UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

Investment Company Act File Number: 811-22349

Capital Group Private Client Services Funds

(Exact Name of Registrant as Specified in Charter)

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: (949) 975-5000

Date of fiscal year end: October 31

Date of reporting period: October 31, 2013

Courtney R. Taylor

Capital Group Private Client Services Funds

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

Copies to:

Michael Glazer

Bingham McCutchen LLP

355 South Grand Avenue, Suite 4400

Los Angeles, California 90071

(Counsel for the Registrant)

ITEM 1 – Reports to Stockholders

   

Equities had a

particularly strong year, though bonds also added value.

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^SM

Fund Capital Group Core Bond Fund^SM

Capital Group Global Equity Fund^SM

Capital Group Non-U.S. Equity Fund^SM

Capital Group U.S. Equity Fund^SM

Annual report for the period ending October 31, 2013 capitalgrouppcsfunds.com

Capital Group Private Client Services Funds

Investment Adviser’s Report

October 31, 2013 (unaudited)

Dear Shareholder:

World equity markets finished the year on a strong note thanks largely to the abundant amount of cash injected into the system by the Federal Reserve’s quantitative easing program. Low interest rates and muted inflation proved to be a significant tailwind to equities worldwide, especially in the U.S., though the threat of rising rates continues to loom. In addition, progress made in deleveraging the European financial system and new governance in China positively impacted the markets. Fixed-income securities weakened after the Fed broached the subject of eventually tapering its $85 billion-a-month bond-buying program, though some lost ground was regained after it became clear any changes wouldn’t take place as soon as feared.

Below is a more detailed discussion of the investment results of each of the Capital Group Private Client Services funds during the fiscal year ended October 31, 2013.

Equity Commentary

Over the past year, the Capital Group U.S. Equity Fund rose 26.1%, compared with gains of 27.2% by the S&P 500 index. The Capital Group Global Equity Fund also advanced 26.1%, coming in slightly ahead of its benchmark, the MSCI World Index, which rose 25.8%. The Capital Group Non-U.S. Equity Fund had a milder gain than its benchmark, rising 20.9%, compared with 26.9% for the MSCI EAFE Index.

Capital Group analysts help portfolio managers identify promising growth trends and they conduct on-the-ground research to pinpoint well-managed companies that are potential beneficiaries. For example, the growing prosperity of an emerging middle class in developing markets is expected to drive global economic expansion for years to come. In the funds, we hold fundamentally strong consumer-focused companies with global exposure, such as Compagnie Financière Richemont, which owns luxury goods brands like Cartier, Van Cleef & Arpels and Montblanc. Richemont was among the top contributing stocks in the Global and Non-U.S. Equity funds. We are also interested in banks that have been expanding into these markets. In Asia in particular, we anticipate a surge in demand for banking services and insurance policies as populations seek financial products for their new wealth. Holdings in the Global and Non-U.S. Equity funds that reflect this trend include Standard Chartered and AIA.

The demand for air travel is also expected to increase as flying becomes more affordable for an emerging middle class throughout the developing world. Portfolio managers have been buying companies that repair and refurbish older aircraft, because carriers will need to invest in their current fleets to keep up with new demand for flights. We are particularly focused on companies that manufacture and service a broad array of aircraft, as they are more likely to benefit from this trend. Companies at the forefront of aircraft technology — allowing for greater fuel efficiency, plane durability and passenger capacity — are also of interest.

Health care continues to be a sector in which portfolio managers have been finding compelling investment opportunities. Bristol-Myers Squibb, Gilead Sciences and Seattle Genetics were among the top contributors to the Global and U.S. Equity funds, and Roche was among the 10 greatest contributors to the Non-U.S. Equity fund during the 12-month period. As world populations age, they will require more treatments, specifically those that target age-related diseases. Managers have been investing in innovative, well-run pharmaceutical companies that are in the process of developing promising therapies that should come into high demand by older populations.

Automakers and parts manufacturers are another area of interest. The U.S. economic recovery has greatly increased the demand for new vehicles. Now that Europe appears to be strengthening, automakers are likely to benefit from an additional surge in purchases. Looking down the road, new prosperity in developing markets is also expected to contribute to fresh demand for new vehicles. Also, the next several years should bring a wave of innovations to automobiles, further strengthening demand. Some portfolio managers recently added Daimler as a new holding in the Global, Non-U.S. and U.S. Equity funds. The German automaker has re-engineered its entire lineup of vehicle models, is upgrading its manufacturing platform and has a growing presence in emerging markets.

Capital Group Private Client Services Funds

Investment Adviser’s Report

October 31, 2013 (unaudited) (continued)

Stocks that negatively affected results during the period included miners Barrick Gold, Newcrest Mining and Rio Tinto. The mining sector has been pressured by weak pricing resulting from the economic slowdown in China. Anemic natural gas and oil prices also hit energy companies like Encana and Cenovus Energy, both of which were among the top detractors for all three equity funds. Managers sold holdings of Barrick Gold, Newcrest Mining and Encana during the period.

Fixed-Income Commentary

Intermediate interest rates moved higher, pressuring the Capital Group Core Bond Fund, which fell 0.68%. The fund was also negatively impacted by holdings of mortgage-backed securities, which didn’t perform as well as other taxable bonds. Our managers sold some of these investments because durations on these types of securities can increase while you hold them in a period of rising rates, as fewer people refinance. That, combined with the narrow spread over U.S. Treasuries, made them less attractive than they were at the end of 2012 or even earlier this year.

Yields on municipal bonds rose by less than those in the taxable market. The Capital Group California Core Municipal Fund declined by 0.04% while the Capital Group Core Municipal Fund rose by 0.08%. News of Detroit’s filing for bankruptcy protection in July — the largest municipal bankruptcy on record — roiled the municipal bond market, but Capital Group’s extensive research capabilities allowed our bond managers to anticipate problems in Detroit. Thorough research also helped us avoid other problem areas, giving us the confidence to continue to invest in selected high-quality issues even when they were being indiscriminately pressured by the market.

During the period, bond managers avoided longer-dated issues in anticipation of higher interest rates, letting portfolios shorten in duration. Short-term rates stayed fairly stable and the Capital Group Short-Term Municipal Fund and the Capital Group California Short-Term Municipal Fund rose 0.65% and 0.48%, respectively.

In this environment, managers chose to add yield by focusing on lesser-understood areas of the market where we feel Capital Group’s research capabilities give us an advantage, such as asset-backed bonds. Our managers also chose to add value by increasing the credit orientation of portfolios, using Capital Group’s proprietary research to identify price inconsistencies on strong issues with lower credit ratings. In a period of economic recovery, we consider this a prudent way to add yield without increasing exposure to rising interest rates. As a further measure, we continue to purchase floating-rate bonds, which have variable interest rates and provide built-in protection when rates invariably increase.

Market volatility is likely to continue as expectations ramp up again in anticipation of the Fed’s initiation of the unwinding process. However, continued signs of improvement in the global economy should help to mitigate concerns regarding the financial markets’ reliance on easy monetary policy. The Fed has made it clear — in both word and action — that it will not begin tapering until the economy is ready. We have no reason to believe otherwise and are confident the process will be gradual and closely managed.

We appreciate the continued trust and confidence you have placed in us to manage your assets. We look forward to reporting back to you again in six months.

Sincerely yours,

John S. Armour President	Shelby Notkin Senior Vice President and Equity Portfolio Manager	John Queen Senior Vice President and Fixed-Income Portfolio Manager

Capital Group Core Municipal Fund

October 31, 2013

Growth of $25,000 investment

Here’s how a $25,000 investment in the Capital Group Core Municipal Fund grew between April 13, 2010, when the fund began operations, and October 31, 2013, the end of the fund’s fiscal year.

¹ The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales

charges, commissions, or expenses.

² Includes reinvested dividends and capital gain distributions.

Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.

Investment portfolio – quality ratings*

* Bond ratings, which typically range from Aaa/AAA (highest to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poors and/or Fitch as an indication of an Issuer’s credit-worthiness. If agency rating differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in “unrated” at left), the investment advisor performs it’s own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.

Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes - 93.59%
Alabama - 3.07%
Alabama 21st Century Auth., Rev. Ref. Bonds, Series A, 5.00%, 06/01/21		$	2,230	$	2,528	0.85	%
Alabama Federal Aid Highway Fin. Auth., Highway Imps. Misc. Taxes Rev. Bonds, 5.00%, 09/01/23			100		116	0.04
Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A:
	5.00%, 05/01/15		1,000		1,071	0.36
	5.00%, 05/01/17		1,000		1,149	0.38
Courtland Ind. Dev. Board, Ind. Rev. Ref. Bonds, Series A, 5.00%, 11/01/13			2,000		2,000	0.67
Mobile Ind. Dev. Board, Ind. Imps. Rev. Bonds (Mandatory Put 03/19/15 @ 100), 5.00%, 06/01/341			2,000		2,116	0.71
Univ. of Alabama, Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 09/01/18			150		174	0.06
_______________________
					9,154	3.07
_______________________
Alaska - 0.34%
Alaska Housing Fin. Corp., Rev. Bonds, Series A, 4.00%, 06/01/40			945		1,009	0.34
_______________________
					1,009	0.34
_______________________
Arizona - 3.39%
Arizona Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 02/05/20 @ 100), 1.93%, 02/01/481			3,000		2,951	0.99
Arizona School Facs. Board, School Imps. Certs. of Part. Lease Rev. Bonds, 5.00%, 09/01/14			200		208	0.07
Glendale Ind. Dev. Auth., College & Univ. Rev. Ref. Bonds, 5.25%, 05/15/18			1,000		1,129	0.38
Phoenix Civic Imp. Corp., Port, Airport, & Marina Rev. Ref. Bonds, Series A:
	5.00%, 07/01/16		1,000		1,113	0.37
	5.00%, 07/01/20		2,800		3,293	1.10
Phoenix Civic Imp. Corp., Sewer Rev. Ref. Bonds, 5.50%, 07/01/24			125		146	0.05
Phoenix Ind. Dev. Auth., Misc. Purposes Lease Rev. Bonds, 5.00%, 06/01/22			1,000		1,086	0.37
Salt River Project Agricultural Imp. & Power Dist., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 01/01/20			160		187	0.06
_______________________
					10,113	3.39
_______________________
California - 8.80%
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 05/15/16			1,500		1,504	0.50
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured), 5.00%, 09/02/21			1,000		1,054	0.35
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, 10/01/17			100		110	0.04
Bay Area Toll Auth. Rev. Bonds (Mandatory Put 05/01/23 @ 100), 0.98%, 04/01/471			1,500		1,510	0.50
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 10/01/19 @ 100), 0.78%, 04/01/471			1,000		1,008	0.34
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, 4.00%, 04/01/20			1,300		1,485	0.50
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F, 5.00%, 04/01/22			125		139	0.05
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 11/15/19			750		889	0.30
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series D (Mandatory Put 10/15/20 @ 100), 5.00%, 07/01/431			1,800		2,082	0.70
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/16 @ 100), 0.36%, 10/01/471			1,000		997	0.33

See Notes to Financial Statements

Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
California—continued
California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series A-2 (Mandatory Put 04/01/14 @ 100), 0.58%, 04/01/381		$	1,700	$	1,702	0.57	%
California State Public Works Board, Rev. Bonds, Series C, 5.00%, 03/01/23			780		950	0.32
California State Public Works Board, Rev. Bonds, Series G, 5.00%, 12/01/20			1,000		1,214	0.41
Chula Vista Muni. Fncg. Auth., Special Tax Rev. Ref. Bonds, 5.00%, 09/01/20			940		1,044	0.35
City & County of San Francisco, G.O. Prop. Tax Ref. Bonds, Series R3, 5.00%, 06/15/27			225		237	0.08
City & County of San Francisco, Health Care Imps. Certs. of Part. Lease Bonds, Series A, 5.00%, 04/01/17			100		114	0.04
City of Irvine, Special Assessment Ref. Bonds:
	3.125%, 09/02/21		565		550	0.18
	4.00%, 09/02/17		1,215		1,327	0.44
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A-1 (Mandatory Put 07/01/14 @ 100), 0.43%, 06/01/251			930		930	0.31
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, 06/01/20			1,000		1,148	0.38
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, 5.00%, 07/01/21			100		122	0.04
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/18			700		835	0.28
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, 07/01/14			100		103	0.03
Northern California Gas Auth. No. 1, Natural Gas Util. Imps. Rev. Bonds, 0.796%, 07/01/191			100		89	0.03
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, 08/01/18			200		203	0.07
Santa Ana Comm. Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.25%, 09/01/19			600		678	0.23
State of California, G.O. General Fund Ref. Bonds, 5.00%, 02/01/20			1,500		1,765	0.59
State of California, G.O. General Fund Ref. Notes (NATL-RE Insured), 5.00%, 06/01/15			100		107	0.04
State of California, G.O. Misc. Rev. Ref. Bonds, 5.00%, 09/01/19			1,300		1,542	0.52
State of California, G.O. Sales Tax Rev. Bonds, Series A, 5.25%, 07/01/21			100		119	0.04
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 07/01/20			420		496	0.16
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.25%, 01/01/24			200		227	0.08
_______________________
					26,280	8.80
_______________________
Colorado - 1.99%
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.25%, 11/15/28			200		214	0.07
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 11/15/17			300		336	0.11
City & County of Denver, Port, Airport, & Marina Rev. Ref. Bonds, Series B, 5.00%, 11/15/21			500		574	0.19
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 11/15/13			150		150	0.05
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S. Treasury Obligations to 11/15/16 @ 100), 5.125%, 11/15/171			115		131	0.04
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 01/01/17			2,000		2,255	0.76
Colorado State Board of Governors, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 03/01/22			645		758	0.25

See Notes to Financial Statements

Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Colorado—continued
E-470 Public Highway Auth., Highway Tolls Rev. Bonds, Series CD (Mandatory Put 06/01/15 @ 100), 1.83%, 09/01/391		$	375	$	377	0.13	%
Regional Trans. Dist., Transit Imps. Cert. of Part. Lease Bonds, Series A, 5.00%, 06/01/18			1,000		1,151	0.39
_______________________
					5,946	1.99
_______________________
District of Columbia - 1.74%
Dist. of Columbia, Income Tax Secured, Rev. Ref. Bonds, Series E, 0.68%, 12/01/151			1,250		1,255	0.42
Dist. of Columbia, Water Util. Imps. Rev. Bonds (Mandatory Put 06/01/15 @ 100), 0.56%, 10/01/441			975		978	0.33
Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 3.50%, 10/01/18			2,500		2,752	0.92
Washington Convention Center Auth., Hotel Occupancy Tax Rev. Bonds, Series A (AMBAC Insured), 5.00%, 10/01/15			200		217	0.07
_______________________
					5,202	1.74
_______________________
Florida - 12.29%
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1:
	5.00%, 06/01/16		635		700	0.23
	5.00%, 06/01/19		150		172	0.06
	5.00%, 06/01/20		1,100		1,253	0.42
	5.25%, 06/01/17		2,100		2,387	0.80
	6.00%, 06/01/16		300		338	0.11
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, Series A-1, 5.00%, 06/01/19			1,500		1,717	0.57
City of Cape Coral, Water Rev. Ref. Bonds, 5.00%, 10/01/18			1,000		1,144	0.38
City of Clearwater, Water Rev. Ref. Bonds, Series B, 5.00%, 12/01/18			100		117	0.04
City of Fort Lauderdale, Water Util. Imps. Rev. Bonds (NATL-RE Insured), 4.00%, 09/01/16			100		110	0.04
City of Jacksonville, Sales Tax Rev. Ref. Bonds, 5.00%, 10/01/19			1,000		1,174	0.39
City of Tampa, Health Care Facs. Rev. Ref. Bonds:
	5.00%, 11/15/16		1,200		1,356	0.45
	5.00%, 11/15/17		2,000		2,296	0.77
County of Broward, Water Util. Imps. Rev. Bonds, Series A, 2.40%, 10/01/14			100		102	0.03
County of Miami-Dade, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 10/01/18			1,100		1,273	0.43
County of Saint Johns, Water Rev. Ref. Bonds (AGM Insured), 5.00%, 06/01/16			100		111	0.04
Florida Higher Educ. Facs. Financial Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 04/01/22			1,000		1,115	0.37
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 5.00%, 07/01/28			730		782	0.26
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B, 4.50%, 01/01/29			1,085		1,165	0.39
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, 01/01/29			580		626	0.21
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A:
	5.00%, 07/01/14		150		155	0.05
	5.00%, 07/01/15		1,435		1,540	0.52
	5.00%, 07/01/16		2,100		2,332	0.78
Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 5.00%, 10/01/20			600		702	0.24

See Notes to Financial Statements

Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Florida—continued
Florida State Board of Edu., Misc. Rev. Ref. Bonds, Series E:
	5.00%, 07/01/15	$	525	$	566	0.19	%
	5.00%, 07/01/16		2,000		2,232	0.75
Florida State Dept. of Environmental Protection, Public Imps. Misc. Taxes Rev. Bonds, Series B, 5.00%, 07/01/19			1,450		1,669	0.56
Florida State Dept. of Trans., Highway Imps. Rev. Bonds, Series B, 5.00%, 07/01/14			1,000		1,032	0.35
Florida Water Pollution Control Fncg. Corp., Pollution Control Misc. Rev. Bonds, Series A:
	3.00%, 01/15/14		100		101	0.03
	5.00%, 01/15/20		300		349	0.12
	5.00%, 01/15/23		300		339	0.11
JEA, Energy Res. Auth. Imps. Rev. Bonds, 5.50%, 10/01/29			200		206	0.07
JEA, Water Util. Imps. Rev. Bonds, Series A, 5.00%, 10/01/26			200		204	0.07
Miami-Dade County Expressway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 07/01/21			1,750		2,023	0.68
Miami-Dade County Expressway Auth., Highway Tolls Rev. Ref. Bonds, Series A (Assured GTY Insured):
	3.00%, 07/01/15		575		598	0.20
	3.00%, 07/01/16		2,050		2,170	0.73
Miami-Dade County School Board, School Imps. Certs. of Part. Lease Bonds, Series B (AMBAC Insured), 4.00%, 11/01/15			100		107	0.04
Orlando Utils. Commission, Multiple Util. Rev. Ref. Bonds, Series C, 5.00%, 10/01/17			1,000		1,162	0.39
Orlando Utils. Commission, Water Rev. Ref. Bonds, Series B, 5.00%, 10/01/23			400		458	0.15
South Broward Hospital Dist., Health Care Facs. Rev. Ref. Bonds (NAT-RE Insured), 5.00%, 05/01/21			275		299	0.10
Tampa Bay Water, Water Rev. Ref. Bonds, Series B, 5.00%, 10/01/18			430		509	0.17
_______________________
					36,691	12.29
_______________________
Georgia - 2.36%
Burke County Dev. Auth., Pollution Control Res. Recovery Rev. Bonds, 7.00%, 01/01/23			300		353	0.12
City of Atlanta, Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 01/01/17			1,250		1,412	0.47
DeKalb County Hospital Auth., Health Care Facs. Imps. Rev. Bonds, 5.25%, 09/01/20			2,000		2,184	0.73
DeKalb Private Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 11/15/24			200		222	0.07
Georgia State Road & Tollway Auth., Highway Imps. Misc. Taxes Rev. Bonds, Series A, 5.00%, 06/01/18			400		469	0.16
Gwinnett County Dev. Auth., Certs. of Part. Lease Ref. Bonds (NATL-RE Insured), 5.00%, 01/01/16			100		110	0.04
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 11/01/19			1,000		1,176	0.39
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series A, 5.00%, 01/01/21			500		580	0.19
Thomasville Hospital Auth., Health Care Facs. Imps. Rev. Bonds, 3.25%, 11/01/14			540		553	0.19
_______________________
					7,059	2.36
_______________________

See Notes to Financial Statements

Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Guam - 0.41%
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 10/01/23		$	1,200	$	1,223	0.41	%
_______________________
					1,223	0.41
_______________________
Hawaii - 1.01%
State of Hawaii, G.O. Prop. Tax Ref. Bonds, Series DT, 5.00%, 11/01/19			600		718	0.24
State of Hawaii, G.O. Public Imps. Bonds, Series DZ, 5.00%, 12/01/19			1,250		1,498	0.50
State of Hawaii, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 07/01/22			700		796	0.27
_______________________
					3,012	1.01
_______________________
Illinois - 7.46%
Chicago Board of Edu., G.O. Prop. Tax Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 12/01/16			100		104	0.03
City of Chicago, G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, 01/01/21			1,545		1,643	0.55
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 01/01/17			1,675		1,837	0.61
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series C (Assured GTY Insured), 5.25%, 01/01/22			1,000		1,127	0.38
City of Chicago, Sewer Imps. Rev. Bonds, 4.00%, 01/01/21			1,000		1,039	0.35
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 10/01/22			200		216	0.07
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, Series B-2 (Mandatory Put 02/12/15 @ 100), 1.875%, 07/01/361			300		305	0.10
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 07/01/14 @ 100), 4.375%, 11/15/221			155		159	0.05
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, Series A-3 (Mandatory Put 05/01/19 @ 100), 5.00%, 11/01/301			1,000		1,137	0.38
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/15			100		108	0.04
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-1 (Mandatory Put 01/15/20 @ 100), 5.00%, 11/01/301			1,500		1,697	0.57
Illinois State Toll Highway Auth., Highway Imps. Rev. Bonds, Series A (AGM Insured), 5.00%, 01/01/15			1,000		1,054	0.35
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.50%, 01/01/15			1,950		2,067	0.69
Railsplitter Tobacco Settlement Auth., Public Imps. Rev. Bonds, 5.50%, 06/01/23			1,000		1,102	0.37
Regional Trans. Auth. Rev. Ref. Bonds (NATL-RE Insured), 6.00%, 06/01/20			2,000		2,381	0.80
Regional Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (AGM G.O. of Auth. Insured), 5.00%, 06/01/18			1,200		1,371	0.46
Regional Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.50%, 07/01/20			1,610		1,876	0.63
State of Illinois, G.O. Misc. Rev. Ref. Bonds, Series B, 5.25%, 01/01/21			2,000		2,203	0.74
State of Illinois, G.O. Public Imps. Misc. Rev. Bonds:
	5.00%, 07/01/17		300		333	0.11
	5.00%, 07/01/21		375		407	0.14
Univ. of Illinois, Certs. of Part. Lease Rev. Ref. Bonds, Series A (AGM Insured), 5.25%, 10/01/24			100		112	0.04
_______________________
					22,278	7.46
_______________________
Indiana - 1.63%
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, 08/15/19			500		553	0.18
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.50%, 05/01/24			100		109	0.04
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 02/15/20			1,400		1,513	0.51

See Notes to Financial Statements

Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013

		Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Indiana—continued
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series N, 5.00%, 03/01/20	$	1,200	$	1,379	0.46	%
Indiana Fin. Auth., Sewer Imps. Prop. Tax Bonds, Series A, 5.00%, 10/01/17		1,000		1,152	0.39
Purdue Univ., Certs. of Part. Lease Rev. Ref. Bonds, 5.00%, 07/01/15		150		161	0.05
_______________________
				4,867	1.63
_______________________
Iowa - 0.44%
Iowa Fin. Auth., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 2.15%, 02/01/43		980		960	0.32
Iowa Fin. Auth., Water Util. Imps. Misc. Rev. Bonds, 5.00%, 08/01/19		300		359	0.12
_______________________
				1,319	0.44
_______________________
Kansas - 0.20%
Kansas Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 09/01/18		500		592	0.20
_______________________
				592	0.20
_______________________
Kentucky - 0.38%
Kentucky Higher Edu. Student Ln. Corp., Student Ln. Rev. Bonds, Series 1-Class A-1 (GTD St. Lns. Insured), 0.765%, 05/01/201		300		298	0.10
Kentucky Housing Corp., St. Single Family Housing Rev. Bonds, Series B, 5.00%, 07/01/27		800		839	0.28
_______________________
				1,137	0.38
_______________________
Louisiana - 1.12%
Louisiana Office Facs. Corp., Lease Rev. Ref. Bonds, 5.00%, 03/01/16		300		329	0.11
Louisiana Public Facs. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, Series B, 5.25%, 05/15/27		250		259	0.09
Louisiana Stadium & Exposition Dist., Misc. Rev. Ref. Bonds, Series A, 5.00%, 07/01/22		1,500		1,704	0.57
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, 05/15/25		1,000		1,043	0.35
_______________________
				3,335	1.12
_______________________
Massachusetts - 1.69%
City of Boston, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, 04/01/16		160		178	0.06
Massachusetts Bay Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/15 @ 100), 5.00%, 07/01/25		100		108	0.04
Massachusetts Bay Trans. Auth., Sales Tax Rev. Ref. Bonds, Series C, 5.00%, 07/01/19		900		1,076	0.36
Massachusetts Dev. Fin. Agcy., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 01/01/15		1,000		1,042	0.35
Massachusetts Dev. Fin. Agcy., College & Univ. Rev. Ref. Bonds, Series B-3, 5.00%, 01/01/23		1,100		1,294	0.43
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 12/15/25		100		116	0.04
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series O, 6.00%, 07/01/36		1,000		1,131	0.38
Massachusetts State Water Pollution Abatement, Water Rev. Ref. Bonds, 5.00%, 08/01/14		100		104	0.03
_______________________
				5,049	1.69
_______________________

See Notes to Financial Statements

Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Michigan - 3.86%
City of Detroit, G.O. Public Imps. Prop. Tax Bonds, Series A-1 (NATL-RE Insured), 5.375%, 04/01/18		$	700	$	660	0.22	%
Detroit City School Dist., G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 05/01/19			1,400		1,565	0.52
Michigan Fin. Auth., Misc. Rev. Ref. Bonds:
	5.00%, 01/01/18		2,000		2,326	0.78
	5.00%, 01/01/21		700		803	0.27
Michigan State Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, 11/15/13			100		100	0.03
Michigan State Univ., College & Univ. Imps. Rev. Ref. Bonds, Series C, 5.00%, 08/15/17			1,500		1,726	0.58
Michigan Strategic Fund, Energy Res. Auth. Rev. Ref. Bonds, 5.625%, 07/01/20			1,160		1,374	0.46
Univ. of Michigan, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 04/01/16			150		166	0.06
Univ. of Michigan, College & Univ. Imps. Rev. Ref. Bonds, Series C, 4.00%, 04/01/15			200		211	0.07
Wayne County Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 12/01/22			725		789	0.26
Wayne County Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 12/01/17			1,500		1,698	0.57
Wayne State Univ., College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, 11/15/16			100		111	0.04
_______________________
					11,529	3.86
_______________________
Minnesota - 0.87%
Minnesota Housing Fin. Agcy., Housing Rev. Bonds (GNMA/FNMA/FHLMC COLL Insured), 4.25%, 07/01/28			785		838	0.28
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 2.25%, 12/01/42			972		967	0.33
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.00%, 07/01/40			720		785	0.26
_______________________
					2,590	0.87
_______________________
Mississippi - 0.77%
Jackson State Univ. Educ. Building Corp., College & Univ. Imps. Lease Rev. Bonds (Mandatory Put 03/01/15 @ 100) (AGM Insured), 5.00%, 03/01/341			2,180		2,302	0.77
_______________________
					2,302	0.77
_______________________
Missouri - 0.13%
I-470 & 350 Trans. Dev. Dist., Sales Tax Rev. Ref. Bonds (Radian Insured), 4.60%, 06/01/29			65		65	0.02
Lees Summit Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/14			200		205	0.07
Missouri State Environmental Imps. & Energy Ress. Auth, Water Rev. Ref. Bonds, Series A, 5.00%, 01/01/19			100		119	0.04
_______________________
					389	0.13
_______________________
Nebraska - 0.75%
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured):
	2.50%, 09/01/34		600		622	0.21
	3.00%, 03/01/43		475		493	0.16

See Notes to Financial Statements

Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Nebraska—continued
Nebraska Public Power Dist., Misc. Rev. Ref. Bonds, Series A, 4.00%, 01/01/14		$	1,125	$	1,132	0.38	%
_______________________
					2,247	0.75
_______________________
Nevada - 1.87%
Clark County School Dist., G.O. Public Imps. Rev. Bonds (AGM Insured), 5.50%, 06/15/15			100		108	0.04
County of Clark, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 07/01/16			325		362	0.12
County of Clark, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 07/01/17			1,400		1,596	0.53
County of Clark, Sales Tax Rev. Bonds, Series B, 4.00%, 07/01/18			2,000		2,236	0.75
Las Vegas Valley Water Dist., G.O. Water Util. Imps. Prop. Tax Bonds, Series B, 5.00%, 06/01/19			1,100		1,290	0.43
_______________________
					5,592	1.87
_______________________
New Hampshire - 0.20%
New Hampshire Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, 4.00%, 01/01/22			575		593	0.20
_______________________
					593	0.20
_______________________
New Jersey - 5.11%
Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A:
	5.00%, 11/01/20		1,000		1,201	0.40
	5.00%, 11/01/21		200		240	0.08
New Jersey Econ. Dev. Auth., Lease Rev. Ref. Bonds:
	4.00%, 12/15/15		1,000		1,075	0.36
	5.00%, 12/15/17		2,000		2,313	0.78
New Jersey Econ. Dev. Auth., School Imps. Rev. Bonds, 0.98%, 02/01/171			1,025		1,030	0.35
New Jersey Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series K, 5.00%, 07/01/14			100		103	0.04
New Jersey Educ. Facs. Auth., Lease Rev. Ref. Bonds, Series A, 4.00%, 09/01/14			100		103	0.03
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Ref. Bonds, Series 1A:
	5.00%, 12/01/15		1,000		1,086	0.36
	5.00%, 12/01/17		1,420		1,616	0.54
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/18 @ 100), 0.76%, 01/01/241			1,850		1,846	0.62
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series E (Mandatory Put 01/01/18 @ 100), 0.76%, 01/01/241			1,150		1,147	0.38
New Jersey Trans. Trust Fund Auth., Transit Imps. Misc. Rev. Bonds, Series A, 5.00%, 06/15/15			500		538	0.18
New Jersey Trans. Trust Fund Auth., Transit Imps. Misc. Rev. Bonds, Series D (Mandatory Put 06/15/15 @ 100) (AMBAC Insured), 5.00%, 06/15/17			100		108	0.04
New Jersey Trans. Trust Fund Auth., Transit Rev. Ref. Bonds, Series A (AMBAC Insured), 5.50%, 12/15/15			2,000		2,214	0.74
Rutgers The State University of New Jersey, College & Univ. Rev. Ref. Bonds, Series J, 5.00%, 05/01/19			525		620	0.21
_______________________
					15,240	5.11
_______________________

See Notes to Financial Statements

Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013

		Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
New Mexico - 0.12%
New Mexico Educ. Assistance Foundation, Rev. Bonds, Series A-2 (GTD St. Lns. Insured), 0.911%, 12/01/281	$	365	$	363	0.12	%
_______________________
				363	0.12
_______________________
New York - 5.82%
City of New York, G.O. Prop. Tax Ref. Bonds, Series B, 5.00%, 08/01/17		2,000		2,309	0.77
City of New York, G.O. Public Imps. Prop. Tax Rev. Bonds, Series H-1, 4.00%, 03/01/17		100		111	0.04
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series 2010 A, 5.00%, 05/01/14		1,250		1,278	0.43
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series F (NATL-RE Insured), 5.00%, 05/01/16		1,830		2,004	0.67
Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B, 1.08%, 11/01/201		2,000		2,014	0.67
Metropolitan Trans. Auth., Transit Imps. Rev. Bonds, Series D, 5.00%, 11/15/20		1,000		1,171	0.39
New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 02/15/17		2,000		2,265	0.76
New York City Transitional Fin. Auth., School Imps. Misc. Rev. Bonds, Series S-5 (St. Aid Withhldg. Insured), 5.00%, 01/15/19		100		117	0.04
New York City Trust for Cultural Ress. Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.35%, 01/01/361		1,250		1,259	0.42
New York State Dormitory Auth., College & Univ. Imps. Rev. Bonds, 4.00%, 07/01/16		125		134	0.04
New York State Dormitory Auth., College and Univ. Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.00%, 07/01/14		200		206	0.07
New York State Dormitory Auth., Health Care Facs. Imps. Income Tax Rev. Bonds, Series A, 5.00%, 02/15/16		500		553	0.19
New York State Dormitory Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, 10/01/17		1,000		1,144	0.38
Public Housing Capital Fund Trust I Rev. Bonds (HUD Ln. Insured), 4.50%, 07/01/222		670		706	0.24
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, 06/01/17		1,850		2,114	0.71
_______________________
				17,385	5.82
_______________________
North Carolina - 1.36%
Board of Governors of the Univ. of North Carolina, College & Univ. Imps. Rev. Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 10/01/15		110		120	0.04
City of Charlotte, Rev. Ref. Bonds, Series B, 5.00%, 07/01/23		400		465	0.16
North Carolina Muni. Power Agcy. No. 1, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.25%, 01/01/20		175		197	0.07
Raleigh Durham Airport Auth., Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 05/01/19		2,500		2,938	0.98
State of North Carolina, Highway Imps. Rev. Bonds, 5.00%, 03/01/17		300		342	0.11
_______________________
				4,062	1.36
_______________________
North Dakota - 0.21%
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, 3.75%, 07/01/42		580		611	0.21
_______________________
				611	0.21
_______________________

See Notes to Financial Statements

Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Ohio - 4.34%
City of Cleveland Airport System Rev., Port, Airport & Marina Imps. Rev. Bonds, Series C (AGM Insured), 5.00%, 01/01/17		$	1,250	$	1,398	0.47	%
City of Cleveland, Airport System, Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 01/01/25			1,000		1,065	0.36
County of Allen, Lease Rev. Ref. Bonds, Series B:
	5.00%, 09/01/18		1,000		1,157	0.39
	5.00%, 09/01/19		2,000		2,323	0.78
	5.00%, 09/01/20		1,030		1,194	0.40
Miami University/Oxford, College & Univ. Imps. Rev. Bonds, 4.00%, 09/01/19			700		786	0.26
Ohio Air Quality Dev. Auth., Ind. Rev. Ref. Bonds (Mandatory Put 06/01/16 @ 100), 5.75%, 06/01/331			1,000		1,081	0.36
Ohio Air Quality Dev. Auth., Ind. Rev. Ref. Bonds, Series C, 5.625%, 06/01/18			1,000		1,098	0.37
Ohio Air Quality Dev. Auth., Res. Recovery Imps. Rev. Bonds, Series A, 5.70%, 08/01/20			1,000		1,107	0.37
Ohio State Building Auth., Rev. Ref. Bonds, Series A, 5.00%, 10/01/17			1,500		1,733	0.58
_______________________
					12,942	4.34
_______________________
Oklahoma - 0.63%
Oklahoma Dev. Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/24			200		217	0.07
Oklahoma Muni. Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A (Mandatory Put 08/01/18 @ 100), 0.88%, 01/01/231			1,650		1,662	0.56
_______________________
					1,879	0.63
_______________________
Oregon - 0.36%
Tri-County Metropolitan Trans. Dist., Transit Imps. Misc. Taxes Rev. Bonds, 4.00%, 11/01/17			1,000		1,079	0.36
_______________________
					1,079	0.36
_______________________
Pennsylvania - 3.15%
Allegheny County Higher Edu. Building Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 03/01/22			400		464	0.15
City of Philadelphia, Water Rev. Ref. Bonds, Series A, 5.00%, 06/15/15			3,000		3,223	1.08
Pennsylvania Higher Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AMBAC Insured), 5.00%, 08/15/15			200		216	0.07
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds, 5.00%, 06/15/17			1,500		1,721	0.58
Pennsylvania State Univ., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 03/01/14			200		203	0.07
Pennsylvania Turnpike Commission, Highway Tolls Rev. Bonds, Series A, 0.76%, 12/01/181			1,500		1,492	0.50
Philadelphia School Dist., G.O. School Imps. Prop. Tax Rev. Bonds, Series A (St. Aid Withhldg. Insured), 5.00%, 06/01/15			1,745		1,857	0.62
Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.25%, 09/15/24			200		233	0.08
_______________________
					9,409	3.15
_______________________
Puerto Rico - 0.13%
Commonwealth of Puerto Rico, G.O. Prop. Tax Rev. Ref. Bonds, 5.00%, 07/01/23			500		377	0.13
_______________________
					377	0.13
_______________________

See Notes to Financial Statements

Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
South Carolina - 1.46%
South Carolina Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds:
	5.00%, 08/01/18	$	1,025	$	1,135	0.38	%
	5.00%, 11/01/20		500		565	0.19
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA/FNMA/FHLMC Insured), 4.50%, 07/01/30			1,040		1,116	0.37
South Carolina State Public Service Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B, 5.00%, 01/01/16			1,300		1,427	0.48
South Carolina Trans. Infrastructure Bank, Transit Rev. Ref. Bonds, Series A, 5.00%, 10/01/14			100		104	0.04
_______________________
					4,347	1.46
_______________________
Tennessee - 1.48%
City of Memphis, Energy Res. Auth. Rev. Ref. Bonds:
	5.00%, 12/01/14		125		131	0.05
	5.00%, 12/01/18		100		119	0.04
Metropolitan Govt. Nashville & Davidson County Health & Educ. Facs. Board, College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 10/01/17 @ 100), 0.68%, 10/01/381			1,400		1,409	0.47
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds:
	4.00%, 07/01/38		945		1,031	0.35
	4.50%, 07/01/37		890		987	0.33
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds, Series A-1, 5.00%, 01/01/27			680		728	0.24
_______________________
					4,405	1.48
_______________________
Texas - 6.70%
City of Houston, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 07/01/23			1,000		1,147	0.38
City of Houston, Port, Airport & Marina Rev. Ref. Bonds, Series B (NATL-RE FGIC Insured), 5.00%, 07/01/25			275		303	0.10
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 0.83%, 05/15/341			1,400		1,407	0.47
City of Houston, Water Rev. Ref. Bonds, Series C, 5.00%, 11/15/18			1,500		1,779	0.60
County of Dallas, G.O. Public Imps. Prop. Tax Rev. Bonds, 5.00%, 08/15/16			100		112	0.04
County of Harris, Highway Imps. Rev. Ref. Bonds, Series B-1 (NATL-RE FGIC Insured), 5.00%, 08/15/16			100		104	0.03
Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series A:
	3.00%, 12/01/17		1,695		1,842	0.62
	4.00%, 12/01/16		955		1,056	0.35
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 11/01/23			100		110	0.04
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 11/01/20			900		1,043	0.35
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, 11/01/20			1,000		1,163	0.39
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series G, 5.00%, 11/01/25			1,000		1,083	0.36
Harris County Cultural Edu. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 11/15/23			125		140	0.05
Harris County Cultural Educ. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds:
	5.00%, 11/15/17		445		515	0.17
	5.00%, 11/15/18		275		323	0.11

See Notes to Financial Statements

Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Texas—continued
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.19%, 07/01/311		$	250	$	250	0.08	%
Houston Comm. College System, College & Univ. Imps. Rev. Ref. Bonds (AGM Insured), 5.25%, 04/15/15			100		107	0.04
Houston Higher Edu. Fin. Corp., College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 11/16/17 @ 100), 0.61%, 05/15/481			850		856	0.29
North Texas Tollway Auth., Highway Imps. Rev. Bonds, Series A (Escrowed to Maturity) (AGM Insured), 5.00%, 01/01/15			100		106	0.04
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 01/01/22			1,000		1,131	0.38
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 01/01/19 @ 100), 1.95%, 01/01/381			1,200		1,159	0.39
North Texas Tollway Auth., Misc. Rev. Ref. Bonds, Series A:
	6.00%, 01/01/19		100		115	0.04
	6.00%, 01/01/21		100		115	0.04
Olmos Park Higher Edu. Facs. Corp., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 12/01/19			880		1,022	0.34
State of Texas, G.O. Water Util. Imps. Bonds, Series A, 3.00%, 08/01/14			100		102	0.03
Tarrant County Cultural Educ. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds:
	5.00%, 02/15/14		100		101	0.03
	5.00%, 08/15/23		350		376	0.13
Texas Public Fin. Auth., Unemployment & Welfare Fndg. Misc. Rev. Bonds, Series A, 5.00%, 01/01/16			1,500		1,649	0.55
Texas Water Dev. Board, Water Util. Imps. Rev. Bonds, Series B, 5.25%, 07/15/22			600		688	0.23
Univ. of Texas System, College & Univ. Imps. Rev. Ref. Bonds, Series D, 5.00%, 08/15/14			100		104	0.03
_______________________
					20,008	6.70
_______________________
Utah - 0.10%
Intermountain Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A:
	5.00%, 07/01/14		100		103	0.03
	5.00%, 07/01/16		200		207	0.07
_______________________
					310	0.10
_______________________
Virginia - 0.44%
City of Chesapeake, Chesapeake Expressway Toll Road Rev., Highway Tolls Rev. Ref. Bonds, Series A, 4.00%, 07/15/19			750		802	0.27
County of Fairfax, G.O. Prop. Tax Rev. Ref. Bonds, Series C (St. Aid Withhldg. Insured), 5.00%, 10/01/17			200		233	0.08
Fairfax County Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, 10/01/15			275		291	0.09
_______________________
					1,326	0.44
_______________________
Washington - 4.16%
City of Seattle, Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B, 5.00%, 02/01/15			2,000		2,119	0.71
Energy Northwest, Energy Res. Auth. Imps. Rev. Bonds, Series C, 5.00%, 07/01/22			100		110	0.04
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series A:
	5.00%, 07/01/15		500		539	0.18

See Notes to Financial Statements

Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Washington—continued
	5.00%, 07/01/17	$	1,000	$	1,154	0.39	%
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 07/01/17			1,650		1,905	0.64
Grays Harbor County Public Util. Dist. No. 1, Energy Res. Auth. Rev. Ref. Bonds (NATL-RE FGIC Insured), 5.00%, 07/01/20			155		168	0.06
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, 5.00%, 06/01/16			1,500		1,665	0.56
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, Series A-1, 5.25%, 05/01/27			100		108	0.03
State of Washington, G.O. Highway Imps. Fuel Sales Tax Rev. Bonds, Series E, (NATL-RE Insured), 5.00%, 01/01/14			100		101	0.03
State of Washington, Highway Imps. Rev. Bonds, 5.00%, 09/01/20			2,000		2,349	0.79
Washington Health Care Facs. Auth., Health Care Facs. Imps. Rev. Bonds, Series B (Mandatory Put 10/01/21 @ 100), 5.00%, 10/01/421			800		912	0.30
Washington Health Care Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 10/01/20			1,100		1,278	0.43
_______________________
					12,408	4.16
_______________________
Wisconsin - 1.25%
County of Milwaukee, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 12/01/18			1,145		1,315	0.44
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, 08/15/18			100		112	0.04
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 10/15/17			1,200		1,351	0.45
WPPI Energy, Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 07/01/20			800		942	0.32
_______________________
					3,720	1.25
_______________________
Total bonds & notes  (cost: $271,185,934)					279,379	93.59
_______________________
Short-term securities - 5.18%
California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds:1
	0.05%, 11/01/26		200		200	0.07
	0.06%, 11/01/26		2,200		2,200	0.74
City of Chicago, G.O. Prop. Tax Rev. Ref. Bonds, Series F, 0.09%, 01/01/421			1,250		1,250	0.42
City of New York, G.O. Public Imps. Prop. Tax Bonds, Sub-Series G-5, 0.04%, 04/01/421			700		700	0.23
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 0.08%, 01/01/481			3,700		3,700	1.24
Kentucky Econ. Dev. Fin. Auth., Health Care Facs. Rev. Ref. Bonds:1
	0.07%, 08/15/38		1,200		1,200	0.40
	0.06%, 08/15/38		3,600		3,600	1.21
Massachusetts Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series N-4, 0.07%, 10/01/491			600		600	0.20
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series A, 0.07%, 12/01/301			600		600	0.20
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series E, 0.08%, 12/01/301			700		700	0.23
Montgomery County Public Building Auth., Public Imps. Misc. Rev. Bonds, 0.12%, 07/01/381			725		725	0.24
_______________________
Total Short-term securities  (cost: $15,475,000)					15,475	5.18
_______________________

See Notes to Financial Statements

Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013

Total investment securities (cost: $286,660,934)					294,854	98.77
Other assets less liabilities				3,661		1.23
_______________________
Net assets			$	298,515		100.00	%
_______________________
_______________________
1	Coupon rate may change periodically.  For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
2	Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933.  May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.  At October 31, 2013, the aggregate market value of these securities amounted to $706,067, representing 0.24% of net assets.
Key to abbreviations
Agcy.		=  Agency
AGM		=  Assured Guaranty Municipal Corporation
AMBAC		=  American Municipal Bond Assurance Corporation
Auth.		=  Authority
CA Mtg. Ins.		=  California Mortgage Insurance
Certs. of Part.		=  Certificates of Participation
CIFG		=  CDC IXIS Financial Guaranty
COLL		=  Collateral
Comm.		=  Community
Corp.		=  Corporation
Corps.		=  Corporations
Dept.		=  Department
Dev.		=  Development
Dist.		=  District
Econ.		=  Economic
Edu.		=  Education
Educ.		=  Educational
Facs.		=  Facilities
FGIC		=  Financial Guaranty Insurance Company
FHLMC		=  Federal Home Loan Mortgage Corporation
Fin.		=  Finance
Fncg.		=  Financing
Fndg.		=  Funding
FNMA		=  Federal National Mortgage Association
GNMA		=  Government National Mortgage Association
G.O.		=  General Obligation
Govt.		=  Government
GTD		=  Guaranteed
GTY		=  Guaranty
HUD		=  Housing and Urban Development
Imp.		=  Improvement
Imps.		=  Improvements
Ind.		=  Industrial
Intl.		=  International
Ln.		=  Loan
Lns.		=  Loans
Loc.		=  Local
Mgmt.		=  Management
Misc.		=  Miscellaneous
Muni.		=  Municipal
NATL-RE		=  National Reinsurance
No.		=  Number

See Notes to Financial Statements

Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013

Prop.	=  Property
Redev.	=  Redevelopment
Ref.	=  Refunding
Res.	=  Resource
Ress.	=  Resources
Rev.	=  Revenue
St.	=  State
Trans.	=  Transportation
Univ.	=  University
Util.	=  Utility
Utils.	=  Utilities
Withhldg.	=  Withholding

See Notes to Financial Statements

Capital Group Short-Term Municipal Fund

October 31, 2013

Growth of $25,000 investment

Here’s how a $25,000 investment in the Capital Group Short-Term Municipal Fund grew between April 13, 2010, when the fund began operations, and October 31, 2013, the end of the fund’s fiscal year.

¹ The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of

sales charges, commissions, or expenses.

² Includes reinvested dividends and capital gain distributions.

Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.

Investment portfolio – quality ratings*

* Bond ratings, which typically range from Aaa/AAA (highest to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poors and/or Fitch as an indication of an Issuer’s credit-worthiness. If agency rating differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in “unrated” at left), the investment advisor performs it’s own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.

Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

		Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes - 86.62%
Alabama - 1.56%
Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 05/01/15	$	1,000	$	1,071	0.78	%
Mobile Ind. Dev. Board, Ind. Imps. Rev. Bonds (Mandatory Put 03/19/15 @ 100), 5.00%, 06/01/341		1,000		1,058	0.78
_______________________
				2,129	1.56
_______________________
Arizona - 1.11%
Arizona School Facs. Board, Certs of Part. Lease Ref. Bonds, Series A-1 (NATL-RE FGIC Insured), 5.00%, 09/01/15		365		394	0.29
Arizona School Facs. Board, School Imps. Certs. of Part. Lease Rev. Bonds, 5.00%, 09/01/14		200		208	0.15
Phoenix Civic Imp. Corp, Sewer Rev. Ref. Bonds, 5.00%, 07/01/17		250		288	0.21
Salt River Project Agricultural Imps. & Power Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 4.00%, 12/01/17		550		622	0.46
_______________________
				1,512	1.11
_______________________
California - 6.87%
Bay Area Toll Auth. Rev. Bonds (Mandatory Put 05/01/23 @ 100), 0.98%, 04/01/471		550		554	0.41
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, 4.00%, 04/01/22		500		567	0.42
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 4.00%, 11/15/13		450		451	0.33
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/15/19 @ 100), 5.00%, 07/01/431		1,000		1,164	0.85
California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series A-2 (Mandatory Put 04/01/14 @ 100), 0.58%, 04/01/381		1,000		1,001	0.73
California State Public Works Board, Lease Rev. Ref. Bonds, 4.00%, 06/01/18		775		874	0.64
California State Public Works Board, Rev. Bonds, Series G, 4.00%, 12/01/16		600		664	0.49
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A-1 (Mandatory Put 07/01/14 @ 100), 0.43%, 06/01/251		465		465	0.34
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, 06/01/19		1,000		1,150	0.84
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/15		300		324	0.24
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, 5.00%, 12/01/14		450		473	0.35
State of California, G.O. General Fund Public Imps. Bonds (Mandatory Put 12/01/17 @ 100), 4.00%, 12/01/271		500		551	0.40
State of California, G.O. Public Imps. Misc. Rev. Bonds, 4.00%, 09/01/18		1,000		1,133	0.83
_______________________
				9,371	6.87
_______________________
Colorado - 3.45%
City & County of Denver, Port, Airport & Marina Imps. Rev. Bonds, Series C, 5.00%, 11/15/16		400		451	0.33
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 01/01/15		1,000		1,053	0.77
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B (Mandatory Put 11/11/14 @ 100), 5.00%, 07/01/391		1,000		1,048	0.77
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series C-2 (Mandatory Put 11/12/15 @ 100), 4.00%, 10/01/401		500		535	0.39

See Notes to Financial Statements

Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Colorado—continued
Colorado State Board of Governors, College & Univ. Rev. Ref. Bonds, Series A, 4.00%, 03/01/18		$	525	$	590	0.43	%
Regional Trans. Dist., Transit Imps. Certs of Part. Lease Rev. Bonds, Series A, 5.00%, 06/01/14			1,000		1,027	0.76
_______________________
					4,704	3.45
_______________________
Connecticut - 0.73%
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Bonds, Sub-Series B-2 (FHA/INS/GTD Insured), 4.00%, 11/15/32			500		541	0.40
State of Connecticut, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, 04/01/15			425		453	0.33
_______________________
					994	0.73
_______________________
District of Columbia - 2.12%
Dist. of Columbia Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (AGM HUD Ln. Insured), 5.00%, 07/01/16			100		106	0.08
Dist. of Columbia, Income Tax Secured, Rev. Ref. Bonds, Series E, 0.68%, 12/01/151			1,000		1,004	0.74
Dist. of Columbia, Water Util. Imps. Rev. Bonds (Mandatory Put 06/01/15 @ 100), 0.56%, 10/01/441			600		602	0.44
Metropolitan Washington Airports Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 10/01/15			1,100		1,174	0.86
_______________________
					2,886	2.12
_______________________
Florida - 8.69%
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1, 5.00%, 06/01/16			1,000		1,103	0.81
City of Cape Coral, Water Rev. Ref. Bonds, 3.00%, 10/01/17			600		630	0.46
City of Lakeland, Energy Res. Auth. Rev. Ref. Bonds, 1.18%, 10/01/141			600		602	0.44
City of Tampa, Health Care Facs. Rev. Ref. Bonds, 5.00%, 11/15/15			750		818	0.60
City of Tampa, Sewer Imps. Prop. Tax Bonds, 4.00%, 10/01/15			225		240	0.18
City of Tampa, Water Rev. Ref. Bonds, Series A:
	5.00%, 10/01/16		1,250		1,410	1.03
	5.00%, 10/01/17		450		522	0.38
County of Broward, Port, Airport & Marina Imps. Rev. Bonds, Series C, 5.00%, 10/01/17			1,000		1,153	0.85
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA COLL Insured), 4.50%, 07/01/29			545		587	0.43
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, 01/01/29			315		340	0.25
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A:
	5.00%, 07/01/15		1,450		1,556	1.14
	5.00%, 07/01/16		190		211	0.16
Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 4.00%, 10/01/17			300		333	0.24
Florida State Board of Edu., Misc. Rev. Ref. Bonds, Series E, 5.00%, 07/01/15			550		593	0.44
Florida State Dept. of Trans., Highway Imps. Rev. Bonds, Series B, 5.00%, 07/01/14			1,000		1,032	0.76
Florida Water Pollution Control Fncg. Corp., Pollution Control Misc. Rev. Bonds, Series A, 3.00%, 01/15/14			100		101	0.07
JEA, Energy Res. Auth. Imps. Rev. Bonds, Sub-Series A, 3.00%, 10/01/14			100		101	0.07

See Notes to Financial Statements

Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

		Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Florida—continued
Orlando Utils. Commission, Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 10/01/14	$	500	$	522	0.38	%
_______________________
				11,854	8.69
_______________________
Georgia - 1.23%
Atlanta Dev. Auth., Loc. or GTD Housing Rev. Ref. Bonds, 5.00%, 09/01/17		250		287	0.21
City of Atlanta, Water Rev. Ref. Bonds, Series B, 5.00%, 11/01/19		1,000		1,177	0.86
Thomasville Hospital Auth., Heath Care Facs. Imps. Rev. Ref. Bonds, 3.00%, 11/01/13		210		210	0.16
_______________________
				1,674	1.23
_______________________
Guam - 0.50%
Territory of Guam, Cash Flow Mgmt., Misc. Rev. Bonds, Series A, 5.00%, 01/01/17		600		678	0.50
_______________________
				678	0.50
_______________________
Hawaii - 0.93%
State of Hawaii, G.O. Prop. Tax Ref. Bonds, Series DT, 5.00%, 11/01/14		100		105	0.08
State of Hawaii, G.O. Public Imps. Bonds, Series DZ, 5.00%, 12/01/17		1,000		1,167	0.85
_______________________
				1,272	0.93
_______________________
Illinois - 9.29%
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 01/01/16		1,000		1,072	0.79
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.25%, 01/01/15		100		106	0.08
City of Chicago, Port, Airport & Marina Rev. Ref. Notes, Series B (Mandatory Put 01/01/15 @ 100), 5.00%, 01/01/341		450		472	0.35
City of Chicago, Sewer Imps. Rev. Bonds, 3.00%, 01/01/17		325		337	0.25
Greater Chicago Metropolitan Water Reclamation Dist., G.O. Sewer Imps. Prop. Tax Bonds, Series B, 5.00%, 12/01/17		300		347	0.25
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 08/15/15		1,345		1,449	1.06
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-1 (Mandatory Put 01/15/20 @ 100), 5.00%, 11/01/301		1,000		1,131	0.83
Illinois State Toll Highway Auth., Highway Imps. Rev. Bonds, Series A (AGM Insured), 5.00%, 01/01/14		1,000		1,008	0.74
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.50%, 01/01/15		700		742	0.54
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 12/01/17		1,500		1,724	1.26
Regional Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (AGM G.O. of Auth. Insured), 5.00%, 06/01/15		1,000		1,071	0.79
Regional Trans. Auth., Sales Tax Transit Imps. Rev. Bonds (NATL-RE G.O. of Auth. Insured), 6.25%, 07/01/15		1,000		1,092	0.80
State of Illinois, G.O. Public Imps. Misc. Rev. Bonds, 5.00%, 07/01/17		625		693	0.51
State of Illinois, Sales Tax Rev. Ref. Bonds, 5.00%, 06/15/14		1,375		1,416	1.04
_______________________
				12,660	9.29
_______________________
Indiana - 1.26%
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series N, 5.00%, 03/01/16		600		661	0.49

See Notes to Financial Statements

Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

		Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Indiana—continued
Indiana Univ., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 06/01/18	$	500	$	589	0.43	%
Purdue Univ., College & Univ. Rev. Ref. Bonds, Series C, 5.00%, 07/01/17		405		468	0.34
_______________________
				1,718	1.26
_______________________
Kentucky - 1.21%
Kentucky Higher Edu. Student Ln. Corp., Student Ln. Rev. Bonds, Series 1-Class A-1 (GTD St. Lns. Insured), 0.765%, 05/01/201		290		288	0.21
Kentucky Housing Corp., St. Single Family Housing Rev. Bonds, Series B, 5.00%, 07/01/27		285		299	0.22
Kentucky State Prop. & Building Commission, Lease Rev. Ref. Bonds, Series A, 4.00%, 08/01/15		1,000		1,063	0.78
_______________________
				1,650	1.21
_______________________
Louisiana - 1.18%
Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA COLL Insured), 4.60%, 12/01/28		1,415		1,510	1.11
Louisiana Office Facs. Corp., Lease Ref. Rev. Bonds, 5.00%, 03/01/14		100		102	0.07
_______________________
				1,612	1.18
_______________________
Massachusetts - 1.21%
Commonwealth of Massachusetts, G.O. Misc. Taxes Ref. Bonds, Series A, 5.00%, 09/01/14		100		104	0.08
Massachusetts Dev. Fin. Agcy., Health Care Facs. Imps. Rev. Bonds, Series K-6, 5.00%, 07/01/16		600		668	0.49
Massachusetts Dev. Fin. Agcy., Health Care Facs. Rev. Ref. Bonds, Series H, 5.00%, 07/01/17		600		665	0.49
Massachusetts Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 11/15/14		100		105	0.08
Massachusetts State Water Pollution Abatement, Pollution Control Water Rev. Bonds, Series 14, 5.00%, 08/01/14		100		104	0.07
_______________________
				1,646	1.21
_______________________
Michigan - 2.23%
Detroit City School Dist, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 05/01/18		1,000		1,113	0.82
Michigan State Hospital Fin. Auth., Health Care Facs. Imps. Rev. Bonds (Mandatory Put 08/01/14 @ 100), 2.00%, 11/15/331		500		507	0.37
Michigan State Univ., College & Univ. Rev. Ref. Bonds, Series C, 5.00%, 08/15/15		1,000		1,081	0.79
Wayne County Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 12/01/18		300		343	0.25
_______________________
				3,044	2.23
_______________________
Minnesota - 0.78%
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.00%, 07/01/40		355		387	0.28
Univ. of Minnesota, College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 12/01/16		600		683	0.50
_______________________
				1,070	0.78
_______________________
Missouri - 0.76%
City of St Louis, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 07/01/17		330		377	0.28

See Notes to Financial Statements

Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

		Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Missouri—continued
Missouri Housing Dev. Commission, Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.25%, 11/01/30	$	620	$	662	0.48	%
_______________________
				1,039	0.76
_______________________
Nebraska - 0.88%
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 2.50%, 09/01/34		500		518	0.38
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series E, 3.00%, 09/01/43		650		677	0.50
_______________________
				1,195	0.88
_______________________
Nevada - 1.76%
County of Clark, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 07/01/16		300		334	0.25
Nevada System of Higher Edu., College & Univ. Imps. Rev. Ref. Bonds, Series B (AMBAC Insured), 5.00%, 07/01/14		2,000		2,064	1.51
_______________________
				2,398	1.76
_______________________
New Hampshire - 0.51%
New Hampshire State Turnpike System, Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 02/01/18		600		693	0.51
_______________________
				693	0.51
_______________________
New Jersey - 6.58%
Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 11/01/18		550		653	0.48
New Jersey Econ. Dev. Auth., Misc. Rev. Ref. Bonds, Series DD-1, 5.00%, 12/15/16		1,000		1,131	0.83
New Jersey Econ. Dev. Auth., School Imps. Misc. Rev. Bonds, 0.66%, 02/01/151		525		525	0.39
New Jersey Econ. Dev. Auth., School Imps. Rev. Bonds, 0.98%, 02/01/171		1,000		1,005	0.74
New Jersey Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series K, 5.00%, 07/01/14		100		103	0.08
New Jersey Health Care Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, 07/01/14		500		512	0.37
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Bonds, Series 2, 5.00%, 12/01/14		1,000		1,050	0.77
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Ref. Bonds, Series 1A, 5.00%, 12/01/15		500		543	0.40
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/17 @ 100), 0.70%, 01/01/231		1,000		1,002	0.73
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/18 @ 100), 0.76%, 01/01/241		250		249	0.18
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series E (Mandatory Put 01/01/18 @ 100), 0.76%, 01/01/241		500		499	0.37
New Jersey Trans. Trust Fund Auth., Transit Imps. Misc. Rev. Bonds, Series A, 5.00%, 06/15/15		300		323	0.24
New Jersey Trans. Trust Fund Auth., Transit Rev. Ref. Bonds, Series A (AMBAC Insured), 5.50%, 12/15/15		1,000		1,107	0.81

See Notes to Financial Statements

Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
New Jersey—continued
Rutgers The State University of New Jersey, College & Univ. Rev. Ref. Bonds, Series J, 5.00%, 05/01/19		$	225	$	266	0.19	%
_______________________
					8,968	6.58
_______________________
New Mexico - 0.26%
New Mexico Educ. Assistance Foundation, Rev. Bonds, Series A-2 (GTD St. Lns. Insured), 0.9112%, 12/01/281			360		358	0.26
_______________________
					358	0.26
_______________________
New York - 5.79%
City of New York Transitional Fin. Auth., Income Tax Rev. Ref. Bonds, 5.00%, 11/01/19			750		896	0.66
City of New York Transitional Fin. Auth., Income Tax Rev. Ref. Bonds, Sub-Series A-1, 5.00%, 11/01/16			1,000		1,133	0.83
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series J-4, 0.63%, 08/01/251			1,000		1,005	0.74
Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B-3B, 0.98%, 11/01/181			1,000		1,008	0.74
Metropolitan Trans. Auth., Transit Rev. Ref. Bonds, Series F, 5.00%, 11/15/18			500		585	0.43
New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 02/15/16			400		439	0.32
New York City Transitional Fin. Auth. Building Aid Rev., School Imps. Misc. Rev. Bonds, Sub-Series S-1A (St. Aid Withhldg. Insured), 5.00%, 07/15/17			500		575	0.42
New York City Trust for Cultural Ress. Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.35%, 01/01/361			500		503	0.37
Public Housing Capital Fund Trust I Rev. Bonds (HUD Ln. Insured), 4.50%, 07/01/222			313		330	0.24
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, 06/01/15			1,325		1,422	1.04
_______________________
					7,896	5.79
_______________________
North Dakota - 0.19%
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, 3.75%, 07/01/42			245		258	0.19
_______________________
					258	0.19
_______________________
Ohio - 2.96%
City of Cleveland, Airport System Rev., Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 01/01/16			1,660		1,807	1.33
County of Allen, Health Care Facs. Imps., Rev. Ref. Bonds, Series B:
	5.00%, 09/01/14		1,000		1,037	0.76
	5.00%, 09/01/15		500		538	0.39
Ohio Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.50%, 11/01/28			615		659	0.48
_______________________
					4,041	2.96
_______________________
Oklahoma - 0.10%
Oklahoma City Water Utils. Trust, Water Rev. Ref. Bonds, 3.00%, 07/01/15			125		131	0.10
_______________________
					131	0.10
_______________________

See Notes to Financial Statements

Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Oregon - 1.89%
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds  (Mandatory Put 09/15/18 @ 100), 1.08%, 10/01/221		$	2,125	$	2,141	1.57	%
Tri-County Metropolitan Trans. Dist., Transit Imps. Misc. Taxes Rev. Bonds, 4.00%, 11/01/17			400		431	0.32
_______________________
					2,572	1.89
_______________________
Pennsylvania - 2.33%
City of Philadelphia, Water Rev. Ref. Bonds, Series A, 5.00%, 06/15/15			1,000		1,075	0.79
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds, 5.00%, 06/15/15			750		806	0.59
Pennsylvania State Univ., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 03/01/14			225		229	0.17
Philadelphia School Dist., G.O. School Imps. Prop. Tax Rev. Bonds, Series A (St. Aid Withhldg. Insured), 5.00%, 06/01/15			1,000		1,064	0.78
_______________________
					3,174	2.33
_______________________
South Carolina - 0.92%
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA/FNMA/FHLMC Insured), 4.50%, 07/01/30			625		671	0.49
South Carolina State Public Service Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series B, 5.00%, 01/01/15			450		475	0.35
South Carolina Trans. Infrastructure Bank, Transit Rev. Ref. Bonds, Series A, 5.00%, 10/01/14			100		104	0.08
_______________________
					1,250	0.92
_______________________
Tennessee - 1.34%
City of Memphis, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 12/01/14			100		105	0.08
Metropolitan Govt. Nashville & Davidson County Health & Educ. Facs. Board, College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 10/01/17 @ 100), 0.68%, 10/01/381			700		704	0.52
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds:
	4.00%, 07/01/38		470		513	0.37
	4.50%, 07/01/37		450		499	0.37
_______________________
					1,821	1.34
_______________________
Texas - 7.41%
City of Houston, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 03/01/16			1,000		1,107	0.81
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 0.83%, 05/15/341			600		603	0.44
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 08/01/16 @ 100), 0.68%, 05/15/341			1,000		1,002	0.74
City of San Antonio, Water Rev. Ref. Bonds, 3.00%, 05/15/14			100		102	0.07
County of Harris, Highway Tolls Rev. Ref. Bonds, Series B (Mandatory Put 08/15/15 @ 100), 0.67%, 08/15/211			1,000		1,001	0.73
Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series A, 4.00%, 12/01/16			100		111	0.08
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 11/01/18			200		233	0.17
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, 11/01/19			500		582	0.43

See Notes to Financial Statements

Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Texas—continued
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.19%, 07/01/311		$	200	$	200	0.15	%
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 01/01/19 @ 100), 1.95%, 01/01/381			600		579	0.43
Olmos Park Higher Edu. Facs. Corp., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 12/01/19			400		465	0.34
Plano Independent School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 02/15/14			100		102	0.07
State of Texas, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 10/01/14			650		679	0.50
Texas A&M University, College & Univ. Imps. Rev. Ref. Bonds, 3.00%, 07/01/16			325		347	0.25
Texas Dept. of Housing & Comm. Affairs, Loc. or GTD Housing Rev. Bonds, Series A (GNMA COLL Insured), 5.00%, 07/01/29			385		417	0.31
Texas Public Fin. Auth., Unemployment & Welfare Fndg. Misc. Rev. Bonds, Series A, 5.00%, 07/01/14			1,000		1,032	0.76
Texas State Univ. Systems, College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 03/15/15			715		761	0.56
Texas Tech Univ., College & Univ. Rev. Ref. Bonds, Series A, 3.00%, 08/15/16			500		534	0.39
Texas Water Dev. Board, Water Rev. Ref. Bonds, 5.00%, 07/15/15			225		243	0.18
_______________________
					10,100	7.41
_______________________
Washington - 7.39%
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series A:
	4.00%, 07/01/15		500		531	0.39
	5.00%, 07/01/15		1,250		1,348	0.99
Grant County Public Util. Dist. No. 2, Energy Res. Auth. Rev. Ref. Bonds, Series I, 5.00%, 01/01/16			1,000		1,099	0.81
Port of Seattle, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 06/01/14			750		771	0.56
Port of Seattle, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 08/01/18			600		700	0.51
Snohomish County Public Util. Dist. No. 1, Energy Res. Auth. Rev. Ref. Bonds:
	5.00%, 12/01/13		500		502	0.37
	5.00%, 12/01/15		1,000		1,098	0.80
State of Washington, G.O. Prop. Tax Ref. Bonds, Series R-2012A, 5.00%, 07/01/16			1,000		1,121	0.82
State of Washington, Highway Imps. Rev. Bonds, 5.00%, 09/01/18			1,500		1,757	1.29
Washington Health Care Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 10/01/14			640		667	0.49
Washington St. Housing Fin. Commission, Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 4.50%, 04/01/29			455		486	0.36
_______________________
					10,080	7.39
_______________________
Wisconsin - 1.20%
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 05/30/19 @ 100), 4.00%, 11/15/431			1,000		1,118	0.82
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 3.00%, 10/15/16			500		524	0.38
_______________________
					1,642	1.20
_______________________
Total bonds & notes  (cost: $115,909,815)					118,090	86.62
_______________________

See Notes to Financial Statements

Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

					Principal amount (000)			Market value (000)	Percent of net assets
Short-term securities - 13.90%
City of Minneapolis St Paul Housing & Redev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B-1, 0.08%, 11/15/351				$	1,000		$	1,000	0.73	%
City of Minneapolis St Paul Housing & Redev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B-2, 0.08%, 11/15/351					3,050			3,050	2.24
City of New York, G.O. Public Imps. Prop. Tax Bonds, Sub-Series G-5, 0.04%, 04/01/421					1,600			1,600	1.17
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, 0.05%, 08/01/441					650			650	0.48
Kentucky Econ. Dev. Fin. Auth., Health Care Facs. Rev. Ref. Bonds:1
		0.06%, 08/15/38			3,100			3,100	2.27
		0.07%, 08/15/38			1,000			1,000	0.73
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series E, 0.08%, 12/01/301					4,400			4,400	3.23
Missouri State Health & Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series D, 0.05%, 09/01/301					300			300	0.22
Nebraska Educ. Fin. Auth., College & Univ. Rev. Ref. Bonds, 0.08%, 07/01/351					500			500	0.37
New Hampshire Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 0.08%, 06/01/311					1,100			1,100	0.81
New Hampshire Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series B, 0.07%, 06/01/411					300			300	0.22
New Jersey Health Care Facs. Fncg Auth., Health Care Facs. Imps. Rev. Bonds, Series B, 0.07%, 07/01/431					1,150			1,150	0.84
Sarasota County Public Hospital Dist., Health Care Facs. Rev. Ref. Bonds, 0.08%, 07/01/371					800			800	0.59
_______________________
Total Short-term securities  (cost: $18,950,000)								18,950	13.90
_______________________
Total investment securities (cost: $134,859,815)								137,040	100.52
Other assets less liabilities							(710)		(0.52)
_______________________
Net assets						$	136,330		100.00	%
_______________________
_______________________
1	Coupon rate may change periodically.  For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
2	Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933.  May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.  At October 31, 2013, the aggregate market value of these securities amounted to $329,498, representing 0.24% of net assets.
Key to abbreviations
Agcy.			=  Agency
AGM			=  Assured Guaranty Municipal Corporation
AMBAC			=  American Municipal Bond Assurance Corporation
Auth.			=  Authority
Certs. of Part.			=  Certificates of Participation
COLL			=  Collateral
Comm.			=  Community
Corp.			=  Corporation

See Notes to Financial Statements

Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

Dept.	=  Department
Dev.	=  Development
Dist.	=  District
Econ.	=  Economic
Edu.	=  Education
Educ.	=  Educational
Facs.	=  Facilities
FGIC	=  Financial Guaranty Insurance Company
FHA	=  Federal Housing Administration
FHLMC	=  Federal Home Loan Mortgage Corporation
Fin.	=  Finance
Fncg.	=  Financing
Fndg.	=  Funding
FNMA	=  Federal National Mortgage Association
GNMA	=  Government National Mortgage Association
G.O.	=  General Obligation
Govt.	=  Government
GTD	=  Guaranteed
HUD	=  Housing and Urban Development
Imp.	=  Improvement
Imps.	=  Improvements
Ind.	=  Industrial
Ln.	=  Loan
Lns.	=  Loans
Loc.	=  Local
Mgmt.	=  Management
Misc.	=  Miscellaneous
Muni.	=  Municipal
NATL-RE	=  National Reinsurance
No.	=  Number
Prop.	=  Property
Ref.	=  Refunding
Res.	=  Resource
Ress.	=  Resources
Rev.	=  Revenue
St.	=  State
Trans.	=  Transportation
Univ.	=  University
Util.	=  Utility
Utils.	=  Utilities
Withhldg.	=  Withholding

See Notes to Financial Statements

Capital Group California Core Municipal Fund

October 31, 2013

Growth of $25,000 investment

Here’s how a $25,000 investment in the Capital Group California Core Municipal Fund grew between April 13, 2010, when the fund began operations, and October 31, 2013, the end of the fund’s fiscal year.

¹ The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of

sales charges, commissions, or expenses.

² Includes reinvested dividends and capital gain distributions.

Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.

Investment portfolio – quality ratings*

* Bond ratings, which typically range from Aaa/AAA (highest to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poors and/or Fitch as an indication of an Issuer’s credit-worthiness. If agency rating differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in “unrated” at left), the investment advisor performs it’s own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.

Capital Group California Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes - 95.15%
California - 90.89%
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds:
	5.00%, 07/01/20	$	1,000	$	1,088	0.48	%
	5.00%, 11/15/20		715		788	0.35
	5.00%, 11/15/21		495		538	0.24
	5.00%, 11/15/22		1,000		1,080	0.48
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.):
	4.00%, 05/15/16		1,500		1,504	0.66
	5.125%, 09/01/20		1,500		1,707	0.75
	5.25%, 05/15/20		1,000		1,137	0.50
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A (CA Mtg. Ins.):
	5.00%, 04/01/19		400		457	0.20
	5.00%, 04/01/20		550		625	0.28
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured):
	5.00%, 09/02/21		600		632	0.28
	5.00%, 09/02/22		225		235	0.10
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds, Series A (CIFG Insured), 4.00%, 09/02/14			445		456	0.20
Alameda Corridor Trans. Auth., Port, Airport & Marina. Rev. Ref. Bonds, Series A:
	5.00%, 10/01/21		1,250		1,462	0.64
	5.00%, 10/01/22		975		1,140	0.50
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, 10/01/17			575		634	0.28
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 04/01/24 @ 100), 1.18%, 04/01/451			3,700		3,725	1.64
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100), 0.98%, 04/01/451			1,200		1,208	0.53
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.45%, 04/01/451			1,500		1,518	0.67
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds:
	5.00%, 04/01/19		800		956	0.42
	5.00%, 04/01/21		800		966	0.43
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F-1, 5.00%, 04/01/21			100		116	0.05
Bay Area Water Supply & Conservation Agcy., Water Util. Imps. Rev. Bonds, Series A, 5.00%, 10/01/23			500		602	0.27
Bonita Canyon Public Facs. Fncg. Auth., Special Tax Ref. Bonds:
	4.00%, 09/01/21		700		714	0.31
	5.00%, 09/01/26		500		507	0.22
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds:
	5.00%, 04/01/19		950		1,106	0.49
	5.00%, 02/01/21		550		646	0.28
	5.00%, 10/01/21		700		808	0.36
	5.00%, 11/01/21		525		551	0.24
	5.50%, 04/01/29		300		322	0.14
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A:
	5.00%, 10/01/15		625		678	0.30
	5.00%, 01/01/18		125		147	0.06
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, 5.00%, 09/01/20			165		198	0.09
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A:
	4.00%, 11/01/21		560		611	0.27
	4.00%, 11/01/22		1,420		1,526	0.67

See Notes to Financial Statements

Capital Group California Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
California—continued
	4.50%, 11/01/17	$	335	$	379	0.17	%
	5.00%, 01/01/24		100		113	0.05
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds:
	4.00%, 08/15/16		710		768	0.34
	5.00%, 08/15/18		1,100		1,294	0.57
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series A:
	5.00%, 10/01/18		275		323	0.14
	5.00%, 10/01/22		770		890	0.39
	5.00%, 11/15/24		150		167	0.07
	5.00%, 11/15/25		375		411	0.18
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series D, 5.00%, 08/15/20			1,325		1,575	0.69
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series G, 5.50%, 07/01/25			100		111	0.05
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series I, 5.125%, 07/01/22			690		736	0.32
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 5.00%, 01/01/20			500		564	0.25
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/271			300		309	0.14
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A:
	5.00%, 11/15/19		1,350		1,601	0.70
	5.00%, 03/01/20		675		780	0.34
	5.00%, 11/15/20		500		591	0.26
	5.00%, 11/15/21		350		408	0.18
	5.00%, 03/01/23		1,000		1,133	0.50
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series B:
	4.00%, 08/15/19		400		453	0.20
	5.00%, 08/15/20		300		357	0.16
	5.00%, 11/15/21		1,000		1,071	0.47
	5.00%, 08/15/22		850		1,003	0.44
	5.375%, 07/01/21		1,500		1,539	0.68
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 6.25%, 10/01/28			200		231	0.10
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/15/19 @ 100), 5.00%, 07/01/431			1,000		1,164	0.51
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/16/14 @ 100), 5.00%, 07/01/341			100		105	0.05
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series I (Mandatory Put 07/01/14 @ 100), 4.95%, 07/01/261			100		103	0.05
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/14 @ 100), 0.58%, 04/01/381			2,375		2,378	1.05
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/16 @ 100), 0.36%, 10/01/471			1,000		997	0.44
California Infrastructure & Econ. Dev. Bank, Public Imps. Misc. Rev. Bonds:
	4.50%, 10/01/25		100		107	0.05
	4.50%, 10/01/26		100		106	0.05
California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds:
	5.00%, 02/01/18		100		113	0.05
	5.00%, 02/01/19		100		112	0.05
California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series A-2 (Mandatory Put 04/01/14 @ 100), 0.58%, 04/01/381			1,100		1,101	0.48

See Notes to Financial Statements

Capital Group California Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
California—continued
California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series B-1 (Mandatory Put 04/01/15 @ 100), 0.38%, 10/01/471		$	1,800	$	1,800	0.79	%
California Muni. Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 10/01/22			160		177	0.08
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, 5.625%, 10/01/23			465		501	0.22
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, Series B, 4.00%, 10/01/17			150		166	0.07
California Pollution Control Fncg. Auth., Water Util. Imps. Rev. Bonds, 5.00%, 07/01/27			750		754	0.33
California State Dept. of Veterans Affairs, Loc. or GTD Housing Rev. Ref. Bonds, Series A, 2.75%, 12/01/20			750		752	0.33
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G, 4.875%, 05/01/18			200		235	0.10
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G-11, 5.00%, 05/01/18			2,000		2,362	1.04
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 5.00%, 05/01/17			100		115	0.05
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series K, 5.00%, 05/01/18			225		266	0.12
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 05/01/21			200		238	0.10
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 05/01/18			1,250		1,476	0.65
California State Dept. of Water Ress., Water Rev. Ref. Bonds, 5.00%, 05/01/21			100		116	0.05
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE:
	5.00%, 12/01/22		1,010		1,169	0.51
	5.00%, 12/01/23		200		230	0.10
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AM, 5.00%, 12/01/20			1,310		1,596	0.70
California State Public Works Board, College & Univ. Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 03/01/14			200		203	0.09
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, 5.00%, 04/01/20			200		213	0.09
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B, 5.00%, 10/01/17			300		344	0.15
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B (NATL-RE FGIC Insured), 4.00%, 03/01/14			200		203	0.09
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 5.00%, 03/01/18			1,350		1,575	0.69
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series C-1, 5.00%, 03/01/19			1,100		1,312	0.58
California State Public Works Board, Health Care Facs. Imps. Lease Rev. Bonds, Series E, 5.00%, 04/01/15			1,315		1,403	0.62
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 06/01/15			200		215	0.09
California State Public Works Board, Lease Rev. Ref. Bonds, Series H, 5.00%, 06/01/23			600		695	0.31
California State Public Works Board, Public Imps. Lease Rev. Bonds, Sub-Series A-1, 5.00%, 03/01/14			1,000		1,016	0.45
California State Univ., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 11/01/18			750		895	0.39
California State Univ., College & Univ. Rev. Ref. Bonds, Series C (NATL-RE Insured), 5.00%, 11/01/21			955		1,030	0.45

See Notes to Financial Statements

Capital Group California Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
California—continued
California State Univ., College & Univ. Rev. Ref. Bonds, Series C (Pre-refunded with U.S. Treasury Obligations to 11/01/15 @ 100) (NATL-RE Insured), 5.00%, 11/01/21		$	1,645	$	1,800	0.79	%
California Statewide Comms. Dev. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 05/15/19			1,000		1,125	0.50
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, 4.625%, 07/01/21			100		109	0.05
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 04/01/19			600		705	0.31
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, 07/01/16			1,100		1,225	0.54
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Bonds, 2.10%, 10/01/19			1,000		997	0.44
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds:
	5.00%, 07/01/14		500		516	0.23
	5.00%, 07/01/16		100		108	0.05
	5.00%, 05/15/19		600		673	0.30
	5.00%, 11/01/19		1,000		1,159	0.51
Central Valley Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, 3.50%, 07/01/14			250		255	0.11
Cerritos Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds, Series A (AMBAC Insured):
	5.00%, 11/01/19		2,000		2,170	0.96
	5.00%, 11/01/24		600		622	0.27
Chula Vista Muni. Fncg. Auth., Special Tax Ref. Bonds:
	5.00%, 09/01/21		500		552	0.24
	5.00%, 09/01/22		1,400		1,535	0.68
City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, 06/15/20			1,000		1,208	0.53
City & County of San Francisco, Sewer Rev. Ref. Bonds, Series A:
	5.00%, 10/01/20		750		907	0.40
	5.00%, 10/01/21		500		605	0.27
City of Bakersfield, Solid Waste Mgmt. Disposal Rev. Bonds, Series A  (AGM Insured), 4.125%, 09/15/14			200		207	0.09
City of Carlsbad California, Special Assessment Ref. Bonds:
	3.00%, 09/02/18		325		330	0.15
	3.15%, 09/02/21		570		556	0.24
	3.55%, 09/02/23		350		330	0.15
City of Chula Vista, Energy Res. Auth. Rev. Ref. Bonds, Series A, 1.65%, 07/01/18			1,150		1,158	0.51
City of Irvine California, Public Imps. Special Assessment Bonds:
	4.00%, 09/02/19		500		516	0.23
	4.375%, 09/02/21		700		722	0.32
City of Irvine California, Special Assessment Ref. Bonds:
	2.50%, 09/02/19		1,230		1,208	0.53
	3.00%, 09/02/20		1,250		1,253	0.55
	3.25%, 09/02/22		700		693	0.31
	3.375%, 09/02/23		850		804	0.35
	4.00%, 09/02/18		500		550	0.24
	4.00%, 09/02/19		475		505	0.22
	4.50%, 09/02/22		250		258	0.11
	4.75%, 09/02/23		250		258	0.11
City of Long Beach, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 05/15/21			100		117	0.05

See Notes to Financial Statements

Capital Group California Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
California—continued
City of Long Beach, Port, Airport & Marina. Rev. Ref. Bonds, Series B, 5.00%, 05/15/20		$	500	$	602	0.27	%
City of Los Angeles Dept. of Airports, Port, Airport & Marina. Rev. Ref. Bonds, 5.00%, 05/15/22			500		589	0.26
City of Manhattan Beach, Public Imps. Special Assessment Bonds, 4.375%, 09/02/17			120		125	0.06
City of Roseville, Energy Res. Auth. Rev. Certs. of Part. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 02/01/17			100		106	0.05
City of Roseville, Special Tax Ref. Bonds:
	3.50%, 09/01/15		1,000		1,020	0.45
	4.00%, 09/01/16		2,000		2,077	0.91
City of San Jose, Port, Airport & Marina Imps. Rev. Bonds, Series A-2, 5.00%, 03/01/18			700		807	0.36
Coast Comm. College Dist., G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 08/01/21			1,400		1,693	0.75
Contra Costa County Public Fncg. Auth., Public Imps. Lease Rev. Bonds, Series A (NATL-RE Insured), 5.00%, 06/01/21			275		304	0.13
Contra Costa Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, Series B, 5.00%, 03/01/21			500		592	0.26
County of El Dorado, Special Tax Rev. Ref. Bonds:
	5.00%, 09/01/22		1,295		1,447	0.64
	5.00%, 09/01/24		860		927	0.41
County of Orange, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 07/01/15			200		215	0.09
County of San Diego, College & Univ. Imps. Rev. Certs. of Part. Bonds, 4.00%, 07/01/16			490		523	0.23
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A, 4.00%, 06/01/14			100		102	0.05
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A-1 (Mandatory Put 07/01/14 @ 100), 0.43%, 06/01/251			1,520		1,520	0.67
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series B, 5.00%, 06/01/19			900		1,081	0.48
East Bay Regional Park Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 09/01/14			100		104	0.05
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A:
	5.00%, 06/01/20		1,200		1,378	0.61
	5.00%, 06/01/21		1,200		1,377	0.61
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds:
	5.00%, 11/01/17		100		116	0.05
	5.25%, 11/01/25		100		111	0.05
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 11/01/22			700		796	0.35
Irvine Public Facs. & Infrastructure Auth., Public Imps. Special Assessment Bonds, Series A:
	3.00%, 09/02/15		200		205	0.09
	4.00%, 09/02/21		1,350		1,379	0.61
	4.00%, 09/02/23		430		437	0.19
Irvine Ranch Water Dist., Water Rev. Certs. of Part. Ref. Bonds, 5.00%, 03/01/17			100		115	0.05
Las Virgenes Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A (AGM Insured), 4.25%, 08/01/15			100		107	0.05
Lincoln Public Fncg. Auth., Public Imps. Special Tax Bonds, Series A (AMBAC Insured), 4.50%, 09/01/21			840		872	0.38
Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds:
	4.00%, 11/01/20		750		827	0.36
	5.00%, 11/01/21		500		579	0.25
Long Beach Comm. College Dist., G.O. Prop. Tax College & Univ. Imps. Bonds, Series A, 5.00%, 06/01/22			100		113	0.05

See Notes to Financial Statements

Capital Group California Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
California—continued
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds:
	5.00%, 07/01/16	$	500	$	562	0.25	%
	5.00%, 07/01/21		1,000		1,215	0.54
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, Series B:
	5.00%, 07/01/18		1,000		1,188	0.52
	5.00%, 07/01/21		900		1,085	0.48
Los Angeles County Public Works Fncg. Auth., Lease Rev. Ref. Bonds, Series A, (NATL-RE Insured), 5.00%, 12/01/13			100		100	0.04
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 05/15/29			200		217	0.10
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 05/15/19			850		1,009	0.44
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 05/15/22			700		808	0.36
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/18			300		358	0.16
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series B, 5.00%, 07/01/20			200		236	0.10
Los Angeles Unified School Dist., G.O. Prop. Tax Rev. Ref. Bonds, Series A-1, 5.00%, 07/01/20			1,000		1,202	0.53
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I:
	5.00%, 07/01/14		200		206	0.09
	5.00%, 07/01/24		100		115	0.05
Los Rios Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 08/01/20			900		1,065	0.47
Manhattan Beach Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series C (NATL-RE Insured), 0.00%, 09/01/24			1,000		678	0.30
Metropolitan Water Dist. of Southern California, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 03/01/17			100		106	0.05
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B, 5.00%, 07/01/15			500		540	0.24
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 05/01/15 @ 100), 0.43%, 07/01/271			1,500		1,500	0.66
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-2 (Mandatory Put 05/01/15 @ 100), 0.43%, 07/01/271			1,100		1,100	0.48
Metropolitan Water Dist. of Southern California, Water Util. Imps. Rev. Bonds, Series A, 4.00%, 01/01/14			100		101	0.04
Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/17			400		459	0.20
Moreno Valley Unified School Dist., G.O. School Imps. Prop. Tax Ref. Bonds (NATL-RE Insured), 5.25%, 08/01/19			380		443	0.20
Mountain View Shoreline Regional Park Comm., Tax Allocation Rev. Ref. Bonds, Series A:
	5.00%, 08/01/19		420		465	0.20
	5.00%, 08/01/20		375		414	0.18
Napa Valley Comm. College Dist., G.O. School Imps. Prop. Tax Bonds, Series B (Pre-refunded with St. & Loc. Govt. Series 08/01/15 @ 100) (NATL-RE Insured), 5.00%, 08/01/18			150		162	0.07
North Natomas Comm. Facs. Dist. No. 4, Special Tax Ref. Bonds, Series E, 5.00%, 09/01/21			1,050		1,149	0.51
Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A:
	5.00%, 06/01/16		750		832	0.37
	5.50%, 07/01/21		1,000		1,168	0.51

See Notes to Financial Statements

Capital Group California Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
California—continued
Northern California Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A:
	5.00%, 07/01/17	$	200	$	230	0.10	%
	5.00%, 07/01/19		200		236	0.10
Oakland Redev. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 09/01/18			500		570	0.25
Ohlone Comm. College Dist., G.O. Ref. Bonds, 5.00%, 08/01/24			1,000		1,168	0.51
Orange Comm. Facs. Dist., Special Tax Ref. Bonds:
	4.00%, 10/01/20		385		413	0.18
	4.00%, 10/01/21		1,485		1,575	0.69
Perris Union High School Dist., School Imps. Special Tax Bonds:
	4.25%, 09/01/19		360		369	0.16
	4.50%, 09/01/20		445		457	0.20
Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds:
	3.375%, 09/15/17		500		517	0.23
	3.75%, 09/15/18		770		796	0.35
	4.00%, 09/15/20		340		360	0.16
	4.00%, 09/15/22		440		448	0.20
	5.00%, 09/01/20		610		699	0.31
Rancho Water Dist. Fncg. Auth., Water Rev. Ref. Bonds, Series D (Radian Insured), 4.20%, 09/02/17			100		104	0.05
Roseville Natural Gas Fin. Auth., Gas Util. Imps. Rev. Bonds, 5.00%, 02/15/14			100		101	0.04
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 08/15/17			475		551	0.24
Sacramento Regional Transit Dist., Transit Rev. Ref. Bonds, 5.00%, 03/01/23			615		675	0.30
San Bernardino City Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series A (AGM Insured), 5.00%, 08/01/20			725		841	0.37
San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds:
	5.00%, 08/01/18		1,000		1,193	0.53
	5.00%, 08/01/20		775		935	0.41
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 07/01/23			225		264	0.12
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Sub-Series A, 5.00%, 07/01/20			700		816	0.36
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Ref. Bonds, Sub-Series A, 5.00%, 07/01/18			850		981	0.43
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series 2008 A (AGM Insured), 5.00%, 05/01/14			560		573	0.25
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 05/01/18			700		827	0.36
San Diego County Water Auth., Water Rev. Ref. Bonds, Series A, 5.00%, 05/01/20			750		899	0.40
San Diego County Water Auth., Water Rev. Ref. Bonds, Series S-1, 5.00%, 07/01/16			475		531	0.23
San Diego Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series B, 5.00%, 05/15/22			100		115	0.05
San Diego Public Facs. Fncg. Auth., Water Rev. Ref. Bonds, Series A:
	4.00%, 08/01/14		100		103	0.05
	4.00%, 08/01/20		100		110	0.05
San Francisco Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds, 5.00%, 07/01/22			800		932	0.41
San Francisco City & County Airports Commission, Port, Airport & Marina Imps. Rev. Bonds, Series E, 5.25%, 05/01/24			100		116	0.05
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 05/01/19			400		474	0.21

See Notes to Financial Statements

Capital Group California Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
California—continued
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C2, 5.00%, 05/01/21		$	300	$	346	0.15	%
San Francisco City & County Public Utils. Commission, Water Rev. Ref. Bonds, Sub-Series D, 5.00%, 11/01/20			800		968	0.43
San Francisco City & County Redev. Agcy., Tax Allocation, Series C:
	4.75%, 08/01/17		265		289	0.13
	5.00%, 08/01/18		275		304	0.13
	5.25%, 08/01/19		290		324	0.14
San Francisco City & County Redev. Successor Agcy., Public Imps. Special Tax Bonds, 3.25%, 08/01/21			500		491	0.22
San Francisco City & County Redev. Successor Agcy., Special Tax Ref. Bonds, 5.00%, 08/01/20			800		897	0.39
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 06/15/19			1,150		1,376	0.61
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, 08/01/22			500		526	0.23
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, 08/01/18			400		406	0.18
San Mateo County Comm. College Dist., College & Univ. Imps. Certs. of Part. Lease Bonds (Pre-refunded with St. & Loc. Govt. Series to 10/01/14 @ 100) (NATL-RE Insured), 5.25%, 10/01/20			1,000		1,047	0.46
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A, 5.25%, 07/15/23			200		228	0.10
Santa Ana Community Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 6.00%, 09/01/20			750		880	0.39
Santa Clara County Fncg. Auth., Lease Rev. Ref. Bonds, 5.00%, 11/15/22			285		325	0.14
Santa Margarita Water Dist., Special Tax Ref. Bonds:
	4.125%, 09/01/20		625		643	0.28
	4.25%, 09/01/21		1,560		1,589	0.70
Santaluz Community Facs. Dist. No 2, Special Tax Ref. Bonds, Series A, 5.00%, 09/01/20			995		1,118	0.49
Sonoma-Marin Area Rail Transit Dist., Rev. Bonds, Series A, 5.00%, 03/01/21			1,000		1,194	0.53
South Orange County Public Fncg. Auth., Special Tax Ref. Bonds, Series A (AMBAC Insured):
	5.00%, 08/15/15		900		963	0.42
	5.00%, 08/15/20		1,000		1,030	0.45
South Placer Wastewater Auth., Solid Waste Mgmt. Rev. Ref. Bonds, Series D, 0.91%, 11/01/141			1,700		1,702	0.75
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds:
	5.00%, 07/01/18		200		237	0.10
	5.00%, 07/01/20		1,550		1,855	0.82
	5.00%, 07/01/23		800		922	0.41
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 4.00%, 07/01/21			500		551	0.24
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds:
	5.00%, 07/01/16		500		561	0.25
	5.00%, 07/01/18		350		415	0.18
	5.00%, 07/01/21		750		904	0.40
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A:
	5.00%, 07/01/19		1,000		1,196	0.53
	5.00%, 07/01/20		245		293	0.13
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, 5.00%, 07/01/23			100		114	0.05

See Notes to Financial Statements

Capital Group California Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
California—continued
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A, 5.25%, 07/01/14		$	1,175	$	1,215	0.54	%
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A (Escrowed to Maturity), 5.25%, 07/01/14			270		279	0.12
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/14 @ 100), 5.00%, 07/01/15			200		207	0.09
State of California, G.O. Correctional Facs. Imps. Prop. Tax Bonds, 5.25%, 10/01/20			100		117	0.05
State of California, G.O. General Fund Public Imps. Bonds (Mandatory Put 12/01/17 @ 100), 4.00%, 12/01/271			750		826	0.36
State of California, G.O. General Fund Ref. Bonds:
	5.00%, 11/01/13		300		300	0.13
	5.00%, 02/01/19		2,000		2,352	1.04
	5.00%, 02/01/20		2,700		3,178	1.40
State of California, G.O. General Fund Ref. Notes, 5.00%, 08/01/20			375		424	0.19
State of California, G.O. Misc. Rev. Ref. Bonds, 5.00%, 09/01/19			1,300		1,542	0.68
State of California, G.O. Prop. Tax Ref. Bonds:
	5.00%, 04/01/19		600		708	0.31
	5.25%, 10/01/20		650		763	0.34
State of California, G.O. Prop. Tax Ref. Bonds, Series B (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/231			100		103	0.05
State of California, G.O. Public Imps. Misc. Tax Bonds, 5.50%, 04/01/18			100		119	0.05
State of California, G.O. Public Imps. Prop. Tax Bonds (Pre-refunded with St. & Loc. Govt. Series to 04/01/14 @ 100), 5.50%, 04/01/30			2,000		2,045	0.90
State of California, G.O. Sales Tax Rev. Bonds, Series A, 5.25%, 07/01/21			1,060		1,265	0.56
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 07/01/17			950		1,099	0.48
State of California, G.O. Water Util. Imps. Misc. Tax Bonds (NATL-RE Insured), 6.00%, 08/01/20			5		5	—
State of California, G.O. Water Util. Imps. Prop. Tax Bonds, 5.00%, 03/01/14			300		305	0.13
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A:
	5.00%, 01/01/15		100		105	0.05
	5.00%, 01/01/22		1,500		1,690	0.74
	5.25%, 01/01/24		100		113	0.05
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds:
	5.00%, 01/01/18		500		576	0.25
	5.00%, 01/01/22		700		796	0.35
Univ. of California, College & Univ. Imps. Rev. Bonds, Series D (NATL-RE FGIC Insured), 5.00%, 05/15/23			130		146	0.06
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E:
	4.00%, 05/15/17		500		560	0.25
	5.00%, 05/15/20		500		598	0.26
Univ. of California, College & Univ. Rev. Ref. Bonds, Series G, 4.00%, 05/15/21			1,000		1,127	0.50
Vallejo Sanitation & Flood Control Dist., Solid Waste Mgmt. Certs. of Part. Ref. Bonds (AMBAC Insured), 4.00%, 05/01/18			200		205	0.09
_______________________
					206,444	90.89
_______________________
District of Columbia - 0.05%
Metropolitan Washington Airports Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 10/01/17			100		115	0.05
_______________________
					115	0.05
_______________________

See Notes to Financial Statements

Capital Group California Core Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Florida - 0.25%
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1, 5.00%, 06/01/19		$	500	$	572	0.25	%
_______________________
					572	0.25
_______________________
Guam - 1.16%
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series A:
	5.00%, 10/01/19		150		160	0.07
	5.00%, 10/01/20		225		239	0.11
	5.00%, 10/01/21		350		368	0.16
	5.00%, 10/01/22		710		739	0.33
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 10/01/23			1,100		1,121	0.49
_______________________
					2,627	1.16
_______________________
Iowa - 0.05%
State of Iowa, General Fund Public Imps. Rev. Bonds, Series A, 5.00%, 06/01/27			100		113	0.05
_______________________
					113	0.05
_______________________
Michigan - 0.05%
Michigan State Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.25%, 11/15/24			100		105	0.05
_______________________
					105	0.05
_______________________
Oregon - 0.44%
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds  (Mandatory Put 09/15/18 @ 100), 1.08%, 10/01/221			1,000		1,008	0.44
_______________________
					1,008	0.44
_______________________
Puerto Rico - 1.50%
Commonwealth of Puerto Rico, G.O. Prop. Tax Rev. Ref. Bonds, 5.00%, 07/01/23			730		551	0.24
Puerto Rico Commonwealth Aqueduct & Sewer Auth., Water Rev. Ref. Bonds, Series A, 5.00%, 07/01/19			500		411	0.18
Puerto Rico Ind. Tourist Educ. Medical & Environmental Cultural Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 07/01/17			1,000		1,055	0.47
Puerto Rico Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series C, 5.00%, 08/01/22			1,400		1,387	0.61
_______________________
					3,404	1.50
_______________________
Texas - 0.53%
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 0.83%, 05/15/341			1,100		1,105	0.48
City of San Antonio, Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 02/01/24			100		111	0.05
_______________________
					1,216	0.53
_______________________

See Notes to Financial Statements

Capital Group California Core Municipal Fund

Schedule of Investments

at October 31, 2013

				Principal amount (000)			Market value (000)	Percent of net assets
Bonds & notes—continued
U. S. Virgin Islands - 0.23%
Virgin Islands Public Fin. Auth., Misc. Rev. Ref. Bonds, Series B, 5.00%, 10/01/24			$	500		$	535	0.23	%
_______________________
							535	0.23
_______________________
Total bonds & notes  (cost: $211,793,733)							216,139	95.15
_______________________
Short-term securities - 4.64%
California Health Facs. Fncg. Auth., Special Assessment Rev. Ref. Bonds, 0.06%, 09/01/381				1,000			1,000	0.44
California Muni. Fin. Auth., Ind. Imps. Rev. Bonds, 0.05%, 11/01/351				2,400			2,400	1.06
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 0.04%, 08/15/271				1,900			1,900	0.84
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series A-1, 0.06%, 07/01/351				3,000			3,000	1.32
State of California, G.O. Sales Tax Rev. Bonds, Series C, 0.05%, 07/01/231				2,235			2,235	0.98
_______________________
Total Short-term securities  (cost: $10,535,000)							10,535	4.64
_______________________
Total investment securities (cost: $222,328,733)							226,674	99.79
Other assets less liabilities						469		0.21
_______________________
Net assets					$	227,143		100.00	%
_______________________
_______________________
1	Coupon rate may change periodically.  For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
Key to abbreviations
Agcy.		=  Agency
AGM		=  Assured Guaranty Municipal Corporation
AMBAC		=  American Municipal Bond Assurance Corporation
Auth.		=  Authority
CA Mtg. Ins.		=  California Mortgage Insurance
Certs. of Part.		=  Certificates of Participation
CIFG		=  CDC IXIS Financial Guaranty
Comm.		=  Community
Comms.		=  Communities
Corp.		=  Corporation
Corps.		=  Corporations
Dept.		=  Department
Dev.		=  Development
Dist.		=  District
Econ.		=  Economic
Educ.		=  Educational
Facs.		=  Facilities
FGIC		=  Financial Guaranty Insurance Company
Fin.		=  Finance

See Notes to Financial Statements

Capital Group California Core Municipal Fund

Schedule of Investments

at October 31, 2013

Fncg.	=  Financing
G.O.	=  General Obligation
Govt.	=  Government
GTD	=  Guaranteed
Imps.	=  Improvements
Ind.	=  Industrial
Intl.	=  International
Loc.	=  Local
Mgmt.	=  Management
Misc.	=  Miscellaneous
Muni.	=  Municipal
NATL-RE	=  National Reinsurance
Prop.	=  Property
Rec.	=  Recreational
Redev.	=  Redevelopment
Ref.	=  Refunding
Res.	=  Resource
Ress.	=  Resources
Rev.	=  Revenue
St.	=  State
Trans.	=  Transportation
Univ.	=  University
Util.	=  Utility
Utils.	=  Utilities

See Notes to Financial Statements

Capital Group California Short-Term Municipal Fund

October 31, 2013

Growth of $25,000 investment

Here’s how a $25,000 investment in the Capital Group California Short-Term Municipal Fund grew between April 13, 2010, when the fund began operations, and October 31, 2013, the end of the fund’s fiscal year.

¹ The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of

sales charges, commissions, or expenses.

² Includes reinvested dividends and capital gain distributions.

Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.

Investment portfolio – quality ratings*

* Bond ratings, which typically range from Aaa/AAA (highest to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poors and/or Fitch as an indication of an Issuer’s credit-worthiness. If agency rating differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in “unrated” at left), the investment advisor performs it’s own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.

Capital Group California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes - 81.25%
California - 77.06%
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 05/15/16		$	500	$	501	0.44	%
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 08/01/16			200		223	0.19
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A (CA Mtg. Ins.):
	4.00%, 04/01/16		400		430	0.38
	5.00%, 04/01/18		250		285	0.25
Bay Area Toll Auth. Rev. Bonds (Mandatory Put 05/01/23 @ 100), 0.98%, 04/01/471			250		252	0.22
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.45%, 04/01/451			750		759	0.66
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 10/01/19 @ 100), 0.78%, 04/01/471			1,675		1,688	1.47
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds:
	4.00%, 04/01/18		250		285	0.25
	5.00%, 04/01/17		400		461	0.40
Bay Area Water Supply & Conservation Agcy., Water Util. Rev. Bonds, Series A, 4.00%, 10/01/19			570		652	0.57
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds:
	4.00%, 10/01/15		250		267	0.23
	4.00%, 09/01/16		75		83	0.07
	4.00%, 02/01/17		100		111	0.10
	5.00%, 04/01/14		100		102	0.09
	5.00%, 10/01/16		250		280	0.24
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 10/01/15			500		542	0.47
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 3.00%, 11/01/16			400		426	0.37
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds:
	3.00%, 10/01/15		150		157	0.14
	4.00%, 04/01/16		300		324	0.28
	4.00%, 04/01/17		200		220	0.19
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds:
	5.00%, 08/15/17		510		581	0.51
	5.00%, 08/15/18		500		588	0.51
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series B, 5.00%, 08/15/16			200		224	0.20
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series I, 5.125%, 07/01/22			490		522	0.46
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds:
	5.00%, 08/15/15		150		163	0.14
	5.00%, 11/15/16		225		245	0.21
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 01/01/18			425		463	0.40
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A:
	4.00%, 11/15/13		300		300	0.26
	4.00%, 03/01/18		200		222	0.19
	4.00%, 03/01/19		500		551	0.48
	5.00%, 08/15/14		100		104	0.09
	5.00%, 11/15/16		250		282	0.25
	5.00%, 10/01/18		500		588	0.51
	5.00%, 11/15/19		300		353	0.31

See Notes to Financial Statements

Capital Group California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
California—continued
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-3, 4.00%, 11/15/15		$	150	$	161	0.14	%
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series B (Mandatory Put 10/17/17 @ 100), 5.00%, 07/01/431			805		922	0.80
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/16/14 @ 100), 5.00%, 07/01/341			200		209	0.18
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series I (Mandatory Put 07/01/14 @ 100), 4.95%, 07/01/261			100		103	0.09
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/14 @ 100), 0.58%, 04/01/381			1,100		1,101	0.96
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-1 (Mandatory Put 04/01/16 @ 100), 0.36%, 10/01/471			500		499	0.44
California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series A-2 (Mandatory Put 04/01/14 @ 100), 0.58%, 04/01/381			600		601	0.52
California Infrastructure & Econ. Dev. Bank, Rev. Bonds, Series B-1 (Mandatory Put 04/01/15 @ 100), 0.38%, 10/01/471			1,000		1,000	0.87
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, Series B:
	4.00%, 10/01/15		225		240	0.21
	4.00%, 10/01/16		200		218	0.19
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 4.50%, 05/01/17			200		227	0.20
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 05/01/14			550		563	0.49
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 05/01/18			1,250		1,476	1.29
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AM, 5.00%, 12/01/18			500		601	0.52
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Sub-Series G-4, 5.00%, 05/01/16			1,000		1,115	0.97
California State Public Works Board,  Public Imps. Lease Rev. Bonds, Series A:
	4.00%, 03/01/19		400		449	0.39
	5.00%, 04/01/18		400		467	0.41
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B, 5.00%, 10/01/17			475		544	0.47
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 4.00%, 03/01/16			400		432	0.38
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series C-1, 5.00%, 03/01/16			500		554	0.48
California State Public Works Board, Health Care Facs. Imps. Rev. Bonds, 5.50%, 06/01/15			400		413	0.36
California State Public Works Board, Lease Rev. Ref. Bonds, 4.00%, 06/01/18			425		479	0.42
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured):
	5.00%, 06/01/15		100		108	0.09
	5.00%, 10/01/16		240		270	0.24
California State Public Works Board, Rev. Bonds, Series G, 4.00%, 12/01/16			325		360	0.31
California State Univ., College & Univ. Rev. Bonds, Series A:
	5.00%, 11/01/17		125		146	0.13
	5.00%, 11/01/18		400		477	0.42
California State Univ., College & Univ. Rev. Ref. Bonds, Series A:
	5.00%, 11/01/16		400		453	0.40
	5.00%, 11/01/17		350		409	0.36

See Notes to Financial Statements

Capital Group California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
California—continued
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, 07/01/16		$	500	$	557	0.49	%
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (Mandatory Put 05/01/17 @ 100), 5.00%, 11/01/291			600		683	0.60
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds:
	4.00%, 11/01/14		400		414	0.36
	5.00%, 07/01/14		650		670	0.58
	5.00%, 11/01/15		300		325	0.28
City & County of San Francisco, Certs. of Part. Lease Ref. Bonds, Series A, 5.00%, 10/01/15			500		543	0.47
City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds, 5.00%, 06/15/18			1,745		2,075	1.81
City & County of San Francisco, Sewer Rev. Ref Bonds, Series A:
	5.00%, 10/01/18		500		599	0.52
	5.00%, 10/01/19		330		397	0.35
City of Chula Vista, Energy Res. Auth. Rev. Ref. Bonds, Series A, 1.65%, 07/01/18			1,100		1,108	0.97
City of Los Angeles, Res. Recovery Imps. Rev. Bonds, Series A, 5.00%, 02/01/19			550		654	0.57
City of Los Angeles, Sewer Rev. Ref. Bonds, Series A:
	3.00%, 06/01/14		150		152	0.13
	4.00%, 06/01/16		100		109	0.10
City of San Jose, Port, Airport & Marina Imps. Rev. Bonds, Series A-2, 3.00%, 03/01/15			440		453	0.40
City of Santa Clara, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/18			500		588	0.51
County of El Dorado, Special Tax Ref. Bonds:
	4.00%, 09/01/18		450		487	0.42
	5.00%, 09/01/20		545		611	0.53
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series A-1 (Mandatory Put 07/01/14 @ 100), 0.43%, 06/01/251			1,070		1,070	0.93
East Bay Muni. Util. Dist., Water Rev. Ref. Bonds, Series B, 5.00%, 06/01/19			500		601	0.52
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A:
	5.00%, 06/01/18		500		571	0.50
	5.00%, 06/01/19		500		575	0.50
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 11/01/13			125		125	0.11
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C:
	5.00%, 11/01/16		300		338	0.29
	5.00%, 11/01/18		425		500	0.44
Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds, 5.00%, 11/01/18			700		814	0.71
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds:
	4.00%, 07/01/17		500		563	0.49
	5.00%, 07/01/16		500		562	0.49
Los Angeles County Sanitation Dists. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A, 5.00%, 10/01/17			770		899	0.78
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 3.00%, 05/15/15			700		730	0.64
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, Series E, 4.00%, 05/15/15			200		211	0.18
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Series A:
	3.00%, 07/01/18		550		603	0.53
	5.00%, 07/01/15		420		454	0.40
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I:
	5.00%, 07/01/14		500		516	0.45
	5.00%, 07/01/18		500		592	0.52

See Notes to Financial Statements

Capital Group California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
California—continued
Los Rios Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 4.00%, 08/01/16		$	500	$	544	0.47	%
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, 5.00%, 07/01/14			100		103	0.09
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B:
	4.00%, 07/01/14		100		103	0.09
	5.00%, 07/01/15		200		216	0.19
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 05/01/15 @ 100), 0.43%, 07/01/271			1,600		1,600	1.40
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-2 (Mandatory Put 05/01/15 @ 100), 0.43%, 07/01/271			500		500	0.44
Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 07/01/15			300		323	0.28
Mountain View Shoreline Regional Park Comm., Tax Increment Allocation Rev. Ref. Bonds, 4.00%, 08/01/15			375		391	0.34
Oakland Redev. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 09/01/18			500		570	0.50
Orange Comm. Facs. Dist., Special Tax Ref. Bonds:
	3.00%, 10/01/17		360		382	0.33
	4.00%, 10/01/18		300		329	0.29
Rancho Santiago Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 4.00%, 09/01/19			1,000		1,143	1.00
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, 5.00%, 12/01/14			250		263	0.23
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 07/01/15			100		108	0.09
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 08/15/17			225		261	0.23
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series X, 5.00%, 08/15/17			250		290	0.25
Sacramento Regional Transit Dist., Transit Rev. Ref. Bonds, 5.00%, 03/01/18			250		283	0.25
San Bernardino County Trans. Auth. Rev. Bonds, Series A, 4.00%, 03/01/18			500		569	0.50
San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds:
	4.00%, 08/01/17		400		451	0.39
	5.00%, 08/01/18		1,000		1,193	1.04
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Ref. Bonds, Sub-Series A:
	5.00%, 07/01/16		250		278	0.24
	5.00%, 07/01/17		650		740	0.65
	5.00%, 07/01/18		100		115	0.10
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series 2008 A (AGM Insured), 5.00%, 05/01/14			500		512	0.45
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 05/01/18			500		590	0.51
San Diego County Water Auth., Water Rev. Ref. Bonds, Series A, 5.00%, 05/01/17			850		978	0.85
San Diego County Water Auth., Water Rev. Ref. Bonds, Series S-1, 5.00%, 07/01/16			175		196	0.17
San Diego Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series B, 5.00%, 05/15/15			300		322	0.28
San Diego Public Facs. Fncg. Auth., Solid Waste Mgmt. Disposal Imps. Rev. Bonds, Series A, 4.50%, 05/15/14			500		512	0.45
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 05/01/16			200		223	0.19
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C (AGM Insured), 5.00%, 05/01/14			500		512	0.45

See Notes to Financial Statements

Capital Group California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
California—continued
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, 05/01/18		$	500	$	587	0.51	%
San Francisco City & County Public Utils. Commission, Water Rev. Ref. Bonds, Series C, 5.00%, 11/01/13			400		400	0.35
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 06/15/18			500		593	0.52
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series B, 5.00%, 06/15/15			100		108	0.09
San Jose Redev. Agcy., Tax Increment Allocation Ref. Bonds, 4.00%, 08/01/16			300		316	0.28
San Jose Unified School Dist., G.O. Prop. Tax Ref. Bonds:
	4.00%, 08/01/18		300		342	0.30
	4.00%, 08/01/19		475		544	0.47
Santa Margarita Water Dist., Special Tax Ref. Bonds:
	4.00%, 09/01/17		820		848	0.74
	4.00%, 09/01/18		175		181	0.16
Sonoma-Marin Area Rail Transit Dist. Rev. Bonds, Series A:
	4.00%, 03/01/16		500		542	0.47
	5.00%, 03/01/18		750		879	0.77
South Placer Wastewater Auth., Solid Waste Mgmt. Rev. Ref. Bonds, Series D, 0.91%, 11/01/141			1,000		1,001	0.87
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds:
	4.00%, 07/01/15		225		239	0.21
	5.00%, 07/01/16		200		224	0.20
	5.00%, 07/01/17		750		867	0.76
	5.00%, 07/01/18		200		237	0.21
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A:
	4.00%, 07/01/16		150		164	0.14
	5.00%, 07/01/17		775		896	0.78
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds:
	5.00%, 07/01/14		500		516	0.45
	5.00%, 07/01/16		500		561	0.49
	5.00%, 07/01/18		350		415	0.36
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A:
	5.00%, 07/01/16		705		791	0.69
	5.00%, 07/01/19		600		717	0.63
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, 07/01/18			300		355	0.31
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A, 5.25%, 07/01/14			600		620	0.54
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A (Escrowed to Maturity), 5.25%, 07/01/14			250		259	0.23
State of California, G.O. Cash Flow Mgmt. Sales Tax Rev. Bonds, Series A (Pre-refunded with St. & Loc. Govt. Series to 07/01/14 @ 100), 5.00%, 07/01/15			500		516	0.45
State of California, G.O. General Fund Public Imps. Bonds (Mandatory Put 12/01/17 @ 100), 4.00%, 12/01/271			500		551	0.48
State of California, G.O. General Fund Ref. Bonds, 5.00%, 02/01/18			1,000		1,165	1.02
State of California, G.O. General Fund Ref. Notes, 5.00%, 04/01/15			500		534	0.47
State of California, G.O. General Fund Ref. Notes (NATL-RE Insured), 5.00%, 06/01/15			250		269	0.23
State of California, G.O. Misc. Rev. Ref. Bonds:
	4.00%, 09/01/17		500		561	0.49

See Notes to Financial Statements

Capital Group California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
California—continued
	5.00%, 09/01/19	$	700	$	830	0.72	%
State of California, G.O. Prop. Tax Ref. Bonds:
	4.00%, 04/01/18		500		564	0.49
	5.00%, 06/01/15		200		215	0.19
State of California, G.O. Prop. Tax Ref. Bonds, Series B, 0.83%, 05/01/171			400		403	0.35
State of California, G.O. Prop. Tax Ref. Bonds, Series B (Mandatory Put 07/01/14 @ 100), 5.00%, 07/01/231			200		206	0.18
State of California, G.O. Public Imps. Misc. Rev. Bonds:
	4.00%, 09/01/18		570		646	0.56
	5.50%, 04/01/19		2,050		2,469	2.15
State of California, G.O. Public Imps. Prop. Tax Bonds (Pre-refunded with St. & Loc. Govt. Series to 02/01/14 @ 100), 5.00%, 02/01/33			600		607	0.53
State of California, G.O. Public Imps. Prop. Tax Rev. Bonds (Pre-refunded with St. & Loc. Govt. Series to 04/01/14 @ 100), 5.30%, 04/01/29			695		710	0.62
State of California, G.O. Sales Tax Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 07/01/14			500		517	0.45
Successor Agcy. Rancho Mirage Redev. Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured):
	4.00%, 04/01/16		340		363	0.32
	4.00%, 04/01/17		350		379	0.33
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 01/01/15			100		105	0.09
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 01/01/17			300		339	0.30
Univ. of California, College & Univ. Imps. Rev. Bonds, Series AB, 5.00%, 05/15/16			350		392	0.34
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E, 5.00%, 05/15/16			200		224	0.20
_______________________
					88,347	77.06
_______________________
Colorado - 0.30%
City & County of Denver, Port, Airport & Marina Imps. Rev. Ref. Bonds, Series B, 5.00%, 11/15/17			300		345	0.30
_______________________
					345	0.30
_______________________
Florida - 1.79%
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1, 5.00%, 06/01/18			500		571	0.50
Citizens Prop. Insurance Corp., Cash Flow Mgmt., Misc. Rev. Bonds, 5.00%, 06/01/15			100		107	0.09
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, 1.73%, 06/01/141			700		705	0.62
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A, 5.00%, 07/01/16			600		666	0.58
_______________________
					2,049	1.79
_______________________
Guam - 0.29%
Territory of Guam, Cash Flow Mgmt., Misc. Rev. Bonds, Series A, 5.00%, 01/01/17			300		339	0.29
_______________________
					339	0.29
_______________________

See Notes to Financial Statements

Capital Group California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

		Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Illinois - 0.50%
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 12/01/17	$	500	$	575	0.50	%
_______________________
				575	0.50
_______________________
Louisiana - 0.19%
Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA COLL Insured), 4.60%, 12/01/28		200		213	0.19
_______________________
				213	0.19
_______________________
Massachusetts - 0.15%
Commonwealth of Massachusetts, G.O. Misc. Tax Public Imps. Rev. Bonds, Series D, 0.51%, 01/01/181		175		175	0.15
_______________________
				175	0.15
_______________________
Mississippi - 0.44%
Jackson State Univ. Educ. Building Corp., College & Univ. Imps. Lease Rev. Bonds (Mandatory Put 03/01/15 @ 100) (AGM Insured), 5.00%, 03/01/341		480		507	0.44
_______________________
				507	0.44
_______________________
Oregon - 0.53%
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds  (Mandatory Put 09/15/18 @ 100), 1.08%, 10/01/221		600		605	0.53
_______________________
				605	0.53
_______________________
Total bonds & notes  (cost: $91,618,426)				93,155	81.25
_______________________
Short-term securities - 18.38%
California Health Facs. Fncg. Auth., Special Assessment Rev. Ref. Bonds, 0.06%, 09/01/381		1,720		1,720	1.50
California Muni. Fin. Auth., Ind. Imps. Rev. Bonds, 0.05%, 11/01/351		3,600		3,600	3.14
California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, 0.06%, 11/01/261		400		400	0.35
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 0.03%, 08/15/361		2,300		2,300	2.00
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 0.04%, 08/15/271		800		800	0.70
City of Irvine California, Public Imps. Special Assessment Bonds, Series A, 0.06%, 09/02/291		768		768	0.67
City of Irvine California, Public Imps. Special Assessment Bonds, Series B, 0.06%, 09/02/291		2,100		2,100	1.83
Irvine Unified School Dist., School Imps. Special Tax Bonds, 0.06%, 09/01/511		1,700		1,700	1.48
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series A-1, 0.06%, 07/01/351		3,000		3,000	2.62
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series B-3, 0.05%, 07/01/341		500		500	0.44
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-3, 0.05%, 07/01/351		1,500		1,500	1.31

See Notes to Financial Statements

Capital Group California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

				Principal amount (000)			Market value (000)	Percent of net assets
Short-term securities—continued
State of California, G.O. Sales Tax Rev. Bonds, Series C, 0.05%, 07/01/231			$	2,685		$	2,685	2.34	%
_______________________
Total Short-term securities  (cost: $21,073,000)							21,073	18.38
_______________________
Total investment securities (cost: $112,691,426)							114,228	99.63
Other assets less liabilities						425		0.37
_______________________
Net assets					$	114,653		100.00	%
_______________________
_______________________
1	Coupon rate may change periodically.  For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
Key to abbreviations
Agcy.		=  Agency
AGM		=  Assured Guaranty Municipal Corporation
Auth.		=  Authority
CA Mtg. Ins.		=  California Mortgage Insurance
Certs. of Part.		=  Certificates of Participation
COLL		=  Collateral
Comm.		=  Community
Comms.		=  Communities
Corp.		=  Corporation
Corps.		=  Corporations
Dept.		=  Department
Dev.		=  Development
Dist.		=  District
Econ.		=  Economic
Educ.		=  Educational
Facs.		=  Facilities
FGIC		=  Financial Guaranty Insurance Company
Fin.		=  Finance
Fncg.		=  Financing
FNMA		=  Federal National Mortgage Association
GNMA		=  Government National Mortgage Association
G.O.		=  General Obligation
Govt.		=  Government
GTD		=  Guaranteed
Imps.		=  Improvements
Ind.		=  Industrial
Loc.		=  Local
Mgmt.		=  Management
Misc.		=  Miscellaneous
Muni.		=  Municipal
NATL-RE		=  National Reinsurance
Prop.		=  Property
Redev.		=  Redevelopment
Ref.		=  Refunding
Res.		=  Resource
Ress.		=  Resources
Rev.		=  Revenue

See Notes to Financial Statements

Capital Group California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

St.	=  State
Univ.	=  University
Util.	=  Utility
Utils.	=  Utilities

See Notes to Financial Statements

Capital Group Core Bond Fund

October 31, 2013

Growth of $25,000 investment

Here’s how a $25,000 investment in the Capital Group Core Bond Fund grew between April 13, 2010, when the fund began operations, and October 31, 2013, the end of the fund’s fiscal year.

¹ The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of

sales charges, commissions, or expenses.

² Includes reinvested dividends and capital gain distributions.

Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.

Investment portfolio – quality ratings*

* Bond ratings, which typically range from Aaa/AAA (highest to D (lowest), are assigned by credit rating agencies such as Moody’s, Standard & Poors and/or Fitch as an indication of an Issuer’s credit-worthiness. If agency rating differ, securities are put in the highest category consistent with fund investment policies. When securities have not been rated by a rating agency (included in “unrated” at left), the investment advisor performs it’s own credit analysis and assigns comparable ratings that are used for compliance and fund investment policies. The ratings are not covered by the Report of Independent Registered Public Accounting Firm.

Capital Group Core Bond Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes - 96.56%
U.S. government & government agency bonds & notes - 48.29%
Fannie Mae:
	2.75%, 03/13/14	$	2,000	$	2,020	0.68	%
	0.50%, 03/28/16		2,905		2,905	0.98
	0.375%, 07/05/16		1,000		995	0.34
	1.25%, 09/28/16		1,000		1,019	0.34
	1.25%, 01/30/17		1,445		1,469	0.50
	1.00%, 11/15/17		4,645		4,605	1.55
	0.875%, 05/21/18		500		489	0.16
Federal Home Loan Banks:
	1.00%, 06/21/17		600		602	0.20
	1.875%, 03/13/20		2,910		2,876	0.97
Freddie Mac:
	5.00%, 07/15/14		1,000		1,034	0.35
	0.75%, 11/25/14		1,700		1,711	0.58
	0.50%, 08/28/15		2,500		2,509	0.85
	4.75%, 01/19/16		2,000		2,191	0.74
	2.50%, 05/27/16		1,000		1,049	0.35
	1.00%, 06/29/17		500		500	0.17
	4.875%, 06/13/18		500		579	0.20
U.S. Treasury Bonds, 7.625%, 02/15/25			750		1,113	0.38
U.S. Treasury Inflation Indexed Bonds:
	2.00%, 01/15/14		1,266		1,268	0.43
	0.125%, 04/15/16		6,193		6,364	2.15
	2.375%, 01/15/17		383		425	0.14
	0.125%, 04/15/18		506		523	0.18
	0.375%, 07/15/23		3,180		3,179	1.07
	2.00%, 01/15/26		589		682	0.23
U.S. Treasury Notes:
	2.375%, 09/30/14		2,500		2,551	0.86
	4.00%, 02/15/15		12,115		12,707	4.29
	1.25%, 09/30/15		500		509	0.17
	4.50%, 02/15/16		500		547	0.18
	2.625%, 02/29/16		6,075		6,392	2.16
	0.375%, 03/15/16		10,020		10,014	3.38
	1.50%, 06/30/16		7,020		7,209	2.43
	1.50%, 07/31/16		3,650		3,748	1.26
	0.625%, 08/15/16		1,000		1,003	0.34
	1.00%, 09/30/16		1,000		1,012	0.34
	4.625%, 02/15/17		4,000		4,507	1.52
	1.00%, 03/31/17		1,500		1,512	0.51
	0.875%, 04/30/17		1,000		1,003	0.34
	4.50%, 05/15/17		22,020		24,852	8.39
	8.75%, 05/15/17		490		626	0.21
	0.75%, 06/30/17		250		249	0.08
	1.875%, 08/31/17		5,450		5,643	1.90
	0.75%, 03/31/18		500		492	0.17
	3.875%, 05/15/18		1,000		1,121	0.38
	1.00%, 05/31/18		710		704	0.24
	1.375%, 06/30/18		250		252	0.08
	4.00%, 08/15/18		4,000		4,520	1.52
	1.25%, 04/30/19		500		494	0.17
	1.00%, 09/30/19		500		482	0.16
	1.375%, 05/31/20		1,000		971	0.33

See Notes to Financial Statements

Capital Group Core Bond Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
U.S. government & government agency bonds & notes—continued
	3.125%, 05/15/21	$	2,000	$	2,149	0.73	%
	2.00%, 02/15/23		2,000		1,920	0.65
	1.75%, 05/15/23		5,640		5,266	1.78
	2.50%, 08/15/23		550		548	0.18
_______________________
Total U.S. government & government agency bonds & notes					143,110	48.29
_______________________
Mortgage-backed obligations - 17.00%
Federal agency mortgage-backed obligations - 10.27%
Fannie Mae:
	4.50%, 07/01/19		118		125	0.04
	4.50%, 03/01/20		573		609	0.21
	2.717%, 02/25/22		500		490	0.17
	3.50%, 10/01/25		5,380		5,692	1.92
	2.50%, 11/01/27		1,824		1,845	0.62
	2.50%, 12/01/27		543		550	0.18
	2.50%, 02/01/28		48		49	0.02
	2.50%, 05/01/28		79		81	0.03
	2.50%, 06/01/28		900		911	0.31
	2.50%, 08/01/28		735		745	0.25
	2.50%, 09/01/28		827		838	0.28
	5.50%, 04/25/37		112		123	0.04
	5.50%, 09/01/38		1,408		1,535	0.52
	5.00%, 06/01/41		1,434		1,568	0.53
	5.00%, 08/01/41		410		449	0.15
	3.169%, 09/01/41 1		263		275	0.09
	3.50%, 07/01/42		4,460		4,585	1.55
	4.50%, 11/01/43 TBA		4,155		4,449	1.50
	6.00%, 11/01/43 TBA		500		548	0.19
Freddie Mac:
	1.873%, 01/25/18		416		424	0.14
	2.699%, 05/25/18		790		825	0.28
	2.303%, 09/25/18		2,350		2,401	0.81
	3.974%, 01/25/21 1		524		564	0.19
	2.373%, 05/25/22		500		476	0.16
	6.00%, 02/15/37		77		85	0.03
Ginnie Mae, 4.50%, 01/20/40			174		190	0.06
_______________________
					30,432	10.27
_______________________
Commercial mortgage-backed securities - 6.73%
Bear Stearns Commercial Mortgage Securities, 5.53%, 09/11/41			346		346	0.12
Commercial Mortgage Pass-Through Certificates:
	5.467%, 09/15/39		1,408		1,543	0.52
	5.695%, 09/15/401		720		806	0.27
Commercial Mortgage Trust, 5.292%, 12/10/46			359		398	0.13
DBUBS Mortgage Trust, Series 144A, 3.742%, 11/10/462			1,573		1,655	0.56
Fannie Mae Aces, 1.4513%, 02/25/18			1,103		1,100	0.37
Greenwich Capital Commercial Funding Corp., 5.444%, 03/10/39			350		388	0.13
GS Mortgage Securities Corp. II, 1.468%, 08/10/44			288		290	0.10
JPMorgan Chase Commercial Mortgage Securities Corp.:
	4.895%, 09/12/37		500		526	0.18
	5.44%, 05/15/45		650		716	0.24

See Notes to Financial Statements

Capital Group Core Bond Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Mortgage-backed obligations—continued
Commercial mortgage-backed securities—continued
	5.372%, 05/15/47	$	660	$	712	0.24	%
	5.706%, 02/12/491		650		730	0.25
JPMorgan Chase Commercial Mortgage Securities Corp., Series 144A, 3.672%, 02/15/462			500		527	0.18
JPMorgan Chase Commercial Mortgage Securities Trust, 5.85%, 02/15/511			369		418	0.14
LB-UBS Commercial Mortgage Trust:
	5.387%, 02/15/40		724		806	0.27
	5.493%, 02/15/401		680		721	0.24
	5.838%, 07/15/441		406		455	0.15
	6.163%, 09/15/451		500		574	0.19
Merrill Lynch Mortgage Trust, 5.852%, 06/12/501			730		819	0.28
ML-CFC Commercial Mortgage Trust, 5.892%, 08/12/491			550		620	0.21
Morgan Stanley Capital I:
	5.205%, 11/14/421		350		371	0.12
	5.319%, 12/15/43		499		550	0.19
Wachovia Bank Commercial Mortgage Trust:
	5.118%, 07/15/421		1,075		1,139	0.38
	5.342%, 12/15/43		1,650		1,834	0.62
	5.466%, 01/15/451		510		553	0.19
	5.591%, 04/15/471		510		554	0.19
	5.732%, 06/15/491		725		809	0.27
_______________________
					19,960	6.73
_______________________
Total mortgage-backed obligations					50,392	17.00
_______________________
Corporate bonds & notes - 26.78%
Banks - 2.99%
Bank of America Corp.:
	2.60%, 01/15/19		715		720	0.24
	5.00%, 05/13/21		250		275	0.09
	3.30%, 01/11/23		165		159	0.05
BB&T Corp., 2.05%, 06/19/18			670		672	0.23
BNP Paribas SA, 3.002%, 12/20/141			430		443	0.15
Citigroup, Inc.:
	4.75%, 05/19/15		118		125	0.04
	4.587%, 12/15/15		350		375	0.13
	2.50%, 09/26/18		575		580	0.20
JP Morgan Chase & Co.:
	3.40%, 06/24/15		120		125	0.04
	1.625%, 05/15/18		725		713	0.24
	3.20%, 01/25/23		125		120	0.04
Morgan Stanley, 2.125%, 04/25/18			300		298	0.10
Northern Trust Corp., 4.625%, 05/01/14			300		306	0.10
Regions Financial Corp., 2.00%, 05/15/18			500		492	0.17
The Goldman Sachs Group, Inc.:
	2.90%, 07/19/18		510		521	0.18
	3.625%, 01/22/23		350		342	0.12
The Royal Bank of Scotland PLC, 4.375%, 03/16/16			1,000		1,072	0.36
UBS AG/Stamford CT:
	3.875%, 01/15/15		275		286	0.10

See Notes to Financial Statements

Capital Group Core Bond Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Corporate bonds & notes—continued
Banks—continued
	4.875%, 08/04/20	$	250	$	282	0.09	%
Wells Fargo & Co., 0.438%, 10/28/151			815		814	0.27
Wells Fargo & Co., Series I, 3.75%, 10/01/14			150		155	0.05
_______________________
					8,875	2.99
_______________________
REITS - 2.76%
American Campus Communities Operating Partnership LP, 3.75%, 04/15/23			300		289	0.10
Avalonbay Communities, Inc., 3.625%, 10/01/20			385		396	0.13
AvalonBay Communities, Inc., 2.85%, 03/15/23			120		112	0.04
Corporate Office Properties LP, 5.25%, 02/15/24			710		742	0.25
DCT Industrial Operating Partnership LP, Series 144A, 4.50%, 10/15/232			500		503	0.17
ERP Operating LP:
	5.25%, 09/15/14		300		312	0.10
	4.625%, 12/15/21		350		377	0.13
	3.00%, 04/15/23		265		252	0.08
Kimco Realty Corp., 5.584%, 11/23/15			1,048		1,143	0.39
Mack-Cali Realty LP, 2.50%, 12/15/17			500		498	0.17
Prologis LP:
	2.75%, 02/15/19		360		364	0.12
	6.875%, 03/15/20		127		152	0.05
	3.35%, 02/01/21		675		676	0.23
Simon Property Group LP:
	4.20%, 02/01/15		300		311	0.10
	5.25%, 12/01/16		385		430	0.15
UDR, Inc., 3.70%, 10/01/20			400		407	0.14
WEA Finance LLC / WT Finance Aust Pty Ltd., Series 144A, 3.375%, 10/03/222			710		681	0.23
WEA Finance LLC, Series 144A, 4.625%, 05/10/212			500		533	0.18
_______________________
					8,178	2.76
_______________________
Electric - 2.23%
Appalachian Power Co., Series S, 3.40%, 05/24/15			250		259	0.09
Duke Energy Corp., 3.95%, 10/15/23			165		168	0.06
Entergy Louisiana LLC, 1.875%, 12/15/14			350		355	0.12
Midamerican Energy Holdings Co., 5.75%, 04/01/18			300		350	0.12
Northern States Power Co., 2.60%, 05/15/23			500		472	0.16
Pacific Gas & Electric Co., 2.45%, 08/15/22			300		274	0.09
Pacificorp, 5.65%, 07/15/18			755		883	0.30
Progress Energy, Inc., 7.05%, 03/15/19			930		1,133	0.38
PSEG Power LLC, 2.75%, 09/15/16			250		260	0.09
Public Service Co. of Colorado, 3.20%, 11/15/20			300		309	0.10
Tampa Electric Co., 2.60%, 09/15/22			350		332	0.11
Teco Finance, Inc.:
	6.75%, 05/01/15		350		373	0.13
	4.00%, 03/15/16		390		415	0.14
Virginia Electric and Power Co.:
	5.40%, 04/30/18		621		716	0.24
	2.95%, 01/15/22		300		297	0.10
_______________________
					6,596	2.23
_______________________

See Notes to Financial Statements

Capital Group Core Bond Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Corporate bonds & notes—continued
Oil & gas - 2.05%
Anadarko Petroleum Corp., 6.375%, 09/15/17		$	250	$	292	0.10	%
Apache Corp., 2.625%, 01/15/23			765		714	0.24
Canadian Natural Resources Ltd., 1.45%, 11/14/14			300		303	0.10
Chevron Corp.:
	0.889%, 06/24/16		500		503	0.17
	1.718%, 06/24/18		430		431	0.14
Devon Energy Corp., 3.25%, 05/15/22			725		705	0.24
Husky Energy, Inc., 7.25%, 12/15/19			250		308	0.10
Petrobras Global Finance BV, 3.00%, 01/15/19			415		396	0.13
Phillips 66, 4.30%, 04/01/22			290		302	0.10
Shell International Finance BV, 4.00%, 03/21/14			350		355	0.12
Statoil ASA:
	3.125%, 08/17/17		300		320	0.11
	2.45%, 01/17/23		540		502	0.17
Total Capital Canada Ltd., 1.625%, 01/28/14			350		351	0.12
Total Capital International SA, 2.875%, 02/17/22			230		225	0.08
Transocean, Inc., 3.80%, 10/15/22			390		374	0.13
_______________________
					6,081	2.05
_______________________
Pharmaceuticals - 2.05%
Abbvie, Inc., 2.90%, 11/06/22			925		884	0.30
Cardinal Health, Inc., 3.20%, 03/15/23			275		262	0.09
Express Scripts Holding Co., 2.65%, 02/15/17			250		260	0.09
GlaxoSmithKline Capital PLC:
	0.75%, 05/08/15		440		442	0.15
	1.50%, 05/08/17		241		243	0.08
	2.85%, 05/08/22		250		244	0.08
Mckesson Corp.:
	0.95%, 12/04/15		45		45	0.02
	3.25%, 03/01/16		310		325	0.11
Medco Health Solutions, Inc., 4.125%, 09/15/20			495		518	0.17
Merck & Co., Inc.:
	1.10%, 01/31/18		250		246	0.08
	2.80%, 05/18/23		250		239	0.08
Novartis Capital Corp., 2.90%, 04/24/15			560		581	0.20
Novartis Securities Investment Ltd., 5.125%, 02/10/19			300		346	0.12
Pfizer, Inc.:
	0.554%, 06/15/181		500		501	0.17
	6.20%, 03/15/19		300		363	0.12
Sanofi-Aventis SA, 0.558%, 03/28/141			500		501	0.17
Teva Pharmaceutical Finance IV LLC, 2.25%, 03/18/20			75		72	0.02
_______________________
					6,072	2.05
_______________________
Diversified financial services - 1.41%
American Express Co., 0.8521%, 05/22/181			500		501	0.17
Ford Motor Credit Co. LLC, 4.375%, 08/06/23			500		515	0.17
General Electric Capital Corp.:
	2.30%, 04/27/17		250		258	0.09
	3.10%, 01/09/23		1,020		985	0.33
IntercontinentalExchange Group, Inc., 4.00%, 10/15/23			970		991	0.33

See Notes to Financial Statements

Capital Group Core Bond Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Corporate bonds & notes—continued
Diversified financial services—continued
National Rural Utilities Cooperative Finance Corp., 1.00%, 02/02/15		$	733	$	738	0.25	%
Woodside Finance Ltd., Series 144A, 4.60%, 05/10/212			185		198	0.07
_______________________
					4,186	1.41
_______________________
Insurance - 1.36%
American International Group, Inc., 4.125%, 02/15/24			725		747	0.25
Berkshire Hathaway, 2.00%, 08/15/18			750		758	0.26
Liberty Mutual Group, Inc., Series 144A, 4.25%, 06/15/232			500		501	0.17
Prudential Financial, Inc.:
	1.044%, 08/15/181		570		573	0.19
	2.30%, 08/15/18		350		356	0.12
QBE Insurance Group Ltd., Series 144A, 2.40%, 05/01/182			1,125		1,105	0.37
_______________________
					4,040	1.36
_______________________
Beverages - 1.20%
Anheuser-Busch InBev Worldwide, Inc.:
	0.603%, 07/14/141		585		586	0.20
	4.125%, 01/15/15		300		313	0.11
Pernod-Ricard SA, Series 144A, 2.95%, 01/15/172			800		835	0.28
SABMiller Holdings, Inc., Series 144A, 2.45%, 01/15/172			245		253	0.08
The Coca-Cola Co.:
	3.625%, 03/15/14		375		380	0.13
	1.50%, 11/15/15		350		357	0.12
	2.45%, 11/01/20		850		846	0.28
_______________________
					3,570	1.20
_______________________
Pipelines - 1.16%
Enbridge, Inc.:
	5.60%, 04/01/17		790		885	0.30
	4.00%, 10/01/23		505		514	0.17
Enterprise Products Operating LLC, 3.35%, 03/15/23			350		338	0.11
Kinder Morgan Energy Partners LP, 3.95%, 09/01/22			690		685	0.23
Spectra Energy Partners LP, 2.95%, 09/25/18			500		512	0.17
TransCanada PipeLines Ltd., 3.40%, 06/01/15			190		199	0.07
Williams Partners LP, 3.80%, 02/15/15			300		311	0.11
_______________________
					3,444	1.16
_______________________
Telecommunications - 1.00%
AT&T, Inc.:
	0.90%, 02/12/16		200		200	0.07
	2.40%, 08/15/16		200		207	0.07
Cisco Systems, Inc., 0.5044%, 03/14/141			200		200	0.07
Deutsche Telekom International Finance BV, Series 144A, 2.25%, 03/06/172			500		512	0.17
France Telecom SA, 4.375%, 07/08/14			300		307	0.10
Verizon Communications, Inc.:
	1.25%, 11/03/14		200		201	0.07
	5.15%, 09/15/23		940		1,021	0.34

See Notes to Financial Statements

Capital Group Core Bond Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Corporate bonds & notes—continued
Telecommunications—continued
Vodafone Group PLC, 5.00%, 09/15/15		$	300	$	323	0.11	%
_______________________
					2,971	1.00
_______________________
Media - 0.91%
CBS Corp., 1.95%, 07/01/17			200		202	0.07
Comcast Corp.:
	5.85%, 11/15/15		300		331	0.11
	5.70%, 05/15/18		300		351	0.12
NBCUniversal Media LLC, 5.15%, 04/30/20			350		401	0.13
News America, Inc., 4.50%, 02/15/21			350		377	0.13
The Walt Disney Co., 5.50%, 03/15/19			300		350	0.12
Time Warner, Inc., 5.875%, 11/15/16			300		340	0.11
Viacom, Inc., 2.50%, 09/01/18			350		354	0.12
_______________________
					2,706	0.91
_______________________
Healthcare-services - 0.80%
Aetna, Inc.:
	1.50%, 11/15/17		350		347	0.12
	2.75%, 11/15/22		655		613	0.21
Humana, Inc., 3.15%, 12/01/22			300		284	0.09
UnitedHealth Group, Inc.:
	1.40%, 10/15/17		250		250	0.08
	2.75%, 02/15/23		285		268	0.09
WellPoint, Inc.:
	2.30%, 07/15/18		285		286	0.10
	4.35%, 08/15/20		300		323	0.11
_______________________
					2,371	0.80
_______________________
Mining - 0.65%
BHP Billiton Finance USA Ltd.:
	1.125%, 11/21/14		300		303	0.10
	1.625%, 02/24/17		510		516	0.18
Newcrest Finance Pty Ltd., Series 144A, 4.45%, 11/15/212			385		330	0.11
Rio Tinto Finance USA PLC, 2.25%, 12/14/18			510		512	0.17
Teck Resources Ltd., 3.15%, 01/15/17			260		270	0.09
_______________________
					1,931	0.65
_______________________
Food - 0.63%
ConAgra Foods, Inc., 1.90%, 01/25/18			350		348	0.12
General Mills, Inc., 0.6132%, 05/16/141			500		500	0.17
Kraft Foods Group, Inc., 3.50%, 06/06/22			500		498	0.17
Mondelez International, Inc., 5.375%, 02/10/20			445		506	0.17
_______________________
					1,852	0.63
_______________________
Transportation - 0.57%
Burlington Northern Santa Fe LLC, 3.60%, 09/01/20			300		313	0.11
Canadian National Railway Co.:
	4.95%, 01/15/14		690		696	0.23

See Notes to Financial Statements

Capital Group Core Bond Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Corporate bonds & notes—continued
Transportation—continued
	5.55%, 05/15/18	$	50	$	58	0.02	%
	2.85%, 12/15/21		200		197	0.07
Union Pacific Corp., 2.75%, 04/15/23			450		424	0.14
_______________________
					1,688	0.57
_______________________
Miscellaneous manufacturing - 0.51%
Danaher Corp., 2.30%, 06/23/16			200		207	0.07
General Electric Co.:
	5.25%, 12/06/17		620		710	0.24
	2.70%, 10/09/22		300		288	0.10
Honeywell International, Inc., 3.875%, 02/15/14			300		303	0.10
_______________________
					1,508	0.51
_______________________
Retail - 0.48%
Dollar General Corp., 3.25%, 04/15/23			300		277	0.09
Home Depot, Inc., 4.40%, 04/01/21			350		386	0.13
Target Corp., 6.00%, 01/15/18			350		412	0.14
Wal-Mart Stores, Inc., 5.80%, 02/15/18			300		353	0.12
_______________________
					1,428	0.48
_______________________
Agriculture - 0.44%
Altria Group, Inc.:
	2.85%, 08/09/22		250		233	0.08
	2.95%, 05/02/23		200		186	0.06
	4.00%, 01/31/24		580		583	0.20
	5.375%, 01/31/44		300		304	0.10
_______________________
					1,306	0.44
_______________________
Distribution/Wholesale - 0.41%
Glencore Funding LLC, Series 144A, 1.603%, 01/15/191,2			1,250		1,214	0.41
_______________________
					1,214	0.41
_______________________
Auto Manufacturers - 0.41%
Daimler Finance North America LLC, Series 144A:2
	1.95%, 03/28/14		300		301	0.10
	1.125%, 08/01/181		350		352	0.12
Toyota Motor Credit Corp., 1.75%, 05/22/17			250		254	0.09
Volkswagen International Finance NV, Series 144A, 0.858%, 04/01/141,2			300		301	0.10
_______________________
					1,208	0.41
_______________________
Chemicals - 0.39%
Ecolab, Inc., 3.00%, 12/08/16			180		190	0.06
Ei Du Pont De Nemours & Co., 2.80%, 02/15/23			350		332	0.11
The Dow Chemical Co., 4.125%, 11/15/21			617		639	0.22
_______________________
					1,161	0.39
_______________________

See Notes to Financial Statements

Capital Group Core Bond Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Corporate bonds & notes—continued
Biotechnology - 0.35%
Amgen, Inc., 1.875%, 11/15/14		$	250	$	253	0.09	%
Gilead Sciences, Inc.:
	2.40%, 12/01/14		100		102	0.03
	3.05%, 12/01/16		80		85	0.03
	4.40%, 12/01/21		550		595	0.20
_______________________
					1,035	0.35
_______________________
Aerospace/Defense - 0.31%
EADS Finance BV, Series 144A, 2.70%, 04/17/232			300		283	0.10
Raytheon Co.:
	6.75%, 03/15/18		5		6	—
	4.40%, 02/15/20		15		16	0.01
The Boeing Co., 0.95%, 05/15/18			350		339	0.11
United Technologies Corp., 3.10%, 06/01/22			270		267	0.09
_______________________
					911	0.31
_______________________
Cosmetics/Personal Care - 0.27%
The Procter & Gamble Co., 1.80%, 11/15/15			790		811	0.27
_______________________
					811	0.27
_______________________
Software - 0.26%
Oracle Corp.:
	1.20%, 10/15/17		250		247	0.09
	2.375%, 01/15/19		500		508	0.17
_______________________
					755	0.26
_______________________
Environmental Control - 0.24%
Republic Services, Inc., 5.00%, 03/01/20			350		385	0.13
Waste Management, Inc., 4.60%, 03/01/21			300		323	0.11
_______________________
					708	0.24
_______________________
Healthcare-products - 0.23%
Baxter International, Inc., 3.20%, 06/15/23			400		394	0.13
Johnson & Johnson, 0.3542%, 05/15/141			300		301	0.10
_______________________
					695	0.23
_______________________
Engineering&Construction - 0.16%
Odebrecht Offshore Drilling Finance Ltd., Series 144A, 6.75%, 10/01/222			455		475	0.16
_______________________
					475	0.16
_______________________
Computers - 0.14%
International Business Machines Corp., 5.70%, 09/14/17			350		407	0.14
_______________________
					407	0.14
_______________________

See Notes to Financial Statements

Capital Group Core Bond Fund

Schedule of Investments

at October 31, 2013

			Principal amount (000)		Market value (000)	Percent of net assets
Bonds & notes—continued
Corporate bonds & notes—continued
Commercial Services - 0.12%
Catholic Health Initiatives, 1.60%, 11/01/17		$	350	$	343	0.12	%
_______________________
					343	0.12
_______________________
Office/Business Equip - 0.09%
Xerox Corp., 2.95%, 03/15/17			250		258	0.09
_______________________
					258	0.09
_______________________
Internet - 0.09%
Google, Inc., 1.25%, 05/19/14			250		251	0.09
_______________________
					251	0.09
_______________________
Advertising - 0.08%
Omnicom Group, Inc., 3.625%, 05/01/22			250		244	0.08
_______________________
					244	0.08
_______________________
Gas - 0.02%
National Grid PLC, 6.30%, 08/01/16			55		62	0.02
_______________________
					62	0.02
_______________________
Iron/Steel - 0.01%
Cliffs Natural Resources, Inc., 4.875%, 04/01/21			40		39	0.01
_______________________
					39	0.01
_______________________
Total corporate bonds & notes					79,380	26.78
_______________________
Municipals - 3.00%
City of Detroit, G.O. Public Imps. Prop. Tax Bonds, Series A-1 (NATL-RE Insured), 5.375%, 04/01/18			700		660	0.22
County of Harris, Highway Rev. Tolls Ref. Bonds, 1.061%, 08/15/16			1,000		992	0.33
Detroit, G.O., Series A (AGM Insured), 5.00%, 04/01/16			50		49	0.02
Detroit, G.O., Series A (Assured GTY Insured), 5.00%, 04/01/22			50		45	0.02
Hurricane Catastrophe Fund Fin. Corp., Misc. Rev. Bonds, Series A, 2.995%, 07/01/20			3,000		2,870	0.97
New Jersey Trans. Trust Fund Auth., Appropriations Rev. Ref. Bonds, Series B:
	1.087%, 12/15/16		2,350		2,347	0.79
	1.758%, 12/15/18		350		341	0.12
State of Illinois, G.O. Pension Fndg. Prop. Tax Bonds, 4.026%, 03/01/14			740		747	0.25
State of Illinois, G.O. School Imps. Misc. Rev. Bonds, 4.422%, 04/01/15			300		312	0.11
Univ. of Texas System, College & Univ. Rev. Ref. Bonds, Series D, 2.616%, 08/15/15			500		515	0.17
_______________________
Total municipals					8,878	3.00
_______________________
Government & government agency bonds & notes outside the U.S. - 0.05%
European Investment Bank, 3.125%, 06/04/14			160		163	0.05
_______________________
Total government & government agency bonds & notes outside the U.S.					163	0.05
_______________________

See Notes to Financial Statements

Capital Group Core Bond Fund

Schedule of Investments

at October 31, 2013

					Principal amount (000)			Market value (000)	Percent of net assets
Bonds & notes—continued
Asset-backed obligations - 1.44%
AEP Texas Central Transition Fndg. LLC, 5.09%, 07/01/17				$	63		$	65	0.02	%
Avis Budget Rental Car Funding AESOP LLC, Series 144A:2
		1.92%, 09/20/19			1,000			988	0.33
		2.97%, 02/20/20			1,565			1,612	0.55
Hertz Vehicle Financing LLC, Series 144A, 1.12%, 08/25/172					1,600			1,598	0.54
_______________________
Total asset-backed obligations								4,263	1.44
_______________________
Total bonds & notes  (cost: $282,948,547)								286,186	96.56
_______________________
Short-term securities - 5.03%
Abbot Laboratories, 0.09%, 11/25/133				6,300				6,300	2.13
General Electric Capital Corp., 0.05%, 11/01/133				6,800				6,800	2.29
Kimberly Clark Worldwide, Inc., 0.05%, 11/07/133				1,800				1,800	0.61
_______________________
Total Short-term securities  (cost: $14,899,607)								14,900	5.03
_______________________
Total investment securities (cost: $297,848,154)								301,086	101.59
Other assets less liabilities							(4,726)		(1.59)
_______________________
Net assets						$	296,360		100.00	%
_______________________
_______________________
1	Indicates a variable rate security.  The interest rate shown reflects the rate in effect at October 31, 2013.
2	Acquired in a transaction exempt from registration under Rule 144A or section 4(2) of the Securities Act of 1933.  May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.  At October 31, 2013, the aggregate market value of these securities amounted to $14,757,184, representing 4.98% of net assets.
3	Zero coupon bond; interest rate represents current yield to maturity.
Key to abbreviations
AGM			=  Assured Guaranty Municipal Corporation
Co.			=  Company
Corp.			=  Corporation
Fndg.			=  Funding
G.O.			=  General Obligation
GTY			=  Guaranty
Imps.			=  Improvements
Inc.			=  Incorporated
Ltd.			=  Limited
Misc.			=  Miscellaneous
Prop.			=  Property
Ref.			=  Refunding
REITS			=  Real Estate Investment Trusts
Rev.			=  Revenue
TBA			= To be announced
Univ.			=  University

See Notes to Financial Statements

Capital Group Global Equity Fund

October 31, 2013

Growth of $25,000 investment

Here’s how a $25,000 investment in the Capital Group Global Equity Fund grew between April 1, 2011, when the fund began operations, and October 31, 2013, the end of the fund’s fiscal year.

¹ The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of

sales charges, commissions, or expenses. Index returns are net of foreign withholding dividends.

² Includes reinvested dividends and capital gain distributions.

Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.

Investment portfolio – sector diversification

Other includes short-term securities and other assets less liabilities

Capital Group Global Equity Fund

October 31, 2013

Investment portfolio - country diversification

Country	(percent of net assets)
United States	51.4%
Japan	8.8
Britain	7.8
Switzerland	5.1
France	5.0
Germany	2.6
Netherlands	2.1
Singapore	1.9
Hong Kong	1.7
Bermuda	1.6
Ireland	1.5
Finland	1.2
Denmark	1.2
Australia	0.9
Canada	0.9
Luxembourg	0.6
Sweden	0.6
South Korea	0.6
China	0.4
India	0.2
Spain	0.2
Macau	0.2
Short-term securities & other assets less liabilities	3.5

See Notes to Financial Statements

Capital Group Global Equity Fund

Schedule of Investments

at October 31, 2013

	Shares	Market value (000)		Percent of net assets
Common Stocks - 96.47%
Financials - 16.22%
AIA Group Ltd.	1,044,000	$	5,299	1.29	%
The Goldman Sachs Group, Inc.	32,500		5,228	1.27
Standard Chartered PLC	206,578		4,967	1.20
Sampo OYJ,  A Shares	104,831		4,966	1.20
DBS Group Holdings Ltd.	337,475		4,548	1.10
CME Group, Inc.	56,800		4,215	1.02
HSBC Holdings PLC	372,129		4,070	0.99
BNP Paribas SA	51,159		3,788	0.92
American Tower Corp.	45,300		3,595	0.87
Sumitomo Mitsui Financial Group, Inc.	73,400		3,520	0.85
BlackRock, Inc.	11,500		3,459	0.84
Barclays PLC	788,425		3,332	0.81
JPMorgan Chase & Co.	55,300		2,850	0.69
Marsh & McLennan Cos., Inc.	58,800		2,693	0.65
Bank of China Ltd., Class H	3,781,000		1,775	0.43
Sumitomo Mitsui Trust Holdings, Inc.	316,000		1,549	0.38
Lloyds Banking Group PLC1	1,125,600		1,399	0.34
The Progressive Corp.	48,500		1,260	0.31
The Charles Schwab Corp.	44,000		997	0.24
HDFC Bank Ltd. (ADR)	26,400		957	0.23
Aon PLC	11,700		925	0.22
Ace Ltd.	8,300		792	0.19
BOC Hong Kong Holdings Ltd.	171,500		557	0.14
Sun Hung Kai Properties Ltd.	13,000		170	0.04
_______________________
		66,911		16.22
_______________________
Information Technology - 15.34%
Google, Inc., Class A1	7,935		8,178	1.98
Keyence Corp.	15,500		6,620	1.60
VeriSign, Inc.1	80,000		4,342	1.05
Apple, Inc.	7,300		3,813	0.92
ASML Holding NV	39,826		3,781	0.92
Gemalto NV	28,868		3,237	0.78
Texas Instruments, Inc.	73,200		3,080	0.75
Jack Henry & Associates, Inc.	51,800		2,829	0.69
Samsung Electronics Co. Ltd. (GDR)	5,198		2,508	0.61
Trend Micro, Inc.	65,700		2,432	0.59
Jabil Circuit, Inc.	111,400		2,324	0.56
Oracle Corp.	69,000		2,311	0.56
Visa, Inc., A Shares	10,600		2,085	0.51
Hamamatsu Photonics K.K.	53,000		1,978	0.48
Automatic Data Processing, Inc.	26,100		1,957	0.47
QUALCOMM, Inc.	25,300		1,758	0.43
Genpact Ltd.1	83,400		1,654	0.40
Microsoft Corp.	46,200		1,633	0.40
Murata Manufacturing Co. Ltd.	17,800		1,425	0.35
TE Connectivity Ltd.	26,200		1,349	0.33
Hitachi Ltd.	174,000		1,212	0.29
Avago Technologies Ltd.	21,700		986	0.24
Broadcom Corp., Class A	29,700		793	0.19
Accenture PLC, Class A	10,500		772	0.19

See Notes to Financial Statements

Capital Group Global Equity Fund

Schedule of Investments

at October 31, 2013

	Shares	Market value (000)		Percent of net assets
Common Stocks—continued
Information Technology—continued
KLA-Tencor Corp.	3,400	$	223	0.05	%
_______________________
		63,280		15.34
_______________________
Health Care - 14.19%
Gilead Sciences, Inc.1	192,000		13,630	3.30
Bristol-Myers Squibb Co.	137,700		7,232	1.75
Seattle Genetics, Inc.1	174,200		6,729	1.63
Bayer AG	39,169		4,868	1.18
Novo Nordisk A/S, Class B	29,146		4,849	1.18
Express Scripts Holding Co.1	76,200		4,764	1.16
Cerner Corp.1	56,600		3,171	0.77
Novartis AG	37,464		2,909	0.71
Roche Holding AG	7,975		2,208	0.54
Essilor International SA	16,200		1,740	0.42
Allergan, Inc.	17,700		1,604	0.39
UnitedHealth Group, Inc.	18,400		1,256	0.30
Sysmex Corp.	18,900		1,244	0.30
Ironwood Pharmaceuticals, Inc.1	117,500		1,129	0.27
AbbVie, Inc.	19,000		921	0.22
DaVita Health Care Partners, Inc.1	4,800		270	0.07
_______________________
		58,524		14.19
_______________________
Consumer Discretionary - 13.95%
Comcast Corp., Class A	124,500		5,924	1.44
Compagnie Financiere Richemont SA	45,569		4,673	1.13
The Home Depot, Inc.	59,400		4,627	1.12
Newell Rubbermaid, Inc.	156,100		4,625	1.12
Tiffany & Co.	45,200		3,578	0.87
Bayerische Motoren Werke AG	31,382		3,560	0.86
Coach, Inc.	65,500		3,319	0.81
Scripps Networks Interactive, Inc., Class A	35,300		2,842	0.69
Sirius XM Radio, Inc.	718,800		2,710	0.66
SES SA	90,142		2,624	0.64
Signet Jewelers Ltd.	33,200		2,479	0.60
Starbucks Corp.	26,900		2,180	0.53
Target Corp.	31,500		2,041	0.50
Ross Stores, Inc.	25,500		1,972	0.48
Whitbread PLC	27,300		1,503	0.36
Royal Caribbean Cruises Ltd.	31,300		1,316	0.32
Daimler AG	12,585		1,033	0.25
Denso Corp.	20,500		981	0.24
Inditex SA	5,758		946	0.23
Li & Fung Ltd.	662,000		931	0.23
Carnival Corp.	26,500		918	0.22
NIKE, Inc., Class B	11,500		871	0.21
Wynn Macau Ltd.	197,600		753	0.18
Nordstrom, Inc.	9,300		562	0.14
The Walt Disney Co.	4,500		309	0.07
Genting Singapore PLC	180,000		221	0.05
The New York Times Co., Class A	1,100		15	—
_______________________
		57,513		13.95
_______________________

See Notes to Financial Statements

Capital Group Global Equity Fund

Schedule of Investments

at October 31, 2013

	Shares	Market value (000)		Percent of net assets
Common Stocks—continued
Industrials - 12.89%
Eaton Corp. PLC	75,000	$	5,292	1.28	%
Nielsen Holdings NV	127,500		5,029	1.22
SMC Corp.	18,600		4,309	1.04
The Boeing Co.	32,900		4,293	1.04
United Technologies Corp.	37,700		4,006	0.97
FANUC Corp.	22,700		3,629	0.88
Schneider Electric SA	40,404		3,404	0.83
Norfolk Southern Corp.	38,000		3,269	0.79
Danaher Corp.	41,000		2,956	0.72
Caterpillar, Inc.	32,500		2,709	0.66
Assa Abloy AB, Class B	52,458		2,604	0.63
B/E Aerospace, Inc.1	25,500		2,069	0.50
Iron Mountain, Inc.	54,855		1,456	0.35
Siemens AG	10,549		1,349	0.33
Hexcel Corp.1	28,300		1,197	0.29
Meggitt PLC	121,893		1,119	0.27
Waste Connections, Inc.	24,700		1,056	0.26
Towers Watson & Co., Class A	9,000		1,033	0.25
IDEX Corp.	14,100		975	0.24
Union Pacific Corp.	4,700		712	0.17
Illinois Tool Works, Inc.	3,700		291	0.07
FedEx Corp.	1,600		210	0.05
3M Co.	1,600		201	0.05
_______________________
		53,168		12.89
_______________________
Consumer Staples - 7.60%
Nestle SA	61,413		4,433	1.07
Pernod-Ricard SA	33,949		4,079	0.99
Unilever PLC	94,400		3,822	0.93
Diageo PLC	100,700		3,208	0.78
Beam, Inc.	44,100		2,968	0.72
Danone	36,139		2,680	0.65
The Procter & Gamble Co.	24,800		2,003	0.48
Coca-Cola Amatil Ltd.	154,076		1,879	0.46
Imperial Tobacco Group PLC	42,550		1,589	0.38
Ajinomoto Co., Inc.	105,000		1,466	0.36
Philip Morris International, Inc.	15,600		1,390	0.34
L'Oreal SA	7,535		1,291	0.31
Nestle SA (ADR)	7,600		550	0.13
_______________________
		31,358		7.60
_______________________
Energy - 7.18%
Schlumberger Ltd.	67,100		6,289	1.53
Halliburton Co.	116,200		6,162	1.49
Noble Energy, Inc.	65,800		4,930	1.20
Chevron Corp.	22,050		2,645	0.64
Cenovus Energy, Inc.	80,800		2,401	0.58
Ensco PLC, Class A	41,100		2,369	0.57
Seadrill Ltd.	47,731		2,209	0.54
Kinder Morgan, Inc.	33,700		1,190	0.29
Cobalt International Energy, Inc.1	37,600		873	0.21

See Notes to Financial Statements

Capital Group Global Equity Fund

Schedule of Investments

at October 31, 2013

	Shares			Market value (000)		Percent of net assets
Common Stocks—continued
Energy—continued
BG Group PLC	25,400			$	519	0.13	%
_______________________
				29,587		7.18
_______________________
Materials - 6.39%
Syngenta AG	10,500				4,241	1.03
Monsanto Co.	35,500				3,723	0.90
Air Liquide SA	25,219				3,434	0.83
The Mosaic Co.	71,300				3,269	0.79
Air Products & Chemicals, Inc.	21,700				2,366	0.57
BHP Billiton Ltd.	51,488				1,833	0.44
Allegheny Technologies, Inc.	46,900				1,553	0.38
Koninklijke DSM NV	19,560				1,482	0.36
Rio Tinto PLC	27,100				1,372	0.33
First Quantum Minerals Ltd.	64,693				1,227	0.30
The Dow Chemical Co.	23,000				908	0.22
Ecolab, Inc.	4,500				477	0.12
Nucor Corp.	9,200				476	0.12
_______________________
				26,361		6.39
_______________________
Telecommunication Services - 2.20%
Singapore Telecommunications Ltd.	653,000				1,987	0.48
SoftBank Corp.	80,500				5,977	1.45
Verizon Communications, Inc.	22,000				1,111	0.27
_______________________
				9,075		2.20
_______________________
Utilities - 0.51%
National Grid PLC	168,000				2,113	0.51
_______________________
				2,113		0.51
_______________________
Total Common Stocks  (cost: $317,320,239)				397,890		96.47
_______________________
		Principal amount (000)			Market value (000)	Percent of net assets
Short-term securities - 5.31%
Federal Farm Credit Bank, 0.10%, 12/18/132	$	1,900			1,900	0.46
Federal Home Loan Bank, 0.06%, 03/21/142		3,000			2,999	0.73
Gotham Funding Corp., 0.01%, 11/01/132		8,300			8,300	2.01
National Australia Funding Corp., 0.03%, 11/01/132		8,700			8,700	2.11
_______________________
Total Short-term securities  (cost: $21,899,052)					21,899	5.31
_______________________
Total investment securities (cost: $339,219,291)					419,789	101.78
Other assets less liabilities				(7,349)		(1.78)
_______________________
Net assets			$	412,440		100.00	%
_______________________
_______________________

See Notes to Financial Statements

Capital Group Global Equity Fund

Schedule of Investments

at October 31, 2013

1	Non-income producing security.
2	Zero coupon bond; interest rate represents current yield to maturity.
ADR		- American Depositary Receipts
GDR		- Global Depositary Receipts

See Notes to Financial Statements

Capital Group Non-U.S. Equity Fund

October 31, 2013

Growth of $25,000 investment

Here’s how a $25,000 investment in the Capital Group Non-U.S. Equity Fund grew between April 1, 2011, when the fund began operations, and October 31, 2013, the end of the fund’s fiscal year.

¹ The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of

sales charges, commissions, or expenses. Index returns are net of foreign withholding dividends.

² Includes reinvested dividends and capital gain distributions.

Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.

Investment portfolio – sector diversification

Other includes short-term securities and other assets less liabilities

Capital Group Non-U.S. Equity Fund

October 31, 2013

Investment portfolio - country diversification

Country	(percent of net assets)
Japan	21.1%
Britain	14.0
Switzerland	12.1
France	10.8
Germany	5.8
Netherlands	5.4
Sweden	3.3
Australia	2.7
Hong Kong	2.7
Singapore	2.5
Finland	2.2
Luxembourg	2.1
Denmark	2.1
Canada	2.0
Bermuda	1.9
Spain	1.4
South Korea	1.3
Macau	1.2
China	0.4
Brazil	0.2
Short-term securities & other assets less liabilities	4.8

See Notes to Financial Statements

Capital Group Non-U.S. Equity Fund

Schedule of Investments

at October 31, 2013

	Shares	Market value (000)		Percent of net assets
Common Stocks - 95.19%
Financials - 18.21%
AIA Group Ltd.	5,232,400	$	26,557	2.69	%
Sampo OYJ,  A Shares	468,453		22,192	2.24
DBS Group Holdings Ltd.	1,419,582		19,130	1.94
Standard Chartered PLC	742,683		17,856	1.81
HSBC Holdings PLC	1,535,973		16,799	1.70
Lloyds Banking Group PLC1	11,518,000		14,318	1.45
BNP Paribas SA	183,381		13,580	1.37
Sumitomo Mitsui Financial Group, Inc.	258,000		12,371	1.25
Barclays PLC	2,850,650		12,049	1.22
Sumitomo Mitsui Trust Holdings, Inc.	1,845,000		9,044	0.91
Svenska Handelsbanken AB, A Shares	112,259		5,086	0.51
Bank of China Ltd., Class H	9,362,000		4,395	0.44
Prudential PLC	205,300		4,210	0.43
Banco Bradesco SA (ADR)	170,640		2,461	0.25
_______________________
		180,048		18.21
_______________________
Information Technology - 14.66%
Keyence Corp.	56,900		24,304	2.46
ASML Holding NV	217,419		20,640	2.09
Gemalto NV	163,998		18,390	1.86
Murata Manufacturing Co. Ltd.	218,200		17,464	1.77
Trend Micro, Inc.	416,000		15,400	1.56
Hamamatsu Photonics K.K.	408,800		15,258	1.54
Samsung Electronics Co. Ltd. (GDR)	25,718		12,408	1.25
SAP AG	136,791		10,746	1.09
Hitachi Ltd.	1,483,000		10,331	1.04
_______________________
		144,941		14.66
_______________________
Consumer Discretionary - 13.53%
Compagnie Financiere Richemont SA	237,724		24,379	2.46
SES SA	702,003		20,435	2.07
Bayerische Motoren Werke AG	124,551		14,127	1.43
Inditex SA	85,578		14,060	1.42
Wynn Macau Ltd.	3,128,000		11,922	1.21
Daimler AG	133,173		10,929	1.10
LVMH Moet Hennessy Louis Vuitton SA	42,096		8,105	0.82
Ryohin Keikaku Co. Ltd.	77,200		7,686	0.78
Nissan Motor Co. Ltd.	590,400		5,896	0.60
Whitbread PLC	102,200		5,626	0.57
Denso Corp.	113,800		5,445	0.55
Marks & Spencer Group PLC	383,000		3,092	0.31
Hennes & Mauritz AB,  B Shares	48,790		2,108	0.21
_______________________
		133,810		13.53
_______________________
Consumer Staples - 12.86%
Pernod-Ricard SA	205,030		24,637	2.49
Nestle SA	296,879		21,431	2.17
Diageo PLC	476,200		15,171	1.54
Unilever PLC	366,800		14,850	1.50
Danone	169,636		12,580	1.27
Coca-Cola Amatil Ltd.	915,556		11,163	1.13

See Notes to Financial Statements

Capital Group Non-U.S. Equity Fund

Schedule of Investments

at October 31, 2013

	Shares	Market value (000)		Percent of net assets
Common Stocks—continued
Consumer Staples—continued
L'Oreal SA	63,513	$	10,878	1.10	%
Ajinomoto Co., Inc.	416,000		5,809	0.59
Imperial Tobacco Group PLC	141,438		5,282	0.53
Reckitt Benckiser Group PLC	60,900		4,734	0.48
Nestle SA (ADR)	8,700		630	0.06
_______________________
		127,165		12.86
_______________________
Health Care - 10.27%
Roche Holding AG	107,155		29,666	3.00
Bayer AG	173,337		21,544	2.18
Novo Nordisk A/S, Class B	122,688		20,414	2.07
Novartis AG	225,215		17,486	1.77
Essilor International SA	79,550		8,543	0.86
Sysmex Corp.	57,700		3,797	0.38
Novartis AG (ADR)	1,300		101	0.01
_______________________
		101,551		10.27
_______________________
Industrials - 10.08%
Assa Abloy AB, Class B	507,715		25,205	2.55
SMC Corp.	81,200		18,812	1.90
FANUC Corp.	110,300		17,634	1.78
Schneider Electric SA	190,785		16,073	1.62
Meggitt PLC	977,712		8,975	0.91
Marubeni Corp.	673,000		5,250	0.53
Kawasaki Heavy Industries Ltd.	882,000		3,426	0.35
Kubota Corp.	193,000		2,842	0.29
Zodiac Aerospace	9,434		1,511	0.15
_______________________
		99,728		10.08
_______________________
Materials - 6.96%
Syngenta AG	50,510		20,402	2.06
Koninklijke DSM NV	193,927		14,690	1.49
Air Liquide SA	80,723		10,993	1.11
BHP Billiton Ltd.	227,919		8,112	0.82
Amcor Ltd.	714,678		7,322	0.74
First Quantum Minerals Ltd.	385,783		7,319	0.74
_______________________
		68,838		6.96
_______________________
Telecommunication Services - 3.91%
Softbank Corp.	376,900		27,981	2.83
Singapore Telecommunications Ltd.	1,839,000		5,596	0.56
Swisscom AG	10,029		5,119	0.52
_______________________
		38,696		3.91
_______________________
Energy - 3.67%
Seadrill Ltd.	416,511		19,276	1.95
Cenovus Energy, Inc.	415,800		12,354	1.25
Tullow Oil PLC	238,600		3,606	0.36

See Notes to Financial Statements

Capital Group Non-U.S. Equity Fund

Schedule of Investments

at October 31, 2013

				Shares			Market value (000)		Percent of net assets
Common Stocks—continued
Energy—continued
BG Group PLC				53,800			$	1,098	0.11	%
_______________________
							36,334		3.67
_______________________
Utilities - 1.04%
National Grid PLC				816,700				10,273	1.04
_______________________
							10,273		1.04
_______________________
Total Common Stocks  (cost: $822,591,587)							941,384		95.19
_______________________
					Principal amount (000)			Market value (000)	Percent of net assets
Short-term securities - 6.12%
Abbot Laboratories, 0.09%, 11/25/132				$	2,200			2,200	0.22
Army & Air Force Exchange Service, 0.10%, 12/19/132					4,700			4,699	0.48
Coca-Cola Co., 0.11%, 01/24/142					1,000			1,000	0.10
Federal Home Loan Bank:2
		0.045%, 01/24/14			8,000			7,999	0.81
		0.05%, 12/27/13			2,200			2,200	0.22
General Electric Capital Corp., 0.05%, 11/01/132					13,800			13,800	1.40
Jupiter Securitization Co. LLC, 0.21%, 11/22/132					8,900			8,899	0.90
Private Export Funding Corp., 0.10%, 01/14/142					4,700			4,699	0.47
Wal-Mart Stores, Inc., 0.05%, 12/04/132					15,000			14,999	1.52
_______________________
Total Short-term securities  (cost: $60,495,153)								60,495	6.12
_______________________
Total investment securities (cost: $883,086,740)								1,001,879	101.31
Other assets less liabilities							(12,983)		(1.31)
_______________________
Net assets						$	988,896		100.00	%
_______________________
_______________________
1	Non-income producing security.
2	Zero coupon bond; interest rate represents current yield to maturity.
ADR			- American Depositary Receipts
GDR			- Global Depositary Receipts

See Notes to Financial Statements

Capital Group U.S. Equity Fund

October 31, 2013

Growth of $25,000 investment

Here’s how a $25,000 investment in the Capital Group U.S. Equity Fund grew between April 1, 2011, when the fund began operations, and October 31, 2013, the end of the fund’s fiscal year.

¹ The index is unmanaged, and its results include reinvested distributions but do not reflect the effect of

sales charges, commissions, or expenses.

² Includes reinvested dividends and capital gain distributions.

Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share price and returns will vary so investors may lose money. The results shown are before taxes on fund distributions and sale of fund shares.

Investment portfolio – sector diversification

Other includes short-term securities and other assets less liabilities

Capital Group U.S. Equity Fund

Schedule of Investments

at October 31, 2013

	Shares	Market value (000)		Percent of net assets
Common Stocks - 95.62%
Consumer Discretionary - 17.33%
Comcast Corp., Class A	93,100	$	4,430	2.65	%
The Home Depot, Inc.	42,800		3,334	2.00
Newell Rubbermaid, Inc.	106,800		3,164	1.90
Coach, Inc.	47,400		2,402	1.44
Tiffany & Co.	26,925		2,132	1.28
Ross Stores, Inc.	26,300		2,034	1.22
Scripps Networks Interactive, Inc., Class A	22,000		1,771	1.06
Carnival Corp.	44,800		1,552	0.93
Signet Jewelers Ltd.	18,500		1,381	0.83
NIKE, Inc., Class B	15,800		1,197	0.72
Target Corp.	17,400		1,127	0.67
Sirius XM Radio, Inc.	277,000		1,044	0.62
Daimler AG (ADR)	12,300		1,006	0.60
Starbucks Corp.	8,500		689	0.41
Darden Restaurants, Inc.	12,900		665	0.40
Charter Communications, Inc. Class A1	4,800		644	0.39
Delphi Automotive PLC	6,200		355	0.21
_______________________
		28,927		17.33
_______________________
Industrials - 17.27%
Eaton Corp. PLC	48,800		3,443	2.06
Nielsen Holdings NV	81,300		3,206	1.92
Norfolk Southern Corp.	36,200		3,114	1.87
Danaher Corp.	40,850		2,945	1.76
United Technologies Corp.	27,600		2,932	1.76
The Boeing Co.	16,100		2,101	1.26
B/E Aerospace, Inc.1	22,100		1,794	1.07
Caterpillar, Inc.	20,100		1,676	1.00
Iron Mountain, Inc.	63,039		1,673	1.00
Hexcel Corp.1	35,300		1,494	0.89
Emerson Electric Co.	16,600		1,112	0.67
Waste Connections, Inc.	25,800		1,103	0.66
Siemens AG (ADR)	7,000		896	0.54
Towers Watson & Co., Class A	4,600		528	0.32
IDEX Corp.	6,300		436	0.26
Union Pacific Corp.	2,500		378	0.23
_______________________
		28,831		17.27
_______________________
Information Technology - 14.94%
Google, Inc., Class A1	3,125		3,221	1.93
Jack Henry & Associates, Inc.	53,100		2,900	1.74
Texas Instruments, Inc.	55,700		2,344	1.40
VeriSign, Inc.1	41,600		2,258	1.35
Apple, Inc.	4,290		2,241	1.34
Jabil Circuit, Inc.	76,650		1,599	0.96
Oracle Corp.	47,300		1,584	0.95
QUALCOMM, Inc.	22,700		1,577	0.95
Microsoft Corp.	37,200		1,315	0.79
Automatic Data Processing, Inc.	15,400		1,154	0.69
Visa, Inc., A Shares	5,500		1,082	0.65
Accenture PLC, Class A	12,525		921	0.55
TE Connectivity Ltd.	17,600		906	0.54

See Notes to Financial Statements

Capital Group U.S. Equity Fund

Schedule of Investments

at October 31, 2013

	Shares	Market value (000)		Percent of net assets
Common Stocks—continued
Information Technology—continued
Genpact Ltd.1	39,500	$	783	0.47	%
Avago Technologies Ltd.	15,400		700	0.42
Broadcom Corp., Class A	13,000		347	0.21
_______________________
		24,932		14.94
_______________________
Health Care - 14.27%
Gilead Sciences, Inc.1	81,500		5,786	3.47
Bristol-Myers Squibb Co.	90,400		4,748	2.84
Express Scripts Holding Co.1	48,000		3,001	1.80
Seattle Genetics, Inc.1	68,100		2,631	1.58
Cerner Corp.1	31,200		1,748	1.05
Centene Corp.1	24,500		1,376	0.82
Allergan, Inc.	12,800		1,160	0.69
UnitedHealth Group, Inc.	12,000		819	0.49
Novo Nordisk A/S (ADR)	4,400		733	0.44
AbbVie, Inc.	13,900		673	0.40
Ironwood Pharmaceuticals, Inc.1	62,700		603	0.36
Pfizer, Inc.	17,900		549	0.33
_______________________
		23,827		14.27
_______________________
Financials - 11.10%
The Goldman Sachs Group, Inc.	17,500		2,815	1.69
CME Group, Inc.	34,050		2,527	1.51
BB&T Corp.	74,200		2,521	1.51
American Tower Corp.	29,800		2,365	1.42
JPMorgan Chase & Co.	42,800		2,206	1.32
BlackRock, Inc.	6,450		1,940	1.16
Marsh & McLennan Cos., Inc.	41,800		1,914	1.15
Ace Ltd.	11,900		1,136	0.68
Aon PLC	8,600		680	0.41
The Progressive Corp.	16,300		423	0.25
_______________________
		18,527		11.10
_______________________
Energy - 9.87%
Schlumberger Ltd.	39,500		3,702	2.22
Halliburton Co.	64,000		3,394	2.03
Noble Energy, Inc.	39,000		2,922	1.75
Chevron Corp.	17,900		2,147	1.29
Ensco PLC, Class A	31,300		1,805	1.08
EOG Resources, Inc.	5,300		946	0.57
ConocoPhillips	12,100		887	0.53
Cobalt International Energy, Inc.1	29,100		675	0.40
_______________________
		16,478		9.87
_______________________
Materials - 5.58%
Monsanto Co.	23,100		2,423	1.45
Air Products & Chemicals, Inc.	21,825		2,379	1.43
Allegheny Technologies, Inc.	48,300		1,599	0.96
The Mosaic Co.	32,200		1,476	0.88
Nucor Corp.	14,800		766	0.46

See Notes to Financial Statements

Capital Group U.S. Equity Fund

Schedule of Investments

at October 31, 2013

			Shares			Market value (000)		Percent of net assets
Common Stocks—continued
Materials—continued
The Dow Chemical Co.			17,000			$	671	0.40	%
_______________________
						9,314		5.58
_______________________
Consumer Staples - 4.14%
Beam, Inc.			29,400				1,979	1.18
Nestle SA (ADR)			23,200				1,680	1.01
The Procter & Gamble Co.			16,500				1,332	0.80
Philip Morris International, Inc.			12,300				1,096	0.66
Diageo PLC (ADR)			3,600				459	0.27
PepsiCo, Inc.			4,300				362	0.22
_______________________
						6,908		4.14
_______________________
Telecommunication Services - 0.57%
Verizon Communications, Inc.			18,875				953	0.57
_______________________
						953		0.57
_______________________
Utilities - 0.55%
National Grid PLC (ADR)			14,600				919	0.55
_______________________
						919		0.55
_______________________
Total Common Stocks  (cost: $122,635,896)						159,616		95.62
_______________________
				Principal amount (000)			Market value (000)	Percent of net assets
Short-term securities - 4.37%
Coca-Cola Co., 0.13%, 12/20/132			$	1,900			1,900	1.14
Federal Home Loan Mortgage Corp., 0.10%, 12/19/132				800			800	0.48
General Electric Capital Corp., 0.05%, 11/01/132				2,200			2,200	1.32
John Deere Capital Corp., 0.07%, 11/07/132				2,400			2,400	1.43
_______________________
Total Short-term securities  (cost: $7,299,529)							7,300	4.37
_______________________
Total investment securities (cost: $129,935,425)							166,916	99.99
Other assets less liabilities						13		0.01
_______________________
Net assets					$	166,929		100.00	%
_______________________
_______________________
1	Non-income producing security.
2	Zero coupon bond; interest rate represents current yield to maturity.
ADR		- American Depositary Receipts

See Notes to Financial Statements

Capital Group Core Municipal Fund
Statement of assets and liabilities
at October 31, 2013				(dollars and shares in thousands) (except per share amounts)
Assets:
	Investment securities, at value (cost: $271,186)				$	279,379
	Short-term investments, at value (cost: $15,475)					15,475
	Cash					82
	Receivables for:
		Sales of fund's shares	185
		Interest	3,559
		Reimbursement from investment adviser	2
						3,746
	Total assets					298,682
Liabilities:
	Payables for:
		Repurchases of fund's shares	14
		Investment advisory services	89
		Other accrued expenses	64
	Total liabilities					167
Net assets at October 31, 2013:					$	298,515
Net assets consist of:
	Capital paid in on shares of beneficial interest				$	290,329
	Accumulated undistributed net investment income					–
	Accumulated net realized loss					(7)
	Net unrealized appreciation					8,193
Net assets at October 31, 2013					$	298,515
Shares outstanding:						28,592
Net asset value per share:					$	10.44

See Notes to Financial Statements

Capital Group Short-Term Municipal Fund
Statement of assets and liabilities
at October 31, 2013					(dollars and shares in thousands) (except per share amounts)
Assets:
	Investment securities, at value (cost: $115,910)						$	118,090
	Short-term investments, at value (cost: $18,950)							18,950
	Cash							66
	Receivables for:
			Sales of fund's shares	42
			Interest	1,377
			Reimbursement from investment adviser	4
			Prepaid expenses	–		1
								1,423
	Total assets							138,529
Liabilities:
	Payables for:
			Purchases of investments	2,106
			Investment advisory services	41
			Other accrued expenses	52
	Total liabilities							2,199
Net assets at October 31, 2013:							$	136,330
Net assets consist of:
	Capital paid in on shares of beneficial interest						$	133,938
	Accumulated undistributed net investment income							–
	Accumulated net realized gain							212
	Net unrealized appreciation							2,180
Net assets at October 31, 2013							$	136,330
Shares outstanding:								13,350
Net asset value per share:							$	10.21
1		Amount rounds to less than $1,000.

See Notes to Financial Statements

Capital Group California Core Municipal Fund
Statement of assets and liabilities
at October 31, 2013				(dollars and shares in thousands) (except per share amounts)
Assets:
	Investment securities, at value (cost: $211,794)				$	216,139
	Short-term investments, at value (cost: $10,535)					10,535
	Cash					38
	Receivables for:
		Sales of fund's shares	2
		Interest	2,377
		Reimbursement from investment adviser	3
		Prepaid expenses	1
						2,383
	Total assets					229,095
Liabilities:
	Payables for:
		Purchases of investments	820
		Repurchases of fund's shares	1,005
		Investment advisory services	68
		Other accrued expenses	59
	Total liabilities					1,952
Net assets at October 31, 2013:					$	227,143
Net assets consist of:
	Capital paid in on shares of beneficial interest				$	223,129
	Accumulated undistributed net investment income					–
	Accumulated net realized loss					(331)
	Net unrealized appreciation					4,345
Net assets at October 31, 2013					$	227,143
Shares outstanding:						21,832
Net asset value per share:					$	10.40

See Notes to Financial Statements

Capital Group California Short-Term Municipal Fund
Statement of assets and liabilities
at October 31, 2013					(dollars and shares in thousands) (except per share amounts)
Assets:
	Investment securities, at value (cost: $91,619)						$	93,155
	Short-term investments, at value (cost: $21,073)							21,073
	Cash							49
	Receivables for:
			Sales of fund's shares	3
			Interest	1,000
			Reimbursement from investment adviser	4
			Prepaid expenses	–		1
								1,007
	Total assets							115,284
Liabilities:
	Payables for:
			Purchases of investments	547
			Investment advisory services	34
			Other accrued expenses	50
	Total liabilities							631
Net assets at October 31, 2013:							$	114,653
Net assets consist of:
	Capital paid in on shares of beneficial interest						$	113,104
	Accumulated undistributed net investment income							–
	Accumulated net realized gain							13
	Net unrealized appreciation							1,536
Net assets at October 31, 2013							$	114,653
Shares outstanding:								11,162
Net asset value per share:							$	10.27
1		Amount rounds to less than $1,000.

See Notes to Financial Statements

Capital Group Core Bond Fund
Statement of assets and liabilities
at October 31, 2013				(dollars and shares in thousands) (except per share amounts)
Assets:
	Investment securities, at value (cost: $282,949)				$	286,186
	Short-term investments, at value (cost: $14,900)					14,900
	Cash					12
	Receivables for:
		Sales of investments	11,185
		Sales of fund's shares	2
		Interest	1,834
		Reimbursement from investment adviser	1
						13,022
	Total assets					314,120
Liabilities:
	Payables for:
		Purchases of investments	17,612
		Investment advisory services	87
		Other accrued expenses	61
	Total liabilities					17,760
Net assets at October 31, 2013:					$	296,360
Net assets consist of:
	Capital paid in on shares of beneficial interest				$	292,420
	Accumulated undistributed net investment income					13
	Accumulated net realized gain					690
	Net unrealized appreciation					3,237
Net assets at October 31, 2013					$	296,360
Shares outstanding:						28,944
Net asset value per share:					$	10.24

See Notes to Financial Statements

Capital Group Global Equity Fund
Statement of assets and liabilities
at October 31, 2013					(dollars and shares in thousands) (except per share amounts)
Assets:
	Investment securities, at value (cost: $317,320)						$	397,890
	Short-term investments, at value (cost: $21,899)							21,899
	Cash							5
	Foreign currency, at value (cost: $–1)							–	1
	Receivables for:
			Sales of fund's shares	1,033
			Dividends	531
			Reimbursement from investment adviser	1
			Prepaid expenses	–		1
								1,565
	Total assets							421,359
Liabilities:
	Payables for:
			Purchases of investments	8,500
			Repurchases of fund's shares	129
			Unified fees	288
			Other accrued expenses	2
	Total liabilities							8,919
Net assets at October 31, 2013:							$	412,440
Net assets consist of:
	Capital paid in on shares of beneficial interest						$	335,308
	Accumulated undistributed net investment income							2,914
	Accumulated net realized loss							(6,359)
	Net unrealized appreciation							80,577
Net assets at October 31, 2013							$	412,440
Shares outstanding:								33,192
Net asset value per share:							$	12.43
1		Amount rounds to less than $1,000.

See Notes to Financial Statements

Capital Group Non-U.S. Equity Fund
Statement of assets and liabilities
at October 31, 2013					(dollars and shares in thousands) (except per share amounts)
Assets:
	Investment securities, at value (cost: $822,592)						$	941,384
	Short-term investments, at value (cost: $60,495)							60,495
	Cash							22
	Foreign currency, at value (cost: $–1)							–	1
	Receivables for:
			Sales of fund's shares	8,203
			Dividends	1,654
			Reimbursement from investment adviser	1
			Prepaid expenses	–		1
								9,858
	Total assets							1,011,759
Liabilities:
	Payables for:
			Purchases of investments	21,977
			Repurchases of fund's shares	211
			Unified fees	673
			Other accrued expenses	2
	Total liabilities							22,863
Net assets at October 31, 2013:							$	988,896
Net assets consist of:
	Capital paid in on shares of beneficial interest						$	872,175
	Accumulated undistributed net investment income							7,919
	Accumulated net realized loss							(10,038)
	Net unrealized appreciation							118,840
Net assets at October 31, 2013							$	988,896
Shares outstanding:								84,377
Net asset value per share:							$	11.72
1		Amount rounds to less than $1,000.

See Notes to Financial Statements

Capital Group U.S. Equity Fund
Statement of assets and liabilities
at October 31, 2013					(dollars and shares in thousands) (except per share amounts)
Assets:
	Investment securities, at value (cost: $122,636)						$	159,616
	Short-term investments, at value (cost: $7,300)							7,300
	Cash							340
	Receivables for:
			Sales of fund's shares	45
			Dividends	186
			Reimbursement from investment adviser	1
								232
	Total assets							167,488
Liabilities:
	Payables for:
			Purchases of investments	467
			Repurchases of fund's shares	–		1
			Unified fees	90
			Other accrued expenses	2
	Total liabilities							559
Net assets at October 31, 2013:							$	166,929
Net assets consist of:
	Capital paid in on shares of beneficial interest						$	127,595
	Accumulated undistributed net investment income							137
	Accumulated net realized gain							2,217
	Net unrealized appreciation							36,980
Net assets at October 31, 2013							$	166,929
Shares outstanding:								9,106
Net asset value per share:							$	18.33
1		Amount rounds to less than $1,000.

See Notes to Financial Statements

Capital Group Core Municipal Fund
Statement of operations
for the year ended October 31, 2013					(dollars in thousands)
Investment income:
	Income:
		Interest				$	7,365
	Fees and expenses:
		Investment advisory services		1,076
		Administrative and accounting services		90
		Registration fees		14
		Audit and tax fees		38
		Transfer agent services		12
		Trustees' compensation		14
		Other		8
		Total fees and expenses					1,252
			Reimbursement of fees				(23)
		Net fees and expenses					1,229
	Net investment income						6,136
Net realized gain and unrealized depreciation on investments:
	Net realized gain on investments						69
	Net unrealized depreciation on investments						(6,221)
		Net realized gain and unrealized depreciation on investments					(6,152)
Net decrease in net assets resulting from operations						$	(16)

See Notes to Financial Statements

Capital Group Short-Term Municipal Fund
Statement of operations
for the year ended October 31, 2013					(dollars in thousands)
Investment income:
	Income:
		Interest				$	2,221
	Fees and expenses:
		Investment advisory services		446
		Administrative and accounting services		38
		Registration fees		11
		Audit and tax fees		38
		Transfer agent services		12
		Trustees' compensation		14
		Other		6
		Total fees and expenses					565
			Reimbursement of fees				(54)
		Net fees and expenses					511
	Net investment income						1,710
Net realized gain and unrealized depreciation on investments:
	Net realized gain on investments						212
	Net unrealized depreciation on investments						(961)
		Net realized gain and unrealized depreciation on investments					(749)
Net increase in net assets resulting from operations						$	961

See Notes to Financial Statements

Capital Group California Core Municipal Fund
Statement of operations
for the year ended October 31, 2013					(dollars in thousands)
Investment income:
	Income:
		Interest				$	5,362
	Fees and expenses:
		Investment advisory services		804
		Administrative and accounting services		67
		Registration fees		8
		Audit and tax fees		38
		Transfer agent services		12
		Trustees' compensation		14
		Other		6
		Total fees and expenses					949
			Reimbursement of fees				(30)
		Net fees and expenses					919
	Net investment income						4,443
Net realized loss and unrealized depreciation on investments:
	Net realized loss on investments						(331)
	Net unrealized depreciation on investments						(4,374)
		Net realized loss and unrealized depreciation on investments					(4,705)
Net decrease in net assets resulting from operations						$	(262)

See Notes to Financial Statements

Capital Group California Short-Term Municipal Fund
Statement of operations
for the year ended October 31, 2013					(dollars in thousands)
Investment income:
	Income:
		Interest				$	1,470
	Fees and expenses:
		Investment advisory services		391
		Administrative and accounting services		33
		Registration fees		4
		Audit and tax fees		38
		Transfer agent services		12
		Trustees' compensation		14
		Other		5
		Total fees and expenses					497
			Reimbursement of fees				(49)
		Net fees and expenses					448
	Net investment income						1,022
Net realized gain and unrealized depreciation on investments:
	Net realized gain on investments						13
	Net unrealized depreciation on investments						(450)
		Net realized gain and unrealized depreciation on investments					(437)
Net increase in net assets resulting from operations						$	585

See Notes to Financial Statements

Capital Group Core Bond Fund
Statement of operations
for the year ended October 31, 2013					(dollars in thousands)
Investment income:
	Income:
		Interest				$	5,445
	Fees and expenses:
		Investment advisory services		1,039
		Administrative and accounting services		87
		Registration fees		11
		Audit and tax fees		38
		Transfer agent services		12
		Trustees' compensation		14
		Other		9
		Total fees and expenses					1,210
			Reimbursement of fees				(22)
		Net fees and expenses					1,188
	Net investment income						4,257
Net realized gain and unrealized depreciation on investments:
	Net realized gain on investments						715
	Net unrealized depreciation on investments						(7,040)
		Net realized gain and unrealized depreciation on investments					(6,325)
Net decrease in net assets resulting from operations						$	(2,068)

See Notes to Financial Statements

Capital Group Global Equity Fund
Statement of operations
for the year ended October 31, 2013							(dollars in thousands)
Investment income:
	Income:
			Dividends (net of non-U.S. taxes of $266)		$	5,948
			Interest			17			5,965
	Fees and expenses:
			Unified fees			2,613
			Trustees' compensation			14
			Legal fees			2
			Other			–	1
			Total fees and expenses						2,629
				Reimbursement of fees					(16)
			Net fees and expenses						2,613
	Net investment income								3,352
Net realized gain (loss) and unrealized appreciation on investments and currency:
	Net realized gain on investments								1,970
	Net realized loss on currency								(36)
	Net unrealized appreciation on investments								64,939
	Net unrealized appreciation on currency translations								8
			Net realized gain and unrealized appreciation on investments and currency						66,881
Net increase in net assets resulting from operations								$	70,233
1		Amount rounds to less than $1,000.

See Notes to Financial Statements

Capital Group Non-U.S. Equity Fund
Statement of operations
for the year ended October 31, 2013							(dollars in thousands)
Investment income:
	Income:
			Dividends (net of non-U.S. taxes of $1,078)		$	13,214
			Interest			50			13,264
	Fees and expenses:
			Unified fees			4,930
			Trustees' compensation			14
			Legal fees			2
			Other			–	1
			Total fees and expenses						4,946
				Reimbursement of fees					(16)
			Net fees and expenses						4,930
	Net investment income								8,334
Net realized loss and unrealized appreciation on investments and currency:
	Net realized loss on investments								(5,235)
	Net realized loss on currency								(121)
	Net unrealized appreciation on investments								109,875
	Net unrealized appreciation on currency translations								54
			Net realized loss and unrealized appreciation on investments and currency						104,573
Net increase in net assets resulting from operations								$	112,907
1		Amount rounds to less than $1,000.

See Notes to Financial Statements

Capital Group U.S. Equity Fund
Statement of operations
for the year ended October 31, 2013							(dollars in thousands)
Investment income:
	Income:
			Dividends (net of non-U.S. taxes of $39)		$	2,543
			Interest			6			2,549
	Fees and expenses:
			Unified fees			887
			Trustees' compensation			14
			Legal fees			2
			Other			–	1
			Total fees and expenses						903
				Reimbursement of fees					(16)
			Net fees and expenses						887
	Net investment income								1,662
Net realized gain and unrealized appreciation on investments and currency:
	Net realized gain on investments								2,597
	Net realized gain on currency								–	1
	Net unrealized appreciation on investments								27,110
			Net realized gain and unrealized appreciation on investments and currency						29,707
Net increase in net assets resulting from operations								$	31,369
1		Amount rounds to less than $1,000.

See Notes to Financial Statements

Capital Group Core Municipal Fund
Statements of changes in net assets
			(dollars in thousands)
			For the year ended 10/31/13		For the year ended 10/31/12
Operations:
	Net investment income		$	6,136	$	5,671
	Net realized gain on investments			69		539
	Net unrealized (depreciation) appreciation on investments			(6,221)		8,690
		Net (decrease) increase in net assets resulting from operations		(16)		14,900
Dividends and distributions to shareholders:
	Dividends from net investment income			(6,135)		(5,673)
	Distributions from capital gain			–		–
		Total dividends and distributions		(6,135)		(5,673)
Net capital share transactions				12,373		33,520
Total increase in net assets				6,222		42,747
Net assets:
	Beginning of year			292,293		249,546
	End of year (including undistributed and distributions in excess of net investment income: $- and $(1), respectively.)		$	298,515	$	292,293

See Notes to Financial Statements

Capital Group Short-Term Municipal Fund
Statements of changes in net assets
				(dollars in thousands)
				For the year ended 10/31/13		For the year ended 10/31/12
Operations:
	Net investment income			$	1,710	$	1,803
	Net realized gain on investments				212		503
	Net unrealized (depreciation) appreciation on investments				(961)		1,282
			Net increase in net assets resulting from operations		961		3,588
Dividends and distributions to shareholders:
	Dividends from net investment income				(1,710)		(1,803)
	Distributions from capital gain				(489)		–
			Total dividends and distributions		(2,199)		(1,803)
Net capital share transactions					13,560		(15,741)
Total increase (decrease) in net assets					12,322		(13,956)
Net assets:
	Beginning of year				124,008		137,964
	End of year (including undistributed  and distributions in excess of net investment income: $- and $(-)1, respectively.)			$	136,330	$	124,008
1		Amount rounds to less than $1,000.

See Notes to Financial Statements

Capital Group California Core Municipal Fund
Statements of changes in net assets
				(dollars in thousands)
				For the year ended 10/31/13		For the year ended 10/31/12
Operations:
	Net investment income			$	4,443	$	3,704
	Net realized (loss) gain on investments				(331)		860
	Net unrealized (depreciation) appreciation on investments				(4,374)		5,779
			Net (decrease) increase in net assets resulting from operations		(262)		10,343
Dividends and distributions to shareholders:
	Dividends from net investment income				(4,443)		(3,705)
	Distributions from capital gain				(860)		(32)
			Total dividends and distributions		(5,303)		(3,737)
Net capital share transactions					24,795		43,512
Total increase in net assets					19,230		50,118
Net assets:
	Beginning of year				207,913		157,795
	End of year (including undistributed and distributions in excess of net investment income: $- and $(-)1, respectively.)			$	227,143	$	207,913
1		Amount rounds to less than $1,000.

See Notes to Financial Statements

Capital Group California Short-Term Municipal Fund
Statements of changes in net assets
				(dollars in thousands)
				For the year ended 10/31/13		For the year ended 10/31/12
Operations:
	Net investment income			$	1,022	$	862
	Net realized gain on investments				13		57
	Net unrealized (depreciation) appreciation on investments				(450)		1,469
			Net increase in net assets resulting from operations		585		2,388
Dividends and distributions to shareholders:
	Dividends from net investment income				(1,022)		(862)
	Distributions from capital gain				(57)		(29)
			Total dividends and distributions		(1,079)		(891)
Net capital share transactions					7,711		29,412
Total increase in net assets					7,217		30,909
Net assets:
	Beginning of year				107,436		76,527
	End of year (including undistributed and distributions in excess of net investment income: $- and $(-)1, respectively.)			$	114,653	$	107,436
1		Amount rounds to less than $1,000.

See Notes to Financial Statements

Capital Group Core Bond Fund
Statements of changes in net assets
			(dollars in thousands)
			For the year ended 10/31/13		For the year ended 10/31/12
Operations:
	Net investment income		$	4,257	$	4,847
	Net realized gain on investments			715		4,490
	Net unrealized (depreciation) appreciation on investments			(7,040)		2,072
		Net (decrease) increase in net assets resulting from operations		(2,068)		11,409
Dividends and distributions to shareholders:
	Dividends from net investment income			(4,267)		(4,838)
	Distributions from capital gain			(4,489)		(357)
		Total dividends and distributions		(8,756)		(5,195)
Net capital share transactions				10,722		10,209
Total (decrease) increase in net assets				(102)		16,423
Net assets:
	Beginning of year			296,462		280,039
	End of year (including undistributed net investment income: $13 and $10, respectively.)		$	296,360	$	296,462

See Notes to Financial Statements

Capital Group Global Equity Fund
Statements of changes in net assets
			(dollars in thousands)
			For the year ended 10/31/13		For the year ended 10/31/12
Operations:
	Net investment income		$	3,352	$	2,560
	Net realized gain (loss) on investments and currency			1,934		(5,271)
	Net unrealized appreciation on investments and currency			64,947		18,242
		Net increase in net assets resulting from operations		70,233		15,531
Dividends and distributions to shareholders:
	Dividends from net investment income			(2,750)		(551)
	Distributions from capital gain			–		–
		Total dividends and distributions		(2,750)		(551)
Net capital share transactions				140,045		64,461
Total increase in net assets				207,528		79,441
Net assets:
	Beginning of year			204,912		125,471
	End of year (including undistributed net investment income: $2,914 and $2,363, respectively.)		$	412,440	$	204,912

See Notes to Financial Statements

Capital Group Non-U.S. Equity Fund
Statements of changes in net assets
			(dollars in thousands)
			For the year ended 10/31/13		For the year ended 10/31/12
Operations:
	Net investment income		$	8,334	$	1,396
	Net realized loss on investments and currency			(5,356)		(2,933)
	Net unrealized appreciation on investments and currency			109,929		11,877
		Net increase in net assets resulting from operations		112,907		10,340
Dividends and distributions to shareholders:
	Dividends from net investment income			(1,697)		(290)
	Distributions from capital gain			–		–
		Total dividends and distributions		(1,697)		(290)
Net capital share transactions				621,501		196,120
Total increase in net assets				732,711		206,170
Net assets:
	Beginning of year			256,185		50,015
	End of year (including undistributed net investment income: $7,919 and $1,403, respectively.)		$	988,896	$	256,185

See Notes to Financial Statements

Capital Group U.S. Equity Fund
Statements of changes in net assets
			(dollars in thousands)
			For the year ended 10/31/13		For the year ended 10/31/12
Operations:
	Net investment income		$	1,662	$	1,275
	Net realized gain (loss) on investments and currency			2,597		(227)
	Net unrealized appreciation on investments			27,110		6,945
		Net increase in net assets resulting from operations		31,369		7,993
Dividends and distributions to shareholders:
	Dividends from net investment income			(1,770)		(1,038)
	Distributions from capital gain			(54)		(3,822)
		Total dividends and distributions		(1,824)		(4,860)
Net capital share transactions				34,608		25,514
Total increase in net assets				64,153		28,647
Net assets:
	Beginning of year			102,776		74,129
	End of year (including undistributed net investment income: $137 and $253, respectively.)		$	166,929	$	102,776

See Notes to Financial Statements

Capital Group Private Client Services Funds

Notes to financial statements

1. Organization

Capital Group Private Client Services Funds (formerly, Capital Private Client Services Funds) (the “Trust”) was organized on October 22, 2009 as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company. The Trust has five fixed income funds (Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund) and three equity funds (Capital Group Global Equity Fund, Capital Group Non-U.S. Equity Fund and Capital Group U.S. Equity Fund) (each a “Fund,” collectively the “Funds”).

Capital Group Core Municipal Fund seeks to provide current income exempt from federal income tax and to preserve capital. Capital Group Short-Term Municipal Fund seeks to preserve capital and secondarily to provide current income exempt from federal income tax. Capital Group California Core Municipal Fund seeks to provide current income exempt from federal and California income taxes and to preserve capital. Capital Group California Short-Term Municipal Fund seeks to preserve capital and secondarily to provide current income exempt from federal and California income taxes. Capital Group Core Bond Fund seeks to provide current income and to preserve capital. Capital Group Global Equity Fund and Capital Group Non-U.S. Equity Fund seek to preserve capital while providing growth and Capital Group U.S. Equity Fund also seeks to preserve capital while providing growth and secondarily seeks to provide income.

2. Significant accounting policies

The financial statements have been prepared to comply with accounting principles generally accepted in the United States of America. These principles require management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. The Funds follow the significant accounting policies described below, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income – Security transactions are recorded by the Funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the Funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Dividends and distributions to shareholders – Dividend and distributions paid to shareholders are recorded on the ex-dividend date.

Currency translation – Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. On the accompanying financial statements, 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. 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 Guardian Trust Company “CGTC”, the fund’s investment adviser, values the Funds’ investments at fair value as defined by accounting principles generally accepted in the United States of America. 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.

Methods and inputs – The Funds’ investment adviser uses the following methods and inputs to establish the fair value of their assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Capital Group Private Client Services Funds

Notes to financial statements (continued)

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 in which the security trades.

Fixed-income securities, including short-term securities purchased with more than 60 days left to maturity, 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 obligations; 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 investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and asked prices that are reasonably and timely available (or bid prices, if asked 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 above for either equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser. Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates fair value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined in good faith under guidelines adopted by authority of the Funds’ Board of Trustees as further described below. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission (“SEC”) 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

Capital Group Private Client Services Funds

Notes to financial statements (continued)

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 share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure – The Funds’ Board of Trustees has delegated authority to the Funds’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair value 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 with supplemental information to support the changes. The Funds’ board and audit committee also regularly review reports that describe fair value determinations and methods.

The fund’s 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 internal reviews including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.

Classifications – The Funds’ investment adviser classifies the Funds’ 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 determinations 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 table presents the Funds’ valuation levels as of October 31, 2013 (dollars in thousands):

Investment Securities	Level 1			Level 2				Level 3		Total
Capital Group Core Municipal Fund
Long-term investments
Bonds & notes		$	–		$	279,379	$		–		$	279,379
Short-term investments			–			15,475			–			15,475
Total Investments		$	–		$	294,854	$		–		$	294,854

Capital Group Short-Term Municipal Fund
Long-term investments
Bonds & notes	$	–	$	118,090	$	–	$	118,090
Short-term investments		–		18,950		–		18,950
Total Investments	$	–	$	137,040	$	–	$	137,040

Capital Group Private Client Services Funds

Notes to financial statements (continued)

Investment Securities		Level 1			Level 2						Level 3			Total
Capital Group California Core Municipal Fund
Long-term investments
Bonds & notes	$		–	$		216,139	$		–			$			216,139
Short-term investments			–			10,535			–						10,535
Total Investments	$		–	$		226,674	$		–			$			226,674
Capital Group California Short-Term Municipal Fund
Long-term investments
Bonds & notes	$		–	$		93,155	$		–			$			93,155
Short-term investments			–			21,073			–						21,073
Total Investments	$		–	$		114,228	$		–			$			114,228
Capital Group Core Bond Fund
Bonds, notes and other debt investments:
U.S. government & government agency bonds & notes	$		–	$		143,110		$		–			$			143,110
Mortgage-backed obligations			–			50,392				–						50,392
Corporate bonds & notes			–			79,380				–						79,380
Municipals			–			8,878				–						8,878
Government agency bonds & notes outside the U.S.			–			163				–						163
Asset-backed obligations			–			4,263				–						4,263
Short-term investments			–			14,900				–						14,900
Total investments	$		–	$		301,086		$		–			$			301,086
Capital Group Global Equity Fund
Common Stocks1	$		397,890	$		–		$		–			$			397,890                –
Short-term investments			–			21,899				–						21,899
Total Investments	$		397,890	$		21,899		$		–			$			419,789
Capital Group Non-U.S. Equity Fund
Common Stocks1	$		941,384	$		–		$		–			$			941,384                –
Short-term investments			–			60,495				–						60,495
Total Investments	$		941,384	$		60,495		$		–			$			1,001,879
Capital Group U.S. Equity Fund
Common Stocks1	$		159,616	$		–		$		–			$			159,616                –
Short-term investments			–			7,300				–						7,300
Total Investments	$		159,616	$		7,300		$		–			$			166,916

¹ The level classification by major category of investments is the same as the category presentation in the Schedule of Investments.

Capital Group Private Client Services Funds

Notes to financial statements (continued)

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 Funds may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the Funds.

Investing in bonds – Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject to greater price fluctuations than shorter maturity debt securities. In addition, 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 having to reinvest the proceeds in lower yielding securities.

Bonds and other debt securities are subject to credit risk,which is the possibility that the credit strength of an issuer will weaken 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. 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 mitigate various credit and default risks.

Credit and liquidity support – Changes in the credit quality of banks and financial institutions providing credit and liquidity support features could cause the fund to experience a loss and may affect its share price.

Investing in lower rated bonds – 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.

Thinly traded securities – There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value or sell.

Investing in similar municipal bonds – Investing significantly in municipal obligations of issuers in the same state or backed by revenues of similar types of projects or industries may make the Funds more susceptible to certain economic, political or regulatory occurrences. As a result, the potential for fluctuations in a Fund’s share price may increase.

Management – The investment adviser to the Funds actively manages the Funds’ investments. Consequently, the Funds are subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the Funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in municipal bonds of issuers within the state of California – Because the Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund invest in securities of issuers within the state of California, these funds are more susceptible to factors adversely affecting issuers of California securities than comparable municipal bond mutual funds that do not concentrate their 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 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. Securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

Capital Group Private Client Services Funds

Notes to financial statements (continued)

Investing in mortgage related securities – Many types of bonds and other debt securities,including mortgage-backed securities, are subject to prepayment risk as well as the risks associated with investing in debt securities in general. If interest rates fall and the loans underlying these securities are prepaid faster than expected, the fund may have to reinvest the prepaid principal in lower yielding securities, thus reducing the fund's income. Conversely, if interest rates increase and the loans underlying the securities are prepaid slower than expected, the time in which the securities are paid off could be extended. This may reduce the fund’s cash for potential investment in higher yielding securities.

Investing in growth-oriented stocks – Growth-oriented stocks may involve larger price swings and greater potential for loss than other types of investments.

Investing outside the United States – Securities of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because of adverse political, social, economic or market developments in the countries or regions in which the issuer operates. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different settlement and accounting practices and different regulatory, legal and reporting standards, and may be more difficult to value, than those in the United States. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.

Investing in income-oriented stocks – Income provided by the Funds may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the Funds invest.

5. Certain investment techniques

Mortgage dollar rolls – The 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 fund’s portfolio turnover rate.

6. Taxation and distributions

Federal income taxation – The Funds comply with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intend to distribute substantially all of their 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. Generally, income earned by Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund is exempt from federal income taxes; however, these funds may earn taxable income from certain investments.

As of and during the year ended October 31, 2013, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the year, the Funds did not incur any interest or penalties.

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 are not subject to examination by U.S. federal and state tax authorities for tax years before 2010, the year the funds commenced operations.

Capital Group Global Equity Fund, Capital Group Non-U.S. Equity Fund and Capital Group U.S. Equity Fund are not subject to examination by U.S. federal and state tax authorities for tax years before 2011, the year the funds commenced operations.

Non-U.S. Taxation – Dividend and interest income are recorded net of non-U.S. taxes paid. Gains realized by the Funds on the sale of securities in certain countries are subject to non-U.S. taxes. The Funds record a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Capital Group Private Client Services Funds

Notes to financial statements (continued)

Distributions – Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; net capital losses; cost of investments sold; and amortization of market discounts. 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.

As indicated in the table below, some of the funds had capital loss carryforwards available at October 31, 2013. These will be used to offset any capital gains realized by the funds in future years through expiration dates. Funds with capital loss carryforwards will not make distributions from capital gains while capital loss carryforwards remain.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010, may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

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	Capital Group Global Equity Fund	Capital Group Non-U.S. Equity Fund	Capital Group U.S. Equity Fund
As of October 31, 2013:
Undistributed tax- exempt income	$           –	$          –	$          –	$          –	$          –	$          –	$          –	$         –
Undistributed ordinary income	–	–	–	–	13	2,895	7,800	137
Undistributed long- term capital gain	–	212	–	13	752	–	–	2,563
Capital loss carryforward
No expiration	–	–	(331)	–	–	(5,331)	(8,885)	–
Expiring 2019	(7)	–	–	–	–	–	–	–
	$         (7)	$          –	$    (331)	$          –	$          –	$ (5,331)	$ (8,885)	$          –
Capital loss carryforwards utilized	$         70	$          –	$          –	$          –	$          –	$   1,427	$          –	$          –

Capital Group Private Client Services Funds

Notes to financial statements (continued)

	Capital Group Core Municipal Fund	Capital Group Short-Term Municipal Fund	Capital Group California Core Municipal Fund	Capital Group California Short-Term Municipal Fund	Capital Group Core Bond Fund	Capital Group Global Equity Fund	Capital Group Non-U.S. Equity Fund	Capital Group U.S. Equity Fund
Reclassification (from) to distributions in excess of/undistributed net investment income (to) from accumulated net realized loss/undistributed net realized gain	$ –	$          –	$          –	$           –	$      13	$       (51)	$     (121)	$       (8)
Reclassification to (from) distributions in excess of/undistributed net investment income (to) from capital paid in on shares of beneficial interest	–1	–1	–1	–1	–	–	–	–
Reclassification (from) to accumulated net realized loss (to) from capital paid in on shares of beneficial interest	–	–	–1	–	–1	–	–1	–1
Gross unrealized appreciation on investment securities	$     9,541	$    2,322	$   6,000	$   1,671	$   5,066	$  81,762	$120,866	$  37,661
Gross unrealized depreciation on investment securities	(1,348)	(142)	(1,655)	(135)	(1,890)	(2,220)	(3,226)	(1,027)
Net unrealized appreciation on investment securities	$     8,193	$    2,180	$   4,345	$   1,536	$   3,176	$ 79,542	$117,640	$  36,634
Cost of investments securities	$ 286,661	$134,860	$222,329	$112,692	$297,910	$340,247	$884,239	$130,282

¹ Rounds to less than $1,000.

The tax character of distributions paid during the year ended October 31, 2013 and the year ended October 31, 2012, the most recently completed tax year, were as follows (dollars in thousands):

	Tax-Exempt		Ordinary Income		Long-Term Capital Gains
	2013	2012	2013	2012	2013	2012
Capital Group Core Municipal Fund	$6,131	$5,671	$4	$2	$ –	$ –
Capital Group Short-Term Municipal Fund	1,710	1,803	3	–1	486	–
Capital Group California Core Municipal Fund	4,435	3,701	28	4	840	32
Capital Group California Short-Term Municipal Fund	1,022	862	–	28	57	1
Capital Group Core Bond Fund	–	–	6,663	4,983	2,093	212

Capital Group Private Client Services Funds

Notes to financial statements (continued)

	Tax-Exempt		Ordinary Income		Long-Term Capital Gains
	2013	2012	2013	2012	2013	2012
Capital Group Global Equity Fund	–	–	2,750	551	–	–
Capital Group Non-U.S. Equity Fund	–	–	1,697	290	–	–
Capital Group U.S. Equity Fund	–	–	1,770	1,038	54	3,823

¹ Rounds to less than $1,000.

7. Fees and transactions with related parties

Capital Guardian Trust Company (“CGTC”) serves as investment adviser to the Funds and other funds. CGTC is a wholly owned subsidiary of Capital Group International, Inc. Expense limitations have been imposed through December 31, 2013, to limit the Funds’ total annual fund operating expenses to the following rates (as a percentage of average daily net assets):

Fund	Expense Limitation
Capital Group Core Municipal Fund	0.40%
Capital Group Short-Term Municipal Fund	0.40%
Capital Group California Core Municipal Fund	0.40%
Capital Group California Short-Term Municipal Fund	0.40%
Capital Group Core Bond Fund	0.40%
Capital Group Global Equity Fund	0.85%
Capital Group Non-U.S. Equity Fund	0.85%
Capital Group U.S. Equity Fund	0.65%

CGTC does not intend to recoup any reimbursed expenses or waived fees from a prior year under expense limitations then in effect for the Funds.

Investment advisory services – The Investment Advisory and Service Agreement with CGTC provides for monthly fees accrued daily. The fee for each Fixed Income Fund is 0.35% of the average daily net assets of the Fund.

For the services it provides to Capital Group Global Equity Fund, Capital Group Non-U.S. Equity Fund and Capital Group U.S. Equity Fund, the CGTC receives a unified management fee based on a percentage of the daily net assets of shares of the funds. The unified management fee for the U.S. Equity Fund is 0.65% of the average daily net assets of the Fund. The unified management fee for the Capital Group Global Equity Fund and Capital Group Non-U.S. Equity Fund is 0.85% of the average daily net assets of each Fund.

For the equity funds, CGTC pays all expenses of managing and operating the funds out of the unified management fees except brokerage expenses, taxes, interest fees and expenses of the independent trustees (including legal counsel fees) and extraordinary expenses, such as litigation expenses. These expenses which are not paid by CGTC from the unified management fee are paid by the funds. A portion of the funds' management fee is paid by CGTC to unaffiliated third parties which provide recordkeeping and administrative services.

Distribution services – American Funds Distributors, ® Inc. (the "Distributor") is the principal underwriter of each Fund's shares. The Distributor does not receive any compensation related to the sale of shares of the Funds.

Affiliated officers and trustees – Officers and certain trustees of the Trust are or may be considered to be affiliated with CGTC. No affiliated officers or directors received any compensation directly from the Trust.

Capital Group Private Client Services Funds

Notes to financial statements (continued)

8. Capital share transactions

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

	Sales		Reinvestment of Dividends and Distributions			Repurchases		Net Increase/(Decrease)
Fund	Amount	Shares	Amount	Shares		Amount	Shares	Amount	Shares
Year ended October 31, 2013
Capital Group Core Municipal Fund	$ 84,091	7,946	$  3,708		352	$  (75,426)	(7,187)	$ 12,373	1,111
Capital Group Short-Term Municipal Fund	63,518	6,209	1,797		175	(51,755)	(5,056)	13,560	1,328
Capital Group California Core Municipal Fund	67,952	6,433	3,435		327	(46,592)	(4,455)	24,795	2,305
Capital Group California Short-Term Municipal Fund	61,860	6,019	898		87	(55,047)	(5,352)	7,711	754
Capital Group Core Bond Fund	54,710	5,276	7,189		691	(51,177)	(4,944)	10,722	1,023
Capital Group Global Equity Fund	172,155	15,573	1,982		196	(34,092)	(3,096)	140,045	12,673
Capital Group Non-U.S. Equity Fund	705,982	65,958	414		41	(84,895)	(7,919)	621,501	58,080
Capital Group U.S. Equity Fund	58,147	3,592	1,511		94	(25,050)	(1,548)	34,608	2,138

Year ended October 31, 2012
Capital Group Core Municipal Fund	$    80,318	7,647	$    3,229	306	$  (50,027)	(4,732)	$  33,520	3,221
Capital Group Short-Term Municipal Fund	60,368	5,876	1,452	141	(77,561)	(7,536)	(15,741)	(1,519)
Capital Group California Core Municipal Fund	65,225	6,195	2,134	203	(23,847)	(2,262)	43,512	4,136
Capital Group California Short-Term Municipal Fund	96,806	9,407	741	72	(68,135)	(6,630)	29,412	2,849
Capital Group Core Bond Fund	63,332	6,037	3,376	322	(56,499)	(5,369)	10,209	990
Capital Group Global Equity Fund	129,539	13,702	343	38	(65,421)	(6,886)	64,461	6,854

Capital Group Private Client Services Funds

Notes to financial statements (continued)

	Sales			Reinvestment of Dividends and Distributions			Repurchases		Net Increase/(Decrease)
Fund	Amount	Shares		Amount	Shares		Amount	Shares	Amount	Shares
Year ended October 31, 2012
Capital Group Non-U.S. Equity Fund	216,260		22,929	239		28	(20,379)	(2,168)	196,120	20,789
Capital Group U.S. Equity Fund	58,062		4,038	4,202		316	(36,750)	(2,563)	25,514	1,791

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value).

9. Investment transactions

The Funds made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, during the year ended October 31, 2013 as follows (dollars in thousands):

Fund	Cost of Investments Purchased		Proceeds from Investments Sold
	U.S. Government Agency Obligations	Other Investments	U.S. Government Agency Obligations	Other Investments
Capital Group Core Municipal Fund	$ –	$ 57,205	$ –	$ 50,588
Capital Group Short-Term Municipal Fund	–	26,365	–	19,959
Capital Group California Core Municipal Fund	–	71,420	–	36,516
Capital Group California Short-Term Municipal Fund	–	25,939	–	8,308
Capital Group Core Bond Fund	490,111	77,299	500,467	50,467
Capital Group Global Equity Fund	–	$207,830	–	$74,553
Capital Group Non-U.S. Equity Fund	–	743,265	–	137,731
Capital Group U.S. Equity Fund	–	66,973	–	32,134

Capital Group Core Municipal Fund
Financial highlights1
(for a share outstanding throughout each year)
				For the year ended
					10/31/13		10/31/12		10/31/11		10/31/102
Selected per share data:
Net asset value, beginning of year					$	10.64	$	10.29	$	10.27	$	10.00
Income from investment operations:
	Net investment income3					0.21		0.21		0.21		0.10
	Net realized and unrealized gains (losses) on securities					(0.20)		0.35		0.04		0.26
			Total from investment operations			0.01		0.56		0.25		0.36
Dividends and distributions:
	Dividends from net investment income					(0.21)		(0.21)		(0.21)		(0.09)
	Distributions from capital gain					—		—		(0.02)		—	4
			Total dividends and distributions			(0.21)		(0.21)		(0.23)		(0.09)
Net asset value, end of year					$	10.44	$	10.64	$	10.29	$	10.27
Total Return5						0.10%		5.46%		2.56%		3.63%
Net assets, end of year (in millions)					$	299	$	292	$	250	$	269
Ratios / Supplemental Data:
	Ratio of expenses to average net assets before reimbursement					0.41%		0.42%		0.42%		0.43%	6
	Ratio of expenses to average net assets after reimbursement5					0.40%		0.40%		0.40%		0.40%	6
	Ratio of net investment income to average net assets5					2.00%		1.98%		2.10%		1.81%	6
	Portfolio turnover rate					18%		13%		19%		25%	7
1		Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
2		The Fund commenced operations on April 13, 2010.
3		Based on average shares outstanding.
4		Rounds to less than $0.00.
5		Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
6		Annualized.
7		Not annualized for periods less than one year.

See Notes to Financial Statements

Capital Group Short-Term Municipal Fund
Financial highlights1
(for a share outstanding throughout each year)
				For the year ended
					10/31/13		10/31/12		10/31/11		10/31/102
Selected per share data:
Net asset value, beginning of year					$	10.32	$	10.19	$	10.17	$	10.00
Income from investment operations:
	Net investment income3					0.14		0.14		0.11		0.05
	Net realized and unrealized gains (losses) on securities					(0.07)		0.13		0.02		0.17
			Total from investment operations			0.07		0.27		0.13		0.22
Dividends and distributions:
	Dividends from net investment income					(0.14)		(0.14)		(0.10)		(0.05)
	Distributions from capital gain					(0.04)		—		(0.01)		—	4
			Total dividends and distributions			(0.18)		(0.14)		(0.11)		(0.05)
Net asset value, end of year					$	10.21	$	10.32	$	10.19	$	10.17
Total Return5						0.66%		2.63%		1.33%		2.17%
Net assets, end of year (in millions)					$	136	$	124	$	138	$	89
Ratios / Supplemental Data:
	Ratio of expenses to average net assets before reimbursement					0.44%		0.46%		0.46%		0.48%	6
	Ratio of expenses to average net assets after reimbursement5					0.40%		0.40%		0.40%		0.40%	6
	Ratio of net investment income to average net assets5					1.34%		1.32%		1.04%		0.94%	6
	Portfolio turnover rate					18%		25%		15%		36%	7
1		Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
2		The Fund commenced operations on April 13, 2010.
3		Based on average shares outstanding.
4		Rounds to less than $0.00.
5		Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
6		Annualized.
7		Not annualized for periods less than one year.

See Notes to Financial Statements

Capital Group California Core Municipal Fund
Financial highlights1
(for a share outstanding throughout each year)
				For the year ended
					10/31/13		10/31/12			10/31/11			10/31/102
Selected per share data:
Net asset value, beginning of year					$	10.65	$	10.25		$	10.19		$	10.00
Income from investment operations:
	Net investment income3					0.20		0.21			0.20			0.08
	Net realized and unrealized gains (losses) on securities					(0.20)		0.40			0.06			0.18
			Total from investment operations			—		0.61			0.26			0.26
Dividends and distributions:
	Dividends from net investment income					(0.21)		(0.21)			(0.20)			(0.07)
	Distributions from capital gain					(0.04)		—	4		—	4		—	4
			Total dividends and distributions			(0.25)		(0.21)			(0.20)			(0.07)
Net asset value, end of year					$	10.40	$	10.65		$	10.25		$	10.19
Total Return5						(0.04)%		5.99%			2.61%			2.61%
Net assets, end of year (in millions)					$	227	$	208		$	158		$	169
Ratios / Supplemental Data:
	Ratio of expenses to average net assets before reimbursement					0.41%		0.42%			0.42%			0.45%	6
	Ratio of expenses to average net assets after reimbursement5					0.40%		0.40%			0.40%			0.40%	6
	Ratio of net investment income to average net assets5					1.93%		1.99%			1.98%			1.41%	6
	Portfolio turnover rate					17%		21%			24%			13%	7
1		Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
2		The Fund commenced operations on April 13, 2010.
3		Based on average shares outstanding.
4		Rounds to less than $0.00.
5		Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
6		Annualized.
7		Not annualized for periods less than one year.

See Notes to Financial Statements

Capital Group California Short-Term Municipal Fund
Financial highlights1
(for a share outstanding throughout each year)
				For the year ended
					10/31/13		10/31/12			10/31/11		10/31/102
Selected per share data:
Net asset value, beginning of year					$	10.32	$	10.12		$	10.13	$	10.00
Income from investment operations:
	Net investment income3					0.09		0.09			0.08		0.04
	Net realized and unrealized gains (losses) on securities					(0.04)		0.20			(0.01)		0.13
			Total from investment operations			0.05		0.29			0.07		0.17
Dividends and distributions:
	Dividends from net investment income					(0.09)		(0.09)			(0.08)		(0.04)
	Distributions from capital gain					(0.01)		—	4		—		—
			Total dividends and distributions			(0.10)		(0.09)			(0.08)		(0.04)
Net asset value, end of year					$	10.27	$	10.32		$	10.12	$	10.13
Total Return5						0.48%		2.96%			0.72%		1.67%
Net assets, end of year (in millions)					$	115	$	107		$	77	$	51
Ratios / Supplemental Data:
	Ratio of expenses to average net assets before reimbursement					0.44%		0.47%			0.49%		0.55%	6
	Ratio of expenses to average net assets after reimbursement5					0.40%		0.40%			0.40%		0.40%	6
	Ratio of net investment income to average net assets5					0.91%		0.92%			0.83%		0.79%	6
	Portfolio turnover rate					9%		14%			20%		35%	7
1		Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
2		The Fund commenced operations on April 13, 2010.
3		Based on average shares outstanding.
4		Rounds to less than $0.00.
5		Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
6		Annualized.
7		Not annualized for periods less than one year.

See Notes to Financial Statements

Capital Group Core Bond Fund
Financial highlights1
(for a share outstanding throughout each year)
				For the year ended
					10/31/13		10/31/12		10/31/11		10/31/102
Selected per share data:
Net asset value, beginning of year					$	10.62	$	10.40	$	10.45	$	10.00
Income from investment operations:
	Net investment income3					0.15		0.17		0.19		0.09
	Net realized and unrealized gains (losses) on securities					(0.22)		0.23		0.09		0.46
			Total from investment operations			(0.07)		0.40		0.28		0.55
Dividends and distributions:
	Dividends from net investment income					(0.15)		(0.17)		(0.20)		(0.09)
	Distributions from capital gain					(0.16)		(0.01)		(0.13)		(0.01)
			Total dividends and distributions			(0.31)		(0.18)		(0.33)		(0.10)
Net asset value, end of year					$	10.24	$	10.62	$	10.40	$	10.45
Total Return4						(0.69)%		3.92%		2.80%		5.52%
Net assets, end of year (in millions)					$	296	$	296	$	280	$	230
Ratios / Supplemental Data:
	Ratio of expenses to average net assets before reimbursement					0.41%		0.42%		0.42%		0.44%	5
	Ratio of expenses to average net assets after reimbursement4					0.40%		0.40%		0.40%		0.40%	5
	Ratio of net investment income to average net assets4					1.43%		1.63%		1.82%		1.65%	5
	Portfolio turnover rate					192%		134%		118%		123%	6
1		Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
2		The Fund commenced operations on April 13, 2010.
3		Based on average shares outstanding.
4		Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
5		Annualized.
6		Not annualized for periods less than one year.

See Notes to Financial Statements

Capital Group Global Equity Fund
Financial highlights1
(for a share outstanding throughout each year)
				For the year ended
					10/31/13		10/31/12		10/31/112
Selected per share data:
Net asset value, beginning of year					$	9.99	$	9.18	$	10.00
Income from investment operations:
	Net investment income3					0.12		0.14		0.05
	Net realized and unrealized gains (losses) on securities					2.45		0.71		(0.87)
			Total from investment operations			2.57		0.85		(0.82)
Dividends and distributions:
	Dividends from net investment income					(0.13)		(0.04)		—
	Distributions from capital gain					—		—		—
			Total dividends and distributions			(0.13)		(0.04)		—
Net asset value, end of year					$	12.43	$	9.99	$	9.18
Total Return4						26.10%		9.19%		(8.20)%
Net assets, end of year (in millions)					$	412	$	205	$	125
Ratios / Supplemental Data:
	Ratio of expenses to average net assets before reimbursement					0.86%		0.86%		0.87%	5
	Ratio of expenses to average net assets after reimbursement4					0.85%		0.85%		0.85%	5
	Ratio of net investment income to average net assets4					1.09%		1.47%		0.94%	5
	Portfolio turnover rate					25%		35%		15%	6
1		Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
2		The Fund commenced operations on April 1, 2011.
3		Based on average shares outstanding.
4		Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
5		Annualized.
6		Not annualized for periods less than one year.

See Notes to Financial Statements

Capital Group Non-U.S. Equity Fund
Financial highlights1
(for a share outstanding throughout each year)
				For the year ended
					10/31/13			10/31/12		10/31/112
Selected per share data:
Net asset value, beginning of year					$	9.74		$	9.08	$	10.00
Income from investment operations:
	Net investment income3					0.15			0.13		0.07
	Net realized and unrealized gains (losses) on securities					1.88			0.58		(0.99)
			Total from investment operations			2.03			0.71		(0.92)
Dividends and distributions:
	Dividends from net investment income					(0.05)			(0.05)		—
	Distributions from capital gain					—			—		—
			Total dividends and distributions			(0.05)			(0.05)		—
Net asset value, end of year					$	11.72		$	9.74	$	9.08
Total Return4						20.93%			7.91%		(9.20)%
Net assets, end of year (in millions)					$	989		$	256	$	50
Ratios / Supplemental Data:
	Ratio of expenses to average net assets before reimbursement					0.85%			0.86%		0.89%	5
	Ratio of expenses to average net assets after reimbursement4					0.85%	6		0.85%		0.85%	5
	Ratio of net investment income to average net assets4					1.44%			1.38%		1.32%	5
	Portfolio turnover rate					25%			17%		20%	7
1		Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
2		The Fund commenced operations on April 1, 2011.
3		Based on average shares outstanding.
4		Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
5		Annualized.
6		Reimbursement was less than $0.005.
7		Not annualized for periods less than one year.

See Notes to Financial Statements

Capital Group U.S. Equity Fund
Financial highlights1
(for a share outstanding throughout each year)
			For the year ended										For the eight months ended				For the year ended
			10/31/13			10/31/12			10/31/112			3/31/11					7/31/10						7/31/09
Selected per share data:
Net asset value, beginning of year			$    14.75				$  14.32				$15.33				$   13.09					$ 11.78			$ 14.24
Income from investment operations:
	Net investment income3		0.20				0.22				0.10				0.16				0.22					0.24
	Net realized and unrealized gains (losses) on securities and currency		3.61				1.20				(1.02)				2.28				1.30					(2.44)
		Total from investment operations	3.81				1.42				(0.92)				2.44				1.52					(2.20)
Dividends and distributions:
	Dividends from net investment income		(0.22)				(0.17)			(0.09)					(0.20)			(0.21)					(0.26)
	Distributions from capital gain		(0.01)				(0.82)			—					—			—					—
		Total dividends and distributions	(0.23)				(0.99)			(0.09)					(0.20)			(0.21)					(0.26)
Net asset value, end of year			$    18.33				$ 14.75			$ 14.32					$   15.33				$ 13.09				$ 11.78
Total Return4				26.06 %	10.81			%			(6.42)	%		18.72		%					12.91	%			(15.29)	%

Net assets, end of year (in millions)			$      167			$      103			$      74			$      86			$      75		$      79
Ratios / Supplemental Data:
	Ratio of expenses to average net assets before reimbursement			0.66	%	0.67	%	0.67		%5	1.04		%5	0.79		%		0.74	%
	Ratio of expenses to average net assets after reimbursement4			0.65	%	0.65	%	0.65		%5	0.75		%5	0.75		%		0.71	%
	Ratio of net investment income to average net assets4			1.22	%	1.52	%	1.13		%5	1.67		%5	1.72		%		2.12	%
	Portfolio turnover rate			25	%	53	%	82		%6	7		%6	22		%		39	%
1		Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
2		Endowments – Growth and Income Portfolio was reorganized into the Capital Group U.S. Equity Fund at the close of business effective April 1, 2011.
3		Based on average shares outstanding.
4		Reflects the impact, if any, of certain waivers or reimbursements by Capital Guardian Trust Company or Capital Research and Management Company, the previous adviser.
5		Annualized.
6		Not annualized for periods of less than one year.

See Notes to Financial Statements

See Notes to Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of

Capital Group Private Client Services Funds:

We have audited the accompanying statement of assets and liabilities of Capital Group Private Client Services Funds (the "Trust") comprising the Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund, Capital Group Core Bond Fund, Capital Group Global Equity Fund, Capital Group Non-U.S. Equity Fund, and Capital Group U.S. Equity Fund, including the schedule of investments, as of October 31, 2013, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2013, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Capital Group Private Client Services Funds as of October 31, 2013, the results of their operations for the year then ended , the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Costa Mesa, California

December 17, 2013

Capital Group Private Client Services Funds

Tax Information (unaudited)

The Funds hereby designate the following amounts for the Funds’ fiscal year ended October 31, 2013:

	Exempt Interest Dividends
Capital Group Core Municipal Fund	99.93%
Capital Group Short-Term Municipal Fund	100.00%
Capital Group California Core Municipal Fund	99.82%
Capital Group California Short-Term Municipal Fund	100.00%

	Qualified Dividend Income (dollars in thousands)
Capital Group Global Equity Fund	$  5,692
Capital Group Non-U.S. Equity Fund	12,204
Capital Group U.S. Equity Fund	2,549

Capital Group Non-U.S. Equity Fund designates $14,292 in Foreign Source Income and $1,090 in Foreign Tax Credit Information.

Capital Group Global Equity Fund, Capital Group Non-U.S. Equity Fund, and Capital Group U.S. Equity Fund designate the maximum amount allowable for the corporate dividend received deduction for the fiscal year ended October 31, 2013.

The tax character of distributions paid for the year ended October 31, 2013 were as follows:

	Long Term Capital Gain Distributions             (dollars in thousands)
Capital Group Short-Term Municipal Fund	$   486
Capital Group California Core Municipal Fund	840
Capital Group California Short-Term Municipal Fund	57
Capital Group Core Bond Fund	2,093
Capital Group U.S. Equity Fund	54

Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2014, to determine the calendar year amounts to be included on their 2013 tax returns. Shareholders should consult their tax advisers.

Capital Group 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 period (May 1, 2013 through October 31, 2013).

Actual expenses:

The first line of each Fund in the table 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 entitled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each Fund in the table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the Funds and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the Funds. 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 Funds 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 Capital Guardian Trust Company’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.

	Beginning account value 5/1/2013	Ending account value 10/31/2013	Expenses paid during period*	Annualized expense ratio
Capital Group Core Municipal Fund actual return	$ 1,000.00	$   988.30	$ 2.00	.40%
assumed 5% return	1,000.00	1,023.20	2.04	.40%
Capital Group Short-Term Municipal Fund actual return	1,000.00	1,001.40	2.02	.40%
assumed 5% return	1,000.00	1,023.20	2.04	.40%
Capital Group California Core Municipal Fund actual return	1,000.00	986.30	2.00	.40%
assumed 5% return	1,000.00	1,023.20	2.04	.40%
Capital Group California Short-Term Municipal Fund actual return	1,000.00	998.70	2.02	.40%
assumed 5% return	1,000.00	1,023.20	2.04	.40%
Capital Group Core Bond Fund actual return	1,000.00	986.30	2.00	.40%
assumed 5% return	1,000.00	1,023.20	2.04	.40%
Capital Group Global Equity Fund actual return	1,000.00	1,101.00	4.50	.85%
assumed 5% return	1,000.00	1,020.90	4.33	.85%

Capital Group Private Client Services Funds

Expense Example (unaudited) (continued)

	Beginning account value 5/1/2013	Ending account value 10/31/2013	Expenses paid during period*	Annualized expense ratio
Capital Group Non-U.S. Equity Fund actual return	$ 1,000.00	$ 1,080.20	$ 4.46	.85%
assumed 5% return	1,000.00	1,020.90	4.33	.85%
Capital Group U.S. Equity Fund actual return	1,000.00	1,105.80	3.45	.65%
assumed 5% return	1,000.00	1,021.90	3.31	.65%

* Expenses are equal to the Fund's annualized expense ratio as indicated, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Capital Group Private Client Services Funds

Trustees and other officers

“Independent” Trustees¹

Name, age and position with funds	Year first elected as a trustee2	Principal occupation(s) during the past five years	Number of portfolios3 overseen by trustee	Other directorships4 held by trustee during the past five years
Richard G. Capen, Jr., 79 Trustee	2009	Corporate director and author	9	Former director of 16 American Funds portfolios; former director of Carnival Corporation
H. Frederick Christie, 80 Trustee	2009	Private investor	9	Former director of 45 American Funds portfolios; former director of Valero; former director of SouthWest Water Company; former director of AECOM Technology Corporation; former director of DineEquity, Inc.; former director of Ducommun Incorporated
Martin Fenton, 78	2009	Chairman Senior Resource Group LLC (development and management of senior living communities)	9	Former director of 47 American Funds portfolios
Richard G. Newman, 79 Trustee	2009	Founder, Emeritus and Director  AECOM Technology Corporation (global engineering, consulting and professional technical services)	9	Former director of 15 American Funds portfolios; former director of Sempra Energy; former director of SouthWest Water Company

Capital Group Private Client Services Funds

Trustees and other officers

“Interested” trustees⁵

Interested trustees have similar qualifications, skills and attributes as the independent trustees. Interested trustees are senior executive officers of Capital Guardian Trust Company or its affiliates. This management role with the fund’s service providers also permits them to make a significant contribution to the fund’s board.

Name, age and position with fund	Year first elected as a director/officer2	Principal occupation(s) during the past five years and positions held with affiliated entities or the Principal Underwriter of the fund	Number of portfolios3 overseen by trustee	Other directorships4 held by trustee during the past five years
Paul F. Roye, 60 Chairman of the Board	2009	Senior Vice President – Fund Business Management Group, Capital Research and Management Company6; Chief Legal Officer, Capital Research and Management Company6; Director – American Funds Service Company6	9	3 American Funds portfolios

The funds’ statement of additional information includes further details about fund trustees and is available without charge upon request by calling Capital Group Private Client Services at 800-421-4996 or by visiting the Funds website at capitalpcsfunds.com. The address for all trustees and officers of the fund is 6455 Irvine Center Drive, Irvine, CA 92618, Attention: Secretary.

Capital Group Private Client Services Funds

Trustees and other officers

Other officers

Name, age and position with funds	Year first elected an officer2	Principal occupation(s) during the past five years and positions held with affiliated entities or the Principal Underwriter of the funds
John S. Armour, 56 President	2013	Senior Vice President, Capital Guardian Trust Company; President – Private Client Services Division, Capital Guardian Trust Company; Chairman of the Board, Capital Guardian Trust Company, a Nevada Corporation6
Shelby Notkin, 72 Senior Vice President	2010	Senior Vice President – Capital International Investors, Capital Guardian Trust Company; Chairman of the Board – Private Client Services Division, Capital Guardian Trust Company; Director – Capital Guardian Trust Company, a Nevada Coorporation6; Senior Vice President – Capital International Investors, Capital Research and Management Company6
John R. Queen, 48 Senior Vice President	2009	Senior Vice President – Private Client Services Division, Capital Guardian Trust Company; Vice President – Capital Fixed Income Investors, Capital Guardian Trust Company; Vice President - Capital Fixed Income Investors, Capital Research and Management Company6
Timothy W. McHale, 35 Vice President	2009	Associate Counsel – Fund Business Management Group, Capital Research and Management Company6; Secretary – American Funds Distributors, Inc.6
Courtney R. Taylor, 38 Secretary	2009	Assistant Vice President – Fund Business Management Group, Capital Research and Management Company6
Kevin M. Saks, 41 Treasurer	2009	Vice President – Capital Guardian Trust Company; Senior Vice President – Private Client Services Division, Capital Guardian Trust Company; Director – Capital Guardian Trust Company, a Nevada Corporation6
Susan K. Countess, 47 Assistant Secretary	2012	Associate – Fund Business Management Group, Capital Research and Management Company6
Susan R. Sunga, 58 Assistant Treasurer	2011	Vice President – Capital Guardian Trust Company; Senior Manager – Private Client Services Division, Capital Guardian Trust Company; Tax Officer – Capital Guardian Trust Company, a Nevada Corporation6

¹ The term “independent” trustee refers to a trustee who is not an “interested person” of the fund within the meaning of the 1940 Act.

² Trustees and officers of the fund serve until their resignation, removal or retirement.

³ Funds managed by Capital Guardian Trust Company, including Capital Group Emerging Markets Total Opportunities Fund and Capital Group Private Client Services Funds, and/or managed by an affiliate of Capital Guardian Trust Company.

⁴ This includes all directorships (other than Capital Group Private Client Services Funds) that are held by each trustee as a director of a public company or a registered investment company. Unless otherwise noted, all directorships are current. The American Funds are managed by an affiliate of Capital Guardian Trust Company.

⁵ ”Interested persons” of the fund within the meaning of the 1940 Act, on the basis of their affiliation with the fund’s investment adviser, Capital Guardian Trust Company, or affiliated entities (including the fund’s principal underwriter).

⁶ Company affiliated with Capital Guardian Trust Company.

The address for all trustees and officers of the fund is 333 South Hope Street, 55^th floor, Los Angeles, California 90071, Attention: Secretary.

Capital Group Private Client Services Funds

Offices of the funds Capital Guardian Trust Company 6455 Irvine Center Drive Irvine, CA 92618	Independent registered public accounting firm Deloitte & Touche LLP 695 Town Center Drive Costa Mesa, CA 92626
Offices of the investment adviser Capital Guardian Trust Company 333 South Hope Street Los Angeles, CA 90071-1406	Transfer agent State Street Bank and Trust Company One Lincoln Street Boston, MA 02111
Custodian of assets State Street Bank and Trust Company One Lincoln Street Boston, MA 02111	Counsel Bingham McCutchen LLP 355 South Grand Avenue, Suite 4400 Los Angeles, CA 90071-3106
Fund accounting and administration State Street Bank and Trust Company One Lincoln Street Boston, MA 02111	Principal underwriter American Funds Distributors, Inc. 333 South Hope Street Los Angeles, CA 90071-1406

Investors should carefully consider the investment objectives, risks, charges and expenses of Capital Group Private Client Services Funds. This and other important information is contained in the Funds’ prospectus, which can be obtained from your Capital Group Private Client Services representative and should be read carefully before investing. You may also call Capital Group Private Client Services at 800-421-4996 to obtain a copy of the prospectus.

The proxy voting procedures and principles of Capital Group Private Client Services Funds which describe how we vote proxies relating to portfolio securities is available upon request by calling Capital Group Group Private Client Services at 800-421-4996. 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 at http://www.sec.gov or by calling Capital Group Private Client Services at 800-421-4996.

Capital Group Private Client Services Funds files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ forms N-Q are available on the SEC’s website at http://www.sec.gov. You may also review or, for a fee, copy this filing at the SEC’s Public Reference Room in Washington, D.C. Additional information regarding the operation of the Public Reference Room may be obtained by calling the SEC’s Office of Investor Education and Advocacy at 800-SEC-0330. Additionally, the list of portfolio holdings is available by calling Capital Group Private Client Services at 800-421-4996.

ITEM 2 – Code of Ethics

The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made to American Funds Service Company at 800/421-9225 or to the Secretary of the Registrant, 6455 Irvine Center Drive, Irvine, California 92618.

ITEM 3 – Audit Committee Financial Expert

The Registrant’s board has determined that Martin Fenton, a member of the Registrant’s audit committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition.

ITEM 4 – Principal Accountant Fees and Services

Registrant:
	a)  Audit Fees:
		2012	$8,210
		2013	$11,115
	b)  Audit-Related Fees:
		2012	None
		2013	None
		The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s investment adviser conducted in accordance with Statement on Auditing Standards Number 70 issued by the American Institute of Certified Public Accountants.
	c)  Tax Fees:
		2012	25,125
		2013	33,500
		The tax fees consist of professional services relating to the review of the Registrant’s tax returns.
	d)  All Other Fees:
		2012	None
		2013	None
		The other fees consist of the review of the N1A annual update.
Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):
	a)  Audit Fees:
		Not Applicable
	b)  Audit-Related Fees:
		Not Applicable
	c)  Tax Fees:
		Not Applicable
	d)  All Other Fees:
		Not Applicable

All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.

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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12 – Exhibits

(a)(1)	The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto.
(a)(2)	The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

SIGNATURES

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

CAPITAL GROUP PRIVATE CLIENT SERVICES FUNDS

By /s/ John S. Armour

John S. Armour, President and

Principal Executive Officer

Date: December 31, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By /s/ John S. Armour

John S. Armour, President and

Principal Executive Officer

Date: December 31, 2013

By /s/ Kevin M. Saks

Kevin M. Saks, Treasurer and

Principal Financial Officer

Date: December 31, 2013