ | 3.61 | $ | (.35 | ) | $ | (1.47 | ) | $ | (1.82 | ) | $ | 24.57 | 17.65 | % | $ | 244 | .45 | % | .42 | % | 1.49 | % | |||||||||||||||||||||||
10/31/2018 | 22.95 | .34 | .85 | 1.19 | (.29 | ) | (1.07 | ) | (1.36 | ) | 22.78 | 5.30 | 223 | .44 | .43 | 1.45 | ||||||||||||||||||||||||||||||||||||
10/31/2017 | 19.78 | .32 | 4.02 | 4.34 | (.31 | ) | (.86 | ) | (1.17 | ) | 22.95 | 22.76 | 236 | .53 | .52 | 1.52 | ||||||||||||||||||||||||||||||||||||
10/31/2016 | 19.88 | .33 | .55 | .88 | (.30 | ) | (.68 | ) | (.98 | ) | 19.78 | 4.58 | 210 | .66 | .65 | 1.68 | ||||||||||||||||||||||||||||||||||||
10/31/2015 | 20.11 | .26 | .46 | .72 | (.24 | ) | (.71 | ) | (.95 | ) | 19.88 | 3.75 | 198 | .67 | .65 | 1.31 |
See end of tables for footnotes.
Private Client Services Funds | 105 |
Financial highlights(continued)
Portfolio turnover rate for all share classes excluding mortgage dollar roll transactions6,7 | Year ended October 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Capital Group Core Bond Fund | 114 | % | 41 | % | 52 | % | 58 | % | 87 | % | ||||||||||
Portfolio turnover rate for all share classes, including mortgage dollar roll transactions7 | Year ended October 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Capital Group Core Municipal Fund | 38 | % | 55 | % | 47 | % | 18 | % | 16 | % | ||||||||||
Capital Group Short-Term Municipal Fund | 50 | 70 | 42 | 24 | 27 | |||||||||||||||
Capital Group California Core Municipal Fund | 22 | 69 | 27 | 11 | 13 | |||||||||||||||
Capital Group California Short-Term Municipal Fund | 39 | 65 | 36 | 19 | 23 | |||||||||||||||
Capital Group Core Bond Fund | 151 | 110 | 95 | 86 | 126 | |||||||||||||||
Capital Group Global Equity Fund | 22 | 28 | 20 | 36 | 39 | |||||||||||||||
Capital Group International Equity Fund | 29 | 22 | 17 | 21 | 34 | |||||||||||||||
Capital Group U.S. Equity Fund | 16 | 22 | 19 | 31 | 29 |
1 | Based on average shares outstanding. |
2 | This column reflects the impact, if any, of certain reimbursements by CRMC. |
3 | Ratios do not include expenses of any Central Funds, if applicable. The fund indirectly bears its proportionate share of the expenses of any Central Funds. |
4 | Amount less than $.01. |
5 | Reimbursement was less than 0.005%. |
6 | Refer to Note 5 for further information on mortgage dollar rolls. |
7 | Rates do not include the fund’s portfolio activity with respect to any Central Funds, if applicable. |
See notes to financial statements.
106 | Private Client Services Funds |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Capital Group Private Client Services Funds and Shareholders 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, Capital Group Core Bond Fund, American Funds Global Insight Fund (formerly Capital Group Global Equity Fund), American Funds International Vantage Fund (formerly Capital Group International Equity Fund), and Capital Group U.S. Equity Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the investment portfolios, 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, Capital Group Core Bond Fund, Capital Group Global Equity Fund, Capital Group International Equity Fund, and Capital Group U.S. Equity Fund (constituting Capital Group Private Client Services Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the two years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2019 and each of the financial highlights for each of the two years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
The financial statements of the Funds as of and for the year ended October 31, 2017 and the financial highlights for each of the periods ended on or prior to October 31, 2017 (not presented herein, other than the financial highlights for each of the three years in the period ended October 31, 2017) were audited by other auditors whose report dated December 19, 2017 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Los Angeles, California
December 16, 2019
We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.
Private Client Services FundsSM | 107 |
Expense example | unaudited |
As a shareholder of the funds, you incur ongoing costs, including management fees and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the funds so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (May 1, 2019, through October 31, 2019).
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 CRMC’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.
108 | Private Client Services Funds |
Beginning account value 5/1/2019 | Ending account value 10/31/2019 | Expenses paid during period* | Annualized expense ratio | |||||||||||||
Capital Group Core Municipal Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 1,024.73 | $ | 1.48 | .29 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,023.74 | 1.48 | .29 | ||||||||||||
Capital Group Short-Term Municipal Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 1,018.18 | $ | 1.73 | .34 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,023.49 | 1.73 | .34 | ||||||||||||
Capital Group California Core Municipal Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 1,023.36 | $ | 1.48 | .29 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,023.74 | 1.48 | .29 | ||||||||||||
Capital Group California Short-Term Municipal Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 1,015.49 | $ | 1.68 | .33 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,023.54 | 1.68 | .33 | ||||||||||||
Capital Group Core Bond Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 1,032.44 | $ | 1.49 | .29 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,023.74 | 1.48 | .29 | ||||||||||||
Capital Group Global Equity Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 1,049.72 | $ | 3.20 | .62 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,022.08 | 3.16 | .62 | ||||||||||||
Capital Group International Equity Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 1,053.35 | $ | 3.36 | .65 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,021.93 | 3.31 | .65 | ||||||||||||
Capital Group U.S. Equity Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 1,057.22 | $ | 2.18 | .42 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,023.09 | 2.14 | .42 |
* | 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 | 109 |
Tax information | unaudited |
We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The funds hereby designate the following amounts for the funds’ fiscal year ended October 31, 2019:
Capital Group Core Municipal Fund | Capital Group Short-Term Municipal Fund | Capital Group California Core Municipal Fund | Capital Group California Short-Term Municipal Fund | |||||||||||||
Long-term capital gains | — | — | $ | 452,000 | — | |||||||||||
Exempt interest dividends | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
Capital Group Core Bond Fund | Capital Group Global Equity Fund | Capital Group International Equity Fund | Capital Group U.S. Equity Fund | |||||||||||||
Long-term capital gains | — | $ | 26,804,000 | $ | 3,316,000 | $ | 14,886,000 | |||||||||
Foreign taxes (per share) | — | $ | 0.020 | $ | 0.030 | — | ||||||||||
Foreign source income (per share) | — | $ | 0.18 | $ | 0.34 | — | ||||||||||
Qualified dividend income | — | 100 | % | 100 | % | 100 | % | |||||||||
Corporate dividends received deduction | — | $ | 5,193,000 | — | $ | 3,334,000 |
Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2020, to determine thecalendar year amounts to be included on their 2019 tax returns. Shareholders should consult their tax advisors.
110 | Private Client Services Funds |
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Private Client Services Funds | 113 |
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114 | Private Client Services Funds |
Board of trustees and other officers
Independent trustees1
Name and year of birth | Year first elected a trustee of the fund2 | Principal occupation(s) during past five years | Number of portfolios overseen by trustee3 |
Other directorships held | ||||
Joseph C. Berenato, 1946 | 2015 | Former Chairman and CEO, Ducommun Incorporated (aerospace components manufacturer) | 16 | None | ||||
Vanessa C. L. Chang, 1952 Chairman of the Board (Independent and Non-Executive) | 2015 | Former Director, EL & EL Investments (real estate) | 17 | Edison International; Sykes Enterprises; Transocean Ltd. | ||||
James G. Ellis, 1947 | 2019 | Professor of Marketing and former Dean, Marshall School of Business, University of Southern California | 98 | Mercury General Corporation | ||||
Jennifer C. Feikin, 1968 | 2019 | Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of California; Former Director, First Descents | 10 | None | ||||
Pablo R. González Guajardo, 1967 | 2019 | CEO, Kimberly-Clark de México, S.A.B. de C.V. | 17 | América Móvil, S.A.B. de C.V.; Grupo Lala, S.A.B. de C.V.; Grupo Sanborns, S.A.B. de C.V.; Kimberly-Clark de México, S.A.B. de C.V. | ||||
Leslie Stone Heisz, 1961 | 2019 | Former Managing Director, Lazard (retired, 2010); Director, Edwards Lifesciences; Trustee, Public Storage; Director, Kaiser Permanente (California public benefit corporation); Lecturer, UCLA Anderson School of Management | 10 | None | ||||
William D. Jones, 1955 | 2019 | Real estate developer/owner, President and CEO, CityLink Investment Corporation (acquires, develops and manages real estate ventures in urban communities) and for the former City Scene Management Company (provided commercial asset management services) | 18 | Sempra Energy | ||||
Interested trustee5 | ||||||||
Name, year of birth and position with fund | Year first elected a trustee or officer of the fund2 | Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund | Number of portfolios overseen by trustee | Other directorships3 held by trustee | ||||
John S. Armour, 1957 President and Trustee | 2013 | President — Private Client Services Division, Capital Bank and Trust Company6 | 10 | None |
The fund’s statement of additional information includes further details about fund trustees and is available without charge upon request by calling your relationship manager at (800) 421-4225, ext. 90. The address for all trustees and officers of the fund is 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary.
See page 116 for footnotes.
Private Client Services Funds | 115 |
Other officers7
Name, year of birth and position with fund | Year first elected an officer of the fund2 | Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the fund | ||
Aaron Applebaum, 1979 Senior Vice President | 2017 | Partner — Capital Fixed Income Investors, Capital Research and Management Company | ||
Eu-Gene Cheah, 1965 Senior Vice President | 2019 | Partner — Capital International Investors, Capital International, Inc.6 | ||
Gerald Du Manior, 1966 Senior Vice President | 2019 | Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company6; Senior Vice President, Capital International Asset Management (Canada), Inc.6; Vice President, Capital Guardian (Canada), Inc.6 | ||
Cheryl E. Frank, 1975 Senior Vice President | 2019 | Partner — Capital International Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.6 | ||
Gregory D. Fuss, 1959 Senior Vice President | 2019 | Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company6; Senior Vice President — Private Client Services Division, Capital Bank and Trust Company6 | ||
Mark Marinella, 1958 Senior Vice President | 2016 | Vice President — Capital Fixed Income Investors, Capital Research and Management Company | ||
John R. Queen, 1965 Senior Vice President | 2009 | Partner — Capital Fixed Income Investors, Capital Research and Management Company; Senior Vice President — Private Client Services Division, Capital Bank and Trust Company6 | ||
William L. Robbins, 1968 Senior Vice President | 2014 | Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company6 | ||
Steven T. Watson, 1955 Senior Vice President | 2019 | Partner — Capital International Investors, Capital International, Inc.6; Director, Capital International, Inc.6 | ||
Philip Winston, 1955 Senior Vice President | 2019 | Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital International Limited6; Senior Vice President, Capital International Limited6 | ||
Timothy W. McHale, 1978 Vice President | 2009 | Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Secretary, American Funds Distributors, Inc.6 | ||
Courtney R. Taylor, 1975 Secretary | 2009 | Assistant Vice President — Fund Business Management Group, Capital Research and Management Company | ||
Gregory F. Niland, 1971 Treasurer | 2014 | Vice President — Investment Operations, Capital Research and Management Company | ||
Susan K. Countess, 1966 Assistant Secretary | 2012 | Associate — Fund Business Management Group, Capital Research and Management Company | ||
Sandra Chuon, 1972 Assistant Treasurer | 2019 | Assistant Vice President — Investment Operations, Capital Research and Management Company | ||
Brian C. Janssen, 1972 Assistant Treasurer | 2015 | Vice President — Investment Operations, Capital Research and Management Company |
1 | The term independent trustee refers to a trustee who is not an “interested person” of the fund within the meaning of the Investment Company Act of 1940. |
2 | Trustees and officers of the fund serve until their resignation, removal or retirement. |
3 | Funds managed by Capital Research and Management Company or its affiliates. |
4 | This includes all directorships (other than the fund or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or its affiliates. Unless otherwise noted, all directorships are current. |
5 | The term interested trustee refers to a trustee who is an “interested person” of the fund within the meaning of the Investment Company Act of 1940, on the basis of his or her affiliation with the fund’s investment adviser, Capital Research and Management Company, or affiliated entities (including the fund’s principal underwriter). |
6 | Company affiliated with Capital Research and Management Company. |
7 | All of the officers listed are officers of one or more of the other funds for which Capital Research and Management Company serves as investment adviser. |
116 | Private Client Services Funds |
Office of the fund
6455 Irvine Center Drive
Irvine, CA 92618-4518
Investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
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
One Federal Street
Boston, MA 02110-1726
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. This and other important information is contained in the fund prospectus, which can be obtained from Capital Research and Management Company by calling (800) 266-9532 and should be read carefully before investing.
Capital Group Private Client Services Funds files a complete list of its portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website (www.sec.gov). Additionally, the list of portfolio holdings is available by calling your relationship manager at (800) 266-9532.
The proxy voting procedures and policies of Capital Group Private Client Services Funds — which describe how we vote proxies relating to portfolio securities — are available upon request by calling your relationship manager at (800) 266-9532.The fund files its proxy voting record 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 your relationship manager.
Bloomberg® is a trademark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays® is a trademark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Neither Bloomberg nor Barclays approves or endorses this material, guarantees the accuracy or completeness of any information herein and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.
Standard & Poor’s 500 Composite Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2019 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.
American Funds Distributors, Inc., member FINRA.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
ITEM 2 – Code of Ethics
The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made by calling 800/421-4225 or to the Secretary of the Registrant, 6455 Irvine Center Drive, Irvine, California 92618.
ITEM 3 – Audit Committee Financial Expert
The Registrant’s board has determined that Pablo R. González Guajardo, a member of the Registrant’s audit committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition.
ITEM 4 – Principal Accountant Fees and Services
CGPCS
Registrant: |
a) Audit Fees: | |||
2018 | $242,000 | ||
2019 | $258,000 | ||
b) Audit-Related Fees: | |||
2018 | $10,000 | ||
2019 | $19,000 | ||
c) Tax Fees: | |||
2018 | None | ||
2019 | $40,000 | ||
The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns. | |||
d) All Other Fees: | |||
2018 | None | ||
2019 | None | ||
Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below): | |||
a) Audit Fees: | |||
Not Applicable | |||
b) Audit-Related Fees: | |||
2018 | N/A | ||
2019 | None | ||
The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants. | |||
c) Tax Fees: | |||
2018 | N/A | ||
2019 | None | ||
d) All Other Fees: | |||
2018 | N/A | ||
2019 | $6,000 |
All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates. | |||
Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $10,000 for fiscal year 2018 and $65,000 for fiscal year 2019. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence. |
ITEM 5 – Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 – Schedule of Investments
Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 10 – Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating committee.
ITEM 11 – Controls and Procedures
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. |
(b) | There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
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ITEM 12 – Exhibits
(a)(1) | The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto. |
(a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CAPITAL GROUP PRIVATE CLIENT SERVICES FUNDS | |
By __/s/ John S. Armour________________ | |
John S. Armour, President and Principal Executive Officer | |
Date: December 31, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By _/s/ John S. Armour_____________ |
John S. Armour, President and Principal Executive Officer |
Date: December 31, 2019 |
By___/s/ Gregory F. Niland__________________ |
Gregory F. Niland, Treasurer and Principal Financial Officer |
Date: December 31, 2019 |