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, 2020

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

Semi-annual report for the six months ended April 30, 2020

Research-driven
approaches to seeking
wealth preservation
and income

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, we intend to no longer mail paper copies of the fund’s shareholder reports, unless specifically requested from the funds or your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the fund’s website (capitalgrouppcsfunds.com); you will be notified by mail and provided with a website link to access the report each time a report is posted.

You may elect to receive paper copies of all future reports free of charge. If you invest through a financial intermediary, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the fund, you may inform the funds that you wish to continue receiving paper copies of your shareholder reports by contacting us at (800) 421-4225. Your election to receive reports in paper will apply to all funds held with the fund’s transfer agent or through your financial intermediary.

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

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

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

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

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

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. For current and month-end results, visit capitalgrouppcsfunds.com.

Here are the total returns on a $1,000 investment with all distributions reinvested for periods ended March 31, 2020 (the most recent calendar quarter-end), and the total annual fund operating expense ratios as of the prospectus dated January 1, 2020:

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

Capital Group Core Municipal Fund		3.11	%		2.08	%		2.59	%		0.28	%		0.28	%
Capital Group Short-Term Municipal Fund		2.69			1.56			1.59			0.35			0.30
Capital Group California Core Municipal Fund		2.89			2.08			2.65			0.28			0.28
Capital Group California Short-Term Municipal Fund		1.79			1.17			1.31			0.32			0.30
Capital Group Core Bond Fund		6.47			2.45			2.72			0.28			0.28

*	Since April 13, 2010.

The investment adviser is currently reimbursing a portion of the expenses for Capital Group Short-Term Municipal Fund and Capital Group California Short-Term Municipal Fund. These reimbursements will be in effect through at least January 1, 2021. The adviser may elect at its discretion to extend, modify or terminate the reimbursements at that time. Visit capitalgrouppcsfunds.com and capitalgroup.com for American Funds for more information.

A summary of each fund’s 30-day yield can be found on page 1.

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
26	Capital Group Short-Term Municipal Fund
40	Capital Group California Core Municipal Fund
54	Capital Group California Short-Term Municipal Fund
61	Capital Group Core Bond Fund
70	Financial statements

Fellow investors:

Shown in the table below are the 30-day SEC yields and 12-month distribution rates as of May 31, 2020, 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, 2020, can be found on page 2.

For additional information about the funds, their investment results, holdings and portfolio managers, visitcapitalgrouppcsfunds.com. You can also read our insights about the markets, industries and more atcapitalgroup.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, 2020. 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		1.31	%		1.87	%
Capital Group Short-Term Municipal Fund		0.86	*		1.62
Capital Group California Core Municipal Fund		0.98			1.69
Capital Group California Short-Term Municipal Fund		0.59	^†		1.32
Capital Group Core Bond Fund		0.70			1.99

*	The SEC 30-day yield for Capital Group Short-Term Municipal Fund is 0.87% with the fund’s reimbursement.
^†	The SEC 30-day yield for Capital Group California Short-Term Municipal Fund is 0.62% 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, 2020, with distributions reinvested)

	Cumulative total returns						Average annual total returns
	6 months			1 year			5 years			10 years			Lifetime (since 4/13/10)

Capital Group Core Municipal Fund		0.00	%		2.47	%		2.01	%		2.48	%		2.51	%
Bloomberg Barclays Municipal Short-Intermediate 1–10 years Index*		–0.29			2.21			2.10			2.62			2.67
Lipper Short-Intermediate Municipal Debt Funds Average^†		–0.86			1.20			1.42			1.89			1.94

Capital Group Short-Term Municipal Fund		0.60			2.43			1.54			1.54			1.55
Bloomberg Barclays Municipal Short 1–5 Years Index*		0.14			1.99			1.52			1.67			1.70
Lipper Short Municipal Debt Funds Average^†		–0.42			0.89			0.93			1.04			1.06

Capital Group California Core Municipal Fund		–0.34			1.98			1.98			2.53			2.55
Bloomberg Barclays California Short-Intermediate Municipal Index*		0.04			2.41			2.01			2.69			2.78
Lipper California Short-Intermediate Municipal Debt Funds Average^†		–1.51			0.36			1.23			1.72			1.76

Capital Group California Short-Term Municipal Fund		0.10			1.65			1.17			1.28			1.29
Bloomberg Barclays California Short Municipal Index*		0.40			2.09			1.42			1.65			1.69
Lipper Short Municipal Debt Funds Average^†		–0.42			0.89			0.93			1.04			1.06

Capital Group Core Bond Fund		4.16			7.54			2.69			2.78			2.81
Bloomberg Barclays Intermediate A+ U.S. Government/ Credit Index*		4.73			8.87			2.99			3.00			3.05
Lipper Short-Intermediate Investment Grade Debt Funds Average^†		1.29			4.03			1.96			2.40			2.46

*	The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Source: Bloomberg Index Services Ltd.
^†	Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper 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 and 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
Investment portfolioApril 30, 2020	unaudited

Portfolio quality summary*

Percent of net assets

Bonds, notes & other debt instruments 95.12%	Principal amount (000)			Value (000)
Alabama 1.07%
21st Century Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2012-A, 5.00% 2021		$	2,230	$	2,283
Black Belt Energy Gas Dist., Gas Supply Prepay Rev. Bonds (Project No. 5), Series 2020-A-1, 4.00% 2049 (put 2026)			825		885
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2017-A, 4.00% 2047 (put 2022)			2,050		2,130
Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2023 (preref. 2022)			100		110
City of Huntsville, Electric Rev. Bonds, Series 2017-A, 5.00% 2022			450		495
City of Huntsville, Electric Rev. Bonds, Series 2017-B, 5.00% 2022			400		440
					6,343

Alaska 0.21%
Housing Fin. Corp., Collateralized Bonds (Veterans Mortgage Program), Series 2019, 4.00% 2048			985		1,050
Housing Fin. Corp., General Mortgage Rev. Bonds, Series 2016-A, 3.50% 2046			210		219
					1,269

Arizona 1.06%
Board of Regents of Arizona State University System, Rev. Bonds, Series 2020-A, 5.00% 2027			400		495
Board of Regents of Arizona State University System, Rev. Bonds, Series 2020-A, 5.00% 2028			550		694
Board of Regents of Arizona State University System, Rev. Bonds, Series 2020-A, 5.00% 2033			80		101
City of Glendale, Industrial Dev. Auth., Rev. Ref. Bonds (Midwestern University), Series 2020, 5.00% 2029			1,000		1,208
Industrial Dev. Auth., Rev. Bonds (Lincoln South Beltway Project), Series 2020, 5.00% 2023			1,000		1,105
Industrial Dev. Auth., Rev. Bonds (Lincoln South Beltway Project), Series 2020, 5.00% 2026			1,000		1,162
County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (GreatHearts Arizona Projects), Series 2017-A, 5.00% 2027			745		884
City of Phoenix, Industrial Dev. Auth., Lease Rev. Bonds (Rowan University Project), Series 2012, 5.00% 2022			600		618
					6,267

Arkansas 0.10%
Dev. Fin. Auth., Health Care Rev. Bonds (Baptist Memorial Health Care), Series 2015-B-3, (SIFMA Municipal Swap Index + 1.55%) 1.77% 2044 (put 2022)¹			600		600


Private Client Services Funds	3

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
California 3.69%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 1.12% 2045 (put 2023)¹		$	2,200	$	2,162
East Bay Municipal Utility Dist., Water System Rev. Ref. Bonds, Series 2015-A, 5.00% 2027			465		553
G.O. Bonds, Series 2020, 3.00% 2027			1,000		1,089
Health Facs. Fncg. Auth., Insured Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2028			315		368
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2015-B, (SIFMA Municipal Swap Index + 1.20%) 1.42% 2037 (put 2022)¹			1,000		1,003
City of Irvine, Reassessment Dist. No. 13-1, Limited Obligation Improvement Bonds, Series 2013, 3.125% 2021			65		67
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2025			250		286
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2020-A, 5.00% 2025			600		715
City of Los Angeles, Multi Family Housing Rev. Bonds (Jordan Downs Phase 1B Apartments), Series 2018-A-2, 2.08% 2022 (put 2021)			150		151
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-RYQ, 5.00% 2031			1,570		2,016
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2020-A, 5.00% 2023			1,500		1,687
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2020-A, 5.00% 2029			1,845		2,427
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2022			1,250		1,335
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2021			1,040		1,092
Peralta Community College Dist., G.O. Bonds, 2006 Election, Series 2020-E-1, 5.00% 2026			240		290
RNR School Fncg. Auth., Community Facs. Dist. No. 92-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2028			1,000		1,203
City of Sacramento, Municipal Utility Dist., Electric Rev. Green Bonds, Series 2020-H, 5.00% 2033			425		543
City of Santee, Community Facs. Dist. No. 2017-1, Special Tax Bonds (Weston Infrastructure), Series 2019, 5.00% 2022			135		144
City of Santee, Community Facs. Dist. No. 2017-1, Special Tax Bonds (Weston Infrastructure), Series 2019, 5.00% 2023			160		175
City of Santee, Community Facs. Dist. No. 2017-1, Special Tax Bonds (Weston Infrastructure), Series 2019, 5.00% 2024			170		190
Southern California Public Power Auth., Rev. Ref. Bonds (Magnolia Power Project A), Series 2020-1, 5.00% 2033			200		254
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., Rev. Bonds (American Baptist Homes of the West), Series 2013-A, 5.00% 2023			160		168
Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-M, 5.00% 2038 (put 2029)			1,300		1,649
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025			200		201
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2026			500		502
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		213
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2019-CS, 4.00% 2049			950		1,024
					21,882


4	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Colorado 2.01%
City of Arvada, Mountain Shadows Metropolitan Dist., Limited Tax G.O. Rev. Ref. and Improvement Bonds, Series 2016, 4.00% 2026		$	735	$	702
City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2010-A, 5.00% 2027			1,350		1,625
City and County of Denver, Dept. of Aviation, Airport System Rev. Bonds, Series 2019-D, 5.00% 2031 (put 2022)			1,000		1,081
E-470 Public Highway Auth., Rev. Bonds, Series 2017-B, (1-month USD-LIBOR x 0.67 + 1.05%) 1.32% 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		1,930
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		2,120
Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2016-C, 5.00% 2036 (put 2023)			1,570		1,772
Health Facs. Auth., Hospital Rev. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2018-A, 5.00% 2048			125		139
Housing and Fin. Auth., Multi Family Housing Bonds (South Range Crossings Project), Series 2017, 1.30% 2038 (put 2021)			270		270
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2018-C, Class I, 4.25% 2048			745		803
City of Loveland, Centerra Metropolitan Dist. No. 1, Rev. Ref. Bonds, Series 2017, 5.00% 2020²			1,250		1,255
					11,897

Connecticut 1.31%
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2014-A, 1.10% 2048 (put 2023)			1,105		1,094
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2015-A, 2.05% 2035 (put 2021)			1,785		1,806
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044			135		140
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-A-1, 4.00% 2045			435		454
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-A-1, 4.00% 2047			2,670		2,813
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-C-1, 4.00% 2047			1,025		1,079
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-D-1, 4.00% 2047			230		242
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-A, 3.50% 2044			135		139
					7,767

Delaware 0.15%
Health Facs. Auth., Rev. Bonds (Beebe Medical Center Project), Series 2018, 5.00% 2022			290		308
Health Facs. Auth., Rev. Bonds (Beebe Medical Center Project), Series 2018, 5.00% 2023			200		218
Health Facs. Auth., Rev. Bonds (Beebe Medical Center Project), Series 2018, 5.00% 2024			300		334
					860

District of Columbia 2.40%
G.O. Bonds, Series 2015-A, 5.00% 2032			1,800		2,094
G.O. Bonds, Series 2019-A, 5.00% 2023			1,000		1,133
G.O. Rev. Ref. Bonds, Series 2018-B, 5.00% 2026			130		158
Income Tax Secured Rev. Bonds, Series 2011-A, 5.00% 2029			235		249
Income Tax Secured Rev. Bonds, Series 2019-A, 5.00% 2030			1,000		1,297
Income Tax Secured Rev. Bonds, Series 2020-A, 5.00% 2032			750		969
Income Tax Secured Rev. Bonds, Series 2020-A, 5.00% 2034			400		511
Income Tax Secured Rev. Ref. Bonds, Series 2019-C, 5.00% 2027			1,000		1,258
Income Tax Secured Rev. Ref. Bonds, Series 2020-B, 5.00% 2031			875		1,177


Private Client Services Funds	5

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments(continued)	Principal amount (000)			Value (000)
District of Columbia (continued)
Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-B, 5.00% 2028		$	1,570	$	1,908
Metropolitan Washington DC Airports Auth., Airport System Rev. Ref. Bonds, Series 2020-B, 5.00% 2030			2,320		2,873
Washington Convention and Sports Auth., Dedicated Tax Rev. Ref. Bonds, Series 2018-A, 5.00% 2027			600		628
					14,255

Florida 6.14%
County of Brevard, Health Facs. Auth., Rev. Ref. Bonds (Health First, Inc. Project), Series 2014, 5.00% 2021			500		518
County of Brevard, Health Facs. Auth., Rev. Ref. Bonds (Health First, Inc. Project),Series 2014, 5.00% 2022			500		536
County of Broward, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Prospect Park Apartments), Series 2019-C, 1.40% 2022 (put 2021)			305		305
City of Cape Coral, Utility Improvement Rev. Ref. Assessment Bonds (Various Areas), Series 2017, Assured Guaranty Municipal insured, 1.90% 2020			925		927
Capital Trust Agcy., Multi Family Housing Rev. Bonds (GMF - Stonybrook Apartments), Series 2012-A, 5.50% 2047 (preref. 2022)			530		577
Central Florida Expressway Auth., Rev. Bonds, Series 2019-B, 5.00% 2030			1,000		1,218
Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 3.00% 2026			345		368
Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 3.20% 2027			355		386
Connerton West Community Dev. Dist., Improvement Rev. Ref. Bonds, Series 2018-A-1, Assured Guaranty Municipal insured, 3.25% 2028			370		407
Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), Series 2012-A, 5.00% 2022			1,000		1,048
Higher Educational Facs. Fncg. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), Series 2016, 5.00% 2026			655		723
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2011-B, 4.50% 2029			35		35
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2015-A, 3.50% 2046			85		87
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2017-1, 4.00% 2048			1,375		1,454
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-1, 4.00% 2049			1,360		1,446
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-2, 4.25% 2050			1,270		1,361
Housing Fin. Corp., Multi Family Housing Rev. Bonds (Pembroke Tower Apartments), Series 2019-G, 1.55% 2021 (put 2021)			175		175
Housing Fin. Corp., Multi Family Mortgage Rev. Bonds (Mary Bethune Highrise), Series 2019-D-1, 1.70% 2022 (put 2021)			775		776
JEA, Electric System Rev. Bonds, Series 2014-A-3, 5.00% 2022			600		652
JEA, Electric System Rev. Bonds, Series 2014-A-3, 5.00% 2023 (escrowed to maturity)			445		507
JEA, Electric System Rev. Bonds, Series 2017-B, 5.00% 2026			500		601
JEA, Electric System Rev. Bonds, Series 2017-B-3, 5.00% 2026			340		411
JEA, Water and Sewer System Rev. Bonds, Series 2017-A, 5.00% 2023			750		842
JEA, Water and Sewer System Rev. Bonds, Series 2017-A, 5.00% 2028			450		558
County of Miami-Dade, Expressway Auth., Toll System Rev. Bonds, Series 2014-A, BAM insured, 5.00% 2026			780		880
County of Miami-Dade, Expressway Auth., Toll System Rev. Ref. Bonds, Series 2014-B, BAM insured, 5.00% 2026			760		857
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		161
Municipal Power Agcy., All-Requirements Power Supply Project Rev. Ref. Bonds, Series 2016-A, 5.00% 2026			1,000		1,226
County of Orange, Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Presbyterian Retirement Communities Project), Series 2016, 5.00% 2031			300		307
County of Orange, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Willow Key Apartments), Series 2019-A, 1.90% 2022 (put 2021)			325		326
County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-C, 5.00% 2021			500		504


6	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
County of Palm Beach, Health Facs. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-C, 5.00% 2027		$	300	$	303
County of Polk, Utility System Rev. and Rev. Ref. Bonds, Series 2013, BAM insured, 5.00% 2043 (preref. 2023)			185		211
City of Pompano Beach, Rev. Bonds (John Knox Village Project), Series 2015, 5.00% 2023			630		660
County of St. Johns, Sweetwater Creek Community Dev. Dist., Capital Improvement Rev. Ref. Bonds, Series 2019-A-1, Assured Guaranty Municipal insured, 2.00% 2020			330		330
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		346
South Florida Water Management Dist., Certs. of Part., Series 2015, 5.00% 2025			1,500		1,794
City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), Series 2017, 5.00% 2021			500		521
City of South Miami, Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), Series 2017, 5.00% 2024			500		553
Southeast Overtown/Park West Community Redev. Agcy., Tax Increment Rev. Bonds, Series 2014-A-1, 5.00% 2021²			785		809
County of Sumter, Village Community Dev. Dist. No. 6, Rev. Ref. Bonds, Series 2017, 4.00% 2020			340		340
Tolomato Community Dev. Dist., Rev. Ref. Bonds, Series 2018-A-1,Assured Guaranty Municipal insured, 2.625% 2024			1,065		1,110
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Rev. Ref. Bonds, Series 2012-A, 4.00% 2028			1,040		1,071
Dept. of Transportation, Turnpike Rev. Bonds, Series 2018-A, 5.00% 2026			1,000		1,203
Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2020-A, 5.00% 2027			1,000		1,230
Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2020-A, 5.00% 2028			1,230		1,544
Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2020-A, 5.00% 2030			300		398
University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.50% 2024			280		288
University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.50% 2025			285		295
University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.50% 2026			295		306
University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.50% 2027			300		312
University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.50% 2028			305		318
University Park Recreation Dist., Non-Ad Valorem Assessment Bonds, Series 2019, BAM insured, 2.625% 2029			315		330
County of Volusia, Educational Facs. Auth., Educational Facs. Rev. Ref. Bonds (Embry-Riddle Aeronautical University, Inc. Project), Series 2015-B, 5.00% 2028			1,000		1,094
City of Winter Garden, Winter Garden Village at Fowler Groves Community Dev. Dist., Special Assessment Rev. Ref. Bonds, Series 2016, 3.00% 2024			855		843
					36,388

Georgia 2.11%
City of Atlanta, Urban Residential Fin. Auth., Multi Family Housing Rev. Bonds (Herndon Square Senior Apartments Project), Series 2019, 1.36% 2022 (put 2021)			110		110
County of Burke, Dev. Auth., Pollution Control Rev. Bonds (Georgia Power Co. Plant Vogtle Project), Series 2013, 2.925% 2053 (put 2024)			600		603
City of East Point, Housing Auth., Multi Family Housing Rev. Bonds (Hillcrest Senior Apartments Projects), Series 2018, 2.25% 2022 (put 2021)³			675		682
G.O. Bonds, Series 2019-A, 5.00% 2023			2,000		2,249
G.O. Bonds, Series 2019-A, 5.00% 2028			1,630		2,096
G.O. Rev. Ref. Bonds, Series 2016-E, 5.00% 2026			130		161
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2014-A-1, 4.00% 2044			480		497
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2015-A-1, 3.50% 2045			280		289
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2017-A, 4.00% 2047			640		675
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2019-A, 5.00% 2021			180		184
Main Street Natural Gas, Inc., Gas Supply Rev. Bonds, Series 2019-B, 4.00% 2049 (put 2024)			880		945
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Ref. Bonds (Third Indenture Series), Series 2012-A, 5.00% 2030 (preref. 2022)			630		688
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 2029			120		135


Private Client Services Funds	7

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Georgia (continued)
Municipal Electric Auth., Plant Vogtle Units 3 and 4 Project M Bonds, Series 2019-A, 5.00% 2030		$	115	$	128
Municipal Electric Auth., Project One Bonds, Series 2016-A, 4.00% 2021			1,000		1,007
Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 2024			1,000		1,067
Municipal Electric Auth., Project One Bonds, Series 2019-A, 5.00% 2029			870		982
					12,498

Guam 0.08%
Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2013, 5.25% 2024			450		470

Hawaii 0.14%
G.O. Bonds, Series 2012-EE, 5.00% 2023 (preref. 2022)			750		829

Idaho 0.18%
Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund), Series 2015-A, 5.00% 2022			1,000		1,079

Illinois 8.41%
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2013, 5.00% 2020			3,325		3,333
Build Illinois Bonds, Sales Tax Rev. Ref. Bonds, Series 2016-C, 4.00% 2026			1,000		998
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		368
County of Champaign, Community Unit School Dist. No. 4, G.O. School Building Bonds, Series 2017, 5.00% 2021			1,000		1,026
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		1,219
City of Chicago, Chicago Midway Airport, Rev. and Rev. Ref. Bonds, Series 2014-B, 5.00% 2028			500		541
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2022			400		405
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2023			560		570
City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 2024			500		511
City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2017-D, 5.00% 2026			1,135		1,292
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2012, Assured Guaranty Municipal insured, 5.00% 2023			500		519
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2023			200		216
City of Chicago, Water Rev. Ref. Bonds, Series 2004, 5.00% 2021			1,895		1,969
County of Cook, Community College Dist. No. 508 (City Colleges of Chicago), Unlimited Tax G.O. Bonds, Series 2013, 5.00% 2023			200		203
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		125
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		586
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		475
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2025			125		145
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2026			120		143
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 4.00% 2026			1,000		1,149
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2016, 5.00% 2021			285		293
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2033			500		600
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2020			500		500
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2015-A, 5.00% 2027			590		596
Fin. Auth., Rev. Bonds (Northshore University Heathsystem), Series 2020-A, 5.00% 2033			280		333
Fin. Auth., Rev. Bonds (Northwestern Memorial Healthcare), Series 2017-B, 5.00% 2057 (put 2022)			275		298
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2027			250		283
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2020			200		200
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2024			310		331
Fin. Auth., Rev. Bonds (Presence Health Network), Series 2016-C, 5.00% 2026			600		697


8	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2021		$	500	$	527
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2028			1,000		1,121
Fin. Auth., Rev. Bonds (Rush University Medical Center Obligated Group), Series 2015-A, 5.00% 2029			500		557
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2021			545		570
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2026			1,000		1,221
Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2026			770		877
G.O. Bonds, Series 2006-A, 5.00% 2021			200		200
G.O. Bonds, Series 2014, 5.00% 2022			110		110
G.O. Bonds, Series 2016, 5.00% 2022			130		130
G.O. Bonds, Series 2017-A, 5.00% 2021			500		501
G.O. Bonds, Series 2017-D, BAM insured, 5.00% 2020			2,340		2,347
G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2020			350		350
G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2021			1,010		1,012
G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2022			195		195
Housing Dev. Auth., Multi Family Housing Rev. Notes (Marshall Field Garden Apartment Homes), Series 2015, (SIFMA Municipal Swap Index + 1.00%) 1.22% 2050 (put 2025)¹			2,000		2,004
Housing Dev. Auth., Rev. Bonds, Series 2019-A, 4.25% 2049			1,955		2,106
Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2022			1,465		1,555
Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds, Series 2017-B, 5.00% 2025			225		232
Municipal Electric Agcy., Power Supply System Rev. Ref. Bonds, Series 2015-A, 5.00% 2027			1,000		1,156
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.25% 2020			10		10
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2017, 5.00% 2023			555		613
Sales Tax Securitization Corp., Sales Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2024			1,000		1,077
Sales Tax Securitization Corp., Sales Tax Securitization Bonds, Series 2020-A, BAM insured, 5.00% 2027			1,000		1,123
Sales Tax Securitization Corp., Sales Tax Securitization Rev. Ref. Bonds, Series 2017-A, 5.00% 2023			2,000		2,117
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-A, 5.00% 2027			1,250		1,446
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2015-A, 5.00% 2028			1,110		1,283
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-C, 5.00% 2025			1,180		1,348
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-C, 5.00% 2028			1,000		1,214
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-C, 5.00% 2029			440		547
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2025			740		849
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Bonds, Series 2018-A, 5.00% 2025			135		150
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2005-A, National insured, 5.50% 2023			500		543
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2015-A, 5.00% 2026			500		556
Board of Trustees of the University of Illinois, Rev. Ref. Certs. of Part., Series 2008-A, Assured Guaranty Municipal insured, 5.25% 2024			30		30
					49,852

Indiana 1.59%
Bond Bank, Special Program Gas Rev. Bonds, Series 2007-A, 5.25% 2021			285		299
Fin. Auth., Econ. Dev. Rev. Ref. Bonds (Republic Services, Inc.), Series 2010-B, 1.10% 2028 (put 2020)			2,000		2,000
Fin. Auth., Hospital Rev. Bonds (Community Health Network Project), Series 2012-A, 5.00% 2042			1,165		1,217
Fin. Auth., Rev. Bonds (Community Foundation of Northwest Indiana Obligated Group), Series 2012, 5.00% 2030 (preref. 2022)			515		555
Fin. Auth., State Revolving Fund Green Bonds, Series 2019-E, 5.00% 2022			750		803


Private Client Services Funds	9

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Indiana (continued)
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 2048		$	2,110	$	2,265
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.75% 2049			175		186
Indianapolis Local Public Improvement Bond Bank, Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2026			340		387
Indianapolis Local Public Improvement Bond Bank, Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2027			330		382
Indianapolis Local Public Improvement Bond Bank, Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2028			435		509
Indianapolis Local Public Improvement Bond Bank, Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2029			265		313
Indianapolis Local Public Improvement Bond Bank, Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2030			435		517
					9,433

Iowa 0.19%
Fin. Auth., Rev. Bonds (Lifespace Communities, Inc.), Series 2019-A-2, 2.875% 2049			55		53
Fin. Auth., Single Family Mortgage Bonds (Mortgage-Backed Securities Program), Series 2019-A, 4.00% 2047			980		1,059
					1,112

Kentucky 0.58%
Housing Corp., Housing Rev. Bonds (Jefferson Green Apartments Project), Series 2018, 2.20% 2022 (put 2021)			195		196
Housing Corp., Housing Rev. Bonds (Westminster Village Project), Series 2019, 2.00% 2022 (put 2021)			1,000		1,006
County of Owen, Water Facs. Rev. Ref. Bonds (Kentucky - American Water Co. Project), Series 2019, 2.45% 2039 (put 2029)			750		764
Public Energy Auth., Gas Supply Rev. Bonds, Series 2018-B, 4.00% 2049 (put 2025)			185		192
Public Energy Auth., Gas Supply Rev. Bonds, Series 2019-A-1, 4.00% 2049 (put 2025)			1,180		1,253
					3,411

Louisiana 1.30%
Parish of Jefferson, Sales Tax Rev. Ref. Bonds, Series 2019-B, Assured Guaranty Municipal insured, 5.00% 2027			1,000		1,244
Louisiana Stadium and Exposition Dist., Rev. Ref. Bonds, Series 2013-A, 5.00% 2022			1,500		1,581
Offshore Terminal Auth., Deepwater Port Rev. Bonds (Loop LLC Project), Series 2007-A, 1.65% 2027 (put 2023)			885		873
Parish of St. Charles, Gulf Opportunity Zone Rev. Bonds (Valero Project), Series 2010, 4.00% 2040 (put 2022)			2,000		2,041
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, 4.00% 2025			145		164
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, 5.00% 2026			140		169
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2021			480		491
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.50% 2029			805		806
					7,696


10	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Maine 0.39%
Housing Auth., Mortgage Purchase Bonds, Series 2017-A, 4.00% 2047		$	575	$	606
Maine Municipal Bond Bank, Grant Anticipation Bonds, Series 2018-A, 5.00% 2026			500		608
City of Portland, General Airport Rev. Ref. Green Bonds, Series 2019, 5.00% 2028			290		346
City of Portland, General Airport Rev. Ref. Green Bonds, Series 2019, 5.00% 2030			270		328
City of Portland, General Airport Rev. Ref. Green Bonds, Series 2019, 5.00% 2031			370		446
					2,334

Maryland 0.83%
County of Anne Arundel, G.O. General Improvement Bond, Series 2020, 5.00% 2028			1,000		1,280
Community Dev. Administration, Dept. of Housing and Community Dev., Multi Family Housing Dev. Rev. Bonds (Somerset Extension), Series 2019-H, 1.795% 2022			215		215
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2014-C, 4.00% 2044			375		393
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2018-A, 4.50% 2048			195		212
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2017-A, 4.00% 2048			770		815
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2018-A, 4.00% 2049			1,860		1,978
					4,893

Massachusetts 0.92%
Dev. Fin. Agcy., Rev. Bonds (Mass General Brigham Issue), Series 2020-A-2, 5.00% 2023			1,350		1,490
Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2017-S, 5.00% 2024			1,000		1,133
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2017, 5.00% 2021			750		774
Dev. Fin. Agcy., Rev. Ref. Bonds (Suffolk University Issue), Series 2017, 5.00% 2022			875		911
Housing Fin. Agcy., Multi Family Conduit Rev. Bonds (Chestnut Park Project), Series 2018-A, 2.40% 2023 (put 2021)			260		266
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 169, 4.00% 2044			305		314
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 172, 4.00% 2045			560		582
					5,470

Michigan 3.40%
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Bonds, Series 2012-A, 5.00% 2032			185		197
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2047 (preref. 2022)			2,340		2,582
Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2016, 5.00% 2026			1,500		1,744
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		291
Great Lakes Water Auth., Water Supply System Rev. Ref. Bonds, Series 2016-C, 5.00% 2027			1,000		1,205
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2008-C, 5.00% 2021			650		687
Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2008-C, 5.00% 2022			475		516
Housing Dev. Auth., Rental Housing Rev. Bonds, Series 2019-A-1, 1.50% 2022			1,250		1,250
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2014-A, 4.00% 2044			815		847
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2016-B, 3.50% 2047			665		692
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 2048			360		376
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-A, 4.00% 2048			825		877
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 2049			2,150		2,315
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 2049			985		1,061
Board of Trustees of Michigan State University, Rev. Bonds, Series 2019-B, 5.00% 2023			300		332
Board of Trustees of Michigan State University, Rev. Bonds, Series 2019-B, 5.00% 2030			700		880
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), Series 1995-CC, 1.45% 2030 (put 2021)			1,000		998


Private Client Services Funds	11

Capital Group Core 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-KT, 5.625% 2020		$	1,160	$	1,168
County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2012-A, 5.00% 2022			850		921
County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2018-A, 5.00% 2029			990		1,192
					20,131

Minnesota 2.80%
City of Brooklyn Park, Multi Family Housing Rev. Ref. Bonds (Amorce I LP Project), Series 2019-A, 1.25% 2022 (put 2021)			1,545		1,545
G.O. Bonds, Series 2019-A, 5.00% 2022			1,500		1,635
G.O. Bonds, Series 2019-A, 5.00% 2031			1,225		1,576
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2012-D, 4.00% 2040			65		66
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-B, 4.00% 2038			395		415
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2015-B, 3.50% 2046			995		1,038
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-B, 4.00% 2047			815		858
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2017-E, 4.00% 2048			395		419
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-B, 4.00% 2048			460		489
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-E, 4.25% 2049			2,140		2,305
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2019-B, 4.25% 2049			950		1,024
City of Minneapolis, Multi Family Housing Rev. Bonds (Riverside Homes Project), Series 2018-A, 2.40% 2021 (put 2020)			725		725
City of Rochester, Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2011-C, 4.50% 2038 (put 2021)			1,000		1,041
City of St. Paul, Housing and Redev. Auth., Multi Family Housing Rev. Bonds (Millberry Apartments Project), Series 2018-A, 2.20% 2021 (put 2020)			1,100		1,100
Regents of the University of Minnesota, G.O. Bonds, Series 2011-D, 5.00% 2029 (preref. 2021)			1,265		1,351
Regents of the University of Minnesota, G.O. Rev. Ref. Bonds, Series 2017B, 5.00% 2021			960		1,022
					16,609

Mississippi 0.65%
Gaming Tax Rev. Bonds, Series 2019-A, 5.00% 2023			850		926
Gaming Tax Rev. Ref. Bonds, Series 2015-E, 5.00% 2026			500		561
Home Corp., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.00% 2048			775		826
Hospital Equipment and Facs. Auth., Rev. Bonds (Baptist Memorial Health Care), Series 2015-A, 5.00% 2021			1,490		1,551
					3,864

Missouri 0.85%
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (Saint Luke’s Health System, Inc.), Series 2016, 5.00% 2026			1,435		1,639
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2016-B, 3.50% 2041			2,080		2,163
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2017-B, 3.25% 2047			438		454
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2020-A, 3.50% 2050			625		657
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2015-A, 3.75% 2038			145		152
					5,065

Montana 0.03%
Board of Housing, Single Family Mortgage Bonds, Series 2016-A-2, 3.50% 2044			170		177


12	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Nebraska 1.05%
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-A, 3.00% 2043		$	65	$	66
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2014-A, 4.00% 2044			200		210
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2015-C, 3.50% 2045			535		553
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-C, 3.50% 2046			210		215
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-A, 4.00% 2048			865		921
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-C, 4.00% 2048			2,240		2,393
Omaha Public Power Dist., Electric System Rev. Bonds, Series 2019-A, 5.00% 2031			1,450		1,851
					6,209

Nevada 1.86%
Clark County School Dist., Limited Tax G.O. Building and Rev. Ref. Bonds, Series 2017-A, 5.00% 2026			640		739
Clark County School Dist., Limited Tax G.O. Building and Rev. Ref. Bonds, Series 2017-C, 5.00% 2027			750		880
Clark County School Dist., Limited Tax G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2023			1,000		1,090
Clark County School Dist., Limited Tax G.O. Rev. Ref. Bonds, Series 2016-D, 5.00% 2023			1,000		1,090
County of Clark, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2019-E, 5.00% 2029			770		918
City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Limited Obligation Rev. Ref. Bonds, Series 2017, 2.00% 2023			465		469
Las Vegas Valley Water Dist., Limited Tax G.O. Water Rev. Ref. Bonds, Series 2020-A, 5.00% 2024			475		544
Las Vegas Valley Water Dist., Limited Tax G.O. Water Rev. Ref. Bonds, Series 2020-A, 5.00% 2027			1,500		1,853
Las Vegas Valley Water Dist., Limited Tax G.O. Water Rev. Ref. Bonds, Series 2020-D, 5.00% 2026			405		489
Las Vegas Valley Water Dist., Limited Tax G.O. Water Rev. Ref. Bonds, Series 2020-D, 5.00% 2029			2,310		2,966
					11,038

New Hampshire 0.47%
Health and Education Facs. Auth., Rev. Bonds (Southern New Hampshire University), Series 2012, 4.00% 2022			575		601
Health and Education Facs. Auth., Rev. Bonds (Southern New Hampshire University), Series 2017, 5.00% 2021			600		615
Health and Education Facs. Auth., Rev. Bonds (Southern New Hampshire University), Series 2017, 5.00% 2022			320		340
Health and Education Facs. Auth., Rev. Bonds (University System of New Hampshire Issue), Series 2017-A, 5.00% 2022			500		543
Health and Education Facs. Auth., Rev. Bonds (University System of New Hampshire Issue), Series 2017-A, 5.00% 2023			600		673
					2,772

New Jersey 2.03%
Atlantic City, Tax Appeal Rev. Ref. Bonds, Series 2017-A, BAM insured, 5.00% 2022			200		213
Garden State Preservation Trust, Open Space and Farmland Preservation Rev. Ref. Bonds, Series 2012-A, 5.00% 2020			1,000		1,020
Garden State Preservation Trust, Open Space and Farmland Preservation Rev. Ref. Bonds, Series 2012-A, 5.00% 2021			200		211
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Georgia King Village Project), Series 2018-E, 2.45% 2021 (put 2020)			525		528
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Pilgram Baptist Village I & II), Series 2019-E, 1.50% 2022 (put 2021)			550		551
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Riverside Village Family Apartments Phase 1 Project), Series 2019-F, 1.35% 2022			1,195		1,194
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Spruce Spires Project), Series 2018-B, 2.02% 2021 (put 2020)			1,500		1,503
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 2048			435		472


Private Client Services Funds	13

Capital Group Core 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 2019-C, 4.75% 2050		$	250	$	274
South Jersey Transportation Auth., Transportation System Rev. Ref. Bonds, Series 2012, 5.00% 2020			500		510
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2021			2,250		2,322
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2022			560		594
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2029			700		824
Transit Corp., Grant Anticipation Notes (Federal Transit Administration Section 5307 Urbanized Area Formula Funds), Series 2014-A, 5.00% 2021			1,000		1,049
Transportation Trust Fund Auth., Transportation System Bonds, Series 2019-A, 5.00% 2028			750		777
					12,042

New Mexico 0.92%
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2018-B-1, Class I, 4.00% 2049			1,075		1,146
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-A-1, Class I, 4.25% 2050			2,865		3,082
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-C-1, Class I, 4.00% 2050			165		176
Municipal Energy Acquisition Auth., Gas Supply Rev. Ref. and Acquisition Bonds, Series 2019, 5.00% 2039 (put 2025)			945		1,064
					5,468

New York 6.84%
Build NYC Resource Corp., Rev. Ref. Bonds (Ethical Culture Fieldston School Project), Series 2015, 5.00% 2024			395		436
Dormitory Auth., Sales Tax Rev. Bonds, Series 2018-C, 5.00% 2024			2,000		2,266
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-A, 5.00% 2022			200		213
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-B, 5.00% 2030			1,500		1,814
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-A, 5.00% 2028			1,000		1,240
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 2026			660		785
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 2030			605		769
Dormitory Auth., State Sales Tax Rev. Bonds, Series 2014-A, 5.00% 2022			200		214
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds (Climate Bond Certified), Series 2019-P, 1.55% 2023			705		705
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2018-H, 2.75% 2022			660		661
Long Island Power Auth., Electric System General Rev. Bonds, Series 2014-C, (1-month USD-LIBOR x 0.70 + 0.75%) 1.439% 2033 (put 2023)¹			1,000		990
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-D-2, (SIFMA Municipal Swap Index + 0.45%) 0.67% 2044 (put 2022)¹			750		695
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 0.80% 2039 (put 2020)¹			2,000		1,993
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2025			250		251
Metropolitan Transportation Auth., Transportation Rev. Ref. Green Bonds, Series 2017-C-1, 5.00% 2026			1,655		1,664
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044			1,520		1,582
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 203, 3.50% 2047			1,390		1,451
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 2047			945		1,012
New York City G.O. Bonds, Fiscal 1994, Series 1994-A-4, 5.00% 2021			645		674
New York City G.O. Bonds, Fiscal 2016, Series 2016-E, 5.00% 2021			150		157
New York City G.O. Bonds, Fiscal 2018, Series 2018-A, 5.00% 2028			565		688
New York City G.O. Bonds, Fiscal 2018, Series 2018-E-1, 5.00% 2031			1,635		1,978
New York City G.O. Bonds, Fiscal 2020, Series 2020-C-1, 5.00% 2028			2,000		2,457
New York City G.O. Bonds, Fiscal 2020, Series 2020-C-1, 5.00% 2030			2,350		2,957
New York City G.O. Bonds, Fiscal 2020, Series 2020-C-1, 5.00% 2032			2,030		2,537


14	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (8 Spruce Street), Series 2014-E, 3.50% 2048		$	320	$	332
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-G-2-A, 2.00% 2057 (put 2021)			2,500		2,504
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2018-L-2, 2.75% 2050 (put 2023)			750		774
New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2020, Series 2020-EE, 5.00% 2031			1,170		1,535
New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2019, Series 2019-A-1, 5.00% 2023			1,250		1,393
Public Housing Capital Fund Rev. Trust I, Trust Certificates, Series 2012, 4.50% 2022²			186		188
County of Suffolk, Econ. Dev. Corp., Rev. Ref. Bonds (Peconic Landing at Southold, Inc. Project), Series 2010, 3.125% 2025			225		206
City of Troy, Capital Resource Corp., Rev. Ref. Bonds (Rensselaer Polytechnic Institute Project), Series 2020-A, 5.00% 2025			1,150		1,346
City of Troy, Capital Resource Corp., Rev. Ref. Bonds (Rensselaer Polytechnic Institute Project), Series 2020-A, 5.00% 2030			155		198
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2013-C, 5.00% 2024			835		922
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2025			315		367
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (State Facs. And Equipment), Series 2004-A-2, National insured, 5.50% 2025			500		593
					40,547

North Carolina 1.32%
Housing Fin. Agcy., Home Ownership Rev. Bonds, Series 40, 4.25% 2047			1,155		1,242
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 38-B, 4.00% 2047			1,540		1,627
Raleigh-Durham Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 2022			1,705		1,825
University of North Carolina at Chapel Hill, General Rev. Bonds, Series 2012-B, (1-month USD-LIBOR x 0.67 + 0.40%) 1.06% 2041 (put 2022)¹			1,480		1,463
University of North Carolina at Charlotte, General Rev. Ref. Bonds, Series 2017-A, 5.00% 2023			1,000		1,119
City of Winston-Salem, Water and Sewer System Rev. Ref. Bonds, Series 2020-A, 5.00% 2024			460		532
					7,808

North Dakota 0.48%
Housing Fin. Agcy., Homeownership Rev. Bonds (Home Mortgage Fin. Program), Series 2016-D, 3.50% 2046			1,335		1,393
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2012-A, 3.75% 2042			120		123
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-B, 4.00% 2036			350		365
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-D, 4.00% 2048			420		445
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2017-F, 4.00% 2048			300		318
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2019-A, 4.25% 2049			205		220
					2,864

Ohio 2.74%
County of Allen, Hospital Facs. Rev. Bonds (Bon Secours Mercy Health, Inc.), Series 2020-A, 5.00% 2027			1,500		1,782
County of Allen, Hospital Facs. Rev. Bonds (Bon Secours Mercy Health, Inc.), Series 2020-A, 5.00% 2028			200		241
County of Allen, Hospital Facs. Rev. Bonds (Bon Secours Mercy Health, Inc.), Series 2020-A, 5.00% 2030			400		489
County of Allen, Hospital Facs. Rev. Bonds (Mercy Health), Series 2017-A, 5.00% 2022			700		749
County of Allen, Hospital Facs. Rev. Bonds (Mercy Health), Series 2017-A, 5.00% 2027			500		591

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 (Mercy Health), Series 2017-B, 5.00% 2047 (put 2022)		$	575	$	615
City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2025			1,000		1,069
G.O. Rev. Ref. Bonds, Common Schools Bonds, Series 2012-C, 5.00% 2021			1,000		1,057
County of Hamilton, Hospital Facs. Rev. Bonds (UC Health), Series 2014, 5.00% 2025			400		437
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Neilan Park Apartments Program), Series 2019, 1.75% 2022 (put 2021)			160		161
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2017-D, 4.00% 2048			450		477
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2019-A, 4.50% 2049			745		809
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2020-A, 3.75% 2050			665		712
Major New State Infrastructure Project Rev. Bonds, Series 2019-1, 5.00% 2028			700		882
Major New State Infrastructure Project Rev. Bonds, Series 2019-1, 5.00% 2029			300		382
Public Facs. Commission, Higher Education G.O. Bonds, Series 2015-C, 5.00% 2028			1,000		1,179
County of Richland, Madison Local School Dist., School Improvement Rev. Ref. Bonds, Series 2014, 5.25% 2037 (preref. 2022)			1,095		1,197
Turnpike and Infrastructure Commission, Rev. Bonds, Series 2013-A-1, 5.00% 2025			115		126
County of Warren, Healthcare Facs., Rev. Ref. Bonds (Otterbein Homes Obligated Group), Series 2014, 5.00% 2020			200		201
Water Dev. Auth., Drinking Water Assistance Fund Rev. Bonds, Series 2019, 5.00% 2023			500		569
Water Dev. Auth., Drinking Water Assistance Fund Rev. Bonds, Series 2019, 5.00% 2024			500		577
Water Dev. Auth., Water Pollution Control Loan Fund Rev. Bonds, Series 2020-A, 5.00% 2033			775		996
Water Dev. Auth., Water Pollution Control Loan Fund Rev. Bonds, Series 2020-A, 5.00% 2033			720		923
					16,221

Oklahoma 0.53%
Capital Improvement Auth., State Highways Capital Improvement Rev. Ref. Bonds (Oklahoma Dept. of Transportation Project), Series 2020-A, 5.00% 2021			595		623
Capital Improvement Auth., State Highways Capital Improvement Rev. Ref. Bonds (Oklahoma Dept. of Transportation Project), Series 2020-A, 5.00% 2023			595		663
Housing Fin. Agcy., Collateralized Rev. Bonds (Deer Park & Apple Run Apartments), Series 2019, 1.60% 2022			750		752
Board of Regents of Oklahoma State University, General Rev. Ref. Bonds, Series 2020-A, 5.00% 2025			800		943
Board of Regents of Oklahoma State University, General Rev. Ref. Bonds, Series 2020-A, 5.00% 2032			120		152
					3,133

Oregon 0.54%
Facs. Auth., Rev. Bonds (University of Portland Projects), Series 2015-A, 5.00% 2031			600		695
G.O. Bonds (Veteran’s Welfare Bonds Series 94), Series 2014-H, 4.00% 2044			405		414
Housing and Community Services Dept., Housing Dev. Rev. Bonds (SHA RAD Group II Apartment Projects), Series 2019-P, 1.45% 2023 (put 2022)			125		125
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2016-A, 4.00% 2047			685		721
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2017-A, 4.00% 2047			985		1,042
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2018-A, 4.50% 2049			190		205
					3,202

16	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Pennsylvania 3.50%
County of Allegheny, Airport Auth., Airport Rev. Bonds, Series 2013-A, 5.00% 2022		$	400	$	428
County of Allegheny, Hospital Dev. Auth., UPMC Rev. Bonds, Series 2019-A, 5.00% 2022			1,000		1,066
County of Berks, Municipal Auth., Rev. Bonds (Tower Health Project), Series 2020-A, 5.00% 2021			400		405
County of Berks, Municipal Auth., Rev. Bonds (Tower Health Project), Series 2020-A, 5.00% 2022			60		62
County of Butler, Hospital Facs. Rev. Bonds (Butler Health System Project), Series 2015-A, 4.00% 2021			325		333
Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), Series 2018, 5.00% 2020			750		752
Fncg. Auth., Rev. Bonds (Tobacco Master Settlement Payment), Series 2018, 5.00% 2021			375		386
Fncg. Auth., Rev. Bonds, Series 2013-A-2, 5.00% 2042 (preref. 2022)			580		630
General Auth. of Southcentral Pennsylvania, Rev. Bonds (Wellspan Health Obligated Group), Series 2019-B, (SIFMA Municipal Swap Index + 0.60%) 0.82% 2049 (put 2024)¹			455		447
Higher Educational Facs. Auth., Rev. Ref. Bonds (Drexel University), Series 2017, 5.00% 2021			1,250		1,298
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046			1,445		1,525
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		381
County of Montgomery, Higher Education and Health Auth., Rev. Bonds, Series 2018-A, 0.94% 2051 (put 2023)¹			400		400
County of Montgomery, Industrial Dev. Auth. Rev. Bonds (Waverly Heights Ltd.), Series 2019, 4.00% 2021			100		101
County of Montgomery, Industrial Dev. Auth. Rev. Bonds (Waverly Heights Ltd.), Series 2019, 4.00% 2023			125		127
County of Montgomery, Industrial Dev. Auth., Rev. Bonds (Foulkeways at Gwynedd Project), Series 2016, 5.00% 2026			400		411
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%) 1.729% 2048 (put 2022)¹			175		175
Philadelphia School Dist., G.O. Bonds, Series 2016-F, 5.00% 2025			415		491
Philadelphia School Dist., G.O. Bonds, Series 2018-A, 5.00% 2020			750		760
Philadelphia School Dist., G.O. Bonds, Series 2019-A, 5.00% 2022			1,050		1,143
Philadelphia School Dist., G.O. Rev. Ref. Bonds, Series 2016-F, 5.00% 2023			1,500		1,683
City of Pittsburgh, Urban Redev. Auth., Rev. Bonds (Crawford Square Apartments Project), Series 2018, 2.25% 2020 (put 2020)			660		660
Scranton School Dist., G.O. Bonds, Series 2017-E, BAM insured, 5.00% 2026			1,000		1,201
Turnpike Commission, Turnpike Rev. Bonds (Motor License Fund), Series 2012-A, 5.00% 2026 (preref. 2021)			1,000		1,064
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2029 (preref. 2021)			1,315		1,403
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2030 (preref. 2021)			335		357
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2042 (preref. 2022)			575		637
County of York, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Philadelphia Electric Co. Project), Series 1993-A, 2.55% 2036 (put 2020)			2,440		2,442
					20,768

Puerto Rico 0.17%
Infrastructure Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2005-C, 5.50% 2020			1,000		1,006

Rhode Island 0.24%
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2022			515		556
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2023			500		556
Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue), Series 2016, 5.00% 2023			300		322
					1,434

Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments(continued)	Principal amount (000)			Value (000)
South Carolina 1.08%
County of Charleston, G.O. Capital Improvement Transportation Sales Tax Bonds, Series 2011, 5.00% 2024 (preref. 2021)		$	515	$	548
City of Columbia, Waterworks and Sewer System Rev. Bonds, Series 2019-A, 5.00% 2028			100		127
City of Columbia, Waterworks and Sewer System Rev. Bonds, Series 2019-A, 5.00% 2030			450		577
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2011-1, 4.50% 2030			80		81
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-A, 4.00% 2047			545		574
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2017-B, 4.00% 2047			145		153
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2020-A, 4.00% 2050			540		585
Housing Fin. and Dev. Auth., Mortgage Rev. Ref. Bonds, Series 2016-A, 4.00% 2036			745		786
County of Lexington, Health Services Dist., Inc., Hospital Rev. Ref. Bonds, Series 2017, 5.00% 2022			600		644
County of Lexington, Health Services Dist., Inc., Hospital Rev. Ref. Bonds, Series 2017, 5.00% 2024			500		562
Patriots Energy Group Fncg. Agcy., Gas Supply Rev. Bonds, Series 2018-A, 4.00% 2048 (put 2024)			180		191
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-D, 5.00% 2028			510		532
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2012-D, 5.00% 2028 (preref. 2022)			490		532
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2022			350		372
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2023			125		135
					6,399

South Dakota 1.07%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-E, 4.00% 2044			970		1,012
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2016-D, 3.50% 2046			1,220		1,270
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2017-B, 4.00% 2047			1,615		1,712
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-B, 4.50% 2048			1,805		1,955
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2019-B, 4.00% 2049			385		411
					6,360

Tennessee 1.06%
Town of Greeneville, Health and Educational Facs. Board, Multi Family Housing Rev. Bonds (People RD Portfolio Project), Series 2019, 1.45% 2022 (put 2021)			130		131
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-1-C, 4.50% 2037			165		170
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-2-C, 4.00% 2038			170		174
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2015-2-A, 3.75% 2050			495		528
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2015-2-A, 4.00% 2046			715		752
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-1, 4.00% 2042			655		692
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-2-B, 4.00% 2042			675		714
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2019-1, 4.25% 2050			980		1,054
Metropolitan Government of Nashville and Davidson County, Health and Educational Facs. Board, Collateralized Multi Family Housing Rev. Bonds (Trevecca Towers II Project), Series 2018, 2.00% 2022 (put 2021)			2,075		2,086
					6,301

Texas 19.19%
Alvarado Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2023			795		880
Angleton Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2025			620		728
Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Uplift Education), Series 2017-A, 5.00% 2023			885		994
Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Uplift Education), Series 2017-A, 5.00% 2024			400		461
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 5.00% 2026			200		240
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 5.00% 2028			595		737
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Great Hearts America - Texas), Series 2019-A, 5.00% 2029			235		295

18	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Arlington Higher Education Fin. Corp., Education Rev. Bonds (KIPP Texas, Inc.), Series 2019, 5.00% 2026		$	1,900	$	2,267
Arlington Higher Education Fin. Corp., Education Rev. Bonds (KIPP Texas, Inc.), Series 2019, 5.00% 2027			1,000		1,218
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, 5.00% 2028			650		802
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2017-B, 5.00% 2026			450		541
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2017-B, 5.00% 2027			250		304
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 2027			460		528
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 2028			475		543
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Uplift Education), Series 2019-A, 4.00% 2029			395		448
Arlington Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020, 5.00% 2026			325		391
City of Arlington, Permanent Improvement Rev. Ref. Bonds, Series 2018, 5.00% 2024			1,535		1,782
City of Austin, Water and Wastewater System Rev. Ref. Bonds, Series 2015-A, 5.00% 2030			740		871
Beaumont Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2026			1,500		1,808
County of Bexar, Hospital Dist., Limited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2031			480		594
Birdville Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2023			2,000		2,200
Boerne Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2026			1,335		1,600
Brazosport Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2022			115		123
Canyon Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2026			245		295
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		1,089
Carroll Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2026			970		1,169
Carroll Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2019-A, 5.00% 2024			1,000		1,143
Central Texas Regional Mobility Auth., Rev. Bonds, Series 2011, 5.75% 2031 (preref. 2021)			285		294
Clear Creek Independent School Dist., Unlimited Tax School Building Bonds, Series 2018, 5.00% 2028			1,100		1,353
Clifton Higher Education Fin. Corp., Education Rev. and Ref. Bonds (Idea Public Schools), Series 2017, 5.00% 2027			1,360		1,680
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2018, 5.00% 2025			500		592
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2019, 5.00% 2026			1,000		1,210
County of Collin, Community College Dist., G.O. Bonds, Series 2020-A, 5.00% 2032			680		861
Comal Independent School Dist., Unlimited Tax School Building Bonds, Series 2017, 5.00% 2026			1,000		1,205
Conroe Independent School Dist., Unlimited Rev. Ref. Bonds, Series 2019, 5.00% 2022			220		236
Conroe Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2022			1,140		1,223
Conroe Independent School Dist., Unlimited Tax School Building Rev. Ref. Bonds, Series 2016, 5.00% 2025			1,190		1,394
Corpus Christi Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2019, 5.00% 2027			530		661
Port of Corpus Christi Auth. of Nueces County, Rev. Bonds, Series 2018-A, 5.00% 2027			490		574
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		393
Crowley Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2029			400		512
Crowley Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2030			705		897

Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Texas (continued)
Crowley Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2031		$	260	$	329
Cypress-Fairbanks Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2016, 5.00% 2025			850		998
Cypress-Fairbanks Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2025			850		998
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2015-B-2, 2.125% 2040 (put 2021)			250		253
Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds, Series 2013-B, 4.00% 2039			1,000		1,025
City of Dallas, Housing Fin. Corp., Multi Family Rev. Notes (Estates at Shiloh), Series 2019, 1.51% 2037 (put 2023)			430		429
Del Valle Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2022			155		168
City of Denton, Utility System Rev. Bonds, Series 2017, 5.00% 2028			2,000		2,430
Dumas Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2030			155		197
Eagle Mountain-Saginaw Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2027			600		750
El Paso Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015, 5.00% 2026			500		582
Forney Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2033			650		784
Fort Bend Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017-E, 5.00% 2025			1,230		1,439
Frisco Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2019, 5.00% 2021			725		763
County of Harris, Cultural Education Facs. Fin. Corp., Hospital Rev. Bonds (Memorial Hermann Health System), Series 2020, 5.00% 2022			1,000		1,065
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		1,148
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%) 0.79% 2049 (put 2024)¹			1,000		976
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%) 1.12% 2022¹			250		249
County of Harris, Health Facs. Dev. Corp., Rev. Ref. Bonds (CHRISTUS Health), Series 2005-A-4, Assured Guaranty Municipal insured, 1.20% 2031¹			150		150
County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2023			1,020		1,069
County of Harris, Toll Road Rev. Ref. Bonds, Series 2012-B, (SIFMA Municipal Swap Index + 0.45%) 1.45% 2021			1,390		1,387
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2019-A, 4.75% 2049			1,370		1,497
City of Houston, Airport System Rev. and Rev. Ref. Bonds, Series 2018-B, 5.00% 2028			1,000		1,202
City of Houston, Combined Utility System Rev. and Rev. Ref. Bonds, Series 2016-B, 5.00% 2027			500		612
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2014-C, 5.00% 2024			95		109
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2019-B, 5.00% 2027			550		689
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		1,279
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		309
City of Houston, Public Improvement Rev. Ref. Bonds, Series 2017-A, 5.00% 2022			250		268
Houston Community College System, Maintenance Tax Rev. Ref. Bonds, Series 2020, 5.00% 2022			1,000		1,071
Houston Independent School Dist., Limited Tax Schoolhouse Bonds, Series 2014-A-1B, 2.20% 2039 (put 2020)			905		905
Katy Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015-C, 0.825% 2036 (put 2021)¹			175		174
Katy Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019-B, 5.00% 2022			465		498
County of Kaufman, Unlimited Tax Road Bonds, Series 2020, 5.00% 2031			115		144
Keller Independent School Dist., Unlimited Tax Rev. Ref. Bonds., Series 2014-A, 5.00% 2024			1,500		1,743
Killeen Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2022			445		477

20	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)				Value (000)
Klein Independent School Dist., Unlimited Tax Schoolhouse Bonds, Series 2018, 5.00% 2024		$	1,000		$	1,141
Lewisville Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2027			1,115			1,357
Longview Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 5.00% 2023			575			637
Lower Colorado River Auth., Rev. Ref. Bonds, Series 2020, 5.00% 2027			1,000			1,228
Lower Colorado River Auth., Rev. Ref. Bonds, Series 2020, 5.00% 2031			630			809
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2016, 5.00% 2022			460	��		495
Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2018, 5.00% 2024			250			286
Lumberton Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2029			245			315
Manor Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2031			500			632
New Hope Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Bonds (Westminster Project), Series 2016, 5.00% 2028			235			248
North East Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015, 5.00% 2026			1,295			1,539
North East Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 2.375% 2047 (put 2022)			500			508
North East Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2019-A, 4.00% 2032			215			249
North East Independent School Dist., Unlimited Tax School Building Bonds, Series 2013-B, 1.42% 2040 (put 2021)			680			680
North Harris County Regional Water Auth., Rev. and Rev. Ref. Bonds, Series 2016, 5.00% 2034			950			1,143
North Texas Tollway Auth., Special Projects System Rev. Bonds, Series 2011-D, 5.00% 2031 (preref. 2021)			200			211
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2010, 6.00% 2038 (preref. 2021)			330			341
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2015-A, 5.00% 2030			300			338
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2016-A, 5.00% 2026			1,600			1,778
North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2017-A, 5.00% 2022			220			234
Northwest Independent School Dist., Unlimited Tax Bonds, Series 2019, 5.00% 2023			1,000			1,108
Northwest Independent School Dist., Unlimited Tax School Building Bonds, Series 2013, 5.00% 2038 (preref. 2023)			450			502
County of Nueces, Limited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2029			185			237
Pasadena Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2029			260			334
Pflugerville Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-A, 5.00% 2022			1,000			1,073
Plainview Independent School Dist., Unlimited Tax School Building Bonds, Series 2020-B, 1.50% 2050 (put 2023)			1,000			995
Prosper Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-B, 2.00% 2050 (put 2021)			415			419
Red River Education Fin. Corp., Higher Education Rev. Ref. Bonds (Saint Edward’s University Project), Series 2017, 5.00% 2020			1,000			1,003
Red River Education Fin. Corp., Higher Education Rev. Ref. Bonds (Saint Edward’s University Project), Series 2017, 5.00% 2026			210			227
Red River Education Fin. Corp., Higher Education Rev. Ref. Bonds (Saint Edward’s University Project), Series 2017, 5.00% 2027			220			239
Round Rock Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2022			600			653
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-B, 2.00% 2033 (put 2021)			1,150			1,157
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-D, 3.00% 2045 (put 2020)			1,075			1,088
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2016, 5.00% 2028			1,000			1,218
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2018, 2.75% 2048 (put 2022)			1,300			1,343
City of San Antonio, Water System Rev. Ref. Bonds, Series 2019-C, 5.00% 2021			165			172
City of San Antonio, Water System Rev. Ref. Bonds, Series 2019-C, 5.00% 2022			185			200

Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Texas (continued)
San Antonio Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2016, 5.00% 2026		$	1,930	$	2,371
Sheldon Independent School Dist., School Building Bonds, Series 2017, 5.00% 2022			250		268
Sherman Independent School Dist., Unlimited Tax School Building Bonds, Series 2018-A, 5.00% 2027			1,010		1,244
Spring Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2031			465		581
County of Tarrant, Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Christus Health), Series 2018-A, 5.00% 2023			850		931
Board of Regents of Texas A&M University System, Rev. Fncg. System Bonds, Series 2017-E, 5.00% 2022			1,425		1,540
Board of Regents of Texas State University System, Rev. Fncg. System Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2024			750		857
Board of Regents of Texas Tech University System, Rev. Fncg. System Rev. Ref. and Improvement Bonds, Series 2017-A, 5.00% 2026			1,000		1,201
Tomball Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2023			270		298
Tomball Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2024			90		103
Transportation Commission, Highway Improvement G.O. Bonds, Series 2016-A, 5.00% 2028			200		240
Trinity River Auth., Regional Wastewater System Rev. Improvement and Rev. Ref. Bonds, Series 2019, 5.00% 2026			1,000		1,212
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		917
Board of Regents of the University of Texas System, Permanent University Fund Bonds, Series 2014-B, 5.00% 2025			205		235
Board of Regents of the University of Texas System, Rev. Fncg. System Bonds, Series 2016-D, 5.00% 2021			1,090		1,148
Board of Regents of the University of Texas System, Rev. Fncg. System Rev. Ref. Bonds, Series 2012-A, 5.00% 2021			1,125		1,185
Board of Regents of the University of Texas System, Rev. Fncg. System Rev. Ref. Bonds, Series 2016-I, 5.00% 2021			500		527
Water Dev. Board, State Revolving Fund, Rev. Bonds, Series 2018, 5.00% 2032			595		761
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2015-A, 5.00% 2024			1,100		1,265
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-A, 5.00% 2023			1,310		1,483
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2018-A, 5.00% 2029			990		1,254
County of Williamson, Unlimited Tax Road Bonds, Series 2020, 4.00% 2022			600		633
Ysleta Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2023			550		619
					113,784

Utah 0.84%
G.O. Bonds, Series 2020, 5.00% 2026			1,105		1,355
G.O. Bonds, Series 2020, 5.00% 2029			2,000		2,585
Housing Corp., Single Family Mortgage Bonds, Class III, Series 2015-D-2, 4.00% 2045			350		369
School Fin. Auth., Charter School Rev. Bonds (Utah Charter Academies Project), Series 2018, 4.00% 2021			310		323
School Fin. Auth., Charter School Rev. Bonds (Utah Charter Academies Project), Series 2018, 4.00% 2022			335		355
					4,987

22	Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Vermont 0.09%
Housing Fin. Agcy., Multiple Purpose Bonds, Series 2018-A, 4.00% 2048		$	310	$	330
Housing Fin. Agcy., Multiple Purpose Bonds, Series 2020-A, 3.75% 2050			170		181
					511

Virginia 1.46%
City of Chesapeake, G.O. Public Improvement and Rev. Ref. Bonds, Series 2020-A, 5.00% 2030			315		423
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2012-A, 5.00% 2024 (preref. 2022)			245		263
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2013-A, 4.50% 2033			1,865		2,003
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2013-A, 4.50% 2034			975		1,049
County of Fairfax, Public Improvement Bonds, Series 2020-A, 5.00% 2030			635		838
County of Henrico, Econ. Dev. Auth., Residential Care Fac. Rev. Ref. Bonds (Westminster Canterbury Richmond), Series 2018, 5.00% 2023			575		604
Town of Louisa, Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Virginia Electric and Power Co. Project), Series 2008-A, 1.90% 2035 (put 2023)			1,000		1,012
Public Building Auth., Public Facs. Rev. Ref. Bonds, Series 2020-B, 5.00% 2026			1,000		1,224
County of Wise, Industrial Dev. Auth., Solid Waste and Sewage Disposal Rev. Bonds (Virginia Electric and Power Co. Project), Series 2010-A, 1.875% 2040 (put 2020)			1,255		1,255
					8,671

Washington 2.24%
G.O. Bonds, Series 2014-A, 5.00% 2024			1,000		1,123
G.O. Bonds, Series 2017-D, 5.00% 2028			1,000		1,233
G.O. Bonds, Series 2019-C, 5.00% 2031			1,000		1,270
G.O. Bonds, Series 2020-A, 5.00% 2025			275		327
G.O. Bonds, Series 2020-A, 5.00% 2026			1,000		1,221
G.O. Rev. Ref. Bonds, Series 2017-R-A, 5.00% 2022			340		370
G.O. Rev. Ref. Bonds, Series 2018-R-D, 5.00% 2026			990		1,209
G.O. Rev. Ref. Bonds, Series 2018-R-D, 5.00% 2027			1,000		1,251
County of Grant, Public Utility Dist. No. 2, Electric System Rev. Ref. Bonds, Series 2017-O, 5.00% 2024			275		312
Health Care Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2013-B-1, (SIFMA Municipal Swap Index + 1.00%) 1.22% 2035 (put 2021)¹			500		495
Health Care Facs. Auth., Rev. Ref. Bonds (Providence St. Joseph Health), Series 2018-B, 5.00% 2027			500		607
Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Horizon House Project), Series 2017, 5.00% 2023²			1,095		1,124
Housing Fin. Commission, Single Family Program Bonds, Series 2017-1-N, 4.00% 2047			735		773
Motor Vehicle Fuel Tax G.O. Rev. Ref. Bonds, Series R-2015-F, 5.00% 2024			1,000		1,156
City of Seattle, Municipal Light and Power Rev. Ref. Bonds, Series 2018-C-2, (SIFMA Municipal Swap Index + 0.49%) 0.71% 2046 (put 2023)¹			825		815
					13,286

West Virginia 0.21%
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Bonds (Appalachian Power Co. - Amos Project), Series 2009-B, 2.625% 2042 (put 2022)			750		751
Econ. Dev. Auth., Solid Waste Disposal Facs. Rev. Ref. Bonds (Appalachian Power Co. - Amos Project), Series 2015-A, 2.55% 2040 (put 2024)			500		501
					1,252

Private Client Services Funds

Capital Group Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Wisconsin 2.21%
G.O. Bonds, Series 2015-A, 5.00% 2031 (preref. 2023)		$	2,000	$	2,246
General Fund Annual Appropriation Rev. Ref. Bonds, Series 2019-A, 5.00% 2025			150		177
Health and Educational Facs. Auth., Health Facs. Rev. Bonds (SSM Health Care), Series 2018-B, 5.00% 2038 (put 2023)			1,300		1,404
Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-3, (SIFMA Municipal Swap Index + 0.55%) 0.77% 2054 (put 2023)¹			1,130		1,114
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2013-B-5, 5.00% 2033 (put 2024)			500		570
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2019-A, 5.00% 2021			325		345
Health and Educational Facs. Auth., Rev. Bonds (Gundersen Lutheran), Series 2020, 5.00% 2026²			1,910		2,167
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2017-C, 4.00% 2048			1,300		1,374
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2018-B, 4.00% 2048			995		1,054
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2020-A, 3.50% 2050			1,300		1,373
Public Fin. Auth., Hospital Rev. Ref. Bonds (Renown Regional Medical Center Project), Series 2016-A, 5.00% 2022			300		319
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		369
WPPI Energy, Power Supply System Rev. Bonds, Series 2016-A, 5.00% 2026			500		605
					13,117

Wyoming 0.39%
Community Dev. Auth., Housing Rev. Bonds, Series 2019-1, 4.00% 2048			945		1,004
Community Dev. Auth., Housing Rev. Bonds, Series 2020-1, 4.00% 2050			1,230		1,329
					2,333

Total bonds, notes & other debt instruments(cost: $561,161,000)					563,964

Short-term securities 5.49%
State of Arizona, City of Phoenix, Industrial Dev. Auth., Health Care Facs. Rev. Bonds (Mayo Clinic), Series 2014-B, 0.12% 2052¹			1,400		1,400
State of California, Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2005, 0.12% 2025¹			4,000		4,000
State of California, Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010-B, 1.35% 2024 (put 2020)^2,4			2,000		2,000
State of Idaho, Health Facs. Auth., Hospital Rev. Bonds (CHE Trinity Health Credit Group), Series 2013-ID, 1.75% 2048 (put 2020)⁴			300		300
State of Illinois, City of Chicago, G.O. Rev. Ref. Bonds, Series 2020-A, 5.00% 1/1/2021			100		100
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2010-A, 0.15% 2044¹			1,500		1,500
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2011-A, 0.15% 2044¹			1,400		1,400
State of Indiana, Indianapolis Local Public Improvement Bond Bank Notes (Fieldhouse Project), Series 2019-B, 1.45% 2021			670		670
State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project), Series 1993, 0.14% 2022¹			745		745
State of Louisiana, Public Facs. Auth., Rev. Bonds (Air Products and Chemicals Project), Series 2008, 0.14% 2043¹			2,000		2,000
State of Maryland, County of Montgomery, Rev. Bonds (Trinity Health Credit Group), Series 2013, 1.12% 2041 (put 2020)⁴			970		970
State of Michigan, Fin. Auth., Hospital Rev. Bonds (CHE Trinity Health Credit Group), Series 2013-1, 1.16% 2034 (put 2020)⁴			1,000		1,000
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-L, 0.14% 2035¹			500		500
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2019-D-1, 5.00% 2022			10		10
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2020-A-2S, 4.00% 2022			1,375		1,337

24	Private Client Services Funds

Capital Group Core Municipal Fund

Short-term securities	Principal amount (000)			Value (000)
State of New York, New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2014, Series 2014-AA-2, 0.16% 2050¹		$	2,200	$	2,200
State of New York, New York City Transitional Fin. Auth., Recovery Bonds, Fiscal 2003, Series 2003-1-C, 0.16% 2022¹			2,350		2,350
State of Ohio, County of Franklin, Rev. Bonds (CHE Trinity Health Credit Group), Series 2013, 1.05% 2046 (put 2020)⁴			730		730
State of Ohio, Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series 2019-F, 0.15% 2052¹			3,400		3,400
State of Pennsylvania, Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2004-A, 2.15% 2021⁴			200		202
State of South Carolina, Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Prisma Health Obligated Group), Series 2018-B, 0.15% 2048¹			2,500		2,500
State of Tennessee, City of Clarksville, Public Building Auth., Pooled Fncg. Rev. Bonds, Series 2003, Bank of America LOC, 0.15% 2033¹			2,460		2,460
State of Tennessee, County of Montgomery, Public Building Auth., Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool), Series 2004, Bank of America LOC, 0.15% 2034¹			805		805

Total short-term securities (cost: $32,681,000)					32,579
Total investment securities 100.61% (cost: $593,842,000)					596,543
Other assets less liabilities (0.61%)					(3,644	)

Net assets 100.00%				$	592,899

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount⁵ (000)			Value at 4/30/2020⁶ (000)			Unrealized (depreciation) appreciation at 4/30/2020 (000)
5 Year U.S. Treasury Note Futures	Long	55	July 2020	$	5,500		$	6,902		$	(10	)
10 Year U.S. Treasury Note Futures	Short	50	June 2020		(5,000	)		(6,953	)		(9	)
30 Year Ultra U.S. Treasury Bond Futures	Short	7	June 2020		(700	)		(1,574	)		39
										$	20

¹	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
²	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $7,543,000, which represented 1.27% of the net assets of the fund.
³	Step bond; coupon rate may change at a later date.
⁴	For short-term securities, the mandatory put date is considered to be the maturity date.
⁵	Notional amount is calculated based on the number of contracts and notional contract size.
⁶	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

Private Client Services Funds

Capital Group Short-Term Municipal Fund
Investment portfolio April 30, 2020	unaudited

Portfolio quality summary*

Percent of net assets

Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. Securities in the “unrated” category (above) have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with the fund’s investment policies.

Bonds, notes & other debt instruments 90.45%	Principal amount (000)			Value (000)
Alabama 1.02%
City of Alabaster, Board of Education, Special Tax School Warrants, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2028 (preref. 2024)		$	500	$	586
Black Belt Energy Gas Dist., Gas Supply Prepay Rev. Bonds (Project No. 5), Series 2020-A-1, 4.00% 2049 (put 2026)			455		488
Black Belt Energy Gas Dist., Gas Supply Rev. Bonds, Series 2016-A, 4.00% 2046 (put 2021)			500		510
Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2023 (preref. 2022)			35		38
South East Gas Supply Dist., Gas Supply Rev. Bonds (Project No. 2), Series 2018-A, 4.00% 2049 (put 2024)			250		263
					1,885

Arizona 1.53%
Board of Regents of Arizona State University System, Rev. Bonds, Series 2020-A, 5.00% 2026			300		363
City of Glendale, Industrial Dev. Auth., Rev. Ref. Bonds (Midwestern University), Series 2020, 5.00% 2022			185		197
Industrial Dev. Auth., Rev. Bonds (Lincoln South Beltway Project), Series 2020, 5.00% 2023			750		829
Industrial Dev. Auth., Rev. Bonds (Lincoln South Beltway Project), Series 2020, 5.00% 2024			750		849
County of Maricopa, Industrial Dev. Auth., Education Rev. Bonds (GreatHearts Arizona Projects), Series 2017-A, 4.00% 2021			565		582
					2,820

Arkansas 0.09%
Board of Trustees of Pulaski Technical College, Student Tuition and Fee Rev. Capital Improvement and Rev. Ref. Bonds, Series 2011, 5.00% 2041			150		159

California 4.61%
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2006-C-1, (SIFMA Municipal Swap Index + 0.90%) 1.12% 2045 (put 2023)¹			1,500		1,474
East Bay Municipal Utility Dist., Water System Rev. Ref. Bonds, Series 2015-A, 5.00% 2027			110		131
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2025			500		584
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2011-A-1, (3-month USD-LIBOR x 0.70 + 0.20%) 0.889% 2038 (put 2021)¹			4,000		3,963
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2020-A, 5.00% 2025			200		238
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM insured, 4.00% 2021			400		415


26	Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2020-A, 5.00% 2024		$	250	$	290
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2020-A, 5.00% 2029			265		349
Peralta Community College Dist., G.O. Bonds, 2006 Election, Series 2020-E-1, 5.00% 2026			75		90
Southern California Public Power Auth., Rev. Ref. Bonds (Magnolia Power Project A), Series 2020-1, 5.00% 2023			400		447
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Enloe Medical Center), Series 2015, 5.00% 2028			250		301
City of Tustin, Community Facs. Dist. No. 2014-1 (Tustin Legacy/Standard Pacific), Special Tax Bonds, Series 2015-A, 5.00% 2027			200		225
					8,507

Colorado 0.28%
City and County of Denver, Park Creek Metropolitan Dist., Limited Property Tax Supported Rev. Ref. Bonds, Series 2015-A, 5.00% 2021			260		275
Regents of the University of Colorado, University Enterprise Rev. and Rev. Ref. Bonds, Series 2019-C, 2.00% 2054 (put 2024)			245		249
					524

Connecticut 2.26%
Health and Educational Facs. Auth., Rev. Bonds (Sacred Heart University Issue), Series 2017-I-1, 5.00% 2022			500		530
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 1999-U-1, 2.00% 2033 (put 2022)			500		508
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2014-A, 1.10% 2048 (put 2023)			750		742
Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2015-A, 2.05% 2035 (put 2021)			285		288
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044			315		326
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2016-A-1, 4.00% 2045			145		151
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2017-A-1, 4.00% 2047			670		706
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2013-B-2, 4.00% 2032			280		286
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2014-D-1, 4.00% 2044			305		313
Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2015-C-1, 3.50% 2045			310		321
					4,171

District of Columbia 1.47%
G.O. Bonds, Series 2015-A, 5.00% 2032			700		815
G.O. Rev. Ref. Bonds, Series 2018-B, 5.00% 2026			65		79
Income Tax Secured Rev. Bonds, Series 2011-A, 5.00% 2022			320		340
Income Tax Secured Rev. Ref. Bonds, Series 2020-B, 5.00% 2022			500		548
Income Tax Secured Rev. Ref. Bonds, Series 2020-B, 5.00% 2026			750		922
					2,704

Florida 5.32%
County of Broward, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Prospect Park Apartments), Series 2019-C, 1.40% 2022 (put 2021)			70		70
County of Collier, Heritage Bay Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2018-A-2, 2.25% 2021			355		358
County of Collier, Heritage Bay Community Dev. Dist., Capital Improvement Rev. Bonds, Series 2018-A-2, 2.50% 2022			500		511
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2011-B, 4.50% 2029			20		20
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2011-A, 4.50% 2029			25		25
Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2018-2, 4.25% 2050			375		402


Private Client Services Funds	27

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Florida (continued)
Housing Fin. Corp., Multi Family Housing Rev. Bonds (Pembroke Tower Apartments), Series 2019-G, 1.55% 2021 (put 2021)		$	105	$	105
Housing Fin. Corp., Multi Family Rev. Bonds (Parrish Oaks), Series 2020-A, 1.25% 2023 (put 2022)			1,100		1,097
JEA, Electric System Rev. Bonds, Series 2012-B, 5.00% 2023 (preref. 2021)			1,095		1,161
Dept. of Management Services, Facs. Pool Rev. Ref. Bonds, Series 2017-A, 5.00% 2023			650		731
County of Miami-Dade, Expressway Auth., Toll System Rev. Bonds, Series 2014-A, 5.00% 2020			160		161
County of Miami-Dade, Water and Sewer System Rev. Ref. Bonds, Series 2008-B, Assured Guaranty Municipal insured, 5.25% 2022			195		215
County of Orange, Health Facs. Auth., Health Care Facs. Rev. Bonds (Presbyterian Retirement Communities Project), Series 2015, 4.00% 2020			765		765
County of Orange, Housing Fin. Auth., Multi Family Housing Rev. Bonds (Willow Key Apartments), Series 2019-A, 1.90% 2022 (put 2021)			85		85
City of Orlando, Utilities Commission, Utility System Rev. Ref. Bonds, Series 2017-A, 5.00% 2027 (put 2020)			1,500		1,520
County of Polk, Utility System Rev. and Rev. Ref. Bonds, Series 2013, BAM insured, 5.00% 2043 (preref. 2023)			110		125
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Bonds, Series 2018-A, 5.00% 2021			170		178
Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Rev. Ref. Bonds, Series 2012-A, 4.00% 2028			320		330
Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2020-A, 5.00% 2026			1,000		1,203
Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2020-A, 5.00% 2027			500		615
Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2020-A, 5.00% 2030			100		133
					9,810

Georgia 1.66%
City of East Point, Housing Auth., Multi Family Housing Rev. Bonds (Hillcrest Senior Apartments Projects), Series 2018, 2.25% 2022 (put 2021)²			175		177
G.O. Bonds, Series 2019-A, 5.00% 2023			1,000		1,124
G.O. Rev. Ref. Bonds, Series 2016-E, 5.00% 2026			65		81
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2015-A-1, 3.50% 2045			50		52
Housing and Fin. Auth., Single Family Mortgage Bonds, Series 2017-A, 4.00% 2047			635		670
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Ref. Bonds (Third Indenture Series), Series 2012-A, 5.00% 2030 (preref. 2022)			870		950
					3,054

Hawaii 0.29%
G.O. Bonds, Series 2018-FT, 5.00% 2026			260		312
Dept. of Transportation, Airports Division, Lease Rev. Certs. of Part., Series 2010-A, 5.00% 2022			225		226
					538

Illinois 8.31%
Build Illinois Bonds, Sales Tax Rev. Bonds, Series 2013, 5.00% 2020			1,060		1,063
City of Chicago, Sales Tax Rev. Ref. Bonds, Series 2011-A, 5.00% 2041 (preref. 2022)			205		220
City of Chicago, Wastewater Transmission Rev. Bonds, Series 2014, 5.00% 2024			625		673
City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2008-C, 5.00% 2021			500		512
City of Chicago, Water Rev. Bonds, Series 2004, 5.00% 2020			100		101
City of Chicago, Water Rev. Ref. Bonds, Series 2017, 5.00% 2021			500		519
City of Chicago, Water Rev. Ref. Bonds, Series 2017, 5.00% 2022			540		573
City of Chicago, Water Rev. Ref. Bonds, Series 2017-2, 5.00% 2021			180		187
Counties of Cook, DuPage, Kane, Lake, McHenry and Will, Regional Transportation Auth., G.O. Bonds, Series 2000, MBIA insured, 6.25% 2021			1,460		1,534
Fin. Auth., National Rural Utilities Cooperative Fin. Corp., Guaranteed Solid Waste Disposal Rev. Bonds (Prairie Power, Inc. Project), Series 2008-A, 1.75% 2042 (put 2020)			465		465
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2023			100		110
Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2016, 5.00% 2024			130		147
Fin. Auth., Rev. Bonds (Clean Water Initiative Revolving Fund), Series 2017, 5.00% 2027			275		340


28	Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Fin. Auth., Rev. Bonds (Northshore University Heathsystem), Series 2020-A, 5.00% 2024		$	200	$	225
Fin. Auth., Rev. Bonds (OSF Healthcare System), Series 2015-A, 5.00% 2021			1,100		1,164
Fin. Auth., Rev. Bonds (Presbyterian Homes Obligated Group), Series 2016-A, 5.00% 2023			225		237
Fin. Auth., Rev. Green Bonds (Clean Water Initiative Revolving Fund), Series 2019, 5.00% 2021			145		152
Fin. Auth., Rev. Ref. Bonds (Anne & Robert H. Lurie Children’s Hospital), Series 2017, 5.00% 2022			240		258
Housing Dev. Auth., Multi Family Housing Rev. Notes (Marshall Field Garden Apartment Homes), Series 2015, (SIFMA Municipal Swap Index + 1.00%) 1.22% 2050 (put 2025)¹			1,000		1,002
Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2022			600		637
Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2023			500		544
Board of Trustees of Illinois State University, Auxiliary Facs. System Rev. Bonds, Series 2018-B, Assured Guaranty Municipal insured, 5.00% 2022			500		531
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.50% 2023 (preref. 2021)			200		210
Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2017, 5.00% 2023			295		326
Sales Tax Securitization Corp., Sales Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2021			500		508
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-A, 5.00% 2021			100		106
Toll Highway Auth., Toll Highway Rev. Bonds, Series 2019-C, 5.00% 2025			545		622
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2014-D, 5.00% 2022			185		196
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2023			175		191
Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2019-A, 5.00% 2025			250		287
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Bonds, Series 2010-A, 5.00% 2021			150		150
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Bonds,Series 2018-A, 5.00% 2024			200		219
Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2015-A, 5.00% 2026			620		689
Board of Trustees of the University of Illinois, Rev. Ref. Bonds, Series 2005-A, National insured, 5.50% 2021			105		108
Village of Volo, Special Service Areas Nos. 3 and 6 (Symphony Meadows/Lancaster Falls Projects), Special Tax Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 3.00% 2021			500		505
					15,311

Indiana 1.34%
Bond Bank, Special Program Gas Rev. Bonds, Series 2007-A, 5.25% 2021			100		105
Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System), Series 2012-A, 5.00% 2022			440		469
Fin. Auth., Rev. Bonds (Community Foundation of Northwest Indiana Obligated Group), Series 2012, 5.00% 2030 (preref. 2022)			245		264
Fin. Auth., State Revolving Fund Bonds, Series 2012-B, 5.00% 2026 (preref. 2021)			125		129
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2019-A, 4.25% 2048			625		671
Housing and Community Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2020-A, 3.75% 2049			40		42
Indianapolis Local Public Improvement Bond Bank, Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2023			230		247
Indianapolis Local Public Improvement Bond Bank, Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2024			240		264
Indianapolis Local Public Improvement Bond Bank, Bonds (Indianapolis Airport Auth. Project), Series 2019-I-2, 5.00% 2025			255		286
					2,477

Iowa 0.29%
Fin. Auth., State Revolving Fund Rev. Bonds, Series 2011, 5.00% 2026 (preref. 2021)			500		527


Private Client Services Funds	29

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Kentucky 0.57%
Housing Corp., Housing Rev. Bonds (Jefferson Green Apartments Project), Series 2018, 2.20% 2022 (put 2021)		$	685	$	690
Public Energy Auth., Gas Supply Rev. Bonds, Series 2018-B, 4.00% 2049 (put 2025)			55		57
Public Energy Auth., Gas Supply Rev. Bonds, Series 2019-A-1, 4.00% 2049 (put 2025)			290		308
					1,055

Louisiana 0.58%
Parish of Jefferson, Sales Tax Rev. Ref. Bonds, Series 2019-A, Assured Guaranty Municipal insured, 5.00% 2023			250		283
Offshore Terminal Auth., Deepwater Port Rev. Bonds (Loop LLC Project), Series 2007-A, 1.65% 2027 (put 2023)			95		94
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2020			280		280
Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2013-A, 5.00% 2021			400		409
					1,066

Maine 0.42%
Housing Auth., Mortgage Purchase Bonds, Series 2017-A, 4.00% 2047			410		432
Maine Municipal Bond Bank, Grant Anticipation Bonds, Series 2018-A, 5.00% 2023			300		337
					769

Maryland 1.65%
County of Baltimore, Rev. Bonds (Oak Crest Village, Inc. Fac.), Series 2016, 5.00% 2022			400		415
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds, Series 2018-A, 4.50% 2048			385		418
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2017-A, 4.00% 2048			375		397
County of Montgomery, Housing Opportunities Commission, Single Family Housing Rev. Bonds, Series 2018-A, 4.00% 2049			500		532
Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2012, 5.00% 2021			160		167
Washington Suburban Sanitary Dist., Consolidated Public Improvement Bonds, Series 2016-2, 5.00% 2027			150		183
Washington Suburban Sanitary Dist., Consolidated Public Improvement Rev. Ref. Bonds, Series 2017-2, 5.00% 2028			750		932
					3,044

Massachusetts 1.08%
Dev. Fin. Agcy., Rev. Bonds (Harvard University Issue), Series 2020-A, 5.00% 2025			825		995
Housing Fin. Agcy., Multi Family Conduit Rev. Bonds (Chestnut Park Project), Series 2018-A, 2.40% 2023 (put 2021)			80		82
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 169, 4.00% 2044			60		62
Housing Fin. Agcy., Single Family Housing Rev. Bonds, Series 183, 3.50% 2046			500		518
Housing Fin. Agcy., Single Family Housing Rev. Ref. Bonds, Series 171, 4.00% 2044			330		341
					1,998

Michigan 2.68%
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Bonds, Series 2012-A, 5.00% 2023			700		752
City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. and Rev. Ref. Bonds, Series 2012-A, 5.00% 2032			45		48
Fin. Auth., Hospital Rev. and Rev. Ref. Bonds (Trinity Health Credit Group), Series 2017-A, 5.00% 2047 (preref. 2022)			1,285		1,418
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2014-A, 4.00% 2044			460		478
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2017-B, 3.50% 2048			120		125
Housing Dev. Auth., Single Family Mortgage Rev. Bonds, Series 2018-C, 4.25% 2049			675		727


30	Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
City of Lansing, Board of Water and Light, Utility System Rev. Bonds, Series 2019-A, 5.00% 2024		$	375	$	435
Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project), Series 2008-ET-2, 1.45% 2029 (put 2021)			325		324
County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2015-G, 5.00% 2021			300		317
County of Wayne, Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2018-C, 5.00% 2023			290		322
					4,946

Minnesota 2.40%
City of Brooklyn Park, Multi Family Housing Rev. Ref. Bonds (Amorce I LP Project), Series 2019-A, 1.25% 2022 (put 2021)			205		205
G.O. Bonds, Series 2014-A, 5.00% 2025			610		707
G.O. Bonds, Series 2019-A, 5.00% 2031			410		528
G.O. Rev. Ref. Bonds, Series 2017-D, 5.00% 2027			390		492
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2012-D, 4.00% 2040			15		15
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2018-E, 4.25% 2049			755		813
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2020-B, 3.50% 2050			500		526
City of Minneapolis, Multi Family Housing Rev. Bonds (Riverside Homes Project), Series 2018-A, 2.40% 2021 (put 2020)			500		500
Regents of the University of Minnesota, G.O. Bonds, Series 2011-A, 5.25% 2030 (preref. 2020)			500		512
Regents of the University of Minnesota, G.O. Rev. Ref. Bonds, Series 2017B, 5.00% 2021			120		128
					4,426

Missouri 0.69%
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2016-B, 3.50% 2041			955		993
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (First Place Homeownership Loan Program), Series 2020-A, 3.50% 2050			190		200
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2009-E-4, 4.25% 2030 (preref. 2021)			70		72
					1,265

Montana 0.18%
Board of Housing, Single Family Mortgage Bonds, Series 2016-A-2, 3.50% 2044			170		177
Board of Housing, Single Family Mortgage Bonds, Series 2019-A, 4.25% 2045			150		161
					338

Nebraska 0.80%
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-E, 3.00% 2043			105		106
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2014-A, 4.00% 2044			350		367
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2016-C, 3.50% 2046			210		215
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2018-C, 4.00% 2048			590		630
Omaha Public Power Dist., Electric System Rev. Bonds, Series 2019-A, 5.00% 2031			130		166
					1,484


Private Client Services Funds	31

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Nevada 1.22%
Las Vegas Valley Water Dist., Limited Tax G.O. Water Improvement and Rev. Ref. Bonds, Series 2016-A, 5.00% 2023		$	600	$	667
Las Vegas Valley Water Dist., Limited Tax G.O. Water Improvement and Rev. Ref. Bonds, Series 2016-A, 5.00% 2024			500		573
Las Vegas Valley Water Dist., Limited Tax G.O. Water Rev. Ref. Bonds, Series 2015-B, 5.00% 2023			500		565
Las Vegas Valley Water Dist., Limited Tax G.O. Water Rev. Ref. Bonds, Series 2020-A, 5.00% 2027			160		198
Las Vegas Valley Water Dist., Limited Tax G.O. Water Rev. Ref. Bonds, Series 2020-D, 5.00% 2026			200		241
					2,244

New Jersey 1.80%
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Georgia King Village Project), Series 2018-E, 2.45% 2021 (put 2020)			215		216
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Pilgram Baptist Village I & II), Series 2019-E, 1.50% 2022 (put 2021)			130		130
Housing and Mortgage Fin. Agcy., Multi Family Conduit Rev. Bonds (Spruce Spires Project), Series 2018-B, 2.02% 2021 (put 2020)			500		501
Housing and Mortgage Fin. Agcy., Single Family Housing Rev. Bonds, Series 2018-A, 4.50% 2048			600		651
Tobacco Settlement Fncg. Corp., Tobacco Settlement Bonds, Series 2018-A, 5.00% 2021			1,265		1,306
Transportation Trust Fund Auth., Transportation System Bonds, Series 2015-AA, 5.00% 2021			500		508
					3,312

New Mexico 0.37%
Mortgage Fin. Auth., Single Family Mortgage Program Bonds, Series 2019-A-1, Class I, 4.25% 2050			485		522
Municipal Energy Acquisition Auth., Gas Supply Rev. Ref. and Acquisition Bonds, Series 2019, 5.00% 2039 (put 2025)			135		152
					674

New York 6.11%
Build NYC Resource Corp., Rev. Ref. Bonds (Ethical Culture Fieldston School Project), Series 2015, 5.00% 2024			360		397
Dormitory Auth., Sales Tax Rev. Bonds, Series 2018-C, 5.00% 2024			995		1,127
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2017-A, 5.00% 2022			175		187
Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2019-D, 5.00% 2030			145		184
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2017-H, 1.65% 2021			350		352
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2018-I, 2.55% 2022			250		259
Housing Fin. Agcy., Affordable Housing Rev. Green Bonds, Series 2018-I, 2.70% 2023			650		668
Long Island Power Auth., Electric System General Rev. Bonds, Series 2014-C, (1-month USD-LIBOR x 0.70 + 0.75%) 1.439% 2033 (put 2023)¹			300		297
Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2015-A-2, (SIFMA Municipal Swap Index + 0.58%) 0.80% 2039 (put 2020)¹			2,000		1,993
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 197, 3.50% 2044			610		635
Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 213, 4.25% 2047			640		686
New York City G.O. Bonds, Fiscal 2018, Series 2018-C, 5.00% 2023			1,000		1,107
New York City G.O. Bonds, Fiscal 2019, Series 2019-E, 5.00% 2024			900		1,021
New York City G.O. Bonds, Fiscal 2020, Series 2020-C-1, 5.00% 2030			225		283
New York City G.O. Bonds, Fiscal 2020, Series 2020-C-1, 5.00% 2032			80		100
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-C-2, 1.70% 2021			150		150
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2017-G-2-A, 2.00% 2057 (put 2021)			500		501
New York City Housing Dev. Corp., Multi Family Housing Rev. Bonds (Sustainable Neighborhood Bonds), Series 2018-L-2, 2.75% 2050 (put 2023)			250		258
Public Housing Capital Fund Rev. Trust I, Trust Certificates, Series 2012, 4.50% 2022³			137		139


32	Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2013-C, 5.00% 2024		$	250	$	276
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2016-A, 5.00% 2025			80		93
Urban Dev. Corp., State Personal Income Tax Rev. Bonds (State Facs. And Equipment), Series 2004-A-2, National insured, 5.50% 2025			465		552
					11,265

North Carolina 0.66%
G.O. Public Improvement Bonds (Connect NC), Series 2019-B, 5.00% 2021			105		110
Housing Fin. Agcy., Home Ownership Rev. Ref. Bonds, Series 38-B, 4.00% 2047			305		322
University of North Carolina at Chapel Hill, General Rev. Bonds, Series 2012-B, (1-month USD-LIBOR x 0.67 + 0.40%) 1.06% 2041 (put 2022)¹			440		435
City of Winston-Salem, Water and Sewer System Rev. Ref. Bonds, Series 2020-A, 5.00% 2022			200		217
City of Winston-Salem, Water and Sewer System Rev. Ref. Bonds, Series 2020-A, 5.00% 2024			110		127
					1,211

North Dakota 0.74%
Housing Fin. Agcy., Homeownership Rev. Bonds (Home Mortgage Fin. Program), Series 2016-D, 3.50% 2046			170		177
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2012-A, 3.75% 2042			55		56
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-A, 4.00% 2038			715		743
Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2015-D, 4.00% 2046			370		388
					1,364

Ohio 2.29%
County of Allen, Hospital Facs. Rev. Bonds (Bon Secours Mercy Health, Inc.), Series 2020-A, 5.00% 2025			1,000		1,152
Columbus Metropolitan Library, Library Fund Library Facs. Notes, Series 2012-1, 5.00% 2025 (preref. 2020)			150		154
Housing Fin. Agcy., Multi Family Housing Rev. Bonds (Neilan Park Apartments Program), Series 2019, 1.75% 2022 (put 2021)			40		40
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2017-D, 4.00% 2048			110		117
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2019-A, 4.50% 2049			225		244
Housing Fin. Agcy., Residential Mortgage Rev. Bonds (Mortgage-Backed Securities Program), Series 2020-A, 3.75% 2050			145		155
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2011-2, 4.50% 2028			60		61
Infrastructure Improvement G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2022			600		662
County of Richland, Madison Local School Dist., School Improvement Rev. Ref. Bonds, Series 2014, 5.25% 2037 (preref. 2022)			530		579
Turnpike and Infrastructure Commission, Rev. Bonds, Series 2013-A-1, 5.00% 2025			60		66
University of Cincinnati, General Receipts Bonds, Series 2013-C, 5.00% 2039 (preref. 2023)			485		557
Water Dev. Auth., Water Pollution Control Loan Fund Rev. Bonds, Series 2015-A, 5.00% 2025			115		138
Water Dev. Auth., Water Pollution Control Loan Fund Rev. Bonds, Series 2020-A, 5.00% 2033			115		148
Water Dev. Auth., Water Pollution Control Loan Fund Rev. Bonds, Series 2020-A, 5.00% 2033			110		141
					4,214


Private Client Services Funds	33

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Oklahoma 0.51%
Capital Improvement Auth., State Highways Capital Improvement Rev. Ref. Bonds (Oklahoma Dept. of Transportation Project), Series 2020-A, 5.00% 2023		$	145	$	162
Housing Fin. Agcy., Collateralized Rev. Bonds (Deer Park & Apple Run Apartments), Series 2019, 1.60% 2022			250		251
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2012-A, 5.00% 2043			205		212
Board of Regents of Oklahoma State University, General Rev. Ref. Bonds, Series 2020-A, 5.00% 2024			275		316
					941

Oregon 0.46%
G.O. Bonds (Veteran’s Welfare Bonds Series 94), Series 2014-H, 4.00% 2044			405		414
Housing and Community Services Dept., Mortgage Rev. Bonds (Single Family Mortgage Program), Series 2018-D, 4.75% 2050			400		438
					852

Pennsylvania 3.26%
Econ. Dev. Fncg. Auth., UPMC Rev. Bonds, Series 2020-A, 5.00% 2025			400		452
General Auth. of Southcentral Pennsylvania, Rev. Bonds (AICUP Fncg. Program - York College of Pennsylvania Project), Series 2011, 6.00% 2031 (preref. 2021)			1,000		1,050
Housing Fin. Agcy., Single Family Mortgage Rev. Bonds, Series 2017-122, 4.00% 2046			340		359
Housing Fin. Agcy., Special Limited Obligation, Multi Family Housing Dev. Bonds (Central Pennsylvania Dev.), Series 2018, 2.45% 2022 (put 2021)			1,000		1,014
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		842
City of Pittsburgh, Urban Redev. Auth., Rev. Bonds (Crawford Square Apartments Project), Series 2018, 2.25% 2020 (put 2020)			275		275
Turnpike Commission, Turnpike Rev. Bonds (Motor License Fund), Series 2019-A, 5.00% 2023			200		226
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2029 (preref. 2021)			185		197
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2030 (preref. 2021)			55		59
Turnpike Commission, Turnpike Rev. Bonds, Series 2011-E, 5.00% 2042 (preref. 2022)			275		305
Turnpike Commission, Turnpike Rev. Bonds, Series 2018-B, (SIFMA Municipal Swap Index + 0.50%) 0.72% 2021¹			1,000		988
Wilkes-Barre Area School Dist., G.O. Bonds, Series 2019, BAM insured, 5.00% 2023			225		248
					6,015

Rhode Island 0.72%
Commerce Corp., Grant Anticipation Rev. Ref. Bonds (Dept. of Transportation), Series 2016-A, 5.00% 2021			920		960
Housing and Mortgage Fin. Corp., Homeownership Opportunity Bonds, Series 66-A-1, 4.00% 2033			350		363
					1,323

South Carolina 1.37%
County of Charleston, G.O. Capital Improvement Transportation Sales Tax Bonds, Series 2011, 5.00% 2024 (preref. 2021)			500		532
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2011-1, 4.50% 2030			40		41
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2018-A, 4.50% 2048			290		313
Housing Fin. and Dev. Auth., Mortgage Rev. Bonds, Series 2020-A, 4.00% 2050			165		178
Housing Fin. and Dev. Auth., Mortgage Rev. Ref. Bonds, Series 2016-A, 4.00% 2036			325		343
County of Lexington, Health Services Dist., Inc., Hospital Rev. Ref. Bonds, Series 2017, 5.00% 2021			250		265
Patriots Energy Group Fncg. Agcy., Gas Supply Rev. Bonds, Series 2018-A, 4.00% 2048 (put 2024)			55		58


34	Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2011-B, 5.00% 2021		$	225	$	238
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-C, 5.00% 2025			120		131
Town of Southold, Local Dev. Corp., Rev. Bonds (Peconic Landing at Southold, Inc. Project), Series 2015, 5.00% 2022			400		425
					2,524

South Dakota 0.38%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-E, 4.00% 2044			170		177
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-B, 4.50% 2048			475		515
					692

Tennessee 1.72%
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-1-C, 4.50% 2037			110		113
Housing Dev. Agcy., Homeownership Program Bonds, Series 2012-2-C, 4.00% 2038			100		102
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-A, 4.00% 2045			920		964
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-2-C, 4.00% 2045			390		408
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2017-1, 4.00% 2042			280		296
City of Memphis, General Improvement Rev. Ref. Bonds, Series 2020, 5.00% 2024			500		575
Metropolitan Government of Nashville and Davidson County, Health and Educational Facs. Board, Collateralized Multi Family Housing Rev. Bonds (Trevecca Towers II Project), Series 2018, 2.00% 2022 (put 2021)			700		704
					3,162

Texas 17.92%
Arlington Higher Education Fin. Corp., Education Rev. and Rev. Ref. Bonds (Uplift Education), Series 2017-A, 5.00% 2022			645		704
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		668
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, 5.00% 2022			350		379
Arlington Higher Education Fin. Corp., Education Rev. Bonds (Riverwalk Education Foundation, Inc.), Series 2019, 5.00% 2025			800		936
Arlington Independent School Dist., Unlimited Tax School Building Bonds, Series 2017, 5.00% 2022			405		434
County of Bexar, Combination Tax and Rev. Certificates of Obligation, Series 2013, 5.00% 2032 (preref. 2023)			640		723
County of Bexar, Combination Tax and Rev. Certificates of Obligation, Series 2013-B, 5.00% 2033 (preref. 2023)			105		118
Boerne Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2027			755		925
Brazosport Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2022			70		75
Canyon Independent School Dist., Unlimited Tax School Building Bonds, Series 2019, 5.00% 2022			165		177
Canyon Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2026			75		90
Clifton Higher Education Fin. Corp., Education Rev. Bonds (Idea Public Schools), Series 2019, 5.00% 2021			100		105
Conroe Independent School Dist., Unlimited Rev. Ref. Bonds, Series 2019, 5.00% 2022			50		54
Coppell Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2018, 4.00% 2020			165		167
Cypress-Fairbanks Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2013, 5.00% 2025			600		665
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2014-C, 5.00% 2027			500		568
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2015-B-2, 2.125% 2040 (put 2021)			250		253
Cypress-Fairbanks Independent School Dist., Unlimited Tax School Building Bonds, Series 2017-A-3, 3.00% 2043 (put 2020)			1,790		1,799
Dallas Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015, 5.00% 2030			400		463


Private Client Services Funds	35

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Texas (continued)
Del Valle Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2021		$	430	$	450
Del Valle Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2022			155		168
Dumas Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2030			40		51
El Paso Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015, 5.00% 2026			400		466
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			500		503
Frisco Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2019, 5.00% 2021			170		179
Garland Independent School Dist., Unlimited Tax School Building Bonds, Series 2016, 5.00% 2030			400		462
Hallsville Independent School Dist., Unlimited Tax School Building and Rev. Ref. Bonds, Series 2020, 5.00% 2022			335		359
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%) 0.64% 2049 (put 2022)¹			375		368
County of Harris, Health Facs. Dev. Corp., Rev. Ref. Bonds (CHRISTUS Health), Series 2005-A-4, Assured Guaranty Municipal insured, 1.20% 2031¹			150		150
County of Harris, Metropolitan Transit Auth., Sales and Use Tax Bonds, Series 2011-A, 5.00% 2023 (preref. 2021)			600		639
County of Harris, Sports Auth., Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2023			315		330
County of Harris, Toll Road Rev. Ref. Bonds, Series 2012-B, (SIFMA Municipal Swap Index + 0.45%) 1.45% 2021			635		634
County of Harris, Unlimited Tax Road Rev. Ref. Bonds, Series 2015-A, 5.00% 2025			1,000		1,195
Dept. of Housing and Community Affairs, Multi Family Housing Rev. Bonds (Springs Apartments), Series 2018, 2.23% 2021 (put 2020)			350		350
Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2011-A, 5.00% 2029			50		51
Dept. of Housing and Community Affairs, Single Family Mortgage Rev. Bonds, Series 2018-A, 4.75% 2049			465		509
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2014-C, 5.00% 2024			50		58
City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2019-B, 2.00% 2024			615		636
Houston Independent School Dist., Limited Tax Schoolhouse and Rev. Ref. Bonds, Series 2013-A, 5.00% 2021			200		206
Houston Independent School Dist., Limited Tax Schoolhouse Bonds, Series 2014-A-1B, 2.20% 2039 (put 2020)			225		225
Katy Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2015-C, 0.825% 2036 (put 2021)¹			100		100
Katy Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019-B, 5.00% 2022			100		107
Keller Independent School Dist., Unlimited Tax Rev. Ref. Bonds., Series 2015-A, 5.00% 2027			340		398
Killeen Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2022			95		102
Longview Independent School Dist., Unlimited Tax Ref. Bonds, Series 2017, 5.00% 2022			180		193
Longview Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2020, 5.00% 2024			500		571
Lower Colorado River Auth., Rev. Ref. Bonds, Series 2020, 5.00% 2022			1,000		1,077
Needville Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2016, 5.00% 2021			155		163
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		1,667
Northside Independent School Dist., Unlimited Tax School Building Bonds, Series 2017, 1.45% 2047 (put 2020)			325		325
Panhandle Regional Housing Fin. Corp., Multi Family Housing Rev. Bonds (Canyons at 45 West Apartments), Series 2018, 2.00% 2021 (put 2020)			1,055		1,055
Pasadena Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2019, 5.00% 2022			125		134
Pflugerville Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-A, 4.00% 2021			325		333


36	Private Client Services Funds

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Plainview Independent School Dist., Unlimited Tax School Building Bonds, Series 2020-A, 5.00% 2022		$	500	$	535
Prosper Independent School Dist., Unlimited Tax School Building Bonds, Series 2019-B, 2.00% 2050 (put 2021)			960		969
Round Rock Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2021			130		137
Round Rock Independent School Dist., Unlimited Tax Rev. Ref. Bonds, Series 2017, 5.00% 2022			300		326
City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2015-D, 3.00% 2045 (put 2020)			1,000		1,012
Tarrant Regional Water Dist., Water Rev. Ref. Bonds, Series 2015, 5.00% 2021			170		176
Board of Regents of Texas A&M University System, Rev. Fncg. System Bonds, Series 2015-B, 5.00% 2021 (escrowed to maturity)			145		151
Board of Regents of Texas State University System, Rev. Fncg. System Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2024			500		572
Tomball Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2023			80		88
Tomball Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2024			30		34
Transportation Commission, First Tier Rev. Ref. Put Bonds (State Highway Fund), Series 2016-B, 4.00% 2026 (put 2021)			1,000		1,032
Transportation Commission, G.O. Mobility Fund Rev. Ref. Bonds, Series 2014-B, 5.00% 2026			550		628
Board of Regents of the University of Texas System, Permanent University Fund Bonds, Series 2014-B, 5.00% 2025			100		115
Board of Regents of the University of Texas System, Rev. Fncg. System Rev. Ref. Bonds, Series 2016-I, 5.00% 2021			500		527
Water Dev. Board, State Water Implementation Rev. Fund, Rev. Bonds (Master Trust), Series 2016, 5.00% 2022			550		593
County of Williamson, Limited Tax Rev. Ref. and Park Bonds, Series 2020, 5.00% 2022			595		638
Ysleta Independent School Dist., Unlimited Tax School Building Bonds, Series 2020, 5.00% 2022			750		817
					33,023

Utah 0.98%
G.O. Bonds, Series 2020, 5.00% 2026			1,050		1,287
Housing Corp., Single Family Mortgage Bonds, Class III, Series 2015-D-2, 4.00% 2045			275		290
School Fin. Auth., Charter School Rev. Bonds (Utah Charter Academies Project), Series 2018, 3.00% 2020			220		222
					1,799

Vermont 0.02%
Housing Fin. Agcy., Multiple Purpose Bonds, Series 2020-A, 3.75% 2050			40		43

Virginia 3.86%
City of Chesapeake, G.O. Public Improvement and Rev. Ref. Bonds, Series 2020-A, 5.00% 2028			500		647
College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs), Series 2013-A, 4.50% 2033			450		483
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. and Rev. Ref. Notes, Series 2017, 5.00% 2024			1,500		1,744
Commonwealth Transportation Board, Federal Transportation Grant Anticipation Rev. Notes, Series 2012-A, 5.00% 2023 (preref. 2022)			555		599
Commonwealth Transportation Board, Federal Transportation Grant Anticipation Rev. Notes, Series 2016, 5.00% 2023			730		826
G.O. Rev. Ref. Bonds, Series 2019-B, 5.00% 2021			500		522


Private Client Services Funds	37

Capital Group Short-Term Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Virginia (continued)
County of Halifax, Industrial Dev. Auth., Recovery Zone Fac. Rev. Bonds (Virginia Electric and Power Co. Project), Series 2010-A, 2.15% 2041 (put 2020)		$	105	$	105
Public Building Auth., Public Facs. Rev. Bonds, Series 2016-B, 5.00% 2024			1,150		1,334
Public Building Auth., Public Facs. Rev. Ref. Bonds, Series 2020-B, 5.00% 2025			500		597
					7,110

Washington 3.37%
Federal Highway Grant Anticipation Rev. Bonds (SR 520 Corridor Program), Series 2014-C, 5.00% 2021			215		227
G.O. Bonds, Series 2013-A, 5.00% 2022			1,105		1,203
G.O. Bonds, Series 2020-A, 5.00% 2025			70		83
G.O. Bonds, Series 2020-A, 5.00% 2026			400		489
G.O. Ref. Bonds, Series 2015-R-E, 5.00% 2024			590		682
G.O. Rev. Ref. Bonds, Series 2017-R-A, 5.00% 2022			25		27
G.O. Rev. Ref. Bonds, Series 2018-R-C, 5.00% 2029			500		619
G.O. Rev. Ref. Bonds, Series 2020-R-A, 5.00% 2022			605		646
County of Grant, Public Utility Dist. No. 2, Electric System Rev. Ref. Bonds, Series 2017-N, 2.00% 2044 (put 2020)			1,000		1,003
Housing Fin. Commission, Homeownership Program Bonds, Series 2011-A, 4.50% 2029			20		20
Housing Fin. Commission, Single Family Program Bonds, Series 2017-1-N, 4.00% 2047			470		494
County of King, Housing Auth., Pooled Housing Rev. Ref. Bonds, Series 2018, 2.15% 2020			400		400
City of Seattle, Municipal Light and Power Rev. Ref. Bonds, Series 2018-C-2, (SIFMA Municipal Swap Index + 0.49%) 0.71% 2046 (put 2023)¹			325		321
					6,214

Wisconsin 3.06%
G.O. Bonds, Series 2011-C, 3.50% 2027 (preref. 2021)			150		154
G.O. Bonds, Series 2013-A, 5.00% 2025 (preref. 2022)			1,000		1,086
G.O. Bonds, Series 2014-B, 5.00% 2030 (preref. 2022)			680		738
G.O. Rev. Ref. Bonds, Series 2011-2, 5.00% 2022			230		245
G.O. Rev. Ref. Bonds, Series 2015-3, 5.00% 2023			310		343
General Fund Annual Appropriation Rev. Ref. Bonds, Series 2019-A, 5.00% 2025			40		47
Health and Educational Facs. Auth., Rev. Bonds (Advocate Aurora Health Care Credit Group), Series 2018-C-3, (SIFMA Municipal Swap Index + 0.55%) 0.77% 2054 (put 2023)¹			340		335
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2013-B-5, 5.00% 2033 (put 2024)			100		114
Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group), Series 2019-A, 5.00% 2021			70		74
Health and Educational Facs. Auth., Rev. Bonds (Gundersen Lutheran), Series 2020, 5.00% 2026³			660		749
Health and Educational Facs. Auth., Rev. Ref. Bonds (Aurora Health Care, Inc.), Series 2012, 5.00% 2022 (escrowed to maturity)			655		717
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2017-C, 4.00% 2048			295		312
Housing and Econ. Dev. Auth., Home Ownership Rev. Bonds, Series 2020-A, 3.50% 2050			395		417
Public Fin. Auth., Hospital Rev. Ref. Bonds (Renown Regional Medical Center Project), Series 2016-A, 5.00% 2022			300		319
					5,650

Wyoming 0.11%
Community Dev. Auth., Housing Rev. Bonds, Series 2020-1, 4.00% 2050			185		200

Total bonds, notes & other debt instruments (cost: $166,706,000)					166,710


38	Private Client Services Funds

Capital Group Short-Term Municipal Fund

Short-term securities 8.05%	Principal amount (000)			Value (000)
State of Arizona, City of Glendale, Industrial Dev. Auth., Rev. Ref. Bonds (Midwestern University), Series 2020, 5.00% 5/15/2020		$	150	$	150
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2, 0.09% 2037¹			3,000		3,000
State of Connecticut, Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue), Series 2001-V-2, 0.05% 2036¹			800		800
State of Florida, City of Gainesville, Utilities System Rev. Bonds, Series 2019-C, 0.13% 2047¹			1,425		1,425
State of Idaho, Health Facs. Auth., Hospital Rev. Bonds (CHE Trinity Health Credit Group), Series 2013-ID, 1.75% 2048 (put 2020)⁴			100		100
State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2011-A, 0.15% 2044¹			1,000		1,000
State of Indiana, Indianapolis Local Public Improvement Bond Bank Notes (Fieldhouse Project), Series 2019-B, 1.45% 2021			400		400
State of Maryland, County of Montgomery, Rev. Bonds (Trinity Health Credit Group), Series 2013, 1.12% 2041 (put 2020)⁴			230		230
State of Massachusetts, G.O. Demand Bonds, Consolidated Loan of 2006, Series 2006-A, 0.15% 2026¹			2,605		2,605
State of Michigan, Fin. Auth., Hospital Rev. Bonds (CHE Trinity Health Credit Group), Series 2013-1, 1.16% 2034 (put 2020)⁴			500		500
State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-D, 0.14% 2030¹			1,300		1,300
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2019-D-1, 5.00% 2022			110		109
State of New York, Metropolitan Transportation Auth., Transportation Rev. Bond Anticipation Notes, Series 2020-A-2S, 4.00% 2022			300		292
State of New York, New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2015, Series 2015-E-4, 0.12% 2045¹			700		700
State of Ohio, County of Franklin, Rev. Bonds (CHE Trinity Health Credit Group), Series 2013, 1.05% 2046 (put 2020)⁴			730		730
State of South Carolina, Jobs-Econ. Dev. Auth., Hospital Rev. Bonds (Prisma Health Obligated Group), Series 2018-B, 0.15% 2048¹			500		500
State of Virginia, College Building Auth., Educational Facs. Rev. Bonds (University of Richmond Project), Series 2006, 0.16% 2036¹			1,000		1,000

Total short-term securities (cost: $14,873,000)					14,841
Total investment securities 98.50% (cost: $181,579,000)					181,551
Other assets less liabilities 1.50%					2,772

Net assets 100.00%				$	184,323


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 $888,000, which represented .48% of the net assets of the fund.
⁴	For short-term securities, the mandatory put date is considered to be the maturity date.

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

Private Client Services Funds

Capital Group California Core Municipal Fund	unaudited
Investment portfolio April 30, 2020

Portfolio quality summary*	Percent of net assets

Bonds, notes & other debt instruments 94.05%	Principal amount (000)		Value (000)
California 92.38%
ABC Unified School Dist., G.O. Bonds, 2018 Election, Series 2019-A, 5.00% 2020	$	400	$	404
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2022		975		1,042
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 4.00% 2021		650		665
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 2024		600		646
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 2025		500		545
Alameda Unified School Dist., Capital Appreciation Bonds, Series 2004, Assured Guaranty Municipal insured, 0% 2024		3,500		3,299
City of Alhambra, Insured Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 2027		630		738
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		1,951
City of Bakersfield, Wastewater Rev. Ref. Bonds, Series 2015-A, 5.00% 2032		2,100		2,134
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Bonds (Casa de las Campanas, Inc.), Series 2010, 5.125% 2020		330		334
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Bonds (Channing House), Series 2010, 5.25% 2020 (escrowed to maturity)		205		205
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-B, 5.00% 2020		1,000		1,003
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2020		1,430		1,441
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2021		495		506
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		1,034
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2023		500		522
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		417
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		458
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		591
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2001-A, (SIFMA Municipal Swap Index + 1.25%) 1.47% 2036 (put 2027)¹		1,000		984
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1, (SIFMA Municipal Swap Index + 1.10%) 1.32% 2045 (put 2024)¹		4,275		4,213
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2014-F-2, 4.00% 2021		1,420		1,460
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-G, 2.00% 2053 (put 2024)		4,525		4,553


40	Private Client Services Funds

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2017-S-7, 5.00% 2024	$	1,200	$	1,358
Bay Area Water Supply and Conservation Agcy., Rev. Bonds, Series 2013-A, 5.00% 2023		500		557
City of Beaumont, Wastewater Rev. Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2026		500		613
City of Burbank, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015, BAM insured, 5.00% 2022		1,305		1,426
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2, 4.00% 2049 (put 2021)		2,000		2,054
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3, 4.00% 2051 (put 2023)		2,500		2,690
Trustees of the California State University, Systemwide Rev. Bonds, Series 2018-A, 5.00% 2048		1,000		1,193
City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Rev. Ref. Bonds, Series 2013, 3.55% 2023		350		358
City of Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev. Project Area), Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2025		620		711
City of Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds (Merged Redev. Project Area), Series 2014-B, Assured Guaranty Municipal insured, 5.00% 2024		260		299
Cerritos Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2012-D, 0% 2027		830		735
City of Chino, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2022		450		489
City of Chino, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2025		665		764
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2024		465		526
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2026		780		921
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2027		430		516
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2028		355		429
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2029		225		276
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% 2030		60		74
City of Chula Vista, Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2020		910		922
City of Chula Vista, Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2021		535		563
City of Chula Vista, Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2022		1,355		1,467
Clovis Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2006-B, National insured, 0% 2030		1,000		792
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2026		1,290		1,476
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2029		1,000		1,172
Compton Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2015 Election, Series 2019-B, BAM insured, 0% 2033		1,000		724
Compton Unified School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006-D, AMBAC insured, 0% 2021		3,000		2,968
City of Concord, Successor Agcy. to the Redev. Agcy., Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2023		825		910
County of Contra Costa, Transportation Auth., Sales Tax Rev. Ref. Bonds, Series 2018-A, (1-month USD-LIBOR x 0.70 + 0.25%) 0.939% 2034 (put 2021)¹		5,525		5,474
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 2026		400		438
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 2027		885		1,038


Private Client Services Funds	41

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments(continued)	Principal amount (000)		Value (000)
California (continued)
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 2028	$	930	$	1,099
Desert Community College Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2032		1,885		2,242
City of Desert Hot Springs, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2017, BAM insured, 5.00% 2021		800		844
East Bay Municipal Utility Dist., Water System Rev. Ref. Bonds, Series 2015-A, 5.00% 2027		3,550		4,220
Educational Facs. Auth., Rev. Bonds (University of San Francisco), Series 2011, 5.00% 2021 (escrowed to maturity)		345		364
Educational Facs. Auth., Rev. Bonds (University of San Francisco), Series 2011, 5.00% 2021(escrowed to maturity)		355		375
Educational Facs. Auth., Rev. Bonds (University of the Pacific), Series 2012-A, 4.00% 2021		560		585
Educational Facs. Auth., Rev. Bonds (University of the Pacific), Series 2012-A, 4.00% 2022		500		516
Educational Facs. Auth., Rev. Ref. Bonds (University of Redlands), Series 2015-A, 5.00% 2021		535		566
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2026		530		613
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2027		500		576
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2030		1,000		1,147
County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2024		860		937
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2025		580		691
City of Eureka, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2017-B, 5.00% 2022		835		900
City of Fillmore, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2024		1,000		1,144
Folsom Cordova Unified School Dist., School Facs. Improvement Dist. No. 1, Capital Appreciation Bonds, Series 2004-B, National insured, 0% 2026		1,000		893
City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 2023		535		581
City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 2026		100		109
City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 2027		120		131
G.O. Bonds, Series 1994, National insured, 6.00% 2020		5		5
G.O. Bonds, Series 2014, 5.00% 2023		1,000		1,127
G.O. Bonds, Series 2017, 5.00% 2024		530		611
G.O. Bonds, Series 2018, 5.00% 2026		2,000		2,401
G.O. Bonds, Series 2019, 5.00% 2029		4,000		5,127
G.O. Bonds, Series 2020, 3.00% 2027		2,500		2,722
G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2024		1,095		1,245
G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2024		615		707
G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2026		4,785		5,776
G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2029		4,000		4,920
G.O. Rev. Ref. Bonds, Series 2018, 5.00% 2024		1,000		1,155
G.O. Rev. Ref. Bonds, Series 2018, 5.00% 2025		1,000		1,183
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2027		2,500		3,095
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2027		745		913
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2028		1,000		1,249
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2029		1,000		1,280
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 2032		1,000		1,268
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 2035		2,000		2,495
City of Garden Grove, Successor Agcy. to the Dev. Agcy., Tax Allocation Bonds, Series 2016, BAM insured, 5.00% 2022		400		436
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		493
Golden Empire Schools Fncg. Auth., Lease Rev. Ref. Bonds (Kern High School Dist. Projects), Series 2018, 4.00% 2020		1,500		1,500
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Bonds, Series 2005-A, AMBAC insured, 0% 2024		2,000		1,863


42	Private Client Services Funds

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
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	$	2,487
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013-A, 5.00% 2021		2,000		2,072
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2017-A, 5.00% 2021		295		304
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2017A-1, 5.00% 2022		1,730		1,834
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A, 5.00% 2022		3,000		3,201
Greenfield Elementary School Dist., Capital Appreciation Bonds, 2006 Election, Series 2007-A, Assured Guaranty Municipal insured, 0% 2029		1,270		1,053
City of Hawthorne, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2024		250		288
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 2023		1,000		1,086
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 2024		1,210		1,311
Health Facs. Fncg. Auth., Rev. Bonds (Cedars-Sinai Medical Center), Series 2016-A, 5.00% 2023		650		725
Health Facs. Fncg. Auth., Rev. Bonds (City of Hope), Series 2012-A, 5.00% 2021		350		372
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2025		1,000		1,145
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-D, 5.00% 2032 (put 2022)		2,675		2,919
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2014-A, 5.00% 2025		400		452
Health Facs. Fncg. Auth., Rev. Bonds (Scripps Health), Series 2012-A, 5.00% 2024		150		158
Health Facs. Fncg. Auth., Rev. Bonds (Scripps Health), Series 2012-A, 5.00% 2025		375		395
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 2026		300		348
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2024		3,000		3,427
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2025		3,525		4,116
Health Facs. Fncg. Auth., Rev. Green Bonds (Kaiser Permanente), Series 2017-A-1, 5.00% 2027		1,000		1,221
Health Facs. Fncg. Auth., Rev. Green Bonds (Kaiser Permanente), Series 2017-C, 5.00% 2031 (put 2022)		6,985		7,622
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Adventist Health System/West), Series 2016-A, 4.00% 2025		1,400		1,529
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2022		175		192
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2023		135		153
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% 2024		1,000		1,153
Hemet Unified School Dist., Fncg. Auth. Special Tax Rev. Bonds, Series 2015, 5.00% 2026		600		669
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2023		885		988
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2029		500		571
Housing Fin. Agcy., Limited Obligation Multi Family Housing Rev. Bonds (Breezewood Village Apartments), Series 2019-E, FHA insured, 2.05% 2022 (put 2021)		1,650		1,658
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2025		100		118
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2026		125		152
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2027		110		136
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2028		375		472
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2029		140		174
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, 5.00% 2030		340		420


Private Client Services Funds	43

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
Infrastructure and Econ. Dev. Bank, Rev. Bonds (The Colburn School), Series 2015-B, (SIFMA Municipal Swap Index + 1.20%) 1.42% 2037 (put 2022)¹	$	1,000	$	1,003
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Academy of Sciences, San Francisco), Series 2018-C, (3-month USD-LIBOR x 0.70 + 0.38%) 0.662% 2047 (put 2021)¹		4,000		3,945
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2013-A-2, (3-month USD-LIBOR x 0.70 + 0.33%) 1.019% 2047 (put 2022)¹		1,000		982
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B, 5.00% 2026		1,000		985
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2017, 5.00% 2028		3,250		3,154
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2012, 3.00% 2020		1,250		1,259
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2012, 3.25% 2022		700		727
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2012, 4.00% 2022		400		423
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		898
City of Irvine, Reassessment Dist. No. 15-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2021		500		527
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 4.00% 2021		245		255
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 4.00% 2022		225		240
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 2023		200		224
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		297
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured, 5.00% 2021		1,280		1,333
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 5.00% 2027		140		166
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 5.00% 2028		350		419
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured, 5.00% 2030		215		259
Irvine Unified School Dist., School Facs. Improvement Dist. No. 1, G.O. Bonds, 2016 Election, Series 2016-A, 5.00% 2026		1,000		1,222
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2023		500		554
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2029		710		802
County of Kern, Water Agcy., Water Rev. Ref. Bonds (Improvement Dist. No. 4), Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2022		2,810		3,036
Kern Community College Dist., Safety Repair and Improvement G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006, FSA insured, 0% 2022		1,500		1,454
Kings Canyon Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2029		1,600		1,874
La Habra School Dist., G.O. Bonds, Capital Appreciation Bonds, 2000 Election, Series 2002-A, FSA insured, 0% 2026		1,010		913
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		303
City of Long Beach, Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 4.00% 2020		750		762
City of Long Beach, Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 5.00% 2021		520		551
City of Long Beach, Harbor Rev. Bonds, Series 2010-A, AMT, 5.00% 2021		100		100
City of Long Beach, Marina Rev. Bonds (Alamitos Bay Marina Project), Series 2015, 5.00% 2020		400		401


44	Private Client Services Funds

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Long Beach Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2008-A, Assured Guaranty Municipal insured, 0% 2027	$	3,865	$	3,414
City of Los Angeles, Community Facs. Dist. No. 4 (Playa Vista - Phase 1), Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 2020		585		593
City of Los Angeles, Community Facs. Dist. No. 4 (Playa Vista - Phase 1), Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 2023		690		778
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2019-C, 5.00% 2025		2,000		2,329
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2013-A, 5.00% 2022		515		559
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2017-C, 5.00% 2022		575		624
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 2024		535		619
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 2025		500		596
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-D, 5.00% 2027		1,100		1,378
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2020-A, 5.00% 2026		2,500		3,063
City of Los Angeles, Solid Waste Resources Rev. Bonds, Series 2013-A, 2.00% 2023		1,110		1,145
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Ref. Bonds, Series 2019-C, 5.00% 2023		1,500		1,686
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		1,292
Los Angeles Community College Dist., G.O. Rev. Ref. Bonds, Series 2015-C, 5.00% 2026		1,895		2,309
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series 2016-A, 5.00% 2024		4,000		4,603
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014-C, 5.00% 2023		520		581
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2019-A, 5.00% 2027		5,000		6,143
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2019-A, 5.00% 2032		4,000		5,000
Madera Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006, Assured Guaranty Municipal insured, 0% 2029		585		487
Manhattan Beach Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 1999-C, FGIC-National insured, 0% 2024		3,950		3,664
Manteca Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2006, MBIA insured, 0% 2027		560		493
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2022		500		548
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2028		250		296
Metropolitan Water Dist. of Southern California, Water Rev. Bonds, Series 2017-C, 0.16% 2047 (put 2020)¹		3,045		3,043
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2017-E, 0.16% 2037 (put 2020)¹		1,230		1,229
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2019-A, 5.00% 2025		10,000		11,947
City of Modesto, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016, 5.00% 2022		750		822
Montebello Unified School Dist., G.O. Rev. Ref. Bonds, 2004 Election, Series 2013-A, 5.00% 2024		520		580
Montebello Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2028		1,545		1,789
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, 4.00% 2026		270		270
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Hollywood El Centro Apartments), Series 2019-A, 1.40% 2021 (put 2021)		1,750		1,756
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 2026		300		331
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation), Series 2017-A, 5.00% 2024		300		319
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 2023		750		809
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2013, 5.00% 2022		470		495
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 2026		335		370
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 2022		885		971


Private Client Services Funds	45

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 2025	$	500	$	597
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2028		750		755
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2029		1,000		1,005
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 2035		1,000		963
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project), Series 2019, BAM insured, 5.00% 2027		530		597
Murrieta Valley Unified School Dist., G.O. Bonds, 2014 Election, Series 2020, 3.00% 2022		300		312
Murrieta Valley Unified School Dist., G.O. Bonds, 2014 Election, Series 2020, 4.00% 2023		335		364
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 4.00% 2020		125		126
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 2023		2,530		2,762
Natomas Unified School Dist., G.O. Bonds, Series 2014, BAM insured, 5.00% 2021		500		524
North Orange County Community College Dist., G.O. Bonds, 2014 Election, Series 2019-B, 4.00% 2022		2,000		2,136
Oak Park Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, Series 2009-B, Assured Guaranty Municipal insured, 0% 2029		605		504
Oakland Unified School Dist., G.O. Bonds, 2006 Election, Series 2016-A, 5.00% 2026		1,325		1,565
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured, 4.00% 2034		1,000		1,090
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured, 5.00% 2028		1,000		1,210
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2021		2,500		2,625
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2022		915		983
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2024		1,310		1,482
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2025		3,000		3,473
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2028		500		588
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2022		2,000		2,148
Ohlone Community College Dist., G.O. Rev. Ref. Bonds, Series 2012, 5.00% 2023 (preref. 2022)		550		603
City of Orange, Community Facs. Dist. No. 91-2 (Serrano Heights Public Improvements), Special Tax Rev. Ref. Bonds, Series 2013, 4.00% 2020		385		390
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		1,548
County of Orange, Airport Private Activity Rev. Ref. Bonds, Series 2019-A, 5.00% 2025		1,000		1,160
County of Orange, Airport Private Activity Rev. Ref. Bonds, Series 2019-B, 5.00% 2025		1,000		1,160
County of Orange, Airport Rev. Ref. Bonds, Series 2019-A, 5.00% 2022		1,000		1,074
City of Oxnard, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2024		250		289
City of Oxnard, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2021		750		783
City of Oxnard, Water Rev. Ref. Bonds, Series 2018, BAM insured, 5.00% 2022		700		747
City of Oxnard, Water Rev. Ref. Bonds, Series 2018, BAM insured, 5.00% 2024		450		504
Oxnard Unified School Dist., G.O. Bonds, 2012 Election, Series 2012-A, Assured Guaranty Municipal insured, 5.00% 2037 (preref. 2022)		500		548
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 2026		630		733
Paramount Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1998 Election, Series 2001-B, Assured Guaranty Municipal insured, 0% 2025		3,000		2,758
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2026		250		288
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2027		200		234
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2028		285		336
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 2029		400		476
Peralta Community College Dist., G.O. Bonds, 2006 Election, Series 2020-E-1, 5.00% 2030		2,000		2,570
Peralta Community College Dist., G.O. Rev. Ref. Bonds, Series 2014-A, 5.00% 2025		2,680		3,084
City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA Nos. 4 and 5; CFD No. 2005-1 IA No. 4), Series 2017-B, 3.00% 2021		895		905
City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds (CFD No. 2001-1 IA Nos. 4 and 5; CFD No. 2005-1 IA No. 4), Series 2017-B, 4.00% 2022		915		954


46	Private Client Services Funds

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 2024	$	1,000	$	1,108
Poway Unified School Dist., Community Facs. Dist. No. 6 (4S Ranch), Special Tax Bonds, Series 2012, 5.00% 2020		595		603
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013, 4.00% 2022		440		468
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 2022		850		906
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015-B, BAM insured, 5.00% 2022		500		544
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2016-A, 4.00% 2022		1,000		1,063
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2016-A, 5.00% 2023		890		996
Public Fin. Auth., Electric System Rev. Ref. Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 2023		730		825
Public Fin. Auth., Reassessment Rev. Ref. Bonds, Series 2019, 5.00% 2022		1,115		1,192
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, 5.00% 2020		250		254
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, 5.00% 2021		150		157
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017, Assured Guaranty Municipal insured, 5.00% 2023		500		551
Public Works Board, Lease Rev. Bonds (Dept. of Corrections and Rehabilitation), Series 2017-E, 5.00% 2026		1,035		1,245
Public Works Board, Lease Rev. Bonds (Dept. of Corrections, Various State Prisons), Series 2017-D, 5.00% 2029		1,400		1,701
Public Works Board, Lease Rev. Bonds (Dept. of Corrections, Various State Prisons), Series 2019-D, 5.00% 2028		1,000		1,253
Public Works Board, Lease Rev. Bonds (Judicial Council of California, Various Judicial Council Projects), Series 2011-D, 5.00% 2022		1,225		1,301
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, Various State Prisons), Series 2015-A, 5.00% 2023		790		877
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, Various State Prisons), Series 2018-C, 5.00% 2026		1,000		1,207
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Education - Riverside Campus Projects), Series 2017-H, 5.00% 2026		1,780		2,121
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-C, 5.00% 2024		1,725		1,992
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-D, 5.00% 2028		5,000		5,998
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2017-B, 5.00% 2028		1,415		1,731
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2017-B, 5.00% 2029		2,070		2,519
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2017-C, 5.00% 2026		4,060		4,828
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		688
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		656
Rialto Unified School Dist., G.O. Bonds, 2010 Election, Series 2019, 3.00% 2027		750		827
Rialto Unified School Dist., G.O. Bonds, 2010 Election, Series 2019, 4.00% 2028		500		594
City of Richmond, Successor Agcy. to the Redev. Agcy., Ref. Bonds, Series 2014-A, BAM insured, 5.00% 2025		200		230
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, BAM insured, 5.00% 2032		240		285
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Rev. Ref. Bonds, Series 2014, 5.00% 2022		400		427


Private Client Services Funds	47

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
California (continued)
Rio Hondo Community College Dist., G.O. Bonds, 2004 Election, Series 2019-B, 5.00% 2022	$	1,500	$	1,628
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		1,206
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Hemet Project), Series 2014, BAM insured, 5.00% 2023		500		560
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		492
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Project Area No. 1, Desert Communities and Interstate 215 Corridor Projects), Series 2014-D, Assured Guaranty Municipal insured, 5.00% 2020		405		412
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		608
Riverside Unified School Dist., Fncg. Auth., Rev. Bonds, Series 2012-A, 5.00% 2021		1,280		1,346
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		465
Riverside Unified School Dist., G.O. Bonds, 2016 Election, Series 2019, 4.00% 2029		850		976
Robla School Dist., G.O. Bonds, 2018 Election, Series 2019-A, Assured Guaranty Municipal insured, 4.00% 2021		645		670
City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015, 5.00% 2024		1,000		1,115
City of Sacramento, Housing Auth., Multi Family Housing Rev. Bonds (Imperial Tower Project), Series 2018-C, 2.15% 2021 (put 2020)		5,000		5,004
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.25% 2024		1,000		1,107
City of Sacramento, Regional Transit Dist., Farebox Rev. Bonds, Series 2012, 5.00% 2023		385		388
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-E, 5.00% 2027		1,015		1,204
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2017-E, 5.00% 2027		555		675
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 2027		585		675
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 2028		610		712
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 2029		635		748
Sacramento Unified School Dist., G.O. Bonds, 2014 Election, Series 2014, 5.00% 2021		150		157
Sacramento Unified School Dist., G.O. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2030		1,000		1,124
Sacramento Unified School Dist., G.O. Ref. Bonds, Series 2012, 5.25% 2024		1,300		1,403
San Bernardino Unified School Dist., G.O. Rev. Ref. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2021		1,150		1,207
San Bernardino Unified School Dist., G.O. Rev. Ref. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2022		1,500		1,625
San Bernardino Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-D, Assured Guaranty Municipal insured, 4.00% 2021		330		342
City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, Series 2011-A, 5.00% 2020		985		998
City of San Diego, Housing Auth., Multi Family Housing Rev. Bonds (Hillside Views Apartments), Series 2018-G-1, 2.05% 2021 (put 2020)		2,000		2,009
City of San Diego, Limited Obligation Rev. Bonds (Sanford Burnham Prebys Medical Discovery Institute Project), Series 2015-A, 5.00% 2022		200		219
County of San Diego, Association of Governments Capital Grant Receipts, Rev. Green Bonds (Mid-Coast Corridor Transit Project), Series 2019-A, 5.00% 2025		6,125		7,041
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		278
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2027		400		478
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2028		300		364


48	Private Client Services Funds

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2029	$	335	$	411
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2013-A, 5.00% 2023		225		248
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Bonds, Series 2014-A, 5.00% 2021		500		519
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Green Bonds, Series 2020-A, 5.00% 2028		850		1,083
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2016-SR-1, 4.00% 2031		3,000		3,372
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		1,182
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Bonds, Series 2019-D, 5.00% 2024		1,000		1,132
City and County of San Francisco, Redev. Agcy., Community Facs. Dist. No. 6 (Mission Bay South Public Improvements), Special Tax Rev. Ref. Bonds, Series 2013-A, 5.00% 2020		800		806
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		508
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		327
City of San Francisco, Bay Area Rapid Transit Dist., G.O. Green Bonds, Series 2019-B-1, 5.00% 2027		3,000		3,757
San Francisco Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2023		1,810		2,013
City of San Jacinto, Community Facs. Dist. No. 2002-1 (Rancho San Jacinto, Phase 2), Special Tax Rev. Ref. Bonds, Series 2016, 4.00% 2021		1,310		1,344
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2021		60		62
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		72
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2025		90		102
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 2026		155		179
San Joaquin Delta Community College Dist., G.O Bonds, 2004 Election, Series 2018-D, 4.00% 2023		1,000		1,088
San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Capital Appreciation Bonds, Series 1997-A, National insured, 0% 2025		285		245
City of San Jose, Redev. Agcy., Housing Set-Aside Tax Allocation Rev. Ref. Bonds (Merged Area Redev. Project), Series 2010-A-1, 5.00% 2022 (preref. 2020)		500		505
San Jose Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006-C, National insured, 0% 2025		795		739
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2022		500		545
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2023		375		422
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2024		500		580
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2025		400		477
San Ramon Valley Unified School Dist., G.O. Bonds, 2012 Election, Series 2018, 5.00% 2024		1,000		1,161
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 2022		310		331
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 2024		530		590
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, 5.00% 2025		375		417
City of Santa Rosa, Wastewater Rev. Bonds, Capital Appreciation Bonds, Series 2002-B, AMBAC insured, 0% 2021		2,000		1,973
Saugus Union School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2006, FGIC-National insured, 0% 2024		1,210		1,142
Saugus Union School Dist., G.O. Rev. Ref. Bonds, Series 2006, FGIC-National insured, 5.25% 2021		600		632
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		558


Private Client Services Funds	49

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments(continued)	Principal amount (000)		Value (000)
California (continued)
Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, Special Tax Rev. Bonds, Series 2016, 5.00% 2025	$	1,110	$	1,264
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 4.00% 2027²		740		756
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 4.00% 2029²		805		814
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 5.00% 2031²		875		920
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2014-A, 4.125% 2024		1,275		1,300
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2015-A, 3.625% 2025²		875		880
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 2024²		435		463
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 2026²		360		388
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 2022²		100		104
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 2023²		125		132
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 2024²		130		138
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 2025²		100		107
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 2026²		105		113
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 2027²		220		238
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		153
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 2024		145		147
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 2025		365		371
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		151
City of Signal Hill, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM insured, 5.00% 2021		250		265
City of Signal Hill, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM insured, 5.00% 2023		500		561
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2019-A, 3.00% 2024		4,065		4,273
Solano Community College Dist., G.O. Bonds, 2015 Election, Series 2013-A, 4.375% 2047 (preref. 2023)		595		664
Solano Community College Dist., G.O. Ref. Bonds, Series 2005, National insured, 5.00% 2026		4,690		5,595
Solano Community College Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2005, National insured, 0% 2021		2,680		2,647
South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2020, 5.00% 2031		1,000		1,309
Southern California Public Power Auth., Rev. Ref. Bonds (Magnolia Power Project A), Series 2020-1, 5.00% 2027		1,100		1,366
Stanislaus Union School Dist., G.O. Rev. Ref. Bonds, Series 2019, BAM insured, 5.00% 2025		500		590
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Ethel Arnold Bradley Apartments), Series 2019-S-1, 1.25% 2021 (put 2021)		4,325		4,315
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (La Mesa Springs Apartments), Series 2019-E, 1.78% 2021 (put 2020)		3,000		3,013
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., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2025		750		853
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 2028		2,085		2,400
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2034		975		1,127
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2021		1,100		1,138
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015, 5.00% 2023		1,110		1,195
Statewide Communities Dev. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2014, Assured Guaranty Municipal insured, 5.00% 2022		750		806
Statewide Communities Dev. Auth., Rev. Bonds (Jewish Home of San Francisco), Series 2016, 5.00% 2026		575		691
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025		1,000		1,005


50	Private Client Services Funds

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Episcopal Communities and Services), Series 2012, 5.00% 2024	$	300	$	315
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Huntington Memorial Hospital), Series 2014-B, 5.00% 2021		1,650		1,727
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2023		500		539
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Methodist Hospital of Southern California), Series 2018, 5.00% 2024		390		431
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Rady Children’s Hospital), Series 2016-B, 5.00% 2028		860		1,074
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		1,044
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		788
Stockton Unified School Dist., G.O. Bonds, 2012 Election, Series 2018-C, BAM insured, 5.00% 2030		2,145		2,659
City of Suisun, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-B, BAM insured, 5.00% 2022		400		436
Sweetwater Union High School Dist., G.O. Bonds, 2006 Election, Series 2006, 4.00% 2026		515		571
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2025		1,715		1,948
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2026		6,000		6,809
Sweetwater Union High School Dist., Public Fin. Auth., Rev. Ref. Bonds, Series 2013, BAM insured, 5.00% 2021		2,000		2,103
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		1,126
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		625
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		979
Tustin Unified School Dist., Community Facs. Dist. No. 88-1, Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2022		830		902
Twin Rivers Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 5.00% 2024		400		458
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006, National insured, 0% 2022		175		170
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006, MBIA insured, 0% 2023		1,500		1,436
City of Union City, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-A, 5.00% 2023		375		414
Regents of the University of California, General Rev. Bonds, Series 2013-AK, 5.00% 2048 (put 2023)		1,000		1,114
Regents of the University of California, General Rev. Bonds, Series 2014-AM, 5.00% 2021		390		407
Regents of the University of California, General Rev. Bonds, Series 2018-AZ, 4.00% 2029		1,500		1,752
Regents of the University of California, Limited Project Rev. Bonds, Series 2010-E, 5.00% 2020		500		501
Upland Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2008-A, Assured Guaranty Municipal insured, 0% 2030		3,000		2,419
Val Verde Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2021		250		259
Val Verde Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 4.00% 2023		600		651
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 2045		1,510		1,575
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 2049		3,185		3,436
Dept. of Veterans Affairs, Home Purchase Rev. Ref. Bonds, Series 2012-A, 2.75% 2020		750		758
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 2048		5,845		6,262
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2019-CS, 4.00% 2049		2,990		3,224
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 2045		1,020		1,059
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2024		730		809


Private Client Services Funds	51

Capital Group California Core Municipal Fund

Bonds, notes & other debt instruments(continued)	Principal amount (000)		Value (000)
California (continued)
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 4.00% 2026	$	270	$	310
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		452
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		369
Washington Township Health Care Dist., Rev. Bonds, Series 2017-A, 4.00% 2021		490		502
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2010-L, 5.00% 2021		75		75
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2010-L, 5.00% 2021 (preref. 2020)		125		125
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2011-N, 5.00% 2020		1,810		1,810
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2015-O, 5.00% 2022		375		405
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2014-AS, 5.00% 2026		1,055		1,237
West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, 2005 Election, Series 2008-B, 6.00% 2027		3,000		3,925
West Kern Community College Dist., G.O. Rev. Ref. Bonds, Series 2019, BAM insured, 4.00% 2032		2,700		3,150
Western Municipal Water Dist. Facs., Water Rev. Ref. Bonds, Series 2016-A, 1.50% 2039 (put 2020)		100		100
Western Placer Unified School Dist., G.O. Bonds, 2014 Election, Series 2017-B, BAM insured, 5.00% 2021		490		515
Westminster School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2009-A-1, Assured Guaranty insured, 0% 2023		1,000		958
Whittier City School Dist., G.O. Rev. Ref. Bonds, Series 2016, 4.00% 2030		825		940
Yosemite Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2010-D, 0% 2031		500		369
				532,958

Missouri 0.03%
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2015-A, 3.75% 2038		145		151

Puerto Rico 0.68%
Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2021		1,000		1,033
Infrastructure Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2005-C, 5.50% 2020		2,860		2,877
				3,910

South Dakota 0.40%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2018-B, 4.50% 2048		2,150		2,329

United States 0.56%
Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class CA, 3.35% 2033		2,975		3,239

Total bonds, notes & other debt instruments (cost: $539,024,000)				542,587

Short-term securities 5.03%
State of California, Chula Vista Elementary School Dist., G.O. Bond Anticipation Notes, Series 2019, 0% 2023		1,000		961
State of California, Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A. Inc. Project), Series 2010-A, 0.12% 2035¹		400		400
State of California, City of Los Angeles, Dept. of Water and Power, Water System Bonds, Series 2019-A, 0.08% 2049¹		2,000		2,000
State of California, County of Los Angeles, Tax and Rev. Anticipation Notes, Series 2019, 5.00% 6/30/2020		3,000		3,020


52	Private Client Services Funds

Capital Group California Core Municipal Fund

Short-term securities	Principal amount (000)		Value (000)
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-1, 0.09% 2037¹	$	2,045	$	2,045
State of California, Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2005, 0.12% 2025¹		3,500		3,500
State of California, County of Riverside, Tax and Rev. Anticipation Notes, Series 2019, 5.00% 6/30/2020		70		71
State of California, Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2002, 0.12% 2024¹		8,435		8,435
State of California, City of Stockton, Public Fncg. Auth., Wastewater Bond Anticipation Notes, Series 2019, 1.40% 2022		3,875		3,808
State of California, Regents of the University of California, General Rev. Bonds, Series 2013-AL-2, 0.10% 2048¹		1,500		1,500
State of California, Regents of the University of California, General Rev. Bonds, Series 2013-AL-4, 0.12% 2048¹		500		500
State of California, City of Vernon, Electric System Rev. Bonds, Series 2020-A, 5.00% 8/1/2020		2,750		2,770

Total short-term securities (cost: $29,074,000)				29,010
Total investment securities 99.08% (cost: $568,098,000)				571,597
Other assets less liabilities 0.92%				5,331

Net assets 100.00%			$	576,928

Futures contracts
Contracts	Type	Number of contracts	Expiration	Notional amount³ (000)			Value at 4/30/2020⁴ (000)			Unrealized (depreciation) appreciation at 4/30/2020 (000)
5 Year U.S. Treasury Note Futures	Long	110	July 2020	$	11,000		$	13,803		$	(19	)
10 Year U.S. Treasury Note Futures	Short	95	June 2020		(9,500	)		(13,211	)		(30	)
30 Year Ultra U.S. Treasury Bond Futures	Short	13	June 2020		(1,300	)		(2,922	)		72
										$	23


¹	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
²	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $5,053,000, which represented .88% of the net assets of the fund.
³	Notional amount is calculated based on the number of contracts and notional contract size.
⁴	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Investment portfolio April 30, 2020	unaudited

Portfolio quality summary*	Percent of net assets

Bonds, notes & other debt instruments 90.03%		Principal amount (000)		Value (000)
California 90.03%
City of Alhambra, Insured Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 2023	$	450	$	489
Alvord Unified School Dist., G.O. Rev. Ref. Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 2022		500		542
Anaheim Housing and Public Improvements Auth., Rev. Bonds (Electric Utility Distribution System Improvements), Series 2020-A, 5.00% 2021		435		460
Anaheim Housing and Public Improvements Auth., Rev. Bonds (Electric Utility Distribution System Improvements), Series 2020-A, 5.00% 2022		230		250
Anaheim Housing and Public Improvements Auth., Rev. Bonds (Electric Utility Distribution System Improvements), Series 2020-A, 5.00% 2023		200		224
City of Bakersfield, Wastewater Rev. Ref. Bonds, Series 2015-A, 5.00% 2031		1,000		1,016
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp HealthCare), Series 2012-A, 5.00% 2023		1,640		1,741
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2001-A, (SIFMA Municipal Swap Index + 1.25%) 1.47% 2036 (put 2027)¹		1,000		984
City of Beaumont, Wastewater Rev. Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2022		225		246
City of Burbank, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015, BAM insured, 5.00% 2022		500		546
Trustees of the California State University, Systemwide Rev. Bonds, Series 2013-A, 5.00% 2023		400		453
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3, 4.00% 2051 (put 2023)		1,550		1,668
Trustees of the California State University, Systemwide Rev. Bonds, Series 2020-A, 5.00% 2024		800		931
City of Chino, Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2015-A, Assured Guaranty Municipal insured, 4.00% 2021		655		678
Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 4.00% 2022		1,350		1,427
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		616
Compton Unified School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006-D, AMBAC insured, 0% 2021		1,000		989
Corona-Norco Unified School Dist., G.O. Bonds, 2014 Election, Series 2019-C, 5.00% 2021		300		315
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 2024		400		429
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 2025		410		446
East Bay Municipal Utility Dist., Water System Rev. Bonds, Series 2019-A, 5.00% 2023		1,390		1,558

54	Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
East Side Union High School Dist., G.O. Rev. Ref. Bonds, Series 2003, National insured, 5.25% 2023	$	1,000	$	1,107
East Side Union High School Dist., G.O. Rev. Ref. Bonds, Series 2020, BAM insured, 5.00% 2025		845		1,001
Educational Facs. Auth., Rev. Ref. Bonds (Stanford University), Series 2009-T-5, 5.00% 2023		1,440		1,603
County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2022		850		929
Fowler Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 4.00% 2024		745		812
Fresno Joint Powers Fin. Auth., Rev. Ref. Bonds (Master Lease Projects), Series 2017-A, Assured Guaranty Municipal insured, 5.00% 2022		1,350		1,454
G.O. Bonds, Series 2013-E, (1-month USD-LIBOR + 0.43%) 0.65% 2029 (put 2023)¹		500		492
G.O. Bonds, Series 2014, 5.00% 2023		770		868
G.O. Bonds, Series 2017, 4.00% 2021		490		513
G.O. Bonds, Series 2020, 3.00% 2026		1,000		1,082
G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2022		805		873
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2025		2,000		2,337
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2027		1,500		1,857
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 2028		1,000		1,249
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2013-A, 5.00% 2021		100		104
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, 5.00% 2021		500		518
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2017A-1, 5.00% 2022		1,500		1,590
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2018-A, 5.00% 2022		1,000		1,067
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		521
Hacienda La Puente Unified School Dist., Facs. Fncg. Auth., G.O. Rev. Bonds, Series 2007, Assured Guaranty Municipal insured, 5.00% 2021		590		620
City of Hawthorne, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2021		300		316
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 2024		450		488
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2025		400		475
Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2017-B, 5.00% 2029 (put 2022)		250		273
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-A, 5.00% 2022		300		326
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-B-1, 1.25% 2036 (put 2020)		1,210		1,212
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-B-2, 4.00% 2036 (put 2024)		110		119
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 2022		200		218
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 2026		275		319
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2023		1,000		1,115
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 2025		400		467
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Adventist Health System/West), Series 2016-A, 4.00% 2022		330		348
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 2020		150		151
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-C, 5.00% 2034 (put 2022)		1,000		1,076
Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-D, 1.70% 2033 (put 2022)		750		748
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 2021		500		532
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 4.00% 2024		500		554
Housing Fin. Agcy., Limited Obligation Multi Family Housing Rev. Bonds (Breezewood Village Apartments), Series 2019-E, FHA insured, 2.05% 2022 (put 2021)		1,025		1,030
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2021		395		412

Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Bonds, notes & other debt instruments(continued)	Principal amount (000)		Value (000)
California (continued)
Infrastructure and Econ. Dev. Bank, Rev. Bonds (Stanford Consortium Project), Series 2016-A, 5.00% 2022	$	265	$	286
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2013-A-2, (3-month USD-LIBOR x 0.70 + 0.33%) 1.019% 2047 (put 2022)¹		1,000		982
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B, 5.00% 2023		1,000		997
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2024		965		1,108
City of Irvine, Reassessment Dist. No. 15-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 2021		500		527
Irvine Unified School Dist., School Facs. Improvement Dist. No. 1, G.O. Bonds, 2016 Election, Series 2016-A, 5.00% 2026		380		464
County of Kern, Water Agcy., Improvement Dist. No. 4, Water Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured, 5.00% 2023		810		905
Kings Canyon Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured, 5.00% 2022		470		509
La Canada Unified School Dist., G.O. Bonds, 2017 Election, Series 2020-B, 4.00% 2022		270		287
La Canada Unified School Dist., G.O. Bonds, 2017 Election, Series 2020-B, 4.00% 2023		260		282
La Canada Unified School Dist., G.O. Bonds, 2017 Election, Series 2020-B, 4.00% 2024		210		233
Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2002,
Special Tax Bonds, Series 2017, 4.00% 2021		525		539
City of Long Beach, Harbor Rev. Bonds, Series 2010-A, 5.00% 2023		805		806
Los Altos Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 1997-C, National insured, 0% 2022		460		451
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2015-C, 5.00% 2021		650		676
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2019-C, 5.00% 2021		2,250		2,341
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2014-B, 5.00% 2023		825		926
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2016-A, 5.00% 2023		1,600		1,796
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2016-B, 5.00% 2024		800		927
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2017-A, 5.00% 2026		500		614
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-B, 5.00% 2022		1,000		1,063
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 2023		1,000		1,122
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-B, 5.00% 2023		1,000		1,122
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2020-A, 5.00% 2026		1,500		1,838
City of Los Angeles, Multi Family Housing Rev. Bonds (Jordan Downs Phase 1B Apartments), Series 2018-A-2, 2.08% 2022 (put 2021)		1,000		1,006
City of Los Angeles, Solid Waste Resources Rev. Bonds, Series 2013-A, 2.00% 2023		500		516
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Ref. Bonds, Series 2019-C, 5.00% 2023		1,405		1,579
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-RYQ, 5.00% 2025		750		885
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series 2017-A, 5.00% 2025		1,000		1,180
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014-A, 5.00% 2022		250		271
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014-C, 5.00% 2022		2,000		2,167
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015-A, 5.00% 2023		685		766
Mammoth Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1998 Election, Series 2000, AMBAC insured, 0% 2023		1,000		956
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, BAM insured, 4.00% 2022		250		263
Merced School Dist., G.O. Bonds, Capital Appreciation Bonds, 2003 Election, Series 2005, MBIA insured, 0% 2023		1,065		1,024
City of Modesto, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016, 5.00% 2022		250		274

56	Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Modesto Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016, 5.00% 2023	$	160	$	181
Municipal Fin. Auth., Rev. Bonds (Community Medical Centers), Series 2017-A, 5.00% 2021		1,100		1,126
Municipal Fin. Auth., Solid Waste Rev. Ref. Bonds (Republic Services, Inc. Project), Series 2010, Assured Guaranty Municipal insured, 0% 2023		260		250
New Haven Unified School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2012, Assured Guaranty Municipal insured, 0% 2023		965		926
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2015-A, Assured Guaranty Municipal insured, 5.00% 2021		1,100		1,155
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty Municipal insured, 5.00% 2021		395		415
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 2022		575		617
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A, 5.00% 2022		1,000		1,074
County of Orange, Water Dist. Rev. Ref. Bonds, Series 2019-C, 5.00% 2024		500		582
City of Oxnard, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured, 5.00% 2021		350		366
City of Oxnard, Water Rev. Ref. Bonds, Series 2018, BAM insured, 5.00% 2021		300		312
City of Pasadena, Certs. of Part., Capital Appreciation Certs. (Conference Center Project), Series 2006-A, AMBAC insured, 0% 2021		645		640
Pasadena Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, 5.00% 2024		655		758
Peralta Community College Dist., G.O. Bonds, 2006 Election, Series 2020-E-1, 5.00% 2025		1,000		1,181
Placentia-Yorba Linda Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 2026		1,000		1,189
City of Poway, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Paguay Redev. Project), Series 2015-A, 5.00% 2020		445		457
Public Fin. Auth., Reassessment Rev. Ref. Bonds, Series 2019, 4.00% 2020		300		302
Public Works Board, Lease Rev. Bonds (Dept. of Corrections and Rehabilitation), Series 2011-C, 5.00% 2021		720		761
Public Works Board, Lease Rev. Bonds (Dept. of Corrections and Rehabilitation), Series 2011-C, 5.00% 2022		500		543
Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, Various State Prisons), Series 2015-A, 5.00% 2023		1,860		2,066
Public Works Board, Lease Rev. Ref. Bonds (Dept. of State Hospitals), Series 2016-E, 5.00% 2025		1,000		1,108
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-C, 5.00% 2027		250		301
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		501
City of Redding, Electric System Rev. Ref. Bonds, Series 2017, 5.00% 2021		800		836
City of Redding, Electric System Rev. Ref. Bonds, Series 2018, 5.00% 2022		725		786
City of Richmond, Successor Agcy. to the Redev. Agcy., Ref. Bonds, Series 2014-A, BAM insured, 4.00% 2020		110		111
City of Richmond, Wastewater Rev. Ref. Bonds, Series 2019-B, 5.00% 2023		940		1,059
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured, 5.00% 2021		685		720
Riverside Unified School Dist., G.O. Bonds, 2016 Election, Series 2019, 4.00% 2024		125		139
Robla School Dist., G.O. Bonds, 2018 Election, Series 2019-A, Assured Guaranty Municipal insured, 4.00% 2022		740		785
City of Roseville, Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2016, 4.00% 2021		450		468
City of Roseville, Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2016, 4.00% 2022		620		663
City of Sacramento, Housing Auth., Multi Family Housing Rev. Bonds (Imperial Tower Project), Series 2018-C, 2.15% 2021 (put 2020)		2,000		2,002
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.25% 2024		150		166
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-B, 5.00% 2021		1,000		1,041
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		572
Sacramento Unified School Dist., Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2024		500		569
City of San Diego, Housing Auth., Multi Family Housing Rev. Bonds (Hillside Views Apartments), Series 2018-G-1, 2.05% 2021 (put 2020)		1,000		1,004
City of San Diego, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016-A, 5.00% 2021		365		385

Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Bonds, notes & other debt instruments(continued)	Principal amount (000)		Value (000)
California (continued)
County of San Diego, Association of Governments Capital Grant Receipts, Rev. Green Bonds (Mid-Coast Corridor Transit Project), Series 2019-A, 5.00% 2023	$	1,000	$	1,095
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2023		500		550
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 2024		500		564
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		1,182
City and County of San Francisco, Airport Commission, San Francisco International Airport,Second Series Rev. Bonds, Series 2019-D, 5.00% 2024		2,000		2,265
City and County of San Francisco, Airport Commission, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series 2009-D, 4.00% 2023 (escrowed to maturity)		400		437
City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2018-C, 2.125% 2048 (put 2023)		1,000		1,015
City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Special Tax Rev. Ref. Bonds (San Francisco Redev. Projects), Series 2014-C, 5.00% 2020		500		505
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		268
San Gabriel Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2012-B, 0% 2023		200		192
City of San Ramon, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A, BAM insured, 5.00% 2021		340		350
San Ramon Valley Unified School Dist., G.O. Bonds, 2012 Election, Series 2018, 5.00% 2023		800		901
Santa Monica-Malibu Unified School Dist., Certs. of Part., Series 2001-C, National insured, 0% 2022		100		97
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2019-A, 3.00% 2024		2,500		2,628
Simi Valley Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 2023		1,000		1,120
Southern California Public Power Auth., Rev. Ref. Bonds (Magnolia Power Project A), Series 2020-1, 5.00% 2025		1,000		1,183
Southern California Public Power Auth., Rev. Ref. Bonds (Milford Wind Corridor Phase I Project), Series 2019-1, 5.00% 2021		300		314
Southern California Public Power Auth., Rev. Ref. Bonds (Milford Wind Corridor Phase I Project), Series 2019-1, 5.00% 2022		200		217
Southwestern Community College Dist., G.O. Rev. Ref. Bonds (2019 Crossover), Series 2016-A, 3.00% 2021		200		205
Southwestern Community College Dist., G.O. Rev. Ref. Bonds (2019 Crossover), Series 2016-B, 4.00% 2022		310		330
State Public Works Board, Lease Rev. Ref. Bonds, Series 2015-F, 5.00% 2022		1,000		1,075
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 4.00% 2021		150		155
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 4.00% 2022		265		278
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-A, 4.00% 2023		250		266
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series 2019-B, 4.00% 2023		660		703
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Courtyards at Penn Valley Apartments), Series 2019-J-1, 1.41% 2021 (put 2021)		750		751
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (La Mesa Springs Apartments), Series 2019-E, 1.78% 2021 (put 2020)		1,000		1,004
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., Rev. Bonds (Adventist Health System/West), Series 2018, 5.00% 2022		150		161
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		223
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 2025		415		472
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 5.00% 2022		700		747

58	Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 5.00% 2026	$	325	$	378
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B, 3.00% 2025		500		502
City of Stockton, Public Fncg. Auth., Water Rev. Ref. Green Bonds, Series 2018-A, BAM insured, 5.00% 2021		500		527
City of Stockton, Public Fncg. Auth., Water Rev. Ref. Green Bonds, Series 2018-A, BAM insured, 5.00% 2022		1,210		1,317
Stockton Unified School Dist., G.O. Bonds, 2018 Election, Series 2019-A, BAM insured, 5.00% 2022		1,000		1,083
City of Suisun, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-B, BAM insured, 5.00% 2021		500		529
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 2021		380		398
Sweetwater Union High School Dist., Public Fin. Auth., Rev. Ref. Bonds, Series 2013, BAM insured, 5.00% 2021		1,000		1,051
Temecula Valley Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 2021		515		543
Torrance Unified School Dist., G.O. Bonds, 2008 Election, Series 2009-B-1, 0% 2023		250		240
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		486
Twin Rivers Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 5.00% 2027		225		270
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006, MBIA insured, 0% 2023		440		421
City of Union City, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-A, 5.00% 2021		235		249
Regents of the University of California, General Rev. Bonds, Series 2013-AK, 5.00% 2048 (put 2023)		1,000		1,114
Regents of the University of California, General Rev. Bonds, Series 2016-AT, 1.40% 2046 (put 2021)		2,505		2,507
Regents of the University of California, General Rev. Bonds, Series 2018-AZ, 5.00% 2020		200		200
Regents of the University of California, General Rev. Bonds, Series 2018-AZ, 5.00% 2021		300		313
Regents of the University of California, Limited Project Rev. Bonds, Series 2012-G, 5.00% 2022		150		162
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 2045		660		688
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 2049		1,490		1,607
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2017-CQ, 4.00% 2047		880		935
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 2048		1,460		1,564
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 2045		1,020		1,059
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured, 3.00% 2021		200		205
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		279
Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2015-O, 5.00% 2022		755		816
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2014-AS, 5.00% 2021		445		474
Western Riverside Water and Wastewater Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2016-A, 5.00% 2022		100		109
City of Westminster, Successor Agcy. to the Redev. Agcy., Commercial Redev. Project No. 1, Tax Allocation Rev. Ref. Bonds, Series 2016-B, BAM insured, 4.00% 2020		180		183
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		325

Short-term securities 10.72%
State of California, G.O. Bonds, Series 2004-A-4, 0.04% 2034¹		2,000		2,000
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-1, 0.09% 2037¹		795		795
State of California, Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2, 0.09% 2037¹		4,000		4,000

Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Short-term securities(continued)	Principal amount (000)		Value (000)
State of California, Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2005, 0.12% 2025¹	$	4,150	$	4,150
State of California, Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project), Series 2002, 0.12% 2024¹		2,500		2,500
State of California, City of Stockton, Public Fncg. Auth., Wastewater Bond Anticipation Notes, Series 2019, 1.40% 2022		1,000		983
State of California, Regents of the University of California, General Rev. Bonds, Series 2013-AL-2, 0.10% 2048¹		1,000		1,000
State of California, Regents of the University of California, General Rev. Bonds, Series 2013-AL-4, 0.12% 2048¹		2,550		2,550

Total short-term securities (cost: $17,995,000)				17,978
Total investment securities 100.75% (cost: $168,507,000)				168,931
Other assets less liabilities (0.75%)				(1,255	)

Net assets 100.00%			$	167,676

Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.

Key to abbreviations and symbol

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

Certs. of Part. = Certificates of Participation

Dept. = Department

Dev. = Development

Dist. = District

Econ. = Economic

Fac. = Facility

Facs. = Facilities

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

LOC = Letter of Credit

Preref. = Prerefunded

Redev. = Redevelopment

Ref. = Refunding

Rev. = Revenue

SIFMA = Securities Industry and Financial Markets Association

USD/$ = U.S. dollars

60	Private Client Services Funds

Capital Group Core Bond Fund

unaudited

Investment portfolio April 30, 2020

Portfolio by type of security

Percent of net assets

Portfolio quality summary*	Percent of net assets
U.S. Treasury and agency^†		52.73	%
AAA/Aaa		12.66
AA/Aa		7.60
A/A		11.92
BBB/Baa		8.66
Below investment grade		.42
Short-term securities & other assets less liabilities		6.01

^†

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

Bonds, notes & other debt instruments 93.99%	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes 52.24%
U.S. Treasury 48.23%
U.S. Treasury 1.125% 2021	$	3,010	$	3,044
U.S. Treasury 1.25% 2021		1,500		1,515
U.S. Treasury 1.375% 2021		3,420		3,465
U.S. Treasury 1.375% 2021		2,000		2,024
U.S. Treasury 1.50% 2021		5,392		5,487
U.S. Treasury 1.50% 2021		745		759
U.S. Treasury 1.75% 2021		875		897
U.S. Treasury 1.875% 2021		500		513
U.S. Treasury 2.125% 2021		1,000		1,032
U.S. Treasury 3.125% 2021		2,000		2,062
U.S. Treasury 1.50% 2022		14,920		15,374
U.S. Treasury 1.625% 2022		16,925		17,543
U.S. Treasury 1.75% 2022		2,000		2,059
U.S. Treasury 1.875% 2022		4,000		4,127
U.S. Treasury 1.875% 2022		3,745		3,875
U.S. Treasury 2.125% 2022		3,000		3,124
U.S. Treasury 1.25% 2023		1,000		1,032
U.S. Treasury 1.375% 2023¹		1,275		1,320
U.S. Treasury 1.375% 2023		1,000		1,036
U.S. Treasury 1.625% 2023		4,000		4,168
U.S. Treasury 1.75% 2023		1,000		1,045
U.S. Treasury 2.00% 2023		2,000		2,098
U.S. Treasury 2.125% 2023		3,415		3,637
U.S. Treasury 2.25% 2023		500		535
U.S. Treasury 2.50% 2023		1,050		1,127
U.S. Treasury 2.75% 2023		5,542		5,955
U.S. Treasury 2.75% 2023		2,250		2,444
U.S. Treasury 1.75% 2024		4,000		4,239
U.S. Treasury 2.00% 2024		3,288		3,515
U.S. Treasury 2.00% 2024		2,480		2,645
U.S. Treasury 2.125% 2024		5,000		5,391

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 2.125% 2024¹	$	5,000	$	5,344
U.S. Treasury 2.25% 2024¹		6,713		7,228
U.S. Treasury 2.25% 2024		1,820		1,952
U.S. Treasury 2.75% 2024		5,000		5,459
U.S. Treasury 0.50% 2025		10,121		10,191
U.S. Treasury 1.375% 2025		21,128		22,139
U.S. Treasury 2.00% 2025		2,000		2,155
U.S. Treasury 2.625% 2025		6,600		7,405
U.S. Treasury 2.75% 2025¹		10,000		11,145
U.S. Treasury 7.625% 2025¹		750		1,010
U.S. Treasury 1.625% 2026		3,000		3,200
U.S. Treasury 1.75% 2026		14,490		15,664
U.S. Treasury 1.875% 2026¹		16,265		17,654
U.S. Treasury 1.875% 2026		5,000		5,424
U.S. Treasury 1.125% 2027		477		496
U.S. Treasury 2.25% 2027		8,420		9,394
U.S. Treasury 2.25% 2027		2,200		2,471
U.S. Treasury 1.75% 2029		4,270		4,713
U.S. Treasury 2.625% 2029		9,160		10,741
				250,872

U.S. Treasury inflation-protected securities 4.01%
U.S. Treasury Inflation-Protected Security 0.875% 2029^1,2		8,195		9,104
U.S. Treasury Inflation-Protected Security 0.125% 2030²		11,134		11,759
				20,863

Total U.S. Treasury bonds & notes				271,735

Corporate bonds & notes 23.56%
Financials 5.50%
ACE INA Holdings Inc. 2.30% 2020		285		287
ACE INA Holdings Inc. 2.875% 2022		150		157
ACE INA Holdings Inc. 3.35% 2026		45		50
ACE INA Holdings Inc. 4.35% 2045		50		65
Allstate Corp. 3.28% 2026		175		191
Bank of America Corp. 3.458% 2025 (3-month USD-LIBOR + 0.97% on 3/15/2024)³		1,864		1,971
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)³		458		492
Bank of America Corp. 3.194% 2030 (3-month USD-LIBOR + 1.18% on 7/23/2029)³		1,640		1,751
Bank of America Corp. 2.592% 2031 (USD-SOFR + 2.15% on 4/29/2030)³		510		523
BB&T Corp. 2.625% 2020		385		385
Citigroup Inc. 4.45% 2027		400		439
Citigroup Inc. 2.666% 2031 (USD-SOFR + 1.146% on 1/29/2030)³		502		504
Credit Suisse Group AG 3.80% 2023		500		524
Goldman Sachs Group, Inc. 3.272% 2025 (3-month USD-LIBOR + 1.201% on 9/29/2024)³		1,385		1,451
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)³		725		784
Goldman Sachs Group, Inc. 4.75% 2045		175		213
Intesa Sanpaolo SpA 5.71% 2026⁴		1,605		1,642
JPMorgan Chase & Co. 2.70% 2023		120		124
JPMorgan Chase & Co. 3.559% 2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)³		1,125		1,192
JPMorgan Chase & Co. 2.301% 2025 (USD-SOFR + 1.16% on 10/15/2024)³		1,165		1,191
JPMorgan Chase & Co. 3.509% 2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)³		500		542
JPMorgan Chase & Co. 4.203% 2029 (3-month USD-LIBOR + 1.26% on 7/23/2028)³		679		768
JPMorgan Chase & Co. 2.739% 2030 (USD-SOFR + 1.51% on 10/15/2029)³		1,870		1,932
Lloyds Banking Group PLC 4.375% 2028		200		222
Marsh & McLennan Cos., Inc. 3.50% 2020		385		391
Marsh & McLennan Cos., Inc. 3.875% 2024		495		539
Morgan Stanley 2.72% 2025 (USD-SOFR + 1.152% on 7/22/2024)³		1,640		1,691
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)³		461		473
National Rural Utilities Cooperative Finance Corp. 2.90% 2021		870		885
New York Life Global Funding 1.70% 2021⁴		750		757
New York Life Global Funding 2.25% 2022⁴		305		315
Toronto-Dominion Bank 2.65% 2024		1,180		1,229
U.S. Bancorp 3.05% 2020		900		903

62	Private Client Services Funds

Capital Group Core Bond Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
U.S. Bancorp 3.104% 2021 (3-month USD-LIBOR + 0.29% on 5/21/2020)³	$	1,000	$	1,000
U.S. Bancorp 3.40% 2023		500		535
UniCredit SpA 3.75% 2022⁴		500		505
Wells Fargo & Co. 4.478% 2031 (3-month USD-LIBOR + 3.77% on 4/4/2030)³		1,715		2,000
				28,623

Utilities 2.95%
Ameren Corp. 2.50% 2024		373		387
Connecticut Light and Power Co. 3.20% 2027		1,025		1,123
Consumers Energy Co. 4.05% 2048		285		372
Duke Energy Carolinas, LLC 2.45% 2030		1,655		1,766
Duke Energy Corp. 2.65% 2026		660		701
Duke Energy Progress, LLC 3.375% 2023		786		840
Duke Energy Progress, LLC 3.70% 2028		200		231
Enel Finance International SA 4.25% 2023⁴		1,106		1,174
Enel Finance International SA 3.50% 2028⁴		378		393
Enel Finance International SA 4.875% 2029⁴		327		378
Eversource Energy 2.75% 2022		750		771
Exelon Corp. 3.40% 2026		65		71
FirstEnergy Corp. 2.05% 2025		350		351
Florida Power & Light Co. 2.85% 2025		225		244
Pacific Gas and Electric Co. 2.45% 2022⁵		300		308
Public Service Enterprise Group Inc. 1.90% 2021		270		272
Public Service Enterprise Group Inc. 2.25% 2026		520		545
Southern California Edison Co. 3.70% 2025		1,920		2,092
Southern California Edison Co. 2.85% 2029		1,580		1,634
Tampa Electric Co. 2.60% 2022		350		355
Virginia Electric and Power Co. 3.10% 2025		1,040		1,121
Xcel Energy Inc. 3.30% 2025		190		204
				15,333

Industrials 2.87%
Airbus Group SE 2.70% 2023⁴		85		86
Avolon Holdings Funding Ltd. 3.625% 2022⁴		587		538
Avolon Holdings Funding Ltd. 3.95% 2024⁴		743		641
Avolon Holdings Funding Ltd. 4.375% 2026⁴		925		795
Boeing Co. 2.70% 2022		1,615		1,567
Boeing Co. 2.80% 2024		660		602
Boeing Co. 3.10% 2026		855		786
Boeing Co. 5.04% 2027		1,021		1,021
Boeing Co. 5.15% 2030		1,276		1,276
Carrier Global Corp. 1.923% 2023⁴		980		987
Carrier Global Corp. 2.242% 2025⁴		356		355
Emerson Electric Co. 1.80% 2027		383		384
Honeywell International Inc. 2.15% 2022		1,160		1,195
Honeywell International Inc. 2.30% 2024		878		922
Lockheed Martin Corp. 3.10% 2023		95		100
Lockheed Martin Corp. 3.55% 2026		95		107
Northrop Grumman Corp. 2.55% 2022		425		440
Otis Worldwide Corp. 2.056% 2025⁴		740		754
Rockwell Collins, Inc. 2.80% 2022		375		385
Rockwell Collins, Inc. 3.20% 2024		275		292
Union Pacific Corp. 3.75% 2025		230		256
Union Pacific Corp. 2.15% 2027		793		810
United Technologies Corp. 3.65% 2023		91		98
Vinci SA 3.75% 2029⁴		200		224
Waste Management, Inc. 4.60% 2021		300		306
				14,927

Energy 2.50%
Boardwalk Pipeline Partners, LP 4.95% 2024		460		417
BP Capital Markets PLC 4.234% 2028		447		497
Cenovus Energy Inc. 4.25% 2027		170		134
Concho Resources Inc. 4.30% 2028		80		81

Private Client Services Funds

Capital Group Core Bond Fund

Bonds, notes & other debt instruments(continued)	Principal amount (000)		Value (000)
Corporate bonds & notes (continued)
Energy (continued)
Enbridge Energy Partners, LP 5.875% 2025	$	230	$	251
Energy Transfer Partners, LP 4.20% 2023		155		153
Energy Transfer Partners, LP 4.50% 2024		90		89
EOG Resources, Inc. 4.375% 2030		501		560
Equinor ASA 3.625% 2028		265		289
Exxon Mobil Corp. 2.019% 2024		1,145		1,180
Exxon Mobil Corp. 2.275% 2026		1,145		1,188
Exxon Mobil Corp. 2.44% 2029		368		380
Kinder Morgan, Inc. 3.15% 2023		495		505
MPLX LP 3.375% 2023		75		74
MPLX LP 4.00% 2028		350		332
Occidental Petroleum Corp. 3.20% 2026		154		112
Petróleos Mexicanos 6.50% 2027		200		163
Petróleos Mexicanos 6.84% 2030⁴		1,447		1,137
Phillips 66 4.30% 2022		290		303
Phillips 66 3.85% 2025		1,253		1,314
Phillips 66 Partners LP 3.55% 2026		105		105
Schlumberger BV 4.00% 2025⁴		165		167
Shell International Finance BV 1.75% 2021		435		437
Statoil ASA 3.25% 2024		85		92
TC PipeLines, LP 4.375% 2025		430		445
Total Capital International 2.875% 2022		230		236
Total Capital International 2.434% 2025		775		798
TransCanada PipeLines Ltd. 4.25% 2028		615		663
TransCanada PipeLines Ltd. 4.10% 2030		838		908
				13,010

Health care 2.09%
Abbott Laboratories 3.40% 2023		98		106
Abbott Laboratories 3.75% 2026		292		338
AbbVie Inc. 2.30% 2022⁴		1,054		1,082
Aetna Inc. 2.80% 2023		55		57
Amgen Inc. 2.20% 2027		740		762
AstraZeneca PLC 3.375% 2025		445		493
Bayer US Finance II LLC 3.875% 2023⁴		400		425
Becton, Dickinson and Co. 3.734% 2024		61		66
Boston Scientific Corp. 3.45% 2024		675		716
Boston Scientific Corp. 3.75% 2026		530		580
Cigna Corp. 3.40% 2021		255		262
Cigna Corp. 3.75% 2023		183		195
Cigna Corp. 4.375% 2028		250		286
CVS Health Corp. 4.30% 2028		500		564
GlaxoSmithKline PLC 3.375% 2023		750		804
Novartis Capital Corp. 1.75% 2025		1,006		1,040
Novartis Capital Corp. 2.00% 2027		275		291
Pfizer Inc. 2.95% 2024		485		526
Shire PLC 2.875% 2023		120		125
Shire PLC 3.20% 2026		300		326
Teva Pharmaceutical Finance Co. BV 2.80% 2023		60		55
Teva Pharmaceutical Finance Co. BV 3.15% 2026		60		53
UnitedHealth Group Inc. 3.35% 2022		380		402
UnitedHealth Group Inc. 3.75% 2025		460		515
WellPoint, Inc. 4.35% 2020		300		303
Zimmer Holdings, Inc. 3.15% 2022		485		498
				10,870

Consumer discretionary 1.99%
Amazon.com, Inc. 2.40% 2023		500		524
Amazon.com, Inc. 2.80% 2024		500		539
American Honda Finance Corp. 2.65% 2021		645		650
American Honda Finance Corp. 2.30% 2026		80		79
American Honda Finance Corp. 3.50% 2028		325		338

64	Private Client Services Funds

Capital Group Core Bond Fund

Bonds, notes & other debt instruments	Principal amount (000)		Value (000)
Bayerische Motoren Werke AG 3.90% 2025⁴	$	1,000	$	1,065
DaimlerChrysler North America Holding Corp. 3.30% 2025⁴		250		248
Ford Motor Credit Co. 3.157% 2020		550		549
Ford Motor Credit Co. 3.219% 2022		205		193
General Motors Co. 4.00% 2025		145		140
General Motors Co. 4.35% 2025		200		191
General Motors Financial Co. 3.70% 2020		320		319
General Motors Financial Co. 3.55% 2022		570		552
General Motors Financial Co. 4.15% 2023		710		688
General Motors Financial Co. 4.00% 2026		175		159
Home Depot, Inc. 4.40% 2021		350		358
Home Depot, Inc. 3.25% 2022		350		367
McDonald’s Corp. 3.70% 2026		135		150
McDonald’s Corp. 3.50% 2027		185		203
NIKE, Inc. 2.375% 2026		615		659
Starbucks Corp. 3.80% 2025		782		855
Starbucks Corp. 4.00% 2028		185		208
Toyota Motor Credit Corp. 3.00% 2025		1,240		1,322
				10,356

Consumer staples 1.80%
Altria Group, Inc. 2.85% 2022		250		257
Altria Group, Inc. 2.95% 2023		200		208
Altria Group, Inc. 4.40% 2026		225		250
Anheuser-Busch InBev NV 4.15% 2025		391		436
Anheuser-Busch InBev NV 3.50% 2030		1,002		1,071
Anheuser-Busch InBev NV 4.90% 2031		100		117
British American Tobacco PLC 3.557% 2027		1,230		1,266
Constellation Brands, Inc. 3.20% 2023		386		403
Constellation Brands, Inc. 2.875% 2030		239		243
Costco Wholesale Corp. 2.30% 2022		285		295
Costco Wholesale Corp. 1.375% 2027		674		678
Keurig Dr Pepper Inc. 4.057% 2023		900		964
Keurig Dr Pepper Inc. 3.20% 2030		500		535
Kimberly-Clark Corp. 3.10% 2030		116		129
Molson Coors Brewing Co. 3.00% 2026		245		242
Philip Morris International Inc. 1.875% 2021		165		167
Philip Morris International Inc. 1.50% 2025		274		274
Procter & Gamble Co. 3.00% 2030		495		563
Reynolds American Inc. 4.00% 2022		70		73
Wal-Mart Stores, Inc. 3.125% 2021		449		462
Wal-Mart Stores, Inc. 3.40% 2023		335		362
Wal-Mart Stores, Inc. 3.70% 2028		339		394
				9,389

Communication services 1.47%
CCO Holdings LLC and CCO Holdings Capital Corp. 4.908% 2025		165		186
Charter Communications Operating, LLC/Charter Communications Operating Capital 2.80% 2031		997		1,005
Comcast Corp. 3.95% 2025		539		608
Deutsche Telekom AG 3.625% 2050⁴		275		303
Deutsche Telekom International Finance BV 2.82% 2022⁴		405		414
Fox Corp. 3.05% 2025		169		179
Fox Corp. 3.50% 2030		1,118		1,205
T-Mobile US, Inc. 3.75% 2027⁴		2,507		2,700
Verizon Communications Inc. 3.00% 2027		450		489
Vodafone Group PLC 3.75% 2024		275		296
Vodafone Group PLC 4.125% 2025		220		246
				7,631

Private Client Services Funds

Capital Group Core Bond Fund

Bonds, notes & other debt instruments(continued)	Principal amount (000)		Value (000)
Corporate bonds & notes (continued)
Information technology 0.94%
Adobe Inc. 1.90% 2025	$	647	$	674
Broadcom Inc. 4.25% 2026⁴		930		998
Broadcom Ltd. 3.625% 2024		270		283
Broadcom Ltd. 3.875% 2027		185		192
Fiserv, Inc. 2.75% 2024		950		1,001
Fiserv, Inc. 3.20% 2026		670		719
International Business Machines Corp. 1.70% 2027		1,020		1,018
				4,885

Real estate 0.91%
Alexandria Real Estate Equities, Inc. 3.95% 2028		60		64
American Campus Communities, Inc. 3.75% 2023		300		304
American Campus Communities, Inc. 4.125% 2024		415		416
Corporate Office Properties LP 5.25% 2024		235		247
Equinix, Inc. 2.90% 2026		929		955
ERP Operating LP 4.625% 2021		215		225
Essex Portfolio LP 3.50% 2025		490		512
Gaming and Leisure Properties, Inc. 3.35% 2024		242		225
Kimco Realty Corp. 3.40% 2022		35		36
Scentre Group 3.50% 2025⁴		250		250
Simon Property Group, LP 2.50% 2021		460		459
WEA Finance LLC 3.25% 2020⁴		355		355
Welltower Inc. 3.95% 2023		645		660
				4,708

Materials 0.54%
Air Products and Chemicals, Inc. 1.50% 2025		270		273
Air Products and Chemicals, Inc. 1.85% 2027		155		157
Dow Chemical Co. 3.15% 2024		920		960
Dow Chemical Co. 3.625% 2026		250		264
DowDuPont Inc. 4.205% 2023		560		606
DowDuPont Inc. 4.493% 2025		515		568
				2,828

Total corporate bonds & notes				122,560

Asset-backed obligations 10.39%
CarMaxAuto Owner Trust, Series 2019-2, Class A2A, 2.69% 2022⁶		374		376
CarMaxAuto Owner Trust, Series 2020-1, Class A2, 1.87% 2023⁶		549		552
CarMaxAuto Owner Trust, Series 2019-2, Class A3, 2.68% 2024⁶		750		766
CarMaxAuto Owner Trust, Series 2019-2, Class A4, 2.77% 2024⁶		805		828
CarMaxAuto Owner Trust, Series 2019-2, Class B, 3.01% 2024⁶		775		780
CarMaxAuto Owner Trust, Series 2019-2, Class C, 3.16% 2025⁶		1,150		1,136
CPS Auto Receivables Trust, Series 2019-B, Class A, 2.89% 2022^4,6		155		155
CPS Auto Receivables Trust, Series 2019-B, Class C, 3.35% 2024^4,6		510		504
Drive Auto Receivables Trust, Series 2020-1, Class A2, 1.99% 2022⁶		278		279
Drive Auto Receivables Trust, Series 2019-3, Class A3, 2.49% 2023⁶		1,615		1,624
Drive Auto Receivables Trust, Series 2020-1, Class B, 2.08% 2024⁶		1,900		1,882
Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65% 2024⁶		330		330
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 2026⁶		2,166		2,079
Drivetime Auto Owner Trust, Series 2019-2A, Class A, 2.85% 2022^4,6		131		131
Drivetime Auto Owner Trust, Series 2020-1, Class A, 1.94% 2023^4,6		305		304
Drivetime Auto Owner Trust, Series 2019-2A, Class B, 2.99% 2023^4,6		540		541
Drivetime Auto Owner Trust, Series 2020-1, Class B, 2.16% 2024^4,6		1,000		985
Exeter Automobile Receivables Trust, Series 2019-2A, Class A, 2.93% 2022^4,6		460		461
Exeter Automobile Receivables Trust, Series 2017-1A, Class C, 3.95% 2022^4,6		802		781
Exeter Automobile Receivables Trust, Series 2019-2A, Class B, 3.06% 2023^4,6		1,345		1,348
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30% 2024^4,6		1,070		1,067
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 2030^4,6		460		473
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 2031^4,6		1,379		1,347
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 2031^4,6		2,365		2,420
Global SC Finance II SRL, Series 2014-1A, Class A1, 3.19% 2029^4,6		326		316

66	Private Client Services Funds

Capital Group Core Bond Fund

Bonds, notes & other debt instruments	Principal amount (000)			Value (000)
Global SC Finance II SRL, Series 2017-1A, Class A, 3.85% 2037^4,6	$	358		$	344
GM Financial Automobile Leasing Trust, Series 2019-2, Class A3, 2.67% 2022⁶		2,310			2,333
GM Financial Automobile Leasing Trust, Series 2019-2, Class A4, 2.72% 2023⁶		487			494
Honda Auto Receivables Owner Trust, Series 2019-2, Class A3, 2.52% 2023⁶		1,530			1,567
Nissan Auto Receivables Owner Trust, Series 2019-A, Class A-3, 2.90% 2023⁶		500			512
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 2060^4,6,7		3,718			3,498
Santander Drive Auto Receivables Trust, Series 2019-3, Class A2A, 2.28% 2022⁶		847			848
Santander Drive Auto Receivables Trust, Series 2019-3, Class B, 2.28% 2023⁶		1,363			1,357
Santander Drive Auto Receivables Trust, Series 2019-3, Class C, 2.49% 2025⁶		934			927
Synchrony Credit Card Master Note Trust, Series 2018-A1, Class A1, 3.38% 2024⁶		1,390			1,427
Synchrony Credit Card Master Note Trust, Series 2019-1, Class A, 2.95% 2025⁶		1,585			1,600
TAL Advantage V LLC, Series 2013-2A, Class A, 3.55% 2038^4,6		188			187
TAL Advantage V LLC, Series 2017-1A, Class A, 4.50% 2042^4,6		354			349
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 2031^4,6		1,250			1,294
Toyota Auto Receivables Owner Trust, Series 2019-B, Class A2A, 2.59% 2022⁶		1,283			1,292
Toyota Auto Receivables Owner Trust, Series 2019-B, Class A3, 2.57% 2023⁶		1,223			1,252
Verizon Owner Trust, Series 2017-1A, Class A, 2.06% 2021^4,6		16			16
Verizon Owner Trust, Series 2020-A, Class A1A, 1.85% 2024⁶		1,000			1,012
Verizon Owner Trust, Series 2019-C, Class A1A, 1.94% 2024⁶		2,816			2,851
Volkswagen Auto Lease Trust, Series 2019-A, Class A3, 1.99% 2022⁶		1,415			1,413
Volkswagen Auto Lease Trust, Series 2019-A, Class A2A, 2.00% 2022⁶		975			978
Westlake Automobile Receivables Trust, Series 2017-2A, Class C, 2.59% 2022^4,6		716			717
Westlake Automobile Receivables Trust, Series 2019-2A, Class A2, 2.57% 2023^4,6		1,212			1,214
Westlake Automobile Receivables Trust, Series 2019-2A, Class B, 2.62% 2024^4,6		435			432
World Financial Network Credit Card Master Note Trust, Series 2019-A, Class A, 3.14% 2025⁶		1,385			1,422
World Financial Network Credit Card Master Note Trust, Series 2018-B, Class A, 3.46% 2025⁶		1,460			1,465
World OMNI Select Auto Trust, Series 2019-A, Class A2A, 2.48% 2023⁶		1,788			1,798
					54,064

Mortgage-backed obligations 6.16%
Federal agency mortgage-backed obligations 4.61%
Fannie Mae Pool #889995 5.50% 2038⁶		241			276
Fannie Mae Pool #AI5236 5.00% 2041⁶		526			600
Fannie Mae Pool #AI8806 5.00% 2041⁶		91			104
Fannie Mae Pool #CA0487 3.50% 2047⁶		3,051			3,248
Fannie Mae, Series 2007-33, Class HE, 5.50% 2037⁶		5			6
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2027^6,7		461			511
Freddie Mac 3.50% 2045⁶		1,684			1,855
Freddie Mac 3.50% 2049⁶		989			1,046
Freddie Mac Pool #ZS8716 3.50% 2033⁶		708			748
Freddie Mac, Series 3272, Class PA, 6.00% 2037⁶		15			18
Freddie Mac, Series K013, Class A2, Multi Family, 3.974% 2021⁶		544			552
Freddie Mac, Series K020, Class A2, Multi Family, 2.373% 2022⁶		250			257
Freddie Mac, Series K718, Class A2, Multi Family, 2.791% 2022⁶		1,368	��		1,410
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 2.50% 2056^6,7		407			427
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 2056^6,7		591			620
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 2056⁶		394			414
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 2057^6,7		230			237
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 2057⁶		474			518
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 2057⁶		240			262
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 2058⁶		1,994			2,137
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2059⁶		1,978			2,068
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 2028⁶		2,081			2,194
Government National Mortgage Assn. 4.50% 2049⁶		1,451			1,557
Government National Mortgage Assn. 4.50% 2050^6,8		578			619
Government National Mortgage Assn. Pool #004617 4.50% 2040⁶		40			44
Government National Mortgage Assn. Pool #MA3939 4.50% 2046⁶		10			11
Government National Mortgage Assn. Pool #MA6040 4.00% 2049⁶		10			11
Government National Mortgage Assn. Pool #MA5877 4.50% 2049⁶		1,151			1,234
Government National Mortgage Assn. Pool #MA6041 4.50% 2049⁶		279			299
Government National Mortgage Assn. Pool #MA6092 4.50% 2049⁶		238			255

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)
Government National Mortgage Assn. Pool #694836 5.661% 2059⁶	$	2	$	3
Government National Mortgage Assn. Pool #776095 4.921% 2064⁶		4		4
Government National Mortgage Assn. Pool #AA7554 6.64% 2064⁶		58		60
Government National Mortgage Assn., Series 2012-H20, Class PT, 2.401% 2062^6,7		344		344
				23,949

Collateralized mortgage-backed obligations (privately originated) 1.55%
Bellemeade Re Ltd., Series 2019-3A, Class M1A, 1.587% 2029^4,6,7		232		229
Bunker Hill Loan Depositary Trust, Series 2019-1, Class A1, 3.613% 2048^4,6,7		682		688
Bunker Hill Loan Depositary Trust, Series 2019-1, Class A3, 3.919% 2048^4,6,7		610		596
Finance of America Structured Securities Trust, Series 2019-HB1, Class A, 3.279% 2029^4,6,7		260		261
Finance of America Structured Securities Trust, Series 2019-HB1, Class M1, 3.396% 2029^4,6,7		698		688
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 2069^4,6		955		1,016
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 2059^4,6,7		733		676
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 2059^4,6,7		977		895
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 2059^4,6,7		800		769
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 1.697% 2052^4,6,7		1,000		993
Mello Warehouse Securitization Trust, Series 2019-2, Class B, (1-month USD-LIBOR + 0.95%) 1.897% 2052^4,6,7		276		266
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 2063^4,6,7		637		618
Station Place Securitization Trust, Series 2019-WL1, Class A, (1-month USD-LIBOR + 0.65%) 1.137% 2052^4,6,7		380		382
				8,077

Total mortgage-backed obligations				32,026

Municipals 0.58%
California 0.05%
High-Speed Passenger Train G.O. Rev. Ref. Bonds, Series 2017-A, 2.367% 2022		250		256

Florida 0.40%
Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2013-A, 2.995% 2020		2,060		2,067

New Jersey 0.13%
Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2015-YY, 4.447% 2020		650		652

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

Total municipals				3,001

Bonds & notes of governments & government agencies outside the U.S. 0.57%
European Investment Bank 2.25% 2022		751		778
Manitoba (Province of) 3.05% 2024		200		218
Ontario (Province of) 3.20% 2024		500		549
Saudi Arabia (Kingdom of) 4.00% 2025⁴		430		460
Saudi Arabia (Kingdom of) 4.50% 2030⁴		445		500
United Mexican States 4.15% 2027		460		462
				2,967

Federal agency bonds & notes 0.49%
Fannie Mae 2.375% 2023		2,442		2,577

Total bonds, notes & other debt instruments (cost: $468,505,000)				488,930


68	Private Client Services Funds

Capital Group Core Bond Fund

Short-term securities 6.33%	Shares		Value (000)
Money market investments 6.33%
Capital Group Central Cash Fund 0.52%⁹		328,853	$	32,895

Total short-term securities (cost: $32,893,000)				32,895
Total investment securities 100.32% (cost: $501,398,000)				521,825
Other assets less liabilities (0.32%)				(1,646	)

Net assets 100.00%			$	520,179

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount¹⁰ (000)			Value at 4/30/2020¹¹ (000)			Unrealized appreciation (depreciation) at 4/30/2020 (000)
2 Year U.S. Treasury Note Futures	Long	123	July 2020	$	24,600		$	27,113		$	3
5 Year U.S. Treasury Note Futures	Long	585	July 2020		58,500			73,408			751
10 Year U.S. Treasury Note Futures	Long	30	June 2020		3,000			4,172			41
10 Year Ultra U.S. Treasury Note Futures	Short	240	June 2020		(24,000	)		(37,687	)		(1,019	)
										$	(224	)

¹	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $604,000, which represented .12% of the net assets of the fund.
²	Index-linked bond whose principal amount moves with a government price index.
³	Step bond; coupon rate may change at a later date.
⁴	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $46,609,000, which represented 8.96% of the net assets of the fund.
⁵	Scheduled interest and/or principal payment was not received.
⁶	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁷	Coupon rate may change periodically. 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 4/30/2020.
¹⁰	Notional amount is calculated based on the number of contracts and notional contract size.
¹¹	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Auth. = Authority

Dev. = Development

Econ. = Economic

Facs. = Facilities

Fin. = Finance

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To-be-announced

USD/$ = U.S. dollars

Private Client Services Funds

Financial statements

Statements of assets and liabilities
at April 30, 2020

	Capital Group Core Municipal Fund			Capital Group Short-Term Municipal Fund
Assets:
Investment securities in unaffiliated issuers, at value	$	596,543		$	181,551
Cash		252			1,329
Cash collateral pledged for futures contracts		182			—
Receivables for:
Sales of investments		2,272			575
Sales of fund’s shares		930			400
Dividends and interest		6,239			1,763
Services provided by related parties		—			2
Variation margin on futures contracts		10			—
Total assets		606,428			185,620

Liabilities:
Payables for:
Purchases of investments		13,061			1,213
Repurchases of fund’s shares		341			47
Investment advisory services		122			37
Variation margin on futures contracts		5			—
Other		—	*		—	*
Total liabilities		13,529			1,297
Net assets at April 30, 2020	$	592,899		$	184,323

Net assets consist of:
Capital paid in on shares of beneficial interest	$	585,672		$	184,104
Total distributable earnings		7,227			219
Net assets at April 30, 2020	$	592,899		$	184,323

Investment securities in unaffiliated issuers, at cost	$	593,842		$	181,579
Shares outstanding		56,777			18,193
Net asset value per share	$	10.44		$	10.13

*	Amount less than one thousand.

See notes to financial statements.

70	Private Client Services Funds

unaudited

(dollars in thousands)

Capital Group California Core Municipal Fund			Capital Group California Short-Term Municipal Fund			Capital Group Core Bond Fund

$	571,597		$	168,931		$	521,825
	768			696			257
	328			—			—

	3,263			—			436
	1,328			422			235
	5,668			1,722			2,144
	—			5			—
	18			—			47
	582,970			171,776			524,944

	5,692			4,025			4,221
	223			42			412
	118			33			106
	9			—			26
	—	*		—	*		—	*
	6,042			4,100			4,765
$	576,928		$	167,676		$	520,179

$	569,631		$	166,620		$	498,458
	7,297			1,056			21,721
$	576,928		$	167,676		$	520,179

$	568,098		$	168,507		$	501,398
	54,484			16,411			49,221
$	10.59		$	10.22		$	10.57

Private Client Services Funds

Statements of operations
for the six months ended April 30, 2020

	Capital Group Core Municipal Fund			Capital Group Short-Term Municipal Fund
Investment income:
Income (net of non-U.S. taxes*):
Dividends	$	—		$	—
Interest		6,297			1,322
		6,297			1,322
*Fees and expenses:**
Investment advisory services		741			176
Transfer agent services		—	^†		—	^†
Reports to shareholders		11			3
Registration statement and prospectus		53			31
Trustees’ compensation		30			14
Auditing and legal		9			2
Custodian		5			4
Other		8			1
Total fees and expenses before reimbursements		857			231
Less reimbursements of fees and expenses:
Miscellaneous fee reimbursements		—			44
Total reimbursements of fees and expenses		—			44
Total fees and expenses after reimbursements		857			187
Net investment income		5,440			1,135

Net realized gain and unrealized (depreciation) appreciation:
Net realized gain (loss) on:
Investments in unaffiliated issuers		2,558			274
Futures contracts		1,904			535
Swap contracts		—			—
		4,462			809
Net unrealized (depreciation) appreciation on:
Investments in unaffiliated issuers		(9,803	)		(1,327	)
Futures contracts		(15	)		(2	)
Swap contracts		—			—
		(9,818	)		(1,329	)
Net realized gain and unrealized (depreciation) appreciation		(5,356	)		(520	)

Net increase (decrease) in net assets resulting from operations	$	84		$	615

*	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.

72	Private Client Services Funds

unaudited

(dollars in thousands)

Capital Group California Core Municipal Fund			Capital Group California Short-Term Municipal Fund			Capital Group Core Bond Fund

$	—		$	—		$	160
	5,609			1,267			5,468
	5,609			1,267			5,628

	713			195			617
	—	^†		—	^†		—	^†
	10			4			9
	14			5			28
	24			14			22
	9			3			8
	5			4			9
	8			2			6
	783			227			699

	—			16			—
	—			16			—
	783			211			699
	4,826			1,056			4,929

	2,435			315			3,192
	1,287			362			36
	—			—			(669	)
	3,722			677			2,559

	(11,331	)		(1,577	)		10,454
	23			2			117
	—			—			2,447
	(11,308	)		(1,575	)		13,018
	(7,586	)		(898	)		15,577
$	(2,760	)	$	158		$	20,506

Private Client Services Funds

Statements of changes in net assets

	Capital Group Core Municipal Fund						Capital Group Short-Term Municipal Fund
	Six months ended April 30, 2020*			Year ended October 31, 2019			Six months ended April 30, 2020*			Year ended October 31, 2019
Operations:
Net investment income	$	5,440		$	11,256		$	1,135		$	2,561
Net realized gain		4,462			1,611			809			273
Net unrealized (depreciation) appreciation		(9,818	)		17,498			(1,329	)		2,638
Net increase (decrease) in net assets resulting from operations		84			30,365			615			5,472

Distributions paid to shareholders		(6,245	)		(11,191	)		(1,142	)		(2,575	)

Net capital share transactions		15,310			90,653			58,303			(14,037	)

Total increase (decrease) in net assets		9,149			109,827			57,776			(11,140	)

Net assets:
Beginning of year		583,750			473,923			126,547			137,687
End of year	$	592,899		$	583,750		$	184,323		$	126,547

*	Unaudited.

See notes to financial statements.

74	Private Client Services Funds

(dollars in thousands)

Capital Group California Core Municipal Fund						Capital Group California Short-Term Municipal Fund						Capital Group Core Bond Fund
Six months ended April 30, 2020*			Year ended October 31, 2019			Six months ended April 30, 2020*			Year ended October 31, 2019			Six months ended April 30, 2020*			Year ended October 31, 2019

$	4,826		$	9,588		$	1,056		$	2,237		$	4,929		$	10,448
	3,722			784			677			107			2,559			3,932
	(11,308	)		17,393			(1,575	)		2,942			13,018			18,644
	(2,760	)		27,765			158			5,286			20,506			33,024
	(5,554	)		(9,947	)		(1,064	)		(2,211	)		(7,781	)		(10,336	)

	28,673			86,886			4,751			31,985			30,699			7,886

	20,359			104,704			3,845			35,060			43,424			30,574

	556,569			451,865			163,831			128,771			476,755			446,181
$	576,928		$	556,569		$	167,676		$	163,831		$	520,179		$	476,755

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 U.S. GAAP. The net asset value of each fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.

76	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; 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.

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 following tables present the funds’ valuation levels as of April 30, 2020 (dollars in thousands):

Capital Group Core Municipal Fund

	Investment securities
		Level 1			Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Municipals	$	—		$	563,964	$	—	$	563,964
Short-term securities		—			32,579		—		32,579
Total	$	—		$	596,543	$	—	$	596,543

	Other investments*
		Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	39		$	—	$	—	$	39
Liabilities:
Unrealized depreciation on futures contracts		(19	)		—		—		(19	)
Total	$	20		$	—	$	—	$	20

*	Futures contracts are not included in the investment portfolio.

Capital Group Short-Term Municipal Fund

At April 30, 2020, all of the fund’s investment securities were classified as Level 2.

Capital Group California Core Municipal Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Municipals	$	—	$	542,587	$	—	$	542,587
Short-term securities		—		29,010		—		29,010
Total	$	—	$	571,597	$	—	$	571,597

78	Private Client Services Funds

	Other investments*
		Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	72		$	—	$	—	$	72
Liabilities:
Unrealized depreciation on futures contracts		(49	)		—		—		(49	)
Total	$	23		$	—	$	—	$	23

*	Futures contracts are not included in the investment portfolio.

Capital Group California Short-Term Municipal Fund

At April 30, 2020, all of the fund’s investment securities were classified as Level 2.

Capital Group Core Bond Fund

	Investment securities
		Level 1			Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes	$	—		$	271,735	$	—	$	271,735
Corporate bonds & notes		—			122,560		—		122,560
Asset-backed obligations		—			54,064		—		54,064
Mortgage-backed obligations		—			32,026		—		32,026
Municipals		—			3,001		—		3,001
Bonds & notes of governments & government agencies outside the U.S.		—			2,967		—		2,967
Federal agency bonds & notes		—			2,577		—		2,577
Short-term securities		32,895			—		—		32,895
Total	$	32,895		$	488,930	$	—	$	521,825

		Other investments*
		Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	795		$	—	$	—	$	795
Liabilities:
Unrealized depreciation on futures contracts		(1,019	)		—		—		(1,019	)
Total	$	(224	)	$	—	$	—	$	(224	)

*	Futures contracts 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.

Issuer risks— The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in debt instruments— The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.

Private Client Services Funds

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

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

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

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

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

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

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

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

Investing in securities backed by the U.S. government— Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by

80	Private Client Services Funds

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.

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— Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM”), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

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

Private Client Services Funds

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 funds’ 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. 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 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 and interest rate swaps while held for each fund (dollars in thousands):

Futures
contracts

Interest
rate
swaps

Credit
default
swaps

Capital Group Core Municipal Fund

90,245

Not applicable

Capital Group Short-Term Municipal Fund

24,900

Not applicable

Capital Group California Core Municipal Fund

82,530

Not applicable

Capital Group California Short-Term Municipal

25,470

Not applicable

Capital Group Core Bond Fund

344,558

$226,272

$31,000

*	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.

82	Private Client Services Funds

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, 2020 (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 gain

Net unrealized depreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized gain on futures contracts

1,904

Net unrealized depreciation on futures contracts

(15

)

Capital Group Short-Term Municipal Fund

Net realized gain

Net unrealized depreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized gain on futures contracts

535

Net unrealized depreciation 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

1,287

Net unrealized appreciation on futures contracts

Capital Group California Short-Term Municipal Fund

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

362

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*

795

Unrealized depreciation*

1,019

Net realized gain (loss)

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

Net unrealized appreciation on futures contracts

117

Swap

Interest

Net realized loss on swap contracts

(1,608

)

Net unrealized appreciation on swap contracts

2,447

Swap

Credit

Net realized gain on swap contracts

939

Net unrealized appreciation on swap contracts

—

(633

)

2,564

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

Collateral— The funds participate 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 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 the fund’s statement of assets and liabilities.

6. Taxation and distributions

Federal income taxation— Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and each intends to distribute substantially all of its net income and net capital gains each year. The funds are not subject to income taxes to the extent taxable income and net capital gains are distributed. Therefore, no federal income tax provision is required.

As of and during the period ended April 30, 2020, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

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

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

84	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, 2019
Undistributed ordinary income	$	619		$	—		$	561		$	—		$	1,689
Undistributed tax-exempt income		58			10			58			29			—
Undistributed long-term capital gains		183			—			152			—			1,115
Capital loss carryforward*		—			(569	)		—			(98	)		—
As of April 30, 2020
Gross unrealized appreciation on investments		7,434			861			8,091			1,105			22,950
Gross unrealized depreciation on investments		(4,687	)		(883	)		(4,557	)		(642	)		(2,761	)
Net unrealized appreciation (depreciation) on investments		2,747			(22	)		3,534			463			20,189
Cost of investments		593,816			181,573			568,086			168,468			501,412

*	Capital loss carryforwards will be used to offset any capital gains realized by the funds in the current year or in subsequent years. The funds will not make distributions from capital gains while a capital loss carryforward remains.

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

	Six months ended April 30, 2020
	Tax-exempt income		Ordinary income		Long-term capital gains		Total distributions paid
Capital Group Core Municipal Fund	$	5,441	$	620	$	184	$	6,245
Capital Group Short-Term Municipal Fund		1,142		—		—		1,142
Capital Group California Core Municipal Fund		4,836		565		153		5,554
Capital Group California Short-Term Municipal Fund		1,064		—		—		1,064
Capital Group Core Bond Fund		—		6,664		1,116		7,780

		Year ended October 31, 2019
	Tax-exempt income		Ordinary income		Long-term capital gains		Total distributions paid
Capital Group Core Municipal Fund	$	11,191	$	—	$	—	$	11,191
Capital Group Short-Term Municipal Fund		2,575		—		—		2,575
Capital Group California Core Municipal Fund		9,495		—		452		9,947
Capital Group California Short-Term Municipal Fund		2,211		—		—		2,211
Capital Group Core Bond Fund		—		10,336		—		10,336

7. Fees and transactions with related parties

CRMC, the funds’ investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the principal underwriter of the funds’ shares, and American Funds Service Company^® (“AFS”), the funds’ transfer agent. CRMC, AFD and AFS are considered related parties to each fund.

Expense limitations have been imposed through at least January 1, 2021, for Capital Group Short-Term Municipal Fund and Capital Group California Short-Term Municipal Fund to limit the share classes’ total annual operating expenses to the following rates (as a percentage of daily net assets):

Fund	Expense limitation
Capital Group Short-Term Municipal Fund		0.30	%
Capital Group California Short-Term Municipal Fund		0.30

Private Client Services Funds

Investment advisory services— Each fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. The fee for Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund is 0.25% of the daily net assets of each fund.

Distribution services— None of the funds pay a distribution services fee to AFD.

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.

Administrative services— None of the funds pay an administrative services fee to 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, 2020 (dollars in thousands):

Fund	Purchases		Sales		Net realized gain
Capital Group Core Municipal Fund	$	443	$	3,884	$	130
Capital Group Short-Term Municipal Fund		5,395		1,626		44
Capital Group California Core Municipal Fund		146		—		—
Capital Group California Short-Term Municipal Fund		2,082		5,305		71
Capital Group Core Bond Fund		—		—		—

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, 2020.

86	Private Client Services Funds

8. Capital share transactions

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

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

Six months ended April 30, 2020

Capital Group Core Municipal Fund	$	49,377		4,663	$	6,215		589	$	(40,282	)		(3,830	)	$	15,310			1,422
Capital Group Short-Term Municipal Fund		88,080		8,667		1,142		112		(30,919	)		(3,058	)		58,303			5,721
Capital Group California Core Municipal Fund		56,962		5,300		5,552		517		(33,841	)		(3,214	)		28,673			2,603
Capital Group California Short-Term Municipal Fund		43,349		4,219		1,064		103		(39,662	)		(3,852	)		4,751			470
Capital Group Core Bond Fund		43,554		4,207		7,708		747		(20,563	)		(1,978	)		30,699			2,976

Year ended October 31, 2019

Capital Group Core Municipal Fund	$	175,135		16,876	$	9,114		873	$	(93,596	)		(9,064	)	$	90,653			8,685
Capital Group Short-Term Municipal Fund		76,051		7,560		2,079		206		(92,167	)		(9,158	)		(14,037	)		(1,392	)
Capital Group California Core Municipal Fund		143,597		13,529		7,872		741		(64,583	)		(6,093	)		86,886			8,177
Capital Group California Short-Term Municipal Fund		83,197		8,163		1,841		180		(53,053	)		(5,196	)		31,985			3,147
Capital Group Core Bond Fund		75,927		7,540		8,773		866		(76,814	)		(7,599	)		7,886			807

9. Investment transactions and other disclosures

The following tables present additional information for each of the funds for the six months ended April 30, 2020 (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*	$	224,253	$	97,932	$	125,571	$	43,170	$	109,556
Sales of investment securities*		189,426		45,340		104,943		42,904		101,604

*	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 (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return²			Net assets, end of period (in millions)		Ratio of expenses to average net assets before 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
4/30/2020^4,5	$	10.55	$	.10	$	(.10	)	$	—	⁶	$	(.10	)	$	(.01	)	$	(.11	)	$	10.44		—	%^7,8	$	593		.29	%⁹		.29	%⁹		1.84	%⁹
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	)		—	⁶		(.21	)		10.41		1.39			442		.35			.34			2.02
10/31/2016		10.49		.21		—	⁶		.21			(.21	)		(.01	)		(.22	)		10.48		1.97			405		.41			.40			1.97
10/31/2015		10.56		.21		(.07	)		.14			(.21	)		—			(.21	)		10.49		1.31			379		.42			.40			1.97
Capital Group Short-Term Municipal Fund
4/30/2020^4,5	$	10.15	$	.08	$	(.02	)	$	.06		$	(.08	)	$	—		$	(.08	)	$	10.13		.60	%⁸	$	184		.33	%⁹		.27	%⁹		1.61	%⁹
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	)		—	⁶		(.14	)		10.09		1.26			150		.41			.35			1.42
10/31/2016		10.12		.12		(.01	)		.11			(.12	)		—	⁶		(.12	)		10.11		1.06			179		.45			.40			1.14
10/31/2015		10.19		.12		(.07	)		.05			(.12	)		—	⁶		(.12	)		10.12		.51			142		.46			.40			1.15
Capital Group California Core Municipal Fund
4/30/2020^4,5	$	10.73	$	.09	$	(.13	)	$	(.04	)	$	(.09	)	$	(.01	)	$	(.10	)	$	10.59		(.34	)%⁸	$	577		.27	%⁹		.27	%⁹		1.69	%⁹
10/31/2019		10.34		.20		.40			.60			(.20	)		(.01	)		(.21	)		10.73		5.84			557		.28			.28			1.89
10/31/2018		10.57		.19		(.23	)		(.04	)		(.18	)		(.01	)		(.19	)		10.34		(.27	)		452		.27			.27			1.85
10/31/2017		10.69		.20		(.11	)		.09			(.20	)		(.01	)		(.21	)		10.57		.84			388		.35			.34			1.88
10/31/2016		10.59		.21		.09			.30			(.20	)		—			(.20	)		10.69		2.86			336		.41			.40			1.89
10/31/2015		10.62		.21		(.03	)		.18			(.21	)		—			(.21	)		10.59		1.68			305		.42			.40			1.95
Capital Group California Short-Term Municipal Fund
4/30/2020^4,5	$	10.28	$	.07	$	(.06	)	$	.01		$	(.07	)	$	—		$	(.07	)	$	10.22		.10	%⁸	$	168		.29	%⁹		.27	%⁹		1.35	%⁹
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	)		—	⁶		(.11	)		10.21		.97			120		.42			.35			1.11
10/31/2016		10.28		.10		(.04	)		.06			(.10	)		(.01	)		(.11	)		10.23		.63			118		.46			.40			1.00
10/31/2015		10.31		.10		(.03	)		.07			(.10	)		—	⁶		(.10	)		10.28		.74			112		.46			.40			.98
Capital Group Core Bond Fund
4/30/2020^4,5	$	10.31	$	.10	$	.33		$	.43		$	(.11	)	$	(.06	)	$	(.17	)	$	10.57		4.16	%⁸	$	520		.28	%⁹		.28	%⁹		2.00	%⁹
10/31/2019		9.82		.23		.48			.71			(.22	)		—			(.22	)		10.31		7.33			477		.28			.28			2.24
10/31/2018		10.14		.21		(.34	)		(.13	)		(.19	)		—			(.19	)		9.82		(1.14	)		446		.28			.28			2.08
10/31/2017		10.31		.16		(.12	)		.04			(.16	)		(.05	)		(.21	)		10.14		.41			416		.35			.34			1.58
10/31/2016		10.19		.16		.15			.31			(.16	)		(.03	)		(.19	)		10.31		3.03			352		.41			.40			1.55
10/31/2015		10.25		.16		(.04	)		.12			(.16	)		(.02	)		(.18	)		10.19		1.25			335		.42			.40			1.59


Portfolio turnover rate for all share classes	Six months ended			Year ended October 31,
excluding mortgage dollar roll transactions^10,11	April 30, 2020^4,5,8			2019			2018			2017			2016			2015
Capital Group Core Bond Fund		40	%		114	%		41	%		52	%		58	%		87	%

Portfolio turnover rate for all share classes,	Six months ended			Year ended October 31,
including mortgage dollar roll transactions¹¹	April 30, 2020^4,5,8			2019			2018			2017			2016			2015
Capital Group Core Municipal Fund		35	%		38	%		55	%		47	%		18	%		16	%
Capital Group Short-Term Municipal Fund		35			50			70			42			24			27
Capital Group California Core Municipal Fund		20			22			69			27			11			13
Capital Group California Short-Term Municipal Fund		29			39			65			36			19			23
Capital Group Core Bond Fund		48			151			110			95			86			126


88	Private Client Services Funds

¹		Based on average shares outstanding.
²		This column reflects the impact, if any, of certain 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		Amount less than $.01.
⁷		Amount less than .01%.
⁸		Not annualized.
⁹		Annualized.
¹⁰		Refer to Note 5 for further information on mortgage dollar rolls.
¹¹		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, 2019, through April 30, 2020).

Actual expenses:

The first line of each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Shareholders of the funds may be subject to an additional fee charged by CRMC’s Capital Group Private Client Services division for the ongoing services provided to the shareholder. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees. Note that the expenses shown in the table are meant to highlight your ongoing costs only. The second line of each fund in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

90	Private Client Services Funds

	Beginning		Ending		Expenses		Annualized
	account value 11/1/2019		account value 4/30/2020		paid during period*		expense ratio
Capital Group Core Municipal Fund
Actual return	$	1,000.00	$	1,000.02	$	1.44		.29	%
Assumed 5% return		1,000.00		1,023.42		1.46		.29
Capital Group Short-Term Municipal Fund
Actual return	$	1,000.00	$	1,005.96	$	1.35		.27	%
Assumed 5% return		1,000.00		1,023.52		1.36		.27
Capital Group California Core Municipal Fund
Actual return	$	1,000.00	$	996.55	$	1.34		.27	%
Assumed 5% return		1,000.00		1,023.52		1.36		.27
Capital Group California Short-Term Municipal Fund
Actual return	$	1,000.00	$	1,001.00	$	1.34		.27	%
Assumed 5% return		1,000.00		1,023.52		1.36		.27
Capital Group Core Bond Fund
Actual return	$	1,000.00	$	1,041.59	$	1.42		.28	%
Assumed 5% return		1,000.00		1,023.47		1.41		.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 366 (to reflect the one-half year period).

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, 2021, 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 the 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 complex of funds. The board considered the risks assumed by CRMC in providing services to the fund, 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 the fund’s lifetime) through December 31, 2019. 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 of the reporting periods, the board and the committee concluded that the 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 the funds’ advisory fees and expenses are competitive with 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 significant investment, operational and regulatory differences between advising the funds and separately managed accounts. They also recognized that the fees for certain separately managed accounts could be lower than those of the funds due to the sizes of the accounts and the clients’ overall relationships with 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 the risks assumed by the adviser, 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 possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles and accounts. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the funds, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the funds.

92	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 fee structure reflected a reasonable sharing of benefits between CRMC and each fund’s shareholders.

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 December 1, 2018, through September 30, 2019. 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.

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

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

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 Sections302 and906 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, 2020

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, 2020

By ___/s/ Gregory F. Niland __________

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: June 30, 2020

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