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: (213) 486-9200

Date of fiscal year end: October 31

Date of reporting period: October 31, 2015

Courtney R. Taylor

Capital Group Private Client Services Funds

333 South Hope Street

Los Angeles, California 90071

(Name and Address of Agent for Service)

ITEM 1 – Reports to Stockholders

Private Client Services Funds^SM
Annual Report   For the year ended October 31, 2015  

 

Financial markets
see modest gains
amid uncertainty
over the global
economy.

Capital Group Core Municipal Fund^SM

Capital Group Short-Term Municipal Fund^SM

Capital Group California Core Municipal Fund^SM

Capital Group California Short-Term Municipal Fund^SM

Capital Group Core Bond Fund^SM

Capital Group Global Equity Fund^SM

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

Capital Group U.S. Equity Fund^SM

capitalgrouppcsfunds.com

Capital Group Private Client Services Funds

Letter to investors

October 31, 2015(unaudited)

Fellow investors:

Global equities rose modestly in the 12-month period ended October 31, 2015. The U.S. market was paced by consistent job growth, inexpensive imports and lower gas prices. Those forces helped to propel consumer spending and boost the housing market. On the downside, soft global growth and a strong dollar put pressure on the manufacturing sector and weighed on U.S. exports. The energy sector was hurt by sagging crude oil prices, as high production levels overseas offset declining output in the U.S. Elsewhere, concerns about the economic outlook in China drove down global equity markets late in the period following a surprise currency devaluation by the Chinese central bank. Share prices rebounded in October as initial concerns about the slowdown eased. Despite signs of economic improvement, European stocks finished the period down fractionally. In Japan, a rally early in the year helped share prices finish higher even though the country’s economy dipped into recession in the third quarter.

Fixed-income markets in the U.S. moved higher amid the uncertain global economy and turbulence in equity markets. The yield on the benchmark 10-year Treasury note finished the period at 2.14%, down from 2.34% a year earlier. The cloudy economic outlook in China caused the Federal Reserve to delay a long-expected hike in interest rates. The central bank is expected to begin raising rates soon, but policymakers have indicated that they will move cautiously to avoid any disruption to economic momentum.

Equity Commentary

Over the past 12 months, the Capital Group U.S. Equity Fund rose 3.75%, compared with a gain of 5.20% for the S&P 500 index. The Capital Group Non-U.S. Equity Fund gained 0.69%, outpacing its benchmark, the MSCI EAFE Index, which declined 0.07%. The Capital Group Global Equity Fund rose 1.10%, exceeding the 1.77% advance in its benchmark, the MSCI World Index.

Capital Group U.S. Equity Fund

The fund benefited from the steady improvement in the U.S. economy, particularly in the information technology and consumer discretionary sectors. Three of the top 10 contributors to results — Avago Technologies, Jack Henry & Associates and VeriSign — came from the tech sector. Avago was helped by strong sales of the iPhone6, which spurred demand for the company’s semiconductors. Jack Henry & Associates reported better-than-expected third-quarter revenue and issued positive guidance for the future, while VeriSign was helped by growth in website registrations and price increases.

The strengthening economy and uptick in retail spending also aided consumer discretionary companies. Three of the fund’s top contributors — Newell Rubbermaid, Starbucks and Norwegian Cruise Lines — were in this sector. The fund held an overweight position in consumer discretionary stocks compared with the S&P 500.

On the downside, the fund was negatively impacted by energy-related holdings, which suffered as the price of crude oil fell sharply. Four of the top 10 detractors from results were in this field: ConocoPhillips, Noble Energy, Cenovus Energy and Schlumberger. Fund results also were held back by two companies in the industrials sector, Norfork Southern and Eaton.

In light of challenging global economic conditions, some of our portfolio managers adopted a more defensive posture. On the margin, exposure to economically sensitive companies was reduced in favor of holdings in areas such as food and financial services, where consumer demand is likelier to hold up if economic conditions shift. Among financial companies, our managers found opportunities in asset management and other consumer-oriented services. These organizations are poised to benefit from growing demand for savings and investment products, especially as the middle class expands in developing economies.

The fund also sought to take advantage of long-term opportunities created by the fluctuations in energy stocks. It added to positions in Chevron and ConocoPhillips, while establishing new holdings in Exxon and Occidental Petroleum.

1

Capital Group Private Client Services Funds

Letter to investors

October 31, 2015 (unaudited) (continued)

Capital Group Non-U.S. Equity Fund

Uncertainty about the extent of the economic slowdown in China cast a shadow across many non-U.S. markets. The weakness in China chilled other emerging markets, especially commodity producers confronting falling prices for raw materials. One of the top detractors from results was First Quantum Minerals, a Canadian-based metals and mining company. The fund was also negatively affected by casino operator Wynn Macau. The Chinese government’s ongoing corruption crackdown weighed heavily on casino operators in the Chinese territory, which is the world’s biggest gambling market.

The fund benefited from holdings across a range of sectors, including health care, consumer discretionary and information technology. The top contributor to results was Genmab, whose compound to treat multiple myeloma received priority review status from the U.S. Food and Drug Administration. Japanese retailer Ryohin Keikaku experienced accelerating sales and a successful store expansion.

Capital Group Global Equity Fund

The fund was helped by strong results from the information technology and financial services sectors, both of which had overweight positions compared with the benchmark. The top contributor to results was Incyte, a biopharmaceutical company primarily focused on drugs for oncology and inflammation. The fund is focused on companies developing innovative treatments that can improve patient outcomes. Health care holdings were shifted during the period, as exposure to companies with high valuations was reduced in favor of those with more-promising drug pipelines. The fund also added selectively to companies in the medical devices industry, such as Medtronic and St. Jude Medical.

The weakness in the global economy negatively impacted consumer discretionary stocks. The Chinese anticorruption crackdown in Macau also weighed on the sector. The fund’s consumer discretionary holdings trailed those of its benchmark index. Nevertheless, some companies bucked the trend to achieve strong results. Three of the fund’s top five contributors were in the consumer discretionary sector: Royal Caribbean Cruises, Newell Rubbermaid and Starbucks.

Fixed-Income Commentary

The volatility in the equity market and continued low rates overseas caused U.S. bond yields to decline over the period. The Capital Group Core Bond, Core Municipal, Short-Term Municipal, California Core Municipal and California Short-Term Municipal bond funds all rose during the period, but each trailed its respective benchmark.

The process by which the Fed will boost interest rates is likely to unfold very slowly, potentially minimizing pressure on bond prices. The Fed’s goals today differ from those in previous tightening cycles. In the past, the central bank raised rates to tamp down rapid economic growth that threatened to unleash inflation. Today, by contrast, the Fed is vigilant about the potential for even moderate tightening to choke off the economy. Instead, it simply wants to move rates away from the artificially low levels that have been in place since the 2008 financial crisis. Other factors also suggest that rates will not shoot up. Central banks in other countries will almost certainly keep their rates low for an extended period to stimulate their own economies, thus helping to temper the size of increases in the U.S.

Capital Group Core Bond Fund

The fund had a total return of 1.25%, trailing the 2.05% return of its benchmark. Given the expectation that interest rates will move higher over time, the fund was positioned conservatively. That included the shortening of duration, which is a broad measurement of a portfolio’s sensitivity to shifting rates. The fund was underweight U.S. Treasuries while being significantly overweight investment-grade corporate bonds. It has a market weight in asset-backed securities whose repayment streams are linked to mortgages, auto loans and credit cards. The credit quality of these securities is enhanced as the strong job market bolsters the ability of borrowers to make payments.

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

2

Capital Group Private Client Services Funds

Letter to investors

October 31, 2015 (unaudited) (continued)

The Core Municipal fund had a total return of 1.31%, compared with 1.97% for its benchmark. The fund invests in a range of high-quality revenue bonds, which are issued to finance public-related services such as roads, bridges, airports and schools. Nearly 28% of the fund’s assets were in transportation bonds, more than 19% were in government securities and slightly more than 15% were in health care issues.

The Short-Term Core Municipal fund rose 0.51%, lagging the 1.22% return of its benchmark. The bulk of the fund’s assets, nearly 27%, are in transportation-related bonds. An additional 16% are in education-related holdings, and nearly 16% are in government securities.

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

The California Core Municipal fund rose 1.68%, in line with the 2.04% return of its benchmark. One preferred area for the fund was health care, including hospitals, which have benefited as mergers have fortified their balance sheets. Leading medical centers are expected to do well amid the variety of changes buffeting U.S. health care. Given that demand for medical services tends not to fluctuate with the economy, hospitals have some degree of insulation if U.S. growth were to lighten.

The California Short-Term Core Municipal fund had a total return of 0.74%, trailing the 1.27% return of its benchmark. The fund had more than 37% of its assets in government securities. An additional 19% were in utilities bonds and nearly 15% were in education-related holdings.

Volatility in fixed income may spike as the Federal Reserve moves forward with an expected rate hike. That may cause temporary dislocations in certain areas of the bond market, potentially creating opportunities to enhance yield. Regardless of the direction of rates, bonds provide stability during volatile periods when equity prices can swing sharply. During such times, fixed income can help smooth out the inevitable gyrations in the financial markets.

Sincerely yours,

John S. Armour

President and Principal Executive Officer

William L. Robbins

Senior Vice President and Equity Portfolio Manager

John R. Queen

Principal Investment Officer and Fixed-Income Portfolio Manager

3

Capital Group Core Municipal Fund

October 31, 2015

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, 2015, 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.

4

Capital Group Core Municipal Fund

Schedule of investments
October 31, 2015

Bonds & notes - 96.7%	Principal amount (000)		Value (000)
Municipals - 96.6%
Alabama - 1.0%
Alabama 21st Century Auth., Rev. Ref. Bonds, Series A, 5.00%, 2021	$	2,230	$	2,589
Alabama Federal Aid Highway Fin. Auth., Highway Imps. Misc. Taxes Rev. Bonds, 5.00%, 2023		100		117
Alabama Public School & College Auth., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2017		1,000		1,068
Univ. of Alabama, Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2018		150		166
				3,940
Alaska - 0.2%
Alaska Housing Fin. Corp., Rev. Bonds, Series A, 4.00%, 2040		585		613
				613
Arizona - 3.0%
Arizona Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 02/05/20 @ 100), 1.86%, 20481		3,100		3,170
Arizona Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2024		300		361
Glendale Ind. Dev. Auth., College & Univ. Rev. Ref. Bonds, 5.25%, 2018		1,000		1,096
Maricopa County Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2018		795		847
Phoenix Civic Imp. Corp., Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 2020		2,800		3,256
Phoenix Civic Imp. Corp., Sewer Rev. Ref. Bonds, 5.50%, 2024		125		140
Phoenix Ind. Dev. Auth., Misc. Purposes Lease Rev. Bonds, 5.00%, 2022		1,000		1,085
Salt River Project Agricultural Imp. & Power Dist., Energy Res. Auth. Imps. Rev. Bonds, Series A:
5.00%, 2020		160		181
5.00%, 2021		1,000		1,093
				11,229
Arkansas - 0.2%
Arkansas Dev. Fin. Auth., Health Care Facs. Rev. Bonds (Mandatory Put 09/01/22 @ 100), 1.56%, 20441		600		594
				594
California - 11.8%
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 2016		1,500		1,504
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured), 5.00%, 2021		990		1,060
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, 2017		100		105
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100):1
0.91%, 2045		2,200		2,162
0.91%, 2047		1,500		1,474
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 10/01/19 @ 100), 0.71%, 20471		1,000		999
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F (Pre-refunded with FHLMC/FNMA to 04/01/2016 @ 100), 5.00%, 2022		125		128
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.):
5.00%, 2026		300		357
5.00%, 2028		315		364
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A:
5.00%, 2019		750		869
5.00%, 2020		1,000		1,156

Private Client Services Funds 5

Capital Group Core Municipal Fund

Schedule of investments
October 31, 2015

Bonds & notes - continued	Principal amount (000)		Value (000)
Municipals - continued
California - continued
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series D (Mandatory Put 10/15/20 @ 100), 5.00%, 20431	$	1,800	$	2,109
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds (Mandatory Put 04/01/18 @ 100), 0.29%, 20471		1,000		991
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.29%, 20381		1,300		1,294
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds, 2.40%, 2020		1,250		1,250
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2022		1,000		1,154
California Statewide Comms. Dev. Auth., Private Schools Rev. Ref. Bonds, Series B (Mandatory Put 06/01/22 @ 100), 1.21%, 20371		1,000		998
Cathedral City Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, 2025		620		735
Chula Vista Muni. Fncg. Auth., Special Tax Rev. Ref. Bonds, 5.00%, 2020		910		1,042
City & County of San Francisco, Health Care Imps. Certs. of Part. Lease Bonds, Series A, 5.00%, 2017		100		106
City of Irvine, Special Assessment Ref. Bonds:
3.125%, 2021		565		592
4.00%, 2017		1,215		1,285
5.00%, 2023		900		1,066
City of Long Beach CA Harbor Rev., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2024		685		846
Emeryville Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A, 5.00%, 2020		900		1,056
Foothill-Eastern Trans. Corridor Agcy., Highway Tolls Rev. Ref. Bonds, Sub-Series B-1 (Mandatory Put 01/15/18 @ 100), 5.00%, 20531		1,000		1,059
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2020		1,000		1,168
Golden State Tobacco Securitization Corp., Rev. Ref. Bonds, Series A:
5.00%, 2019		1,170		1,335
5.00%, 2020		750		874
5.00%, 2021		1,000		1,184
Hemet Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2029		500		581
Jurupa Public Fncg. Auth., Special Tax Ref. Bonds, Series A, 5.00%, 2030		850		959
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, 5.00%, 2021		100		120
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds, Series D, 5.00%, 2020		700		811
Menlo Park Comm. Dev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, 2022		800		965
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 03/27/18 @ 100), 0.39%, 20271		1,350		1,347
Northern California Gas Auth. No. 1, Natural Gas Util. Imps. Rev. Bonds, 0.848%, 20191		100		98
Perris Union High School Dist., Special Tax Ref. Bonds, 5.00%, 2030		1,250		1,379
San Diego County Regional Trans. Commission, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2020		250		294
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, 2018		200		201
Santa Ana Comm. Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.25%, 2019		600		681
Santa Cruz County Redev. Agcy., Special Assessment Ref. Bonds, Series A (AGM Insured), 5.00%, 2026		1,825		2,178
State of California Dept. of Water Res., Rev. Ref. Bonds, Series AU (Mandatory Put 09/01/17 @ 100), 0.63%, 20351		1,850		1,850

6 Private Client Services Funds

Capital Group Core Municipal Fund

Schedule of investments
October 31, 2015

Bonds & notes - continued	Principal amount (000)		Value (000)
Municipals - continued
California - continued
State of California, G.O. General Fund Ref. Bonds, 5.00%, 2020	$	1,500	$	1,742
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A (Pre-refunded with U.S. Treasury Obligations 07/01/19 @ 100):
5.00%, 2020		520		597
5.25%, 2021		100		116
Stockton Public Fin. Auth., Sewer Rev. Ref. Bonds (BAM Insured), 5.00%, 2023		375		451
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.25%, 2024		200		224
				44,916
Colorado - 2.6%
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.25%, 2028		200		226
City & County of Denver, Port, Airport & Marina Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 2017		300		315
City & County of Denver, Port, Airport, & Marina Rev. Ref. Bonds, Series B, 5.00%, 2021		500		592
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds:
5.00%, 2024		1,500		1,714
5.00%, 2026		2,000		2,265
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S. Treasury Obligations to 11/15/16 @ 100), 5.125%, 20171		115		121
Colorado Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 2017		2,000		2,104
Colorado State Board of Governors, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 2022		645		771
E-470 Public Highway Auth., Highway Tolls Rev. Bonds, Series CD (Mandatory Put 06/01/15 @ 100), 1.76%, 20391		475		477
Regional Trans. Dist., Transit Imps. Cert. of Part. Lease Bonds, Series A, 5.00%, 2018		1,000		1,105
Univ. of Colorado., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 2020		150		176
				9,866
District of Columbia - 0.2%
Dist. of Columbia, Income Tax Rev. Ref. Bonds, Series A, 5.00%, 2024		700		868
				868
Florida - 10.6%
Brevard County Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds:
5.00%, 2021		500		578
5.00%, 2022		500		581
Citizens Prop. Insurance Corp., Cash Flow Mgmt. Misc. Rev. Bonds, Series A-1:
5.00%, 2016		700		719
5.25%, 2017		2,100		2,250
6.00%, 2016		300		310
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, Series A-1:
5.00%, 2019		2,500		2,823
5.00%, 2020		1,100		1,269
Citizens Prop. Insurance Corp., Misc. Rev. Bonds, Series A-1, 5.00%, 2019		150		169
City of Cape Coral, Water Rev. Ref. Bonds, 5.00%, 2018		1,000		1,110
City of Clearwater, Water Rev. Ref. Bonds, Series B, 5.00%, 2018		100		112
City of Fort Lauderdale, Water Util. Imps. Rev. Bonds (NATL-RE Insured), 4.00%, 2016		100		103
City of Jacksonville, Sales Tax Rev. Ref. Bonds, 5.00%, 2019		1,000		1,149
City of Tampa, Health Care Facs. Rev. Ref. Bonds:
5.00%, 2016		1,200		1,258

Private Client Services Funds 7

Capital Group Core Municipal Fund

Schedule of investments
October 31, 2015

Bonds & notes - continued	Principal amount (000)		Value (000)
Municipals - continued
Florida - continued
5.00%, 2017	$	2,000	$	2,175
County of Lee Trans. Facs. Rev., Highway Tolls Rev. Ref. Bond (AGM Insured):
5.00%, 2021		500		592
5.00%, 2022		1,300		1,557
County of Miami-Dade, Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 2018		1,100		1,227
County of Saint Johns, Water Rev. Ref. Bonds (AGM Insured), 5.00%, 2016		100		103
Florida Higher Educ. Facs. Financial Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 2022		1,000		1,147
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 5.00%, 2028		435		455
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B, 4.50%, 2029		660		702
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, 2029		380		404
Florida Hurricane Catastrophe Fund Fin. Corp., Misc. Purposes Rev. Bonds, Series A, 5.00%, 2016		2,700		2,784
Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2020		600		697
Florida State Board of Edu., Misc. Rev. Ref. Bonds, Series E, 5.00%, 2016		2,000		2,064
Florida State Dept. of Environmental Protection, Public Imps. Misc. Taxes Rev. Bonds, Series B, 5.00%, 2019		1,450		1,617
Florida Water Pollution Control Fncg. Corp., Pollution Control Misc. Rev. Bonds, Series A:
5.00%, 2020		300		337
5.00%, 2022		400		448
5.00%, 2023		300		335
Miami-Dade County Expressway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2021		1,750		2,072
Miami-Dade County Expressway Auth., Highway Tolls Rev. Ref. Bonds, Series A (Assured GTY Insured), 3.00%, 2016		2,050		2,086
Miami-Dade County School Board, School Imps. Certs. of Part. Lease Bonds, Series B (AMBAC Insured), 4.00%, 2015		100		100
Mid-Bay Bridge Auth., Highway Tolls Rev. Ref. Bonds, Series C, 5.00%, 2021		575		653
Orlando Utils. Commission, Multiple Util. Rev. Ref. Bonds, Series C, 5.00%, 2017		1,000		1,084
Orlando Utils. Commission, Water Rev. Ref. Bonds, Series B, 5.00%, 2023		400		448
Palm Beach County Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2027		300		342
South Broward Hospital Dist., Health Care Facs. Rev. Ref. Bonds (NATL-RE Insured), 5.00%, 2021		75		77
South Broward Hospital Dist., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S. Treasury Obligations 05/01/16 @ 100) (NATL-RE Insured), 5.00%, 2021		200		205
Southeast Overtown Park West Comm Redev. Agcy., Tax Increment Allocation Local Housing Rev. Ref. Bonds, Series A-1:2
5.00%, 2019		1,000		1,101
5.00%, 2021		785		886
Tampa Bay Water Rev. Ref. Bonds, Series B, 5.00%, 2018		430		482
Volusia County Educ. Fac. Auth., College & Univ. Imps. Rev. Bonds, Series B:
5.00%, 2023		400		473
5.00%, 2028		1,000		1,138
				40,222
Georgia - 2.7%
Burke County Dev. Auth., Pollution Control Res. Recovery Rev. Bonds, 7.00%, 2023		300		336
City of Atlanta, Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 2017		1,250		1,317
DeKalb County Hospital Auth., Health Care Facs. Imps. Rev. Bonds, 5.25%, 2020		2,000		2,258
DeKalb Private Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2024		200		228
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, 2044		1,760		1,897
Georgia State Road & Tollway Auth., Highway Imps. Misc. Taxes Rev. Bonds, Series A, 5.00%, 2018		400		443

8 Private Client Services Funds

Capital Group Core Municipal Fund

Schedule of investments
October 31, 2015

Bonds & notes - continued	Principal amount (000)		Value (000)
Municipals - continued
Georgia - continued
Gwinnett County Dev. Auth., Certs. of Part. Lease Ref. Bonds (NATL-RE Insured), 5.00%, 2016	$	100	$	101
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds, Series A (Mandatory Put 07/01/17 @ 100), 0.31%, 20251		800		798
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 2019		1,000		1,151
Muni. Electric Auth. of Georgia, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series A, 5.00%, 2021		500		585
Private Colleges & Universities Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 2020		1,000		1,143
				10,257
Guam - 0.4%
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2023		1,200		1,384
				1,384
Hawaii - 0.8%
State of Hawaii, G.O. Prop. Tax Ref. Bonds, Series DT, 5.00%, 2019		600		692
State of Hawaii, G.O. Public Imps. Bonds, Series DZ, 5.00%, 2019		1,250		1,445
State of Hawaii, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 2022		700		816
				2,953
Idaho - 0.6%
Idaho Housing & Fin. Association, Rev. Ref. Bonds:
5.00%, 2020		1,000		1,155
5.00%, 2022		1,000		1,181
				2,336
Illinois - 7.3%
Chicago Board of Edu., G.O. Prop. Tax Ref. Bonds, Series A (NATL-RE Insured), 5.00%, 2016		100		100
Chicago O’Hare Intl. Airport, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2021		250		290
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 2017		1,675		1,740
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series C (Assured GTY Insured), 5.25%, 2022		1,000		1,149
City of Chicago, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2021		500		580
City of Chicago, Sewer Imps. Rev. Bonds, 4.00%, 2021		1,000		1,066
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 2022		200		218
Illinois Fin. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 02/01/19 @ 100), 1.65%, 20251		2,000		2,024
Illinois Fin. Auth., College & Univ. Rev. Ref. Bonds, 5.125%, 2020		1,070		1,148
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds:
5.00%, 2022		850		1,016
5.00%, 2027		590		679
5.00%, 2027		600		677
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, Series A:
5.00%, 2021		500		588
5.00%, 2027		250		289
Illinois Fin. Auth., Health Care Facs. Imps. Rev. Bonds, Series A-3 (Mandatory Put 05/01/19 @ 100), 5.00%, 20301		1,000		1,132
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-1 (Mandatory Put 01/15/20 @ 100), 5.00%, 20301		1,500		1,724
Illinois Fin. Auth., Loc. or GTD Housing, College & Univ. Imps. Rev. Bonds, 5.00%, 2030		1,000		1,051

Private Client Services Funds 9

Capital Group Core Municipal Fund

Schedule of investments
October 31, 2015

Bonds & notes - continued	Principal amount (000)		Value (000)
Municipals - continued
Illinois - continued
Illinois Muni. Electric Agcy., Energy Res. Auth. Imps. Rev. Ref. Bonds, Series A, 5.00%, 2027	$	1,000	$	1,176
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2020		500		585
Regional Trans. Auth. Rev. Ref. Bonds (NATL-RE Insured), 6.00%, 2020		2,000		2,313
Regional Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A (AGM G.O. of Auth. Insured), 5.00%, 2018		1,200		1,321
Regional Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, Series A (NATL-RE FGIC Insured), 5.50%, 2020		1,610		1,880
State of Illinois, G.O. Misc. Rev. Ref. Bonds, Series B, 5.25%, 2021		2,000		2,215
State of Illinois, G.O. Public Imps. Misc. Rev. Bonds:
5.00%, 2017		300		316
5.00%, 2021		375		412
State of Illinois, Sales Tax Rev. Ref. Bonds, 5.00%, 2020		1,500		1,735
Univ. of Illinois, Transit Imps. Cert. of Part. Lease Bonds, Series A, 5.25%, 2024		30		32
Univ. of Illinois, Transit Imps. Cert. of Part. Lease Bonds, Series A (Pre-refunded with U.S. Treasury Obligations 10/01/17 @ 100) (AMBAC Insured), 5.25%, 2024		70		76
				27,532
Indiana - 1.7%
City of Whiting, Ind. Imps. Rev. Bonds (Mandatory Put 10/01/19 @ 100), 1.85%, 20441		500		505
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, 2019		500		553
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.50%, 2024		100		114
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 2020		1,400		1,419
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series N, 5.00%, 2020		1,200		1,392
Indiana Fin. Auth., Sewer Imps. Prop. Tax Bonds, Series A, 5.00%, 2017		1,000		1,082
Purdue Univ., College & Univ. Rev. Ref. Bonds, Series BB-1, 5.00%, 2021		1,050		1,252
				6,317
Iowa - 0.3%
Iowa Fin. Auth., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 2.15%, 2043		784		728
Iowa Fin. Auth., Water Util. Imps. Misc. Rev. Bonds, 5.00%, 2019		300		344
				1,072
Kansas - 0.2%
Kansas Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2018		500		559
				559
Kentucky - 1.6%
Kentucky Asset Liability Commission, Public Imps. Rev. Bonds, 5.00%, 2024		1,500		1,791
Kentucky Housing Corp., St. Single Family Housing Rev. Bonds, Series B, 5.00%, 2027		445		471
Kentucky Public Trans. Infrastructure Auth., Highway Tolls Rev. Bonds, 5.00%, 2017		3,575		3,811
				6,073
Louisiana - 2.0%
Louisiana Office Facs. Corp., Lease Rev. Ref. Bonds, 5.00%, 2016		300		305
Louisiana Public Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.25%, 2027		185		194
Louisiana Public Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S Treasury Obligations 05/15/2017 @ 100), 5.25%, 2027		65		70
Louisiana Stadium & Exposition Dist., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2022		1,500		1,786

10 Private Client Services Funds

Capital Group Core Municipal Fund

Schedule of investments
October 31, 2015

Bonds & notes - continued	Principal amount (000)		Value (000)
Municipals - continued
Louisiana - continued
Parish of St Charles, Ind. Imps. Rev. Bonds (Mandatory Put 06/01/22 @ 100), 4.00%, 20401	$	2,000	$	2,132
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A:
5.00%, 2025		1,000		1,014
5.50%, 2028		1,000		1,075
5.50%, 2029		1,000		1,101
				7,677
Maine - 0.2%
Maine Turnpike Auth., Highway Tolls Rev. Ref. Bonds, 5.00%, 2020		600		703
				703
Maryland - 0.2%
Maryland Comm. Dev. Administration, Loc. or GTD Housing Rev. Ref. Bonds, Series C, 4.00%, 2044		680		742
				742
Massachusetts - 2.6%
City of Boston, G.O. Public Imps. Prop. Tax Bonds, Series A, 5.00%, 2016		160		163
Commonwealth of Massachusetts, G.O. Cash Flow Mgmt. Prop. Tax Notes, Series B, 2.00%, 2016		2,600		2,627
Commonwealth of Massachusetts, G.O. Cash Flow Mgmt. Prop. Tax Notes, Series C, 2.00%, 2016		1,400		1,416
Massachusetts Dev. Fin. Agcy., Health Care Facs. Rev. Ref. Bonds, Series M (Mandatory Put 01/30/18 @ 100), 0.56%, 20381		990		989
Massachusetts Dev. Fin. Agcy., Rev. Bonds, Series N (Mandatory Put 07/01/17 @ 100), 0.29%, 20411		1,500		1,499
Massachusetts Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 2025		100		116
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, Series 172, 4.00%, 2045		1,470		1,598
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series 169, 4.00%, 2044		1,175		1,279
				9,687
Michigan - 4.6%
City of Detroit Sewage Disposal System Rev., Sewer Rev. Ref. Bonds (AGM Insured), 0.818%, 20321		1,500		1,348
City of Detroit, G.O. Public Imps. Prop. Tax Bonds (NATL-RE Insured), 5.375%, 2018		109		109
Detroit City School Dist., G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 2019		1,400		1,565
Detroit City School Dist., G.O. Prop. Tax Ref. Bonds, Series A (AGM Insured), 5.25%, 2032		1,110		1,297
Michigan Fin. Auth., Misc. Rev. Ref. Bonds:
5.00%, 2018		2,000		2,190
5.00%, 2021		700		794
Michigan Fin. Auth., Public Imps. Misc. Rev. Bonds, Series G (NATL-RE Insured), 5.375%, 2018		591		593
Michigan Fin. Auth., Water Util. Imps. Rev. Bonds, 5.00%, 2024		1,000		1,170
Michigan State Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, 2044		1,750		1,905
Michigan State Univ., College & Univ. Imps. Rev. Ref. Bonds, Series C, 5.00%, 2017		1,500		1,618
Michigan Strategic Fund, Energy Res. Auth. Rev. Ref. Bonds, 5.625%, 2020		1,160		1,365
Univ. of Michigan, College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 2016		150		153
Wayne County Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2022		850		999
Wayne County Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 2017		1,500		1,628

Private Client Services Funds 11

Capital Group Core Municipal Fund

Schedule of investments
October 31, 2015

Bonds & notes - continued	Principal amount (000)		Value (000)
Municipals - continued
Michigan - continued
Wayne State Univ., College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, 2016	$	700	$	731
				17,465
Minnesota - 0.9%
Minneapolis-Saint Paul Metropolitan Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 2017		350		369
Minnesota Housing Fin. Agcy., Housing Rev. Bonds (GNMA/FNMA/FHLMC COLL Insured), 4.25%, 2028		450		470
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA Insured), 2.25%, 2042		791		766
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.00%, 2040		475		500
St. Paul Housing & Redev. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, 5.00%, 2023		1,000		1,154
				3,259
Missouri - 0.0%
I-470 & 350 Trans. Dev. Dist., Sales Tax Rev. Ref. Bonds (Radian Insured), 4.60%, 2029		50		50
Missouri State Environmental Imps. & Energy Ress. Auth, Water Rev. Ref. Bonds, Series A, 5.00%, 2019		100		113
				163
Nebraska - 0.6%
Central Plains Energy Project, Natural Gas Rev. Ref. Bonds (Mandatory Put 12/01/19 @ 100), 5.00%, 20391		1,000		1,140
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A, 4.00%, 2044		470		510
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured):
2.50%, 2034		360		365
3.00%, 2043		355		366
				2,381
Nevada - 2.2%
County of Clark, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 2016		325		335
County of Clark, Port, Airport & Marina Rev. Ref. Bonds:
5.00%, 2017		1,400		1,502
5.00%, 2024		2,705		3,265
County of Clark, Sales Tax Rev. Bonds, Series B, 4.00%, 2018		2,000		2,160
Las Vegas Valley Water Dist., G.O. Water Util. Imps. Prop. Tax Bonds, Series B, 5.00%, 2019		1,100		1,255
				8,517
New Hampshire - 0.2%
New Hampshire Health & Edu. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, 4.00%, 2022		575		616
				616
New Jersey - 4.9%
Camden County Imp. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2034		590		631
Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A:

12 Private Client Services Funds

Capital Group Core Municipal Fund

Schedule of investments
October 31, 2015

Bonds & notes - continued	Principal amount (000)		Value (000)
Municipals - continued
New Jersey - continued
5.00%, 2020	$	1,000	$	1,150
5.00%, 2021		200		233
New Jersey Econ. Dev. Auth., Lease Rev. Ref. Bonds, 4.00%, 2015		1,000		1,004
New Jersey Econ. Dev. Auth., Misc. Rev. Ref. Bonds, 5.00%, 2017		2,000		2,181
New Jersey Econ. Dev. Auth., Rev. Ref. Bonds, Series PP, 5.00%, 2025		1,200		1,274
New Jersey Econ. Dev. Auth., School Imps. Rev. Bonds, 0.91%, 20171		1,025		1,012
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Ref. Bonds, Series 1A:
5.00%, 2015		1,000		1,004
5.00%, 2017		1,420		1,525
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/18 @ 100), 0.69%, 20241		2,050		2,043
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series E (Mandatory Put 01/01/18 @ 100), 0.69%, 20241		1,150		1,146
New Jersey Transit Corp., Transit Rev. Ref. Bonds, Series A:
5.00%, 2018		1,300		1,415
5.00%, 2021		2,000		2,266
Rutgers The State University of New Jersey, College & Univ. Rev. Ref. Bonds, Series J, 5.00%, 2019		525		597
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, 0.00%, 20413		4,000		1,012
				18,493
New Mexico - 0.6%
City of Farmington, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 04/01/20 @ 100), 1.875%, 20291		2,000		2,023
New Mexico Educ. Assistance Foundation, Student Ln, Rev. Ref. Bonds, Series A-2 (GTD St. Lns. Insured), 0.974%, 20281		65		65
				2,088
New York - 6.1%
Build NYC Ress. Corp., Misc. Rev. Ref. Bonds, 5.00%, 2024		395		473
City of New York, G.O. Prop. Tax Ref. Bonds, Series B, 5.00%, 2017		2,000		2,155
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series J-4, 0.56%, 20251		1,000		993
City of New York, G.O. Public Imps. Prop. Tax Rev. Bonds, Series H-1, 4.00%, 2017		100		105
City of New York, G.O. Public Imps. Prop. Tax Rev. Bonds, Sub-Series A-6, 0.51%, 20311		1,250		1,245
Long Island Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series F (NATL-RE Insured), 5.00%, 2016		1,830		1,873
Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B, 1.01%, 20201		2,000		2,008
Metropolitan Trans. Auth., Transit Imps. Rev. Bonds, Sub-Series A-2 (Mandatory Put 06/01/20 @ 100), 0.59%, 20391		2,000		1,974
Metropolitan Trans. Auth., Transit Rev. Ref. Bonds, Series A-2, 5.00%, 2024		2,000		2,409
New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2017		2,000		2,114
New York City Housing Dev. Corp. Multi-Family Mortgage Rev. Bond (8 Spruce Street), 3.50%, 2048		320		332
New York City Transitional Fin. Auth., School Imps. Misc. Rev. Bonds, Series S-5 (St. Aid Withhldg. Insured), 5.00%, 2019		100		113
New York State Dormitory Auth., College & Univ. Imps. Rev. Bonds, 4.00%, 2016		125		128
New York State Dormitory Auth., Income Tax Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 2016		500		507
New York State Dormitory Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2017		1,000		1,083
New York State Thruway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2019		2,500		2,828

Private Client Services Funds 13

Capital Group Core Municipal Fund

Schedule of investments
October 31, 2015

Bonds & notes - continued	Principal amount (000)		Value (000)
Municipals - continued
New York - continued
Public Housing Capital Fund Trust I Rev. Bonds (HUD Ln. Insured), 4.50%, 20222	$	544	$	574
Southold Local Dev. Corp., Health Care Facs. Nursing Homes Rev. Bonds, 3.125%, 2025		225		221
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, Series A, 5.00%, 2017		1,850		1,980
				23,115
North Carolina - 1.5%
City of Charlotte, Rev. Ref. Bonds, Series B, 5.00%, 2023		400		467
North Carolina Muni. Power Agcy. No. 1, Energy Res. Auth. Rev. Ref. Bonds, Series A (Pre- refunded with U.S Govt. Securities to 01/01/2018 @ 100), 5.25%, 2020		175		192
Raleigh Durham Airport Auth., Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 2019		2,500		2,846
State of North Carolina, Highway Imps. Rev. Bonds, 5.00%, 2025		1,900		2,300
				5,805
North Dakota - 0.1%
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, 3.75%, 2042		430		453
				453
Ohio - 4.3%
City of Cleveland, Airport System Rev., Port, Airport & Marina Imps. Rev. Bonds, Series C (AGM Insured), 5.00%, 2017		1,250		1,313
City of Cleveland, Airport System, Port, Airport, & Marina Rev. Ref. Bonds, Series A, 5.00%, 2025		1,000		1,129
County of Hamilton, Health Care Facs. Rev. Ref. Bonds:
5.00%, 2025		400		462
5.00%, 2027		1,425		1,623
County of Allen, Lease Rev. Ref. Bonds, Series B:
5.00%, 2018		1,000		1,112
5.00%, 2019		2,000		2,278
5.00%, 2020		1,030		1,193
County of Warren, Health Care Facs. Rev. Ref. Bonds, 5.00%, 2020		200		227
County of Warren, Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2021		1,220		1,395
Miami University/Oxford, College & Univ. Imps. Rev. Bonds, 4.00%, 2019		800		882
Ohio Air Quality Dev. Auth., Ind. Rev. Ref. Bonds (Mandatory Put 06/01/16 @ 100), 5.75%, 20331		1,000		1,023
Ohio Air Quality Dev. Auth., Ind. Rev. Ref. Bonds, Series C, 5.625%, 2018		1,000		1,069
Ohio Air Quality Dev. Auth., Res. Recovery Imps. Rev. Bonds, Series A, 5.70%, 2020		1,000		1,091
Ohio State Building Auth., Rev. Ref. Bonds, Series A, 5.00%, 2017		1,500		1,626
				16,423
Oklahoma - 0.7%
Oklahoma Dev. Fin. Auth., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S Treasury Obligations to 08/15/2018 @ 100), 5.00%, 2024		200		223
Oklahoma Muni. Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A (Mandatory Put 08/01/18 @ 100), 0.81%, 20231		1,540		1,537
Tulsa Airports Imp. Trust, Port, Airport & Marina Rev. Ref. Bonds, Series D (BAM Insured), 5.00%, 2020		815		931
				2,691
Oregon - 1.5%
County of Gilliam, Res. Recovery Imps. Rev. Bonds, 1.50%, 2018		1,500		1,505

14 Private Client Services Funds

Capital Group Core Municipal Fund

Schedule of investments

October 31, 2015

Bonds & notes - continued	Principal amount (000)		Value (000)
Municipals - continued
Oregon - continued
Oregon State Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 2031	$	600	$	676
Oregon State Lottery, Misc. Rev. Ref. Bonds, Series C (Moral Obligation Insured), 5.00%, 2023		725		885
State of Oregon, G.O. Unemployment & Welfare Fndg. Prop. Tax Bonds, Series 94-H, 4.00%, 2044		1,445		1,566
Tri-County Metropolitan Trans. Dist., Transit Imps. Misc. Taxes Rev. Bonds, 4.00%, 2017		1,000		1,018
				5,650
Pennsylvania - 2.7%
Allegheny County Higher Edu. Building Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 5.00%, 2022		400		470
Butler County Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 4.00%, 2021		325		357
Montgomery County Ind. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2025		800		892
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds, 5.00%, 2017		1,500		1,608
Pennsylvania Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds (BAM Insured), 5.00%, 2028		855		992
Pennsylvania Turnpike Commission, Highway Tolls Rev. Bonds, Series A, 0.69%, 20181		1,500		1,489
Pennsylvania Turnpike Commission, Highway Tolls Rev. Ref. Bonds, Series B-1, 0.99%, 20211		950		946
Pennsylvania Turnpike Commission., Misc. Rev. Ref. Bonds, Series A (AGM Insured), 5.25%, 2025		1,000		1,225
Univ. of Pittsburgh, College & Univ. Imps. Rev. Ref. Bonds, Series B, 5.25%, 2024		200		232
York County Ind. Dev. Auth., Ind. Rev. Ref. Bonds, Series A (Mandatory Put 06/01/20 @ 100), 2.55%, 20361		2,000		2,014
				10,225
Puerto Rico - 0.5%
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds:
3.00%, 2018		500		426
5.00%, 2016		400		397
5.00%, 2017		500		491
5.00%, 2019		710		696
				2,010
South Carolina - 1.1%
South Carolina Jobs-Econ. Dev. Auth., Health Care Facs. Rev. Ref. Bonds:
5.00%, 2018		1,025		1,118
5.00%, 2020		500		576
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA/FNMA/FHLMC Insured), 4.50%, 2030		690		749
South Carolina State Public Service Auth., Energy Res. Auth. Imps. Rev. Ref. Bonds (Escrowed to Maturity), 5.00%, 2016		385		388
South Carolina State Public Service Auth., Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 2021		1,000		1,188
				4,019
South Dakota - 0.6%
South Dakota Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series E, 4.00%, 2044		2,200		2,394
				2,394

Private Client Services Funds 15

Capital Group Core Municipal Fund

Schedule of investments
October 31, 2015

Bonds & notes - continued	Principal amount (000)		Value (000)
Municipals - continued
Tennessee – 1.4%
City of Memphis, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2018	$	100	$	113
Metropolitan Govt. Nashville & Davidson County Health & Educ. Facs. Board, College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 10/01/17 @ 100), 0.61%, 20381		1,400		1,397
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds:
4.00%, 2038		725		771
4.00%, 2045		1,000		1,094
4.50%, 2037		640		683
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds, Series 2B, 4.00%, 2046		900		980
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds, Series A-1, 5.00%, 2027		395		411
				5,449
Texas - 7.1%
City of Houston, Port, Airport & Marina Rev. Ref. Bonds, Series B (NATL-RE FGIC Insured), 5.00%, 2025		275		292
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 0.76%, 20341		1,400		1,399
City of Houston, Water Rev. Ref. Bonds, Series C, 5.00%, 2018		1,500		1,687
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2017		550		582
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 02/01/18 @ 100), 0.39%, 20331		3,150		3,134
County of Dallas, G.O. Public Imps. Prop. Tax Rev. Bonds, 5.00%, 2016		100		104
Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series A:
3.00%, 2017		1,695		1,779
4.00%, 2016		955		994
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 2023		100		105
Dallas-Fort Worth Intl. Airport Facs. Imp. Corp., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2020		900		1,057
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, 2020		1,000		1,174
Grand Parkway Trans. Corp., Highway Tolls Rev. Ref. Bonds, Series A, 3.00%, 2016		1,500		1,542
Harris County Cultural Edu. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds:
5.00%, 2017		445		484
5.00%, 2018		275		309
Harris County Cultural Edu. Facs. Fin. Corp., Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 2023		125		142
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.41%, 20311		200		200
Harris County, Highway Tolls Rev. Ref. Bonds, 5.00%, 2025		800		990
Harris County-Houston Sports Auth., Hotel Occupancy Tax Rev. Ref. Bonds, Series A, 5.00%, 2019		400		460
Houston Higher Edu. Fin. Corp., College & Univ. Imps. Rev. Ref. Bonds, Series B (Pre-refunded with U.S Govt. Securities to 05/16/2016 @ 100), (Mandatory Put 11/16/17 @ 100), 0.54%, 20481		950		951
Katy Independent School Dist., G.O. Prop. Tax Ref. Bonds, Series C (PSF-GTD Insured), (Mandatory Put 08/15/19 @ 100), 0.681%, 20361		750		751
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2030		300		342
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 01/01/19 @ 100), 1.95%, 20381		1,825		1,859
North Texas Tollway Auth., Misc. Rev. Ref. Bonds, 6.00%, 2021		15		16

16 Private Client Services Funds

Capital Group Core Municipal Fund

Schedule of investments
October 31, 2015

Bonds & notes - continued	Principal amount (000)		Value (000)
Municipals - continued
Texas - continued
North Texas Tollway Auth., Misc. Rev. Ref. Bonds (Pre-refunded with FHL Banks/U.S. Treasury Obligations 01/01/18 @ 100), 6.00%, 2021	$	85	$	94
North Texas Tollway Auth., Misc. Rev. Ref. Bonds, Series A, 6.00%, 2019		100		111
Olmos Park Higher Edu. Facs. Corp., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 2019		980		1,122
Sam Rayburn Muni. Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, 5.00%, 2020		1,180		1,364
Tarrant County Cultural Educ. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2029		1,315		1,434
Tarrant County Cultural Educ. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S Treasury Obligations to 08/15/2018 @ 100), 5.00%, 2023		170		189
Tarrant County Cultural Educ. Facs. Fin. Corp., Health Care Facs. Rev. Ref. Bonds (Pre-refunded with U.S Treasury Strips to 08/15/2018 @ 100), 5.00%, 2023		180		200
Texas Public Fin. Auth., Unemployment & Welfare Fndg. Misc. Rev. Bonds, Series A, 5.00%, 2016		1,500		1,513
Texas Water Dev. Board, Water Util. Imps. Rev. Bonds, Series B, 5.25%, 2022		600		646
				27,026
Virginia - 0.3%
City of Chesapeake, Chesapeake Expressway Toll Road Rev., Highway Tolls Rev. Ref. Bonds, Series A, 4.00%, 2019		850		920
County of Fairfax, G.O. Prop. Tax Rev. Ref. Bonds, Series C (St. Aid Withhldg. Insured), 5.00%, 2017		200		217
				1,137
Washington - 2.1%
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds (Pre-refunded with Agencies/U.S Treasury Obligations to 07/01/2016 @ 100), 5.00%, 2022		15		16
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds (Pre-refunded with U.S. Govt. Securities 07/01/16 @ 100), 5.00%, 2022		85		88
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 2017		1,000		1,074
Grays Harbor County Public Util. Dist. No. 1, Energy Res. Auth. Imps. Rev. Ref. Bonds (NATL Insured), 5.00%, 2020		100		105
Grays Harbor County Public Util. Dist. No. 1, Energy Res. Auth. Imps. Rev. Ref. Bonds (Pre- refunded with U.S. Treasury Obligations 01/01/17 @ 100) (NATL Insured), 5.00%, 2020		55		58
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, 5.00%, 2016		1,500		1,542
Port of Seattle, Port, Airport & Marina Imps. Rev. Bonds, Series A-1, 5.25%, 2027		100		111
State of Washington, Highway Imps. Rev. Bonds, 5.00%, 2020		2,000		2,327
Washington Health Care Facs. Auth., Health Care Facs. Imps. Rev. Bonds, Series B (Mandatory Put 10/01/21 @ 100), 5.00%, 20421		800		950
Washington Health Care Facs. Auth., Health Care Facs. Rev. Ref. Bonds:
5.00%, 2020		1,100		1,282
5.00%, 2026		500		569
				8,122
West Virginia - 0.9%
County of Mason, Ind. Imps. Rev. Bonds, Series L (Mandatory Put 10/01/18 @ 100), 1.625%, 20221		2,500		2,510
West Virginia Econ. Dev. Auth., Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 04/01/19 @ 100), 1.90%, 20401		1,000		1,009
				3,519

Private Client Services Funds 17

Capital Group Core Municipal Fund

Schedule of investments
October 31, 2015

Bonds & notes - continued	Principal amount (000)		Value (000)
Municipals - continued
Wisconsin – 1.0%
County of Milwaukee, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2018	$	1,145	$	1,270
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 4.20%, 2018		100		109
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2017		1,200		1,299
WPPI Energy, Energy Res. Auth. Imps. Rev. Bonds, Series A, 5.00%, 2020		800		933
				3,611
Wyoming - 0.5%
Wyoming Comm. Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 3, 3.00%, 2044		1,710		1,794
				1,794
Total municipals				365,965
Corporate bonds & notes - 0.1%
Electric - 0.1%
Southern California Edison Co., 1.125%, 2017		455		455
				455
Total corporate bonds & notes				455
Total bonds & notes (cost: $357,364,000)				366,420
Short-term securities - 3.0%
Charlotte-Mecklenburg Hospital Auth., Health Care Facs. Rev. Ref. Bonds, Series H, 0.01%, January 15, 20451		2,045		2,045
City of Irvine, Special Assessment Ref. Bonds, 0.01%, September 02, 20501,2		900		900
City of Minneapolis Saint Paul Housing & Redev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B-1, 0.01%, November 15, 20351		900		900
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series E2, 0.01%, August 01, 20201		1,100		1,100
City of Valdez, Port, Airport & Marina Rev. Ref. Bonds, 0.01%, December 01, 20331		100		100
Clarksville Public Building Auth., Public Imps. Misc. Rev. Bonds, 0.01%, January 01, 20331		720		720
Illinois Fin. Auth., Health Care Facs. Nursing Homes Rev. Bonds, Series A, 0.01%, August 01, 20441		500		500
Iowa Fin. Auth., Health Care Facs. Imps. Rev. Ref. Bonds, Series B, 0.01%, February 15, 20351		175		175
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series B, 0.01%, November 01, 20351		1,000		1,000
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series G, 0.01%, November 01, 20351		1,000		1,000
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series L, 0.01%, November 01, 20351		800		800
Montgomery County Public Building Auth., Public Imps. Misc. Rev. Bonds:1
0.01%, July 01, 2034		940		940
0.01%, July 01, 2038		640		640
Univ. of Michigan, College & Univ. Rev. Ref. Bonds, Series E (Mandatory Put 04/02/18 @ 100), 0.44%, April 01, 20331		600		600
Total short-term securities (cost: $11,420,000)				11,420

18 Private Client Services Funds

Capital Group Core Municipal Fund

Schedule of investments
October 31, 2015

Total investment securities (cost: $368,784,000)		377,840
Other assets less liabilities		1,316
Net assets	$	379,156

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, 2015, the aggregate market value of these securities amounted to $3,461,000, representing 0.91% of net assets.
3	Zero coupon bond; interest rate represents current yield to maturity.

Key to abbreviations
Agcy.	=	Agency
AGM	=	Assured Guaranty Municipal Corporation
AMBAC	=	American Municipal Bond Assurance Corporation
Auth.	=	Authority
BAM	=	Build America Mutual Assurance Company
CA Mtg. Ins.	=	California Mortgage Insurance
Certs. of Part.	=	Certificates of Participation
CIFG	=	CDC IXIS Financial Guaranty
COLL	=	Collateral
Comm.	=	Community
Comms.	=	Communities
Corp.	=	Corporation
Corps.	=	Corporations
Dept.	=	Department
Dev.	=	Development
Dist.	=	District
Econ.	=	Economic
Edu.	=	Education
Educ.	=	Educational
Facs.	=	Facilities
FGIC	=	Financial Guaranty Insurance Company
FHL	=	Federal Home Loan
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
Prop.	=	Property
PSF	=	Permanent School Fund
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

Private Client Services Funds 19

Capital Group Short-Term Municipal Fund

October 31, 2015

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, 2015, 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.

20

Capital Group Short-Term Municipal Fund

Schedule of investments
October 31, 2015

Bonds & notes - 87.7%	Principal amount (000)		Value (000)
Arizona - 0.8%
Arizona Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2021	$	300	$	352
Phoenix Civic Imp. Corp, Sewer Rev. Ref. Bonds, 5.00%, 2017		250		269
Salt River Project Agricultural Imps. & Power Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 4.00%, 2017		550		589
				1,210
California - 9.3%
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100):1
0.91%, 2045		1,500		1,474
0.91%, 2047		550		540
Bay Area Toll Auth., Highway Tolls Rev. Bonds, Series B (Mandatory Put 04/02/18 @ 100), 1.50%, 20471		625		633
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, 4.00%, 2022		500		574
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2020		1,000		1,156
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/15/19 @ 100), 5.00%, 20431		1,000		1,149
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.29%, 20381		500		498
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series G, 4.00%, 2016		600		624
Glendale Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (AGM Insured), 4.00%, 2019		200		222
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2019		1,000		1,143
La Quinta Redev. Agcy. Successor Agcy., Tax Allocation, Ref. Bonds, 5.00%, 2020		600		705
Los Angeles Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, 2020		500		589
Menlo Park Comm. Dev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 2020		235		276
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series G-2 (Mandatory Put 10/01/17 @ 100), 3.00%, 20371		750		779
San Diego County Regional Trans. Commission., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2018		150		166
State of California Dept. of Water Res., Rev. Ref. Bonds, Series AU (Mandatory Put 09/01/17 @ 100), 0.63%, 20351		650		650
State of California Dept. of Water Ress. Power Supply, Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 2020		200		235
State of California, G.O. Public Imps. Misc. Rev. Bonds, 4.00%, 2018		1,000		1,091
Temecula Valley Unified School Dist. Fncg. Auth., Special Tax Rev. Ref. Bonds (BAM Insured), 4.00%, 2017		400		424
Union City Comm. Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A, 5.00%, 2021		250		298
				13,226
Colorado - 0.5%
Colorado State Board of Governors, College & Univ. Rev. Ref. Bonds, Series A, 4.00%, 2018		525		565
Univ. of Colorado., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 2019		150		172
				737
Connecticut - 2.3%
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Bonds, Sub-Series B-2 (FHA/INS/GTD Insured), 4.00%, 2032		445		477
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Bonds, Sub-Series C-1, 4.00%, 2044		665		722
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, 4.00%, 2044		1,205		1,293

Private Client Services Funds 21

Capital Group Short-Term Municipal Fund

Schedule of investments
October 31, 2015

Bonds & notes - continued	Principal amount (000)		Value (000)
Connecticut - continued
Connecticut Housing Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, Sub-Series C-1, 3.50%, 2045	$	675	$	724
				3,216
District of Columbia - 0.1%
Dist. of Columbia Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (AGM HUD Ln. Insured), 5.00%, 2016		100		100
				100
Florida - 5.5%
Citizens Prop. Insurance Corp., Misc. Purposes Rev. Bonds, Series A-1, 5.00%, 2019		2,100		2,371
City of Cape Coral, Water Rev. Ref. Bonds (AGM Insured), 3.00%, 2017		600		624
City of Tampa, Health Care Facs. Rev. Ref. Bonds, 5.00%, 2015		750		752
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA COLL Insured), 4.50%, 2029		355		377
Florida Housing Fin. Corp., Loc. or GTD Housing Rev. Bonds, Series B (GNMA/FNMA/FHLMC Insured), 4.50%, 2029		205		218
Florida Muni. Power Agcy., Misc. Rev. Ref. Bonds, Series A, 4.00%, 2017		300		318
Orange County Health Facs. Auth., Health Care Facs. Nursing Homes Rev. Bonds, 4.00%, 2020		710		768
Palm Beach County Health Facs. Auth., Health Care Facs. Nursing Homes Rev. Ref. Bonds, 5.00%, 2021		500		573
Tampa Bay Water, Water Rev. Ref. Bonds, Series A:
5.00%, 2016		1,250		1,303
5.00%, 2017		450		488
				7,792
Georgia - 4.6%
Atlanta Dev. Auth., Loc. or GTD Housing Rev. Ref. Bonds, 5.00%, 2017		250		270
City of Atlanta Dept., Port, Airport & Marina Imps. Rev. Bonds, Series B, 5.00%, 2019		95		107
City of Atlanta, Water Rev. Ref. Bonds, Series B, 5.00%, 2019		1,000		1,153
Gainesville & Hall County Hospital Auth., Health Care Facs. Rev. Ref. Bonds, Series B (Mandatory Put 02/18/20 @ 100), 0.96%, 20351		400		396
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, 2044		640		690
Georgia Housing & Fin. Auth., Loc. or GTD Housing Rev. Ref. Bonds, Series A-1, 3.50%, 2045		200		214
Georgia State Road & Tollway Auth., Govt. Fndg. Grant Highway Imps. Rev. Bonds, Series A, 5.00%, 2019		1,155		1,314
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds, Series A (Mandatory Put 07/01/17 @ 100), 0.31%, 20251		1,300		1,297
Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Bonds, Series B (Mandatory Put 07/01/17 @ 100), 0.29%, 20251		1,000		996
Muni. Electric Auth. of Georgia, Energy Res. Imps. Rev. Ref. Bonds, Series B, 5.00%, 2018		120		131
				6,568
Guam - 0.4%
Territory of Guam, Cash Flow Mgmt., Misc. Rev. Bonds, Series A, 5.00%, 2017		600		629
				629

22 Private Client Services Funds

Capital Group Short-Term Municipal Fund

Schedule of investments
October 31, 2015

Bonds & notes - continued	Principal amount (000)		Value (000)
Hawaii - 0.8%
State of Hawaii, G.O. Public Imps. Bonds, Series DZ, 5.00%, 2017	$	1,000	$	1,091
				1,091
Illinois - 6.0%
City of Chicago, Port, Airport & Marina Imps. Rev. Bonds, Series A, 4.00%, 2016		1,000		1,007
City of Chicago, Sewer Imps. Rev. Bonds:
3.00%, 2017		325		332
5.00%, 2018		200		215
City of Chicago, Sewer Rev. Ref. Bonds, Series C, 5.00%, 2021		500		559
City of Chicago, Water Util. Imps. Rev. Bonds, 3.00%, 2019		700		720
Greater Chicago Metropolitan Water Reclamation Dist., G.O. Sewer Imps. Prop. Tax Bonds, Series B, 5.00%, 2017		300		327
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2021		1,100		1,276
Illinois Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-1 (Mandatory Put 01/15/20 @ 100), 5.00%, 20301		1,000		1,149
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2020		500		585
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 2017		1,500		1,629
State of Illinois, G.O. Public Imps. Misc. Rev. Bonds, 5.00%, 2017		725		765
				8,564
Indiana - 1.0%
Indiana Fin. Auth., Health Care Facs. Rev. Ref. Bonds, Series N, 5.00%, 2016		600		610
Indiana Univ., College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 2018		500		555
Purdue Univ., College & Univ. Rev. Ref. Bonds, Series BB-1, 5.00%, 2020		200		234
				1,399
Kentucky - 0.1%
Kentucky Housing Corp., St. Single Family Housing Rev. Bonds, Series B, 5.00%, 2027		155		164
				164
Louisiana - 0.7%
Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA COLL Insured), 4.60%, 2028		935		1,008
				1,008
Maine - 0.5%
Maine Turnpike Auth., Highway Tolls Rev. Ref. Bonds, 5.00%, 2018		625		695
				695
Massachusetts - 2.9%
Commonwealth of Massachusetts, G.O. Public Imps. Prop. Tax Bonds, Series D-2 (Mandatory Put 08/01/17 @ 100), 0.31%, 20431		1,750		1,745
Massachusetts Dev. Fin. Agcy., Health Care Facs. Imps. Rev. Bonds, Series K-6, 5.00%, 2016		600		619
Massachusetts Dev. Fin. Agcy., Rev. Bonds, Series N (Mandatory Put 07/01/17 @ 100), 0.29%, 20411		500		500
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, Series 171, 4.00%, 2044		960		1,040

Private Client Services Funds 23

Capital Group Short-Term Municipal Fund

Schedule of investments

October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
Massachusetts - continued
Massachusetts Housing Fin. Agcy., Loc. or GTD Housing Rev. Ref. Bonds, Series 169, 4.00%, 2044	$	230	$	251
				4,155
Michigan - 2.4%
Detroit City School Dist, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 2018		1,000		1,089
Michigan State Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, 4.00%, 2044		1,000		1,089
Wayne County Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2018		300		335
Wayne County Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series G, 5.00%, 2021		300		348
Wayne State Univ., College & Univ. Rev. Ref. Bonds (AGM Insured), 5.00%, 2016		550		574
				3,435
Minnesota - 0.2%
Minnesota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA/FHLMC Insured), 4.00%, 2040		230		242
				242
Missouri - 0.6%
City of Saint Louis, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 2017		330		354
Missouri Housing Dev. Commission, Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.25%, 2030		410		443
				797
Nebraska - 2.4%
Central Plains Energy Project, Natural Gas Rev. Ref. Bonds (Mandatory Put 12/01/19 @ 100), 5.00%, 20391		1,000		1,140
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A:
3.00%, 2044		415		428
4.00%, 2044		945		1,025
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 2.50%, 2034		295		299
Nebraska Investment Fin. Auth., Loc. or GTD Housing Rev. Bonds, Series E (GNMA/FNMA/FHLMC Insured), 3.00%, 2043		515		533
				3,425
Nevada - 1.6%
County of Clark, Port, Airport & Marina Imps. Rev. Bonds, Series D:
5.00%, 2016		300		310
5.00%, 2017		750		804
County of Clark, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 2021		1,000		1,182
				2,296
New Jersey - 4.3%
Garden State Preservation Trust, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2018		550		612
New Jersey Econ. Dev. Auth., Lease Rev. Ref. Bonds, Series PP, 5.00%, 2019		750		809
New Jersey Higher Edu. Assistance Auth., Student Ln. Rev. Ref. Bonds, Series 1A, 5.00%, 2015		500		502
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series D (Mandatory Put 01/01/18 @ 100), 0.69%, 20241		500		498

24 Private Client Services Funds

Capital Group Short-Term Municipal Fund

Schedule of investments

October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
New Jersey - continued
New Jersey State Turnpike Auth., Highway Tolls Rev. Ref. Bonds, Series E (Mandatory Put 01/01/18 @ 100), 0.69%, 20241	$	500	$	498
New Jersey Transit Corp., Transit Rev. Ref. Bonds, Series A:
5.00%, 2018		750		816
5.00%, 2019		1,500		1,664
Rutgers The State University of New Jersey, College & Univ. Rev. Ref. Bonds, Series J, 5.00%, 2019		225		256
Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds, 0.00%, 20413		2,000		506
				6,161
New Mexico - 0.8%
City of Farmington, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 04/01/20 @ 100), 1.875%, 20291		1,000		1,012
New Mexico Educ. Assistance Foundation, Student Ln, Rev. Ref. Bonds, Series A-2 (GTD St. Lns. Insured), 0.974%, 20281		65		64
				1,076
New York - 7.7%
Build NYC Res. Corp., Misc. Rev. Ref. Bonds, 5.00%, 2021		525		612
City of New York Transitional Fin. Auth., Income Tax Rev. Ref. Bonds, 5.00%, 2016		1,000		1,048
City of New York Transitional Fin. Auth., Public Imps. Rev. Bonds, 5.00%, 2019		750		864
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series J-4, 0.56%, 20251		2,000		1,987
Metropolitan Trans. Auth., Misc. Rev. Ref. Bonds, Series B-3B, 0.91%, 20181		650		652
Metropolitan Trans. Auth., Transit Imps. Rev. Bonds, Series C, 5.00%, 2020		850		998
Metropolitan Trans. Auth., Transit Imps. Rev. Bonds, Sub-Series A-2 (Mandatory Put 06/01/20 @100), 0.59%, 20391		2,600		2,567
New York City Health & Hospital Corp., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2016		400		406
New York City Transitional Fin. Auth. Building Aid Rev., School Imps. Misc. Rev. Bonds, Sub-Series S-1A (St. Aid Withhldg. Insured), 5.00%, 2017		500		537
New York City Trust for Cultural Ress. Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.35%, 20361		500		506
New York State Thruway Auth., Highway Tolls Rev. Ref. Bonds, Series A, 5.00%, 2019		300		339
Public Housing Capital Fund Trust I Rev. Bonds (HUD Ln. Insured), 4.50%, 20222		403		425
				10,941
North Carolina - 0.8%
State of North Carolina, Govt. Fndg. Grant Highway Imps. Rev. Bonds:
5.00%, 2020		400		460
5.00%, 2021		600		704
				1,164
North Dakota - 1.4%
North Dakota Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds:
3.75%, 2042		190		201
4.00%, 2038		1,610		1,754
				1,955
Ohio - 2.2%
City of Cleveland, Airport System Rev., Port, Airport & Marina Rev. Ref. Bonds, Series A (AGM Insured), 5.00%, 2016		1,660		1,673

Private Client Services Funds 25

Capital Group Short-Term Municipal Fund

Schedule of investments

October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
Ohio - continued
City of Cleveland, Airport System Rev., Port, Airport & Marina Rev. Ref. Bonds, Series C (Assured GTY Insured), 5.00%, 2017	$	750	$	788
County of Warren, Health Care Facs. Rev. Ref. Bonds, 4.00%, 2018		220		235
Ohio Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA/FHLMC Insured), 4.50%, 2028		415		443
				3,139
Oklahoma - 0.4%
Stillwater Utils. Auth., Power Plants (Non Nuclear) Multiple Util. Rev. Ref. Bonds, Series A, 4.00%, 2019		150		167
Tulsa Airports Imps. Trust, Port, Airport & Marina Rev. Ref. Bonds, Series D (BAM Insured), 3.00%, 2016		400		405
				572
Oregon - 3.7%
County of Gilliam, Res. Recovery Imps. Rev. Bonds, 1.50%, 2018		1,000		1,003
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 09/15/18 @ 100), 1.01%, 20221		2,225		2,231
State of Oregon, G.O. Unemployment & Welfare Fndg. Prop. Tax Bonds, Series 94-H, 4.00%, 2044		1,445		1,566
Tri-County Metropolitan Trans. Dist., Transit Imps. Misc. Taxes Rev. Bonds, 4.00%, 2017		400		407
				5,207
Pennsylvania - 0.2%
Butler County Hospital Auth., Health Care Facs. Rev. Ref. Bonds, 3.00%, 2018		250		261
				261
Puerto Rico - 0.6%
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 2018		350		343
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds:
5.00%, 2016		250		248
5.00%, 2017		250		246
				837
Rhode Island - 0.8%
Rhode Island Housing & Mortgage Fin. Corp., Loc. or GTD Housing Rev. Ref. Bonds, 4.00%, 2033		1,000		1,077
				1,077
South Carolina - 0.3%
South Carolina State Housing Fin. & Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 1 (GNMA/FNMA/FHLMC Insured), 4.50%, 2030		415		451
				451
South Dakota - 0.5%
South Dakota Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2021		250		294

26 Private Client Services Funds

Capital Group Short-Term Municipal Fund

Schedule of investments

October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
South Dakota - continued
South Dakota Housing Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series E, 4.00%, 2044	$	410	$	446
				740
Tennessee - 3.2%
Metropolitan Govt. Nashville & Davidson County Health & Educ. Facs. Board, College & Univ. Imps. Rev. Ref. Bonds, Series B (Mandatory Put 10/01/17 @ 100), 0.61%, 20381		700		699
Tennessee Housing Dev. Agcy., Loc. or GTD Housing Rev. Bonds:
4.00%, 2038		365		388
4.00%, 2045		885		963
4.00%, 2045		2,000		2,188
4.50%, 2037		330		352
				4,590
Texas - 10.3%
Central Texas Turnpike System, Highway Tolls Rev. Ref. Bonds, Series A (Mandatory Put 04/01/20 @ 100), 5.00%, 20421		1,000		1,143
City of Austin Electric Util., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 2021		1,525		1,812
City of Houston, G.O. Prop. Tax Ref. Bonds, Series A, 5.00%, 2016		1,000		1,016
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 0.76%, 20341		600		600
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 08/01/16 @ 100), 0.61%, 20341		1,000		1,000
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2017		500		529
City Public Service Board of San Antonio, Energy Res. Auth. Rev. Ref. Bonds (Mandatory Put 02/01/18 @ 100), 0.39%, 20331		650		647
County of Harris, Highway Tolls Rev. Ref. Bonds, 5.00%, 2021		400		476
Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series A, 4.00%, 2016		100		104
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2018		200		224
Dallas-Fort Worth Intl. Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, 2019		500		575
Grand Parkway Trans. Corp., Highway Tolls Rev. Ref. Bonds, Series A, 3.00%, 2016		350		360
Harris County Health Facs. Dev. Corp., Health Care Facs. Imps. Rev. Ref. Bonds, Series A-4 (AGM Insured), 0.41%, 20311		175		175
Houston Higher Edu. Finance Corp., Charter Sch. Aid, Rev. Ref. Bonds, Series A (PSF-GTD Insured), 5.00%, 2018		455		496
Katy Independent School Dist., G.O. Prop. Tax Ref. Bonds, Series C (PSF-GTD Insured), (Mandatory Put 08/15/19 @ 100), 0.681%, 20361		650		651
North Texas Tollway Auth., Highway Tolls Rev. Ref. Bonds, Series C (Mandatory Put 01/01/19 @100), 1.95%, 20381		600		611
Olmos Park Higher Edu. Facs. Corp., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 2019		400		458
State of Texas, G.O. Public Imps. Prop. Tax Bonds, (Mandatory Put 10/01/18 @ 100), 0.39%,20411		1,000		991
Texas A&M Univ., College & Univ. Imps. Rev. Ref. Bonds, 3.00%, 2016		325		331
Texas A&M Univ., College & Univ. Rev. Ref. Bonds, Series B, 5.00%, 2021		450		537
Texas Dept. of Housing & Comm. Affairs, Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 5.00%, 2029		240		257
Texas State Univ. System, College & Univ. Rev. Ref. Bonds, Series A, 5.00%, 2020		550		638
Texas Tech Univ., College & Univ. Rev. Ref. Bonds, Series A, 3.00%, 2016		500		511
Texas Trans. Commission State Highway Fund, Highway Imps. Fuel Sales Tax Rev. Bonds, Series B (Mandatory Put 04/01/17 @ 100), 0.36%, 20321		500		500
				14,642

Private Client Services Funds 27

Capital Group Short-Term Municipal Fund

Schedule of investments

October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
Virginia - 1.5%
Northern Virginia Trans. Auth., Transit Imps. Misc. Taxes Rev. Bonds, 5.00%, 2020	$	250	$	293
Virginia Commonwealth Trans. Board, Govt. Fndg. Grant Transit Imps. Rev. Bonds:
5.00%, 2019		600		690
5.00%, 2020		1,000		1,163
				2,146
Washington - 3.5%
Grant County Public Util. Dist. No. 2, Energy Res. Auth. Rev. Ref. Bonds, Series A, 3.00%, 2017		300		309
Port of Seattle, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 2018		600		665
State of Washington, G.O. Prop. Tax Ref. Bonds, Series R-2012A, 5.00%, 2016		1,000		1,032
State of Washington, Highway Imps. Rev. Bonds:
5.00%, 2018		1,500		1,668
5.00%, 2019		900		1,029
Washington St. Housing Fin. Commission, Loc. or GTD Housing Rev. Bonds, Series A (GNMA/FNMA/FHLMC Insured), 4.50%, 2029		295		313
				5,016
West Virginia - 1.2%
West Virginia Univ., College & Univ. Rev. Ref. Bonds (Mandatory Put 10/01/19 @ 100), 0.54%, 20411		1,750		1,737
				1,737
Wisconsin - 1.1%
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 05/30/19 @ 100), 4.00%, 20431		1,000		1,101
Wisconsin Health & Educ. Facs. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 3.00%, 2016		500		511
				1,612
Wyoming - 0.5%
Wyoming Comm. Dev. Auth., Loc. or GTD Housing Rev. Bonds, Series 3, 3.00%, 2044		730		766
				766
Total bonds & notes (cost: $123,807,000)				124,839
Short-term securities - 12.0%
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series B, 0.01%, July 01, 20411		1,100		1,100
California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, 0.01%, 20261		2,100		2,100
Charlotte-Mecklenburg Hospital Auth., Health Care Facs. Rev. Ref. Bonds, Series H, 0.01%, January 15, 20451		1,000		1,000
City of Baton Rouge/Parish of East Baton Rouge, Ind. Rev. Ref. Bonds, 0.01%, November 01, 20191		1,105		1,105
City of New York, G.O. Prop. Tax Ref. Bonds, Sub-Series E2, 0.01%, August 01, 20201		400		400
City of Valdez, Port, Airport & Marina Rev. Ref. Bonds, 0.01%, December 01, 20331		1,300		1,300
Clarksville Public Building Auth., Public Imps. Misc. Rev. Bonds, 0.01%, February 01, 20381		785		785
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series A, 0.01%, December 01, 20301		1,000		1,000
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series E, 0.01%, December 01, 20301		1,000		1,000
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series G, 0.01%, November 01, 20351		1,000		1,000
Mississippi Business Fin. Corp., Ind. Imps. Rev. Bonds, Series L, 0.01%, November 01, 20351		800		800

28 Private Client Services Funds

Capital Group Short-Term Municipal Fund

Schedule of investments

October 31, 2015

	Principal
Short-term securities - continued	amount (000)		Value (000)
Montgomery County Public Building Auth., Public Imps. Misc. Rev. Bonds, 0.01%, July 01, 20381	$	565	$	565
New Hampshire Health & Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series B, 0.01%, June 01, 20411		2,500		2,500
Syracuse Ind. Dev. Agcy., College & Univ. Rev. Ref. Bonds, Series A-1, 0.01%, July 01, 20371		1,935		1,935
Triborough Bridge & Tunnel Auth., Transit Rev. Ref. Bonds, Sub-Series B-2, 0.01%, January 01, 20321		500		500
Total short-term securities (cost: $17,090,000)				17,090
Total investment securities (cost: $140,897,000)				141,929
Other assets less liabilities				382
Net assets			$	142,311

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, 2015, the aggregate market value of these securities amounted to $425,000, representing 0.30% of net assets.
3	Zero coupon bond; interest rate represents current yield to maturity.

Key to abbreviations

Agcy.	=	Agency
AGM	=	Assured Guaranty Municipal Corporation
Auth.	=	Authority
BAM	=	Build America Mutual Assurance Company
COLL	=	Collateral
Comm.	=	Community
Corp.	=	Corporation
Dept.	=	Department
Dev.	=	Development
Dist.	=	District
Econ.	=	Economic
Edu.	=	Education
Educ.	=	Educational
Facs.	=	Facilities
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
GTY	=	Guaranty
HUD	=	Housing and Urban Development
Imp.	=	Improvement
Imps.	=	Improvements
Ind.	=	Industrial
Ln.	=	Loan
Lns.	=	Loans
Loc.	=	Local
Mgmt.	=	Management
Misc.	=	Miscellaneous
Muni.	=	Municipal
No.	=	Number
Prop.	=	Property
PSF	=	Permanent School Fund
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

Private Client Services Funds 29

Capital Group California Core Municipal Fund

October 31, 2015

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, 2015, 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.

30

Capital Group California Core Municipal Fund

Schedule of investments

October 31, 2015

	Principal
Bonds & notes - 95.4%	amount (000)		Value (000)
California - 90.9%
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds:
5.00%, 2020	$	1,000	$	1,125
5.00%, 2020		715		794
5.00%, 2021		495		552
5.00%, 2022		1,000		1,120
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.):
4.00%, 2016		1,500		1,504
5.125%, 2020		1,500		1,644
5.25%, 2020		885		972
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A (CA Mtg. Ins.):
5.00%, 2019		400		453
5.00%, 2020		550		636
Abag Fin. Auth. for Nonprofit Corps., Public Imps. Special Tax Ref. Bonds (CIFG Insured):
5.00%, 2021		600		642
5.00%, 2022		225		240
Abag Fin. Auth. for Nonprofit Corps., Special Tax Ref. Bonds:
5.00%, 2023		375		450
5.00%, 2024		400		482
5.00%, 2025		515		614
Alameda Corridor Trans. Auth., Port, Airport & Marina. Rev. Ref. Bonds, Series A:
5.00%, 2021		1,250		1,493
5.00%, 2022		975		1,179
Alameda County Trans. Auth., Sales Tax Transit Imps. Rev. Bonds, 4.00%, 2019		875		968
Aliso Viejo Comm. Fac. Dist., Special Tax Ref. Bonds:
5.00%, 2024		455		534
5.00%, 2025		425		491
Anaheim Public Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds (NATL-RE Insured), 4.00%, 2017		575		602
Anaheim Public Fncg. Auth., Lease Rev. Ref. Bonds, Series A, 5.00%, 2017		300		320
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 04/01/24 @ 100), 1.11%, 20451		4,200		4,152
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100), 0.91%, 20451		2,800		2,752
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.45%, 20451		1,500		1,515
Bay Area Toll Auth., Highway Tolls Rev. Bonds, Series B (Mandatory Put 04/02/18 @ 100), 1.50%, 20471		650		659
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series F-1 (Pre-refunded with U.S. Govt. Securities to 04/01/19 @ 100), 5.00%, 2021		100		114
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series G (Mandatory Put 04/01/20 @ 100), 0.61%, 20341		1,000		992
Bay Area Water Supply & Conservation Agcy., Water Util. Imps. Rev. Bonds, Series A, 5.00%, 2023		500		618
Bonita Canyon Public Facs. Fncg. Auth., Special Tax Ref. Bonds, 4.00%, 2021		700		729
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds:
5.00%, 2019		1,150		1,301
5.00%, 2021		550		639
5.00%, 2021		700		833
5.00%, 2021		525		525
5.50%, 2029		300		344
California Educ. Facs. Auth., College & Univ. Imps. Rev. Bonds, Series A, 5.00%, 2018		125		137
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds:
5.00%, 2020		165		195
5.00%, 2025		1,000		1,200
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds, Series A:
4.00%, 2021		560		628
4.00%, 2022		500		554

Private Client Services Funds 31

Capital Group California Core Municipal Fund

Schedule of investments

October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
California - continued
4.50%, 2017	$	335	$	360
5.00%, 2021		535		626
5.00%, 2024		100		113
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds:
4.00%, 2016		710		728
5.00%, 2018		1,100		1,227
5.00%, 2025		400		487
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series A:
5.00%, 2018		275		308
5.00%, 2022		770		861
5.00%, 2024		150		176
5.00%, 2025		375		437
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series D, 5.00%, 2020		1,325		1,561
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series G, 5.50%, 2025		100		111
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.):
5.00%, 2020		1,005		1,154
5.00%, 2022		175		207
5.00%, 2023		135		160
5.00%, 2025		130		157
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A:
5.00%, 2019		525		608
5.00%, 2020		675		778
5.00%, 2020		500		591
5.00%, 2021		350		415
5.00%, 2023		1,000		1,192
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series B:
4.00%, 2019		400		446
5.00%, 2021		1,000		1,004
5.375%, 2021		1,500		1,506
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Mandatory Put 10/15/19 @ 100), 5.00%, 20431		1,750		2,011
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series C (Pre-refunded with U.S. Treasury Obligations to 10/01/18 @ 100), 6.25%, 2028		200		232
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series D (Mandatory Put 10/15/20 @ 100), 5.00%, 20431		250		293
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds (Mandatory Put 04/01/18 @100), 0.29%, 20471		1,000		991
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.29%, 20381		2,500		2,488
California Infrastructure & Econ. Dev. Bank, Private Schools Rev. Ref. Bonds, Series B (Mandatory Put 06/01/22 @ 100), 1.21%, 20371		1,000		998
California Infrastructure & Econ. Dev. Bank, Public Imps. Misc. Rev. Bonds:
4.50%, 2025		100		111
4.50%, 2026		100		111
California Infrastructure & Econ. Dev. Bank, Rec. Facs. Imps. Rev. Bonds:
5.00%, 2018		100		108
5.00%, 2019		100		108
California Muni. Fin. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 2022		320		370
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, 5.625%, 2023		465		505
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, Series B, 4.00%, 2017		150		160
California Muni. Fin. Auth., Energy Res. Auth. Imps. Rev. Bonds (Mandatory Put 04/02/18 @ 100), 0.51%, 20451		1,325		1,317
California Muni. Fin. Auth., Misc. Rev. Ref. Bonds:

32 Private Client Services Funds

Capital Group California Core Municipal Fund

Schedule of investments

October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
California - continued
5.00%, 2022	$	885	$	1,037
5.00%, 2025		500		588
California Muni., Fin., Auth., Loc. or GTD Housing Rev. Bonds, 5.00%, 2030		1,000		1,135
California State Dept. of Veterans Affairs, Loc. or GTD Housing Rev. Ref. Bonds, Series A, 2.75%, 2020		750		799
California State Dept. of Water Ress., Energy Res. Auth. Rev. Bonds, Sub-Series G-11:
4.875%, 2018		200		221
5.00%, 2018		2,000		2,219
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 5.00%, 2017		100		107
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series K, 5.00%, 2018		225		250
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L, 5.00%, 2021		75		87
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series L (Pre-refunded with U.S. Treasury Obligations to 05/01/20 @ 100), 5.00%, 2021		125		147
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 2018		1,250		1,387
California State Dept. of Water Ress., Water Rev. Ref. Bonds, 5.00%, 2021		100		111
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE:
4.50%, 2016		525		549
5.00%, 2022		70		78
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AE (Pre-refunded with U.S. Treasury Obligations to 06/01/18 @ 100), 5.00%, 2023		200		222
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B, 5.00%, 2017		300		326
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 5.00%, 2018		1,350		1,483
California State Public Works Board, Correctional Fac. Imps. Lease Rev. Bonds, Series A, 5.00%, 2023		790		956
California State Public Works Board, Lease Rev. Ref. Bonds, Series H, 5.00%, 2023		600		726
California State Univ., College & Univ. Rev. Ref. Bonds, Series A:
5.00%, 2018		750		846
5.00%, 2023		250		309
5.00%, 2025		1,500		1,888
California State Univ., College & Univ. Rev. Ref. Bonds, Series C (NATL-RE Insured), 5.00%, 2021		955		955
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%, 2021		1,645		1,645
California Statewide Comms. Dev. Auth., College & Univ. Imps. Rev. Bonds, 5.00%, 2019		1,000		1,113
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, 4.625%, 2021		100		110
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series A, 5.00%, 2019		600		684
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, 2016		1,100		1,135
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds, 2.10%, 2019		2,000		2,001
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds (CA Mtg. Ins.):
2.50%, 2020		700		709
3.00%, 2021		600		609
5.00%, 2025		300		364
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds:
5.00%, 2016		15		15
5.00%, 2019		600		674
5.00%, 2019		1,000		1,142
5.00%, 2021		1,000		1,148

Private Client Services Funds 33

Capital Group California Core Municipal Fund

Schedule of investments
October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
California - continued
5.00%, 2023	$	1,100	$	1,265
5.00%, 2024		300		342
5.00%, 2025		750		893
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series A (AGM Insured), 5.00%, 2023		500		588
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 2021		1,100		1,284
California Statewide Comms. Dev. Auth., Misc. Rev. Ref. Bonds (AGM Insured), 5.00%, 2020		210		246
Carson Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 2021		1,625		1,914
Cathedral City Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, 2023		745		896
Cathedral City Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured), 5.00%, 2024		260		315
Cerritos Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds, Series A (AMBAC Insured):
5.00%, 2019		2,000		2,194
5.00%, 2024		600		651
Chino Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured):
5.00%, 2020		500		586
5.00%, 2022		450		539
5.00%, 2025		665		797
Chula Vista Muni. Fncg. Auth., Special Tax Ref. Bonds:
5.00%, 2021		485		562
5.00%, 2022		1,355		1,572
City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds, 5.00%, 2020		1,350		1,588
City of Carlsbad California, Special Assessment Ref. Bonds:
3.00%, 2018		325		336
3.15%, 2021		570		592
3.55%, 2023		350		366
City of Chula Vista, Energy Res. Auth. Rev. Ref. Bonds, Series A, 1.65%, 2018		1,150		1,151
City of Fontana California, Special Tax Ref. Bonds, 5.00%, 2023		535		618
City of Irvine California, Special Assessment Ref. Bonds:
2.50%, 2019		1,230		1,259
3.00%, 2020		1,250		1,333
3.25%, 2022		700		754
3.375%, 2023		850		889
4.00%, 2018		500		540
4.00%, 2022		400		450
5.00%, 2021		500		587
5.00%, 2028		500		566
City of Irvine, Special Assessment Ref. Bonds, 5.00%, 2023		1,455		1,723
City of Long Beach, Port, Airport & Marina Imps. Rev. Bonds:
5.00%, 2019		275		308
5.00%, 2020		400		456
City of Long Beach, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2021		100		118
City of Long Beach, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2024		500		618
City of Long Beach, Port, Airport & Marina Rev. Ref. Bonds, Series C, 3.00%, 2018		2,250		2,404
City of Manhattan Beach, Public Imps. Special Assessment Bonds, 4.375%, 2017		120		123
City of Roseville, Special Tax Ref. Bonds, 4.00%, 2016		2,000		2,041
City of Sacramento California, Special Tax Ref. Bonds, 5.00%, 2028		1,235		1,409
City of San Jose, Port, Airport & Marina Imps. Rev. Bonds, Series A-2, 5.00%, 2018		700		768
Compton Comm. College Dist., G.O. Prop. Tax Ref. Bonds (BAM Insured), 5.00%, 2026		800		953
Concord Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (BAM Insured):
5.00%, 2020		500		577

34 Private Client Services Funds

Capital Group California Core Municipal Fund

Schedule of investments
October 31, 2015

	Principal
Bonds & notes – continued	amount (000)		Value (000)
California – continued
5.00%, 2023	$	450	$	537
Contra Costa County Public Fncg. Auth., Public Imps. Lease Rev. Bonds (NATL-RE Insured), 5.00%, 2021		180		191
Contra Costa County Public Fncg. Auth., Public Imps. Lease Rev. Bonds (Pre-refunded with U.S. Treasury Obligations to 06/01/17 @ 100) (NATL-RE Insured), 5.00%, 2021		95		102
County of El Dorado, Special Tax Rev. Ref. Bonds:
5.00%, 2022		1,295		1,524
5.00%, 2024		860		993
County of San Diego, College & Univ. Imps. Rev. Certs. of Part. Bonds, 4.00%, 2016		490		501
County of San Diego, Health Care Facs. Rev. Ref. Bonds:
4.00%, 2023		625		697
5.00%, 2022		200		237
El Centro Fncg. Auth., Sewer Rev. Ref. Bonds, Series A (AGM Insured):
5.00%, 2026		530		630
5.00%, 2027		500		588
5.00%, 2030		1,000		1,148
Elk Grove Fin. Auth., Special Tax Ref. Bonds, 5.00%, 2025		580		693
Elk Grove Fin. Auth., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2030		735		848
Emeryville Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (AGM Insured):
5.00%, 2022		1,700		2,052
5.00%, 2026		1,000		1,191
Foothill-Eastern Trans. Corridor Agcy., Highway Tolls Rev. Ref. Bonds, Sub-Series B-1 (Mandatory Put 01/15/18 @ 100), 5.00%, 20531		2,000		2,117
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A:
5.00%, 2020		1,200		1,402
5.00%, 2021		1,200		1,421
Hemet Unified School Dist. Fncg. Auth., Misc. Purposes Special Tax Ref. Bonds:
5.00%, 2026		600		674
5.00%, 2028		720		796
Hemet Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2029		500		581
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds:
5.00%, 2017		100		109
5.25%, 2025		100		112
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C, 5.00%, 2022		700		808
Irvine Ranch Water Dist., Water Rev. Certs. of Part. Ref. Bonds, 5.00%, 2017		100		106
Jurupa Public Fncg. Auth., Special Tax Ref. Bonds, Series A:
5.00%, 2023		500		593
5.00%, 2029		710		806
La Quinta Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds:
4.00%, 2019		500		554
5.00%, 2019		200		227
Lake Elsinore Public Fncg. Auth., Special Tax Ref. Bonds, 5.00%, 2028		2,000		2,211
Lincoln Public Fncg. Auth., Public Imps. Special Tax Bonds, Series A (AMBAC Insured), 4.50%, 2021		840		878
Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds:
4.00%, 2020		750		847
5.00%, 2021		500		596
Long Beach Comm., College Dist., G.O. Univ. & College Imps. Prop. Tax Bonds (Pre-refunded with U.S. Treasury Obligations to 06/01/18 @ 100), 5.00%, 2022		15		17
Long Beach Comm., College Dist., G.O. Univ. & College Imps. Prop. Tax Bonds, Series A, 5.00%, 2022		85		94
Los Angeles Comm. Facs. Dist., Special Tax Ref. Bonds:

Private Client Services Funds 35

Capital Group California Core Municipal Fund

Schedule of investments
October 31, 2015

	Principal
Bonds & notes – continued	amount (000)		Value (000)
California – continued
5.00%, 2020	$	600	$	691
5.00%, 2023		700		831
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, 5.00%, 2016		500		516
Los Angeles County Metropolitan Trans. Auth., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2020		2,685		3,167
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds (AGM Insured):
5.00%, 2022		1,190		1,432
5.00%, 2024		1,000		1,223
Los Angeles County Redev. Auth., Tax Allocation Rev. Ref. Bonds, Series D, 5.00%, 2019		1,000		1,137
Los Angeles County Redev. Auth., Tax Increment Allocation Rev. Ref. Bonds, 5.00%, 2020		3,000		3,527
Los Angeles County Regional Fncg. Auth., Health Care Facs. Repayment of Bank Loan Rev. Bonds, Series B-3 (CA Mtg. Ins.), 2.50%, 2020		420		421
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2029		200		225
Los Angeles Dept. of Airports, Port, Airport & Marina Imps. Rev. Bonds, Series D, 5.00%, 2019		850		973
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, 5.00%, 2022		700		819
Los Angeles Dept. of Water & Power, Energy Res. Auth. Imps. Rev. Bonds, Series A-2, 4.00%, 2016		1,000		1,026
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series A:
4.00%, 2019		1,000		1,113
5.00%, 2021		1,000		1,203
Los Angeles Dept. of Water & Power, Water Util. Imps. Rev. Bonds, Series B, 5.00%, 2020		1,000		1,146
Los Angeles Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, 2019		2,175		2,497
Los Angeles Unified School Dist., G.O. Prop. Tax Rev. Ref. Bonds, Series A-1, 5.00%, 2020		1,000		1,178
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, 2024		100		114
Los Rios Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 2020		900		1,059
Manhattan Beach Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series C (NATL-RE Insured), 0.00%, 20242		1,000		797
Merced Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A (AGM Insured), 5.00%, 2022		500		592
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 03/27/18 @ 100), 0.39%, 20271		500		499
Modesto Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 2017		400		430
Moreno Valley Unified School Dist., G.O. School Imps. Prop. Tax Ref. Bonds (NATL-RE Insured), 5.25%, 2019		380		440
Mountain View Shoreline Regional Park Comm., Tax Allocation Rev. Ref. Bonds, Series A:
5.00%, 2019		420		478
5.00%, 2020		375		436
Natomas Unified School Dist., G.O. Prop. Tax Ref. Bonds (BAM Insured), 5.00%, 2021		500		597
North Natomas Comm. Facs. Dist. No. 4, Special Tax Ref. Bonds, Series E, 5.00%, 2021		1,050		1,223
Northern California Power Agcy., Energy Res. Auth. Imps. Rev. Bonds, Series A:
5.00%, 2016		750		772
5.50%, 2021		1,000		1,158
Northern California Power Agcy., Energy Res. Auth. Rev. Ref. Bonds, Series A:
5.00%, 2017		200		215
5.00%, 2019		200		230
Oakland Redev. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 2018		500		555
Oakland Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 2029		500		572
Ohlone Comm. College Dist., G.O. Ref. Bonds:
5.00%, 2023		550		670
5.00%, 2024		1,000		1,214
Orange Comm. Facs. Dist., Special Tax Ref. Bonds:
4.00%, 2020		385		426
4.00%, 2021		1,485		1,650
Orange Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds:
5.00%, 2020		770		896

36 Private Client Services Funds

Capital Group California Core Municipal Fund

Schedule of investments
October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
California - continued
5.00%, 2021	$	375	$	440
Oxnard Fncg. Auth., Sewer Rev. Ref. Bonds (AGM Insured), 5.00%, 2021		750		875
Palomar Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 2029		1,000		1,192
Perris Union High School Dist., Special Tax Ref. Bonds, 5.00%, 2024		1,000		1,133
Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds:
3.375%, 2017		500		518
3.75%, 2018		770		799
4.00%, 2022		440		489
5.00%, 2020		600		691
Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds, Series A, 5.00%, 2022		850		975
Poway Unified School Dist. Public Fncg. Auth., Special Tax Ref. Bonds, Series B (BAM Insured), 5.00%, 2022		500		588
Rancho Cucamonga Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds (AGM Insured):
5.00%, 2020		775		911
5.00%, 2025		750		907
5.00%, 2026		600		716
5.00%, 2028		800		937
Rio Elementary School Dist. Comm. Facs. Dist., Special Tax Ref. Bonds, 5.00%, 2022		400		453
Riverside Cnty. Public Fncg. Auth., Tax Increment Allocation Misc. Purposes Rev. Bonds, Series A (AGM Insured), 5.00%, 2023		1,075		1,277
Riverside Cnty. Public Fncg. Auth., Tax Increment Allocation Ref. Bonds (BAM Insured), 5.00%, 2023		500		595
Riverside Cnty. Redev. Successor Agcy., Tax Allocation Rev. Ref. Bonds:
5.00%, 2020		405		468
5.00%, 2021		1,040		1,219
Riverside Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, Series A:
3.00%, 2016		1,120		1,145
5.00%, 2021		1,000		1,189
Riverside Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds (BAM Insured):
5.00%, 2025		350		420
5.00%, 2026		400		474
Sacramento City Unified School Dist., G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2028		500		586
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A, 5.00%, 2025		1,190		1,453
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 2017		475		513
Sacramento Redev. Agcy. Successor Agcy., Tax Allocation Rev. Ref. Bonds, Series A (BAM Insured):
5.00%, 2025		585		704
5.00%, 2028		250		290
Sacramento Regional Transit Dist., Transit Rev. Ref. Bonds, 5.00%, 2023		615		700
San Bernardino City Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series A (AGM Insured), 5.00%, 2020		725		850
San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 5.00%, 2018		1,000		1,120
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Series A, 5.00%, 2023		225		273
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Sub-Series A:
5.00%, 2018		850		940
5.00%, 2020		700		813
San Diego County Regional Trans. Commission, Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2021		500		600
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 2018		700		779
San Diego County Water Auth., Water Rev. Ref. Bonds, Series S-1, 5.00%, 2016		475		489

Private Client Services Funds 37

Capital Group California Core Municipal Fund

Schedule of investments
October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
California - continued
San Diego Public Facs. Fncg. Auth., Sewer Rev. Ref. Bonds, Series B, 5.00%, 2022	$	100	$	114
San Diego Public Facs. Fncg. Auth., Water Rev. Ref. Bonds, Series A, 4.00%, 2020		100		108
San Diego Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series R-4, 5.00%, 2026		1,475		1,816
San Francisco Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds, 5.00%, 2022		800		932
San Francisco City & County Airports Commission, Port, Airport & Marina Imps. Rev. Bonds, Series E, 5.25%, 2024		100		114
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2019		400		458
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series C2, 5.00%, 2021		300		339
San Francisco City & County Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series C, 5.00%, 2022		305		367
San Francisco City & County Redev. Agcy., Tax Allocation Rev. Series C:
4.75%, 2017		265		282
5.00%, 2018		275		303
5.25%, 2019		290		331
San Francisco City & County Redev. Successor Agcy., Public Imps. Special Tax Bonds, 3.25%, 2021		500		525
San Francisco City & County Redev. Successor Agcy., Special Tax Ref. Bonds, 5.00%, 2020		800		907
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 2019		1,150		1,318
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 5.00%, 2022		500		564
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds (NATL-RE Insured), 4.54%, 2018		400		401
San Jose Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series D (AMBAC Insured), 5.00%, 2018		800		857
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds:
4.00%, 2022		650		746
5.00%, 2020		500		588
5.00%, 2022		500		606
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, Series A, 5.25%, 2023		200		229
Santa Ana Community Redev. Agcy., Tax Allocation Rev. Ref. Bonds, 6.00%, 2020		750		892
Santa Clara County Fncg. Auth., Lease Rev. Ref. Bonds, 5.00%, 2022		285		317
Santa Cruz County Redev. Agcy., Special Assessment Ref. Bonds, Series A (AGM Insured), 5.00%, 2026		1,475		1,761
Santa Margarita Water Dist., Special Tax Ref. Bonds:
5.00%, 2022		310		353
5.00%, 2024		530		609
5.00%, 2025		375		424
Santaluz Community Facs. Dist. No 2, Special Tax Ref. Bonds, Series A, 5.00%, 2020		995		1,145
Signal Hill Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured):
5.00%, 2021		250		296
5.00%, 2023		500		604
Sonoma-Marin Area Rail Transit Dist., Rev. Bonds, Series A, 5.00%, 2021		1,000		1,191
South Orange County Public Fncg. Auth., Special Tax Ref. Bonds, Series A (AMBAC Insured), 5.00%, 2020		1,000		1,003
South Placer Wastewater Auth., Sewer Rev. Ref. Bonds, 0.34%, 20171		1,625		1,615
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds:
5.00%, 2018		200		223
5.00%, 2020		1,550		1,821
5.00%, 2023		800		938
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A, 4.00%, 2021		500		555
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds:
5.00%, 2018		350		390
5.00%, 2021		750		901

38 Private Client Services Funds

Capital Group California Core Municipal Fund

Schedule of investments
October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
California - continued
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A:
5.00%, 2019	$	1,000	$	1,148
5.00%, 2020		245		288
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, 5.00%, 2023		100		112
State of California Dept. of Water Res., Rev. Ref. Bonds, Series AU (Mandatory Put 09/01/17 @ 100), 0.63%, 20351		1,475		1,475
State of California, G.O. Correctional Facs. Imps. Prop. Tax Bonds, 5.25%, 2020		100		116
State of California, G.O. General Fund Public Imps. Bonds (Mandatory Put 12/01/17 @ 100), 4.00%, 20271		750		790
State of California, G.O. General Fund Ref. Bonds:
4.00%, 2020		1,175		1,332
5.00%, 2019		2,000		2,265
5.00%, 2019		600		683
5.00%, 2020		2,700		3,135
5.00%, 2020		1,000		1,178
5.00%, 2024		800		970
5.25%, 2020		650		756
State of California, G.O. General Fund Ref. Notes, 2.00%, 2016		1,000		1,014
State of California, G.O. Misc. Rev. Ref. Bonds, 1.35%, 2019		1,125		1,129
State of California, G.O. Misc. Rev. Ref. Bonds, Series A (Mandatory Put 05/01/18 @ 100), 0.46%, 20331		2,900		2,892
State of California, G.O. Public Imps. General Fund Bonds, 5.50%, 2018		100		111
State of California, G.O. Public Imps. Misc. Tax Bonds (NATL-RE Insured), 6.00%, 2020		5		5
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2017		950		1,022
State of California, G.O. Sales Tax Rev. Ref. Bonds, Series A (Pre-refunded with U.S. Treasury Obligations 07/01/19 @ 100), 5.25%, 2021		1,060		1,227
Stockton Public Fncg. Auth., Sewer Rev. Ref. Bonds (BAM Insured), 5.00%, 2021		750		885
Successor Agcy. to the Richmond County Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series A (BAM Insured), 5.00%, 2025		200		235
Suisun City Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series B (BAM Insured), 5.00%, 2022		400		479
Temecula Valley Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2027		1,720		2,015
Tuolumne Wind Project Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A:
5.00%, 2022		1,500		1,674
5.25%, 2024		100		112
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds:
5.00%, 2018		500		546
5.00%, 2020		610		706
5.00%, 2022		700		812
Tustin Unified School Dist., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2022		375		446
Union City Comm. Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A:
5.00%, 2023		375		456
5.00%, 2025		335		412
Univ. of California, College & Univ. Imps. Rev. Bonds, Series D (Pre-refunded with St. & Loc. Govt. Series to 05/15/16 @ 101) (NATL-RE FGIC Insured), 5.00%, 2023		130		135
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E, 5.00%, 2020		500		587
Vista Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series B1 (AGM Insured):
4.00%, 2025		400		453
5.00%, 2022		340		406
				277,164

Private Client Services Funds 39

Capital Group California Core Municipal Fund

Schedule of investments
October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
District of Columbia - 0.0%
Metropolitan Washington Airports Auth., Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 2017	$	100	$	108
				108
Florida - 0.2%
Citizens Prop. Insurance Corp., Misc. Rev. Bonds, Series A-1, 5.00%, 2019		500		565
				565
Guam - 0.8%
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series A:
5.00%, 2021		350		404
5.00%, 2022		710		826
Guam Intl. Airport Auth., Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2023		1,100		1,269
				2,499
Iowa - 0.1%
State of Iowa, General Fund Public Imps. Rev. Bonds, Series A, 5.00%, 2027		100		113
				113
Michigan - 0.0%
Michigan State Hospital Fin. Auth., Health Care Facs. Rev. Ref. Bonds, 5.25%, 2024		100		112
				112
Missouri - 0.1%
Missouri Housing Dev. Commission, Loc. or GTD Housing Rev. Bonds, (GNMA/FNMA Insured), 3.75%, 2038		350		379
				379
Oregon - 0.4%
Oregon State Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Mandatory Put 09/15/18 @ 100), 1.01%, 20221		1,000		1,002
Tri-County Metropolitan Trans. Dist., Transit Imps. Misc. Taxes Rev. Bonds, 4.00%, 2017		100		102
				1,104
Puerto Rico - 1.8%
Puerto Rico Highways & Trans. Auth., Highway Tolls Rev. Ref. Bonds, Series BB (AGM Insured), 5.25%, 2022		435		454
Puerto Rico Highways & Trans. Auth., Sales Tax Rev. Ref. Bonds, Series AA-1 (AGM Insured), 4.95%, 2026		1,405		1,403
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds:
3.00%, 2018		355		302
5.00%, 2016		350		347
5.00%, 2017		500		491
5.00%, 2019		500		491
5.00%, 2021		1,000		980

40 Private Client Services Funds

Capital Group California Core Municipal Fund

Schedule of investments
October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
Puerto Rico - continued
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2017	$	1,000	$	1,021
				5,489
Texas - 0.4%
City of Houston, Util. System, Water Rev. Ref. Bonds (Mandatory Put 06/01/17 @ 100), 0.76%, 20341		1,100		1,099
City of San Antonio, Energy Res. Auth. Imps. Rev. Bonds, Series A (Pre-refunded with U.S. Treasury Obligations to 02/01/16 @ 100), 5.00%, 2024		100		101
				1,200
U. S. Virgin Islands - 0.7%
Virgin Islands Public Fin. Auth., Misc. Rev. Ref. Bonds, Series B, 5.00%, 2024		500		566
Virgin Islands Public Fin. Auth., Misc. Rev. Ref. Bonds, Series B (AGM Insured), 5.00%, 2019		1,400		1,571
				2,137
Total bonds & notes (cost: $282,612,000)				290,870
Short-term securities - 3.5%
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series B, 0.01%, July 01, 20411		1,000		1,000
California Health Facs. Fncg. Auth., Special Assessment Rev. Ref. Bonds, 0.01%, September 01, 20381		500		500
California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, 0.01%, November 01, 20261		2,500		2,500
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series C, 0.01%, August 15, 20271		325		325
City of Irvine California, Public Imps. Special Assessment Bonds, Series A, 0.01%, September 02, 20291		603		603
City of Irvine California, Public Imps. Special Assessment Bonds, Series B, 0.01%, September 02, 20291		1,104		1,104
Illinois Fin. Auth., College & Univ. Imps. Rev. Bonds, 0.01%, August 01, 20441		1,700		1,700
Irvine Unified School Dist., Special Tax. School Imps. Bonds, 0.01%, September 01, 20511		2,493		2,493
Los Angeles Dept. of Water & Power, Energy Res. Auth. Rev. Ref. Bonds, Sub-Series B-6, 0.01%, July 01, 20341		300		300
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-3, 0.01%, July 01, 20351		150		150
Total short-term securities (cost: $10,675,000)				10,675
Total investment securities (cost: $293,287,000)				301,545
Other assets less liabilities				3,449
Net assets			$	304,994

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.

Private Client Services Funds 41

Capital Group California Core Municipal Fund

Schedule of investments
October 31, 2015

² Zero coupon bond; interest rate represents current yield to maturity.

Key to abbreviations
Agcy.	=	Agency
AGM	=	Assured Guaranty Municipal Corporation
AMBAC	=	American Municipal Bond Assurance Corporation
Auth.	=	Authority
BAM	=	Build America Mutual Assurance Company
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
Fncg.	=	Financing
FNMA	=	Federal National Mortgage Association
GNMA	=	Government National Mortgage Association
G.O.	=	General Obligation
Govt.	=	Government
GTD	=	Guaranteed
Imps.	=	Improvements
Ind.	=	Industrial
Intl.	=	International
Loc.	=	Local
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

See Notes to Financial Statements

42 Private Client Services Funds

Capital Group California Short-Term Municipal Fund

October 31, 2015

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, 2015, 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.

43

Capital Group California Short-Term Municipal Fund

Schedule of investments
October 31, 2015

	Principal
Bonds & notes - 95.4%	amount (000)		Value (000)
California - 92.4%
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 2016	$	500	$	501
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A, 5.00%, 2016		200		207
Abag Fin. Auth. for Nonprofit Corps., Health Care Facs. Rev. Ref. Bonds, Series A (CA Mtg. Ins.):
4.00%, 2016		400		406
5.00%, 2018		250		275
Abag Fin. Auth. for Nonprofit Corps., Special Tax Ref. Bonds, 4.00%, 2019		525		582
Alameda County Trans. Auth., Transit Imps. Rev. Bonds, 4.00%, 2018		500		540
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 05/01/23 @ 100):1
0.91%, 2045		500		491
0.91%, 2047		250		246
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 08/01/17 @ 100), 1.45%, 20451		750		758
Bay Area Toll Auth., Highway Tolls Rev. Bonds (Mandatory Put 10/01/19 @ 100), 0.71%, 20471		800		799
Bay Area Toll Auth., Highway Tolls Rev. Bonds, Series B (Mandatory Put 04/02/18 @ 100), 1.50%, 20471		600		608
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds:
4.00%, 2018		250		271
5.00%, 2017		400		426
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series G (Mandatory Put 04/01/20 @ 100), 0.61%, 20341		250		248
Bay Area Toll Auth., Highway Tolls Rev. Ref. Bonds, Series H (Mandatory Put 04/01/21 @ 100), 0.71%, 20341		250		247
Brea Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, 5.00%, 2019		700		800
Burbank Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds (BAM Insured):
5.00%, 2020		700		825
5.00%, 2022		500		605
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds:
4.00%, 2016		75		77
4.00%, 2017		100		104
5.00%, 2016		250		261
California Educ. Facs. Auth., College & Univ. Imps. Rev. Ref. Bonds, Series A, 3.00%, 2016		400		410
California Educ. Facs. Auth., College & Univ. Rev. Ref. Bonds:
4.00%, 2016		300		305
4.00%, 2017		200		210
4.00%, 2018		400		433
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds:
5.00%, 2017		510		548
5.00%, 2018		500		558
California Health Facs. Fncg. Auth., Health Care Facs. Imps. Rev. Bonds, Series B, 5.00%, 2016		200		208
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2016		225		226
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.):
4.00%, 2018		425		454
5.00%, 2019		500		560
5.00%, 2019		200		227
5.00%, 2020		150		173
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A:
4.00%, 2018		200		214
4.00%, 2019		500		544
4.00%, 2020		625		697
5.00%, 2016		250		262
5.00%, 2018		500		562
5.00%, 2019		525		608
5.00%, 2019		300		345

44 Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Schedule of investments
October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
California - continued
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series A-3, 4.00%, 2015	$	150	$	150
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series B (Mandatory Put 10/17/17 @ 100), 5.00%, 20431		1,075		1,164
California Health Facs. Fncg. Auth., Health Care Facs. Rev. Ref. Bonds, Series D (Mandatory Put 10/15/20 @ 100), 5.00%, 20431		500		586
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds (Mandatory Put 04/01/18 @ 100), 0.29%, 20471		500		496
California Infrastructure & Econ. Dev. Bank, Misc. Rev. Ref. Bonds, Series A-2 (Mandatory Put 04/03/17 @ 100), 0.29%, 20381		1,100		1,095
California Muni. Fin. Auth., College & Univ. Rev. Ref. Bonds, Series B, 4.00%, 2016		200		207
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series H (AGM Insured), 4.50%, 2017		200		212
California State Dept. of Water Ress., Energy Res. Auth. Rev. Ref. Bonds, Series N, 5.00%, 2018		500		555
California State Dept. of Water Ress., Water Rev. Ref. Bonds, Series AM, 5.00%, 2018		160		181
California State Public Works Board, Public Imps. Lease Rev. Bonds, Series A:
4.00%, 2019		400		440
5.00%, 2018		400		441
California State Public Works Board, Public Imps. Lease Rev. Bonds, Series I:
4.00%, 2017		210		224
4.00%, 2019		500		557
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B, 5.00%, 2017		475		516
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series B-1, 4.00%, 2016		400		405
California State Public Works Board, College & Univ. Imps. Lease Rev. Bonds, Series C-1, 5.00%, 2016		500		508
California State Public Works Board, Correctional Fac. Imps. Lease Rev. Bonds, Series A:
5.00%, 2018		250		279
5.00%, 2020		700		816
California State Public Works Board, Lease Rev. Ref. Bonds, 4.00%, 2018		425		460
California State Public Works Board, Lease Rev. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.00%, 2016		240		250
California State Univ., College & Univ. Rev. Ref. Bonds, Series A:
5.00%, 2016		400		419
5.00%, 2017		475		517
5.00%, 2018		400		451
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (AGM Insured), 5.25%, 2016		500		516
California Statewide Comms. Dev. Auth., Health Care Facs. Imps. Rev. Bonds, Series C (Mandatory Put 05/01/17 @ 100), 5.00%, 20291		600		641
California Statewide Comms. Dev. Auth., Health Care Facs. Nursing Homes Rev. Bonds (CA Mtg. Ins.), 2.50%, 2020		1,100		1,114
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, 5.00%, 2015		300		300
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds (CA Mtg. Ins.), 4.00%, 2019		160		178
California Statewide Comms. Dev. Auth., Health Care Facs. Rev. Ref. Bonds, Series B, 5.00%, 2020		625		722
California Statewide Comms. Dev. Auth., Misc. Rev. Ref. Bonds (AGM Insured), 5.00%, 2019		280		322
Carson Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A, 5.00%, 2018		700		775
Chino Public Fncg. Auth., Special Tax Ref. Bonds, Series A (AGM Insured), 4.00%, 2021		500		554
Chino Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured), 5.00%, 2017		500		539

Private Client Services Funds 45

Capital Group California Short-Term Municipal Fund

Schedule of investments
October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
California – continued
City & County of San Francisco, G.O. Public Imps. Prop. Tax Bonds:
5.00%, 2018	$	1,745	$	1,944
5.00%, 2019		380		436
City & County of San Francisco, Sewer Rev. Ref Bonds, Series A, 5.00%, 2018		500		563
City of Chula Vista, Energy Res. Auth. Rev. Ref. Bonds, Series A, 1.65%, 2018		1,100		1,101
City of Irvine California, Special Assessment Ref. Bonds:
4.00%, 2018		500		540
4.00%, 2019		300		330
City of Long Beach, Port, Airport & Marina Imps. Rev. Ref. Bonds, Series B, 4.00%, 2018		225		244
City of Long Beach, Port, Airport & Marina Rev. Ref. Bonds, Series C, 3.00%, 2018		1,425		1,522
City of Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, Series A, 5.00%, 2021		250		284
City of Los Angeles, Sewer Rev. Ref. Bonds, Series A, 4.00%, 2016		100		102
City of Santa Clara, Energy Res. Auth. Rev. Ref. Bonds, Series A, 5.00%, 2018		500		557
Concord Redv. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds:
5.00%, 2017		700		741
5.00%, 2018		600		657
County of El Dorado, Special Tax Ref. Bonds:
4.00%, 2018		450		485
5.00%, 2020		545		627
Desert Comm. College Dist., G.O. Prop. Tax Ref. Bonds, 4.00%, 2018		700		762
Elk Grove Fin. Auth., Special Tax Ref. Bonds, 5.00%, 2021		450		528
Emeryville Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds, Series A:
5.00%, 2018		500		558
5.00%, 2019		600		689
Glendale Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds (AGM Insured):
4.00%, 2019		600		666
5.00%, 2020		500		587
Golden State Tobacco Securitization Corp., Misc. Rev. Ref. Bonds, Series A:
5.00%, 2018		500		554
5.00%, 2019		500		571
Golden West Schools Fncg. Auth., Misc. Rev. Ref. Bonds, Series A (NATL-RE Insured), 0.00%, 20202		1,100		994
Hemet Unified School Dist, G.O. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2018		1,000		1,114
Imperial Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series C:
5.00%, 2016		300		315
5.00%, 2018		425		479
La Quinta Redev. Agcy. Successor Agcy., Tax Allocation Ref. Bonds, 4.00%, 2018		500		543
Long Beach Bond Fin. Auth., Misc. Rev. Ref. Bonds, 5.00%, 2018		700		786
Los Angeles County Redev. Auth., Tax Increment Allocation Ref. Bonds, Series S, 5.00%, 2019		1,000		1,148
Los Angeles County Redev. Auth., Tax Increment Allocation Rev. Ref. Bonds:
5.00%, 2018		1,100		1,237
5.00%, 2019		700		808
Los Angeles County Regional Fncg. Auth., Health Care Facs. Repayment of Bank Loan Rev. Bonds, Series B-3 (CA Mtg. Ins.), 2.50%, 2020		245		246
Los Angeles County Sanitation Dists. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A, 5.00%, 2017		770		837
Los Angeles Dept. of Airports, Port, Airport & Marina Rev. Ref. Bonds, Series C, 5.00%, 2021		400		475
Los Angeles Dept. of Water & Power, Energy Res. Auth. Imps. Rev. Bonds, Series A-2, 4.00%, 2016		1,000		1,026
Los Angeles Unified School Dist., G.O. Prop. Tax Ref. Bonds, Series C, 5.00%, 2019		1,100		1,263
Los Angeles Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series I, 5.00%, 2018		500		557
Merced Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds, Series A (AGM Insured), 4.00%, 2019		600		661

46 Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Schedule of investments
October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
California - continued
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-1 (Mandatory Put 03/27/18 @ 100), 0.39%, 20271	$	500	$	499
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series G-2 (Mandatory Put 10/01/17 @ 100), 3.00%, 20371		700		727
Milpitas Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, 4.00%, 2017		750		797
Oakland Redev. Successor Agcy., Tax Increment Allocation Ref. Bonds, 5.00%, 2018		500		555
Orange Comm. Facs. Dist., Special Tax Ref. Bonds:
3.00%, 2017		360		374
4.00%, 2018		300		324
Orange Redev. Agcy. Successor Agcy., Tax Increment Allocation Ref. Bonds:
5.00%, 2018		375		417
5.00%, 2019		200		229
5.00%, 2021		200		235
Oxnard Fncg. Auth., Sewer Rev. Ref. Bonds (AGM Insured), 5.00%, 2021		350		408
Rancho Cucamonga Redev. Agcy. Successor Agcy., Tax Allocation Ref. Bonds, 5.00%, 2019		370		426
Riverside County Redev. Successor Agcy., Tax Allocation Ref. Bonds, 5.00%, 2019		275		313
Riverside County Redev. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series B (AGM Insured), 4.00%, 2018		500		540
Riverside Redev. Successor Agcy., Tax Allocation Ref. Bonds, Series A, 5.00%, 2019		850		978
Riverside Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2021		285		337
Sacramento County Sanitation Dist. Fncg. Auth., Sewer Rev. Ref. Bonds, Series A, 5.00%, 2018		500		564
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series B, 5.00%, 2017		225		243
Sacramento Muni. Util. Dist., Energy Res. Auth. Rev. Ref. Bonds, Series X, 5.00%, 2017		250		270
Sacramento Regional Transit Dist., Transit Rev. Ref. Bonds, 5.00%, 2018		250		272
San Bernardino County Trans. Auth. Rev. Ref. Bonds, Series A, 4.00%, 2018		500		540
San Diego Comm. College Dist., G.O. Prop. Tax Ref. Bonds:
4.00%, 2017		400		425
5.00%, 2018		1,000		1,120
San Diego County Regional Airport Auth., Port, Airport & Marina Imps. Rev. Bonds, Sub-Series A:
5.00%, 2016		250		258
5.00%, 2017		650		697
5.00%, 2018		100		111
San Diego County Regional Trans. Commission., Sales Tax Rev. Ref. Bonds, Series A, 5.00%, 2018		300		332
San Diego County Water Auth., Water Rev. Certs. of Part. Ref. Bonds, Series A (NATL-RE FGIC Insured), 5.25%, 2018		500		556
San Diego County Water Auth., Water Rev. Ref. Bonds, Series A, 5.00%, 2017		850		909
San Diego County Water Auth., Water Rev. Ref. Bonds, Series S-1, 5.00%, 2016		175		180
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series B, 5.00%, 2016		200		205
San Francisco City & County Airports Commission, Port, Airport & Marina Rev. Ref. Bonds, Series D, 5.00%, 2018		500		554
San Francisco City & County Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series C, 5.00%, 2020		500		585
San Francisco Municipal Trans. Agcy., Transit Rev. Ref. Bonds, 4.00%, 2018		245		264
San Francisco Unified School Dist., G.O. School Imps. Prop. Tax Bonds, Series A, 5.00%, 2018		500		557
San Jose Redev. Agcy., Tax Increment Allocation Ref. Bonds, 4.00%, 2016		300		308
San Jose Unified School Dist., G.O. Prop. Tax Ref. Bonds:
4.00%, 2018		300		327
4.00%, 2019		475		529
San Mateo Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds, 4.00%, 2020		775		876
San Ramon Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Sub-Series A (BAM Insured), 5.00%, 2021		340		400

Private Client Services Funds 47

Capital Group California Short-Term Municipal Fund

Schedule of investments
October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
California - continued
Sonoma-Marin Area Rail Transit Dist. Rev. Bonds, Series A, 5.00%, 2018	$	750	$	826
South Placer Wastewater Auth., Sewer Rev. Ref. Bonds, 0.34%, 20171		1,075		1,068
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds:
5.00%, 2016		200		206
5.00%, 2017		750		807
5.00%, 2018		200		223
Southern California Public Power Auth., Energy Res. Auth. Imps. Rev. Bonds, Series A:
4.00%, 2016		150		154
5.00%, 2017		775		833
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, 5.00%, 2018		350		390
Southern California Public Power Auth., Energy Res. Auth. Rev. Ref. Bonds, Series A:
5.00%, 2016		705		728
5.00%, 2019		600		689
Southern California Public Power Auth., Misc. Rev. Ref. Bonds, Series A, 5.00%, 2018		300		334
State of California Dept. of Water Res., Rev. Ref. Bonds, Series AU (Mandatory Put 09/01/17 @ 100), 0.63%, 20351		1,050		1,050
State of California, G.O. General Fund Public Imps. Bonds (Mandatory Put 12/01/17 @ 100), 4.00%, 20271		500		526
State of California, G.O. General Fund Public Imps. Bonds, Series E (Mandatory Put 12/03/18 @ 100), 0.965%, 20291		500		503
State of California, G.O. General Fund Ref. Bonds:
5.00%, 2018		1,000		1,097
5.00%, 2019		650		736
5.00%, 2021		500		597
State of California, G.O. General Fund Ref. Notes:
2.00%, 2016		1,000		1,014
5.00%, 2019		900		1,043
State of California, G.O. Misc. Rev. Ref. Bonds, 1.35%, 2019		425		426
State of California, G.O. Misc. Rev. Ref. Bonds, Series A (Mandatory Put 05/01/18 @ 100), 0.46%, 20331		1,500		1,496
State of California, G.O. Prop. Tax Ref. Bonds, Series B, 0.76%, 20171		400		402
State of California, G.O. Public Imps. Misc. Rev. Bonds:
4.00%, 2018		570		622
5.50%, 2019		2,050		2,366
Stockton Public Fncg. Auth., Sewer Rev. Ref. Bonds (BAM Insured), 5.00%, 2020		500		583
Successor Agcy. Rancho Mirage Redev. Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured):
4.00%, 2016		340		345
4.00%, 2017		350		365
Successor Agcy. to the Richmond County Redev. Agcy., Tax Increment Allocation Ref. Bonds, Series A (BAM Insured), 5.00%, 2019		525		595
Suisun City Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series B (BAM Insured):
5.00%, 2019		675		775
5.00%, 2021		500		591
Temecula Valley Unified School Dist. Fncg. Auth., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2021		515		610
Turlock Irrigation Dist., Energy Res. Auth. Rev. Ref. Bonds:
4.00%, 2018		250		268
5.00%, 2017		300		316
Tustin Unified School Dist., Special Tax Ref. Bonds (BAM Insured), 5.00%, 2020		275		319
Union City Comm. Redev. Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series A, 5.00%, 2021		235		280
Univ. of California, College & Univ. Rev. Ref. Bonds, Series E, 5.00%, 2016		200		205

48 Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Schedule of investments
October 31, 2015

	Principal
Bonds & notes - continued	amount (000)		Value (000)
California - continued
Vista Redev. Agcy. Successor Agcy., Tax Increment Allocation Rev. Ref. Bonds, Series B1 (AGM Insured):
5.00%, 2020	$	275	$	321
5.00%, 2021		265		314
Walnut Energy Center Auth., Energy Res. Auth. Rev. Ref. Bonds, 4.00%, 2018		300		321
				103,533
Guam - 0.3%
Territory of Guam, Cash Flow Mgmt., Misc. Rev. Bonds, Series A, 5.00%, 2017		300		314
				314
Illinois - 0.5%
Illinois State Toll Highway Auth., Highway Tolls Rev. Ref. Bonds, Series B, 5.00%, 2017		500		543
				543
Louisiana - 0.1%
Louisiana Housing Fin. Agcy., Loc. or GTD Housing Rev. Bonds (GNMA/FNMA COLL Insured),
4.60%, 2028		125		135
				135
Massachusetts - 0.2%
Commonwealth of Massachusetts, G.O. Misc. Tax Public Imps. Rev. Bonds, Series D, 0.44%, 20181		175		174
				174
Puerto Rico - 1.1%
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Imps. Rev. Ref. Bonds, 5.00%, 2018		800		785
Puerto Rico Ind. Tourist Educ. Medical & Environmental Control Facs. Fncg. Auth., College & Univ. Rev. Ref. Bonds:
5.00%, 2016		200		198
5.00%, 2017		250		246
				1,229
U. S. Virgin Islands - 0.8%
Virgin Islands Public Fin. Auth., Misc. Rev. Ref. Bonds, Series B (AGM Insured), 5.00%, 2019		800		898
				898
Total bonds & notes (cost: $105,509,000)				106,826
Short-term securities - 3.0%
California Pollution Control Fncg. Auth., Energy Res. Auth. Rev. Ref. Bonds, 0.01%, 20261		2,800		2,800
City of Irvine California, Public Imps. Special Assessment Bonds, Series A, 0.01%, September 02, 20291		500		500

Private Client Services Funds 49

Capital Group California Short-Term Municipal Fund

Schedule of investments
October 31, 2015

	Principal
Short-term securities - continued	amount (000)		Value (000)
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series B-3, 0.01%, July 01, 20351	$	100	$	100
Total short-term securities (cost: $3,400,000)				3,400
Total investment securities (cost: $108,909,000)				110,226
Other assets less liabilities				1,775
Net assets			$	112,001

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	Zero coupon bond; interest rate represents current yield to maturity.

Key to abbreviations
Agcy.	=	Agency
AGM	=	Assured Guaranty Municipal Corporation
Auth.	=	Authority
BAM	=	Build America Mutual Assurance Company
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
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
Trans.	=	Transportation
Univ.	=	University
Util.	=	Utility

See Notes to Financial Statements

50 Private Client Services Funds

Capital Group Core Bond Fund

October 31, 2015

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, 2015, 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.

51

Capital Group Core Bond Fund

Schedule of investments

October 31, 2015

Bonds, notes & other debt investments - 88.7%	Principal amount (000)		Value (000)
U.S. government & government agency bonds & notes - 45.8%
Fannie Mae:
0.375%, 2016	$	1,000	$	1,000
1.25%, 2016		1,000		1,007
1.00%, 2017		4,645		4,646
0.875%, 2018		500		499
1.75%, 2019		1,545		1,567
2.625%, 2024		430		441
Federal Home Loan Banks:
1.00%, 2017		600		603
0.625%, 2017		1,225		1,221
1.875%, 2020		2,910		2,955
Freddie Mac:
4.75%, 2016		2,000		2,019
2.50%, 2016		1,000		1,012
1.00%, 2017		350		352
1.00%, 2017		145		145
U.S. Treasury Bonds:
7.625%, 2025		750		1,102
3.625%, 2044		1,000		1,144
U.S. Treasury Inflation Indexed Bonds:
0.25%, 2025		1,006		969
2.00%, 2026		600		676
0.75%, 2045		203		180
U.S. Treasury Inflation Indexed Notes:
0.125%, 2016		1,074		1,068
2.375%, 2017		390		401
0.125%, 2020		11,688		11,611
0.375%, 2023		512		505
0.375%, 2025		8,427		8,234
U.S. Treasury Notes:
4.50%, 2016		500		506
2.625%, 2016		5,075		5,116
1.50%, 2016		3,650		3,680
0.625%, 2016		1,000		1,002
1.00%, 2016		1,000		1,005
4.625%, 2017		4,000		4,209
1.00%, 2017		1,000		1,006
0.875%, 2017		1,000		1,004
4.50%, 2017		26,110		27,659
8.75%, 2017		490		551
0.875%, 2017		1,000		1,003
0.75%, 2018		500		498
3.875%, 2018		1,000		1,075
1.375%, 2018		250		253
1.25%, 2018		500		503
3.75%, 2018		3,800		4,109
1.50%, 2018		1,000		1,012
1.25%, 2019		500		501
1.50%, 2019		2,750		2,775
1.625%, 2019		1,000		1,012
1.625%, 2019		750		759
1.00%, 2019		500		494
1.75%, 2019		2,000		2,032

52 Private Client Services Funds

Capital Group Core Bond Fund

Schedule of investments
October 31, 2015

	Principal
Bonds, notes & other debt investments - continued		amount (000)		Value (000)
U.S. government & government agency bonds & notes - continued
1.50%, 2019	$	1,000	$	1,006
1.625%, 2019		500		505
1.375%, 2020		4,615		4,600
1.375%, 2020		1,000		995
1.625%, 2020		3,215		3,235
1.375%, 2020		8,130		8,088
2.00%, 2020		1,000		1,021
3.125%, 2021		2,000		2,153
1.875%, 2021		500		503
2.125%, 2021		1,000		1,019
1.50%, 2022		1,750		1,718
1.75%, 2022		2,000		1,990
1.875%, 2022		2,000		2,003
2.125%, 2022		3,000		3,051
2.00%, 2023		2,000		2,011
1.75%, 2023		1,000		984
2.50%, 2023		1,050		1,090
2.75%, 2023		2,250		2,376
2.75%, 2024		5,000		5,274
2.25%, 2024		500		506
2.00%, 2025		2,000		1,978
2.00%, 2025		2,000		1,975
Total U.S. government & government agency bonds & notes				153,202
Mortgage-backed obligations - 12.0%
Federal agency mortgage-backed obligations - 7.1%
Fannie Mae:
4.50%, 2019		52		54
4.50%, 2020		318		332
3.50%, 2025		3,417		3,613
5.50%, 2037		13		15
5.50%, 2038		693		776
5.00%, 2041		1,084		1,206
5.00%, 2041		275		305
6.00%, 2045, TBA		250		283
Freddie Mac:
1.873%, 2018		50		50
3.974%, 2021		524		574
2.791%, 2022		1,320		1,360
2.373%, 2022		500		504
2.811%, 2025		710		717
3.50%, 2034		2,839		2,975
3.00%, 2035		365		377
3.00%, 2035		2,665		2,728
6.00%, 2037		41		47
3.50%, 2045, TBA		2,000		2,077
Ginnie Mae:
4.50%, 2040		110		120
4.00%, 2044		2,793		2,976
5.616%, 2059		339		353
1.203%, 20621		677		683
5.075%, 2064		283		300

Private Client Services Funds 53

Capital Group Core Bond Fund

Schedule of investments
October 31, 2015

	Principal
Bonds, notes & other debt investments - continued		amount (000)		Value (000)
Mortgage-backed obligations - continued
Federal agency mortgage-backed obligations - continued
6.64%, 2064	$	1,150	$	1,230
				23,655
Commercial mortgage-backed securities - 4.9%
Commercial Mortgage Trust, 5.292%, 2046		327		338
Core Industrial Trust, Series 144A, 3.04%, 20342		1,335		1,357
Credit Suisse Commercial Mortgage Trust:
5.467%, 2039		1,191		1,214
5.695%, 20401		696		727
DBUBS Mortgage Trust, Series 144A:2
3.386%, 2044		606		611
3.742%, 2046		456		458
Freddie Mac Structured Agency Credit Risk Debt Notes:1
1.197%, 2024		206		206
1.297%, 2025		242		241
Greenwich Capital Commercial Funding Corp., 5.444%, 2039		296		307
Hilton USA Trust, Series 144A:2
2.662%, 2030		480		481
3.367%, 2030		725		728
JPMorgan Chase Commercial Mortgage Securities Trust:
5.44%, 2045		650		666
5.695%, 20491		646		675
5.85%, 20511		315		336
LB-UBS Commercial Mortgage Trust:
5.387%, 2040		621		650
5.493%, 20401		680		707
5.854%, 20441		312		331
6.162%, 20451		500		542
Merrill Lynch Mortgage Trust, 5.8373%, 20501		730		760
ML-CFC Commercial Mortgage Trust, 5.8772%, 20491		550		579
Morgan Stanley Bank of America Merrill Lynch Trust, 3.383%, 2048		675		696
Morgan Stanley Capital I Trust, 5.319%, 2043		432		446
Wachovia Bank Commercial Mortgage Trust:
5.342%, 2043		1,650		1,707
5.466%, 20451		510		511
5.591%, 20471		510		534
5.713%, 20491		725		753
				16,561
Total mortgage-backed obligations				40,216
Corporate bonds & notes - 22.5%
Banks - 2.8%
Bank of America Corp.:
2.625%, 2020		735		733
3.875%, 2025		1,430		1,458
Barclays Bank PLC, 2.50%, 2019		1,100		1,118
BB&T Corp.:
2.05%, 2018		500		504

54 Private Client Services Funds

Capital Group Core Bond Fund

Schedule of investments
October 31, 2015

	Principal
Bonds, notes & other debt investments - continued		amount (000)		Value (000)
Corporate bonds & notes - continued
Banks - continued
2.625%, 2020	$	385	$	391
BNP Paribas SA, 0.8143%, 20171		520		520
Citigroup, Inc.:
2.65%, 2020		510		509
4.45%, 2027		390		392
JP Morgan Chase & Co.:
3.20%, 2023		125		125
3.90%, 2025		775		796
Morgan Stanley:
2.125%, 2018		300		303
4.00%, 2025		440		454
The Bank of New York Mellon Corp., 2.10%, 2019		500		504
The Goldman Sachs Group, Inc.:
2.60%, 2020		510		512
3.75%, 2025		690		696
4.25%, 2025		290		292
4.75%, 2045		175		178
				9,485
Electric - 2.4%
Berkshire Hathaway Energy Co., 5.75%, 2018		300		330
CMS Energy Corp., 3.875%, 2024		400		413
Duke Energy Corp.:
3.95%, 2023		165		173
3.75%, 2024		730		756
Exelon Corp., 3.95%, 2025		960		971
Pacific Gas & Electric Co., 2.45%, 2022		300		288
PacifiCorp, 5.65%, 2018		755		833
Progress Energy, Inc., 7.05%, 2019		930		1,070
PSEG Power LLC, 2.75%, 2016		250		254
Public Service Co. of Colorado, 3.20%, 2020		300		313
Southern California Edison Co., 1.125%, 2017		430		430
Tampa Electric Co., 2.60%, 2022		350		340
Virginia Electric and Power Co.:
1.20%, 2018		620		616
2.95%, 2022		300		302
3.10%, 2025		1,020		1,023
				8,112
Pharmaceuticals - 2.2%
Abbvie, Inc.:
2.50%, 2020		1,215		1,203
2.90%, 2022		175		170
3.20%, 2022		165		164
3.60%, 2025		720		710
Actavis Funding SCS:
3.00%, 2020		485		489
3.45%, 2022		840		836
3.80%, 2025		850		844
EMD Finance LLC, Series 144A, 3.25%, 20252		1,165		1,128

Private Client Services Funds 55

Capital Group Core Bond Fund

Schedule of investments
October 31, 2015

	Principal
Bonds, notes & other debt investments - continued	amount (000)		Value (000)
Corporate bonds & notes - continued
Pharmaceuticals - continued
Mckesson Corp.:
0.95%, 2015	$	45	$	45
3.25%, 2016		310		312
Merck & Co., Inc.:
1.10%, 2018		250		250
2.80%, 2023		250		252
Novartis Securities Investment Ltd., 5.125%, 2019		300		333
Pfizer, Inc., 0.6372%, 20181		500		499
				7,235
Oil & gas - 1.7%
Anadarko Petroleum Corp., 6.375%, 2017		250		269
Chevron Corp.:
0.889%, 2016		500		501
2.411%, 2022		475		471
Devon Energy Corp., 2.25%, 2018		225		225
Ensco PLC, 5.20%, 2025		50		42
Exxon Mobil Corp., 0.4872%, 20191		1,115		1,111
Husky Energy, Inc., 7.25%, 2019		250		286
Noble Holding International Ltd., 5.95%, 2025		430		346
Phillips 66, 4.30%, 2022		290		308
Shell International Finance BV, 2.125%, 2020		860		863
Statoil ASA:
2.45%, 2023		540		522
3.25%, 2024		280		280
Total Capital International SA, 2.875%, 2022		230		232
Woodside Finance Ltd., Series 144A, 4.60%, 20212		185		191
				5,647
Pipelines - 1.6%
Boardwalk Pipelines LP, 4.95%, 2024		460		422
Enbridge Energy Partners LP:
4.375%, 2020		605		613
5.875%, 2025		230		232
Enbridge, Inc.:
5.60%, 2017		790		823
4.00%, 2023		505		467
EnLink Midstream Partners LP, 4.40%, 2024		220		207
Enterprise Products Operating LLC, 3.70%, 2026		80		76
Kinder Morgan Energy Partners LP, 4.25%, 2024		430		385
Kinder Morgan, Inc., 4.30%, 2025		750		681
Spectra Energy Partners LP, 2.95%, 2018		500		505
TC PipeLines LP, 4.375%, 2025		415		392
Williams Partners LP, 4.50%, 2023		535		490
				5,293
Insurance - 1.5%
ACE INA Holdings, Inc.:
2.30%, 2020		275		275

56 Private Client Services Funds

Capital Group Core Bond Fund

Schedule of investments
October 31, 2015

	Principal
Bonds, notes & other debt investments - continued		amount (000)		Value (000)
Corporate bonds & notes - continued
Insurance - continued
2.875%, 2022	$	145	$	145
3.35%, 2024		400		404
3.35%, 2026		150		151
4.35%, 2045		205		209
American International Group, Inc.:
2.30%, 2019		495		499
4.125%, 2024		360		381
Berkshire Hathaway Finance Corp., 2.00%, 2018		750		765
Prudential Financial, Inc.:
1.101%, 20181		570		572
2.30%, 2018		350		356
QBE Insurance Group Ltd., Series 144A, 2.40%, 20182		1,125		1,130
				4,887
REITS - 1.1%
Corporate Office Properties LP, 5.25%, 2024		225		230
DCT Industrial Operating Partnership LP, 4.50%, 2023		500		504
DDR Corp.:
3.625%, 2025		300		285
4.25%, 2026		375		374
ERP Operating LP, 4.625%, 2021		350		382
Essex Portfolio LP, 3.50%, 2025		490		476
Kimco Realty Corp.:
5.584%, 2015		325		326
3.40%, 2022		90		90
Prologis LP:
2.75%, 2019		360		366
3.75%, 2025		335		333
UDR, Inc., 3.70%, 2020		400		416
				3,782
Auto Manufacturers - 1.0%
Daimler Finance North America LLC, Series 144A:2
1.189%, 20181		350		349
3.30%, 2025		250		247
Ford Motor Credit Co. LLC:
3.157%, 2020		550		557
3.219%, 2022		205		204
General Motors Co., 4.00%, 2025		235		231
General Motors Financial Co., Inc.:
3.10%, 2019		975		980
4.30%, 2025		535		546
Toyota Motor Credit Corp., 1.45%, 2018		350		351
				3,465
Agriculture - 0.8%
Altria Group, Inc.:
2.85%, 2022		250		247
2.95%, 2023		200		197

Private Client Services Funds 57

Capital Group Core Bond Fund

Schedule of investments
October 31, 2015

	Principal
Bonds, notes & other debt investments - continued	amount (000)		Value (000)
Corporate bonds & notes - continued
Agriculture - continued
4.00%, 2024	$	580	$	612
Philip Morris International, Inc., 3.375%, 2025		630		644
Reynolds American, Inc.:
2.30%, 2018		120		122
4.00%, 2022		70		73
4.45%, 2025		430		451
5.70%, 2035		30		33
5.85%, 2045		220		245
				2,624
Media - 0.8%
21st Century Fox America, Inc.:
4.50%, 2021		350		380
3.70%, 20252		205		205
CBS Corp., 1.95%, 2017		200		201
Comcast Corp., 3.375%, 2025		300		306
NBCUniversal Media LLC, 5.15%, 2020		350		396
The Walt Disney Co., 5.50%, 2019		300		337
Viacom, Inc.:
2.50%, 2018		350		352
3.875%, 2024		380		361
				2,538
Diversified financial services - 0.7%
American Express Co., 0.9191%, 20181		500		500
GE Capital International Funding Co., Series 144A, 0.964%, 20162		838		838
Intercontinental Exchange, Inc., 4.00%, 2023		970		1,004
				2,342
Healthcare-services - 0.7%
Aetna, Inc., 1.50%, 2017		350		351
Anthem, Inc.:
2.30%, 2018		285		286
4.35%, 2020		300		320
Laboratory Corp. of America Holdings, 4.70%, 2045		210		194
UnitedHealth Group, Inc.:
1.40%, 2017		250		251
3.35%, 2022		380		394
3.75%, 2025		460		480
				2,276
Healthcare-products - 0.6%
Becton Dickinson & Co., 3.734%, 2024		390		400
Medtronic, Inc., 3.50%, 2025		500		513
St. Jude Medical, Inc., 3.875%, 2025		130		132
Zimmer Biomet Holdings, Inc.:
3.15%, 2022		470		467

58 Private Client Services Funds

Capital Group Core Bond Fund

Schedule of investments
October 31, 2015

	Principal
Bonds, notes & other debt investments - continued	amount (000)		Value (000)
Corporate bonds & notes - continued
Healthcare-products - continued
3.55%, 2025	$	610	$	602
				2,114
Beverages - 0.6%
Pernod-Ricard SA, Series 144A, 2.95%, 20172		800		813
SABMiller Holdings, Inc., Series 144A, 2.45%, 20172		745		754
The Coca-Cola Co., 1.50%, 2015		350		350
				1,917
Biotechnology - 0.6%
Celgene Corp.:
2.125%, 2018		200		202
2.875%, 2020		120		121
3.55%, 2022		90		91
3.625%, 2024		155		155
3.875%, 2025		600		603
Gilead Sciences, Inc.:
3.05%, 2016		80		82
3.25%, 2022		325		331
3.50%, 2025		320		324
				1,909
Real Estate - 0.6%
American Campus Communities Operating Partnership LP:
3.75%, 2023		300		296
4.125%, 2024		400		400
Scentre Group Trust 1 / Scentre Group Trust 2, Series 144A:2
2.375%, 2019		100		99
3.50%, 2025		250		243
WEA Finance LLC, Series 144A:2
2.70%, 2019		475		474
3.25%, 2020		355		359
				1,871
Telecommunications - 0.5%
AT&T, Inc., 2.40%, 2016		200		203
Verizon Communications, Inc.:
5.15%, 2023		940		1,048
4.272%, 2036		500		457
				1,708
Computers - 0.5%
Apple, Inc.:
2.00%, 2020		800		803
2.70%, 2022		800		808
				1,611

Private Client Services Funds 59

Capital Group Core Bond Fund

Schedule of investments
October 31, 2015

	Principal
Bonds, notes & other debt investments - continued	amount (000)		Value (000)
Corporate bonds & notes – continued
Retail - 0.5%
CVS Health Corp., 4.00%, 2023	$	200	$	212
Starbucks Corp., 2.00%, 2018		190		193
Target Corp., 6.00%, 2018		705		776
The Home Depot, Inc., 4.40%, 2021		350		389
				1,570
Cosmetics/Personal Care - 0.2%
The Procter & Gamble Co., 1.80%, 2015		790		790
				790
Software - 0.2%
Oracle Corp.:
1.20%, 2017		250		251
2.375%, 2019		500		510
				761
Environmental Control - 0.2%
Republic Services, Inc., 5.00%, 2020		350		387
Waste Management, Inc., 4.60%, 2021		300		327
				714
Aerospace/Defense - 0.2%
Airbus Finance BV, Series 144A, 2.70%, 20232		300		292
The Boeing Co., 0.95%, 2018		350		347
				639
Chemicals - 0.1%
Ecolab, Inc., 3.00%, 2016		180		184
Ei Du Pont De Nemours & Co., 2.80%, 2023		350		338
				522
Miscellaneous manufacturing - 0.1%
Danaher Corp., 2.30%, 2016		200		202
General Electric Co., 2.70%, 2022		300		301
				503
Commercial Services - 0.1%
Catholic Health Initiatives, 1.60%, 2017		350		350
				350
Office/Business Equip - 0.1%
Xerox Corp., 2.95%, 2017		250		253
				253

60 Private Client Services Funds

Capital Group Core Bond Fund

Schedule of investments
October 31, 2015

	Principal
Bonds, notes & other debt investments - continued	amount (000)		Value (000)
Corporate bonds & notes - continued
Mining - 0.1%
Teck Resources Ltd., 3.15%, 2017	$	260	$	248
				248
Transportation - 0.0%
Canadian National Railway Co., 5.55%, 2018		50		55
				55
Total corporate bonds & notes				75,221
Municipals - 2.3%
City of Detroit, G.O. Public Imps. Prop. Tax Bonds (NATL-RE Insured), 5.375%, 2018		109		109
City of Detroit, G.O. Public Imps. Prop. Tax Ref. Bonds (AGM Insured), 5.00%, 2016		8		8
City of Detroit, G.O. Public Imps. Prop. Tax Ref. Bonds (Assured GTY Insured), 5.00%, 2022		8		8
County of Harris, Highway Tolls Rev. Ref. Bonds, 1.061%, 2016		1,000		1,001
Energy Northwest, Energy Res. Auth. Rev. Ref. Bonds, 2.814%, 2024		500		497
Hurricane Catastrophe Fund Fin. Corp., Misc. Rev. Bonds, Series A, 2.995%, 2020		3,000		3,060
Industry Public Facs. Auth., Tax Increment Allocation Rev. Ref. Bonds (AGM Insured):
2.203%, 2018		500		503
3.139%, 2020		805		818
Michigan Fin. Auth., Public Imps. Misc. Rev. Bonds, Series G (AGM Insured), 5.00%, 2016		42		42
Michigan Fin. Auth., Public Imps. Misc. Rev. Bonds, Series G (Assured GTY Insured), 5.00%, 2022		42		44
Michigan Fin. Auth., Public Imps. Misc. Rev. Bonds, Series G (NATL-RE Insured), 5.375%, 2018		591		593
New Jersey Econ. Dev. Auth., Appropriations Rev. Ref. Bonds, Series YY, 4.447%, 2020		650		651
New Jersey Trans. Trust Fund Auth., Appropriations Rev. Ref. Bonds, Series B, 1.758%, 2018		350		343
Total municipals				7,677
Government & government agency bonds & notes outside the U.S. - 0.6%
Sovereign - 0.6%
Mexico Government International Bond, 4.00%, 2023		450		466
Province of Manitoba Canada, 3.05%, 2024		200		205
Province of Ontario Canada, 3.20%, 2024		500		522
Ukraine Government AID Bonds, 1.844%, 2019		875		884
				2,077
Total government & government agency bonds & notes outside the U.S.				2,077
Asset-backed obligations - 5.5%
AmeriCredit Automobile Receivables Trust, 1.15%, 2019		355		354
Avis Budget Rental Car Funding AESOP LLC, Series 144A:2
1.92%, 2019		1,000		995
2.97%, 2020		1,340		1,380
2.50%, 2021		770		773
California Republic Auto Receivables Trust:
1.82%, 2020		775		775
2.51%, 2021		270		270
Capital One Multi-Asset Execution Trust, 1.60%, 2021		580		582
CarMax Auto Owner Trust:
1.16%, 2019		500		499

Private Client Services Funds 61

Capital Group Core Bond Fund

Schedule of investments
October 31, 2015

	Principal
Bonds, notes & other debt investments - continued	amount (000)		Value (000)
Asset-backed obligations - continued
1.38%, 2019	$	655	$	655
1.37%, 2020		450		449
Chase Issuance Trust, 0.6258%, 20201		480		480
Chesapeake Funding LLC, Series 144A, 0.6138%, 20261,2		162		162
Chrysler Capital Auto Receivables Trust, Series 144A, 1.22%, 20192		640		640
Citibank Credit Card Issuance Trust, 1.3448%, 20201		540		549
Discover Card Execution Note Trust:
0.546%, 20201		1,165		1,162
2.12%, 2021		655		663
Drive Auto Receivables Trust, Series 144A, 0.93%, 20172		509		509
Enterprise Fleet Financing LLC, Series 144A, 1.05%, 20202		668		666
Ford Credit Auto Lease Trust, 1.10%, 2017		165		165
Ford Credit Auto Owner Trust, Series 144A:2
2.26%, 2025		565		571
2.12%, 2026		315		317
Hertz Fleet Lease Funding LP, Series 144A:1,2
0.597%, 2028		438		437
0.953%, 2028		300		299
Hertz Vehicle Financing LLC, 2.73%, 2021		1,048		1,052
Hertz Vehicle Financing LLC, Series 144A, 1.12%, 20172		1,600		1,597
Octagon Investment Partners XV Ltd., Series 144A, 1.6052%, 20251,2		800		792
Santander Drive Auto Receivables Trust:
0.87%, 2018		183		182
1.27%, 2019		775		775
Trade MAPS 1 Ltd., Series 144A:1,2
0.896%, 2018		430		429
1.446%, 2018		250		249
Total asset-backed obligations				18,428
Total bonds, notes & other debt investments (cost: $295,466,000)				296,821
Short-term securities - 9.3%
Chariot Funding LLC, 0.39%, December 8, 20153		2,200		2,199
Chevron Corp., 0.17%, January 19, 20163		7,200		7,196
Federal National Mortgage Association, 0.15%, November 17, 20153		7,000		7,000
General Electric Co., 0.08%, November 2, 20153		5,000		5,000
National Rural Utilities Cooperative Finance Corp., 0.14%, November 23, 20153		4,400		4,400
United Technologies, 0.20%, November 25, 20153		2,500		2,500
Wal-Mart Stores, Inc., 0.09%, November 16, 20153		2,600		2,600
Total short-term securities (cost: $30,895,000)				30,895
Total investment securities (cost: $326,361,000)				327,716
Other assets less liabilities				6,838
Net assets			$	334,554

¹ Indicates a variable rate security. The interest rate shown reflects the rate in effect at October 31, 2015.

62 Private Client Services Funds

Capital Group Core Bond Fund

Schedule of investments
October 31, 2015

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, 2015, the aggregate market value of these securities amounted to $20,573,000, representing 6.15% of net assets.
3	Zero coupon bond; interest rate represents current yield to maturity.

Key to abbreviations
AGM	=	Assured Guaranty Municipal Corporation
Auth.	=	Authority
Co.	=	Company
Corp.	=	Corporation
Econ.	=	Economic
Facs.	=	Facilities
G.O.	=	General Obligation
GTY	=	Guaranty
Imps.	=	Improvements
Inc.	=	Incorporated
Ltd.	=	Limited
Misc.	=	Miscellaneous
NATL-RE	=	National Reinsurance
Prop.	=	Property
Ref.	=	Refunding
REITS	=	Real Estate Investment Trusts
Rev.	=	Revenue
TBA	=	To be announced

See Notes to Financial Statements

Private Client Services Funds 63

Capital Group Global Equity Fund

October 31, 2015

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, 2015, 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

64

Capital Group Global Equity Fund

October 31, 2015

Investment portfolio - country diversification

Country	(percent of net assets)
United States		45.3	%
Britain		13.0
Japan		8.1
France		6.8
Switzerland		5.6
Hong Kong		3.1
Singapore		2.1
Germany		1.9
Denmark		1.7
Finland		1.6
Netherlands		1.6
Sweden		1.5
Ireland		1.3
Taiwan		0.8
Canada		0.8
Spain		0.6
India		0.5
Luxembourg		0.2
Norway		0.2
Australia		0.2
Macau		0.1
Short-term securities & other assets less liabilities		3.0

65

Capital Group Global Equity Fund

Schedule of investments
October 31, 2015

Common Stocks - 97.0%	Shares		Value (000)
Financials - 17.6%
Sampo Oyj, A Shares		161,177	$	7,863
AIA Group Ltd.		1,267,400		7,393
CME Group, Inc.		68,000		6,424
The Goldman Sachs Group, Inc.		31,600		5,925
American Tower Corp.		44,800		4,580
Marsh & McLennan Cos., Inc.		81,600		4,549
Moody’s Corp.		41,900		4,029
Wells Fargo & Co.		72,080		3,903
Deutsche Wohnen AG		124,888		3,522
JPMorgan Chase & Co.		52,300		3,360
Lloyds Banking Group PLC		2,738,100		3,107
Iron Mountain, Inc.		95,670		2,931
PacWest Bancorp		57,890		2,607
HDFC Bank Ltd. (ADR)		41,500		2,537
The PNC Financial Services Group, Inc.		26,900		2,428
CaixaBank SA		591,407		2,265
Aberdeen Asset Management PLC		422,100		2,252
ACE Ltd.		19,770		2,245
DBS Group Holdings Ltd.		174,975		2,155
BNP Paribas SA		34,973		2,121
Mercury General Corp.		38,750		2,093
Svenska Handelsbanken AB, A Shares		149,259		2,024
Crown Castle International Corp.		22,750		1,944
Aon PLC		19,600		1,829
DNB ASA		80,566		1,022
Credit Suisse Group AG1		40,410		1,006
Prudential PLC		42,900		1,001
UBS Group AG1		21,927		438
				87,553
Information Technology - 16.7%
Keyence Corp.1		15,000		7,785
Murata Manufacturing Co. Ltd.		38,000		5,389
Visa, Inc., A Shares		66,800		5,182
ASML Holding NV		54,416		5,045
Hamamatsu Photonics K.K.		181,400		4,638
Avago Technologies Ltd.		34,900		4,297
Microsoft Corp.		78,900		4,153
Apple, Inc.		34,694		4,146
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		178,680		3,924
Texas Instruments, Inc.		66,115		3,750
Paychex, Inc.		69,570		3,588
Xilinx, Inc.		70,600		3,362
Alphabet, Inc., Class C1		4,422		3,143
Jack Henry & Associates, Inc.		40,511		3,133
Gemalto NV		44,172		2,768
VeriSign, Inc.1		31,775		2,561
Automatic Data Processing, Inc.		29,342		2,552
Broadcom Corp., Class A		44,600		2,292
Jabil Circuit, Inc.		97,700		2,245
Alphabet, Inc., Class A1		2,460		1,814
VTech Holdings Ltd.		138,000		1,670

66 Private Client Services Funds

Capital Group Global Equity Fund

Schedule of investments
October 31, 2015

Common Stocks - continued	Shares		Value (000)
Information Technology - continued
Trend Micro, Inc.		38,200	$	1,484
Accenture PLC, Class A		12,800		1,372
Amadeus IT Holding SA, A Shares		21,965		935
Oracle Corp.		42		1,778
				83,006
Industrials - 14.6%
Safran SA		87,236		6,620
Nielsen Holdings PLC		114,700		5,449
FANUC Corp.		30,000		5,279
The Boeing Co.		33,200		4,916
SMC Corp.		17,900		4,588
China Everbright International Ltd.		2,733,080		4,382
Eaton Corp. PLC		76,300		4,266
Hexcel Corp.		85,630		3,966
Assa Abloy AB, Class B		187,827		3,725
Danaher Corp.		36,300		3,387
Siemens AG		26,617		2,677
Towers Watson & Co., Class A		18,959		2,343
BAE Systems PLC		338,530		2,293
Norfolk Southern Corp.		26,210		2,098
Meggitt PLC		381,009		2,074
Jardine Matheson Holdings Ltd.		36,000		1,953
IDEX Corp.		23,300		1,789
FedEx Corp.		9,600		1,498
3M Co.		8,530		1,341
AA PLC1		256,484		1,092
Airbus Group SE		15,279		1,062
DKSH Holding AG Ltd.1		16,262		990
Schneider Electric SE		16,197		979
Sydney Airport		200,847		924
United Technologies Corp.		9,200		905
Zodiac Aerospace		34,367		869
Waste Management, Inc.		13,990		752
Caterpillar, Inc.		9,100		664
				72,881
Health Care - 14.3%
AstraZeneca PLC		158,330		10,106
Novo Nordisk A/S, Class B		163,259		8,648
Novartis AG		68,186		6,182
Incyte Corp.1		48,500		5,700
Gilead Sciences, Inc.1		52,192		5,644
Roche Holding AG		16,603		4,497
Essilor International SA		30,710		4,030
Cerner Corp.1		59,700		3,957
Eli Lilly & Co.		41,710		3,402
Pfizer, Inc.		86,500		2,925
AmerisourceBergen Corp.		24,700		2,384
Express Scripts Holding Co.1		27,600		2,384
Bayer AG		16,492		2,201
Illumina, Inc.1		13,005		1,863

Private Client Services Funds 67

Capital Group Global Equity Fund

Schedule of investments
October 31, 2015

Common Stocks - continued	Shares		Value (000)
Health Care - continued
Sysmex Corp.		32,400	$	1,852
AbbVie, Inc.		20,900		1,245
St. Jude Medical, Inc.		19,300		1,232
DaVita HealthCare Partners, Inc.1		14,900		1,155
Medtronic PLC		14,240		1,053
Bristol-Myers Squibb Co.		7,925		523
				70,983
Consumer Discretionary - 11.4%
Royal Caribbean Cruises Ltd.		49,000		4,819
Starbucks Corp.		70,800		4,430
Las Vegas Sands Corp.		88,110		4,362
Liberty Global PLC, Class A1		95,730		4,262
Cie Financiere Richemont SA		48,982		4,189
Newell Rubbermaid, Inc.		91,273		3,873
Comcast Corp., Class A		57,870		3,624
Viacom, Inc., Class B		65,800		3,245
Yum! Brands, Inc.		39,865		2,827
Greene King PLC		216,900		2,683
Scripps Networks Interactive, Inc., Class A		42,670		2,564
Marks & Spencer Group PLC		295,700		2,335
Sirius XM Holdings, Inc.1		531,400		2,168
Electrolux AB, Series B		61,286		1,801
Denso Corp.		34,300		1,588
Delphi Automotive PLC		16,700		1,389
BCA Marketplace PLC1		484,800		1,319
Bayerische Motoren Werke AG		11,492		1,180
SES SA		39,009		1,152
Samsonite International SA		281,100		829
Wynn Macau Ltd.		490,000		672
Charter Communications, Inc., Class A1		3,000		573
The Home Depot, Inc.		4,485		554
Liberty Global PLC, Series C1		5,100		217
				56,655
Consumer Staples - 10.3%
Imperial Tobacco Group PLC		134,914		7,267
Unilever PLC		156,000		6,928
Nestle SA		89,179		6,808
Pernod Ricard SA		50,629		5,960
L’Oreal SA		27,170		4,950
The Procter & Gamble Co.		55,295		4,223
Philip Morris International, Inc.		34,100		3,015
Danone SA		42,193		2,938
The Coca-Cola Co.		63,240		2,678
Tate & Lyle PLC		251,500		2,312
Ajinomoto Co., Inc.		60,000		1,332
British American Tobacco PLC		18,000		1,068
Diageo PLC		26,180		757
CVS Health Corp.		7,165		708

68 Private Client Services Funds

Capital Group Global Equity Fund

Schedule of investments
October 31, 2015

Common Stocks - continued	Shares		Value (000)
Consumer Staples - continued
Nestle SA (ADR)		7,600	$	579
				51,523
Energy - 5.0%
Chevron Corp.		52,610		4,781
Enbridge, Inc.		87,700		3,748
Exxon Mobil Corp.		44,945		3,719
Schlumberger Ltd.		35,686		2,789
Occidental Petroleum Corp.		36,695		2,735
Total SA		54,791		2,655
Kinder Morgan, Inc.		58,265		1,594
EOG Resources, Inc.		18,145		1,558
ConocoPhillips		24,980		1,333
				24,912
Telecommunication Services - 2.9%
NTT DOCOMO, Inc.		52,900		1,039
Singapore Telecommunications Ltd.		1,333,000		3,773
SoftBank Group Corp.		75,500		4,202
Verizon Communications, Inc.		66,300		3,108
Vodafone Group PLC		746,835		2,462
				14,584
Materials - 2.5%
The Dow Chemical Co.		41,000		2,118
Monsanto Co.		20,700		1,930
LyondellBasell Industries NV, Class A		19,270		1,790
Praxair, Inc.		15,475		1,719
Air Liquide SA		11,632		1,505
Nucor Corp.		32,900		1,392
Givaudan SA1		555		992
Rio Tinto PLC		27,142		984
				12,430
Utilities - 1.7%
National Grid PLC		282,700		4,024
SSE PLC		121,900		2,843
Sempra Energy		13,615		1,394
				8,261
Total common stocks (cost: $403,450,000)				482,788
Short-term securities - 3.0%	Principal amount (000)
AstraZeneca PLC, 0.18%, November 09, 20152	$	600		600
Mitsubishi UFJ Trust & Banking Corp., 0.20%, November 18, 20152		10,400		10,399

Private Client Services Funds 69

Capital Group Global Equity Fund

Schedule of investments
October 31, 2015

Short-term securities - continued	Principal amount (000)		Value (000)
Thunder Bay Funding LLC, 0.40%, December 17, 20152	$	4,050	$	4,049
Total short-term securities (cost: $15,047,000)				15,048
Total investment securities (cost: $418,497,000)				497,836
Other assets less liabilities				(155	)
Net assets			$	497,681

1	Non-income producing security.
2	Zero coupon bond; interest rate represents current yield to maturity.

Key to abbreviation

ADR - American Depositary Receipts

See Notes to Financial Statements

70 Private Client Services Funds

Capital Group Non-U.S. Equity Fund

October 31, 2015

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, 2015, 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

71

Capital Group Non-U.S. Equity Fund

October 31, 2015

Investment portfolio - country diversification

Country	(percent of net assets)
Japan		22.6	%
Britain		17.6
France		12.0
Switzerland		10.4
Hong Kong		5.0
Denmark		4.4
Germany		3.6
Netherlands		3.1
Sweden		2.6
Finland		2.2
Spain		1.8
Canada		1.4
Australia		1.4
Luxembourg		1.3
Singapore		1.2
Taiwan		1.2
India		0.7
Ireland		0.7
United States		0.6
Norway		0.4
Macau		0.2
Short-term securities & other assets less liabilities		5.6

72

Capital Group Non-U.S. Equity Fund

Schedule of investments
October 31, 2015

Common Stocks - 94.4%	Shares		Value (000)
Industrials - 16.6%
SMC Corp.		100,800	$	25,838
FANUC Corp.		139,100		24,479
Assa Abloy AB, Class B		1,182,516		23,452
China Everbright International Ltd.		13,199,390		21,160
Safran SA		271,370		20,594
Jardine Matheson Holdings Ltd.		263,300		14,282
Sydney Airport		2,159,392		9,935
AA PLC1		2,290,115		9,753
Kawasaki Heavy Industries Ltd.		2,443,000		9,750
Zodiac Aerospace		370,124		9,359
Marubeni Corp.		1,429,100		8,231
Airbus Group SE		115,290		8,011
DKSH Holding AG Ltd.1		98,054		5,969
Meggitt PLC		1,025,309		5,581
Schneider Electric SE		78,813		4,765
Nidec Corp.		57,200		4,298
Canadian National Railway Co.		68,200		4,166
Kubota Corp.		266,000		4,101
Siemens AG		35,257		3,546
Mitsubishi Corp.		195,600		3,543
				220,813
Health Care - 15.0%
Novo Nordisk A/S, Class B		752,628		39,870
Roche Holding AG		120,584		32,662
Novartis AG		258,624		23,448
AstraZeneca PLC		343,890		21,950
Genmab A/S1		196,231		19,293
Sysmex Corp.		334,300		19,104
Essilor International SA		114,434		15,017
Bayer AG		82,621		11,028
Medtronic PLC		123,000		9,092
Grifols SA, Class B		224,587		7,800
				199,264
Financials - 14.9%
AIA Group Ltd.		5,332,200		31,102
Sampo Oyj, A Shares		593,440		28,952
Lloyds Banking Group PLC		19,635,500		22,280
Deutsche Wohnen AG		709,248		19,999
Prudential PLC		811,440		18,940
BNP Paribas SA		178,858		10,848
DBS Group Holdings Ltd.		782,582		9,636
CaixaBank SA		2,513,558		9,628
HDFC Bank Ltd. (ADR)		149,300		9,128
UBS Group AG1		349,670		6,979
Svenska Handelsbanken AB, A Shares		463,452		6,285
Sumitomo Mitsui Financial Group, Inc.		126,400		5,025
DNB ASA		385,986		4,897
Credit Suisse Group AG1		171,579		4,272
ING Groep NV		261,805		3,797
Henderson Group PLC		770,810		3,403

Private Client Services Funds 73

Capital Group Non-U.S. Equity Fund

Schedule of investments
October 31, 2015

Common Stocks - continued	Shares		Value (000)
Financials - continued
Julius Baer Group Ltd.1		57,496	$	2,849
				198,020
Information Technology - 13.2%
Keyence Corp.1		69,400		36,020
Hamamatsu Photonics K.K.		1,155,400		29,538
Murata Manufacturing Co. Ltd.		205,000		29,070
ASML Holding NV		201,331		18,664
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		722,200		15,859
Gemalto NV		243,598		15,266
Trend Micro, Inc.		268,300		10,420
Oracle Corp.		170,500		7,737
SAP SE		89,742		7,095
Amadeus IT Holding SA, A Shares		162,900		6,932
				176,601
Consumer Staples - 12.0%
Pernod Ricard SA		196,064		23,079
L’Oreal SA		123,723		22,542
Nestle SA		284,235		21,699
Imperial Tobacco Group PLC		394,359		21,243
British American Tobacco PLC		247,060		14,664
Diageo PLC		456,645		13,196
Danone SA		183,959		12,807
Unilever PLC		281,900		12,519
Associated British Foods PLC		130,270		6,928
Ajinomoto Co., Inc.		259,000		5,749
Reckitt Benckiser Group PLC		56,600		5,522
				159,948
Consumer Discretionary - 11.3%
Cie Financiere Richemont SA		253,125		21,650
Liberty Global PLC, Class A1		476,075		21,195
Ryohin Keikaku Co. Ltd.		105,100		21,064
Nissan Motor Co. Ltd.		1,837,900		19,068
SES SA		584,310		17,253
BCA Marketplace PLC1		3,072,911		8,363
Samsonite International SA		2,489,700		7,344
The Swatch Group AG		89,123		6,434
Bayerische Motoren Werke AG		59,819		6,141
LVMH Moet Hennessy Louis Vuitton SE		31,227		5,810
Denso Corp.		104,400		4,833
Electrolux AB, Series B		142,076		4,176
Greene King PLC		257,550		3,186
Wynn Macau Ltd.		1,754,800		2,405
Liberty Global PLC, Series C1		37,700		1,608
				150,530
Telecommunication Services - 4.6%
SoftBank Group Corp.		323,400		18,000

74 Private Client Services Funds

Capital Group Non-U.S. Equity Fund

Schedule of investments
October 31, 2015

Common Stocks - continued	Shares		Value (000)
Telecommunication Services - continued
Vodafone Group PLC		4,662,690	$	15,371
NTT DOCOMO, Inc.		524,000		10,286
Singapore Telecommunications Ltd.		2,348,300		6,647
KDDI Corp.		229,200		5,536
Swisscom AG		10,374		5,342
				61,182
Energy - 3.7%
Total SA		433,426		21,004
Enbridge, Inc.		353,700		15,118
Oil Search Ltd.		1,603,919		8,952
BG Group PLC		308,500		4,859
				49,933
Materials - 1.6%
Givaudan SA1		4,030		7,203
Air Liquide SA		45,858		5,932
Koninklijke DSM NV		78,035		4,155
Rio Tinto PLC		98,290		3,565
				20,855
Utilities - 1.5%
National Grid PLC		1,440,590		20,504
				20,504
Total common stocks (cost: $1,128,820,000)				1,257,650
Short-term securities - 5.8%	Principal amount (000)
Apple, Inc., 0.15%, December 14, 20152	$	10,100		10,098
Chevron Corp., 0.14%, December 29, 20152		3,700		3,699
Federal Home Loan Bank:2
0.18%, December 15, 2015		20,000		19,999
0.20%, November 03, 2015		3,100		3,100
General Electric Co., 0.08%, November 02, 20152		8,900		8,900
International Business Machines Corp., 0.17%, December 28, 20152		11,600		11,598
Paccar Financial Corp., 0.12%, November 17, 20152		4,000		3,999
United Parcel Service, Inc., 0.16%, November 05, 20152		16,600		16,600
Total short-term securities (cost: $77,989,000)				77,993

Private Client Services Funds 75

Capital Group Non-U.S. Equity Fund

Schedule of investments
October 31, 2015

Total investment securities (cost: $1,206,809,000)		1,335,643
Other assets less liabilities		(2,825	)
Net assets	$	1,332,818

1	Non-income producing security.
2	Zero coupon bond; interest rate represents current yield to maturity.

Key to abbreviation

ADR - American Depositary Receipts

See Notes to Financial Statements

76 Private Client Services Funds

Capital Group U.S. Equity Fund

October 31, 2015

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, 2015, 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

77

Capital Group U.S. Equity Fund

Schedule of investments
October 31, 2015

Common Stocks - 94.7%	Shares		Value (000)
Consumer Discretionary - 15.9%
Newell Rubbermaid, Inc.		107,400	$	4,557
Comcast Corp., Class A		71,450		4,474
The Home Depot, Inc.		23,500		2,906
Starbucks Corp.		41,200		2,578
Charter Communications, Inc., Class A1		11,500		2,196
Panera Bread Co., Class A1		12,145		2,154
NIKE, Inc., Class B		14,500		1,900
Yum! Brands, Inc.		22,400		1,588
Norwegian Cruise Line Holdings Ltd.1		22,300		1,419
Sirius XM Holdings, Inc.1		314,700		1,284
Carnival Corp.		21,650		1,171
Scripps Networks Interactive, Inc., Class A		18,694		1,123
The Priceline Group, Inc.1		620		902
Las Vegas Sands Corp.		18,040		893
Delphi Automotive PLC		9,400		782
Daimler AG (ADR)		7,310		634
Time Warner Cable, Inc.		3,050		578
Viacom, Inc., Class B		7,510		370
				31,509
Industrials - 15.7%
Nielsen Holdings PLC		83,200		3,953
The Boeing Co.		24,275		3,594
Waste Connections, Inc.		57,500		3,133
Towers Watson & Co., Class A		24,700		3,052
Danaher Corp.		32,155		3,000
Eaton Corp. PLC		46,900		2,622
United Technologies Corp.		26,365		2,595
Norfolk Southern Corp.		30,905		2,473
Hexcel Corp.		49,000		2,270
IDEX Corp.		15,800		1,213
Caterpillar, Inc.		13,400		978
Waste Management, Inc.		14,740		792
Siemens AG (ADR)		7,120		716
B/E Aerospace, Inc.		14,800		695
				31,086
Information Technology - 15.3%
Jack Henry & Associates, Inc.		52,700		4,076
Automatic Data Processing, Inc.		42,200		3,671
Texas Instruments, Inc.		50,900		2,887
Visa, Inc., A Shares		36,800		2,855
Microsoft Corp.		49,215		2,591
Apple, Inc.		18,665		2,230
Avago Technologies Ltd.		16,455		2,026
Alphabet, Inc., Class C1		2,627		1,867
Broadcom Corp., Class A		34,700		1,784
VeriSign, Inc.1		21,115		1,702
Jabil Circuit, Inc.		71,055		1,633
Accenture PLC, Class A		12,825		1,375
Alphabet, Inc., Class A1		1,150		848

78 Private Client Services Funds

Capital Group U.S. Equity Fund

Schedule of investments
October 31, 2015

Common Stocks - continued	Shares		Value (000)
Information Technology - continued
Oracle Corp.		18,625	$	723
				30,268
Financials - 14.8%
Marsh & McLennan Cos., Inc.		69,600		3,879
The Goldman Sachs Group, Inc.		16,900		3,169
Wells Fargo & Co.		56,960		3,084
CME Group, Inc.		30,425		2,874
JPMorgan Chase & Co.		41,900		2,692
Discover Financial Services		39,875		2,242
American Tower Corp.		18,600		1,901
The PNC Financial Services Group, Inc.		20,325		1,835
ACE Ltd.		15,765		1,790
Iron Mountain, Inc.		54,430		1,668
Aon PLC		16,200		1,512
Moody’s Corp.		11,900		1,144
PacWest Bancorp		17,800		802
Crown Castle International Corp.		8,700		743
				29,335
Health Care - 13.4%
Gilead Sciences, Inc.		31,900		3,449
Express Scripts Holding Co.1		38,700		3,343
St. Jude Medical, Inc.		41,720		2,662
Medtronic PLC		31,965		2,363
Eli Lilly & Co.		28,125		2,294
Cerner Corp.1		33,500		2,221
AmerisourceBergen Corp.		22,300		2,152
AstraZeneca PLC (ADR)		57,455		1,832
Incyte Corp.1		14,600		1,716
Novo Nordisk A/S (ADR)		23,200		1,234
AbbVie, Inc.		19,300		1,149
UnitedHealth Group, Inc.		9,500		1,119
Bristol-Myers Squibb Co.		8,385		553
Illumina, Inc.1		3,850		552
				26,639
Consumer Staples - 8.0%
The Procter & Gamble Co.		48,200		3,682
Philip Morris International, Inc.		31,905		2,820
Diageo PLC (ADR)		22,665		2,608
Unilever PLC (ADR)		49,700		2,209
Nestle SA (ADR)		28,100		2,142
CVS Health Corp.		7,700		761
Mondelez International, Inc.		13,000		600
The Coca-Cola Co.		12,495		529
Mead Johnson Nutrition Co.		4,900		402
				15,753

Private Client Services Funds 79

Capital Group U.S. Equity Fund

Schedule of investments
October 31, 2015

Common Stocks - continued	Shares		Value (000)
Energy - 7.2%
Schlumberger Ltd.		39,000	$	3,048
Kinder Morgan, Inc.		76,070		2,080
Chevron Corp.		22,140		2,012
Exxon Mobil Corp.		17,000		1,407
ConocoPhillips		25,580		1,365
EOG Resources, Inc.		13,965		1,199
Columbia Pipeline Group, Inc.		43,940		913
Occidental Petroleum Corp.		11,745		875
Halliburton Co.		20,400		783
Enbridge, Inc.		12,000		512
				14,194
Materials - 2.9%
Praxair, Inc.		17,910		1,989
Monsanto Co.		20,100		1,874
The Dow Chemical Co.		34,700		1,793
				5,656
Telecommunication Services - 1.1%
Verizon Communications, Inc.		47,100		2,208
				2,208
Utilities - 0.4%
National Grid PLC (ADR)		11,500		824
				824
Total common stocks (cost: $140,356,000)				187,472
Short-term securities - 5.0%		Principal amount (000)
Federal Home Loan Bank, 0.17%, November 19, 20152	$	1,800		1,800
General Electric Co., 0.08%, November 02, 20152		1,400		1,400
Pfizer, Inc., 0.14%, November 16, 20152		3,000		3,000
The Walt Disney Co., 0.16%, November 09, 20152		3,800		3,800
Total short-term securities (cost: $10,000,000)				10,000
Total investment securities (cost: $150,356,000)				197,472
Other assets less liabilities				502
Net assets			$	197,974

1	Non-income producing security.
2	Zero coupon bond; interest rate represents current yield to maturity.

80 Private Client Services Funds

Capital Group U.S. Equity Fund

Schedule of investments
October 31, 2015

Key to abbreviation

ADR - American Depositary Receipts

See Notes to Financial Statements

Private Client Services Funds 81

Capital Group Core Municipal Fund

Statement of assets and liabilities
at October 31, 2015

(dollars and shares in thousands, except per share amounts)

Assets:
Investment securities, at value (cost: $357,364)			$	366,420
Short-term investments, at value (cost: $11,420)				11,420
Receivables for:
Sales of fund’s shares	65
Interest	4,125
Reimbursement from investment adviser	6
Prepaid expenses	—	*
				4,196
Total assets				382,036
Liabilities:
Due to custodian				375
Payables for:
Purchases of investments	2,316
Repurchases of fund’s shares	2
Investment advisory services	112
Other accrued expenses	75
				2,505
Total liabilities				2,880
Net assets at October 31, 2015:			$	379,156
Net assets consist of:
Capital paid in on shares of beneficial interest			$	369,797
Accumulated undistributed net investment income				—
Accumulated net realized gain				303
Net unrealized appreciation				9,056
Net assets at October 31, 2015			$	379,156
Shares outstanding:				36,147
Net asset value per share:			$	10.49

^* Amount less than one thousand.

See Notes to Financial Statements

82 Private Client Services Funds

Capital Group Core Municipal Fund

Statement of operations
for the year ended October 31, 2015

(dollars in thousands)

Investment income:
Income:
Interest		$	8,627
Fees and expenses:
Investment advisory services	1,272
Administrative and accounting services	102
Registration fees	30
Audit and tax fees	40
Transfer agent services	20
Trustees’ compensation	29
Other	16
Total fees and expenses before reimbursements	1,509
Less reimbursements of fees and expenses	53
Total fees and expenses after reimbursements			1,456
Net investment income			7,171
Net realized gain and unrealized depreciation on investments:
Net realized gain on investments			460
Net unrealized depreciation on investments			(2,748	)
Net realized gain and unrealized depreciation on investments			(2,288	)
Net increase in net assets resulting from operations		$	4,883

See Notes to Financial Statements

Private Client Services Funds 83

Capital Group Core Municipal Fund

Statements of changes in net assets

(dollars in thousands)

	For the year ended 10/31/15			For the year ended 10/31/14
Operations:
Net investment income	$	7,171		$	6,346
Net realized gain (loss) on investments		460			(116	)
Net unrealized (depreciation) appreciation on investments		(2,748	)		3,611
Net increase in net assets resulting from operations		4,883			9,841
Dividends and distributions to shareholders:
Dividends from net investment income		(7,173	)		(6,345	)
Total dividends and distributions		(7,173	)		(6,345	)
Net capital share transactions		40,374			39,061
Total increase in net assets		38,084			42,557
Net assets:
Beginning of year		341,072			298,515
End of year (including undistributed net investment income: $– and $1, respectively.)	$	379,156		$	341,072

See Notes to Financial Statements

84 Private Client Services Funds

Capital Group Short-Term Municipal Fund

Statement of assets and liabilities

at October 31, 2015 (dollars and shares in thousands, except per share amounts)

Assets:
Investment securities, at value (cost: $123,807)			$	124,839
Short-term investments, at value (cost: $17,090)				17,090
Cash				449
Receivables for:
Sales of fund’s shares	141
Interest	1,294
Reimbursement from investment adviser	10
Prepaid expenses	—	*
				1,445
Total assets				143,823
Liabilities:
Payables for:
Purchases of investments	1,401
Repurchases of fund’s shares	6
Investment advisory services	43
Other accrued expenses	62
Total liabilities				1,512
Net assets at October 31, 2015:			$	142,311
Net assets consist of:
Capital paid in on shares of beneficial interest			$	141,258
Accumulated in undistributed net investment income				—
Accumulated net realized gain				21
Net unrealized appreciation				1,032
Net assets at October 31, 2015			$	142,311
Shares outstanding:				14,056
Net asset value per share:			$	10.12

* Amount less than one thousand.

See Notes to Financial Statements

Private Client Services Funds 85

Capital Group Short-Term Municipal Fund

Statement of operations

for the year ended October 31, 2015 (dollars in thousands)

Investment income:
Income:
Interest		$	2,337
Fees and expenses:
Investment advisory services	529
Administrative and accounting services	42
Registration fees	26
Audit and tax fees	41
Transfer agent services	19
Trustees’ compensation	29
Other	11
Total fees and expenses before reimbursements	697
Less reimbursements of fees and expenses	91
Total fees and expenses after reimbursements			606
Net investment income			1,731
Net realized gain and unrealized depreciation on investments:
Net realized gain on investments			45
Net unrealized depreciation on investments			(903	)
Net realized gain and unrealized depreciation on investments			(858	)
Net increase in net assets resulting from operations		$	873

See Notes to Financial Statements

86 Private Client Services Funds

Capital Group Short-Term Municipal Fund

Statements of changes in net assets

(dollars in thousands)

	For the year			For the year
	ended 10/31/15			ended 10/31/14
Operations:
Net investment income	$	1,731		$	1,756
Net realized gain on investments		45			87
Net unrealized depreciation on investments		(903	)		(245	)
Net increase in net assets resulting from operations		873			1,598
Dividends and distributions to shareholders:
Dividends from net investment income		(1,733	)		(1,754	)
Distributions from capital gain		(67	)		(212	)
Total dividends and distributions		(1,800	)		(1,966	)
Net capital share transactions		(12,105	)		19,381
Total (decrease) increase in net assets		(13,032	)		19,013
Net assets:
Beginning of year		155,343			136,330
End of year (including undistributed net investment income: $— and $2, respectively.)	$	142,311		$	155,343

See Notes to Financial Statements

Private Client Services Funds 87

Capital Group California Core Municipal Fund

Statement of assets and liabilities

at October 31, 2015 (dollars and shares in thousands, except per share amounts)

Assets:
Investment securities, at value (cost: $282,612)			$	290,870
Short-term investments, at value (cost: $10,675)				10,675
Cash				2,742
Receivables for:
Sales of fund’s shares	98
Interest	2,939
Reimbursement from investment adviser	6
Prepaid expenses	—	*
				3,043
Total assets				307,330
Liabilities:
Payables for:
Purchases of investments	2,167
Repurchases of fund’s shares	13
Investment advisory services	90
Other accrued expenses	66
Total liabilities				2,336
Net assets at October 31, 2015:			$	304,994
Net assets consist of:
Capital paid in on shares of beneficial interest			$	296,789
Accumulated in undistributed net investment income				—
Accumulated net realized loss				(53	)
Net unrealized appreciation				8,258
Net assets at October 31, 2015			$	304,994
Shares outstanding:				28,799
Net asset value per share:			$	10.59

* Amount less than one thousand.

See Notes to Financial Statements

88 Private Client Services Funds

Capital Group California Core Municipal Fund

Statement of operations

for the year ended October 31, 2015 (dollars in thousands)

Investment income:
Income:
Interest		$	6,933
Fees and expenses:
Investment advisory services	1,030
Administrative and accounting services	82
Registration fees	7
Audit and tax fees	41
Transfer agent services	19
Trustees’ compensation	29
Other	16
Total fees and expenses before reimbursements	1,224
Less reimbursements of fees and expenses	44
Total fees and expenses after reimbursements			1,180
Net investment income			5,753
Net realized gain and unrealized depreciation on investments:
Net realized gain on investments			107
Net unrealized depreciation on investments			(978	)
Net realized gain and unrealized depreciation on investments			(871	)
Net increase in net assets resulting from operations		$	4,882

See Notes to Financial Statements

Private Client Services Funds 89

Capital Group California Core Municipal Fund

Statements of changes in net assets

(dollars in thousands)

	For the year			For the year
	ended 10/31/15			ended 10/31/14
Operations:
Net investment income	$	5,753		$	4,726
Net realized gain on investments		107			171
Net unrealized (depreciation) appreciation on investments		(978	)		4,891
Net increase in net assets resulting from operations		4,882			9,788
Dividends and distributions to shareholders:
Dividends from net investment income		(5,756	)		(4,723	)
Total dividends and distributions		(5,756	)		(4,723	)
Net capital share transactions		25,954			47,706
Total increase in net assets		25,080			52,771
Net assets:
Beginning of year		279,914			227,143
End of year (including undistributed net investment income: $— and $3, respectively.)	$	304,994		$	279,914

* Amount less than one thousand.

See Notes to Financial Statements

90 Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Statement of assets and liabilities

at October 31, 2015 (dollars and shares in thousands, except per share amounts)

Assets:
Investment securities, at value (cost: $105,509)			$	106,826
Short-term investments, at value (cost: $3,400)				3,400
Cash				207
Receivables for:
Sales of investments	830
Interest	1,111
Reimbursement from investment adviser	9
Prepaid expenses	—	*
				1,950
Total assets				112,383
Liabilities:
Payables for:
Purchases of investments	281
Repurchases of fund’s shares	8
Investment advisory services	34
Other accrued expenses	59
Total liabilities				382
Net assets at October 31, 2015:			$	112,001
Net assets consist of:
Capital paid in on shares of beneficial interest			$	110,561
Accumulated undistributed net investment income				—
Accumulated net realized gain				123
Net unrealized appreciation				1,317
Net assets at October 31, 2015			$	112,001
Shares outstanding:				10,897
Net asset value per share:			$	10.28

* Amount less than one thousand.

See Notes to Financial Statements

Private Client Services Funds 91

Capital Group California Short-Term Municipal Fund

Statement of operations

for the year ended October 31, 2015 (dollars in thousands)

Investment income:
Income:
Interest		$	1,764
Fees and expenses:
Investment advisory services	447
Administrative and accounting services	36
Registration fees	5
Audit and tax fees	41
Transfer agent services	19
Trustees’ compensation	29
Other	11
Total fees and expenses before reimbursements	588
Less reimbursements of fees and expenses	75
Total fees and expenses after reimbursements			513
Net investment income			1,251
Net realized gain and unrealized depreciation on investments:
Net realized gain on investments			162
Net unrealized depreciation on investments			(535	)
Net realized gain and unrealized depreciation on investments			(373	)
Net increase in net assets resulting from operations		$	878

See Notes to Financial Statements

92 Private Client Services Funds

Capital Group California Short-Term Municipal Fund

Statements of changes in net assets

(dollars in thousands)

	For the year			For the year
	ended 10/31/15			ended 10/31/14
Operations:
Net investment income	$	1,251		$	1,113
Net realized gain on investments		162			61
Net unrealized (depreciation) appreciation on investments		(535	)		316
Net increase in net assets resulting from operations		878			1,490
Dividends and distributions to shareholders:
Dividends from net investment income		(1,252	)		(1,112	)
Distributions from capital gain		(48	)		(13	)
Total dividends and distributions		(1,300	)		(1,125	)
Net capital share transactions		(25,883	)		23,288
Total (decrease) increase in net assets		(26,305	)		23,653
Net assets:
Beginning of year		138,306			114,653
End of year (including undistributed net investment income: $— and $1, respectively.)	$	112,001		$	138,306

* Amount less than one thousand.

See Notes to Financial Statements

Private Client Services Funds 93

Capital Group Core Bond Fund

Statement of assets and liabilities

at October 31, 2015 (dollars and shares in thousands, except per share amounts)

Assets:
Investment securities, at value (cost: $295,466)		$	296,821
Short-term investments, at value (cost: $30,895)			30,895
Cash			107
Receivables for:
Sales of investments	12,406
Interest	1,908
Reimbursement from investment adviser	8
			14,322
Total assets			342,145
Liabilities:
Payables for:
Purchases of investments	7,413
Repurchases of fund’s shares	7
Investment advisory services	99
Other accrued expenses	72
Total liabilities			7,591
Net assets at October 31, 2015:		$	334,554
Net assets consist of:
Capital paid in on shares of beneficial interest		$	332,314
Accumulated undistributed net investment income			62
Accumulated net realized gain			823
Net unrealized appreciation			1,355
Net assets at October 31, 2015		$	334,554
Shares outstanding:			32,830
Net asset value per share:		$	10.19

See Notes to Financial Statements

94 Private Client Services Funds

Capital Group Core Bond Fund

Statement of operations

for the year ended October 31, 2015 (dollars in thousands)

Investment income:
Income:
Interest		$	6,413
Fees and expenses:
Investment advisory services	1,128
Administrative and accounting services	90
Registration fees	27
Audit and tax fees	41
Transfer agent services	20
Trustees’ compensation	29
Other	13
Total fees and expenses before reimbursements	1,348
Less reimbursements of fees and expenses	59
Total fees and expenses after reimbursements			1,289
Net investment income			5,124
Net realized gain and unrealized depreciation on investments:
Net realized gain on investments			1,005
Net unrealized depreciation on investments			(2,161	)
Net realized gain and unrealized depreciation on investments			(1,156	)
Net increase in net assets resulting from operations		$	3,968

See Notes to Financial Statements

Private Client Services Funds 95

Capital Group Core Bond Fund

Statements of changes in net assets

(dollars in thousands)

	For the year			For the year
	ended 10/31/15			ended 10/31/14
Operations:
Net investment income	$	5,124		$	4,762
Net realized gain on investments		1,005			822
Net unrealized (depreciation) appreciation on investments		(2,161	)		279
Net increase in net assets resulting from operations		3,968			5,863
Dividends and distributions to shareholders:
Dividends from net investment income		(5,130	)		(4,774	)
Distributions from capital gain		(748	)		(753	)
Total dividends and distributions		(5,878	)		(5,527	)
Net capital share transactions		26,219			13,549
Total increase in net assets		24,309			13,885
Net assets:
Beginning of year		310,245			296,360
End of year (including undistributed net investment income: $62 and $3, respectively.)	$	334,554		$	310,245

See Notes to Financial Statements

96 Private Client Services Funds

Capital Group Global Equity Fund

Statement of assets and liabilities

at October 31, 2015 (dollars and shares in thousands, except per share amounts)

Assets:
Investment securities, at value (cost: $403,450)			$	482,788
Short-term investments, at value (cost: $15,047)				15,048
Cash				107
Foreign currency, at value (cost: $—*)				—	*
Receivables for:
Sales of investments	2
Sales of fund’s shares	7
Dividends	861
Reimbursement from investment adviser	4
Prepaid expenses	—	*
				874
Total assets				498,817
Liabilities:
Payables for:
Purchases of investments	756
Repurchases of fund’s shares	21
Unified Management fees	353
Other accrued expenses	6
Total liabilities				1,136
Net assets at October 31, 2015:			$	497,681
Net assets consist of:
Capital paid in on shares of beneficial interest			$	397,271
Accumulated undistributed net investment income				5,672
Accumulated net realized gain				15,418
Net unrealized appreciation				79,320
Net assets at October 31, 2015			$	497,681
Shares outstanding:				37,894
Net asset value per share:			$	13.13

* Amount less than one thousand.

See Notes to Financial Statements

Private Client Services Funds 97

Capital Group Global Equity Fund

Statement of operations

for the year ended October 31, 2015 (dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $534)	$	11,180
Interest		28			11,208
Fees and expenses:
Unified Management fees		4,358
Trustees’ compensation		29
Legal fees		2
Other		—	*
Total fees and expenses before reimbursements		4,389
Less reimbursements of fees and expenses		31
Total fees and expenses after reimbursements					4,358
Net investment income					6,850
Net realized gain (loss) and unrealized (depreciation) appreciation on investments and currency:
Net realized gain on investments					17,649
Net realized loss on currency					(48	)
Net unrealized depreciation on investments					(18,493	)
Net unrealized appreciation on currency translations					18
Net realized gain and unrealized depreciation on investments and currency					(874	)
Net increase in net assets resulting from operations				$	5,976

* Amount less than one thousand.

See Notes to Financial Statements

98 Private Client Services Funds

Capital Group Global Equity Fund

Statements of changes in net assets

(dollars in thousands)

	For the year			For the year
	ended 10/31/15			ended 10/31/14
Operations:
Net investment income	$	6,850		$	5,093
Net realized gain on investments and currency		17,601			11,042
Net unrealized (depreciation) appreciation on investments and currency		(18,475	)		17,218
Net increase in net assets resulting from operations		5,976			33,353
Dividends and distributions to shareholders:
Dividends from net investment income		(5,230	)		(3,426	)
Distributions from capital gain		(5,575	)		—
Total dividends and distributions		(10,805	)		(3,426	)
Net capital share transactions		(7,650	)		67,793
Total (decrease) increase in net assets		(12,479	)		97,720
Net assets:
Beginning of year		510,160			412,440
End of year (including undistributed net investment income: $5,672 and $4,480, respectively.)	$	497,681		$	510,160

See Notes to Financial Statements

Private Client Services Funds 99

Capital Group Non-U.S. Equity Fund

Statement of assets and liabilities

at October 31, 2015 (dollars and shares in thousands, except per share amounts)

Assets:
Investment securities, at value (cost: $1,128,820)			$	1,257,650
Short-term investments, at value (cost: $77,989)				77,993
Cash				75
Foreign currency, at value (cost: $—*)				—	*
Receivables for:
Sales of investments	829
Sales of fund’s shares	949
Dividends	3,530
Reimbursement from investment adviser	4
Prepaid expenses	—	*
				5,312
Total assets				1,341,030
Liabilities:
Payables for:
Purchases of investments	6,774
Repurchases of fund’s shares	487
Unified Management fees	944
Other accrued expenses	7
Total liabilities				8,212
Net assets at October 31, 2015:			$	1,332,818
Net assets consist of:
Capital paid in on shares of beneficial interest			$	1,246,450
Accumulated undistributed net investment income				14,909
Accumulated net realized loss				(57,224	)
Net unrealized appreciation				128,683
Net assets at October 31, 2015			$	1,332,818
Shares outstanding:				115,913
Net asset value per share:			$	11.50

* Amount less than one thousand.

See Notes to Financial Statements

100 Private Client Services Funds

Capital Group Non-U.S. Equity Fund

Statement of operations

for the year ended October 31, 2015 (dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $2,729)	$	27,540
Interest		75			27,615
Fees and expenses:
Unified Management fees		12,005
Trustees’ compensation		29
Legal fees		2
Other		—	*
Total fees and expenses before reimbursements		12,036
Less reimbursements of fees and expenses		31
Total fees and expenses after reimbursements					12,005
Net investment income					15,610
Net realized loss and unrealized appreciation on investments and currency:
Net realized loss on investments					(28,908	)
Net realized loss on currency					(31	)
Net unrealized appreciation on investments					23,664
Net unrealized appreciation on currency translations					107
Net realized loss and unrealized appreciation on investments and currency					(5,168	)
Net increase in net assets resulting from operations				$	10,442

* Amount less than one thousand.

See Notes to Financial Statements

Private Client Services Funds 101

Capital Group Non-U.S. Equity Fund

Statements of changes in net assets

(dollars in thousands)

	For the year			For the year
	ended 10/31/15			ended 10/31/14
Operations:
Net investment income	$	15,610		$	19,662
Net realized loss on investments and currency		(28,939	)		(18,488	)
Net unrealized appreciation (depreciation) on investments and currency		23,771			(13,928	)
Net increase (decrease) in net assets resulting from operations		10,442			(12,754	)
Dividends and distributions to shareholders:
Dividends from net investment income		(19,733	)		(8,308	)
Total dividends and distributions		(19,733	)		(8,308	)
Net capital share transactions		(309,785	)		684,060
Total (decrease) increase in net assets		(319,076	)		662,998
Net assets:
Beginning of year		1,651,894			988,896
End of year (including undistributed net investment income: $14,909 and $19,062, respectively.)	$	1,332,818		$	1,651,894

See Notes to Financial Statements

102 Private Client Services Funds

Capital Group U.S. Equity Fund

Statement of assets and liabilities

at October 31, 2015 (dollars and shares in thousands, except per share amounts)

Assets:
Investment securities, at value (cost: $140,356)		$	187,472
Short-term investments, at value (cost: $10,000)			10,000
Cash			62
Receivables for:
Sales of fund’s shares	256
Dividends	293
Reimbursement from investment adviser	4
			553
Total assets			198,087
Liabilities:
Payables for:
Unified Management fees	106
Other accrued expenses	7
Total liabilities			113
Net assets at October 31, 2015:		$	197,974
Net assets consist of:
Capital paid in on shares of beneficial interest		$	144,368
Accumulated undistributed net investment income			—
Accumulated net realized gain			6,490
Net unrealized appreciation			47,116
Net assets at October 31, 2015		$	197,974
Shares outstanding:			9,957
Net asset value per share:		$	19.88

See Notes to Financial Statements

Private Client Services Funds 103

Capital Group U.S. Equity Fund

Statement of operations

for the year ended October 31, 2015 (dollars in thousands)

Investment income:
Income:
Dividends (net of non-U.S. taxes of $48)	$	3,849
Interest		12			3,861
Fees and expenses:
Unified Management fees		1,279
Trustees’ compensation		29
Legal fees		2
Other		—	*
Total fees and expenses before reimbursements		1,310
Less reimbursements of fees and expenses		31
Total fees and expenses after reimbursements					1,279
Net investment income					2,582
Net realized gain (loss) and unrealized depreciation on investments and currency:
Net realized gain on investments					6,821
Net realized loss on currency					(—	)*
Net unrealized depreciation on investments					(1,849	)
Net realized gain and unrealized depreciation on investments and currency					4,972
Net increase in net assets resulting from operations				$	7,554

* Amount less than one thousand.

See Notes to Financial Statements

104 Private Client Services Funds

Capital Group U.S. Equity Fund

Statements of changes in net assets

(dollars in thousands)

	For the year			For the year
	ended 10/31/15			ended 10/31/14
Operations:
Net investment income	$	2,582		$	2,338
Net realized gain on investments and currency		6,821			7,218
Net unrealized (depreciation) appreciation on investments		(1,849	)		11,985
Net increase in net assets resulting from operations		7,554			21,541
Dividends and distributions to shareholders:
Dividends from net investment income		(2,369	)		(2,244	)
Distributions from capital gain		(6,835	)		(2,564	)
Total dividends and distributions		(9,204	)		(4,808	)
Net capital share transactions		7,361			8,601
Total increase in net assets		5,711			25,334
Net assets:
Beginning of year		192,263			166,929
End of year (including undistributed net investment income: $— and $160, respectively.)	$	197,974		$	192,263

See Notes to Financial Statements

Private Client Services Funds 105

Capital Group Private Client Services Funds

Notes to financial statements

1. Organization

Capital Group Private Client Services Funds (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.

Effective as of January 1, 2016, Capital Group Non-U.S. Equity Fund will modify its fund name to Capital Group International Equity Fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The financial statements have been prepared to comply with U.S generally accepted accounting principles (“U.S. GAAP”). 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. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds’ statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

Capital Guardian Trust Company (“CGTC”), the funds’ investment adviser, values the funds’ investments at fair value as defined by U.S. GAAP. The net asset value of each fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.

106

Capital Group Private Client Services Funds

Notes to financial statements (continued)

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.

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

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

Fixed-income class	Examples of standard inputs
All	Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds & notes; convertible securities	Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies	Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations	Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities	Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

When the funds’ investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if 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 for either equity or fixed-income securities, depending on which method is deemed most appropriate by the funds’ investment adviser.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the funds’ investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the funds’ board of trustees as further described. The funds’ investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The funds’ investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that

107

Capital Group Private Client Services Funds

Notes to financial statements (continued)

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 funds’ 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 funds’ 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 funds’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes, and controls over security valuation are also subject to additional internal reviews including an annual control self-evaluation program facilitated by the funds’ 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 funds’ investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following table presents the funds’ valuation levels as of October 31, 2015 (dollars in thousands):

Investment securities	Level 1		Level 2		Level 3		Total
Capital Group Core Municipal Fund
Bonds & notes
Municipals	$	—	$	365,965	$	—	$	365,965
Corporate bonds & notes		—		455		—		455
Short-term securities		—		11,420		—		11,420
Total	$	—	$	377,840	$	—	$	377,840
Capital Group Short-Term Municipal Fund
Bonds & notes	$	—	$	124,839	$	—	$	124,839
Short-term securities		—		17,090		—		17,090
Total	$	—	$	141,929	$	—	$	141,929

108

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
Bonds & notes	$	—	$	290,870	$	—	$	290,870
Short-term securities		—		10,675		—		10,675
Total	$	—	$	301,545	$	—	$	301,545
Capital Group California Short-Term Municipal Fund
Bonds & notes	$	—	$	106,826	$	—	$	106,826
Short-term securities		—		3,400		—		3,400
Total	$	—	$	110,226	$	—	$	110,226
Capital Group Core Bond Fund
Bonds, notes & other debt investments U.S. government & government agency bonds & notes	$	—	$	153,202	$	—	$	153,202
Mortgage-backed obligations		—		40,216		—		40,216
Corporate bonds & notes		—		75,221		—		75,221
Municipals		—		7,677		—		7,677
Government & government agency bonds & notes outside the U.S.		—		2,077		—		2,077
Asset-backed obligations		—		18,428		—		18,428
Short-term securities		—		30,895		—		30,895
Total	$	—	$	327,716	$	—	$	327,716
Capital Group Global Equity Fund
Common Stocks1
Financials	$	51,384	$	36,169	$	—	$	87,553
Information Technology		52,357		30,649		—		83,006
Industrials		33,374		39,507		—		72,881
Health Care		33,467		37,516		—		70,983
Consumer Discretionary		38,907		17,748		—		56,655
Consumer Staples		11,203		40,320		—		51,523
Energy		22,257		2,655		—		24,912
Telecommunication Services		3,108		11,476		—		14,584
Materials		8,949		3,481		—		12,430
Utilities		1,394		6,867		—		8,261
Short-term securities		—		15,048		—		15,048
Total	$	256,400	$	241,436	$	—	$	497,836
Capital Group Non-U.S. Equity Fund
Common Stocks2
Industrials	$	4,166	$	216,647	$	—	$	220,813
Health Care		9,092		190,172		—		199,264
Financials		9,128		188,892		—		198,020
Information Technology		15,859		160,742		—		176,601
Consumer Staples		—		159,948		—		159,948
Consumer Discretionary		22,803		127,727		—		150,530

109

Capital Group Private Client Services Funds

Notes to financial statements (continued)

Investment securities	Level 1		Level 2		Level 3		Total
Telecommunication Services		—		61,182		—		61,182
Energy		15,118		34,815		—		49,933
Materials		—		20,855		—		20,855
Utilities		—		20,504		—		20,504
Short-term securities		—		77,993		—		77,993
Total	$	76,166	$	1,259,477	$	—	$	1,335,643
Capital Group U.S. Equity Fund
Common Stocks3	$	187,472	$	—	$	—	$	187,472
Short-term securities		—		10,000		—		10,000
Total	$	187,472	$	10,000	$	—	$	197,472

1	Investment securities with a value of $190,409,000, which represented 38.30% of the net assets of the fund, transferred from Level 1 to Level 2 since the prior fiscal year-end, primarily due to significant market movements following the close of local trading. Level 2 includes investment securities with an aggregate value of $226,388,000, which represented 45.49% of the net assets of the fund, that were fair valued under guidelines adopted by authority of the fund’s investment advisor as a result of significant market movements following the close of local trading.
2	Investment securities with a value of $1,020,242,000, which represented 76.60% of the net assets of the fund, transferred from Level 1 to Level 2 since the prior fiscal year-end, primarily due to significant market movements following the close of local trading. Level 2 includes investment securities with an aggregate value of $1,181,484,000, which represented 88.65% of the net assets of the fund, that were fair valued under guidelines adopted by authority of the fund’s investment advisor as a result of significant market movements following the close of local trading.
3	The level classification by major category of investments is the same as the category presentation in the Schedule of investments.

4. Risk factors

Investing in the funds may involve certain risks including, but not limited to, those described below.

Market conditions – The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

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

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

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. 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. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

110

Capital Group Private Client Services Funds

Notes to financial statements (continued)

Bonds and other debt securities are also 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.

Investing in growth-oriented stocks – Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments.

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

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

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

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, acquire 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 fund more susceptible to certain economic, political or regulatory occurrences. As a result, the potential for fluctuations in the fund’s share price may increase.

Investing in municipal bonds of issuers within the state of California – Because Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund invest primarily in securities of issuers within the state of California, these funds are more susceptible to factors adversely affecting issuers of California securities than a comparable municipal bond mutual fund that does concentrate its investments in a single state. For example, in the past, California voters have passed amendments to the state’s constitution and other measures that limit the taxing and spending authority of California governmental entities, and future voter initiatives may adversely affect California municipal bonds.

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

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.

111

Capital Group Private Client Services Funds

Notes to financial statements (continued)

Investing outside the United States – Securities of issuers domiciled outside the United States, or with significant operations or revenues outside the United States, may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. 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. Issuers of these securities may be more susceptible to actions of foreign governments, such as the imposition of price controls or punitive taxes, that could adversely impact revenues. 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 accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the United States. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the United States may be heightened in connection with investments in emerging markets.

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

5. Certain investment techniques

Mortgage dollar rolls – Capital Group Core Bond Fund has entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the 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 taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. 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, 2015, the funds did not have a liability for any unrecognized tax benefits. The funds recognized interest and penalties, if any, related to unrecognized tax benefit 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 tax authorities for tax years before 2011 and by 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. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the fund filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the fund on the sale of securities in certain countries are subject to non-U.S. taxes. The fund records a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

112

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; net capital losses; cost of investments sold; and amortization of 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, 2015. These will be used to offset any capital gains realized by the funds in future years. Funds with capital loss carryforwards will not make distributions from capital gains while capital loss carryforwards remain.

The components of distributable earnings on a tax basis are reported as of the funds’ most recent year-end. As of October 31, 2015 the components of distributable earnings on a tax basis were as follows (dollars in thousands):

								Capital
			Capital		Capital			Group
	Capital		Group		Group			California		Capital		Capital		Capital			Capital
	Group		Short-		California			Short-		Group		Group		Group			Group
	Core		Term		Core			Term		Core		Global		Non-U.S.			U.S.
	Municipal		Municipal		Municipal			Municipal		Bond		Equity		Equity			Equity
	Fund		Fund		Fund			Fund		Fund		Fund		Fund			Fund
As of October 31, 2015:
Undistributed tax-exempt income	$	—	$	—	$	—		$	—	$	—	$	—	$	—		$	—
Undistributed ordinary income		—		—		—			—		385		5,674		14,922			—
Undistributed long-term capital gain		303		21		—			123		617		15,930		—			6,581
Capital loss carryforward No expiration		—		—		(54	)		—		—		—		(51,961	)		—
	$	—	$	—	$	(54	)	$	—	$	—	$	—	$	(51,961	)	$	—
Capital loss carryforwards utilized	$	123	$	—	$	106		$	—	$	—	$	—	$	—		$	—

113

Capital Group Private Client Services Funds

Notes to financial statements (continued)

As of October 31, 2015, the tax-basis unrealized appreciation (depreciation) and cost of investment securities were as follows (dollars in thousands):

										Capital
				Capital			Capital			Group
	Capital			Group			Group			California			Capital			Capital						Capital
	Group			Short-			California			Short-			Group			Group			Capital			Group
	Core			Term			Core			Term			Core			Global			Group Non-			U.S.
	Municipal			Municipal			Municipal			Municipal			Bond			Equity			U.S. Equity			Equity
	Fund			Fund			Fund			Fund			Fund			Fund			Fund			Fund
Reclassification (from) to distributions in excess of/undistributed net investment income (to) from accumulated net realized loss/undistributed net realized gain	$	1		$	—	*	$	—			$ (—	)*	$	65		$	(428	)	$	(30	)	$	(373	)
Reclassification to (from) distributions in excess of/undistributed net investment income (to) from capital paid in on shares of beneficial interest		—			—			—	*		—			—			—			—			—
Reclassification (from) to accumulated net realized loss (to) from capital paid in on shares of beneficial interest		(33	)		(24	)		—			(39	)		(73	)		(1,400	)		—			(403	)
Gross unrealized appreciation on investment securities	$	9,739		$	1,285		$	8,898		$	1,424		$	3,338		$	92,147		$	160,032		$	49,520
Gross unrealized depreciation on investment securities		(683	)		(253	)		(640	)		(107	)		(2,082	)		(13,320	)		(36,460	)		(2,496	)
Net unrealized appreciation on investment securities	$	9,056		$	1,032		$	8,258		$	1,317		$	1,256		$	78,827		$	123,572		$	47,024
Cost of investments securities	$	368,784		$	140,897		$	293,287		$	108,909		$	326,460		$	419,009		$	1,212,071		$	150,448

* Amount less than one thousand.

114

Capital Group Private Client Services Funds

Notes to financial statements (continued)

The tax character of distributions paid during the funds’ year ended October 31, 2015 and the funds’ year ended

October 31, 2014, the most recently completed tax year, were as follows (dollars in thousands):

	Year ended October 31, 2015							Year ended October 31, 2014
						Long-Term							Long-Term
			Ordinary			Capital				Ordinary			Capital
	Tax-Exempt		Income			Gains		Tax-Exempt		Income			Gains
Capital Group Core Municipal Fund	$	7,158	$	14		$	1	$	6,338	$	7		$	—
Capital Group Short-Term Municipal Fund		1,733		—	*		67		1,754		—	*		212
Capital Group California Core Municipal Fund		5,748		8			—		4,712		11			—
Capital Group California Short- Term Municipal Fund		1,252		—	*		48		1,112		—	*		13
Capital Group Core Bond Fund		—		5,500			379		—		4,774			753
Capital Group Global Equity Fund		—		5,230			5,575		—		3,426			—
Capital Group Non-U.S. Equity Fund		—		19,733			—		—		8,308			—
Capital Group U.S. Equity Fund		—		2,369			6,835		—		2,244			2,564

* Amount less than one thousand.

7. Fees and transactions with related parties

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 January 1, 2017, to limit the funds’ total annual fund operating expenses to the following rates (as a percentage of average daily net assets):

	Expense
Fund	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 from a prior year under expense limitations then in effect for the funds.

Investment advisory services – The funds have an investment advisory and service agreement with CGTC that 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, CGTC receives a unified management fee based on a percentage of the average daily net assets of the funds. The unified management fee for Capital Group U.S. Equity Fund is 0.65% of the average

115

Capital Group Private Client Services Funds

Notes to financial statements (continued)

daily net assets of the fund. The unified management fee for 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, all managing and operating expenses are paid by CGTC from the unified management fees except brokerage expenses, taxes, interest, compensation, 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, which are currently reimbursed by the advisor. 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 trustees received any compensation directly from the Trust.

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, 2015
Capital Group Core Municipal Fund	$	75,222		7,157	$	4,593		438	$	(39,441	)		(3,755	)	$	40,374			3,840
Capital Group Short-Term Municipal Fund		63,240		6,239		1,303		129		(76,648	)		(7,563	)		(12,105	)		(1,195	)
Capital Group California Core Municipal Fund		58,998		5,571		3,673		347		(36,717	)		(3,471	)		25,954			2,447
Capital Group California Short-Term Municipal Fund		38,075		3,703		1,004		98		(64,962	)		(6,323	)		(25,883	)		(2,522	)
Capital Group Core Bond Fund		62,706		6,117		4,272		417		(40,759	)		(3,980	)		26,219			2,554
Capital Group Global Equity Fund		73,619		5,498		8,308		632		(89,577	)		(6,692	)		(7,650	)		(562	)
Capital Group Non-U.S. Equity Fund		495,615		42,405		1,930		169		(807,330	)		(69,521	)		(309,785	)		(26,947	)
Capital Group U.S. Equity Fund		28,864		1,453		8,247		424		(29,750	)		(1,481	)		7,361			396

116

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, 2014
Capital Group Core Municipal Fund	$	79,163		7,544	$	3,913		373	$	(44,015	)		(4,202	)	$	39,061		3,715
Capital Group Short-Term Municipal Fund		56,054		5,497		1,446		142		(38,119	)		(3,738	)		19,381		1,901
Capital Group California Core Municipal Fund		70,225		6,670		2,921		278		(25,440	)		(2,428	)		47,706		4,520
Capital Group California Short-Term Municipal Fund		60,388		5,864		875		85		(37,975	)		(3,692	)		23,288		2,257
Capital Group Core Bond Fund		45,206		4,427		3,996		392		(35,653	)		(3,487	)		13,549		1,332
Capital Group Global Equity Fund		134,023		10,395		2,602		203		(68,832	)		(5,334	)		67,793		5,264
Capital Group Non-U.S. Equity Fund		971,687		82,973		996		84		(288,623	)		(24,574	)		684,060		58,483
Capital Group U.S. Equity Fund		29,516		1,539		4,349		232		(25,264	)		(1,316	)		8,601		455

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).

117

Capital Group Private Client Services Funds

Notes to financial statements (continued)

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 funds’ year ended October 31, 2015, as follows (dollars in thousands):

	Cost of Investments Purchased				Proceeds from Investments Sold
Fund	U.S. Government Agency Obligations		Other Investments		U.S. Government Agency Obligations		Other Investments
Capital Group Core Municipal Fund	$	—	$	94,564	$	—	$	55,103
Capital Group Short-Term Municipal Fund		—		36,678		—		46,326
Capital Group California Core Municipal Fund		—		74,432		—		36,703
Capital Group California Short-Term Municipal Fund		—		27,152		—		35,374
Capital Group Core Bond Fund		320,985		66,186		329,455		54,817
Capital Group Global Equity Fund		—		197,308		—		189,831
Capital Group Non-U.S. Equity Fund		—		452,937		—		697,904
Capital Group U.S. Equity Fund		—		55,540		—		53,470

118

Capital Group Core Municipal Fund

Financial highlights

(for a share outstanding throughout each year)

	For the year ended
	10/31/15			10/31/14			10/31/13			10/31/12			10/31/11
Selected per share data:
Net asset value, beginning of year	$	10.56		$	10.44		$	10.64		$	10.29		$	10.27
Income from investment operations:
Net investment income1		0.21			0.21			0.21			0.21			0.21
Net realized and unrealized (losses) gains on securities		(0.07	)		0.12			(0.20	)		0.35			0.04
Total from investment operations		0.14			0.33			0.01			0.56			0.25
Dividends and distributions:
Dividends from net investment income		(0.21	)		(0.21	)		(0.21	)		(0.21	)		(0.21	)
Distributions from capital gain		—			—			—			—			(0.02	)
Total dividends and distributions		(0.21	)		(0.21	)		(0.21	)		(0.21	)		(0.23	)
Net asset value, end of year	$	10.49		$	10.56		$	10.44		$	10.64		$	10.29
Total return2		1.31	%		3.18	%		0.10	%		5.46	%		2.56	%
Net assets, end of year (in millions)	$	379		$	341		$	299		$	292		$	250
Ratios / Supplemental Data:
Ratio of expenses to average net assets before reimbursement		0.42	%		0.41	%		0.41	%		0.42	%		0.42	%
Ratio of expenses to average net assets after reimbursement2		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets2		1.97	%		2.00	%		2.00	%		1.98	%		2.10	%
Portfolio turnover rate		16	%		9	%		18	%		13	%		19	%

1	Based on average shares outstanding.
2	Reflects the impact of certain reimbursements by Capital Guardian Trust Company.

Private Client Services Funds 119

Capital Group Short-Term Municipal Fund

Financial highlights

(for a share outstanding throughout each year)

	For the year ended
	10/31/15			10/31/14			10/31/13			10/31/12			10/31/11
Selected per share data:
Net asset value, beginning of year	$	10.19		$	10.21		$	10.32		$	10.19		$	10.17
Income from investment operations:
Net investment income1		0.12			0.13			0.14			0.14			0.11
Net realized and unrealized (losses) gains on securities		(0.07	)		(0.01	)		(0.07	)		0.13			0.02
Total from investment operations		0.05			0.12			0.07			0.27			0.13
Dividends and distributions:
Dividends from net investment income		(0.12	)		(0.13	)		(0.14	)		(0.14	)		(0.10	)
Distributions from capital gain		—	2		(0.01	)		(0.04	)		—			(0.01	)
Total dividends and distributions		(0.12	)		(0.14	)		(0.18	)		(0.14	)		(0.11	)
Net asset value, end of year	$	10.12		$	10.19		$	10.21		$	10.32		$	10.19
Total return3		0.51	%		1.20	%		0.66	%		2.63	%		1.33	%
Net assets, end of year (in millions)	$	142		$	155		$	136		$	124		$	138
Ratios / Supplemental Data:
Ratio of expenses to average net assets before reimbursement		0.46	%		0.45	%		0.44	%		0.46	%		0.46	%
Ratio of expenses to average net assets after reimbursement3		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets3		1.15	%		1.24	%		1.34	%		1.32	%		1.04	%
Portfolio turnover rate		27	%		20	%		18	%		25	%		15	%

1	Based on average shares outstanding.
2	Amount less than $0.01.
3	Reflects the impact of certain reimbursements by Capital Guardian Trust Company.

120 Private Client Services Funds

Capital Group California Core Municipal Fund

Financial highlights

(for a share outstanding throughout each year)

	For the year ended
	10/31/15			10/31/14			10/31/13			10/31/12			10/31/11
Selected per share data:
Net asset value, beginning of year	$	10.62		$	10.40		$	10.65		$	10.25		$	10.19
Income from investment operations:
Net investment income1		0.21			0.20			0.20			0.21			0.20
Net realized and unrealized (losses) gains on securities		(0.03	)		0.22			(0.20	)		0.40			0.06
Total from investment operations		0.18			0.42			—			0.61			0.26
Dividends and distributions:
Dividends from net investment income		(0.21	)		(0.20	)		(0.21	)		(0.21	)		(0.20	)
Distributions from capital gain		—			—			(0.04	)		—	2		—	2
Total dividends and distributions		(0.21	)		(0.20	)		(0.25	)		(0.21	)		(0.20	)
Net asset value, end of year	$	10.59		$	10.62		$	10.40		$	10.65		$	10.25
Total return3		1.68	%		4.08	%		(0.04	)%		5.99	%		2.61	%
Net assets, end of year (in millions)	$	305		$	280		$	227		$	208		$	158
Ratios / Supplemental Data:
Ratio of expenses to average net assets before reimbursement		0.42	%		0.41	%		0.41	%		0.42	%		0.42	%
Ratio of expenses to average net assets after reimbursement3		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets3		1.95	%		1.92	%		1.93	%		1.99	%		1.98	%
Portfolio turnover rate		13	%		18	%		17	%		21	%		24	%

1	Based on average shares outstanding.
2	Amount less than $0.01.
3	Reflects the impact of certain reimbursements by Capital Guardian Trust Company.

Private Client Services Funds 121

Capital Group California Short-Term Municipal Fund

Financial highlights

(for a share outstanding throughout each year)

	For the year ended
	10/31/15			10/31/14			10/31/13			10/31/12			10/31/11
Selected per share data:
Net asset value, beginning of year	$	10.31		$	10.27		$	10.32		$	10.12		$	10.13
Income from investment operations:
Net investment income1		0.10			0.09			0.09			0.09			0.08
Net realized and unrealized (losses) gains on securities		(0.03	)		0.04			(0.04	)		0.20			(0.01	)
Total from investment operations		0.07			0.13			0.05			0.29			0.07
Dividends and distributions:
Dividends from net investment income		(0.10	)		(0.09	)		(0.09	)		(0.09	)		(0.08	)
Distributions from capital gain		—	2		—	2		(0.01	)		—	2		—
Total dividends and distributions		(0.10	)		(0.09	)		(0.10	)		(0.09	)		(0.08	)
Net asset value, end of year	$	10.28		$	10.31		$	10.27		$	10.32		$	10.12
Total return3		0.74	%		1.30	%		0.48	%		2.96	%		0.72	%
Net assets, end of year (in millions)	$	112		$	138		$	115		$	107		$	77
Ratios / Supplemental Data:
Ratio of expenses to average net assets before reimbursement		0.46	%		0.44	%		0.44	%		0.47	%		0.49	%
Ratio of expenses to average net assets after reimbursement3		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets3		0.98	%		0.89	%		0.91	%		0.92	%		0.83	%
Portfolio turnover rate		23	%		19	%		9	%		14	%		20	%

1	Based on average shares outstanding.
2	Amount less than $0.01.
3	Reflects the impact of certain reimbursements by Capital Guardian Trust Company.

122 Private Client Services Funds

Capital Group Core Bond Fund

Financial highlights

(for a share outstanding throughout each year)

	For the year ended
	10/31/15			10/31/14			10/31/13			10/31/12			10/31/11
Selected per share data:
Net asset value, beginning of year	$	10.25		$	10.24		$	10.62		$	10.40		$	10.45
Income from investment operations:
Net investment income1		0.16			0.16			0.15			0.17			0.19
Net realized and unrealized (losses) gains on securities		(0.04	)		0.04			(0.22	)		0.23			0.09
Total from investment operations		0.12			0.20			(0.07	)		0.40			0.28
Dividends and distributions:
Dividends from net investment income		(0.16	)		(0.16	)		(0.15	)		(0.17	)		(0.20	)
Distributions from capital gain		(0.02	)		(0.03	)		(0.16	)		(0.01	)		(0.13	)
Total dividends and distributions		(0.18	)		(0.19	)		(0.31	)		(0.18	)		(0.33	)
Net asset value, end of year	$	10.19		$	10.25		$	10.24		$	10.62		$	10.40
Total return2		1.25	%		1.95	%		(0.69	)%		3.92	%		2.80	%
Net assets, end of year (in millions)	$	335		$	310		$	296		$	296		$	280
Ratios / Supplemental Data:
Ratio of expenses to average net assets before reimbursement		0.42	%		0.41	%		0.41	%		0.42	%		0.42	%
Ratio of expenses to average net assets after reimbursement2		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets2		1.59	%		1.57	%		1.43	%		1.63	%		1.82	%
Portfolio turnover rate3:
Including mortgage dollar roll transactions		126	%		137	%		192	%		134	%		118	%
Excluding mortgage dollar roll transactions		87	%		—	4		—	4		—	4		—	4

1	Based on average shares outstanding.
2	Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
3	Refer to Note 5 for more information on mortgage dollar rolls.
4	Not available.

Private Client Services Funds 123

Capital Group Global Equity Fund

Financial highlights¹

(for a share outstanding throughout each year)

	For the year ended
	10/31/15			10/31/14			10/31/13			10/31/12			10/31/112
Selected per share data:
Net asset value, beginning of year	$	13.27		$	12.43		$	9.99		$	9.18		$	10.00
Income from investment operations:
Net investment income3		0.18			0.14			0.12			0.14			0.05
Net realized and unrealized (losses) gains on securities		(0.03	)		0.80			2.45			0.71			(0.87	)
Total from investment operations		0.15			0.94			2.57			0.85			(0.82	)
Dividends and distributions:
Dividends from net investment income		(0.14	)		(0.10	)		(0.13	)		(0.04	)		—
Distributions from capital gain		(0.15	)		—			—			—			—
Total dividends and distributions		(0.29	)		(0.10	)		(0.13	)		(0.04	)		—
Net asset value, end of year	$	13.13		$	13.27		$	12.43		$	9.99		$	9.18
Total return4		1.10	%		7.60	%		26.10	%		9.19	%		(8.20	)%
Net assets, end of year (in millions)	$	498		$	510		$	412		$	205		$	125
Ratios / Supplemental Data:
Ratio of expenses to average net assets before reimbursement		0.86	%		0.85	%		0.86	%		0.86	%		0.87	%5
Ratio of expenses to average net assets after reimbursement4		0.85	%6		0.85	%6		0.85	%		0.85	%		0.85	%5
Ratio of net investment income to average net assets4		1.34	%		1.09	%		1.09	%		1.47	%		0.94	%5
Portfolio turnover rate		39	%		29	%		25	%		35	%		15	%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.

124 Private Client Services Funds

Capital Group Non-U.S. Equity Fund

Financial highlights¹

(for a share outstanding throughout each year)

	For the year ended
	10/31/15			10/31/14			10/31/13			10/31/12			10/31/112
Selected per share data:
Net asset value, beginning of year	$	11.56		$	11.72		$	9.74		$	9.08		$	10.00
Income from investment operations:
Net investment income3		0.13			0.16			0.15			0.13			0.07
Net realized and unrealized (losses) gains on securities		(0.05	)		(0.23	)		1.88			0.58			(0.99	)
Total from investment operations		0.08			(0.07	)		2.03			0.71			(0.92	)
Dividends and distributions:
Dividends from net investment income		(0.14	)		(0.09	)		(0.05	)		(0.05	)		—
Total dividends and distributions		(0.14	)		(0.09	)		(0.05	)		(0.05	)		—
Net asset value, end of year	$	11.50		$	11.56		$	11.72		$	9.74		$	9.08
Total return4		0.69	%		(0.62	)%		20.93	%		7.91	%		(9.20	)%
Net assets, end of year (in millions)	$	1,333		$	1,652		$	989		$	256		$	50
Ratios / Supplemental Data:
Ratio of expenses to average net assets before reimbursement		0.85	%		0.85	%		0.85	%		0.86	%		0.89	%5
Ratio of expenses to average net assets after reimbursement4		0.85	%6		0.85	%6		0.85	%6		0.85	%		0.85	%5
Ratio of net investment income to average net assets4		1.11	%		1.35	%		1.44	%		1.38	%		1.32	%5
Portfolio turnover rate		34	%		33	%		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.

Private Client Services Funds 125

Capital Group U.S. Equity Fund

Financial highlights¹

(for a share outstanding throughout each year)

																For the
																eight			For the
																months			year
	For the year ended															ended			ended
	10/31/15			10/31/14			10/31/13			10/31/12			10/31/112			3/31/11			7/31/10
Selected per share data:
Net asset value, beginning of year	$	20.11		$	18.33		$	14.75		$	14.32		$	15.33		$	13.09		$	11.78
Income from investment operations:
Net investment income3		0.26			0.25			0.20			0.22			0.10			0.16			0.22
Net realized and unrealized gains (losses) on securities and currency		0.46			2.05			3.61			1.20			(1.02	)		2.28			1.30
Total from investment operations		0.72			2.30			3.81			1.42			(0.92	)		2.44			1.52
Dividends and distributions:
Dividends from net investment income		(0.24	)		(0.24	)		(0.22	)		(0.17	)		(0.09	)		(0.20	)		(0.21	)
Distributions from capital gain		(0.71	)		(0.28	)		(0.01	)		(0.82	)		—			—			—
Total dividends and distributions		(0.95	)		(0.52	)		(0.23	)		(0.99	)		(0.09	)		(0.20	)		(0.21	)
Net asset value, end of year	$	19.88		$	20.11		$	18.33		$	14.75		$	14.32		$	15.33		$	13.09
Total Return4		3.75	%		12.78	%		26.06	%		10.81	%		(6.42	)%		18.72	%		12.91	%
Net assets, end of year (in millions)	$	198		$	192		$	167		$	103		$	74		$	86		$	75
Ratios / Supplemental Data:
Ratio of expenses to average net assets before reimbursement		0.67	%		0.66	%		0.66	%		0.67	%		0.67	%5		1.04	%5		0.79	%
Ratio of expenses to average net assets after reimbursement4		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%5		0.75	%5		0.75	%
Ratio of net investment income to average net assets4		1.31	%		1.30	%		1.22	%		1.52	%		1.13	%5		1.67	%5		1.72	%
Portfolio turnover rate		29	%		27	%		25	%		53	%		82	%6		7	%6		22	%

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.

126 Private Client Services Funds

Capital Group Private Client Services Funds

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, 2015, 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, 2015, 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, 2015, 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 15, 2015

127

Capital Group Private Client Services Funds

Tax Information (unaudited)

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The Funds hereby designate the following amounts for the year ended October 31, 2015.

	Capital
	Group Core			Capital Group			Capital Group			Capital Group
	Municipal			Short-Term			California Core			California Short-
	Fund			Municipal Fund			Municipal Fund			Term Municipal Fund
Long-term capital gains	$	34,000		$	91,000		$	—		$	59,000
Exempt Interest dividends		99.80	%		99.98	%		99.87	%		100	%
	Capital						Capital Group
	Group Core			Capital Group			Non-U.S. Equity			Capital Group U.S.
	Bond Fund			Global Equity Fund			Fund			Equity Fund
Long-term capital gains	$	379,000		$	6,987,000		$	—		$	7,094,000
Foreign taxes (per share)		—			0.01			0.02			—
Foreign source income (per share)		—			0.19			0.26			—
Qualified dividend income		—			100	%		100	%		100	%
Corporate dividends received deduction		—		$	3,676,000			—			100	%

Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2016, to determine the calendar year amounts to be included on their 2015 tax returns. Shareholders should consult their tax advisors.

128 

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, 2015 through October 31, 2015).

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		Ending		Expenses
	account		account		paid		Annualized
	value		value		during		expense
	5/1/2015		10/31/2015		period*		ratio
Capital Group Core Municipal Fund
actual return	$	1,000.00	$	1,010.00	$	2.03		0.40	%
assumed 5% return		1,000.00		1,023.20		2.04		0.40	%
Capital Group Short-Term Municipal Fund
actual return		1,000.00		1,005.90		2.02		0.40	%
assumed 5% return		1,000.00		1,023.20		2.04		0.40	%
Capital Group California Core Municipal Fund
actual return		1,000.00		1,010.90		2.03		0.40	%
assumed 5% return		1,000.00		1,023.20		2.04		0.40	%
Capital Group California Short-Term Municipal Fund
actual return		1,000.00		1,007.20		2.02		0.40	%
assumed 5% return		1,000.00		1,023.20		2.04		0.40	%
Capital Group Core Bond Fund
actual return		1,000.00		998.80		2.02		0.40	%
assumed 5% return		1,000.00		1,023.20		2.04		0.40	%
Capital Group Global Equity Fund
actual return		1,000.00		952.10		4.18		0.85	%
assumed 5% return		1,000.00		1,020.90		4.33		0.85	%

129

Capital Group Private Client Services Funds

Expense example (unaudited) (continued)

	Beginning		Ending		Expenses
	account		account		paid		Annualized
	value		value		during		expense
	5/1/2015		10/31/2015		period*		ratio
Capital Group Non-U.S. Equity Fund
actual return		1,000.00		923.00		4.12		0.85	%
assumed 5% return		1,000.00		1,020.90		4.33		0.85	%
Capital Group U.S. Equity Fund
actual return		1,000.00		990.20		3.26		0.65	%
assumed 5% return		1,000.00		1,021.90		3.31		0.65	%

* 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).

130

Capital Group Private Client Services Funds

Trustees and other officers

“Independent” Trustees¹

Name, year of birth and position with funds	Year first elected as a trustee2	Principal occupation(s) during the past five years	Number of portfolios overseen in fund complex by trustee	Other directorships3 held by trustee
Joseph C. Berenato, 1946 Trustee	2015	Former Chairman and CEO, Ducommun Incorporated (aerospace components manufacturer)	15	Ducommun Incorporated
Vanessa C. L. Chang, 1952 Trustee	2015	Director, EL & EL Investments (real estate)	16	Edison International; Transocean Ltd.
Richard G. Capen, Jr., 1934 Lead Independent Trustee	2009	Corporate director and author	9	Former director of 16 American Funds portfolios, former director of Carnival Corporation
H. Frederick Christie, 1933 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
Richard G. Newman, 1934 Trustee	2009	Founder and Chairman Emeritus, AECOM2 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

131

Capital Group Private Client Services Funds

Trustees and other officers

“Interested” trustees⁴

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 funds’ service providers also permits them to make a significant contribution to the funds’ board.

Name, year of birth and position with funds	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 funds	Number of portfolios overseen in fund complex by trustee	Other directorships3 held by trustee
Paul F. Roye, 1953 Chairman of the Board	2009	Senior Vice President – Fund Business Management Group, Capital Research and Management Company6	12	None

132

Capital Group Private Client Services Funds

Trustees and other officers

Other officers⁵

Name, year of birth 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, 1957 President	2013	Senior Vice President – Capital Guardian Trust Company; President – Private Client Services Division, Capital Guardian Trust Company; Chairman of the Board and President, Capital Guardian Trust Company, a Nevada Corporation6
John R. Queen, 1965 Senior Vice President	2009	Senior Vice President – Private Client Services Division, Capital Guardian Trust Company; Vice President – Capital Fixed Income Investors, Capital Research and Management Company6
William L. Robbins, 1968 Senior Vice President	2014	Partner – Capital International Investors, Capital Research and Management Company6
Timothy W. McHale, 1978 Vice President	2009	Vice President and Associate Counsel – Fund Business Management Group, Capital Research and Management Company6; Secretary – American Funds Distributors, Inc.6
Courtney R. Taylor, 1975 Secretary	2009	Assistant Vice President – Fund Business Management Group, Capital Research and Management Company6
Gregory F. Niland, 1971 Treasurer	2014	Vice President – Investment Operations, Capital Research and Management Company6
Susan K. Countess, 1966 Assistant Secretary	2012	Associate – Fund Business Management Group, Capital Research and Management Company6
Brian Janssen, 1972 Assistant Treasurer	2014	Vice President – Investment Operations, Capital Research and Management Company6

1	The term “independent” trustee refers to a trustee who is not an “interested person” of the funds within the meaning of the Investment Company Act of 1940.
2	Trustees and officers of the funds serve until their resignation, removal or retirement.
3	This includes all directorships (other than the 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.
4	The term “interested” trustee refers to a trustee who is an “interested person” of the funds within the meaning of the 1940 Act, on the basis of his or her affiliation with the funds’ investment adviser, Capital Guardian Trust Company, or affiliated entities (including the funds’ principal underwriter).
5	All of the officers listed, except William L. Robbins, are officers of one or more of the other funds for which Capital Guardian Trust Company serves as Investment Adviser.
6	Company affiliated with Capital Guardian Trust Company.

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 funds is 333 South Hope Street, 55th Floor, Los Angeles, California 90071, Attention: Secretary.

133

Capital Group Private Client Services Funds

Offices of the funds

Capital Guardian Trust Company

6455 Irvine Center Drive

Irvine, CA 92618

Offices of the investment adviser

Capital Guardian Trust Company

333 South Hope Street

Los Angeles, CA 90071-1406

Custodian of assets

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Fund accounting and administration

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Independent registered public accounting firm

Deloitte & Touche LLP

695 Town Center Drive

Costa Mesa, CA 92626

Transfer agent

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Counsel

Morgan, Lewis & Bockius LLP

300 South Grand Avenue, Twenty-Second Floor

Los Angeles, CA 90071-3132

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 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.

134

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 Vanessa C. L. Chang, 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:
		2014	$164,951
		2015	$252,000
	b)  Audit-Related Fees:
		2014	None
		2015	None
	c)  Tax Fees:
		2014	35,715
		2015	56,000
		The tax fees consist of professional services relating to the review of the Registrant’s tax returns.
	d)  All Other Fees:
		2014	None
		2015	None

Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below):
	a)  Audit Fees:
		Not Applicable
	b)  Audit-Related Fees:
		2014	$288,925
		2015	$323,000
	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.

Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were $185,000 for fiscal year 2014 and $461,000 for fiscal year 2015. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence.

ITEM 5 – Audit Committee of Listed Registrants

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

ITEM 6 – Schedule of Investments

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

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

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

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

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

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

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

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

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

ITEM 11 – Controls and Procedures

(a)	The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.
(b)	There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s 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, 2015

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, 2015

By _/s/_Gregory F. Niland_____________________

Gregory F. Niland, Treasurer and

Principal Financial Officer

Date: December 31, 2015