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Capital Group California Core Municipal Fund
Investment portfolio
January 31, 2023
unaudited
Bonds, notes & other debt instruments 85.87%
California 85.50%
 
Principal amount
(000)
Value
(000)
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 10/1/2024
USD600
$622
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 10/1/2025
500
521
City of Alhambra, Insured Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 1/1/2027
630
680
Antelope Valley Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2016 Election,
Series 2022-C, 0% 8/1/2029
1,000
842
Antelope Valley Community College Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds,
Series 2015, 0% 8/1/2035 (preref. 2/15/2025)
2,300
1,401
Antelope Valley Community College Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds,
Series 2015, 0% 8/1/2036 (preref. 2/15/2025)
2,800
1,631
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds
(Eskaton Properties, Inc. Obligated Group), Series 2013, 5.00% 11/15/2023
500
504
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds
(Windemere Ranch Infrastructure Fncg. Program), Series 2014-A, 5.00% 9/2/2023
370
375
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds
(Windemere Ranch Infrastructure Fncg. Program), Series 2014-A, 5.00% 9/2/2024
395
411
Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds
(Windemere Ranch Infrastructure Fncg. Program), Series 2014-A, 5.00% 9/2/2025
510
531
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-S-7, 4.00% 4/1/2031
2,040
2,179
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2001-A,
(SIFMA Municipal Swap Index + 1.25%) 2.91% 4/1/2036 (put 4/1/2027)1
1,000
1,008
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2013-S-4,
5.00% 4/1/2043 (preref. 4/1/2023)
1,000
1,004
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2008-B-1,
(SIFMA Municipal Swap Index + 1.10%) 2.76% 4/1/2045 (put 4/1/2024)1
4,275
4,298
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-D,
(SIFMA Municipal Swap Index + 0.30%) 1.96% 4/1/2056 (put 4/1/2027)1
1,895
1,843
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2017-S-7, 5.00% 4/1/2024
1,275
1,314
Bay Area Water Supply and Conservation Agcy., Rev. Bonds, Series 2013-A, 5.00% 10/1/2023
500
502
City of Beaumont, Wastewater Rev. Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 9/1/2026
500
548
California County Tobacco Securitization Agcy., Tobacco Settlement Rev. Bonds
(Los Angeles County Securitization Corp.), Series 2020-A, 5.00% 6/1/2026
600
632
Trustees of the California State University, Systemwide Rev. Bonds, Series 2015-A, 5.00% 11/1/2024
500
524
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-A, 5.00% 11/1/2028
2,705
2,960
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2,
0.55% 11/1/2049 (put 11/1/2026)
1,980
1,768
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3,
4.00% 11/1/2051 (put 11/1/2023)
2,500
2,508
Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds
(Merged Redev. Project Area), Series 2021-C, BAM insured, 4.00% 8/1/2023
225
226
Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds
(Merged Redev. Project Area), Series 2014-B, Assured Guaranty Municipal insured, 5.00% 8/1/2024
260
269
Cathedral City, Successor Agcy. to the Redev. Agcy., Tax Allocation Housing Rev. Ref. Bonds
(Merged Redev. Project Area), Series 2014-A, Assured Guaranty Municipal insured, 5.00% 8/1/2025
620
645
Cerritos Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2012-D,
0% 8/1/2027
830
743
Chabot-Las Positas Community College Dist., G.O. Rev. Ref. Bonds, Series 2016, 4.00% 8/1/2033
1,580
1,664
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2027
465
475
Capital Group California Core Municipal Fund — Page 1 of 23
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2028
USD480
$492
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2029
500
515
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2030
520
533
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2031
540
554
City of Chino, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, BAM insured,
5.00% 9/1/2025
665
692
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D,
5.00% 9/1/2024
465
479
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D,
5.00% 9/1/2026
780
833
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D,
5.00% 9/1/2027
430
466
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D,
5.00% 9/1/2028
355
391
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D,
5.00% 9/1/2029
225
251
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D,
5.00% 9/1/2030
60
67
Clovis Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2006-B,
National insured, 0% 8/1/2030
1,000
808
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1,
4.00% 2/1/2052 (put 8/1/2031)
7,475
7,582
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2022-A-1,
4.00% 5/1/2053 (put 8/1/2028)
6,670
6,776
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-B-1,
5.00% 7/1/2053 (put 8/1/2029)
4,215
4,515
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1,
5.00% 12/1/2053 (put 8/1/2029)
3,945
4,214
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured,
5.00% 7/1/2026 (preref. 7/1/2024)
1,290
1,339
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, BAM insured,
5.00% 8/1/2029 (preref. 8/1/2025)
1,000
1,068
Compton Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2015 Election, Series 2019-B,
BAM insured, 0% 6/1/2033
1,000
688
City of Concord, Successor Agcy. to the Redev. Agcy., Rev. Ref. Bonds, Series 2014, BAM insured,
5.00% 3/1/2023
825
827
Corona-Norco Unified School Dist., Community Facs. Dist. No. 05-1, Special Tax Bonds, Series 2016,
5.00% 9/1/2036
2,010
2,096
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 9/1/2026
400
413
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 9/1/2027
880
957
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 9/1/2028
925
1,021
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 9/1/2029
675
755
Desert Community College Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2032 (preref. 2/1/2026)
1,885
2,045
City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, Special Tax Bonds,
Series 2021, 3.00% 9/1/2023
205
204
City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, Special Tax Bonds,
Series 2021, 3.00% 9/1/2025
265
262
East Bay Municipal Utility Dist., Water System Rev. Ref. Bonds, Series 2015-A, 5.00% 6/1/2027
3,550
3,794
Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 2.75% 7/1/2028
535
549
Eastern Municipal Water Dist., Water and Wastewater Rev. Ref. Bonds, Series 2021-A, 4.00% 7/1/2029
1,210
1,350
Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2021-A, 5.00% 4/1/2028
1,375
1,560
Educational Facs. Auth., Rev. Ref. Bonds (Stanford University), Series 2009-T-5, 5.00% 3/15/2023
1,290
1,295
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured,
5.00% 10/1/2026
530
552
Capital Group California Core Municipal Fund — Page 2 of 23
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured,
5.00% 10/1/2027
USD500
$520
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured,
5.00% 10/1/2030
1,000
1,038
County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Rev. Ref. Bonds,
Series 2012, 5.00% 9/1/2024
855
857
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 9/1/2025
580
614
Elk Grove Unified School Dist., Community Facs. Dist. No. 1, Special Tax Rev. Ref. Bonds, Series 2012,
Assured Guaranty Municipal insured, 4.00% 12/1/2033
2,535
2,538
Etiwanda School Dist., G.O. Bonds, 2016 Election, Series 2020-A, 4.00% 8/1/2029
570
624
City of Fillmore, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015, BAM insured,
5.00% 6/1/2024
1,000
1,033
Folsom Cordova Unified School Dist., School Facs. Improvement Dist. No. 1, G.O. Bonds,
Capital Appreciation Bonds, 2002 Election, Series 2004-B, National insured, 0% 10/1/2026
1,000
912
City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014,
5.00% 9/1/2023
535
539
City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 9/1/2026
100
103
City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 9/1/2027
120
124
City of Fontana, Public Facs. Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2021-A, 4.00% 9/1/2027
625
645
City of Fontana, Public Facs. Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2021-A, 4.00% 9/1/2029
390
404
G.O. Bonds, Series 2021, 5.00% 10/1/2029
2,000
2,367
G.O. Bonds, Series 2018, 5.00% 10/1/2030
1,000
1,157
G.O. Bonds, Series 2021, 5.00% 12/1/2031
85
92
G.O. Bonds, Series 2022, 5.00% 4/1/2032
3,030
3,744
G.O. Bonds, Series 2021, 5.00% 12/1/2032
70
76
G.O. Bonds, Series 2022, 5.00% 4/1/2033
1,250
1,540
G.O. Bonds, Series 2021, 5.00% 12/1/2034
70
76
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2027
745
833
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2028
685
784
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 10/1/2029
1,000
1,183
G.O. Rev. Ref. Bonds, Series 2017, 5.00% 11/1/2029
6,000
6,787
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2029
6,500
7,705
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 9/1/2030
3,500
4,215
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2030
4,065
4,913
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 12/1/2030
520
629
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2031
3,000
3,650
G.O. Rev. Ref. Bonds, Series 2016, 4.00% 9/1/2031
2,205
2,336
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 9/1/2031
2,500
3,065
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 3/1/2032
4,000
4,757
G.O. Rev. Ref. Bonds, Series 2007, Assured Guaranty Municipal insured, 5.25% 8/1/2032
2,000
2,486
City of Glendale, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds
(Central Glendale Redev. Project), Series 2016, BAM insured, 5.00% 12/1/2024
425
444
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds,
Capital Appreciation Bonds, Series 2005-A, AMBAC insured, 0% 6/1/2024 (escrowed to maturity)
2,000
1,937
Greenfield Elementary School Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, Series 2007-A,
Assured Guaranty Municipal insured, 0% 8/1/2029
1,270
1,042
Grossmont Healthcare Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, Series 2007-A,
AMBAC insured, 0% 7/15/2032
1,500
1,131
Grossmont Healthcare Dist., G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 7/15/2030
500
592
Grossmont Healthcare Dist., G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 7/15/2031
625
754
City of Hawthorne, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016,
Assured Guaranty Municipal insured, 5.00% 9/1/2024
250
260
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 3/1/2023
910
912
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 3/1/2024
1,105
1,107
Health Facs. Fncg. Auth., Rev. Bonds (Cedars-Sinai Medical Center), Series 2016-A, 5.00% 8/15/2023
650
659
Capital Group California Core Municipal Fund — Page 3 of 23
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2/1/2025
USD1,000
$1,048
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2014-A,
5.00% 8/15/2025
400
415
Health Facs. Fncg. Auth., Rev. Bonds (PIH Health), Series 2020-A, 5.00% 6/1/2030
1,900
2,131
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2019-B,
5.00% 10/1/2039 (put 10/1/2027)
3,135
3,462
Health Facs. Fncg. Auth., Rev. Bonds (Stanford Health Care), Series 2021-A, 3.00% 8/15/2054 (put 8/15/2025)
1,000
1,008
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 11/15/2024
3,000
3,136
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 11/15/2026 (preref. 11/15/2025)
300
323
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 11/15/2026
2,300
2,527
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2013-A, 5.00% 8/15/2052 (preref. 8/15/2023)
1,665
1,690
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Adventist Health System/West), Series 2016-A, 4.00% 3/1/2025
1,270
1,300
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2022-A,
5.00% 5/15/2026
830
902
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 11/1/2023
135
138
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 11/15/2024
1,000
1,048
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 11/15/2026
1,750
1,936
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 11/15/2032
4,575
5,115
Hemet Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2015, 5.00% 9/1/2026
600
626
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured,
5.00% 8/1/2023
885
896
Housing Fin. Agcy., Municipal Certs., Series 2021-A-3, 3.25% 8/20/2036
1,238
1,148
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B,
5.00% 11/1/2025
100
105
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B,
5.00% 11/1/2026
125
133
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B,
5.00% 11/1/2027
110
119
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B,
5.00% 11/1/2028
375
411
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B,
5.00% 11/1/2029
140
154
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B,
5.00% 11/1/2030
340
371
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2020-A-1, 4.00% 4/1/2030
825
928
City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. Project),
Series 2017-A, BAM insured, 5.00% 5/1/2031
500
553
City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Merged Redev. Project),
Series 2017-A, BAM insured, 5.00% 5/1/2027
650
714
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2013, 5.00% 9/2/2024
725
735
City of Irvine, Reassessment Dist. No. 13-1, Limited Obligation Improvement Bonds, Series 2013,
3.375% 9/2/2023
850
854
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 9/2/2023
200
203
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 9/2/2024
210
217
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 9/2/2025
250
264
City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021, BAM insured,
4.00% 9/2/2025
500
515
City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021, 4.00% 9/2/2028
500
532
City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021, BAM insured,
4.00% 9/2/2030
1,265
1,362
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured,
5.00% 9/1/2027
140
152
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured,
5.00% 9/1/2028
350
385
Capital Group California Core Municipal Fund — Page 4 of 23
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, BAM insured,
5.00% 9/1/2030
USD215
$237
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 9/1/2023
500
507
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 9/1/2029
710
737
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 5.00% 9/1/2023
750
760
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 4.00% 9/1/2027
1,615
1,730
Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds
(Community Facs. Dists. Nos. 10, 12, 13 and 15), Series 2021-A, BAM insured, 4.00% 9/1/2029
335
367
Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds
(Community Facs. Dists. Nos. 10, 12, 13 and 15), Series 2021-A, BAM insured, 4.00% 9/1/2031
375
416
Kings Canyon Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, Assured Guaranty Municipal insured,
5.00% 8/1/2029
1,600
1,712
La Habra School Dist., G.O. Bonds, Capital Appreciation Bonds, 2000 Election, Series 2002-A,
Assured Guaranty Municipal insured, 0% 8/1/2026
1,010
921
Lakeside Union School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2029
1,785
1,956
City of Lodi, Public Fin. Auth., Rev. Ref. Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 9/1/2024
260
270
Long Beach Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2008-A,
Assured Guaranty Municipal insured, 0% 6/1/2027
3,865
3,481
Los Altos School Dist., G.O. Bonds, 2014 Election, Capital Appreciation Bonds, Series 2019-A, 4.00% 8/1/2029
1,000
1,081
City of Los Angeles, Community Facs. Dist. No. 4 (Playa Vista - Phase 1), Special Tax Rev. Ref. Bonds, Series 2014,
5.00% 9/1/2023
690
700
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2021-B,
5.00% 5/15/2031
420
510
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2021-B,
5.00% 5/15/2034
1,025
1,232
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-E,
5.00% 5/15/2039
1,130
1,251
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 7/1/2024
535
556
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-B, 5.00% 7/1/2025
1,875
1,998
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 7/1/2025
500
534
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2030
775
934
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2032
870
1,084
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 7/1/2033
685
786
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2021-C, 5.00% 7/1/2033
1,500
1,821
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2033
1,345
1,664
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 7/1/2028
650
752
City of Los Angeles, Solid Waste Resources Rev. Bonds, Series 2013-A, 2.00% 2/1/2023
1,110
1,110
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1,
Special Tax Bonds, Series 2022, 5.00% 9/1/2027
100
109
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1,
Special Tax Bonds, Series 2022, 5.00% 9/1/2031
225
250
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1,
Special Tax Bonds, Series 2022, 5.00% 9/1/2032
175
194
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1,
Special Tax Bonds, Series 2022, 5.00% 9/1/2033
170
188
County of Los Angeles, Dev. Auth., Multi Family Housing Mortgage Rev. Bonds (Long Beach Senior Housing),
Series 2022, 2.00% 2/1/2026 (put 2/1/2025)
3,350
3,237
County of Los Angeles, Dev. Auth., Multi Family Housing Rev. Bonds (Cantamar Villas), Series 2021-D-1,
0.30% 2/1/2025 (put 2/1/2024)
1,295
1,249
County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Bonds, Series 2021-A,
4.00% 6/1/2036
3,450
3,741
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Bonds, Series 2021-A,
5.00% 7/1/2030
3,610
4,352
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Bonds, Series 2021-A,
5.00% 7/1/2034
1,000
1,207
Capital Group California Core Municipal Fund — Page 5 of 23
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
County of Los Angeles, Public Works Fncg. Auth., Lease Rev. Bonds, Series 2016-D, 5.00% 12/1/2027
USD1,500
$1,623
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, 2008 Election,
Series 2018-B-1, BAM insured, 5.00% 7/1/2036
1,000
1,109
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Green Bonds,
Series 2022-QRR, 5.00% 7/1/2027
2,170
2,446
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds,
Series 2021-A, 4.00% 7/1/2032
1,395
1,554
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014-C, 5.00% 7/1/2023
520
526
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2019-A, 3.00% 1/1/2034
4,780
4,774
Los Rios Community College Dist., G.O. Bonds, 2008 Election, Series 2021-E, 3.00% 8/1/2034
2,750
2,753
Madera Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006,
Assured Guaranty Municipal insured, 0% 8/1/2029
585
488
Manhattan Beach Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 1999-C,
FGIC-National insured, 0% 9/1/2024
3,800
3,618
Manteca Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2006,
National insured, 0% 8/1/2027
560
495
Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 5, Special Tax Bonds,
Series 2021, 4.00% 9/1/2028
275
283
City of Merced, Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A,
Assured Guaranty Municipal insured, 5.00% 10/1/2028
250
269
Merced Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2011-C,
0% 8/1/2033
615
445
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2027
550
619
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2022-B, 5.00% 7/1/2033
500
624
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2022-B, 5.00% 7/1/2034
500
612
Montebello Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 8/1/2028
1,545
1,619
Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% 9/1/2030
425
455
Mountain View - Los Altos Union School Dist., G.O. Bonds, 2018 Election, Series 2022-C, 4.00% 8/1/2031
2,465
2,825
Mountain View School Dist., G.O. Bonds, 2020 Election, Series 2021-A, Assured Guaranty Municipal insured,
4.00% 8/1/2023
1,290
1,300
Municipal Fin. Auth., Certs. of Part. (Palomar Health), Series 2022-A, Assured Guaranty Municipal insured,
5.00% 11/1/2028
125
137
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A,
4.00% 6/1/2026
165
166
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Walnut Apartments), Series 2021-A,
0.45% 12/1/2024 (put 12/1/2023)
2,935
2,851
Municipal Fin. Auth., Rev. and Rev. Ref. Bonds (HumanGood California Obligated Group), Series 2019-A,
4.00% 10/1/2030
1,785
1,835
Municipal Fin. Auth., Rev. Bonds (California Institute of the Arts), Series 2021, 4.00% 10/1/2033
250
254
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2026
300
316
Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A,
Assured Guaranty Municipal insured, 5.00% 2/1/2027
800
862
Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A,
Assured Guaranty Municipal insured, 5.00% 2/1/2028
750
817
Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A,
Assured Guaranty Municipal insured, 5.00% 2/1/2029
825
911
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation), Series 2017-A,
5.00% 11/15/2024 (escrowed to maturity)
300
314
Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2017-A, 5.00% 6/1/2023
750
756
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 10/1/2026
335
355
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 11/1/2025
500
536
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2028
750
774
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2029
1,085
1,118
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2035
1,000
1,015
Capital Group California Core Municipal Fund — Page 6 of 23
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project),
Series 2019, BAM insured, 5.00% 5/15/2027
USD530
$577
Murrieta Valley Unified School Dist., G.O. Bonds, 2014 Election, Series 2020, 4.00% 9/1/2023
335
338
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2023
2,530
2,560
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2030
525
557
Napa Valley Community College Dist., G.O. Rev. Ref. Bonds, Convertible Capital Appreciation Bonds,
Series 2018, 4.00% 8/1/20332
2,190
2,294
Napa Valley Unified School Dist., G.O. Bonds, 2016 Election, Series 2019-C, Assured Guaranty Municipal insured,
4.00% 8/1/2034
1,030
1,075
New Haven Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2008-C,
Assured Guaranty insured, 0% 8/1/2030
5,075
4,091
Newport-Mesa Unified Shool Dist., G.O. Bonds, 2005 Election, Series 2007, National insured, 0% 8/1/2031
1,000
790
Northern California Energy Auth., Commodity Supply Rev. Bonds, Series 2018, 4.00% 7/1/2049 (put 7/1/2024)
5,250
5,282
Oak Park Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, Series 2009-B,
Assured Guaranty Municipal insured, 0% 8/1/2029
605
498
Oakland Unified School Dist., G.O. Bonds, 2006 Election, Series 2016-A, 5.00% 8/1/2026
1,325
1,448
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured,
5.00% 8/1/2028
1,000
1,121
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured,
4.00% 8/1/2034
2,000
2,107
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2024
1,310
1,359
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2025
3,000
3,196
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty Municipal insured,
5.00% 8/1/2026
1,125
1,203
County of Orange, Airport Governmental Rev. Ref. Bonds, Series 2019-B, 5.00% 7/1/2025
1,065
1,133
County of Orange, Airport Private Activity Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2025
1,000
1,064
County of Orange, Community Facs. Dist. No. 2016-1 (Village of Esencia), Special Tax Bonds, Series 2016-A,
5.00% 8/15/2026
570
608
County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A,
4.00% 8/15/2024
130
132
County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A,
5.00% 8/15/2031
1,025
1,142
County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A,
5.00% 8/15/2032
1,000
1,111
County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A,
5.00% 8/15/2033
500
554
County of Orange, Sanitation Dist., Wastewater Rev. Ref. Obligations, Series 2022-A, 5.00% 2/1/2033
3,490
4,221
County of Orange, Transportation Auth., Bond Anticipation Notes (I-405 Improvement Project), Series 2021,
5.00% 10/15/2024 (escrowed to maturity)
2,000
2,089
County of Orange, Water Dist. Rev. Certs. of Part. (Interim Obligations), Series 2019-A, 2.00% 8/15/2023
2,825
2,819
City of Oxnard, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured,
5.00% 6/1/2024
250
258
City of Oxnard, Water Rev. Ref. Bonds, Series 2018, BAM insured, 5.00% 6/1/2024
450
466
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 8/1/2026
630
681
Paramount Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1998 Election, Series 2001-B,
Assured Guaranty Municipal insured, 0% 9/1/2025
3,000
2,806
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2026
250
272
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2027
200
222
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2028
285
323
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2029
400
462
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2024
1,000
1,030
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2032
2,675
2,766
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2028
185
201
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2029
200
220
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2030
215
237
Capital Group California Core Municipal Fund — Page 7 of 23
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2031
USD350
$385
Pleasant Valley School Dist., G.O. Bonds, 8/1/2029 Election, Series A, 5.00% 8/1/2029 (preref. 8/1/2026)
645
709
Pollution Control Fncg. Auth., Water Facs. Rev. Ref. Bonds (American Water Capital Corp. Project), Series 2020,
0.60% 8/1/2040 (put 9/1/2023)
3,270
3,223
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2016-A, 5.00% 9/1/2023
885
898
Public Fin. Auth., Electric System Rev. Ref. Bonds, Series 2018, Assured Guaranty Municipal insured,
5.00% 9/1/2023
730
741
Public Fin. Auth., Reassessment Rev. Ref. Bonds, Series 2019, 5.00% 9/2/2029
1,000
1,114
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017,
Assured Guaranty Municipal insured, 5.00% 10/1/2023
500
507
Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2028
250
284
Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2030
250
294
Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2033
330
393
Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2034
350
413
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 1/1/2028
450
483
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 1/1/2029
500
544
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 1/1/2031
520
578
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-D, 5.00% 4/1/2028
400
442
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2021-A, 5.00% 2/1/2032
1,000
1,234
City of Rancho Cucamonga, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds
(Rancho Redev. Project Area), Series 2014, Assured Guaranty Municipal insured, 5.00% 9/1/2026
600
625
City of Rancho Cucamonga, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds
(Rancho Redev. Project Area), Series 2014, Assured Guaranty Municipal insured, 5.00% 9/1/2028
300
313
City of Redding, Joint Powers Fin. Auth., Electric System Rev. Bonds, Series 2015-A, 5.00% 6/1/2024
15
16
Rialto Unified School Dist., G.O. Bonds, 2010 Election, Series 2019, 3.00% 8/1/2026
600
615
Rialto Unified School Dist., G.O. Bonds, 2010 Election, Series 2019, 3.00% 8/1/2027
750
771
City of Richmond, Successor Agcy. to the Redev. Agcy., Rev. Ref. Bonds, Series 2014-A, BAM insured,
5.00% 9/1/2025
200
208
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, BAM insured,
5.00% 9/1/2032
240
260
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1, Special Tax Rev. Ref. Bonds, Series 2022-A-1,
Assured Guaranty Municipal insured, 5.00% 9/1/2028
500
566
River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1, Special Tax Rev. Ref. Bonds, Series 2022-A-1,
Assured Guaranty Municipal insured, 5.00% 9/1/2029
500
575
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Bonds (Project Area No. 1, Desert Communities and
Interstate 215 Corridor Projects), Series 2015-A, Assured Guaranty Municipal insured, 5.00% 10/1/2023
1,075
1,093
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Hemet Project), Series 2014, BAM insured,
5.00% 9/1/2023
500
507
Riverside Community College Dist., G.O. Bonds, 2004 Election, Series 2019-F, 3.00% 8/1/2034
580
580
Riverside Community Properties Dev., Inc., Lease Rev. Bonds (Riverside County Law Building Project),
Series 2013, 6.00% 10/15/2038 (preref. 10/15/2023)
2,585
2,651
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured,
5.00% 9/1/2025
350
369
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured,
5.00% 9/1/2026
400
423
Riverside Unified School Dist., G.O. Bonds, 2016 Election, Series 2019, 4.00% 8/1/2029
850
911
City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015,
5.00% 9/1/2024
1,000
1,030
City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015,
5.00% 9/1/2032
2,000
2,086
Roseville Joint Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2007-C,
0% 8/1/2025
700
658
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.25% 7/1/2024
525
540
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 2019-A, 5.00% 8/15/2049 (put 7/13/2023)
3,580
3,596
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-E, 5.00% 7/1/2027
1,015
1,135
Capital Group California Core Municipal Fund — Page 8 of 23
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-E, 5.00% 7/1/2030
USD200
$227
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2027
585
625
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2017-E, 5.00% 8/1/2027
555
617
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2028
610
656
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2029
635
688
Sacramento Unified School Dist., G.O. Bonds, 2020 Election, Series 2022-A, BAM insured, 5.00% 8/1/2023
5,680
5,752
Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty Municipal insured,
5.00% 7/1/2030
1,000
1,033
Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2022, BAM insured, 5.00% 7/1/2030
1,050
1,239
City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds,
Series 2021, 4.00% 9/1/2027
635
676
City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds,
Series 2021, 4.00% 9/1/2028
875
937
City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds,
Series 2021, 4.00% 9/1/2029
430
463
City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A,
5.00% 10/15/2030
200
239
City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A,
5.00% 10/15/2031
150
178
City of San Diego, Public Facs. Fncg. Auth., Water Rev. Bonds, Series 2020-A, 5.00% 8/1/2029
500
586
County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 2,
Special Tax Bonds, Series 2020-A, 4.00% 9/1/2026
255
261
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2027
400
448
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2028
320
367
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2029
585
683
County of San Diego, Regional Airport Auth., Airport Rev. Bonds, Series 2013-A,
5.00% 7/1/2023 (escrowed to maturity)
245
248
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2028
1,000
1,146
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2029
1,000
1,167
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 7/1/2031
1,405
1,668
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Bonds, Series 2021-B,
5.00% 4/1/2029
320
375
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Green Bonds, Series 2020-A,
5.00% 4/1/2028
850
975
County of San Diego, Water Auth., Water Rev. Bonds, Series 2022-A, 5.00% 5/1/2028
250
288
County of San Diego, Water Auth., Water Rev. Bonds, Series 2022-A, 5.00% 5/1/2029
500
589
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds,
Series 2016-SR-1, 4.00% 7/1/2031
3,000
3,164
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, 2008 Election,
Series 2012-E, 0% 7/1/2034
3,000
2,103
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds,
Series 2015-R-4, 5.00% 7/1/2026
1,000
1,071
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds,
Series 2015-R-4, 5.00% 7/1/2027
3,000
3,214
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds,
Series 2016-R-5, 5.00% 7/1/2029
1,500
1,647
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Bonds,
Series 2019-D-2, 5.00% 5/1/2024
1,000
1,033
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds,
Series 2022-B-2, 5.00% 5/1/2027
4,000
4,462
City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Ref. Bonds,
Series 2016-A, 5.00% 11/1/2027
1,500
1,664
City of San Francisco, Bay Area Rapid Transit Dist., G.O. Bonds, 2016 Election, Series 2020-C-1, 5.00% 8/1/2027
1,500
1,693
City of San Francisco, Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 7/1/2027
475
509
San Francisco Unified School Dist., G.O. Bonds, 2016 Election, Series 2020-B, 4.00% 6/15/2029
1,000
1,091
Capital Group California Core Municipal Fund — Page 9 of 23
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
San Francisco Unified School Dist., G.O. Bonds, 2016 Election, Series 2020-B, 4.00% 6/15/2034
USD975
$1,049
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2023
40
40
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2024
65
67
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2025
90
94
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2026
155
164
San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Capital Appreciation Bonds,
Series 1997-A, National insured, 0% 1/15/2025
285
268
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, BAM insured, 5.00% 3/1/2029
500
580
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, BAM insured, 5.00% 3/1/2030
250
295
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-B, 5.00% 3/1/2032
1,250
1,500
City of San Jose, Fin. Auth., Lease Rev. Ref. Bonds (Civic Center Project), Series 2013-A,
5.00% 6/1/2030 (preref. 6/1/2023)
1,625
1,639
City of San Jose, G.O. Bonds (Disaster Preparedness, Public Safety and Infrastructure), Series 2021-A,
5.00% 9/1/2030
2,250
2,724
San Jose Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006-C,
National insured, 0% 8/1/2025
795
749
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 8/1/2023
375
380
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 8/1/2024
500
520
San Ramon Valley Unified School Dist., G.O. Bonds, 2012 Election, Series 2018, 5.00% 8/1/2024
1,000
1,041
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B,
5.00% 9/1/2024
530
546
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B,
5.00% 9/1/2025
375
387
Santa Monica - Malibu Unified School Dist., School Facs. Improvement Dist. No. 1 (Santa Monica Schools),
G.O. Bonds, 2018 Election, Series 2021-B, 4.00% 8/1/2025
405
423
Santa Monica - Malibu Unified School Dist., School Facs. Improvement Dist. No. 2 (Malibu Schools), G.O. Bonds,
2018 Election, Series 2021-B, 4.00% 8/1/2024
1,235
1,268
Santa Monica - Malibu Unified School Dist., School Facs. Improvement Dist. No. 2 (Malibu Schools), G.O. Bonds,
2018 Election, Series 2021-B, 4.00% 8/1/2025
345
361
Santa Rosa High School Dist., G.O. Bonds, 2014 Election, Series 2021-E, BAM insured, 4.00% 8/1/2027
500
542
Santa Rosa High School Dist., G.O. Bonds, 2014 Election, Series 2021-E, BAM insured, 4.00% 8/1/2029
500
551
Saugus Union School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2006,
FGIC-National insured, 0% 8/1/2024
1,210
1,163
Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1,
Special Tax Rev. Bonds, Series 2016, 5.00% 9/1/2024
500
513
Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1,
Special Tax Rev. Bonds, Series 2016, 5.00% 9/1/2025
1,110
1,160
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019,
4.00% 7/1/20273
740
753
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019,
4.00% 7/1/20293
805
818
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019,
5.00% 7/1/20313
875
915
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2014-A, 4.125% 7/1/20243
315
317
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 7/1/20243
585
599
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2015-A, 3.625% 7/1/20253
460
462
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 7/1/20263
505
534
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 7/1/20273
600
643
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/20233
225
227
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/20243
130
133
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20243
100
102
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/20253
150
156
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20253
105
109
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/20263
105
111
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20263
110
116
Capital Group California Core Municipal Fund — Page 10 of 23
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/20273
USD220
$236
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20273
100
107
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20283
100
108
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20293
200
219
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20303
200
221
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center),
Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 9/1/2023
150
149
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center),
Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 9/1/2024
145
144
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center),
Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 9/1/2025
365
360
City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center),
Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 9/1/2026
150
147
City of Signal Hill, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2015-A,
BAM insured, 5.00% 10/1/2023
500
508
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2019-A, 3.00% 3/1/2024
4,065
4,081
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2021-B, 0.50% 3/1/2026
5,040
4,676
Solano Community College Dist., G.O. Bonds, 2012 Election, Series 2013-A,
4.375% 8/1/2047 (preref. 8/1/2023)
595
601
South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2031
2,885
3,474
South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2032
500
610
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project),
Series 2021-1, 5.00% 7/1/2026
200
220
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project),
Series 2021-1, 5.00% 7/1/2027
400
451
Stanislaus Union School Dist., G.O. Rev. Ref. Bonds, Series 2019, BAM insured, 5.00% 8/1/2025
500
532
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Harriet Tubman Terrace Apartments),
Series 2021-Q, 0.24% 4/1/2024 (put 4/1/2023)
7,000
6,957
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Noble Creek Apartments), Series 2022-J,
3.50% 8/1/2025 (put 8/1/2024)
6,887
6,918
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Villa Verde), Series 2022-K-1,
3.50% 2/1/2026 (put 2/1/2024)
2,025
2,026
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Villa Verde), Series 2022-L-1,
3.50% 3/1/2026 (put 3/1/2024)
1,750
1,751
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 3/1/2025
750
783
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 3/1/2028
2,085
2,213
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 3/1/2034
975
1,053
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015,
5.00% 10/1/2023
1,110
1,122
Statewide Communities Dev. Auth., Rev. Bonds (Cottage Health System Obligated Group), Series 2015,
5.00% 11/1/2043 (preref. 11/1/2024)
5,000
5,224
Statewide Communities Dev. Auth., Rev. Bonds (Jewish Home of San Francisco), Series 2016, 5.00% 11/1/2026
575
631
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Huntington Memorial Hospital), Series 2014-B,
5.00% 7/1/2026 (preref. 7/1/2024)
200
208
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Rady Children’s Hospital), Series 2016-B, 5.00% 8/15/2028
860
980
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC - University of California, Irvine
East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM insured, 5.00% 5/15/2029
1,915
2,174
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC - University of California, Irvine
East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM insured, 5.00% 5/15/2031
3,000
3,497
Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC - University of California, Irvine
East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM insured, 5.00% 5/15/2032
3,500
4,064
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California,
Irvine East Campus Apartments), Series 2016, 5.00% 5/15/2029
1,250
1,309
Stockton Unified School Dist., G.O. Bonds, 2008 Election, Series 2011-D, Assured Guaranty Municipal insured,
0% 8/1/2033
2,500
1,807
Capital Group California Core Municipal Fund — Page 11 of 23
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Stockton Unified School Dist., G.O. Bonds, 2012 Election, Series 2018-C, BAM insured, 5.00% 8/1/2030
USD2,145
$2,471
Sweetwater Union High School Dist., G.O. Bonds, 2006 Election, Series 2006, 4.00% 8/1/2026
515
538
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 8/1/2025
1,715
1,778
Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds
(San Diego County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 6/1/2025
1,000
1,044
Tobacco Securitization Auth., Tobacco Settlement Asset-Backed Rev. Ref. Senior Bonds
(Sacramento County Tobacco Securitization Corp), Series 2021-A-1, 5.00% 6/1/2027
1,550
1,682
City of Tracy, Successor Agcy. to the Community Dev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016,
Assured Guaranty Municipal insured, 5.00% 8/1/2030
545
579
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2027
600
655
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2028
700
776
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2029
660
741
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2030
300
338
City of Turlock, Irrigation Dist., Rev. Ref. Bonds, Series 2020, 5.00% 1/1/2031
1,600
1,890
City of Tustin, Community Facs. Dist. No. 06-1 (Tustin Legacy / Columbus Villages), Special Tax Rev. Ref. Bonds,
Series 2015-A, 5.00% 9/1/2024
860
891
Twin Rivers Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured,
5.00% 8/1/2024
400
414
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006, National insured,
0% 8/1/2023
1,500
1,481
Union City, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-A,
5.00% 10/1/2023
375
381
Regents of the University of California, General Rev. Bonds, Series 2023-BM, 5.00% 5/15/2031
750
917
Regents of the University of California, General Rev. Bonds, Series 2023-BM, 5.00% 5/15/2032
3,000
3,730
Regents of the University of California, Limited Project Rev. Bonds, Series 2022-S, 5.00% 5/15/2031
1,150
1,399
Val Verde Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured,
4.00% 8/1/2023
600
605
City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 4/1/2028
590
647
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 12/1/2045
2,315
2,314
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 12/1/2049
2,070
2,098
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2020-A, 3.00% 12/1/2050
6,340
6,277
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2022-A, 5.50% 12/1/2052
2,705
2,961
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2017-CQ, 4.00% 12/1/2047
930
939
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 12/1/2048
3,320
3,362
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2019-CS, 4.00% 12/1/2049
1,970
1,995
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2020-CT, 3.00% 12/1/2050
4,425
4,380
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2022-CU, 5.50% 12/1/2052
1,900
2,076
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 12/1/2045
370
370
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured,
4.00% 8/1/2024
730
747
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured,
4.00% 8/1/2026
270
288
City of Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-B-1,
Assured Guaranty Municipal insured, 4.00% 9/1/2025
400
415
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2016-AV, 4.00% 12/1/2033
3,260
3,441
West Basin Municipal Water Dist., Rev. Ref. Bonds, Series 2021-A, 5.00% 8/1/2030
1,575
1,885
West Basin Municipal Water Dist., Rev. Ref. Bonds, Series 2021-A, 5.00% 8/1/2031
745
909
West Contra Costa Unified School Dist., G.O. Bonds, 2010 Election, Series 2020-F,
Assured Guaranty Municipal insured, 4.00% 8/1/2028
600
651
West Contra Costa Unified School Dist., G.O. Bonds, 2012 Election, Series 2020-E,
Assured Guaranty Municipal insured, 4.00% 8/1/2030
900
999
West Contra Costa Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2005-D,
National insured, 0% 8/1/2026
2,425
2,210
West Contra Costa Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2005-D,
National insured, 0% 8/1/2031
2,585
1,992
Capital Group California Core Municipal Fund — Page 12 of 23
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, 2005 Election, Series 2008-B, 6.00% 8/1/2027
USD3,000
$3,475
Westminster School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2009-A-1,
Assured Guaranty insured, 0% 8/1/2023
1,000
987
Westside Union School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2002-A, National insured,
0% 8/1/2027
800
708
Whittier City School Dist., G.O. Rev. Ref. Bonds, Series 2016, 4.00% 8/1/2030
825
871
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds,
Series 2021, Assured Guaranty Municipal insured, 4.00% 9/1/2029
215
229
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds,
Series 2021, Assured Guaranty Municipal insured, 4.00% 9/1/2030
235
249
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds,
Series 2021, Assured Guaranty Municipal insured, 4.00% 9/1/2031
260
276
Yosemite Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2010-D,
0% 8/1/2031
500
390
 
 
 
559,295
Missouri 0.01%
 
 
 
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program),
Series 2015-A, 3.75% 5/1/2038
60
60
Texas 0.08%
 
 
 
Tarrant County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Christus Health), Series 2018-A,
5.00% 7/1/2024
500
516
United States 0.28%
 
 
 
Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class ACA, 3.35% 11/25/2033
1,901
1,831
Total bonds, notes & other debt instruments (cost: $572,375,000)
 
 
561,702
Short-term securities 12.96%
Municipals 12.96%
 
 
 
Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A., Inc. Project), Series 2010-B, 0.65% 11/1/20351
9,900
9,900
City of Irvine, Reassessment Dist. No. 87-8, Limited Obligation Improvement Bonds, Series 1999,
0.51% 9/2/20241
1,000
1,000
Irvine Ranch Water Dist. Nos. 105, 140, 240 and 250, Consolidated G.O. Bonds, Series 1993, 0.50% 4/1/20331
17,400
17,400
Kern Community College Dist., Facs. Improvement Dist. No. 1, G.O. Bond Anticipation Notes,
Capital Appreciation Notes, Series 2020, 0% 8/1/2023
2,000
1,975
City of Los Angeles, Dept. of Water and Power, Power System Demand Rev. Bonds, Series 2002-A-2,
0.51% 7/1/20351
2,000
2,000
City of Los Angeles, Dept. of Water and Power, Rev. Bonds, Series 2021-A-1, 0.40% 7/1/20501
8,500
8,500
City of Los Angeles, Tax and Rev. Anticipation Notes, Series 2022, 4.00% 6/29/2023
3,000
3,020
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2,
0.40% 7/1/20371
2,235
2,235
Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A., Inc. Project), Series 2005,
0.76% 6/1/20251
2,200
2,200
Pollution Control Fncg. Auth., Environmental Impact Rev. Bonds (Air Products and Chemicals, Inc. Project),
Series 1997-B, 0.37% 3/1/20421
14,300
14,300
County of Riverside, Tax and Rev. Anticipation Notes, Series 2022, 5.00% 6/30/2023
5,000
5,054
San Diego Unified School Dist., Tax and Rev. Anticipation Notes, Series 2022-A, 4.00% 6/30/2023
3,585
3,608
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A., Inc. Project), Series 2002,
0.76% 5/15/20241
2,435
2,435
Regents of the University of California, General Rev. Bonds, Series 2013-AL-1, 0.36% 5/15/20481
5,850
5,850
Capital Group California Core Municipal Fund — Page 13 of 23
unaudited
Short-term securities (continued)
Municipals (continued)
 
Principal amount
(000)
Value
(000)
Regents of the University of California, General Rev. Bonds, Series 2013-AL-2, 0.40% 5/15/20481
USD800
$800
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2007-B-1, 0.45% 5/15/20321
2,500
2,500
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2020-O-1, 0.45% 5/15/20451
2,000
2,000
Total short-term securities (cost: $84,801,000)
 
 
84,777
Total investment securities 98.83% (cost: $657,176,000)
 
 
646,479
Other assets less liabilities 1.17%
 
 
7,683
Net assets 100.00%
 
 
$654,162
Futures contracts
 
Contracts
Type
Number of
contracts
Expiration
Notional
amount
(000)
Value and
unrealized
(depreciation)
appreciation
at 1/31/2023
(000)
2 Year U.S. Treasury Note Futures
Long
80
March 2023
USD16,452
$(43)
5 Year U.S. Treasury Note Futures
Long
859
March 2023
93,839
919
10 Year Ultra U.S. Treasury Note Futures
Short
186
March 2023
(22,544)
(36)
30 Year Ultra U.S. Treasury Bond Futures
Short
105
March 2023
(14,883)
(540)
 
 
 
 
 
$300
 
1
Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the
issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next
scheduled coupon rate change is considered to be the maturity date.
2
Step bond; coupon rate may change at a later date.
3
Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the
U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $6,886,000, which represented
1.05% of the net assets of the fund.
 
Key to abbreviations
Agcy. = Agency
Assn. = Association
Auth. = Authority
Certs. = Certificates
Dept. = Department
Dev. = Development
Dist. = District
Dists. = Districts
Econ. = Economic
Fac. = Facility
Facs. = Facilities
 
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
Part. = Participation
Preref. = Prerefunded
Redev. = Redevelopment
Ref. = Refunding
Rev. = Revenue
SIFMA = Securities Industry and Financial Markets Association
USD = U.S. dollars
Capital Group California Core Municipal Fund — Page 14 of 23
 
 
Capital Group California Short-Term Municipal Fund
Investment portfolio
January 31, 2023
unaudited
Bonds, notes & other debt instruments 87.33%
California 87.33%
 
Principal amount
(000)
Value
(000)
City of Anaheim, Housing and Public Improvements Auth., Rev. Bonds
(Electric Utility Distribution System Improvements), Series 2020-A, 5.00% 10/1/2023
USD200
$204
City of Bakersfield, Wastewater Rev. Ref. Bonds, Series 2015-A, 5.00% 9/15/2027
1,000
1,074
Trustees of the California State University, Systemwide Rev. Bonds, Series 2013-A, 5.00% 11/1/2023
400
408
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3,
4.00% 11/1/2051 (put 11/1/2023)
650
652
Chino Basin Regional Fin. Auth., Rev. Notes (Inland Empire Utilities Interim Fncg.), Series 2020-B,
4.00% 11/1/2025
500
522
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2023
395
396
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2024
410
413
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2025
430
436
Citrus Community College Dist., G.O. Bonds, 2020 Election, Series 2021-A, 4.00% 8/1/2025
370
387
Coast Community College Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2006-B,
Assured Guaranty Municipal insured, 0% 8/1/2026
1,205
1,111
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-B-1,
5.00% 7/1/2053 (put 8/1/2029)
900
964
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1,
5.00% 12/1/2053 (put 8/1/2029)
1,000
1,068
Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 5.00% 6/1/2025
125
133
Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 5.00% 6/1/2027
500
560
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 9/1/2024
400
405
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 9/1/2025
410
419
East Side Union High School Dist., G.O. Rev. Ref. Bonds, Series 2020, BAM insured, 5.00% 8/1/2025
845
904
Eastern Municipal Water Dist., Community Facs. Dist. No. 2017-79 (Eagle Crest), Special Tax Bonds, Series 2021,
4.00% 9/1/2023
255
256
Eastern Municipal Water Dist., Community Facs. Dist. No. 2017-79 (Eagle Crest), Special Tax Bonds, Series 2021,
4.00% 9/1/2025
275
280
Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2024
225
234
Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2026
300
330
Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2021-A, 5.00% 4/1/2025
425
449
County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Rev. Ref. Bonds,
Series 2012, 5.00% 9/1/2025
1,000
1,002
Escondido Union High School Dist., G.O. Bonds, 2008 Election, Series 2009-A, Assured Guaranty insured,
0% 8/1/2028
500
430
Fowler Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured,
4.00% 8/1/2024
745
762
G.O. Bonds, Series 2022, 5.00% 4/1/2027
1,000
1,118
G.O. Rev. Ref. Bonds, Series 2022-B, 4.00% 9/1/2028
700
770
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 12/1/2028
500
581
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2029
1,000
1,171
G.O. Rev. Ref. Bonds, Series 2022, 4.00% 9/1/2029
750
836
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 9/1/2029
500
591
G.O. Rev. Ref. Bonds, Series 2016, 4.00% 9/1/2031
1,100
1,165
Glendale Community College Dist., G.O. Rev. Ref. Bonds, 2016 Election, Series 2020-B, 4.00% 8/1/2023
500
504
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A,
5.00% 6/1/2033 (preref. 6/1/2025)
720
766
Grossmont Healthcare Dist., G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 7/15/2028
320
365
Capital Group California Short-Term Municipal Fund — Page 15 of 23
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 3/1/2024
USD410
$411
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 8/15/2025 (escrowed to maturity)
400
429
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-B-2,
4.00% 10/1/2036 (put 10/1/2024)
110
113
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2019-B,
5.00% 10/1/2039 (put 10/1/2027)
565
624
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 11/15/2025
400
428
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 11/15/2026 (preref. 11/15/2025)
275
296
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 11/15/2027
1,000
1,124
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 11/15/2046 (preref. 11/15/2025)
250
269
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2022-A,
5.00% 5/15/2024
680
700
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 11/1/2028
315
331
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 11/15/2026
700
769
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured,
4.00% 8/1/2024
500
511
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2021-B-2,
3.00% 10/1/2047 (put 10/1/2026)
1,500
1,527
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 9/2/2024
1,000
1,038
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 9/2/2029
1,000
1,048
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured,
5.00% 9/1/2025
250
262
Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds
(Community Facs. Dists. Nos. 10, 12, 13 and 15), Series 2021-A, BAM insured, 4.00% 9/1/2027
285
301
Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds
(Community Facs. Dists. Nos. 10, 12, 13 and 15), Series 2021-A, BAM insured, 4.00% 9/1/2028
275
298
County of Kern, Water Agcy., Improvement Dist. No. 4, Water Rev. Ref. Bonds, Series 2016-A,
Assured Guaranty Municipal insured, 5.00% 5/1/2023
800
805
Kern Community College Dist., Facs. Improvement Dist. No. 1, G.O. Bonds, 2016 Election, Series 2020-C,
4.00% 8/1/2026
645
684
La Canada Unified School Dist., G.O. Bonds, 2017 Election, Series 2020-B, 4.00% 8/1/2024
425
437
City of Lake Elsinore, Facs. Fin. Auth., Local Agcy. Rev. Ref. Bonds, Series 2021-B,
Assured Guaranty Municipal insured, 4.00% 9/1/2026
195
206
City of Lake Elsinore, Facs. Fin. Auth., Local Agcy. Rev. Ref. Bonds, Series 2021-B,
Assured Guaranty Municipal insured, 4.00% 9/1/2027
210
226
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2022-E,
5.00% 5/15/2030
250
298
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2014-D, 4.00% 7/1/2023
500
504
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2014-B, 5.00% 7/1/2023
825
834
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2017-B, 5.00% 7/1/2033
700
776
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 7/1/2025
500
535
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 7/1/2026
300
330
City of Los Angeles, Solid Waste Resources Rev. Bonds, Series 2013-A, 2.00% 2/1/2023
500
500
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1,
Special Tax Bonds, Series 2022, 5.00% 9/1/2029
150
168
County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1,
Special Tax Bonds, Series 2022, 5.00% 9/1/2030
175
193
County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Ref. Green Bonds,
Series 2020-A, 5.00% 6/1/2026
400
439
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Bonds, Series 2021-A,
5.00% 7/1/2027
1,425
1,606
Los Angeles Community College Dist., G.O. Bonds, 2016 Election, Series 2022-C-1, 5.00% 8/1/2026
1,500
1,652
Los Angeles County Facs., Inc., Lease Rev. Bonds (Vermont Corridor County Administration Building),
Series 2018-A, 5.00% 12/1/2051 (preref. 12/1/2028)
1,000
1,150
Capital Group California Short-Term Municipal Fund — Page 16 of 23
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-RYQ,
5.00% 7/1/2025
USD750
$801
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds,
Series 2016-B, 5.00% 7/1/2027
750
824
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds,
Series 2017-A, 5.00% 7/1/2026
500
549
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015-A, 5.00% 7/1/2023
685
692
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014-C, 5.00% 7/1/2025
500
520
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014-D, 5.00% 7/1/2026
500
521
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2026
755
792
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2022-B, 3.00% 7/1/2028
955
1,002
Modesto Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016, 5.00% 10/1/2023
160
163
Modesto Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2021, 5.00% 7/1/2026
635
694
Monrovia Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 8/1/2027
1,005
1,076
Mountain View Whisman School Dist., G.O. Bonds, 2012 Election, Series 2016-B, 5.00% 9/1/2025
610
656
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Walnut Apartments), Series 2021-A,
0.45% 12/1/2024 (put 12/1/2023)
700
680
Municipal Fin. Auth., Solid Waste Rev. Ref. Bonds (Republic Services, Inc. Project), Capital Appreciation Bonds,
Series 2010, Assured Guaranty Municipal insured, 0% 9/1/2023
260
256
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student Housing Project),
Series 2021, BAM insured, 5.00% 5/15/2025
400
419
Napa Valley Unified School Dist., G.O. Rev. Ref. Bonds, Series 2013, 5.00% 8/1/2024 (preref. 8/1/2023)
250
253
New Haven Unified School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2012,
Assured Guaranty Municipal insured, 0% 8/1/2023
965
953
Northern California Energy Auth., Commodity Supply Rev. Bonds, Series 2018, 4.00% 7/1/2049 (put 7/1/2024)
750
755
County of Orange, Sanitation Dist., Wastewater Rev. Ref. Obligations, Series 2021-A, 5.00% 2/1/2026
750
814
County of Orange, Water Dist. Rev. Ref. Bonds, Series 2019-C, 5.00% 8/15/2024
500
521
Pasadena Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, 5.00% 8/1/2024
655
682
Peralta Community College Dist., G.O. Bonds, 2006 Election, Series 2020-E-1, 5.00% 8/1/2025
1,000
1,066
City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds
(CFD No. 2001-1 IA No. 4 and No. 5; CFD No. 2005-1 IA No. 4), Series 2017-B, 5.00% 9/1/2024
990
1,019
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2024
240
246
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 1/1/2026
440
461
Public Works Board, Lease Rev. Bonds (Dept. of Corrections, Various State Prisons), Series 2017-D,
5.00% 9/1/2029
500
564
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2021-B, 5.00% 5/1/2027
275
308
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2022-C, 5.00% 8/1/2024
510
531
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2017-B, 5.00% 10/1/2024
330
345
City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (The Grantline 208 Project), Special Tax Bonds,
Series 2021-B, 3.00% 9/1/2024
85
85
City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (The Grantline 208 Project), Special Tax Bonds,
Series 2021-B, 4.00% 9/1/2026
105
108
City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (The Grantline 208 Project), Special Tax Bonds,
Series 2021-B, 4.00% 9/1/2028
120
124
City of Richmond, Wastewater Rev. Ref. Bonds, Series 2019-B, 5.00% 8/1/2023
940
952
RNR School Fncg. Auth., Community Facs. Dist. No. 92-1, Special Tax Bonds, Series 2017-A, BAM insured,
5.00% 9/1/2028
1,000
1,086
Roseville Joint Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2007-C,
0% 8/1/2025
510
479
Roseville Joint Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2007-C,
Assured Guaranty Municipal insured, 0% 8/1/2026
870
799
City of Sacramento, Community Facs. Dist. No. 4 (North Natomas), Special Tax Rev. Ref. Bonds, Series 2013-E,
5.25% 9/1/2025
1,000
1,015
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.25% 7/1/2024
80
82
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 2019-A, 5.00% 8/15/2049 (put 7/13/2023)
1,000
1,005
Capital Group California Short-Term Municipal Fund — Page 17 of 23
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Sacramento, Municipal Utility Dist., Electric Rev. Ref. Bonds, Series 2018-F, 5.00% 8/15/2026
USD500
$551
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2023
450
453
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2024
520
532
Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2022, BAM insured, 5.00% 7/1/2027
815
908
City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds,
Series 2021, 4.00% 9/1/2026
485
511
City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A,
5.00% 10/15/2027
255
287
City of San Diego, Public Facs. Fncg. Auth., Sewer Rev. Bonds, Series 2022-A, 5.00% 5/15/2027
500
560
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2023
500
505
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2024
500
518
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Bonds, Series 2021-B,
5.00% 4/1/2026
140
153
County of San Diego, Water Auth., Water Rev. Ref. Green Bonds, Series 2021-B, 5.00% 5/1/2030
230
277
San Diego Unified School Dist., G.O. Green Bonds, 2018 Election, Series 2022-F-2, 5.00% 7/1/2029
810
955
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds,
Series 2009-D-2, 4.00% 5/1/2023 (escrowed to maturity)
400
402
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds,
Series 2016-A-2, 5.00% 5/1/2024
400
413
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds,
Series 2019-D-2, 5.00% 5/1/2026
500
544
City and County of San Francisco, Community Facs. Dist. No. 2014-1 (Transbay Transit Center), Special Tax Bonds,
Series 2022-A, 5.00% 9/1/2028
145
163
City and County of San Francisco, Community Facs. Dist. No. 2014-1 (Transbay Transit Center), Special Tax Bonds,
Series 2022-A, 5.00% 9/1/2029
195
222
City and County of San Francisco, Community Facs. Dist. No. 2014-1 (Transbay Transit Center), Special Tax Bonds,
Series 2022-A, 5.00% 9/1/2030
155
179
City and County of San Francisco, G.O. Bonds (Earthquake Safety and Emergency Response), Series 2021-E-1,
5.00% 6/15/2025
815
870
City and County of San Francisco, G.O. Rev. Ref. Bonds, Series 2020-R-1, 5.00% 6/15/2030
1,100
1,267
City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Ref. Bonds,
Series 2016-A, 5.00% 11/1/2027
1,000
1,109
San Gabriel Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2012-B,
0% 8/1/2023
200
197
City of San Jacinto, Community Facs. Dist. No. 2002-1 (Rancho San Jacinto Phase 2), Special Tax Rev. Ref. Bonds,
Series 2016, 5.00% 9/1/2027
900
963
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, BAM insured, 5.00% 3/1/2026
440
477
Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B,
5.00% 9/1/2029
1,000
1,033
Santa Monica - Malibu Unified School Dist., School Facs. Improvement Dist. No. 1 (Santa Monica Schools),
G.O. Bonds, 2018 Election, Series 2021-B, 4.00% 8/1/2024
485
498
Santa Monica - Malibu Unified School Dist., School Facs. Improvement Dist. No. 1 (Santa Monica Schools),
G.O. Bonds, 2018 Election, Series 2021-B, 4.00% 8/1/2025
335
350
City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series 2019,
5.00% 9/1/2023
160
162
City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series 2019,
5.00% 9/1/2024
170
175
Silicon Valley Clean Water, Wastewater Rev. Bonds, Series 2018, 5.00% 8/1/2028
500
570
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2021-B, 0.50% 3/1/2026
1,350
1,253
Southern California Public Power Auth., Rev. Ref. Green Bonds (Linden Wind Energy Project), Series 2020-A,
5.00% 4/1/2024
550
564
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project),
Series 2021-1, 5.00% 7/1/2024
520
540
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging),
Series 2019-A, 4.00% 11/15/2023
250
253
Capital Group California Short-Term Municipal Fund — Page 18 of 23
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging),
Series 2019-B, 4.00% 11/15/2023
USD660
$668
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Harriet Tubman Terrace Apartments),
Series 2021-Q, 0.24% 4/1/2024 (put 4/1/2023)
2,000
1,988
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Noble Creek Apartments), Series 2022-J,
3.50% 8/1/2025 (put 8/1/2024)
1,476
1,483
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Villa Verde), Series 2022-K-1,
3.50% 2/1/2026 (put 2/1/2024)
500
500
Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Villa Verde), Series 2022-L-1,
3.50% 3/1/2026 (put 3/1/2024)
500
500
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 3/1/2023
135
135
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 3/1/2024
200
204
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 3/1/2025
415
433
Statewide Communities Dev. Auth., Rev. Bonds (Cottage Health System Obligated Group), Series 2015,
5.00% 11/1/2043 (preref. 11/1/2024)
1,500
1,567
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 5.00% 7/1/2026
325
351
Statewide Communities Dev. Auth., Rev. Bonds (Viamonte Senior Living 1 Project), Series 2018-B,
3.00% 7/1/2026
500
501
Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California,
Irvine East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM insured, 5.00% 5/15/2027
850
934
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 8/1/2026
350
363
Torrance Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2009-B-1,
0% 8/1/2023
250
247
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2025
1,500
1,581
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2026
550
590
Twin Rivers Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured,
5.00% 8/1/2027
225
246
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006, National insured,
0% 8/1/2023
440
435
Regents of the University of California, G.O. Rev. Bonds, Series 2013-AK, 5.00% 5/15/2048 (put 5/15/2023)
780
786
Regents of the University of California, General Rev. Bonds, Series 2023-BM, 5.00% 5/15/2028
500
574
Val Verde Unified School Dist., G.O. Bonds, 2020 Election, Series 2020-A, BAM insured, 4.00% 8/1/2023
450
454
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 12/1/2045
290
290
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 12/1/2049
965
978
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2020-A, 3.00% 12/1/2050
1,245
1,233
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2022-A, 5.50% 12/1/2052
580
635
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2017-CQ, 4.00% 12/1/2047
445
449
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 12/1/2048
835
846
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2020-CT, 3.00% 12/1/2050
1,765
1,747
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2022-CU, 5.50% 12/1/2052
1,475
1,612
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 12/1/2045
485
485
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2021-BD, 5.00% 12/1/2028
325
380
West Contra Costa Unified School Dist., G.O. Bonds, 2012 Election, Series 2020-E,
Assured Guaranty Municipal insured, 4.00% 8/1/2026
640
675
West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A-1, 5.00% 8/1/2024
250
260
Westside Union School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2002-A, National insured,
0% 8/1/2027
1,000
885
William S. Hart Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2001 Election, Series 2005-B,
Assured Guaranty Municipal insured, 0% 9/1/2025
1,000
938
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds,
Series 2021, 4.00% 9/1/2026
160
167
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds,
Series 2021, Assured Guaranty Municipal insured, 4.00% 9/1/2027
180
189
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds,
Series 2021, Assured Guaranty Municipal insured, 4.00% 9/1/2028
200
212
Capital Group California Short-Term Municipal Fund — Page 19 of 23
unaudited
Short-term securities 10.60%
Municipals 10.60%
 
Principal amount
(000)
Value
(000)
Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A., Inc. Project), Series 2010-A, 0.76% 11/1/20351
USD4,100
$4,100
City of Los Angeles, Dept. of Water and Power, Water System Bonds, Series 2019-A, 0.51% 7/1/20491
4,800
4,800
City of Los Angeles, Tax and Rev. Anticipation Notes, Series 2022, 4.00% 6/29/2023
500
503
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2016-B-2,
0.40% 7/1/20371
1,665
1,665
San Diego Unified School Dist., Tax and Rev. Anticipation Notes, Series 2022-A, 4.00% 6/30/2023
715
720
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2020-O-1, 0.45% 5/15/20451
1,850
1,850
Total short-term securities (cost: $13,639,000)
 
 
13,638
Total investment securities 97.93% (cost: $127,061,000)
 
 
125,959
Other assets less liabilities 2.07%
 
 
2,666
Net assets 100.00%
 
 
$128,625
Futures contracts
 
Contracts
Type
Number of
contracts
Expiration
Notional
amount
(000)
Value and
unrealized
appreciation
(depreciation)
at 1/31/2023
(000)
2 Year U.S. Treasury Note Futures
Short
17
March 2023
USD(3,496)
$—2
5 Year U.S. Treasury Note Futures
Long
154
March 2023
16,823
143
10 Year Ultra U.S. Treasury Note Futures
Short
21
March 2023
(2,545)
(15)
30 Year Ultra U.S. Treasury Bond Futures
Short
13
March 2023
(1,843)
(65)
 
 
 
 
 
$63
 
1
Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the
issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next
scheduled coupon rate change is considered to be the maturity date.
2
Amount less than one thousand.
 
Key to abbreviations
Agcy. = Agency
Auth. = Authority
Dept. = Department
Dev. = Development
Dist. = District
Dists. = Districts
Econ. = Economic
Fac. = Facility
 
Facs. = Facilities
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
Preref. = Prerefunded
Ref. = Refunding
Rev. = Revenue
USD = U.S. dollars
Capital Group California Short-Term Municipal Fund — Page 20 of 23
unaudited
Valuation
Capital Research and Management Company ("CRMC"), the funds’ investment adviser, values each fund’s investments at fair value as defined by accounting principles generally accepted in the United State of America. The net asset value per share of each fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.
Methods and inputs — The funds’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party 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”)
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
Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. The average month-end notional amounts of futures contracts while held by Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund were $98,655,000 and $15,555,000, respectively.
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 the funds’ investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each of the funds is determined. Fair valuations 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 designated the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The funds’ board and audit committee also regularly review reports that describe fair value determinations and methods.
Private Client Services Funds — Page 21 of 23
unaudited
Classifications — The funds’ investment adviser classifies each fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The funds’ valuation levels as of January 31, 2023, are as follows (dollars in thousands):
Capital Group California Core Municipal Fund
 
 
Investment securities
 
Level 1
Level 2
Level 3
Total
Assets:
 
 
 
 
Bonds, notes & other debt instruments:
 
 
 
 
Municipals
$—
$561,702
$—
$561,702
Short-term securities
—
84,777
—
84,777
Total
$—
$646,479
$—
$646,479
 
 
Other investments*
 
Level 1
Level 2
Level 3
Total
Assets:
 
 
 
 
Unrealized appreciation on futures contracts
$919
$—
$—
$919
Liabilities:
 
 
 
 
Unrealized depreciation on futures contracts
(619)
—
—
(619)
Total
$300
$—
$—
$300
*
Futures contracts are not included in the fund’s investment portfolio.
Capital Group California Short-Term Municipal Fund
 
 
Investment securities
 
Level 1
Level 2
Level 3
Total
Assets:
 
 
 
 
Bonds, notes & other debt instruments:
 
 
 
 
Municipals
$—
$112,321
$—
$112,321
Short-term securities
—
13,638
—
13,638
Total
$—
$125,959
$—
$125,959
 
 
Other investments*
 
Level 1
Level 2
Level 3
Total
Assets:
 
 
 
 
Unrealized appreciation on futures contracts
$143
$—
$—
$143
Liabilities:
 
 
 
 
Unrealized depreciation on futures contracts
(80)
—
—
(80)
Total
$63
$—
$—
$63
*
Futures contracts are not included in the fund’s investment portfolio.
Private Client Services Funds — Page 22 of 23
unaudited
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Capital Private Client Services Funds. This and other important information is contained in the prospectus, which can be obtained from your investment counselor and should be read carefully before investing.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
American Funds Distributors, Inc., member FINRA.
© 2023 Capital Group. All rights reserved.
MFGEFP1-380-0323O-S89745
Private Client Services Funds — Page 23 of 23