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, 2022
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 California Core Municipal Fund
Annual report for the year ended October 31, 2022 |
Research-driven
approaches to seeking
wealth preservation
and tax-exempt income
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.
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 over 90 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. 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, 2022 (the most recent calendar quarter-end), and the total annual fund operating expense ratios as of the prospectus dated January 1, 2023 (unaudited):
Cumulative | Average annual | |||||||||||||||||||
total returns | total returns | Gross | ||||||||||||||||||
1 year | 5 years | 10 years | Lifetime* | expense ratios | ||||||||||||||||
Capital Group California Core Municipal Fund | –6.34 | % | 0.59 | % | 1.24 | % | 1.87 | % | 0.27 | % | ||||||||||
Capital Group California Short-Term Municipal Fund | –4.42 | 0.28 | 0.55 | 0.87 | 0.30 |
* | Since April 13, 2010 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Visit capitalgrouppcsfunds.com and capitalgroup.com for American Funds for more information.
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.
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
1 | Letter to investors | |
2 | Funds’ 30-day yields and 12-month distribution rates | |
Investment portfolios | ||
6 | Capital Group California Core Municipal Fund | |
18 | Capital Group California Short-Term Municipal Fund | |
24 | Financial statements | |
41 | Board of trustees and other officers |
Fellow investors:
Bond markets slipped in the 12 months ended October 31, 2022, as repeated central bank interest rate hikes weighed heavily across the fixed income market.
Both Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund fared well against their respective benchmarks despite posting negative returns. Portfolio managers sought to limit interest rate sensitivity and, where appropriate, moved to take advantage of the changing environment by directing cash into securities paying higher yields.
Markets and economy
The funds’ fiscal year began on a cautious note, with both stock and bond markets pausing amid regulatory clampdowns in China and political jockeying in the U.S. over President Joe Biden’s spending and taxation proposals. Those issues were abruptly overshadowed by Russia’s invasion of Ukraine in February, which injected significant volatility into the global financial system. Stubbornly high inflation — partly fed by energy disruptions related to the war in Ukraine — spurred global central banks to aggressively raise rates. The U.S. Federal Reserve raised rates five times over the 12-month period to combat rising consumer prices, including a series of unusually aggressive three-quarter point moves.
Economic data was mixed. Some indicators — particularly the job market and consumer spending — remained strong, while others such as housing weakened. Gross domestic product fell in the first and second quarters of 2022, reflecting tighter household budgets in the face of high oil and food costs. Though back-to-back contractions would normally indicate a recession, solid employment and wage gains suggested that a downturn had not taken hold. Indeed, GDP rose in the third quarter.
Nevertheless, high inflation and rising interest rates took their toll on both fixed income and equity markets. Indeed, the Fed’s rate increases created one of the most challenging periods for fixed income in decades.
Even so, bonds still broadly held up better than stocks, highlighting the essential role they play in a balanced portfolio. Bonds can help to preserve capital, generate income and provide much-needed diversification, enabling them to mitigate occasionally sharp setbacks in the stock market.
Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund
Capital Group California Core Municipal Fund declined 6.02% for the year, holding up better than the Bloomberg California Short-Intermediate Municipal Index*, which lost 6.89%. Capital Group California Short-Term Municipal Fund fell 4.17%, less than the 4.80% drop realized by the Bloomberg Short Municipal Index.*
Rapidly rising interest rates weighed on the funds. However, the portfolios benefited relative to their associated indexes from a higher emphasis on securities that were less sensitive to changing rates and less exposure to
* | Index definitions can be found on page 3. |
Private Client Services Funds | 1 |
California and local government general obligation bonds.
Market outlook
It remains to be seen if the Fed can achieve a hoped for “soft landing” in which inflation falls to its target range of 2% without triggering a recession. Though consumer price gains have moderated somewhat, the Fed has remained aggressive, perhaps recalling the difficulty policymakers encountered in subduing price growth in the 1970s.
On the flip side, rising yields can reward investors over the long term. Until the past year, bond yields had declined steadily for the better part of the last 40 years. That was a double-edged sword for investors: Falling interest rates boosted the value of bonds, but the years’ long run of lower yields weighed heavily on investors seeking income.
The recent rise in rates gives portfolio managers the opportunity to reinvest proceeds of maturing securities into offerings with higher yields. That could provide relief in the fixed income portion of investor portfolios.
Given the uncertain economic environment, our investment team continues to proceed cautiously. Portfolio managers have limited interest rate sensitivity and avoided unwarranted credit risk. They have sought to take advantage of periodic volatility by investing in attractively priced securities featuring compelling yields and the potential to boost long-term returns.
Thank you for your trust and continued investment.
Sincerely,
John S. Armour
President
Mark Marinella
Senior Vice President
December 14, 2022
The funds’ returns for the 12 months ended October 31, 2022, can be found on page 3.
Funds’ 30-day yields and 12-month distribution rates
Below is a summary of each fund’s 30-day yield and 12-month distribution rate as of October 31, 2022. Each fund’s 30-day yield is calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula. The SEC yield reflects the rate at which each fund is earning income on its current portfolio of securities while the distribution rate reflects the funds’ past dividends paid to shareholders. Accordingly, the funds’ SEC yields and distribution rates may differ.
SEC | Distribution | |||||||
30-day yield | rate | |||||||
Capital Group California Core Municipal Fund | 2.69 | % | 1.41 | % | ||||
Capital Group California Short-Term Municipal Fund | 2.19 | 0.84 |
2 | Private Client Services Funds |
Results at a glance
For periods ended October 31, 2022, with all distributions reinvested
Cumulative | ||||||||||||||||
total returns | Average annual total returns | |||||||||||||||
1 year | 5 years | 10 years | Lifetime1 | |||||||||||||
Capital Group California Core Municipal Fund | –6.02 | % | 0.59 | % | 1.23 | % | 1.87 | % | ||||||||
Bloomberg California Short-Intermediate Municipal Index2 | –6.89 | 0.43 | 1.20 | 1.95 | ||||||||||||
Lipper California Short-Intermediate Municipal Debt Funds Average3 | –6.04 | 0.19 | 0.71 | 1.17 | ||||||||||||
Capital Group California Short-Term Municipal Fund | –4.17 | 0.30 | 0.56 | 0.87 | ||||||||||||
Bloomberg California Short Municipal Index2 | –4.80 | 0.38 | 0.79 | 1.17 | ||||||||||||
Lipper Short Municipal Debt Funds Average3 | –3.36 | 0.34 | 0.45 | 0.73 |
1 | Since April 13, 2010. |
2 | The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Source: Bloomberg Index Services Ltd. |
3 | Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper categories are dynamic, and averages may have few funds, especially over longer periods. Lipper source: Refinitiv Lipper. |
Bloomberg 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. Bloomberg 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. For additional information about the funds, their investment results, holdings and portfolio managers, visit capitalgrouppcsfunds.com. You can also read our insights about the markets, industries and more at capitalgroup.com/pcs.
Private Client Services Funds | 3 |
Capital Group California Core Municipal Fund
(For the period April 13, 2010, through October 31, 2022, with dividends reinvested)
* | Bloomberg 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. |
† | Includes 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 hypothetical $1,000 investment
For periods ended October 31, 2022
1 year | 5 years | 10 years | ||||
Capital Group California Core Municipal Fund | –6.02% | 0.59% | 1.23% |
4 | Private Client Services Funds |
Capital Group California Short-Term Municipal Fund
(For the period April 13, 2010, through October 31, 2022, with dividends reinvested)
* | Bloomberg 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. |
† | Includes 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 hypothetical $1,000 investment
For periods ended October 31, 2022
1 year | 5 years | 10 years | ||||
Capital Group California Short-Term Municipal Fund | –4.17% | 0.30% | 0.56% |
Private Client Services Funds | 5 |
Capital Group California Core Municipal Fund
Investment portfolio October 31, 2022
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. |
Bonds, notes & other debt instruments 81.49% | Principal amount (000) | Value (000) | ||||||
California 80.95% | ||||||||
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 10/1/2024 | USD | 600 | $ | 612 | ||||
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 10/1/2025 | 500 | 510 | ||||||
City of Alhambra, Insured Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 1/1/2027 | 630 | 654 | ||||||
Antelope Valley Community College Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2015, 0% 8/1/2035 (preref. 2/15/2025) | 2,300 | 1,365 | ||||||
Antelope Valley Community College Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2015, 0% 8/1/2036 (preref. 2/15/2025) | 2,800 | 1,589 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties, Inc. Obligated Group), Series 2013, 5.00% 11/15/2022 | 1,000 | 1,000 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties, Inc. Obligated Group), Series 2013, 5.00% 11/15/2023 | 500 | 503 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Windemere Ranch Infrastructure Fncg. Program), Series 2014-A, 5.00% 9/2/2023 | 370 | 375 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Windemere Ranch Infrastructure Fncg. Program), Series 2014-A, 5.00% 9/2/2024 | 395 | 407 | ||||||
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Windemere Ranch Infrastructure Fncg. Program), Series 2014-A, 5.00% 9/2/2025 | 510 | 525 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2001-A, (SIFMA Municipal Swap Index + 1.25%) 3.49% 4/1/2036 (put 4/1/2027)1 | 1,000 | 1,012 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2013-S-4, 5.00% 4/1/2043 (preref. 4/1/2023) | 1,000 | 1,008 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1, (SIFMA Municipal Swap Index + 1.10%) 3.34% 4/1/2045 (put 4/1/2024)1 | 4,275 | 4,290 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-D, (SIFMA Municipal Swap Index + 0.30%) 2.54% 4/1/2056 (put 4/1/2027)1 | 1,895 | 1,847 | ||||||
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2017-S-7, 5.00% 4/1/2024 | 1,200 | 1,229 | ||||||
Bay Area Water Supply and Conservation Agcy., Rev. Bonds, Series 2013-A, 5.00% 10/1/2023 | 500 | 504 | ||||||
City of Beaumont, Wastewater Rev. Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 9/1/2026 | 500 | 530 | ||||||
City of Burbank, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015, BAM insured, 5.00% 12/1/2022 | 1,305 | 1,307 | ||||||
California County Tobacco Securitization Agcy., Tobacco Settlement Rev. Bonds (Los Angeles County Securitization Corp.), Series 2020-A, 5.00% 6/1/2026 | 600 | 616 | ||||||
Trustees of the California State University, Systemwide Rev. Bonds, Series 2015-A, 5.00% 11/1/2024 | 500 | 517 | ||||||
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-A, 5.00% 11/1/2028 | 2,705 | 2,859 | ||||||
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2, 0.55% 11/1/2049 (put 11/1/2026) | 1,980 | 1,715 | ||||||
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3, 4.00% 11/1/2051 (put 11/1/2023) | 2,500 | 2,506 | ||||||
Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev. Project Area), Series 2021-C, BAM insured, 4.00% 8/1/2023 | 225 | 226 |
6 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
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% 8/1/2024 | USD | 260 | $ | 266 | ||||
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% 8/1/2025 | 620 | 637 | ||||||
Cerritos Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2012-D, 0% 8/1/2027 | 830 | 692 | ||||||
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2027 | 465 | 452 | ||||||
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2028 | 480 | 464 | ||||||
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2029 | 500 | 481 | ||||||
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2030 | 520 | 493 | ||||||
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2031 | 540 | 507 | ||||||
City of Chino, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, BAM insured, 5.00% 9/1/2025 | 665 | 683 | ||||||
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 9/1/2024 | 465 | 473 | ||||||
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 9/1/2026 | 780 | 804 | ||||||
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 9/1/2027 | 430 | 446 | ||||||
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 9/1/2028 | 355 | 369 | ||||||
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 9/1/2029 | 225 | 235 | ||||||
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 9/1/2030 | 60 | 62 | ||||||
Clovis Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2006-B, National insured, 0% 8/1/2030 | 1,000 | 726 | ||||||
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, 4.00% 2/1/2052 (put 8/1/2031) | 7,475 | 6,978 | ||||||
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2022-A-1, 4.00% 5/1/2053 (put 8/1/2028) | 6,670 | 6,410 | ||||||
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 7/1/2026 (preref. 7/1/2024) | 1,290 | 1,329 | ||||||
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 8/1/2029 (preref. 8/1/2025) | 1,000 | 1,046 | ||||||
Compton Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2015 Election, Series 2019-B, BAM insured, 0% 6/1/2033 | 1,000 | 620 | ||||||
City of Concord, Successor Agcy. to the Redev. Agcy., Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 3/1/2023 | 825 | 829 | ||||||
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 9/1/2026 | 400 | 397 | ||||||
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 9/1/2027 | 880 | 914 | ||||||
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 9/1/2028 | 925 | 971 | ||||||
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 9/1/2029 | 675 | 713 | ||||||
Desert Community College Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2032 (preref. 2/1/2026) | 1,885 | 1,989 | ||||||
City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, Special Tax Bonds, Series 2021, 3.00% 9/1/2023 | 205 | 203 | ||||||
City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, Special Tax Bonds, Series 2021, 3.00% 9/1/2025 | 265 | 254 | ||||||
East Bay Municipal Utility Dist., Water System Rev. Ref. Bonds, Series 2015-A, 5.00% 6/1/2027 | 3,550 | 3,708 | ||||||
Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 2.75% 7/1/2028 | 535 | 509 | ||||||
Eastern Municipal Water Dist., Water and Wastewater Rev. Ref. Bonds, Series 2021-A, 4.00% 7/1/2029 | 1,210 | 1,260 | ||||||
Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2021-A, 5.00% 4/1/2028 | 1,375 | 1,461 | ||||||
Educational Facs. Auth., Rev. Ref. Bonds (Stanford University), Series 2009-T-5, 5.00% 3/15/2023 | 1,290 | 1,299 | ||||||
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 10/1/2026 | 530 | 545 | ||||||
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 10/1/2027 | 500 | 514 | ||||||
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 10/1/2030 | 1,000 | 1,027 | ||||||
County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 9/1/2024 | 855 | 856 | ||||||
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 9/1/2025 | 580 | 600 | ||||||
Etiwanda School Dist., G.O. Bonds, 2016 Election, Series 2020-A, 4.00% 8/1/2029 | 570 | 585 |
Private Client Services Funds | 7 |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
City of Eureka, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2017-B, 5.00% 11/1/2022 | USD | 835 | $ | 835 | ||||
City of Fillmore, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 6/1/2024 | 1,000 | 1,025 | ||||||
Folsom Cordova Unified School Dist., School Facs. Improvement Dist. No. 1, G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2004-B, National insured, 0% 10/1/2026 | 1,000 | 859 | ||||||
City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 9/1/2023 | 535 | 536 | ||||||
City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 9/1/2026 | 100 | 98 | ||||||
City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 9/1/2027 | 120 | 117 | ||||||
City of Fontana, Public Facs. Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2021-A, 4.00% 9/1/2027 | 625 | 618 | ||||||
City of Fontana, Public Facs. Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2021-A, 4.00% 9/1/2029 | 390 | 379 | ||||||
G.O. Bonds, Series 2021, 5.00% 10/1/2029 | 2,000 | 2,202 | ||||||
G.O. Bonds, Series 2018, 5.00% 10/1/2030 | 1,000 | 1,085 | ||||||
G.O. Bonds, Series 2021, 5.00% 12/1/2031 | 85 | 89 | ||||||
G.O. Bonds, Series 2022, 5.00% 4/1/2032 | 3,030 | 3,396 | ||||||
G.O. Bonds, Series 2021, 5.00% 12/1/2032 | 70 | 74 | ||||||
G.O. Bonds, Series 2022, 5.00% 4/1/2033 | 1,250 | 1,387 | ||||||
G.O. Bonds, Series 2021, 5.00% 12/1/2034 | 70 | 73 | ||||||
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2027 | 745 | 796 | ||||||
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2028 | 685 | 741 | ||||||
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 10/1/2029 | 1,000 | 1,101 | ||||||
G.O. Rev. Ref. Bonds, Series 2017, 5.00% 11/1/2029 | 6,000 | 6,451 | ||||||
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2029 | 6,500 | 7,162 | ||||||
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 9/1/2030 | 3,500 | 3,879 | ||||||
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2030 | 2,850 | 3,163 | ||||||
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 12/1/2030 | 520 | 577 | ||||||
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2031 | 3,000 | 3,337 | ||||||
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 9/1/2031 | 2,500 | 2,787 | ||||||
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 3/1/2032 | 4,000 | 4,390 | ||||||
City of Glendale, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Central Glendale Redev. Project), Series 2016, BAM insured, 5.00% 12/1/2024 | 425 | 438 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Bonds, Series 2005-A, AMBAC insured, 0% 6/1/2024 (escrowed to maturity) | 2,000 | 1,895 | ||||||
Greenfield Elementary School Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, Series 2007-A, Assured Guaranty Municipal insured, 0% 8/1/2029 | 1,270 | 956 | ||||||
City of Grossmont, Healthcare Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, Series 2007-A, AMBAC insured, 0% 7/15/2032 | 1,500 | 992 | ||||||
City of Hawthorne, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 9/1/2024 | 250 | 257 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 3/1/2023 | 910 | 915 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 3/1/2024 | 1,105 | 1,112 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Cedars-Sinai Medical Center), Series 2016-A, 5.00% 8/15/2023 | 650 | 659 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2/1/2025 | 1,000 | 1,032 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-B, 5.00% 11/1/2029 (put 11/1/2022) | 1,025 | 1,025 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2014-A, 5.00% 8/15/2025 | 400 | 410 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (PIH Health), Series 2020-A, 5.00% 6/1/2030 | 1,900 | 1,979 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2019-B, 5.00% 10/1/2039 (put 10/1/2027) | 2,135 | 2,279 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Stanford Health Care), Series 2021-A, 3.00% 8/15/2054 (put 8/15/2025) | 1,000 | 981 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 11/15/2024 | 3,000 | 3,090 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 11/15/2026 (preref. 11/15/2025) | 300 | 316 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2013-A, 5.00% 8/15/2052 (preref. 8/15/2023) | 1,665 | 1,690 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Adventist Health System/West), Series 2016-A, 4.00% 3/1/2025 | 1,270 | 1,275 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2022-A, 5.00% 5/15/2026 | 830 | 872 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 11/1/2022 | 175 | 175 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 11/1/2023 | 135 | 137 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 11/15/2024 | 1,000 | 1,036 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 11/15/2026 | 1,750 | 1,870 | ||||||
Hemet Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2015, 5.00% 9/1/2026 | 600 | 614 | ||||||
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 8/1/2023 | 885 | 897 |
8 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
Housing Fin. Agcy., Municipal Certs., Series 2021-A-3, 3.25% 8/20/2036 | USD | 1,242 | $ | 1,018 | ||||
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 11/1/2025 | 100 | 104 | ||||||
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 11/1/2026 | 125 | 131 | ||||||
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 11/1/2027 | 110 | 116 | ||||||
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 11/1/2028 | 375 | 397 | ||||||
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 11/1/2029 | 140 | 148 | ||||||
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 11/1/2030 | 340 | 357 | ||||||
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2020-A-1, 4.00% 4/1/2030 | 825 | 861 | ||||||
City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. Project), Series 2017-A, BAM insured, 5.00% 5/1/2031 | 500 | 529 | ||||||
City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Merged Redev. Project), Series 2017-A, BAM insured, 5.00% 5/1/2027 | 650 | 685 | ||||||
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2013, 5.00% 9/2/2024 | 725 | 735 | ||||||
City of Irvine, Reassessment Dist. No. 13-1, Limited Obligation Improvement Bonds, Series 2013, 3.375% 9/2/2023 | 850 | 851 | ||||||
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 9/2/2023 | 200 | 203 | ||||||
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 9/2/2024 | 210 | 215 | ||||||
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 9/2/2025 | 250 | 259 | ||||||
City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021, BAM insured, 4.00% 9/2/2025 | 500 | 504 | ||||||
City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021, 4.00% 9/2/2028 | 500 | 506 | ||||||
City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021, BAM insured, 4.00% 9/2/2030 | 1,265 | 1,278 | ||||||
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 5.00% 9/1/2027 | 140 | 146 | ||||||
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 5.00% 9/1/2028 | 350 | 366 | ||||||
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 5.00% 9/1/2030 | 215 | 223 | ||||||
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 9/1/2023 | 500 | 506 | ||||||
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 9/1/2029 | 710 | 729 | ||||||
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 5.00% 9/1/2023 | 750 | 760 | ||||||
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 4.00% 9/1/2027 | 1,615 | 1,647 | ||||||
Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and 15), Series 2021-A, BAM insured, 4.00% 9/1/2029 | 335 | 342 | ||||||
Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and 15), Series 2021-A, BAM insured, 4.00% 9/1/2031 | 375 | 379 | ||||||
Kern Community College Dist., Safety Repair and Improvement G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006, FSA insured, 0% 11/1/2022 | 1,500 | 1,500 | ||||||
Kings Canyon Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 8/1/2029 | 1,600 | 1,670 | ||||||
La Habra School Dist., G.O. Bonds, Capital Appreciation Bonds, 2000 Election, Series 2002-A, FSA insured, 0% 8/1/2026 | 1,010 | 877 | ||||||
Lakeside Union School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2029 | 1,785 | 1,888 | ||||||
City of Lodi, Public Fin. Auth., Rev. Ref. Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 9/1/2024 | 260 | 267 | ||||||
Long Beach Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2008-A, Assured Guaranty Municipal insured, 0% 6/1/2027 | 3,865 | 3,260 | ||||||
Los Altos School Dist., G.O. Bonds, 2014 Election, Capital Appreciation Bonds, Series 2019-A, 4.00% 8/1/2029 | 1,000 | 1,030 | ||||||
City of Los Angeles, Community Facs. Dist. No. 4 (Playa Vista - Phase 1), Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 9/1/2023 | 690 | 699 | ||||||
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2021-B, 5.00% 5/15/2031 | 420 | 465 | ||||||
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2021-B, 5.00% 5/15/2034 | 1,025 | 1,109 | ||||||
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-E, 5.00% 5/15/2039 | 1,130 | 1,171 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 7/1/2024 | 535 | 551 |
Private Client Services Funds | 9 |
Capital Group California Core 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% 7/1/2025 | USD | 1,875 | $ | 1,959 | ||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 7/1/2025 | 500 | 523 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-D, 5.00% 7/1/2027 | 1,100 | 1,184 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2030 | 775 | 861 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2032 | 870 | 981 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2021-C, 5.00% 7/1/2033 | 1,500 | 1,666 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2033 | 1,345 | 1,509 | ||||||
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 7/1/2028 | 650 | 710 | ||||||
City of Los Angeles, Solid Waste Resources Rev. Bonds, Series 2013-A, 2.00% 2/1/2023 | 1,110 | 1,105 | ||||||
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax Bonds, Series 2022, 5.00% 9/1/2031 | 225 | 230 | ||||||
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax Bonds, Series 2022, 5.00% 9/1/2032 | 175 | 178 | ||||||
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax Bonds, Series 2022, 5.00% 9/1/2033 | 170 | 172 | ||||||
County of Los Angeles, Dev. Auth., Multi Family Housing Mortgage Rev. Bonds (Long Beach Senior Housing), Series 2022, 2.00% 2/1/2026 (put 2/1/2025) | 3,350 | 3,156 | ||||||
County of Los Angeles, Dev. Auth., Multi Family Housing Rev. Bonds (Cantamar Villas), Series 2021-D-1, 0.30% 2/1/2025 (put 2/1/2024) | 1,295 | 1,235 | ||||||
County of Los Angeles, Dev. Auth., Multi Family Housing Rev. Bonds (Sunny Garden Apartments), Series 2021-C-1, 0.20% 7/1/2024 (put 1/1/2023) | 3,175 | 3,159 | ||||||
County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Bonds, Series 2021-A, 4.00% 6/1/2036 | 3,450 | 3,380 | ||||||
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Bonds, Series 2021-A, 5.00% 7/1/2030 | 3,610 | 4,019 | ||||||
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Bonds, Series 2021-A, 5.00% 7/1/2034 | 1,000 | 1,107 | ||||||
County of Los Angeles, Public Works Fncg. Auth., Lease Rev. Bonds, Series 2016-D, 5.00% 12/1/2027 | 1,500 | 1,575 | ||||||
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series 2021-A, 4.00% 7/1/2032 | 1,395 | 1,406 | ||||||
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014-C, 5.00% 7/1/2023 | 520 | 527 | ||||||
Madera Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006, Assured Guaranty Municipal insured, 0% 8/1/2029 | 585 | 447 | ||||||
Manhattan Beach Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 1999-C, FGIC-National insured, 0% 9/1/2024 | 3,800 | 3,542 | ||||||
Manteca Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2006, MBIA insured, 0% 8/1/2027 | 560 | 466 | ||||||
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 5, Special Tax Bonds, Series 2021, 4.00% 9/1/2028 | 275 | 267 | ||||||
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 10/1/2028 | 250 | 262 | ||||||
Merced Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2011-C, 0% 8/1/2033 | 615 | 384 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2022-B, 5.00% 7/1/2033 | 500 | 562 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2022-B, 5.00% 7/1/2034 | 500 | 558 | ||||||
Montebello Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 8/1/2028 | 1,545 | 1,602 | ||||||
Mountain View - Los Altos Union School Dist., G.O. Bonds, 2018 Election, Series 2022-C, 4.00% 8/1/2031 | 2,465 | 2,521 | ||||||
Mountain View School Dist., G.O. Bonds, 2020 Election, Series 2021-A, Assured Guaranty Municipal insured, 4.00% 8/1/2023 | 1,290 | 1,298 | ||||||
Municipal Fin. Auth., Certs. of Part. (Palomar Health), Series 2022-A, Assured Guaranty Municipal insured, 5.00% 11/1/2028 | 125 | 129 | ||||||
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, 4.00% 6/1/2026 | 165 | 162 | ||||||
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Walnut Apartments), Series 2021-A, 0.45% 12/1/2024 (put 12/1/2023) | 2,935 | 2,821 | ||||||
Municipal Fin. Auth., Rev. and Rev. Ref. Bonds (HumanGood California Obligated Group), Series 2019-A, 4.00% 10/1/2030 | 1,785 | 1,729 | ||||||
Municipal Fin. Auth., Rev. Bonds (California Institute of the Arts), Series 2021, 4.00% 10/1/2033 | 250 | 228 | ||||||
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2026 | 300 | 308 | ||||||
Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, Assured Guaranty Municipal insured, 5.00% 2/1/2027 | 800 | 828 | ||||||
Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, Assured Guaranty Municipal insured, 5.00% 2/1/2028 | 750 | 776 |
10 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, Assured Guaranty Municipal insured, 5.00% 2/1/2029 | USD | 825 | $ | 854 | ||||
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation), Series 2017-A, 5.00% 11/15/2024 (escrowed to maturity) | 300 | 308 | ||||||
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 6/1/2023 | 750 | 758 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 10/1/2026 | 335 | 346 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 11/1/2022 | 885 | 885 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 11/1/2025 | 500 | 523 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2028 | 750 | 740 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2029 | 1,085 | 1,062 | ||||||
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2035 | 1,000 | 920 | ||||||
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project), Series 2019, BAM insured, 5.00% 5/15/2027 | 530 | 548 | ||||||
Murrieta Valley Unified School Dist., G.O. Bonds, 2014 Election, Series 2020, 4.00% 9/1/2023 | 335 | 337 | ||||||
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2023 | 2,530 | 2,555 | ||||||
Napa Valley Community College Dist., G.O. Rev. Ref. Bonds, Convertible Capital Appreciation Bonds, Series 2018, 4.00% 8/1/20332 | 2,190 | 2,201 | ||||||
Napa Valley Unified School Dist., G.O. Bonds, 2016 Election, Series 2019-C, Assured Guaranty Municipal insured, 4.00% 8/1/2034 | 1,030 | 1,030 | ||||||
New Haven Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2008-C, Assured Guaranty insured, 0% 8/1/2030 | 5,075 | 3,769 | ||||||
Oak Park Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, Series 2009-B, Assured Guaranty Municipal insured, 0% 8/1/2029 | 605 | 457 | ||||||
Oakland Unified School Dist., G.O. Bonds, 2006 Election, Series 2016-A, 5.00% 8/1/2026 | 1,325 | 1,397 | ||||||
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured, 5.00% 8/1/2028 | 1,000 | 1,072 | ||||||
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured, 4.00% 8/1/2034 | 2,000 | 1,993 | ||||||
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2024 | 1,310 | 1,346 | ||||||
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2025 | 3,000 | 3,123 | ||||||
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty insured, 5.00% 8/1/2026 | 1,125 | 1,176 | ||||||
County of Orange, Airport Governmental Rev. Ref. Bonds, Series 2019-B, 5.00% 7/1/2025 | 1,065 | 1,111 | ||||||
County of Orange, Airport Private Activity Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2025 | 1,000 | 1,043 | ||||||
County of Orange, Community Facs. Dist. No. 2016-1 (Village of Esencia), Special Tax Bonds, Series 2016-A, 5.00% 8/15/2026 | 570 | 588 | ||||||
County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00% 8/15/2031 | 1,025 | 1,052 | ||||||
County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00% 8/15/2032 | 1,000 | 1,024 | ||||||
County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00% 8/15/2033 | 500 | 509 | ||||||
County of Orange, Transportation Auth., Bond Anticipation Notes (I-405 Improvement Project), Series 2021, 5.00% 10/15/2024 | 2,000 | 2,067 | ||||||
County of Orange, Water Dist. Rev. Certs. of Part. (Interim Obligations), Series 2019-A, 2.00% 8/15/2023 | 2,725 | 2,691 | ||||||
City of Oxnard, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 6/1/2024 | 250 | 256 | ||||||
City of Oxnard, Water Rev. Ref. Bonds, Series 2018, BAM insured, 5.00% 6/1/2024 | 450 | 462 | ||||||
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 8/1/2026 | 630 | 658 | ||||||
Paramount Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1998 Election, Series 2001-B, Assured Guaranty Municipal insured, 0% 9/1/2025 | 3,000 | 2,709 | ||||||
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2026 | 250 | 263 | ||||||
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2027 | 200 | 212 | ||||||
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2028 | 285 | 305 | ||||||
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2029 | 400 | 432 | ||||||
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2024 | 1,000 | 1,019 | ||||||
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2028 | 185 | 190 | ||||||
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2029 | 200 | 206 | ||||||
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2030 | 215 | 220 | ||||||
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2031 | 350 | 357 | ||||||
Pleasant Valley School Dist., G.O. Bonds, 2018 Election, Series A, 5.00% 8/1/2029 (preref. 8/1/2026) | 645 | 686 | ||||||
Pollution Control Fncg. Auth., Water Facs. Rev. Ref. Bonds (American Water Capital Corp. Project), Series 2020, 0.60% 8/1/2040 (put 9/1/2023) | 3,270 | 3,182 | ||||||
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2016-A, 5.00% 9/1/2023 | 885 | 898 |
Private Client Services Funds | 11 |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
Public Fin. Auth., Electric System Rev. Ref. Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 9/1/2023 | USD | 730 | $ | 740 | ||||
Public Fin. Auth., Reassessment Rev. Ref. Bonds, Series 2019, 5.00% 9/2/2029 | 1,000 | 1,055 | ||||||
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, Assured Guaranty Municipal insured, 5.00% 10/1/2023 | 500 | 506 | ||||||
Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2028 | 250 | 269 | ||||||
Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2030 | 250 | 272 | ||||||
Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2033 | 330 | 356 | ||||||
Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2034 | 350 | 374 | ||||||
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 1/1/2028 | 450 | 463 | ||||||
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 1/1/2029 | 500 | 516 | ||||||
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 1/1/2031 | 520 | 537 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2021-A, 5.00% 2/1/2032 | 1,000 | 1,109 | ||||||
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% 9/1/2026 | 600 | 616 | ||||||
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% 9/1/2028 | 300 | 308 | ||||||
City of Redding, Joint Powers Fin. Auth., Electric System Rev. Bonds, Series 2015-A, 5.00% 6/1/2024 | 15 | 15 | ||||||
Rialto Unified School Dist., G.O. Bonds, 2010 Election, Series 2019, 3.00% 8/1/2026 | 600 | 588 | ||||||
Rialto Unified School Dist., G.O. Bonds, 2010 Election, Series 2019, 3.00% 8/1/2027 | 750 | 725 | ||||||
City of Richmond, Successor Agcy. to the Redev. Agcy., Rev. Ref. Bonds, Series 2014-A, BAM insured, 5.00% 9/1/2025 | 200 | 205 | ||||||
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, BAM insured, 5.00% 9/1/2032 | 240 | 251 | ||||||
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1, Special Tax Rev. Ref. Bonds, Series 2022-A-1, Assured Guaranty Municipal insured, 5.00% 9/1/2028 | 500 | 536 | ||||||
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1, Special Tax Rev. Ref. Bonds, Series 2022-A-1, Assured Guaranty Municipal insured, 5.00% 9/1/2029 | 500 | 539 | ||||||
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% 10/1/2023 | 1,075 | 1,091 | ||||||
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Hemet Project), Series 2014, BAM insured, 5.00% 9/1/2023 | 500 | 507 | ||||||
Riverside Community Properties Dev., Inc., Lease Rev. Bonds (Riverside County Law Building Project), Series 2013, 6.00% 10/15/2038 (preref. 10/15/2023) | 2,585 | 2,654 | ||||||
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 9/1/2025 | 350 | 362 | ||||||
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 9/1/2026 | 400 | 415 | ||||||
Riverside Unified School Dist., G.O. Bonds, 2016 Election, Series 2019, 4.00% 8/1/2029 | 850 | 867 | ||||||
City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 9/1/2024 | 1,000 | 1,019 | ||||||
Roseville Joint Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2007-C, 0% 8/1/2025 | 700 | 635 | ||||||
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.25% 7/1/2024 | 525 | 537 | ||||||
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 2019-A, 5.00% 8/15/2049 (put 7/13/2023) | 3,580 | 3,611 | ||||||
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-E, 5.00% 7/1/2027 | 1,015 | 1,074 | ||||||
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-E, 5.00% 7/1/2030 | 200 | 213 | ||||||
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2027 | 585 | 596 | ||||||
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2017-E, 5.00% 8/1/2027 | 555 | 590 | ||||||
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2028 | 610 | 618 | ||||||
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2029 | 635 | 642 | ||||||
Sacramento Unified School Dist., G.O. Bonds, 2020 Election, Series 2022-A, BAM insured, 5.00% 8/1/2023 | 5,680 | 5,746 | ||||||
Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 7/1/2030 | 1,000 | 1,024 | ||||||
Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2022, BAM insured, 5.00% 7/1/2030 | 1,050 | 1,150 | ||||||
City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% 9/1/2027 | 635 | 643 | ||||||
City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% 9/1/2028 | 875 | 882 | ||||||
City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% 9/1/2029 | 430 | 432 | ||||||
City of San Diego, Limited Obligation Rev. Bonds (Sanford Burnham Prebys Medical Discovery Institute Project), Series 2015-A, 5.00% 11/1/2022 | 200 | 200 |
12 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A, 5.00% 10/15/2030 | USD | 200 | $ | 221 | ||||
City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A, 5.00% 10/15/2031 | 150 | 164 | ||||||
City of San Diego, Public Facs. Fncg. Auth., Water Rev. Bonds, Series 2020-A, 5.00% 8/1/2029 | 500 | 549 | ||||||
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 2, Special Tax Bonds, Series 2020-A, 4.00% 9/1/2026 | 255 | 251 | ||||||
County of San Diego, Grossmont Healthcare Dist., G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 7/15/2030 | 500 | 550 | ||||||
County of San Diego, Grossmont Healthcare Dist., G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 7/15/2031 | 625 | 691 | ||||||
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2027 | 400 | 423 | ||||||
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2028 | 320 | 342 | ||||||
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2029 | 585 | 631 | ||||||
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2013-A, 5.00% 7/1/2023 (escrowed to maturity) | 245 | 248 | ||||||
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2028 | 1,000 | 1,068 | ||||||
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2029 | 1,000 | 1,079 | ||||||
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 7/1/2031 | 1,405 | 1,493 | ||||||
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Bonds, Series 2021-B, 5.00% 4/1/2029 | 320 | 353 | ||||||
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Green Bonds, Series 2020-A, 5.00% 4/1/2028 | 850 | 927 | ||||||
County of San Diego, Water Auth. Rev. Ref. Bonds, Series 2013-A, 5.00% 5/1/2031 (preref. 11/1/2022) | 900 | 900 | ||||||
County of San Diego, Water Auth., Water Rev. Bonds, Series 2022-A, 5.00% 5/1/2028 | 250 | 272 | ||||||
County of San Diego, Water Auth., Water Rev. Bonds, Series 2022-A, 5.00% 5/1/2029 | 500 | 549 | ||||||
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2016-SR-1, 4.00% 7/1/2031 | 3,000 | 3,048 | ||||||
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series 2015-R-4, 5.00% 7/1/2026 | 1,000 | 1,048 | ||||||
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series 2015-R-4, 5.00% 7/1/2027 | 3,000 | 3,142 | ||||||
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series 2016-R-5, 5.00% 7/1/2029 | 1,500 | 1,595 | ||||||
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds, Series 2019-D-2, 5.00% 5/1/2024 | 1,000 | 1,025 | ||||||
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series 2022-B-2, 5.00% 5/1/2027 | 4,000 | 4,260 | ||||||
City of San Francisco, Bay Area Rapid Transit Dist., G.O. Bonds, 2016 Election, Series 2020-C-1, 5.00% 8/1/2027 | 1,500 | 1,619 | ||||||
San Francisco Unified School Dist., G.O. Bonds, 2016 Election, Series 2020-B, 4.00% 6/15/2029 | 1,000 | 1,025 | ||||||
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2023 | 40 | 40 | ||||||
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2024 | 65 | 66 | ||||||
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2025 | 90 | 92 | ||||||
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2026 | 155 | 159 | ||||||
San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1997-A, National insured, 0% 1/15/2025 | 285 | 260 | ||||||
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, BAM insured, 5.00% 3/1/2029 | 500 | 539 | ||||||
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, BAM insured, 5.00% 3/1/2030 | 250 | 271 | ||||||
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-B, 5.00% 3/1/2032 | 1,250 | 1,330 | ||||||
City of San Jose, Fin. Auth., Lease Rev. Ref. Bonds (Civic Center Project), Series 2013-A, 5.00% 6/1/2030 (preref. 6/1/2023) | 1,625 | 1,643 | ||||||
City of San Jose, G.O. Bonds (Disaster Preparedness, Public Safety and Infrastructure), Series 2021-A, 5.00% 9/1/2030 | 2,250 | 2,518 | ||||||
San Jose Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006-C, National insured, 0% 8/1/2025 | 795 | 722 | ||||||
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 8/1/2023 | 375 | 380 | ||||||
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 8/1/2024 | 500 | 515 | ||||||
San Ramon Valley Unified School Dist., G.O. Bonds, 2012 Election, Series 2018, 5.00% 8/1/2024 | 1,000 | 1,031 | ||||||
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 9/1/2024 | 530 | 540 | ||||||
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 9/1/2025 | 375 | 382 | ||||||
Santa Monica-Malibu Unified School Dist., School Facs. Improvement Dist. No. 1 (Santa Monica Schools), G.O. Bonds, 2018 Election, Series 2021-B, 4.00% 8/1/2025 | 405 | 414 |
Private Client Services Funds | 13 |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
Santa Monica-Malibu Unified School Dist., School Facs. Improvement Dist. No. 2 (Malibu Schools), G.O. Bonds, 2018 Election, Series 2021-B, 4.00% 8/1/2024 | USD | 1,235 | $ | 1,253 | ||||
Santa Monica-Malibu Unified School Dist., School Facs. Improvement Dist. No. 2 (Malibu Schools), G.O. Bonds, 2018 Election, Series 2021-B, 4.00% 8/1/2025 | 345 | 352 | ||||||
Santa Rosa High School Dist., G.O. Bonds, 2014 Election, Series 2021-E, BAM insured, 4.00% 8/1/2027 | 500 | 517 | ||||||
Santa Rosa High School Dist., G.O. Bonds, 2014 Election, Series 2021-E, BAM insured, 4.00% 8/1/2029 | 500 | 515 | ||||||
Saugus Union School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2006, FGIC-National insured, 0% 8/1/2024 | 1,210 | 1,137 | ||||||
Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, Special Tax Rev. Bonds, Series 2016, 5.00% 9/1/2024 | 500 | 507 | ||||||
Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, Special Tax Rev. Bonds, Series 2016, 5.00% 9/1/2025 | 1,110 | 1,134 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 4.00% 7/1/20273 | 740 | 722 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 4.00% 7/1/20293 | 805 | 774 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 5.00% 7/1/20313 | 875 | 881 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2014-A, 4.125% 7/1/20243 | 315 | 315 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 7/1/20243 | 585 | 594 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2015-A, 3.625% 7/1/20253 | 460 | 452 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 7/1/20263 | 505 | 514 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 7/1/20273 | 600 | 612 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/20233 | 225 | 227 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/20243 | 130 | 132 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20243 | 100 | 101 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/20253 | 150 | 152 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20253 | 105 | 107 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/20263 | 105 | 107 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20263 | 110 | 112 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/20273 | 220 | 224 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20273 | 100 | 102 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20283 | 100 | 102 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20293 | 200 | 204 | ||||||
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20303 | 200 | 204 | ||||||
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 9/1/2023 | 150 | 148 | ||||||
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 9/1/2024 | 145 | 140 | ||||||
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 9/1/2025 | 365 | 346 | ||||||
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 9/1/2026 | 150 | 139 | ||||||
City of Signal Hill, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM insured, 5.00% 10/1/2023 | 500 | 508 | ||||||
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2019-A, 3.00% 3/1/2024 | 4,065 | 4,043 | ||||||
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2021-B, 0.50% 3/1/2026 | 5,040 | 4,489 | ||||||
Solano Community College Dist., G.O. Bonds, 2015 Election, Series 2013-A, 4.375% 8/1/2047 (preref. 8/1/2023) | 595 | 601 | ||||||
South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2031 | 2,885 | 3,172 | ||||||
South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2032 | 500 | 551 | ||||||
Southern California Public Power Auth., Rev. Ref. Bonds (Magnolia Power Project A), Series 2020-1, 5.00% 7/1/2027 | 1,100 | 1,185 | ||||||
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 7/1/2026 | 200 | 212 | ||||||
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 7/1/2027 | 400 | 431 | ||||||
Stanislaus Union School Dist., G.O. Rev. Ref. Bonds, Series 2019, BAM insured, 5.00% 8/1/2025 | 500 | 521 | ||||||
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Harriet Tubman Terrace Apartments), Series 2021-Q, 0.24% 4/1/2024 (put 4/1/2023) | 7,000 | 6,890 | ||||||
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Noble Creek Apartments), Series 2022-J, 3.50% 8/1/2025 (put 8/1/2024) | 6,887 | 6,782 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 3/1/2025 | 750 | 770 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 3/1/2028 | 2,085 | 2,143 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 3/1/2034 | 975 | 995 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 10/1/2023 | 1,110 | 1,120 |
14 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
Statewide Communities Dev. Auth., Rev. Bonds (Cottage Health System Obligated Group), Series 2015, 5.00% 11/1/2043 (preref. 11/1/2024) | USD | 5,000 | $ | 5,167 | ||||
Statewide Communities Dev. Auth., Rev. Bonds (Jewish Home of San Francisco), Series 2016, 5.00% 11/1/2026 | 575 | 608 | ||||||
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Huntington Memorial Hospital), Series 2014-B, 5.00% 7/1/2026 (preref. 7/1/2024) | 200 | 206 | ||||||
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Rady Children’s Hospital), Series 2016-B, 5.00% 8/15/2028 | 860 | 927 | ||||||
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM insured, 5.00% 5/15/2029 | 1,865 | 1,983 | ||||||
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM insured, 5.00% 5/15/2031 | 3,000 | 3,209 | ||||||
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM insured, 5.00% 5/15/2032 | 3,500 | 3,732 | ||||||
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments), Series 2016, 5.00% 5/15/2029 | 1,250 | 1,273 | ||||||
Stockton Unified School Dist., G.O. Bonds, 2012 Election, Series 2018-C, BAM insured, 5.00% 8/1/2030 | 2,145 | 2,309 | ||||||
Sweetwater Union High School Dist., G.O. Bonds, 2006 Election, Series 2006, 4.00% 8/1/2026 | 515 | 521 | ||||||
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 8/1/2025 | 1,715 | 1,761 | ||||||
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% 6/1/2025 | 1,000 | 1,020 | ||||||
City of Tracy, Successor Agcy. to the Community Dev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 8/1/2030 | 545 | 565 | ||||||
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2027 | 600 | 632 | ||||||
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2028 | 700 | 742 | ||||||
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2029 | 660 | 704 | ||||||
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2030 | 300 | 320 | ||||||
City of Turlock, Irrigation Dist., Rev. Ref. Bonds, Series 2020, 5.00% 1/1/2031 | 1,600 | 1,760 | ||||||
City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy / Columbus Villages), Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 9/1/2024 | 860 | 881 | ||||||
Twin Rivers Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 5.00% 8/1/2024 | 400 | 410 | ||||||
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006, MBIA insured, 0% 8/1/2023 | 1,500 | 1,462 | ||||||
Union City, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-A, 5.00% 10/1/2023 | 375 | 381 | ||||||
Regents of the University of California, Limited Project Rev. Bonds, Series 2022-S, 5.00% 5/15/2031 | 1,150 | 1,289 | ||||||
Val Verde Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 4.00% 8/1/2023 | 600 | 604 | ||||||
City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 4/1/2028 | 590 | 608 | ||||||
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 12/1/2045 | 2,780 | 2,743 | ||||||
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 12/1/2049 | 2,320 | 2,293 | ||||||
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2020-A, 3.00% 12/1/2050 | 6,685 | 6,395 | ||||||
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2022-A, 5.50% 12/1/2052 | 2,705 | 2,819 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2017-CQ, 4.00% 12/1/2047 | 1,075 | 1,065 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 12/1/2048 | 3,780 | 3,741 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2019-CS, 4.00% 12/1/2049 | 2,220 | 2,196 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2020-CT, 3.00% 12/1/2050 | 4,700 | 4,496 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2022-CU, 5.50% 12/1/2052 | 1,900 | 1,970 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 12/1/2045 | 470 | 465 | ||||||
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 8/1/2024 | 730 | 738 | ||||||
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 8/1/2026 | 270 | 278 | ||||||
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% 9/1/2025 | 400 | 405 | ||||||
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2016-AV, 4.00% 12/1/2033 | 3,260 | 3,317 | ||||||
West Basin Municipal Water Dist., Rev. Ref. Bonds, Series 2021-A, 5.00% 8/1/2030 | 1,575 | 1,749 | ||||||
West Basin Municipal Water Dist., Rev. Ref. Bonds, Series 2021-A, 5.00% 8/1/2031 | 745 | 833 | ||||||
West Contra Costa Unified School Dist., G.O. Bonds, 2010 Election, Series 2020-F, Assured Guaranty Municipal insured, 4.00% 8/1/2028 | 600 | 614 |
Private Client Services Funds | 15 |
Capital Group California Core Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
West Contra Costa Unified School Dist., G.O. Bonds, 2012 Election, Series 2020-E, Assured Guaranty Municipal insured, 4.00% 8/1/2030 | USD | 900 | $ | 920 | ||||
West Contra Costa Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2005-D, National insured, 0% 8/1/2026 | 2,425 | 2,108 | ||||||
West Contra Costa Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2005-D, National insured, 0% 8/1/2031 | 2,585 | 1,786 | ||||||
West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, 2005 Election, Series 2008-B, 6.00% 8/1/2027 | 3,000 | 3,332 | ||||||
Westminster School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2009-A-1, Assured Guaranty insured, 0% 8/1/2023 | 1,000 | 974 | ||||||
Westside Union School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 8/1/2027 | 800 | 669 | ||||||
Whittier City School Dist., G.O. Rev. Ref. Bonds, Series 2016, 4.00% 8/1/2030 | 825 | 837 | ||||||
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series 2021, Assured Guaranty Municipal insured, 4.00% 9/1/2029 | 215 | 214 | ||||||
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series 2021, Assured Guaranty Municipal insured, 4.00% 9/1/2030 | 235 | 230 | ||||||
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series 2021, Assured Guaranty Municipal insured, 4.00% 9/1/2031 | 260 | 252 | ||||||
Yosemite Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2010-D, 0% 8/1/2031 | 500 | 345 | ||||||
474,086 | ||||||||
Missouri 0.01% | ||||||||
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2015-A, 3.75% 5/1/2038 | 70 | 69 | ||||||
Texas 0.09% | ||||||||
Tarrant County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Christus Health), Series 2018-A, 5.00% 7/1/2024 | 500 | 511 | ||||||
United States 0.44% | ||||||||
Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class ACA, 3.35% 11/25/2033 | 2,864 | 2,603 | ||||||
Total bonds, notes & other debt instruments (cost: $512,382,000) | 477,269 | |||||||
Short-term securities 15.12% | ||||||||
Municipals 15.12% | ||||||||
Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A., Inc. Project), Series 2010-A, 1.38% 11/1/20351 | 3,500 | 3,500 | ||||||
Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A., Inc. Project), Series 2010-B, 1.38% 11/1/20351 | 9,900 | 9,900 | ||||||
City of Irvine, Reassessment Dist. No. 87-8, Limited Obligation Improvement Bonds, Series 1999, 1.28% 9/2/20241 | 1,000 | 1,000 | ||||||
Irvine Ranch Water Dist. Nos. 105, 140, 240 and 250, Consolidated G.O. Bonds, Series 1993, 1.27% 4/1/20331 | 17,400 | 17,400 | ||||||
Kern Community College Dist., Facs. Improvement Dist. No. 1, G.O. Bond Anticipation Notes, Capital Appreciation Notes, Series 2020, 0% 8/1/2023 | 2,000 | 1,951 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Demand Rev. Bonds, Series 2002-A-2, 1.28% 7/1/20351 | 7,080 | 7,080 | ||||||
City of Los Angeles, Dept. of Water and Power, Rev. Bonds, Series 2021-A-1, 1.25% 7/1/20501 | 8,500 | 8,500 | ||||||
City of Los Angeles, Dept. of Water and Power, Water System Bonds, Series 2019-A, 1.28% 7/1/20491 | 4,000 | 4,000 | ||||||
City of Los Angeles, Tax and Rev. Anticipation Notes, Series 2022, 4.00% 6/29/2023 | 3,000 | 3,017 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2, 1.25% 7/1/20371 | 2,235 | 2,235 | ||||||
Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A., Inc. Project), Series 2005, 1.38% 6/1/20251 | 900 | 900 | ||||||
Pollution Control Fncg. Auth., Environmental Impact Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 1997-B, 1.23% 3/1/20421 | 14,300 | 14,300 | ||||||
County of Riverside, Tax and Rev. Anticipation Notes, Series 2022, 5.00% 6/30/2023 | 5,000 | 5,064 |
16 | Private Client Services Funds |
Capital Group California Core Municipal Fund
Short-term securities (continued) | Principal amount (000) | Value (000) | ||||||
Municipals (continued) | ||||||||
San Diego Unified School Dist., Tax and Rev. Anticipation Notes, Series 2022-A, 4.00% 6/30/2023 | USD | 3,585 | $ | 3,606 | ||||
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A., Inc. Project), Series 2002, 1.38% 5/15/20241 | 2,435 | 2,435 | ||||||
Regents of the University of California, General Rev. Bonds, Series 2013-AL-1, 1.20% 5/15/20481 | 3,700 | 3,700 | ||||||
Total short-term securities (cost: $88,691,000) | 88,588 | |||||||
Total investment securities 96.61% (cost: $601,073,000) | 565,857 | |||||||
Other assets less liabilities 3.39% | 19,833 | |||||||
Net assets 100.00% | $ | 585,690 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 10/31/2022 (000) | ||||||||||
5 Year U.S. Treasury Note Futures | Long | 770 | December 2022 | USD82,077 | $ | (3,377 | ) | ||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 243 | December 2022 | (28,184 | ) | 1,642 | |||||||||
30 Year Ultra U.S. Treasury Bond Futures | Short | 143 | December 2022 | (18,255 | ) | 2,732 | |||||||||
$ | 997 |
1 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. 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 $6,638,000, which represented 1.13% of the net assets of the fund. |
Key to abbreviations
Agcy. = Agency
Assn. = Association
Auth. = Authority
Certs. = Certificates
Dept. = Department
Dev. = Development
Dist. = District
Dists. = Districts
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
Part. = Participation
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
SIFMA = Securities Industry and Financial Markets Association
USD = U.S. dollars
Private Client Services Funds | 17 |
Capital Group California Short-Term Municipal Fund
Investment portfolio October 31, 2022
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. |
Bonds, notes & other debt instruments 75.34% | Principal amount (000) | Value (000) | ||||||
California 75.34% | ||||||||
City of Alhambra, Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 1/1/2023 | USD | 450 | $ | 451 | ||||
City of Anaheim, Housing and Public Improvements Auth., Rev. Bonds (Electric Utility Distribution System Improvements), Series 2020-A, 5.00% 10/1/2023 | 200 | 203 | ||||||
City of Bakersfield, Wastewater Rev. Ref. Bonds, Series 2015-A, 5.00% 9/15/2027 | 1,000 | 1,049 | ||||||
City of Burbank, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015, BAM insured, 5.00% 12/1/2022 | 500 | 501 | ||||||
Trustees of the California State University, Systemwide Rev. Bonds, Series 2013-A, 5.00% 11/1/2023 | 400 | 407 | ||||||
Trustees of the California State University, Systemwide Rev. Bonds, Series 2020-A, 5.00% 11/1/2024 | 800 | 828 | ||||||
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3, 4.00% 11/1/2051 (put 11/1/2023) | 650 | 652 | ||||||
Chino Basin Regional Fin. Auth., Rev. Notes (Inland Empire Utilities Interim Fncg.), Series 2020-B, 4.00% 11/1/2025 | 500 | 510 | ||||||
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2023 | 395 | 394 | ||||||
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2024 | 410 | 407 | ||||||
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2025 | 430 | 425 | ||||||
Citrus Community College Dist., G.O. Bonds, 2020 Election, Series 2021-A, 4.00% 8/1/2025 | 370 | 378 | ||||||
Coast Community College Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2006-B, Assured Guaranty insured, 0% 8/1/2026 | 1,205 | 1,053 | ||||||
Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 5.00% 6/1/2025 | 125 | 130 | ||||||
Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 5.00% 6/1/2027 | 500 | 536 | ||||||
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 9/1/2024 | 400 | 398 | ||||||
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 9/1/2025 | 410 | 407 | ||||||
East Side Union High School Dist., G.O. Rev. Ref. Bonds, Series 2020, BAM insured, 5.00% 8/1/2025 | 845 | 886 | ||||||
Eastern Municipal Water Dist., Community Facs. Dist. No. 2017-79 (Eagle Crest), Special Tax Bonds, Series 2021, 4.00% 9/1/2023 | 255 | 255 | ||||||
Eastern Municipal Water Dist., Community Facs. Dist. No. 2017-79 (Eagle Crest), Special Tax Bonds, Series 2021, 4.00% 9/1/2025 | 275 | 273 | ||||||
Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2024 | 225 | 231 | ||||||
Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2026 | 300 | 319 | ||||||
Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2021-A, 5.00% 4/1/2025 | 425 | 438 | ||||||
Fowler Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 4.00% 8/1/2024 | 745 | 753 | ||||||
G.O. Bonds, Series 2022, 5.00% 4/1/2027 | 1,000 | �� | 1,069 | |||||
G.O. Bonds, Series 2013-E, (SIFMA Municipal Swap Index + 0.43%) 2.67% 12/1/2029 (put 12/1/2023)1 | 500 | 500 | ||||||
G.O. Rev. Ref. Bonds, Series 2022-B, 4.00% 9/1/2028 | 700 | 724 | ||||||
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2029 | 1,000 | 1,095 | ||||||
G.O. Rev. Ref. Bonds, Series 2022, 4.00% 9/1/2029 | 750 | 777 | ||||||
Glendale Community College Dist., G.O. Rev. Ref. Bonds, 2016 Election, Series 2020-B, 4.00% 8/1/2023 | 500 | 503 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 6/1/2033 (preref. 6/1/2025) | 720 | 752 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 3/1/2024 | 410 | 413 |
18 | Private Client Services Funds |
Capital Group California Short-Term Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 8/15/2025 | USD | 400 | $ | 417 | ||||
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-B-2, 4.00% 10/1/2036 (put 10/1/2024) | 110 | 111 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 11/15/2022 (escrowed to maturity) | 200 | 200 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 11/15/2025 | 400 | 418 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 11/15/2026 (preref. 11/15/2025) | 275 | 289 | ||||||
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 11/15/2046 (preref. 11/15/2025) | 250 | 263 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2022-A, 5.00% 5/15/2024 | 680 | 695 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 11/1/2028 | 315 | 326 | ||||||
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 11/15/2026 | 700 | 739 | ||||||
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 4.00% 8/1/2024 | 500 | 505 | ||||||
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2021-B-2, 3.00% 10/1/2047 (put 10/1/2026) | 1,500 | 1,477 | ||||||
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B, 5.00% 7/1/2023 | 1,000 | 1,011 | ||||||
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 9/1/2025 | 250 | 257 | ||||||
Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and 15), Series 2021-A, BAM insured, 4.00% 9/1/2027 | 285 | 287 | ||||||
Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and 15), Series 2021-A, BAM insured, 4.00% 9/1/2028 | 275 | 281 | ||||||
County of Kern, Water Agcy., Improvement Dist. No. 4, Water Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 5.00% 5/1/2023 | 800 | 807 | ||||||
Kern Community College Dist., Facs. Improvement Dist. No. 1, G.O. Bonds, 2016 Election, Series 2020-C, 4.00% 8/1/2026 | 645 | 660 | ||||||
La Canada Unified School Dist., G.O. Bonds, 2017 Election, Series 2020-B, 4.00% 8/1/2024 | 425 | 432 | ||||||
City of Lake Elsinore, Facs. Fin. Auth., Local Agcy. Rev. Ref. Bonds, Series 2021-B, Assured Guaranty Municipal insured, 4.00% 9/1/2026 | 195 | 198 | ||||||
City of Lake Elsinore, Facs. Fin. Auth., Local Agcy. Rev. Ref. Bonds, Series 2021-B, Assured Guaranty Municipal insured, 4.00% 9/1/2027 | 210 | 215 | ||||||
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2022-E, 5.00% 5/15/2030 | 250 | 276 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2014-D, 4.00% 7/1/2023 | 500 | 503 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2014-B, 5.00% 7/1/2023 | 825 | 835 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2016-B, 5.00% 7/1/2024 | 800 | 825 | ||||||
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2028 | 500 | 545 | ||||||
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 7/1/2025 | 500 | 523 | ||||||
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 7/1/2026 | 300 | 319 | ||||||
City of Los Angeles, Solid Waste Resources Rev. Bonds, Series 2013-A, 2.00% 2/1/2023 | 500 | 498 | ||||||
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax Bonds, Series 2022, 5.00% 9/1/2029 | 150 | 157 | ||||||
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax Bonds, Series 2022, 5.00% 9/1/2030 | 175 | 180 | ||||||
County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Ref. Green Bonds, Series 2020-A, 5.00% 6/1/2025 | 1,500 | 1,568 | ||||||
County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Ref. Green Bonds, Series 2020-A, 5.00% 6/1/2026 | 400 | 425 | ||||||
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Bonds, Series 2021-A, 5.00% 7/1/2027 | 675 | 726 | ||||||
Los Angeles Community College Dist., G.O. Bonds, 2016 Election, Series 2022-C-1, 5.00% 8/1/2026 | 1,500 | 1,599 | ||||||
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-RYQ, 5.00% 7/1/2025 | 750 | 785 | ||||||
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015-A, 5.00% 7/1/2023 | 685 | 694 | ||||||
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014-C, 5.00% 7/1/2025 | 500 | 515 | ||||||
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2026 | 755 | 772 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2022-B, 3.00% 7/1/2028 | 955 | 936 | ||||||
Modesto Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016, 5.00% 10/1/2023 | 160 | 162 | ||||||
Modesto Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2021, 5.00% 7/1/2026 | 635 | 670 | ||||||
Mountain View Whisman School Dist., G.O. Bonds, 2012 Election, Series 2016-B, 5.00% 9/1/2025 | 610 | 642 | ||||||
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Walnut Apartments), Series 2021-A, 0.45% 12/1/2024 (put 12/1/2023) | 700 | 673 |
Private Client Services Funds | 19 |
Capital Group California Short-Term Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
Municipal Fin. Auth., Solid Waste Rev. Ref. Bonds (Republic Services, Inc. Project), Capital Appreciation Bonds, Series 2010, Assured Guaranty Municipal insured, 0% 9/1/2023 | USD | 260 | $ | 252 | ||||
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student Housing Project), Series 2021, BAM insured, 5.00% 5/15/2025 | 400 | 410 | ||||||
Napa Valley Unified School Dist., G.O. Rev. Ref. Bonds, Series 2013, 5.00% 8/1/2024 (preref. 8/1/2023) | 250 | 254 | ||||||
New Haven Unified School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2012, Assured Guaranty Municipal insured, 0% 8/1/2023 | 965 | 941 | ||||||
County of Orange, Sanitation Dist., Wastewater Rev. Ref. Obligations, Series 2021-A, 5.00% 2/1/2026 | 750 | 792 | ||||||
County of Orange, Water Dist. Rev. Ref. Bonds, Series 2019-C, 5.00% 8/15/2024 | 500 | 516 | ||||||
Pasadena Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, 5.00% 8/1/2024 | 655 | 675 | ||||||
Peralta Community College Dist., G.O. Bonds, 2006 Election, Series 2020-E-1, 5.00% 8/1/2025 | 1,000 | 1,044 | ||||||
City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA No. 4 and No. 5; CFD No. 2005-1 IA No. 4), Series 2017-B, 5.00% 9/1/2024 | 990 | 1,008 | ||||||
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2024 | 240 | 243 | ||||||
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 1/1/2026 | 440 | 450 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2022-C, 5.00% 8/1/2024 | 510 | 525 | ||||||
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2017-B, 5.00% 10/1/2024 | 330 | 341 | ||||||
City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (The Grantline 208 Project), Special Tax Bonds, Series 2021-B, 3.00% 9/1/2024 | 85 | 83 | ||||||
City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (The Grantline 208 Project), Special Tax Bonds, Series 2021-B, 4.00% 9/1/2026 | 105 | 104 | ||||||
City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (The Grantline 208 Project), Special Tax Bonds, Series 2021-B, 4.00% 9/1/2028 | 120 | 117 | ||||||
City of Richmond, Wastewater Rev. Ref. Bonds, Series 2019-B, 5.00% 8/1/2023 | 940 | 953 | ||||||
RNR School Fncg. Auth., Community Facs. Dist. No. 92-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 9/1/2028 | 1,000 | 1,057 | ||||||
Roseville Joint Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2007-C, 0% 8/1/2025 | 510 | 463 | ||||||
Roseville Joint Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2007-C, Assured Guaranty Municipal insured, 0% 8/1/2026 | 870 | 762 | ||||||
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.25% 7/1/2024 | 80 | 82 | ||||||
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 2019-A, 5.00% 8/15/2049 (put 7/13/2023) | 1,000 | 1,009 | ||||||
City of Sacramento, Municipal Utility Dist., Electric Rev. Ref. Bonds, Series 2018-F, 5.00% 8/15/2026 | 500 | 533 | ||||||
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2023 | 450 | 452 | ||||||
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2024 | 520 | 524 | ||||||
Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2022, BAM insured, 5.00% 7/1/2027 | 815 | 870 | ||||||
City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% 9/1/2026 | 485 | 492 | ||||||
City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A, 5.00% 10/15/2027 | 255 | 274 | ||||||
City of San Diego, Public Facs. Fncg. Auth., Sewer Rev. Bonds, Series 2022-A, 5.00% 5/15/2027 | 500 | 535 | ||||||
County of San Diego, Grossmont Healthcare Dist., G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 7/15/2028 | 320 | 345 | ||||||
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2023 | 500 | 506 | ||||||
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2024 | 500 | 514 | ||||||
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Bonds, Series 2021-B, 5.00% 4/1/2026 | 140 | 148 | ||||||
County of San Diego, Water Auth., Water Rev. Ref. Green Bonds, Series 2021-B, 5.00% 5/1/2030 | 230 | 255 | ||||||
San Diego Unified School Dist., G.O. Green Bonds, 2018 Election, Series 2022-F-2, 5.00% 7/1/2029 | 810 | 897 | ||||||
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series 2009-D-2, 4.00% 5/1/2023 (escrowed to maturity) | 400 | 402 | ||||||
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series 2016-A-2, 5.00% 5/1/2024 | 400 | 410 | ||||||
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series 2019-D-2, 5.00% 5/1/2026 | 500 | 525 | ||||||
City and County of San Francisco, G.O. Bonds (Earthquake Safety and Emergency Response), Series 2021-E-1, 5.00% 6/15/2025 | 815 | 854 | ||||||
City and County of San Francisco, G.O. Rev. Ref. Bonds, Series 2020-R-1, 5.00% 6/15/2030 | 1,100 | 1,197 | ||||||
San Francisco Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 6/15/2024 | 1,365 | 1,401 | ||||||
San Gabriel Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2012-B, 0% 8/1/2023 | 200 | 195 | ||||||
City of San Jacinto, Community Facs. Dist. No. 2002-1 (Rancho San Jacinto Phase 2), Special Tax Rev. Ref. Bonds, Series 2016, 5.00% 9/1/2027 | 900 | 930 | ||||||
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, BAM insured, 5.00% 3/1/2026 | 440 | 461 |
20 | Private Client Services Funds |
Capital Group California Short-Term Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
Santa Monica-Malibu Unified School Dist., Certs. of Part., Capital Appreciation Notes, Series 2001-C, National insured, 0% 11/1/2022 | USD | 100 | $ | 100 | ||||
Santa Monica-Malibu Unified School Dist., School Facs. Improvement Dist. No. 1 (Santa Monica Schools), G.O. Bonds, 2018 Election, Series 2021-B, 4.00% 8/1/2024 | 485 | 492 | ||||||
Santa Monica-Malibu Unified School Dist., School Facs. Improvement Dist. No. 1 (Santa Monica Schools), G.O. Bonds, 2018 Election, Series 2021-B, 4.00% 8/1/2025 | 335 | 342 | ||||||
City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series 2019, 5.00% 9/1/2023 | 160 | 161 | ||||||
City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series 2019, 5.00% 9/1/2024 | 170 | 173 | ||||||
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2021-B, 0.50% 3/1/2026 | 1,025 | 913 | ||||||
Southern California Public Power Auth., Rev. Ref. Green Bonds (Linden Wind Energy Project), Series 2020-A, 5.00% 4/1/2024 | 550 | 562 | ||||||
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 7/1/2024 | 520 | 536 | ||||||
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 4.00% 11/15/2022 | 265 | 265 | ||||||
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 4.00% 11/15/2023 | 250 | 252 | ||||||
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-B, 4.00% 11/15/2023 | 660 | 665 | ||||||
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Harriet Tubman Terrace Apartments), Series 2021-Q, 0.24% 4/1/2024 (put 4/1/2023) | 2,000 | 1,969 | ||||||
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Noble Creek Apartments), Series 2022-J, 3.50% 8/1/2025 (put 8/1/2024) | 1,476 | 1,453 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 3/1/2023 | 135 | 136 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 3/1/2024 | 200 | 204 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 3/1/2025 | 415 | 426 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Cottage Health System Obligated Group), Series 2015, 5.00% 11/1/2043 (preref. 11/1/2024) | 1,500 | 1,550 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 5.00% 7/1/2026 | 325 | 340 | ||||||
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 7/1/2026 | 500 | 500 | ||||||
Torrance Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2009-B-1, 0% 8/1/2023 | 250 | 244 | ||||||
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2025 | 1,500 | 1,551 | ||||||
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2026 | 550 | 574 | ||||||
Twin Rivers Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 5.00% 8/1/2027 | 225 | 238 | ||||||
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006, MBIA insured, 0% 8/1/2023 | 440 | 429 | ||||||
Regents of the University of California, G.O. Rev. Bonds, Series 2013-AK, 5.00% 5/15/2048 (put 5/15/2023) | 780 | 788 | ||||||
Val Verde Unified School Dist., G.O. Bonds, 2020 Election, Series 2020-A, BAM insured, 4.00% 8/1/2023 | 450 | 453 | ||||||
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 12/1/2045 | 345 | 340 | ||||||
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 12/1/2049 | 1,085 | 1,073 | ||||||
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2020-A, 3.00% 12/1/2050 | 1,315 | 1,258 | ||||||
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2022-A, 5.50% 12/1/2052 | 580 | 604 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2017-CQ, 4.00% 12/1/2047 | 510 | 505 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 12/1/2048 | 950 | 940 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2020-CT, 3.00% 12/1/2050 | 1,875 | 1,794 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2022-CU, 5.50% 12/1/2052 | 1,475 | 1,529 | ||||||
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 12/1/2045 | 475 | 470 | ||||||
West Contra Costa Unified School Dist., G.O. Bonds, 2012 Election, Series 2020-E, Assured Guaranty Municipal insured, 4.00% 8/1/2026 | 640 | 650 | ||||||
West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A-1, 5.00% 8/1/2024 | 250 | 258 | ||||||
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% 11/1/2022 | 120 | 120 | ||||||
Westside Union School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, 0% 8/1/2027 | 1,000 | 836 | ||||||
William S. Hart Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2001 Election, Series 2005-B, Assured Guaranty Municipal insured, 0% 9/1/2025 | 1,000 | 905 |
Private Client Services Funds | 21 |
Capital Group California Short-Term Municipal Fund
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
California (continued) | ||||||||
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series 2021, 4.00% 9/1/2026 | USD | 160 | $ | 160 | ||||
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series 2021, Assured Guaranty Municipal insured, 4.00% 9/1/2027 | 180 | 180 | ||||||
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series 2021, Assured Guaranty Municipal insured, 4.00% 9/1/2028 | 200 | 200 | ||||||
Total bonds, notes & other debt instruments (cost: $98,555,000) | 94,072 | |||||||
Short-term securities 23.25% | ||||||||
Municipals 23.25% | ||||||||
Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A., Inc. Project), Series 2010-A, 1.38% 11/1/20351 | 5,300 | 5,300 | ||||||
Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A., Inc. Project), Series 2010-B, 1.38% 11/1/20351 | 3,000 | 3,000 | ||||||
Irvine Ranch Water Dist. Nos. 105, 140, 240 and 250, Consolidated G.O. Bonds, Series 1993, 1.27% 4/1/20331 | 300 | 300 | ||||||
City of Los Angeles, Dept. of Water and Power, Rev. Bonds, Series 2021-A-1, 1.25% 7/1/20501 | 4,000 | 4,000 | ||||||
City of Los Angeles, Dept. of Water and Power, Water System Bonds, Series 2019-A, 1.28% 7/1/20491 | 3,000 | 3,000 | ||||||
City of Los Angeles, Tax and Rev. Anticipation Notes, Series 2022, 4.00% 6/29/2023 | 500 | 503 | ||||||
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2, 1.25% 7/1/20371 | 2,165 | 2,165 | ||||||
Pollution Control Fncg. Auth., Environmental Impact Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 1997-B, 1.23% 3/1/20421 | 5,500 | 5,500 | ||||||
San Diego Unified School Dist., Tax and Rev. Anticipation Notes, Series 2022-A, 4.00% 6/30/2023 | 715 | 719 | ||||||
Regents of the University of California, General Rev. Bonds, Series 2013-AL-2, 1.24% 5/15/20481 | 2,000 | 2,000 | ||||||
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2007-B-1, 1.23% 5/15/20321 | 2,545 | 2,545 | ||||||
Total short-term securities (cost: $29,039,000) | 29,032 | |||||||
Total investment securities 98.59% (cost: $127,594,000) | 123,104 | |||||||
Other assets less liabilities 1.41% | 1,756 | |||||||
Net assets 100.00% | $ | 124,860 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 10/31/2022 (000) | ||||||||||
5 Year U.S. Treasury Note Futures | Long | 114 | December 2022 | USD12,152 | $ | (478 | ) | ||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 41 | December 2022 | (4,756 | ) | 338 | |||||||||
30 Year Ultra U.S. Treasury Bond Futures | Short | 9 | December 2022 | (1,149 | ) | 181 | |||||||||
$ | 41 |
1 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
22 | Private Client Services Funds |
Capital Group California Short-Term Municipal Fund
Key to abbreviations
Agcy. = Agency
Auth. = Authority
Certs. = Certificates
Dept. = Department
Dev. = Development
Dist. = District
Dists. = Districts
Econ. = Economic
Fac. = Facility
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
Part. = Participation
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
SIFMA = Securities Industry and Financial Markets Association
USD = U.S. dollars
Private Client Services Funds | 23 |
Financial statements
Statements of assets and liabilities at October 31, 2022 | (dollars and shares in thousands, except per-share amounts) |
Capital Group California Core Municipal Fund | Capital Group California Short-Term Municipal Fund | |||||||
Assets: | ||||||||
Investment securities in unaffiliated issuers, at value | $ | 565,857 | $ | 123,104 | ||||
Cash | 14,151 | 163 | ||||||
Cash collateral pledged for futures contracts | 870 | 111 | ||||||
Receivables for: | ||||||||
Sales of investments | 467 | — | ||||||
Sales of fund’s shares | 1,454 | 1,664 | ||||||
Dividends and interest | 5,428 | 1,100 | ||||||
Variation margin on futures contracts | 397 | 41 | ||||||
Total assets | 588,624 | 126,183 | ||||||
Liabilities: | ||||||||
Payables for: | ||||||||
Purchases of investments | 593 | 1,038 | ||||||
Repurchases of fund’s shares | 1,997 | 227 | ||||||
Investment advisory services | 127 | 26 | ||||||
Variation margin on futures contracts | 217 | 32 | ||||||
Other | — | * | — | * | ||||
Total liabilities | 2,934 | 1,323 | ||||||
Net assets at October 31, 2022 | $ | 585,690 | $ | 124,860 | ||||
Net assets consist of: | ||||||||
Capital paid in on shares of beneficial interest | $ | 623,194 | $ | 130,642 | ||||
Total accumulated loss | (37,504 | ) | (5,782 | ) | ||||
Net assets at October 31, 2022 | $ | 585,690 | $ | 124,860 | ||||
Investment securities in unaffiliated issuers, at cost | $ | 601,073 | $ | 127,594 | ||||
Shares outstanding | 59,114 | 12,807 | ||||||
Net asset value per share | $ | 9.91 | $ | 9.75 |
* | Amount less than one thousand. |
Refer to the notes to financial statements.
24 | Private Client Services Funds |
Financial statements (continued)
Statements of operations for the year ended October 31, 2022 | (dollars in thousands) |
Capital Group California Core Municipal Fund | Capital Group California Short-Term Municipal Fund | |||||||
Investment income: | ||||||||
Income (net of non-U.S. taxes*): | ||||||||
Interest from unaffiliated issuers | $ | 9,630 | $ | 1,504 | ||||
Fees and expenses*: | ||||||||
Investment advisory services | 1,601 | 345 | ||||||
Transfer agent services | 10 | 2 | ||||||
Reports to shareholders | 10 | 6 | ||||||
Registration statement and prospectus | 10 | 5 | ||||||
Trustees’ compensation | 32 | 7 | ||||||
Auditing and legal | 61 | 44 | ||||||
Custodian | 7 | 5 | ||||||
Other | 5 | 1 | ||||||
Total fees and expenses | 1,736 | 415 | ||||||
Net investment income | 7,894 | 1,089 | ||||||
Net realized loss and unrealized depreciation: | ||||||||
Net realized (loss) gain on: | ||||||||
Investments in unaffiliated issuers | (5,963 | ) | (1,716 | ) | ||||
Futures contracts | 2,708 | 380 | ||||||
(3,255 | ) | (1,336 | ) | |||||
Net unrealized (depreciation) appreciation on: | ||||||||
Investments in unaffiliated issuers | (45,877 | ) | (5,747 | ) | ||||
Futures contracts | 903 | 41 | ||||||
(44,974 | ) | (5,706 | ) | |||||
Net realized loss and unrealized depreciation | (48,229 | ) | (7,042 | ) | ||||
Net decrease in net assets resulting from operations | $ | (40,335 | ) | $ | (5,953 | ) |
* | Additional information related to non-U.S. taxes and fees and expenses is included in the notes to financial statements. |
Refer to the notes to financial statements.
Private Client Services Funds | 25 |
Financial statements (continued)
Statements of changes in net assets | (dollars in thousands) |
Capital Group California Core Municipal Fund | Capital Group California Short-Term Municipal Fund | |||||||||||||||
Year ended October 31, | Year ended October 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 7,894 | $ | 7,489 | $ | 1,089 | $ | 1,441 | ||||||||
Net realized (loss) gain | (3,255 | ) | 3,773 | (1,336 | ) | 589 | ||||||||||
Net unrealized depreciation | (44,974 | ) | (7,594 | ) | (5,706 | ) | (1,785 | ) | ||||||||
Net (decrease) increase in net assets resulting from operations | (40,335 | ) | 3,668 | (5,953 | ) | 245 | ||||||||||
Distributions paid to shareholders | (12,404 | ) | (12,004 | ) | (1,629 | ) | (2,083 | ) | ||||||||
Net capital share transactions | (25,701 | ) | 45,429 | (49,277 | ) | (15,782 | ) | |||||||||
Total (decrease) increase in net assets | (78,440 | ) | 37,093 | (56,859 | ) | (17,620 | ) | |||||||||
Net assets: | ||||||||||||||||
Beginning of year | 664,130 | 627,037 | 181,719 | 199,339 | ||||||||||||
End of year | $ | 585,690 | $ | 664,130 | $ | 124,860 | $ | 181,719 |
Refer to the notes to financial statements.
26 | Private Client Services Funds |
Notes to financial statements
1. Organization
Capital Group Private Client Services Funds (the “series”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company. The series consists of two funds: Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund (each a “fund,” collectively the “funds”). The assets of each fund are segregated, with each fund accounted for separately.
Each fund’s investment objectives are as follows:
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.
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 the funds’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described 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.
Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on the ex-dividend date.
3. Valuation
Capital Research and Management Company (“CRMC”), the funds’ investment adviser, values each fund’s investments at fair value as defined by accounting principles generally accepted in the United State of America. The net asset value per share of each fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 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.
Private Client Services Funds | 27 |
Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party 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 & loans; 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 |
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. 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.
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 the funds’ investment adviser and approved by the 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, dealer or broker quotes, 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 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 designated 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 team. 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.
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 facilitated by the investment adviser’s global risk management group.
28 | Private Client Services Funds |
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 funds’ valuation levels as of October 31, 2022, are as follows (dollars in thousands):
Capital Group California Core Municipal Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Municipals | $ | — | $ | 477,269 | $ | — | $ | 477,269 | ||||||||
Short-term securities | — | 88,588 | — | 88,588 | ||||||||||||
Total | $ | — | $ | 565,857 | $ | — | $ | 565,857 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 4,374 | $ | — | $ | — | $ | 4,374 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (3,377 | ) | — | — | (3,377 | ) | ||||||||||
Total | $ | 997 | $ | — | $ | — | $ | 997 |
* | Futures contracts are not included in the fund’s investment portfolio. |
Capital Group California Short-Term Municipal Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Municipals | $ | — | $ | 94,072 | $ | — | $ | 94,072 | ||||||||
Short-term securities | — | 29,032 | — | 29,032 | ||||||||||||
Total | $ | — | $ | 123,104 | $ | — | $ | 123,104 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 519 | $ | — | $ | — | $ | 519 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (478 | ) | — | — | (478 | ) | ||||||||||
Total | $ | 41 | $ | — | $ | — | $ | 41 |
* | Futures contracts are not included in the fund’s investment portfolio. |
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 or companies; 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.
Private Client Services Funds | 29 |
Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.
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, investigations or other controversies related to the issuer, changes in financial condition or credit rating, 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 factors such as the interest rates, maturities and credit quality of these securities.
Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities in order to enjoy lower interest rates in a higher interest rate environment, causing the market prices of such securities to decline. 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. Changes in actual or perceived creditworthiness may occur quickly. 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 assessing credit and default risks.
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 or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. During times of market turmoil, there have been, and may be, no buyers or sellers for securities in entire asset classes. 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 to try to limit losses, 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.
30 | Private Client Services Funds |
Investing in municipal bonds of issuers within the state of California — Because the funds invest primarily in securities of issuers within the state of California, the 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.
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
Futures contracts — Each fund has entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage portfolio volatility and downside equity risk.
Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, 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.
On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund’s statement of assets and liabilities. In addition, each fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations.
The following table presents the average month-end notional amounts of futures contracts while held for each fund (dollars in thousands):
Futures contracts | ||||
Capital Group California Core Municipal Fund | $82,712 | |||
Capital Group California Short-Term Municipal Fund | 12,548 |
The following tables identify the location and fair value amounts on the funds’ statements of assets and liabilities and/or the effect on the funds’ statements of operations resulting from the funds’ use of futures contracts as of, or for the year ended, October 31, 2022 (dollars in thousands):
Capital Group California 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* | $ | 4,374 | Unrealized depreciation* | $ | 3,377 | |||||||
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 | $ | 2,708 | Net unrealized appreciation on futures contracts | $ | 903 |
Refer to the end of the tables for footnote.
Private Client Services Funds | 31 |
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* | $ | 519 | Unrealized depreciation* | $ | 478 | |||||||
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 | $ | 380 | Net unrealized appreciation on futures contracts | $ | 41 |
* | Includes cumulative appreciation/depreciation on futures contracts as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities. |
Collateral — Each fund either receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to its use of futures contracts. For futures contracts, the program calls for the fund to pledge collateral for initial and variation margin by contract. 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 collateral in each 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 regulated investment companies 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 year ended October 31, 2022, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.
Each fund’s tax returns are generally 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 typically three years after the date of filing but can be extended in certain jurisdictions.
Distributions — Distributions determined on a tax basis 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 short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; income on certain investments; amortization of premiums and discounts; net capital losses and cost of investments sold. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
32 | Private Client Services Funds |
Additional tax basis disclosures for each fund as of October 31, 2022, were as follows (dollars in thousands):
Capital Group California Core Municipal Fund | Capital Group California Short-Term Municipal Fund | |||||||
Undistributed tax-exempt income | 35 | — | ||||||
Capital loss carryforward* | (2,325 | ) | (1,293 | ) | ||||
Gross unrealized appreciation on investments | 3,401 | 480 | ||||||
Gross unrealized depreciation on investments | (38,616 | ) | (4,969 | ) | ||||
Net unrealized depreciation on investments | (35,215 | ) | (4,489 | ) | ||||
Cost of investments | 602,069 | 127,634 | ||||||
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest | 23 | (16 | ) |
* | Each fund’s capital loss carryforwards will be used to offset any capital gains realized by each fund in future years. Each fund will not make distributions from capital gains while a capital loss carryforward remains. |
Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):
Year ended October 31, 2022 | ||||||||||||||||
Tax-exempt income | Ordinary income | Long-term capital gains | Total distributions paid | |||||||||||||
Capital Group California Core Municipal Fund | $ | 8,712 | $ | 1,103 | $ | 2,589 | $ | 12,404 | ||||||||
Capital Group California Short-Term Municipal Fund | 1,110 | 113 | 406 | 1,629 | ||||||||||||
Year ended October 31, 2021 | ||||||||||||||||
Tax-exempt income | Ordinary income | Long-term capital gains | Total distributions paid | |||||||||||||
Capital Group California Core Municipal Fund | $ | 6,692 | $ | 841 | $ | 4,471 | $ | 12,004 | ||||||||
Capital Group California Short-Term Municipal Fund | 1,439 | 117 | 527 | 2,083 |
7. Fees and transactions with related parties
CRMC, the funds’ investment adviser, is the parent company of American Funds Service Company® (“AFS”), the funds’ transfer agent. CRMC and AFS are considered related parties to each fund.
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 California Core Municipal Fund and Capital Group California Short-Term Municipal Fund is 0.25% of the daily net assets of each fund.
Transfer agent services — Each fund has 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.
Affiliated officers and trustees — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC. No affiliated officers or trustees received any compensation directly from the series.
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 | 33 |
The following table presents purchase and sales transactions, if any, between each fund and related funds and the net realized losses from such sales as of October 31, 2022 (dollars in thousands):
Fund | Purchases | Sales | Net realized loss | |||||||||
Capital Group California Core Municipal Fund | $ | 11,934 | $ | 2,904 | $ | (160 | ) | |||||
Capital Group California Short-Term Municipal Fund | 5,416 | 12,976 | (493 | ) |
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, 2022.
8. Indemnifications
The series’ organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series’ board members and officers.
9. Capital share transactions
Capital share transactions in each fund were as follows (dollars and shares in thousands):
Sales | Reinvestment of distributions | Repurchases | Net (decrease) increase | |||||||||||||||||||||||||||||
Fund | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended October 31, 2022 | ||||||||||||||||||||||||||||||||
Capital Group California Core Municipal Fund | $ | 139,205 | 13,564 | $ | 12,404 | 1,193 | $ | (177,310 | ) | (17,395 | ) | $ | (25,701 | ) | (2,638 | ) | ||||||||||||||||
Capital Group California Short-Term Municipal Fund | 52,891 | 5,338 | 1,629 | 162 | (103,797 | ) | (10,348 | ) | (49,277 | ) | (4,848 | ) | ||||||||||||||||||||
Year ended October 31, 2021 | ||||||||||||||||||||||||||||||||
Capital Group California Core Municipal Fund | $ | 103,909 | 9,577 | $ | 12,004 | 1,106 | $ | (70,484 | ) | (6,480 | ) | $ | 45,429 | 4,203 | ||||||||||||||||||
Capital Group California Short-Term Municipal Fund | 68,363 | 6,590 | 2,083 | 201 | (86,228 | ) | (8,316 | ) | (15,782 | ) | (1,525 | ) |
10. Investment transactions
The funds made purchases and sales of investment securities during the year ended October 31, 2022, as follows (dollars in thousands):
Capital Group California Core Municipal Fund | Capital Group California Short-Term Municipal Fund | |||||||
Purchases of investment securities* | $ | 218,377 | $ | 60,032 | ||||
Sales of investment securities* | 254,934 | 112,188 |
* | Excludes short-term securities and U.S. government obligations, if any. |
34 | Private Client Services Funds |
Financial highlights
(Loss) income from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net (losses) gains on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | Ratio of expenses to average net assets before reimbursements | Ratio of expenses to average net assets after reimbursements2 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
Capital Group California Core Municipal Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/2022 | $ | 10.75 | $ | .13 | $ | (.77 | ) | $ | (.64 | ) | $ | (.14 | ) | $ | (.06 | ) | $ | (.20 | ) | $ | 9.91 | (6.02 | )% | $ | 586 | .27 | % | .27 | % | 1.23 | % | |||||||||||||||||||||
10/31/2021 | 10.90 | .13 | (.08 | ) | .05 | (.11 | ) | (.09 | ) | (.20 | ) | 10.75 | .53 | 664 | .27 | .27 | 1.17 | |||||||||||||||||||||||||||||||||||
10/31/2020 | 10.73 | .17 | .18 | .35 | (.17 | ) | (.01 | ) | (.18 | ) | 10.90 | 3.29 | 627 | .28 | .28 | 1.55 | ||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Capital Group California Short-Term Municipal Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
10/31/2022 | $ | 10.29 | $ | .08 | $ | (.51 | ) | $ | (.43 | ) | $ | (.08 | ) | $ | (.03 | ) | $ | (.11 | ) | $ | 9.75 | (4.17 | )% | $ | 125 | .30 | % | .30 | % | .79 | % | |||||||||||||||||||||
10/31/2021 | 10.39 | .08 | (.07 | ) | .01 | (.08 | ) | (.03 | ) | (.11 | ) | 10.29 | .12 | 182 | .29 | .29 | .76 | |||||||||||||||||||||||||||||||||||
10/31/2020 | 10.28 | .12 | .11 | .23 | (.12 | ) | — | (.12 | ) | 10.39 | 2.26 | 199 | .30 | .30 | 1.16 | |||||||||||||||||||||||||||||||||||||
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 |
Year ended October 31, | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 2022 | 2021 | 2020 | 2019 | 2018 | |||||||||||||||
Capital Group California Core Municipal Fund | 40 | % | 38 | % | 37 | % | 22 | % | 69 | % | ||||||||||
Capital Group California Short-Term Municipal Fund | 50 | 43 | 42 | 39 | 65 |
1 | Based on average shares outstanding. |
2 | This column reflects the impact, if any, of miscellaneous fee reimbursements from CRMC. |
Refer to the notes to financial statements.
Private Client Services Funds | 35 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Capital Group Private Client Services Funds and Shareholders of Capital Group California Core Municipal Fund and Capital Group California Short- Term Municipal Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of Capital Group California Core Municipal Fund and Capital Group California Short- Term Municipal Fund (constituting Capital Group Private Client Services Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (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, 2022, 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, 2022 and each of the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.
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 Funds 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, 2022 by correspondence with the custodian 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 14, 2022
We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.
36 | Private Client Services Funds |
Expense example | unaudited |
As a shareholder of the funds, you incur ongoing costs, including management fees and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the funds so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (May 1, 2022, through October 31, 2022).
Actual expenses:
The first line of each fund in the table below 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 fund in the table below 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 below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
Private Client Services Funds | 37 |
Beginning account value 5/1/2022 | Ending account value 10/31/2022 | Expenses paid during period* | Annualized expense ratio | |||||||||||||
Capital Group California Core Municipal Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 989.15 | $ | 1.35 | .27 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,023.84 | 1.38 | .27 | ||||||||||||
Capital Group California Short-Term Municipal Fund | ||||||||||||||||
Actual return | $ | 1,000.00 | $ | 994.53 | $ | 1.71 | .34 | % | ||||||||
Assumed 5% return | 1,000.00 | 1,023.49 | 1.73 | .34 |
* | 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). |
38 | Private Client Services Funds |
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, 2022:
Capital Group California Core Municipal Fund | Capital Group California Short-Term Municipal Fund | |||
Long-term capital gains | $2,589,000 | $406,000 | ||
Exempt interest dividends | 100% | 100% |
Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2023, to determine the calendar year amounts to be included on their 2022 tax returns. Shareholders should consult their tax advisors.
Private Client Services Funds | 39 |
This page was intentionally left blank.
40 | 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 by trustee4 | ||||
Vanessa C. L. Chang, 1952 Chair of the Board (Independent and Non-Executive) | 2015 | Former Director, EL & EL Investments (real estate) | 22 | Edison International/Southern California Edison; Transocean Ltd. (offshore drilling contractor) | ||||
James G. Ellis, 1947 | 2019 | Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California | 96 | Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); 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 Utah; former Trustee, The Nature Conservancy of California; former Director, First Descents | 15 | Hertz Global Holdings, Inc. | ||||
Pablo R. González Guajardo, 1967 | 2019 | CEO, Kimberly-Clark de México, S.A.B. de C.V. | 22 | América Móvil, S.A.B. de C.V. (telecommunications company); Grupo Sanborns, S.A.B. de C.V. (retail stores and restaurants); Kimberly-Clark de México, S.A.B. de C.V. (consumer staples) | ||||
Leslie Stone Heisz, 1961 | 2019 | Former Managing Director, Lazard (retired, 2010); Director, Edwards Lifesciences; Trustee, Public Storage; Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management | 15 | None | ||||
William D. Jones, 1955 | 2019 | Real estate developer/owner, President and former 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) | 23 | Biogen Inc. |
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 | 2013 | President and Director, Capital Group Private Client Services, Inc.6 | 9 | 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) 266-9532. The address for all trustees and officers of the fund is 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary.
Refer to page 42 for footnotes.
Private Client Services Funds | 41 |
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 | ||
Michael W. Stockton, 1967 Executive Vice President | 2021 | Senior Vice President — Fund Business Management Group, Capital Research and Management Company | ||
Mark Marinella, 1958 Senior Vice President | 2016 | Partner — Capital Fixed Income Investors, Capital Research and Management Company | ||
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; Director, American Funds Service Company6 | ||
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 | Vice President — Investment Operations, Capital Research and Management Company | ||
Kyle J. Ilsley, 1980 Assistant Treasurer | 2020 | Assistant 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. |
42 | Private Client Services Funds |
Board of trustees and other officers (continued)
Results of special meetings of shareholders
held September 15, 2022
Shares outstanding on July 25, 2022 (record date)
56,704,157
Total shares voting on September 15, 2022
30,859,083 (54.4% of shares outstanding)
The Proposal: To approve an Agreement and
Plan of Reorganization and Liquidation
Votes for | Percent of shares voting for | Votes against | Percent of shares voting against | Votes abstaining | Percent of shares abstaining | |||||||
Capital Group Core Bond Fund | 30,727,795 | 99.5% | 50,538 | 0.2% | 80,750 | 0.3% |
Shares outstanding on July 25, 2022 (record date)
56,166,386
Total shares voting on September 15, 2022
31,384,895 (55.9% of shares outstanding)
The Proposal: To approve an Agreement and
Plan of Reorganization and Liquidation
Votes for | Percent of shares voting for | Votes against | Percent of shares voting against | Votes abstaining | Percent of shares abstaining | |||||||
Capital Group Core Municipal Fund | 31,290,322 | 99.7% | 0 | 0% | 94,573 | 0.3% |
Shares outstanding on July 25, 2022 (record date)
9,523,132
Total shares voting on September 15, 2022
5,454,439 (57.3% of shares outstanding)
The Proposal: To approve an Agreement and
Plan of Reorganization and Liquidation
Votes for | Percent of shares voting for | Votes against | Percent of shares voting against | Votes abstaining | Percent of shares abstaining | |||||||
Capital Group Short-Term Municipal Fund | 5,454,439 | 100.0% | 0 | 0% | 0 | 0% |
Private Client Services Funds | 43 |
Board of trustees and other officers (continued)
Results of special meetings of shareholders
held December 2, 2022
Shares outstanding (all classes) on October 3, 2022 (record date)
73,251,229
Total shares voting on December 2, 2022
72,435,532 (98.9% of shares outstanding)
The Proposal: to elect board members:
Votes for | Percent of shares voting for | Votes withheld | Percent of shares withheld | |||||||||
Francisco G. Cigarroa, MD | 72,435,532 | 100.0 | % | 0 | 0.0 | % | ||||||
Nariman Farvardin | 72,435,532 | 100.0 | 0 | 0.0 | ||||||||
Jennifer C. Feikin | 72,435,532 | 100.0 | 0 | 0.0 | ||||||||
Michael C. Gitlin | 72,435,532 | 100.0 | 0 | 0.0 | ||||||||
Leslie Stone Heisz | 72,435,532 | 100.0 | 0 | 0.0 | ||||||||
Mary Davis Holt | 72,435,532 | 100.0 | 0 | 0.0 | ||||||||
Merit E. Janow | 72,435,532 | 100.0 | 0 | 0.0 | ||||||||
Margaret Spellings | 72,435,532 | 100.0 | 0 | 0.0 | ||||||||
Alexandra Trower | 72,435,532 | 100.0 | 0 | 0.0 | ||||||||
Paul S. Williams | 72,435,532 | 100.0 | 0 | 0.0 | ||||||||
Karl J. Zeile | 72,435,532 | 100.0 | 0 | 0.0 |
44 | 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 nearest 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 02111-2900
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 prospectuses, which can be obtained from Capital Research and Management Company by calling (800) 266-9532 and should be read carefully before investing.
Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund file a complete list of their portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form 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 California Core Municipal Fund and Capital Group California Short-Term Municipal Fund — which describe how we vote proxies relating to portfolio securities — are available upon request by calling your relationship manager at (800) 266-9532. The funds file their proxy voting records with the SEC for the 12 months ended June 30 by August 31. The report also is available on the SEC website or by calling your relationship manager.
If used as sales material after December 31, 2022, this report must be accompanied by the Quarterly Results document for the most recently completed calendar quarter for Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund.
BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
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 Leslie Stone Heisz, 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: | ||
Audit | 2021 | 160,000 |
2022 | 66,000 | |
b) Audit-Related Fees: | ||
2021 | None | |
2022 | None | |
c) Tax Fees: | ||
2021 | 33,000 | |
2022 | 33,000 | |
The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns. | ||
d) All Other Fees: | ||
2021 | None | |
2022 | 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: | ||
2021 | None | |
2022 | 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: | ||
2021 | None | |
2022 | None |
The tax fees consist of consulting services relating to the Registrant’s investments. | ||
d) All Other Fees: | ||
2021 | 2,000 | |
2022 | None | |
The other fees consist of subscription services related to an accounting research tool. | ||
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 $35,000 for fiscal year 2021 and $33,000 for fiscal year 2022. 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.
|
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 30, 2022 |
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 30, 2022 |
By ___/s/ Gregory F. Niland__________________ |
Gregory F. Niland, Treasurer and Principal Financial Officer |
Date: December 30, 2022 |