Capital Group Private Client Services Funds NCSRS Certified semi-annual shareholder report (management investment company)

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, 2021

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 Fund^SMCapital Group Short-Term Municipal Fund^SMCapital Group California Core Municipal Fund^SMCapital Group California Short-Term Municipal Fund^SMCapital Group Core Bond Fund^SM

	Semi-annual report for the six months ended April 30, 2021

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 nearly 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, 2021 (the most recent calendar quarter-end), and the total annual fund operating expense ratios as of the prospectus dated January 1, 2021:

	Cumulative total returns			Average annual total returns									Gross
	1 year			5 years			10 years			Lifetime*			expense ratios

Capital Group Core Municipal Fund		4.27	%		2.51	%		2.84	%		2.74	%		0.28	%
Capital Group Short-Term Municipal Fund		2.85			1.92			1.73			1.70			0.32	^†
Capital Group California Core Municipal Fund		3.44			2.20			2.90			2.72			0.28
Capital Group California Short-Term Municipal Fund		2.27			1.44			1.45			1.40			0.30
Capital Group Core Bond Fund		2.55			2.63			2.60			2.70			0.28

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

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, 2022. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. Visit capitalgroup.com/pcs 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
27	Capital Group Short-Term Municipal Fund
43	Capital Group California Core Municipal Fund
55	Capital Group California Short-Term Municipal Fund
62	Capital Group Core Bond Fund
74	Financial statements
79	Notes to financial statements
92	Financial highlights

Fellow investors:

Shown in the table below are the 30-day SEC yields and 12-month distribution rates as of May 31, 2021, 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. The funds’ returns for the six-month period ended April 30, 2021, can be found on page 2.

For additional information about the funds, their investment results, holdings and portfolio managers, visit capitalgrouppcsfunds.com. You can also read our insights about the markets, industries and more at capitalgroup.com/pcs.

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 May 31, 2021. 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			Distribution rate
Capital Group Core Municipal Fund		0.49	%		1.40	%
Capital Group Short-Term Municipal Fund		0.32	*		1.04
Capital Group California Core Municipal Fund		0.44			1.21
Capital Group California Short-Term Municipal Fund		0.18	^†		0.88
Capital Group Core Bond Fund		0.91			1.53


*	The SEC 30-day yield for Capital Group Short-Term Municipal Fund is 0.44% with the fund’s reimbursement.
^†	The SEC 30-day yield for Capital Group California Short-Term Municipal Fund is 0.20% 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

Results at a glance

For periods ended April 30, 2021, 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		1.30	%		5.23	%		2.52	%		2.75	%		2.75	%
Bloomberg Barclays Municipal Short-Intermediate 1–10 years Index²		1.24			5.03			2.46			2.79			2.88
Lipper Short-Intermediate Municipal Debt Funds Average³		1.35			5.14			1.92			2.19			2.22

Capital Group Short-Term Municipal Fund		0.64			3.21			1.91			1.69			1.70
Bloomberg Barclays Municipal Short 1–5 Years Index²		0.79			3.43			1.85			1.78			1.85
Lipper Short Municipal Debt Funds Average³		0.71			2.73			1.33			1.23			1.23

Capital Group California Core Municipal Fund		0.79			4.47			2.17			2.79			2.72
Bloomberg Barclays California Short-Intermediate Municipal Index²		0.77			4.17			2.21			2.79			2.90
Lipper California Short-Intermediate Municipal Debt Funds Average³		1.16			4.51			1.63			2.03			1.93

Capital Group California Short-Term Municipal Fund		0.38			2.54			1.41			1.41			1.40
Bloomberg Barclays California Short Municipal Index²		0.52			2.75			1.62			1.70			1.79
Lipper Short Municipal Debt Funds Average³		0.71			2.73			1.33			1.23			1.23

Capital Group Core Bond Fund		–0.21			1.82			2.67			2.53			2.72
Bloomberg Barclays Intermediate A+ U.S. Government/ Credit Index²		–1.01			–0.19			2.45			2.52			2.75
Lipper Short-Intermediate Investment Grade Debt Funds Average³		0.54			3.56			2.48			2.31			2.56


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

2	Private Client Services Funds

Capital Group Core Municipal Fund	unaudited
Investment portfolio April 30, 2021

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 86.94%	Principal amount (000)		Value (000)
Alabama 1.29%
21st Century Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2012-A, 5.00% 2021	$	2,230	$	2,238
Black Belt Energy Gas Dist., Gas Supply Prepay Rev. Bonds (Project No. 5), Series 2020-A-1, 4.00% 2049 (put 2026)		825		961
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2017-A, 4.00% 2047 (put 2022)		2,050		2,131
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2021-A, 4.00% 2051 (put 2023)		1,000		1,241
Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2023 (preref. 2022)		100		106
City of Huntsville, Electric Rev. Bonds, Series 2017-A, 5.00% 2022		450		484
City of Huntsville, Electric Rev. Bonds, Series 2017-B, 5.00% 2022		400		431
Southeast Energy Auth., Commodity Supply Rev. Bonds (Project No. 1), Series 2021-A, 4.00% 2051 (put 2028)		1,440		1,711
				9,303

Alaska 0.31%
Housing Fin. Corp., Collateralized Bonds (Veterans Mortgage Program), Series 2019, 4.00% 2048		905		1,002
Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2020-A, 3.25% 2044		980		1,079
Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2016-A, 3.50% 2046		170		180
				2,261

Arizona 1.12%
Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2021-A, 5.00% 2027		350		428
Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2021-A, 5.00% 2028		295		370
Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2021-A, 5.00% 2029		370		473
Board of Regents of Arizona State University System, Rev. Bonds, Series 2020-A, 5.00% 2027		400		504
Board of Regents of Arizona State University System, Rev. Bonds, Series 2020-A, 5.00% 2028		550		708
Board of Regents of Arizona State University System, Rev. Bonds, Series 2020-A, 5.00% 2033		80		106
County of Coconino, Pollution Control Corp., Pollution Control Rev. Ref. Bonds, Series 2017-B, 1.65% 2039 (put 2023)		1,500		1,538
City of Glendale, Industrial Dev. Auth., Rev. Ref. Bonds (Midwestern University), Series 2020, 5.00% 2029		1,000		1,298
Industrial Dev. Auth., Rev. Bonds (Lincoln South Beltway Project), Series 2020, 5.00% 2023		1,000		1,112
County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (GreatHearts Arizona Projects), Series 2017-A, 5.00% 2027		745		922
City of Phoenix, Civic Improvement Corp., Water System Rev. Ref. Bonds, Series 2014-B, 5.00% 2024		115		132
County of Pima, Sewer System Rev. Obligations, Series 2011-B, 5.00% 2024 (preref. 2021)		425		428
Rev. Ref. Certs. of Part., Series 2019-A, 5.00% 2021		40		41
				8,060

Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Arkansas 0.08%
Dev. Fin. Auth., Health Care Rev. Bonds (Baptist Memorial Health Care), Series 2015-B-3, (SIFMA Municipal Swap Index + 1.55%) 1.61% 2044 (put 2022)¹	$	600	$	599

California 4.67%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 0.96% 2045 (put 2023)¹		2,205		2,224
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-C, (SIFMA Municipal Swap Index + 0.45%) 0.51% 2056 (put 2026)¹		425		426
County of Contra Costa, Water Rev. Ref. Notes, Series 2019-F, 2.00% 2021		70		70
East Side Union High School Dist., G.O. Bonds, 2016 Election, Series 2021-C, 2.00% 2027		1,500		1,616
G.O. Bonds, Series 2021, 5.00% 2031		30		37
G.O. Bonds, Series 2021, 5.00% 2032		25		30
G.O. Bonds, Series 2021, 5.00% 2034		25		30
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 2023		1,265		1,384
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 2030		55		75
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-B, 5.00% 2029 (put 2022)		1,000		1,072
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2028		315		361
Housing Fin. Agcy., Municipal Certificates, Series 2021-A-1, 3.50% 2035		744		866
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2015-B, (SIFMA Municipal Swap Index + 1.20%) 1.26% 2037 (put 2022)¹		1,000		1,004
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Museum of Art Project), Series 2021-B, 0.76% 2050 (put 2026)¹		340		343
City of Irvine, Reassessment Dist. No. 13-1, Limited Obligation Improvement Bonds, Series 2013, 3.125% 2021		65		66
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2025		250		299
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 5.00% 2024		85		97
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 4.00% 2026		60		70
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-B, 4.00% 2022		75		77
County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Ref. Green Bonds, Series 2020-A, 5.00% 2024		860		987
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-C, 5.00% 2029		150		199
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-RYQ, 5.00% 2033		570		762
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2020-A, 5.00% 2023		1,500		1,657
Monterey Peninsula Unified School Dist., G.O. Bonds, 2010 Election, Series 2011-A, Assured Guaranty Municipal insured, 5.75% 2041 (preref. 2021)		3,500		3,548
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2022		1,250		1,323
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2021		1,040		1,052
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-A, 4.00% 2024		45		50
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-A, 4.00% 2025		45		51
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-A, 4.00% 2026		45		52
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-A, 4.00% 2027		45		52
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2021-A, 4.00% 2028		40		47
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2022-A, 5.00% 2028		655		807
RNR School Fncg. Auth., Community Facs. Dist. No. 92-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2028		1,000		1,221
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 2021		1,000		1,008
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 2022		1,000		1,056
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Short-Term Notes, Series 2021-A, 5.00% 2022		1,235		1,320
County of San Diego, Water Auth., Water Rev. Ref. Green Bonds, Series 2021-B, 5.00% 2030		230		312
County of San Diego, Water Auth., Water Rev. Ref. Green Bonds, Series 2021-B, 5.00% 2031		485		670
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series 2016-A-2, 5.00% 2026		1,135		1,388
City and County of San Francisco, G.O. Rev. Ref. Bonds, Series 2020-R-2, 5.00% 2023		480		519
City and County of San Francisco, G.O. Rev. Ref. Bonds, Series 2020-R-2, 5.00% 2028		1,000		1,272
City of Santee, Community Facs. Dist. No. 2017-1, Special Tax Bonds (Weston Infrastructure), Series 2019, 5.00% 2022		135		143
City of Santee, Community Facs. Dist. No. 2017-1, Special Tax Bonds (Weston Infrastructure), Series 2019, 5.00% 2023		160		177

4	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
City of Santee, Community Facs. Dist. No. 2017-1, Special Tax Bonds (Weston Infrastructure), Series 2019, 5.00% 2024	$	170	$	194
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 2023		65		72
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 2024		20		23
Southern California Public Power Auth., Transmission Project Rev. Bonds (Southern Transmission Project), Series 2017-A, 5.00% 2023		490		541
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Miramar Tower Apartments), Series 2019-M, 1.30% 2022 (put 2021)		375		375
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Villa Del Sol Apartments), Series 2021-A-2, 0.39% 2023 (put 2023)		280		280
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2013-A, 5.00% 2023 (preref. 2022)		120		128
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025		200		200
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2026		500		501
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		235
Tobacco Securitization Auth., Tobacco Settlement Asset-Backed Rev. Ref. Senior Bonds (Sacramento County Tobacco Securitization Corp), Series 2021-B-1, 0.45% 2030		100		100
Regents of the University of California, General Rev. Bonds, Series 2021-BH, 5.00% 2026		75		92
Regents of the University of California, Limited Project Rev. Bonds, Series 2022-S, 5.00% 2026		165		196
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2019-CS, 4.00% 2049		865		955
				33,712

Colorado 1.23%
City of Arvada, Mountain Shadows Metropolitan Dist., Limited Tax G.O. Rev. Ref. and Improvement Bonds, Series 2016, 4.00% 2026		735		778
City of Colorado Springs, Utilities System Rev. Ref. Bonds, Series 2020-B, 5.00% 2021		75		77
City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2019-D, 5.00% 2031 (put 2022)		1,000		1,072
E-470 Public Highway Auth., Rev. Bonds, Series 2017-B, (1-month USD-LIBOR x 0.67 + 1.05%) 1.123% 2039 (put 2021)¹		200		200
Educational and Cultural Facs. Auth., Rev. Ref. Bonds (Johnson & Wales University Project), Series 2013-B, 5.00% 2023		1,805		1,960
Health Facs. Auth., Health Facs. Rev. and Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project), Series 2015-A, 5.00% 2024 (escrowed to maturity)		1,825		2,089
Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2018-A, 5.00% 2048		125		152
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2018-C, Class I, 4.25% 2048		650		722
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2020-B, Class I, 3.75% 2050		950		1,052
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, 5.00% 2029		70		89
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, 5.00% 2029		40		51
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, 5.00% 2030		50		65
Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2020-A, 5.00% 2030		35		46
County of Weld, School Dist. RE-5J, G.O. Bonds, Series 2021, 5.00% 2023		475		534
				8,887

Connecticut 1.09%
Town of East Hartford, Housing Auth., Multi Family Housing Rev. Bonds (Veterans Terrace Project), Series 2021, 0.25% 2023 (put 2022)		140		140
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2015-A, 2.05% 2035 (put 2021)		1,860		1,867
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2003-X-2, 0.025% 2037 (put 2024)		910		909
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2014-A, 1.10% 2048 (put 2023)		1,105		1,123
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044		90		94
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-A-1, 4.00% 2045		310		329
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-A-1, 4.00% 2047		2,100		2,285

Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Connecticut (continued)
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-C-1, 4.00% 2047	$	800	$	870
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-D-1, 4.00% 2047		170		185
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-A, 3.50% 2044		95		99
				7,901

Delaware 0.12%
G.O. Bonds, Series 2014-B, 5.00% 2021		45		45
Health Facs. Auth., Rev. Bonds (Beebe Medical Center Project), Series 2018, 5.00% 2022		290		302
Health Facs. Auth., Rev. Bonds (Beebe Medical Center Project), Series 2018, 5.00% 2023		200		217
Health Facs. Auth., Rev. Bonds (Beebe Medical Center Project), Series 2018, 5.00% 2024		300		336
				900

District of Columbia 0.68%
G.O. Bonds, Series 2015-A, 5.00% 2032		1,800		2,119
Income Tax Secured Rev. Bonds, Series 2011-A, 5.00% 2029		235		242
Income Tax Secured Rev. Bonds, Series 2020-A, 5.00% 2032		750		996
Income Tax Secured Rev. Bonds, Series 2020-C, 5.00% 2033		215		285
Income Tax Secured Rev. Bonds, Series 2020-A, 5.00% 2034		400		526
Washington Convention and Sports Auth., Dedicated Tax Rev. Ref. Bonds, Series 2018-A, 5.00% 2027		600		754
				4,922

Florida 5.72%
County of Brevard, Health Facs. Auth., Rev. Ref. Bonds (Health First, Inc. Project), Series 2014, 5.00% 2022		500		522
County of Brevard, Health Facs. Auth., Rev. Ref. Bonds (Health First, Inc. Project), Series 2014, 5.00% 2033		130		146
County of Brevard, Housing Fncg. Auth., Multi Family Mortgage Rev. Bonds (Tropical Manor Apartments), Series 2021, 0.25% 2023 (put 2022)		135		135
County of Broward, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Prospect Park Apartments), Series 2019-C, 1.40% 2022 (put 2021)		305		305
Capital Trust Agcy., Multi Family Housing Rev. Bonds (GMF - Stonybrook Apartments), Series 2012-A, 5.50% 2047 (preref. 2022)		540		566
Central Florida Expressway Auth., Rev. Bonds, Series 2019-B, 5.00% 2030		1,000		1,307
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2022		170		179
Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 3.00% 2026		345		378
Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 3.20% 2027		355		396
Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 3.25% 2028		370		418
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2021-B, 5.00% 2022		1,000		1,053
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2019-D, 5.00% 2023		120		132
Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2016-B, 5.00% 2028		750		915
Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), Series 2012-A, 5.00% 2022 (escrowed to maturity)		1,000		1,044
Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), Series 2016, 5.00% 2026		655		775
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2017-1, 4.00% 2048		1,225		1,320
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-1, 4.00% 2049		1,215		1,323
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-2, 4.25% 2050		1,175		1,299
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2020-1, 3.50% 2051		160		178
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2015-A, 3.50% 2046		55		57
Housing Fin. Corp., Multi Family Mortgage Rev. Bonds (Mary Bethune Highrise), Series 2019-D-1, 1.70% 2022 (put 2021)		775		775
Housing Fin. Corp., Multi Family Mortgage Rev. Bonds (Valencia Park Apartments), Series 2021-A, FHA insured, 0.25% 2023 (put 2022)		595		596
JEA, Electric System Rev. Bonds, Series 2014-A-3, 5.00% 2022		600		641
JEA, Electric System Rev. Bonds, Series 2017-B, 5.00% 2026		500		605
JEA, Electric System Rev. Bonds, Series 2017-B-3, 5.00% 2026		340		417
JEA, Electric System Rev. Bonds, Series 2020-A-3, 5.00% 2030		50		66
JEA, Water and Sewer System Rev. Bonds, Series 2020-A, 5.00% 2033		625		821

6	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Florida (continued)
County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2020-A, 5.00% 2025	$	1,150	$	1,372
County of Miami-Dade, Expressway Auth., Toll System Rev. Bonds, Series 2014-A, BAM insured, 5.00% 2026		780		893
County of Miami-Dade, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2014-B, BAM insured, 5.00% 2026		760		870
County of Miami-Dade, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Platform 3750), Series 2021, 0.25% 2024 (put 2021)		510		511
County of Miami-Dade, Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. of Florida Project), Series 2007, 0.45% 2027 (put 2021)		1,885		1,887
County of Miami-Dade, Transit System Sales Surtax Rev. Bonds, Series 2012, 5.00% 2025 (preref. 2022)		25		26
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		164
Municipal Power Agcy., All-Requirements Power Supply Project Rev. Ref. Bonds, Series 2016-A, 5.00% 2026		1,000		1,230
County of Okaloosa, Mid-Bay Bridge Auth., Rev. Bonds, Series 2011-A, 7.25% 2040 (preref. 2021)		1,000		1,029
County of Orange, Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Presbyterian Retirement Communities Project), Series 2016, 5.00% 2031		300		332
County of Orange, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Jernigan Gardens), Series 2020-B, 0.35% 2023 (put 2022)		2,000		2,002
Orlando Utilities Commission, Utility System Rev. Ref. Bonds, Series 2011-B, 5.00% 2021		1,130		1,153
County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-C, 5.00% 2021		500		501
County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-C, 5.00% 2027		300		343
County of Polk, Utility System Rev. and Rev. Ref. Bonds, Series 2013, BAM insured, 5.00% 2043 (preref. 2023)		185		206
City of Pompano Beach, Rev. Bonds (John Knox Village Project), Series 2015, 5.00% 2023		630		691
County of St. Johns, Sweetwater Creek Community Dev. Dist., Capital Improvement Rev. Ref. Bonds, Series 2019-A-1, Assured Guaranty Municipal insured, 2.00% 2022		345		349
Counties of St. Johns and Duval, Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 2.625% 2024		1,065		1,126
City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), Series 2017, 5.00% 2021		500		507
City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), Series 2017, 5.00% 2024		500		573
City of Tallahassee, Energy System Rev. Ref. Bonds, Series 2020, 5.00% 2028		1,000		1,293
City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 2028		215		274
City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 2029		250		325
City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 2030		260		344
Dept. of Transportation Fncg. Corp., Rev. Bonds, Series 2020, 5.00% 2024		430		494
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Bonds, Series 2019-B, 5.00% 2028		1,000		1,293
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Rev. Ref. Bonds, Series 2021-B, 5.00% 2027		1,000		1,264
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Rev. Ref. Bonds, Series 2012-A, 4.00% 2028		1,040		1,046
Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2016-B, 5.00% 2021		190		192
County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.50% 2024		280		294
County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.50% 2025		285		302
County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.50% 2026		295		315
County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.50% 2027		300		322
County of Manatee, University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.50% 2028		305		328
University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.625% 2029		315		342
City of Winter Garden, Winter Garden Village at Fowler Groves Community Dev. Dist.,
Special Assessment Rev. Ref. Bonds, Series 2016, 3.00% 2024		695		708
				41,270

Georgia 1.84%
County of Appling, Dev. Auth., Pollution Control Rev. Bonds (Oglethorpe Power Corp. Scherer Project), Series 2013-A, 1.50% 2038 (put 2025)		885		908
City of Atlanta, Airport General Rev. Ref. Bonds, Series 2020-A, 5.00% 2026		1,000		1,229
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		285

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 (Georgia Power Co. Plant Vogtle Project), Series 2013, 2.925% 2053 (put 2024)	$	600	$	641
County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Oglethorpe Power Corp. Vogtle Project), Series 2013-A, 1.50% 2040 (put 2025)		685		703
City of East Point, Housing Auth., Multi Family Housing Rev. Bonds (Hillcrest Senior Apartments Projects), Series 2018, 2.25% 2022 (put 2021)²		675		676
G.O. Bonds, Series 2019-A, 5.00% 2028		1,000		1,297
Geo. L. Smith II Georgia World Congress Center Auth., Convention Center Hotel First Tier Rev. Bonds, Series 2021-A, 2.375% 2031		145		151
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2014-A-1, 4.00% 2044		300		312
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2015-A-1, 3.50% 2045		200		209
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2017-A, 4.00% 2047		470		505
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2019-A, 5.00% 2021		180		180
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2018-D, (3-month USD-LIBOR x 0.67 + 0.83%) 0.907% 2048 (put 2023)¹		155		156
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2019-B, 4.00% 2049 (put 2024)		980		1,096
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2019-C, 4.00% 2050 (put 2026)		1,500		1,740
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Ref. Bonds (Third Indenture Series), Series 2012-A, 5.00% 2030 (preref. 2022)		630		666
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 2029		120		151
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 2030		115		144
Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 2024		1,000		1,120
Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 2029		870		1,104
				13,273

Guam 0.07%
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2013, 5.25% 2024		450		494

Hawaii 0.18%
Airports System Rev. Bonds, Series 2018-D, 5.00% 2030		1,000		1,330

Idaho 0.15%
Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund), Series 2015-A, 5.00% 2022		1,000		1,057

Illinois 8.18%
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 4.00% 2021		250		251
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-D, 5.00% 2025		350		403
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 2026		1,000		1,131
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		1,222
City of Chicago, Chicago Midway Airport, Rev. and Rev. Ref. Bonds, Series 2014-B, 5.00% 2028		500		559
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2022		400		411
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2023		560		598
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2017-D, 5.00% 2026		1,135		1,361
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2012, Assured Guaranty Municipal insured, 5.00% 2023		500		516
City of Chicago, Wastewater Transmission Rev. Project Bonds, Series 2014, 5.00% 2028		385		430
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2023		200		221
City of Chicago, Water Rev. Ref. Bonds, Series 2004, 5.00% 2021		1,895		1,937
City of Chicago, Water Rev. Ref. Bonds, Series 2014, 5.00% 2023		200		220
City of Chicago, Water Rev. Ref. Bonds, Series 2017, 5.00% 2028		355		448
County of Cook, Community College Dist. No. 508 (City Colleges of Chicago), Unlimited Tax G.O. Bonds, Series 2013, 5.00% 2023		200		220
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		131
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		627
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		513

8	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Illinois (continued)
Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-A-1, 4.00% 2030	$	1,000	$	1,135
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2025		125		146
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2026		120		145
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 4.00% 2026		1,000		1,163
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2033		500		614
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2027		590		675
Fin. Auth., Rev. Bonds (Northshore University Heathsystem), Series 2020-A, 5.00% 2029		1,000		1,312
Fin. Auth., Rev. Bonds (Northshore University Heathsystem), Series 2020-A, 5.00% 2033		280		368
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2027		250		295
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2020-B-2, 5.00% 2050 (put 2026)		105		126
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2024		310		350
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2021-B, (SIFMA Municipal Swap Index + 0.70%) 0.76% 2042 (put 2026)¹		140		140
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2026		600		729
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2028		400		496
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2021		500		513
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2028		1,000		1,160
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2029		500		578
Fin. Auth., Rev. Bonds (The Carle Foundation), Series 2021-A, 5.00% 2029		350		459
Fin. Auth., Rev. Bonds (The Carle Foundation), Series 2021-A, 5.00% 2030		360		480
Fin. Auth., Rev. Bonds (University of Chicago), Series 2021-A, 5.00% 2025		270		320
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2021		545		549
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2026		1,000		1,227
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2026		770		914
Fin. Auth., Water Facs. Rev. Ref. Bonds (American Water Capital Corp. Project), Series 2020, 0.70% 2040 (put 2023)		215		215
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2021		1,150		1,176
G.O. Bonds, Series 2017-A, 5.00% 2021		500		513
G.O. Bonds, Series 2006-A, 5.00% 2021		200		201
G.O. Bonds, Series 2016, 5.00% 2022		130		134
G.O. Bonds, Series 2014, 5.00% 2022		110		115
G.O. Bonds, Series 2020-B, 5.00% 2026		1,000		1,202
G.O. Bonds, Series 2017-D, 5.00% 2027		1,205		1,462
G.O. Bonds, Series 2021-A, 5.00% 2028		750		923
G.O. Bonds, Series 2020-B, 5.00% 2029		2,090		2,636
G.O. Bonds, Series 2017-C, 5.00% 2029		175		209
G.O. Bonds, Series 2019-B, 4.00% 2033		500		575
G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2021		1,010		1,021
G.O. Rev. Ref. Bonds, Series 2018-A, 5.00% 2021		45		46
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2022		215		222
Housing Dev. Auth., Multi Family Housing Rev. Bonds (Concord Commons), Series 2021, 0.25% 2024 (put 2023)		810		811
Housing Dev. Auth., Multi Family Housing Rev. Notes (Marshall Field Garden Apartment Homes), Series 2015, (SIFMA Municipal Swap Index + 1.00%) 1.06% 2050 (put 2025)¹		2,000		2,050
Housing Dev. Auth., Rev. Bonds, Series 2019-A, 4.25% 2049		1,740		1,948
Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2022		1,465		1,525
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2017-B, 5.00% 2025		225		264
Municipal Electric Agcy., Power Supply System Rev. Ref. Bonds, Series 2015-A, 5.00% 2027		1,000		1,183
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.25% 2021		170		171
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2017, 5.00% 2023		620		678
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.50% 2023 (preref. 2021)		615		617
Sales Tax Securitization Corp., Sales Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2024		1,000		1,114
Sales Tax Securitization Corp., Sales Tax Securitization Bonds, Series 2020-A, BAM insured, 5.00% 2027		1,000		1,218
Sales Tax Securitization Corp., Sales Tax Securitization Rev. Ref. Bonds, Series 2017-A, 5.00% 2023		2,000		2,146
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-C, 5.00% 2025		1,180		1,375
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-A, 5.00% 2027		1,250		1,477
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-A, 5.00% 2028		1,110		1,308
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-C, 5.00% 2029		440		569
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2024		500		562
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2025		740		862
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2028		635		803
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Bonds, Series 2018-A, 5.00% 2025		135		158

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. Bonds, Series 2020-A, 5.00% 2028	$	1,000	$	1,268
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2005-A, National insured, 5.50% 2023		500		548
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2015-A, 5.00% 2026		500		583
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
				59,011

Indiana 1.15%
Bond Bank, Special Program Gas Rev. Bonds, Series 2007-A, 5.25% 2021		285		291
Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2019-C, 5.00% 2022		140		151
Fin. Auth., Hospital Rev. Bonds (Community Health Network Project), Series 2012-A, 5.00% 2042 (preref. 2023)		1,165		1,278
Fin. Auth., Rev. Bonds (Community Foundation of Northwest Indiana Obligated Group), Series 2012, 5.00% 2030 (preref. 2022)		515		536
Fin. Auth., State Revolving Fund Program Green Bonds, Series 2019-E, 5.00% 2022		750		777
City of Franklin, Econ. Dev. And Rev. Ref. Bonds (Otterbein Homes Obligated Group), Series 2019-B, 5.00% 2023		30		33
Health Fac. Fncg. Auth., Rev. Bonds (Ascension Health Subordinate Credit Group), Series 2005-A-1, 4.00% 2023		80		88
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 2048		1,960		2,171
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.75% 2049		170		189
Indianapolis Local Public Improvement Bond Bank Bonds, Series 2021-A, 5.00% 2026		390		468
Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2026		340		409
Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2027		330		408
Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2028		435		552
Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2029		265		344
Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2030		435		573
				8,268

Iowa 0.40%
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2019-A-2, 2.875% 2049		55		55
Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2019-A, 4.00% 2047		900		1,020
PEFA Inc., Gas Project Rev. Bonds, Series 2019, 5.00% 2049 (put 2026)		1,000		1,212
Tobacco Settlement Auth., Tobacco Settlement Asset-Backed Bonds, Series 2021-A-2, 5.00% 2031		320		426
Tobacco Settlement Auth., Tobacco Settlement Asset-Backed Bonds, Series 2021-A-2, 5.00% 2033		135		177
				2,890

Kansas 0.16%
Turnpike Auth., Rev. Ref. Bonds, Series 2020-A, 3.00% 2025		950		1,056
Unified Government of Wyandotte County, Board of Public Utilities, Utility System Improvement Rev. Bonds, Series 2012-B, 5.00% 2026 (preref. 2022)		110		117
				1,173

Kentucky 0.84%
Econ. Dev. Fin. Auth., Health System Rev. Bonds (Norton Healthcare, Inc.), Capital Appreciation Bonds, Series 2000-B, National insured, 0% 2027		1,000		891
Housing Corp., Multi Family Housing Rev. Bonds (New Hope Properties Portfolio Project), Series 2021, 0.41% 2024 (put 2023)		1,575		1,580
Housing Corp., Multi Family Housing Rev. Bonds (Winterwood II Rural Housing Portfolio), Series 2021, 0.37% 2024 (put 2023)		635		636
County of Owen, Water Facs. Rev. Ref. Bonds (Kentucky - American Water Co. Project), Series 2019, 2.45% 2039 (put 2029)		750		804
Public Energy Auth., Gas Supply Rev. Bonds, Series 2018-A, 4.00% 2048 (put 2024)		410		450

10	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Kentucky (continued)
Public Energy Auth., Gas Supply Rev. Bonds, Series 2019-A-1, 4.00% 2049 (put 2025)	$	1,180	$	1,332
Public Energy Auth., Gas Supply Rev. Bonds, Series 2018-B, 4.00% 2049 (put 2025)		185		206
County of Warren, Hospital Rev. Ref. Bonds (Bowling Green - Warren County Community Hospital Corp.), Series 2021-A, 5.00% 2022		135		141
				6,040

Louisiana 2.26%
Parish of East Baton Rouge, Road and Street Improvement Sales Tax Rev. Ref. Bonds, Series 2020, Assured Guaranty Municipal insured, 5.00% 2022		85		90
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		1,532
Parish of East Baton Rouge, Sewerage Commission, Multi Modal Rev. Ref. Bonds, Series 2021-A, 5.00% 2023		25		27
Parish of East Baton Rouge, Sewerage Commission, Multi Modal Rev. Ref. Bonds, Series 2021-A, 5.00% 2024		25		28
Parish of East Baton Rouge, Sewerage Commission, Multi Modal Rev. Ref. Bonds, Series 2021-A, 5.00% 2025		40		47
Parish of East Baton Rouge, Sewerage Commission, Multi Modal Rev. Ref. Bonds, Series 2021-A, 1.30% 2041 (put 2028)		1,270		1,298
Parish of East Baton Rouge, Sewerage Commission, Rev. Ref. Bonds, Series 2020-A, 5.00% 2026		1,135		1,368
Gasoline and Fuels Tax Rev. Ref. Bonds, Series 2017-D-1, 0.60% 2043 (put 2023)		2,000		2,003
Housing Corp., Single Family Mortgage Rev. Bonds (Home Ownership Program), Series 2021-B, 3.00% 2051		755		830
Parish of Jefferson, Sales Tax Rev. Ref. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 5.00% 2027		1,000		1,262
Local Government Environmental Facs. and Community Dev. Auth., Rev. Ref. Bonds (Entergy Louisiana, LLC Projects), Series 2021-A, 2.00% 2030		105		107
Louisiana Stadium and Exposition Dist., Rev. Ref. Bonds, Series 2013-A, 5.00% 2022		1,500		1,580
Offshore Terminal Auth., Deepwater Port Rev. Bonds (Loop LLC Project), Series 2007-A, 1.65% 2027 (put 2023)		905		920
Public Facs. Auth., Hospital Rev. Ref. Bonds (Lafayette General Health System Project), Series 2016-A, 5.00% 2041 (preref. 2025)		1,000		1,206
Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2011, 6.75% 2041 (preref. 2021)		350		351
Parish of St. Charles, Gulf Opportunity Zone Rev. Bonds (Valero Project), Series 2010, 4.00% 2040 (put 2022)		2,000		2,077
Parish of St. John the Baptist, Rev. Ref. Bonds (Marathon Oil Corp. Project), Series 2017-B-1, 2.125% 2037 (put 2024)		285		294
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 3.00% 2022		115		120
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 4.00% 2023		105		114
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 5.00% 2024		80		93
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 4.00% 2025		145		166
City of Shreveport, Water and Sewer Rev. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 5.00% 2026		140		173
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2021		540		541
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2023		90		98
				16,325

Maine 0.42%
Health and Higher Educational Facs. Auth., Rev. Bonds (MaineGeneral Medical Center Issue), Series 2011, 7.00% 2041 (preref. 2021)		2,000		2,022
Housing Auth., Mortgage Purchase Bonds, Series 2017-A, 4.00% 2047		405		433
Municipal Bond Bank, Grant Anticipation Bonds, Series 2018-A, 5.00% 2026		500		611
				3,066

Maryland 0.87%
Community Dev. Administration, Dept. of Housing and Community Dev., Multi Family Housing Dev. Rev. Bonds (Somerset Extension), Series 2019-H, 1.795% 2022		215		217
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2014-C, 4.00% 2044		280		297
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2018-A, 4.50% 2048		1,915		2,169

Private Client Services Funds

Capital Group Core 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 2017-A, 4.00% 2048	$	630	$	684
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2018-A, 4.00% 2049		1,650		1,803
County of Prince George, G.O. Consolidated Public Improvement Bonds, Series 2011-A, 5.00% 2026 (preref. 2021)		35		36
Transportation Auth., Transportation Facs. Projects Rev. Bonds, Series 2020. 5.00% 2033		745		990
Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2011, 3.00% 2021		65		65
				6,261

Massachusetts 0.45%
Dev. Fin. Agcy., Rev. Bonds (Mass General Brigham Issue), Series 2020-A-2, 5.00% 2023		1,350		1,489
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2017-S, 5.00% 2024		1,000		1,148
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 169, 4.00% 2044		190		196
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 172, 4.00% 2045		390		408
				3,241

Michigan 2.95%
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Bonds, Series 2012-A, 5.00% 2032 (preref. 2022)		185		195
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2047 (preref. 2022)		2,555		2,752
Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 2026		1,500		1,849
Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2015-D-1, 0.15% 2021		95		95
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		295
Fin. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2020-A-1, 5.00% 2026		105		127
Fin. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2020-A, 5.00% 2028		1,000		1,275
Fin. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2020-A-1, 5.00% 2029		205		266
Great Lakes Water Auth., Water Supply System Rev. Bonds, Series 2020-B, 5.00% 2032		500		659
Hospital Fin. Auth., Hospital Rev. Bonds (Trinity Health Credit Group), Series 2009-B, 5.00% 2048 (preref. 2022)		615		647
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2008-C, 5.00% 2021		650		668
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2008-C, 5.00% 2022		475		511
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2012-C, 5.00% 2026 (preref. 2022)		400		421
Housing Dev. Auth., Multi Family Housing Rev. Bonds, Series 2020, 0.32% 2023 (put 2022)		1,000		1,003
Housing Dev. Auth., Rental Housing Rev. Bonds, Series 2019-A-1, 1.50% 2022		1,250		1,251
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 2047		535		571
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 2048		300		323
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-A, 4.00% 2048		700		764
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 2049		1,915		2,119
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 2049		910		1,015
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.50% 2050		995		1,103
Board of Trustees of Michigan State University, Rev. Bonds, Series 2019-B, 5.00% 2023		300		326
Board of Trustees of Michigan State University, Rev. Bonds, Series 2019-B, 5.00% 2030		700		908
County of Monroe, Econ. Dev. Corp., Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Project), Series 1992-AA, National insured, 6.95% 2022		1,000		1,089
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), Series 1995-CC, 1.45% 2030 (put 2021)		1,000		1,004
				21,276

Minnesota 1.37%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-B, 4.00% 2038		305		325
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2012-D, 4.00% 2040		10		10
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-B, 3.50% 2046		770		821
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-B, 4.00% 2047		630		680
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-B, 4.00% 2048		415		453
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-E, 4.00% 2048		335		365


12	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Minnesota (continued)
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-E, 4.25% 2049	$	1,845	$	2,053
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2019-B, 4.25% 2049		845		946
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-E, 3.50% 2050		300		332
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2021-B, 3.00% 2051		535		588
City of Rochester, Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2011-C, 4.50% 2038 (put 2021)		1,000		1,022
Regents of the University of Minnesota, G.O. Bonds, Series 2011-D, 5.00% 2029 (preref. 2021)		1,265		1,301
Regents of the University of Minnesota, G.O. Rev. Ref. Bonds, Series 2017B, 5.00% 2021		960		987
				9,883

Mississippi 0.53%
Gaming Tax Rev. Bonds, Series 2019-A, 5.00% 2023		850		944
Gaming Tax Rev. Ref. Bonds, Series 2015-E, 5.00% 2026		500		586
Home Corp., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 2048		705		777
Hospital Equipment and Facs. Auth., Rev. Bonds (Baptist Memorial Health Care), Series 2015-A, 5.00% 2021		1,490		1,509
				3,816

Missouri 1.23%
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (BJC Health System), Series 2021-B, 5.00% 2052 (put 2028)		2,360		3,001
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Saint Luke’s Health System, Inc.), Series 2016, 5.00% 2026		1,435		1,741
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2016-B, 3.50% 2041		1,570		1,664
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2017-B, 3.25% 2047		353		379
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2020-A, 3.50% 2050		595		658
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2021-A, 3.00% 2052		600		659
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2015-A, 3.75% 2038		110		118
City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2019-C, 5.00% 2031		500		640
				8,860

Montana 0.02%
Board of Housing, Single Family Mortgage Bonds, Series 2016-A-2, 3.50% 2044		135		143

Nebraska 0.67%
Central Plains Energy Project, Gas Project Rev. Bonds (Project No. 3), Series 2012, 5.00% 2032 (preref. 2022)		1,190		1,265
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-A, 3.00% 2043		25		25
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2014-A, 4.00% 2044		140		149
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2015-C, 3.50% 2045		355		372
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-C, 3.50% 2046		130		133
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-C, 4.00% 2048		1,920		2,115
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-A, 4.00% 2048		720		791
				4,850

Nevada 1.12%
Clark County School Dist., Limited Tax G.O. Building and Rev. Ref. Bonds, Series 2017-C, 5.00% 2027		750		931
Clark County School Dist., Limited Tax G.O. School Bonds, Series 2015-D, 5.00% 2022		500		527
County of Clark, Airport System Rev. Ref. Bonds., Series 2019-D, 5.00% 2024		2,000		2,295
County of Clark, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2019-E, 5.00% 2029		770		1,016
County of Clark, Pollution Control Rev. Ref. Bonds (Nevada Power Co. Projects), Series 2017, 1.65% 2036 (put 2023)		1,355		1,389
City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Limited Obligation Rev. Ref. Bonds, Series 2017, 2.00% 2023		445		457

Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Nevada (continued)
Housing Division, Multi Unit Housing Rev. Bonds (Pinewood Terrace Apartments), Series 2021, 0.26% 2024 (put 2022)	$	245	$	245
Las Vegas Valley Water Dist., Limited Tax G.O. Water Improvement and Rev. Ref. Bonds, Series 2016-A, 5.00% 2027		450		550
Las Vegas Valley Water Dist., Limited Tax G.O. Water Rev. Ref. Bonds, Series 2020-A, 5.00% 2024		595		682
				8,092

New Hampshire 0.31%
Health and Education Facs. Auth., Rev. Bonds (Southern New Hampshire University), Series 2012, 4.00% 2022 (escrowed to maturity)		575		590
Health and Education Facs. Auth., Rev. Bonds (Southern New Hampshire University), Series 2017, 5.00% 2022 (escrowed to maturity)		320		330
Health and Education Facs. Auth., Rev. Bonds (University System of New Hampshire Issue), Series 2017-A, 5.00% 2022		500		528
Health and Education Facs. Auth., Rev. Bonds (University System of New Hampshire Issue), Series 2017-A, 5.00% 2023		600		660
National Fin. Auth., Municipal Certificates, Series 2020-1, Class A, 4.125% 2034		98		116
				2,224

New Jersey 1.68%
Atlantic City, Tax Appeal Rev. Ref. Bonds, Series 2017-A, BAM insured, 5.00% 2022		200		207
Econ. Dev. Auth., School Facs. Construction Bonds, Series 2021-QQQ, 5.00% 2029		500		638
Econ. Dev. Auth., Water Facs. Rev. Ref. Bonds (American Water Co., Inc. Project), Series 2020-A, 1.00% 2023		2,025		2,053
Garden State Preservation Trust, Open Space and Farmland Preservation Rev. Ref. Bonds, Series 2012-A, 5.00% 2021		200		204
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Pilgram Baptist Village I & II), Series 2019-E, 1.50% 2022 (put 2021)		630		633
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 2048		375		424
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2019-C, 4.75% 2050		220		251
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2021		3,385		3,397
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2022		1,185		1,245
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2023		500		548
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2029		225		283
Transit Corp., Grant Anticipation Notes (Federal Transit Administration Section 5307 Urbanized Area Formula Funds), Series 2014-A, 5.00% 2021		1,000		1,016
Transportation Trust Fund Auth., Transportation System Bonds, Series 2019-A, 5.00% 2028		750		953
Turnpike Auth., Turnpike Rev. Bonds, Series 2020-D, 5.00% 2028		240		292
				12,144

New Mexico 1.35%
Albuquerque Municipal School Dist. No. 12, G.O. School Bonds, Series 2021-A, 5.00% 2027		400		502
City of Farmington, Pollution Control Rev. Ref. Bonds (Public Service Co. of San Juan Project), Series 2010-D, 1.10% 2040 (put 2023)		500		506
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		2,657
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2018-B-1, Class I, 4.00% 2049		890		981
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-C-1, Class I, 4.00% 2050		145		161
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-A-1, Class I, 4.25% 2050		2,560		2,863
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2021-A, Class I, 3.00% 2052		865		950
Municipal Energy Acquisition Auth., Gas Supply Rev. Ref. and Acquisition Bonds, Series 2019, 5.00% 2039 (put 2025)		945		1,105
				9,725

New York 9.26%
Build NYC Resource Corp., Rev. Ref. Bonds (Ethical Culture Fieldston School Project), Series 2015, 5.00% 2024		395		446
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-A, 5.00% 2022		200		208
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2028		1,000		1,277
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 5.00% 2030		2,000		2,643
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2030		1,500		1,870

14	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New York (continued)
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 2030	$	605	$	798
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-A, 5.00% 2032		1,000		1,326
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2014-A, 5.00% 2022		200		208
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-C, 5.00% 2028		1,000		1,278
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2018-E, 5.00% 2035		400		507
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2018-H, 2.75% 2022		660		661
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2019-P, 1.55% 2023		705		706
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-E, 0.85% 2024		345		346
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-L-2, 0.75% 2025		1,500		1,501
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-M-2, 0.75% 2025		275		275
Long Island Power Auth., Electric System General Rev. Bonds, Series 2014-C, (1-month USD-LIBOR x 0.70 + 0.75%) 0.831% 2033 (put 2023)¹		1,000		1,001
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-C, (1-month USD-LIBOR x 0.70 + 0.75%) 0.831% 2033 (put 2023)¹		840		841
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2023		375		419
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-C, 5.00% 2032 (preref. 2022)		1,000		1,075
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-2, (SIFMA Municipal Swap Index + 0.45%) 0.51% 2044 (put 2022)¹		750		746
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, 5.00% 2045 (put 2030)		2,180		2,814
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-C, 5.00% 2047 (preref. 2022)		1,000		1,075
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2015-C-1, 5.00% 2026		145		173
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2-A-2, Assured Guaranty Municipal insured, (USD-SOFR x 0.67 + 0.80%) 0.806% 2032 (put 2026)¹		315		315
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-B, 5.00% 2023		1,000		1,117
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2023		305		341
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2024		165		192
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2025		250		300
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2026		2,655		3,266
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2027		535		672
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2029		300		375
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044		1,170		1,249
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 203, 3.50% 2047		1,100		1,182
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 2047		825		915
New York City G.O. Bonds, Series 1994-A-4, 5.00% 2021		645		653
New York City G.O. Bonds, Series 2016-E, 5.00% 2021		150		152
New York City G.O. Bonds, Series 2021-A-1, 5.00% 2026		2,000		2,454
New York City G.O. Bonds, Series 2020-C-1, 5.00% 2028		2,000		2,565
New York City G.O. Bonds, Series 2018-A, 5.00% 2028		565		710
New York City G.O. Bonds, Series 2020-C-1, 5.00% 2030		2,350		3,118
New York City G.O. Bonds, Series 2018-E-1, 5.00% 2031		1,635		2,046
New York City G.O. Bonds, Series 2020-C-1, 5.00% 2032		2,030		2,672
New York City G.O. Bonds, Series 2012-D-1, 5.00% 2036 (preref. 2021)		985		1,005
New York City G.O. Bonds, Series 2015-F-4, 5.00% 2044 (put 2025)		290		341
New York City Health and Hospitals Corp., Health System Bonds, Series 2013-A, 5.00% 2023		1,000		1,085
New York City Health and Hospitals Corp., Health System Bonds, Series 2020-A, 5.00% 2024		375		423
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (8 Spruce Street), Series 2014-E, 3.50% 2048		320		325
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 2016-C-2, 0.23% 2050 (put 2022)		190		190
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Dev. Bonds), Series 2021-C-2, 0.70% 2060 (put 2025)		325		324
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-G-2-A, 2.00% 2057 (put 2021)		2,190		2,191
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2020-I-2, 0.70% 2060 (put 2025)		700		702
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2018-DD-2, 5.00% 2021 (escrowed to maturity)		265		266
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2021-BB-2, 4.00% 2024		500		559
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2021-DD, 5.00% 2029		465		614

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 Transitional Fin. Auth., Future Tax Secured Bonds, Series 2020-A-1, 5.00% 2022	$	35	$	37
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2021-E-1, 5.00% 2023		65		71
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2020-C-1, 5.00% 2026		365		452
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2020-C-1, 5.00% 2031		760		1,018
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2020-C-1, 5.00% 2032		110		146
New York City Transitional Fin. Auth., Future Tax Secured Rev. Bonds, Series 2021-F-1, 5.00% 2024		1,025		1,192
Town of Oyster Bay, Public Improvement Rev. Ref. Bonds, Series 2021, 2.00% 2022		150		152
Town of Oyster Bay, Public Improvement Rev. Ref. Bonds, Series 2021, 4.00% 2023		140		149
Public Housing Capital Fund Rev. Trust I, Trust Certificates, Series 2012, 4.50% 2022³		105		106
County of Suffolk, Econ. Dev. Corp., Rev. Ref. Bonds (Peconic Landing at Southold, Inc. Project), Series 2010, 3.125% 2025		225		238
Transitional Fin. Auth., Building Aid Rev. Bonds, Series 2017-S-1, 5.00% 2026		1,180		1,449
Transportation Dev. Corp., Special Fac. Rev. Bonds (Terminal Four John F. Kennedy International Airport Project), Series 2020-C, 5.00% 2029		355		464
City of Troy, Capital Resource Corp., Rev. Ref. Bonds (Rensselaer Polytechnic Institute Project), Series 2020-A, 5.00% 2030		155		204
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 5.00% 2028		295		376
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 5.00% 2032		2,000		2,653
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 5.00% 2033		1,275		1,682
Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 2025		95		107
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		1,550
City of Yonkers, G.O. Bonds, Series 2011-A, Assured Guaranty Municipal insured, 5.00% 2024 (preref. 2024)		80		82
				66,801

North Carolina 1.60%
City of Durham, Utility System Rev. and Rev. Ref. Bonds, Series 2011, 5.00% 2041 (preref. 2021)		280		281
City of Goldsboro, Multi Family Housing Rev. Bonds (Grand at Day Point), Series 2021, 0.28% 2024 (put 2023)		1,725		1,724
Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 40, 4.25% 2047		995		1,101
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 38-B, 4.00% 2047		1,135		1,230
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 44, 4.00% 2050		260		293
Medical Care Commission, Health Care Facs. First Mortgage Rev. Bonds (The Presbyterian Homes Obligated Group), Series 2020-A, 4.00% 2027		55		65
Raleigh-Durham Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 2022		1,705		1,788
Turnpike Auth., Triangle Expressway System, Turnpike Rev. Bond Anticipation Notes, Series 2020, 5.00% 2024		955		1,076
University of North Carolina at Chapel Hill, General Rev. Bonds, Series 2012-B, (1-month USD-LIBOR x 0.67 + 0.40%) 0.477% 2041 (put 2022)¹		1,480		1,486
University of North Carolina at Charlotte, General Rev. Ref. Bonds, Series 2017-A, 5.00% 2023		1,000		1,113
Board of Governors of the University of North Carolina at Chapel Hill, General Rev. Ref. Bonds, Series 2019-A, 0.427% 2041 (put 2021)¹		70		70
County of Wake, G.O. Public Improvement Bonds, Series 2014, 5.00% 2021		55		56
County of Wake, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2022		1,190		1,243
				11,526

North Dakota 0.33%
Housing Fin. Agcy., Homeownership Rev. Bonds (Home Mortgage Fin. Program), Series 2016-D, 3.50% 2046		1,085		1,165
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-B, 4.00% 2036		255		268
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2012-A, 3.75% 2042		75		77
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-D, 4.00% 2048		340		370
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-F, 4.00% 2048		255		278
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2019-A, 4.25% 2049		185		205
				2,363

Ohio 2.63%
Akron, Bath and Copley Joint Township Hospital Dist., Hospital Facs. Rev. Ref. Bonds (Summa Health Obligated Group), Series 2020, 5.00% 2028		680		849
Akron, Bath and Copley Joint Township Hospital Dist., Hospital Facs. Rev. Ref. Bonds (Summa Health Obligated Group), Series 2020, 5.00% 2030		350		447
Akron, Bath and Copley Joint Township Hospital Dist., Hospital Facs. Rev. Ref. Bonds (Summa Health Obligated Group), Series 2020, 5.00% 2031		40		51

16	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Ohio (continued)
County of Allen, Hospital Facs. Rev. Bonds (Bon Secours Mercy Health, Inc.), Series 2020-A, 5.00% 2027	$	1,500	$	1,898
County of Allen, Hospital Facs. Rev. Bonds (Bon Secours Mercy Health, Inc.), Series 2020-A, 5.00% 2030		400		527
County of Allen, Hospital Facs. Rev. Bonds (Mercy Health), Series 2017-A, 5.00% 2022		810		858
County of Allen, Hospital Facs. Rev. Bonds (Mercy Health), Series 2017-A, 5.00% 2027		570		715
County of Allen, Hospital Facs. Rev. Bonds (Mercy Health), Series 2017-B, 5.00% 2047 (put 2022)		575		602
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2025		1,000		1,032
G.O. Common Schools Rev. Ref. Bonds, Series 2012-C, 5.00% 2021		1,000		1,018
G.O. Common Schools Rev. Ref. Bonds, Series 2021-B, 5.00% 2028		685		891
G.O. Conservation Projects Bonds, Series 2019-A, 2.00% 2022		65		66
G.O. Higher Education Bonds, Series 2021-A, 5.00% 2025		155		183
G.O. Higher Education Bonds, Series 2021-A, 5.00% 2027		310		390
County of Hamilton, Hospital Facs. Rev. Bonds (UC Health), Series 2014, 5.00% 2025		400		448
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Pinzone Tower Apartments Project), Series 2021, 0.28% 2023 (put 2022)		655		655
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2017-D, 4.00% 2048		360		392
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2019-A, 4.50% 2049		675		759
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2020-A, 3.75% 2050		645		725
Major New State Infrastructure Project Rev. Bonds, Series 2019-1, 5.00% 2028		700		913
Major New State Infrastructure Project Rev. Bonds, Series 2019-1, 5.00% 2029		300		399
North East Ohio Regional Sewer Dist., Wastewater Improvement Rev. and Rev. Ref. Bonds, Series 2014, 5.00% 2044 (preref. 2024)		1,000		1,166
Public Facs. Commission, Higher Education G.O. Bonds, Series 2015-C, 5.00% 2028		1,000		1,176
Rev. Bonds (Premier Health Partners Obligated Group), Series 2020, 5.00% 2033		85		108
Madison Local School Dist., School Improvement Rev. Ref. Bonds, Series 2014, 5.25% 2037 (preref. 2022)		1,095		1,155
Turnpike and Infrastructure Commission, Rev. Bonds, Series 2013-A-1, 5.00% 2025		115		125
Water Dev. Auth., Drinking Water Assistance Fund Rev. Bonds, Series 2019, 5.00% 2023		500		562
Water Dev. Auth., Water Dev. Rev. Bonds, Series 2013-A, 5.00% 2023		155		171
Water Dev. Auth., Water Pollution Control Loan Fund Rev. Bonds, Series 2020-A, 5.00% 2032		500		667
				18,948

Oklahoma 0.43%
Capital Improvement Auth., State Highways Capital Improvement Rev. Ref. Bonds (Oklahoma Dept. of Transportation Project), Series 2020-A, 5.00% 2021		595		599
Capital Improvement Auth., State Highways Capital Improvement Rev. Ref. Bonds (Oklahoma Dept. of Transportation Project), Series 2020-A, 5.00% 2023		595		656
Housing Fin. Agcy., Collateralized Rev. Bonds (Deer Park & Apple Run Apartments), Series 2019, 1.60% 2022		750		751
Board of Regents of Oklahoma State University, General Rev. Ref. Bonds, Series 2020-A, 5.00% 2025		800		957
Board of Regents of Oklahoma State University, General Rev. Ref. Bonds, Series 2020-A, 5.00% 2032		120		160
				3,123

Oregon 0.99%
County of Deschutes, Deschutes Public Library Dist., G.O. Bonds, Series 2021, 4.00% 2029		225		278
County of Deschutes, Deschutes Public Library Dist., G.O. Bonds, Series 2021, 4.00% 2030		265		331
Facs. Auth., Rev. Bonds (University of Portland Projects), Series 2015-A, 5.00% 2031		600		678
G.O. Bonds (Veteran’s Welfare Bonds Series 94), Series 2014-H, 4.00% 2044		205		206
G.O. Bonds (Veteran’s Welfare Bonds Series 99B), Series 2020, 3.50% 2050		285		316
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2017-A, 4.00% 2047		800		866
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2016-A, 4.00% 2047		515		550
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2018-A, 4.50% 2049		170		186
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2020-C, 3.00% 2052		1,245		1,363
Dept. of Transportation, Highway User Tax Rev. Ref. Bonds, Series 2012-A, 5.00% 2025 (preref. 2022)		1,000		1,075
Warrenton-Hammond School Dist. No. 30, G.O. Bonds, Series 2019-B, 5.00% 2027		1,040		1,313
				7,162

Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Pennsylvania 2.86%
County of Allegheny, Airport Auth., Airport Rev. Bonds, Series 2013-A, 5.00% 2022	$	400	$	415
County of Allegheny, Hospital Dev. Auth., UPMC Rev. Bonds, Series 2019-A, 5.00% 2022		1,000		1,059
County of Allegheny, Sanitary Auth., Sewer Rev. Bonds, Series 2020-A, 5.00% 2026		500		608
County of Butler, Hospital Facs. Rev. Bonds (Butler Health System Project), Series 2015-A, 4.00% 2021		325		327
Fncg. Auth., Rev. Bonds, Series 2013-A-2, 5.00% 2027 (preref. 2022)		500		526
Cumberland Valley School Dist., G.O. Bonds, Series 2015, 5.00% 2032 (preref. 2023)		150		168
Cumberland Valley School Dist., G.O. Bonds, Series 2015, 5.00% 2034 (preref. 2023)		130		146
Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2004-A, 2.15% 2021		200		202
Econ. Dev. Fncg. Auth., UPMC Rev. Bonds, Series 2021-A, 5.00% 2028		1,500		1,936
Fncg. Auth., Rev. Bonds, Series 2013-A-2, 5.00% 2042 (preref. 2022)		580		611
Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), Series 2018, 5.00% 2021		375		376
G.O. Bonds, Series 2011-1, 5.00% 2025 (preref. 2021)		700		718
General Auth. of Southcentral Pennsylvania, Rev. Bonds (Wellspan Health Obligated Group), Series 2019-B, (SIFMA Municipal Swap Index + 0.60%) 0.66% 2049 (put 2024)¹		455		459
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046		1,145		1,238
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2020-133, 3.00% 2050		1,010		1,102
County of Montgomery, Higher Education and Health Auth., Hospital Rev. Bonds (Abington Memorial Hospital Obligated Group), Series 2012-A, 5.00% 2031 (preref. 2022)		350		368
County of Montgomery, Higher Education and Health Auth., Rev. Bonds (Thomas Jefferson University), Series 2018-C, 0.78% 2051 (put 2023)¹		400		400
County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Foulkeways at Gwynedd Project), Series 2016, 5.00% 2026		400		458
County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Waverly Heights Ltd.), Series 2019, 4.00% 2021		100		102
County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Waverly Heights Ltd.), Series 2019, 4.00% 2023		125		135
County of Montour, Geisinger Auth. Health System Rev. Bonds (Geisinger Health System), Series 2020-B, 5.00% 2043 (put 2027)		1,000		1,230
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%) 1.121% 2048 (put 2022)¹		175		176
Philadelphia School Dist., G.O. Bonds, Series 2019-A, 5.00% 2022		1,050		1,116
Philadelphia School Dist., G.O. Bonds, Series 2016-F, 5.00% 2025		415		486
Philadelphia School Dist., G.O. Rev. Ref. Bonds, Series 2016-F, 5.00% 2023		1,500		1,652
Scranton School Dist., G.O. Bonds, Series 2017-E, BAM insured, 5.00% 2026		1,000		1,225
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2042 (preref. 2022)		575		619
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2029 (preref. 2021)		1,315		1,352
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2030 (preref. 2021)		335		344
Turnpike Commission, Turnpike Rev. Bonds (Motor License Fund), Series 2012-A, 5.00% 2026 (preref. 2021)		1,000		1,028
County of Westmoreland, Industrial Dev. Auth., Health System Rev. Bonds (Excela Health Project), Series 2020-A, 4.00% 2024		60		66
				20,648

Rhode Island 0.10%
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2023		500		550
Housing and Mortgage Fin. Corp., Multi Family Dev. Bonds, Series 2021-A-1, 0.45% 2040 (put 2023)		195		195
				745

South Carolina 1.14%
County of Charleston, G.O. Capital Improvement Transportation Sales Tax Bonds, Series 2011, 5.00% 2024 (preref. 2021)		515		527
City of Columbia, Housing Auth., Multi Family Housing Rev. Bonds (Palmetto Terrace Apartments Project), Series 2021, 0.31% 2024 (put 2023)		460		460
City of Columbia, Waterworks and Sewer System Rev. Bonds, Series 2019-A, 5.00% 2028		100		128
City of Columbia, Waterworks and Sewer System Rev. Bonds, Series 2013, 5.00% 2043 (preref. 2023)		1,000		1,085
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-A, 4.00% 2047		420		449
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-B, 4.00% 2047		115		124
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2020-A, 4.00% 2050		775		878
Housing Fin. and Dev. Auth., Mortgage Rev. Ref. Bonds, Series 2016-A, 4.00% 2036		585		634
County of Lexington, Health Services Dist., Inc., Hospital Rev. Ref. Bonds, Series 2017, 5.00% 2022		600		642
County of Lexington, Health Services Dist., Inc., Hospital Rev. Ref. Bonds, Series 2017, 5.00% 2024		500		578
Patriots Energy Group Fncg. Agcy., Gas Supply Rev. Bonds, Series 2018-A, 4.00% 2048 (put 2024)		180		196

18	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 2014-C, 5.00% 2021	$	500	$	514
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2022		350		376
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2023		125		140
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-D, 5.00% 2028		510		537
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-D, 5.00% 2028 (preref. 2022)		490		516
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2011-C, 5.00% 2036		340		349
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2015-A, 5.00% 2028		100		117
				8,250

South Dakota 0.89%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-E, 4.00% 2044		685		722
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2016-D, 3.50% 2046		960		1,024
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2017-B, 4.00% 2047		1,325		1,442
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-B, 4.50% 2048		1,585		1,778
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2019-B, 4.00% 2049		345		382
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2020-C, 3.50% 2051		995		1,109
				6,457

Tennessee 0.49%
Town of Greeneville, Health and Educational Facs. Board, Multi Family Housing Rev. Bonds (People RD Portfolio Project), Series 2019, 1.45% 2022 (put 2021)		20		20
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-1-C, 4.50% 2037		75		77
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-2-C, 4.00% 2038		75		76
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-2-B, 4.00% 2042		530		576
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-1, 4.00% 2042		530		575
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2015-2-A, 4.00% 2046		535		572
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2020-3-A, 3.50% 2050		110		122
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2015-2-A, 3.75% 2050		470		525
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2019-1, 4.25% 2050		905		1,005
				3,548

Texas 15.13%
Alvarado Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2023		795		862
Alvin Independent School Dist., Unlimited Tax Schoolhouse and Rev. Ref. Bonds, Series 2020, 5.00% 2025		600		704
Alvin Independent School Dist., Unlimited Tax Schoolhouse and Rev. Ref. Bonds, Series 2020, 5.00% 2027		225		281
Angleton Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2025		620		727
Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Uplift Education), Series 2017-A, 5.00% 2023		885		990
Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Uplift Education), Series 2017-A, 5.00% 2024		400		464
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 5.00% 2026		400		486
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 5.00% 2028		595		756
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 5.00% 2029		235		304
Arlington Higher Education Fin. Corp., Education Rev. Bonds (KIPP Texas, Inc.), Series 2019, 5.00% 2026		1,900		2,324
Arlington Higher Education Fin. Corp., Education Rev. Bonds (KIPP Texas, Inc.), Series 2019, 5.00% 2027		1,000		1,254
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Responsive Education Solutions), Series 2021-A, 5.00% 2029		510		667
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Responsive Education Solutions), Series 2021-A, 5.00% 2030		485		645
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, 5.00% 2028		650		833
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2017-B, 5.00% 2026		450		554
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 2027		460		545
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2017-B, 5.00% 2027		250		311
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 2028		475		558
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 2029		395		462
Arlington Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020, 5.00% 2026		325		395

Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Texas (continued)
Austin Affordable PFC, Inc., Multi Family Housing Rev. Bonds (Bridge at Turtle Creek Apartments), Series 2020, 0.42% 2040 (put 2023)	��	$	1,000	$	1,002
City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2015-A, 5.00% 2030			740		889
Beaumont Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2026			1,500		1,816
County of Bexar, Hospital Dist., Limited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2031			480		604
Brazosport Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2022			115		119
Canyon Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2027			1,000		1,246
Capital Area Housing Fin. Corp., Multi Family Housing Rev. Bonds (Mission Trail at El Camino Real Apartments), Series 2019, 2.10% 2037 (put 2022)			1,080		1,084
Capital Area Housing Fin. Corp., Multi Family Housing Rev. Bonds (Redwood Apartments), Series 2020, 0.41% 2041 (put 2024)			3,920		3,930
Carroll Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2026			970		1,178
Carrollton-Farmers Branch Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 5.00% 2023			230		250
Central Texas Regional Mobility Auth., Rev. Bond Anticipation Notes, Series 2021-C, 5.00% 2027			320		380
Channelview Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 5.00% 2023			1,040		1,155
Clear Creek Independent School Dist., Unlimited Tax School Building Bonds, Series 2018, 5.00% 2028			1,100		1,369
Clifton Higher Education Fin. Corp., Education Rev. and Ref. Bonds (Idea Public Schools), Series 2017, 5.00% 2027			1,360		1,715
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2018, 5.00% 2025			500		596
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2019, 5.00% 2026			1,000		1,228
Collin County Community College Dist., G.O. Bonds, Series 2020-A, 5.00% 2032			680		893
Conroe Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2022			220		228
Conroe Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2016, 5.00% 2025			1,190		1,399
Corpus Christi Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020, 5.00% 2027			675		853
Corpus Christi Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2019, 5.00% 2027			530		670
Port of Corpus Christi Auth. of Nueces County, Rev. Bonds, Series 2018-A, 5.00% 2027			490		610
Crowley Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2025			1,000		1,189
Crowley Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2028			310		399
Crowley Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2029			400		521
Crowley Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2031			260		335
Cypress-Fairbanks Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2025			850		999
Cypress-Fairbanks Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2016, 5.00% 2025			850		999
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2015-B-1, 2.125% 2040 (put 2021)			860		865
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2015-B-2, 2.125% 2040 (put 2021)			250		251
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds, Series 2013-B, 4.00% 2039			1,000		1,049
City of Dallas, Housing Fin. Corp., Multi Family Rev. Notes (Estates at Shiloh), Series 2019, 1.25% 2037 (put 2023)			430		439
Dallas Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2014-A, 5.00% 2023			120		133
Dallas Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 4.00% 2023			550		588
Del Valle Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2022			155		164
City of Denton, Utility System Rev. Bonds, Series 2017, 5.00% 2028			2,000		2,439
Eagle Mountain-Saginaw Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2027			600		758
El Paso Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015, 5.00% 2026			500		578
Fort Bend Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017-E, 5.00% 2025			1,230		1,445
Fort Bend Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020-B, 0.875% 2050 (put 2023)			425		429
Frisco Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2019, 5.00% 2021			725		735
City of Garland, Electric Utility System Rev. Ref. Bonds, Series 2021, 5.00% 2022			675		702
Harlandale Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 0.75% 2045 (put 2025)			330		330
County of Harris, Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Memorial Hermann Health System), Series 2020, 5.00% 2022			1,000		1,053
County of Harris, Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Memorial Hermann Health System),
Series 2019-C-2, (SIFMA Municipal Swap Index + 0.57%) 0.63% 2049 (put 2024)¹			1,000		996
County of Harris, Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Texas Children’s Hospital), Series 2019-B, 5.00% 2041 (put 2024)			1,000		1,156
County of Harris, Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Health System), Series 2013-B, (SIFMA Municipal Swap Index + 0.90%) 0.96% 2022¹			250		251

20	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Texas (continued)
County of Harris, Cultural Education Facs. Fin. Corp., Rev. Bonds (Texas Medical Center), Series 2020-A, 0.90% 2050 (put 2025)	$	455	$	455
County of Harris, Health Facs. Dev. Corp., Rev. Ref. Bonds (CHRISTUS Health), Series 2005-A-4, Assured Guaranty Municipal insured, 0.18% 2031¹		150		150
County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2022 (escrowed to maturity)		365		392
County of Harris, Toll Road Rev. Ref. Bonds, Series 2012-B, (SIFMA Municipal Swap Index + 0.45%) 1.45% 2021		705		708
Dept. of Housing and Community Affairs, Multi Family Housing Rev. Bonds (Oso Bay Apartments), Series 2021, 0.27% 2024 (put 2022)		345		345
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2019-A, 4.75% 2049		1,280		1,440
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2021-A, 3.00% 2052		2,305		2,548
Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 2050		1,330		1,511
Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2020-A, 3.50% 2051		375		422
City of Houston, Airport System Rev. and Rev. Ref. Bonds, Series 2018-B, 5.00% 2028		1,000		1,283
City of Houston, Combined Utility System Rev. and Rev. Ref. Bonds, Series 2016-B, 5.00% 2027		500		620
City of Houston, Combined Utility System Rev. Bonds, Series 2011-D, 5.00% 2026 (preref. 2021)		185		190
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2019-B, 5.00% 2027		550		700
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		1,295
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		314
Katy Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019-B, 5.00% 2022		465		483
Katy Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015-C, 0.356% 2036 (put 2021)¹		165		165
County of Kaufman, Unlimited Tax Road Bonds, Series 2020, 5.00% 2031		115		149
Killeen Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2022		445		462
Lewisville Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2027		1,115		1,374
Longview Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 5.00% 2023		575		625
Longview Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 5.00% 2024		1,260		1,427
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2016, 5.00% 2022		460		483
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2018, 5.00% 2024		255		291
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2020, 5.00% 2027		1,750		2,177
Lumberton Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2029		245		320
Medina Valley Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 0.82% 2051 (put 2026)		325		324
County of Midland, Public Fac. Corp., Multi Family Housing Rev. Bonds (Palladium at West Francis), Series 2020, 0.35% 2024 (put 2023)		1,000		1,002
Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2008-D, 6.25% 2026		480		564
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 2022		660		709
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2028		235		268
North East Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 2.375% 2047 (put 2022)		500		514
North East Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2019-A, 4.00% 2032		215		256
North East Independent School Dist., Unlimited Tax School Building Bonds, Series 2013-B, 1.42% 2040 (put 2021)		655		657
North Harris County Regional Water Auth., Rev. and Rev. Ref. Bonds, Series 2016, 5.00% 2034		950		1,165
North Texas Tollway Auth., Special Projects System Rev. Bonds, Series 2011-D, 5.00% 2031 (preref. 2021)		200		203
North Texas Tollway Auth., System Rev. and Rev. Ref. Bonds, Series 2017-A, 5.00% 2022		220		227
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2026		1,600		1,795
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2030		300		348
North Texas Tollway Auth., System Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2008-D, Assured Guaranty insured, 0% 2030		500		439
Northside Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 5.00% 2027		850		1,074
Northwest Independent School Dist., Unlimited Tax School Building Bonds, Series 2013, 5.00% 2038 (preref. 2023)		700		761
Odessa Housing Fin. Corp., Multi Family Housing Rev. Bonds (Cove in Odessa Apartments), Series 2021, 0.37% 2024 (put 2023)		755		757
Pasadena Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2029		260		339
Pasadena Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2013, 5.00% 2038		1,000		1,083
Pflugerville Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-A, 5.00% 2022		1,000		1,038

Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Texas (continued)
Prosper Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-B, 2.00% 2050 (put 2021)	$	415	$	431
Red River Education Fin. Corp., Higher Education Rev. Ref. Bonds (Saint Edward’s University Project), Series 2017, 5.00% 2027		220		267
Red River Education Fin. Corp., Higher Education Rev. Ref. Bonds (Saint Edward’s University Project), Series 2017, 5.00% 2026		210		249
Round Rock Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2022		600		637
City of San Antonio, Electric and Gas Systems Rev. Bonds, Series 2013, 5.00% 2048 (preref. 2023)		465		504
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2016, 5.00% 2028		1,000		1,220
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-B, 2.00% 2033 (put 2021)		1,150		1,152
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2018, 2.75% 2048 (put 2022)		250		260
City of San Antonio, Water System Rev. Ref. Bonds, Series 2019-C, 5.00% 2021		165		165
City of San Antonio, Water System Rev. Ref. Bonds, Series 2019-C, 5.00% 2022		185		194
San Antonio Housing Trust Fin. Corp., Multi Family Housing Rev. Bonds (Alsbury Park Apartments), Series 2019, 1.375% 2022 (put 2021)		620		622
San Antonio Independent School Dist., Unlimited Tax School Building Bonds, Series 2020-A, 5.00% 2021		70		71
Sheldon Independent School Dist., Unlimited Tax School Building Bonds, Series 2017, 5.00% 2022		250		260
Sherman Independent School Dist., Unlimited Tax School Building Bonds, Series 2018-A, 5.00% 2027		1,010		1,254
Spring Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2031		465		596
County of Tarrant, Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Christus Health), Series 2018-A, 5.00% 2023		850		934
Board of Regents of Texas A&M University System, Rev. Fncg. System Bonds, Series 2017-E, 5.00% 2022		1,425		1,497
Tomball Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2023		270		293
Tomball Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2024		90		102
Transportation Commission, Highway Improvement G.O. Bonds, Series 2016-A, 5.00% 2028		200		243
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		283
Board of Regents of the University of North Texas System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, Series 2018-A, 5.00% 2026		760		924
Board of Regents of the University of Texas System, Rev. Fncg. System Bonds, Series 2016-D, 5.00% 2021		1,090		1,105
Board of Regents of the University of Texas System, Rev. Fncg. System Rev. Ref. Bonds, Series 2012-A, 5.00% 2021		1,125		1,141
Board of Regents of the University of Texas System, Rev. Fncg. System Rev. Ref. Bonds, Series 2016-I, 5.00% 2021		500		507
Water Dev. Board, State Water Implementation Rev. Fund of Texas Rev. Bonds (Master Trust), Series 2018-A, 5.00% 2029		990		1,265
Wylie Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020-A, 5.00% 2030		1,790		2,384
Ysleta Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2023		550		610
				109,161

Utah 0.46%
Emery County School Dist., G.O. Bonds, Series 2021, 5.00% 2027		1,000		1,263
G.O. Bonds, Series 2020-B, 5.00% 2021		45		45
Housing Corp., Single Family Mortgage Bonds, Class III, Series 2015-D-2, 4.00% 2045		180		193
School Fin. Auth., Charter School Rev. Bonds (Utah Charter Academies Project), Series 2018, 4.00% 2021		310		315
School Fin. Auth., Charter School Rev. Bonds (Utah Charter Academies Project), Series 2018, 4.00% 2022		335		352
Transit Auth., Sales Tax Rev. and Rev. Ref. Bonds, Series 2012, 5.00% 2026 (preref. 2022)		1,000		1,055
Transit Auth., Sales Tax Rev. Bonds, Series 2008-A, 5.25% 2023		80		89

				3,312

Vermont 0.07%
Housing Fin. Agcy., Multiple Purpose Bonds, Series 2018-A, 4.00% 2048		270		295
Housing Fin. Agcy., Multiple Purpose Bonds, Series 2020-A, 3.75% 2050		170		189
				484

Virginia 1.47%
County of Arlington, Industrial Dev. Auth., Hospital Rev. Bonds (Virginia Hospital Center), Series 2020, 5.00% 2031		600		788
County of Arlington, Industrial Dev. Auth., Hospital Rev. Bonds (Virginia Hospital Center), Series 2020, 5.00% 2032		215		281
County of Charles City, Econ. Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management Inc. Project), Series 2004-A, 2.875% 2029		1,000		1,120
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2012-A, 5.00% 2024 (preref. 2022)		295		306

22	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Virginia (continued)
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2013-A, 4.50% 2033	$	1,865	$	2,008
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2013-A, 4.50% 2034		975		1,050
County of Fairfax, Redev. and Housing Auth., Multi Family Housing Rev. Bonds (Arrowbrook Apartments Project), Series 2020, 0.41% 2041 (put 2024)		1,000		1,003
County of Halifax, Industrial Dev. Auth., Recovery Zone Fac. Rev. Bonds (Virginia Electric and Power Co. Project), Series 2010-A, 0.45% 2041 (put 2022)		740		741
County of Henrico, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Westminster Canterbury Richmond), Series 2018, 5.00% 2023		575		632
Town of Louisa, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Virginia Electric and Power Co. Project), Series 2008-A, 1.90% 2035 (put 2023)		1,000		1,030
Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% 2027		350		426
Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% 2028		120		149
Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% 2029		140		175
Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% 2030		170		210
County of Wise, Industrial Dev. Auth., Solid Waste and Sewage Disposal Rev. Bonds (Virginia Electric and Power Co. Project), Series 2010-A, 1.20% 2040 (put 2024)		640		654
				10,573

Washington 1.98%
Energy Northwest, Electric Rev. and Rev. Ref. Bonds (Columbia Generating Station), Series 2020-A, 5.00% 2032		195		260
City of Everett, Housing Auth., Multi Family Housing Rev. Bonds (Baker Heights Legacy), Series 2021, 0.30% 2024 (put 2023)		285		285
G.O. Bonds, Series 2012-D, 5.00% 2026 (preref. 2022)		1,000		1,036
G.O. Bonds, Series 2017-D, 5.00% 2028		1,000		1,245
G.O. Bonds, Series 2019-C, 5.00% 2031		1,000		1,295
G.O. Bonds, Series 2012-D, 5.00% 2033 (preref. 2022)		2,000		2,073
G.O. Bonds, Series 2019-A, 5.00% 2033		500		639
G.O. Rev. Ref. Bonds, Series 2017-R-A, 5.00% 2022		340		361
County of Grant, Public Utility Dist. No. 2, Electric System Rev. Ref. Bonds, Series 2017-O, 5.00% 2024		275		309
Health Care Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2012-A, 5.00% 2021		120		122
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), Series 2017, 5.00% 2023³		1,095		1,163
Housing Fin. Commission, Single Family Program Bonds, Series 2017-1-N, 4.00% 2047		530		567
Housing Fin. Commission, Single Family Program Bonds, Series 2019-1-N, 4.00% 2049		320		353
Motor Vehicle Fuel Tax G.O. Bonds, Series 2021-D, 5.00% 2022		2,375		2,500
Motor Vehicle Fuel Tax G.O. Rev. Ref. Bonds, Series 2015-B, 5.00% 2021		60		60
City of Seattle, Municipal Light and Power Rev. Ref. Bonds, Series 2018-C-2, (SIFMA Municipal Swap Index + 0.49%) 0.55% 2046 (put 2023)¹		825		828
Shoreline School Dist. No. 412, Unlimited Tax Improvement and Rev. Ref. Bonds, Series 2021-A, 4.00% 2026		1,000		1,191
				14,287

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		770
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Ref. Bonds (Appalachian Power Co. - Amos Project), Series 2015-A, 2.55% 2040 (put 2024)		500		530
Hospital Fin. Auth., Hospital Rev. Ref. and Improvement Bonds (West Virginia United Health System Obligated Group), Series 2013-A, 5.50% 2044 (preref. 2023)		1,000		1,109
Housing Dev. Fund, Multi Family Housing Rev. Bonds (Charles Towers), Series 2021, 0.21% 2023 (put 2022)		235		235
				2,644

Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Wisconsin 1.67%
G.O. Bonds, Series 2015-A, 5.00% 2031 (preref. 2023)	$	2,000	$	2,194
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (SSM Health Care), Series 2018-B, 5.00% 2038 (put 2023)		1,300		1,396
Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-3, (SIFMA Municipal Swap Index + 0.55%) 0.61% 2054 (put 2023)¹		1,130		1,134
Health and Educational Facs. Auth., Rev. Bonds (Ascension Senior Credit Group), Series 2019-A, 5.00% 2021		325		334
Health and Educational Facs. Auth., Rev. Bonds (Ascension Senior Credit Group), Series 2016-A, 5.00% 2021		45		46
Health and Educational Facs. Auth., Rev. Bonds (Gundersen Lutheran), Series 2020, 5.00% 2026³		1,910		2,237
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2017-C, 4.00% 2048		1,040		1,128
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2018-B, 4.00% 2048		805		875
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2020-A, 3.50% 2050		1,225		1,359
Public Fin. Auth., Hospital Rev. Ref. Bonds (Renown Regional Medical Center Project), Series 2016-A, 5.00% 2022		300		315
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		393
WPPI Energy, Power Supply System Rev. Bonds, Series 2016-A, 5.00% 2026		500		606
				12,017

Wyoming 0.56%
Community Dev. Auth., Housing Rev. Bonds, Series 2019-1, 4.00% 2048		825		908
Community Dev. Auth., Housing Rev. Bonds, Series 2021-1, 3.00% 2050		1,615		1,776
Community Dev. Auth., Housing Rev. Bonds, Series 2020-1, 4.00% 2050		1,180		1,328
				4,012

Total bonds, notes & other debt instruments (cost: $609,296,000)				627,318

Short-term securities 13.11%
Municipals 13.11%
State of Arizona, Industrial Dev. Auth., Hospital Rev. Ref. Bonds (Phoenix Children’s Hospital), Series 2019-B, 0.03% 2048¹		2,000		2,000
State of Arizona, County of Yavapai, Industrial Dev. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010, 0.15% 2029 (put 2021)⁴		2,000		2,000
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		133
State of California, City of Los Angeles, Dept. of Water and Power, Power System Rev. Ref. Bonds, Series 2001-B-3, 0.02% 2034¹		1,500		1,500
State of California, Municipal Fin. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010, 0.15% 9/1/2021 (put 2021)⁴		1,325		1,325
State of California, Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010-B, 0.10% 2024 (put 2021)^3,4		3,000		3,000
State of Colorado, Regents of the University of Colorado, University Enterprise Rev. and Rev. Ref. Bonds, Series 2020-A-2, 0.02% 2050¹		4,750		4,750
State of Florida, Capital Facs. Fin. Agcy., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc.), Series 2010-A, 0.15% 2034 (put 2021)⁴		2,155		2,155
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2009-E-1, JPMorgan Chase LOC, 0.03% 2043¹		1,000		1,000
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2011-A, 0.04% 2044¹		2,950		2,950
State of Illinois, G.O. Rev. Ref. Bonds, Series 2021-C, 4.00% 3/1/2022		665		684
State of Indiana, Bond Bank, Advance Funding Program Notes, Series 2021-A, 2.00% 1/10/2022		1,040		1,051
State of Indiana, Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), Series 2009-A-3, 0.09% 2039¹		5,000		5,000
State of Iowa, Fin. Auth., Rev. Bonds (UnityPoint Health), Series 2018-F, 0.03% 2041¹		1,955		1,955
State of Louisiana, Parish of East Baton Rouge, Industrial Dev. Board, Gulf Opportunity Zone Rev. Bonds (ExxonMobil Project), Series 2010-B, 0.04% 2040¹		3,530		3,530
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 1993, 0.04% 3/1/2022¹		3,345		3,345
State of Maryland, County of Montgomery, IAM Commercial Paper, Series 2010-B, 0.08% 5/5/2021		10,000		10,000
State of Michigan, Fin. Auth., Rev. Ref. Bonds (McLaren Health Care), Series 2015-D-2, (SIFMA Municipal Swap Index x 0.61 + 0.50%) 0.56% 2038 (put 2021)^1,4		680		680

24	Private Client Services Funds

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, 0.05% 2042¹	$	4,700	$	4,700
State of Michigan, Regents of the University of Michigan, General Rev. Bonds, Series 2012-B, 0.03% 2042¹		3,710		3,710
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-A, 0.04% 2030¹		500		500
State of Mississippi, Business Fin. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2004, 0.55% 2029 (put 2021)⁴		500		500
State of New Hampshire, Health and Education Facs. Auth., Rev. Ref. Bonds (Dartmouth College Issue), Series 2007-B, 0.03% 2041¹		6,500		6,500
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2020-A-2S, 4.00% 2/1/2022		1,160		1,192
State of New York, Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2-B, Assured Guaranty Municipal insured, (USD-SOFR x 0.67 + 0.55%) 0.556% 2032 (put 2024)^1,4		880		880
State of New York, New York City G.O. Bonds, Series 2013-F-3, 0.03% 2042¹		2,665		2,665
State of New York, New York City G.O. Bonds, Series 2021-2, 0.22% 2042¹		695		695
State of New York, New York City G.O. Bonds, Series 2021-3, 0.22% 2042¹		530		530
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2014-AA-6, 0.02% 2048¹		950		950
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2016-AA-1, 0.03% 2048¹		2,670		2,670
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2016-A-4, 0.03% 2041¹		2,905		2,905
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2015-E-4, 0.03% 2045¹		1,000		1,000
State of New York, New York City Trust for Cultural Resources, IAM Commercial Paper (American Museum of Natural History), Series 2014-B-1, 0.16% 2044 (put 2021)^1,4		245		245
State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series 2019-F, 0.04% 2052¹		4,900		4,900
State of Pennsylvania, Econ. Dev. Fin. Auth., Solid Waste Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010-B, 0.15% 2030 (put 2021)⁴		155		155
State of South Carolina, Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Prisma Health Obligated Group), Series 2018-B, 0.04% 2048¹		5,000		5,000
State of Tennessee, City of Clarksville, Public Building Auth., Pooled Fncg. Rev. Bonds, Series 2003, Bank of America LOC, 0.06% 2033¹		2,155		2,155
State of Tennessee, County of Montgomery, Public Building Auth., Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool), Series 2004, Bank of America LOC, 0.06% 2034¹		405		405
State of Texas, Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 12/15/2021		805		828
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper, Series 2021-A, 0.12% 5/24/2021		4,500		4,500

Total short-term securities (cost: $94,635,000)				94,643
Total investment securities 100.05% (cost: $703,931,000)				721,961
Other assets less liabilities (0.05%)				(384	)

Net assets 100.00%			$	721,577

Private Client Services Funds

Capital Group Core Municipal Fund

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount⁵(000)			Value at 4/30/2021⁶ (000)			Unrealized (depreciation) appreciation at 4/30/2021 (000)
5 Year U.S. Treasury Note Futures	Long	197	July 2021	$	19,700		$	24,416		$	(20	)
10 Year Ultra U.S. Treasury Note Futures	Short	62	June 2021		(6,200	)		(9,024	)		44
										$	24

¹	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
²	Step bond; coupon rate may change at a later date.
³	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $6,506,000, which represented .90% of the net assets of the fund.
⁴	For short-term securities, the mandatory put date is considered to be the maturity date.
⁵	Notional amount is calculated based on the number of contracts and notional contract size.
⁶	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

IAM = Interest at Maturity

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

26	Private Client Services Funds

Capital Group Short-Term Municipal Fund	unaudited
Investment portfolio April 30, 2021

Portfolio quality summary*

Percent of net assets

Bonds, notes & other debt instruments 87.80%	Principal amount (000)		Value (000)
Alabama 1.56%
City of Alabaster, Board of Education, Special Tax School Warrants, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2028 (preref. 2024)	$	500	$	578
City of Birmingham, Water Works Board, Water Rev. Bonds, Series 2013-B, 5.00% 2038 (preref. 2023)		500		541
Black Belt Energy Gas Dist., Gas Supply Prepay Rev. Bonds (Project No. 4), Series 2019-A, 4.00% 2049 (put 2025)		750		857
Black Belt Energy Gas Dist., Gas Supply Prepay Rev. Bonds (Project No. 5), Series 2020-A-1, 4.00% 2049 (put 2026)		455		530
Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2023 (preref. 2022)		35		37
Housing Fin. Auth., Multi Family Housing Rev. Bonds (Capstone at Kinsey Cove Project), Series 2020-A, 0.35% 2023 (put 2023)		110		110
South East Gas Supply Dist., Gas Supply Rev. Bonds (Project No. 2), Series 2018-A, 4.00% 2049 (put 2024)		490		540
				3,193

Alaska 0.16%
Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2020-A, 3.25% 2044		295		325

Arizona 1.71%
Agricultural Improvement and Power Dist., Electric System Rev. Bonds (Salt River Project), Series 2021-A, 5.00% 2026		730		868
Board of Regents of Arizona State University System, Rev. Bonds, Series 2020-A, 5.00% 2026		300		368
County of Coconino, Pollution Control Corp., Pollution Control Rev. Ref. Bonds, Series 2017-B, 1.65% 2039 (put 2023)		500		513
City of Glendale, Industrial Dev. Auth., Rev. Ref. Bonds (Midwestern University), Series 2020, 5.00% 2022		185		194
Industrial Dev. Auth., Rev. Bonds (Lincoln South Beltway Project), Series 2020, 5.00% 2023		750		834
County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (GreatHearts Arizona Projects), Series 2017-A, 4.00% 2021		565		568
City of Phoenix, Civic Improvement Corp., Water System Rev. Ref. Bonds, Series 2014-B, 5.00% 2024		15		17
County of Pima, Sewer System Rev. Obligations, Series 2011-B, 5.00% 2024 (preref. 2021)		125		126
Rev. Ref. Certs. of Part., Series 2019-A, 5.00% 2021		15		15
				3,503

Arkansas 0.07%
Board of Trustees of Pulaski Technical College, Student Tuition and Fee Rev. Capital Improvement and Rev. Ref. Bonds, Series 2011, 5.00% 2041		150		153

California 6.21%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2013-S-4, 5.00% 2030 (preref. 2023)		1,050		1,148
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 0.96% 2045 (put 2023)¹		1,500		1,513

Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-C, (SIFMA Municipal Swap Index + 0.45%) 0.51% 2056 (put 2026)¹	$	65	$	65
Trustees of California State University, Systemwide Rev. Bonds, Series 2012-A, 5.00% 2042 (preref. 2022)		795		853
County of Contra Costa, Water Rev. Ref. Notes, Series 2019-F, 2.00% 2021		20		20
East Side Union High School Dist., G.O. Bonds, 2008 Election, Series 2012-D, 5.00% 2037 (preref. 2022)		1,000		1,061
G.O. Bonds, Series 2020, 5.00% 2026		500		622
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 2023		420		460
Health Facs. Fncg. Auth., Rev. Bonds (Stanford Health Care), Series 2021-A, 3.00% 2054 (put 2025)		475		527
Health Facs. Fncg. Auth., Rev. Green Bonds (Kaiser Permanente), Series 2017-C, 5.00% 2031 (put 2022)		500		536
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Museum of Art Project), Series 2021-B, 0.76% 2050 (put 2026)¹		100		101
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 5.00% 2022		115		122
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-B, 4.00% 2022		15		15
County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Ref. Green Bonds, Series 2020-A, 5.00% 2024		125		144
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2026		500		616
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM insured, 4.00% 2021		400		405
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2022-A, 5.00% 2025		180		205
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Short-Term Notes, Series 2021-A, 5.00% 2022		500		534
City and County of San Francisco, G.O. Rev. Ref. Bonds, Series 2020-R-2, 5.00% 2023		135		146
City and County of San Francisco, G.O. Rev. Ref. Bonds, Series 2020-R-2, 5.00% 2024		310		349
Southern California Public Power Auth., Rev. Ref. Bonds (Magnolia Power Project A), Series 2020-1, 5.00% 2023		400		442
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 2023		20		22
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 2024		5		6
Southern California Public Power Auth., Transmission Project Rev. Bonds (Southern Transmission Project), Series 2017-A, 5.00% 2023		160		177
Stanislaus Union School Dist., G.O. Bonds, 2008 Election, Series 2011-B, Assured Guaranty Municipal insured, 5.125% 2041 (preref. 2021)		1,400		1,417
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Villa Del Sol Apartments), Series 2021-A-2, 0.39% 2023 (put 2023)		80		80
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), Series 2015, 5.00% 2028		250		300
City of Tustin, Community Facs. Dist. No. 2014-1 (Tustin Legacy/Standard Pacific), Special Tax Bonds, Series 2015-A, 5.00% 2027		200		235
Regents of the University of California, General Rev. Bonds, Series 2021-BH, 5.00% 2026		15		18
Regents of the University of California, Limited Project Rev. Bonds, Series 2022-S, 5.00% 2026		25		30
Val Verde Unified School Dist., G.O. Bonds, 2012 Election, Series 2013-A, BAM insured, 5.00% 2042		500		555
				12,724

Colorado 0.55%
City of Colorado Springs, Utilities System Rev. Ref. Bonds, Series 2020-B, 5.00% 2021		20		20
City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series 2015-A, 5.00% 2021		260		267
Health Facs. Auth., Rev. Bonds (Stanford), Series 2019-A, 5.00% 2022		325		348
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2021-E, 3.00% 2051		215		236
Regents of the University of Colorado, University Enterprise Rev. and Rev. Ref. Bonds, Series 2019-C, 2.00% 2054 (put 2024)		245		258
				1,129

Connecticut 2.63%
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		528
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 1999-U-1, 2.00% 2033 (put 2022)		500		507
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2015-A, 2.05% 2035 (put 2021)		335		336
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2003-X-2, 0.025% 2037 (put 2024)		875		874
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2014-A, 1.10% 2048 (put 2023)		750		762
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2019-F-1, 3.50% 2043		705		773

28	Private Client Services Funds

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 2014-C-1, 4.00% 2044	$	215	$	226
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-A-1, 4.00% 2045		105		111
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-A-1, 4.00% 2047		525		571
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2021-B-1, 3.00% 2049		125		137
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2013-B-2, 4.00% 2032		115		118
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2014-D-1, 4.00% 2044		150		155
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-C-1, 3.50% 2045		225		237
				5,380

Delaware 0.01%
G.O. Bonds, Series 2014-B, 5.00% 2021		15		15

District of Columbia 1.10%
G.O. Bonds, Series 2015-A, 5.00% 2032		700		824
Income Tax Secured Rev. Bonds, Series 2011-A, 5.00% 2022		320		329
Income Tax Secured Rev. Bonds, Series 2020-C, 5.00% 2024		500		571
Income Tax Secured Rev. Ref. Bonds, Series 2020-B, 5.00% 2022		500		535
				2,259

Florida 4.05%
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 (Prospect Park Apartments), Series 2019-C, 1.40% 2022 (put 2021)		70		70
Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds, Series 2012-A-1, 5.00% 2022		50		53
County of Collier, Heritage Bay Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2018-A-2, 2.25% 2021		355		355
County of Collier, Heritage Bay Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2018-A-2, 2.50% 2022		500		509
Board of Education, Public Education Capital Outlay Rev. Ref. Bonds, Series 2019-D, 5.00% 2023		15		17
Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (The University of Tampa Project), Series 2012-A, 5.25% 2042 (preref. 2022)		1,000		1,046
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-2, 4.25% 2050		345		381
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2020-1, 3.50% 2051		50		56
JEA, Electric System Rev. Bonds, Series 2012-B, 5.00% 2023 (preref. 2021)		1,095		1,117
JEA, Water and Sewer System Rev. Bonds, Series 2020-A, 5.00% 2025		280		335
County of Miami-Dade, Aviation Rev. Ref. Bonds, Series 2020-A, 5.00% 2023		500		556
County of Miami-Dade, Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. of Florida Project), Series 2007, 0.45% 2027 (put 2021)		615		616
County of Miami-Dade, Water and Sewer System Rev. Ref. Bonds, Series 2008-B, Assured Guaranty Municipal insured, 5.25% 2022		195		209
County of Orange, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Jernigan Gardens), Series 2020-B, 0.35% 2023 (put 2022)		1,000		1,001
County of Orange, Sales Tax Rev. Ref. Bonds, Series 2012-B, 5.00% 2030 (preref. 2022)		500		516
Orlando Utilities Commission, Utility System Rev. Ref. Bonds, Series 2011-C, 5.00% 2022		125		134
County of Polk, Utility System Rev. and Rev. Ref. Bonds, Series 2013, BAM insured, 5.00% 2043 (preref. 2023)		110		123
City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 2024		100		114
City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 2025		75		89
City of Tampa, Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project), Series 2020-B, 5.00% 2026		100		122
Tampa-Hillsborough County Expressway Auth., Rev. Ref. Bonds, Series 2012-B, 5.00% 2042 (preref. 2022)		200		211
Dept. of Transportation Fncg. Corp., Rev. Bonds, Series 2020, 5.00% 2024		65		75
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Bonds, Series 2018-A, 5.00% 2021		170		171
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Rev. Ref. Bonds, Series 2012-A, 4.00% 2028		320		322
Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2016-B, 5.00% 2021		55		55
				8,293

Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Georgia 2.38%
City of Atlanta, Airport General Rev. Ref. Bonds, Series 2014-B, 5.00% 2026	$	800	$	898
City of Atlanta, Airport General Rev. Ref. Bonds, Series 2020-A, 5.00% 2026		470		577
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		85
City of East Point, Housing Auth., Multi Family Housing Rev. Bonds (Hillcrest Senior Apartments Projects), Series 2018, 2.25% 2022 (put 2021)²		175		175
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2015-A-1, 3.50% 2045		35		37
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2017-A, 4.00% 2047		465		500
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2019-C, 4.00% 2050 (put 2026)		500		580
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Ref. Bonds (Third Indenture Series), Series 2012-A, 5.00% 2030 (preref. 2022)		870		919
City of Sandy Springs, Public Facs. Auth., Rev. Bonds (City of Sandy Springs City Center Project), Series 2015, 5.00% 2047 (preref. 2026)		500		612
City of Thomaston, Housing Auth., Multi Family Housing Rev. Bonds (Eastgate Apartments Project), Series 2020-A, 0.34% 2023 (put 2022)		500		501
				4,884

Idaho 0.61%
Housing and Fin. Assn., Single Family Mortgage Bonds, Series 2019-A, 4.00% 2050		1,120		1,247

Illinois 6.61%
City of Chicago, Sales Tax Rev. Ref. Bonds, Series 2011-A, 5.00% 2041 (preref. 2022)		205		212
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2014, 5.00% 2024		625		702
City of Chicago, Water Rev. Ref. Bonds, Series 2017-2, 5.00% 2021		180		184
City of Chicago, Water Rev. Ref. Bonds, Series 2017, 5.00% 2022		540		577
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2023		100		108
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2024		130		147
Fin. Auth., Rev. Bonds (Centegra Health System), Series 2014-A, 5.00% 2027		200		228
Fin. Auth., Rev. Bonds (Northshore University Heathsystem), Series 2020-A, 5.00% 2029		605		794
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2021		1,100		1,127
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2020-B-2, 5.00% 2050 (put 2026)		40		48
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2023		225		245
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2021-B, (SIFMA Municipal Swap Index + 0.70%) 0.76% 2042 (put 2026)¹		25		25
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2026		515		625
Fin. Auth., Rev. Bonds (University of Chicago), Series 2014-A, 5.00% 2023		200		223
Fin. Auth., Rev. Bonds (University of Chicago), Series 2021-A, 5.00% 2025		40		47
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2021		145		146
Fin. Auth., Rev. Ref. Bonds (Anne & Robert H. Lurie Children’s Hospital), Series 2017, 5.00% 2022		240		255
Housing Dev. Auth., Multi Family Housing Rev. Bonds (Concord Commons), Series 2021, 0.25% 2024 (put 2023)		595		595
Housing Dev. Auth., Multi Family Housing Rev. Notes (Marshall Field Garden Apartment Homes), Series 2015, (SIFMA Municipal Swap Index + 1.00%) 1.06% 2050 (put 2025)¹		1,000		1,025
Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2022		600		625
Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-B, Assured Guaranty Municipal insured, 5.00% 2022		500		520
Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2023		500		543
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.25% 2021		50		50
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2017, 5.00% 2022		250		263
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2017, 5.00% 2023		310		339
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.50% 2023 (preref. 2021)		190		191
City of Springfield, Water Rev. Bonds, Series 2012, 5.00% 2037 (preref. 2022)		500		520
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-A, 5.00% 2021		120		123
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-C, 5.00% 2023		190		205
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-C, 5.00% 2025		545		635
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2014-D, 5.00% 2022		185		191
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2023		175		189
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2025		250		291

30	Private Client Services Funds

Capital Group Short-Term 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. Bonds, Series 2018-A, 5.00% 2024	$	200	$	227
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2015-A, 5.00% 2026		620		723
County of Will, G.O. Bonds, Series 2016, 5.00% 2045 (preref. 2025)		500		604
				13,552

Indiana 1.90%
Bond Bank, Special Program Gas Rev. Bonds, Series 2007-A, 5.25% 2021		100		102
Fin. Auth., Health System Rev. Bonds (Indiana University Health), Series 2019-C, 5.00% 2022		40		43
Fin. Auth., Hospital Rev. Bonds (Community Health Network Project), Series 2012-A, 5.00% 2042 (preref. 2023)		540		593
Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System), Series 2012-A, 5.00% 2022		440		461
Fin. Auth., Rev. Bonds (Community Foundation of Northwest Indiana Obligated Group), Series 2012, 5.00% 2030 (preref. 2022)		245		255
City of Franklin, Econ. Dev. And Rev. Ref. Bonds (Otterbein Homes Obligated Group), Series 2019-B, 5.00% 2023		510		557
Health Fac. Fncg. Auth., Rev. Bonds (Ascension Health Subordinate Credit Group), Series 2005-A-1, 4.00% 2023		15		17
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 2048		580		643
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.75% 2049		40		44
Indianapolis Local Public Improvement Bond Bank Bonds, Series 2021-A, 5.00% 2022		100		105
Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2023		230		248
Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2024		240		270
Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2025		255		297
Indianapolis Local Public Improvement Bond Bank Rev. Ref. Bonds (Cityway 1 Project), Series 2021-B, 5.00% 2025		140		157
City of Rockport, Pollution Control Rev. Ref. Bonds (Indiana Michigan Power Co. Project), Series 2008-D, 2.05% 2025 (put 2021)		100		100
				3,892

Iowa 0.25%
Fin. Auth., State Revolving Fund Rev. Bonds, Series 2011, 5.00% 2026 (preref. 2021)		500		506

Kansas 0.02%
Unified Government of Wyandotte County, Board of Public Utilities, Utility System Improvement Rev. Bonds, Series 2012-B, 5.00% 2026 (preref. 2022)		35		37

Kentucky 0.61%
Housing Corp., Multi Family Housing Rev. Bonds (New Hope Properties Portfolio Project), Series 2021, 0.41% 2024 (put 2023)		485		487
Housing Corp., Multi Family Housing Rev. Bonds (Winterwood II Rural Housing Portfolio), Series 2021, 0.37% 2024 (put 2023)		195		195
Public Energy Auth., Gas Supply Rev. Bonds, Series 2019-A-1, 4.00% 2049 (put 2025)		320		361
Public Energy Auth., Gas Supply Rev. Bonds, Series 2018-B, 4.00% 2049 (put 2025)		55		61
County of Warren, Hospital Rev. Ref. Bonds (Bowling Green - Warren County Community Hospital Corp.), Series 2021-A, 5.00% 2022		135		141
				1,245

Louisiana 0.94%
Gasoline and Fuels Tax Rev. Ref. Bonds, Series 2017-D-2, 0.55% 2043 (put 2022)		1,000		1,000
Parish of Jefferson, Sales Tax Rev. Ref. Bonds, Series 2019-A, Assured Guaranty Municipal insured, 5.00% 2023		250		279
Offshore Terminal Auth., Deepwater Port Rev. Bonds (Loop LLC Project), Series 2007-A, 1.65% 2027 (put 2023)		105		107

Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Louisiana (continued)
Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2011, 6.75% 2041 (preref. 2021)	$	105	$	105
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2021		410		410
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2023		30		33
				1,934

Maine 0.31%
Housing Auth., Mortgage Purchase Bonds, Series 2017-A, 4.00% 2047		290		310
Municipal Bond Bank, Grant Anticipation Bonds, Series 2018-A, 5.00% 2023		300		333
				643

Maryland 2.24%
County of Baltimore, Rev. Bonds (Oak Crest Village, Inc. Fac.), Series 2016, 5.00% 2022		400		412
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2018-A, 4.50% 2048		925		1,048
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2019-A, 4.25% 2049		110		123
G.O. Bonds, State and Local Facs. Loan of 2021, Series 2021-A-1, 5.00% 2027		500		626
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2017-A, 4.00% 2048		305		331
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2018-A, 4.00% 2049		445		486
County of Prince George, G.O. Consolidated Public Improvement Bonds, Series 2011-A, 5.00% 2026 (preref. 2021)		10		10
Stadium Auth., Rev. Bonds (Baltimore City Public Schools Construction and Revitalization Program), Series 2016, 5.00% 2041 (preref. 2026)		1,025		1,254
Dept. of Transportation, Consolidated Transportation Rev. Ref. Bonds, Series 2015, 5.00% 2023		110		120
Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2011, 3.00% 2021		20		20
Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2012, 5.00% 2021		160		161
				4,591

Massachusetts 0.30%
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 169, 4.00% 2044		40		41
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 183, 3.50% 2046		355		374
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 171, 4.00% 2044		200		207
				622

Michigan 2.67%
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Bonds, Series 2012-A, 5.00% 2023		700		739
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Bonds, Series 2012-A, 5.00% 2032 (preref. 2022)		45		48
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2047 (preref. 2022)		1,290		1,390
Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2015-D-1, 0.15% 2021		40		40
Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2015-D-1, 0.25% 2022		5		5
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2012-C, 5.00% 2026 (preref. 2022)		120		126
Housing Dev. Auth., Multi Family Housing Rev. Bonds, Series 2020, 0.32% 2023 (put 2022)		415		416
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 2048		100		108
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 2049		600		664
City of Lansing, Board of Water and Light, Utility System Rev. Bonds, Series 2019-A, 5.00% 2024		375		430
County of Monroe, Econ. Dev. Corp., Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Project), Series 1992-AA, National insured, 6.95% 2022		500		544

32	Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Michigan (continued)
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), Series 2008-ET-2, 1.45% 2029 (put 2021)	$	325	$	326
County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-G, 5.00% 2021		300		308
County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2018-C, 5.00% 2023		290		325
				5,469

Minnesota 0.68%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2012-D, 4.00% 2040		5		5
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-E, 4.25% 2049		650		723
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-B, 3.50% 2050		485		535
Regents of the University of Minnesota, G.O. Rev. Ref. Bonds, Series 2017B, 5.00% 2021		120		124
				1,387

Missouri 0.53%
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2016-B, 3.50% 2041		710		752
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2020-A, 3.50% 2050		185		205
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2021-A, 3.00% 2052		60		66
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2009-E-4, 4.25% 2030 (preref. 2021)		65		65
				1,088

Montana 0.23%
Board of Housing, Single Family Mortgage Bonds, Series 2016-A-2, 3.50% 2044		135		143
Board of Housing, Single Family Mortgage Bonds, Series 2019-A, 4.25% 2045		140		155
Board of Housing, Single Family Mortgage Bonds, Series 2020-B, 4.00% 2050		150		169
				467

Nebraska 0.48%
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-E, 3.00% 2043		25		25
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2014-A, 4.00% 2044		255		271
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-C, 3.50% 2046		130		133
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-C, 4.00% 2048		505		556
				985

Nevada 1.85%
County of Clark, Airport System Rev. Notes, Series 2018-A, 5.00% 2021		675		680
County of Clark, Airport System Rev. Ref. Bonds., Series 2019-D, 5.00% 2024		1,000		1,147
County of Clark, Pollution Control Rev. Ref. Bonds (Nevada Power Co. Projects), Series 2017, 1.65% 2036 (put 2023)		645		662
Housing Division, Multi Unit Housing Rev. Bonds (Pinewood Terrace Apartments), Series 2021, 0.26% 2024 (put 2022)		75		75
Las Vegas Valley Water Dist., Limited Tax G.O. Water Improvement and Rev. Ref. Bonds, Series 2016-A, 5.00% 2023		600		661
Las Vegas Valley Water Dist., Limited Tax G.O. Water Improvement and Rev. Ref. Bonds, Series 2016-A, 5.00% 2024		500		573
				3,798

New Jersey 1.68%
Building Auth., State Building Rev. Ref. Bonds, Series 2016-A, 4.00% 2021 (escrowed to maturity)		200		201
Econ. Dev. Auth., Water Facs. Rev. Ref. Bonds (American Water Co., Inc. Project), Series 2020-A, 1.00% 2023		275		279
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Pilgram Baptist Village I & II), Series 2019-E, 1.50% 2022 (put 2021)		155		156

Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New Jersey (continued)
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 2048	$	510	$	577
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2021		1,360		1,365
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2023		200		219
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2026		500		605
Turnpike Auth., Turnpike Rev. Bonds, Series 2020-D, 5.00% 2028		30		36
				3,438

New Mexico 0.31%
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-A-1, Class I, 4.25% 2050		430		481
Municipal Energy Acquisition Auth., Gas Supply Rev. Ref. and Acquisition Bonds, Series 2019, 5.00% 2039 (put 2025)		135		158
				639

New York 6.61%
Build NYC Resource Corp., Rev. Ref. Bonds (Ethical Culture Fieldston School Project), Series 2015, 5.00% 2024		360		407
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-A, 5.00% 2022		175		182
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 2030		145		191
City of Geneva, Dev. Corp., Rev. Ref. Bonds (Hobart and William Smith Colleges Project), Series 2012, 5.00% 2032 (preref. 2022)		40		43
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-K, 0.70% 2024		85		86
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2020-L-2, 0.75% 2025		250		250
Long Island Power Auth., Electric System General Rev. Bonds, Series 2014-C, (1-month USD-LIBOR x 0.70 + 0.75%) 0.831% 2033 (put 2023)¹		300		300
Long Island Power Auth., Electric System General Rev. Bonds, Series 2015-C, (1-month USD-LIBOR x 0.70 + 0.75%) 0.831% 2033 (put 2023)¹		260		260
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-B, 5.00% 2022		195		209
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-C, 5.00% 2032 (preref. 2022)		500		538
Metropolitan Transportation Auth., Transportation Rev. Green Bonds, Series 2016-A-2, 5.00% 2024		300		348
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-F, 5.00% 2022		230		247
Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2-A-2, Assured Guaranty Municipal insured, (USD-SOFR x 0.67 + 0.80%) 0.806% 2032 (put 2026)¹		60		60
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-B, 5.00% 2023		455		508
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2024		50		58
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044		475		507
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 2047		560		621
New York City G.O. Bonds, Series 2018-C, 5.00% 2023		1,000		1,107
New York City G.O. Bonds, Series 2019-E, 5.00% 2024		900		1,035
New York City G.O. Bonds, Series 2021-A-1, 5.00% 2025		1,000		1,188
New York City G.O. Bonds, Series 2014-I-1, 5.00% 2026		185		209
New York City G.O. Bonds, Series 2020-C-1, 5.00% 2030		225		299
New York City G.O. Bonds, Series 2020-C-1, 5.00% 2032		80		105
New York City G.O. Bonds, Series 2015-F-4, 5.00% 2044 (put 2025)		75		88
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 2016-C-2, 0.23% 2050 (put 2022)		55		55
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Dev. Bonds), Series 2021-C-2, 0.70% 2060 (put 2025)		330		329
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-C-2, 1.70% 2021		65		65
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-G-2-A, 2.00% 2057 (put 2021)		435		435
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2020-I-2, 0.70% 2060 (put 2025)		230		231
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2021-BB-2, 4.00% 2024		500		559
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Series 2021-DD, 5.00% 2026		390		480
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2019-C-1, 5.00% 2021		150		154
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2020-A-1, 5.00% 2022		10		11
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2021-E-1, 5.00% 2023		20		22

34	Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
New York (continued)
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2020-C-1, 5.00% 2026	$	60	$	74
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2013-I, 5.00% 2027		180		197
New York City Transitional Fin. Auth., Future Tax Secured Rev. Bonds, Series 2021-F-1, 5.00% 2024		400		465
Public Housing Capital Fund Rev. Trust I, Trust Certificates, Series 2012, 4.50% 2022³		78		78
Triborough Bridge and Tunnel Auth., General Rev. Bonds (MTA Bridges and Tunnels), Series 2017-C-1, 5.00% 2025		500		602
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2020-C, 5.00% 2033		200		264
Utility Debt Securitization Auth., Restructuring Bonds, Series 2017, 5.00% 2025		10		11
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		455
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		155
				13,533

North Carolina 1.06%
City of Durham, Utility System Rev. and Rev. Ref. Bonds, Series 2011, 5.00% 2041 (preref. 2021)		85		85
G.O. Public Improvement Bonds (Connect NC), Series 2019-B, 5.00% 2021		105		105
City of Goldsboro, Multi Family Housing Rev. Bonds (Grand at Day Point), Series 2021, 0.28% 2024 (put 2023)		105		105
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 38-B, 4.00% 2047		230		249
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 44, 4.00% 2050		80		90
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 42, 4.00% 2050		75		84
City of Sanford, Housing Auth., Multi Family Housing Rev. Bonds (Matthews Garden Gilmore), Series 2020, 0.30% 2023 (put 2022)		750		751
University of North Carolina at Chapel Hill, General Rev. Bonds, Series 2012-B, (1-month USD-LIBOR x 0.67 + 0.40%) 0.477% 2041 (put 2022)¹		440		442
Board of Governors of the University of North Carolina at Chapel Hill, General Rev. Ref. Bonds, Series 2019-A, 0.427% 2041 (put 2021)¹		20		20
County of Wake, G.O. Public Improvement Bonds, Series 2014, 5.00% 2021		20		20
City of Winston-Salem, Water and Sewer System Rev. Ref. Bonds, Series 2020-A, 5.00% 2022		200		211
				2,162

North Dakota 0.49%
Housing Fin. Agcy., Homeownership Rev. Bonds (Home Mortgage Fin. Program), Series 2016-D, 3.50% 2046		140		150
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-A, 4.00% 2038		505		527
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2012-A, 3.75% 2042		35		36
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-D, 4.00% 2046		280		297
				1,010

Ohio 1.74%
Akron, Bath and Copley Joint Township Hospital Dist., Hospital Facs. Rev. Bonds (Akron General Health System), Series 2012, 5.00% 2031 (preref. 2022)		375		387
Akron, Bath and Copley Joint Township Hospital Dist., Hospital Facs. Rev. Ref. Bonds (Summa Health Obligated Group), Series 2020, 5.00% 2026		25		30
G.O. Conservation Projects Bonds, Series 2019-A, 2.00% 2022		20		20
G.O. Higher Education Bonds, Series 2021-A, 5.00% 2025		45		53
G.O. Infrastructure Improvement Rev. Ref. Bonds, Series 2016-A, 5.00% 2022		600		648
County of Geauga, Rev. Bonds (South Franklin Circle Project), Series 2012-A, 8.00% 2047 (preref. 2022)²		890		1,019
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Pinzone Tower Apartments Project), Series 2021, 0.28% 2023 (put 2022)		190		190
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2017-D, 4.00% 2048		90		98
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2019-A, 4.50% 2049		200		225
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2020-A, 3.75% 2050		140		157
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2011-2, 4.50% 2028		20		20

Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Ohio (continued)
Madison Local School Dist., School Improvement Rev. Ref. Bonds, Series 2014, 5.25% 2037 (preref. 2022)	$	530	$	559
Turnpike and Infrastructure Commission, Rev. Bonds, Series 2013-A-1, 5.00% 2025		125		135
Water Dev. Auth., Water Dev. Rev. Bonds, Series 2013-A, 5.00% 2023		25		28
				3,569

Oklahoma 0.81%
Capital Improvement Auth., State Highways Capital Improvement Rev. Ref. Bonds (Oklahoma Dept. of Transportation Project), Series 2020-A, 5.00% 2023		145		160
Housing Fin. Agcy., Collateralized Rev. Bonds (Deer Park & Apple Run Apartments), Series 2019, 1.60% 2022		250		250
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2012-A, 5.00% 2043		75		77
Board of Regents of Oklahoma State University, General Rev. Ref. Bonds, Series 2020-A, 5.00% 2024		275		318
Water Resources Board, Revolving Fund Rev. Bonds, Series 2020, 5.00% 2024		750		854
				1,659

Oregon 0.37%
G.O. Bonds (Veteran’s Welfare Bonds Series 94), Series 2014-H, 4.00% 2044		205		205
City of Portland, Sewer System Rev. Ref. Bonds, Series 2019-A, 5.00% 2023		500		545
				750

Pennsylvania 2.38%
County of Allegheny, Hospital Dev. Auth., UPMC Rev. Bonds, Series 2019-A, 5.00% 2022		300		318
Cumberland Valley School Dist., G.O. Bonds, Series 2015, 5.00% 2032 (preref. 2023)		20		22
Cumberland Valley School Dist., G.O. Bonds, Series 2015, 5.00% 2034 (preref. 2023)		20		22
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046		270		292
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2020-133, 3.00% 2050		360		393
Housing Fin. Agcy., Special Limited Obligation, Multi Family Housing Dev. Bonds (Central Pennsylvania Dev.), Series 2018, 2.45% 2022 (put 2021)		1,000		1,004
County of Montgomery, Higher Education and Health Auth., Hospital Rev. Bonds (Abington Memorial Hospital Obligated Group), Series 2012-A, 5.00% 2031 (preref. 2022)		775		815
Turnpike Commission, Turnpike Rev. Bonds, Series 2018-B, (SIFMA Municipal Swap Index + 0.50%) 0.56% 2021¹		1,000		1,000
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2042 (preref. 2022)		275		296
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2029 (preref. 2021)		185		190
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2030 (preref. 2021)		55		57
Turnpike Commission, Turnpike Rev. Bonds (Motor License Fund), Series 2019-A, 5.00% 2023		200		225
Wilkes-Barre Area School Dist., G.O. Bonds, Series 2019, BAM insured, 5.00% 2023		225		245
				4,879

Rhode Island 0.57%
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2021		920		925
Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 66-A-1, 4.00% 2033		225		234
				1,159

South Carolina 1.38%
County of Charleston, G.O. Capital Improvement Transportation Sales Tax Bonds, Series 2011, 5.00% 2024 (preref. 2021)		500		512
City of Columbia, Housing Auth., Multi Family Housing Rev. Bonds (Palmetto Terrace Apartments Project), Series 2021, 0.31% 2024 (put 2023)		130		130
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2018-A, 4.50% 2048		245		271
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2020-A, 4.00% 2050		165		187
Housing Fin. and Dev. Auth., Mortgage Rev. Ref. Bonds, Series 2016-A, 4.00% 2036		255		276
County of Lexington, Health Services Dist., Inc., Hospital Rev. Ref. Bonds, Series 2017, 5.00% 2021		250		256
Patriots Energy Group Fncg. Agcy., Gas Supply Rev. Bonds, Series 2018-A, 4.00% 2048 (put 2024)		55		60
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2011-B, 5.00% 2021 (escrowed to maturity)		405		416
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2025		120		139

36	Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
South Carolina (continued)
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2011-C, 5.00% 2036	$	110	$	113
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2015-A, 5.00% 2028		35		41
Town of Southold, Local Dev. Corp., Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2015, 5.00% 2022		400		430
				2,831

South Dakota 0.29%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-E, 4.00% 2044		120		127
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-B, 4.50% 2048		415		465
				592

Tennessee 1.38%
Town of Greeneville, Health and Educational Facs. Board, Multi Family Housing Rev. Bonds (People RD Portfolio Project), Series 2019, 1.45% 2022 (put 2021)		1,100		1,108
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-1-C, 4.50% 2037		50		51
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-2-C, 4.00% 2038		40		40
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-1, 4.00% 2042		220		239
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-A, 4.00% 2045		680		723
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-C, 4.00% 2045		295		312
Metropolitan Government of Nashville and Davidson County, Water & Sewer Rev. Bonds, Series 2013, 5.00% 2025		85		94
Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-A, 5.25% 2021		260		264
				2,831

Texas 18.51%
Alvin Independent School Dist., Unlimited Tax Schoolhouse and Rev. Ref. Bonds, Series 2020, 5.00% 2022		625		649
Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Uplift Education), Series 2017-A, 5.00% 2022		645		694
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Harmony Public Schools), Series 2016-A, 5.00% 2024		310		349
Arlington Higher Education Fin. Corp., Education Rev. Bonds (KIPP Texas, Inc.), Series 2019, 5.00% 2026		560		685
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, 5.00% 2022		350		372
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, 5.00% 2025		800		949
Arlington Independent School Dist., Unlimited Tax School Building Bonds, Series 2017, 5.00% 2022		405		421
Austin Affordable PFC, Inc., Multi Family Housing Rev. Bonds (Bridge at Turtle Creek Apartments), Series 2020, 0.42% 2040 (put 2023)		215		215
City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2020-C, 5.00% 2025		510		614
County of Bexar, Combination Tax and Rev. Certificates of Obligation, Series 2013-B, 5.00% 2033 (preref. 2023)		105		116
Brazosport Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020, 5.00% 2022		1,000		1,038
Brazosport Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2022		70		73
Canyon Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2022		165		171
Capital Area Housing Fin. Corp., Multi Family Housing Rev. Bonds (Redwood Apartments), Series 2020, 0.41% 2041 (put 2024)		460		461
Carrollton-Farmers Branch Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 5.00% 2023		135		147
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2019, 5.00% 2021		100		101
Conroe Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2022		50		52
Conroe Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020-A, 5.00% 2025		1,000		1,175
Cypress-Fairbanks Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2013, 5.00% 2025		600		652
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2014-C, 5.00% 2027		500		565
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2015-B-1, 2.125% 2040 (put 2021)		285		287
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2015-B-2, 2.125% 2040 (put 2021)		250		251
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2014-E, 5.00% 2023		370		396

Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Texas (continued)
Dallas Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2014-A, 5.00% 2023	$	15	$	17
Dallas Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015, 5.00% 2030		400		466
Del Mar College Dist., Limited Tax Bonds, Series 2020-B, 5.00% 2024		400		461
Del Mar College Dist., Limited Tax Bonds, Series 2020-A, 5.00% 2026		335		411
Del Valle Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2021		430		432
Del Valle Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2022		155		163
El Paso Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015, 5.00% 2026		400		462
Fort Bend Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 5.00% 2021		55		56
Fort Bend Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 5.00% 2024		130		150
Fort Bend Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-A, 1.95% 2049 (put 2022)²		425		435
Frisco Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2019, 5.00% 2021		170		172
Garland Independent School Dist., Unlimited Tax School Building Bonds, Series 2016, 5.00% 2030		400		468
Grand Prairie Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015, 5.25% 2024		525		597
Harlandale Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 0.75% 2045 (put 2025)		100		100
County of Harris, Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Memorial Hermann Health System), Series 2019-C-1, (SIFMA Municipal Swap Index + 0.42%) 0.48% 2049 (put 2022)¹		375		374
County of Harris, Cultural Education Facs. Fin. Corp., Rev. Bonds (Texas Medical Center), Series 2020-A, 0.90% 2050 (put 2025)		130		130
County of Harris, Health Facs. Dev. Corp., Rev. Ref. Bonds (CHRISTUS Health), Series 2005-A-4, Assured Guaranty Municipal insured, 0.18% 2031¹		125		125
County of Harris, Metropolitan Transit Auth., Sales and Use Tax Bonds, Series 2011-A, 5.00% 2023 (preref. 2021)		600		614
County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2022 (escrowed to maturity)		110		118
County of Harris, Toll Road Rev. and Rev. Ref. Bonds, Series 2018-A, 5.00% 2024		150		173
County of Harris, Toll Road Rev. Ref. Bonds, Series 2012-B, (SIFMA Municipal Swap Index + 0.45%) 1.45% 2021		325		326
Dept. of Housing and Community Affairs, Multi Family Housing Rev. Bonds (Oso Bay Apartments), Series 2021, 0.27% 2024 (put 2022)		100		100
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2011-A, 5.00% 2029		30		30
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2021-A, 3.00% 2052		310		343
Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2018-A, 4.75% 2049		410		460
Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 2050		430		489
Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2020-A, 3.50% 2051		125		141
City of Houston, Airport System Rev. Ref. Bonds, Series 2012-B, 5.00% 2028 (preref. 2022)		870		919
City of Houston, Combined Utility System Rev. Bonds, Series 2011-D, 5.00% 2026 (preref. 2021)		55		56
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2019-B, 2.00% 2024		615		652
Houston Community College System, Maintenance Tax Rev. Ref. Bonds, Series 2021-A, 4.00% 2023		850		908
Humble Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020-B, 5.00% 2022		1,000		1,038
Hutto Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2023		590		653
Katy Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019-B, 5.00% 2022		100		104
Katy Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015-C, 0.356% 2036 (put 2021)¹		100		100
Keller Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2027		470		550
Killeen Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2022		95		99
Longview Independent School Dist., Unlimited Tax Ref. Bonds, Series 2017, 5.00% 2022		180		187
Longview Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 5.00% 2024		500		566
Lower Colorado River Auth., Rev. Ref. Bonds, Series 2020, 5.00% 2022		1,000		1,050
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2020, 5.00% 2025		1,000		1,177
Medina Valley Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 0.82% 2051 (put 2026)		90		90
Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2008-D, 6.25% 2026		170		200
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 2022		10		11
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 2025		120		143
Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 2026		120		146
Needville Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2016, 5.00% 2021		155		157
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2014-A, 5.00% 2024		585		657
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2026		1,500		1,683
Northside Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 0.70% 2050 (put 2025)		1,000		1,005
Odessa Housing Fin. Corp., Multi Family Housing Rev. Bonds (Cove in Odessa Apartments), Series 2021, 0.37% 2024 (put 2023)		230		231
Pasadena Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2022		125		130
Pasadena Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2013, 5.00% 2038		500		541
Plainview Independent School Dist., Unlimited Tax School Building Bonds, Series 2020-A, 5.00% 2022		500		519

38	Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Texas (continued)
Plano Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 5.00% 2023	$	135	$	147
Prosper Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-B, 2.00% 2050 (put 2021)		960		997
County of Rockwall, Permanent Improvement and Rev. Ref. Bonds, Series 2020, 5.00% 2024		200		226
County of Rockwall, Permanent Improvement and Rev. Ref. Bonds, Series 2020, 5.00% 2025		250		293
County of Rockwall, Permanent Improvement and Rev. Ref. Bonds, Series 2020, 5.00% 2026		260		314
Round Rock Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2021		130		132
Round Rock Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2022		300		318
San Angelo Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2030 (preref. 2024)		1,110		1,258
City of San Antonio, Electric and Gas Systems Rev. Bonds, Series 2015-D, 1.125% 2045 (put 2026)		230		233
City of San Antonio, Electric and Gas Systems Rev. Bonds, Series 2013, 5.00% 2048 (preref. 2023)		135		146
San Antonio Housing Trust Fin. Corp., Multi Family Housing Rev. Bonds (Alsbury Park Apartments), Series 2019, 1.375% 2022 (put 2021)		15		15
Board of Regents of Texas A&M University System, Rev. Fncg. System Bonds, Series 2015-B, 5.00% 2021 (escrowed to maturity)		145		145
Tomball Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2023		80		87
Tomball Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2024		30		34
Transportation Commission, G.O. Mobility Fund Rev. Ref. Bonds, Series 2014-B, 5.00% 2026		550		626
Board of Regents of the University of Texas System, Rev. Fncg. System Rev. Ref. Bonds, Series 2016-I, 5.00% 2021		500		507
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2016, 5.00% 2022		550		576
Water Dev. Board, Water Implementation Rev. Fund of Texas Rev. Bonds (Master Trust), Series 2018-B, 5.00% 2023		45		49
				37,921

Utah 0.27%
G.O. Bonds, Series 2020-B, 5.00% 2021		15		15
Housing Corp., Single Family Mortgage Bonds, Class III, Series 2015-D-2, 4.00% 2045		220		236
County of Salt Lake, Board of Education, G.O. Rev. Ref. Bonds (Utah School Bond Guaranty Act), Series 2021, 5.00% 2024		250		287
Transit Auth., Sales Tax Rev. Bonds, Series 2008-A, 5.25% 2023		15		17
				555

Vermont 0.02%
Housing Fin. Agcy., Multiple Purpose Bonds, Series 2020-A, 3.75% 2050		40		45

Virginia 2.61%
County of Arlington, Industrial Dev. Auth., Hospital Rev. Bonds (Virginia Hospital Center), Series 2020, 5.00% 2025		130		154
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2013-A, 4.50% 2033		450		484
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2013-A, 4.50% 2034		235		253
Commonwealth Transportation Board, Federal Transportation Grant Anticipation Rev. Notes, Series 2012-A, 5.00% 2023 (preref. 2022)		555		579
County of Fairfax, G.O. Public Improvement Bonds, Series 2021-A, 4.00% 2026		500		592
County of Fairfax, Redev. and Housing Auth., Multi Family Housing Rev. Bonds (Arrowbrook Apartments Project), Series 2020, 0.41% 2041 (put 2024)		500		502
G.O. Rev. Ref. Bonds, Series 2019-B, 5.00% 2021		475		477
G.O. Rev. Ref. Bonds, Series 2019-B, 5.00% 2021 (escrowed to maturity)		25		25
County of Halifax, Industrial Dev. Auth., Recovery Zone Fac. Rev. Bonds (Virginia Electric and Power Co. Project), Series 2010-A, 0.45% 2041 (put 2022)		225		225
Public Building Auth., Public Facs. Rev. Bonds, Series 2016-B, 5.00% 2024		1,000		1,153
Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% 2024		70		78
Small Business Fncg. Auth., Rev. Bonds (National Senior Campuses, Inc. Obligated Group), Series 2020-A, 5.00% 2026		150		178
County of Smyth, G.O. Public Improvement Bonds, Series 2011-A, 5.00% 2031 (preref. 2021)		500		512
County of Wise, Industrial Dev. Auth., Solid Waste and Sewage Disposal Rev. Bonds (Virginia Electric and Power Co. Project), Series 2010-A, 1.20% 2040 (put 2024)		140		143
				5,355

Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Washington 3.26%
Energy Northwest, Electric Rev. Ref. Bonds (Project No. 3), Series 2018-C, 5.00% 2023	$	1,000	$	1,105
City of Everett, Housing Auth., Multi Family Housing Rev. Bonds (Baker Heights Legacy), Series 2021, 0.30% 2024 (put 2023)		80		80
Federal Highway Grant Anticipation Rev. Bonds (SR 520 Corridor Program), Series 2014-C, 5.00% 2021		215		218
G.O. Bonds, Series 2012-D, 5.00% 2026 (preref. 2022)		1,000		1,037
G.O. Bonds, Series 2012-D, 5.00% 2033 (preref. 2022)		1,000		1,037
G.O. Rev. Ref. Bonds, Series 2017-R-A, 5.00% 2022		25		27
Health Care Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2012-A, 5.00% 2021		35		36
Housing Fin. Commission, Single Family Program Bonds, Series 2017-1-N, 4.00% 2047		335		358
Housing Fin. Commission, Single Family Program Bonds, Series 2019-1-N, 4.00% 2049		945		1,042
Housing Fin. Commission, Single Family Program Bonds, Series 2020-2-N, 3.00% 2050		525		574
Housing Fin. Commission, Single Family Program Bonds, Series 2020-1-N, 4.00% 2050		735		829
Motor Vehicle Fuel Tax G.O. Rev. Ref. Bonds, Series 2015-B, 5.00% 2021		20		20
City of Seattle, Municipal Light and Power Rev. Ref. Bonds, Series 2018-C-2, (SIFMA Municipal Swap Index + 0.49%) 0.55% 2046 (put 2023)¹		325		326
				6,689

West Virginia 0.04%
Housing Dev. Fund, Multi Family Housing Rev. Bonds (Charles Towers), Series 2021, 0.21% 2023 (put 2022)		75		75

Wisconsin 2.87%
G.O. Bonds, Series 2013-A, 5.00% 2025 (preref. 2022)		1,000		1,048
G.O. Bonds, Series 2011-C, 3.50% 2027 (preref. 2021)		150		150
G.O. Bonds, Series 2014-B, 5.00% 2030 (preref. 2022)		795		834
G.O. Rev. Ref. Bonds, Series 2011-2, 5.00% 2022 (preref. 2021)		230		236
Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-3, (SIFMA Municipal Swap Index + 0.55%) 0.61% 2054 (put 2023)¹		340		341
Health and Educational Facs. Auth., Rev. Bonds (Ascension Senior Credit Group), Series 2019-A, 5.00% 2021		70		72
Health and Educational Facs. Auth., Rev. Bonds (Gundersen Lutheran), Series 2020, 5.00% 2026³		660		773
Health and Educational Facs. Auth., Rev. Ref. Bonds (Aurora Health Care, Inc.), Series 2012, 5.00% 2022 (escrowed to maturity)		655		696
Health and Educational Facs. Auth., Rev. Ref. Bonds (Ministry Health Care, Inc.), Series 2012-C, 5.00% 2027 (preref. 2022)		210		223
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2017-C, 4.00% 2048		235		255
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2020-A, 3.50% 2050		375		416
Public Fin. Auth., Hospital Rev. Ref. Bonds (Renown Regional Medical Center Project), Series 2016-A, 5.00% 2022		300		315
Transportation Rev. Bonds, Series 2012-1, 5.00% 2024 (preref. 2022)		500		528
				5,887

Wyoming 0.49%
Community Dev. Auth., Housing Rev. Bonds, Series 2021-1, 3.00% 2050		725		797
Community Dev. Auth., Housing Rev. Bonds, Series 2020-1, 4.00% 2050		180		203
				1,000

Total bonds, notes & other debt instruments (cost: $177,266,000)				179,900

Short-term securities 11.72%
Municipals 11.72%
State of California, Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A. Inc. Project), Series 2010-A, 0.02% 2035¹		500		500
State of California, Kern Community College Dist., Facs. Improvement Dist. No. 1, G.O. Bond Anticipation Notes, Capital Appreciation Notes, Series 2020, 0% 2023		545		535
State of California, Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2005, 0.02% 2025¹		1,900		1,900
State of Indiana, Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), Series 2009-A-3, 0.09% 2039¹		8,320		8,320
State of Louisiana, Parish of East Baton Rouge, Road and Street Improvement Sales Tax Rev. Ref. Bonds, Series 2020, 5.00% 8/1/2021		125		126

40	Private Client Services Funds

Capital Group Short-Term Municipal Fund

Short-term securities (continued)	Principal amount (000)		Value (000)
Municipals (continued)
State of Michigan, Fin. Auth., Rev. Ref. Bonds (McLaren Health Care), Series 2015-D-2, (SIFMA Municipal Swap Index x 0.61 + 0.50%) 0.56% 2038 (put 2021)^1,4	$	215	$	215
State of Michigan, Fin. Auth., Tobacco Settlement Asset-Backed Bonds, Series 2020-A, 3.00% 6/1/2021		260		261
State of Mississippi, Business Fin. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2004, 0.55% 2029 (put 2021)⁴		250		250
State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds (Washington University), Series 2003-B, 0.04% 2033¹		800		800
State of New York, Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-D-2-B, Assured Guaranty Municipal insured, (USD-SOFR x 0.67 + 0.55%) 0.556% 2032 (put 2024)^1,4		255		255
State of New York, New York City G.O. Bonds, Series 2006-E-2, 0.03% 2034¹		1,000		1,000
State of New York, New York City G.O. Bonds, Series 2021-2, 0.22% 2042¹		205		205
State of New York, New York City G.O. Bonds, Series 2021-3, 0.22% 2042¹		155		155
State of New York, New York City Trust for Cultural Resources, IAM Commercial Paper (American Museum of Natural History), Series 2014-B-1, 0.16% 2044 (put 2021)^1,4		100		100
State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series 2013-B-3, 0.04% 2039¹		1,500		1,500
State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series 2019-F, 0.04% 2052¹		4,600		4,600
State of South Carolina, Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Prisma Health Obligated Group), Series 2018-B, 0.04% 2048¹		700		700
State of Texas, Friendswood Independent School Dist., Unlimited Tax School Building Bonds, Series 2021, 4.00% 2/15/2022		950		979
State of Texas, County of Jefferson, Port Arthur Navigation Dist., Pollution Control Rev. Ref. Bonds (Texaco Inc. Project), Series 1994, 0.04% 2024¹		500		500
State of Texas, Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Ref. Bonds, Series 2021, 5.00% 12/15/2021		10		10
State of Texas, Tax and Rev. Anticipation Notes, Series 2020, 4.00% 8/26/2021		600		607
State of Texas, Board of Regents of the University of Texas System, IAM Commercial Paper, Series 2021-A, 0.12% 5/24/2021		500		500

Total short-term securities (cost: $24,017,000)				24,018
Total investment securities 99.52% (cost: $201,283,000)				203,918
Other assets less liabilities 0.48%				979

Net assets 100.00%			$	204,897

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount⁵ (000)			Value at 4/30/2021⁶ (000)			Unrealized (depreciation) appreciation at 4/30/2021 (000)
5 Year U.S. Treasury Note Futures	Long	45	July 2021	$	4,500		$	5,578		$	(12	)
10 Year Ultra U.S. Treasury Note Futures	Short	18	June 2021		(1,800	)		(2,620	)		21
										$	9

¹	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
²	Step bond; coupon rate may change at a later date.
³	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $851,000, which represented .42% of the net assets of the fund.
⁴	For short-term securities, the mandatory put date is considered to be the maturity date.
⁵	Notional amount is calculated based on the number of contracts and notional contract size.
⁶	Value is calculated based on the notional amount and current market price.

Private Client Services Funds

Capital Group Short-Term Municipal Fund

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

IAM = Interest at Maturity

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

42	Private Client Services Funds

Capital Group California Core Municipal Fund	unaudited
Investment portfolio April 30, 2021

Portfolio quality summary*	Percent of net assets

Bonds, notes & other debt instruments 93.04%	Principal amount (000)		Value (000)
California 91.92%
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 4.00% 2021	$	650	$	659
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2022		975		1,039
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 2024		600		692
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 2025		500		595
City of Alhambra, Insured Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 2027		630		750
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, Series 2015, 0% 2035 (preref. 2025)		2,300		1,448
Antelope Valley Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, 0% 2036 (preref. 2025)		2,800		1,685
Baldwin Park Unified School Dist., G.O. Bonds, 2018 Election, Series 2021, 2.00% 2022		1,000		1,024
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2021		495		504
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		1,050
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2023		500		540
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		410
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		455
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		589
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2001-A, (SIFMA Municipal Swap Index + 1.25%) 1.31% 2036 (put 2027)¹		1,000		1,039
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2013-S-4, 5.00% 2043 (preref. 2023)		1,000		1,094
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1, (SIFMA Municipal Swap Index + 1.10%) 1.16% 2045 (put 2024)¹		4,275		4,351
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-G, 2.00% 2053 (put 2024)		4,525		4,699
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-A, 2.00% 2056 (put 2028)		2,000		2,134
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2017-S-7, 5.00% 2024		1,200		1,364
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2012-F-1, 5.00% 2027 (preref. 2022)		2,965		3,098
Bay Area Water Supply and Conservation Agcy., Rev. Bonds, Series 2013-A, 5.00% 2023		500		547
City of Beaumont, Wastewater Rev. Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2026		500		611
City of Burbank, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015, BAM insured, 5.00% 2022		1,305		1,400
California County Tobacco Securitization Agcy., Tobacco Settlement Rev. Bonds, Series 2020-A, 5.00% 2026		600		731
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2, 4.00% 2049 (put 2021)		2,000		2,005
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3, 4.00% 2051 (put 2023)		2,500		2,685
Trustees of the California State University, Systemwide Rev. Bonds, Series 2015-A, 5.00% 2024		500		583
City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Rev. Ref. Bonds, Series 2013, 3.55% 2023		350		363

Private Client Services Funds

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev. Project Area), Series 2021-C, BAM insured, 4.00% 2022	$	200	$	208
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		242
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		297
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		701
Cerritos Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2012-D, 0% 2027		830		773
City of Chino, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2022		450		478
City of Chino, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2025		665		761
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2024		465		535
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2026		780		957
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2027		430		540
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2028		355		453
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2029		225		294
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2030		60		79
City of Chula Vista, Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2021		535		544
City of Chula Vista, Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2022		1,355		1,437
Clovis Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2006-B, National insured, 0% 2030		1,000		870
County of Orange, Community Facs. Dist. No. 2016-1 (Village of Esencia), Special Tax Bonds, Series 2016-A, 5.00% 2026		570		690
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2026		1,290		1,474
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2029		1,000		1,182
Compton Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2015 Election, Series 2019-B, BAM insured, 0% 2033		1,000		749
Compton Unified School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006-D, AMBAC insured, 0% 2021		3,000		2,999
City of Concord, Successor Agcy. to the Redev. Agcy., Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2023		825		895
County of Contra Costa, Transportation Auth., Sales Tax Rev. Ref. Bonds, Series 2018-A, (1-month USD-LIBOR x 0.70 + 0.25%) 0.331% 2034 (put 2021)¹		5,525		5,525
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 2026		400		466
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 2027		885		1,101
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 2028		930		1,179
Desert Community College Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2032		1,885		2,257
City of Desert Hot Springs, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2017, BAM insured, 5.00% 2021		800		812
East Bay Municipal Utility Dist., Water System Rev. Ref. Bonds, Series 2015-A, 5.00% 2027		3,550		4,219
Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 2.75% 2028		535		607
Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2021-A, 5.00% 2028		375		481
Educational Facs. Auth., Rev. Bonds (University of San Francisco), Series 2011, 5.00% 2021(escrowed to maturity)		355		362
Educational Facs. Auth., Rev. Bonds (University of San Francisco), Series 2011, 5.00% 2021 (escrowed to maturity)		345		352
Educational Facs. Auth., Rev. Bonds (University of the Pacific), Series 2012-A, 4.00% 2021		560		570
Educational Facs. Auth., Rev. Bonds (University of the Pacific), Series 2012-A, 4.00% 2022		500		510
Educational Facs. Auth., Rev. Ref. Bonds (Stanford University), Series 2009-T-5, 5.00% 2023		1,290		1,408
Educational Facs. Auth., Rev. Ref. Bonds (University of Redlands), Series 2015-A, 5.00% 2021		535		544
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2026		530		614
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2027		500		578
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2030		1,000		1,151
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		909
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2025		580		682
Etiwanda School Dist., G.O. Bonds, 2016 Election, Series 2020-A, 4.00% 2029		570		707
City of Eureka, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2017-B, 5.00% 2022		835		891
City of Fillmore, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2024		1,000		1,137

44	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	$	1,000	$	945
City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 2023		535		590
City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 2026		100		116
City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 2027		120		141
G.O. Bonds, Series 2020, 5.00% 2026		5,000		6,222
G.O. Bonds, Series 2020, 3.00% 2027		2,500		2,845
G.O. Bonds, Series 2019, 5.00% 2029		2,000		2,659
G.O. Bonds, Series 2021, 5.00% 2031		85		103
G.O. Bonds, Series 2021, 5.00% 2032		70		85
G.O. Bonds, Series 2021, 5.00% 2034		70		85
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2027		745		935
G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2029		4,000		5,070
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 2029		1,500		1,995
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2029		1,000		1,328
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 2030		1,535		2,083
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 2035		2,000		2,619
City of Garden Grove, Successor Agcy. to the Dev. Agcy., Tax Allocation Bonds, Series 2016, BAM insured, 5.00% 2022		400		426
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		492
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013-A, 5.00% 2021		2,000		2,007
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2017-A, 5.00% 2021		295		296
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A, 5.00% 2022		3,000		3,155
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2017A-1, 5.00% 2022		1,730		1,817
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Bonds, Series 2005-A, AMBAC insured, 0% 2024		2,000		1,970
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Bonds, Series 2005-A, Assured Guaranty Municipal insured, 0% 2026		2,785		2,661
Greenfield Elementary School Dist., Capital Appreciation Bonds, 2006 Election, Series 2007-A, Assured Guaranty Municipal insured, 0% 2029		1,270		1,111
City of Hawthorne, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2024		250		289
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 2023		910		989
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 2024		1,105		1,199
Health Facs. Fncg. Auth., Rev. Bonds (Cedars-Sinai Medical Center), Series 2016-A, 5.00% 2023		650		722
Health Facs. Fncg. Auth., Rev. Bonds (City of Hope), Series 2012-A, 5.00% 2021		350		359
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2025		1,000		1,165
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-B, 5.00% 2029 (put 2022)		1,025		1,099
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-D, 5.00% 2032 (put 2022)		2,675		2,868
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2014-A, 5.00% 2025		400		455
Health Facs. Fncg. Auth., Rev. Bonds (PIH Health), Series 2020-A, 5.00% 2030		1,900		2,526
Health Facs. Fncg. Auth., Rev. Bonds (Scripps Health), Series 2012-A, 5.00% 2024		150		154
Health Facs. Fncg. Auth., Rev. Bonds (Scripps Health), Series 2012-A, 5.00% 2025		375		384
Health Facs. Fncg. Auth., Rev. Bonds (Stanford Health Care), Series 2021-A, 3.00% 2054 (put 2025)		4,430		4,914
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2024		3,000		3,482
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2025		3,525		4,229
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 2026 (preref. 2025)		300		362
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 2041 (preref. 2025)		580		700
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2013-A, 5.00% 2052 (preref. 2023)		1,665		1,847
Health Facs. Fncg. Auth., Rev. Green Bonds (Kaiser Permanente), Series 2017-A-1, 5.00% 2027		3,000		3,832
Health Facs. Fncg. Auth., Rev. Green Bonds (Kaiser Permanente), Series 2017-C, 5.00% 2031 (put 2022)		6,985		7,490
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Adventist Health System/West), Series 2016-A, 4.00% 2025		1,270		1,435
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2022-A, 5.00% 2026		830		959
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2022		175		187
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2023		135		151
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2023		1,000		1,123

Private Client Services Funds

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	$	1,000	$	1,166
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2026		1,750		2,170
Hemet Unified School Dist., Fncg. Auth. Special Tax Rev. Bonds, Series 2015, 5.00% 2026		600		693
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2023		885		980
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2025		100		120
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2026		125		154
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2027		110		139
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2028		375		485
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2029		140		180
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2030		340		435
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2015-B, (SIFMA Municipal Swap Index + 1.20%) 1.26% 2037 (put 2022)¹		1,000		1,004
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		807
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2012, 3.25% 2022		700		725
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2012, 4.00% 2022		400		418
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2013, 5.00% 2024		725		806
City of Irvine, Reassessment Dist. No. 13-1, Limited Obligation Improvement Bonds, Series 2013, 3.375% 2023		850		913
City of Irvine, Reassessment Dist. No. 15-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2021		500		508
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 4.00% 2021		245		248
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 4.00% 2022		225		237
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2023		200		223
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2024		210		243
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2025		250		300
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2021		1,280		1,300
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 5.00% 2027		140		178
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 5.00% 2028		350		454
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 5.00% 2030		215		283
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2023		500		552
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2029		710		814
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 5.00% 2023		750		828
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 4.00% 2027		1,615		1,903
Kern Community College Dist., Safety Repair and Improvement G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006, FSA insured, 0% 2022		1,500		1,495
Kings Canyon Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2029		1,600		1,891
La Habra School Dist., G.O. Bonds, Capital Appreciation Bonds, 2000 Election, Series 2002-A, FSA insured, 0% 2026		1,010		952
Lakeside Union School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2029		1,785		2,184
Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2002, Special Tax Bonds, Series 2017, 4.00% 2022		680		710
City of Lodi, Public Fin. Auth., Rev. Ref. Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 2024		260		299
City of Long Beach, Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 5.00% 2021		520		532
Long Beach Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2008-A, Assured Guaranty Municipal insured, 0% 2027		3,865		3,603
City of Los Angeles, Community Facs. Dist. No. 4 (Playa Vista - Phase 1), Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 2023		690		764
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-E, 5.00% 2039		1,130		1,419
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2019-C, 5.00% 2025		2,000		2,370
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2021-B, 5.00% 2025		1,000		1,185
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2017-C, 5.00% 2022		575		608

46	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 Water and Power, Power System Rev. Bonds, Series 2013-A, 5.00% 2022	$	515	$	544
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 2024		535		616
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 2025		500		597
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2020-A, 5.00% 2026		2,500		3,082
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-D, 5.00% 2027		1,100		1,397
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 2028		650		847
City of Los Angeles, Solid Waste Resources Rev. Bonds, Series 2013-A, 2.00% 2023		1,110		1,146
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Bonds, Series 2021-A, 5.00% 2030		6,410		8,695
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		1,261
Los Angeles Community College Dist., G.O. Bonds, 2008 Election, Series 2008-G, 4.00% 2039 (preref. 2024)		3,350		3,761
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014-C, 5.00% 2023		520		575
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2019-A, 5.00% 2027		5,000		6,325
Madera Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006, Assured Guaranty Municipal insured, 0% 2029		585		519
Manhattan Beach Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 1999-C, FGIC-National insured, 0% 2024		3,950		3,810
Manteca Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2006, MBIA insured, 0% 2027		560		517
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2022		500		535
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2028		250		297
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2019-A, 5.00% 2025		10,000		11,914
City of Modesto, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016, 5.00% 2022		750		802
Montebello Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2028		1,545		1,794
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, 4.00% 2026		235		252
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Hollywood El Centro Apartments), Series 2019-A, 1.40% 2021 (put 2021)		2,325		2,325
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2026		300		363
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation), Series 2017-A, 5.00% 2024		300		335
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2023		750		824
Municipal Fin. Auth., Rev. Bonds (Village Grove Apartments), Series 2013-A, 3.10% 2021 (escrowed to maturity)		1,210		1,230
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2013, 5.00% 2022		470		499
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 2026		335		406
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 2022		885		949
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 2025		500		599
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2028		750		861
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2029		1,085		1,241
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2035		1,000		1,120
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project), Series 2019, BAM insured, 5.00% 2027		530		655
Murrieta Valley Unified School Dist., G.O. Bonds, 2014 Election, Series 2020, 4.00% 2023		335		363
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2023		2,530		2,783
Natomas Unified School Dist., G.O. Bonds, Series 2014, BAM insured, 5.00% 2021		500		506
Newport Mesa Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2011, 0% 2046 (preref. 2027)		6,200		1,030
Northern California Energy Auth., Commodity Supply Rev. Bonds, Series 2018, 4.00% 2049 (put 2024)		2,500		2,772
Oak Park Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, Series 2009-B, Assured Guaranty Municipal insured, 0% 2029		605		531
Oakland Unified School Dist., G.O. Bonds, 2006 Election, Series 2016-A, 5.00% 2026		1,325		1,617
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured, 5.00% 2028		1,000		1,253
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured, 4.00% 2034		1,000		1,164
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2022		2,000		2,117
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2022		915		968
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2024		1,310		1,501
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2025		3,000		3,553
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty insured, 5.00% 2026		1,125		1,334
Ohlone Community College Dist., G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2023 (preref. 2022)		550		584

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 Orange, Community Facs. Dist. No. 91-2 (Serrano Heights Public Improvements), Special Tax Rev. Ref. Bonds, Series 2013, 4.00% 2021	$	1,485	$	1,508
County of Orange, Airport Private Activity Rev. Ref. Bonds, Series 2019-B, 5.00% 2025		1,065		1,266
County of Orange, Airport Private Activity Rev. Ref. Bonds, Series 2019-A, 5.00% 2025		1,000		1,189
County of Orange, Airport Rev. Ref. Bonds, Series 2019-A, 5.00% 2022		1,000		1,056
County of Orange, Water Dist. Rev. Certs. of Part. (Interim Obligations), Series 2019-A, 2.00% 2023		2,725		2,812
City of Oxnard, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2021		750		753
City of Oxnard, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2024		250		286
City of Oxnard, Water Rev. Ref. Bonds, Series 2018, BAM insured, 5.00% 2022		700		731
City of Oxnard, Water Rev. Ref. Bonds, Series 2018, BAM insured, 5.00% 2024		450		512
Oxnard Unified School Dist., G.O. Bonds, 2012 Election, Series 2012-A, Assured Guaranty Municipal insured, 5.00% 2037 (preref. 2022)		500		531
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2026		630		755
Paramount Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1998 Election, Series 2001-B, Assured Guaranty Municipal insured, 0% 2025		3,000		2,903
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2026		250		305
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2027		200		250
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2029		400		520
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2028		285		363
Peralta Community College Dist., G.O. Rev. Ref. Bonds, Series 2014-A, 5.00% 2025		2,680		3,082
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, 3.00% 2021		895		902
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		956
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 2024		1,000		1,143
Pleasant Valley School Dist., G.O. Bonds, 2018 Election, Series A, 5.00% 2029		645		788
Pollution Control Fncg. Auth., Water Facs. Rev. Ref. Bonds (American Water Capital Corp. Project), Series 2020, 0.60% 2040 (put 2023)		3,270		3,271
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013, 4.00% 2022		440		463
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2016-A, 4.00% 2022		1,000		1,051
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2022		850		903
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-B, BAM insured, 5.00% 2022		500		531
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2016-A, 5.00% 2023		890		987
Public Fin. Auth., Electric System Rev. Ref. Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 2023		730		809
Public Fin. Auth., Reassessment Rev. Ref. Bonds, Series 2019, 5.00% 2022		1,115		1,183
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, 5.00% 2021		150		153
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, Assured Guaranty Municipal insured, 5.00% 2023		500		554
Public Works Board, Lease Rev. Bonds (Dept. of Corrections, Various State Prisons), Series 2019-D, 5.00% 2028		1,000		1,299
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, Various State Prisons), Series 2015-A, 5.00% 2023		790		869
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, Various State Prisons), Series 2018-C, 5.00% 2026		1,000		1,240
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-C, 5.00% 2024		1,650		1,919
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2017-C, 5.00% 2026		4,060		4,935
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-D, 5.00% 2028		5,000		6,180
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2022-A, 5.00% 2028		2,005		2,470
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2017-B, 5.00% 2028		1,415		1,789
City of Rancho Cucamonga, Successor Agcy. to the Redev. Agcy., Tax Allocation Ref. Bonds (Rancho Redev. Project Area), Series 2014, Assured Guaranty Municipal insured, 5.00% 2028		300		342
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		686
City of Redding, Joint Powers Fin. Auth., Electric System Rev. Bonds, Series 2015-A, 5.00% 2024		15		17
Rialto Unified School Dist., G.O. Bonds, 2010 Election, Series 2019, 3.00% 2026		600		680
Rialto Unified School Dist., G.O. Bonds, 2010 Election, Series 2019, 3.00% 2027		750		863
City of Richmond, Successor Agcy. to the Redev. Agcy., Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2025		200		228
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, BAM insured, 5.00% 2032		240		288
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 2022		400		426

48	Private Client Services Funds

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Bonds (Project Area No. 1, Desert Communities and Interstate 215 Corridor Projects), Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2023	$	1,075	$	1,193
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Hemet Project), Series 2014, BAM insured, 5.00% 2023		500		553
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Interstate 215 Corridor Project), Series 2014-E, Assured Guaranty Municipal insured, 5.00% 2021		465		474
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Project Area No. 1, Desert Communities and Interstate 215 Corridor Projects), Series 2014-D, Assured Guaranty Municipal insured, 5.00% 2021		575		586
Riverside Community Properties Dev., Inc., Lease Rev. Bonds (Riverside County Law Building Project), Series 2013, 6.00% 2038 (preref. 2023)		2,585		2,956
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2025		350		408
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2026		400		468
Riverside Unified School Dist., G.O. Bonds, 2016 Election, Series 2019, 4.00% 2029		850		1,013
Robla School Dist., G.O. Bonds, 2018 Election, Series 2019-A, Assured Guaranty Municipal insured, 4.00% 2021		645		651
City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2024		1,000		1,145
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.25% 2024		1,000		1,086
City of Sacramento, Regional Transit Dist., Farebox Rev. Bonds, Series 2012, 5.00% 2023		385		386
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-E, 5.00% 2027		1,015		1,275
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-E, 5.00% 2030		200		252
County of Sacramento, Tobacco Securitization Auth., Tobacco Settlement Asset-Backed Rev. Ref. Senior Bonds (Sacramento County Tobacco Securitization Corp), Series 2021-A-1, 5.00% 2024		1,250		1,427
Sacramento Unified School Dist., G.O. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2030		1,000		1,130
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 2027		585		687
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2017-E, 5.00% 2027		555		684
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 2028		610		723
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 2029		635		761
Sacramento Unified School Dist., G.O. Bonds, 2014 Election, Series 2014, 5.00% 2021		150		151
Sacramento Unified School Dist., G.O. Ref. Bonds, Series 2012, 5.25% 2024		1,300		1,371
San Bernardino Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-D, Assured Guaranty Municipal insured, 4.00% 2021		330		333
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		1,589
City of San Diego, Limited Obligation Rev. Bonds (Sanford Burnham Prebys Medical Discovery Institute Project), Series 2015-A, 5.00% 2022		200		214
City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A, 5.00% 2030		200		271
City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A, 5.00% 2031		150		202
City of San Diego, Public Facs. Fncg. Auth., Water Rev. Bonds, Series 2020-A, 5.00% 2029		500		664
County of San Diego, Association of Governments Capital Grant Receipts, Rev. Green Bonds (Mid-Coast Corridor Transit Project), Series 2019-A, 5.00% 2025		3,125		3,635
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		295
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2027		400		502
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2028		320		411
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2029		585		766
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2013-A, 5.00% 2023		245		271
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 2021		2,000		2,015
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 2022		3,990		4,212
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, 5.00% 2028		1,000		1,283
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, 5.00% 2029		1,000		1,309
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 2031		1,405		1,865
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Bonds, Series 2021-B, 5.00% 2029		320		424
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Green Bonds, Series 2020-A, 5.00% 2028		850		1,100
County of San Diego, Water Auth. Rev. Ref. Bonds, Series 2013-A, 5.00% 2031 (preref. 2022)		900		966
County of San Diego, Water Auth. Rev. Ref. Green Bonds, Series 2021-A, 5.00% 2028		1,000		1,298
County of San Diego, Water Auth., Water Rev. Ref. Green Bonds, Series 2021-S-1, 5.00% 2028		1,285		1,662
San Diego Community College Dist., G.O. Bonds, 2002 Election, Series 2013, 0% 2041²		2,000		1,145
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2016-SR-1, 4.00% 2031		3,000		3,477

Private Client Services Funds

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
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	$	1,190
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		3,563
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds, Series 2019-D-2, 5.00% 2024		1,000		1,142
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series 2021-B-2, 5.00% 2031		2,780		3,792
City and County of San Francisco, G.O. Rev. Ref. Bonds, Series 2020-R-1, 5.00% 2025		1,500		1,790
City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, Series 2011-A, 5.00% 2029 (preref. 2021)		3,000		3,073
City and County of San Francisco, Redev. Agcy., Community Facs. Dist. No. 6 (Mission Bay South Public Improvements), Special Tax Rev. Ref. Bonds, Series 2013-B, 3.25% 2021		500		503
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		323
City of San Francisco, Bay Area Rapid Transit Dist., G.O. Bonds, 2016 Election, Series 2020-C-1, 5.00% 2027		1,500		1,905
City of San Francisco, Bay Area Rapid Transit Dist., G.O. Bonds, 2016 Election, Series 2020-C-1, 5.00% 2028		1,000		1,304
City of San Francisco, Bay Area Rapid Transit Dist., G.O. Green Bonds, Series 2019-B-1, 5.00% 2027		3,000		3,810
San Francisco Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2023		1,810		1,993
San Francisco Community College Dist., G.O. Rev. Ref. Bonds, Series 2020, 5.00% 2027		1,525		1,917
San Francisco Unified School Dist., G.O. Bonds, 2016 Election, Series 2020-B, 4.00% 2022		1,000		1,043
San Francisco Unified School Dist., G.O. Bonds, 2016 Election, Series 2020-B, 4.00% 2029		1,000		1,212
City of San Jacinto, Community Facs. Dist. No. 2002-1 (Rancho San Jacinto, Phase 2), Special Tax Rev. Ref. Bonds, Series 2016, 4.00% 2021		680		688
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2021		60		61
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2022		25		27
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2023		40		44
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2024		65		74
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2025		90		106
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2026		155		188
San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1993, National insured, 0% 2022 (escrowed to maturity)		5,000		4,995
San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1997-A, National insured, 0% 2025		285		273
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, BAM insured, 5.00% 2029		500		650
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, BAM insured, 5.00% 2030		250		331
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-B, 5.00% 2032		1,250		1,678
City of San Jose, Fin. Auth., Lease Rev. Ref. Bonds (Civic Center Project), Series 2013-A, 5.00% 2030 (preref. 2023)		1,625		1,789
San Jose Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006-C, National insured, 0% 2025		795		771
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2022		500		531
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2023		375		416
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2024		500		578
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2025		400		479
San Ramon Valley Unified School Dist., G.O. Bonds, 2012 Election, Series 2018, 5.00% 2024		1,000		1,153
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 2022		310		329
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 2024		530		608
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 2025		375		429
City of Santa Rosa, Wastewater Rev. Bonds, Capital Appreciation Bonds, Series 2002-B, AMBAC insured, 0% 2021		2,000		1,999
Saugus Union School Dist., G.O. Rev. Ref. Bonds, Series 2006, FGIC-National insured, 5.25% 2021		600		608
Saugus Union School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2006, FGIC-National insured, 0% 2024		1,210		1,184
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		573
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		1,316
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 4.00% 2027³		740		837
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 4.00% 2029³		805		900
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 5.00% 2031³		875		1,012
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2014-A, 4.125% 2024		1,115		1,180

50	Private Client Services Funds

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 2024³	$	585	$	663
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2015-A, 3.625% 2025³		740		785
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 2026³		505		606
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 2027³		470		578
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 2022³		100		104
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 2023³		125		137
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 2024³		130		147
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 2024³		100		113
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 2025³		105		123
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 2025³		100		117
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 2026³		110		132
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 2026³		105		126
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 2027³		220		271
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 2027³		100		123
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 2028³		100		125
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 2029³		100		128
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 2030³		100		129
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		155
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 2024		145		150
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 2025		365		378
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 2026		150		155
City of Signal Hill, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM insured, 5.00% 2021		250		255
City of Signal Hill, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM insured, 5.00% 2023		500		555
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2019-A, 3.00% 2024		4,065		4,321
Solano Community College Dist., G.O. Bonds, 2015 Election, Series 2013-A, 4.375% 2047 (preref. 2023)		595		652
Solano Community College Dist., G.O. Rev. Ref. Bonds, Series 2005, National insured, 5.00% 2026		4,690		5,589
Solano Community College Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2005, National insured, 0% 2021		2,680		2,679
South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2020, 5.00% 2031		2,885		3,922
South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2020, 5.00% 2032		500		687
Southern California Public Power Auth., Rev. Ref. Bonds (Magnolia Power Project A), Series 2020-1, 5.00% 2027		1,100		1,396
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 2026		200		247
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 2027		400		508
Southern California Public Power Auth., Rev. Ref. Green Bonds (Windy Point/Windy Flats Project), Series 2020-1, 5.00% 2024		3,000		3,382
Southern California Public Power Auth., Transmission Project Rev. Ref. Bonds (Southern Transmission Project), Series 2013-A, 5.00% 2021		1,500		1,512
Stanislaus Union School Dist., G.O. Bonds, 2008 Election, Series 2011-B, Assured Guaranty Municipal insured, 5.125% 2041 (preref. 2021)		2,000		2,024
Stanislaus Union School Dist., G.O. Rev. Ref. Bonds, Series 2019, BAM insured, 5.00% 2025		500		594
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Ethel Arnold Bradley Apartments), Series 2019-S-1, 1.25% 2021 (put 2021)		4,325		4,329
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Miramar Tower Apartments), Series 2019-M, 1.30% 2022 (put 2021)		5,000		5,004
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Washington Court Apartments), Series 2021-E, 0.22% 2023 (put 2022)		5,000		5,010
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2025		750		876
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2028		2,085		2,492
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2034		975		1,200
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2021		1,100		1,119
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2023		1,110		1,218
Statewide Communities Dev. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2014, Assured Guaranty Municipal insured, 5.00% 2022		750		799
Statewide Communities Dev. Auth., Rev. Bonds (Jewish Home of San Francisco), Series 2016, 5.00% 2026		575		706

Private Client Services Funds

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025	$	1,000	$	1,002
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Episcopal Communities and Services), Series 2012, 5.00% 2024		300		312
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Huntington Memorial Hospital), Series 2014-B, 5.00% 2021		1,650		1,662
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Huntington Memorial Hospital), Series 2014-B, 5.00% 2026		200		225
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2023		500		536
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2024		390		435
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Rady Children’s Hospital), Series 2016-B, 5.00% 2028		860		1,107
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		1,048
City of Stockton, Public Fncg. Auth., Wastewater Rev. Ref. Bonds (1998 Wastewater Project and 2003 Wastewater Project), Series 2014, BAM insured, 5.00% 2021		750		761
Stockton Unified School Dist., G.O. Bonds, 2012 Election, Series 2018-C, BAM insured, 5.00% 2030		2,145		2,711
City of Suisun, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-B, BAM insured, 5.00% 2022		400		426
Sweetwater Union High School Dist., G.O. Bonds, 2006 Election, Series 2006, 4.00% 2026		515		583
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2025		1,715		1,961
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2026		6,000		6,806
Sweetwater Union High School Dist., Public Fin. Auth., Rev. Ref. Bonds, Series 2013, BAM insured, 5.00% 2021		2,100		2,132
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		1,180
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		635
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 2027		600		746
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 2028		700		885
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 2029		660		848
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 2030		300		387
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		997
Tustin Unified School Dist., Community Facs. Dist. No. 88-1, Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2022		830		881
Twin Rivers Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 5.00% 2024		400		457
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		1,479
Union City, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-A, 5.00% 2023		375		418
Regents of the University of California, G.O. Rev. Bonds, Series 2014-AM, 5.00% 2021		390		391
Regents of the University of California, G.O. Rev. Bonds, Series 2013-AK, 5.00% 2048 (put 2023)		2,000		2,196
Upland Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2008-A, Assured Guaranty Municipal insured, 0% 2030		1,500		1,294
Val Verde Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2021		250		252
Val Verde Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2023		600		648
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 2045		1,105		1,174
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 2049		2,870		3,174
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2020-A, 3.00% 2050		4,985		5,453
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2017-CQ, 4.00% 2047		1,435		1,559
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 2048		4,920		5,398
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2019-CS, 4.00% 2049		2,730		3,015
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2020-CT, 3.00% 2050		4,985		5,452
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 2045		715		752
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2024		730		816
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2026		270		317
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		361

52	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 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	$	458
Washington Township Health Care Dist., Rev. Bonds, Series 2017-A, 4.00% 2021		490		493
West Contra Costa Unified School Dist., G.O. Bonds, 2010 Election, Series 2020-F, Assured Guaranty Municipal insured, 4.00% 2028		600		726
West Contra Costa Unified School Dist., G.O. Bonds, 2012 Election, Series 2020-E, Assured Guaranty Municipal insured, 4.00% 2030		900		1,114
West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, 2005 Election, Series 2008-B, 6.00% 2027		3,000		3,922
West Kern Community College Dist., G.O. Rev. Ref. Bonds, Series 2019, BAM insured, 4.00% 2032		2,700		3,282
Western Placer Unified School Dist., G.O. Bonds, 2014 Election, Series 2017-B, BAM insured, 5.00% 2021		490		496
Westminster School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2009-A-1, Assured Guaranty insured, 0% 2023		1,000		993
Whittier City School Dist., G.O. Rev. Ref. Bonds, Series 2016, 4.00% 2030		825		954
Yosemite Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2010-D, 0% 2031		500		420
				581,704

Missouri 0.02%
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2015-A, 3.75% 2038		110		118

Puerto Rico 0.16%
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2021		1,000		1,013

South Dakota 0.33%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-B, 4.50% 2048		1,885		2,114

Texas 0.09%
County of Tarrant, Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Christus Health), Series 2018-A, 5.00% 2024		500		570

United States 0.52%
Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class CA, 3.35% 2033		2,934		3,330

Total bonds, notes & other debt instruments (cost: $571,234,000)				588,849

Short-term securities 6.41%
Municipals 6.41%
State of California, Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev. Project Area), Series 2021-C, BAM insured, 4.00% 8/1/2021		240		242
State of California, Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A. Inc. Project), Series 2010-A, 0.02% 2035¹		1,000		1,000
State of California, Irvine Ranch Water Dist. Nos. 105, 140, 240 and 250, Consolidated G.O. Bonds, Series 1993, 0.02% 2033¹		5,700		5,700
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		1,961
State of California, City of Los Angeles, Dept. of Water and Power, Power System Demand Rev. Bonds, Series 2002-A-2, 0.02% 2035¹		3,500		3,500
State of California, City of Los Angeles, Dept. of Water and Power, Rev. Bonds, Series 2021-A-1, 0.02% 2050¹		7,500		7,500
State of California, City of Los Angeles, Dept. of Water and Power, Water System Bonds, Series 2019-A, 0.02% 2049¹		1,200		1,200
State of California, County of Los Angeles, Schools Pooled Fncg. Program, Certs. of Parts., Series 2021-B, 2.00% 12/30/2021		6,000		6,075
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2, 0.02% 2037¹		2,305		2,305
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-1, 0.02% 2037¹		750		750

Private Client Services Funds

Capital Group California Core Municipal Fund

Short-term securities (continued)	Principal amount (000)		Value (000)
Municipals (continued)
State of California, Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2005, 0.02% 2025¹	$	1,700	$	1,700
State of California, Pollution Control Fncg. Auth., Environmental Impact Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 1997-B, 0.03% 2042¹		500		500
State of California, Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2002, 0.02% 2024¹		2,435		2,435
State of California, City of Stockton, Public Fncg. Auth., Wastewater Bond Anticipation Notes, Series 2019, 1.40% 2022		4,525		4,529
State of California, Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2007-B-1, 0.01% 2032¹		1,165		1,165

Total short-term securities (cost: $40,556,000)				40,562
Total investment securities 99.45% (cost: $611,790,000)				629,411
Other assets less liabilities 0.55%				3,451

Net assets 100.00%			$	632,862

Futures contracts

Contracts		Type		Number of contracts		Expiration			Notional amount⁴ (000)				Value at 4/30/2021⁵ (000)				Unrealized appreciation at 4/30/2021 (000)
10 Year Ultra U.S. Treasury Note Futures		Short		100		June 2021			$	(10,000	)		$	(14,555	)		$	89

¹	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
²	Step bond; coupon rate may change at a later date.
³	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $7,156,000, which represented 1.13% of the net assets of the fund.
⁴	Notional amount is calculated based on the number of contracts and notional contract size.
⁵	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

IAM = Interest at Maturity

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

54	Private Client Services Funds

Capital Group California Short-Term Municipal Fund	unaudited
Investment portfolio April 30, 2021

Portfolio quality summary*	Percent of net assets

Bonds, notes & other debt instruments 91.92%	Principal amount (000)		Value (000)
California 91.92%
City of Alhambra, Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 2023	$	450	$	485
Alvord Unified School Dist., G.O. Rev. Ref. Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 2022		500		530
Anaheim City School Dist., G.O. Bonds, 2010 Election, Series 2011, 6.25% 2040 (preref. 2021)		2,000		2,030
City of Anaheim, Housing and Public Improvements Auth., Rev. Bonds (Electric Utility Distribution System Improvements), Series 2020-A, 5.00% 2021		435		444
City of Anaheim, Housing and Public Improvements Auth., Rev. Bonds (Electric Utility Distribution System Improvements), Series 2020-A, 5.00% 2022		230		246
City of Anaheim, Housing and Public Improvements Auth., Rev. Bonds (Electric Utility Distribution System Improvements), Series 2020-A, 5.00% 2023		200		223
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp Healthcare), Series 2012-A, 5.00% 2023 (preref. 2022)		1,640		1,699
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2013-S-4, 5.00% 2043 (preref. 2023)		1,525		1,668
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-A, 2.00% 2056 (put 2028)		1,000		1,067
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2017-S-7, 5.00% 2024		1,000		1,136
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2012-F-1, 5.00% 2031 (preref. 2022)		1,365		1,426
City of Beaumont, Wastewater Rev. Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2022		225		240
City of Burbank, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015, BAM insured, 5.00% 2022		500		536
Burlingame Elementary School Dist., G.O. Bonds, 2020 Election, Series A, 3.00% 2022		600		622
Trustees of the California State University, Systemwide Rev. Bonds, Series 2015-A, 5.00% 2021		1,015		1,040
Trustees of the California State University, Systemwide Rev. Bonds, Series 2018-A, 5.00% 2023		1,045		1,171
Trustees of the California State University, Systemwide Rev. Bonds, Series 2013-A, 5.00% 2023		400		448
Trustees of the California State University, Systemwide Rev. Bonds, Series 2020-A, 5.00% 2024		800		932
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3, 4.00% 2051 (put 2023)		1,650		1,772
Chino Basin Regional Fin. Auth., Rev. Notes (Inland Empire Utilities Interim Fncg.), Series 2020-B, 4.00% 2025		1,500		1,726
City of Chino, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 4.00% 2021		655		662
Coast Community College Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2006-B, Assured Guaranty insured, 0% 2026		1,205		1,155
Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 4.00% 2022		1,350		1,405
Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 5.00% 2025		125		147
Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 5.00% 2027		500		624
Compton Unified School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006-D, AMBAC insured, 0% 2021		1,000		1,000
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 2024		400		444
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 2025		410		468
East Bay Municipal Utility Dist., Water System Rev. Bonds, Series 2019-A, 5.00% 2023		1,390		1,531
East Side Union High School Dist., G.O. Rev. Ref. Bonds, Series 2020, BAM insured, 5.00% 2025		845		1,011
Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 5.00% 2024		225		259
Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 5.00% 2026		300		370

Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2021-A, 5.00% 2025	$	425	$	501
Educational Facs. Auth., Rev. Ref. Bonds (Stanford University), Series 2009-T-5, 5.00% 2023		1,440		1,572
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		899
Fowler Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 4.00% 2024		745		825
Fresno Joint Powers Fin. Auth., Rev. Ref. Bonds (Master Lease Projects), Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2022		1,350		1,407
G.O. Bonds, Series 2020, 5.00% 2026		1,000		1,244
G.O. Bonds, Series 2013-E, (SIFMA Municipal Swap Index + 0.43%) 0.49% 2029 (put 2023)¹		500		502
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 2026		1,500		1,867
Glendale Community College Dist., G.O. Rev. Ref. Bonds, 2016 Election, Series 2020-B, 4.00% 2023		500		543
Glendale Unified School Dist., G.O. Bonds, 2011 Election, Series 2020-E, 4.00% 2024		475		534
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2021		500		502
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013-A, 5.00% 2021		100		100
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2017A-1, 5.00% 2022		1,500		1,575
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A, 5.00% 2022		1,000		1,052
Hacienda La Puente Unified School Dist., Certs. of Part. (Los Angeles County Schools Pooled Fncg. Program), Series 2005-C, Assured Guaranty Municipal insured, 5.00% 2021		500		502
City of Hawthorne, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2021		300		305
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 2024		410		445
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2025		400		477
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-B, 5.00% 2029 (put 2022)		1,000		1,072
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-A, 5.00% 2022		300		321
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-B-2, 4.00% 2036 (put 2024)		110		124
Health Facs. Fncg. Auth., Rev. Bonds (Stanford Health Care), Series 2021-A, 3.00% 2054 (put 2025)		1,475		1,636
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 2022 (escrowed to maturity)		200		215
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2023		1,275		1,426
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2025		400		480
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 2026 (preref. 2025)		275		332
Health Facs. Fncg. Auth., Rev. Green Bonds (Kaiser Permanente), Series 2017-A-1, 5.00% 2027		1,000		1,277
Health Facs. Fncg. Auth., Rev. Green Bonds (Kaiser Permanente), Series 2017-C, 5.00% 2031 (put 2022)		1,150		1,233
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Adventist Health System/West), Series 2016-A, 4.00% 2022		300		309
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2022-A, 5.00% 2024		680		738
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-D, 1.70% 2033 (put 2022)		750		766
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-C, 5.00% 2034 (put 2022)		1,200		1,283
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2023		1,000		1,123
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2026		1,000		1,240
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Hospital and Clinics), Series 2008-A-3, 5.50% 2040 (preref. 2021)		1,500		1,543
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 2026		700		865
Health Facs. Fncg. Auth. Rev. Ref. Bonds (Sutter Health), Series 2015-A, 5.00% 2043 (preref. 2025)		1,500		1,794
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 4.00% 2024		500		559
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2021		395		396
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2022		265		278
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B, 5.00% 2023		1,000		1,080
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (The Broad), Series 2021-A, 5.00% 2026		585		720
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2024		965		1,120
City of Irvine, Reassessment Dist. No. 15-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2021		500		508
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 5.00% 2021		500		508
County of Kern, Water Agcy., Improvement Dist. No. 4, Water Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2023		800		878
Kern Community College Dist., Facs. Improvement Dist. No. 1, G.O. Bonds, 2016 Election, Series 2020-C, 4.00% 2026		645		760
Kings Canyon Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2022		470		499
La Canada Unified School Dist., G.O. Bonds, 2017 Election, Series 2020-B, 4.00% 2022		270		283
La Canada Unified School Dist., G.O. Bonds, 2017 Election, Series 2020-B, 4.00% 2023		260		283

56	Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
La Canada Unified School Dist., G.O. Bonds, 2017 Election, Series 2020-B, 4.00% 2024	$	425	$	477
Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2002, Special Tax Bonds, Series 2017, 4.00% 2021		525		531
Los Altos Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 1997-C, National insured, 0% 2022		460		459
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2015-C, 5.00% 2021 (escrowed to maturity)		650		651
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2021-B, 5.00% 2025		1,000		1,185
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-B, 5.00% 2022		1,225		1,260
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2013-A, 5.00% 2022		590		624
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2014-D, 4.00% 2023		500		542
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 2023		1,000		1,105
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-B, 5.00% 2023		1,000		1,105
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2014-B, 5.00% 2023		825		912
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2016-B, 5.00% 2024		800		922
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 2025		500		598
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 2026		300		371
City of Los Angeles, Solid Waste Resources Rev. Bonds, Series 2013-A, 2.00% 2023		500		516
County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Ref. Green Bonds, Series 2020-A, 5.00% 2024		1,000		1,148
County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Ref. Green Bonds, Series 2020-A, 5.00% 2025		1,500		1,785
County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Ref. Green Bonds, Series 2020-A, 5.00% 2026		400		491
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Ref. Bonds, Series 2019-C, 5.00% 2023		1,405		1,552
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-RYQ, 5.00% 2025		750		895
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2025		1,000		1,193
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2026		1,500		1,846
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014-A, 5.00% 2022		250		264
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015-A, 5.00% 2023		685		757
Mammoth Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1998 Election, Series 2000, AMBAC insured, 0% 2023		1,000		989
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM insured, 4.00% 2022		250		260
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2026		755		869
Merced City School Dist., G.O. Bonds, Capital Appreciation Bonds, 2003 Election, Series 2005, MBIA insured, 0% 2023		1,065		1,055
City of Modesto, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016, 5.00% 2022		250		267
City of Modesto, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016, 5.00% 2023		160		179
Modesto Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2021, 5.00% 2026		635		781
Mountain View Whisman School Dist., G.O. Bonds, 2012 Election, Series 2016-B, 5.00% 2025		610		733
Municipal Fin. Auth., Solid Waste Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010, Assured Guaranty Municipal insured, 0% 2023		260		257
Napa Valley Unified School Dist., G.O. Rev. Ref. Bonds, Series 2013, 5.00% 2024		250		276
New Haven Unified School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2012, Assured Guaranty Municipal insured, 0% 2023		965		954
Newport Mesa Unified School Dist., G.O. Bonds, 2005 Election, Series 2007, National insured, 0% 2022		1,000		998
Northern California Energy Auth., Commodity Supply Rev. Bonds, Series 2018, 4.00% 2049 (put 2024)		1,000		1,109
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2021		1,100		1,113
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2021		395		400
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2022		1,000		1,058
County of Orange, Water Dist. Rev. Certs. of Part. (Interim Obligations), Series 2019-A, 2.00% 2023		2,250		2,322
County of Orange, Water Dist. Rev. Ref. Bonds, Series 2019-C, 5.00% 2024		500		578
City of Oxnard, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2021		350		351
City of Oxnard, Water Rev. Ref. Bonds, Series 2018, BAM insured, 5.00% 2021		300		301
Pasadena Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, 5.00% 2024		655		757
Peralta Community College Dist., G.O. Bonds, 2006 Election, Series 2020-E-1, 5.00% 2025		1,000		1,193

Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
Pittsburg Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2010 Election, Series 2012-C, 0% 2047 (preref. 2022)	$	200	$	47
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2014-E, 5.00% 2022		500		532
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2011-A, 5.00% 2027		1,025		1,045
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, Various State Prisons), Series 2015-A, 5.00% 2023		1,860		2,047
Public Works Board, Lease Rev. Ref. Bonds (Dept. of State Hospitals), Series 2016-E, 5.00% 2025		1,000		1,098
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2020-E, 5.00% 2024		1,000		1,163
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-C, 5.00% 2024		505		587
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2017-B, 5.00% 2024		330		383
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2022-A, 5.00% 2025		1,330		1,517
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-C, 5.00% 2027		250		310
Public Works Board, Lease Rev. Ref. Bonds (Various State Office Buildings), Series 2015-F, 5.00% 2024		150		171
Ravenswood City School Dist., G.O. Bonds, 2016 Election, Series 2016, 5.00% 2023		445		493
City of Redding, Electric System Rev. Ref. Bonds, Series 2018, 5.00% 2022		725		763
City of Richmond, Wastewater Rev. Ref. Bonds, Series 2019-B, 5.00% 2023		940		1,043
County of Riverside, Infrastructure Fncg. Auth., Lease Rev. Ref. Bonds (Capital Improvement Projects), Series 2015-A, 5.00% 2021		1,000		1,024
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2021		685		696
Riverside Unified School Dist., G.O. Bonds, 2016 Election, Series 2019, 4.00% 2024		125		140
Robla School Dist., G.O. Bonds, 2018 Election, Series 2019-A, Assured Guaranty Municipal insured, 4.00% 2022		740		776
City of Roseville, Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2016, 4.00% 2021		450		456
City of Roseville, Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2016, 4.00% 2022		620		651
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.25% 2024		150		163
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 2023		450		485
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 2024		520		576
City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A, 5.00% 2027		255		325
City of San Diego, Public Fin. Auth., Water Rev. Bonds, Series 2020-A, 5.00% 2022		335		356
City of San Diego, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016-A, 5.00% 2021		365		371
County of San Diego, Community College Dist., G.O. Bonds, 2016 Election, Series 2011, 5.00% 2026 (preref. 2021)		520		526
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2023		500		552
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2024		500		574
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 2021		500		504
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 2022		1,000		1,056
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Bonds, Series 2021-B, 5.00% 2026		140		171
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Short-Term Notes, Series 2021-A, 5.00% 2022		1,395		1,491
County of San Diego, Water Auth., Water Rev. Ref. Green Bonds, Series 2021-A, 5.00% 2025		1,000		1,186
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		1,190
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds, Series 2019-D-2, 5.00% 2024		2,000		2,284
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		430
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series 2016-A-2, 5.00% 2024		400		457
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds, Series 2019-D-2, 5.00% 2026		500		612
City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, Series 2011-A, 5.00% 2029 (preref. 2021)		1,000		1,024
City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2018-C, 2.125% 2048 (put 2023)		1,000		1,035
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		265
San Francisco Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2024		865		991
San Francisco Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2027		1,000		1,184
San Gabriel Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2012-B, 0% 2023		200		198
San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1993, National insured, 0% 2022 (escrowed to maturity)		1,000		999
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, BAM insured, 5.00% 2026		440		534

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)
City of San Jose, Fin. Auth., Lease Rev. Ref. Bonds (Civic Center Project), Series 2013-A, 5.00% 2030 (preref. 2023)	$	2,000	$	2,201
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2022		155		164
Santa Monica-Malibu Unified School Dist., Certs. of Part., Series 2001-C, National insured, 0% 2022		100		100
Semitropic Water Storage Dist., Water Banking Rev. Ref. Bonds, Series 2012-A, 5.00% 2035 (preref. 2022)		1,325		1,425
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2019-A, 3.00% 2024		2,500		2,656
Southern California Public Power Auth., Rev. Ref. Bonds (Magnolia Power Project A), Series 2020-1, 5.00% 2025		1,000		1,194
Southern California Public Power Auth., Rev. Ref. Bonds (Milford Wind Corridor Phase I Project), Series 2019-1, 5.00% 2022		200		211
Southern California Public Power Auth., Rev. Ref. Green Bonds (Linden Wind Energy Project), Series 2020-A, 5.00% 2024		550		620
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series 2021-1, 5.00% 2024		520		598
Southwestern Community College Dist., G.O. Rev. Ref. Bonds (2019 Crossover), Series 2016-A, 3.00% 2021		200		201
Southwestern Community College Dist., G.O. Rev. Ref. Bonds (2019 Crossover), Series 2016-B, 4.00% 2022		310		325
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 4.00% 2021		150		152
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 4.00% 2022		265		279
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-B, 4.00% 2023		660		721
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 4.00% 2023		250		273
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Miramar Tower Apartments), Series 2019-M, 1.30% 2022 (put 2021)		1,500		1,501
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Washington Court Apartments), Series 2021-E, 0.22% 2023 (put 2022)		1,000		1,002
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018, 5.00% 2022		150		156
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2023		135		147
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2024		200		226
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2025		415		485
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 5.00% 2022		700		738
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 5.00% 2026		325		390
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025		500		501
City of Stockton, Public Fncg. Auth., Water Rev. Ref. Green Bonds, Series 2018-A, BAM insured, 5.00% 2021		500		510
City of Stockton, Public Fncg. Auth., Water Rev. Ref. Green Bonds, Series 2018-A, BAM insured, 5.00% 2022		1,210		1,288
Stockton Unified School Dist., G.O. Bonds, 2018 Election, Series 2019-A, BAM insured, 5.00% 2022		1,000		1,061
City of Suisun, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-B, BAM insured, 5.00% 2021		500		510
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2021		380		384
Temecula Valley Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2021		515		523
Torrance Unified School Dist., G.O. Bonds, 2008 Election, Series 2009-B-1, 0% 2023		250		248
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		476
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 2025		500		591
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 2026		550		669
Twin Rivers Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 5.00% 2027		225		276
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006, MBIA insured, 0% 2023		440		434
Union City, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-A, 5.00% 2021		235		240
Regents of the University of California, G.O. Rev. Bonds, Series 2018-AZ, 5.00% 2021		300		300
Regents of the University of California, G.O. Rev. Bonds, Series 2013-AK, 5.00% 2048 (put 2023)		1,000		1,098
Regents of the University of California, Limited Project Rev. Bonds, Series 2012-G, 5.00% 2022		150		158
Regents of the University of California, Limited Project Rev. Bonds, Series 2015-I, 5.00% 2023		1,220		1,340
Regents of the University of California, Limited Project Rev. Bonds, Series 2022-S, 5.00% 2026		1,000		1,185
Val Verde Unified School Dist., G.O. Bonds, 2020 Election, Series 2020-A, BAM insured, 4.00% 2021		575		580
Val Verde Unified School Dist., G.O. Bonds, 2020 Election, Series 2020-A, BAM insured, 4.00% 2023		450		486
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 2045		485		515
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 2049		1,340		1,482
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2020-A, 3.00% 2050		995		1,088
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2017-CQ, 4.00% 2047		680		739
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 2048		1,230		1,349
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2020-CT, 3.00% 2050		1,995		2,182

Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 2045	$	715	$	752
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 3.00% 2021		200		201
City of Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-B-1, Assured Guaranty Municipal insured, 5.00% 2021		265		269
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2020-BB, 5.00% 2025		1,855		2,247
West Contra Costa Unified School Dist., G.O. Bonds, 2012 Election, Series 2020-E, Assured Guaranty Municipal insured, 4.00% 2024		300		334
West Contra Costa Unified School Dist., G.O. Bonds, 2012 Election, Series 2020-E, Assured Guaranty Municipal insured, 4.00% 2026		640		748
West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A-1, 5.00% 2024		250		286
West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, Series 2011, Assured Guaranty Municipal insured, 5.25% 2024 (preref. 2021)		1,085		1,098
Western Riverside Water and Wastewater Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2016-A, 5.00% 2022		100		106
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		126
Whittier Union High School Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2022		300		318

Total bonds, notes & other debt instruments (cost: $181,493,000)				183,951

Short-term securities 8.92%
Municipals 8.92%
State of California, Kern Community College Dist., Facs. Improvement Dist. No. 1, G.O. Bond Anticipation Notes, Capital Appreciation Notes, Series 2020, 0% 2023		500		491
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2, 0.02% 2037¹		5,000		5,000
State of California, Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2005, 0.02% 2025¹		3,550		3,550
State of California, Pollution Control Fncg. Auth., Environmental Impact Rev. Bonds (Air Products and Chemicals, Inc. Project), Series 1997-B, 0.03% 2042¹		1,800		1,800
State of California, City of Stockton, Public Fncg. Auth., Wastewater Bond Anticipation Notes, Series 2019, 1.40% 2022		2,000		2,002
State of California, Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2007-B-2, 0.10% 2032¹		5,000		5,000

Total short-term securities (cost: $17,840,000)				17,843
Total investment securities 100.84% (cost: $199,333,000)				201,794
Other assets less liabilities (0.84%)				(1,682	)

Net assets 100.00%			$	200,112

Futures contracts

Contracts		Type		Number of contracts		Expiration		Notional amount² (000)				Value at 4/30/2021³ (000)				Unrealized appreciation at 4/30/2021 (000)
10 Year Ultra U.S. Treasury Note Futures		Short		36		June 2021		$	(3,600	)		$	(5,240	)		$	29

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	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.

60	Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

IAM = Interest at Maturity

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

Private Client Services Funds

Capital Group Core Bond Fund	unaudited
Investment portfolio April 30, 2021

Portfolio by type of security	Percent of net assets

Portfolio quality summary*	Percent of net assets
U.S. Treasury and agency^†		42.75	%
AAA/Aaa		23.15
AA/Aa		7.04
A/A		14.59
BBB/Baa		8.53
Below investment grade		.16
Short-term securities & other assets less liabilities		3.78

^†

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

Bonds, notes & other debt instruments 96.22%	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes 39.79%
U.S. Treasury 34.89%
U.S. Treasury 1.875% 2021	$	500	$	505
U.S. Treasury 2.125% 2021		1,000		1,014
U.S. Treasury 3.125% 2021		2,000		2,002
U.S. Treasury 0.125% 2022		27,000		27,013
U.S. Treasury 1.50% 2022		1,920		1,957
U.S. Treasury 1.875% 2022		3,745		3,818
U.S. Treasury 2.125% 2022		3,000		3,071
U.S. Treasury 0.125% 2023		10,000		9,997
U.S. Treasury 0.125% 2023		2,000		1,993
U.S. Treasury 0.25% 2023		2,610		2,614
U.S. Treasury 1.25% 2023		1,000		1,024
U.S. Treasury 1.375% 2023¹		1,275		1,308
U.S. Treasury 1.375% 2023		1,000		1,027
U.S. Treasury 1.75% 2023		1,000		1,032
U.S. Treasury 2.00% 2023		2,000		2,066
U.S. Treasury 2.125% 2023		3,415		3,580
U.S. Treasury 2.25% 2023		500		526
U.S. Treasury 2.50% 2023		1,050		1,105
U.S. Treasury 2.75% 2023		4,542		4,775
U.S. Treasury 2.75% 2023		2,250		2,393
U.S. Treasury 0.375% 2024		20,000		20,025
U.S. Treasury 1.75% 2024		4,000		4,175
U.S. Treasury 2.00% 2024		3,288		3,456
U.S. Treasury 2.00% 2024		2,480		2,603
U.S. Treasury 2.125% 2024		5,000		5,285
U.S. Treasury 2.125% 2024¹		5,000		5,257
U.S. Treasury 2.25% 2024¹		3,713		3,924
U.S. Treasury 2.25% 2024		1,820		1,918

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 2.75% 2024	$	2,500	$	2,671
U.S. Treasury 0.50% 2025		4,452		4,439
U.S. Treasury 1.375% 2025		8,128		8,381
U.S. Treasury 2.00% 2025		2,000		2,110
U.S. Treasury 2.625% 2025		6,600		7,163
U.S. Treasury 7.625% 2025¹		750		950
U.S. Treasury 0.50% 2026		3,500		3,448
U.S. Treasury 1.625% 2026		3,000		3,116
U.S. Treasury 1.75% 2026¹		14,490		15,084
U.S. Treasury 1.875% 2026¹		12,000		12,596
U.S. Treasury 1.125% 2027		477		479
U.S. Treasury 2.25% 2027		8,420		8,991
U.S. Treasury 2.25% 2027¹		2,200		2,346
U.S. Treasury 2.625% 2029		9,160		9,978
U.S. Treasury 1.125% 2031		7,153		6,829
				208,044

U.S. Treasury inflation-protected securities 4.90%
U.S. Treasury Inflation-Protected Security 0.125% 2025²		10,330		11,274
U.S. Treasury Inflation-Protected Security 0.875% 2029^1,2		4,767		5,537
U.S. Treasury Inflation-Protected Security 0.125% 2030²		11,320		12,412
				29,223

Total U.S. Treasury bonds & notes				237,267

Corporate bonds, notes & loans 25.55%
Financials 6.52%
ACE INA Holdings Inc. 2.875% 2022		150		155
ACE INA Holdings Inc. 3.35% 2026		45		49
ACE INA Holdings Inc. 4.35% 2045		50		61
Allstate Corp. 0.75% 2025		637		632
Allstate Corp. 3.28% 2026		175		193
American International Group, Inc. 2.50% 2025		2,000		2,109
American International Group, Inc. 3.40% 2030		1,021		1,092
Bank of America Corp. 1.197% 2026 (USD-SOFR + 1.01% on 10/24/2025)³		1,108		1,101
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)³		1,617		1,633
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)³		1,385		1,315
Bank of America Corp. 2.687% 2032 (USD-SOFR + 1.32% on 4/22/2031)³		748		758
Citigroup Inc. 4.45% 2027		400		455
Citigroup Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)³		1,283		1,289
Citigroup Inc. 2.666% 2031 (USD-SOFR + 1.146% on 1/29/2030)³		502		509
Credit Suisse Group AG 3.80% 2023		500		532
Goldman Sachs Group, Inc. 3.272% 2025 (3-month USD-LIBOR + 1.201% on 9/29/2024)³		1,385		1,488
Goldman Sachs Group, Inc. 0.855% 2026 (USD-SOFR + 0.609% on 2/12/2025)³		400		397
Goldman Sachs Group, Inc. 1.093% 2026 (USD-SOFR + 0.789% on 12/9/2025)³		750		740
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)³		725		801
Goldman Sachs Group, Inc. 1.992% 2032 (USD-SOFR + 1.09% on 1/27/2031)³		708		673
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)³		302		304
Goldman Sachs Group, Inc. 4.017% 2038 (3-month USD-LIBOR + 1.373% on 10/31/2037)³		175		198
JPMorgan Chase & Co. 3.559% 2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)³		1,125		1,193
JPMorgan Chase & Co. 2.301% 2025 (USD-SOFR + 1.16% on 10/15/2024)³		1,165		1,216
JPMorgan Chase & Co. 1.045% 2026 (USD-SOFR + 0.80% on 11/19/2025)³		1,500		1,478
JPMorgan Chase & Co. 2.58% 2032 (USD-SOFR + 1.25% on 4/22/2031)³		232		233
Lloyds Banking Group PLC 4.375% 2028		200		227
Marsh & McLennan Companies, Inc. 3.875% 2024		495		540
Marsh & McLennan Companies, Inc. 2.25% 2030		715		712
Metropolitan Life Global Funding I 0.95% 2025⁴		757		754
Morgan Stanley 2.72% 2025 (USD-SOFR + 1.152% on 7/22/2024)³		1,640		1,733
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)³		1,386		1,361

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)
Financials (continued)
Morgan Stanley 1.593% 2027 (USD-SOFR + 0.879% on 5/4/2026)³	$	954	$	959
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)³		461		472
Morgan Stanley 1.928% 2032 (USD-SOFR + 1.02% on 4/28/2031)³		1,415		1,342
National Securities Clearing Corp. 0.40% 2023⁴		3,000		3,000
New York Life Global Funding 1.70% 2021⁴		750		754
New York Life Global Funding 2.25% 2022⁴		305		312
Northwestern Mutual Global Funding 0.80% 2026⁴		1,778		1,751
Toronto-Dominion Bank 0.45% 2023		1,353		1,354
Toronto-Dominion Bank 2.65% 2024		1,180		1,254
Wells Fargo & Company 2.572% 2031 (3-month USD-LIBOR + 1.00% on 2/11/2030)³		1,715		1,735
				38,864

Industrials 2.75%
Airbus Group SE 2.70% 2023⁴		85		88
Avolon Holdings Funding Ltd. 3.625% 2022⁴		587		599
Avolon Holdings Funding Ltd. 3.95% 2024⁴		743		787
Avolon Holdings Funding Ltd. 4.375% 2026⁴		925		991
Boeing Company 5.04% 2027		1,021		1,174
Boeing Company 3.25% 2028		1,095		1,146
Emerson Electric Co. 1.80% 2027		383		390
GE Capital Funding, LLC 3.45% 2025⁴		1,000		1,086
General Electric Co. 3.45% 2027		1,000		1,093
Honeywell International Inc. 2.15% 2022		1,160		1,187
Honeywell International Inc. 2.30% 2024		878		928
Masco Corp. 1.50% 2028		782		757
Otis Worldwide Corp. 2.056% 2025		740		770
Raytheon Technologies Corp. 2.80% 2022		375		382
Raytheon Technologies Corp. 3.20% 2024		275		294
Siemens AG 0.40% 2023⁴		1,140		1,143
Siemens AG 0.65% 2024⁴		1,425		1,429
Siemens AG 1.20% 2026⁴		808		807
Union Pacific Corp. 3.75% 2025		230		256
Union Pacific Corp. 2.15% 2027		793		826
United Technologies Corp. 3.65% 2023		27		29
Vinci SA 3.75% 2029⁴		200		223
				16,385

Consumer staples 2.38%
7-Eleven, Inc. 0.95% 2026⁴		250		246
7-Eleven, Inc. 1.30% 2028⁴		175		169
Altria Group, Inc. 2.35% 2025		156		163
Altria Group, Inc. 4.40% 2026		117		132
Altria Group, Inc. 3.40% 2030		89		93
Anheuser-Busch InBev NV 4.15% 2025		391		436
British American Tobacco PLC 2.726% 2031		2,021		1,940
Coca-Cola Company 1.00% 2028		1,625		1,560
Constellation Brands, Inc. 3.20% 2023		386		404
Constellation Brands, Inc. 2.875% 2030		239		247
Costco Wholesale Corp. 2.30% 2022		285		291
Costco Wholesale Corp. 1.375% 2027		674		677
Keurig Dr Pepper Inc. 4.057% 2023		251		269
Keurig Dr Pepper Inc. 3.20% 2030		500		534
Kimberly-Clark Corp. 1.05% 2027		185		181
Kimberly-Clark Corp. 3.10% 2030		116		126
Molson Coors Brewing Co. 3.00% 2026		245		263
Nestlé Holdings, Inc. 1.00% 2027⁴		1,640		1,590
PepsiCo, Inc. 1.40% 2031		546		513
Philip Morris International Inc. 1.50% 2025		274		279
Philip Morris International Inc. 0.875% 2026		566		558
Procter & Gamble Company 0.55% 2025		1,557		1,545

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 staples (continued)
Procter & Gamble Company 1.00% 2026	$	1,003	$	1,007
Procter & Gamble Company 3.00% 2030		495		538
Wal-Mart Stores, Inc. 3.125% 2021		449		451
				14,212

Consumer discretionary 2.29%
Amazon.com, Inc. 0.80% 2025		1,544		1,549
Amazon.com, Inc. 1.20% 2027		1,287		1,279
American Honda Finance Corp. 2.30% 2026		80		84
American Honda Finance Corp. 3.50% 2028		325		361
Bayerische Motoren Werke AG 0.80% 2024⁴		1,225		1,231
General Motors Company 4.20% 2027		1,020		1,134
General Motors Financial Co. 1.05% 2024		350		351
Home Depot, Inc. 3.25% 2022		350		359
Home Depot, Inc. 0.90% 2028		350		337
Hyundai Capital America 0.80% 2023⁴		1,200		1,200
Hyundai Capital America 1.80% 2025⁴		481		486
Hyundai Capital America 2.375% 2027⁴		387		391
McDonald’s Corp. 3.70% 2026		135		150
McDonald’s Corp. 3.50% 2027		185		204
NIKE, Inc. 2.375% 2026		615		657
Toyota Motor Credit Corp. 0.45% 2024		1,675		1,676
Toyota Motor Credit Corp. 3.00% 2025		1,240		1,338
Toyota Motor Credit Corp. 0.80% 2026		890		886
				13,673

Information technology 2.21%
Adobe Inc. 1.90% 2025		647		675
Apple Inc. 1.125% 2025		645		653
Apple Inc. 0.70% 2026		1,135		1,122
Apple Inc. 1.20% 2028		1,418		1,381
Apple Inc. 1.25% 2030		1,470		1,384
Broadcom Inc. 1.95% 2028⁴		123		121
Broadcom Ltd. 3.625% 2024		270		289
Broadcom Ltd. 3.875% 2027		185		203
Fidelity National Information Services, Inc. 1.15% 2026		1,283		1,271
Fidelity National Information Services, Inc. 1.65% 2028		129		127
Fiserv, Inc. 3.20% 2026		670		727
Fiserv, Inc. 2.25% 2027		777		803
Fortinet, Inc. 1.00% 2026		696		686
Intuit Inc. 0.95% 2025		255		256
Intuit Inc. 1.35% 2027		235		232
Microsoft Corp. 2.40% 2026		1,951		2,079
Oracle Corp. 2.30% 2028		668		679
PayPal Holdings, Inc. 1.65% 2025		481		495
				13,183

Utilities 2.11%
Ameren Corp. 2.50% 2024		373		393
Connecticut Light and Power Co. 0.75% 2025		1,150		1,134
Connecticut Light and Power Co. 3.20% 2027		1,025		1,119
Duke Energy Progress, LLC 3.375% 2023		786		838
Duke Energy Progress, LLC 3.70% 2028		200		223
Enel Finance International SA 4.25% 2023⁴		1,106		1,195
Eversource Energy 2.75% 2022		750		764
FirstEnergy Transmission LLC 2.866% 2028⁴		425		436
Florida Power & Light Company 2.85% 2025		225		241
NextEra Energy Capital Holdings, Inc. 2.25% 2030		1,276		1,263
Pacific Gas and Electric Co. 3.45% 2025		150		159

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)
Utilities (continued)
Pacific Gas and Electric Co. 3.75% 2028	$	150	$	159
Pacific Gas and Electric Co. 2.50% 2031		175		165
Pacific Gas and Electric Co. 3.30% 2040		50		45
Southern California Edison Co. 3.70% 2025		1,000		1,098
Southern California Edison Co. 2.85% 2029		1,000		1,029
Tampa Electric Co. 2.60% 2022		350		358
Virginia Electric and Power Co. 3.10% 2025		1,040		1,118
Xcel Energy Inc. 3.35% 2026		749		819
				12,556

Communication services 2.10%
Alphabet Inc. 0.80% 2027		490		475
Alphabet Inc. 1.10% 2030		1,605		1,492
Alphabet Inc. 2.05% 2050		440		370
AT&T Inc. 2.30% 2027		996		1,022
AT&T Inc. 1.65% 2028		1,065		1,038
CCO Holdings LLC and CCO Holdings Capital Corp. 4.908% 2025		165		188
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031		502		498
Comcast Corp. 3.95% 2025		539		606
Comcast Corp. 1.95% 2031		704		682
SBA Tower Trust 1.631% 2051^4,5		983		986
T-Mobile US, Inc. 3.75% 2027⁴		1,119		1,234
Verizon Communications Inc. 0.85% 2025		2,210		2,182
Verizon Communications Inc. 3.00% 2027		450		484
Verizon Communications Inc. 2.10% 2028		1,250		1,262
				12,519

Health care 1.88%
Abbott Laboratories 3.40% 2023		98		105
Abbott Laboratories 3.75% 2026		292		331
AbbVie Inc. 2.30% 2022		1,054		1,085
Aetna Inc. 2.80% 2023		55		57
AmerisourceBergen Corp. 0.737% 2023		853		855
Amgen Inc. 2.20% 2027		740		768
AstraZeneca PLC 3.375% 2025		445		488
Bayer US Finance II LLC 3.875% 2023⁴		400		430
Becton, Dickinson and Company 3.734% 2024		61		67
Boston Scientific Corp. 3.45% 2024		675		725
Cigna Corp. 3.75% 2023		99		106
CVS Health Corp. 1.30% 2027		1,384		1,351
CVS Health Corp. 4.30% 2028		282		321
GlaxoSmithKline PLC 3.375% 2023		750		796
Novartis Capital Corp. 1.75% 2025		1,006		1,040
Novartis Capital Corp. 2.00% 2027		275		284
Pfizer Inc. 2.95% 2024		485		516
Shire PLC 2.875% 2023		120		126
Shire PLC 3.20% 2026		300		326
UnitedHealth Group Inc. 3.35% 2022		380		394
UnitedHealth Group Inc. 3.75% 2025		460		513
Zimmer Holdings, Inc. 3.15% 2022		485		495
				11,179

Energy 1.45%
Boardwalk Pipeline Partners, LP 4.95% 2024		460		517
BP Capital Markets PLC 4.234% 2028		437		499
Canadian Natural Resources Ltd. 2.05% 2025		996		1,017
ConocoPhillips 4.30% 2028⁴		80		91
Enbridge Energy Partners, LP 5.875% 2025		230		273
Energy Transfer Partners, LP 4.20% 2023		155		166

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)
Energy (continued)
Energy Transfer Partners, LP 4.50% 2024	$	90	$	99
EOG Resources, Inc. 4.375% 2030		501		579
Equinor ASA 3.625% 2028		165		183
Exxon Mobil Corp. 2.019% 2024		127		133
Exxon Mobil Corp. 2.44% 2029		183		188
Kinder Morgan, Inc. 3.15% 2023		495		515
MPLX LP 3.375% 2023		75		79
MPLX LP 4.00% 2028		350		387
ONEOK, Inc. 4.55% 2028		638		713
ONEOK, Inc. 6.35% 2031		469		593
Phillips 66 4.30% 2022		290		300
Phillips 66 3.85% 2025		1,253		1,377
Pioneer Natural Resources Company 1.125% 2026		238		235
Saudi Arabian Oil Co. 1.625% 2025⁴		200		203
Schlumberger BV 4.00% 2025⁴		165		184
Williams Companies, Inc. 3.50% 2030		293		313
				8,644

Real estate 0.97%
Alexandria Real Estate Equities, Inc. 3.95% 2028		60		67
Alexandria Real Estate Equities, Inc. 1.875% 2033		596		550
American Campus Communities, Inc. 3.75% 2023		300		316
American Campus Communities, Inc. 4.125% 2024		415		454
American Tower Corp. 1.60% 2026		717		722
Corporate Office Properties LP 2.75% 2031		294		291
Equinix, Inc. 1.25% 2025		305		305
Equinix, Inc. 2.90% 2026		929		988
Equinix, Inc. 1.80% 2027		326		324
ERP Operating LP 4.625% 2021		215		218
Essex Portfolio LP 3.50% 2025		490		532
Gaming and Leisure Properties, Inc. 3.35% 2024		242		257
Kimco Realty Corp. 3.40% 2022		35		36
Public Storage 0.875% 2026		134		132
Public Storage 1.85% 2028		325		325
Scentre Group 3.50% 2025⁴		250		267
				5,784

Materials 0.89%
Air Products and Chemicals, Inc. 1.50% 2025		757		774
Air Products and Chemicals, Inc. 1.85% 2027		155		159
Dow Chemical Co. 3.625% 2026		250		276
Dow Chemical Co. 2.10% 2030		1,000		968
DowDuPont Inc. 4.205% 2023		560		608
DowDuPont Inc. 4.493% 2025		515		585
LYB International Finance III, LLC 1.25% 2025		833		833
LYB International Finance III, LLC 2.25% 2030		496		485
Vale Overseas Ltd. 3.75% 2030		587		618
				5,306

Total corporate bonds, notes & loans				152,305

Mortgage-backed obligations 15.48%
Federal agency mortgage-backed obligations 11.75%
Fannie Mae Pool #889995 5.50% 2038⁶		185		216
Fannie Mae Pool #MA4333 2.00% 2041⁶		2,707		2,750
Fannie Mae Pool #MA4364 2.00% 2041⁶		2,367		2,407
Fannie Mae Pool #AI5236 5.00% 2041⁶		412		476
Fannie Mae Pool #AI8806 5.00% 2041⁶		67		77

Private Client Services Funds

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 2007-33, Class HE, 5.50% 2037⁶	$	4	$	5
Fannie Mae, Series 2018-M5, Class A2, Multi Family, 3.56% 2021^6,7		71		71
Fannie Mae, Series 2012-M13, Class A2, Multi Family, 2.377% 2022⁶		140		143
Fannie Mae, Series 2015-M4, Class AV2, Multi Family, 2.509% 2022^6,7		307		310
Fannie Mae, Series 2012-M2, Class A2, Multi Family, 2.717% 2022⁶		76		76
Fannie Mae, Series 2016-M2, Class AV2, Multi Family, 2.152% 2023⁶		466		474
Fannie Mae, Series 2016-M3, Class ASQ2, Multi Family, 2.263% 2023⁶		54		54
Fannie Mae, Series 2013-M12, Class APT, Multi Family, 2.495% 2023^6,7		364		374
Fannie Mae, Series 2017-M3, Class AV2, Multi Family, 2.606% 2024^6,7		330		344
Fannie Mae, Series 2017-M10, Class AV2, Multi Family, 2.639% 2024^6,7		425		448
Fannie Mae, Series 2017-M15, Class AV2, Multi Family, 2.71% 2024^6,7		366		387
Fannie Mae, Series 2015-M8, Class A1, Multi Family, 2.344% 2025⁶		101		103
Fannie Mae, Series 2015-M15, Class A1, Multi Family, 2.623% 2025⁶		109		111
Fannie Mae, Series 2016-M9, Class A1, Multi Family, 2.003% 2026⁶		65		68
Fannie Mae, Series 2016-M7, Class A1, Multi Family, 2.037% 2026⁶		41		42
Fannie Mae, Series 2016-M5, Class A1, Multi Family, 2.073% 2026⁶		370		381
Fannie Mae, Series 2016-M11, Class A1, Multi Family, 2.08% 2026⁶		545		563
Fannie Mae, Series 2016-M12, Class A1, Multi Family, 2.132% 2026⁶		264		275
Fannie Mae, Series 2016-M6, Class A1, Multi Family, 2.137% 2026⁶		254		264
Fannie Mae, Series 2016-M4, Class A1, Multi Family, 2.187% 2026⁶		251		260
Fannie Mae, Series 2016-M1, Class A1, Multi Family, 2.428% 2026⁶		4		4
Fannie Mae, Series 2017-M3, Class A1, Multi Family, 2.56% 2026^6,7		138		141
Fannie Mae, Series 2016-M13, Class A1, Multi Family, 2.566% 2026^6,7		1		1
Fannie Mae, Series 2017-M7, Class A1, Multi Family, 2.595% 2026⁶		364		383
Fannie Mae, Series 2017-M8, Class A1, Multi Family, 2.654% 2027⁶		343		358
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2027^6,7		461		503
Fannie Mae, Series 2017-M15, Class ATS1, Multi Family, 2.987% 2027^4,6		352		372
Freddie Mac, Series 3272, Class PA, 6.00% 2037⁶		12		14
Freddie Mac, Series K020, Class A2, Multi Family, 2.373% 2022⁶		250		254
Freddie Mac, Series K718, Class A2, Multi Family, 2.791% 2022⁶		1,351		1,368
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 2056^6,7		462		490
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 2056^6,7		330		350
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 2056⁶		327		347
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 2057^6,7		185		196
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 2057⁶		389		426
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 2057⁶		195		210
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 2058⁶		1,646		1,770
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2059⁶		1,632		1,733
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 2028⁶		1,716		1,796
Government National Mortgage Assn. 2.00% 2051^6,8		4,332		4,413
Government National Mortgage Assn. 2.00% 2051^6,8		1,761		1,797
Government National Mortgage Assn. Pool #694836 5.661% 2059⁶		2		3
Government National Mortgage Assn. Pool #776095 4.889% 2064⁶		4		4
Government National Mortgage Assn. Pool #AA7554 6.64% 2064⁶		26		27
Government National Mortgage Assn., Series 2012-H20, Class PT, 0.941% 2062^6,7		294		293
Uniform Mortgage-Backed Security 1.50% 2036^6,8		11,399		11,522
Uniform Mortgage-Backed Security 1.50% 2036^6,8		1		1
Uniform Mortgage-Backed Security 2.00% 2036^6,8		10,115		10,435
Uniform Mortgage-Backed Security 2.00% 2051^6,8		3,415		3,436
Uniform Mortgage-Backed Security 2.00% 2051^6,8		862		869
Uniform Mortgage-Backed Security 2.00% 2051^6,8		38		38
Uniform Mortgage-Backed Security 2.50% 2051^6,8		7,696		7,966
Uniform Mortgage-Backed Security 2.50% 2051^6,8		7,376		7,618
Uniform Mortgage-Backed Security 2.50% 2051^6,8		218		226
				70,043

Collateralized mortgage-backed obligations (privately originated) 2.89%
Bellemeade Re Ltd., Series 2019-3A, Class M1A, 1.206% 2029^4,6,7		112		112
Cascade Funding Mortgage Trust, Series 2019-HB1, Class A, 2.386% 2029^4,6,7		1,212		1,219
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 2030^4,6,7		258		258

68	Private Client Services Funds

Capital Group Core Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Cascade Funding Mortgage Trust, Series 2020-HB3, Class A, 2.812% 2030^4,6,7	$	585	$	591
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 2060^4,6,7		414		421
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 2069^4,6		843		914
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 2059^4,6,7		633		640
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 2059^4,6,7		904		915
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 2059^4,6,7		644		645
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.856% 2052^4,6,7		1,000		1,002
Mello Warehouse Securitization Trust, Series 2019-2, Class B, (1-month USD-LIBOR + 0.95%) 1.056% 2052^4,6,7		276		277
Mello Warehouse Securitization Trust, Series 2020-2, Class A, (1-month USD-LIBOR + 0.80%) 0.906% 2053^4,6,7		777		779
Mello Warehouse Securitization Trust, Series 2020-1, Class A, (1-month USD-LIBOR + 0.90%) 1.006% 2053^4,6,7		719		721
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.75%) 0.86% 2055^4,6,7		5,557		5,571
Progress Residential Trust, Series 2018-SFR2, Class A, 3.712% 2035^4,6		479		483
Progress Residential Trust, Series 2018-SFR3, Class A, 3.88% 2035^4,6		498		505
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 2063^4,6,7		489		489
Station Place Securitization Trust, Series 2021-WL2, Class A, (1-month USD-LIBOR + 0.70%) 0.81% 2054^4,6,7		1,000		1,003
TIF Funding II LLC, Series 2021-1A, Class A, 1.65% 2046^4,6		685		675
				17,220

Commercial mortgage-backed securities 0.84%
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 1.265% 2038^4,6,7		1,500		1,505
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 2042^4,6		461		471
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 2039^4,6		1,262		1,283
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 0.951% 2026^4,6,7		460		460
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.75%) 2.25% 2022^4,6,7		1,305		1,306
				5,025

Total mortgage-backed obligations				92,288

Asset-backed obligations 10.29%
Aesop Funding LLC, Series 2019-2A, Class A, 3.35% 2025^4,6		750		807
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 2027^4,6		539		554
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 2027^4,6		138		145
Affirm Asset Securitization Trust, Series 2021-A, Class A, 0.88% 2025^4,6		462		463
Affirm Asset Securitization Trust, Series 2020-A, Class A, 2.10% 2025^4,6		473		479
Allegro CLO Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 1.134% 2030^4,6,7		492		492
ARES CLO Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 1.114% 2028^4,6,7		1,053		1,053
Ballyrock Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 1.182% 2030^4,6,7		1,095		1,095
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 2033^4,6		129		129
CarMaxAuto Owner Trust, Series 2020-1, Class A2, 1.87% 2023⁶		229		231
CarMaxAuto Owner Trust, Series 2019-2, Class A3, 2.68% 2024⁶		664		677
CarMaxAuto Owner Trust, Series 2019-2, Class A4, 2.77% 2024⁶		805		840
CarMaxAuto Owner Trust, Series 2019-2, Class B, 3.01% 2024⁶		775		811
CarMaxAuto Owner Trust, Series 2019-2, Class C, 3.16% 2025⁶		1,150		1,203
Cent CLO LP, Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 1.151% 2030^4,6,7		1,557		1,557
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 2060^4,6		1,040		1,056
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 2060^4,6		170		171
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 2060^4,6		272		278
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 2060^4,6		95		96
CF Hippolyta LLC, Series 2021-1, Class A1, 1.53% 2061^4,6		469		470
CLI Funding V LLC, Series 2020-1A, Class A, 2.08% 2045^4,6		452		457
CLI Funding V LLC, Series 2021-1A, Class A, 1.64% 2046^4,6		1,173		1,159
CPS Auto Receivables Trust, Series 2019-B, Class C, 3.35% 2024^4,6		510		516
Drive Auto Receivables Trust, Series 2020-1, Class B, 2.08% 2024⁶		1,900		1,918
Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65% 2024⁶		277		278
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 2026⁶		2,166		2,211
Drivetime Auto Owner Trust, Series 2020-1, Class A, 1.94% 2023^4,6		97		98
Drivetime Auto Owner Trust, Series 2019-2A, Class B, 2.99% 2023^4,6		283		283
Drivetime Auto Owner Trust, Series 2020-1, Class B, 2.16% 2024^4,6		1,000		1,014

Private Client Services Funds

Capital Group Core Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Dryden Senior Loan Fund, Series 2017-47A, Class A1R, CLO, (3-month USD-LIBOR + .98%) 1.17% 2028^4,6,7	$	1,643	$	1,643
EDvestinU Private Education Loan LLC, Series 2021-A, Class A, 1.80% 2045^4,6		100		100
Exeter Automobile Receivables Trust, Series 2017-1A, Class C, 3.95% 2022^4,6		40		40
Exeter Automobile Receivables Trust, Series 2019-2A, Class B, 3.06% 2023^4,6		106		107
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30% 2024^4,6		1,070		1,085
First Investors Auto Owner Trust, Series 2021-1A, Class A, 0.45% 2026^4,6		432		433
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 2037^4,6		585		583
Ford Credit Auto Owner Trust, Series 2020-A, Class A3, 1.04% 2024⁶		483		487
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 2031^4,6		1,379		1,433
Ford Credit Auto Owner Trust, Series 2021-1, Class A, 1.37% 2033^4,6		439		442
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 2045^4,6		177		181
Global SC Finance SRL, Series 2021-1A, Class A, 1.86% 2041^4,6		1,133		1,122
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 2040^4,6		1,429		1,444
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 2040^4,6		948		959
GM Financial Automobile Leasing Trust, Series 2020-2, Class A2A, 0.71% 2022⁶		184		185
GM Financial Automobile Leasing Trust, Series 2019-2, Class A3, 2.67% 2022⁶		464		465
GM Financial Automobile Leasing Trust, Series 2020-2, Class A3, 0.80% 2023⁶		208		209
GM Financial Automobile Leasing Trust, Series 2019-2, Class A4, 2.72% 2023⁶		487		490
Honda Auto Receivables Owner Trust, Series 2019-2, Class A3, 2.52% 2023⁶		1,265		1,283
Longfellow Place CLO Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 1.184% 2029^4,6,7		1,215		1,215
Madison Park Funding Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 1.186% 2030^4,6,7		1,665		1,665
Marathon CLO Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 1.334% 2029^4,6,7		950		950
Mercury Financial, Series 2021-1A, Class A, 1.54% 2026^4,6		1,100		1,104
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 2069^4,6		234		234
Newark BSL CLO 2 Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 1.146% 2030^4,6,7		529		529
Nissan Auto Receivables Owner Trust, Series 2019-A, Class A-3, 2.90% 2023⁶		345		350
Oportun Funding LLC, Series 2021-B, Class A, 1.47% 2031^4,6		288		289
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 2059^4,6,7		3,360		3,393
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 1.188% 2028^4,6,7		579		579
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 1.055% 2029^4,6,7		250		250
Palmer Square Ltd., Series 2015-1A, Class A1R3, (3-month USD-LIBOR + 1.00%) 1.241% 2029^4,6,7		733		733
Palmer Square Ltd., Series 2015-1A, Class A2R3, (3-month USD-LIBOR + 1.40%) 1.641% 2029^4,6,7		925		926
Race Point CLO Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 1.181% 2030^4,6,7		1,390		1,390
Santander Drive Auto Receivables Trust, Series 2019-3, Class B, 2.28% 2023⁶		912		915
Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49% 2025⁶		934		950
SMB Private Education Loan Trust, Series 2021-A, Class A1, (1-month USD-LIBOR + 0.50%) 0.615% 2053^4,6,7		143		144
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 2053^4,6		289		287
Sound Point CLO Ltd., Series 2017-2A, Class AR, (3-month USD-LIBOR + 0.98%) 1.156% 2030^4,6,7		970		970
Sound Point CLO Ltd., Series 2017-3A, Class A1R, (3-month USD-LIBOR + 0.98%) 1.182% 2030^4,6,7		1,660		1,661
Sound Point CLO Ltd., Series 2015-1RA, Class AR, (3-month USD-LIBOR + 1.08%) 1.264% 2030^4,6,7		895		895
Textainer Marine Containers Ltd., Series 2021-1A, Class A, 1.68% 2046^4,6		589		580
Textainer Marine Containers Ltd., Series 2021-2A, Class A, 2.23% 2046^4,6		1,200		1,210
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 2031^4,6		1,250		1,324
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 2033^4,6		445		454
Toyota Auto Receivables Owner Trust, Series 2019-B, Class A3, 2.57% 2023⁶		1,072		1,086
Triton Container Finance LLC, Series 2020-1A, Class A, 2.11% 2045^4,6		732		739
Triton Container Finance LLC, Series 2021-1A, Class A, 1.86% 2046^4,6		817		807
Volkswagen Auto Lease Trust, Series 2019-A, Class A3, 1.99% 2022⁶		1,415		1,430
Volkswagen Auto Lease Trust, Series 2019-A, Class A2A, 2.00% 2022⁶		197		197
Westlake Automobile Receivables Trust, Series 2019-2A, Class A2, 2.57% 2023^4,6		105		106
Westlake Automobile Receivables Trust, Series 2019-2A, Class B, 2.62% 2024^4,6		435		438
World OMNI Select Auto Trust, Series 2019-A, Class A2A, 2.06% 2023⁶		287		288
				61,320

Federal agency bonds & notes 2.96%
Fannie Mae 2.375% 2023		2,442		2,535
Fannie Mae 0.875% 2030		2,563		2,388
Freddie Mac 0.25% 2023		3,439		3,441
Freddie Mac 0.375% 2025		9,449		9,298
				17,662

70	Private Client Services Funds

Capital Group Core Bond Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. 1.64%
Asian Development Bank 1.00% 2026	$	568	$	569
Denmark (Kingdom of) 0.125% 2022⁴		660		659
Denmark (Kingdom of) 0.125% 2022		655		654
European Investment Bank 2.25% 2022		751		765
KfW 0.375% 2025		1,010		996
Kommunalbanken 0.50% 2024⁴		442		442
Kommuninvest i Sverige Aktiebolag 0.25% 2023⁴		905		905
Manitoba (Province of) 3.05% 2024		200		215
Morocco (Kingdom of) 3.00% 2032⁴		1,000		953
Ontario (Province of) 3.20% 2024		500		540
Quebec (Province of) 0.60% 2025		1,600		1,587
Saudi Arabia (Kingdom of) 4.00% 2025⁴		430		474
Saudi Arabia (Kingdom of) 4.50% 2030⁴		445		516
United Mexican States 4.15% 2027		460		516
				9,791

Municipals 0.51%
California 0.04%
High-Speed Passenger Train G.O. Rev. Ref. Bonds, Series 2017-A, 2.367% 2022		250		255

Florida 0.47%
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.258% 2025		1,140		1,151
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 2027		805		813
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 2030		810		810
				2,774

Washington 0.00%
Energy Northwest, Electric Rev. Bonds (Columbia Generating Station), Series 2015-B, 2.814% 2024		25		26

Total municipals				3,055

Total bonds, notes & other debt instruments (cost: $561,439,000)				573,688

Short-term securities 12.80%		Shares
Money market investments 12.80%
Capital Group Central Cash Fund 0.06%^9,10		763,359		76,343

Total short-term securities (cost: $76,342,000)				76,343
Total investment securities 109.02% (cost: $637,781,000)				650,031
Other assets less liabilities (9.02%)				(53,769	)

Net assets 100.00%			$	596,262

Private Client Services Funds

Capital Group Core Bond Fund

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount¹¹ (000)			Value at 4/30/2021¹² (000)			Unrealized appreciation (depreciation) at 4/30/2021 (000)
90 Day Euro Dollar Futures	Long	468	December 2022	$	117,000		$	116,491		$	46
2 Year U.S. Treasury Note Futures	Long	248	July 2021		49,600			54,748			(43	)
5 Year U.S. Treasury Note Futures	Long	350	July 2021		35,000			43,378			(330	)
10 Year U.S. Treasury Note Futures	Short	65	June 2021		(6,500	)		(8,582	)		18
10 Year Ultra U.S. Treasury Note Futures	Short	347	June 2021		(34,700	)		(50,505	)		906
20 Year U.S. Treasury Bond Futures	Long	20	June 2021		2,000			3,145			(76	)
30 Year Ultra U.S. Treasury Bond Futures	Short	37	June 2021		(3,700	)		(6,878	)		149
										$	670

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Receive		Pay/ Payment frequency		Expiration date		Notional (000)				Value at 4/30/2021 (000)				Upfront premium received (000)				Unrealized depreciation at 4/30/2021 (000)
CDX.NA.IG.36		1.00%/Quarterly		6/20/2026		$	25,000			$	(622	)		$	(542	)		$	(80	)

Investments in affiliates¹⁰

	Value of affiliate at 11/1/2020 (000)	Additions (000)	Reductions (000)	Net realized loss (000)			Net unrealized appreciation (000)			Value of affiliate at 4/30/2021 (000)		Dividend income (000)
Short-term securities 12.80%
Money market investments 12.80%
Capital Group Central Cash Fund 0.06%⁹	79,218	88,679	91,554		—	¹³	$	—	¹³	$	76,343	$	43

¹	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,356,000, which represented .23% of the net assets of the fund.
²	Index-linked bond whose principal amount moves with a government price index.
³	Step bond; coupon rate may change at a later date.
⁴	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $95,565,000, which represented 16.03% of the net assets of the fund.
⁵	Valued under fair value procedures adopted by authority of the board of trustees. The total value of the security was $986,000, which represented .17% 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 4/30/2021.
¹⁰	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.
¹¹	Notional amount is calculated based on the number of contracts and notional contract size.
¹²	Value is calculated based on the notional amount and current market price.
¹³	Amount less than one thousand.

72	Private Client Services Funds

Capital Group Core Bond Fund

Key to abbreviations and symbol

CLO = Collateralized Loan Obligations

Fin. = Finance

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To-be-announced

USD/$ = U.S. dollars

Private Client Services Funds

Financial statements

Statements of assets and liabilities at April 30, 2021	unaudited (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	$	721,961		$	203,918		$	629,411
Affiliated issuers		—			—			—
Cash		442			456			375
Cash collateral pledged for futures contracts		68			26			280
Receivables for:
Sales of investments		296			1,360			—
Sales of fund’s shares		2,940			250			642
Dividends and interest		6,764			2,095			5,920
Services provided by related parties		—			20			—
Variation margin on futures contracts		7			2			—
Variation margin on swap contracts		—			—			—
Total assets		732,478			208,127			636,628

Liabilities:
Payables for:
Purchases of investments		9,593			2,899			3,375
Repurchases of fund’s shares		1,152			287			248
Investment advisory services		148			42			130
Variation margin on futures contracts		8			2			13
Variation margin on swap contracts		—			—			—
Other		—	*		—	*		—	*
Total liabilities		10,901			3,230			3,766
Net assets at April 30, 2021	$	721,577		$	204,897		$	632,862

Net assets consist of:
Capital paid in on shares of beneficial interest	$	699,650		$	201,291		$	612,516
Total distributable earnings		21,927			3,606			20,346
Net assets at April 30, 2021	$	721,577		$	204,897		$	632,862

Investment securities, at cost:
Unaffiliated issuers	$	703,931		$	201,283		$	611,790
Affiliated issuers		—			—			—
Shares outstanding		67,356			19,858			58,410
Net asset value per share	$	10.71		$	10.32		$	10.83

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 at April 30, 2021 (continued)	unaudited (dollars in thousands)

	Capital Group California Short-Term Municipal Fund			Capital Group Core Bond Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	201,794		$	573,688
Affiliated issuers		—			76,343
Cash		130			217
Cash collateral pledged for futures contracts		107			—
Receivables for:
Sales of investments		—			77,915
Sales of fund’s shares		27			1,707
Dividends and interest		2,260			1,735
Services provided by related parties		3			—
Variation margin on futures contracts		—			15
Variation margin on swap contracts		—			5
Total assets		204,321			731,625

Liabilities:
Payables for:
Purchases of investments		4,127			134,844
Repurchases of fund’s shares		36			339
Investment advisory services		41			121
Variation margin on futures contracts		5			58
Variation margin on swap contracts		—			1
Other		—	*		—	*
Total liabilities		4,209			135,363
Net assets at April 30, 2021	$	200,112		$	596,262

Net assets consist of:
Capital paid in on shares of beneficial interest	$	197,108		$	587,611
Total distributable earnings		3,004			8,651
Net assets at April 30, 2021	$	200,112		$	596,262

Investment securities, at cost:
Unaffiliated issuers	$	199,333		$	561,439
Affiliated issuers		—			76,342
Shares outstanding		19,326			57,599
Net asset value per share	$	10.35		$	10.35

*	Amount less than one thousand.

See notes to financial statements.

Private Client Services Funds

Financial statements (continued)

Statements of operations for the six months ended April 30, 2021	unaudited (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 from unaffiliated issuers		5,509			1,292			4,712
		5,509			1,292			4,712
*Fees and expenses:**
Investment advisory services		852			257			775
Transfer agent services		3			1			2
Reports to shareholders		11			4			10
Registration statement and prospectus		41			33			11
Trustees’ compensation		30			10			28
Auditing and legal		4			1			4
Custodian		4			3			4
Other		4			1			4
Total fees and expenses before reimbursements		949			310			838
Less reimbursements of fees and expenses:
Miscellaneous fee reimbursements		—			27			—
Total reimbursements of fees and expenses		—			27			—
Total fees and expenses after reimbursements		949			283			838
Net investment income		4,560			1,009			3,874

Net realized gain and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		3,913			991			1,993
Affiliated issuers		—			—			—
Futures contracts		(69	)		(73	)		162
Swap contracts		—			—			—
		3,844			918			2,155
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		438			(748	)		(749	)
Affiliated issuers		—			—			—
Futures contracts		23			12			110
Swap contracts		—			—			—
		461			(736	)		(639	)
Net realized gain and unrealized appreciation (depreciation)		4,305			182			1,516
Net increase (decrease) in net assets resulting from operations	$	8,865		$	1,191		$	5,390

See end of statements of operations for footnotes.

See notes to financial statements.

76	Private Client Services Funds

Financial statements (continued)

Statements of operations for the six months ended April 30, 2021 (continued)	unaudited (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	$	—		$	43
Interest from unaffiliated issuers		1,091			4,446
		1,091			4,489
*Fees and expenses:**
Investment advisory services		242			718
Transfer agent services		1			2
Reports to shareholders		4			9
Registration statement and prospectus		8			43
Trustees’ compensation		9			26
Auditing and legal		1			3
Custodian		3			9
Other		1			4
Total fees and expenses before reimbursements		269			814
Less reimbursements of fees and expenses:
Miscellaneous fee reimbursements		3			—
Total reimbursements of fees and expenses		3			—
Total fees and expenses after reimbursements		266			814
Net investment income		825			3,675

Net realized gain and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		522			(1,432	)
Affiliated issuers		—			—	^†
Futures contracts		(61	)		1,995
Swap contracts		—			385
		461			948
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		(592	)		(5,654	)
Affiliated issuers		—			—	^†
Futures contracts		40			393
Swap contracts		—			(365	)
		(552	)		(5,626	)
Net realized gain and unrealized appreciation (depreciation)		(91	)		(4,678	)

Net increase (decrease) in net assets resulting from operations	$	734		$	(1,003	)

*	Additional information related to non-U.S. taxes and fees and expenses is included in the notes to financial statements.
^†	Amount less than one thousand.

See notes to financial statements.

Private Client Services Funds

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, 2021*			Year ended October 31, 2020			Six months ended April 30, 2021*			Year ended October 31, 2020			Six months ended April 30, 2021*			Year ended October 31, 2020
Operations:											��
Net investment income	$	4,560		$	10,450		$	1,009		$	2,314		$	3,874		$	9,164
Net realized gain		3,844			7,512			918			1,171			2,155			5,569
Net unrealized appreciation (depreciation)		461			5,054			(736	)		2,079			(639	)		3,519
Net increase (decrease) in net assets resulting from operations		8,865			23,016			1,191			5,564			5,390			18,252

Distributions paid to shareholders		(11,800	)		(11,198	)		(1,545	)		(2,262	)		(8,815	)		(9,836	)

Net capital share transactions		72,586			56,358			(2,952	)		78,354			9,250			62,052

Total increase (decrease) in net assets		69,651			68,176			(3,306	)		81,656			5,825			70,468

Net assets:
Beginning of period		651,926			583,750			208,203			126,547			627,037			556,569
End of period	$	721,577		$	651,926		$	204,897		$	208,203		$	632,862		$	627,037

	Capital Group California Short-Term Municipal Fund						Capital Group Core Bond Fund
	Six months ended April 30, 2021*			Year ended October 31, 2020			Six months ended April 30, 2021*			Year ended October 31, 2020
Operations:
Net investment income	$	825		$	1,969		$	3,675		$	8,989
Net realized gain		461			898			948			10,758
Net unrealized appreciation (depreciation)		(552	)		1,043			(5,626	)		11,281
Net increase (decrease) in net assets resulting from operations		734			3,910			(1,003	)		31,028

Distributions paid to shareholders		(1,478	)		(1,955	)		(17,913	)		(12,105	)

Net capital share transactions		1,517			33,553			51,353			68,147

Total increase (decrease) in net assets		773			35,508			32,437			87,070

Net assets:
Beginning of period		199,339			163,831			563,825			476,755
End of period	$	200,112		$	199,339		$	596,262		$	563,825

*	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 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.

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.

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.

Private Client Services Funds

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. Interest rate swaps and credit default swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency.

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

80	Private Client Services Funds

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, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.

Classifications — The funds’ investment adviser classifies each fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The funds’ valuation levels as of April 30, 2021 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	$	—		$	627,318	$	—	$	627,318
Short-term securities		—			94,643		—		94,643
Total	$	—		$	721,961	$	—	$	721,961

	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	44		$	—	$	—	$	44
Liabilities:
Unrealized depreciation on futures contracts		(20	)		—		—		(20	)
Total	$	24		$	—	$	—	$	24

*	Futures contracts are not included in the investment portfolio.

Private Client Services Funds

Capital Group Short-Term Municipal Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Municipals	$	—	$	179,900	$	—	$	179,900
Short-term securities		—		24,018		—		24,018
Total	$	—	$	203,918	$	—	$	203,918

	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	21		$	—	$	—	$	21
Liabilities:
Unrealized depreciation on futures contracts		(12	)		—		—		(12	)
Total	$	9		$	—	$	—	$	9

*	Futures contracts are not included in the investment portfolio.

Capital Group California Core Municipal Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Municipals	$	—	$	588,849	$	—	$	588,849
Short-term securities		—		40,562		—		40,562
Total	$	—	$	629,411	$	—	$	629,411

	Other investments*
	Level 1		Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	89	$	—	$	—	$	89

*	Futures contracts are not included in the investment portfolio.

Capital Group California Short-Term Municipal Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Municipals	$	—	$	183,951	$	—	$	183,951
Short-term securities		—		17,843		—		17,843
Total	$	—	$	201,794	$	—	$	201,794

	Other investments*
		Level 1		Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	29	$	—	$	—	$	29

*	Futures contracts are not included in the 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	$	—	$	237,267	$	—	$	237,267
Corporate bonds, notes & loans		—		152,305		—		152,305
Mortgage-backed obligations		—		92,288		—		92,288
Asset-backed obligations		—		61,320		—		61,320
Federal agency bonds & notes		—		17,662		—		17,662
Bonds & notes of governments & government agencies outside the U.S.		—		9,791		—		9,791
Municipals		—		3,055		—		3,055
Short-term securities		76,343		—		—		76,343
Total	$	76,343	$	573,688	$	—	$	650,031

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	1,119		$	—		$	—	$	1,119
Liabilities:
Unrealized depreciation on futures contracts		(449	)		—			—		(449	)
Unrealized depreciation on credit default swaps		—			(80	)		—		(80	)
Total	$	670		$	(80	)	$	—	$	590

*	Futures contracts and credit default swaps are not included in the 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

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 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.

Interest rate swaps — Capital Group Core Bond Fund has entered into interest rate swaps, which are agreements to exchange one stream of future interest payments for another based on a specified notional amount. Typically, interest rate swaps exchange a fixed interest rate for a payment that floats relative to a benchmark or vice versa. The series’ investment adviser uses interest rate swaps to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. Risks may arise as a result of the series’ investment adviser incorrectly anticipating changes in interest rates, increased volatility, reduced liquidity and the potential inability of counterparties to meet the terms of their agreements.

Upon entering into an interest rate swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular interest rate swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, the fund records daily interest accruals related to the exchange of future payments as a receivable and payable in the fund’s statement of assets and liabilities. The fund also pays or receives a variation margin based on the increase or decrease in the value of the interest rate swaps, including accrued interest, and records variation margin on interest rate swaps in the fund’s statement of assets and liabilities. The fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the interest rate swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from interest rate swaps are recorded in the fund’s statement of operations.

Credit default swap indices — Capital Group Core Bond Fund has entered into centrally cleared credit default swap agreements on credit indices (“CDSI”) that involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified return upon the occurrence of a credit event, such as a default or restructuring, with respect to any of the underlying issuers (reference obligations) in the referenced index. The series’ investment adviser uses credit default swaps to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks.

CDSI are portfolios of credit instruments or exposures designed to be representative of some part of the credit market, such as the high-yield or investment-grade credit market. CDSI are generally traded using standardized terms, including a fixed spread and standard maturity dates, and reference all the names in the index. If there is a credit event, it is settled based on that name’s weight in the index.

Private Client Services Funds

The composition of the underlying issuers or obligations within a particular index may change periodically, usually every six months. A specified credit event may affect all or individual underlying reference obligations included in the index, and will be settled based upon the relative weighting of the affected obligation(s) within the index. The value of each CDSI can be used as a measure of the current payment/performance risk of the CDSI and represents the likelihood of an expected liability or profit should the notional amount of the CDSI be closed or sold as of the period end. An increasing value, as compared to the notional amount of the CDSI, represents a deterioration of the referenced indices’ credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. When the fund provides sell protection, its maximum exposure is the notional amount of the credit default swap agreement.

Upon entering into a centrally cleared CDSI contract, the fund is required to deposit with a derivatives clearing member (“DCM”) in a segregated account in the name of the DCM an amount of cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular credit default swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the fund’s statement of assets and liabilities. The fund also pays or receives a variation margin based on the increase or decrease in the value of the CDSI, and records variation margin in the fund’s statement of assets and liabilities. The fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from credit default swaps are recorded in the fund’s statement of operations.

The following table presents the average month-end notional amounts of futures contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

Futures
contracts

Interest
rate
swaps

Credit
default
swaps

Capital Group Core Municipal Fund

17,711

Not applicable

Capital Group Short-Term Municipal Fund

4,311

Not applicable

Capital Group California Core Municipal Fund

13,230

Not applicable

Capital Group California Short-Term Municipal

4,775

Not applicable

Capital Group Core Bond Fund

246,054

$45,814

$25,000

*	No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

The following tables identify the location and fair value amounts on the funds’ statements of assets and liabilities and the effect on the funds’ statements of operations resulting from the funds’ use of futures contracts, interest rate swaps and credit default swaps as of, or for the six months ended April 30, 2021 (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*

Unrealized depreciation*

Net realized loss

Net unrealized appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized loss on futures contracts

(69

)

Net unrealized appreciation on futures contracts

See end of tables for footnote.

86	Private Client Services Funds

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*

Unrealized depreciation*

Net realized loss

Net unrealized appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized loss on futures contracts

(73

)

Net unrealized appreciation on futures contracts

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*

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

162

Net unrealized appreciation on futures contracts

110

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*

Unrealized depreciation*

—

Net realized loss

Net unrealized appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized loss on futures contracts

(61

)

Net unrealized appreciation on futures contracts

See end of tables for footnote.

Private Client Services Funds

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*	$	1,119		Unrealized depreciation*	$	449
Swap	Credit	Unrealized appreciation*		—		Unrealized depreciation*		80
			$	1,119			$	529

		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	1,995		Net unrealized appreciation on futures contracts	$	393
Swap	Interest	Net realized gain on swap contracts		576		Net unrealized depreciation on swap contracts		(285	)
Swap	Credit	Net realized loss on swap contracts		(191	)	Net unrealized depreciation on swap contracts		(80	)
			$	2,380			$	28

*	Includes cumulative appreciation/depreciation on futures contracts and credit default swaps as reported in the applicable tables following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities.

Collateral — 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, interest rate swaps, credit default swaps and/or future delivery contracts. For futures contracts, interest rate swaps and credit default swaps, the program calls for the fund to pledge collateral for initial and variation margin by contract. For future delivery contracts, the program calls for the fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligations. Non-cash collateral pledged by the fund, if any, is disclosed in the fund’s investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash 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 mutual funds and each intends to distribute substantially all of its net income and net capital gains each year. The funds are not subject to income taxes to the extent taxable income and net capital gains are distributed. Therefore, no federal income tax provision is required.

As of and during the period ended April 30, 2021, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

Each fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; income on certain investments; amortization of premiums and discounts; paydowns on fixed-income securities 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.

88	Private Client Services Funds

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, 2020
Undistributed ordinary income	$	2,349		$	513		$	839		$	115		$	7,458
Undistributed tax-exempt income		90			41			77			22			—
Undistributed long-term capital gains		4,803			—			4,470			527			6,782
As of April 30, 2021
Gross unrealized appreciation on investments		18,392			2,731			17,896			2,564			15,664
Gross unrealized depreciation on investments		(304	)		(75	)		(205	)		(73	)		(2,862	)
Net unrealized appreciation on investments		18,088			2,656			17,691			2,491			12,802
Cost of investments		703,897			201,271			611,809			199,332			638,360

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

	Six months ended April 30, 2021
	Tax-exempt income		Ordinary income		Long-term capital gains		Total distributions paid
Capital Group Core Municipal Fund	$	4,643	$	2,349	$	4,808	$	11,800
Capital Group Short-Term Municipal Fund		1,032		513		—		1,545
Capital Group California Core Municipal Fund		3,503		841		4,471		8,815
Capital Group California Short-Term Municipal Fund		834		117		527		1,478
Capital Group Core Bond Fund		—		11,127		6,786		17,913

	Year ended October 31, 2020
	Tax-exempt income		Ordinary income		Long-term capital gains		Total distributions paid
Capital Group Core Municipal Fund	$	10,394	$	620	$	184	$	11,198
Capital Group Short-Term Municipal Fund		2,262		—		—		2,262
Capital Group California Core Municipal Fund		9,118		565		153		9,836
Capital Group California Short-Term Municipal Fund		1,955		—		—		1,955
Capital Group Core Bond Fund		—		10,989		1,116		12,105

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.

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), and to reimburse a portion of miscellaneous fees and expenses for Capital Group California Short-Term Municipal Fund. Miscellaneous expenses

Private Client Services Funds

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, 2021, total fees and expenses reimbursed by CRMC were $27,000 for Capital Group Short-Term Municipal Fund and $3,000 for Capital Group California Short-Term Municipal Fund. CRMC may recoup all or a portion of these reimbursements by the end of the current fiscal year. 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, 2021 (dollars in thousands):

Fund	Purchases		Sales		Net realized gain
Capital Group Core Municipal Fund	$	5	$	1,320	$	25
Capital Group Short-Term Municipal Fund		—		355		14
Capital Group California Core Municipal Fund		102		11,001		507
Capital Group California Short-Term Municipal Fund		1,287		4,567		148
Capital Group Core Bond Fund		—		1,194		39

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 April 30, 2021.

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.

90	Private Client Services Funds

9. Capital share transactions

Capital share transactions in the funds were as follows (dollars and shares in thousands):

	Sales				Reinvestment of distributions				Repurchases						Net increase (decrease)
Fund	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended April 30, 2021

Capital Group Core Municipal Fund	$	94,951		8,843	$	11,778		1,097	$	(34,143	)		(3,173	)	$	72,586			6,767
Capital Group Short-Term Municipal Fund		74,521		7,206		1,545		149		(79,018	)		(7,643	)		(2,952	)		(288	)
Capital Group California Core Municipal Fund		41,238		3,791		8,815		811		(40,803	)		(3,741	)		9,250			861
Capital Group California Short-Term Municipal Fund		52,961		5,101		1,478		142		(52,922	)		(5,097	)		1,517			146
Capital Group Core Bond Fund		46,728		4,441		17,766		1,693		(13,141	)		(1,245	)		51,353			4,889

Year ended October 31, 2020

Capital Group Core Municipal Fund	$	106,929		10,012	$	11,142		1,046	$	(61,713	)		(5,824	)	$	56,358			5,234
Capital Group Short-Term Municipal Fund		154,195		15,083		2,262		221		(78,103	)		(7,630	)		78,354			7,674
Capital Group California Core Municipal Fund		106,925		9,888		9,834		910		(54,707	)		(5,130	)		62,052			5,668
Capital Group California Short-Term Municipal Fund		111,175		10,735		1,955		189		(79,577	)		(7,685	)		33,553			3,239
Capital Group Core Bond Fund		97,338		9,219		11,994		1,147		(41,185	)		(3,901	)		68,147			6,465

10. Investment transactions

The funds made purchases and sales of investment securities during the six months ended April 30, 2021, 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*	$	156,579	$	59,729	$	106,309	$	44,321	$	648,551
Sales of investment securities*		139,978		65,650		103,069		48,733		607,575

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

Private Client Services Funds

Financial highlights

			Income (loss) from investment operations¹								Dividends and distributions
Year ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets before reimbursements³			Ratio of expenses to average net assets after reimbursements^2,3			Ratio of net income to average net assets²
Capital Group Core Municipal Fund
4/30/2021^4,5	$	10.76	$	.07	$	.07		$	.14		$	(.07	)	$	(.12	)	$	(.19	)	$	10.71		1.30	%⁶	$	722		.28	%⁷		.28	%⁷		1.34	%⁷
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
10/31/2016		10.49		.21		—	⁸		.21			(.21	)		(.01	)		(.22	)		10.48		1.97			405		.41			.40			1.97
Capital Group Short-Term Municipal Fund
4/30/2021^4,5	$	10.33	$	.05	$	.02		$	.07		$	(.05	)	$	(.03	)	$	(.08	)	$	10.32		.64	%⁶	$	205		.30	%⁷		.28	%⁷		.98	%⁷
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
10/31/2016		10.12		.12		(.01	)		.11			(.12	)		—	⁸		(.12	)		10.11		1.06			179		.45			.40			1.14
Capital Group California Core Municipal Fund
4/30/2021^4,5	$	10.90	$	.07	$	.01		$	.08		$	(.06	)	$	(.09	)	$	(.15	)	$	10.83		.79	%⁶	$	633		.27	%⁷		.27	%⁷		1.25	%⁷
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
10/31/2016		10.59		.21		.09			.30			(.20	)		—			(.20	)		10.69		2.86			336		.41			.40			1.89
Capital Group California Short-Term Municipal Fund
4/30/2021^4,5	$	10.39	$	.04	$	(.01	)	$	.03		$	(.04	)	$	(.03	)	$	(.07	)	$	10.35		.38	%⁶	$	200		.28	%⁷		.27	%⁷		.85	%⁷
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
10/31/2016		10.28		.10		(.04	)		.06			(.10	)		(.01	)		(.11	)		10.23		.63			118		.46			.40			1.00
Capital Group Core Bond Fund
4/30/2021^4,5	$	10.70	$	.07	$	(.09	)	$	(.02	)	$	(.08	)	$	(.25	)	$	(.33	)	$	10.35		(.21	)%⁶	$	596		.28	%⁷		.28	%⁷		1.28	%⁷
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
10/31/2016		10.19		.16		.15			.31			(.16	)		(.03	)		(.19	)		10.31		3.03			352		.41			.40			1.55

See end of tables for footnotes.

92	Private Client Services Funds

Portfolio turnover rate for all share classes	Six months ended			Year ended October 31,
excluding mortgage dollar roll transactions^9,10	April 30, 2021^4,5,6			2020			2019			2018			2017			2016
Capital Group Core Bond Fund		25	%		80	%		114	%		41	%		52	%		58	%

Portfolio turnover rate for all share classes,	Six months ended			Year ended October 31,
including mortgage dollar roll transactions¹⁰	April 30, 2021^4,5,6			2020			2019			2018			2017			2016
Capital Group Core Municipal Fund		23	%		62	%		38	%		55	%		47	%		18	%
Capital Group Short-Term Municipal Fund		32			58			50			70			42			24
Capital Group California Core Municipal Fund		18			37			22			69			27			11
Capital Group California Short-Term Municipal Fund		24			42			39			65			36			19
Capital Group Core Bond Fund		125			158			151			110			95			86

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.

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, 2020, through April 30, 2021).

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 11/1/2020		Ending account value 4/30/2021		Expenses paid during period*		Annualized expense ratio
Capital Group Core Municipal Fund
Actual return	$	1,000.00	$	1,013.04	$	1.40		.28	%
Assumed 5% return		1,000.00		1,023.41		1.40		.28
Capital Group Short-Term Municipal Fund
Actual return	$	1,000.00	$	1,006.45	$	1.39		.28	%
Assumed 5% return		1,000.00		1,023.41		1.40		.28
Capital Group California Core Municipal Fund
Actual return	$	1,000.00	$	1,007.87	$	1.34		.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	$	1,003.75	$	1.34		.27	%
Assumed 5% return		1,000.00		1,023.46		1.35		.27
Capital Group Core Bond Fund
Actual return	$	1,000.00	$	997.93	$	1.39		.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).

94	Private Client Services Funds

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, 2022, 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.

In reaching this decision, the board and the committee took into account their interaction 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, 2020. 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 funds’ investment results have been satisfactory 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 funds’ 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.

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, since 2019, CRMC has borne the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of the funds to facilitate payment to certain broker-dealers for research to comply with regulatory requirements, with all such amounts reimbursed to the funds by CRMC. 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.

Private Client Services 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 several 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.

96	Private Client Services Funds

Liquidity Risk Management Program

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, 2019, through September 30, 2020. 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.

Private Client Services Funds

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98	Private Client Services Funds

Office of the fund

6455 Irvine Center Drive
Irvine, CA 92618-4518

Investment adviser

Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

Transfer agent for shareholder accounts

American Funds Service Company
(Write to the address near you.)

P.O. Box 6007
Indianapolis, IN 46206-6007

P.O. Box 2280
Norfolk, VA 23501-2280

Custodian of assets

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

Counsel

Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726

Independent registered public accounting firm

PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874

Principal underwriter

American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund 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 funds file a complete list of their portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website and our website. Additionally, the list of portfolio holdings is available by calling your relationship manager at (800) 266-9532.

The proxy voting procedures and policies of Capital Group Private Client Services funds — which describe how we vote proxies relating to portfolio securities — are available upon request by calling your relationship manager at (800) 266-9532. The 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 of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays^® is a trademark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Neither Bloomberg nor Barclays approves or endorses this material, guarantees the accuracy or completeness of any information herein and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

If used as sales material after June 30, 2021, this report must be accompanied by the Quarterly Results documents for the most recently completed calendar quarter 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.

American Funds Distributors, Inc., member FINRA.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

ITEM 2 – Code of Ethics

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, 2021

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, 2021

By ___/s/ Gregory F. Niland __________

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: June 30, 2021

Capital Group Private Client Services Funds N-CSRSCertified semi-annual shareholder report (management investment company)