Form N-CSRS CAPITAL GROUP PRIVATE For: Apr 30

 

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: April 30, 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 Core Municipal FundSM Capital Group Short-Term Municipal FundSM Capital Group California Core Municipal FundSM Capital Group California Short-Term Municipal FundSM Capital Group Core Bond FundSM   Semi-annual report for the six months ended April 30, 2022

 

 

Research-driven
approaches to seeking
wealth preservation
and income

Capital Group Core Municipal Fund seeks to provide current income exempt from federal income tax while preserving your investment.

 

Capital Group Short-Term Municipal Fund seeks to preserve your investment and secondarily to provide current income exempt from federal income tax.

 

Capital Group California Core Municipal Fund seeks to provide current income exempt from federal and California income taxes while preserving your investment.

 

Capital Group California Short-Term Municipal Fund seeks to preserve your investment and secondarily to provide current income exempt from federal and California income taxes.

 

Capital Group Core Bond Fund seeks to provide you with current income while preserving your investment.

 

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 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 March 31, 2022 (the most recent calendar quarter-end), and the total annual fund operating expense ratios as of the prospectus dated January 1, 2022:

 

		Cumulative total returns				Average annual total returns												Gross
		1 year				5 years				10 years				Lifetime*				expense ratios
Capital Group Core Municipal Fund			–3.37	%			1.83	%			1.77	%			2.21	%			0.28	%
Capital Group Short-Term Municipal Fund			–2.72				1.28				1.09				1.32				0.31	†
Capital Group California Core Municipal Fund			–3.47				1.54				1.81				2.19				0.27
Capital Group California Short-Term Municipal Fund			–2.81				0.82				0.84				1.04				0.29
Capital Group Core Bond Fund			–3.74				1.78				1.63				2.15				0.28

 

*	Since April 13, 2010.
†	The net expense ratio for Capital Group Short-Term Municipal Fund was 0.30%.

 

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently reimbursing a portion of the expenses for Capital Group Short-Term Municipal Fund. This reimbursement will be in effect through at least January 1, 2023. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. Visit capitalgrouppcsfunds.com for more information.

 

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Contents

 

1		Funds’ 30-day yields and 12-month distribution rates
2		Results at a glance
		Investment portfolios
3		Capital Group Core Municipal Fund
30		Capital Group Short-Term Municipal Fund
45		Capital Group California Core Municipal Fund
57		Capital Group California Short-Term Municipal Fund
62		Capital Group Core Bond Fund
74		Financial statements
79		Notes to financial statements
91		Financial highlights

 

Fellow investors:

 

Shown in the table below are the semi-annual returns for Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund for the six months ended April 30, 2022. Also shown are the results of their benchmarks and peer group averages.

 

On March 11, 2022, the Board of Trustees of Capital Group Private Client Services Funds unanimously determined that it would be in the best interests of three Capital Group funds to merge into three similar American Funds. Under the proposal, Capital Group Core Municipal Fund would be reorganized into Limited Term Tax-Exempt Bond Fund of America^®; Capital Group Short-Term Municipal Fund into American Funds Short-Term Tax-Exempt Bond Fund^®; and Capital Group Core Bond Fund into The Bond Fund of America^®. The Board also determined that the interests of Capital Group bond fund shareholders would not be diluted as a result of the change. Shareholders will receive materials outlining the proposal as well as information on the affected funds. The reorganizations are not contingent on each other and, if approved by shareholders, are expected to take place later this year. More information can be found in the funds’ amended prospectus at capitalgroup.com/pcs/fund-details.html.

 

For additional information about the funds, their investment results, holdings and portfolio managers, visit capitalgrouppcsfunds.com. You can also access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

 

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 April 30, 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 30-day yield				12-month distribution rate
Capital Group Core Municipal Fund			1.77	%			1.15	%
Capital Group Short-Term Municipal Fund			1.52	*			0.86
Capital Group California Core Municipal Fund			1.78				1.20
Capital Group California Short-Term Municipal Fund			1.51				0.71
Capital Group Core Bond Fund			3.02				1.60

 

*	The SEC 30-day yield for Capital Group Short-Term Municipal Fund is 1.71% with the fund’s reimbursement.

 

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 may be subject to state or local income taxes and/or federal alternative minimum taxes. Also, certain other income, as well as capital gain distributions, may be taxable. State tax-exempt funds are more susceptible to factors adversely affecting issuers of their state’s tax-exempt securities than a more widely diversified municipal bond fund. Refer to the funds’ prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

 

Private Client Services Funds

1

Results at a glance

 

For periods ended April 30, 2022, with all distributions reinvested

 

		Cumulative total returns								Average annual total returns
		6 months				1 year				5 years				10 years				Lifetime1
Capital Group Core Municipal Fund			–4.96	%			–5.26	%			1.38	%			1.53	%			2.06	%
Bloomberg Municipal Short-Intermediate 1–10 years Index2			–5.62				–5.76				1.17				1.56				2.14
Lipper Short-Intermediate Municipal Debt Funds Average3			–5.10				–5.30				0.85				1.09				1.58
Capital Group Short-Term Municipal Fund			–3.57				–3.78				1.01				0.97				1.24
Bloomberg Municipal Short 1–5 Years Index2			–4.17				–4.20				0.85				1.03				1.33
Lipper Short Municipal Debt Funds Average3			–2.78				–2.93				0.61				0.61				0.83
Capital Group California Core Municipal Fund			–4.99				–5.23				1.09				1.55				2.04
Bloomberg California Short-Intermediate Municipal Index2			–5.74				–5.98				0.93				1.52				2.14
Lipper California Short-Intermediate Municipal Debt Funds Average3			–4.62				–4.63				0.59				1.00				1.34
Capital Group California Short-Term Municipal Fund			–3.64				–3.88				0.57				0.70				0.96
Bloomberg California Short Municipal Index2			–4.13				–4.22				0.65				0.95				1.27
Lipper Short Municipal Debt Funds Average3			–2.78				–2.93				0.61				0.61				0.83
Capital Group Core Bond Fund			–5.56				–5.93				1.30				1.35				1.97
Bloomberg Intermediate A+ U.S. Government/Credit Index2			–6.06				–6.26				1.09				1.31				1.97
Lipper Short-Intermediate Investment Grade Debt Funds Average3			–4.91				–4.95				1.18				1.41				1.90

 

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. Source: Refinitiv Lipper.

 

Bloomberg Municipal Short-Intermediate 1–10 Years Index is a market value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to 10 years. Bloomberg Municipal Short 1–5 Years Index is a market value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to five years. 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. Bloomberg Intermediate A+ U.S. Government/Credit Index is a market value-weighted index that tracks the total return of fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies and quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements, with maturities of one to 10 years, excluding BBB-rated securities.

 

2	Private Client Services Funds

Capital Group Core Municipal Fund	unaudited
Investment portfolio April 30, 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.

 

Bonds, notes & other debt instruments 86.09%	Principal amount (000)					Value (000)
Alabama 2.48%
Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2022-B-1, 4.00% 2053 (put 2027)		USD	3,500			$	3,561
Black Belt Energy Gas Dist., Gas Project Rev. Bonds (Project No. 6), Series 2021-B, 4.00% 2052 (put 2026)			1,050				1,067
Black Belt Energy Gas Dist., Gas Project Rev. Bonds (Project No. 7), Series 2021-C-1, 4.00% 2052 (put 2026)			940				956
Black Belt Energy Gas Dist., Gas Supply Prepay Rev. Bonds (Project No. 5), Series 2020-A-1, 4.00% 2049 (put 2026)			825				839
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2017-A, 4.00% 2047 (put 2022)			2,050				2,058
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2021-A, 4.00% 2051 (put 2023)			1,000				1,029
Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2023 (preref. 2022)			100				101
City of Homewood, G.O. Warrants, Series 2016, 5.00% 2033 (preref. 2026)			50				55
Housing Fin. Auth., Multi Family Housing Rev. Bonds (ECG Monrovia Project), Series 2022-A, 2.00% 2025 (put 2024)			2,050				2,007
City of Huntsville, Electric Rev. Bonds, Series 2017-A, 5.00% 2022			450				459
City of Huntsville, Electric Rev. Bonds, Series 2017-B, 5.00% 2022			400				408
Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 1), Series 2021-A, 4.00% 2051 (put 2028)			2,460				2,500
Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 2), Series 2021-B-1, 4.00% 2051 (put 2031)			2,065				2,094
							17,134
Alaska 0.31%
Housing Fin. Corp., Collateralized Bonds (Veterans Mortgage Program), Series 2019, 4.00% 2048			820				835
Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2020-A, 3.25% 2044			850				846
Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2016-A, 3.50% 2046			130				131
Housing Fin. Corp., State Capital Project Bonds, Series 2014-A, 5.00% 2032 (preref. 2023)			230				240
Housing Fin. Corp., State Capital Project Bonds, Series 2014-A, 5.00% 2033 (preref. 2023)			110				115
							2,167
Arizona 1.10%
Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2021-A, 5.00% 2028			295				332
Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2021-A, 5.00% 2029			370				422
Board of Regents of the Arizona State University System, Rev. Bonds, Series 2020-A, 5.00% 2027			400				443
Board of Regents of the Arizona State University System, Rev. Bonds, Series 2020-A, 5.00% 2028			550				618
Board of Regents of the Arizona State University System, Rev. Bonds, Series 2020-A, 5.00% 2033			80				91
Bullhead City, Excise Taxes Rev. Obligations, Series 2021-2, 1.15% 2027			375				330
Coconino County Pollution Control Corp., Pollution Control Rev. Ref. Bonds, Series 2017-B, 1.65% 2039 (put 2023)			1,500				1,494
City of Glendale Industrial Dev. Auth., Rev. Ref. Bonds (Midwestern University), Series 2020, 5.00% 2029			1,000				1,132
Industrial Dev. Auth., Education Rev. Bonds (GreatHearts Arizona Projects), Series 2021-A, 5.00% 2029			115				128

 

Private Client Services Funds

3

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Arizona (continued)
Industrial Dev. Auth., Rev. Bonds (Lincoln South Beltway Project), Series 2020, 5.00% 2023		USD	1,000			$	1,039
Kyrene Elementary School Dist. No. 28, School Improvement Bonds (2010 Project), Series 2013-B, 4.50% 2024 (preref. 2023)1			55				57
Kyrene Elementary School Dist. No. 28, School Improvement Bonds (2010 Project), Series 2013-B, 4.50% 2025 (preref. 2023)1			45				46
County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (GreatHearts Arizona Projects), Series 2017-A, 5.00% 2027			745				814
City of Phoenix Civic Improvement Corp., Water System Rev. Ref. Bonds, Series 2014-B, 5.00% 2024			115				121
County of Pima, Industrial Dev. Auth., Rev. Bonds (Tucson Medical Center), Series 2021-A, 5.00% 2031			485				558
							7,625
Arkansas 0.09%
Dev. Fin. Auth., Health Care Rev. Bonds (Baptist Memorial Health Care), Series 2015-B-3, (SIFMA Municipal Swap Index + 1.55%) 1.99% 2044 (put 2022)2			600				600
California 5.24%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 1.34% 2045 (put 2023)2			2,205				2,204
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-C, (SIFMA Municipal Swap Index + 0.45%) 0.89% 2056 (put 2026)2			425				420
Trustees of the California State University, Systemwide Rev. Bonds, Series 2017-A, 5.00% 2026			380				419
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-A, 5.00% 2027			365				398
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2, 0.55% 2049 (put 2026)			195				171
Carlsbad Unified School Dist., G.O. Bonds, 2018 Election, Series 2021-B, 2.00% 2023			75				75
Carlsbad Unified School Dist., G.O. Bonds, 2018 Election, Series 2021-B, 2.00% 2024			85				84
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, 4.00% 2052 (put 2031)			2,415				2,452
Eastern Municipal Water Dist., Water and Wastewater Rev. Ref. Bonds, Series 2021-A, 3.00% 2024			165				167
Educational Facs. Auth., Rev. Bonds (University of Southern California), Series 2009-C, 5.25% 2024 (escrowed to maturity)			35				37
Fresno Unified School Dist., G.O. Bonds, 2016 Election, Series 2021-D, 2.00% 2023			105				105
Fresno Unified School Dist., G.O. Bonds, 2016 Election, Series 2021-D, 2.00% 2024			50				49
G.O. Bonds, Series 2021, 5.00% 2031			30				33
G.O. Bonds, Series 2021, 5.00% 2032			25				27
G.O. Bonds, Series 2021, 5.00% 2034			25				27
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 2023			1,265				1,313
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 2027			4,625				5,168
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 2027			1,000				1,120
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 2030			55				64
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2040 (preref. 2025)			120				129
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-B, 5.00% 2029 (put 2022)			1,000				1,016
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2028			315				334
Housing Fin. Agcy., Municipal Certs., Series 2021-A-1, 3.50% 2035			733				734
Housing Fin. Agcy., Municipal Certs., Series 2021-A-3, 3.25% 2036			467				448
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Los Angeles County Museum of Art Project), Series 2021-B, 1.14% 2050 (put 2026)2			340				338
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2025			250				267
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 5.00% 2024			85				90
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 4.00% 2026			60				63
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2022-E, 5.00% 2030			250				285
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2020-A, 5.00% 2026			710				779
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 2032			180				213
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-B, 4.00% 2026			605				640
City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2018-B, 5.00% 2027			625				696
County of Los Angeles, Dev. Auth., Multi Family Housing Mortgage Rev. Bonds (Long Beach Senior Housing), Series 2022, 2.00% 2026 (put 2025)			1,550				1,513
County of Los Angeles, Dev. Auth., Multi Family Housing Rev. Bonds (Cantamar Villas), Series 2021-D-1, 0.30% 2025 (put 2024)			55				52

 

4	Private Client Services Funds

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
California (continued)
County of Los Angeles, Dev. Auth., Multi Family Housing Rev. Bonds (Sunny Garden Apartments), Series 2021-C-1, 0.20% 2024 (put 2023)		USD	75			$	74
County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Bonds, Series 2016-A, 5.00% 2023			50				52
County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Bonds, Series 2021-A, 5.00% 2032			960				1,118
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-C, 5.00% 2025			640				688
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-C, 5.00% 2029			150				172
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2020-A, 5.00% 2023			1,500				1,550
Municipal Fin. Auth., Senior Living Rev. Bonds (Mt. San Antonio Gardens Project), Series 2022-B-2, 2.125% 2026			15				14
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2022			1,250				1,262
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-A, 4.00% 2024			45				46
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-A, 4.00% 2025			45				47
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-A, 4.00% 2026			45				47
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-A, 4.00% 2027			45				47
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-A, 4.00% 2028			40				42
Public Works Board, Lease Rev. Green Bonds (Dept. of General Services, Sacramento Region New Natural Resources Headquarters), Series 2021-C, 5.00% 2032			1,000				1,155
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2022-A, 5.00% 2028			655				736
RNR School Fncg. Auth., Community Facs. Dist. No. 92-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2028			1,000				1,095
City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% 2029			70				73
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 2022			1,000				1,006
County of San Diego, Water Auth., Water Rev. Ref. Green Bonds, Series 2021-B, 5.00% 2030			230				266
City and County of San Francisco, G.O. Rev. Ref. Bonds, Series 2020-R-2, 5.00% 2023			480				496
City of San Jose, Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2017-B, 5.00% 2026			285				312
City of Santee, Community Facs. Dist. No. 2017-1, Special Tax Bonds (Weston Infrastructure), Series 2019, 5.00% 2022			135				136
City of Santee, Community Facs. Dist. No. 2017-1, Special Tax Bonds (Weston Infrastructure), Series 2019, 5.00% 2023			160				165
City of Santee, Community Facs. Dist. No. 2017-1, Special Tax Bonds (Weston Infrastructure), Series 2019, 5.00% 2024			170				178
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 2023			65				67
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 2024			20				21
Southern California Public Power Auth., Transmission Project Rev. Bonds (Southern Transmission Project), Series 2017-A, 5.00% 2023			490				506
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Villa Del Sol Apartments), Series 2021-A-2, 0.39% 2023 (put 2023)			280				274
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Washington Court Apartments), Series 2021-E, 0.22% 2023 (put 2022)			125				125
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Southern California Edison Co.), Series 2006-D, 2.625% 2033 (put 2023)			135				134
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2013-A, 5.00% 2023 (preref. 2022)			80				82
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025			65				65
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2026			500				500
Tobacco Securitization Auth. of Northern California, Tobacco Settlement Asset-Backed Rev. Ref. Senior Bonds (Sacramento County Tobacco Securitization Corp.), Series 2021-B-1, 0.45% 2030			20				20
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 2030			180				197
Regents of the University of California, Limited Project Rev. Bonds, Series 2022-S, 5.00% 2026			165				181
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2019-CS, 4.00% 2049			785				801
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2016-AW, 5.00% 2033 (preref. 2026)			255				283
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2017-AX, 5.00% 2033 (preref. 2027)			230				260
							36,223

 

Private Client Services Funds

5

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Colorado 1.87%
City of Arvada, Mountain Shadows Metropolitan Dist., Limited Tax G.O. Rev. Ref. and Improvement Bonds, Series 2016, 4.00% 2026		USD	603			$	603
Certs. of Part., Series 2021-A, 5.00% 2028			495				560
Certs. of Part., Series 2021-A, 5.00% 2029			1,000				1,143
Board of Governors of the Colorado State University System, System Enterprise Rev. and Rev. Ref. Bonds, Series 2016-B, 5.00% 2041 (preref. 2027)			140				155
City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2019-D, 5.00% 2031 (put 2022)			1,000				1,015
E-470 Public Highway Auth., Rev. Bonds, Series 2021-B, (USD-SOFR x 0.67 + 0.35%) 0.537% 2039 (put 2024)2			285				279
Educational and Cultural Facs. Auth., Rev. Ref. Bonds (Johnson & Wales University Project), Series 2013-B, 5.00% 2023 (escrowed to maturity)			1,805				1,853
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2024 (escrowed to maturity)			1,825				1,924
Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2018-A, 5.00% 2048			125				135
Housing and Fin. Auth., Multi Family Housing Rev. Bonds (Wildhorse Ridge Apartments Project), Series 2022, 2.00% 2026 (put 2025)			1,850				1,810
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2018-C, Class I, 4.25% 2048			530				543
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2020-B, Class I, 3.75% 2050			840				851
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2021-L, Class I, 3.25% 2051			1,250				1,241
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, 5.00% 2029			70				75
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, 5.00% 2029			40				43
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, 5.00% 2030			150				162
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, 5.00% 2030			35				38
Weld County School Dist. RE-5J, G.O. Bonds, Series 2021, 5.00% 2023			475				496
							12,926
Connecticut 0.79%
Town of East Hartford, Housing Auth., Multi Family Housing Rev. Bonds (Veterans Terrace Project), Series 2021, 0.25% 2023 (put 2022)			140				139
Health and Educational Facs. Auth., Rev. Bonds (Hartford Healthcare Issue), Series 2021-A, 5.00% 2029			330				367
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2003-X-2, 0.25% 2037 (put 2024)			910				869
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2014-A, 1.10% 2048 (put 2023)			1,105				1,097
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044			50				51
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-A-1, 4.00% 2045			200				203
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-A-1, 4.00% 2047			1,585				1,609
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-C-1, 4.00% 2047			605				614
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-D-1, 4.00% 2047			130				132
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2022-A-1, 3.50% 2051			290				290
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-A, 3.50% 2044			60				60
							5,431
Delaware 0.13%
County of Harris, Metropolitan Transportation Auth., Sales and Use Tax Contractual Obligations, Series 2015-B, 5.00% 2025			85				92
Health Facs. Auth., Rev. Bonds (Beebe Medical Center Project), Series 2018, 5.00% 2022			290				291
Health Facs. Auth., Rev. Bonds (Beebe Medical Center Project), Series 2018, 5.00% 2023			200				206
Health Facs. Auth., Rev. Bonds (Beebe Medical Center Project), Series 2018, 5.00% 2024			300				314
							903
District of Columbia 0.87%
G.O. Bonds, Series 2015-A, 5.00% 2032			1,800				1,916
G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 2029			230				263
G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 2030			960				1,112
Housing Fin. Agcy., Collateralized Multi Family Housing Rev. Bonds (Kenilworth 166 Apartments Project), Series 2021, 1.25% 2025 (put 2024)			410				394

 

6	Private Client Services Funds

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
District of Columbia (continued)
Housing Fin. Agcy., Collateralized Multi Family Housing Rev. Bonds (Parcel 42 Project), Series 2022, 1.70% 2041 (put 2025)		USD	500			$	483
Income Tax Secured Rev. Bonds, Series 2020-A, 5.00% 2032			750				855
Income Tax Secured Rev. Bonds, Series 2020-C, 5.00% 2033			215				244
Rev. Ref. Bonds (National Public Radio, Inc. Issue), Series 2016, 5.00% 2028 (preref. 2028)			50				55
Rev. Ref. Bonds (National Public Radio, Inc. Issue), Series 2016, 5.00% 2029 (preref. 2029)			50				55
Washington Convention and Sports Auth., Dedicated Tax Rev. Ref. Bonds, Series 2018-A, 5.00% 2027			600				669
							6,046
Florida 6.60%
County of Alachua, Health Facs. Auth., Continuing Care Retirement Community Rev. Bonds (Oak Hammock at the University of Florida, Inc. Project), Series 2021, 4.00% 2022			20				20
County of Brevard, Health Facs. Auth., Rev. Ref. Bonds (Health First, Inc. Project), Series 2014, 5.00% 2033			130				136
County of Brevard, Housing Fncg. Auth., Multi Family Mortgage Rev. Bonds (Tropical Manor Apartments), Series 2021, 0.25% 2023 (put 2022)			135				134
County of Broward, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Solaris Apartments), Series 2021-B, 0.70% 2025 (put 2024)			370				353
Central Florida Expressway Auth., Rev. Bonds, Series 2019-B, 5.00% 2030			1,000				1,127
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2022			170				171
City of Daytona Beach, Housing Auth., Multi Family Housing Rev. Bonds (The WM at the River Project), Series 2021-B, 1.25% 2025 (put 2024)			605				582
Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (UF Health - Jacksonville Project), Series 2022-A, 5.00% 2033			1,115				1,215
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2013-A, 5.00% 2022			1,000				1,003
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2019-D, 5.00% 2023			120				124
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2022-A, 5.00% 2025			949				1,022
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2022-A, 5.00% 2026			1,000				1,099
Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2016-B, 5.00% 2028			750				825
Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), Series 2016, 5.00% 2026			655				708
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2017-1, 4.00% 2048			980				995
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-1, 4.00% 2049			985				1,002
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-2, 4.25% 2050			985				1,009
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2020-1, 3.50% 2051			150				151
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2021-2, 3.00% 2052			2,230				2,192
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2015-A, 3.50% 2046			35				35
Housing Fin. Corp., Multi Family Mortgage Rev. Bonds (The Canopy at West River Towers 1 & 2), Series 2022-A-2, 3.25% 2026 (put 2025)			519				522
Housing Fin. Corp., Multi Family Mortgage Rev. Bonds (Valencia Park Apartments), Series 2021-A, FHA insured, 0.25% 2023 (put 2022)			630				620
JEA, Electric System Rev. Bonds, Series 2014-A-3, 5.00% 2022			600				609
JEA, Electric System Rev. Bonds, Series 2017-B, 5.00% 2026			500				547
JEA, Electric System Rev. Bonds, Series 2017-B-3, 5.00% 2026			340				373
JEA, Electric System Rev. Bonds, Series 2020-A-3, 5.00% 2030			50				57
JEA, Electric System Rev. Bonds, Series 2021-A, 5.00% 2031			2,095				2,398
JEA, Electric System Rev. Bonds, Series 2021-A-3, 5.00% 2033			625				719
JEA, Water and Sewer System Rev. Bonds, Series 2020-A, 5.00% 2033			50				57
County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.50% 2024			280				278
County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.50% 2025			285				281
County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.50% 2026			295				289
County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.50% 2027			300				291
County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.50% 2028			305				293
County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.625% 2029			315				303
County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2020-A, 5.00% 2025			1,150				1,230
County of Miami-Dade, Expressway Auth., Toll System Rev. Bonds, Series 2014-A, BAM insured, 5.00% 2026			780				821
County of Miami-Dade, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2014-B, BAM insured, 5.00% 2026			760				800

 

Private Client Services Funds

7

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Florida (continued)
County of Miami-Dade, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Platform 3750), Series 2021, 0.25% 2024 (put 2023)		USD	510			$	495
County of Miami-Dade, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Sunset Bay Apartments), Series 2021, 0.25% 2023 (put 2022)			420				415
County of Miami-Dade, Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. of Florida Project), Series 2007, 0.32% 2027 (put 2022)			2,205				2,191
County of Miami-Dade, Transit System Sales Surtax Rev. Bonds, Series 2012, 5.00% 2025 (preref. 2022)			25				25
City of Miami Beach, Health Facs. Auth., Hospital Rev. and Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2014, 5.00% 2027			145				152
Municipal Power Agcy., All-Requirements Power Supply Project Rev. Ref. Bonds, Series 2016-A, 5.00% 2026			1,000				1,093
County of Orange, Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Presbyterian Retirement Communities Project), Series 2016, 5.00% 2031			300				319
County of Orange, Health Facs. Auth., Rev. Bonds (Presbyterian Retirement Communities Obligated Group Project), Series 2023-A, 5.00% 2029			320				335
County of Orange, Health Facs. Auth., Rev. Bonds (Presbyterian Retirement Communities Obligated Group Project), Series 2023-A, 5.00% 2031			500				526
County of Orange, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Dunwoodie Place Apartments), Series 2021-A, 0.20% 2024 (put 2023)			200				193
County of Orange, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Jernigan Gardens), Series 2020-B, 0.35% 2023 (put 2022)			2,000				1,988
County of Orange, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Stratford Point Apartments), Series 2021-B, 0.55% 2025 (put 2024)			635				604
Orlando Utilities Commission, Utility System Rev. Ref. Bonds, Series 2021-B, 1.25% 2046 (put 2028)			1,000				859
Orlando-Orange County Expressway Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2032 (preref. 2023)			1,020				1,054
County of Palm Beach, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Christian Manor), Series 2022, 1.25% 2025 (put 2024)			2,875				2,810
County of Pasco, Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 3.00% 2026			345				346
County of Pasco, Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 3.20% 2027			355				361
County of Pasco, Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 3.25% 2028			370				375
County of Pinellas, Housing Fin. Auth., Multi Family Mortgage Backed Bonds (Jordan Park Apartments), Series 2021-B, 0.65% 2025 (put 2024)			525				500
County of Polk, Utility System Rev. and Rev. Ref. Bonds, Series 2013, BAM insured, 5.00% 2043 (preref. 2023)			185				192
City of Pompano Beach, Rev. Bonds (John Knox Village Project), Series 2015, 5.00% 2023			630				648
Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 2.625% 2024			1,055				1,051
County of St. Johns, Sweetwater Creek Community Dev. Dist., Capital Improvement Rev. Ref. Bonds, Series 2019-A-1, Assured Guaranty Municipal insured, 2.00% 2022			340				340
City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), Series 2017, 5.00% 2024			500				525
City of Tallahassee, Energy System Rev. Ref. Bonds, Series 2020, 5.00% 2028			1,000				1,131
City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 2028			215				239
City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 2029			250				281
City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 2030			260				295
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Bonds, Series 2022-A, 5.00% 2026			510				562
Dept. of Transportation, Turnpike Rev. Bonds, Series 2018-A, 5.00% 2026			292				321
Dept. of Transportation Fncg. Corp., Rev. Bonds, Series 2020, 5.00% 2024			430				454
City of Winter Garden, Winter Garden Village at Fowler Groves Community Dev. Dist., Special Assessment Rev. Ref. Bonds, Series 2016, 3.00% 2024			530				529
							45,600
Georgia 2.56%
County of Appling, Dev. Auth., Pollution Control Rev. Bonds (Oglethorpe Power Corp. Scherer Project), Series 2013-A, 1.50% 2038 (put 2025)			885				854
City of Atlanta, Urban Residential Fin. Auth., Multi Family Housing Rev. Bonds (Sylvan Hills Senior Apartments Project), Series 2020, 0.41% 2025 (put 2023)			285				274
County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Georgia Power Co. Plant Vogtle Project), Series 1995-5, 2.20% 2032			500				466
County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Georgia Power Co. Plant Vogtle Project), Series 2013, 2.925% 2053 (put 2024)			600				598

 

8	Private Client Services Funds

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Georgia (continued)
County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Oglethorpe Power Corp. Vogtle Project), Series 2013-A, 1.50% 2040 (put 2025)		USD	685			$	661
City of Columbus, Dev. Auth., Multi Family Housing Rev. Bonds (Highland Terrance Phase II Project), Series 2021-B, 0.34% 2025 (put 2024)			425				403
County of Dawson, Dev. Auth., Multi Family Housing Rev. Bonds (Peaks of Dawsonville Project), Series 2021, 0.28% 2023			250				243
County of Dekalb, Housing Auth., Multi Family Housing Rev. Bonds (Columbia Village Project), Series 2021-A, 0.34% 2024 (put 2023)			140				136
G.O. Bonds, Series 2020-A, 5.00% 2023			160				166
G.O. Rev. Ref. Bonds, Series 2016-E, 5.00% 2026			225				250
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2014-A-1, 4.00% 2044			155				157
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2015-A-1, 3.50% 2045			125				126
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2017-A, 4.00% 2047			350				355
City of Lawrenceville, Housing Auth., Multi Family Housing Rev. Bonds (Hearthside Lawrenceville Project), Series 2022, 2.25% 2025 (put 2024)			1,565				1,537
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2018-D, (3-month USD-LIBOR x 0.67 + 0.83%) 1.134% 2048 (put 2023)2			155				154
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2019-B, 4.00% 2049 (put 2024)			980				1,004
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2019-C, 4.00% 2050 (put 2026)			1,500				1,529
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2021-C, 4.00% 2052 (put 2028)			2,305				2,349
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2021-A, 4.00% 2052 (put 2027)			1,000				1,028
Municipal Electric Auth., General Resolution Projects Bonds, Series 2021-A, 5.00% 2031			415				471
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2021-A, Assured Guaranty Municipal insured, 5.00% 2029			495				558
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project J Bonds, Series 2021-A, Assured Guaranty Municipal insured, 5.00% 2030			430				489
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 2029			120				133
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 2030			115				127
Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 2024			1,000				1,039
Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 2029			870				970
Municipal Electric Auth., Project One Bonds, Series 2021-A, 5.00% 2031			785				891
Northwest Georgia Housing Auth., Multi Family Housing Rev. Bonds (Dallas Manor Apartments Project), Series 2021, 0.25% 2024 (put 2023)			120				116
City of Valdosta, Housing Auth., Multi Family Housing Rev. Bonds (TISHCO Rural Rental Housing Portfolio Project), Series 2022, 1.25% 2025 (put 2024)			185				181
County of Walker, Dev. Auth., Multi Family Housing Rev. Bonds (Gateway at Rossville Project), Series 2021-B, 0.46% 2024 (put 2023)			465				448
							17,713
Guam 0.07%
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2013, 5.25% 2024			450				463
Hawaii 0.50%
Airports System Rev. Bonds, Series 2018-D, 5.00% 2030			1,000				1,138
City and County of Honolulu, G.O. Bonds (Honolulu Rail Transit Project), Series 2020-B, 5.00% 2031			2,020				2,320
							3,458
Idaho 0.17%
Health Facs. Auth., Rev. Bonds (St. Luke’s Health System Project), Series 2021-A, 5.00% 2031			60				68
Health Facs. Auth., Rev. Bonds (St. Luke’s Health System Project), Series 2021-A, 5.00% 2032			90				103
Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund), Series 2015-A, 5.00% 2022			1,000				1,007
							1,178
Illinois 5.63%
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 5.00% 2025			475				501
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2023			1,100				1,144
City of Chicago, Chicago Midway Airport, Rev. and Rev. Ref. Bonds, Series 2014-B, 5.00% 2028			500				518

 

Private Client Services Funds

9

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Illinois (continued)
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2023		USD	560			$	569
City of Chicago, Transit Auth., Capital Grant Receipts Rev. Ref. Bonds (Federal Transit Administration Section 5307 Urbanized Area Formula Funds), Series 2021, 5.00% 2024			65				68
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2012, Assured Guaranty Municipal insured, 5.00% 2023			500				501
City of Chicago, Wastewater Transmission Rev. Project Bonds, Series 2014, 5.00% 2028			385				397
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2023			200				208
City of Chicago, Water Rev. Ref. Bonds, Series 2014, 5.00% 2023			200				208
City of Chicago, Water Rev. Ref. Bonds, Series 2017, 5.00% 2028			355				393
County of Cook, Community College Dist. No. 508 (City Colleges of Chicago), Unlimited Tax G.O. Bonds, Series 2013, 5.00% 2023			200				207
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), Series 2019-A, 5.00% 2025			110				118
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), Series 2019-A, 5.00% 2027			500				555
Fin. Auth., Academic Fac. Lease Rev. Bonds (Provident Group - UIUC Properties LLC - University of Illinois at Urbana-Champaign Project), Series 2019-A, 5.00% 2028			400				449
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-A-1, 4.00% 2030			1,000				1,024
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2025			125				133
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2026			120				130
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2033			500				548
Fin. Auth., Rev. Bonds (Northshore University Heathsystem), Series 2020-A, 5.00% 2033			280				313
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2027			250				268
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2020-B-2, 5.00% 2050 (put 2026)			105				114
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2024			310				323
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2021-B, (SIFMA Municipal Swap Index + 0.70%) 1.14% 2042 (put 2026)2			140				140
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2026			600				650
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2028			400				440
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2028			1,000				1,064
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2029			500				531
Fin. Auth., Rev. Bonds (The Carle Foundation), Series 2021-A, 5.00% 2029			800				898
Fin. Auth., Rev. Bonds (The Carle Foundation), Series 2021-A, 5.00% 2030			360				408
Fin. Auth., Rev. Bonds (University of Chicago), Series 2021-A, 5.00% 2025			270				292
Fin. Auth., Rev. Ref. Bonds (Northwestern Memorial Healthcare), Series 2021-A, 5.00% 2033			365				420
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2026			770				828
Fin. Auth., Water Facs. Rev. Ref. Bonds (American Water Capital Corp. Project), Series 2020, 0.70% 2040 (put 2023)			215				210
G.O. Bonds, Series 2014, 5.00% 2022			110				110
G.O. Bonds, Series 2020-B, 5.00% 2029			2,090				2,277
G.O. Bonds, Series 2019-A, 5.00% 2029			1,000				1,089
Housing Dev. Auth., Multi Family Housing Rev. Bonds, Series 2021-C, 0.80% 2026			40				37
Housing Dev. Auth., Multi Family Housing Rev. Bonds (Concord Commons), Series 2021, 0.25% 2024 (put 2023)			810				796
Housing Dev. Auth., Multi Family Housing Rev. Bonds (Marshall Field Garden Apartment Homes), Series 2015, (SIFMA Municipal Swap Index + 1.00%) 1.44% 2050 (put 2025)2			2,000				2,019
Housing Dev. Auth., Multi Family Housing Rev. Bonds (Terrance Senior), Series 2022, 2.375% 2025 (put 2024)			770				763
Housing Dev. Auth., Rev. Bonds, Series 2019-A, 4.25% 2049			1,290				1,323
Housing Dev. Auth., Rev. Bonds, Series 2021-D, 3.00% 2051			1,640				1,608
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2017-B, 5.00% 2025			225				239
Municipal Electric Agcy., Power Supply System Rev. Ref. Bonds, Series 2015-A, 5.00% 2027			1,000				1,072
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2017, 5.00% 2023			620				636
Sales Tax Securitization Corp., Sales Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2024			1,000				1,043
Sales Tax Securitization Corp., Sales Tax Securitization Rev. Ref. Bonds, Series 2017-A, 5.00% 2023			2,000				2,043
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-C, 5.00% 2025			1,180				1,252
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-A, 5.00% 2027			1,250				1,344
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-A, 5.00% 2028			1,110				1,191
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-C, 5.00% 2029			440				494
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2024			500				522
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2025			740				785
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2028			635				707
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Bonds, Series 2018-A, 5.00% 2025			135				144
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Bonds, Series 2020-A, 5.00% 2028			1,000				1,103

 

10	Private Client Services Funds

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Illinois (continued)
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2005-A, National insured, 5.50% 2023		USD	500			$	514
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2015-A, 5.00% 2026			1,120				1,191
Board of Trustees of the University of Illinois, Rev. Ref. Certs. of Part., Series 2008-A, Assured Guaranty Municipal insured, 5.25% 2024			30				30
							38,902
Indiana 1.32%
Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2019-C, 5.00% 2022			140				142
Fin. Auth., Hospital Rev. Bonds (Community Health Network Project), Series 2012-A, 5.00% 2042 (preref. 2023)			1,165				1,199
Fin. Auth., State Revolving Fund Program Green Bonds, Series 2021-B, 5.00% 2028			575				645
Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2021-2, 5.00% 2022			130				132
Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2021-1, 5.00% 2023			275				286
Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2021-2, 5.00% 2023			85				88
Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2021-2, 5.00% 2027			335				375
City of Franklin, Econ. Dev. and Rev. Ref. Bonds (Otterbein Homes Obligated Group), Series 2019-B, 5.00% 2023			30				31
Health Fac. Fncg. Auth., Rev. Bonds (Ascension Health Subordinate Credit Group), Series 2005-A-1, 4.00% 2023			80				82
Housing and Community Dev. Auth., Collateralized Rev. Bonds (RD Moving Forward Biggs Project), Series 2022, 2.00% 2025 (put 2024)			185				182
Housing and Community Dev. Auth., Collateralized Rev. Bonds (RD Moving Forward Justus Project), Series 2021, 0.33% 2024 (put 2023)			710				691
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 2048			1,655				1,696
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.75% 2049			150				152
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2021-B, 3.00% 2050			110				108
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2021-C-1, 3.00% 2052			355				348
City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2026			340				366
City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2027			330				361
City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2028			435				483
City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2029			265				298
City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2030			435				493
City of Kokomo, Multi Family Housing Rev. Bonds (KHA RAD I Apartments), Series 2021-A, 0.56% 2025 (put 2024)			1,030				990
							9,148
Iowa 0.52%
Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2019-A, 4.00% 2047			760				776
Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2019-D, 3.50% 2049			25				25
PEFA, Inc., Gas Project Rev. Bonds, Series 2019, 5.00% 2049 (put 2026)			2,150				2,270
Tobacco Settlement Auth., Tobacco Settlement Asset-Backed Bonds, Series 2021-A-2, 5.00% 2031			320				353
Tobacco Settlement Auth., Tobacco Settlement Asset-Backed Bonds, Series 2021-A-2, 5.00% 2033			135				148
							3,572
Kansas 0.31%
Johnson County Unified School Dist. No. 512, G.O. Rev. Ref. and Improvement Bonds (Shawnee Mission), Series 2015-A, 5.00% 2031 (preref. 2025)			1,000				1,083
Turnpike Auth., Rev. Ref. Bonds, Series 2020-A, 3.00% 2025			950				963
Unified Government of Wyandotte County, Board of Public Utilities, Utility System Improvement Rev. Bonds, Series 2012-B, 5.00% 2026 (preref. 2022)			110				111
							2,157

 

Private Client Services Funds

11

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Kentucky 1.03%
Econ. Dev. Fin. Auth., Health System Rev. Bonds (Norton Healthcare, Inc.), Capital Appreciation Bonds, Series 2000-B, National insured, 0% 2027		USD	1,000			$	826
Housing Corp., Multi Family Housing Rev. Bonds (Cambridge Square Project), Series 2021, 0.30% 2024 (put 2024)			365				348
Housing Corp., Multi Family Housing Rev. Bonds (New Hope Properties Portfolio Project), Series 2021, 0.41% 2024 (put 2023)			1,575				1,524
Housing Corp., Multi Family Housing Rev. Bonds (Winterwood II Rural Housing Portfolio), Series 2021, 0.37% 2024 (put 2023)			635				613
County of Owen, Water Facs. Rev. Ref. Bonds (Kentucky - American Water Co. Project), Series 2019, 2.45% 2039 (put 2029)			750				679
Property and Buildings Commission, Commonwealth Rev. Ref. Bonds (Project No. 125), Series 2021-A, 5.00% 2022			170				172
Public Energy Auth., Gas Supply Rev. Bonds, Series 2018-A, 4.00% 2048 (put 2024)			410				416
Public Energy Auth., Gas Supply Rev. Bonds, Series 2019-A-1, 4.00% 2049 (put 2025)			1,180				1,197
Public Energy Auth., Gas Supply Rev. Bonds, Series 2018-B, 4.00% 2049 (put 2025)			185				189
Public Energy Auth., Gas Supply Rev. Bonds, Series 2022-A-1, 4.00% 2052 (put 2030)			855				871
Turnpike Auth., Econ. Dev. Road Rev. Ref. Bonds (Revitalization Projects), Series 2022-A, 5.00% 2031			270				311
							7,146
Louisiana 2.27%
Parish of East Baton Rouge, Road and Street Improvement Sales Tax Rev. Ref. Bonds, Series 2020, Assured Guaranty Municipal insured, 5.00% 2022			85				86
Parish of East Baton Rouge, Road and Street Improvement Sales Tax Rev. Ref. Bonds, Series 2020, Assured Guaranty Municipal insured, 5.00% 2026			1,250				1,365
Parish of East Baton Rouge, Sewerage Commission, Multi Modal Rev. Ref. Bonds, Series 2021-A, 1.30% 2041 (put 2028)			1,270				1,107
Parish of East Baton Rouge, Sewerage Commission, Rev. Ref. Bonds, Series 2020-A, 5.00% 2026			1,135				1,235
Gasoline and Fuels Tax Rev. Ref. Bonds, Series 2017-D-1, 0.60% 2043 (put 2023)			2,000				1,978
Gasoline and Fuels Tax Rev. Ref. Bonds, Series 2022-A, (USD-SOFR x 0.50 + 0.50%) 0.689% 2043 (put 2026)2			575				573
Grant Anticipation Rev. Bonds, Series 2021, 5.00% 2023			335				348
Housing Corp., Multi Family Housing Rev. Bonds (Arbours at Lafayette Project), Series 2021, 0.35% 2024 (put 2023)			375				363
Housing Corp., Multi Family Housing Rev. Bonds (Hollywood Acres and Hollywood Heights Projects), Series 2019, 0.55% 2023			750				724
Housing Corp., Multi Family Housing Rev. Bonds (Mabry Place Townhomes Project), Series 2021, 0.31% 2024 (put 2023)			215				208
Parish of Jefferson, Sales Tax Rev. Ref. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 5.00% 2027			1,000				1,116
Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Entergy Louisiana, LLC Projects), Series 2021-A, 2.00% 2030			105				92
Louisiana Stadium and Exposition Dist., Rev. Ref. Bonds, Series 2013-A, 5.00% 2022			1,500				1,509
Offshore Terminal Auth., Deepwater Port Rev. Bonds (Loop LLC Project), Series 2007-A, 1.65% 2027 (put 2023)			905				893
Public Facs. Auth., Hospital Rev. Ref. Bonds (Lafayette General Health System Project), Series 2016-A, 5.00% 2041 (preref. 2025)			1,000				1,086
Parish of St. Charles, Gulf Opportunity Zone Rev. Bonds (Valero Project), Series 2010, 4.00% 2040 (put 2022)			2,000				2,003
Parish of St. John the Baptist, Rev. Ref. Bonds (Marathon Oil Corp. Project), Series 2017-B-1, 2.125% 2037 (put 2024)			285				277
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 3.00% 2022			115				116
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 4.00% 2023			105				108
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 5.00% 2024			80				85
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 4.00% 2025			145				151
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 5.00% 2026			140				154
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2023			90				92
							15,669
Maine 0.08%
Housing Auth., Mortgage Purchase Bonds, Series 2017-A, 4.00% 2047			300				305
Turnpike Auth., Turnpike Rev. Ref. Bonds, Series 2022, 5.00% 2031			195				227
							532

 

12	Private Client Services Funds

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Maryland 1.38%
County of Anne Arundel, G.O. Rev. Ref. Water and Sewer Bonds, Series 2022, 5.00% 2026		USD	885			$	970
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2014-C, 4.00% 2044			190				193
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2020-D, 3.25% 2050			600				598
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2021-C, 3.00% 2051			783				769
G.O. Rev. Ref. Bonds, State and Local Facs. Loan of 2021, Series 2022-D-2, 4.00% 2029			585				635
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2017-A, 4.00% 2048			500				508
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2018-A, 4.00% 2049			1,355				1,379
County of Prince George, Certs. of Part. (Behavioral Health Fac. and Capital Equipment), Series 2021, 5.00% 2024			165				175
Dept. of Transportation, Consolidated Transportation Bonds, Series 2018-2, 5.00% 2026			1,000				1,104
Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2020. 5.00% 2033			745				850
Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2021, 5.00% 2030			2,000				2,335
							9,516
Massachusetts 0.46%
Dev. Fin. Agcy., Multi Family Housing Rev. Bonds (Salem Heights II Preservation Associates LP Issue), Series 2021-B, 0.25% 2024 (put 2023)			180				175
Dev. Fin. Agcy., Rev. Bonds (Mass General Brigham, Inc.), Series 2019-T-1, 1.04% 2049 (put 2026)2,3			235				235
Dev. Fin. Agcy., Rev. Ref. Bonds (Berkshire Health Systems Issue), Series 2021-I, 5.00% 2024			615				650
Housing Fin. Agcy., Housing Green Bonds, Series 2021-A-2, 0.30% 2023			50				48
Housing Fin. Agcy., Housing Green Bonds, Series 2021-A-2, 0.40% 2024			65				62
Housing Fin. Agcy., Housing Green Bonds, Series 2021-B-2, 0.75% 2025			55				52
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 169, 4.00% 2044			85				85
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 172, 4.00% 2045			235				238
Massachusetts Bay Transportation Auth., Sales Tax Green Bond Anticipation Notes, Series 2021, 4.00% 2025			455				474
Transportation Fund Rev. Ref. Bonds, Series 2021-A, 5.00% 2029			1,000				1,145
							3,164
Michigan 2.66%
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Bonds, Series 2012-A, 5.00% 2032 (preref. 2022)			185				186
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2047 (preref. 2022)			2,555				2,604
Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2015-D-1, 0.25% 2022			40				40
Fin. Auth., Local Government Loan Program Rev. Bonds (Detroit Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Local Project Bonds), Series 2015-C, 5.00% 2027			250				268
Fin. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2020-A-1, 5.00% 2026			105				112
Fin. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2020-A, 5.00% 2028			1,000				1,083
Fin. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2020-A-1, 5.00% 2029			205				224
Great Lakes Water Auth., Water Supply System Rev. Bonds, Series 2020-B, 5.00% 2032			500				563
Hospital Fin. Auth., Hospital Rev. Bonds (Trinity Health Credit Group), Series 2009-B, 5.00% 2048 (preref. 2022)			615				617
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2008-C, 5.00% 2022			475				484
Housing Dev. Auth., Multi Family Housing Rev. Bonds, Series 2020, 0.32% 2023 (put 2022)			1,000				991
Housing Dev. Auth., Rental Housing Rev. Bonds, Series 2019-A-1, 1.50% 2022			1,195				1,193
Housing Dev. Auth., Rental Housing Rev. Bonds, Series 2021-A, 0.55% 2025			185				175
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 2047			415				418
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 2048			240				241
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-A, 4.00% 2048			565				575
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 2049			1,580				1,619
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 2049			775				795
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.50% 2050			1,410				1,417
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2021-A, 3.00% 2052			2,125				2,090
Board of Trustees of Michigan State University, Rev. Bonds, Series 2019-B, 5.00% 2023			300				307

 

Private Client Services Funds

13

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Michigan (continued)
Board of Trustees of Michigan State University, Rev. Bonds, Series 2019-B, 5.00% 2030		USD	700			$	786
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Pollution Control Bonds Project), Series 1995-CC, 1.45% 2030			1,630				1,358
Trunk Line Fund Bonds, Series 2021-A, 5.00% 2031			230				270
							18,416
Minnesota 1.31%
City of Hopkins, Multi Family Housing Rev. Bonds (Raspberry Ridge Project), Series 2021, 0.26% 2024 (put 2023)			535				526
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-B, 4.00% 2038			220				224
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-B, 3.50% 2046			575				578
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-B, 4.00% 2047			465				472
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-B, 4.00% 2048			355				360
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-E, 4.00% 2048			275				280
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-E, 4.25% 2049			1,490				1,528
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2019-B, 4.25% 2049			700				718
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-E, 3.50% 2050			260				261
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-B, 3.00% 2051			525				517
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-D, 3.00% 2052			1,185				1,167
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-H, 3.00% 2052			880				864
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2022-A, 3.00% 2052			350				343
City of Mahtomedi, Multi Family Housing Rev. Bonds (Lincoln Place / Vadnais Highlands Projects), Series 2021, 0.25% 2023 (put 2022)			300				299
Municipal Gas Agcy., Commodity Supply Rev. Bonds, Series 2022-A, 4.00% 2052 (put 2027)			875				904
							9,041
Mississippi 0.54%
Business Fin. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2004, 0.70% 2029 (put 2026)			1,460				1,288
Gaming Tax Rev. Bonds, Series 2019-A, 5.00% 2023			850				880
Gaming Tax Rev. Ref. Bonds, Series 2015-E, 5.00% 2026			500				536
Home Corp., Collateralized Multi Family Housing Rev. Bonds (J&A Dev. Portfolio Project I), Series 2021-1, 0.30% 2024 (put 2023)			230				226
Home Corp., Multi Family Housing Rev. Bonds (Southwest Village Apartments Project), Series 2022-2, 1.30% 2025 (put 2024)			215				213
Home Corp., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 2048			575				586
							3,729
Missouri 0.85%
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (BJC Health System), Series 2021-B, 5.00% 2052 (put 2028)			2,360				2,597
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2016-B, 3.50% 2041			1,105				1,115
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2017-B, 3.25% 2047			252				249
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2020-A, 3.50% 2050			530				533
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2021-A, 3.00% 2052			560				551
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2021-C, 3.25% 2052			185				184
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2015-A, 3.75% 2038			105				106
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2019-C, 5.00% 2031			500				555
							5,890

 

14	Private Client Services Funds

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Montana 0.23%
Board of Housing, Single Family Mortgage Bonds, Series 2016-A-2, 3.50% 2044		USD	105			$	106
Board of Housing, Single Family Mortgage Bonds, Series 2020-C, 3.00% 2050			290				287
Board of Housing, Single Family Mortgage Bonds, Series 2022-A, 3.00% 2052			1,200				1,177
							1,570
Nebraska 0.70%
Central Plains Energy Project, Gas Project Rev. Bonds (Project No. 3), Series 2012, 5.00% 2032 (preref. 2022)			1,190				1,202
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-A, 3.00% 2043			10				10
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2014-A, 4.00% 2044			80				81
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2015-C, 3.50% 2045			225				227
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-C, 3.50% 2046			15				15
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-C, 4.00% 2048			1,605				1,634
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-A, 4.00% 2048			570				581
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2021-C, 3.00% 2050			1,100				1,082
							4,832
Nevada 0.70%
Clark County School Dist., Limited Tax G.O. School Bonds, Series 2015-D, 5.00% 2022			500				502
County of Clark, Airport System Rev. Ref. Bonds (McCarran International Airport), Series 2021-A, 5.00% 2033			760				862
County of Clark, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2019-E, 5.00% 2029			770				870
County of Clark, Pollution Control Rev. Ref. Bonds (Nevada Power Co. Projects), Series 2017, 1.65% 2036 (put 2023)			1,355				1,349
City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Limited Obligation Rev. Ref. Bonds, Series 2017, 2.00% 2023			420				415
Housing Division, Multi Family Housing Rev. Bonds (Southwest Village Apartments), Series 2021, 0.47% 2024 (put 2023)			200				194
Las Vegas Valley Water Dist., Limited Tax G.O. Water Rev. Ref. Bonds, Series 2020-A, 5.00% 2024			595				627
County of Washoe, Gas and Water Facs. Rev. Ref. Bonds (Sierra Pacific Power Co. Projects), Series 2016-B, 3.00% 2036 (put 2022)			10				10
							4,829
New Hampshire 0.18%
Health and Education Facs. Auth., Rev. Bonds (University System of New Hampshire Issue), Series 2017-A, 5.00% 2022			500				503
Health and Education Facs. Auth., Rev. Bonds (University System of New Hampshire Issue), Series 2017-A, 5.00% 2023			600				619
National Fin. Auth., Municipal Certs., Series 2020-1, Class A, 4.125% 2034			97				100
							1,222
New Jersey 0.97%
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2021-QQQ, 5.00% 2029			500				548
Econ. Dev. Auth., Water Facs. Rev. Ref. Bonds (American Water Co., Inc. Project), Series 2020-A, 1.00% 2023			2,025				1,988
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Browns Woods Apartments Project), Series 2021-A, 1.25% 2024 (put 2023)			395				387
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 2048			310				321
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2019-C, 4.75% 2050			185				193
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2022			1,185				1,188
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2023			500				511
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2029			225				243
Transportation Trust Fund Auth., Transportation System Bonds, Series 2019-A, 5.00% 2028			750				822
Turnpike Auth., Turnpike Rev. Bonds, Series 2020-D, 5.00% 2028			240				261
Turnpike Auth., Turnpike Rev. Bonds, Series 2014-A, 5.00% 2028			230				241
							6,703

 

Private Client Services Funds

15

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
New Mexico 1.38%
Albuquerque Municipal School Dist. No. 12, G.O. School Bonds, Series 2021-A, 5.00% 2027		USD	400			$	447
City of Farmington, Pollution Control Rev. Ref. Bonds (Public Service Co. of San Juan and Four Corners Projects), Series 2016-B, 2.15% 2033			1,130				936
City of Farmington, Pollution Control Rev. Ref. Bonds (Public Service Co. of San Juan Project), Series 2010-D, 1.10% 2040 (put 2023)			500				491
City of Farmington, Pollution Control Rev. Ref. Bonds (Public Service Co. of San Juan Project), Series 2010-E, 1.15% 2040 (put 2024)			2,615				2,507
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2018-B-1, Class I, 4.00% 2049			720				733
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-C-1, Class I, 4.00% 2050			125				127
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-A-1, Class I, 4.25% 2050			2,130				2,186
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2021-A, Class I, 3.00% 2052			840				827
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2021-C, Class I, 3.00% 2052			260				256
Municipal Energy Acquisition Auth., Gas Supply Rev. Ref. and Acquisition Bonds, Series 2019, 5.00% 2039 (put 2025)			960				1,013
							9,523
New York 8.06%
Build NYC Resource Corp., Rev. Ref. Bonds (Ethical Culture Fieldston School Project), Series 2015, 5.00% 2024			395				413
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2028			1,000				1,122
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 5.00% 2030			2,000				2,289
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2030			1,500				1,652
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 2030			605				692
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A-2, 5.00% 2031			165				189
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2022-A, 5.00% 2032			565				656
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2018-H, 2.75% 2022			480				482
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2019-P, 1.55% 2023			610				602
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-E, 0.85% 2024			345				331
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-L-2, 0.75% 2025			4,500				4,158
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-M-2, 0.75% 2025			275				256
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-D-2, 0.65% 2056 (put 2025)			690				633
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-I-2, 0.70% 2056 (put 2025)			380				349
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-J-2, 1.10% 2061 (put 2027)			1,900				1,721
Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, 1.70% 2030			410				335
Liberty Dev. Corp., Liberty Rev. Ref. Green Bonds (4 World Trade Center Project), Series 2021-A, 1.90% 2031			195				158
Long Island Power Auth., Electric System General Rev. Bonds, Series 2014-C, (1-month USD-LIBOR x 0.70 + 0.75%) 1.068% 2033 (put 2023)2			1,000				995
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-C, (1-month USD-LIBOR x 0.70 + 0.75%) 1.068% 2033 (put 2023)2			840				836
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2023			375				389
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-C, 5.00% 2032 (preref. 2022)			1,000				1,018
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-2, (SIFMA Municipal Swap Index + 0.45%) 0.89% 2044 (put 2022)2			750				750
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 5.00% 2045 (put 2030)			2,180				2,375
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-C, 5.00% 2047 (preref. 2022)			1,100				1,120
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2-B, Assured Guaranty Municipal insured, (USD-SOFR x 0.67 + 0.55%) 0.737% 2032 (put 2024)2			880				880
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2-A-2, Assured Guaranty Municipal insured, (USD-SOFR x 0.67 + 0.80%) 0.987% 2032 (put 2026)2			315				313
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2023			305				316
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2027			535				579
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044			865				870
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 233, 3.00% 2045			1,455				1,434
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 203, 3.50% 2047			840				845
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 2047			670				687
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 239, 3.25% 2051			205				203
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 242, 3.50% 2052			435				436
New York City G.O. Bonds, Series 2020-C-1, 5.00% 2028			1,000				1,121
New York City G.O. Bonds, Series 2018-A, 5.00% 2028			565				625
New York City G.O. Bonds, Series 2020-C-1, 5.00% 2030			2,350				2,682
New York City G.O. Bonds, Series 2018-E-1, 5.00% 2031			1,635				1,807
New York City G.O. Bonds, Series 2022-C, 5.00% 2031			1,000				1,151
New York City G.O. Bonds, Series 2020-C-1, 5.00% 2032			1,750				1,986

 

16	Private Client Services Funds

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
New York (continued)
New York City G.O. Bonds, Series 2021-A-1, 5.00% 2032		USD	1,435			$	1,649
New York City G.O. Bonds, Series 2008-L-5, 5.00% 2032			100				115
New York City G.O. Bonds, Series 2021-A-1, 5.00% 2033			95				109
New York City G.O. Bonds, Series 2015-F-4, 5.00% 2044 (put 2025)			290				311
New York City Health and Hospitals Corp., Health System Bonds, Series 2020-A, 5.00% 2024			375				392
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (8 Spruce Street), Series 2014-E, 3.50% 2048			320				310
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Dev. Bonds), Series 2017-C-3-A, 0.20% 2022			160				160
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Dev. Bonds), Series 2021-C-2, 0.70% 2060 (put 2025)			325				301
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2020-I-2, 0.70% 2060 (put 2025)			700				651
New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series 2021-F-2, 0.60% 2061 (put 2025)			835				770
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2021-DD, 5.00% 2026			75				82
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2021-DD, 5.00% 2029			465				531
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2022-EE, 5.00% 2030			580				669
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2020-A-1, 5.00% 2022			35				35
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2021-E-1, 5.00% 2023			65				67
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2021-F-1, 5.00% 2024			1,025				1,089
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2018-1, 5.00% 2025			105				114
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2021-A-1, 5.00% 2030			355				408
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2020-C-1, 5.00% 2031			760				870
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2021-A-1, 5.00% 2031			195				226
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2021-A-1, 5.00% 2032			910				1,048
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2020-C-1, 5.00% 2032			110				125
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2022-D-1, 5.00% 2033			180				206
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2021-B-1, 5.00% 2034			795				903
Town of Oyster Bay, Public Improvement Rev. Ref. Bonds, Series 2021, 4.00% 2023			140				142
Public Housing Capital Fund Rev. Trust I, Trust Certs., Series 2012, 4.50% 20223			20				20
Suffolk County Econ. Dev. Corp., Rev. Ref. Bonds (Peconic Landing at Southold, Inc. Project), Series 2010, 3.125% 2025			225				226
City of Troy Capital Resource Corp., Rev. Ref. Bonds (Rensselaer Polytechnic Institute Project), Series 2020-A, 5.00% 2030			155				175
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 5.00% 2028			295				331
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 5.00% 2032			1,000				1,135
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 5.00% 2033			1,275				1,439
Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 2025			130				136
County of Westchester, Industrial Dev. Agcy., Multi Family Housing Rev. Bonds (Marble Hall - Tuckahoe Limited Partnership Project), Series 2021, 0.28% 2024 (put 2023)			1,550				1,516
							55,717
North Carolina 1.75%
City of Burlington, Housing Auth., Multi Family Housing Rev. Bonds (Thetford Portfolio), Series 2021, 0.30% 2024 (put 2022)			1,130				1,115
City of Durham, Housing Auth., Multi Family Housing Rev. Bonds (JJ Henderson Apartments Project), Series 2020, 0.30% 2024 (put 2023)			80				78
City of Goldsboro, Multi Family Housing Rev. Bonds (Grand at Day Point), Series 2021, 0.28% 2024 (put 2023)			1,725				1,682
Hospital Auth., Health Care Rev. Bonds (Charlotte-Mecklenburg Hospital), Series 2021-D, 5.00% 2049 (put 2031)			1,170				1,325
Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 40, 4.25% 2047			790				810
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 38-B, 4.00% 2047			860				874
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 44, 4.00% 2050			705				720
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Winds Crest Senior Living, LP), Series 2021, 0.36% 2024 (put 2023)			405				397
Raleigh-Durham Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 2022			1,705				1,705
University of North Carolina at Chapel Hill, General Rev. Bonds, Series 2012-B, (1-month USD-LIBOR x 0.67 + 0.40%) 0.705% 2041 (put 2022)2			1,480				1,477

 

Private Client Services Funds

17

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
North Carolina (continued)
University of North Carolina at Charlotte, General Rev. Ref. Bonds, Series 2017-A, 5.00% 2023		USD	1,000			$	1,040
County of Wake, Limited Obligation Bonds, Series 2021, 5.00% 2023			675				692
City of Winston-Salem, Water and Sewer System Rev. Ref. Bonds, Series 2020-A, 5.00% 2026			140				154
							12,069
North Dakota 0.57%
County of Cass, Joint Water Resource Dist., Temporary Rev. Ref. Improvement Bonds, Series 2021-A, 0.48% 2024			800				762
City of Grand Forks, Health Care System Rev. Bonds, Series 2021, 5.00% 2030			280				311
Housing Fin. Agcy., Homeownership Rev. Bonds (Home Mortgage Fin. Program), Series 2016-D, 3.50% 2046			850				855
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-B, 4.00% 2036			170				172
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-D, 4.00% 2048			270				275
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-F, 4.00% 2048			205				209
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2019-A, 4.25% 2049			155				159
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2021-B, 3.00% 2052			750				734
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2021-A, 3.00% 2052			440				433
							3,910
Ohio 2.35%
Air Quality Dev. Auth., Air Quality Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2009-B, 1.375% 2026 (put 2024)			200				189
Air Quality Dev. Auth., Air Quality Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2009-C, 1.50% 2026 (put 2025)			50				46
Akron, Bath and Copley Joint Township Hospital Dist., Hospital Facs. Rev. Ref. Bonds (Summa Health Obligated Group), Series 2020, 5.00% 2028			680				743
Akron, Bath and Copley Joint Township Hospital Dist., Hospital Facs. Rev. Ref. Bonds (Summa Health Obligated Group), Series 2020, 5.00% 2030			350				388
County of Allen, Hospital Facs. Rev. Bonds (Bon Secours Mercy Health, Inc.), Series 2020-A, 5.00% 2030			400				449
County of Allen, Hospital Facs. Rev. Bonds (Mercy Health), Series 2017-A, 5.00% 2022			810				817
County of Allen, Hospital Facs. Rev. Bonds (Mercy Health), Series 2017-A, 5.00% 2027			570				628
County of Allen, Hospital Facs. Rev. Bonds (Mercy Health), Series 2017-B, 5.00% 2047 (put 2022)			575				575
Capital Facs. Lease Appropriation Bonds, Series 2021-A, 5.00% 2029			180				205
Capital Facs. Lease Appropriation Bonds, Series 2021-A, 5.00% 2030			115				133
City of Dayton, Metropolitan Housing Auth., Multi Family Housing Rev. Bonds (Southern Montgomery Apartments Project), Series 2021-A, 0.32% 2024 (put 2023)			200				193
County of Hamilton, Hospital Facs. Rev. Bonds (UC Health), Series 2014, 5.00% 2025			400				417
Healthcare Fac. Rev. Bonds (Otterbein Homes Obligated Group), Series 2021-B, 4.00% 2024			40				41
Hospital Rev. Ref. Bonds (Cleveland Clinic Health System Obligated Group), Series 2021-B, 5.00% 2030			280				320
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Chevybrook Estates Apartments Project), Series 2021, 0.35% 2024 (put 2023)			200				196
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Franklin Manor North Project), Series 2021, 0.25% 2024 (put 2023)			440				425
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Glen Meadows Apartments Project), Series 2021-A, 0.40% 2024 (put 2023)			305				294
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Marianna Terrace Apartments), Series 2022-A, 1.30% 2025 (put 2024)			1,017				992
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Pinzone Tower Apartments Project), Series 2021, 0.28% 2023 (put 2022)			655				646
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2017-D, 4.00% 2048			280				285
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2019-A, 4.50% 2049			560				578
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2020-A, 3.75% 2050			585				593
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2021-C, 3.25% 2051			860				854
Major New State Infrastructure Project Rev. Bonds, Series 2019-1, 5.00% 2028			700				797
Major New State Infrastructure Project Rev. Bonds, Series 2019-1, 5.00% 2029			300				346
Miami University, General Receipts and Rev. Ref. Bonds, Series 2022-A, 5.00% 2031			335				389
County of Montgomery, Hospital Facs. Rev. Bonds (Dayton Children’s Hospital), Series 2021, 5.00% 2030			75				85
North East Ohio Regional Sewer Dist., Wastewater Improvement Rev. and Rev. Ref. Bonds, Series 2014, 5.00% 2044 (preref. 2024)			1,000				1,065

 

18	Private Client Services Funds

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Ohio (continued)
Public Facs. Commission, Higher Education G.O. Bonds, Series 2015-C, 5.00% 2028		USD	1,000			$	1,069
Rev. Bonds (Premier Health Partners Obligated Group), Series 2020, 5.00% 2033			85				94
Turnpike and Infrastructure Commission, Rev. Bonds, Series 2013-A-1, 5.00% 2025			115				118
Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2022-A, 5.00% 2029			1,085				1,203
Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2022-A, 5.00% 2030			325				364
Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2022-A, 5.00% 2031			485				548
Water Dev. Auth., Water Dev. Rev. Bonds, Series 2013-A, 5.00% 2023			155				160
							16,245
Oklahoma 0.11%
Capital Improvement Auth., State Highways Capital Improvement Rev. Ref. Bonds (Oklahoma Dept. of Transportation Project), Series 2020-A, 5.00% 2023			595				615
Board of Regents of Oklahoma State University, General Rev. Ref. Bonds, Series 2020-A, 5.00% 2032			120				136
							751
Oregon 1.17%
Dept. of Administrative Services, State Lottery Rev. Bonds, Series 2015-A, 5.00% 2026			330				353
County of Deschutes, Deschutes Public Library Dist., G.O. Bonds, Series 2021, 4.00% 2029			225				243
County of Deschutes, Deschutes Public Library Dist., G.O. Bonds, Series 2021, 4.00% 2030			265				287
Facs. Auth., Rev. Bonds (University of Portland Projects), Series 2015-A, 5.00% 2031			600				638
G.O. Bonds (Veteran’s Welfare Bonds Series 99B), Series 2020, 3.50% 2050			270				271
G.O. Bonds (Veteran’s Welfare Bonds Series 108), Series 2021-O, 3.00% 2051			2,095				2,044
Housing and Community Services Dept., Housing Dev. Rev. Bonds (Anna Mann Apartments Project), Series 2021-AA, 0.75% 2041 (put 2024)			1,400				1,324
Housing and Community Services Dept., Housing Dev. Rev. Bonds (The Susan Emmons Apartments Project), Series 2021-S-2, 0.38% 2024 (put 2023)			460				442
Housing and Community Services Dept., Housing Dev. Rev. Bonds (Westwind Apartments Project), Series 2021-H, 0.25% 2024 (put 2023)			175				172
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2017-A, 4.00% 2047			595				604
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2016-A, 4.00% 2047			385				391
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2018-A, 4.50% 2049			135				138
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2020-C, 3.00% 2052			1,210				1,194
							8,101
Pennsylvania 2.18%
County of Allegheny, Sanitary Auth., Sewer Rev. Bonds, Series 2020-A, 5.00% 2026			500				546
County of Berks, G.O. Bonds, Series 2015, 4.00% 2027 (preref. 2023)			35				36
Bethlehem Area School Dist. Auth., School Rev. Bonds (Bethlehem Area School Dist. Ref. Project), Series 2021-C, (USD-SOFR x 0.67 + 0.35%) 0.53% 2030 (put 2025)2			195				193
Bethlehem Area School Dist. Auth., School Rev. Bonds (Bethlehem Area School Dist. Ref. Project), Series 2021-B, (USD-SOFR x 0.67 + 0.35%) 0.53% 2031 (put 2025)2			265				262
Bethlehem Area School Dist. Auth., School Rev. Bonds (Bethlehem Area School Dist. Ref. Project), Series 2021-C, (USD-SOFR x 0.67 + 0.35%) 0.53% 2032 (put 2025)2			205				203
Cumberland Valley School Dist., G.O. Bonds, Series 2015, 5.00% 2032 (preref. 2023)			150				156
Cumberland Valley School Dist., G.O. Bonds, Series 2015, 5.00% 2034 (preref. 2023)			130				136
Fncg. Auth., Rev. Bonds, Series 2013-A-2, 5.00% 2027 (preref. 2022)			500				502
Fncg. Auth., Rev. Bonds, Series 2013-A-2, 5.00% 2042 (preref. 2022)			580				582
General Auth. of Southcentral Pennsylvania, Rev. Bonds (Wellspan Health Obligated Group), Series 2019-B, (SIFMA Municipal Swap Index + 0.60%) 1.04% 2049 (put 2024)2			455				453
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046			870				883
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2020-133, 3.00% 2050			965				954
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2021-137, 3.00% 2051			975				950
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2021-135-A, 3.00% 2051			220				217

 

Private Client Services Funds

19

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Pennsylvania (continued)
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2022-138-A, 3.00% 2052		USD	2,340			$	2,276
Housing Fin. Agcy., Special Limited Obligation, Multi Family Housing Dev. Bonds (Harrison Senior Tower), Series 2021, 0.25% 2024 (put 2023)			1,030				1,002
Housing Fin. Agcy., Special Limited Obligation, Multi Family Housing Dev. Bonds (School of Nursing), Series 2021, 0.27% 2024 (put 2023)			330				320
County of Lehigh, General Purpose Auth., Rev. Bonds (The Good Shepherd Group), Series 2021-A, 4.00% 2023			95				97
County of Montgomery, Higher Education and Health Auth., Rev. Bonds (Thomas Jefferson University), Series 2022-B, 4.00% 2035			110				111
County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Foulkeways at Gwynedd Project), Series 2016, 5.00% 2026			400				421
County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Waverly Heights Ltd.), Series 2019, 4.00% 2023			125				128
County of Northampton, General Purpose Auth., Hospital Rev. Bonds (St. Luke’s University Health Network Project), Series 2018-B, (1-month USD-LIBOR x 0.70 + 1.04%) 1.358% 2048 (put 2022)2			175				175
City of Philadelphia, Hospitals and Higher Education Facs. Auth., Rev. Bonds (Temple University Health System Obligated Group), Series 2022, Assured Guaranty Municipal insured, 5.00% 2035			155				172
Philadelphia School Dist., G.O. Bonds, Series 2019-A, 5.00% 2022			1,050				1,062
Philadelphia School Dist., G.O. Bonds, Series 2016-F, 5.00% 2025			415				444
Philadelphia School Dist., G.O. Bonds, Series 2021-A, 5.00% 2030			260				295
Philadelphia School Dist., G.O. Bonds, Series 2021-A, 5.00% 2031			125				143
Philadelphia School Dist., G.O. Rev. Ref. Bonds, Series 2016-F, 5.00% 2023			1,500				1,552
Turnpike Commission, Turnpike Rev. Bonds, Series 2021-C, 5.00% 2029			220				250
Turnpike Commission, Turnpike Rev. Bonds, Series 2021-B, 5.00% 2030			165				190
Turnpike Commission, Turnpike Rev. Bonds, Series 2021-B, 5.00% 2031			295				340
							15,051
Puerto Rico 0.02%
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2021, 5.00% 2030			40				45
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2021, 5.00% 2031			65				73
							118
Rhode Island 0.31%
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2023			500				516
Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 75-A, 3.00% 2051			1,525				1,500
Housing and Mortgage Fin. Corp., Multi Family Dev. Bonds, Series 2021-A-1, 0.45% 2040 (put 2023)			160				155
							2,171
South Carolina 1.53%
City of Columbia, Housing Auth., Multi Family Housing Rev. Bonds (Haven at Congaree Pointe), Series 2022, 2.25% 2043 (put 2025)			1,884				1,841
City of Columbia, Housing Auth., Multi Family Housing Rev. Bonds (Palmetto Terrace Apartments Project), Series 2021, 0.31% 2024 (put 2023)			460				448
City of Columbia, Waterworks and Sewer System Rev. Bonds, Series 2019-A, 5.00% 2028			100				113
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-A, 4.00% 2047			310				315
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-B, 4.00% 2047			85				86
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2020-A, 4.00% 2050			720				736
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2021-A, 3.00% 2052			640				629
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2022-A, 4.00% 2052			710				728
Housing Fin. and Dev. Auth., Mortgage Rev. Ref. Bonds, Series 2016-A, 4.00% 2036			435				442
Housing Fin. and Dev. Auth., Multi Family Housing Rev. Bonds (Villages at Congaree Pointe Project), Series 2021-B, 1.25% 2025 (put 2024)			415				403
Lexington County Health Services Dist., Inc., Hospital Rev. Ref. Bonds, Series 2017, 5.00% 2022			600				610
Lexington County Health Services Dist., Inc., Hospital Rev. Ref. Bonds, Series 2017, 5.00% 2024			500				529
Patriots Energy Group Fncg. Agcy., Gas Supply Rev. Bonds, Series 2018-A, 4.00% 2048 (put 2024)			180				183
Public Service Auth., Improvement Rev. Obligations, Series 2021-B, 5.00% 2029			520				588
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2022			350				357
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2023			125				130

 

20	Private Client Services Funds

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
South Carolina (continued)
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-D, 5.00% 2028 (preref. 2022)		USD	510			$	512
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-D, 5.00% 2028 (preref. 2022)			490				491
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2015-A, 5.00% 2028			100				106
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2022-A, 5.00% 2029			180				204
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2022-A, 5.00% 2031			455				522
City of Spartanburg, Housing Auth., Multi Family Housing Rev. Bonds (Connecticut Village Apartments), Series 2022, 1.05% 2025 (put 2023)			100				98
Spartanburg Regional Health Services Dist., Hospital Rev. Ref. Bonds, Series 2022, 5.00% 2030			310				347
Spartanburg Regional Health Services Dist., Hospital Rev. Ref. Bonds, Series 2022, 5.00% 2032			130				147
							10,565
South Dakota 1.00%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-E, 4.00% 2044			420				426
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2016-D, 3.50% 2046			705				709
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2017-B, 4.00% 2047			1,025				1,042
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-B, 4.50% 2048			1,295				1,337
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2019-B, 4.00% 2049			280				285
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2021-B, 3.00% 2051			2,195				2,160
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2020-C, 3.50% 2051			935				939
							6,898
Tennessee 0.81%
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-1, 4.00% 2042			420				427
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-2-B, 4.00% 2042			410				417
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2015-2-A, 4.00% 2046			390				397
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2020-3-A, 3.50% 2050			105				105
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2015-2-A, 3.75% 2050			420				426
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2019-1, 4.25% 2050			750				769
County of Knox, Health, Educational and Housing Fac. Board, Multi Family Housing Rev. Bonds (Farragut Pointe Apartments Project), Series 2021, 0.65% 2026 (put 2024)			845				797
City of Knoxville Community Dev. Corp., Collateralized Multi Family Housing Rev. Bonds (Austin 1B Apartments Project), Series 2021, 0.22% 2024 (put 2023)			155				149
Metropolitan Government of Nashville and Davidson County, Health and Educational Facs. Board, Rev. Bonds (Vanderbilt University Medical Center), Series 2021-A, 5.00% 2031			415				466
Tennessee Energy Acquisition Corp., Commodity Project Rev. Bonds, Series 2021-A, 5.00% 2052 (put 2031)			1,500				1,632
							5,585
Texas 12.44%
Affordable Housing Corp., Multi Family Housing Rev. Bonds (Apartments of Las Palmas I LLC), Series 2021, 0.25% 2024 (put 2022)			65				64
Alvarado Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2023			795				814
Alvin Independent School Dist., Unlimited Tax Schoolhouse and Rev. Ref. Bonds, Series 2020, 5.00% 2025			600				642
Alvin Independent School Dist., Unlimited Tax Schoolhouse and Rev. Ref. Bonds, Series 2020, 5.00% 2027			225				250
Angleton Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2025			620				662
Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Uplift Education), Series 2017-A, 5.00% 2023			885				922
Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Uplift Education), Series 2017-A, 5.00% 2024			400				425
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 5.00% 2026			400				436
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 5.00% 2028			595				668
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 5.00% 2029			235				267
Arlington Higher Education Fin. Corp., Education Rev. Bonds (KIPP Texas, Inc.), Series 2019, 5.00% 2026			1,900				2,078
Arlington Higher Education Fin. Corp., Education Rev. Bonds (KIPP Texas, Inc.), Series 2019, 5.00% 2027			1,000				1,109
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Responsive Education Solutions), Series 2021-A, 5.00% 2029			510				579
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Responsive Education Solutions), Series 2021-A, 5.00% 2030			485				557

 

Private Client Services Funds

21

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Texas (continued)
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, 5.00% 2028		USD	650			$	730
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2017-B, 5.00% 2026			450				494
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 2027			460				484
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2017-B, 5.00% 2027			250				276
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 2028			475				500
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 2029			395				415
Arlington Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020, 5.00% 2026			325				354
City of Arlington, Permanent Improvement Bonds, Series 2021-A, 5.00% 2030			140				162
Austin Affordable PFC, Inc., Multi Family Housing Rev. Bonds (Bridge at Turtle Creek Apartments), Series 2020, 0.42% 2040 (put 2023)			1,000				978
Austin Community College Dist., Maintenance Tax Notes, Series 2021, 5.00% 2030			160				185
City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2015-A, 5.00% 2030			740				799
City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2021, 5.00% 2030			110				128
City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2021, 5.00% 2031			335				392
Beaumont Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2026			1,500				1,636
County of Bexar, Hospital Dist., Limited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2031			480				532
Cameron County Housing Fin. Corp., Multi Family Housing Rev. Bonds (Sunland Country Apartments), Series 2021, 0.28% 2024 (put 2023)			205				199
Capital Area Housing Fin. Corp., Multi Family Housing Rev. Bonds (Redwood Apartments), Series 2020, 0.41% 2041 (put 2024)			920				881
Carroll Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2026			970				1,058
Carrollton-Farmers Branch Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 5.00% 2023			230				236
Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2021-D, 5.00% 2030			320				354
Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2021-D, 5.00% 2032			520				579
Clear Creek Independent School Dist., Unlimited Tax School Building Bonds, Series 2013-B, 0.28% 2038 (put 2024)			205				190
Clear Creek Independent School Dist., Unlimited Tax School Building Bonds, Series 2018, 5.00% 2028			1,100				1,220
Clifton Higher Education Fin. Corp., Education Rev. and Ref. Bonds (Idea Public Schools), Series 2017, 5.00% 2027			1,360				1,498
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 2023			25				26
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 2024			30				32
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2018, 5.00% 2025			500				536
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 2025			30				32
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2019, 5.00% 2026			1,000				1,086
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 2026			25				27
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 2027			30				33
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 2028			15				17
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 2029			230				259
Corpus Christi Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020, 5.00% 2027			675				756
Port of Corpus Christi Auth. of Nueces County, Rev. Bonds, Series 2018-A, 5.00% 2027			490				543
Crowley Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2025			1,000				1,078
Crowley Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2028			310				350
Crowley Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2029			400				457
Crowley Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2031			260				296
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds, Series 2013-B, 4.00% 2039			1,000				1,001
City of Dallas Housing Fin. Corp., Multi Family Housing Rev. Bonds (Estates at Shiloh), Series 2019, 1.25% 2037 (put 2023)			430				425
City of Dallas Housing Fin. Corp., Multi Family Housing Rev. Bonds (Midpark Towers), Series 2021, 0.35% 2024 (put 2023)			675				666
Dallas Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2014-A, 5.00% 2023			120				124
Del Valle Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2022			155				156
City of Denton, Utility System Rev. Bonds, Series 2017, 5.00% 2028			2,000				2,191
Eagle Mountain-Saginaw Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2027			600				671
El Paso Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015, 5.00% 2026			500				530
Fort Bend Grand Parkway Toll Road Auth., Limited Contract Tax and Toll Road Rev. Ref. Bonds, Series 2021-A, 4.00% 2032			185				200
Fort Bend Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2021-B, 0.72% 2051 (put 2026)			515				467
Fort Bend Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020-B, 0.875% 2050 (put 2023)			340				320

 

22	Private Client Services Funds

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Texas (continued)
G.O. Water Financial Assistance Rev. Ref. Bonds, Series 2021-B, 4.00% 2028		USD	175			$	182
City of Galveston Public Fac. Corp., Multi Family Housing Rev. Bonds (The Orleanders at Broadway), Series 2021, 0.47% 2025 (put 2024)			510				481
City of Garland, Electric Utility System Rev. Ref. Bonds, Series 2021-A, 5.00% 2028			80				89
City of Garland, Electric Utility System Rev. Ref. Bonds, Series 2021-A, 5.00% 2031			150				173
City of Garland, Tax and Rev. Certs. of Obligation, Series 2021, 5.00% 2024			135				141
Goose Creek Consolidated Independent School Dist., Unlimited Tax School Building Bonds, Series 2014-B, 0.60% 2035 (put 2026)			340				309
Goose Creek Consolidated Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-B, 0.15% 2049 (put 2022)			555				551
Harlandale Independent School Dist., Maintenance Tax Notes, Series 2021, BAM insured, 2.00% 2040 (put 2024)			185				185
Harlandale Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 0.75% 2045 (put 2025)			330				310
Harris County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Memorial Hermann Health System), Series 2020, 5.00% 2022			1,000				1,003
Harris County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Memorial Hermann Health System), Series 2019-C-2, (SIFMA Municipal Swap Index + 0.57%) 1.01% 2049 (put 2024)2			1,000				1,003
Harris County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Texas Children’s Hospital), Series 2019-B, 5.00% 2041 (put 2024)			1,000				1,056
Harris County Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Health System), Series 2013-B, (SIFMA Municipal Swap Index + 0.90%) 1.34% 20222			250				250
Harris County Cultural Education Facs. Fin. Corp., Medical Facs. Mortgage Rev. Ref. Bonds (Baylor College of Medicine), Series 2019-A, (3-month USD-LIBOR x 0.70 + 0.65%) 0.968% 2046 (put 2024)2			535				535
Harris County Cultural Education Facs. Fin. Corp., Rev. Bonds (Texas Medical Center), Series 2020-A, 0.90% 2050 (put 2025)			455				444
Harris County Health Facs. Dev. Corp., Rev. Ref. Bonds (CHRISTUS Health), Series 2005-A-4, Assured Guaranty Municipal insured, 0.05% 20312			125				125
Dept. of Housing and Community Affairs, Multi Family Housing Rev. Bonds (Corona Del Valle), Series 2021, 0.37% 2025 (put 2023)			185				179
Dept. of Housing and Community Affairs, Multi Family Housing Rev. Bonds (Oso Bay Apartments), Series 2021, 0.27% 2024 (put 2022)			345				343
Dept. of Housing and Community Affairs, Multi Family Housing Rev. Bonds (Palladium Simpson Stuart Apartments), Series 2021, 0.35% 2025 (put 2024)			630				603
Dept. of Housing and Community Affairs, Multi Family Housing Rev. Bonds (The Park at Kirkstall), Series 2021, 0.65% 2025 (put 2024)			870				821
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2019-A, 4.75% 2049			1,090				1,127
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2021-A, 3.00% 2052			2,275				2,236
Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 2050			1,200				1,227
Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2020-A, 3.50% 2051			350				351
Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2021-A, 3.00% 2052			850				833
Housing Options, Inc., Multi Family Housing Rev. Bonds (Brooks Manor - The Oaks Project), Series 2021, 0.50% 2041 (put 2025)			255				237
City of Houston Housing Fin. Corp., Multi Family Housing Rev. Bonds (Temenos Place Apartments), Series 2021, 0.29% 2024 (put 2023)			325				315
City of Houston, Combined Utility System Rev. and Rev. Ref. Bonds, Series 2016-B, 5.00% 2027			500				548
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2019-B, 5.00% 2027			550				614
City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, Series 2021, 4.00% 2028			225				238
City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, Series 2021, 4.00% 2030			25				27
City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, Series 2021, 4.00% 2031			10				11
City of Houston, Memorial City Redev. Auth., Tax Increment Contract Rev. and Rev. Ref. Bonds, Series 2019, Assured Guaranty Municipal insured, 5.00% 2027			1,050				1,151
City of Houston, Memorial City Redev. Auth., Tax Increment Contract Rev. and Rev. Ref. Bonds, Series 2019, Assured Guaranty Municipal insured, 5.00% 2028			250				276
County of Kaufman, Unlimited Tax Road Bonds, Series 2020, 5.00% 2031			115				130
Kilgore Independent School Dist., Unlimited Tax School Building Bonds, Series 2022, 5.00% 2026			205				223
Longview Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 5.00% 2023			575				589
Lower Colorado River Auth., Rev. Ref. Bonds, Series 2022, Assured Guaranty Municipal insured, 5.00% 2032			380				438
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2016, 5.00% 2022			460				461
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2018, 5.00% 2024			255				267

 

Private Client Services Funds

23

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Texas (continued)
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2020, 5.00% 2026		USD	1,000			$	1,086
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2020, 5.00% 2027			1,750				1,933
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2021-A, 5.00% 2031			570				654
Lumberton Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2029			245				279
Medina Valley Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 0.82% 2051 (put 2026)			325				296
Midland County Public Fac. Corp., Multi Family Housing Rev. Bonds (Palladium at West Francis), Series 2020, 0.35% 2024 (put 2023)			1,000				970
Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2008-D, 6.25% 2026			415				445
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 2022			660				670
Nederland Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 5.00% 2031			195				224
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2028			235				248
North Central Texas Housing Fin. Corp., Multi Family Housing Rev. Bonds (Bluebonnet Ridge Apartments), Series 2021, 0.375% 2040 (put 2024)			220				207
North East Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 2.375% 2047 (put 2022)			500				501
North East Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2019-A, 4.00% 2032			215				228
North Fort Bend Water Auth., Water System Rev. and Rev. Ref. Bonds, Series 2021, BAM insured, 5.00% 2031			435				506
North Harris County Regional Water Auth., Rev. and Rev. Ref. Bonds, Series 2016, 5.00% 2034			950				1,035
North Texas Municipal Water Dist., Water System Rev. Ref. and Improvement Bonds, Series 2021, 5.00% 2022			170				172
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2026			500				520
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2030			300				316
North Texas Tollway Auth., System Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2008-D, Assured Guaranty insured, 0% 2030			500				384
Northside Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 5.00% 2027			850				949
Northwest Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 5.00% 2030			175				202
Northwest Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 5.00% 2031			105				121
Northwest Independent School Dist., Unlimited Tax School Building Bonds, Series 2013, 5.00% 2038 (preref. 2023)			700				718
Odessa Housing Fin. Corp., Multi Family Housing Rev. Bonds (Cove in Odessa Apartments), Series 2021, 0.37% 2024 (put 2023)			755				730
Pasadena Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2029			260				296
Pasadena Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2013, 5.00% 2038			1,000				1,021
Plano Public Fac. Corp., Multi Family Housing Rev. Bonds (K Avenue Lofts), Series 2021, 0.65% 2041 (put 2024)			1,000				1,000
Prosper Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-B, 2.00% 2050 (put 2023)			415				413
Round Rock Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2022			600				605
City of San Antonio Housing Trust Fin. Corp., Multi Family Housing Rev. Bonds (The Arbors at West Avenue Apartments), Series 2022, 1.45% 2026 (put 2025)			370				356
City of San Antonio, Electric and Gas Systems Rev. Bonds, Series 2013, 5.00% 2048 (preref. 2023)			475				486
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2022, 5.00% 2023			295				301
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2022, 5.00% 2027			180				198
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2016, 5.00% 2028			1,000				1,091
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2022, 5.00% 2028			115				128
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2022, 5.00% 2029			125				141
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2018, 2.75% 2048 (put 2022)			250				251
City of San Antonio, Water System Rev. Ref. Bonds, Series 2019-C, 5.00% 2022			185				185
Spring Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2031			465				525
Tarrant County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Christus Health), Series 2018-A, 5.00% 2023			850				878
Board of Regents of the Texas A&M University System, Rev. Fncg. System Bonds, Series 2017-E, 5.00% 2022			1,425				1,427
Tomball Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2023			270				277
Tomball Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2024			90				94
Transportation Commission, Highway Improvement G.O. Bonds, Series 2016-A, 5.00% 2028			200				217
Travis County Strategic Housing Fin. Corp., Multi Family Housing Rev. Bonds (Yager Flats), Series 2021, 0.46% 2041 (put 2025)			3,000				2,709
Trinity River Public Fac. Corp., Multi Family Housing Rev. Bonds (Cowan Place Apartments), Series 2021, 0.28% 2024 (put 2023)			500				482
Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, Series 2018-A, 5.00% 2025			240				257

 

24	Private Client Services Funds

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Texas (continued)
Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, Series 2018-A, 5.00% 2026		USD	760			$	826
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-A, 5.00% 2029			990				1,115
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2021, 5.00% 2032			1,040				1,212
							85,999
Utah 1.11%
Board of Higher Education, General Rev. Green Bonds (University of Utah), Series 2022-A, 5.00% 2033			1,750				2,023
Canyons School Dist., Board of Education, G.O. Bonds (Utah School Bond Guaranty Program), Series 2021-A, 5.00% 2027			80				90
Canyons School Dist., Local Building Auth., Lease Rev. Bonds, Series 2021, 5.00% 2029			1,000				1,148
Housing Corp., Multi Family Housing Rev. Bonds (Fellowship Manor Apartments), Series 2022, 2.00% 2024 (put 2023)			2,000				1,984
Housing Corp., Multi Family Housing Rev. Bonds (Three Link Towers Apartments), Series 2022, 2.00% 2024 (put 2023)			584				579
Housing Corp., Single Family Mortgage Bonds, Class III, Series 2015-D-2, 4.00% 2045			135				137
Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2021-B, 5.00% 2025			450				480
Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2021-B, 5.00% 2026			620				672
School Fin. Auth., Charter School Rev. Bonds (Utah Charter Academies Project), Series 2018, 4.00% 2022			335				338
Transit Auth., Sales Tax Rev. Bonds, Series 2008-A, 5.25% 2023			80				83
City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, Assured Guaranty Municipal insured, 5.00% 2026			95				103
City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, Assured Guaranty Municipal insured, 5.00% 2030			25				29
City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, Assured Guaranty Municipal insured, 5.00% 2031			20				23
							7,689
Vermont 0.06%
Housing Fin. Agcy., Multiple Purpose Bonds, Series 2018-A, 4.00% 2048			220				224
Housing Fin. Agcy., Multiple Purpose Bonds, Series 2020-A, 3.75% 2050			160				162
							386
Virginia 1.58%
County of Arlington, Industrial Dev. Auth., Hospital Rev. Bonds (Virginia Hospital Center), Series 2020, 5.00% 2031			600				674
County of Arlington, Industrial Dev. Auth., Hospital Rev. Bonds (Virginia Hospital Center), Series 2020, 5.00% 2032			215				241
County of Charles City, Econ. Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2004-A, 2.875% 2029			1,000				959
College Building Auth., Educational Facs. Rev. Bonds (Regent University Project), Series 2021, 5.00% 2029			375				405
College Building Auth., Educational Facs. Rev. Bonds (Regent University Project), Series 2021, 5.00% 2030			375				406
County of Fairfax, Redev. and Housing Auth., Multi Family Housing Rev. Bonds (Arrowbrook Apartments Project), Series 2020, 0.41% 2041 (put 2024)			1,000				958
Town of Farmville, Industrial Dev. Auth., Educational Facs. Rev. Ref. Bonds (Longwood University Student Housing Project), Series 2018-A, 5.00% 2031			400				422
County of Henrico, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Westminster Canterbury Richmond), Series 2018, 5.00% 2023			575				593
City of Hopewell, Redev. And Housing Auth., Multi Family Housing Rev. Bonds (Hopewell Heights Apartments), Series 2021-A, 0.49% 2024 (put 2023)			1,100				1,061
County of Loudoun, Econ. Dev. Auth., Multi Family Housing Rev. Bonds (The View at Broadlands Project), Series 2022, 2.00% 2025 (put 2024)			1,875				1,851
Town of Louisa, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Virginia Electric and Power Co. Project), Series 2008-A, 1.90% 2035 (put 2023)			1,000				993
City of Lynchburg, Econ. Dev. Auth., Hospital Rev. and Rev. Ref. Bonds (Centra Health Obligated Group), Series 2021, 5.00% 2033			660				745
City of Norfolk, G.O. Capital Improvement Bonds, Series 2019, 5.00% 2044 (preref. 2028)			780				886
Small Business Fncg. Auth., Residential Care Facs. Rev. and Rev. Ref. Bonds (LifeSpire of Virginia), Series 2021, 3.00% 2023			45				45
Small Business Fncg. Auth., Residential Care Facs. Rev. and Rev. Ref. Bonds (Lifespire of Virginia), Series 2021, 3.00% 2024			15				15

 

Private Client Services Funds

25

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Virginia (continued)
Small Business Fncg. Auth., Residential Care Facs. Rev. and Rev. Ref. Bonds (Lifespire of Virginia), Series 2021, 4.00% 2031		USD	375			$	366
Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% 2029			140				153
Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% 2030			170				185
							10,958
Washington 2.66%
Central Puget Sound Regional Transit Auth., Sales Tax and Motor Vehicle Excise Tax Improvement and Rev. Ref. Green Bonds, Series 2021-S-1, 5.00% 2029			510				589
Energy Northwest, Electric Rev. and Rev. Ref. Bonds (Columbia Generating Station), Series 2020-A, 5.00% 2032			195				225
City of Everett, Housing Auth., Multi Family Housing Rev. Bonds (Baker Heights Legacy), Series 2021, 0.30% 2024 (put 2023)			285				275
G.O. Bonds, Series 2017-D, 5.00% 2028			1,000				1,107
G.O. Bonds, Series 2019-C, 5.00% 2031			1,000				1,137
G.O. Bonds, Series 2019-A, 5.00% 2033			500				561
G.O. Rev. Ref. Bonds, Series 2017-R-A, 5.00% 2022			340				343
G.O. Rev. Ref. Bonds, Series 2022-D, 5.00% 2025			2,000				2,153
County of Grant, Public Utility Dist. No. 2, Electric System Rev. Ref. Bonds, Series 2017-O, 5.00% 2024			275				287
Health Care Facs. Auth., Rev. Ref. Bonds (Providence St. Joseph Health), Series 2021-B, 4.00% 2042 (put 2030)			1,000				1,052
Housing Fin. Commission, Multi Family Housing Rev. Bonds (Garten Haus Apartments Project), Series 2021, 0.37% 2024 (put 2023)			170				165
Housing Fin. Commission, Multi Family Housing Rev. Bonds (HopeSource III Portfolio Projects), Series 2022, 1.25% 2025 (put 2024)			1,150				1,126
Housing Fin. Commission, Municipal Certs., Series 2021-1, 3.50% 2035			972				888
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), Series 2017, 5.00% 20233			1,095				1,112
Housing Fin. Commission, Single Family Program Bonds, Series 2017-1-N, 4.00% 2047			390				397
Housing Fin. Commission, Single Family Program Bonds, Series 2019-1-N, 4.00% 2049			265				270
Housing Fin. Commission, Single Family Program Bonds, Series 2021-2-N, 3.00% 2051			695				681
Motor Vehicle Fuel Tax G.O. Bonds, Series 2021-D, 5.00% 2022			2,375				2,382
Motor Vehicle Fuel Tax G.O. Rev. Ref. Bonds, Series R-2022-B, 5.00% 2031			1,000				1,168
City of Seattle, Housing Auth., Rev. and Rev. Ref. Bonds (Northgate Plaza Project), Series 2021, 1.00% 2026			460				429
City of Seattle, Housing Auth., Rev. Bonds (Lam Bow Apartments Project), Series 2021, 1.25% 2024			55				53
City of Seattle, Municipal Light and Power Rev. Ref. Bonds, Series 2021-B, (SIFMA Municipal Swap Index + 0.25%) 0.69% 2045 (put 2026)2			765				758
City of Seattle, Municipal Light and Power Rev. Ref. Bonds, Series 2018-C-2, (SIFMA Municipal Swap Index + 0.49%) 0.93% 2046 (put 2023)2			825				826
City of Seattle, Solid Waste System Rev. Ref. Bonds, Series 2021, 5.00% 2029			170				195
City of Seattle, Solid Waste System Rev. Ref. Bonds, Series 2021, 5.00% 2030			175				203
							18,382
West Virginia 0.37%
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Bonds (Appalachian Power Co. - Amos Project), Series 2009-B, 2.625% 2042 (put 2022)			750				750
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Ref. Bonds (Appalachian Power Co. - Amos Project), Series 2015-A, 2.55% 2040 (put 2024)			500				498
G.O. State Road Bonds, Series 2021-A, 5.00% 2025			65				71
Housing Dev. Fund, Multi Family Housing Rev. Bonds (Charles Towers), Series 2021, 0.21% 2023 (put 2022)			235				234
Housing Dev. Fund, Multi Family Housing Rev. Bonds (Parkland Place / Chapmanville Towers), Series 2021, 0.28% 2024 (put 2023)			1,000				978
							2,531
Wisconsin 2.24%
Environmental Improvement Fund Rev. Green Bonds, Series 2021-A, 5.00% 2028			705				799
Environmental Improvement Fund Rev. Green Bonds, Series 2021-A, 4.00% 2031			1,000				1,086
G.O. Bonds, Series 2015-A, 5.00% 2031 (preref. 2023)			2,000				2,058
G.O. Rev. Ref. Bonds, Series 2017-2, 5.00% 2027			100				111
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (SSM Health Care), Series 2018-B, 5.00% 2038 (put 2023)			1,300				1,324

 

26	Private Client Services Funds

Capital Group Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
Wisconsin (continued)
Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-3, (SIFMA Municipal Swap Index + 0.55%) 0.99% 2054 (put 2023)2		USD	1,130			$	1,126
Health and Educational Facs. Auth., Rev. Bonds (Gundersen Lutheran), Series 2020, 5.00% 20263			1,910				2,039
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2017-C, 4.00% 2048			795				808
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2018-B, 4.00% 2048			625				635
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2020-A, 3.50% 2050			1,085				1,089
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2021-A, 3.00% 2052			400				394
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2021-C, 3.00% 2052			200				196
Housing and Econ. Dev. Auth., Housing Rev. Bonds, Series 2021-B, 0.40% 2045 (put 2023)			95				91
Housing and Econ. Dev. Auth., Housing Rev. Bonds, Series 2021-B, 0.50% 2050 (put 2024)			120				110
Public Fin. Auth., Hospital Rev. Ref. Bonds (Renown Regional Medical Center Project), Series 2016-A, 5.00% 2022			300				301
Public Fin. Auth., Retirement Facs. First Mortgage Rev. and Rev. Ref. Bonds (The United Methodist Retirement Homes), Series 2021-A, 4.00% 2026			20				21
Public Fin. Auth., Rev. Ref. Bonds (Providence St. Joseph Health), Series 2021-C, 4.00% 2041 (put 2030)			1,680				1,702
Public Fin. Auth., Student Housing Rev. Bonds (Beyond Boone, LLC - Appalachian State University Project), Series 2019-A, Assured Guaranty Municipal insured, 5.00% 2030			315				347
University of Wisconsin, Hospitals and Clinics Auth., Rev. Green Bonds, Series 2021-B, 5.00% 2030			630				718
WPPI Energy, Power Supply System Rev. Bonds, Series 2016-A, 5.00% 2026			500				545
							15,500
Wyoming 0.47%
Community Dev. Auth., Housing Rev. Bonds, Series 2019-1, 4.00% 2048			680				693
Community Dev. Auth., Housing Rev. Bonds, Series 2021-1, 3.00% 2050			1,490				1,464
Community Dev. Auth., Housing Rev. Bonds, Series 2020-1, 4.00% 2050			1,050				1,072
							3,229
Total bonds, notes & other debt instruments (cost: $625,919,000)							594,883
Short-term securities 13.57%
Municipals 13.57%
State of Arizona, Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Phoenix Children’s Hospital), Series 2019-B, 0.31% 20482			2,500				2,500
State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2014-A, 0.31% 20522			1,500				1,500
State of California, Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A., Inc. Project), Series 2010-B, 0.30% 20352			900				900
State of California, Irvine Ranch Water Dist. Nos. 105, 140, 240 and 250, Consolidated G.O. Bonds, Series 1993, 0.27% 20332			1,200				1,200
State of California, Kern Community College Dist., Facs. Improvement Dist. No. 1, G.O. Bond Anticipation Notes, Capital Appreciation Notes, Series 2020, 0% 2023			135				130
State of California, City of Los Angeles, Dept. of Water and Power, Power System Rev. Ref. Bonds, Series 2001-B-3, 0.27% 20342			800				800
State of California, City of Los Angeles, Dept. of Water and Power, Rev. Bonds, Series 2021-1, 0.26% 20512			1,500				1,500
State of California, Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A., Inc. Project), Series 2005, 0.30% 20252			1,500				1,500
State of California, Pollution Control Fncg. Auth., Environmental Impact Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 1997-B, 0.27% 20422			1,900				1,900
State of California, Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2007-B-1, 0.26% 20322			3,300				3,300
State of Idaho, Tax Anticipation Notes, Series 2021, 3.00% 6/30/2022			5,000				5,015
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2011-A, 0.32% 20442			7,450				7,450
State of Indiana, Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), Series 2009-A-3, 0.48% 20392			5,000				5,000
State of Iowa, Fin. Auth., Rev. Bonds (UnityPoint Health), Series 2018-E, 0.31% 20412			9,915				9,915
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2009-A, 0.45% 20492			5,000				5,000
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2010, 0.39% 20502			500				500
State of Massachusetts, Housing Fin. Agcy., Single Family Housing Notes, Series 2021, 0.25% 12/1/2022			205				202

 

Private Client Services Funds

27

Capital Group Core Municipal Fund

 

Short-term securities (continued)	Principal amount (000)					Value (000)
Municipals (continued)
State of Michigan, Strategic Fund, Demand Limited Obligation Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 2007, 0.31% 20422		USD	4,700			$	4,700
State of Michigan, Regents of the University of Michigan, General Rev. Bonds, Series 2012-B, 0.30% 20422			6,435				6,435
State of Nevada, Housing Division, Single Family Mortgage Rev. Bonds, Series 2021-D, 0.25% 12/1/2022			275				273
State of New Hampshire, Health and Education Facs. Auth., Rev. Ref. Bonds (Dartmouth College Issue), Series 2007-B, 0.31% 20412			5,000				5,000
State of New York, New York City G.O. Bonds, Series 2013-F-3, 0.33% 20422			3,165				3,165
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2011-FF-1, 0.33% 20442			2,000				2,000
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2021-EE-1, 0.36% 20452			1,500				1,500
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2016-AA-1, 0.33% 20482			2,170				2,170
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2016-A-4, 0.33% 20412			2,905				2,905
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2019-B-4, 0.33% 20422			1,500				1,500
State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series 2019-F, 0.36% 20522			4,900				4,900
State of South Carolina, Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Prisma Health Obligated Group), Series 2018-B, 0.36% 20482			5,000				5,000
State of Tennessee, City of Clarksville, Public Building Auth., Pooled Fncg. Rev. Bonds, Series 2003, Bank of America LOC, 0.36% 20332			1,955				1,955
State of Tennessee, Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2021-3-B, 0.25% 7/1/2022			955				955
State of Tennessee, County of Montgomery, Public Building Auth., Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool), Series 2004, Bank of America LOC, 0.36% 20342			405				405
State of Texas, Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 8/15/2022			20				20
State of Texas, Deer Park Independent School Dist., Unlimited Tax School Building Bonds, Series 2018, 0.16% 2042 (put 2022)4			135				134
State of Texas, North East Independent School Dist., Unlimited Tax School Building Bonds, Series 2013-B, 0.25% 2032 (put 2022)4			130				130
State of Utah, Provo City School Dist., G.O. Rev. Ref. Bonds, Series 2021-B, 5.00% 6/15/2022			1,000				1,004
State of Wyoming, County of Lincoln, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 2014, 0.32% 20442			1,300				1,300
Total short-term securities (cost: $93,783,000)							93,763
Total investment securities 99.66% (cost: $719,702,000)							688,646
Other assets less liabilities 0.34%							2,355
Net assets 100.00%						$	691,001

 

Futures contracts

Contracts		Type		Number of contracts		Expiration		Notional amount (000)				Value and unrealized appreciation at 4/30/2022 (000)
2 Year U.S. Treasury Note Futures		Short		200		June 2022			USD(42,162	)			$	310
5 Year U.S. Treasury Note Futures		Short		40		June 2022			(4,507	)				30
													$	340

 

1	Step bond; coupon rate may change at a later date.
2	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.
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 $3,406,000, which represented .49% of the net assets of the fund.
4	For short-term securities, the mandatory put date is considered to be the maturity date.

 

28	Private Client Services Funds

Capital Group Core Municipal Fund

 

Key to abbreviations

Agcy. = Agency

Assn. = Association

Auth. = Authority

Certs. = Certificates

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

LOC = Letter of credit

Part. = Participation

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

SOFR = Secured Overnight Financing Rate

USD = U.S. dollars

 

Private Client Services Funds

29

Capital Group Short-Term Municipal Fund

Investment portfolio April 30, 2022	unaudited
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.

 

Bonds, notes & other debt instruments 84.91%		Principal amount  (000)				Value  (000)
Alabama 3.23%
City of Alabaster, Board of Education, Special Tax School Warrants, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2028 (preref. 2024)		USD	500			$	528
City of Birmingham, Water Works Board, Water Rev. Bonds, Series 2013-B, 5.00% 2038 (preref. 2023)			500				510
Black Belt Energy Gas Dist., Gas Project Rev. Bonds, Series 2022-B-1, 4.00% 2053 (put 2027)			500				509
Black Belt Energy Gas Dist., Gas Project Rev. Bonds (Project No. 6), Series 2021-B, 4.00% 2052 (put 2026)			1,000				1,017
Black Belt Energy Gas Dist., Gas Project Rev. Bonds (Project No. 7), Series 2021-C-1, 4.00% 2052 (put 2026)			175				178
Black Belt Energy Gas Dist., Gas Supply Prepay Rev. Bonds (Project No. 5), Series 2020-A-1, 4.00% 2049 (put 2026)			455				463
Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2023 (preref. 2022)			35				35
City of Homewood, G.O. Warrants, Series 2016, 5.00% 2033 (preref. 2026)			10				11
Housing Fin. Auth., Multi Family Housing Rev. Bonds (Capstone at Kinsey Cove Project), Series 2020-A, 0.35% 2023 (put 2023)			110				108
South East Gas Supply Dist., Gas Supply Rev. Bonds (Project No. 2), Series 2018-A, 4.00% 2049 (put 2024)			490				497
Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 2), Series 2021-B-1, 4.00% 2051 (put 2031)			145				147
							4,003
Alaska 0.21%
Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2020-A, 3.25% 2044			260				259
Arizona 1.47%
Board of Regents of the Arizona State University System, Rev. Bonds, Series 2020-A, 5.00% 2026			300				327
Coconino County Pollution Control Corp., Pollution Control Rev. Ref. Bonds, Series 2017-B, 1.65% 2039 (put 2023)			500				498
Industrial Dev. Auth., Hospital Rev. Bonds (Phoenix Children’s Hospital), Series 2021-A, 5.00% 2026			190				206
Industrial Dev. Auth., Rev. Bonds (Lincoln South Beltway Project), Series 2020, 5.00% 2023			750				779
City of Phoenix Civic Improvement Corp., Water System Rev. Ref. Bonds, Series 2014-B, 5.00% 2024			15				16
							1,826
California 5.85%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-C, (SIFMA Municipal Swap Index + 0.45%) 0.89% 2056 (put 2026)1			65				64
Trustees of the California State University, Systemwide Rev. Bonds, Series 2017-A, 5.00% 2026			120				132
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-A, 5.00% 2027			115				126
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2, 0.55% 2049 (put 2026)			100				88
Eastern Municipal Water Dist., Water and Wastewater Rev. Ref. Bonds, Series 2021-A, 3.00% 2024			45				46
Fresno Unified School Dist., G.O. Bonds, 2016 Election, Series 2021-D, 2.00% 2023			30				30
Fresno Unified School Dist., G.O. Bonds, 2016 Election, Series 2021-D, 2.00% 2024			15				15
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 2023			420				436

 

30	Private Client Services Funds

Capital Group Short-Term Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount  (000)				Value  (000)
California (continued)
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 2027		USD	945			$	1,056
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 2027			600				673
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2040 (preref. 2025)			35				38
Health Facs. Fncg. Auth., Rev. Bonds (Stanford Health Care), Series 2021-A, 3.00% 2054 (put 2025)			475				475
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Los Angeles County Museum of Art Project), Series 2021-B, 1.14% 2050 (put 2026)1			100				100
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 5.00% 2022			115				116
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2020-A, 5.00% 2026			220				241
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-B, 4.00% 2026			195				206
City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2018-B, 5.00% 2027			195				217
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Walnut Apartments), Series 2021-A, 0.45% 2024 (put 2023)			75				72
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2022-A, 5.00% 2025			180				194
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-C, 5.00% 2026			565				622
City and County of San Francisco, G.O. Rev. Ref. Bonds, Series 2020-R-2, 5.00% 2023			135				139
City and County of San Francisco, G.O. Rev. Ref. Bonds, Series 2020-R-2, 5.00% 2024			310				327
City of San Jose, Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2017-B, 5.00% 2026			90				99
Southern California Public Power Auth., Rev. Ref. Bonds (Magnolia Power Project A), Series 2020-1, 5.00% 2023			400				413
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 2023			20				21
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 2024			5				5
Southern California Public Power Auth., Transmission Project Rev. Bonds (Southern Transmission Project), Series 2017-A, 5.00% 2023			160				165
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Villa Del Sol Apartments), Series 2021-A-2, 0.39% 2023 (put 2023)			80				78
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Washington Court Apartments), Series 2021-E, 0.22% 2023 (put 2022)			35				35
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), Series 2015, 5.00% 2028			250				272
City of Tustin, Community Facs. Dist. No. 2014-1 (Tustin Legacy / Standard Pacific), Special Tax Bonds, Series 2015-A, 5.00% 2027			200				212
Regents of the University of California, Limited Project Rev. Bonds, Series 2022-S, 5.00% 2026			25				27
Val Verde Unified School Dist., G.O. Bonds, 2012 Election, Series 2013-A, BAM insured, 5.00% 2042			500				518
							7,258
Colorado 1.15%
Certs. of Part., Series 2021-A, 5.00% 2025			345				374
Board of Governors of the Colorado State University System, System Enterprise Rev. and Rev. Ref. Bonds, Series 2016-B, 5.00% 2041 (preref. 2027)			30				33
E-470 Public Highway Auth., Rev. Bonds, Series 2021-B, (USD-SOFR x 0.67 + 0.35%) 0.537% 2039 (put 2024)1			40				39
Health Facs. Auth., Rev. Bonds (Sanford Health), Series 2019-A, 5.00% 2022			325				330
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2021-E, Class I, 3.00% 2051			205				202
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2021-L, Class I, 3.25% 2051			205				204
Regents of the University of Colorado, University Enterprise Rev. and Rev. Ref. Bonds, Series 2019-C, 2.00% 2054 (put 2024)			245				240
							1,422
Connecticut 2.21%
Town of East Hartford, Housing Auth., Multi Family Housing Rev. Bonds (Veterans Terrace Project), Series 2021, 0.25% 2023 (put 2022)			45				45
Health and Educational Facs. Auth., Rev. Bonds (Sacred Heart University Issue), Series 2017-I-1, 5.00% 2022			500				503
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2003-X-2, 0.25% 2037 (put 2024)			265				253
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2014-A, 1.10% 2048 (put 2023)			750				744
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2019-F-1, 3.50% 2043			310				312
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044			115				116
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-A-1, 4.00% 2045			70				71
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-A-1, 4.00% 2047			400				406

 

Private Client Services Funds

31

Capital Group Short-Term Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount  (000)				Value  (000)
Connecticut (continued)
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2021-B-1, 3.00% 2049		USD	120			$	118
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2014-D-1, 4.00% 2044			25				25
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-C-1, 3.50% 2045			150				151
							2,744
Delaware 0.00%
County of Harris, Metropolitan Transportation Auth., Sales and Use Tax Contractual Obligations, Series 2015-B, 5.00% 2025			5				5
District of Columbia 0.70%
G.O. Bonds, Series 2015-A, 5.00% 2032			700				745
Housing Fin. Agcy., Collateralized Multi Family Housing Rev. Bonds (Kenilworth 166 Apartments Project), Series 2021, 1.25% 2025 (put 2024)			100				96
Rev. Ref. Bonds (National Public Radio, Inc. Issue), Series 2016, 5.00% 2028 (preref. 2028)			15				17
Rev. Ref. Bonds (National Public Radio, Inc. Issue), Series 2016, 5.00% 2029 (preref. 2029)			10				11
							869
Florida 4.27%
County of Brevard, Housing Fncg. Auth., Multi Family Mortgage Rev. Bonds (Tropical Manor Apartments), Series 2021, 0.25% 2023 (put 2022)			40				40
County of Broward, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Solaris Apartments), Series 2021-B, 0.70% 2025 (put 2024)			85				81
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2022			50				50
County of Collier, Heritage Bay Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2018-A-2, 2.50% 2022			500				500
City of Daytona Beach, Housing Auth., Multi Family Housing Rev. Bonds (The WM at the River Project), Series 2021-B, 1.25% 2025 (put 2024)			150				144
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2019-D, 5.00% 2023			15				15
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2022-A, 5.00% 2025			298				321
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2022-A, 5.00% 2026			500				550
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-2, 4.25% 2050			290				297
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2020-1, 3.50% 2051			50				50
JEA, Water and Sewer System Rev. Bonds, Series 2020-A, 5.00% 2025			280				303
County of Miami-Dade, Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. of Florida Project), Series 2007, 0.32% 2027 (put 2022)			550				547
County of Miami-Dade, Water and Sewer System Rev. Ref. Bonds, Series 2008-B, Assured Guaranty Municipal insured, 5.25% 2022			195				198
County of Orange, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Jernigan Gardens), Series 2020-B, 0.35% 2023 (put 2022)			1,000				994
County of Orange, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Stratford Point Apartments), Series 2021-B, 0.55% 2025 (put 2024)			190				181
County of Pinellas, Housing Fin. Auth., Multi Family Mortgage Backed Bonds (Jordan Park Apartments), Series 2021-B, 0.65% 2025 (put 2024)			130				124
County of Polk, Utility System Rev. and Rev. Ref. Bonds, Series 2013, BAM insured, 5.00% 2043 (preref. 2023)			110				114
City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 2024			100				105
City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 2025			75				80
City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 2026			100				109
Tampa-Hillsborough County Expressway Auth., Rev. Ref. Bonds, Series 2012-B, 5.00% 2042 (preref. 2022)			200				201
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Bonds, Series 2022-A, 5.00% 2026			111				122
Dept. of Transportation, Turnpike Rev. Bonds, Series 2018-A, 5.00% 2026			92				101
Dept. of Transportation Fncg. Corp., Rev. Bonds, Series 2020, 5.00% 2024			65				69
							5,296
Georgia 3.04%
City of Atlanta, Airport General Rev. Ref. Bonds, Series 2014-B, 5.00% 2026			800				832
City of Atlanta, Airport General Rev. Ref. Bonds, Series 2021-B, 5.00% 2027			430				474
City of Atlanta, Urban Residential Fin. Auth., Multi Family Housing Rev. Bonds (Sylvan Hills Senior Apartments Project), Series 2020, 0.41% 2025 (put 2023)			85				82

 

32	Private Client Services Funds

Capital Group Short-Term Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
Georgia (continued)
County of Dawson, Dev. Auth., Multi Family Housing Rev. Bonds (Peaks of Dawsonville Project), Series 2021, 0.28% 2023		USD	500			$	486
County of Dekalb, Housing Auth., Multi Family Housing Rev. Bonds (Columbia Village Project), Series 2021-A, 0.34% 2024 (put 2023)			35				34
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2015-A-1, 3.50% 2045			25				25
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2017-A, 4.00% 2047			345				350
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2019-C, 4.00% 2050 (put 2026)			500				510
Municipal Electric Auth., General Resolution Projects Bonds, Series 2021-A, 4.00% 2027			270				282
Municipal Electric Auth., Project One Bonds, Series 2021-A, 5.00% 2030			40				45
Private Colleges and Universities Auth., Rev. Bonds (The Savannah College of Art and Design Projects), Series 2021, 5.00% 2028			35				39
City of Thomaston, Housing Auth., Multi Family Housing Rev. Bonds (Eastgate Apartments Project), Series 2020-A, 0.34% 2023 (put 2022)			500				493
County of Walker, Dev. Auth., Multi Family Housing Rev. Bonds (Gateway at Rossville Project), Series 2021-B, 0.46% 2024 (put 2023)			120				116
							3,768
Idaho 0.84%
Health Facs. Auth., Rev. Bonds (St. Luke’s Health System Project), Series 2021-A, 5.00% 2027			50				54
Housing and Fin. Assn., Single Family Mortgage Bonds, Series 2019-A, 4.00% 2050			965				984
							1,038
Illinois 4.66%
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2014, 5.00% 2024			625				650
City of Chicago, Water Rev. Ref. Bonds, Series 2017, 5.00% 2022			540				548
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2023			100				102
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2024			130				136
Fin. Auth., Rev. Bonds (Centegra Health System), Series 2014-A, 5.00% 2027 (preref. 2024)			200				212
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2020-B-2, 5.00% 2050 (put 2026)			40				43
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2023			225				231
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2021-B, (SIFMA Municipal Swap Index + 0.70%) 1.14% 2042 (put 2026)1			25				25
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2026			515				558
Fin. Auth., Rev. Bonds (University of Chicago), Series 2014-A, 5.00% 2023			200				208
Fin. Auth., Rev. Bonds (University of Chicago), Series 2021-A, 5.00% 2025			40				43
Fin. Auth., Rev. Ref. Bonds (Anne & Robert H. Lurie Children’s Hospital), Series 2017, 5.00% 2022			240				242
Housing Dev. Auth., Multi Family Housing Rev. Bonds, Series 2021-C, 0.80% 2026			80				74
Housing Dev. Auth., Multi Family Housing Rev. Bonds (Concord Commons), Series 2021, 0.25% 2024 (put 2023)			595				585
Housing Dev. Auth., Multi Family Housing Rev. Bonds (Marshall Field Garden Apartment Homes), Series 2015, (SIFMA Municipal Swap Index + 1.00%) 1.44% 2050 (put 2025)1			400				404
Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2023			500				513
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2017, 5.00% 2023			310				318
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-C, 5.00% 2023			190				194
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-C, 5.00% 2025			45				48
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2023			175				179
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2025			250				265
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Bonds, Series 2018-A, 5.00% 2024			200				209
							5,787
Indiana 2.30%
Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2019-C, 5.00% 2022			40				41
Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System), Series 2012-A, 5.00% 2022			440				440
Fin. Auth., State Revolving Fund Program Green Bonds, Series 2021-B, 5.00% 2028			55				62
Fin. Auth., Wastewater Utility Rev. Ref. Bonds (CWA Auth. Project), Series 2021-1, 5.00% 2025			155				168
City of Franklin, Econ. Dev. and Rev. Ref. Bonds (Otterbein Homes Obligated Group), Series 2019-B, 5.00% 2023			510				525
Health Fac. Fncg. Auth., Rev. Bonds (Ascension Health Subordinate Credit Group), Series 2005-A-1, 4.00% 2023			15				15
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 2048			240				246
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.75% 2049			35				35
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2021-C-1, 3.00% 2052			65				64

 

Private Client Services Funds

33

Capital Group Short-Term Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount  (000)				Value  (000)
Indiana (continued)
City of Indianapolis, Local Public Improvement Bond Bank Bonds, Series 2021-A, 5.00% 2022		USD	100			$	100
City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2023			230				234
City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2024			240				250
City of Indianapolis, Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2025			255				270
City of Indianapolis, Local Public Improvement Bond Bank Rev. Ref. Bonds (Cityway 1 Project), Series 2021-B, 5.00% 2025			140				146
City of Kokomo, Multi Family Housing Rev. Bonds (KHA RAD I Apartments), Series 2021-A, 0.56% 2025 (put 2024)			265				255
							2,851
Iowa 0.21%
PEFA, Inc., Gas Project Rev. Bonds, Series 2019, 5.00% 2049 (put 2026)			245				259
Kansas 0.03%
Unified Government of Wyandotte County, Board of Public Utilities, Utility System Improvement Rev. Bonds, Series 2012-B, 5.00% 2026 (preref. 2022)			35				35
Kentucky 0.87%
Housing Corp., Multi Family Housing Rev. Bonds (New Hope Properties Portfolio Project), Series 2021, 0.41% 2024 (put 2023)			485				469
Housing Corp., Multi Family Housing Rev. Bonds (Winterwood II Rural Housing Portfolio), Series 2021, 0.37% 2024 (put 2023)			195				188
Property and Buildings Commission, Commonwealth Rev. Ref. Bonds (Project No. 125), Series 2021-A, 5.00% 2022			45				46
Public Energy Auth., Gas Supply Rev. Bonds, Series 2019-A-1, 4.00% 2049 (put 2025)			320				325
Public Energy Auth., Gas Supply Rev. Bonds, Series 2018-B, 4.00% 2049 (put 2025)			55				56
							1,084
Louisiana 0.75%
Housing Corp., Multi Family Housing Rev. Bonds (Hollywood Acres and Hollywood Heights Projects), Series 2019, 0.55% 2023			200				193
Housing Corp., Multi Family Housing Rev. Bonds (Mabry Place Townhomes Project), Series 2021, 0.31% 2024 (put 2023)			55				53
Parish of Jefferson, Sales Tax Rev. Ref. Bonds, Series 2019-A, Assured Guaranty Municipal insured, 5.00% 2023			250				260
Offshore Terminal Auth., Deepwater Port Rev. Bonds (Loop LLC Project), Series 2007-A, 1.65% 2027 (put 2023)			105				104
Parish of Tangipahoa, Hospital Service Dist. No. 1, Hospital Rev. Ref. Bonds (North Oaks Health System Project), Series 2021, 5.00% 2027			265				287
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2023			30				31
							928
Maine 0.54%
Housing Auth., Mortgage Purchase Bonds, Series 2017-A, 4.00% 2047			215				219
Housing Auth., Mortgage Purchase Bonds, Series 2021-D, 3.00% 2051			455				447
							666
Maryland 1.10%
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2019-A, 4.25% 2049			70				72
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2020-D, 3.25% 2050			200				200
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2021-C, 3.00% 2051			48				47

 

34	Private Client Services Funds

Capital Group Short-Term Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount  (000)				Value  (000)
Maryland (continued)
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2018-A, 4.00% 2049		USD	365			$	371
Dept. of Transportation, Consolidated Transportation Rev. Ref. Bonds, Series 2015, 5.00% 2023			110				113
Dept. of Transportation, Consolidated Transportation Rev. Ref. Bonds, Series 2022-A, 5.00% 2027			500				562
							1,365
Massachusetts 0.60%
Dev. Fin. Agcy., Multi Family Housing Rev. Bonds (Salem Heights II Preservation Associates LP Issue), Series 2021-B, 0.25% 2024 (put 2023)			50				49
Dev. Fin. Agcy., Rev. Ref. Bonds (Berkshire Health Systems Issue), Series 2021-I, 5.00% 2023			240				249
Housing Fin. Agcy., Housing Green Bonds, Series 2021-B-2, 0.75% 2025			15				14
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 169, 4.00% 2044			20				20
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 183, 3.50% 2046			220				222
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 171, 4.00% 2044			85				86
Water Resources Auth., General Rev. Green Bonds, Series 2021-B, 5.00% 2026			95				105
							745
Michigan 2.25%
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Bonds, Series 2012-A, 5.00% 2023			700				704
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Bonds, Series 2012-A, 5.00% 2032 (preref. 2022)			45				45
Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2015-D-1, 0.25% 2022			5				5
Grant Anticipation Rev. Ref. Bonds, Series 2016, 5.00% 2027			500				551
Housing Dev. Auth., Multi Family Housing Rev. Bonds, Series 2020, 0.32% 2023 (put 2022)			415				411
Housing Dev. Auth., Rental Housing Rev. Bonds, Series 2021-A, 0.55% 2025			50				47
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 2048			80				81
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 2049			245				251
City of Lansing, Board of Water and Light, Utility System Rev. Bonds, Series 2019-A, 5.00% 2024			375				396
County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2018-C, 5.00% 2023			290				301
							2,792
Minnesota 1.62%
City of Hopkins, Multi Family Housing Rev. Bonds (Raspberry Ridge Project), Series 2021, 0.26% 2024 (put 2023)			145				143
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-B, 4.00% 2048			335				340
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-E, 4.25% 2049			530				543
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-E, 3.50% 2050			475				476
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-B, 3.50% 2050			5				5
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2022-A, 3.00% 2052			80				78
City of Mahtomedi, Multi Family Housing Rev. Bonds (Lincoln Place / Vadnais Highlands Projects), Series 2021, 0.25% 2023 (put 2022)			80				80
Municipal Gas Agcy., Commodity Supply Rev. Bonds, Series 2022-A, 4.00% 2052 (put 2027)			330				341
							2,006
Mississippi 0.09%
Home Corp., Collateralized Multi Family Housing Rev. Bonds (J&A Dev. Portfolio Project I), Series 2021-1, 0.30% 2024 (put 2023)			60				59
Home Corp., Multi Family Housing Rev. Bonds (Southwest Village Apartments Project), Series 2022-2, 1.30% 2025 (put 2024)			50				49
							108

 

Private Client Services Funds

35

Capital Group Short-Term Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
Missouri 0.57%
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2016-B, 3.50% 2041		USD	515			$	520
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2021-A, 3.00% 2052			60				59
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2021-C, 3.25% 2052			50				49
County of St. Charles, Industrial Dev. Auth., Multi Family Housing Rev. Bonds (Hidden Valley Estates), Series 2021, 0.27% 2025 (put 2023)			85				82
							710
Montana 0.29%
Board of Housing, Single Family Mortgage Bonds, Series 2016-A-2, 3.50% 2044			100				100
Board of Housing, Single Family Mortgage Bonds, Series 2019-A, 4.25% 2045			120				123
Board of Housing, Single Family Mortgage Bonds, Series 2020-B, 4.00% 2050			135				138
							361
Nebraska 0.78%
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2014-A, 4.00% 2044			190				193
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-C, 3.50% 2046			15				15
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-C, 4.00% 2048			390				397
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2021-C, 3.00% 2050			365				359
							964
Nevada 0.56%
County of Clark, Pollution Control Rev. Ref. Bonds (Nevada Power Co. Projects), Series 2017, 1.65% 2036 (put 2023)			645				642
Housing Division, Multi Family Housing Rev. Bonds (Southwest Village Apartments), Series 2021, 0.47% 2024 (put 2023)			50				49
							691
New Jersey 0.84%
Econ. Dev. Auth., Water Facs. Rev. Ref. Bonds (American Water Co., Inc. Project), Series 2020-A, 1.00% 2023			275				270
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Browns Woods Apartments Project), Series 2021-A, 1.25% 2024 (put 2023)			100				98
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 2048			420				435
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2023			200				204
Turnpike Auth., Turnpike Rev. Bonds, Series 2020-D, 5.00% 2028			30				33
							1,040
New Mexico 0.42%
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-A-1, Class I, 4.25% 2050			365				375
Municipal Energy Acquisition Auth., Gas Supply Rev. Ref. and Acquisition Bonds, Series 2019, 5.00% 2039 (put 2025)			135				142
							517
New York 7.50%
Build NYC Resource Corp., Rev. Ref. Bonds (Ethical Culture Fieldston School Project), Series 2015, 5.00% 2024			360				376
Dormitory Auth., Health Facs. Improvement Program Lease Rev. Bonds (New York City Issue), Series 2018-1, 5.00% 2027			500				550
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-A, 5.00% 2027			500				554
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2022-A, 5.00% 2027			335				371
City of Geneva Dev. Corp., Rev. Ref. Bonds (Hobart and William Smith Colleges Project), Series 2012, 5.00% 2032 (preref. 2022)			40				40
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-K, 0.70% 2024			85				81
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-L-2, 0.75% 2025			750				693
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-D-2, 0.65% 2056 (put 2025)			195				179
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-I-2, 0.70% 2056 (put 2025)			190				174

 

36	Private Client Services Funds

Capital Group Short-Term Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
New York (continued)
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2021-J-2, 1.10% 2061 (put 2027)		USD	470			$	426
Long Island Power Auth., Electric System General Rev. Bonds, Series 2014-C, (1-month USD-LIBOR x 0.70 + 0.75%) 1.068% 2033 (put 2023)1			300				299
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-C, (1-month USD-LIBOR x 0.70 + 0.75%) 1.068% 2033 (put 2023)1			260				259
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-B, 5.00% 2022			195				198
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2016-A-2, 5.00% 2024			300				316
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-F, 5.00% 2022			230				234
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2-B, Assured Guaranty Municipal insured, (USD-SOFR x 0.67 + 0.55%) 0.737% 2032 (put 2024)1			255				255
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2-A-2, Assured Guaranty Municipal insured, (USD-SOFR x 0.67 + 0.80%) 0.987% 2032 (put 2026)1			60				60
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044			150				151
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 233, 3.00% 2045			300				296
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 2047			455				466
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 239, 3.25% 2051			30				30
New York City G.O. Bonds, Series 2014-I-1, 5.00% 2026			185				194
New York City G.O. Bonds, Series 2020-A, 5.00% 2027			500				554
New York City G.O. Bonds, Series 2021-A-1, 5.00% 2033			15				17
New York City G.O. Bonds, Series 2015-F-4, 5.00% 2044 (put 2025)			75				80
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Dev. Bonds), Series 2017-C-3-A, 0.20% 2022			45				45
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Dev. Bonds), Series 2021-C-2, 0.70% 2060 (put 2025)			330				305
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2020-I-2, 0.70% 2060 (put 2025)			230				214
New York City Housing Dev. Corp., Multi Family Housing Rev. Green Bonds (Sustainable Dev. Bonds), Series 2021-F-2, 0.60% 2061 (put 2025)			220				203
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2020-A-1, 5.00% 2022			10				10
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2021-E-1, 5.00% 2023			20				20
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2018-1, 5.00% 2025			30				32
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2022-D-1, 5.00% 2026			250				275
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2013-I, 5.00% 2027			180				185
Public Housing Capital Fund Rev. Trust I, Trust Certs., Series 2012, 4.50% 20222			15				15
Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2017-C-1, 5.00% 2025			500				542
Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 2025			10				10
County of Westchester, Industrial Dev. Agcy., Multi Family Housing Rev. Bonds (EG Mt. Vernon Preservation, LP Project), Series 2020, 0.30% 2023 (put 2022)			155				153
County of Westchester, Industrial Dev. Agcy., Multi Family Housing Rev. Bonds (Marble Hall - Tuckahoe Limited Partnership Project), Series 2021, 0.28% 2024 (put 2023)			455				445
							9,307
North Carolina 1.23%
City of Durham, Housing Auth., Multi Family Housing Rev. Bonds (JJ Henderson Apartments Project), Series 2020, 0.30% 2024 (put 2023)			20				20
City of Goldsboro, Multi Family Housing Rev. Bonds (Grand at Day Point), Series 2021, 0.28% 2024 (put 2023)			105				102
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 38-B, 4.00% 2047			180				183
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 42, 4.00% 2050			65				66
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 44, 4.00% 2050			60				61
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Winds Crest Senior Living, LP), Series 2021, 0.36% 2024 (put 2023)			105				103
City of Sanford, Housing Auth., Multi Family Housing Rev. Bonds (Matthews Garden Gilmore), Series 2020, 0.30% 2023 (put 2022)			750				742
City of Winston-Salem, Water and Sewer System Rev. Ref. Bonds, Series 2020-A, 5.00% 2022			200				201
City of Winston-Salem, Water and Sewer System Rev. Ref. Bonds, Series 2020-A, 5.00% 2026			40				44
							1,522

 

Private Client Services Funds

37

Capital Group Short-Term Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
North Dakota 0.60%
Housing Fin. Agcy., Homeownership Rev. Bonds (Home Mortgage Fin. Program), Series 2016-D, 3.50% 2046		USD	110			$	111
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-A, 4.00% 2038			310				313
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-D, 4.00% 2046			200				203
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2021-B, 3.00% 2052			120				117
							744
Ohio 2.24%
City of Dayton, Metropolitan Housing Auth., Multi Family Housing Rev. Bonds (Southern Montgomery Apartments Project), Series 2021-A, 0.32% 2024 (put 2023)			200				193
County of Geauga, Rev. Bonds (South Franklin Circle Project), Series 2012-A, 8.00% 2047 (preref. 2022)3			880				933
Healthcare Fac. Rev. Bonds (Otterbein Homes Obligated Group), Series 2021-B, 4.00% 2023			10				10
Hospital Rev. Ref. Bonds (Cleveland Clinic Health System Obligated Group), Series 2021-B, 5.00% 2024			310				323
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Chevybrook Estates Apartments Project), Series 2021, 0.35% 2024 (put 2023)			50				49
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Glen Meadows Apartments Project), Series 2021-A, 0.40% 2024 (put 2023)			80				77
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Marianna Terrace Apartments), Series 2022-A, 1.30% 2025 (put 2024)			40				39
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Pinzone Tower Apartments Project), Series 2021, 0.28% 2023 (put 2022)			190				187
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2017-D, 4.00% 2048			70				71
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2019-A, 4.50% 2049			170				176
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2020-A, 3.75% 2050			130				132
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2021-C, 3.25% 2051			225				223
County of Montgomery, Hospital Facs. Rev. Bonds (Dayton Children’s Hospital), Series 2021, 5.00% 2029			30				34
County of Montgomery, Hospital Facs. Rev. Bonds (Dayton Children’s Hospital), Series 2021, 5.00% 2032			160				184
Turnpike and Infrastructure Commission, Rev. Bonds, Series 2013-A-1, 5.00% 2025			125				128
Water Dev. Auth., Water Dev. Rev. Bonds, Series 2013-A, 5.00% 2023			25				26
							2,785
Oklahoma 0.72%
Capital Improvement Auth., State Highways Capital Improvement Rev. Ref. Bonds (Oklahoma Dept. of Transportation Project), Series 2020-A, 5.00% 2023			145				150
Board of Regents of Oklahoma State University, General Rev. Ref. Bonds, Series 2020-A, 5.00% 2024			275				290
Board of Regents of Oklahoma State University, General Rev. Ref. Bonds, Series 2020-A, 5.00% 2025			420				452
							892
Oregon 0.32%
G.O. Bonds (Veteran’s Welfare Bonds Series 108), Series 2021-O, 3.00% 2051			245				239
Housing and Community Services Dept., Housing Dev. Rev. Bonds (The Susan Emmons Apartments Project), Series 2021-S-2, 0.38% 2024 (put 2023)			115				110
Housing and Community Services Dept., Housing Dev. Rev. Bonds (Westwind Apartments Project), Series 2021-H, 0.25% 2024 (put 2023)			50				49
							398
Pennsylvania 1.97%
Bethlehem Area School Dist. Auth., School Rev. Bonds (Bethlehem Area School Dist. Ref. Project), Series 2021-C, (USD-SOFR x 0.67 + 0.35%) 0.53% 2030 (put 2025)1			50				50
Bethlehem Area School Dist. Auth., School Rev. Bonds (Bethlehem Area School Dist. Ref. Project), Series 2021-B, (USD-SOFR x 0.67 + 0.35%) 0.53% 2031 (put 2025)1			70				69
Bethlehem Area School Dist. Auth., School Rev. Bonds (Bethlehem Area School Dist. Ref. Project), Series 2021-C, (USD-SOFR x 0.67 + 0.35%) 0.53% 2032 (put 2025)1			55				55
Cumberland Valley School Dist., G.O. Bonds, Series 2015, 5.00% 2032 (preref. 2023)			20				21
Cumberland Valley School Dist., G.O. Bonds, Series 2015, 5.00% 2034 (preref. 2023)			20				21
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046			205				208

 

38	Private Client Services Funds

Capital Group Short-Term Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
Pennsylvania (continued)
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2020-133, 3.00% 2050		USD	345			$	341
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2021-137, 3.00% 2051			190				185
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2022-138-A, 3.00% 2052			145				141
Housing Fin. Agcy., Special Limited Obligation, Multi Family Housing Dev. Bonds (Harrison Senior Tower), Series 2021, 0.25% 2024 (put 2023)			760				739
Housing Fin. Agcy., Special Limited Obligation, Multi Family Housing Dev. Bonds (School of Nursing), Series 2021, 0.27% 2024 (put 2023)			85				82
Philadelphia School Dist., G.O. Bonds, Series 2021-A, 5.00% 2027			190				209
Turnpike Commission, Turnpike Rev. Bonds, Series 2021-B, 5.00% 2022			95				97
Wilkes-Barre Area School Dist., G.O. Bonds, Series 2019, BAM insured, 5.00% 2023			225				231
							2,449
Rhode Island 0.09%
Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 66-A-1, 4.00% 2033			110				111
South Carolina 1.41%
City of Columbia, Housing Auth., Multi Family Housing Rev. Bonds (Palmetto Terrace Apartments Project), Series 2021, 0.31% 2024 (put 2023)			130				126
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2018-A, 4.50% 2048			200				206
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2020-A, 4.00% 2050			150				153
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2021-A, 3.00% 2052			80				79
Housing Fin. and Dev. Auth., Mortgage Rev. Ref. Bonds, Series 2016-A, 4.00% 2036			190				193
Housing Fin. and Dev. Auth., Multi Family Housing Rev. Bonds (Villages at Congaree Pointe Project), Series 2021-B, 1.25% 2025 (put 2024)			100				97
Patriots Energy Group Fncg. Agcy., Gas Supply Rev. Bonds, Series 2018-A, 4.00% 2048 (put 2024)			55				56
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2025			120				127
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2015-A, 5.00% 2028			35				37
Southold Local Dev. Corp., Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2015, 5.00% 2022			400				407
City of Spartanburg, Housing Auth., Multi Family Housing Rev. Bonds (Connecticut Village Apartments), Series 2022, 1.05% 2025 (put 2023)			125				123
Spartanburg Regional Health Services Dist., Hospital Rev. Ref. Bonds, Series 2022, 5.00% 2028			135				149
							1,753
South Dakota 0.54%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-E, 4.00% 2044			70				71
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-B, 4.50% 2048			335				346
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2021-B, 3.00% 2051			255				251
							668
Tennessee 2.02%
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-1, 4.00% 2042			175				178
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-A, 4.00% 2045			465				473
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-C, 4.00% 2045			195				198
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2015-2-A, 3.75% 2050			250				253
City of Knoxville Community Dev. Corp., Collateralized Multi Family Housing Rev. Bonds (Austin 1B Apartments Project), Series 2021, 0.22% 2024 (put 2023)			40				38
City of Memphis, Health, Educational and Housing Facs. Board, Collateralized Multi Family Housing Rev. Bonds (Tillman Cove Apartments), Series 2020, 0.55% 2024 (put 2024)			590				551
Metropolitan Government of Nashville and Davidson County, Health and Educational Facs. Board, Rev. Bonds (Vanderbilt University Medical Center), Series 2021-A, 5.00% 2031			205				230
Metropolitan Government of Nashville and Davidson County, Water & Sewer Rev. Bonds, Series 2013, 5.00% 2025 (preref. 2023)			85				88
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2017-A, 4.00% 2048 (put 2023)			500				504
							2,513

 

Private Client Services Funds

39

Capital Group Short-Term Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
Texas 18.67%
Affordable Housing Corp., Multi Family Housing Rev. Bonds (Apartments of Las Palmas I LLC), Series 2021, 0.25% 2024 (put 2022)		USD	15			$	15
Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Uplift Education), Series 2017-A, 5.00% 2022			645				657
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2021-A, 4.00% 2025			15				16
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2021-A, 4.00% 2026			15				16
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Harmony Public Schools), Series 2016-A, 5.00% 2024			310				324
Arlington Higher Education Fin. Corp., Education Rev. Bonds (KIPP Texas, Inc.), Series 2019, 5.00% 2026			560				613
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, 5.00% 2022			350				353
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, 5.00% 2025			800				860
City of Arlington, Water and Wastewater System Rev. Bonds, Series 2021, 5.00% 2023			165				170
Austin Affordable PFC, Inc., Multi Family Housing Rev. Bonds (Bridge at Turtle Creek Apartments), Series 2020, 0.42% 2040 (put 2023)			215				210
Austin Community College Dist., Maintenance Tax Notes, Series 2021, 5.00% 2022			100				101
City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2020-C, 5.00% 2025			510				553
County of Bexar, Combination Tax and Rev. Certs. of Obligation, Series 2013-B, 5.00% 2033 (preref. 2023)			105				108
Brownsville Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020-A, 3.00% 2026			500				509
Cameron County Housing Fin. Corp., Multi Family Housing Rev. Bonds (Sunland Country Apartments), Series 2021, 0.28% 2024 (put 2023)			50				48
Capital Area Housing Fin. Corp., Multi Family Housing Rev. Bonds (Redwood Apartments), Series 2020, 0.41% 2041 (put 2024)			460				441
Carrollton-Farmers Branch Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 5.00% 2023			135				138
Clear Creek Independent School Dist., Unlimited Tax School Building Bonds, Series 2013-B, 0.28% 2038 (put 2024)			100				93
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 2023			5				5
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 2024			5				5
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 2025			10				11
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2021-T, 5.00% 2026			5				5
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2014-C, 5.00% 2027			500				522
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2015-B-2, 0.28% 2040 (put 2024)			200				190
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2014-E, 5.00% 2023			370				375
City of Dallas Housing Fin. Corp., Multi Family Housing Rev. Bonds (Midpark Towers), Series 2021, 0.35% 2024 (put 2023)			180				177
Dallas Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2014-A, 5.00% 2023			15				16
Dallas Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015, 5.00% 2030 (preref. 2025)			400				428
Del Mar College Dist., Limited Tax Bonds, Series 2020-B, 5.00% 2024			400				423
Del Mar College Dist., Limited Tax Bonds, Series 2020-A, 5.00% 2026			335				368
Del Valle Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2022			155				156
El Paso Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015, 5.00% 2026			400				424
Fort Bend Grand Parkway Toll Road Auth., Limited Contract Tax and Toll Road Rev. Ref. Bonds, Series 2021-A, 5.00% 2028			120				135
Fort Bend Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 5.00% 2024			130				137
Fort Bend Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-A, 1.95% 2049 (put 2022)3			420				420
G.O. Water Financial Assistance Rev. Ref. Bonds, Series 2021-B, 4.00% 2030			50				52
City of Galveston Public Fac. Corp., Multi Family Housing Rev. Bonds (The Orleanders at Broadway), Series 2021, 0.47% 2025 (put 2024)			150				141
Garland Independent School Dist., Unlimited Tax School Building Bonds, Series 2016, 5.00% 2030			400				426
Goose Creek Consolidated Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-B, 0.15% 2049 (put 2022)			140				139
Grand Prairie Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015, 5.25% 2024			525				552
Harlandale Independent School Dist., Maintenance Tax Notes, Series 2021, BAM insured, 2.00% 2040 (put 2024)			50				50
Harlandale Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 0.75% 2045 (put 2025)			100				94
County of Harris, Toll Road Rev. and Rev. Ref. Bonds, Series 2018-A, 5.00% 2024			150				159

 

40	Private Client Services Funds

Capital Group Short-Term Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
Texas (continued)
Harris County Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Memorial Hermann Health System), Series 2019-C-1, (SIFMA Municipal Swap Index + 0.42%) 0.86% 2049 (put 2022)1		USD	375			$	375
Harris County Cultural Education Facs. Fin. Corp., Medical Facs. Mortgage Rev. Ref. Bonds (Baylor College of Medicine), Series 2019-A, (3-month USD-LIBOR x 0.70 + 0.65%) 0.968% 2046 (put 2024)1			130				130
Harris County Cultural Education Facs. Fin. Corp., Rev. Bonds (Texas Medical Center), Series 2020-A, 0.90% 2050 (put 2025)			130				127
Harris County Health Facs. Dev. Corp., Rev. Ref. Bonds (CHRISTUS Health), Series 2005-A-4, Assured Guaranty Municipal insured, 0.05% 20311			125				125
Dept. of Housing and Community Affairs, Multi Family Housing Rev. Bonds (Corona Del Valle), Series 2021, 0.37% 2025 (put 2023)			50				48
Dept. of Housing and Community Affairs, Multi Family Housing Rev. Bonds (Oso Bay Apartments), Series 2021, 0.27% 2024 (put 2022)			100				99
Dept. of Housing and Community Affairs, Multi Family Housing Rev. Bonds (Palladium Simpson Stuart Apartments), Series 2021, 0.35% 2025 (put 2024)			165				158
Dept. of Housing and Community Affairs, Multi Family Housing Rev. Bonds (The Park at Kirkstall), Series 2021, 0.65% 2025 (put 2024)			325				307
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2021-A, 3.00% 2052			310				305
Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2018-A, 4.75% 2049			330				342
Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 2050			380				388
Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2020-A, 3.50% 2051			125				125
Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2021-A, 3.00% 2052			135				132
Housing Options, Inc., Multi Family Housing Rev. Bonds (Brooks Manor - The Oaks Project), Series 2021, 0.50% 2041 (put 2025)			100				93
City of Houston Housing Fin. Corp., Multi Family Housing Rev. Bonds (Temenos Place Apartments), Series 2021, 0.29% 2024 (put 2023)			85				82
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2019-B, 2.00% 2024			615				605
City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, Series 2021, 4.00% 2022			10				10
City of Houston, Convention and Entertainment Facs. Dept., Hotel Occupancy Tax and Special Rev. Ref. Bonds, Series 2021, 4.00% 2023			15				15
Keller Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2027 (preref. 2025)			470				502
Longview Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 5.00% 2024			500				524
Medina Valley Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 0.82% 2051 (put 2026)			90				82
Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2008-D, 6.25% 2026			150				161
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 2022			10				10
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 2025			120				126
North Central Texas Housing Fin. Corp., Multi Family Housing Rev. Bonds (Bluebonnet Ridge Apartments), Series 2021, 0.375% 2040 (put 2024)			85				80
North Texas Municipal Water Dist., Water System Rev. Ref. and Improvement Bonds, Series 2021, 5.00% 2022			45				46
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2014-A, 5.00% 2024			395				412
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2014-A, 5.00% 2024 (escrowed to maturity)			190				199
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2026			1,500				1,559
Northside Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 0.70% 2050 (put 2025)			1,000				936
Odessa Housing Fin. Corp., Multi Family Housing Rev. Bonds (Cove in Odessa Apartments), Series 2021, 0.37% 2024 (put 2023)			230				222
Pasadena Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2013, 5.00% 2038			500				511
Plano Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 5.00% 2023			135				138
Prosper Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-B, 2.00% 2050 (put 2023)			210				209
County of Rockwall, Permanent Improvement and Rev. Ref. Bonds, Series 2020, 5.00% 2024			200				209
County of Rockwall, Permanent Improvement and Rev. Ref. Bonds, Series 2020, 5.00% 2025			250				267
County of Rockwall, Permanent Improvement and Rev. Ref. Bonds, Series 2020, 5.00% 2026			260				283
Round Rock Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2022			300				303
City of San Antonio Housing Trust Fin. Corp., Multi Family Housing Rev. Bonds (The Arbors at West Avenue Apartments), Series 2022, 1.45% 2026 (put 2025)			90				87
City of San Antonio, Electric and Gas Systems Rev. Bonds, Series 2015-D, 1.125% 2045 (put 2026)			230				211
City of San Antonio, Electric and Gas Systems Rev. Bonds, Series 2013, 5.00% 2048 (preref. 2023)			140				143
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2022, 5.00% 2023			60				61
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2020, 5.00% 2026			330				357
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2022, 5.00% 2027			110				121
Tomball Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2023			80				82
Tomball Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2024			30				31

 

Private Client Services Funds

41

Capital Group Short-Term Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
Texas (continued)
Transportation Commission, G.O. Mobility Fund Bonds, Series 2014-B, 0.65% 2041 (put 2026)		USD	500			$	456
Travis County Strategic Housing Fin. Corp., Multi Family Housing Rev. Bonds (Yager Flats), Series 2021, 0.46% 2041 (put 2025)			770				695
Water Dev. Board, State Water Implementation Rev. Fund of Texas Rev. Bonds (Master Trust), Series 2018-B, 5.00% 2023			45				46
							23,170
Utah 0.67%
Canyons School Dist., Board of Education, G.O. Bonds (Utah School Bond Guaranty Program), Series 2021-A, 5.00% 2027			25				28
Housing Corp., Single Family Mortgage Bonds, Class III, Series 2015-D-2, 4.00% 2045			170				172
Salt Lake City, Airport Rev. Bonds (Salt Lake City International Airport), Series 2021-B, 5.00% 2024			275				289
County of Salt Lake, Board of Education, G.O. Rev. Ref. Bonds (Utah School Bond Guaranty Act), Series 2021, 5.00% 2024			250				264
Transit Auth., Sales Tax Rev. Bonds, Series 2008-A, 5.25% 2023			15				16
City of Vineyard, Redev. Agcy., Tax Increment Rev. and Rev. Ref. Bonds, Series 2021, Assured Guaranty Municipal insured, 5.00% 2024			65				68
							837
Vermont 0.03%
Housing Fin. Agcy., Multiple Purpose Bonds, Series 2020-A, 3.75% 2050			40				41
Virginia 1.08%
County of Arlington, Industrial Dev. Auth., Hospital Rev. Bonds (Virginia Hospital Center), Series 2020, 5.00% 2025			130				139
County of Fairfax, Redev. and Housing Auth., Multi Family Housing Rev. Bonds (Arrowbrook Apartments Project), Series 2020, 0.41% 2041 (put 2024)			500				479
County of Fairfax, Redev. and Housing Auth., Multi Family Housing Rev. Bonds (Oakwood North Four Project), Series 2021, 0.41% 2025 (put 2024)			570				540
City of Hopewell, Redev. And Housing Auth., Multi Family Housing Rev. Bonds (Hopewell Heights Apartments), Series 2021-A, 0.49% 2024 (put 2023)			85				82
City of Lynchburg, Econ. Dev. Auth., Hospital Rev. and Rev. Ref. Bonds (Centra Health Obligated Group), Series 2021, 5.00% 2029			95				106
							1,346
Washington 1.57%
Central Puget Sound Regional Transit Auth., Sales Tax and Motor Vehicle Excise Tax Improvement and Rev. Ref. Green Bonds, Series 2021-S-1, 5.00% 2028			65				74
City of Everett, Housing Auth., Multi Family Housing Rev. Bonds (Baker Heights Legacy), Series 2021, 0.30% 2024 (put 2023)			80				77
G.O. Rev. Ref. Bonds, Series 2017-R-A, 5.00% 2022			25				25
Health Care Facs. Auth., Rev. Ref. Bonds (Providence St. Joseph Health), Series 2021-B, 4.00% 2042 (put 2030)			250				263
Housing Fin. Commission, Multi Family Housing Rev. Bonds (Garten Haus Apartments Project), Series 2021, 0.37% 2024 (put 2023)			45				44
Housing Fin. Commission, Single Family Program Bonds, Series 2017-1-N, 4.00% 2047			240				244
Housing Fin. Commission, Single Family Program Bonds, Series 2020-1-N, 4.00% 2050			345				352
Housing Fin. Commission, Single Family Program Bonds, Series 2021-2-N, 3.00% 2051			90				88
City of Seattle, Housing Auth., Rev. and Rev. Ref. Bonds (Northgate Plaza Project), Series 2021, 1.00% 2026			70				65
City of Seattle, Housing Auth., Rev. Bonds (Lam Bow Apartments Project), Series 2021, 1.25% 2024			15				15
City of Seattle, Municipal Light and Power Rev. Ref. Bonds, Series 2021-B, (SIFMA Municipal Swap Index + 0.25%) 0.69% 2045 (put 2026)1			115				114
City of Seattle, Municipal Light and Power Rev. Ref. Bonds, Series 2018-C-2, (SIFMA Municipal Swap Index + 0.49%) 0.93% 2046 (put 2023)1			325				325
University of Washington, General Rev. Ref. Bonds, Series 2020-C, 5.00% 2025			250				268
							1,954

 

42	Private Client Services Funds

Capital Group Short-Term Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
West Virginia 0.76%
G.O. State Road Bonds, Series 2021-A, 5.00% 2025		USD	15			$	16
Housing Dev. Fund, Multi Family Housing Rev. Bonds (Charles Towers), Series 2021, 0.21% 2023 (put 2022)			75				75
Housing Dev. Fund, Multi Family Housing Rev. Bonds (Parkland Place / Chapmanville Towers), Series 2021, 0.28% 2024 (put 2023)			875				856
							947
Wisconsin 1.91%
Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-3, (SIFMA Municipal Swap Index + 0.55%) 0.99% 2054 (put 2023)1			340				339
Health and Educational Facs. Auth., Rev. Bonds (Gundersen Lutheran), Series 2020, 5.00% 20262			660				705
Health and Educational Facs. Auth., Rev. Ref. Bonds (Ministry Health Care, Inc.), Series 2012-C, 5.00% 2027 (preref. 2022)			210				212
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2017-C, 4.00% 2048			180				183
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2020-A, 3.50% 2050			330				331
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2021-A, 3.00% 2052			30				29
Housing and Econ. Dev. Auth., Housing Rev. Bonds, Series 2021-B, 0.40% 2045 (put 2023)			25				24
Housing and Econ. Dev. Auth., Housing Rev. Bonds, Series 2021-B, 0.50% 2050 (put 2024)			35				32
Housing and Econ. Dev. Auth., Housing Rev. Bonds, Series 2021-C, 0.81% 2052 (put 2025)			110				103
Public Fin. Auth., Hospital Rev. Ref. Bonds (Renown Regional Medical Center Project), Series 2016-A, 5.00% 2022			300				301
Public Fin. Auth., Rev. Ref. Bonds (Providence St. Joseph Health), Series 2021-C, 4.00% 2041 (put 2030)			115				117
							2,376
Wyoming 0.13%
Community Dev. Auth., Housing Rev. Bonds, Series 2020-1, 4.00% 2050			160				163
Total bonds, notes & other debt instruments (cost: $109,338,000)							105,373
Short-term securities 13.95%
Municipals 13.95%
State of Arizona, Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Phoenix Children’s Hospital), Series 2019-B, 0.31% 20481			3,300				3,300
State of California, Kern Community College Dist., Facs. Improvement Dist. No. 1, G.O. Bond Anticipation Notes, Capital Appreciation Notes, Series 2020, 0% 2023			45				43
State of Idaho, Tax Anticipation Notes, Series 2021, 3.00% 6/30/2022			3,000				3,009
State of Iowa, Fin. Auth., Rev. Bonds (UnityPoint Health), Series 2018-E, 0.31% 20411			3,500				3,500
State of Massachusetts, Housing Fin. Agcy., Single Family Housing Notes, Series 2021, 0.25% 12/1/2022			50				49
State of Michigan, Regents of the University of Michigan, General Rev. Bonds, Series 2008-A, 0.30% 20381			2,500				2,500
State of Michigan, Regents of the University of Michigan, General Rev. Bonds, Series 2012-B, 0.30% 20421			1,000				1,000
State of Nevada, Housing Division, Single Family Mortgage Rev. Bonds, Series 2021-D, 0.25% 12/1/2022			65				65
State of New York, Dormitory Auth., Rev. Bonds (Cornell University), Series 2019-B, 0.34% 20391			1,600				1,600
State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series 2019-F, 0.36% 20521			1,290				1,290
State of South Carolina, Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Prisma Health Obligated Group), Series 2018-B, 0.36% 20481			700				700
State of Texas, Deer Park Independent School Dist., Unlimited Tax School Building Bonds, Series 2018, 0.16% 2042 (put 2022)4			225				224
State of Texas, North East Independent School Dist., Unlimited Tax School Building Bonds, Series 2013-B, 0.25% 2032 (put 2022)4			35				35
Total short-term securities (cost: $17,324,000)							17,315
Total investment securities 98.86% (cost: $126,662,000)							122,688
Other assets less liabilities 1.14%							1,416
Net assets 100.00%						$	124,104

 

Private Client Services Funds

43

Capital Group Short-Term Municipal Fund

 

Futures contracts

Contracts

Type

Number of  contracts

Expiration

Notional  amount  (000)

Value and  unrealized  appreciation  at 4/30/2022  (000)

2 Year U.S. Treasury Note Futures

Short

32

June 2022

USD

(6,746)

$

32

 

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	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 $720,000, which represented .58% of the net assets of the fund.
3	Step bond; coupon rate may change at a later date.
4	For short-term securities, the mandatory put date is considered to be the maturity date.

 

Key to abbreviations

Agcy. = Agency

Assn. = Association

Auth. = Authority

Certs. = Certificates

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

Part. = Participation

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

SOFR = Secured Overnight Financing Rate

USD = U.S. dollars

 

44	Private Client Services Funds

Capital Group California Core Municipal Fund	unaudited
Investment portfolio April 30, 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.

 

Bonds, notes & other debt instruments 84.04%	Principal amount (000)					Value (000)
California 83.48%
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2022		USD	975			$	989
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 2024			600				627
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 2025			500				530
City of Alhambra, Insured Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 2027			630				680
City of Anaheim, Public Fncg. Auth., Lease Rev. Bonds (Anaheim Public Improvement Project), Capital Appreciation Bonds, Series 1997-C, Assured Guaranty Municipal insured, 0% 2022			2,000				1,989
Antelope Valley Community College Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2015, 0% 2035 (preref. 2025)			2,300				1,377
Antelope Valley Community College Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2015, 0% 2036 (preref. 2025)			2,800				1,603
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties, Inc. Obligated Group), Series 2013, 5.00% 2022			1,000				1,012
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties, Inc. Obligated Group), Series 2013, 5.00% 2023			500				517
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Windemere Ranch Infrastructure Fncg. Program), Series 2014-A, 5.00% 2023			370				384
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Windemere Ranch Infrastructure Fncg. Program), Series 2014-A, 5.00% 2024			395				418
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Windemere Ranch Infrastructure Fncg. Program), Series 2014-A, 5.00% 2025			510				540
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2001-A, (SIFMA Municipal Swap Index + 1.25%) 1.69% 2036 (put 2027)1			1,000				1,017
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2013-S-4, 5.00% 2043 (preref. 2023)			1,000				1,028
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1, (SIFMA Municipal Swap Index + 1.10%) 1.54% 2045 (put 2024)1			4,275				4,296
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-G, 2.00% 2053 (put 2024)			2,525				2,495
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-D, (SIFMA Municipal Swap Index + 0.30%) 0.74% 2056 (put 2027)1			1,895				1,850
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2017-S-7, 5.00% 2024			1,200				1,261
Bay Area Water Supply and Conservation Agcy., Rev. Bonds, Series 2013-A, 5.00% 2023			500				513
City of Beaumont, Wastewater Rev. Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2026			500				551
City of Burbank, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015, BAM insured, 5.00% 2022			1,305				1,330
California County Tobacco Securitization Agcy., Tobacco Settlement Rev. Bonds (Los Angeles County Securitization Corp.), Series 2020-A, 5.00% 2026			600				639
Trustees of the California State University, Systemwide Rev. Bonds, Series 2015-A, 5.00% 2024			500				531
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-A, 5.00% 2028			2,705				2,945
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2, 0.55% 2049 (put 2026)			1,980				1,736
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3, 4.00% 2051 (put 2023)			2,500				2,540
City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Rev. Ref. Bonds, Series 2013, 3.55% 2023			350				351

 

Private Client Services Funds

45

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 2021-C, BAM insured, 4.00% 2022		USD	200			$	201
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% 2023			225				229
Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev. Project Area), Series 2014-B, Assured Guaranty Municipal insured, 5.00% 2024			260				274
Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev. Project Area), Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2025			620				652
Cerritos Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2012-D, 0% 2027			830				709
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 2027			465				471
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 2028			480				484
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 2029			500				504
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 2030			520				521
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 2031			540				538
City of Chino, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2022			450				455
City of Chino, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2025			665				702
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2024			465				486
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2026			780				838
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2027			430				466
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2028			355				388
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2029			225				248
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2030			60				66
City of Chula Vista, Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2022			1,355				1,371
Clovis Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2006-B, National insured, 0% 2030			1,000				761
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, 4.00% 2052 (put 2031)			3,750				3,808
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-A, 4.00% 2052 (put 2027)			1,170				1,200
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2026 (preref. 2024)			1,290				1,363
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2029 (preref. 2025)			1,000				1,080
Compton Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2015 Election, Series 2019-B, BAM insured, 0% 2033			1,000				651
City of Concord, Successor Agcy. to the Redev. Agcy., Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2023			825				845
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 2026			400				412
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 2027			885				964
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 2028			930				1,024
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 2029			675				750
Desert Community College Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2032 (preref. 2026)			1,885				2,057
City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, Special Tax Bonds, Series 2021, 3.00% 2023			205				205
City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, Special Tax Bonds, Series 2021, 3.00% 2025			265				260
East Bay Municipal Utility Dist., Water System Rev. Ref. Bonds, Series 2015-A, 5.00% 2027			3,550				3,814
East Side Union High School Dist., G.O. Bonds, 2008 Election, Series 2012-D, 5.00% 2037 (preref. 2022)			500				505
Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 2.75% 2028			535				537
Eastern Municipal Water Dist., Water and Wastewater Rev. Ref. Bonds, Series 2021-A, 4.00% 2029			1,210				1,309
Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2021-A, 5.00% 2028			1,375				1,534
Educational Facs. Auth., Rev. Ref. Bonds (Stanford University), Series 2009-T-5, 5.00% 2023			1,290				1,325
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2026			530				560
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2027			500				528
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2030			1,000				1,055
County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2024			855				865
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2025			580				619
Etiwanda School Dist., G.O. Bonds, 2016 Election, Series 2020-A, 4.00% 2029			570				611
City of Eureka, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2017-B, 5.00% 2022			835				848
City of Fillmore, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2024			1,000				1,051

 

46	Private Client Services Funds

Capital Group California Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
California (continued)
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% 2026		USD	1,000			$	876
City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 2023			535				551
City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 2026			100				103
City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 2027			120				123
City of Fontana, Public Facs. Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2021-A, 4.00% 2027			625				646
City of Fontana, Public Facs. Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2021-A, 4.00% 2029			390				403
G.O. Bonds, Series 2021, 5.00% 2029			2,000				2,285
G.O. Bonds, Series 2018, 5.00% 2030			1,000				1,125
G.O. Bonds, Series 2021, 5.00% 2031			85				92
G.O. Bonds, Series 2021, 5.00% 2032			70				76
G.O. Bonds, Series 2022, 5.00% 2033			1,250				1,459
G.O. Bonds, Series 2021, 5.00% 2034			70				76
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2027			745				827
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 2028			1,000				1,129
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2028			685				769
G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2029			6,000				6,695
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 2029			3,500				4,003
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 2029			3,000				3,424
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2029			1,000				1,143
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 2030			3,500				4,034
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 2030			2,850				3,291
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2031			3,000				3,481
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 2031			2,500				2,914
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 2032			4,000				4,569
G.O. Rev. Ref. Bonds, Series 2007, Assured Guaranty Municipal insured, 5.25% 2032			2,125				2,520
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 2035			2,000				2,263
City of Garden Grove, Successor Agcy. to the Dev. Agcy., Tax Allocation Bonds, Series 2016, BAM insured, 5.00% 2022			400				405
City of Glendale, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Central Glendale Redev. Project), Series 2016, BAM insured, 5.00% 2024			425				451
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A, 5.00% 2022 (escrowed to maturity)			3,000				3,009
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2017-A-1, 5.00% 2022			1,730				1,735
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Bonds, Series 2005-A, AMBAC insured, 0% 2024 (escrowed to maturity)			2,000				1,904
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Bonds, Series 2005-A, Assured Guaranty Municipal insured, 0% 2026 (escrowed to maturity)			2,785				2,514
Greenfield Elementary School Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, Series 2007-A, Assured Guaranty Municipal insured, 0% 2029			1,270				987
City of Grossmont, Healthcare Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, Series 2007-A, AMBAC insured, 0% 2032			1,500				1,052
City of Hawthorne, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2024			250				264
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 2023			910				933
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 2024			1,105				1,132
Health Facs. Fncg. Auth., Rev. Bonds (Cedars-Sinai Medical Center), Series 2016-A, 5.00% 2023			650				674
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2025			1,000				1,066
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-B, 5.00% 2029 (put 2022)			1,025				1,041
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2014-A, 5.00% 2025			400				422
Health Facs. Fncg. Auth., Rev. Bonds (PIH Health), Series 2020-A, 5.00% 2030			1,900				2,171
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2019-B, 5.00% 2039 (put 2027)			2,135				2,333
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2024			3,000				3,182
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 2026 (preref. 2025)			300				326
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2013-A, 5.00% 2052 (preref. 2023)			1,665				1,726
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Adventist Health System/West), Series 2016-A, 4.00% 2025			1,270				1,324
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2022-A, 5.00% 2026			830				904
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2022			175				178
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2023			135				140

 

Private Client Services Funds

47

Capital Group California Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
California (continued)
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2024		USD	1,000			$	1,062
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2026			1,750				1,927
Hemet Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2015, 5.00% 2026			600				632
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2023			885				917
Housing Fin. Agcy., Municipal Certs., Series 2021-A-3, 3.25% 2036			1,252				1,200
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2025			100				107
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2026			125				135
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2027			110				120
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2028			375				411
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2029			140				153
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2030			340				370
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2020-A-1, 4.00% 2030			825				894
City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Merged Redev. Project), Series 2017-A, BAM insured, 5.00% 2027			650				720
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2012, 3.25% 2022			700				704
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2012, 4.00% 2022			400				403
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2013, 5.00% 2024			725				751
City of Irvine, Reassessment Dist. No. 13-1, Limited Obligation Improvement Bonds, Series 2013, 3.375% 2023			850				864
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 4.00% 2022			225				227
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2023			200				207
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2024			210				221
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2025			250				267
City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021, BAM insured, 4.00% 2025			500				517
City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021, 4.00% 2028			500				524
City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021, BAM insured, 4.00% 2030			1,265				1,327
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 5.00% 2027			140				154
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 5.00% 2028			350				389
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 5.00% 2030			215				237
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2023			500				517
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2029			710				748
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 5.00% 2023			750				776
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 4.00% 2027			1,615				1,711
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% 2029			335				360
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% 2031			375				406
Kern Community College Dist., Safety Repair and Improvement G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006, FSA insured, 0% 2022			1,500				1,487
Kings Canyon Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2029			1,600				1,717
La Habra School Dist., G.O. Bonds, Capital Appreciation Bonds, 2000 Election, Series 2002-A, FSA insured, 0% 2026			1,010				883
Lakeside Union School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2029			1,785				1,957
Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2002, Special Tax Bonds, Series 2017, 4.00% 2022			680				684
City of Lodi, Public Fin. Auth., Rev. Ref. Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 2024			260				275
Long Beach Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2008-A, Assured Guaranty Municipal insured, 0% 2027			3,865				3,322
City of Los Angeles, Community Facs. Dist. No. 4 (Playa Vista - Phase 1), Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 2023			690				714
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2021-B, 5.00% 2031			420				483

 

48	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 Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2021-B, 5.00% 2034		USD	1,025			$	1,159
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-E, 5.00% 2039			1,130				1,234
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2021-B, 3.00% 2022			3,000				3,009
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2017-C, 5.00% 2022			575				579
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2013-A, 5.00% 2022			515				518
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 2024			535				564
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-B, 5.00% 2025			1,875				2,016
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 2025			500				539
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-B, 5.00% 2026			2,000				2,194
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-A, 5.00% 2027			1,555				1,734
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-D, 5.00% 2027			1,100				1,227
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 2030			775				899
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 2032			690				815
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2021-C, 5.00% 2033			1,500				1,737
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 2033			1,345				1,578
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 2028			650				737
City of Los Angeles, Solid Waste Resources Rev. Bonds, Series 2013-A, 2.00% 2023			1,110				1,112
County of Los Angeles, Dev. Auth., Multi Family Housing Mortgage Rev. Bonds (Long Beach Senior Housing), Series 2022, 2.00% 2026 (put 2025)			3,350				3,269
County of Los Angeles, Dev. Auth., Multi Family Housing Rev. Bonds (Cantamar Villas), Series 2021-D-1, 0.30% 2025 (put 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% 2024 (put 2023)			3,175				3,139
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Bonds, Series 2021-A, 5.00% 2030			3,610				4,208
County of Los Angeles, Redev. Ref. Auth., Tax Allocation Rev. Ref. Bonds (South Gate Project No. 1), Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2022			1,190				1,203
Los Angeles Community College Dist., G.O. Bonds, 2008 Election, Series 2008-G, 4.00% 2039 (preref. 2024)			3,350				3,473
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014-C, 5.00% 2023			520				538
Madera Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006, Assured Guaranty Municipal insured, 0% 2029			585				462
Manhattan Beach Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 1999-C, FGIC-National insured, 0% 2024			3,875				3,615
Manteca Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2006, MBIA insured, 0% 2027			560				474
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 5, Special Tax Bonds, Series 2021, 4.00% 2028			275				279
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2022			500				507
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2028			250				269
Merced Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2011-C, 0% 2033			615				407
Montebello Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2028			1,545				1,640
Mountain View School Dist., G.O. Bonds, 2020 Election, Series 2021-A, Assured Guaranty Municipal insured, 4.00% 2023			1,290				1,320
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, 4.00% 2026			200				201
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Walnut Apartments), Series 2021-A, 0.45% 2024 (put 2023)			2,935				2,828
Municipal Fin. Auth., Rev. Bonds (California Institute of the Arts), Series 2021, 4.00% 2033			250				255
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2026			300				323
Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, Assured Guaranty Municipal insured, 5.00% 2027			800				881
Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, Assured Guaranty Municipal insured, 5.00% 2028			750				837
Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, Assured Guaranty Municipal insured, 5.00% 2029			825				933
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation), Series 2017-A, 5.00% 2024			300				317
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2023			750				773
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2013, 5.00% 2022			470				476
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 2026			335				361
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 2022			885				900

 

Private Client Services Funds

49

Capital Group California Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
California (continued)
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 2025		USD	500			$	542
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2028			750				782
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2029			1,085				1,134
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2035			1,000				1,027
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project), Series 2019, BAM insured, 5.00% 2027			530				575
Murrieta Valley Unified School Dist., G.O. Bonds, 2014 Election, Series 2020, 4.00% 2023			335				342
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2023			2,530				2,607
Northern California Energy Auth., Commodity Supply Rev. Bonds, Series 2018, 4.00% 2049 (put 2024)			4,500				4,578
Oak Park Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, Series 2009-B, Assured Guaranty Municipal insured, 0% 2029			605				472
Oakland Unified School Dist., G.O. Bonds, 2006 Election, Series 2016-A, 5.00% 2026			1,325				1,451
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured, 5.00% 2028			1,000				1,116
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured, 4.00% 2034			1,000				1,033
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2022			2,000				2,018
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2022			915				923
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2024			1,310				1,383
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2025			3,000				3,227
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty insured, 5.00% 2026			1,125				1,212
Ohlone Community College Dist., G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2023 (preref. 2022)			550				555
County of Orange, Airport Private Activity Rev. Ref. Bonds, Series 2019-B, 5.00% 2025			1,065				1,141
County of Orange, Airport Private Activity Rev. Ref. Bonds, Series 2019-A, 5.00% 2025			1,000				1,071
County of Orange, Airport Rev. Ref. Bonds, Series 2019-A, 5.00% 2022			1,000				1,006
County of Orange, Community Facs. Dist. No. 2016-1 (Village of Esencia), Special Tax Bonds, Series 2016-A, 5.00% 2026			570				612
County of Orange, Transportation Auth., Bond Anticipation Notes (I-405 Improvement Project), Series 2021, 5.00% 2024			2,000				2,121
County of Orange, Water Dist. Rev. Certs. of Part. (Interim Obligations), Series 2019-A, 2.00% 2023			2,725				2,723
City of Oxnard, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2024			250				263
City of Oxnard, Water Rev. Ref. Bonds, Series 2018, BAM insured, 5.00% 2022			700				702
City of Oxnard, Water Rev. Ref. Bonds, Series 2018, BAM insured, 5.00% 2024			450				473
Oxnard Unified School Dist., G.O. Bonds, 2012 Election, Series 2012-A, Assured Guaranty Municipal insured, 5.00% 2037 (preref. 2022)			500				505
Palo Alto Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2008-2, 0% 2031			1,000				737
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2026			630				679
Paramount Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1998 Election, Series 2001-B, Assured Guaranty Municipal insured, 0% 2025			3,000				2,744
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2026			250				273
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2027			200				222
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2028			285				319
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2029			400				454
Peralta Community College Dist., G.O. Rev. Ref. Bonds, Series 2014-A, 5.00% 2025			2,680				2,825
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, 4.00% 2022			915				920
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 2024			1,000				1,048
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 2028			185				197
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 2029			200				215
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 2030			215				226
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 2031			350				367
Pleasant Valley School Dist., G.O. Bonds, 2018 Election, Series A, 5.00% 2029 (preref. 2026)			645				710
Pollution Control Fncg. Auth., Water Facs. Rev. Ref. Bonds (American Water Capital Corp. Project), Series 2020, 0.60% 2040 (put 2023)			3,270				3,186
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013, 4.00% 2022 (escrowed to maturity)			440				444
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2022			850				858
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-B, BAM insured, 5.00% 2022			500				506
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2016-A, 5.00% 2023			885				918
Public Fin. Auth., Electric System Rev. Ref. Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 2023			730				756
Public Fin. Auth., Reassessment Rev. Ref. Bonds, Series 2019, 5.00% 2022			1,115				1,126

 

50	Private Client Services Funds

Capital Group California Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
California (continued)
Public Fin. Auth., Reassessment Rev. Ref. Bonds, Series 2019, 5.00% 2029		USD	1,000			$	1,104
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, Assured Guaranty Municipal insured, 5.00% 2023			500				518
Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 2028			250				279
Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 2030			250				286
Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 2033			330				384
Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 2034			350				406
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 2028			450				468
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 2029			500				522
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 2031			520				543
Public Works Board, Lease Rev. Bonds (Dept. of Corrections, Various State Prisons), Series 2019-D, 5.00% 2028			1,000				1,127
Public Works Board, Lease Rev. Green Bonds (Dept. of General Services, Sacramento Region New Natural Resources Headquarters), Series 2021-C, 5.00% 2032			2,440				2,819
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, Various State Prisons), Series 2015-A, 5.00% 2023			790				815
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-C, 5.00% 2024			1,650				1,751
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2022-A, 5.00% 2028			5,005				5,622
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-D, 5.00% 2028			5,000				5,476
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2017-B, 5.00% 2028			1,415				1,577
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2021-A, 5.00% 2032			1,000				1,161
City of Rancho Cucamonga, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Rancho Redev. Project Area), Series 2014, Assured Guaranty Municipal insured, 5.00% 2026			600				634
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% 2028			300				317
City of Redding, Joint Powers Fin. Auth., Electric System Rev. Bonds, Series 2015-A, 5.00% 2024			15				16
Rialto Unified School Dist., G.O. Bonds, 2010 Election, Series 2019, 3.00% 2026			600				611
Rialto Unified School Dist., G.O. Bonds, 2010 Election, Series 2019, 3.00% 2027			750				761
City of Richmond, Successor Agcy. to the Redev. Agcy., Rev. Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2025			200				210
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, BAM insured, 5.00% 2032			240				259
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 2022			400				404
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Bonds (Project Area No. 1, Desert Communities and Interstate 215 Corridor Projects), Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2023			1,075				1,116
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Hemet Project), Series 2014, BAM insured, 5.00% 2023			500				518
Riverside Community Properties Dev., Inc., Lease Rev. Bonds (Riverside County Law Building Project), Series 2013, 6.00% 2038 (preref. 2023)			2,585				2,727
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2025			350				373
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2026			400				427
Riverside Unified School Dist., G.O. Bonds, 2016 Election, Series 2019, 4.00% 2029			850				897
City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2024			1,000				1,045
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.25% 2024			770				796
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-E, 5.00% 2027			1,015				1,116
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-E, 5.00% 2030			200				221
Sacramento Unified School Dist., G.O. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2030			1,000				1,050
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 2027			585				619
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2017-E, 5.00% 2027			555				613
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 2028			610				649
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 2029			635				679
Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2012, 5.25% 2024			1,300				1,307
San Bernardino Unified School Dist., G.O. Rev. Ref. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2022 (escrowed to maturity)			1,500				1,513
City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% 2027			635				669
City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% 2028			880				926
City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% 2029			430				451
City of San Diego, Limited Obligation Rev. Bonds (Sanford Burnham Prebys Medical Discovery Institute Project), Series 2015-A, 5.00% 2022			200				203
City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A, 5.00% 2030			200				232

 

Private Client Services Funds

51

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% 2031		USD	150			$	173
City of San Diego, Public Facs. Fncg. Auth., Water Rev. Bonds, Series 2020-A, 5.00% 2029			500				574
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% 2026			255				261
County of San Diego, Grossmont Healthcare Dist., G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 2030			500				571
County of San Diego, Grossmont Healthcare Dist., G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 2031			625				720
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2027			400				439
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2028			320				356
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2029			585				655
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2013-A, 5.00% 2023 (escrowed to maturity)			245				253
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 2022			3,990				4,012
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, 5.00% 2028			1,000				1,111
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, 5.00% 2029			1,000				1,119
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 2031			1,405				1,576
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Bonds, Series 2021-B, 5.00% 2029			320				366
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Green Bonds, Series 2020-A, 5.00% 2028			850				963
County of San Diego, Water Auth. Rev. Ref. Bonds, Series 2013-A, 5.00% 2031 (preref. 2022)			900				915
County of San Diego, Water Auth. Rev. Ref. Green Bonds, Series 2021-A, 5.00% 2028			1,000				1,130
County of San Diego, Water Auth., Water Rev. Bonds, Series 2022-A, 5.00% 2028			250				282
County of San Diego, Water Auth., Water Rev. Bonds, Series 2022-A, 5.00% 2029			500				573
County of San Diego, Water Auth., Water Rev. Ref. Green Bonds, Series 2021-S-1, 5.00% 2028			1,285				1,448
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2016-SR-1, 4.00% 2031			3,000				3,113
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series 2015-R-4, 5.00% 2026			1,000				1,077
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series 2015-R-4, 5.00% 2027			3,000				3,229
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series 2016-R-5, 5.00% 2029			1,500				1,638
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds, Series 2019-D-2, 5.00% 2024			1,000				1,047
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series 2022-B-2, 5.00% 2027			4,000				4,402
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series 2021-B-2, 5.00% 2031			2,780				3,174
City and County of San Francisco, G.O. Bonds (Earthquake Safety and Emergency Response), Series 2021-E-1, 5.00% 2028			1,450				1,647
City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Special Tax Rev. Ref. Bonds (San Francisco Redev. Projects), Series 2014-C, 5.00% 2022			305				308
City of San Francisco, Bay Area Rapid Transit Dist., G.O. Bonds, 2016 Election, Series 2020-C-1, 5.00% 2027			1,500				1,683
San Francisco Community College Dist., G.O. Rev. Ref. Bonds, Series 2020, 5.00% 2027			1,525				1,693
San Francisco Unified School Dist., G.O. Bonds, 2016 Election, Series 2020-B, 4.00% 2022			1,000				1,003
San Francisco Unified School Dist., G.O. Bonds, 2016 Election, Series 2020-B, 4.00% 2029			1,000				1,065
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2022			25				25
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2023			40				41
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2024			65				68
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2025			90				96
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2026			155				167
San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1997-A, National insured, 0% 2025			285				261
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, BAM insured, 5.00% 2029			500				558
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, BAM insured, 5.00% 2030			250				281
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-B, 5.00% 2032			1,250				1,405
City of San Jose, Fin. Auth., Lease Rev. Ref. Bonds (Civic Center Project), Series 2013-A, 5.00% 2030 (preref. 2023)			1,625				1,675
City of San Jose, G.O. Bonds (Disaster Preparedness, Public Safety and Infrastructure), Series 2021-A, 5.00% 2030			2,250				2,617
San Jose Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006-C, National insured, 0% 2025			795				724
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2022			500				505
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2023			375				389

 

52	Private Client Services Funds

Capital Group California Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
California (continued)
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2024		USD	500			$	528
San Ramon Valley Unified School Dist., G.O. Bonds, 2012 Election, Series 2018, 5.00% 2024			1,000				1,057
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 2022			310				313
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 2024			530				555
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 2025			375				392
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% 2025			405				424
Santa Monica-Malibu Unified School Dist., School Facs. Improvement Dist. No. 2 (Malibu Schools), G.O. Bonds, 2018 Election, Series 2021-B, 4.00% 2024			1,235				1,278
Santa Monica-Malibu Unified School Dist., School Facs. Improvement Dist. No. 2 (Malibu Schools), G.O. Bonds, 2018 Election, Series 2021-B, 4.00% 2025			345				361
Santa Rosa High School Dist., G.O. Bonds, 2014 Election, Series 2021-E, BAM insured, 4.00% 2027			500				531
Santa Rosa High School Dist., G.O. Bonds, 2014 Election, Series 2021-E, BAM insured, 4.00% 2029			500				538
Saugus Union School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2006, FGIC-National insured, 0% 2024			1,210				1,136
Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, Special Tax Rev. Bonds, Series 2016, 5.00% 2024			500				523
Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, Special Tax Rev. Bonds, Series 2016, 5.00% 2025			1,110				1,180
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 4.00% 20272			740				748
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 4.00% 20292			805				809
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 5.00% 20312			875				911
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2014-A, 4.125% 2024			940				951
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 20242			585				608
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2015-A, 3.625% 20252			600				604
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 20262			505				537
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 20272			600				643
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 20222			200				201
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 20232			225				231
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 20242			130				135
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 20242			100				104
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 20252			150				158
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 20252			105				110
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 20262			110				117
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 20262			105				112
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 20272			220				236
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 20272			100				107
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 20282			100				108
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 20292			100				108
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 20302			100				109
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 2023			150				150
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 2024			145				144
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 2025			365				361
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 2026			150				147
City of Signal Hill, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM insured, 5.00% 2023			500				519
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2019-A, 3.00% 2024			4,065				4,105
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2021-B, 0.50% 2026			5,040				4,573
Solano Community College Dist., G.O. Bonds, 2015 Election, Series 2013-A, 4.375% 2047 (preref. 2023)			595				611
South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2020, 5.00% 2031			2,885				3,351
South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2020, 5.00% 2032			500				586
Southern California Public Power Auth., Rev. Ref. Bonds (Magnolia Power Project A), Series 2020-1, 5.00% 2027			1,100				1,227
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 2026			200				219
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 2027			400				446

 

Private Client Services Funds

53

Capital Group California Core Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
California (continued)
Stanislaus Union School Dist., G.O. Rev. Ref. Bonds, Series 2019, BAM insured, 5.00% 2025		USD	500			$	538
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Harriet Tubman Terrace Apartments), Series 2021-Q, 0.24% 2024 (put 2023)			7,000				6,844
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Washington Court Apartments), Series 2021-E, 0.22% 2023 (put 2022)			5,000				4,980
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2025			750				800
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2028			2,085				2,263
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2034			975				1,074
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2023			1,110				1,148
Statewide Communities Dev. Auth., Rev. Bonds (Cottage Health System Obligated Group), Series 2015, 5.00% 2043 (preref. 2024)			5,000				5,310
Statewide Communities Dev. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2014, Assured Guaranty Municipal insured, 5.00% 2022			750				760
Statewide Communities Dev. Auth., Rev. Bonds (Jewish Home of San Francisco), Series 2016, 5.00% 2026			575				633
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025			310				310
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Episcopal Communities and Services), Series 2012, 5.00% 2024			300				301
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Huntington Memorial Hospital), Series 2014-B, 5.00% 2026 (preref. 2024)			200				211
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2023			500				510
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2024			390				406
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Rady Children’s Hospital), Series 2016-B, 5.00% 2028			860				970
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% 2031			3,000				3,351
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% 2032			3,500				3,886
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments), Series 2016, 5.00% 2022			1,000				1,001
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, Irvine East Campus Apartments), Series 2016, 5.00% 2029			1,250				1,338
Stockton Unified School Dist., G.O. Bonds, 2012 Election, Series 2018-C, BAM insured, 5.00% 2030			2,145				2,419
City of Suisun, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-B, BAM insured, 5.00% 2022			400				405
Sweetwater Union High School Dist., G.O. Bonds, 2006 Election, Series 2006, 4.00% 2026			515				531
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2025			1,715				1,806
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2026			6,000				6,310
Tobacco Securitization Auth. of Northern California, Tobacco Settlement Asset-Backed Rev. Ref. Senior Bonds (Sacramento County Tobacco Securitization Corp.), Series 2021-A-1, 5.00% 2024			1,250				1,298
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 2025			1,000				1,052
City of Tracy, Successor Agcy. to the Community Dev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2030			545				585
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 2027			600				665
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 2028			700				786
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 2029			660				750
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 2030			300				342
City of Turlock, Irrigation Dist., Rev. Ref. Bonds, Series 2020, 5.00% 2031			1,600				1,831
City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy / Columbus Villages), Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2024			860				909
Tustin Unified School Dist., Community Facs. Dist. No. 88-1, Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2022			830				839
Twin Rivers Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 5.00% 2024			400				421
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006, National insured, 0% 2022			175				174
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006, MBIA insured, 0% 2023			1,500				1,454
Union City, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-A, 5.00% 2023			375				390
Regents of the University of California, Limited Project Rev. Bonds, Series 2022-S, 5.00% 2031			1,150				1,339
Val Verde Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2023			600				613

 

54	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 Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 2028		USD	590			$	642
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 2045			915				922
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 2049			2,580				2,634
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2020-A, 3.00% 2050			6,900				6,835
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2017-CQ, 4.00% 2047			1,225				1,247
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 2048			4,260				4,345
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2019-CS, 4.00% 2049			2,465				2,516
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2020-CT, 3.00% 2050			4,885				4,838
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 2045			570				575
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2024			730				755
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2026			270				285
City of Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-B-1, Assured Guaranty Municipal insured, 5.00% 2022			340				344
City of Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-B-1, Assured Guaranty Municipal insured, 4.00% 2025			400				418
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2021-BD, 5.00% 2028			1,400				1,602
West Basin Municipal Water Dist., Rev. Ref. Bonds, Series 2021-A, 5.00% 2030			1,575				1,830
West Basin Municipal Water Dist., Rev. Ref. Bonds, Series 2021-A, 5.00% 2031			745				875
West Contra Costa Unified School Dist., G.O. Bonds, 2010 Election, Series 2020-F, Assured Guaranty Municipal insured, 4.00% 2028			600				640
West Contra Costa Unified School Dist., G.O. Bonds, 2012 Election, Series 2020-E, Assured Guaranty Municipal insured, 4.00% 2030			900				966
West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, 2005 Election, Series 2008-B, 6.00% 2027			3,000				3,490
Westminster School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2009-A-1, Assured Guaranty insured, 0% 2023			1,000				971
Whittier City School Dist., G.O. Rev. Ref. Bonds, Series 2016, 4.00% 2030			825				861
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series 2021, Assured Guaranty Municipal insured, 4.00% 2029			215				231
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series 2021, Assured Guaranty Municipal insured, 4.00% 2030			235				253
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series 2021, Assured Guaranty Municipal insured, 4.00% 2031			260				280
Yosemite Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2010-D, 0% 2031			500				370
							527,006
Missouri 0.02%
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2015-A, 3.75% 2038			85				86
Texas 0.08%
Tarrant County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Christus Health), Series 2018-A, 5.00% 2024			500				525
United States 0.46%
Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class ACA, 3.35% 2033			2,888				2,878
Total bonds, notes & other debt instruments (cost: $557,175,000)							530,495
Short-term securities 14.59%
Municipals 14.59%
State of California, Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A., Inc. Project), Series 2010-A, 0.30% 20351			15,950				15,950
State of California, City of Irvine, Reassessment Dist. No. 87-8, Limited Obligation Improvement Bonds, Series 1999, 0.28% 20241			1,000				1,000
State of California, Irvine Ranch Water Dist. Nos. 105, 140, 240 and 250, Consolidated G.O. Bonds, Series 1993, 0.27% 20331			16,200				16,200
State of California, Kern Community College Dist., Facs. Improvement Dist. No. 1, G.O. Bond Anticipation Notes, Capital Appreciation Notes, Series 2020, 0% 2023			2,000				1,923

 

Private Client Services Funds

55

Capital Group California Core Municipal Fund

 

Short-term securities (continued)	Principal amount (000)					Value (000)
Municipals (continued)
State of California, City of Los Angeles, Dept. of Water and Power, Power System Demand Rev. Bonds, Series 2002-A-2, 0.27% 20351		USD	8,500			$	8,500
State of California, City of Los Angeles, Dept. of Water and Power, Rev. Bonds, Series 2021-A-1, 0.27% 20501			8,500				8,500
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2, 0.27% 20371			3,605				3,605
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-1, 0.27% 20371			750				750
State of California, Pollution Control Fncg. Auth., Environmental Impact Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 1997-B, 0.27% 20421			10,600				10,600
State of California, County of Riverside, Tax and Rev. Anticipation Notes, Series 2021, 2.00% 6/30/2022			5,000				5,007
State of California, Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A., Inc. Project), Series 2002, 0.30% 20241			2,435				2,435
State of California, Regents of the University of California, General Rev. Bonds, Series 2013-AL-4, 0.26% 20481			6,795				6,795
State of California, Regents of the University of California, General Rev. Bonds, Series 2013-AL-1, 0.26% 20481			3,000				3,000
State of California, Regents of the University of California, General Rev. Bonds, Series 2013-AL-2, 0.30% 20481			4,100				4,100
State of California, Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2007-B-1, 0.26% 20321			3,755				3,755
Total short-term securities (cost: $92,182,000)							92,120
Total investment securities 98.63% (cost: $649,357,000)							622,615
Other assets less liabilities 1.37%							8,676
Net assets 100.00%						$	631,291

 

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	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 $6,696,000, which represented 1.06% of the net assets of the fund.

 

Futures contracts

 

Contracts		Type		Number of contracts				Expiration		Notional amount (000)				Value and unrealized appreciation at 4/30/2022 (000)
2 Year U.S. Treasury Note Futures		Short			351			June 2022		USD	(73,995	)		$	561
5 Year U.S. Treasury Note Futures		Short			60			June 2022			(6,761	)			45
														$	606

 

Key to abbreviations

Agcy. = Agency

Assn. = Association

Auth. = Authority

Certs. = Certificates

Dept. = Department

Dev. = Development

Dist. = District

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

 

56	Private Client Services Funds

Capital Group California Short-Term Municipal Fund	unaudited
Investment portfolio April 30, 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.

 

Bonds, notes & other debt instruments 82.37%	Principal amount (000)					Value (000)
California 82.37%
City of Alhambra, Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 2023		USD	450			$	459
City of Anaheim, Housing and Public Improvements Auth., Rev. Bonds (Electric Utility Distribution System Improvements), Series 2020-A, 5.00% 2022			230				233
City of Anaheim, Housing and Public Improvements Auth., Rev. Bonds (Electric Utility Distribution System Improvements), Series 2020-A, 5.00% 2023			200				208
City of Beaumont, Wastewater Rev. Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2022			225				228
City of Burbank, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015, BAM insured, 5.00% 2022			500				510
Trustees of the California State University, Systemwide Rev. Bonds, Series 2013-A, 5.00% 2023			400				417
Trustees of the California State University, Systemwide Rev. Bonds, Series 2020-A, 5.00% 2024			800				850
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3, 4.00% 2051 (put 2023)			650				661
Central Unified School Dist., G.O. Bonds, 2020 Election, Series 2021-A, 4.00% 2024			395				408
Chino Basin Regional Fin. Auth., Rev. Notes (Inland Empire Utilities Interim Fncg.), Series 2020-B, 4.00% 2025			500				522
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 2023			395				400
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 2024			410				416
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 2025			430				437
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 2026			445				451
Citrus Community College Dist., G.O. Bonds, 2020 Election, Series 2021-A, 4.00% 2025			370				387
Coast Community College Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2006-B, Assured Guaranty insured, 0% 2026			1,205				1,058
Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 4.00% 2022			350				351
Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 5.00% 2025			125				134
Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 5.00% 2027			500				557
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 2024			400				408
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 2025			410				421
East Side Union High School Dist., G.O. Rev. Ref. Bonds, Series 2020, BAM insured, 5.00% 2025			845				910
Eastern Municipal Water Dist., Community Facs. Dist. No. 2017-79 (Eagle Crest), Special Tax Bonds, Series 2021, 4.00% 2023			255				259
Eastern Municipal Water Dist., Community Facs. Dist. No. 2017-79 (Eagle Crest), Special Tax Bonds, Series 2021, 4.00% 2025			275				282
Eastern Municipal Water Dist., Community Facs. Dist. No. 2017-79 (Eagle Crest), Special Tax Bonds, Series 2021, 4.00% 2026			285				293
Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 5.00% 2024			225				237
Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 5.00% 2026			300				329
Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2021-A, 5.00% 2025			425				453
County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2022			845				855
Fowler Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 4.00% 2024			745				769
G.O. Bonds, Series 2021, 5.00% 2027			1,475				1,650
G.O. Bonds, Series 2022, 5.00% 2027			1,000				1,110
G.O. Bonds, Series 2013-E, (SIFMA Municipal Swap Index + 0.43%) 0.87% 2029 (put 2023)1			500				500

 

Private Client Services Funds

57

Capital Group California Short-Term Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
California (continued)
Glendale Community College Dist., G.O. Rev. Ref. Bonds, 2016 Election, Series 2020-B, 4.00% 2023		USD	500			$	512
Glendale Unified School Dist., G.O. Bonds, 2011 Election, Series 2020-E, 4.00% 2024			475				492
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 2024			410				420
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2025			400				431
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-A, 5.00% 2022			300				304
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-B-3, 2.00% 2036 (put 2025)			1,000				979
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-B-2, 4.00% 2036 (put 2024)			110				114
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 2022 (escrowed to maturity)			200				204
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2025			400				433
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 2026 (preref. 2025)			275				299
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 2046 (preref. 2025)			250				272
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2022-A, 5.00% 2024			680				713
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-D, 1.70% 2033 (put 2022)			750				750
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-C, 5.00% 2034 (put 2022)			1,200				1,218
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 2026			700				770
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 4.00% 2024			500				516
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2022			265				265
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2021-B-2, 3.00% 2047 (put 2026)			1,500				1,518
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B, 5.00% 2023			1,000				1,031
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (The Broad), Series 2021-A, 5.00% 2026			585				639
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2024			965				1,018
Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and 15), Series 2021-A, 4.00% 2027			285				298
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% 2028			275				293
County of Kern, Water Agcy., Improvement Dist. No. 4, Water Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2023			800				824
Kern Community College Dist., Facs. Improvement Dist. No. 1, G.O. Bonds, 2016 Election, Series 2020-C, 4.00% 2026			645				681
Kings Canyon Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2022			470				474
La Canada Unified School Dist., G.O. Bonds, 2017 Election, Series 2020-B, 4.00% 2022			270				272
La Canada Unified School Dist., G.O. Bonds, 2017 Election, Series 2020-B, 4.00% 2023			260				266
La Canada Unified School Dist., G.O. Bonds, 2017 Election, Series 2020-B, 4.00% 2024			425				440
City of Lake Elsinore, Facs. Fin. Auth., Local Agcy. Rev. Ref. Bonds, Series 2021-B, Assured Guaranty Municipal insured, 4.00% 2026			195				206
City of Lake Elsinore, Facs. Fin. Auth., Local Agcy. Rev. Ref. Bonds, Series 2021-B, Assured Guaranty Municipal insured, 4.00% 2027			210				223
Los Altos Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 1997-C, National insured, 0% 2022			460				460
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2021-B, 3.00% 2022			1,000				1,003
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2013-A, 5.00% 2022			590				594
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2014-D, 4.00% 2023			500				511
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2014-B, 5.00% 2023			825				853
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2016-B, 5.00% 2024			800				845
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 2028			500				566
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 2025			500				539
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 2026			300				330
City of Los Angeles, Solid Waste Resources Rev. Bonds, Series 2013-A, 2.00% 2023			500				501
County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Ref. Green Bonds, Series 2020-A, 5.00% 2025			1,500				1,614
County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Ref. Green Bonds, Series 2020-A, 5.00% 2026			400				438
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-RYQ, 5.00% 2025			750				806
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014-A, 5.00% 2022			250				252
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015-A, 5.00% 2023			685				708
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 5, Special Tax Bonds, Series 2021, 4.00% 2026			230				234
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM insured, 4.00% 2022			250				251
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2026			755				793
Modesto Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016, 5.00% 2023			160				166

 

58	Private Client Services Funds

Capital Group California Short-Term Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
California (continued)
Modesto Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2021, 5.00% 2026		USD	635			$	697
Mountain View Whisman School Dist., G.O. Bonds, 2012 Election, Series 2016-B, 5.00% 2025			610				661
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Walnut Apartments), Series 2021-A, 0.45% 2024 (put 2023)			625				602
Municipal Fin. Auth., Solid Waste Rev. Ref. Bonds (Republic Services, Inc. Project), Capital Appreciation Bonds, Series 2010, Assured Guaranty Municipal insured, 0% 2023			260				252
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student Housing Project), Series 2021, BAM insured, 5.00% 2025			400				423
Napa Valley Unified School Dist., G.O. Rev. Ref. Bonds, Series 2013, 5.00% 2024 (preref. 2023)			250				259
New Haven Unified School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2012, Assured Guaranty Municipal insured, 0% 2023			965				936
Northern California Energy Auth., Commodity Supply Rev. Bonds, Series 2018, 4.00% 2049 (put 2024)			1,460				1,485
County of Orange, Sanitation Dist., Wastewater Rev. Ref. Obligations, Series 2021-A, 5.00% 2026			750				819
County of Orange, Water Dist. Rev. Ref. Bonds, Series 2019-C, 5.00% 2024			500				530
Pasadena Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, 5.00% 2024			655				694
Peralta Community College Dist., G.O. Bonds, 2006 Election, Series 2020-E-1, 5.00% 2025			1,000				1,076
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% 2024			990				1,036
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 2024			240				248
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 2025			400				419
Pittsburg Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2010 Election, Series 2012-C, 0% 2047 (preref. 2022)			200				47
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 2026			440				453
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2014-E, 5.00% 2022			500				506
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-C, 5.00% 2024			505				536
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2017-B, 5.00% 2024			330				350
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2022-A, 5.00% 2025			1,330				1,430
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-C, 5.00% 2027			250				275
Public Works Board, Lease Rev. Ref. Bonds (Various State Office Buildings), Series 2015-F, 5.00% 2024			150				157
City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (Grantline), Special Tax Bonds, Series 2021-B, 3.00% 2024			85				84
City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (Grantline), Special Tax Bonds, Series 2021-B, 4.00% 2026			105				107
City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (Grantline), Special Tax Bonds, Series 2021-B, 4.00% 2028			120				122
Ravenswood City School Dist., G.O. Bonds, 2016 Election, Series 2016, 5.00% 2023			445				461
City of Redding, Electric System Rev. Ref. Bonds, Series 2018, 5.00% 2022			725				727
City of Richmond, Wastewater Rev. Ref. Bonds, Series 2019-B, 5.00% 2023			940				974
Riverside Unified School Dist., G.O. Bonds, 2016 Election, Series 2019, 4.00% 2024			125				129
Robla School Dist., G.O. Bonds, 2018 Election, Series 2019-A, Assured Guaranty Municipal insured, 4.00% 2022			740				745
City of Roseville, Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2016, 4.00% 2022			620				625
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.25% 2024			115				119
City of Sacramento, Municipal Utility Dist., Electric Rev. Ref. Bonds, Series 2018-F, 5.00% 2026			500				548
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 2023			450				460
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 2024			520				536
City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, Series 2021, 4.00% 2026			490				515
City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A, 5.00% 2027			255				286
City of San Diego, Public Facs. Fncg. Auth., Sewer Rev. Bonds, Series 2022-A, 5.00% 2027			500				557
City of San Diego, Public Fin. Auth., Water Rev. Bonds, Series 2020-A, 5.00% 2022			335				338
County of San Diego, Grossmont Healthcare Dist., G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 2028			320				358
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2023			500				515
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2024			500				523
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 2022			1,000				1,006
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Bonds, Series 2021-B, 5.00% 2026			140				153
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series 2009-D-2, 4.00% 2023 (escrowed to maturity)			400				408
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series 2016-A-2, 5.00% 2024			400				419
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series 2019-D-2, 5.00% 2026			500				542

 

Private Client Services Funds

59

Capital Group California Short-Term Municipal Fund

 

Bonds, notes & other debt instruments (continued)	Principal amount (000)					Value (000)
California (continued)
City and County of San Francisco, G.O. Bonds (Earthquake Safety and Emergency Response), Series 2021-E-1, 5.00% 2025		USD	815			$	878
City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Special Tax Rev. Ref. Bonds (San Francisco Redev. Projects), Series 2014-C, 5.00% 2022			250				252
San Francisco Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2024			865				910
San Gabriel Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2012-B, 0% 2023			200				194
City of San Jacinto, Community Facs. Dist. No. 2002-1 (Rancho San Jacinto Phase 2), Special Tax Rev. Ref. Bonds, Series 2016, 5.00% 2027			900				969
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, BAM insured, 5.00% 2026			440				474
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2022			155				156
Santa Monica-Malibu Unified School Dist., Certs. of Part., Capital Appreciation Notes, Series 2001-C, National insured, 0% 2022			100				99
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% 2024			485				502
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% 2025			335				351
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2021-B, 0.50% 2026			1,025				930
Southern California Public Power Auth., Rev. Ref. Bonds (Milford Wind Corridor Phase I Project), Series 2019-1, 5.00% 2022			200				201
Southern California Public Power Auth., Rev. Ref. Green Bonds (Linden Wind Energy Project), Series 2020-A, 5.00% 2024			550				574
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 2024			520				549
Southwestern Community College Dist., G.O. Rev. Ref. Bonds (2019 Crossover), Series 2016-B, 4.00% 2022			310				312
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 4.00% 2022			265				268
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 4.00% 2023			250				257
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-B, 4.00% 2023			660				677
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Harriet Tubman Terrace Apartments), Series 2021-Q, 0.24% 2024 (put 2023)			2,000				1,956
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Washington Court Apartments), Series 2021-E, 0.22% 2023 (put 2022)			1,000				996
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2023			135				138
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2024			200				210
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2025			415				443
Statewide Communities Dev. Auth., Rev. Bonds (Cottage Health System Obligated Group), Series 2015, 5.00% 2043 (preref. 2024)			1,500				1,593
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 5.00% 2022			700				704
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 5.00% 2026			325				355
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025			155				155
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% 2029			1,865				2,058
Torrance Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2009-B-1, 0% 2023			250				243
City of Tracy, Successor Agcy. to the Community Dev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2022			450				454
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 2025			500				537
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 2026			550				601
Twin Rivers Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 5.00% 2027			225				247
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006, MBIA insured, 0% 2023			440				426
Regents of the University of California, Limited Project Rev. Bonds, Series 2012-G, 5.00% 2022			150				150
Val Verde Unified School Dist., G.O. Bonds, 2020 Election, Series 2020-A, BAM insured, 4.00% 2023			450				460
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 2045			405				408
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 2049			1,205				1,230
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2020-A, 3.00% 2050			1,360				1,347
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2017-CQ, 4.00% 2047			580				590
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 2048			1,070				1,091
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2020-CT, 3.00% 2050			1,950				1,931
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 2045			575				580

 

60	Private Client Services Funds

Capital Group California Short-Term 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% 2024		USD	300			$	310
West Contra Costa Unified School Dist., G.O. Bonds, 2012 Election, Series 2020-E, Assured Guaranty Municipal insured, 4.00% 2026			640				673
West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A-1, 5.00% 2024			250				264
Western Riverside Water and Wastewater Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2016-A, 5.00% 2022			100				101
City of Westminster, Successor Agcy. to the Redev. Agcy., Commercial Redev. Project No. 1, Tax Allocation Rev. Ref. Bonds, Series 2016-B, BAM insured, 4.00% 2022			120				121
Whittier Union High School Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2022			300				303
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series 2021, 4.00% 2026			160				167
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series 2021, Assured Guaranty Municipal insured, 4.00% 2027			180				192
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series 2021, Assured Guaranty Municipal insured, 4.00% 2028			200				214
Total bonds, notes & other debt instruments (cost: $104,562,000)							100,451
Short-term securities 18.04%
Municipals 18.04%
State of California, Irvine Ranch Water Dist. Nos. 105, 140, 240 and 250, Consolidated G.O. Bonds, Series 1993, 0.27% 20331			2,300				2,300
State of California, City of Los Angeles, Dept. of Water and Power, Rev. Bonds, Series 2021-A-1, 0.27% 20501			4,000				4,000
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2, 0.27% 20371			3,500				3,500
State of California, Pollution Control Fncg. Auth., Environmental Impact Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 1997-B, 0.27% 20421			6,500				6,500
State of California, Regents of the University of California, General Rev. Bonds, Series 2013-AL-1, 0.26% 20481			2,400				2,400
State of California, Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2007-B-1, 0.26% 20321			3,300				3,300
Total short-term securities (cost: $22,000,000)							22,000
Total investment securities 100.41% (cost: $126,562,000)							122,451
Other assets less liabilities (0.41%)							(494	)
Net assets 100.00%						$	121,957

 

Futures contracts

Contracts

Type

Number of contracts

Expiration

Notional amount (000)

Value and unrealized appreciation at 4/30/2022 (000)

2 Year U.S. Treasury Note Futures

Short

60

June 2022

USD(12,649

)

$

62

 

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.

 

Key to abbreviations

Agcy. = Agency

Auth. = Authority

Certs. = Certificates

Dept. = Department

Dev. = Development

Dist. = District

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

61

Capital Group Core Bond Fund	unaudited
Investment portfolio April 30, 2022
Portfolio by type of security	Percent of net assets

 

 

Portfolio quality summary*		Percent of net assets
U.S. Treasury bonds & notes†			45.32	%
AAA/Aaa			20.42
AA/Aa			9.02
A/A			15.33
BBB/Baa			8.51
Short-term securities & other assets less liabilities			1.40

*

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.

†

These securities are guaranteed by the full faith and credit of the U.S. government.

 

Bonds, notes & other debt instruments 98.60%		Principal amount (000)				Value (000)
U.S. Treasury bonds & notes 42.18%
U.S. Treasury 32.18%
U.S. Treasury 0.125% 2022		USD	27,000			$	26,977
U.S. Treasury 1.50% 2022			1,920				1,922
U.S. Treasury 1.75% 2022			—	1			—	1
U.S. Treasury 2.125% 2022			3,000				3,007
U.S. Treasury 0.125% 2023			10,000				9,875
U.S. Treasury 0.125% 2023			2,000				1,922
U.S. Treasury 0.25% 2023			437				424
U.S. Treasury 0.375% 2023			82				79
U.S. Treasury 1.25% 2023			1,000				986
U.S. Treasury 1.375% 2023			1,275				1,262
U.S. Treasury 1.375% 2023			1,000				986
U.S. Treasury 1.75% 2023			1,000				996
U.S. Treasury 2.00% 2023			2,000				2,002
U.S. Treasury 2.125% 2023			3,415				3,391
U.S. Treasury 2.25% 2023			500				497
U.S. Treasury 2.50% 2023			1,050				1,052
U.S. Treasury 2.75% 2023			4,542				4,569
U.S. Treasury 2.75% 2023			2,250				2,256
U.S. Treasury 1.75% 2024			4,000				3,909
U.S. Treasury 2.00% 2024			3,288				3,235
U.S. Treasury 2.125% 20242			3,500				3,465
U.S. Treasury 2.25% 2024			4,538				4,498
U.S. Treasury 2.25% 20242			3,713				3,679
U.S. Treasury 2.25% 2024			1,820				1,807
U.S. Treasury 2.75% 2024			2,500				2,503
U.S. Treasury 0.50% 2025			4,452				4,155
U.S. Treasury 1.375% 2025			8,128				7,803
U.S. Treasury 2.00% 2025			2,000				1,952

 

62	Private Client Services Funds

Capital Group Core Bond Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 2.625% 2025		USD	6,600			$	6,525
U.S. Treasury 2.625% 2025			1,429				1,418
U.S. Treasury 7.625% 20252			481				543
U.S. Treasury 0.50% 2026			3,500				3,189
U.S. Treasury 0.75% 2026			1,150				1,055
U.S. Treasury 0.75% 2026			32				29
U.S. Treasury 0.875% 2026			4,928				4,500
U.S. Treasury 1.625% 2026			3,000				2,856
U.S. Treasury 1.75% 2026			12,140				11,500
U.S. Treasury 1.125% 2027			477				438
U.S. Treasury 2.25% 2027			8,420				8,146
U.S. Treasury 2.25% 2027			2,200				2,121
U.S. Treasury 2.50% 2027			11,270				11,036
U.S. Treasury 1.375% 2028			1,000				904
U.S. Treasury 1.50% 20282			13,500				12,303
U.S. Treasury 2.625% 2029			5,660				5,538
U.S. Treasury 1.875% 2032			12,046				10,994
U.S. Treasury 2.00% 20502			1,000				806
U.S. Treasury 1.875% 2051			369				289
							183,399
U.S. Treasury inflation-protected securities 10.00%
U.S. Treasury Inflation-Protected Security 0.125% 20253			14,107				14,589
U.S. Treasury Inflation-Protected Security 0.125% 20253			1,093				1,131
U.S. Treasury Inflation-Protected Security 0.25% 20253			8,742				9,086
U.S. Treasury Inflation-Protected Security 0.375% 20253			1,316				1,376
U.S. Treasury Inflation-Protected Security 0.125% 20263			12,557				12,926
U.S. Treasury Inflation-Protected Security 0.875% 20293			5,141				5,503
U.S. Treasury Inflation-Protected Security 0.125% 20302,3			12,209				12,391
							57,002
Total U.S. Treasury bonds & notes							240,401
Corporate bonds, notes & loans 27.86%
Financials 9.45%
ACE INA Holdings, Inc. 2.875% 2022			150				151
ACE INA Holdings, Inc. 3.35% 2026			45				45
ACE INA Holdings, Inc. 4.35% 2045			50				49
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 2.45% 2026			1,637				1,458
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.00% 2028			1,190				1,036
Allstate Corp. 0.75% 2025			637				580
Allstate Corp. 3.28% 2026			175				173
American International Group, Inc. 2.50% 2025			2,000				1,924
Bank of America Corp. 1.197% 2026 (USD-SOFR + 1.01% on 10/24/2025)4			1,108				1,000
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)4			935				840
Bank of America Corp. 2.551% 2028 (USD-SOFR + 1.05% on 2/4/2027)4			1,860				1,720
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)4			1,385				1,128
Bank of America Corp. 2.687% 2032 (USD-SOFR + 1.32% on 4/22/2031)4			748				643
BNP Paribas 2.159% 2029 (USD-SOFR + 1.218% on 9/15/2028)4,5			475				405
Citigroup, Inc. 4.45% 2027			400				397
Citigroup, Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)4			1,283				1,102
Citigroup, Inc. 2.666% 2031 (USD-SOFR + 1.146% on 1/29/2030)4			502				437
Corebridge Financial, Inc. 3.50% 20255			1,028				1,019
Corebridge Financial, Inc. 3.65% 20275			1,462				1,420
Corebridge Financial, Inc. 3.85% 20295			497				475
Corebridge Financial, Inc. 3.90% 20325			281				264
Credit Suisse Group AG 3.80% 2023			500				502
Deutsche Bank AG 2.552% 2028 (USD-SOFR + 1.318% on 1/7/2027)4			1,500				1,334
Goldman Sachs Group, Inc. 1.757% 2025 (USD-SOFR + 0.73% on 1/24/2024)4			2,500				2,416

 

Private Client Services Funds

63

Capital Group Core Bond Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Goldman Sachs Group, Inc. 0.855% 2026 (USD-SOFR + 0.609% on 2/12/2025)4		USD	400			$	365
Goldman Sachs Group, Inc. 1.093% 2026 (USD-SOFR + 0.789% on 12/9/2025)4			750				671
Goldman Sachs Group, Inc. 1.948% 2027 (USD-SOFR + 0.913% on 10/21/2026)4			679				611
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)4			725				697
Goldman Sachs Group, Inc. 1.992% 2032 (USD-SOFR + 1.09% on 1/27/2031)4			708				573
Goldman Sachs Group, Inc. 4.017% 2038 (3-month USD-LIBOR + 1.373% on 10/31/2037)4			175				160
JPMorgan Chase & Co. 3.559% 2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)4			1,125				1,125
JPMorgan Chase & Co. 2.301% 2025 (USD-SOFR + 1.16% on 10/15/2024)4			1,165				1,118
JPMorgan Chase & Co. 1.045% 2026 (USD-SOFR + 0.80% on 11/19/2025)4			1,500				1,349
JPMorgan Chase & Co. 4.08% 2026 (USD-SOFR + 1.32% on 4/26/2025)4			1,500				1,497
JPMorgan Chase & Co. 4.323% 2028 (USD-SOFR + 1.56% on 4/26/2027)4			1,250				1,246
JPMorgan Chase & Co. 2.58% 2032 (USD-SOFR + 1.25% on 4/22/2031)4			232				199
Lloyds Banking Group PLC 4.375% 2028			200				198
Marsh & McLennan Companies, Inc. 3.875% 2024			495				501
Marsh & McLennan Companies, Inc. 2.25% 2030			715				620
Metropolitan Life Global Funding I 0.95% 20255			757				700
Metropolitan Life Global Funding I 1.875% 20275			1,500				1,376
Morgan Stanley 1.164% 2025 (USD-SOFR + 0.56% on 10/21/2024)4			995				930
Morgan Stanley 2.72% 2025 (USD-SOFR + 1.152% on 7/22/2024)4			1,640				1,596
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)4			1,386				1,238
Morgan Stanley 1.593% 2027 (USD-SOFR + 0.879% on 5/4/2026)4			954				859
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)4			461				406
National Australia Bank, Ltd. 1.887% 20275			1,500				1,382
National Securities Clearing Corp. 0.40% 20235			3,000				2,879
New York Life Global Funding 2.25% 20225			305				305
New York Life Global Funding 0.90% 20245			2,000				1,892
Northwestern Mutual Global Funding 0.80% 20265			1,778				1,613
Toronto-Dominion Bank 0.45% 2023			1,353				1,311
Toronto-Dominion Bank 1.45% 2025			1,500				1,424
Toronto-Dominion Bank 1.25% 2026			1,005				902
Toronto-Dominion Bank 1.95% 2027			1,250				1,148
Wells Fargo & Company 3.526% 2028 (USD-SOFR + 1.51% on 3/24/2027)4			998				959
Wells Fargo & Company 2.572% 2031 (3-month USD-LIBOR + 1.00% on 2/11/2030)4			1,715				1,498
							53,866
Consumer discretionary 4.34%
Amazon.com, Inc. 0.25% 2023			1,175				1,151
Amazon.com, Inc. 0.45% 2024			1,175				1,122
Amazon.com, Inc. 0.80% 2025			1,544				1,443
Amazon.com, Inc. 1.20% 2027			1,287				1,153
Amazon.com, Inc. 1.65% 2028			1,175				1,046
American Honda Finance Corp. 0.75% 2024			2,145				2,031
American Honda Finance Corp. 1.30% 2026			1,535				1,397
American Honda Finance Corp. 2.30% 2026			80				76
American Honda Finance Corp. 3.50% 2028			325				320
Bayerische Motoren Werke AG 0.75% 20245			1,250				1,184
Bayerische Motoren Werke AG 0.80% 20245			1,225				1,170
Bayerische Motoren Werke AG 1.25% 20265			813				739
Daimler Trucks Finance North America, LLC 3.50% 20255			1,200				1,189
Daimler Trucks Finance North America, LLC 2.00% 20265			1,000				915
Daimler Trucks Finance North America, LLC 3.65% 20275			275				268
Daimler Trucks Finance North America, LLC 2.375% 20285			325				287
Home Depot, Inc. 1.50% 2028			1,840				1,617
Hyundai Capital America 0.80% 20235			1,200				1,173
Hyundai Capital America 1.80% 20255			481				444
Hyundai Capital America 2.375% 20275			387				345
Hyundai Capital America 2.10% 20285			350				301
McDonald’s Corp. 3.70% 2026			135				135
McDonald’s Corp. 3.50% 2027			185				183
NIKE, Inc. 2.375% 2026			615				589

 

64	Private Client Services Funds

Capital Group Core Bond Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Stellantis Finance US, Inc. 1.711% 20275		USD	1,000			$	888
Stellantis Finance US, Inc. 2.691% 20315			900				745
Toyota Motor Credit Corp. 0.625% 2024			2,145				2,025
Toyota Motor Credit Corp. 0.80% 2026			890				807
							24,743
Industrials 2.16%
Avolon Holdings Funding, Ltd. 3.95% 20245			743				731
Avolon Holdings Funding, Ltd. 4.375% 20265			925				892
Boeing Company 5.04% 2027			1,021				1,034
Boeing Company 3.25% 2028			1,095				1,011
Canadian Pacific Railway, Ltd. 1.75% 2026			222				204
Emerson Electric Co. 1.80% 2027			383				347
General Dynamics Corp. 1.15% 2026			1,000				910
Honeywell International, Inc. 2.15% 2022			1,160				1,161
Honeywell International, Inc. 2.30% 2024			878				867
Masco Corp. 1.50% 2028			782				667
Raytheon Technologies Corp. 3.20% 2024			275				276
Siemens AG 0.40% 20235			1,140				1,119
Siemens AG 0.65% 20245			1,425				1,362
Siemens AG 1.20% 20265			808				737
Union Pacific Corp. 3.75% 2025			230				232
Union Pacific Corp. 2.15% 2027			793				743
United Technologies Corp. 3.65% 2023			27				27
							12,320
Communication services 2.08%
Alphabet, Inc. 0.80% 2027			490				431
Alphabet, Inc. 1.10% 2030			500				410
AT&T, Inc. 1.65% 2028			1,065				930
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.908% 2025			165				168
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 2031			502				417
Comcast Corp. 3.95% 2025			539				546
Comcast Corp. 1.95% 2031			704				596
Magallanes, Inc. 3.638% 20255			1,143				1,125
Magallanes, Inc. 3.755% 20275			880				852
Magallanes, Inc. 4.054% 20295			359				343
Netflix, Inc. 4.875% 2028			475				466
Netflix, Inc. 5.875% 2028			250				258
Netflix, Inc. 6.375% 2029			25				27
SBA Tower Trust 1.631% 20265			983				907
Take-Two Interactive Software, Inc. 3.30% 2024			551				548
Take-Two Interactive Software, Inc. 3.70% 2027			367				360
Take-Two Interactive Software, Inc. 4.00% 2032			217				207
T-Mobile US, Inc. 3.75% 2027			1,119				1,089
Verizon Communications, Inc. 3.00% 2027			450				431
Verizon Communications, Inc. 2.10% 2028			1,250				1,121
Verizon Communications, Inc. 2.355% 20325			710				597
							11,829
Consumer staples 1.83%
7-Eleven, Inc. 0.95% 20265			250				224
7-Eleven, Inc. 1.30% 20285			175				149
Altria Group, Inc. 2.35% 2025			156				149
Altria Group, Inc. 4.40% 2026			117				118
Altria Group, Inc. 3.40% 2030			89				80
British American Tobacco PLC 3.462% 2029			1,850				1,650
Coca-Cola Company 1.00% 2028			1,625				1,409
Constellation Brands, Inc. 3.20% 2023			386				387

 

Private Client Services Funds

65

Capital Group Core Bond Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
Constellation Brands, Inc. 2.875% 2030		USD	239			$	213
Keurig Dr Pepper, Inc. 3.20% 2030			500				457
Molson Coors Brewing Co. 3.00% 2026			245				233
Nestlé Holdings, Inc. 1.00% 20275			1,640				1,441
Nestlé Holdings, Inc. 1.50% 20285			1,750				1,541
PepsiCo, Inc. 1.625% 2030			85				73
Philip Morris International, Inc. 1.50% 2025			274				258
Philip Morris International, Inc. 0.875% 2026			566				508
Procter & Gamble Company 0.55% 2025			796				733
Procter & Gamble Company 1.00% 2026			362				331
Procter & Gamble Company 3.00% 2030			495				471
							10,425
Health care 1.79%
Abbott Laboratories 3.40% 2023			98				99
Abbott Laboratories 3.75% 2026			292				295
Aetna, Inc. 2.80% 2023			55				55
AmerisourceBergen Corp. 0.737% 2023			853				840
AstraZeneca Finance LLC 1.20% 2026			600				546
AstraZeneca Finance LLC 1.75% 2028			444				396
AstraZeneca PLC 3.375% 2025			445				443
Baxter International, Inc. 2.272% 20285			979				873
Becton, Dickinson and Company 3.734% 2024			17				17
Boston Scientific Corp. 3.45% 2024			296				296
CVS Health Corp. 1.30% 2027			1,134				994
CVS Health Corp. 4.30% 2028			282				283
GlaxoSmithKline PLC 3.375% 2023			750				756
HCA, Inc. 3.375% 20295			483				445
Merck & Co., Inc. 1.90% 2028			1,138				1,027
Novartis Capital Corp. 1.75% 2025			1,006				970
Novartis Capital Corp. 2.00% 2027			275				259
Pfizer, Inc. 2.95% 2024			485				485
Shire PLC 2.875% 2023			48				48
Thermo Fisher Scientific, Inc. 1.75% 2028			385				340
UnitedHealth Group, Inc. 1.15% 2026			495				451
UnitedHealth Group, Inc. 2.00% 2030			148				128
UnitedHealth Group, Inc. 2.30% 2031			200				175
							10,221
Utilities 1.58%
Ameren Corp. 2.50% 2024			373				366
Connecticut Light and Power Co. 3.20% 2027			1,025				1,002
Duke Energy Progress, LLC 3.375% 2023			786				792
Duke Energy Progress, LLC 3.70% 2028			200				198
Florida Power & Light Company 2.85% 2025			225				222
NextEra Energy Capital Holdings, Inc. 2.25% 2030			1,276				1,092
Pacific Gas and Electric Co. 3.45% 2025			150				144
Pacific Gas and Electric Co. 3.75% 2028			150				138
Pacific Gas and Electric Co. 2.50% 2031			175				139
Pacific Gas and Electric Co. 3.30% 2040			50				36
Southern California Edison Co. 0.975% 2024			925				875
Southern California Edison Co. 3.70% 2025			1,000				999
Southern California Edison Co. 2.85% 2029			1,000				903
Tampa Electric Co. 2.60% 2022			350				350
Virginia Electric and Power Co. 3.10% 2025			1,040				1,027
Xcel Energy, Inc. 3.35% 2026			749				733
							9,016

 

66	Private Client Services Funds

Capital Group Core Bond Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
Corporate bonds, notes & loans (continued)
Information technology 1.47%
Adobe, Inc. 1.90% 2025		USD	647			$	625
Analog Devices, Inc. 1.70% 2028			418				367
Apple, Inc. 0.70% 2026			1,135				1,037
Apple, Inc. 1.20% 2028			1,418				1,243
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.875% 2027			185				181
Broadcom, Inc. 1.95% 20285			123				107
Broadcom, Ltd. 3.625% 2024			270				272
Fidelity National Information Services, Inc. 1.15% 2026			783				709
Fidelity National Information Services, Inc. 1.65% 2028			129				112
Fiserv, Inc. 3.20% 2026			670				649
Fiserv, Inc. 2.25% 2027			527				483
Fortinet, Inc. 1.00% 2026			696				620
Intuit, Inc. 0.95% 2025			255				236
Intuit, Inc. 1.35% 2027			235				209
Microsoft Corp. 2.40% 2026			500				483
Oracle Corp. 2.30% 2028			668				583
PayPal Holdings, Inc. 1.65% 2025			481				455
							8,371
Energy 1.47%
Boardwalk Pipeline Partners LP 4.95% 2024			460				471
BP Capital Markets PLC 4.234% 2028			437				439
Canadian Natural Resources, Ltd. 2.05% 2025			996				939
Enbridge Energy Partners LP 5.875% 2025			230				244
Energy Transfer Partners LP 4.20% 2023			155				157
Energy Transfer Partners LP 4.50% 2024			90				91
Equinor ASA 3.625% 2028			165				163
Exxon Mobil Corp. 2.019% 2024			127				124
Exxon Mobil Corp. 2.44% 2029			183				168
Kinder Morgan, Inc. 3.15% 2023			495				496
MPLX LP 3.375% 2023			75				75
MPLX LP 4.00% 2028			350				340
ONEOK, Inc. 4.55% 2028			638				636
ONEOK, Inc. 6.35% 2031			469				513
Phillips 66 3.85% 2025			1,253				1,262
Pioneer Natural Resources Company 1.125% 2026			238				216
SA Global Sukuk, Ltd. 1.602% 20265			1,505				1,388
Saudi Arabian Oil Co. 1.625% 20255			200				186
Schlumberger BV 4.00% 20255			165				166
Williams Companies, Inc. 3.50% 2030			248				231
Williams Companies, Inc. 2.60% 2031			45				39
							8,344
Real estate 1.11%
Alexandria Real Estate Equities, Inc. 3.95% 2028			60				59
Alexandria Real Estate Equities, Inc. 1.875% 2033			596				469
American Campus Communities, Inc. 3.75% 2023			300				302
American Campus Communities, Inc. 4.125% 2024			415				420
American Tower Corp. 1.45% 2026			982				877
American Tower Corp. 1.60% 2026			717				652
Corporate Office Properties LP 2.75% 2031			294				250
Equinix, Inc. 1.80% 2027			326				287
Equinix, Inc. 2.00% 2028			433				377
Essex Portfolio LP 3.50% 2025			490				487
Gaming and Leisure Properties, Inc. 3.35% 2024			242				239
Public Storage 1.85% 2028			553				493

 

Private Client Services Funds

67

Capital Group Core Bond Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Public Storage 1.95% 2028		USD	770			$	685
Scentre Group 3.50% 20255			250				248
Sun Communities Operating LP 2.30% 2028			559				491
							6,336
Materials 0.58%
Air Products and Chemicals, Inc. 1.50% 2025			757				711
Dow Chemical Co. 3.625% 2026			250				249
Dow Chemical Co. 2.10% 2030			1,000				849
DowDuPont, Inc. 4.493% 2025			515				525
LYB International Finance III, LLC 2.25% 2030			496				422
Vale Overseas, Ltd. 3.75% 2030			587				531
							3,287
Total corporate bonds, notes & loans							158,758
Asset-backed obligations 10.82%
Aesop Funding LLC, Series 2019-2A, Class A, 3.35% 20255,6			750				744
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 20275,6			539				505
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 20275,6			138				132
Affirm Asset Securitization Trust, Series 2021-A, Class A, 0.88% 20255,6			462				459
Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.03% 20265,6			1,136				1,087
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 20265,6			521				507
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 1.994% 20305,6,7			708				707
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 1.994% 20305,6,7			492				489
Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 2.056% 20285,6,7			913				910
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 1.48% 20305,6,7			1,095				1,087
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 20335,6			90				85
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 20345,6			176				171
CarMaxAuto Owner Trust, Series 2019-2, Class A3, 2.68% 20246			199				200
CarMaxAuto Owner Trust, Series 2019-2, Class A4, 2.77% 20246			805				807
CarMaxAuto Owner Trust, Series 2019-2, Class B, 3.01% 20246			775				776
CarMaxAuto Owner Trust, Series 2019-2, Class C, 3.16% 20256			1,150				1,152
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 20375,6			586				530
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 20415,6			181				159
Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 2.195% 20305,6,7			1,557				1,548
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 20605,6			1,003				932
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 20605,6			163				146
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 20605,6			262				245
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 20605,6			92				83
CF Hippolyta LLC, Series 2021-1, Class A1, 1.53% 20615,6			452				412
CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 20455,6			404				370
CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 20465,6			524				473
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 20265,6			682				681
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 20266			1,614				1,616
Drivetime Auto Owner Trust, Series 2020-1, Class B, 2.16% 20245,6			86				86
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD-LIBOR + 0.98%) 2.024% 20285,6,7			1,614				1,608
EDvestinU Private Education Loan LLC, Series 2021-A, Class A, 1.80% 20455,6			77				70
Enterprise Fleet Financing, LLC, Series 2022-1, Class A2, 3.03% 20285,6			1,201				1,190
Exeter Automobile Receivables Trust, Series 2021-4A, Class A3, 0.68% 20256			628				619
First Investors Auto Owner Trust, Series 2021-1A, Class A, 0.45% 20265,6			160				158
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 20375,6			237				216
Ford Credit Auto Owner Trust, Series 2020-A, Class A3, 1.04% 20246			271				270
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 20315,6			582				558
Ford Credit Auto Owner Trust, Series 2021-1, Class A, 1.37% 20335,6			439				402
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 20455,6			156				147
GCI Funding I LLC, Series 2021-1, Class A, 2.38% 20465,6			423				383
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 20405,6			1,256				1,171
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 20405,6			839				782
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 20415,6			1,016				925

 

68	Private Client Services Funds

Capital Group Core Bond Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
Asset-backed obligations (continued)
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 20255,6		USD	1,138			$	1,070
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 20255,6			122				115
Hertz Vehicle Financing III, LLC, Series 2022-1A, Class A, 1.99% 20265,6			614				581
Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 20265,6			1,200				1,191
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 20275,6			1,234				1,105
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 20275,6			132				119
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 20285,6			1,680				1,543
Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 20285,6			1,250				1,238
Honda Auto Receivables Owner Trust, Series 2019-2, Class A3, 2.52% 20236			268				269
Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 2.044% 20295,6,7			524				522
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 2.098% 20305,6,7			1,665				1,657
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 2.194% 20295,6,7			597				595
Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.54% 20265,6			1,100				1,065
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 20265,6			380				369
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 20695,6			136				127
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 20695,6			655				617
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 20705,6			1,455				1,367
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 20465,6			1,167				1,060
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 20625,6			1,563				1,461
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20625,6			781				724
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20625,6			1,466				1,354
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20615,6			2,723				2,447
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 2.154% 20305,6,7			529				525
Nissan Auto Receivables Owner Trust, Series 2019-A, Class A-3, 2.90% 20236			66				66
Oportun Funding LLC, Series 2021-B, Class A, 1.47% 20315,6			288				270
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD-LIBOR + 0.80%) 1.844% 20295,6,7			1,371				1,361
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 1.963% 20295,6,7			162				161
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD-LIBOR + 1.40%) 2.444% 20295,6,7			856				851
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 1.498% 20285,6,7			332				331
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 1.984% 20305,6,7			1,390				1,386
Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49% 20256			158				158
SMB Private Education Loan Trust, Series 2021-A, Class A1, (1-month USD-LIBOR + 0.50%) 1.054% 20535,6,7			18				18
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 20535,6			220				200
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 20465,6			633				577
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD-LIBOR + 1.08%) 2.124% 20305,6,7			895				891
Sprite, Ltd., Series 2021-1, Class A, 3.75% 20465,6			965				880
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 20415,6			857				796
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 20335,6			342				321
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 20755,6			479				451
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 20465,6			188				168
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 20465,6			1,104				1,009
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 20315,6			1,250				1,232
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 20335,6			445				417
Toyota Auto Receivables Owner Trust, Series 2019-B, Class A3, 2.57% 20236			242				243
Triton Container Finance VIII LLC, Series 2020-1, Class A, 2.11% 20455,6			1,109				1,013
Triton Container Finance VIII LLC, Series 2021-1, Class A, 1.86% 20465,6			747				665
Westlake Automobile Receivables Trust, Series 2021-3A, Class A2, 0.57% 20245,6			1,471				1,457
							61,641
Mortgage-backed obligations 10.01%
Federal agency mortgage-backed obligations 5.79%
Fannie Mae Pool #889995 5.50% 20386			139				147
Fannie Mae Pool #MA4387 2.00% 20416			804				723
Fannie Mae Pool #AI5236 5.00% 20416			253				270
Fannie Mae Pool #AI8806 5.00% 20416			44				47
Fannie Mae, Series 2007-33, Class HE, 5.50% 20376			3				3
Fannie Mae, Series 2012-M13, Class A2, Multi Family, 2.377% 20226			7				7
Fannie Mae, Series 2015-M4, Class AV2, Multi Family, 2.509% 20226,7			2				2
Fannie Mae, Series 2016-M2, Class AV2, Multi Family, 2.152% 20236			249				248
Fannie Mae, Series 2016-M3, Class ASQ2, Multi Family, 2.263% 20236			13				13
Fannie Mae, Series 2013-M12, Class APT, Multi Family, 2.478% 20236,7			237				236

 

Private Client Services Funds

69

Capital Group Core Bond Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae, Series 2017-M3, Class AV2, Multi Family, 2.631% 20246,7		USD	232			$	229
Fannie Mae, Series 2017-M10, Class AV2, Multi Family, 2.639% 20246,7			401				399
Fannie Mae, Series 2017-M15, Class AV2, Multi Family, 2.662% 20246,7			267				263
Fannie Mae, Series 2016-M9, Class A1, Multi Family, 2.003% 20266			26				26
Fannie Mae, Series 2016-M5, Class A1, Multi Family, 2.073% 20266			295				290
Fannie Mae, Series 2016-M11, Class A1, Multi Family, 2.08% 20266			450				441
Fannie Mae, Series 2016-M12, Class A1, Multi Family, 2.132% 20266			43				43
Fannie Mae, Series 2016-M4, Class A1, Multi Family, 2.187% 20266			204				200
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 20276,7			454				451
Freddie Mac, Series 3272, Class PA, 6.00% 20376			9				9
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20566,7			338				330
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20566			241				237
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 20566,7			241				235
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20576,7			143				139
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20576			309				303
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20576			153				150
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20586			1,225				1,219
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 20596			1,225				1,202
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20286			1,334				1,319
Government National Mortgage Assn. 2.00% 20526,8			2,893				2,620
Government National Mortgage Assn. 3.00% 20526,8			6,000				5,720
Government National Mortgage Assn. Pool #694836 5.665% 20596			1				2
Government National Mortgage Assn. Pool #776095 4.851% 20646			1				1
Government National Mortgage Assn. Pool #AA7554 6.64% 20646			8				8
Government National Mortgage Assn., Series 2012-H20, Class PT, 1.419% 20626,7			229				229
Uniform Mortgage-Backed Security 3.00% 20526,8			10,000				9,411
Uniform Mortgage-Backed Security 3.50% 20526,8			6,000				5,806
							32,978
Collateralized mortgage-backed obligations (privately originated) 2.34%
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 20305,6,7			164				162
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 20365,6,7			1,042				1,030
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 20605,6,7			298				287
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 20695,6			564				607
GCAT, Series 2021-NQM6, Class A1, 1.855% 20665,6,7			1,011				967
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 20265,6			552				505
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 20595,6,7			458				458
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 20595,6,7			772				771
Mello Warehouse Securitization Trust, Series 2020-2, Class A, (1-month USD-LIBOR + 0.80%) 1.468% 20535,6,7			466				464
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 1.518% 20555,6,7			808				797
MRA Issuance Trust, Series 2020-10, Class A3, (1-month USD-LIBOR + 1.30%) 1.755% 20225,6,7			436				433
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.75%) 1.418% 20555,6,7			5,557				5,520
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 20635,6,7			254				248
Tricon Residential, Series 2021-SFR1, Class A, 1.943% 20385,6			1,174				1,075
							13,324
Commercial mortgage-backed securities 1.88%
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class A4, 3.051% 20646,7			255				245
BX Trust, Series 2021-SDMF, Class A, (1-month USD-LIBOR + 0.589%) 1.143% 20345,6,7			1,240				1,201
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 1.254% 20365,6,7			693				679

 

70	Private Client Services Funds

Capital Group Core Bond Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 1.453% 20365,6,7		USD	664			$	648
BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 1.504% 20365,6,7			509				497
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 1.224% 20385,6,7			870				849
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 1.424% 20385,6,7			327				319
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 1.654% 20385,6,7			221				215
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 1.635% 20385,6,7			260				257
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 1.935% 20385,6,7			191				188
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 1.704% 20385,6,7			1,500				1,484
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 20425,6			461				417
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 1.604% 20385,6,7			1,343				1,318
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 20395,6			1,262				1,143
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 1.355% 20265,6,7			460				452
Motel 6 Trust, Series 2021-MTL6, Class A, (1-month USD-LIBOR + 0.90%) 1.454% 20385,6,7			120				119
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 1.285% 20385,6,7			721				708
							10,739
Total mortgage-backed obligations							57,041
Bonds & notes of governments & government agencies outside the U.S. 3.86%
Asian Development Bank 0.625% 2024			1,526				1,446
Canada 2.875% 2025			2,555				2,551
Canada 0.75% 2026			2,350				2,149
Denmark (Kingdom of) 0.125% 20225			660				655
Denmark (Kingdom of) 0.125% 2022			655				650
European Investment Bank 2.75% 2025			2,249				2,237
European Investment Bank 0.75% 2026			758				687
Inter-American Development Bank 0.50% 2024			500				473
Japan Bank for International Cooperation 2.875% 2025			792				786
KfW 0.375% 2025			1,010				930
Kommunalbanken 0.50% 20245			442				416
Kommunalbanken 0.375% 20255			2,000				1,830
Kommuninvest i Sverige Aktiebolag 0.25% 20235			905				879
Manitoba (Province of) 3.05% 2024			200				201
Ontario (Province of) 3.20% 2024			500				503
Ontario Teachers’ Finance Trust 0.875% 20265			902				816
Ontario Teachers’ Finance Trust 3.00% 20275			2,000				1,977
Quebec (Province of) 0.60% 2025			1,600				1,475
Saudi Arabia (Kingdom of) 4.00% 20255			430				437
Saudi Arabia (Kingdom of) 4.50% 20305			445				466
United Mexican States 4.15% 2027			460				461
							22,025
Federal agency bonds & notes 3.14%
Fannie Mae 2.375% 2023			2,442				2,452
Fannie Mae 0.875% 2030			2,563				2,139
Federal Farm Credit Banks 1.75% 2025			1,333				1,292
Freddie Mac 0.25% 2023			3,439				3,358
Freddie Mac 0.375% 2025			9,449				8,670
							17,911

 

Private Client Services Funds

71

Capital Group Core Bond Fund

 

Bonds, notes & other debt instruments (continued)		Principal amount (000)				Value (000)
Municipals 0.73%
California 0.13%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.532% 2028		USD	830			$	760
Florida 0.44%
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.258% 2025			1,140				1,066
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 2027			805				733
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 2030			810				710
							2,509
New York 0.15%
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 2028			965				860
Washington 0.01%
Energy Northwest, Electric Rev. Bonds (Columbia Generating Station), Series 2015-B, 2.814% 2024			20				20
Total municipals							4,149
Total bonds, notes & other debt instruments (cost: $587,870,000)							561,926
Short-term securities 5.40%			Shares
Money market investments 5.40%
Capital Group Central Cash Fund 0.32%9,10			307,824				30,782
Total short-term securities (cost: $30,782,000)							30,782
Total investment securities 104.00% (cost: $618,652,000)							592,708
Other assets less liabilities (4.00%)							(22,823	)
Net assets 100.00%						$	569,885

 

Futures contracts

 

Contracts		Type		Number of contracts				Expiration		Notional amount (000)				Value and unrealized (depreciation) appreciation at 4/30/2022 (000)
2 Year U.S. Treasury Note Futures		Long			31			June 2022		USD	6,535			$	(17	)
10 Year Ultra U.S. Treasury Note Futures		Long			136			June 2022			17,544				(1,553	)
10 Year U.S. Treasury Note Futures		Short			43			June 2022			(5,123	)			138
20 Year U.S. Treasury Bond Futures		Short			4			June 2022			(563	)			5
30 Year Ultra U.S. Treasury Bond Futures		Short			3			June 2022			(481	)			72
														$	(1,355	)

 

Investments in affiliates¹⁰

 

		Value of affiliate at 11/1/2021 (000)				Additions (000)				Reductions (000)				Net realized loss (000)				Net unrealized appreciation (000)				Value of affiliate at 4/30/2022 (000)				Dividend income (000)
Short-term securities 5.40%
Money market investments 5.40%
Capital Group Central Cash Fund 0.32%9		$	63,951			$	80,082			$	113,253			$	(1	)		$	3			$	30,782			$	35

 

72	Private Client Services Funds

Capital Group Core Bond Fund

 

1	Amount less than one thousand.
2	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $611,000, which represented .11% of the net assets of the fund.
3	Index-linked bond whose principal amount moves with a government price index.
4	Step bond; coupon rate may change at a later date.
5	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 $125,570,000, which represented 22.03% of the net assets of the fund.
6	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
7	Coupon rate may change periodically. 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.
8	Purchased on a TBA basis.
9	Rate represents the seven-day yield at 4/30/2022.
10	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

 

Key to abbreviations

Assn. = Association

Auth. = Authority

CLO = Collateralized Loan Obligations

CMO = Collateralized Mortgage Obligations

DAC = Designated Activity Company

Fin. = Finance

LIBOR = London Interbank Offered Rate

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

 

Private Client Services Funds

73

Financial statements
Statements of assets and liabilities	unaudited
at April 30, 2022	(dollars in thousands)

 

		Capital Group Core Municipal Fund				Capital Group Short-Term Municipal Fund				Capital Group California Core Municipal Fund
Assets:
Investment securities, at value:
Unaffiliated issuers		$	688,646			$	122,688			$	622,615
Affiliated issuers			—				—				—
Cash			3,693				118				3,888
Cash collateral pledged for futures contracts			278				50				438
Receivables for:
Sales of investments			881				203				—
Sales of fund’s shares			108				15				1,683
Dividends and interest			6,333				1,141				5,607
Services provided by related parties			—				3				—
Variation margin on futures contracts			46				6				79
Total assets			699,985				124,224				634,310
Liabilities:
Payables for:
Purchases of investments			6,771				62				2,664
Repurchases of fund’s shares			2,067				31				224
Investment advisory services			146				27				131
Variation margin on futures contracts			—				—				—
Other			—	*			—				—	*
Total liabilities			8,984				120				3,019
Net assets at April 30, 2022		$	691,001			$	124,104			$	631,291
Net assets consist of:
Capital paid in on shares of beneficial interest		$	724,480			$	129,281			$	657,824
Total accumulated loss			(33,479	)			(5,177	)			(26,533	)
Net assets at April 30, 2022		$	691,001			$	124,104			$	631,291
Investment securities, at cost:
Unaffiliated issuers		$	719,702			$	126,662			$	649,357
Affiliated issuers			—				—				—
Shares outstanding			69,309				12,639				62,568
Net asset value per share		$	9.97			$	9.82			$	10.09

 

See end of statements of assets and liabilities for footnote.

 

See notes to financial statements.

 

74	Private Client Services Funds

Financial statements (continued)
Statements of assets and liabilities	unaudited
at April 30, 2022 (continued)	(dollars in thousands)

 

		Capital Group California Short-Term Municipal Fund				Capital Group Core Bond Fund
Assets:
Investment securities, at value:
Unaffiliated issuers		$	122,451			$	561,926
Affiliated issuers			—				30,782
Cash			93				21
Cash collateral pledged for futures contracts			101				—
Receivables for:
Sales of investments			—				2,076
Sales of fund’s shares			—	*			43
Dividends and interest			1,137				1,855
Services provided by related parties			2				—
Variation margin on futures contracts			12				13
Total assets			123,796				596,716
Liabilities:
Payables for:
Purchases of investments			1,776				26,462
Repurchases of fund’s shares			37				211
Investment advisory services			26				118
Variation margin on futures contracts			—				40
Other			—	*			—	*
Total liabilities			1,839				26,831
Net assets at April 30, 2022		$	121,957			$	569,885
Net assets consist of:
Capital paid in on shares of beneficial interest		$	126,699			$	608,238
Total accumulated loss			(4,742	)			(38,353	)
Net assets at April 30, 2022		$	121,957			$	569,885
Investment securities, at cost:
Unaffiliated issuers		$	126,562			$	587,870
Affiliated issuers			—				30,782
Shares outstanding			12,377				59,422
Net asset value per share		$	9.85			$	9.59

 

*	Amount less than one thousand.

 

See notes to financial statements.

 

Private Client Services Funds

75

Financial statements (continued)
Statements of operations	unaudited
for the six months ended April 30, 2022	(dollars in thousands)

 

		Capital Group Core Municipal Fund				Capital Group Short-Term Municipal Fund				Capital Group California Core Municipal Fund
Investment income:
Income (net of non-U.S. taxes*):
Dividends from affiliated issuers		$	—			$	—			$	—
Interest			5,302				1,006				4,365
			5,302				1,006				4,365
Fees and expenses*:
Investment advisory services			958				218				818
Transfer agent services			6				1				5
Reports to shareholders			7				3				6
Registration statement and prospectus			50				40				7
Trustees’ compensation			27				6				23
Auditing and legal			12				3				10
Custodian			3				2				3
Other			4				1				4
Total fees and expenses before reimbursements			1,067				274				876
Less reimbursements of fees and expenses:
Miscellaneous fee reimbursements			—				37				—
Total reimbursements of fees and expenses			—				37				—
Total fees and expenses after reimbursements			1,067				237				876
Net investment income			4,235				769				3,489
Net realized loss and unrealized depreciation:
Net realized (loss) gain on:
Investments in:
Unaffiliated issuers			(3,382	)			(1,314	)			(1,964	)
Affiliated issuers			—				—				—
Futures contracts			548				32				1,617
			(2,834	)			(1,282	)			(347	)
Net unrealized (depreciation) appreciation on:
Investments in:
Unaffiliated issuers			(40,764	)			(5,483	)			(37,403	)
Affiliated issuers			—				—				—
Futures contracts			347				55				512
			(40,417	)			(5,428	)			(36,891	)
Net realized loss and unrealized depreciation			(43,251	)			(6,710	)			(37,238	)
Net decrease in net assets resulting from operations		$	(39,016	)		$	(5,941	)		$	(33,749	)

 

See end of statements of operations for footnote.

 

See notes to financial statements.

 

76	Private Client Services Funds

Financial statements (continued)
Statements of operations	unaudited
for the six months ended April 30, 2022 (continued)	(dollars in thousands)

 

		Capital Group California Short-Term Municipal Fund				Capital Group Core Bond Fund
Investment income:
Income (net of non-U.S. taxes*):
Dividends from affiliated issuers		$	—			$	35
Interest			747				5,993
			747				6,028
Fees and expenses*:
Investment advisory services			195				769
Transfer agent services			1				5
Reports to shareholders			3				6
Registration statement and prospectus			2				44
Trustees’ compensation			6				22
Auditing and legal			3				10
Custodian			2				3
Other			1				3
Total fees and expenses before reimbursements			213				862
Less reimbursements of fees and expenses:
Miscellaneous fee reimbursements			3				—
Total reimbursements of fees and expenses			3				—
Total fees and expenses after reimbursements			210				862
Net investment income			537				5,166
Net realized loss and unrealized depreciation:
Net realized (loss) gain on:
Investments in:
Unaffiliated issuers			(946	)			(3,933	)
Affiliated issuers			—				(1	)
Futures contracts			248				(1,624	)
			(698	)			(5,558	)
Net unrealized (depreciation) appreciation on:
Investments in:
Unaffiliated issuers			(5,368	)			(33,901	)
Affiliated issuers			—				3
Futures contracts			62				(848	)
			(5,306	)			(34,746	)
Net realized loss and unrealized depreciation			(6,004	)			(40,304	)
Net decrease in net assets resulting from operations		$	(5,467	)		$	(35,138	)

 

*	Additional information related to non-U.S. taxes and fees and expenses is included in the notes to financial statements.

 

See notes to financial statements.

 

Private Client Services Funds

77

Financial statements (continued)
Statements of changes in net assets	(dollars in thousands)

 

		Capital Group Core Municipal Fund								Capital Group Short-Term Municipal Fund								Capital Group California Core Municipal Fund
		Six months ended April 30, 2022*				Year ended October 31, 2021				Six months ended April 30, 2022*				Year ended October 31, 2021				Six months ended April 30, 2022*				Year ended October 31, 2021
Operations:
Net investment income		$	4,235			$	8,695			$	769			$	1,749			$	3,489			$	7,489
Net realized (loss) gain			(2,834	)			5,536				(1,282	)			867				(347	)			3,773
Net unrealized depreciation			(40,417	)			(7,892	)			(5,428	)			(1,894	)			(36,891	)			(7,594	)
Net (decrease) increase in net assets resulting from operations			(39,016	)			6,339				(5,941	)			722				(33,749	)			3,668
Distributions paid to shareholders			(9,576	)			(15,834	)			(1,321	)			(2,260	)			(8,042	)			(12,004	)
Net capital share transactions			(45,460	)			142,622				(71,357	)			(3,942	)			8,952				45,429
Total (decrease) increase in net assets			(94,052	)			133,127				(78,619	)			(5,480	)			(32,839	)			37,093
Net assets:
Beginning of period			785,053				651,926				202,723				208,203				664,130				627,037
End of period		$	691,001			$	785,053			$	124,104			$	202,723			$	631,291			$	664,130

		Capital Group California Short-Term Municipal Fund								Capital Group Core Bond Fund
		Six months ended April 30, 2022*				Year ended October 31, 2021				Six months ended April 30, 2022*				Year ended October 31, 2021
Operations:
Net investment income		$	537			$	1,441			$	5,166			$	8,165
Net realized (loss) gain			(698	)			589				(5,558	)			(614	)
Net unrealized depreciation			(5,306	)			(1,785	)			(34,746	)			(11,019	)
Net (decrease) increase in net assets resulting from operations			(5,467	)			245				(35,138	)			(3,468	)
Distributions paid to shareholders			(1,059	)			(2,083	)			(5,199	)			(22,116	)
Net capital share transactions			(53,236	)			(15,782	)			(30,173	)			102,154
Total (decrease) increase in net assets			(59,762	)			(17,620	)			(70,510	)			76,570
Net assets:
Beginning of period			181,719				199,339				640,395				563,825
End of period		$	121,957			$	181,719			$	569,885			$	640,395

 

*	Unaudited.

 

See notes to financial statements.

 

78	Private Client Services Funds

Notes to financial statements

unaudited

 

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 five funds: Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund (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 Core Municipal Fund — Seeks to provide current income exempt from federal income tax and to preserve capital.

 

Capital Group Short-Term Municipal Fund — Seeks to preserve capital and secondarily to provide current income exempt from federal income tax.

 

Capital Group California Core Municipal Fund — Seeks to provide current income exempt from federal and California income taxes and to preserve capital.

 

Capital Group California Short-Term Municipal Fund — Seeks to preserve capital and secondarily to provide current income exempt from federal and California income taxes.

 

Capital Group Core Bond Fund — Seeks to provide current income and to preserve capital.

 

On March 11, 2022, the board of trustees unanimously approved participation in the reorganizations of Capital Group Core Municipal Fund with and into Limited Term Tax-Exempt Bond Fund of America, Capital Group Short-Term Municipal Fund with and into American Funds Short-Term Tax-Exempt Bond Fund, and Capital Group Core Bond Fund with and into The Bond Fund of America. The proposed reorganizations are subject to shareholder approval. If approved by shareholders, the proposed reorganizations are expected to take effect by December 31, 2022.

 

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.

 

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds’ statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

 

Private Client Services Funds

79

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.

 

Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.

 

Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.

 

Fixed-income class		Examples of standard inputs
All		Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds, notes & 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

 

When the funds’ investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type. Some securities may be valued based on their effective maturity or average life, which may be shorter than the stated maturity.

 

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the funds’ investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds”), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued.

 

80	Private Client Services Funds

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the funds’ investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the funds’ board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each of the funds is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

 

Processes and structure — The funds’ board of trustees has delegated authority to the funds’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The funds’ board and audit committee also regularly review reports that describe fair value determinations and methods.

 

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.

 

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 April 30, 2022 are as follows (dollars in thousands):

 

Capital Group Core Municipal Fund

 

		Investment securities
		Level 1				Level 2				Level 3				Total
Assets:
Bonds, notes & other debt instruments:
Municipals		$	—			$	594,883			$	—			$	594,883
Short-term securities			—				93,763				—				93,763
Total		$	—			$	688,646			$	—			$	688,646
			Other investments*
			Level 1				Level 2				Level 3				Total
Assets:
Unrealized appreciation on futures contracts		$	340			$	—			$	—			$	340

 

*	Futures contracts are not included in the fund’s investment portfolio.

 

Private Client Services Funds

81

Capital Group Short-Term Municipal Fund

 

		Investment securities
		Level 1				Level 2				Level 3				Total
Assets:
Bonds, notes & other debt instruments:
Municipals		$	—			$	105,373			$	—			$	105,373
Short-term securities			—				17,315				—				17,315
Total		$	—			$	122,688			$	—			$	122,688

 

		Other investments*
		Level 1				Level 2				Level 3				Total
Assets:
Unrealized appreciation on futures contracts		$	32			$	—			$	—			$	32

 

*	Futures contracts are not included in the fund’s investment portfolio.

 

Capital Group California Core Municipal Fund

 

		Investment securities
		Level 1				Level 2				Level 3				Total
Assets:
Bonds, notes & other debt instruments:
Municipals		$	—			$	530,495			$	—			$	530,495
Short-term securities			—				92,120				—				92,120
Total		$	—			$	622,615			$	—			$	622,615

 

		Other investments*
		Level 1				Level 2				Level 3				Total
Assets:
Unrealized appreciation on futures contracts		$	606			$	—			$	—			$	606

 

*	Futures contracts are not included in the fund’s investment portfolio.

 

		Investment securities
		Level 1				Level 2				Level 3				Total
Assets:
Bonds, notes & other debt instruments:
Municipals		$	—			$	100,451			$	—			$	100,451
Short-term securities			—				22,000				—				22,000
Total		$	—			$	122,451			$	—			$	122,451

 

		Other investments*
		Level 1				Level 2				Level 3				Total
Assets:
Unrealized appreciation on futures contracts		$	62			$	—			$	—			$	62

 

*	Futures contracts are not included in the fund’s investment portfolio.

82	Private Client Services Funds

Capital Group Core Bond Fund

 

		Investment securities
		Level 1				Level 2				Level 3				Total
Assets:
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		$	—			$	240,401			$	—			$	240,401
Corporate bonds, notes & loans			—				158,758				—				158,758
Asset-backed obligations			—				61,641				—				61,641
Mortgage-backed obligations			—				57,041				—				57,041
Bonds & notes of governments & government agencies outside the U.S.			—				22,025				—				22,025
Federal agency bonds & notes			—				17,911				—				17,911
Municipals			—				4,149				—				4,149
Short-term securities			30,782				—				—				30,782
Total		$	30,782			$	561,926			$	—			$	592,708
		Other investments*
		Level 1				Level 2				Level 3				Total
Assets:
Unrealized appreciation on futures contracts		$	215			$	—			$	—			$	215
Liabilities:
Unrealized depreciation on futures contracts			(1,570	)			—				—				(1,570	)
Total		$	(1,355	)		$	—			$	—			$	(1,355	)

 

*	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; 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.

 

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 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 ratings of these securities.

 

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

 

Private Client Services Funds

83

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in seeking to assess credit and default risks.

 

Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by the fund could cause the values of these securities to decline.

 

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty.

 

Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or may be forced to sell at a loss.

 

Investing in similar municipal bonds — Investing significantly in municipal obligations of multiple issuers in the same state or backed by revenues of similar types of projects or industries may make the fund more susceptible to certain economic, political or regulatory occurrences. As a result, the fund has greater risk of volatility, and greater risk of loss, from these investments.

 

Investing in municipal bonds of issuers within the state of California — Because Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund invest primarily in securities of issuers within the state of California, these funds are more susceptible to factors adversely affecting issuers of California securities than a comparable municipal bond mutual fund that does not concentrate its investments in a single state. For example, in the past, California voters have passed amendments to the state’s constitution and other measures that limit the taxing and spending authority of California governmental entities, and future voter initiatives may adversely affect California municipal bonds.

 

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and the fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the fund having to reinvest the proceeds in lower yielding securities, effectively reducing the fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

 

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

 

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.

 

84	Private Client Services Funds

5. Certain investment techniques

 

Index-linked bonds — Capital Group Core Bond Fund has invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.

 

Mortgage dollar rolls — Capital Group Core Bond Fund has entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the funds’ portfolio turnover rates.

 

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 Core Municipal Fund		$	29,645
Capital Group Short-Term Municipal Fund			5,398
Capital Group California Core Municipal Fund			49,576
Capital Group California Short-Term Municipal			8,978
Capital Group Core Bond Fund			184,799

 

Private Client Services Funds

85

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, interest rate swaps and credit default swaps as of, or for the six months ended April 30, 2022 (dollars in thousands):

 

Capital Group Core Municipal Fund

 

Assets

Liabilities

Contracts

Risk type

Location on statement of assets and liabilities

Value

Location on statement of assets and liabilities

Value

Futures

Interest

Unrealized appreciation*

$

340

Unrealized depreciation*

$

—

 

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

$

548

Net unrealized appreciation on futures contracts

$

347

 

Capital Group Short-Term Municipal Fund

 

Assets

Liabilities

Contracts

Risk type

Location on statement of assets and liabilities

Value

Location on statement of assets and liabilities

Value

Futures

Interest

Unrealized appreciation*

$

32

Unrealized depreciation*

$

—

 

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

$

32

Net unrealized appreciation on futures contracts

$

55

 

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*

$

606

Unrealized depreciation*

$

—

 

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

$

1,617

Net unrealized appreciation on futures contracts

$

512

 

See end of tables for footnote.

 

86	Private Client Services Funds

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*

$

62

Unrealized depreciation*

$

—

 

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

$

248

Net unrealized appreciation on futures contracts

$

62

 

Capital Group Core Bond Fund

 

Assets

Liabilities

Contracts

Risk type

Location on statement of assets and liabilities

Value

Location on statement of assets and liabilities

Value

Futures

Interest

Unrealized appreciation*

$

215

Unrealized depreciation*

$

1,570

 

Net realized loss

Net unrealized depreciation

Contracts

Risk type

Location on statement of operations

Value

Location on statement of operations

Value

Futures

Interest

Net realized loss on futures contracts

$

(1,624

)

Net unrealized depreciation on futures contracts

$

(848

)

 

*	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 participates in a collateral program that calls for the funds to either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to their use of futures contracts and/or future delivery contracts. For futures contracts, the program calls for the fund to pledge collateral for initial and variation margin by contract. For future delivery contracts, the program calls for the fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligations. Non-cash collateral pledged by the fund, if any, is disclosed in the fund’s investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash 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 period ended April 30, 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.

 

Private Client Services Funds

87

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; paydowns on fixed-income securities; 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.

 

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

 

		Capital Group Core Municipal Fund				Capital Group Short-Term Municipal Fund				Capital Group California Core Municipal Fund				Capital Group California Short-Term Municipal Fund				Capital Group Core Bond Fund
As of October 31, 2021
Undistributed ordinary income		$	2,465			$	535			$	1,100			$	112			$	99
Undistributed tax-exempt income			90				26				889				9				—
Undistributed long-term capital gains			2,811				—				2,586				405				—
Capital loss carryforward*			—				—				—				—				(3,316	)
As of April 30, 2022
Gross unrealized appreciation on investments			866				61				930				70				1,089
Gross unrealized depreciation on investments			(31,536	)			(4,002	)			(27,075	)			(4,117	)			(28,406	)
Net unrealized depreciation on investments			(30,670	)			(3,941	)			(26,145	)			(4,047	)			(27,317	)
Cost of investments			719,656				126,661				649,366				126,559				618,670

 

*	Each fund’s capital loss carryforwards will be used to offset any capital gains realized by each fund in the current year or in subsequent 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):

 

		Six months ended April 30, 2022
		Tax-exempt income				Ordinary income				Long-term capital gains				Total distributions paid
Capital Group Core Municipal Fund		$	4,295			$	2,469			$	2,812			$	9,576
Capital Group Short-Term Municipal Fund			785				536				—				1,321
Capital Group California Core Municipal Fund			4,350				1,103				2,589				8,042
Capital Group California Short-Term Municipal Fund			540				113				406				1,059
Capital Group Core Bond Fund			—				5,199				—				5,199

 

		Year ended October 31, 2021
		Tax-exempt income				Ordinary income				Long-term capital gains				Total distributions paid
Capital Group Core Municipal Fund		$	8,677			$	2,349			$	4,808			$	15,834
Capital Group Short-Term Municipal Fund			1,747				513				—				2,260
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
Capital Group Core Bond Fund			—				15,330				6,786				22,116

 

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 Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund is 0.25% of the daily net assets of each fund.

 

88	Private Client Services Funds

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.

 

Miscellaneous fee reimbursements — CRMC has agreed to reimburse a portion of miscellaneous fees and expenses for Capital Group Short-Term Municipal Fund to limit the fund’s total annual operating expenses to 0.30% (as a percentage of daily net assets). Miscellaneous expenses exclude investment advisory services fees. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the six months ended April 30, 2022, total fees and expenses reimbursed by CRMC were $37,000 for Capital Group Short-Term Municipal Fund. CRMC will not recoup all or a portion of these reimbursements. Fees and expenses in each fund’s statement of operations are presented gross of any reimbursements from CRMC.

 

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.

 

Investment in CCF — Capital Group Core Bond Fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments and is used as the primary investment vehicle for the fund’s short-term investments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC. CCF shares are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

 

Security transactions with related funds — The funds may purchase from, or sell securities to, other CRMC-managed funds (or accounts managed by certain affiliates of CRMC) under procedures adopted by the funds’ board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

 

The following table presents purchase and sales transactions, if any, between each fund and related funds and the net realized gains from such sales as of April 30, 2022 (dollars in thousands):

 

Fund			Purchases				Sales				Net realized loss
Capital Group Core Municipal Fund		$	903			$	5,393			$	(124	)
Capital Group Short-Term Municipal Fund			—				14,661				(346	)
Capital Group California Core Municipal Fund			4,261				2,904				(160	)
Capital Group California Short-Term Municipal Fund			1,069				—				—
Capital Group Core Bond Fund			—				396				(30	)

 

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 six months ended ended April 30, 2022.

 

Private Client Services Funds

89

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 the funds 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
Six months ended April 30, 2022
Capital Group Core Municipal Fund		$	55,574				5,303			$	9,552				912			$	(110,586	)			(10,797	)		$	(45,460	)			(4,582	)
Capital Group Short-Term Municipal Fund			37,788				3,701				1,319				130				(110,464	)			(10,959	)			(71,357	)			(7,128	)
Capital Group California Core Municipal Fund			51,203				4,851				8,043				760				(50,294	)			(4,795	)			8,952				816
Capital Group California Short-Term Municipal Fund			10,753				1,063				1,059				104				(65,048	)			(6,445	)			(53,236	)			(5,278	)
Capital Group Core Bond Fund			50,773				5,074				5,160				519				(86,106	)			(8,682	)			(30,173	)			(3,089	)
Year ended October 31, 2021
Capital Group Core Municipal Fund		$	191,931				17,895			$	15,789				1,472			$	(65,098	)			(6,065	)		$	142,622				13,302
Capital Group Short-Term Municipal Fund			135,966				13,169				2,260				219				(142,168	)			(13,767	)			(3,942	)			(379	)
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	)
Capital Group Core Bond Fund			109,167				10,477				21,938				2,097				(28,951	)			(2,773	)			102,154				9,801

 

10. Investment transactions

 

The funds made purchases and sales of investment securities during the six months ended April 30, 2022, as follows (dollars in thousands):

 

		Capital Group  Core Municipal Fund				Capital Group  Short-Term Municipal Fund				Capital Group California  Core Municipal Fund				Capital Group California  Short-Term Municipal Fund				Capital Group Core Bond Fund
Purchases of investment securities*		$	127,558			$	25,421			$	117,713			$	25,982			$	354,460
Sales of investment securities*			146,901				80,490				110,996				72,573				369,294

 

*	Excludes short-term securities and U.S. government obligations, if any.

90	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 reimbursements3				Ratio of expenses to average net assets after reimbursements2,3				Ratio of net income to average net assets2
Capital Group Core Municipal Fund
4/30/20224,5		$	10.62			$	.06			$	(.58	)		$	(.52	)		$	(.06	)		$	(.07	)		$	(.13	)		$	9.97				(4.96	)%6		$	691				.28	%7			.28	%7			1.11	%7
10/31/2021			10.76				.13				(.02	)			.11				(.13	)			(.12	)			(.25	)			10.62				.99				785				.28				.28				1.20
10/31/2020			10.55				.18				.22				.40				(.18	)			(.01	)			(.19	)			10.76				3.87				652				.28				.28				1.70
10/31/2019			10.15				.22				.40				.62				(.22	)			—				(.22	)			10.55				6.15				584				.28				.28				2.11
10/31/2018			10.41				.21				(.26	)			(.05	)			(.19	)			(.02	)			(.21	)			10.15				(.32	)			474				.27				.27				2.04
10/31/2017			10.48				.21				(.07	)			.14				(.21	)			—	8			(.21	)			10.41				1.39				442				.35				.34				2.02
Capital Group Short-Term Municipal Fund
4/30/20224,5		$	10.26			$	.04			$	(.40	)		$	(.36	)		$	(.05	)		$	(.03	)		$	(.08	)		$	9.82				(3.57	)%6		$	124				.32	%7			.27	%7			.88	%7
10/31/2021			10.33				.09				(.04	)			.05				(.09	)			(.03	)			(.12	)			10.26				.43				203				.31				.30				.87
10/31/2020			10.15				.14				.18				.32				(.14	)			—				(.14	)			10.33				3.16				208				.32				.30				1.36
10/31/2019			9.93				.19				.22				.41				(.19	)			—				(.19	)			10.15				4.19				127				.35				.30				1.92
10/31/2018			10.09				.17				(.18	)			(.01	)			(.15	)			—				(.15	)			9.93				.05				138				.32				.30				1.67
10/31/2017			10.11				.14				(.02	)			.12				(.14	)			—	8			(.14	)			10.09				1.26				150				.41				.35				1.42
Capital Group California Core Municipal Fund
4/30/20224,5		$	10.75			$	.06			$	(.59	)		$	(.53	)		$	(.07	)		$	(.06	)		$	(.13	)		$	10.09				(4.99	)%6		$	631				.27	%7			.27	%7			1.07	%7
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
10/31/2017			10.69				.20				(.11	)			.09				(.20	)			(.01	)			(.21	)			10.57				.84				388				.35				.34				1.88
Capital Group California Short-Term Municipal Fund
4/30/20224,5		$	10.29			$	.03			$	(.40	)		$	(.37	)		$	(.04	)		$	(.03	)		$	(.07	)		$	9.85				(3.64	)%6		$	122				.27	%7			.27	%7			.69	%7
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
10/31/2017			10.23				.11				(.02	)			.09				(.11	)			—	8			(.11	)			10.21				.97				120				.42				.35				1.11
Capital Group Core Bond Fund
4/30/20224,5		$	10.24			$	.08			$	(.65	)		$	(.57	)		$	(.08	)		$	—			$	(.08	)		$	9.59				(5.56	)%6		$	570				.28	%7			.28	%7			1.68	%7
10/31/2021			10.70				.14				(.20	)			(.06	)			(.15	)			(.25	)			(.40	)			10.24				(.60	)			640				.28				.28				1.36
10/31/2020			10.31				.18				.46				.64				(.19	)			(.06	)			(.25	)			10.70				6.28				564				.28				.28				1.73
10/31/2019			9.82				.23				.48				.71				(.22	)			—				(.22	)			10.31				7.33				477				.28				.28				2.24
10/31/2018			10.14				.21				(.34	)			(.13	)			(.19	)			—				(.19	)			9.82				(1.14	)			446				.28				.28				2.08
10/31/2017			10.31				.16				(.12	)			.04				(.16	)			(.05	)			(.21	)			10.14				.41				416				.35				.34				1.58

 

 

Portfolio turnover rate for all share classes,		Six months ended				Year ended October 31,
including mortgage dollar roll transactions9,10		April 30, 20224,5,6				2021				2020				2019				2018				2017
Capital Group Core Bond Fund			27	%			48	%			80	%			114	%			41	%			52	%

 

 

 

Portfolio turnover rate for all share classes,		Six months ended				Year ended October 31,
including mortgage dollar roll transactions10		April 30, 20224,5,6				2021				2020				2019				2018				2017
Capital Group Core Municipal Fund			20	%			48	%			62	%			38	%			55	%			47	%
Capital Group Short-Term Municipal Fund			17				51				58				50				70				42
Capital Group California Core Municipal Fund			19				38				37				22				69				27
Capital Group California Short-Term Municipal Fund			19				43				42				39				65				36
Capital Group Core Bond Fund			78				217				158				151				110				95

 

See end of tables for footnotes.

 

Private Client Services Funds

91

Financial highlights (continued)

 

1	Based on average shares outstanding.
2	This column reflects the impact, if any, of miscellaneous fee reimbursements from CRMC.
3	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.
4	Based on operations for a period that is less than a full year.
5	Unaudited.
6	Not annualized.
7	Annualized.
8	Amount less than $.01.
9	Refer to Note 5 for further information on mortgage dollar rolls.
10	Rates do not include the fund’s portfolio activity with respect to any Central Funds, if applicable.

 

See notes to financial statements.

 

92	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 (November 1, 2021, through April 30, 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.

 

		Beginning account value 11/1/2021				Ending account value 4/30/2022				Expenses paid during period*				Annualized expense ratio
Capital Group Core Municipal Fund
Actual return		$	1,000.00			$	950.43			$	1.35				.28	%
Assumed 5% return			1,000.00				1,023.41				1.40				.28
Capital Group Short-Term Municipal Fund
Actual return		$	1,000.00			$	964.27			$	1.31				.27	%
Assumed 5% return			1,000.00				1,023.46				1.35				.27
Capital Group California Core Municipal Fund
Actual return		$	1,000.00			$	950.09			$	1.31				.27	%
Assumed 5% return			1,000.00				1,023.46				1.35				.27
Capital Group California Short-Term Municipal Fund
Actual return		$	1,000.00			$	963.59			$	1.31				.27	%
Assumed 5% return			1,000.00				1,023.46				1.35				.27
Capital Group Core Bond Fund
Actual return		$	1,000.00			$	944.44			$	1.35				.28	%
Assumed 5% return			1,000.00				1,023.41				1.40				.28

 

*	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

 

Private Client Services Funds

93

Approval of Investment Advisory and Service Agreement

 

The series’ board has approved the continuation of the series’ Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through July 31, 2023, with respect to the various series of the funds (each a “fund”). The board approved the agreement following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all the series’ independent board members. The board and the committee determined in the exercise of their business judgment that each fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

 

The board and the committee noted that the board has approved the reorganization of each of Capital Group Core Bond Fund with and into The Bond Fund of America, Capital Group Core Municipal Fund with and into Limited Term Tax-Exempt Bond Fund of America, and Capital Group Short-Term Municipal Fund with and into American Funds Short-Term Tax-Exempt Bond Fund. The board and the committee took these approvals into account in their deliberations about the agreement and noted that each reorganization would be consummated only if approved by shareholders of the applicable fund party thereto.

 

In reaching the decision to approve the agreement, the board and the committee took into account their interactions with CRMC as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

 

1. Nature, extent and quality of services

 

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the funds under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the funds and their shareholders.

 

2. Investment results

 

The board and the committee considered the investment results of each fund in light of its objective. They compared each fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included) and data such as relevant market and fund indexes over various periods (including each fund’s lifetime) through December 31, 2021. They generally placed greater emphasis on investment results over longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund’s investment results have been sufficient for renewal of the agreement, and that CRMC’s record in managing the funds indicated that its continued management should benefit the funds and their shareholders.

 

3. Advisory fees and total expenses

 

The board and the committee compared the advisory fees and total expense levels of the funds to those of other relevant funds. They observed that each fund’s advisory fees and expenses generally compared favorably to those of other similar funds included in the comparable Lipper category. The board and the committee noted that, although the fees paid by CRMC clients with separately managed accounts generally were lower than those paid by the funds, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and separately managed accounts. They also recognized that the fees for certain separately managed accounts could be lower than those of the funds due to the sizes of the accounts and the clients’ overall relationships with CRMC. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing the fund, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by each fund.

 

94	Private Client Services Funds

4. Ancillary benefits

 

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the funds, including fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the funds’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of each fund, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the funds.

 

5. Adviser financial information

 

The board and the committee reviewed information regarding CRMC’s costs of providing services to the funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered CRMC’s reimbursement of fund expenses through voluntary fee caps and, as applicable, the sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund’s shareholders.

 

Private Client Services Funds

95

Liquidity Risk Management Program

unaudited

 

The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

 

Under the program, CRMC manages each fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund’s investments, limiting the amount of each fund’s illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of each fund’s investments is supported by one or more third-party liquidity assessment vendors.

 

The series’ board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2020, through September 30, 2021. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.

 

96	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 Private Client Services Fund files a complete list of its portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website (www.sec.gov). Additionally, the list of portfolio holdings is available by calling your relationship manager at (800) 266-9532.

 

The proxy voting procedures and policies of Capital Group Private Client Services 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.

 

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.

 

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.

 

If used as sales material after June 30, 2022, this report must be accompanied by the Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund quarterly results documents for the most recently completed calendar quarter.

 

American Funds Distributors, Inc., member FINRA.

 

 

ITEM 2 – Code of Ethics

 

Not applicable for filing of semi-annual reports to shareholders.

 

ITEM 3 – Audit Committee Financial Expert

 

Not applicable for filing of semi-annual reports to shareholders.

 

ITEM 4 – Principal Accountant Fees and Services

 

Not applicable for filing of semi-annual reports to shareholders.

 

ITEM 5 – Audit Committee of Listed Registrants

 

Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

 

ITEM 6 – Schedule of Investments

 

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

 

ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

 

ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies

 

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

 

ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

 

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

 

ITEM 10 – Submission of Matters to a Vote of Security Holders

 

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating committee.

 

ITEM 11 – Controls and Procedures

 

(a)	The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
(b)	There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s 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)	Not applicable for filing of semi-annual reports to shareholders.
(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	CAPITAL GROUP PRIVATE CLIENT SERVICES FUNDS
	By __/s/ John S. Armour____________________
	John S. Armour, President and Principal Executive Officer
	Date: June 30, 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: June 30, 2022

 

 

 

By ___/s/ Gregory F. Niland    __________

Gregory F. Niland, Treasurer and Principal Financial Officer

Date: June 30, 2022

Capital Group Private Client Services Funds 6455 Irvine Center Drive Irvine, California 92618 (949) 975-5000

 

CERTIFICATION

I, John S. Armour, certify that:

 

1.	I have reviewed this report on Form N-CSR of Capital Group Private Client Services Funds;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of this report based on such evaluation; and
	d) Disclosed in this report any change in the registrant’s internal control over financial reporting 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; and
5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):
	a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
	b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: June 30, 2022

 

___/s/ John S. Armour_____________________

John S. Armour, President and

Principal Executive Officer

Capital Group Private Client Services Funds

 

Capital Group Private Client Services Funds 6455 Irvine Center Drive Irvine, California 92618 (949) 975-5000

 

CERTIFICATION

I, Gregory F. Niland, certify that:

 

1.	I have reviewed this report on Form N-CSR of Capital Group Private Client Services Funds;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 180 days prior to the filing date of this report based on such evaluation; and
	d) Disclosed in this report any change in the registrant’s internal control over financial reporting 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; and
5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):
	a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
	b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: June 30, 2022

 

__/s/ Gregory F. Niland____________

Gregory F. Niland, Treasurer and

Principal Financial Officer

Capital Group Private Client Services Funds

Capital Group Private Client Services Funds 6455 Irvine Center Drive Irvine, California 92618 (949) 975-5000

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

JOHN S. ARMOUR, President and Principal Executive Officer, and GREGORY F. NILAND, Treasurer and Principal Financial Officer of Capital Group Private Client Services Funds (the "Registrant"), each certify to the best of her or his knowledge that:

 

1)	The Registrant's periodic report on Form N-CSR for the period ended April 30, 2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2)	The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

 

Principal Executive Officer	Principal Financial Officer
CAPITAL GROUP PRIVATE CLIENT SERVICES FUNDS	CAPITAL GROUP PRIVATE CLIENT SERVICES FUNDS
___/s/ John S. Armour____________	_/s/ Gregory F. Niland____________
John S. Armour, President	Gregory F. Niland, Treasurer
Date: June 30, 2022	Date: June 30, 2022

 

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to CAPITAL GROUP PRIVATE CLIENT SERVICES FUNDS and will be retained by CAPITAL GROUP PRIVATE CLIENT SERVICES FUNDS and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

 

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.