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Capital Group California Core Municipal Fund
Investment portfolio
July 31, 2023
unaudited
Bonds, notes & other debt instruments 90.54%
California 90.18%
 
Principal amount
(000)
Value
(000)
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 10/1/2024
USD600
$609
Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 10/1/2025
500
508
City of Alhambra, Insured Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 1/1/2027
630
659
Antelope Valley Community College Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2022-C,
2016 Election, 0% 8/1/2029
1,000
826
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
500
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
370
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
402
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
519
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-S-7, 4.00% 4/1/2031
2,040
2,117
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2001-A,
(SIFMA Municipal Swap Index + 1.25%) 5.23% 4/1/2036 (put 4/1/2027)1
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%) 5.08% 4/1/2045 (put 4/1/2024)1
4,275
4,278
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-D,
(SIFMA Municipal Swap Index + 0.30%) 4.28% 4/1/2056 (put 4/1/2027)1
1,895
1,842
Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2017-S-7, 5.00% 4/1/2024
1,275
1,290
City of Beaumont, Wastewater Rev. Bonds, Series 2018-A, Assured Guaranty Municipal insured, 5.00% 9/1/2026
500
530
Burbank Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1997 Election, Series 2002-C,
National insured, 0% 7/1/2027
1,500
1,325
California County Tobacco Securitization Agcy., Tobacco Settlement Rev. Bonds
(Los Angeles County Securitization Corp.), Series 2020-A, 5.00% 6/1/2026
600
627
Trustees of the California State University, Systemwide Rev. Bonds, Series 2015-A, 5.00% 11/1/2024
500
513
Trustees of the California State University, Systemwide Rev. Bonds, Series 2023-B, 5.00% 11/1/2026
920
984
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-A, 5.00% 11/1/2028
2,705
2,869
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2,
0.55% 11/1/2049 (put 11/1/2026)
1,980
1,760
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3,
4.00% 11/1/2051 (put 11/1/2023)
2,500
2,499
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
225
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
264
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
629
Cerritos Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2012-D,
0% 8/1/2027
830
732
Chabot-Las Positas Community College Dist., G.O. Rev. Ref. Bonds, Series 2016, 4.00% 8/1/2033
1,580
1,622
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2027
465
463
Capital Group California Core Municipal Fund — Page 1 of 24
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
$479
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2029
500
500
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2030
520
518
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2031
540
537
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
677
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D,
5.00% 9/1/2024
465
470
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D,
5.00% 9/1/2026
780
806
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D,
5.00% 9/1/2027
430
450
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D,
5.00% 9/1/2028
355
377
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D,
5.00% 9/1/2029
225
242
City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D,
5.00% 9/1/2030
60
65
Clovis Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2006-B,
National insured, 0% 8/1/2030
1,000
787
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1,
4.00% 2/1/2052 (put 8/1/2031)
8,975
8,928
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
6,655
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-B-1,
5.00% 7/1/2053 (put 8/1/2029)
9,720
10,202
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
4,118
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-D,
5.50% 5/1/2054 (put 8/1/2028)
5,000
5,277
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured,
5.00% 7/1/2026 (preref. 7/1/2024)
1,290
1,312
Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, BAM insured,
5.00% 8/1/2029 (preref. 8/1/2025)
1,000
1,039
Compton Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2015 Election, Series 2019-B,
BAM insured, 0% 6/1/2033
1,000
677
Corona-Norco Unified School Dist., Community Facs. Dist. No. 05-1, Special Tax Bonds, Series 2016,
5.00% 9/1/2036
2,010
2,069
Davis Joint Unified School Dist., G.O Bonds, 2018 Election, Series 2020, BAM insured, 3.00% 8/1/2034
750
720
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 9/1/2026
400
402
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 9/1/2027
880
926
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 9/1/2028
925
987
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 9/1/2029
675
730
Desert Community College Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2032 (preref. 2/1/2026)
1,885
1,989
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
205
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
257
East Bay Municipal Utility Dist., Water System Rev. Ref. Bonds, Series 2015-A, 5.00% 6/1/2027
3,550
3,688
East Side Union High School Dist., G.O. Bonds, 2014 Election, Series 2023-D, 5.00% 8/1/2030
570
659
Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 2.75% 7/1/2028
535
522
Eastern Municipal Water Dist., Water and Wastewater Rev. Ref. Bonds, Series 2021-A, 4.00% 7/1/2029
1,210
1,305
Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2021-A, 5.00% 4/1/2028
1,375
1,506
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured,
5.00% 10/1/2026
530
540
Capital Group California Core Municipal Fund — Page 2 of 24
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
$509
City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured,
5.00% 10/1/2030
1,000
1,016
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
856
City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, BAM insured, 5.00% 9/1/2025
580
597
Etiwanda School Dist., G.O. Bonds, 2016 Election, Series 2020-A, 4.00% 8/1/2029
570
603
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
1,013
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
902
City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014,
5.00% 9/1/2023
535
535
City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 9/1/2026
100
100
City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 9/1/2027
120
120
City of Fontana, Public Facs. Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2021-A, 4.00% 9/1/2027
625
628
City of Fontana, Public Facs. Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2021-A, 4.00% 9/1/2029
390
393
G.O. Bonds, Series 2021, 4.00% 10/1/2026
1,000
1,035
G.O. Bonds, Series 2021, 5.00% 10/1/2029
2,000
2,271
G.O. Bonds, Series 2018, 5.00% 10/1/2030
1,000
1,117
G.O. Bonds, Series 2021, 5.00% 12/1/2031
85
90
G.O. Bonds, Series 2022, 5.00% 4/1/2032
3,030
3,598
G.O. Bonds, Series 2021, 5.00% 12/1/2032
70
74
G.O. Bonds, Series 2022, 5.00% 4/1/2033
1,250
1,483
G.O. Bonds, Series 2023, 5.00% 10/1/2034
2,920
3,494
G.O. Bonds, Series 2021, 5.00% 12/1/2034
70
74
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2027
745
803
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2028
685
755
G.O. Rev. Ref. Bonds, Series 2017, 5.00% 11/1/2029
6,000
6,569
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2029
6,500
7,392
G.O. Rev. Ref. Bonds, Series 2017, 5.00% 8/1/2030
1,335
1,452
G.O. Rev. Ref. Bonds, Series 2018-C, 5.00% 8/1/2030
3,535
3,936
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 9/1/2030
3,500
4,046
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 12/1/2030
520
604
G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2031
3,000
3,513
G.O. Rev. Ref. Bonds, Series 2016, 4.00% 9/1/2031
2,205
2,275
G.O. Rev. Ref. Bonds, Series 2020, 5.00% 3/1/2032
4,000
4,593
G.O. Rev. Ref. Bonds, Series 2007, Assured Guaranty Municipal insured, 5.25% 8/1/2032
2,000
2,398
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
434
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
1,949
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
1,026
City of Grossmont, Healthcare Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, Series 2007-A,
AMBAC insured, 0% 7/15/2032
1,500
1,114
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
254
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 3/1/2024
1,105
1,106
Health Facs. Fncg. Auth., Rev. Bonds (Cedars-Sinai Medical Center), Series 2016-A, 5.00% 8/15/2023
650
650
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 2/1/2025
1,000
1,024
Health Facs. Fncg. Auth., Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2014-A,
5.00% 8/15/2025
400
407
Health Facs. Fncg. Auth., Rev. Bonds (PIH Health), Series 2020-A, 5.00% 6/1/2030
1,900
2,062
Capital Group California Core Municipal Fund — Page 3 of 24
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2019-B,
5.00% 10/1/2039 (put 10/1/2027)
USD3,135
$3,310
Health Facs. Fncg. Auth., Rev. Bonds (Stanford Health Care), Series 2021-A,
3.00% 8/15/2054 (put 8/15/2025)
1,000
997
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 11/15/2024
3,000
3,072
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 11/15/2026 (preref. 11/15/2025)
300
314
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 11/15/2026
2,300
2,449
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2013-A, 5.00% 8/15/2052 (preref. 8/15/2023)
1,665
1,666
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Adventist Health System/West), Series 2016-A, 4.00% 3/1/2025
1,270
1,276
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2022-A,
5.00% 5/15/2026
830
873
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 11/1/2023
135
136
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 11/15/2024
1,000
1,023
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 11/15/2026
1,750
1,864
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 11/15/2032
4,575
4,987
Hemet Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2015, 5.00% 9/1/2026
600
613
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured,
5.00% 8/1/2023
885
885
Housing Fin. Agcy., Municipal Certs., Series 2021-A-3, 3.25% 8/20/2036
1,228
1,112
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B,
5.00% 11/1/2025
100
103
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B,
5.00% 11/1/2026
125
131
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B,
5.00% 11/1/2027
110
117
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B,
5.00% 11/1/2028
375
403
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B,
5.00% 11/1/2029
140
151
Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B,
5.00% 11/1/2030
340
366
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2020-A-1, 4.00% 4/1/2030
825
897
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B,
5.00% 7/1/2030
3,855
4,318
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
536
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
694
City of Irvine, Facs. Fncg. Auth., Special Tax Rev. Bonds (Irvine Great Park Infrastructure Project), Series 2023-A,
5.00% 9/1/2033
1,200
1,439
City of Irvine, Facs. Fncg. Auth., Special Tax Rev. Bonds (Irvine Great Park Infrastructure Project), Series 2023-A,
5.00% 9/1/2034
2,120
2,536
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2013, 5.00% 9/2/2024
725
726
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 9/2/2024
1,250
1,271
City of Irvine, Reassessment Dist. No. 13-1, Limited Obligation Improvement Bonds, Series 2013,
3.375% 9/2/2023
850
850
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 9/2/2023
200
200
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 9/2/2024
210
213
City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 9/2/2025
250
258
City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021,
BAM insured, 4.00% 9/2/2025
500
505
City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021, 4.00% 9/2/2028
500
519
City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021,
BAM insured, 4.00% 9/2/2030
1,265
1,340
Capital Group California Core Municipal Fund — Page 4 of 24
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% 9/1/2027
USD140
$148
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A,
BAM insured, 5.00% 9/1/2028
345
369
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A,
BAM insured, 5.00% 9/1/2030
210
225
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 9/1/2023
500
501
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 9/1/2029
710
724
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 5.00% 9/1/2023
750
751
City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 4.00% 9/1/2027
1,615
1,675
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
353
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
400
Kings Canyon Joint Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016,
Assured Guaranty Municipal insured, 5.00% 8/1/2029
1,600
1,672
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
912
Lakeside Union School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2029
1,785
1,907
City of Lodi, Public Fin. Auth., Rev. Ref. Bonds, Series 2018, Assured Guaranty Municipal insured, 5.00% 9/1/2024
260
265
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
3,432
Los Altos School Dist., G.O. Bonds, 2014 Election, Capital Appreciation Bonds, Series 2019-A, 4.00% 8/1/2029
1,000
1,054
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
691
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
495
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-E,
5.00% 5/15/2039
1,130
1,236
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 7/1/2024
535
544
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-B, 5.00% 7/1/2025
1,875
1,944
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 7/1/2025
500
519
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2023-A, 5.00% 7/1/2029
2,000
2,276
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2030
775
900
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2032
870
1,044
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 7/1/2033
685
761
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2021-C, 5.00% 7/1/2033
1,500
1,770
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2033
1,345
1,614
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 7/1/2028
650
725
City of Los Angeles, Solid Waste Resources Rev. Bonds, Series 2023-A, 5.00% 2/1/2025
990
1,019
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
105
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
242
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
189
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
183
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
3,225
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
1,266
County of Los Angeles, Dev. Auth., Multi Family Housing Rev. Bonds
(West LA VA - Building 156 & 157 Apartments), Series 2023-C, 3.75% 12/1/2046 (put 12/1/2026)
1,360
1,361
Capital Group California Core Municipal Fund — Page 5 of 24
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Bonds, Series 2021-A,
4.00% 6/1/2036
USD3,450
$3,680
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Bonds, Series 2021-A,
5.00% 7/1/2034
1,000
1,179
County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Ref. Bonds,
Series 2023-A, 5.00% 7/1/2034
1,075
1,310
County of Los Angeles, Public Works Fncg. Auth., Lease Rev. Bonds, Series 2016-D, 5.00% 12/1/2027
1,500
1,575
Los Angeles Community College Dist., G.O. Bonds, 2008 Election, Series 2016-I, 4.00% 8/1/2033
1,500
1,553
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
1,084
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
1,519
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2019-A, 3.00% 1/1/2034
4,780
4,570
Los Rios Community College Dist., G.O. Bonds, 2008 Election, Series 2021-E, 3.00% 8/1/2033
1,750
1,711
Los Rios Community College Dist., G.O. Bonds, 2008 Election, Series 2021-E, 3.00% 8/1/2034
2,750
2,635
Madera Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006,
Assured Guaranty Municipal insured, 0% 8/1/2029
585
478
Manhattan Beach Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 1999-C,
FGIC-National insured, 0% 9/1/2024
3,800
3,637
Manteca Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2006,
National insured, 0% 8/1/2027
560
490
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
275
City of Merced Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A,
Assured Guaranty Municipal insured, 5.00% 10/1/2028
250
262
Merced Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2011-C,
0% 8/1/2033
615
429
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2027
550
598
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2022-B, 5.00% 7/1/2033
500
601
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2022-B, 5.00% 7/1/2034
500
599
Modesto Irrigation Dist. Fncg. Auth., Electric System Rev. Bonds, Series 2023-A, 5.00% 10/1/2031
900
1,056
Modesto Irrigation Dist. Fncg. Auth., Electric System Rev. Bonds, Series 2023-A, 5.00% 10/1/2034
700
844
Montebello Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 8/1/2028
1,545
1,588
Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% 9/1/2030
425
448
Mountain View - Los Altos Union School Dist., G.O. Bonds, 2018 Election, Series 2022-C, 4.00% 8/1/2031
2,465
2,705
Mountain View School Dist., G.O. Bonds, 2020 Election, Series 2021-A, Assured Guaranty Municipal insured,
4.00% 8/1/2023
1,290
1,290
Mt. Diablo Unified School Dist., G.O. Rev. Ref. Bonds, Series 2023, 5.00% 6/1/2031
1,000
1,170
Municipal Fin. Auth., Certs. of Part. (Palomar Health), Series 2022-A, Assured Guaranty Municipal insured,
5.00% 11/1/2028
125
133
Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A,
4.00% 6/1/2026
125
123
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Walnut Apartments), Series 2021-A,
0.45% 12/1/2024 (put 12/1/2023)
2,935
2,893
Municipal Fin. Auth., Rev. and Rev. Ref. Bonds (HumanGood California Obligated Group), Series 2019-A,
4.00% 10/1/2030
2,510
2,527
Municipal Fin. Auth., Rev. Bonds (California Institute of the Arts), Series 2021, 4.00% 10/1/2033
250
252
Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2026
300
310
Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A,
Assured Guaranty Municipal insured, 5.00% 2/1/2027
800
836
Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A,
Assured Guaranty Municipal insured, 5.00% 2/1/2028
750
791
Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A,
Assured Guaranty Municipal insured, 5.00% 2/1/2029
825
882
Capital Group California Core Municipal Fund — Page 6 of 24
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Municipal Fin. Auth., Rev. Bonds (Retirement Housing Foundation), Series 2017-A,
5.00% 11/15/2024 (escrowed to maturity)
USD300
$307
Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 10/1/2026
335
344
Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 11/1/2025
500
520
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2028
1,600
1,610
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2029
1,135
1,143
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2031
500
503
Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2035
1,000
1,002
Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Riverside I, LLC - UCR Student Housing Project),
Series 2019, BAM insured, 5.00% 5/15/2027
530
561
Murrieta Valley Unified School Dist., G.O. Bonds, 2014 Election, Series 2020, 4.00% 9/1/2023
335
335
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2023
2,530
2,532
Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2030
525
545
Napa Valley Community College Dist., G.O. Rev. Ref. Bonds, Convertible Capital Appreciation Bonds,
Series 2018, 4.00% 8/1/20332
2,190
2,240
Napa Valley Unified School Dist., G.O. Bonds, 2016 Election, Series 2019-C, Assured Guaranty Municipal insured,
4.00% 8/1/2034
1,030
1,056
New Haven Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2008-C,
Assured Guaranty insured, 0% 8/1/2030
5,075
3,985
Newport-Mesa Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2007,
National insured, 0% 8/1/2031
1,000
781
Northern California Energy Auth., Commodity Supply Rev. Bonds, Series 2018, 4.00% 7/1/2049 (put 7/1/2024)
5,250
5,263
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
491
Oakland Unified School Dist., G.O. Bonds, 2006 Election, Series 2016-A, 5.00% 8/1/2026
1,325
1,399
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured,
5.00% 8/1/2028
1,000
1,081
Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty Municipal insured,
4.00% 8/1/2034
2,000
2,068
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2024
1,310
1,332
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016, 5.00% 8/1/2025
3,000
3,104
Oakland Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty Municipal insured,
5.00% 8/1/2026
1,125
1,168
County of Orange, Airport Governmental Rev. Ref. Bonds, Series 2019-B, 5.00% 7/1/2025 (escrowed to maturity)
1,065
1,103
County of Orange, Airport Private Activity Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2025 (escrowed to maturity)
1,000
1,036
County of Orange, Community Facs. Dist. No. 2016-1 (Village of Esencia), Special Tax Bonds, Series 2016-A,
5.00% 8/15/2026
570
590
County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A,
4.00% 8/15/2024
130
130
County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A,
5.00% 8/15/2031
1,025
1,103
County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A,
5.00% 8/15/2032
1,000
1,081
County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A,
5.00% 8/15/2033
500
540
County of Orange, Transportation Auth., Bond Anticipation Notes (I-405 Improvement Project), Series 2021,
5.00% 10/15/2024 (escrowed to maturity)
2,000
2,046
County of Orange, Water Dist. Rev. Certs. of Part. (Interim Obligations), Series 2019-A, 2.00% 8/15/2023
425
425
City of Oxnard, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured,
5.00% 6/1/2024
250
253
City of Oxnard, Water Rev. Ref. Bonds, Series 2018, BAM insured, 5.00% 6/1/2024
450
456
Palomar Health, G.O. Rev. Ref. Bonds, Series 2016-A, 5.00% 8/1/2026
630
660
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
2,792
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2026
250
264
Capital Group California Core Municipal Fund — Page 7 of 24
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2027
USD200
$215
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2028
285
312
Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2029
400
446
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2024
1,000
1,011
Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2032
2,675
2,727
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2028
185
196
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2029
200
213
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2030
215
228
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2031
350
371
Pleasant Valley School Dist., G.O. Bonds, 8/1/2029 Election, Series A, 5.00% 8/1/2029 (preref. 8/1/2026)
645
688
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)
3,320
3,311
Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2016-A, 5.00% 9/1/2023
885
886
Public Fin. Auth., Electric System Rev. Ref. Bonds, Series 2018, Assured Guaranty Municipal insured,
5.00% 9/1/2023
730
731
Public Fin. Auth., Reassessment Rev. Ref. Bonds, Series 2019, 5.00% 9/2/2029
1,000
1,066
Public Fin. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2017,
Assured Guaranty Municipal insured, 5.00% 10/1/2023
500
501
Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2028
250
274
Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2030
250
283
Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2033
330
381
Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2034
350
403
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 1/1/2028
450
468
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 1/1/2029
500
525
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 1/1/2031
520
555
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-D, 5.00% 4/1/2028
400
427
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2023-B, 5.00% 12/1/2029
2,290
2,610
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2022-A, 5.00% 8/1/2030
3,300
3,811
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2023-B, 5.00% 12/1/2031
2,085
2,465
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2021-A, 5.00% 2/1/2032
1,000
1,186
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
612
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
306
City of Redding, Joint Powers Fin. Auth., Electric System Rev. Bonds, Series 2015-A, 5.00% 6/1/2024
15
15
Rialto Unified School Dist., G.O. Bonds, 2010 Election, Series 2019, 3.00% 8/1/2026
600
600
Rialto Unified School Dist., G.O. Bonds, 2010 Election, Series 2019, 3.00% 8/1/2027
750
750
City of Richmond, Successor Agcy. to the Redev. Agcy., Rev. Ref. Bonds, Series 2014-A,
BAM insured, 5.00% 9/1/2025
200
204
Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016,
BAM insured, 5.00% 9/1/2032
240
255
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
550
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
561
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
1,078
County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Ref. Bonds (Hemet Project), Series 2014,
BAM insured, 5.00% 9/1/2023
500
501
Riverside Community College Dist., G.O. Bonds, 2004 Election, Series 2019-F, 3.00% 8/1/2034
580
569
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
2,599
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured,
5.00% 9/1/2025
350
361
Capital Group California Core Municipal Fund — Page 8 of 24
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Riverside Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2015, BAM insured,
5.00% 9/1/2026
USD400
$413
Riverside Unified School Dist., G.O. Bonds, 2016 Election, Series 2019, 4.00% 8/1/2029
850
884
City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015,
5.00% 9/1/2024
1,000
1,011
City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015,
5.00% 9/1/2032
2,000
2,052
Roseville Joint Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2007-C,
Assured Guaranty Municipal insured, 0% 8/1/2025
700
656
Rowland Unified School Dist., G.O. Bonds, 2006 Election, Capital Appreciation Bonds, Series 2009-B,
0% 8/1/2034
2,420
1,655
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.25% 7/1/2024
270
275
City of Sacramento, Municipal Utility Dist., Electric Rev. Ref. Bonds, Series 2023-D,
5.00% 8/15/2049 (put 7/13/2023)
3,150
3,570
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-E, 5.00% 7/1/2027
1,015
1,101
County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-E, 5.00% 7/1/2030
200
220
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2027
585
606
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2017-E, 5.00% 8/1/2027
555
597
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2028
610
638
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2029
635
670
Sacramento Unified School Dist., G.O. Bonds, 2020 Election, Series 2022-A, BAM insured, 5.00% 8/1/2023
5,680
5,680
Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, Assured Guaranty Municipal insured,
5.00% 7/1/2030
1,000
1,014
Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2022, BAM insured, 5.00% 7/1/2030
1,050
1,214
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
656
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
906
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
448
City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A,
5.00% 10/15/2030
200
233
City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A,
5.00% 10/15/2031
150
174
City of San Diego, Public Facs. Fncg. Auth., Water Rev. Bonds, Series 2020-A, 5.00% 8/1/2029
500
570
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
254
County of San Diego, Grossmont Healthcare Dist., G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 7/15/2030
500
574
County of San Diego, Grossmont Healthcare Dist., G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 7/15/2031
625
726
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2027
400
434
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2028
320
355
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2029
585
663
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2028
1,000
1,109
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2029
1,000
1,133
County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 7/1/2031
1,405
1,622
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Bonds, Series 2021-B,
5.00% 4/1/2029
320
360
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Green Bonds, Series 2020-A,
5.00% 4/1/2028
850
941
County of San Diego, Water Auth., Water Rev. Bonds, Series 2022-A, 5.00% 5/1/2028
250
278
County of San Diego, Water Auth., Water Rev. Bonds, Series 2022-A, 5.00% 5/1/2029
500
568
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
3,096
San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, 2008 Election,
Capital Appreciation Bonds, Series 2012-E, 0% 7/1/2034
3,000
2,103
Capital Group California Core Municipal Fund — Page 9 of 24
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
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
USD1,000
$1,040
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
3,123
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
1,603
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
4,333
City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds,
Series 2023-C, 4.00% 10/1/2048 (put 10/1/2029)
4,855
5,129
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
1,636
City of San Francisco, Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 7/1/2027
475
495
San Francisco Unified School Dist., G.O. Bonds, 2016 Election, Series 2020-B, 4.00% 6/15/2029
1,000
1,057
San Francisco Unified School Dist., G.O. Bonds, 2016 Election, Series 2020-B, 4.00% 6/15/2034
975
1,023
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
66
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2025
90
92
San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2026
155
159
San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Capital Appreciation Bonds,
Series 1997-A, National insured, 0% 1/15/2025
285
271
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, BAM insured, 5.00% 3/1/2029
500
563
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, BAM insured, 5.00% 3/1/2030
250
287
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-B, 5.00% 3/1/2032
1,250
1,459
City of San Jose, G.O. Bonds (Disaster Preparedness, Public Safety and Infrastructure), Series 2021-A,
5.00% 9/1/2030
2,250
2,614
San Jose Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006-C,
National insured, 0% 8/1/2025
795
743
San Jose Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017, 5.00% 8/1/2023
375
375
San Juan Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-N, 4.00% 8/1/2031
1,700
1,753
San Ramon Valley Unified School Dist., G.O. Bonds, 2012 Election, Series 2018, 5.00% 8/1/2024
1,000
1,019
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
536
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
380
Santa Monica-Malibu Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-E, 3.00% 8/1/2033
1,785
1,749
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
413
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
1,247
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
352
Santa Rosa High School Dist., G.O. Bonds, 2014 Election, Series 2021-E, BAM insured, 4.00% 8/1/2027
500
524
Santa Rosa High School Dist., G.O. Bonds, 2014 Election, Series 2021-E, BAM insured, 4.00% 8/1/2029
500
532
Saugus Union School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2006,
FGIC-National insured, 0% 8/1/2024
1,210
1,168
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
504
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
1,131
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019,
4.00% 7/1/20273
740
735
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019,
4.00% 7/1/20293
805
801
School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019,
5.00% 7/1/20313
875
899
Capital Group California Core Municipal Fund — Page 10 of 24
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2014-A, 4.125% 7/1/20243
USD161
$161
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 7/1/20243
585
589
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2015-A, 3.625% 7/1/20253
745
736
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 7/1/20263
505
520
School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 7/1/20273
600
625
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/20243
130
131
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20243
100
101
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/20253
150
152
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20253
105
106
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/20263
315
324
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20263
110
113
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/20273
220
229
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20273
100
104
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20283
100
105
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20293
200
213
School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/20303
200
215
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
150
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
142
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
353
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
144
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
501
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2019-A, 3.00% 3/1/2024
4,065
4,060
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2021-B, 0.50% 3/1/2026
5,040
4,578
Solano Community College Dist., G.O. Bonds, 2012 Election, Series 2013-A, 4.375% 8/1/2047 (preref. 8/1/2023)
595
595
South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2031
2,885
3,351
South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2032
500
589
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project),
Series 2021-1, 5.00% 7/1/2026
200
212
Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project),
Series 2021-1, 5.00% 7/1/2027
400
434
Stanislaus Union School Dist., G.O. Rev. Ref. Bonds, Series 2019, BAM insured, 5.00% 8/1/2025
500
518
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
6,848
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
2,013
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
1,738
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 3/1/2025
750
765
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 3/1/2028
2,085
2,162
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 3/1/2034
975
1,028
Statewide Communities Dev. Auth., Rev. Bonds (American Baptist Homes of the West), Series 2015,
5.00% 10/1/2023
1,110
1,111
Statewide Communities Dev. Auth., Rev. Bonds (Cottage Health System Obligated Group), Series 2015,
5.00% 11/1/2043 (preref. 11/1/2024)
5,000
5,114
Statewide Communities Dev. Auth., Rev. Bonds (Jewish Home of San Francisco), Series 2016, 5.00% 11/1/2026
575
612
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Huntington Memorial Hospital), Series 2014-B,
5.00% 7/1/2026 (preref. 7/1/2024)
200
203
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Odd Fellows Home of California Project), Series 2023-A,
5.00% 4/1/2026
275
289
Capital Group California Core Municipal Fund — Page 11 of 24
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Odd Fellows Home of California Project), Series 2023-A,
5.00% 4/1/2027
USD425
$454
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Rady Children’s Hospital), Series 2016-B, 5.00% 8/15/2028
860
951
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
2,095
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
3,363
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
3,912
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
1,296
Stockton Unified School Dist., G.O. Bonds, 2012 Election, Series 2018-C, BAM insured, 5.00% 8/1/2030
2,145
2,395
Stockton Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2011-D,
Assured Guaranty Municipal insured, 0% 8/1/2033
2,500
1,761
Sweetwater Union High School Dist., G.O. Bonds, 2006 Election, Series 2006, 4.00% 8/1/2026
515
524
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 8/1/2025
1,715
1,743
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
1,031
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
1,659
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
565
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2027
600
633
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2028
700
750
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2029
660
716
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2030
300
327
City of Turlock, Irrigation Dist., Rev. Ref. Bonds, Series 2020, 5.00% 1/1/2031
1,600
1,837
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
873
Twin Rivers Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured,
5.00% 8/1/2024
400
407
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006,
National insured, 0% 8/1/2023
1,500
1,500
Union City, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-A,
5.00% 10/1/2023
375
376
Regents of the University of California, General Rev. Bonds, Series 2023-BM, 5.00% 5/15/2031
750
888
Regents of the University of California, General Rev. Bonds, Series 2023-BM, 5.00% 5/15/2032
3,000
3,614
Regents of the University of California, Limited Project Rev. Bonds, Series 2022-S, 5.00% 5/15/2031
1,150
1,358
Val Verde Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-A, Assured Guaranty Municipal insured,
4.00% 8/1/2023
600
600
City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 4/1/2028
590
624
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 12/1/2045
1,870
1,853
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 12/1/2049
4,035
4,012
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2020-A, 3.00% 12/1/2050
5,870
5,693
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2022-A, 5.50% 12/1/2052
2,705
2,900
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2017-CQ, 4.00% 12/1/2047
795
789
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 12/1/2048
2,895
2,878
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2019-CS, 4.00% 12/1/2049
1,730
1,720
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2020-CT, 3.00% 12/1/2050
4,070
3,954
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2022-CU, 5.50% 12/1/2052
1,895
2,119
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 12/1/2045
315
313
Capital Group California Core Municipal Fund — Page 12 of 24
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured,
4.00% 8/1/2024
USD730
$735
Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured,
4.00% 8/1/2026
270
279
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
405
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2016-AV, 4.00% 12/1/2033
3,260
3,372
West Basin Municipal Water Dist., Rev. Ref. Bonds, Series 2021-A, 5.00% 8/1/2030
1,575
1,817
West Basin Municipal Water Dist., Rev. Ref. Bonds, Series 2021-A, 5.00% 8/1/2031
745
875
West Contra Costa Unified School Dist., G.O. Bonds, 2010 Election, Series 2020-F,
Assured Guaranty Municipal insured, 4.00% 8/1/2028
600
634
West Contra Costa Unified School Dist., G.O. Bonds, 2012 Election, Series 2020-E,
Assured Guaranty Municipal insured, 4.00% 8/1/2030
900
961
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
2,188
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
1,956
West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, 2005 Election, Series 2008-B, 6.00% 8/1/2027
3,000
3,361
Westminster School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2009-A-1,
Assured Guaranty insured, 0% 8/1/2023
1,000
1,000
Westside Union School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2002-A, National insured,
0% 8/1/2027
800
699
Whittier City School Dist., G.O. Rev. Ref. Bonds, Series 2016, 4.00% 8/1/2030
825
851
Whittier Union High School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2016, 0% 8/1/2032
1,000
708
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
222
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
241
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
267
Yosemite Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2010-D,
0% 8/1/2031
500
383
 
572,950
Missouri 0.01%
 
 
 
Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program),
Series 2015-A, 3.75% 5/1/2038
50
50
Texas 0.08%
 
 
 
Tarrant County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Christus Health), Series 2018-A,
5.00% 7/1/2024
500
506
United States 0.27%
 
 
 
Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class ACA, 3.35% 11/25/2033
1,885
1,719
Total bonds, notes & other debt instruments (cost: $593,817,000)
575,225
Capital Group California Core Municipal Fund — Page 13 of 24
unaudited
Short-term securities 8.09%
Municipals 8.09%
 
Principal amount
(000)
Value
(000)
Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A., Inc. Project), Series 2010-A, 3.25% 11/1/20351
USD1,600
$1,600
Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A., Inc. Project), Series 2010-B, 3.25% 11/1/20351
6,100
6,100
City of Irvine, Reassessment Dist. No. 87-8, Limited Obligation Improvement Bonds, Series 1999,
3.38% 9/2/20241
1,000
1,000
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
2,000
City of Los Angeles, Dept. of Water and Power, Power System Demand Rev. Bonds, Series 2002-A-1,
3.30% 7/1/20351
800
800
City of Los Angeles, Dept. of Water and Power, Power System Demand Rev. Bonds, Series 2002-A-2,
3.30% 7/1/20351
300
300
City of Los Angeles, Dept. of Water and Power, Rev. Bonds, Series 2021-A-1, 3.35% 7/1/20501
1,000
1,000
City of Los Angeles, Dept. of Water and Power, Water System Bonds, Series 2019-A, 3.34% 7/1/20491
4,200
4,200
Pollution Control Fncg. Auth., Environmental Impact Rev. Bonds (Air Products and Chemicals, Inc. Project),
Series 1997-B, 3.20% 3/1/20421
4,000
4,000
Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project),
Series 2010-B, 3.25% 8/1/2024 (put 8/1/2023)3,4
10,000
10,000
County of Riverside, Tax and Rev. Anticipation Notes, Series 2023, 5.00% 6/28/2024
5,000
5,080
Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A., Inc. Project), Series 2002,
3.25% 5/15/20241
2,435
2,435
Regents of the University of California, General Rev. Bonds, Series 2013-AL-2, 3.40% 5/15/20481
7,100
7,100
Regents of the University of California, General Rev. Bonds, Series 2013-AL-1, 3.50% 5/15/20481
800
800
Regents of the University of California, General Rev. Bonds, Series 2013-AL-4, 3.50% 5/15/20481
5,000
5,000
 
51,415
Total short-term securities (cost: $51,410,000)
51,415
Total investment securities 98.63% (cost: $645,227,000)
626,640
Other assets less liabilities 1.37%
8,695
Net assets 100.00%
$635,335
Futures contracts
 
Contracts
Type
Number of
contracts
Expiration
date
Notional
amount
(000)
Value and
unrealized
(depreciation)
appreciation
at 7/31/2023
(000)
2 Year U.S. Treasury Note Futures
Long
193
9/29/2023
USD39,185
$(433
)
5 Year U.S. Treasury Note Futures
Long
612
9/29/2023
65,374
(1,007
)
10 Year Ultra U.S. Treasury Note Futures
Short
291
9/20/2023
(34,042
)
818
 
 
 
 
$(622
)
 
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 $16,859,000, which
represented 2.65% of the net assets of the fund.
4
For short-term securities, the mandatory put date is considered to be the maturity date.
Capital Group California Core Municipal Fund — Page 14 of 24
unaudited
 
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 15 of 24
 
 
Capital Group California Short-Term Municipal Fund
Investment portfolio
July 31, 2023
unaudited
Bonds, notes & other debt instruments 93.85%
California 93.85%
 
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
$201
City of Bakersfield, Wastewater Rev. Ref. Bonds, Series 2015-A, 5.00% 9/15/2027
1,000
1,046
Burbank Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1997 Election, Series 2002-C,
National insured, 0% 7/1/2027
500
442
Trustees of the California State University, Systemwide Rev. Bonds, Series 2013-A, 5.00% 11/1/2023
400
402
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3, 5.00% 11/1/2025
860
901
Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3,
4.00% 11/1/2051 (put 11/1/2023)
650
650
Chino Basin Regional Fin. Auth., Rev. Notes (Inland Empire Utilities Interim Fncg.), Series 2020-B,
4.00% 11/1/2025
500
508
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2023
395
395
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2024
410
408
City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2025
430
427
Citrus Community College Dist., G.O. Bonds, 2020 Election, Series 2021-A, 4.00% 8/1/2025
370
377
Coast Community College Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2006-B,
Assured Guaranty Municipal insured, 0% 8/1/2026
1,205
1,097
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1,
4.00% 2/1/2052 (put 8/1/2031)
500
497
Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-B-1,
5.00% 7/1/2053 (put 8/1/2029)
1,000
1,050
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
1,044
Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 5.00% 6/1/2025
125
129
Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 5.00% 6/1/2027
500
540
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 9/1/2024
400
399
Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 9/1/2025
410
410
East Bay Municipal Utility Dist., Water System Rev. Ref. Bonds, Series 2015-A, 5.00% 6/1/2028
1,000
1,040
East Side Union High School Dist., G.O. Bonds, 2014 Election, Series 2023-D, 5.00% 8/1/2030
190
220
East Side Union High School Dist., G.O. Rev. Ref. Bonds, Series 2020, BAM insured, 5.00% 8/1/2025
845
879
Eastern Municipal Water Dist., Community Facs. Dist. No. 2017-79 (Eagle Crest), Special Tax Bonds, Series 2021,
4.00% 9/1/2023
255
255
Eastern Municipal Water Dist., Community Facs. Dist. No. 2017-79 (Eagle Crest), Special Tax Bonds, Series 2021,
4.00% 9/1/2025
275
275
Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2024
225
229
Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2026
300
319
Educational Facs. Auth., Rev. Bonds (Chapman University), Series 2021-A, 5.00% 4/1/2025
425
438
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
1,001
Escondido Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2009-A,
Assured Guaranty insured, 0% 8/1/2028
500
426
Fowler Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured,
4.00% 8/1/2024
745
749
G.O. Bonds, Series 2021, 4.00% 10/1/2026
560
580
G.O. Rev. Ref. Bonds, Series 2017, 5.00% 11/1/2026
725
774
G.O. Rev. Ref. Bonds, Series 2022-B, 4.00% 9/1/2028
700
743
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 12/1/2028
500
557
Capital Group California Short-Term Municipal Fund — Page 16 of 24
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
G.O. Rev. Ref. Bonds, Series 2022, 4.00% 9/1/2029
USD750
$807
G.O. Rev. Ref. Bonds, Series 2021, 5.00% 9/1/2029
500
567
G.O. Rev. Ref. Bonds, Series 2016, 4.00% 9/1/2031
1,100
1,135
Glendale Community College Dist., G.O. Rev. Ref. Bonds, 2016 Election, Series 2020-B, 4.00% 8/1/2023
500
500
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A,
5.00% 6/1/2033 (preref. 6/1/2025)
720
747
Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2013-A, 5.00% 3/1/2024
410
410
Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 8/15/2025 (escrowed to maturity)
400
416
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2016-B-2,
4.00% 10/1/2036 (put 10/1/2024)
110
110
Health Facs. Fncg. Auth., Rev. Bonds (Providence St. Joseph Health), Series 2019-B,
5.00% 10/1/2039 (put 10/1/2027)
565
597
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 11/15/2025
400
417
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 11/15/2026 (preref. 11/15/2025)
275
288
Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 11/15/2046 (preref. 11/15/2025)
250
262
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Lucile Salter Packard Children’s Hospital at Stanford), Series 2022-A,
5.00% 5/15/2024
680
689
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 11/1/2028
315
324
Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 11/15/2026
700
745
Hemet Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014, Assured Guaranty Municipal insured,
4.00% 8/1/2024
500
503
Imperial Community College Dist., G.O. Bonds, 2022 Election, Series 2023-A,
Assured Guaranty Municipal insured, 5.00% 8/1/2025
130
135
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
1,488
Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B,
5.00% 7/1/2030
800
896
City of Irvine Facs. Fncg. Auth., Special Tax Rev. Bonds (Irvine Great Park Infrastructure Project), Series 2023-A,
5.00% 9/1/2029
300
339
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 9/2/2024
1,000
1,017
City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 9/2/2029
1,000
1,030
Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, BAM insured,
5.00% 9/1/2025
250
256
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
293
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
288
Kern Community College Dist., Facs. Improvement Dist. No. 1, G.O. Bonds, 2016 Election, Series 2020-C,
4.00% 8/1/2026
645
667
La Canada Unified School Dist., G.O. Bonds, 2017 Election, Series 2020-B, 4.00% 8/1/2024
425
430
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
200
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
218
Lodi Unified School Dist., G.O. Bonds, Series 2022, 5.00% 8/1/2025
500
520
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2020-B,
5.00% 5/15/2027
685
743
City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2022-E,
5.00% 5/15/2030
250
289
City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2017-B, 5.00% 7/1/2033
700
753
City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 7/1/2026
300
319
City of Los Angeles, Solid Waste Resources Rev. Bonds, Series 2023-A, 5.00% 2/1/2025
330
340
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
162
Capital Group California Short-Term Municipal Fund — Page 17 of 24
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
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
USD175
$187
County of Los Angeles, Dev. Auth., Multi Family Housing Rev. Bonds
(West LA VA - Building 156 & 157 Apartments), Series 2023-C, 3.75% 12/1/2046 (put 12/1/2026)
350
350
County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Ref. Green Bonds,
Series 2020-A, 5.00% 6/1/2026
400
425
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
1,122
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-RYQ,
5.00% 7/1/2025
750
780
Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2016-B,
5.00% 7/1/2027
750
799
Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2014-C, 5.00% 7/1/2025
500
510
Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2026
755
773
Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2022-B, 3.00% 7/1/2028
955
970
Modesto Irrigation Dist. Fncg. Auth., Electric System Rev. Bonds, Series 2023-A, 5.00% 10/1/2029
440
499
Modesto Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2016, 5.00% 10/1/2023
160
160
Modesto Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2021, 5.00% 7/1/2026
635
671
Monrovia Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, 5.00% 8/1/2027
1,005
1,048
Mountain View Whisman School Dist., G.O. Bonds, 2012 Election, Series 2016-B, 5.00% 9/1/2025
610
637
Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Walnut Apartments), Series 2021-A,
0.45% 12/1/2024 (put 12/1/2023)
700
690
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
259
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
409
Napa Valley Unified School Dist., G.O. Rev. Ref. Bonds, Series 2013, 5.00% 8/1/2024 (preref. 8/1/2023)
250
250
New Haven Unified School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2012,
Assured Guaranty Municipal insured, 0% 8/1/2023
965
965
Northern California Energy Auth., Commodity Supply Rev. Bonds, Series 2018, 4.00% 7/1/2049 (put 7/1/2024)
750
752
County of Orange, Sanitation Dist., Wastewater Rev. Ref. Obligations, Series 2021-A, 5.00% 2/1/2026
750
791
City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds
(CFD No. 2001-1 IA Nos. 4 and No. 5; CFD No. 2005-1 IA No. 4), Series 2017-B, 5.00% 9/1/2024
990
1,001
Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2024
240
242
Public Fin. Auth., Rev. Ref. Bonds (O’Conner Woods), Series 2022, 4.00% 1/1/2026
440
449
Public Works Board, Lease Rev. Bonds (Dept. of Corrections and Rehabilitation), Series 2015-H, 5.00% 12/1/2026
470
492
Public Works Board, Lease Rev. Bonds (Dept. of Corrections, Various State Prisons), Series 2017-D,
5.00% 9/1/2029
500
545
Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2021-B, 5.00% 5/1/2027
750
809
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2017-B, 5.00% 10/1/2024
330
337
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2023-B, 5.00% 12/1/2029
460
524
Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2022-A, 5.00% 8/1/2030
500
577
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
84
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
105
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
121
City of Richmond, Wastewater Rev. Ref. Bonds, Series 2019-B, 5.00% 8/1/2023
940
940
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
1,058
Roseville Joint Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2007-C,
Assured Guaranty Municipal insured, 0% 8/1/2025
510
478
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
791
Capital Group California Short-Term Municipal Fund — Page 18 of 24
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
City of Sacramento, Community Facs. Dist. No. 4 (North Natomas), Special Tax Rev. Ref. Bonds, Series 2013-E,
5.25% 9/1/2025
USD1,000
$1,001
City of Sacramento, Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.25% 7/1/2024
40
41
City of Sacramento, Municipal Utility Dist., Electric Rev. Ref. Bonds, Series 2018-F, 5.00% 8/15/2026
500
533
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2023
450
450
Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2024
520
524
Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2022, BAM insured, 5.00% 7/1/2027
815
884
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
496
City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A,
5.00% 10/15/2027
255
279
City of San Diego, Public Facs. Fncg. Auth., Sewer Rev. Bonds, Series 2022-A, 5.00% 5/15/2027
500
542
County of San Diego, Grossmont Healthcare Dist., G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 7/15/2028
320
353
County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2024
500
508
County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Bonds, Series 2021-B,
5.00% 4/1/2026
140
148
County of San Diego, Water Auth., Water Rev. Ref. Green Bonds, Series 2021-B, 5.00% 5/1/2030
230
267
San Diego Unified School Dist., G.O. Green Bonds, 2018 Election, Series 2022-F-2, 5.00% 7/1/2029
810
921
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
406
City and County of San Francisco, Airport Commission, San Francisco International Airport, Rev. Ref. Bonds,
Series 2019-D-2, 5.00% 5/1/2026
1,150
1,217
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
158
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
215
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
173
City and County of San Francisco, G.O. Bonds (Earthquake Safety and Emergency Response), Series 2021-E-1,
5.00% 6/15/2025
815
847
City and County of San Francisco, G.O. Rev. Ref. Bonds, Series 2020-R-1, 5.00% 6/15/2030
1,100
1,229
City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, Series 2023-A,
5.00% 11/1/2029
500
570
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
1,073
City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds,
Series 2023-C, 4.00% 10/1/2048 (put 10/1/2029)
1,040
1,099
San Gabriel Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2012-B,
0% 8/1/2023
200
200
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
931
City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, BAM insured, 5.00% 3/1/2026
440
463
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
1,018
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
342
City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series 2019,
5.00% 9/1/2023
160
160
City of Santee, Community Facs. Dist. No. 2017-1 (Weston Infrastructure), Special Tax Bonds, Series 2019,
5.00% 9/1/2024
170
172
Silicon Valley Clean Water, Wastewater Rev. Bonds, Series 2018, 5.00% 8/1/2028
500
551
Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2021-B, 0.50% 3/1/2026
1,350
1,226
Southern California Public Power Auth., Rev. Ref. Green Bonds (Linden Wind Energy Project), Series 2020-A,
5.00% 4/1/2024
550
554
Capital Group California Short-Term Municipal Fund — Page 19 of 24
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-A, 4.00% 11/15/2023
USD250
$250
Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging),
Series 2019-B, 4.00% 11/15/2023
660
661
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
1,468
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
497
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
497
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 3/1/2024
200
201
Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 3/1/2025
415
423
Statewide Communities Dev. Auth., Rev. Bonds (Cottage Health System Obligated Group), Series 2015,
5.00% 11/1/2043 (preref. 11/1/2024)
1,500
1,534
Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 5.00% 7/1/2026
325
341
Statewide Communities Dev. Auth., Rev. Ref. Bonds (Odd Fellows Home of California Project), Series 2023-A,
5.00% 4/1/2025
485
499
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
900
Sweetwater Union High School Dist., G.O. Rev. Ref. Bonds, Series 2014, BAM insured, 5.00% 8/1/2026
350
356
Torrance Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2009-B-1,
0% 8/1/2023
250
250
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2025
1,500
1,539
Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2026
550
572
Tuolumne Wind Project Auth., Rev. Ref. Bonds (Tuolumne Wind Project), Series 2016-A, 5.00% 1/1/2027
670
720
Twin Rivers Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty Municipal insured,
5.00% 8/1/2027
225
239
Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006,
National insured, 0% 8/1/2023
440
440
Val Verde Unified School Dist., G.O. Bonds, 2020 Election, Series 2020-A, BAM insured, 4.00% 8/1/2023
450
450
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 12/1/2045
235
233
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 12/1/2049
1,160
1,153
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2020-A, 3.00% 12/1/2050
1,155
1,120
Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2022-A, 5.50% 12/1/2052
580
622
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2017-CQ, 4.00% 12/1/2047
380
377
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 12/1/2048
725
721
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2020-CT, 3.00% 12/1/2050
1,625
1,578
Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2022-CU, 5.50% 12/1/2052
1,470
1,644
Dept. of Veterans Affairs, Veterans G.O. Rev. Ref. Bonds, Series 2016-CN, 3.50% 12/1/2045
365
362
Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2021-BD, 5.00% 12/1/2028
325
366
West Contra Costa Unified School Dist., G.O. Bonds, Series 2023, BAM insured, 5.00% 8/1/2028
1,000
1,104
West Contra Costa Unified School Dist., G.O. Bonds, 2012 Election, Series 2020-E,
Assured Guaranty Municipal insured, 4.00% 8/1/2026
640
659
West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, Series 2017-A-1, 5.00% 8/1/2024
250
254
Westside Union School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2002-A, National insured,
0% 8/1/2027
1,000
874
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
930
City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds,
Series 2021, 4.00% 9/1/2026
160
162
Capital Group California Short-Term Municipal Fund — Page 20 of 24
unaudited
Bonds, notes & other debt instruments (continued)
California (continued)
 
Principal amount
(000)
Value
(000)
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
USD180
$184
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
206
Total bonds, notes & other debt instruments (cost: $106,099,000)
103,845
Short-term securities 6.87%
Municipals 6.87%
 
 
 
City of Los Angeles, Dept. of Water and Power, Power System Rev. Ref. Bonds, Series 2001-B-3, 3.35% 7/1/20341
3,000
3,000
City of Los Angeles, Dept. of Water and Power, Water System Bonds, Series 2019-A, 3.34% 7/1/20491
1,000
1,000
Regents of the University of California, General Rev. Bonds, Series 2013-AL-1, 3.50% 5/15/20481
2,500
2,500
Regents of the University of California, Medical Center Pooled Rev. Bonds, Series 2020-O-1, 3.35% 5/15/20451
1,100
1,100
 
7,600
Total short-term securities (cost: $7,600,000)
7,600
Total investment securities 100.72% (cost: $113,699,000)
111,445
Other assets less liabilities (0.72%)
(802
)
Net assets 100.00%
$110,643
Futures contracts
 
Contracts
Type
Number of
contracts
Expiration
date
Notional
amount
(000)
Value and
unrealized
(depreciation)
appreciation
at 7/31/2023
(000)
5 Year U.S. Treasury Note Futures
Long
80
9/29/2023
USD8,546
$(144
)
10 Year Ultra U.S. Treasury Note Futures
Short
30
9/20/2023
(3,510
)
85
 
 
 
 
$(59
)
 
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.
 
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 21 of 24
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 $150,109,000 and $23,166,000, 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 22 of 24
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 July 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
$—
$575,225
$—
$575,225
Short-term securities
—
51,415
—
51,415
Total
$—
$626,640
$—
$626,640
 
 
Other investments*
 
Level 1
Level 2
Level 3
Total
Assets:
Unrealized appreciation on futures contracts
$818
$—
$—
$818
Liabilities:
Unrealized depreciation on futures contracts
(1,440
)
—
—
(1,440
)
Total
$(622
)
$—
$—
$(622
)
*
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
$—
$103,845
$—
$103,845
Short-term securities
—
7,600
—
7,600
Total
$—
$111,445
$—
$111,445
 
 
Other investments*
 
Level 1
Level 2
Level 3
Total
Assets:
Unrealized appreciation on futures contracts
$85
$—
$—
$85
Liabilities:
Unrealized depreciation on futures contracts
(144
)
—
—
(144
)
Total
$(59
)
$—
$—
$(59
)
*
Futures contracts are not included in the fund’s investment portfolio.
Private Client Services Funds — Page 23 of 24
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.
MFGEFP3-380-0923O-S96405
Private Client Services Funds — Page 24 of 24