SEC. File Nos.	333-163115

811-22349







UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549





FORM
N-1A

Registration Statement

Under

the Securities Act of 1933

Post-Effective Amendment No. 8

and

Registration Statement

Under

the Investment Company Act of 1940

Amendment No. 11





CAPITAL GROUP PRIVATE CLIENT SERVICES FUNDS

(Exact
Name of Registrant as specified in charter)



6455 Irvine Center Drive

Irvine, California 92618

(Address of principal executive offices)



Registrant's telephone number, including
area code:

(949) 975-5000





COURTNEY R. TAYLOR, Secretary

Capital Group Private Client Services Funds

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)



Copy to:



Michael GlazerBingham McCutchen LLP

355 South Grand Avenue,
Suite 4400

Los Angeles, CA 90071-3106



(Counsel for the Registrant)







Approximate date of proposed public offering:

It is proposed that this filing become effective
on January 1, 2014, pursuant to paragraph (b) of Rule 485.















| | Capital Group
        Private Client Services FundsSM
        Prospectus
        January
        1, 2014
| | --------------------------------------------------------------------------------------------------------



|                                                     | Ticker
|---------------------------------------------------- | ------
|                                                     | 529-A 
|Capital Group Core Municipal FundSM                  | CCMPX 
|Capital Group Short-Term Municipal FundSM            | CSTMX 
|Capital Group California Core Municipal FundSM       | CCCMX 
|Capital Group California Short-Term Municipal FundSM | CCSTX 
|Capital Group Core Bond FundSM                       | CCBPX 
|Capital Group Global Equity FundSM                   | CGLOX 
|Capital Group Non-U.S. Equity FundSM                 | CNUSX 
|Capital Group U.S. Equity FundSM                     | CUSEX 



Table of contents





|Summaries:
        Capital Group Core Municipal Fund
        Capital Group Short-Term Municipal Fund
        Capital Group California Core Municipal Fund
        Capital Group California Short-Term Municipal
        Fund
        Capital Group Core Bond Fund
        Capital Group Global Equity Fund
        Capital Group Non-U.S. Equity Fund
        Capital Group U.S. Equity Fund | 1
        4
        7
        10
        13
        16
        19
        22 |  |  | Investment
        objective, strategies and risks
        Prior investment results of Capital Group Private
        Client Services
        Management
        and organization
        Purchase, exchange and sale of shares
        How
        to sell shares
        Distributions and taxes
        Fund
        expenses
        Financial highlights | 26
        32
        35
        38
        39
        41
        42
        43
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------- |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------------------------------------------------------------------





The U.S. Securities and Exchange Commission has not approved
or disapproved of these securities. Further, it has not determined that this prospectus is accurate or complete. Any representation
to the contrary is a criminal offense.









Capital Group
Core Municipal Fund

Investment objective

The fund seeks to provide current income exempt from federal
income tax while preserving your investment.

Fees and expenses of the fund

This table describes the fees and expenses that you may
pay if you buy and hold shares of the fund.

|Shareholder fees
        (fees paid directly from your investment)                  
|------------------------------------------------------------------------------------
|Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
|Maximum deferred sales charge (load) (as a percentage of the amount redeemed)       
|Maximum sales charge (load) imposed on reinvested dividends                         
|Redemption or exchange fees                                                         



|Annual fund operating expenses
        (expenses that you pay each year as a percentage
        of the value of your investment)
|--------------------------------------------------------------------------------------------------------------------------------
|Management
    fees                                                                                                             
|Distribution and/or
    service (12b-1) fees                                                                                    
|Other expenses1                                                                                                                 
|Total annual fund
    operating expenses                                                                                        
|Expense reimbursement2                                                                                                          
|Total annual fund operating expenses after reimbursement                                                                        

1Clients of Capital Guardian Trust Company’s Capital Group Private Client Services division (“CGPCS”)
are eligible to invest in the fund. CGPCS receives an annual service fee of up to .75% of a client’s investment in the fund
under management by CGPCS pursuant to an investment management agreement. You should read carefully the disclosures provided to
you by CGPCS regarding the fees. The disclosures include information about the fees charged to you and paid to CGPCS for the services
it provides.

2The fund’s investment adviser is currently reimbursing the fund for a portion of other expenses so that other
expenses do not exceed .05%. The fund expects that the reimbursement, which can be modified or terminated only with the approval
of the fund’s board of trustees, will be in effect through December 31, 2014.

ExampleThis example is intended to help you compare
the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund
for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your
investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may
be higher or lower, based on these assumptions your costs would be:

|1 year | 3 years | 5 years | 10 years
|------ | ------- | ------- | --------
|$41    | $133    | $229    | $517    



Portfolio turnoverThe fund pays transaction costs,
such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results.
During the most recent fiscal year, the fund’s portfolio turnover rate was 18% of the average value of its portfolio.

Principal investment strategies

The fund seeks to achieve its objective by investing primarily
in intermediate maturity municipal bonds.

The fund will invest at least 80% of its assets in bonds
(for purposes of this limit, bonds include any debt instrument and cash equivalents, and may include certain preferred securities).
Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities
that are exempt from federal income tax. The fund will not invest in securities that subject you to the federal alternative minimum
tax. The investment adviser will seek to manage the fund in order to minimize capital gain distributions.

The fund invests primarily in municipal bonds with quality
ratings of A- or better or A3 or better by Nationally Recognized Statistical Ratings Organizations (“NRSROs”) designated
by the fund’s investment adviser or unrated but determined by the fund’s investment adviser to be of equivalent quality.
The fund may also invest in municipal bonds in the rating categories of BBB or Baa by NRSROs or unrated but determined by the fund’s
investment adviser to be of equivalent quality. Under normal circumstances the dollar-weighted average maturity of the fund’s
portfolio will be between three and 10 years.



Capital Group Private Client Services Funds / Prospectus    1





The investment adviser uses a system of multiple portfolio
managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed
by individual managers who decide how their respective segments will be invested.

The fund relies on the professional judgment of its investment
adviser to make decisions about the fund’s portfolio investments. The basic investment philosophy of the investment adviser
is to seek to invest in attractively priced securities that, in its opinion, represent good investment opportunities. The investment
adviser believes that an important way to accomplish this is by analyzing various factors, which may include the credit strength
of the issuer, prices of similar securities issued by comparable issuers, anticipated changes in interest rates, general market
conditions and other factors pertinent to the particular security being evaluated. Securities may be sold when the investment
adviser believes that they no longer represent relatively attractive investment opportunities.

Principal risks

This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time.

Market conditions —The prices of, and the
income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly
involving the issuers of securities held by the fund.

Investing in bonds — Rising interest
rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject
to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to
redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds
in lower yielding securities.

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

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

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

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

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

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

Your investment in the fund is not a bank deposit and is
not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You
should consider how this fund fits into your overall investment program.



Capital Group Private Client Services Funds / Prospectus    2





Investment results

The following bar chart shows how the fund’s investment
results have varied from year to year, and the following table shows how the fund’s average annual total returns for various
periods compare with different broad measures of market results. This information provides some indication of the risks of investing
in the fund. The Lipper Intermediate Municipal Debt Funds Average includes funds that disclose investment objectives and/or strategies
reasonably comparable to the fund’s objective and/or strategies. Past investment results (before and after taxes) are not
predictive of future investment results. Updated information on the fund’s investment results can be obtained by calling
Capital Group Private Client Services at (800) 421-4996.







|Average annual total returns
        For the periods ended December 31, 2012:
|-----------------------------------------------------------------------------
|                                                                             
|− Before taxes                                                               
|− After taxes on distributions                                               
|− After taxes on distributions and sale
    of fund shares                   





|Indexes                                                                                                                                                         | 1 year | Lifetime
|--------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------ | --------
|Barclays 1–10
    Year Intermediate-Short Municipal Bond Index 
    (reflects no deductions for account fees, expenses or U.S. federal income taxes)            | 3.07%  | 4.40%   
|Lipper Intermediate
    Municipal Debt Funds Average 
    (reflects no deductions for account fees or U.S. federal income taxes)                                | 5.09   | 5.50    
|The fund’s
    annualized 30-day yield at October 31, 2013: 1.36%
    (For current yield information, please call the fund’s transfer agent at (877) 783-1317.)



After-tax returns are calculated using the highest individual
federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes.
Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In
addition, after-tax returns are not relevant if you hold your fund shares through a tax-favored arrangement, such as a 401(k)
plan or individual retirement account (IRA).

Management

Investment adviser Capital Guardian Trust Company,SMthe investment adviser to the fund, uses a system of multiple portfolio managers in managing mutual fund assets.

Portfolio managersThe primary individual portfolio
managers for the fund are:

|Portfolio
    manager/ Fund title (if
    applicable) | Portfolio
    manager experiencein this fund | Primary
    title with investment adviser                                                      
|----------------------------------------------------- | -------------------------------------------- | -----------------------------------------------------------------------------------------------
|John
    R. Queen 
    Senior Vice President          | 4
    years                                  | Vice President – Capital Fixed Income Investors,
    Capital Guardian Trust Company            
|Neil
    L. Langberg                                  | 4
    years                                  | Senior Vice President – Capital Fixed Income Investors,
    
    Capital Guardian Trust Company



Purchase and sale of fund shares

The minimum amount required to establish an account is
$25,000. You may sell shares by contacting your Capital Group Private Client Services investment counselor or by calling (800)
421-4996.

Tax information

Fund distributions of interest on municipal bonds are generally
not subject to federal income tax. However, the fund may distribute taxable dividends, including distributions of short-term capital
gains, which are subject to federal taxation as ordinary income. The fund’s distributions of net long-term capital gains
are taxable as long-term capital gains for federal income tax purposes.



Capital Group Private Client Services Funds / Prospectus    3





Capital Group Short-Term Municipal
Fund

Investment objectives

The fund seeks to preserve your investment and secondarily
to provide current income exempt from federal income tax.

Fees and expenses of the fund

This table describes the fees and expenses that you may
pay if you buy and hold shares of the fund.

|Shareholder
                                                           fees
        (fees paid directly from your investment)
|-----------------------------------------------------------------------------------------------------------------------------
|Maximum
    sales charge (load) imposed on purchases (as a percentage of offering price)                                     
|Maximum deferred sales
    charge (load) (as a percentage of the amount redeemed)                                            
|Maximum sales charge
    (load) imposed on reinvested dividends                                                              
|Redemption or exchange fees                                                                                                  



|Annual
                                                           fund operating expenses
        (expenses that you pay each year as a percentage
        of the value of your investment)
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Management
    fees                                                                                                                                                                        
|Distribution and/or
    service (12b-1) fees                                                                                                                                               
|Other expenses1                                                                                                                                                                            
|Total annual fund
    operating expenses                                                                                                                                                   
|Expense reimbursement2                                                                                                                                                                     
|Total annual fund operating expenses after reimbursement                                                                                                                                   

1Clients of Capital Guardian Trust Company’s Capital Group Private Client Services division (“CGPCS”)
are eligible to invest in the fund. CGPCS receives an annual service fee of up to .75% of a client’s investment in the fund
under management by CGPCS pursuant to an investment management agreement. You should read carefully the disclosures provided to
you by CGPCS regarding the fees. The disclosures include information about the fees charged to you and paid to CGPCS for the services
it provides.

2 The fund’s investment adviser is currently reimbursing the fund for a portion of other expenses so that
other expenses do not exceed .05%. The fund expects that the reimbursement, which can be modified or terminated only with the
approval of the fund’s board of trustees, will be in effect through December 31, 2014.

ExampleThis example is intended to help you compare
the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund
for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your
investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:

|1 year | 3 years | 5 years | 10 years
|------ | ------- | ------- | --------
|$41    | $137    | $242    | $551    



Portfolio turnover The fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account.
These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results.
During the most recent fiscal year, the fund’s portfolio turnover rate was 18% of the average value of its portfolio.



Capital Group Private Client Services Funds / Prospectus    4





Principal investment strategies

The fund seeks to achieve its objective by investing primarily
in short-term municipal bonds.

The fund will invest at least 80% of its assets in bonds
(for purposes of this limit, bonds include any debt instrument and cash equivalents, and may include certain preferred securities).
Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities
that are exempt from federal income tax. The fund will not invest in securities that subject you to the federal alternative minimum
tax. The investment adviser will seek to manage the fund in order to minimize capital gain distributions.

The fund invests primarily in municipal bonds with quality
ratings of AA- or better or Aa3 or better by Nationally Recognized Statistical Ratings Organizations (“NRSROs”) designated
by the fund’s investment adviser or unrated but determined by the fund’s investment adviser to be of equivalent quality.
The fund may also invest in municipal bonds in the rating categories of A- or A3 by NRSROs or unrated but determined by the fund’s
investment adviser to be of equivalent quality. Under normal circumstances, the fund’s aggregate portfolio will have a dollar-weighted
average maturity no greater than three years.

The investment adviser uses a system of multiple portfolio
managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed
by individual managers who decide how their respective segments will be invested.

The fund relies on the professional judgment of its investment
adviser to make decisions about the fund’s portfolio investments. The basic investment philosophy of the investment adviser
is to seek to invest in attractively priced securities that, in its opinion, represent good investment opportunities. The investment
adviser believes that an important way to accomplish this is by analyzing various factors, which may include the credit strength
of the issuer, prices of similar securities issued by comparable issuers, anticipated changes in interest rates, general market
conditions and other factors pertinent to the particular security being evaluated. Securities may be sold when the investment
adviser believes that they no longer represent relatively attractive investment opportunities.

Principal risks

This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time.

Market conditions —The prices of, and the
income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly
involving the issuers of securities held by the fund.

Investing in bonds — Rising interest
rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject
to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to
redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds
in lower yielding securities.

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

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

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

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

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

Your investment in the fund is not a bank deposit and is
not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You
should consider how this fund fits into your overall investment program.



Capital Group Private Client Services Funds / Prospectus    5





Investment results

The following bar chart shows how the fund’s investment
results have varied from year to year, and the following table shows how the fund’s average annual total returns for various
periods compare with different broad measures of market results. This information provides some indication of the risks of investing
in the fund. The Lipper Short Municipal Debt Funds Average includes funds that disclose investment objectives and/or strategies
reasonably comparable to the fund’s objectives and/or strategies. Past investment results (before and after taxes) are not
predictive of future investment results. Updated information on the fund’s investment results can be obtained by calling
Capital Group Private Client Services at (800) 421-4996.







|Average annual total returns
        For the periods ended December 31, 2012:
|-----------------------------------------------------------------------------
|                                                                             
|− Before taxes                                                               
|− After taxes on distributions                                               
|− After taxes on distributions and
    sale of fund shares                   





|Indexes                                                                                                                                                         | 1 year | Lifetime
|--------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------ | --------
|Barclays 1–5
    Year Short Municipal Bond Index 
    (reflects no deductions for account fees, expenses or U.S. federal income taxes)                          | 1.73%  | 2.43%   
|Lipper Short Municipal
    Debt Funds Average 
    (reflects no deductions for account fees or U.S. federal income taxes)                                       | 1.38   | 1.73    
|The fund’s
    annualized 30-day yield at October 31, 2013: 0.50%
    (For current yield information, please call the fund’s transfer agent at (877) 783-1317.)



After-tax returns are calculated using the highest individual
federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes.
Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In
addition, after-tax returns are not relevant if you hold your fund shares through a tax-favored arrangement, such as a 401(k)
plan or individual retirement account (IRA).

Management

Investment adviser Capital Guardian Trust
Company,SMthe investment adviser to the fund, uses a system of multiple portfolio managers in managing mutual fund
assets.

Portfolio managers The primary individual
portfolio managers for the fund are:

|Portfolio
    manager/ Fund title (if applicable) | Portfolio
    manager experiencein this fund | Primary
    title with investment adviser                                                      
|------------------------------------------------- | -------------------------------------------- | -----------------------------------------------------------------------------------------------
|John
    R. Queen 
    Senior Vice President      | 4
    years                                  | Vice President – Capital Fixed Income Investors,
    Capital Guardian Trust Company            
|Neil
    L. Langberg                              | 4
    years                                  | Senior Vice President – Capital Fixed Income Investors,
    
    Capital Guardian Trust Company



Purchase and sale of fund shares

The minimum amount required to establish an account is
$25,000. You may sell shares by contacting your Capital Group Private Client Services investment counselor or by calling (800)
421-4996.

Tax information

Fund distributions of interest on municipal bonds are generally
not subject to federal income tax. However, the fund may distribute taxable dividends, including distributions of short-term capital
gains, which are subject to federal taxation as ordinary income. The fund’s distributions of net long-term capital gains
are taxable as long-term capital gains.



Capital Group Private Client Services Funds / Prospectus    6





Capital Group California Core
Municipal Fund

Investment objective

The fund seeks to provide current income exempt from federal
and California income taxes while preserving your investment.

Fees and expenses of the fund

This table describes the fees and expenses that you may
pay if you buy and hold shares of the fund.

|Shareholder
                                                           fees
        (fees paid directly from your investment)
|-----------------------------------------------------------------------------------------------------------------------------
|Maximum
    sales charge (load) imposed on purchases (as a percentage of offering price)                                     
|Maximum deferred sales
    charge (load) (as a percentage of the amount redeemed)                                            
|Maximum sales charge
    (load) imposed on reinvested dividends                                                              
|Redemption or exchange fees                                                                                                  



|Annual
                                                           fund operating expenses
        (expenses that you pay each year as a percentage
        of the value of your investment)
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Management
    fees                                                                                                                                                                        
|Distribution and/or
    service (12b-1) fees                                                                                                                                               
|Other expenses1                                                                                                                                                                            
|Total annual fund
    operating expenses                                                                                                                                                   
|Expense reimbursement2                                                                                                                                                                     
|Total annual fund operating expenses after reimbursement                                                                                                                                   

1Clients of Capital Guardian Trust Company’s Capital Group Private Client Services division (“CGPCS”)
are eligible to invest in the fund. CGPCS receives an annual service fee of up to .75% of a client’s investment in the fund
under management by CGPCS pursuant to an investment management agreement. You should read carefully the disclosures provided to
you by CGPCS regarding the fees. The disclosures include information about the fees charged to you and paid to CGPCS for the services
it provides.

2 The fund’s investment adviser is currently reimbursing the fund for a portion of other expenses so that
other expenses do not exceed .05%. The fund expects that the reimbursement, which can be modified or terminated only with the
approval of the fund’s board of trustees, will be in effect through December 31, 2014.

ExampleThis example is intended to help you compare
the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund
for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your
investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:

|1 year | 3 years | 5 years | 10 years
|------ | ------- | ------- | --------
|$41    | $131    | $229    | $517    



Portfolio turnover The fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account.
These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results.
During the most recent fiscal year, the fund’s portfolio turnover rate was 17% of the average value of its portfolio.

Principal investment strategies

The fund seeks to achieve its objective by primarily investing
in intermediate maturity municipal bonds issued by the state of California and its agencies and municipalities. Consistent with
the fund’s objectives, the fund may also invest in municipal securities that are issued by jurisdictions outside California.

The fund will invest at least 80% of its assets in bonds
(for purposes of this limit, bonds include any debt instrument and cash equivalents, and may include certain preferred securities).
Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities
that are exempt from federal and California income taxes. The fund will not invest in securities that subject you to the federal
alternative minimum tax. The investment adviser will seek to manage the fund in order to minimize capital gain distributions.

The fund invests primarily in municipal bonds with quality
ratings of A- or A3 or better by Nationally Recognized Statistical Ratings Organizations (“NRSROs”) designated by
the fund’s investment adviser or unrated but determined by the fund’s investment adviser to be of equivalent quality.
The fund may also invest in municipal bonds in the rating categories of BBB or Baa by NRSROs or unrated but determined by the
fund’s investment adviser to be of equivalent quality. Under normal circumstances, the dollar-weighted average maturity
of the fund’s portfolio will be between three and 10 years.



Capital Group Private Client Services Funds / Prospectus    7





The investment adviser uses a system of multiple portfolio
managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed
by individual managers who decide how their respective segments will be invested.

The fund relies on the professional judgment of its investment
adviser to make decisions about the fund’s portfolio investments. The basic investment philosophy of the investment adviser
is to seek to invest in attractively priced securities that, in its opinion, represent good investment opportunities. The investment
adviser believes that an important way to accomplish this is by analyzing various factors, which may include the credit strength
of the issuer, prices of similar securities issued by comparable issuers, anticipated changes in interest rates, general market
conditions and other factors pertinent to the particular security being evaluated. Securities may be sold when the investment
adviser believes that they no longer represent relatively attractive investment opportunities.

Principal risks

This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time.

Investing in municipal bonds of issuers within the state
of California —Because the fund invests primarily in securities of issuers within the state of California, the fund
is more susceptible to factors adversely affecting issuers of California securities than a comparable municipal bond mutual fund
that does not concentrate its investments in a single state. For example, in the past, California voters have passed amendments
to the state’s constitution and other measures that limit the taxing and spending authority of California governmental entities,
and future voter initiatives may adversely affect California municipal bonds. More detailed information about the risks of investing
in California municipal securities is contained in the statement of additional information.

Market conditions —The prices of, and the
income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly
involving the issuers of securities held by the fund.

Investing in bonds — Rising interest
rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject
to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to
redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds
in lower yielding securities.

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

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

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

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

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

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

Your investment in the fund is not a bank deposit and is
not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You
should consider how this fund fits into your overall investment program.



Capital Group Private Client Services Funds / Prospectus    8





Investment results

The following bar chart shows how the fund’s investment
results have varied from year to year, and the following table shows how the fund’s average annual total returns for various
periods compare with different broad measures of market results. This information provides some indication of the risks of investing
in the fund. The Lipper California Intermediate Municipal Debt Funds Average includes funds that disclose investment objectives
and/or strategies reasonably comparable to the fund’s objective and/or strategies. Past investment results (before and after
taxes) are not predictive of future investment results. Updated information on the fund’s investment results can be obtained
by calling Capital Group Private Client Services at (800) 421-4996.







|Average annual total returns
        For the periods ended December 31, 2012:
|-----------------------------------------------------------------------------
|                                                                             
|− Before taxes                                                               
|− After taxes on distributions                                               
|− After taxes on distributions and
    sale of fund shares                   





|Indexes                                                                                                                                                         | 1 year | Lifetime
|--------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------ | --------
|Barclays California
    1-10 Year Intermediate-Short Municipal Bond Index 
    (reflects no deductions for account fees, expenses or U.S. federal income taxes) | 3.49%  | 4.69%   
|Lipper California
    Intermediate Municipal Debt Funds Average 
    (reflects no deductions for account fees or U.S. federal income taxes)                     | 5.03   | 5.49    
|The fund’s
    annualized 30-day yield at October 31, 2013: 1.65%
    (For current yield information, please call the fund’s transfer agent at (877) 783-1317.)



After-tax returns are calculated using the highest individual
federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes.
Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In
addition, after-tax returns are not relevant if you hold your fund shares through a tax-favored arrangement, such as a 401(k)
plan or individual retirement account (IRA).

Management

Investment adviser Capital Guardian Trust
Company,SMthe investment adviser to the fund, uses a system of multiple portfolio managers in managing mutual fund
assets.

Portfolio managers The primary individual
portfolio managers for the fund are:

|Portfolio
    manager/ Fund title (if applicable) | Portfolio
    manager experiencein this fund | Primary
    title with investment adviser                                          
|------------------------------------------------- | -------------------------------------------- | -----------------------------------------------------------------------------------
|John
    R. Queen 
    Senior Vice President      | 4
    years                                  | Vice President – Capital Fixed Income Investors,
    Capital Guardian Trust Company
|Karl
    J. Zeile                                 | 4
    years                                  | Vice President, Capital Guardian Trust Company                                     



Purchase and sale of fund shares

The minimum amount required to establish an account is
$25,000. You may sell shares by contacting your Capital Group Private Client Services investment counselor or by calling (800)
421-4996.

Tax information

Fund distributions of interest on municipal bonds are generally
not subject to federal income tax. However, the fund may distribute taxable dividends, including distributions of short-term capital
gains, which are subject to federal taxation as ordinary income. The fund’s distributions of net long-term capital gains
are taxable as long-term capital gains.



Capital Group Private Client Services Funds / Prospectus    9





Capital Group California Short-Term
Municipal Fund

Investment objectives

The fund seeks to preserve your investment and secondarily
to provide current income exempt from federal and California income taxes.

Fees and expenses of the fund

This table describes the fees and expenses that you may
pay if you buy and hold shares of the fund.

|Shareholder
                                                           fees
        (fees paid directly from your investment)
|-----------------------------------------------------------------------------------------------------------------------------
|Maximum
    sales charge (load) imposed on purchases (as a percentage of offering price)                                     
|Maximum deferred sales
    charge (load) (as a percentage of the amount redeemed)                                            
|Maximum sales charge
    (load) imposed on reinvested dividends                                                              
|Redemption or exchange fees                                                                                                  



|Annual
                                                           fund operating expenses
        (expenses that you pay each year as a percentage
        of the value of your investment)
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Management
    fees                                                                                                                                                                        
|Distribution and/or
    service (12b-1) fees                                                                                                                                               
|Other expenses1                                                                                                                                                                            
|Total annual fund
    operating expenses                                                                                                                                                   
|Expense reimbursement2                                                                                                                                                                     
|Total annual fund operating expenses after reimbursement                                                                                                                                   

1Clients of Capital Guardian Trust Company’s Capital Group Private Client Services division (“CGPCS”)
are eligible to invest in the fund. CGPCS receives an annual service fee of up to .75% of a client’s investment in the fund
under management by CGPCS pursuant to an investment management agreement. You should read carefully the disclosures provided to
you by CGPCS regarding the fees. The disclosures include information about the fees charged to you and paid to CGPCS for the services
it provides.

2 The fund’s investment adviser is currently reimbursing the fund for a portion of other expenses so that
other expenses do not exceed .05%. The fund expects that the reimbursement, which can be modified or terminated only with the
approval of the fund’s board of trustees, will be in effect through December 31, 2014.

ExampleThis example is intended to help you compare
the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund
for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your
investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:

|1 year | 3 years | 5 years | 10 years
|------ | ------- | ------- | --------
|$41    | $137    | $242    | $551    



Portfolio turnover The fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account.
These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results.
During the most recent fiscal year, the fund’s portfolio turnover rate was 9% of the average value of its portfolio.

Principal investment strategies

The fund seeks to achieve its objectives by primarily investing
in short-term municipal bonds issued by the state of California and its agencies and municipalities. Consistent with the fund’s
objectives, the fund may also invest in municipal securities that are issued by jurisdictions outside California.

The fund will invest at least 80% of its assets in bonds
(for purposes of this limit, bonds include any debt instrument and cash equivalents, and may include certain preferred securities).
Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities
that are exempt from both federal and California income taxes. The fund will not invest in securities that subject you to the
federal alternative minimum tax. The investment adviser will seek to manage the fund in order to minimize capital gain distributions.

The fund invests primarily in municipal bonds with quality
ratings of A- or A3 or better by Nationally Recognized Statistical Ratings Organizations (“NRSROs”) designated by
the fund’s investment adviser or unrated but determined by the fund’s investment adviser to be of equivalent quality.
The fund may also invest a portion of its assets in municipal bonds with quality ratings below A- or A3 by NRSROs or unrated but
determined by the fund’s investment adviser to be of equivalent quality. Under normal circumstances, the fund’s aggregate
portfolio will have a dollar-weighted average maturity no greater than three years.



Capital Group Private Client Services Funds / Prospectus    10





The investment adviser uses a system of multiple portfolio
managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed
by individual managers who decide how their respective segments will be invested.

The fund relies on the professional judgment of its investment
adviser to make decisions about the fund’s portfolio investments. The basic investment philosophy of the investment adviser
is to seek to invest in attractively priced securities that, in its opinion, represent good investment opportunities. The investment
adviser believes that an important way to accomplish this is by analyzing various factors, which may include the credit strength
of the issuer, prices of similar securities issued by comparable issuers, anticipated changes in interest rates, general market
conditions and other factors pertinent to the particular security being evaluated. Securities may be sold when the investment
adviser believes that they no longer represent relatively attractive investment opportunities.

Principal risks

This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time.

Investing in municipal bonds of issuers within the state
of California —Because the fund invests primarily in securities of issuers within the state of California, the fund
is more susceptible to factors adversely affecting issuers of California securities than a comparable municipal bond mutual fund
that does not concentrate its investments in a single state. For example, in the past, California voters have passed amendments
to the state’s constitution and other measures that limit the taxing and spending authority of California governmental entities,
and future voter initiatives may adversely affect California municipal bonds. More detailed information about the risks of investing
in California municipal securities is contained in the statement of additional information.

Market conditions —The prices of, and the
income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly
involving the issuers of securities held by the fund.

Investing in bonds — Rising interest
rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject
to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to
redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds
in lower yielding securities.

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

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

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

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

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

Your investment in the fund is not a bank deposit and is
not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You
should consider how this fund fits into your overall investment program.



Capital Group Private Client Services Funds / Prospectus    11





Investment results

The following bar chart shows how the fund’s investment
results have varied from year to year, and the following table shows how the fund’s average annual total returns for various
periods compare with different broad measures of market results. This information provides some indication of the risks of investing
in the fund. The Lipper California Short-Intermediate Municipal Debt Funds Average includes funds that disclose investment objectives
and/or strategies reasonably comparable to the fund’s objectives and/or strategies. Past investment results (before and
after taxes) are not predictive of future investment results. Updated information on the fund’s investment results can be
obtained by calling Capital Group Private Client Services at (800) 421-4996.







|Average annual total returns
        For the periods ended December 31, 2012:
|-----------------------------------------------------------------------------
|                                                                             
|− Before taxes                                                               
|− After taxes on distributions                                               
|− After taxes on distributions and
    sale of fund shares                   





|Indexes                                                                                                                                                         | 1 year | Lifetime
|--------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------ | --------
|Barclays California
    Short Municipal Bond Index 
    (reflects no deductions for account fees, expenses or U.S. federal income taxes)                        | 1.72%  | 2.48%   
|Lipper California
    Short-Intermediate Municipal Debt Funds Average 
    (reflects no deductions for account fees or U.S. federal income taxes)               | 2.88   | 2.86    
|The fund’s
    annualized 30-day yield at October 31, 2013: 0.42%
    (For current yield information, please call the fund’s transfer agent at (877) 783-1317.)



After-tax returns are calculated using the highest individual
federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes.
Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In
addition, after-tax returns are not relevant if you hold your fund shares through a tax-favored arrangement, such as a 401(k)
plan or individual retirement account (IRA).

Management

Investment adviser Capital Guardian Trust
Company,SMthe investment adviser to the fund, uses a system of multiple portfolio managers in managing mutual fund
assets.

Portfolio managers The primary individual
portfolio managers for the fund are:

|Portfolio
    manager/ Fund title (if applicable) | Portfolio
    manager experiencein this fund | Primary
    title with investment adviser                                          
|------------------------------------------------- | -------------------------------------------- | -----------------------------------------------------------------------------------
|John
    R. Queen 
    Senior Vice President      | 4
    years                                  | Vice President – Capital Fixed Income Investors,
    Capital Guardian Trust Company
|Karl
    J. Zeile                                 | 4
    years                                  | Vice President, Capital Guardian Trust Company                                     



Purchase and sale of fund shares

The minimum amount required to establish an account is
$25,000. You may sell shares by contacting your Capital Group Private Client Services investment counselor or by calling (800)
421-4996.

Tax information

Fund distributions of interest on municipal bonds are generally
not subject to federal income tax. However, the fund may distribute taxable dividends, including distributions of short-term capital
gains, which are subject to federal taxation as ordinary income. The fund’s distributions of net long-term capital gains
are taxable as long-term capital gains.



Capital Group Private Client Services Funds / Prospectus    12





Capital Group Core Bond Fund

Investment objective

The fund’s investment objective is to provide you
with current income while preserving your investment.

Fees and expenses of the fund

This table describes the fees and expenses that you may
pay if you buy and hold shares of the fund.

|Shareholder
                                                           fees
        (fees paid directly from your investment)
|-----------------------------------------------------------------------------------------------------------------------------
|Maximum
    sales charge (load) imposed on purchases (as a percentage of offering price)                                     
|Maximum deferred sales
    charge (load) (as a percentage of the amount redeemed)                                            
|Maximum sales charge
    (load) imposed on reinvested dividends                                                              
|Redemption or exchange fees                                                                                                  



|Annual
                                                           fund operating expenses
        (expenses that you pay each year as a percentage
        of the value of your investment)
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Management
    fees                                                                                                                                                                        
|Distribution and/or
    service (12b-1) fees                                                                                                                                               
|Other expenses1                                                                                                                                                                            
|Total annual fund
    operating expenses                                                                                                                                                   
|Expense reimbursement2                                                                                                                                                                     
|Total annual fund operating expenses after reimbursement                                                                                                                                   

1Clients of Capital Guardian Trust Company’s Capital Group Private Client Services division (“CGPCS”)
are eligible to invest in the fund. CGPCS receives an annual service fee of up to .75% of a client’s investment in the fund
under management by CGPCS pursuant to an investment management agreement. You should read carefully the disclosures provided to
you by CGPCS regarding the fees. The disclosures include information about the fees charged to you and paid to CGPCS for the services
it provides.

2 The fund’s investment adviser is currently reimbursing the fund for a portion of other expenses so that
other expenses do not exceed .05%. The fund expects that the reimbursement, which can be modified or terminated only with the
approval of the fund’s board of trustees, will be in effect through December 31, 2014.

ExampleThis example is intended to help you compare
the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund
for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your
investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:

|1 year | 3 years | 5 years | 10 years
|------ | ------- | ------- | --------
|$41    | $131    | $229    | $517    



Portfolio turnoverThe fund pays transaction costs,
such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results.
During the most recent fiscal year, the fund’s portfolio turnover rate was 192% of the average value of its portfolio.

Principal investment strategies

The fund primarily invests in intermediate-term debt securities,
including securities issued and guaranteed by the U.S. government and securities backed by mortgages or other assets. The fund
may also invest in debt securities and mortgage-backed securities issued by federal agencies and instrumentalities that are not
backed by the full faith and credit of the U.S. government. In addition, the fund may invest in asset-backed securities (securities
backed by assets such as auto loans, credit card receivables or other providers of credit).

The fund will invest at least 80% of its assets in bonds
(for purposes of this limit, bonds include any debt instrument and cash equivalents, and may include certain preferred securities).
The fund primarily invests in debt securities with quality ratings of A- or A3 or better by Nationally Recognized Statistical
Ratings Organizations (“NRSROs”) designated by the fund’s investment adviser or unrated but determined to be
of equivalent quality by the fund’s investment adviser. The fund may invest up to 10% of its assets in debt securities rated
in the BBB or Baa rating categories by NRSROs or unrated but determined to be of equivalent quality by the fund’s investment
adviser. Under normal circumstances, the dollar-weighted average maturity of the fund’s portfolio will be between three
and 10 years.



Capital Group Private Client Services Funds / Prospectus    13





The investment adviser uses a system of multiple portfolio
managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed
by individual managers who decide how their respective segments will be invested.

The fund relies on the professional judgment of its investment
adviser to make decisions about the fund’s portfolio investments. The basic investment philosophy of the investment adviser
is to seek to invest in attractively priced securities that, in its opinion, represent good investment opportunities. The investment
adviser believes that an important way to accomplish this is by analyzing various factors, which may include the credit strength
of the issuer, prices of similar securities issued by comparable issuers, anticipated changes in interest rates, general market
conditions and other factors pertinent to the particular security being evaluated. Securities may be sold when the investment
adviser believes that they no longer represent relatively attractive investment opportunities.

Principal risks

This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time.

Market conditions —The prices of, and the
income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly
involving the issuers of securities held by the fund.

Investing in bonds — Rising interest
rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject
to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to
redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds
in lower yielding securities.

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

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

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

Investing in securities backed by the U.S. government
—Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as
to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities
will fluctuate with changes in interest rates. Securities issued by government-sponsored entities and federal agencies and instrumentalities
that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

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

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

Your investment in the fund is not a bank deposit and is
not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You
should consider how this fund fits into your overall investment program.



Capital Group Private Client Services Funds / Prospectus    14





Investment results

The following bar chart shows how the fund’s investment
results have varied from year to year, and the following table shows how the fund’s average annual total returns for various
periods compare with different broad measures of market results. This information provides some indication of the risks of investing
in the fund. The Lipper Short-Intermediate Investment Grade Debt Funds Average includes funds that disclose investment objectives
and/or strategies reasonably comparable to the fund’s objective and/or strategies. Past investment results (before and after
taxes) are not predictive of future investment results. Updated information on the fund’s investment results can be obtained
by calling Capital Group Private Client Services at (800) 421-4996.







|Average annual total returns
        For the periods ended December 31, 2012:
|-----------------------------------------------------------------------------
|                                                                             
|− Before taxes                                                               
|− After taxes on distributions                                               
|− After taxes on distributions and
    sale of fund shares                   





|Indexes                                                                                                                                                         | 1 year | Lifetime
|--------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------ | --------
|Barclays U.S. Government/Credit
    1-10 Year ex BBB Index 
    (reflects no deductions for account fees, expenses or U.S. federal income taxes)                | 3.14%  | 4.68%   
|Lipper Short-Intermediate
    Investment Grade Debt Funds Average 
    (reflects no deductions for account fees or U.S. federal income taxes)                   | 4.90   | 4.53    
|The fund’s
    annualized 30-day yield at October 31, 2013: 1.27%
    (For current yield information, please call the fund’s transfer agent at (877) 783-1317.)



After-tax returns are calculated using the highest individual
federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes.
Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In
addition, after-tax returns are not relevant if you hold your fund shares through a tax-favored arrangement, such as a 401(k)
plan or individual retirement account (IRA).

Management

Investment adviser Capital Guardian Trust
Company,SMthe investment adviser to the fund, uses a system of multiple portfolio managers in managing mutual fund
assets.

Portfolio managers The primary individual
portfolio managers for the fund are:

|Portfolio
    manager/ Fund title (if applicable) | Portfolio
    manager experiencein this fund | Primary
    title with investment adviser                                                      
|------------------------------------------------- | -------------------------------------------- | -----------------------------------------------------------------------------------------------
|John
    R. Queen 
    Senior Vice President      | 4
    years                                  | Vice President – Capital Fixed Income Investors,
    Capital Guardian Trust Company            
|David
    A. Hoag                                 | 4
    years                                  | Senior Vice President – Capital Fixed Income Investors,
    
    Capital Guardian Trust Company



Purchase and sale of fund shares

The minimum amount required to establish an account is
$25,000. You may sell shares by contacting your Capital Group Private Client Services investment counselor or by calling (800)
421-4996.

Tax information

Dividends and capital gain distributions you receive from
the fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your
account is tax-favored.



Capital Group Private Client Services Funds / Prospectus    15





Capital Group Global Equity
Fund

Investment objective

The fund seeks to preserve your investment while providing
growth.

Fees and expenses of the fund

This table describes the fees and expenses that you may
pay if you buy and hold shares of the fund.

|Shareholder
                                                           fees
        (fees paid directly from your investment)
|-----------------------------------------------------------------------------------------------------------------------------
|Maximum
    sales charge (load) imposed on purchases (as a percentage of offering price)                                     
|Maximum deferred sales
    charge (load) (as a percentage of the amount redeemed)                                            
|Maximum sales charge
    (load) imposed on reinvested dividends                                                              
|Redemption or exchange fees                                                                                                  



|Annual
                                                           fund operating expenses
        (expenses that you pay each year as a percentage
        of the value of your investment)
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Management
    fees                                                                                                                                                                        
|Distribution and/or service
    (12b-1) fees                                                                                                                                               
|Other expenses1                                                                                                                                                                            
|Total annual fund operating
    expenses                                                                                                                                                   
|Expense reimbursement2                                                                                                                                                                     
|Total annual fund operating expenses after reimbursement                                                                                                                                   

1Clients of Capital Guardian Trust Company’s Capital Group Private Client Services division (“CGPCS”)
are eligible to invest in the fund. CGPCS receives an annual service fee of up to .75% of a client’s investment in the fund
under management by CGPCS pursuant to an investment management agreement. You should read carefully the disclosures provided to
you by CGPCS regarding the fees. The disclosures include information about the fees charged to you and paid to CGPCS for the services
it provides.

2 The fund’s investment adviser is currently reimbursing the fund for a portion of other expenses so that
total fund expenses do not exceed .85%. The fund expects that the reimbursement, which can be modified or terminated only with
the approval of the fund’s board of trustees, will be in effect through December 31, 2014.

ExampleThis example is intended to help you compare
the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund
for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your
investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:

|1 year | 3 years | 5 years | 10 years
|------ | ------- | ------- | --------
|$87    | $273    | $476    | $1,060  



Portfolio turnover The fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account.
These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results.
During the most recent fiscal year, the fund’s portfolio turnover rate was 25% of the average value of its portfolio.



Capital Group Private Client Services Funds / Prospectus    16





Principal investment strategies

The fund invests primarily in common stocks, or securities
convertible into common stocks, of issuers around the world that the investment adviser believes have the potential for growth.
The fund may also invest in common stocks, or securities convertible into common stocks, of issuers around the world with the
potential to pay dividends in the future. Under normal market conditions, the fund will invest at least 80% of its net assets
in equity-type securities. The fund will allocate its assets among various countries, including the United States (but in no fewer
than three countries). Under normal market conditions, the fund will invest significantly in issuers outside the United States
(at least 40% of its net assets – unless market conditions are not deemed favorable by the fund’s investment adviser,
in which case the fund would invest at least 30% of its net assets). The fund may invest up to 10% of its net assets in the securities
of issuers based in emerging markets.

In pursuing the fund’s objectives, the investment
adviser will seek to preserve your investment. While the investment adviser seeks to preserve capital, investing is subject to
market risks and may result in periods of volatility and the potential for loss. In pursuing the fund’s growth objective,
the fund’s investment adviser focuses primarily on companies with attributes that are associated with long-term growth,
such as strong management, participation in a growing market and the potential for above average growth in earnings, revenues,
book value, cash flow and/or return on assets. The investment adviser also invests in companies with the potential to provide
income in pursuing the fund’s objectives.

The investment adviser uses a system of multiple portfolio
managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed
by individual managers who decide how their respective segments will be invested.

The fund relies on the professional judgment of its investment
adviser to make decisions about the fund’s portfolio investments. The basic investment philosophy of the investment adviser
is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities.
The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting
with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser
believes that they no longer represent relatively attractive investment opportunities.

Principal risks

This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to
tolerate potentially sharp declines in value.

Market conditions —The prices of, and the
income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly
involving the issuers of securities held by the fund.

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

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

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

Your investment in the fund is not a bank deposit and is
not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You
should consider how this fund fits into your overall investment program.



Capital Group Private Client Services Funds / Prospectus    17





Investment results

The following bar chart shows the fund’s investment
results for its first full calendar year of operations, and the following table shows how the fund’s average annual total
returns for its first full calendar year of operations compare with a broad measure of market results. This information provides
some indication of the risks of investing in the fund. The Lipper Global Funds Average includes funds that disclose investment
objectives and/or strategies reasonably comparable to the fund’s objective and/or strategies. Past investment results (before
and after taxes) are not predictive of future investment results. Updated information on the fund’s investment results can
be obtained by calling Capital Group Private Client Services at (800) 421-4996.







|Average annual total returns
        For the periods ended December 31, 2012:
|-----------------------------------------------------------------------------
|                                                                             
|− Before taxes                                                               
|− After taxes on distributions                                               
|− After taxes on distributions and
    sale of fund shares                   





|Indexes                                                                                                          | 1 year | Lifetime
|---------------------------------------------------------------------------------------------------------------- | ------ | --------
|MSCI World (Net) Index
    
    (reflects no deductions for account fees, expenses or U.S. federal income taxes) | 15.83% | 2.21%   
|Lipper Global Funds
    Average 
    (reflects no deductions for account fees or U.S. federal income taxes)      | 15.04  | 0.53    



After-tax returns are calculated using the highest individual
federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes.
Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In
addition, after-tax returns are not relevant if you hold your fund shares through a tax-favored arrangement, such as a 401(k)
plan or individual retirement account (IRA).

Management

Investment adviser Capital Guardian Trust Company,SMthe investment adviser to the fund, uses a system of multiple portfolio managers in managing mutual fund assets.

Portfolio managersThe primary individual portfolio
managers for the fund are:

|Portfolio
    manager/ Fund title (if applicable) | Portfolio
    manager experiencein this fund | Primary
    title with investment adviser             
|------------------------------------------------- | -------------------------------------------- | ------------------------------------------------------
|Shelby
    Notkin 
    Senior Vice President      | 3
    years                                  | Senior Vice President, Capital International Investors
|Gerald
    Du Manoir                              | 3
    years                                  | Senior Vice President, Capital International Investors
|Gregory
    D. Fuss                               | 1
    year                                   | Senior Vice President, Capital International Investors
|Todd
    S. James                                 | 3
    years                                  | Senior Vice President, Capital International Investors
|Theodore
    R. Samuels                           | 3
    years                                  | Senior Vice President, Capital International Investors



Purchase and sale of fund shares

The minimum amount required to establish an account is
$25,000. You may sell shares by contacting your Capital Group Private Client Services investment counselor or by calling (800)
421-4996.

Tax information

Dividends and capital gain distributions you receive from
the fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your
account is tax-favored.



Capital Group Private Client Services Funds / Prospectus    18





Capital Group Non-U.S. Equity
Fund

Investment objective

The fund seeks to preserve your investment while providing
growth.

Fees and expenses of the fund

This table describes the fees and expenses that you may
pay if you buy and hold shares of the fund.

|Shareholder
                                                           fees
        (fees paid directly from your investment)
|-----------------------------------------------------------------------------------------------------------------------------
|Maximum
    sales charge (load) imposed on purchases (as a percentage of offering price)                                     
|Maximum deferred sales
    charge (load) (as a percentage of the amount redeemed)                                            
|Maximum sales charge
    (load) imposed on reinvested dividends                                                              
|Redemption or exchange fees                                                                                                  



|Annual
                                                           fund operating expenses
        (expenses that you pay each year as a percentage
        of the value of your investment)
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Management
    fees                                                                                                                                                                        
|Distribution and/or
    service (12b-1) fees                                                                                                                                               
|Other expenses1                                                                                                                                                                            
|Total annual fund
    operating expenses                                                                                                                                                   
|Expense reimbursement2                                                                                                                                                                     
|Total annual fund operating expenses after reimbursement                                                                                                                                   

1Clients of Capital Guardian Trust Company’s Capital Group Private Client Services division (“CGPCS”)
are eligible to invest in the fund. CGPCS receives an annual service fee of up to .75% of a client’s investment in the fund
under management by CGPCS pursuant to an investment management agreement. You should read carefully the disclosures provided to
you by CGPCS regarding the fees. The disclosures include information about the fees charged to you and paid to CGPCS for the services
it provides.

2 The fund’s investment adviser is currently reimbursing the fund for a portion of other expenses so that
total fund expenses do not exceed .85%. The fund expects that the reimbursement, which can be modified or terminated only with
the approval of the fund’s board of trustees, will be in effect through December 31, 2014.

ExampleThis example is intended to help you compare
the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund
for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your
investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:

|1 year | 3 years | 5 years | 10 years
|------ | ------- | ------- | --------
|$87    | $271    | $471    | $1,049  



Portfolio turnover The fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account.
These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results.
During the most recent fiscal year, the fund’s portfolio turnover rate was 25% of the average value of its portfolio.



Capital Group Private Client Services Funds / Prospectus    19





Principal investment strategies

The fund invests primarily in common stocks, or securities
convertible into common stocks, of issuers outside of the United States that the investment adviser believes have the potential
for growth. The fund may also invest in common stocks, or securities convertible into common stocks, of issuers outside the U.S.
with the potential to pay dividends in the future. Under normal market conditions, the fund will invest at least 80% of its net
assets in equity-type securities and at least 80% of its net assets in securities of issuers outside the United States. The fund
may invest up to 15% of its net assets in the securities of issuers based in emerging markets.

In pursuing the fund’s objectives, the investment
adviser will seek to preserve your investment. While the investment adviser seeks to preserve capital, investing is subject to
market risks and may result in periods of volatility and the potential for loss. In pursuing the fund’s growth objective,
the fund’s investment adviser focuses primarily on companies with attributes that are associated with long-term growth,
such as strong management, participation in a growing market and the potential for above average growth in earnings, revenues,
book value, cash flow and/or return on assets. The investment adviser also invests in companies with the potential to provide
income in pursuing the fund’s objectives.

The investment adviser uses a system of multiple portfolio
managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed
by individual managers who decide how their respective segments will be invested.

The fund relies on the professional judgment of its investment
adviser to make decisions about the fund’s portfolio investments. The basic investment philosophy of the investment adviser
is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities.
The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting
with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser
believes that they no longer represent relatively attractive investment opportunities.

Principal risks

This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to
tolerate potentially sharp declines in value.

Market conditions —The prices of, and the
income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly
involving the issuers of securities held by the fund.

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

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

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

Your investment in the fund is not a bank deposit and is
not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You
should consider how this fund fits into your overall investment program.



Capital Group Private Client Services Funds / Prospectus    20





Investment results

The following bar chart shows the fund’s investment
results for its first full calendar year of operations, and the following table shows how the fund’s average annual total
returns for its first full calendar year of operations compare with a broad measure of market results. This information provides
some indication of the risks of investing in the fund. The Lipper International Funds Average includes funds that disclose investment
objectives and/or strategies reasonably comparable to the fund’s objective and/or strategies. Past investment results (before
and after taxes) are not predictive of future investment results. Updated information on the fund’s investment results can
be obtained by calling Capital Group Private Client Services at (800) 421-4996.







|Average annual total returns
        For the periods ended December 31, 2012:
|-----------------------------------------------------------------------------
|                                                                             
|− Before taxes                                                               
|− After taxes on distributions                                               
|− After taxes on distributions and
    sale of fund shares                   





|Indexes                                                                                                            | 1 year | Lifetime
|------------------------------------------------------------------------------------------------------------------ | ------ | --------
|MSCI EAFE (Net) Index
    
    (reflects no deductions for account fees, expenses or U.S. federal income taxes)    | 17.32% | –0.39%  
|Lipper International
    Funds Average 
    (reflects no deductions for account fees or U.S. federal income taxes) | 17.74  | –1.12   



After-tax returns are calculated using the highest individual
federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes.
Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In
addition, after-tax returns are not relevant if you hold your fund shares through a tax-favored arrangement, such as a 401(k)
plan or individual retirement account (IRA).

Management

Investment adviser Capital Guardian Trust Company,SMthe investment adviser to the fund, uses a system of multiple portfolio managers in managing mutual fund assets.

Portfolio managersThe primary individual portfolio
managers for the fund are:

|Portfolio
    manager/ Fund title (if applicable) | Portfolio
    manager experiencein this fund | Primary
    title with investment adviser             
|------------------------------------------------- | -------------------------------------------- | ------------------------------------------------------
|Shelby
    Notkin 
    Senior Vice President      | 3
    years                                  | Senior Vice President, Capital International Investors
|Gerald
    Du Manoir                              | 3
    years                                  | Senior Vice President, Capital International Investors
|Gregory
    D. Fuss                               | 1
    year                                   | Senior Vice President, Capital International Investors
|Todd
    S. James                                 | 3
    years                                  | Senior Vice President, Capital International Investors



Purchase and sale of fund shares

The minimum amount required to establish an account is
$25,000. You may sell shares by contacting your Capital Group Private Client Services investment counselor or by calling (800)
421-4996.

Tax information

Dividends and capital gain distributions you receive from
the fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your
account is tax-favored.



Capital Group Private Client Services Funds / Prospectus    21





Capital Group U.S. Equity Fund

Investment objectives

The fund seeks to preserve your investment while providing
growth. The fund’s secondary objective is to provide you with income.

Fees and expenses of the fund

This table describes the fees and expenses that you may
pay if you buy and hold shares of the fund.

|Shareholder
                                                           fees
        (fees paid directly from your investment)
|-----------------------------------------------------------------------------------------------------------------------------
|Maximum
    sales charge (load) imposed on purchases (as a percentage of offering price)                                     
|Maximum deferred sales
    charge (load) (as a percentage of the amount redeemed)                                            
|Maximum sales charge
    (load) imposed on reinvested dividends                                                              
|Redemption or exchange fees                                                                                                  



|Annual
                                                           fund operating expenses
        (expenses that you pay each year as a percentage
        of the value of your investment)
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Management
    fees                                                                                                                                                                        
|Distribution and/or
    service (12b-1) fees                                                                                                                                               
|Other expenses1                                                                                                                                                                            
|Total annual fund
    operating expenses                                                                                                                                                   
|Expense reimbursement2                                                                                                                                                                     
|Total annual fund operating expenses after reimbursement                                                                                                                                   

1Clients of Capital Guardian Trust Company’s Capital Group Private Client Services division (“CGPCS”)
are eligible to invest in the fund. CGPCS receives an annual service fee of up to .75% of a client’s investment in the fund
under management by CGPCS pursuant to an investment management agreement. You should read carefully the disclosures provided to
you by CGPCS regarding the fees. The disclosures include information about the fees charged to you and paid to CGPCS for the services
it provides.

2 The fund’s investment adviser is currently reimbursing the fund for a portion of other expenses so that
total fund expenses do not exceed .65%. The fund expects that the reimbursement, which can be modified or terminated only with
the approval of the fund’s board of trustees, will be in effect through December 31, 2014.

ExampleThis example is intended to help you compare
the cost of investing in the fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the fund
for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your
investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based on these assumptions your costs would be:

|1 year | 3 years | 5 years | 10 years
|------ | ------- | ------- | --------
|$66    | $210    | $367    | $822    



Portfolio turnover The fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account.
These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s investment results.
During the most recent fiscal year, the fund’s portfolio turnover rate was 25% of the average value of its portfolio.



Capital Group Private Client Services Funds / Prospectus    22





Principal investment strategies

The fund invests primarily in common stocks, or securities
convertible into common stocks, of U.S. issuers that the investment adviser believes have the potential for growth. The fund may
also invest in common stocks, or securities convertible into common stocks, of U.S. issuers with the potential to pay dividends
in the future. Under normal market conditions, the fund will invest at least 80% of its net assets in equity-type securities and
at least 80% of its net assets in securities of issuers in the United States. Investments may include U.S. registered securities
of issuers outside of the United States such as American Depository Receipts.

In pursuing the fund’s objectives, the investment
adviser will seek to preserve your investment. While the investment adviser seeks to preserve capital, investing is subject to
market risks and may result in periods of volatility and the potential for loss. In pursuing the fund’s growth objective,
the fund’s investment adviser focuses primarily on companies with attributes that are associated with long-term growth,
such as strong management, participation in a growing market and the potential for above average growth in earnings, revenues,
book value, cash flow and/or return on assets. The investment adviser also invests in companies with the potential to provide
income in pursuing the fund’s objectives.

The investment adviser uses a system of multiple portfolio
managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed
by individual managers who decide how their respective segments will be invested.

The fund relies on the professional judgment of its investment
adviser to make decisions about the fund’s portfolio investments. The basic investment philosophy of the investment adviser
is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities.
The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting
with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser
believes that they no longer represent relatively attractive investment opportunities.

Principal risks

This section describes the principal risks associated
with the fund’s principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may
be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to
tolerate potentially sharp declines in value.

Market conditions —The prices of, and the
income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly
involving the issuers of securities held by the fund.

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

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

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

Your investment in the fund is not a bank deposit and is
not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You
should consider how this fund fits into your overall investment program.



Capital Group Private Client Services Funds / Prospectus    23





Investment results

The following bar chart shows the fund’s investment
results for its first full calendar year of operations, and the following table shows how the fund’s average annual total
returns for its first full calendar year of operations compare with a broad measure of market results. This information provides
some indication of the risks of investing in the fund. The Lipper Growth and Income Funds Average includes funds that disclose
investment objectives and/or strategies reasonably comparable to the fund’s objective and/or strategies. Past investment
results (before and after taxes) are not predictive of future investment results. Updated information on the fund’s investment
results can be obtained by calling Capital Group Private Client Services at (800) 421-4996.







|Average annual total returns
        For the periods ended December 31, 2012:
|-----------------------------------------------------------------------------
|                                                                             
|− Before taxes                                                               
|− After taxes on distributions                                               
|− After taxes on distributions and
    sale of fund shares                   





|Indexes                                                                                                                | 1 year | Lifetime
|---------------------------------------------------------------------------------------------------------------------- | ------ | --------
|S&P 500 Index
    (reflects no deductions for account fees, expenses or U.S. federal income taxes)                     | 16.00% | 6.31%   
|Lipper Growth and
    Income Funds Average 
    (reflects no deductions for account fees or U.S. federal income taxes) | 13.96  | 3.58    



After-tax returns are calculated using the highest individual
federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes.
Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In
addition, after-tax returns are not relevant if you hold your fund shares through a tax-favored arrangement, such as a 401(k)
plan or individual retirement account (IRA).



Capital Group Private Client Services Funds / Prospectus    24





Management

Investment adviser Capital Guardian Trust Company,SMthe investment adviser to the fund, uses a system of multiple portfolio managers in managing mutual fund assets.

Portfolio managersThe primary individual portfolio
managers for the fund are:

|Portfolio
    manager/ Fund title (if applicable) | Portfolio
    manager experiencein this fund | Primary
    title with investment adviser             
|------------------------------------------------- | -------------------------------------------- | ------------------------------------------------------
|Shelby
    Notkin 
    Senior Vice President      | 3
    years                                  | Senior Vice President, Capital International Investors
|Gregory
    D. Fuss                               | 1
    year                                   | Senior Vice President, Capital International Investors
|Todd
    S. James                                 | 3
    years                                  | Senior Vice President, Capital International Investors
|Theodore
    R. Samuels                           | 3
    years                                  | Senior Vice President, Capital International Investors



Purchase and sale of fund shares

The minimum amount required to establish an account is
$25,000. You may sell shares by contacting your Capital Group Private Client Services investment counselor or by calling (800)
421-4996.

Tax information

Dividends and capital gain distributions you receive from
the fund are subject to federal income taxes and may also be subject to state and local taxes, unless you are tax-exempt or your
account is tax-favored.



Capital Group Private Client Services Funds / Prospectus    25





Investment objectives, strategies and risks

Except where the context indicates otherwise, all references
herein to the “fund” apply to each of the funds in the series.

Capital Group Core Municipal FundThe fund seeks
to provide current income exempt from federal income tax while preserving your investment. This investment objective may be changed
by the fund’s board without shareholder approval upon 60 days’ written notice to shareholders. The fund seeks to achieve
its objective by investing primarily in intermediate maturity municipal bonds. Municipal bonds are debt obligations generally
issued to obtain funds for various public purposes, including the construction of public facilities.

The fund will invest at least 80% of its assets in bonds
(for purposes of this limit, bonds include any debt instrument and cash equivalents, and may include certain preferred securities).
Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities
that are exempt from federal income tax. The fund will not invest in securities that subject you to the federal alternative minimum
tax. The investment adviser will seek to manage the fund in order to minimize capital gain distributions.

The fund invests primarily in municipal bonds with quality
ratings of A- or A3 or better by Nationally Recognized Statistical Ratings Organizations (“NRSROs”) designated by
the fund’s investment adviser or unrated but determined by the fund’s investment adviser to be of equivalent quality.
The fund may also invest in municipal bonds in the rating categories of BBB or Baa by NRSROs or unrated but determined by the
fund’s investment adviser to be of equivalent quality. Under normal circumstances the dollar-weighted average maturity of
the fund’s portfolio will be between three and 10 years.

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

Capital Group Short-Term Municipal FundThe fund
seeks to preserve your investment and secondarily to provide current income exempt from federal income tax. The fund seeks to
achieve its objective by investing primarily in short-term municipal bonds. These investment objectives may be changed by the
fund’s board without shareholder approval upon 60 days’ written notice to shareholders. Municipal bonds are debt
obligations generally issued to obtain funds for various public purposes, including the construction of public facilities.

The fund will invest at least 80% of its assets in bonds
(for purposes of this limit, bonds include any debt instrument and cash equivalents, and may include certain preferred securities).
Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities
that are exempt from federal income tax. The fund will not invest in securities that subject you to the federal alternative minimum
tax. The investment adviser will seek to manage the fund in order to minimize capital gain distributions.

The fund invests primarily in municipal bonds with quality
ratings of AA- or Aa3 or better by NRSROs designated by the fund’s investment adviser or unrated but determined by the fund’s
investment adviser to be of equivalent quality. The fund may also invest in municipal bonds in the rating categories of A- or
A3 by NRSROs or unrated but determined by the fund’s investment adviser to be of equivalent quality. Under normal circumstances,
the fund’s aggregate portfolio will have a dollar-weighted average maturity no greater than three years.

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

Capital Group California Core Municipal FundThe
fund seeks to provide current income exempt from federal and California income taxes while preserving your investment. This investment
objective may be changed by the fund’s board without shareholder approval upon 60 days’ written notice to shareholders.
The fund seeks to achieve its objective by primarily investing in intermediate maturity municipal bonds issued by the state of
California and its agencies and municipalities. Consistent with the fund’s objectives, the fund may also invest in municipal
securities that are issued by jurisdictions outside California. Municipal bonds are debt obligations generally issued to obtain
funds for various public purposes, including the construction of public facilities.

The fund will invest at least 80% of its assets in bonds
(for purposes of this limit, bonds include any debt instrument and cash equivalents, and may include certain preferred securities).
Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities
that are exempt from federal and California income taxes. The fund will not invest in securities that subject you to the federal
alternative minimum tax. The investment adviser will seek to manage the fund in order to minimize capital gain distributions.

The fund invests primarily in municipal bonds with quality
ratings of A- or A3 or better by NRSROs designated by the fund’s investment adviser or unrated but determined by the fund’s
investment adviser to be of equivalent quality. The fund may also invest in municipal bonds in the rating categories of BBB or
Baa by NRSROs or unrated but determined by the fund’s investment adviser to be of equivalent quality. Under normal circumstances,
the dollar-weighted average maturity of the fund’s portfolio will be between three and 10 years.

Because the fund invests in securities of issuers within
the state of California, the fund is more susceptible to factors adversely affecting issuers of California securities than a comparable
municipal bond mutual fund that does not concentrate in a single state. For example, in the past, California voters have passed
amendments to the state’s constitution and other measures that limit the taxing and spending authority of California governmental
entities, and future voter initiatives may adversely affect California

Capital Group Private Client Services Funds / Prospectus    26





municipal bonds. More detailed information about the risks
of investing in California municipal securities is contained in the statement of additional information.

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

Capital Group California Short-Term Municipal FundThe
fund seeks to preserve your investment and secondarily to provide current income exempt from federal and California income taxes.
These investment objectives may be changed by the fund’s board without shareholder approval upon 60 days’ written
notice to shareholders. The fund seeks to achieve its objectives by primarily investing in short-term municipal bonds issued by
the state of California and its agencies and municipalities. Consistent with the fund’s objectives, the fund may also invest
in municipal securities that are issued by jurisdictions outside California. Municipal bonds are debt obligations generally issued
to obtain funds for various public purposes, including the construction of public facilities.

The fund will invest at least 80% of its assets in bonds
(for purposes of this limit, bonds include any debt instrument and cash equivalents, and may include certain preferred securities).
Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities
that are exempt from both federal and California income taxes. The fund will not invest in securities that subject you to the
federal alternative minimum tax. The investment adviser will seek to manage the fund in order to minimize capital gain distributions.

The fund invests primarily in municipal bonds with quality
ratings of A- or A3 or better by NRSROs designated by the fund’s investment adviser or unrated but determined by the fund’s
investment adviser to be of equivalent quality. The fund may also invest a portion of its assets in municipal bonds with quality
ratings below A- or A3 by NRSROs or unrated but determined by the fund’s investment adviser to be of equivalent quality.
Under normal circumstances, the fund’s aggregate portfolio will have a dollar-weighted average maturity no greater than
three years.

Because the fund invests in securities of issuers within
the state of California, the fund is more susceptible to factors adversely affecting issuers of California securities than a comparable
municipal bond mutual fund that does not concentrate in a single state. For example, in the past, California voters have passed
amendments to the state’s constitution and other measures that limit the taxing and spending authority of California governmental
entities, and future voter initiatives may adversely affect California municipal bonds. More detailed information about the risks
of investing in California municipal securities is contained in the statement of additional information.

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

Capital Group Core Bond FundThe fund’s investment
objective is to provide you with current income while preserving your investment. This investment objective may be changed by
the fund’s board without shareholder approval upon 60 days’ written notice to shareholders. The fund primarily invests
in intermediate-term debt securities, including securities issued and guaranteed by the U.S. government and securities backed
by mortgages or other assets. The fund may also invest in debt securities and mortgage-backed securities issued by federal agencies
and instrumentalities that are not backed by the full faith and credit of the U.S. government. In addition, the fund may invest
in asset-backed securities (securities backed by assets such as auto loans, credit card receivables or other providers of credit).

The fund will invest at least 80% of its assets in bonds
(for purposes of this limit, bonds include any debt instrument and cash equivalents, and may include certain preferred securities).
The fund primarily invests in debt securities with quality ratings of A- or A3 or better by NRSROs designated by the fund’s
investment adviser or unrated but determined to be of equivalent quality by the fund’s investment adviser. The fund may
invest up to 10% of its assets in debt securities rated in the BBB or Baa rating category by NRSROs, or unrated but determined
to be of equivalent quality by the fund’s investment adviser. Under normal circumstances, the dollar-weighted average maturity
of the fund’s portfolio will be between three and 10 years.

Securities backed by the U.S. Treasury or the full faith
and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity.
Accordingly, the current market values for these securities will fluctuate with changes in interest rates. The fund may also invest
in debt securities and mortgage-backed securities issued by federal agencies and instrumentalities that are not backed by the
full faith and credit of the U.S. government. These securities are neither issued nor guaranteed by the U.S. government.

Many types of bonds and other debt securities, including
mortgage-backed securities, are subject to prepayment risk. For example, when interest rates fall, homeowners are more likely
to refinance their home mortgages and “prepay” their principal earlier than expected. The fund must then reinvest
the prepaid principal in new securities when interest rates on new mortgage investments are falling, thus reducing the fund’s
income. Conversely, if interest rates increase and the loans underlying the securities are prepaid slower than expected, the time
in which the securities are paid off could be extended. This may reduce the fund’s cash for potential reinvestment in higher
yielding securities. In addition, the values of the securities ultimately depend upon the payment pattern of the underlying loans
by individuals.



Capital Group Private Client Services Funds / Prospectus    27





Capital Group Global Equity FundThe fund seeks
to preserve your investment while providing growth. This investment objective may be changed by the fund’s board without
shareholder approval upon 60 days’ written notice to shareholders. The fund is designed for investors seeking capital appreciation
and diversification through investments in common stocks and other equity-type securities of issuers around the world, consistent
with the fund’s investment objectives. Investors in the fund should have a long-term perspective and be able to tolerate
potentially sharp declines in value.

The fund invests primarily in common stocks, or securities
convertible into common stocks, of issuers around the world that the investment adviser believes have the potential for growth.
The fund may also invest in common stocks, or securities convertible into common stocks, of issuers around the world with the
potential to pay dividends in the future. Under normal market conditions, the fund will invest at least 80% of its net assets
in equity-type securities. The fund will allocate its assets among various countries, including the United States (but in no fewer
than three countries). Under normal market conditions, the fund will invest significantly in issuers outside the United States
(at least 40% of its net assets – unless market conditions are not deemed favorable by the fund’s investment adviser,
in which case the fund would invest at least 30% of its net assets). The fund may invest up to 10% of its net assets in the securities
of issuers based in emerging markets.

In pursuing the fund’s objectives, the investment
adviser will seek to preserve your investment. While the investment adviser seeks to preserve capital, investing is subject to
market risks and may result in periods of volatility and the potential for loss. In pursuing the fund’s growth objective,
the fund’s investment adviser focuses primarily on companies with attributes that are associated with long-term growth,
such as strong management, participation in a growing market and the potential for above average growth in earnings, revenues,
book value, cash flow and/or return on assets. The investment adviser also invests in companies with the potential to provide
income in pursuing the fund’s objectives. The fund may invest in common stocks of companies in various industries with a
broad range of capitalizations.

Capital Group Non-U.S. Equity FundThe fund seeks
to preserve your investment while providing growth. This investment objective may be changed by the fund’s board without
shareholder approval upon 60 days’ written notice to shareholders. The fund is designed for investors seeking capital appreciation
and diversification through investments in common stocks and other equity-type securities of issuers outside of the United States,
consistent with the fund’s investment objectives. Investors in the fund should have a long- term perspective and be
able to tolerate potentially sharp declines in value.

The fund invests primarily in common stocks, or securities
convertible into common stocks, of issuers outside of the United States that the investment adviser believes have the potential
for growth. The fund may also invest in common stocks, or securities convertible into common stocks, of issuers outside the U.S.
with the potential to pay dividends in the future. Under normal market conditions, the fund will invest at least 80% of its net
assets in equity-type securities and at least 80% of its net assets in securities of issuers outside the United States. The fund
may invest up to 15% of its net assets in the securities of issuers based in emerging markets.

In pursuing the fund’s objectives, the investment
adviser will seek to preserve your investment. While the investment adviser seeks to preserve capital, investing is subject to
market risks and may result in periods of volatility and the potential for loss. In pursuing the fund’s growth objective,
the fund’s investment adviser focuses primarily on companies with attributes that are associated with long-term growth,
such as strong management, participation in a growing market and the potential for above average growth in earnings, revenues,
book value, cash flow and/or return on assets. The investment adviser also invests in companies with the potential to provide
income in pursuing the fund’s objectives. The fund may invest in common stocks of companies in various industries with a
broad range of capitalizations.

Capital Group U.S. Equity FundThe fund seeks to
preserve your investment while providing growth. The fund’s secondary objective is to provide you with income. These investment
objectives may be changed by the fund’s board without shareholder approval upon 60 days’ written notice to shareholders.
The fund is designed for investors seeking capital appreciation and diversification through investments in common stocks and other
equity-type securities of U.S. issuers, consistent with the fund’s investment objectives. Investors in the fund should have
a long-term perspective and be able to tolerate potentially sharp declines in value.

The fund invests primarily in common stocks, or securities
convertible into common stocks, of U.S. issuers that the investment adviser believes have the potential for growth. The fund may
also invest in common stocks, or securities convertible into common stocks, of U.S. issuers with the potential to pay dividends
in the future. Under normal market conditions, the fund will invest at least 80% of its net assets in equity-type securities and
at least 80% of its net assets in securities of issuers in the United States. Investments may include U.S. registered securities
of issuers outside of the United States such as American Depository Receipts.

In pursuing the fund’s objectives, the investment
adviser will seek to preserve your investment. While the investment adviser seeks to preserve capital, investing is subject to
market risks and may result in periods of volatility and the potential for loss. In pursuing the fund’s growth objective,
the fund’s investment adviser focuses primarily on companies with attributes that are associated with long-term growth,
such as strong management, participation in a growing market and the potential for above average growth in earnings, revenues,
book value, cash flow and/or return on assets. The investment adviser also invests in companies with the potential to provide
income in pursuing the fund’s objectives.

The fund may invest in common stocks of companies in various
industries with a broad range of capitalizations.



Capital Group Private Client Services Funds / Prospectus    28





Applicable to all fundsNormally, no fund is required
to dispose of a debt security if its rating is reduced below the rating allowed for the fund (or if unrated, when its quality
falls below the equivalent rating).

The prices of, and the income generated by, the securities
held by the fund may decline in response to certain events taking place around the world, including those directly involving the
issuers of securities held by the fund; conditions affecting the general economy; overall market changes; local, regional or global
political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency,
interest rate and commodity price fluctuations.

The fund’s investment adviser attempts to reduce
these risks through diversification of the portfolio and ongoing credit analysis, as well as by monitoring economic and legislative
developments, but there can be no assurance that it will be successful at doing so.

The fund may also hold cash or money market instruments,
including commercial paper and short-term securities issued by the U.S. government, its agencies and instrumentalities. The percentage
of the fund invested in such holdings varies and depends on various factors, including market conditions and purchases and redemptions
of fund shares. For temporary defensive purposes, the fund may invest without limitation in such instruments. The investment adviser
may determine that it is appropriate to invest substantially in such instruments in response to certain circumstances, such as
periods of market turmoil. A larger percentage of such holdings could moderate the fund’s investment results in a period
of rising market prices. A larger percentage of cash or money market instruments could reduce the magnitude of the fund’s
loss in a period of falling market prices and provide liquidity to make additional investments or to meet redemptions.

The fund’s investment results will depend on the
ability of the fund’s investment adviser to navigate the risks discussed above.

In addition to the investment strategies described above,
the fund has other investment practices that are described in the statement of additional information, which includes a description
of certain risks associated with those practices.



Capital Group Private Client Services Funds / Prospectus    29





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

The prices of, and the income generated by, most bonds
and other debt securities held by the fund may be affected by changing interest rates and by changes in the effective maturities
and credit ratings of these securities. For example, the prices of debt securities in the fund’s portfolio generally will
decline when interest rates rise and increase when interest rates fall.

In addition, falling interest rates may cause an issuer
to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds
in lower yielding securities. Longer maturity debt securities generally have higher rates of interest and may be subject to greater
price fluctuations than shorter maturity debt securities.

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

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

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

To the extent the fund invests significantly in municipal
obligations of issuers in the same state or of similar project type, the fund may be more susceptible to certain economic, political
or regulatory occurrences. As a result, the potential for fluctuations in the fund’s share price may increase.

A bond’s effective maturity is the market’s
trading assessment of its maturity and represents an estimate of the most likely time period during which an investor in that
bond will receive payment of principal. For example, as market interest rates decline, issuers may exercise call provisions that
shorten the bond’s effective maturity. Conversely, if interest rates rise, effective maturities tend to lengthen. A portfolio’s
dollar-weighted average maturity is the weighted average of all effective maturities in the portfolio, where more weight is given
to larger holdings.

Capital Group Global Equity FundCapital Group Non-U.S. Equity FundCapital Group U.S. Equity Fund

The growth-oriented common stocks and other equity-type
securities (such as preferred stocks, convertible preferred stocks and convertible bonds) purchased by the fund may involve larger
price swings and greater potential for loss than other types of investments.

Income provided by the fund may be reduced by changes in
the dividend policies of, and the capital resources available at, the companies in which the fund invests.

The prices of securities of issuers domiciled outside the
United States or with significant operations outside the United States may decline due to conditions specific to the countries
or regions in which the issuers are domiciled or in which the issuers operate, including adverse political, social, economic or
market changes in such countries or regions. The securities of issuers domiciled in certain countries outside the United States
may be more volatile, less liquid and/or more difficult to value than those of U.S. issuers. Issuers in countries outside the
United States may also be subject to different tax and accounting policies and different auditing, reporting, legal and regulatory
standards. In addition, the value of investments outside the United States may be reduced by foreign taxes, including foreign
withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased
or sold by the fund. These investments may also be affected by changes in foreign currency exchange rates against the U.S. dollar
and/or currencies of other countries.

Investing in emerging markets may involve risks in addition
to and greater than those generally associated with investing in the securities markets of developed countries. For instance,
developing countries may have less developed legal and accounting systems than those in developed countries. The governments of
these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions
on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could
adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries
that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and
have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid,
and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Additionally,
there may be increased settlement risks for transactions in local securities.



Capital Group Private Client Services Funds / Prospectus    30





Fund comparative indexes The investment results
tables in this prospectus show how the fund’s average annual total returns compare with various broad measures of market
results.

The Barclays 1-10 Year Intermediate-Short Municipal Bond
Index is a market-value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to 10 years. This
index is unmanaged, and its results include reinvested distributions but do not reflect the effect of commissions, account fees,
expenses or U.S. federal income taxes. The Lipper Intermediate Municipal Debt Funds Average is composed of funds that invest in
municipal debt issues with dollar-weighted average maturities of five to 10 years. The results of the underlying funds in the
average include reinvestment of dividends and capital gain distributions, as well as brokerage commissions paid by the funds for
portfolio transactions and other fund expenses, but do not reflect the effect of account fees or U.S. federal income taxes.

The Barclays 1–5 Year Short Municipal Bond Index
is a market-value-weighted index that includes investment-grade tax-exempt bonds with maturities of one to five years. This index
is unmanaged, and its results include reinvested distributions but do not reflect the effect of commissions, account fees, expenses
or U.S. federal income taxes. The Lipper Short Municipal Debt Funds Average is composed of funds that invest in municipal debt
issues with dollar-weighted average maturities of less than three years. The results of the underlying funds in the average include
reinvestment of dividends and capital gain distributions, as well as brokerage commissions paid by the funds for portfolio transactions
and other fund expenses, but do not reflect the effect of account fees or U.S. federal income taxes.

The Barclays California Short Municipal Bond Index is a
market value-weighted index that includes only investment-grade tax-exempt bonds that are issued from California and with maturities
of one to five years. This index is unmanaged and its results include reinvested distributions but do not reflect the effect of
commissions, account fees, expenses or U.S. federal income taxes. The Lipper California-Short Intermediate Municipal Debt Funds
Average is composed of funds that limit their assets to those securities that provide income that is exempt from taxation in California,
with dollar-weighted average maturities of one to 10 years. The results of the underlying funds in the average include reinvestment
of dividends and capital gain distributions, as well as brokerage commissions paid by the funds for portfolio transactions and
other fund expenses, but do not reflect the effect of account fees or U.S. federal income taxes.

The Barclays U.S. Government/Credit 1–10 Year ex
BBB Index is a market-value weighted index that tracks the total return of fixed-rate, publicly placed, dollar denominated obligations
issued by the U.S. Treasury, U.S. government agencies and quasi-federal corporations, corporate or foreign debt guaranteed by
the U.S. government, and U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity and quality
requirements, with maturities of one to 10 years, excluding BBB-rated securities. This index is unmanaged and its results include
reinvested distributions but do not reflect the effect of account fees, expenses or U.S. federal income taxes. The Lipper Short-Intermediate
Investment Grade Debt Funds Average is composed of funds that invest primarily in investment-grade debt issues (rated in the top
four grades) with dollar-weighted average maturities of one to five years. The results of the underlying funds in the average
include the reinvestment of dividends and capital gain distributions, as well as brokerage commissions paid by the funds for portfolio
transactions and other fund expenses, but do not reflect the effect of account fees or U.S. federal income taxes.

The Barclays California 1–10 Year Intermediate-Short
Municipal Bond Index is a market-value-weighted index that includes only investment-grade tax-exempt bonds that are issued from
California with maturities of one to 10 years. This index is unmanaged, and its results include reinvested distributions but do
not reflect the effect of commissions, account fees, expenses or U.S. federal income taxes.The Lipper California Intermediate
Municipal Debt Funds Average is composed of funds that limit their assets to those securities that provide income that is exempt
from taxation in California, with dollar-weighted average maturities of five to 10 years. The results of the underlying funds
in the average include reinvestment of dividends and capital gain distributions, as well as brokerage commissions paid by the
funds for portfolio transactions and other fund expenses, but do not reflect the effect of account fees or U.S. federal income
taxes.

The MSCI World Index is a free float-adjusted market capitalization
weighted index that is designed to measure equity market results of developed markets. The index consists of more than 20 developed
market country indexes, including the United States. Results reflect dividends net of withholding taxes. This index is unmanaged,
and its results include reinvested dividends and/or distributions but do not reflect the effect of commissions, account fees,
expenses or U.S. federal income taxes. The Lipper Global Funds Index is an equally weighted index of funds that invest at least
25% of their portfolios in securities traded outside the United States and may own U.S. securities as well. The results of the
underlying funds in the index include the reinvestment of dividends and capital gain distributions, as well as brokerage commissions
paid by the funds for portfolio transactions and other fund expenses, but do not reflect the effect of sales charges, account
fees or U.S. federal income taxes.

The MSCI EAFE (Europe, Australasia, Far East) Index is
a free float-adjusted market capitalization-weighted index that is designed to measure developed equity market results, excluding
the United States and Canada. Results reflect dividends net of withholding taxes. This index is unmanaged, and its results include
reinvested dividends and/or distributions but do not reflect the effect of commissions, account fees, expenses or U.S. federal
income taxes. The Lipper International Funds Average is composed of funds that invest assets in securities with primary trading
markets outside the United States. The results of the underlying funds in the average include the reinvestment of dividends and
capital gain distributions, as well as brokerage commissions paid by the funds for portfolio transactions and other fund expenses,
but do not reflect the effect of sales charges, account fees or U.S. federal income taxes.

The Standard & Poor’s 500 Composite Index is
a market capitalization-weighted index based on the average weighted results of 500 widely held common stocks. This index is unmanaged,
and its results include reinvested dividends and/or distributions but do

Capital Group Private Client Services Funds / Prospectus    31





not reflect the effect of sales charges, commissions, account
fees, expenses or U.S. federal income taxes. The Lipper Growth & Income Funds Index is an equally weighted index of funds
that combines a growth-of-earnings orientation and an income requirement for level and/or rising dividends. The results of the
underlying funds in the index include the reinvestment of dividends and capital gain distributions, as well as brokerage commissions
paid by the funds for portfolio transactions and other fund expenses, but do not reflect the effect of sales charges, account
fees or U.S. federal income taxes.

Fund results All fund results in this prospectus
reflect the reinvestment of dividends and capital gain distributions, if any. Unless otherwise noted, fund results reflect any
fee waivers and/or expense reimbursements in effect during the periods presented.

Portfolio holdingsPortfolio holdings information
for the funds is available at capitalpcsfunds.com.A description of the fund’s policies and procedures regarding
disclosure of information about its portfolio holdings is available in the statement of additional information.

Prior investment results of Capital Group Private Client Services

The following tables show composite investment results
relating to the historical results of all accounts managed by Capital Group Private Client Services (“CGPCS”), a division
of Capital Guardian Trust Company, with investment objectives, policies, strategies and risks substantially similar to those of
the funds. The investment results of the separately managed accounts do not represent the historical results of the equity funds
and should not be interpreted as indicative of the future results of the funds or the investment adviser.

The composite investment results shown below were calculated
in accordance with Global Investment Performance Standards (“GIPS”),1retroactively applied to all time periods, and are shown net of the highest current management fees charged by CGPCS.
All returns presented are asset-weighted and reflect the reinvestment (net of foreign withholding taxes) of dividends, interest
and other earnings. Withholding tax rates apply primarily to U.S. investors. All returns reflect the deduction of brokerage commissions
and execution costs paid by the separately managed accounts, without provision for federal and state income taxes. The composites
include all fee-paying, discretionary portfolios managed according to the respective strategy by CGPCS. The Capital Group Global
Equity Fund has investment objectives, policies, strategies and risks substantially similar to those of the accounts included
in the CGPCS Global Equity Composite. The Capital Group Non-U.S. Equity Fund has investment objectives, policies, strategies and
risks substantially similar to those of the accounts included in the CGPCS Non-U.S. Equity Composite. The Capital Group U.S. Equity
Fund has investment objectives, policies, strategies and risks substantially similar to those of the accounts included in the
CGPCS U.S. Equity Composite.

The separately managed accounts that are included in the
composites are not subject to the same types of expenses as the funds. In addition, the separately managed accounts are not subject
to certain investment limitations, diversification requirements and other restrictions imposed by the Investment Company Act of
1940 and the Internal Revenue Code of 1986, which, if applicable may have adversely affected the results of the separately managed
accounts included in the composites. If the separately managed accounts had been subject to the applicable fund’s expenses
and the service fee charged by CGPCS, results would have been lower.

The investment results of the separately managed accounts
presented below reflect the highest current management fees charged by CGPCS (1.25% for Global Equity and Non-U.S. Equity and
1.00% for U.S. Equity). The fees charged by the funds are lower than these fees. These results are not intended to predict or
suggest the returns that might be experienced by the funds or an individual investing in the funds. Investors should also be aware
that use of a methodology different from that used below to calculate investment results could result in different investment
results data.

1GIPS is a set of standards promulgated by the Chartered Financial
Analyst Institute, a global non-profit membership and education organization that, among other things, has formulated a set of
investment results presentation standards for investment advisers. The GIPS presentation standards are intended to promote full
and fair presentations by investment advisers of their investment results, and ensure uniformity in reporting so that investment
results of investment advisers are directly comparable.

Capital Group Private Client Services Funds / Prospectus    32





Capital Group Private Client Services Global Equity Composite

Historical returns

|Year ending
    December 31 | Separately
    managed accounts
    – net returns | MSCI World
    Index
|--------------------------- | ------------------------------------------------- | --------------------
|2012                        | 15.41%                                            | 15.83%              
|2011                        | –7.63                                             | –5.54               
|2010                        | 11.03                                             | 11.76               
|2009                        | 32.10                                             | 29.99               
|2008                        | –37.05                                            | –40.71              
|2007                        | 10.25                                             | 9.04                
|2006                        | 18.46                                             | 20.07               
|2005                        | 11.47                                             | 9.49                
|2004                        | 14.13                                             | 14.72               
|2003                        | 34.07                                             | 33.11               

Average annual total returnsFor periods ended December 31, 2012

|               | Separately
    managed accounts
    – net returns | MSCI
    World Index
|-------------- | ------------------------------------------------- | --------------------
|One
    year   | 15.41%                                            | 15.83%              
|Five
    years | –0.32                                             | –1.18               
|10
    years   | 8.17                                              | 7.51                

Capital Group Private Client Services Non-U.S. Equity
CompositeHistorical returns

|Year
    ending December 31 | Separately
    managed accounts
    – net returns | MSCI
    EAFE Index
|--------------------------- | ------------------------------------------------- | -------------------
|2012                        | 17.51%                                            | 17.32%             
|2011                        | –10.79                                            | –12.14             
|2010                        | 12.61                                             | 7.75               
|2009                        | 33.17                                             | 31.78              
|2008                        | –38.91                                            | –43.38             
|2007                        | 14.39                                             | 11.17              
|2006                        | 22.66                                             | 26.34              
|2005                        | 14.87                                             | 13.54              
|2004                        | 15.71                                             | 20.25              
|2003                        | 31.97                                             | 38.59              

Average annual total returnsFor periods ended December 31, 2012

|               | Separately
    managed accounts
    – net returns | MSCI
    EAFE Index
|-------------- | ------------------------------------------------- | -------------------
|One
    year   | 17.51%                                            | 17.32%             
|Five
    years | –0.81                                             | –3.69              
|10
    years   | 8.98                                              | 8.21               



Capital Group Private Client Services Funds / Prospectus    33





Capital Group Private Client Services U.S. Equity
CompositeHistorical returns

|Year
    ending December 31 | Separately
    managed accounts
    – net returns | S&P
    500 Index
|--------------------------- | ------------------------------------------------- | -----------------
|2012                        | 12.75%                                            | 16.00%           
|2011                        | –1.75                                             | 2.11%            
|2010                        | 11.46                                             | 15.06            
|2009                        | 26.77                                             | 26.46            
|2008                        | –33.01                                            | –36.99           
|2007                        | 6.24                                              | 5.49             
|2006                        | 12.97                                             | 15.78            
|2005                        | 8.49                                              | 4.91             
|2004                        | 11.47                                             | 10.87            
|2003                        | 28.87                                             | 28.67            

Average annual total returnsFor periods ended December 31, 2012

|               | Separately
    managed accounts
    – net returns | S&P
    500 Index
|-------------- | ------------------------------------------------- | -----------------
|One
    year   | 12.75%                                            | 16.00%           
|Five
    years | 0.95                                              | 1.66             
|10
    years   | 6.97                                              | 7.10             



Comparative indexes The composite investment
results in this prospectus show how the average annual total returns of the composites compare with various broad measures of
market results. See pages 31 and 32 of this prospectus for information on the indexes.



Capital Group Private Client Services Funds / Prospectus    34





Management and organization

Investment adviserCapital Guardian Trust Company
(“CGTC”), an experienced investment management organization founded in 1968, serves as investment adviser to the fund
and other funds. CGTC is a wholly owned subsidiary of Capital Group International, Inc. and is located at 6455 Irvine Center Drive,
Irvine, California 92618 and 333 South Hope Street, Los Angeles, California 90071. CGTC manages the investment portfolios and
business affairs of the fund through its Capital Group Private Client Services division. Capital Group Private Client Services
was founded in 1974 to manage the assets of high net worth individuals and families, as well as foundations, endowments and other
nonprofit organizations.

The management fees for Capital Group Core Municipal Fund,
Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal
Fund and Capital Group Core Bond Fund are based on the daily net assets of the funds.

For the services it provides to each of the Capital
Group Global Equity Fund, Capital Group Non-U.S. Equity Fund and Capital Group U.S. Equity Fund, the adviser receives a unified
management fee based on a percentage of the daily net assets of shares of the fund. Out of the fund’s unified management
fee the adviser pays all expenses of managing and operating the fund except brokerage expenses, taxes, interest, fees and expenses
of the independent trustees (including legal counsel fees) and extraordinary expenses, such as litigation expenses. These expenses
which are not paid by the adviser from the unified management fee are paid by the fund.

A portion of the fund’s management fee may be paid
by the fund’s adviser to unaffiliated third parties who provide recordkeeping and administrative services that would otherwise
be performed by an affiliate of the adviser.

A discussion regarding the basis for approval of the funds’
Investment Advisory and Service Agreement by the funds’ board of trustees is contained in the funds’ semi-annual report
to shareholders for the period ended April 30, 2013.

The statement of additional information contains more detailed
information on the fund’s management fee.

The Capital SystemSMCapital Group Private
Client Services (“CGPCS”), a division of Capital Guardian Trust Company, uses a system of multiple portfolio managers
in managing mutual fund assets. Under this approach, the portfolio of a fund is divided into segments managed by individual managers
who decide how their respective segments will be invested. In addition, CGTC’s investment analysts may make decisions with
respect to a portion of a fund’s portfolio. Investment decisions are subject to a fund’s objective(s), policies and
restrictions and the oversight of the appropriate investment-related committees of CGPCS. The table below shows the investment
experience and role in management of the funds for each of the fund’s primary portfolio managers.



|Portfolio
    manager                                      | Investment
    experience                                                                                                                     | Experience
    in this fund | Role
    in
    management
    of the funds   
|---------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------- | ----------------------------------------------
|Shelby Notkin                                              | Investment professional
    for 49 years in total; 20 years with the Capital Group Private Client Services division of CGTC or its affiliates |                             | Serves as an equity
    portfolio manager     
|Capital Group Global Equity Fund                           | 3 years                                                                                                                                      
|Capital Group Non-U.S. Equity Fund                         | 3 years                                                                                                                                      
|Capital Group U.S. Equity Fund                             | 3 years                                                                                                                                      
|John R. Queen                                              | Investment professional
    for 22 years in total; 10 years with the Capital Group Private Client Services division of CGTC or its affiliates |                             | Serves as a fixed-income
    portfolio manager
|Capital Group Core Municipal Fund                          | 4 years                                                                                                                                      
|Capital Group Short-Term Municipal Fund                    | 4 years                                                                                                                                      
|Capital Group California Core Municipal Fund               | 4 years                                                                                                                                      
|Capital Group California Short-Term Municipal
        Fund | 4 years                                                                                                                                      
|Capital
    Group Core Bond Fund                           | 4 years                                                                                                                                      

Capital Group Private Client Services Funds / Prospectus    35







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Capital Group Private Client Services Funds / Prospectus    36







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Information regarding the portfolio managers’ compensation,
their ownership of securities in the fund and other accounts they manage is in the statement of additional information.



Capital Group Private Client Services Funds / Prospectus    37





Purchase, exchange and sale of shares

Each of the municipal bond funds reserves the right not
to make its shares available to tax-deferred retirement plans and accounts. Capital Group California Core Municipal Fund and
Capital Group California Short-Term Municipal Fund are intended primarily for taxable residents of California and may not be appropriate
for residents of other states and tax-exempt entities. Capital Group California Core Municipal Fund and Capital Group California
Short-Term Municipal Fund are qualified for sale only in California and other jurisdictions that do not require qualification.

Capital Guardian Trust Company and/or State Street Bank
and Trust Company, the fund’s transfer agent, on behalf of the fund and American Funds Distributors,® the
fund’s distributor, is required by law to obtain certain personal information from you or any other person(s) acting on your
behalf in order to verify your or such person’s identity. If you do not provide the information, Capital Guardian Trust Company
may not be able to open your account. If Capital Guardian Trust Company is unable to verify your identity or that of any other
person(s) authorized to act on your behalf, or believes it has identified potentially criminal activity, the applicable fund and
American Funds Distributors reserve the right to close your account or take such other action they deem reasonable or required
by law.

Valuing shares The net asset value of
the fund is the value of a single share of the fund. The fund calculates the net asset value each day the New York Stock Exchange
is open for trading as of approximately 4 p.m. New York time, the normal close of regular trading. If, for example, the New
York Stock Exchange closes at 1 p.m. New York time, the fund’s net asset value would still be determined as of 4 p.m. New
York time. In this example, portfolio securities traded on the New York Stock Exchange would be valued at their closing prices
unless the investment adviser determines that a “fair value” adjustment is appropriate due to subsequent events. Assets
are valued primarily on the basis of market quotations. However, the fund has adopted procedures for making fair value determinations
if market quotations are not readily available or are not considered reliable. For example, if events occur between the close
of markets outside the United States and the close of regular trading on the New York Stock Exchange that, in the opinion
of the investment adviser, materially affect the value of any of the fund’s securities that principally trade in those international
markets, those securities will be valued in accordance with fair value procedures. Use of these procedures is intended to result
in more appropriate net asset values. In addition, such use is intended to reduce potential arbitrage opportunities otherwise
available to short-term investors.

Because the fund may hold securities that are listed primarily
on foreign exchanges that trade on weekends or days when the fund does not price its shares, the values of securities held in the
fund may change on days when you will not be able to purchase or redeem fund shares.

Your shares will be purchased at the net asset value or
sold at the net asset value next determined after Capital Group Private Client Services receives your request, provided that your
request contains all information and legal documentation necessary to process the transaction.

Purchase of shares Shares of the fund may generally
be purchased only by investors who have entered into an Investment Management Agreement with Capital Group Private Client Services,
a division of Capital Guardian Trust Company. Certain investors who are not clients of Capital Group Private Client Services may
purchase the fund, as described in the statement of additional information. Investors who wish to purchase, exchange, or sell shares
should contact their Capital Group Private Client Services investment counselor or call (800) 421-4996. Alternatively, you may
contact the fund’s transfer agent at (877) 783-1317 to purchase shares.

Investors may be eligible to purchase shares of the fund
with securities in which the fund is authorized to invest, subject to procedures approved by the board of trustees of the fund.

Purchase minimums and maximumsThe purchase minimums
described in this prospectus may be waived in certain cases.

ExchangeGenerally, you may exchange your shares
for shares of another fund in the Capital Private Client Services Funds. Investors who wish to exchange shares should contact their
Capital Group Private Client Services investment counselor or call (800) 421-4996. Alternatively, you may contact the fund’s
transfer agent at (877) 783-1317 to exchange shares.

Exchanges have the same tax consequences as ordinary sales
and purchases. For example, to the extent you exchange shares held in a taxable account that are worth more now than what you paid
for them, the gain will be subject to taxation.



Capital Group Private Client Services Funds / Prospectus    38





How to sell shares

Investors who wish to sell shares should contact their Capital
Group Private Client Services investment counselor or call (866) 421-2166. Alternatively, you may contact the fund’s transfer
agent at (877) 783-1317 to sell shares.

A signature guarantee is required if the redemption is:

| | · | more than $125,000;
| | - | -------------------

| | · | made payable to someone other than the registered shareholder(s); or
| | - | --------------------------------------------------------------------

| | · | sent to an address other than the address of record or to an address of record that has been changed within the previous 10
days.
| | - | ---------------------------------------------------------------------------------------------------------------------------------

The signature guarantee requirement may be waived if your
Capital Group Private Client Services investment counselor determines it is appropriate.

For all accounts, checks must be made payable to the registered
shareholder and must be mailed to an address of record that has been used with the account for at least 10 days, unless you obtain
a signature guarantee for the redemption. If you recently purchased shares and subsequently request a redemption of those shares,
you will receive proceeds from the redemption once a sufficient period of time has passed to reasonably ensure that checks or drafts
(including certified or cashier’s checks) for the shares purchased have cleared (normally 10 business days).

Capital Group Private Client Services and the fund’s
transfer agent reserve the right to require a signature guarantee(s) on any redemption. Additional documentation may be required
for redemptions of shares held in corporate, partnership or fiduciary accounts.

While payment of redemptions normally will be in cash, the
fund’s agreement and declaration of trust permits payment of the redemption price wholly or partly with portfolio securities
or other assets of the fund under conditions and circumstances determined by the fund’s board of trustees.

Generally, you are automatically eligible to redeem or exchange
shares by telephone unless you notify Capital Group Private Client Services in writing that you do not want any or all of these
services. You may reinstate these services at any time.

Unless you decide not to have telephone services on your
account(s), you agree to hold each fund, Capital Guardian Trust Company, any of its affiliates or mutual funds managed by such
affiliates, the fund’s transfer agent and each of their respective directors, trustees, officers, employees and agents harmless
from any losses, expenses, costs or liabilities (including attorney fees) that may be incurred in connection with the exercise
of these privileges, provided that CGTC or the fund’s transfer agent employs reasonable procedures to confirm that the instructions
received from any person with appropriate account information are genuine. If reasonable procedures are not employed, CGTC and/or
the relevant fund may be liable for losses due to unauthorized or fraudulent instructions.



Capital Group Private Client Services Funds / Prospectus    39





Frequent trading of fund sharesThe fund and American
Funds Distributors reserve the right to reject any purchase order for any reason. The fund is not designed to serve as a vehicle
for frequent trading. Frequent trading of fund shares may lead to increased costs to the fund and less efficient management of
the fund’s portfolio, potentially resulting in dilution of the value of the shares held by long-term shareholders. Accordingly,
purchases, including those that are part of exchange activity, that the fund or American Funds Distributors have determined could
involve actual or potential harm to the fund, may be rejected.

The fund’s board of trustees has adopted policies
and procedures designed to detect and prevent frequent trading in fund shares. Under these procedures, the fund maintains surveillance
procedures that are designed to detect frequent trading in fund shares and evaluates trading activity that may be indicative of
frequent trading. For example, transactions in fund shares that exceed certain monetary thresholds may be scrutinized. The fund
also may review transactions that occur close in time to other transactions in the same account or in multiple accounts under common
ownership or influence. Trading activity that is identified through these procedures or as a result of any other information available
to the fund will be evaluated to determine whether such activity might constitute frequent trading. These procedures may be modified
from time to time as appropriate to improve the detection of frequent trading, to facilitate monitoring for frequent trading in
particular retirement plans or other accounts and to comply with applicable laws.

In addition to the fund’s broad ability to restrict
potentially harmful trading as described above, the fund’s board of trustees has adopted a “purchase blocking policy”
under which any shareholder redeeming shares having a value of $5,000 or more from the fund will be precluded from investing in
the fund for 30 calendar days after the redemption transaction. This policy also applies to redemptions and purchases that are
part of exchange transactions. Under the fund’s purchase blocking policy, certain purchases will not be prevented and certain
redemptions will not trigger a purchase block, such as:

| | · | purchases and redemptions of shares having a value of less than $5,000;
| | - | -----------------------------------------------------------------------

| | · | retirement plan contributions, loans and distributions (including hardship withdrawals) identified as such;
| | - | -----------------------------------------------------------------------------------------------------------

| | · | purchase
                                                                                                                          transactions
                                                                                                                          involving
                                                                                                                          in-kind
                                                                                                                          transfers
                                                                                                                          of shares
                                                                                                                          of the
                                                                                                                          fund,
                                                                                                                          rollovers,
                                                                                                                          Roth
                                                                                                                          IRA
                                                                                                                          conversions
                                                                                                                          and
                                                                                                                          IRA
                                                                                                                          recharacterizations;
                                                                                                                          and
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | systematic redemptions and purchases.
| | - | -------------------------------------

Generally, purchases and redemptions will
not be considered “systematic” unless the transaction is prescheduled for a specific date.

The fund reserves the right to waive the purchase blocking
policy with respect to specific shareholder accounts if the fund determines that its surveillance procedures are adequate to detect
frequent trading in fund shares.

There is no guarantee that all instances of frequent trading
in fund shares will be prevented.

Notwithstanding the fund’s surveillance procedures
and purchase blocking policy described above, all transactions in fund shares remain subject to the right of the fund and American
Funds Distributors to restrict potentially abusive trading generally, including the types of transactions described above that
will not be prevented or trigger a block under the purchase blocking policy. See the statement of additional information for more
information about how other potentially abusive trading activity in the fund may be addressed.



Capital Group Private Client Services Funds / Prospectus    40





Distributions and taxes

Dividends and distributions Capital Group Core Municipal
Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term
Municipal Fund and Capital Group Core Bond Fund declare monthly dividends from net investment income and distribute the accrued
dividends, which may fluctuate, to you each month.

Capital Group U.S. Equity Fund intends to distribute quarterly
dividends, usually in March, June, September and December.

Capital Group Global Equity Fund and Capital Group Non-U.S.
Equity Fund intend to distribute annual dividends, usually in December.

Capital gains, if any, are usually distributed in December.
When a capital gain is distributed, the net asset value per share is reduced by the amount of the payment.

You may elect to reinvest dividends and/or capital gain
distributions to purchase additional shares of the fund or other Capital Private Client Services Funds, or you may elect to receive
them in cash.

Taxes on dividends and distributions

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

Fund distributions of interest on municipal bonds are generally
not subject to federal income tax. However, a fund may distribute taxable dividends, including distributions of short-term capital
gains, which are subject to federal taxation as ordinary income. The fund’s distributions of net long-term capital gains
are taxable as long-term capital gains.

Depending on their state of residence, shareholders of the
fund may be able to exempt from state taxation some or all of the federally tax-exempt income dividends paid by the fund.

Capital Group California Core Municipal Fund and Capital
Group California Short-Term Municipal Fund anticipate that the federally exempt interest dividends paid by the fund and derived
from interest on bonds exempt from California income tax will also be exempt from California state income tax. To the extent a
fund’s dividends are derived from interest on debt obligations that is not exempt from California income tax, however, such
dividends will be subject to state income tax.

Moreover, any federally taxable dividends and capital gains
distributions from the fund may also be subject to state tax.

Any taxable dividends or capital gain distributions you
receive from the fund normally will be taxable to you when made, regardless of whether you reinvest dividends or capital gain distributions
or receive them in cash.



Capital Group Private Client Services Funds / Prospectus    41





Capital Group Core Bond FundCapital Group Global Equity FundCapital Group Non-U.S. Equity FundCapital Group U.S. Equity Fund

For federal tax purposes, dividends and distributions of
short-term capital gains are taxable as ordinary income. The fund’s distributions of net long-term capital gains are taxable
as long-term capital gains. Any dividends or capital gain distributions you receive from the fund will normally be taxable to you
when made, regardless of whether you reinvest dividends or capital gain distributions or receive them in cash.

Dividends and capital gain distributions that are automatically
reinvested in a tax-favored retirement account do not result in federal or state income tax at the time of reinvestment.

Applicable to all funds

Taxes on transactionsYour redemptions, including
exchanges, may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment is the
difference between the cost of your shares and the amount you receive when you sell them.

Exchanges within a tax-favored retirement plan account will
not result in a capital gain or loss for federal or state income tax purposes. With limited exceptions, distributions from a retirement
plan account are taxable as ordinary income.

Shareholder feesFees borne directly by the fund
normally have the effect of reducing a shareholder’s taxable income on distributions. By contrast, fees paid directly to
advisors by a fund shareholder for ongoing advice are deductible for income tax purposes only to the extent that they (combined
with certain other qualifying expenses) exceed 2% of such shareholder’s adjusted gross income.

Please see your tax advisor for more information.

Fund expenses

In periods of market volatility, assets of the fund may
decline significantly, causing total annual fund operating expenses (as a percentage of the value of your investment) to become
higher than the numbers shown in the Annual Fund Operating Expenses tables in this prospectus.

The “Other expenses” items in the Annual Fund
Operating Expenses tables for Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California
Core Municipal Fund, Capital Group California Short-Term Municipal Fund and Capital Group Core Bond Fund include custodial, legal,
transfer agent and various other expenses.



Capital Group Private Client Services Funds / Prospectus    42





Financial highlights

The Financial Highlights tables are intended to help you
understand each fund’s results for the period shown. Certain information reflects financial results for a single share. The
total returns in the tables represent the rate that an investor would have earned or lost on an investment in each fund (assuming
reinvestment of all dividends and distributions). Where indicated, figures in the tables reflect the impact, if any, of certain
reimbursements from Capital Guardian Trust Company. For more information about these reimbursements, see the fund’s statement
of additional information and annual report. The information in the Financial Highlights tables has been audited by Deloitte &
Touche LLP, whose current report, along with each fund’s financial statements, is included in the statement of additional
information, which is available upon request.

Capital Group Core Municipal Fund

|Financial
    highlights1 (for a share outstanding throughout each year)
|------------------------------------------------------------------------
|                                                                        
|                                                                        
|Selected
    per share data:                                            
|Net
    asset value, beginning of year                                  
|Income
    from investment operations:                                  
|Net
    investment income 3                                             
|Net
    realized and unrealized gains on securities                     
|Total
    from investment operations                                    
|Dividends
    and distributions:                                        
|Dividends
    from net investment income                                
|Distributions
    from capital gain                                     
|Total
    dividends and distributions                                   
|Net
    asset value, end of year                                        
|Total
    return 5                                                      
|Net
    assets, end of year (in millions)                               
|Ratios/supplemental
    data                                            
|Ratio
    of expenses to average net assets before reimbursement        
|Ratio
    of expenses to average net assets after reimbursement 5       
|Ratio
    of net investment income to average net assets5               
|Portfolio
    turnover rate                                             
|                                                                        



| | 1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
| | - | -----------------------------------------------------------------------------------------------------------------------------

| | 2 | The fund commenced operations on April 13, 2010.
| | - | ------------------------------------------------

| | 3 | Based on average shares outstanding.
| | - | ------------------------------------

| | 4 | Rounds to less than $0.00.
| | - | --------------------------

| | 5 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
| | - | --------------------------------------------------------------------------------

| | 6 | Annualized.
| | - | -----------

| | 7 | Not annualized for periods less than one year.
| | - | ----------------------------------------------

Capital Group Private Client Services Funds / Prospectus    43





Capital Group Short-Term Municipal Fund

|Financial
    highlights1 (for a share outstanding throughout each year)
|------------------------------------------------------------------------
|                                                                        
|                                                                        
|Selected
    per share data:                                            
|Net
    asset value, beginning of year                                  
|Income
    from investment operations:                                  
|Net
    investment income 3                                             
|Net
    realized and unrealized gains on securities                     
|Total
    from investment operations                                    
|Dividends
    and distributions:                                        
|Dividends
    from net investment income                                
|Distributions
    from capital gain                                     
|Total
    dividends and distributions                                   
|Net
    asset value, end of year                                        
|Total
    return 5                                                      
|Net
    assets, end of year (in millions)                               
|Ratios/supplemental
    data                                            
|Ratio
    of expenses to average net assets before reimbursement        
|Ratio
    of expenses to average net assets after reimbursement 5       
|Ratio
    of net investment income to average net assets5               
|Portfolio
    turnover rate                                             
|                                                                        



| | 1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
| | - | -----------------------------------------------------------------------------------------------------------------------------

| | 2 | The fund commenced operations on April 13, 2010.
| | - | ------------------------------------------------

| | 3 | Based on average shares outstanding.
| | - | ------------------------------------

| | 4 | Rounds to less than $0.00.
| | - | --------------------------

| | 5 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
| | - | --------------------------------------------------------------------------------

| | 6 | Annualized.
| | - | -----------

| | 7 | Not annualized for periods less than one year.
| | - | ----------------------------------------------

Capital Group Private Client Services Funds / Prospectus    44





Capital Group California Core Municipal Fund

|Financial
    highlights1 (for a share outstanding throughout each year)
|------------------------------------------------------------------------
|                                                                        
|                                                                        
|Selected
    per share data:                                            
|Net
    asset value, beginning of year                                  
|Income
    from investment operations:                                  
|Net
    investment income 3                                             
|Net
    realized and unrealized gains on securities                     
|Total
    from investment operations                                    
|Dividends
    and distributions:                                        
|Dividends
    from net investment income                                
|Distributions
    from capital gain                                     
|Total
    dividends and distributions                                   
|Net
    asset value, end of year                                        
|Total
    return 5                                                      
|Net
    assets, end of year (in millions)                               
|Ratios/supplemental
    data                                            
|Ratio
    of expenses to average net assets before reimbursement        
|Ratio
    of expenses to average net assets after reimbursement 5       
|Ratio
    of net investment income to average net assets5               
|Portfolio
    turnover rate                                             
|                                                                        



| | 1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
| | - | -----------------------------------------------------------------------------------------------------------------------------

| | 2 | The fund commenced operations on April 13, 2010.
| | - | ------------------------------------------------

| | 3 | Based on average shares outstanding.
| | - | ------------------------------------

| | 4 | Rounds to less than $0.00.
| | - | --------------------------

| | 5 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
| | - | --------------------------------------------------------------------------------

| | 6 | Annualized.
| | - | -----------

| | 7 | Not annualized for periods less than one year.
| | - | ----------------------------------------------

Capital Group Private Client Services Funds / Prospectus    45





Capital Group California Short-Term Municipal Fund

|Financial
    highlights1 (for a share outstanding throughout each year)
|------------------------------------------------------------------------
|                                                                        
|                                                                        
|Selected
    per share data:                                            
|Net
    asset value, beginning of year                                  
|Income
    from investment operations:                                  
|Net
    investment income 3                                             
|Net
    realized and unrealized gains on securities                     
|Total
    from investment operations                                    
|Dividends
    and distributions:                                        
|Dividends
    from net investment income                                
|Distributions
    from capital gain                                     
|Total
    dividends and distributions                                   
|Net
    asset value, end of year                                        
|Total
    return 5                                                      
|Net
    assets, end of year (in millions)                               
|Ratios/supplemental
    data                                            
|Ratio
    of expenses to average net assets before reimbursement        
|Ratio
    of expenses to average net assets after reimbursement 5       
|Ratio
    of net investment income to average net assets 5              
|Portfolio
    turnover rate                                             
|                                                                        



| | 1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
| | - | -----------------------------------------------------------------------------------------------------------------------------

| | 2 | The fund commenced operations on April 13, 2010.
| | - | ------------------------------------------------

| | 3 | Based on average shares outstanding.
| | - | ------------------------------------

| | 4 | Rounds to less than $0.00.
| | - | --------------------------

| | 5 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
| | - | --------------------------------------------------------------------------------

| | 6 | Annualized.
| | - | -----------

| | 7 | Not annualized for periods less than one year.
| | - | ----------------------------------------------

Capital Group Private Client Services Funds / Prospectus    46





Capital Group Core Bond Fund

|Financial
    highlights1 (for a share outstanding throughout each year)
|------------------------------------------------------------------------
|                                                                        
|                                                                        
|Selected
    per share data:                                            
|Net
    asset value, beginning of year                                  
|Income
    from investment operations:                                  
|Net
    investment income 3                                             
|Net
    realized and unrealized gains on securities                     
|Total
    from investment operations                                    
|Dividends
    and distributions:                                        
|Dividends
    from net investment income                                
|Distributions
    from capital gain                                     
|Total
    dividends and distributions                                   
|Net
    asset value, end of year                                        
|Total
    return 4                                                      
|Net
    assets, end of year (in millions)                               
|Ratios/supplemental
    data                                            
|Ratio
    of expenses to average net assets before reimbursement        
|Ratio
    of expenses to average net assets after reimbursement 4       
|Ratio
    of net investment income to average net assets4               
|Portfolio
    turnover rate                                             
|                                                                        



| | 1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
| | - | -----------------------------------------------------------------------------------------------------------------------------

| | 2 | The fund commenced operations on April 13, 2010.
| | - | ------------------------------------------------

| | 3 | Based on average shares outstanding.
| | - | ------------------------------------

| | 4 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
| | - | --------------------------------------------------------------------------------

| | 5 | Annualized.
| | - | -----------

| | 6 | Not annualized for periods less than one year.
| | - | ----------------------------------------------

Capital Group Private Client Services Funds / Prospectus    47





Capital Group Global Equity Fund

|Financial
    highlights1 (for a share outstanding throughout each year)
|------------------------------------------------------------------------
|                                                                        
|                                                                        
|Selected
    per share data:                                            
|Net
    asset value, beginning of year                                  
|Income
    from investment operations:                                  
|Net
    investment income 3                                             
|Net
    realized and unrealized gains on securities                     
|Total
    from investment operations                                    
|Dividends
    and distributions:                                        
|Dividends
    from net investment income                                
|Distributions
    from capital gain                                     
|Total
    dividends and distributions                                   
|Net
    asset value, end of year                                        
|Total
    return 4                                                      
|Net
    assets, end of year (in millions)                               
|Ratios/supplemental
    data                                            
|Ratio
    of expenses to average net assets before reimbursement        
|Ratio
    of expenses to average net assets after reimbursement 4       
|Ratio
    of net investment income to average net assets4               
|Portfolio
    turnover rate                                             



| | 1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
| | - | -----------------------------------------------------------------------------------------------------------------------------

| | 2 | The fund commenced operations on April 1, 2011.
| | - | -----------------------------------------------

| | 3 | Based on average shares outstanding.
| | - | ------------------------------------

| | 4 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
| | - | --------------------------------------------------------------------------------

| | 5 | Annualized.
| | - | -----------

| | 6 | Not annualized for periods less than one year.
| | - | ----------------------------------------------

Capital Group Private Client Services Funds / Prospectus    48





Capital Group Non-U.S. Equity Fund

|Financial
    highlights1 (for a share outstanding throughout each year)
|------------------------------------------------------------------------
|                                                                        
|                                                                        
|Selected
    per share data:                                            
|Net
    asset value, beginning of year                                  
|Income
    from investment operations:                                  
|Net
    investment income 3                                             
|Net
    realized and unrealized gains on securities                     
|Total
    from investment operations                                    
|Dividends
    and distributions:                                        
|Dividends
    from net investment income                                
|Distributions
    from capital gain                                     
|Total
    dividends and distributions                                   
|Net
    asset value, end of year                                        
|Total
    return 4                                                      
|Net
    assets, end of year (in millions)                               
|Ratios/supplemental
    data                                            
|Ratio
    of expenses to average net assets before reimbursement        
|Ratio
    of expenses to average net assets after reimbursement 4       
|Ratio
    of net investment income to average net assets4               
|Portfolio
    turnover rate                                             
|                                                                        



| | 1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
| | - | -----------------------------------------------------------------------------------------------------------------------------

| | 2 | The fund commenced operations on April 1, 2011.
| | - | -----------------------------------------------

| | 3 | Based on average shares outstanding.
| | - | ------------------------------------

| | 4 | Reflects the impact of certain reimbursements by Capital Guardian Trust Company.
| | - | --------------------------------------------------------------------------------

| | 5 | Annualized.
| | - | -----------

| | 6 | Reimbursement
                                                                                                                                  was
                                                                                                                                  less
                                                                                                                                  than
                                                                                                                                  $0.005.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7 | Not
                                                                                                                                         annualized
                                                                                                                                         for
                                                                                                                                         periods
                                                                                                                                         less
                                                                                                                                         than
                                                                                                                                         one
                                                                                                                                         year.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Capital Group Private Client Services Funds / Prospectus    49





Capital Group U.S. Equity Fund

|Financial
    highlights1 (for a share outstanding throughout each year)
|------------------------------------------------------------------------
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        
|                                                                        



| | 1 | Based on operations for the period shown (unless otherwise noted) and, accordingly, may not be representative of a full year.
| | - | -----------------------------------------------------------------------------------------------------------------------------

| | 2 | Endowments
                                                                                                                                  –
                                                                                                                                  Growth
                                                                                                                                  and
                                                                                                                                  Income
                                                                                                                                  Portfolio
                                                                                                                                  was
                                                                                                                                  reorganized
                                                                                                                                  into
                                                                                                                                  the
                                                                                                                                  Capital
                                                                                                                                  Group
                                                                                                                                  U.S.
                                                                                                                                  Equity
                                                                                                                                  Fund
                                                                                                                                  at
                                                                                                                                  the
                                                                                                                                  close
                                                                                                                                  of
                                                                                                                                  business
                                                                                                                                  effective
                                                                                                                                  April
                                                                                                                                  1,
                                                                                                                                  2011.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3 | Based on average shares outstanding.
| | - | ------------------------------------

| | 4 | Reflects
                                                                                                                                  the
                                                                                                                                  impact,
                                                                                                                                  if
                                                                                                                                  any,
                                                                                                                                  of
                                                                                                                                  certain
                                                                                                                                  waivers
                                                                                                                                  or
                                                                                                                                  reimbursements
                                                                                                                                  by
                                                                                                                                  Capital
                                                                                                                                  Guardian
                                                                                                                                  Trust
                                                                                                                                  Company
                                                                                                                                  or
                                                                                                                                  Capital
                                                                                                                                  Research
                                                                                                                                  and
                                                                                                                                  Management
                                                                                                                                  Company,
                                                                                                                                  the
                                                                                                                                  adviser
                                                                                                                                  of
                                                                                                                                  Endowments
                                                                                                                                  –
                                                                                                                                  Growth
                                                                                                                                  and
                                                                                                                                  Income
                                                                                                                                  Portfolio.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5 | Annualized.
| | - | -----------

| | 6 | Not annualized for periods less than one year.
| | - | ----------------------------------------------



Capital Group Private Client Services Funds / Prospectus    50





Notes



Capital Group Private Client Services Funds / Prospectus    51





Notes

Capital Group Private Client Services Funds / Prospectus    52







| |                                  |                | 
| | -------------------------------- | -------------- | 
| | More information about the funds |               
| | For shareholder services         | (866) 421-2166 | 
| |                                  |               



Annual/Semi-annual report to shareholders The shareholder
reports contain additional information about the fund, including financial statements, investment results, portfolio holdings,
a discussion of market conditions and the fund’s investment strategies, and the independent registered public accounting
firm’s reports (in the annual report).

Statement
of additional information (SAI) and codes of ethics The current SAI, as amended from time to time, contains more
detailed information about the fund, including the fund’s financial statements, and is incorporated by reference into this
prospectus. This means that the current SAI, for legal purposes, is part of this prospectus. The codes of ethics describe the personal
investing policies adopted by the fund, the fund’s investment adviser and its affiliated companies.

The codes of ethics and current SAI are on file with the U.S.
Securities and Exchange Commission (SEC). These and other related materials about the fund are available for review or to be copied
at the SEC’s Public Reference Room in Washington, D.C. (202) 551-8090, on the EDGAR database on the SEC’s website
at sec.gov or, after payment of a duplicating fee, via email request to publicinfo@sec.gov or by writing to the SEC’s Public
Reference Section, 100 F Street, NE, Washington, D.C. 20549-1520.

For a complimentary copy of the current SAI, codes of ethics
or annual/semi-annual report, or to request other information about the fund or make shareholder inquiries, please visit capitalpcsfunds.com,
call (866) 421-2166 or write to the secretary of the fund at 6455 Irvine Center Drive, Irvine, California 92618.

Securities
Investor Protection Corporation (SIPC) Shareholders may obtain information about SIPC® on its website at sipc.org
or by calling (202) 371-8300.





|MFGEPRX-380-0114 Printed in USA CGD/AFD/10210 | Investment Company File No. 811-22349
|--------------------------------------------- | -------------------------------------





















Capital Group Private Client Services
FundsSM (the “trust”)

Part B
Statement of Additional Information

January 1, 2014

This document is not a prospectus
but should be read in conjunction with the current prospectus of Capital Group Core Municipal Fund, Capital Group Short-Term Municipal
Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund (collectively the “Municipal
Bond Funds”), Capital Group Core Bond Fund (the “Core Bond Fund”), Capital Group Global Equity Fund, Capital
Group Non-U.S. Equity Fund, and Capital Group U.S. Equity Fund (collectively the “Equity Funds”) (each of the Municipal
Bond Funds, the Core Bond Fund and the Equity Funds a “fund” and collectively the “funds”) dated January
1, 2014. Except where the context indicates otherwise, all references herein to the “fund” apply to each of the funds
listed below. The prospectus may be obtained from your Capital Group Private Client Services® investment counselor
or by writing to the fund at the following address:

Capital Group Private Client Services Funds
Attention: Secretary

6455 Irvine Center Drive

Irvine, California 92618



|                                                     |      
|---------------------------------------------------- | -----
|Capital Group Core Municipal FundSM                  | CCMPX
|Capital Group Short-Term Municipal FundSM            | CSTMX
|Capital Group California Core Municipal FundSM       | CCCMX
|Capital Group California Short-Term Municipal FundSM | CCSTX
|Capital Group Core Bond FundSM                       | CCBPX
|Capital Group Global Equity FundSM                   | CGLOX
|Capital Group Non-U.S. Equity FundSM                 | CNUSX
|Capital Group U.S. Equity FundSM                     | CUSEX





Table of Contents

|Item                                                        |  | Page no.
|----------------------------------------------------------- |  | --------
|Certain investment limitations and guidelines               |  |         
|Description of certain securities and investment techniques |  |         
|Fund policies                                               |  |         
|Management of the fund                                      |  |         
|Execution of portfolio transactions                         |  |         
|Disclosure of portfolio holdings                            |  |         
|Price of shares                                             |  |         
|Taxes and distributions                                     |  |         
|Purchase and exchange of shares                             |  |         
|Selling shares                                              |  |         
|General information                                         |  |         
|Appendix                                                    |  |         
|Schedule of investments                                     |  |         
|Financial statements                                        |  |         

Capital Group Private Client Services Funds - Page 1







Certain investment limitations and
guidelines

The following limitations and guidelines
are considered at the time of purchase, under normal circumstances, and are based on a percentage of the fund’s net assets
unless otherwise noted. This summary is not intended to reflect all of the fund’s investment limitations.

Capital Group Core Municipal Fund

| | · | The fund will invest primarily in intermediate maturity municipal bonds.
| | - | ------------------------------------------------------------------------

| | · | The fund will invest at least 80% of its assets in bonds (for purposes of this limit, bonds include
any debt instrument and cash equivalents, and may include certain preferred securities).
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least
80% of its income from, securities that are exempt from federal income tax. The fund will not invest in securities that subject
you to the federal alternative minimum tax.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | The fund invests primarily in municipal bonds with quality ratings of A- or A3 or better by Nationally
Recognized Statistical Ratings Organizations (“NRSROs”) designated by the fund’s investment adviser or unrated
but determined by the fund’s investment adviser to be of equivalent quality, including money market instruments or cash equivalents.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | The fund may invest up to 20% of its assets in municipal bonds in the rating categories of BBB
or Baa by NRSROs or that are unrated but determined by the fund’s adviser to be of equivalent quality, including money market
instruments or cash equivalents.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Under normal circumstances the dollar-weighted average maturity of the fund’s portfolio will
be between three and 10 years.
| | - | ---------------------------------------------------------------------------------------------------------------------------

Capital Group Short-Term Municipal
Fund

| | · | The fund will invest primarily in short-term municipal bonds.
| | - | -------------------------------------------------------------

| | · | The fund will invest at least 80% of its assets in bonds (for purposes of this limit, bonds include
any debt instrument and cash equivalents, and may include certain preferred securities).
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least
80% of its income from, securities that are exempt from federal income tax. The fund will not invest in securities that subject
you to the federal alternative minimum tax.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | The fund invests primarily in municipal bonds with quality ratings of AA- or Aa3 or better by NRSROs
or unrated but determined by the fund’s investment adviser to be of equivalent quality, including money market instruments
or cash equivalents.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | The fund may invest up to 20% of its assets in municipal bonds in the rating categories of A- or
A3 by NRSROs or unrated but determined by the fund’s investment adviser to be of equivalent quality, including money market
instruments or cash equivalents.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Under normal circumstances the dollar-weighted average maturity of the fund’s portfolio will
be no greater than three years.
| | - | ----------------------------------------------------------------------------------------------------------------------------

Capital Group Private Client Services Funds - Page 2





Capital Group California Core Municipal
Fund

| | · | The fund will invest primarily in intermediate maturity municipal bonds issued by the state of
California, its agencies and municipalities.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------

| | · | The fund will invest at least 80% of its assets in bonds (for purposes of this limit, bonds include
any debt instrument and cash equivalents, and may include certain preferred securities).
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least
80% of its income from, securities that are exempt from federal and California income taxes. The fund will not invest in securities
that subject you to the federal alternative minimum tax.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | The fund invests primarily in municipal bonds with quality ratings of A- or A3 or better by NRSROs
or unrated but determined by the fund’s investment adviser to be of equivalent quality, including money market instruments
or cash equivalents.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | The fund may invest up to 20% of its assets in municipal bonds in the rating categories of BBB
or Baa by NRSROs or unrated but determined by the fund’s adviser to be of equivalent quality, including money market instruments
or cash equivalents.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Under normal circumstances, the dollar-weighted average maturity of the fund’s portfolio
will be between three and 10 years.
| | - | ----------------------------------------------------------------------------------------------------------------------------

Capital Group California Short-Term
Municipal Fund

| | · | The fund will invest primarily in short-term municipal bonds issued by the state of California,
its agencies and municipalities.
| | - | --------------------------------------------------------------------------------------------------------------------------------

| | · | The fund will invest at least 80% of its assets in bonds (for purposes of this limit, bonds include
any debt instrument and cash equivalents, and may include certain preferred securities).
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least
80% of its income from, securities that are exempt from both federal and California income taxes. The fund will not invest in securities
that subject you to the federal alternative minimum tax.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | The fund invests primarily in municipal bonds with quality ratings of A- or A3 or better by NRSROs
or unrated but determined by the fund’s investment adviser to be of equivalent quality, including money market instruments
or cash equivalents.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | The fund may also invest a portion of its assets in municipal bonds with quality ratings below
A- or A3 by NRSROs.
| | - | ------------------------------------------------------------------------------------------------------------------

| | · | Under normal circumstances the dollar-weighted average maturity of the fund’s portfolio will
be no greater than three years.
| | - | ----------------------------------------------------------------------------------------------------------------------------

Capital Group Core Bond Fund

| | · | The fund will invest primarily in intermediate term debt securities, including securities issued
and guaranteed by the U.S. government and securities backed by mortgages and other assets.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Capital Group Private Client Services Funds - Page 3





| | · | The fund will invest at least 80% of its assets in bonds (for purposes of this limit, bonds include
any debt instrument and cash equivalents, and may include certain preferred securities).
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | The fund primarily invests in debt securities with quality ratings of A- or A3 or better by NRSROs
or unrated but determined to be of equivalent quality by the fund’s investment adviser, including money market instruments
or cash equivalents.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | The fund may invest up to 10% of its assets in debt securities rated in the BBB or Baa rating categories
by NRSROs or unrated but determined to be of equivalent quality by the fund’s investment adviser, including money market
instruments or cash equivalents.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Under normal circumstances, the dollar-weighted average maturity of the fund’s portfolio
will be between three and 10 years.
| | - | ----------------------------------------------------------------------------------------------------------------------------

Municipal Bond Funds and Core Bond
Fund

| | · | In determining the quality rating of a particular bond, the fund currently intends to look to the
ratings from Moody’s Investors Service, Standard & Poor’s Corporation and Fitch Ratings. If agency ratings of a
bond differ, the bond will be considered to have received the highest of those ratings.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Capital Group Global Equity Fund

| | · | The fund invests primarily in common stocks, or securities convertible into common stocks, of issuers
around the world that the investment adviser believes have the potential for growth.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Under normal market conditions, the fund will invest at least 80% of its net assets in equity-type
securities.
| | - | --------------------------------------------------------------------------------------------------------------

| | · | The fund will allocate its assets among various countries, including the United States (but in
no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers outside the
United States (at least 40% of its net assets – unless market conditions are not deemed favorable by the fund’s investment
adviser, in which case the fund would invest at least 30% of its net assets). The fund may invest up to 10% of its net assets in
the securities of issuers based in emerging markets.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Capital Group Non-U.S. Equity Fund

| | · | The fund invests primarily in common stocks, or securities convertible into common stocks, of issuers
outside of the United States that the investment adviser believes have the potential for growth.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Under normal market conditions, the fund will invest at least 80% of its net assets in equity-type
securities and at least 80% of its net assets in securities of issuers based outside the United States.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | The fund may invest up to 15% of its net assets in the securities of issuers based in emerging
markets.
| | - | -------------------------------------------------------------------------------------------------------

Capital Group Private Client Services Funds - Page 4





Capital Group U.S. Equity Fund

| | · | The fund invests primarily in common stocks, or securities convertible into common stocks, of U.S.
issuers that the investment adviser believes have the potential for growth.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Under normal market conditions, the fund will invest at least 80% of its net assets in equity-type
securities and at least 80% of its net assets in securities of issuers in the United States.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Investments may include U.S. registered securities of issuers outside of the United States such
as American Depository Receipts.
| | - | --------------------------------------------------------------------------------------------------------------------------------

* * * * * *

The fund may experience difficulty liquidating
certain portfolio securities during significant market declines or periods of heavy redemptions.

Capital Group Private Client Services Funds - Page 5







Description of certain securities
and investment techniques

The descriptions below are intended to
supplement the material in the prospectus under “Investment objectives, strategies and risks.”

Applicable to all funds

Debt securities — Debt securities,
also known as “fixed-income securities,” are used by issuers to borrow money. Bonds, notes, debentures, asset-backed
securities (including those backed by mortgages), and loan participations and assignments are common types of debt securities.
Generally, issuers pay investors periodic interest and repay the amount borrowed either periodically during the life of the security
and/or at maturity. Some debt securities, such as zero coupon bonds, do not pay current interest, but are purchased at a discount
from their face values and their values accrete over time to face value at maturity. Some debt securities bear interest at rates
that are not fixed, but that vary with changes in specified market rates or indices. The market prices of debt securities fluctuate
depending on such factors as interest rates, credit quality and maturity. In general, market prices of debt securities decline
when interest rates rise and increase when interest rates fall. These fluctuations will generally be greater for longer-term debt
securities than for shorter-term debt securities.

Certain additional risk factors relating
to debt securities are discussed below:

Sensitivity to interest rate
and economic changes — Debt securities may be sensitive to economic changes, political and corporate developments, and
interest rate changes. In addition, during an economic downturn or substantial period of rising interest rates, issuers that are
highly leveraged may experience increased financial stress that could adversely affect their ability to meet projected business
goals, to obtain additional financing and to service their principal and interest payment obligations. Periods of economic change
and uncertainty also can be expected to result in increased volatility of market prices and yields of certain debt securities.
For example, prices of these securities can be affected by financial contracts held by the issuer or third parties (such as derivatives)
relating to the security or other assets or indices. Changes in the value of the fund’s portfolio securities will not necessarily
affect the income derived from these securities, but may affect the fund’s net asset value.

Payment expectations —
Debt securities may contain redemption or call provisions. If an issuer exercises these provisions in a lower interest rate market,
the fund would have to replace the security with a lower yielding security, resulting in decreased income to investors. If the
issuer of a debt security defaults on its obligations to pay interest or principal or is the subject of bankruptcy proceedings,
the fund may incur losses or expenses in seeking recovery of amounts owed to it.

Liquidity and valuation —There may be little trading in the secondary market for particular debt securities, which may affect adversely the fund’s
ability to value accurately or dispose of such debt securities. Adverse publicity and investor perceptions, whether or not based
on fundamental analysis, may decrease the value and/or liquidity of debt securities.

Capital Group Private Client Services Funds - Page 6







Credit ratings for debt securities provided
by rating agencies reflect an evaluation of the safety of principal and interest payments, not market value risk. The rating of
an issuer is a rating agency’s view of past and future potential developments related to the issuer and may not necessarily
reflect actual outcomes. There can be a lag between the time of developments relating to an issuer and the time a rating is assigned
and updated. The investment adviser considers these ratings of securities as one of many criteria in making its investment decisions.

Bond rating agencies may assign modifiers
(such as +/–) to ratings categories to signify the relative position of a credit within the rating category. Investment policies
that are based on ratings categories should be read to include any security within that category, without giving consideration
to the modifier except where otherwise provided. See the Appendix to this statement of additional information for more information
about credit ratings.

Variable and floating rate obligations
— The interest rates payable on certain securities in which the fund may invest may not be fixed but may fluctuate based
upon changes in market rates or credit ratings. Variable and floating rate obligations bear coupon rates that are adjusted at designated
intervals, based on the then current market rates of interest or credit ratings. The rate adjustment features tend to limit the
extent to which the market value of the obligations will fluctuate.

Adjustment of maturities —
The investment adviser seeks to anticipate movements in interest rates and may adjust the maturity distribution of a portfolio
accordingly, keeping in mind the fund’s objectives.

Restricted or illiquid securities
— The fund may purchase securities subject to restrictions on resale. Difficulty in selling such securities may result
in a loss or be costly to the fund. Securities (including restricted securities) not actively traded will be considered illiquid
unless they have been specifically determined to be liquid under procedures adopted by the fund’s board of trustees, taking
into account factors such as the frequency and volume of trading, the commitment of dealers to make markets and the availability
of qualified investors, all of which can change from time to time. The fund may incur certain additional costs in disposing of
illiquid securities.

Repurchase agreements —
The fund may enter into repurchase agreements under which the fund buys a security and obtains a simultaneous commitment from the
seller to repurchase the security at a specified time and price. Because the security purchased constitutes collateral for the
repurchase obligation, a repurchase agreement may be considered a loan by the fund that is collateralized by the security purchased.
Repurchase agreements permit the fund to maintain liquidity and earn income over periods of time as short as overnight. The seller
must maintain with the fund’s custodian collateral equal to at least 100% of the repurchase price, including accrued interest,
as monitored daily by the investment adviser. The fund will only enter into repurchase agreements involving securities in which
it could otherwise invest and with selected banks and securities dealers whose financial condition is monitored by the investment
adviser. If the seller under the repurchase agreement defaults, the fund may incur a loss if the value of the collateral securing
the repurchase agreement has declined and may incur disposition costs in connection with liquidating the collateral. If bankruptcy
proceedings are commenced with respect to the seller, realization of the collateral by the fund may be delayed or limited. The
Municipal Bond Funds do not currently intend to engage in this investment practice over the next 12 months.

Cash and cash equivalents —
The Municipal Bond Funds may hold cash and invest in cash equivalents. Cash equivalents include, but are not limited to: (a)
tax-exempt commercial paper (e.g., short-term notes obligations issued by municipalities that mature, or that may be redeemed
in 270 days or less); (b) municipal notes (e.g., bond anticipation notes, revenue anticipation notes, and tax anticipation
notes issued by municipalities that mature, or that may be redeemed in one year or less); (c) municipal obligations backed
by letters of credit issued by banks or other financial institutions or government agencies that mature, or that may be redeemed
in one year or less; (d) tax-exempt variable rate debt

Capital Group Private Client Services Funds - Page 7





issued by municipal conduits for corporate
obligors; and (e) securities of the U.S. government, its agencies or instrumentalities that mature, or that may be
redeemed in one year or less.

The Core Bond Fund and the Equity Funds
may hold cash or invest in cash equivalents. Cash equivalents include (a) commercial paper (for example, short-term
notes with maturities typically up to 12 months in length issued by corporations, governmental bodies or bank/corporation sponsored
conduits (asset-backed commercial paper)); (b) short-term bank obligations (for example, certificates of deposit, bankers’
acceptances (time drafts on a commercial bank where the bank accepts an irrevocable obligation to pay at maturity)) or bank notes;
(c) savings association and savings bank obligations (for example, bank notes and certificates of deposit issued by
savings banks or savings associations); (d) securities of the U.S. government, its agencies or instrumentalities that mature,
or that may be redeemed, in one year or less; and (e) corporate bonds and notes that mature, or that may be redeemed,
in one year or less.

Forward commitment, when issued and
delayed delivery transactions — The fund may enter into commitments to purchase or sell securities at a future date.
When the fund agrees to purchase such securities, it assumes the risk of any decline in value of the security from the date of
the agreement. If the other party to such a transaction fails to deliver or pay for the securities, the fund could miss a favorable
price or yield opportunity, or could experience a loss.

The fund will not use these transactions
for the purpose of leveraging and will segregate liquid assets that will be marked to market daily in an amount sufficient to meet
its payment obligations in these transactions. Although these transactions will not be entered into for leveraging purposes, to
the extent the fund’s aggregate commitments in connection with these transactions exceed its segregated assets, the fund
temporarily could be in a leveraged position (because it may have an amount greater than its net assets subject to market risk).
Should market values of the fund’s portfolio securities decline while the fund is in a leveraged position, greater depreciation
of its net assets would likely occur than if it were not in such a position. The fund will not borrow money to settle these transactions
and, therefore, will liquidate other portfolio securities in advance of settlement if necessary to generate additional cash to
meet its obligations. After a transaction is entered into, the fund may still dispose of or renegotiate the transaction. Additionally,
prior to receiving delivery of securities as part of a transaction, the fund may sell such securities.

Maturity — The maturity
of a debt instrument is normally its ultimate maturity date unless it is likely that a maturity shortening device (such as a call,
put, refunding or redemption provision) will cause the debt instrument to be repaid.

Capital Group Private Client Services Funds - Page 8







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

Municipal bonds — Municipal
bonds are debt obligations generally issued to obtain funds for various public purposes, including the construction of public facilities.
Opinions relating to the validity of municipal bonds, exclusion of municipal bond interest from an investor’s gross income
for federal income tax purposes and, where applicable, state and local income tax, are rendered by bond counsel to the issuing
authorities at the time of issuance.

The two principal classifications of
municipal bonds are general obligation bonds and limited obligation or revenue bonds. General obligation bonds are secured by the
issuer’s pledge of its full faith and credit including, if available, its taxing power for the payment of principal and interest.
Issuers of general obligation bonds include states, counties, cities, towns and various regional or special districts. The proceeds
of these obligations are used to fund a wide range of public facilities, such as the construction or improvement of schools, highways
and roads, water and sewer systems and facilities for a variety of other public purposes. Lease revenue bonds or certificates of
participation in leases are payable from annual lease rental payments from a state or locality. Annual rental payments are payable
to the extent such rental payments are appropriated annually.

Typically, the only security for a limited
obligation or revenue bond is the net revenue derived from a particular facility or class of facilities financed thereby or, in
some cases, from the proceeds of a special tax or other special revenues. Revenue bonds have been issued to fund a wide variety
of revenue-producing public capital projects including: electric, gas, water and sewer systems; highways, bridges and tunnels;
port and airport facilities; colleges and universities; hospitals; and convention, recreational, tribal gaming and housing facilities.
Although the security behind these bonds varies widely, many provide additional security in the form of a debt service reserve
fund which may also be used to make principal and interest payments on the issuer's obligations. In addition, some revenue obligations
(as well as general obligations) are insured by a bond insurance company or backed by a letter of credit issued by a banking institution.

Revenue bonds also include, for example,
pollution control, health care and housing bonds, which, although nominally issued by municipal authorities, are generally not
secured by the taxing power of the municipality but by the revenues of the authority derived from payments by the private entity
which owns or operates the facility financed with the proceeds of the bonds. Obligations of housing finance authorities have a
wide range of security features, including reserve funds and insured or subsidized mortgages, as well as the net revenues from
housing or other public projects. Many of these bonds do not generally constitute the pledge of the credit of the issuer of such
bonds. The credit quality of such revenue bonds is usually directly related to the credit standing of the user of the facility
being financed or of an institution which provides a guarantee, letter of credit or other credit enhancement for the bond issue.

Municipal lease obligations —
The fund may invest, without limitation, in municipal lease revenue obligations that are determined to be liquid by the investment
adviser. In determining whether these securities are liquid, the investment adviser will consider, among other things, the credit
quality and support, including strengths and weaknesses of the issuers and lessees, the terms of the lease, the frequency and volume
of trading and the number of dealers trading the securities.

Insured municipal bonds —
The fund may invest in municipal bonds that are insured generally as to the timely payment of interest and principal. The insurance
for such bonds may be purchased by the bond issuer, the fund or any other party, and is usually purchased from private, non-governmental
insurance companies. When assigning a credit rating to an insured municipal bond the investment adviser

Capital Group Private Client Services Funds - Page 9





considers the higher of the credit rating
of the insurer, based on the insurer’s claims-paying ability, and the credit rating of the issuer (or the equivalent as determined
by the investment adviser if the issuer is not rated by the rating agencies). Insurance that covers a municipal bond does not guarantee
the market value of the bond or the prices of a fund’s shares. If the credit rating of the insurer were reduced, this could
have an adverse effect upon the credit rating of the insured bond and, therefore, its market value.

U.S. Territories and Commonwealth
obligations — The fund may invest in obligations of the territories and Commonwealths of the United States, such as Puerto
Rico, the U.S. Virgin Islands, Guam and their agencies and authorities, to the extent such obligations are exempt from federal
income taxes. Adverse political and economic conditions and developments affecting any territory or Commonwealth may, in turn,
affect negatively the value of the fund’s holdings in such obligations.

Zero coupon bonds — Municipalities
may issue zero coupon securities which are debt obligations that do not entitle the holder to any periodic payments of interest
prior to maturity or a specified date when the securities begin paying current interest. They are issued and traded at a discount
from their face amount or par value, which discount varies depending on the time remaining until cash payments begin, prevailing
interest rates, liquidity of the security, and the perceived credit quality of the issuer.

Pre-refunded bonds — From
time to time, a municipality may refund a bond that it has already issued prior to the original bond’s call date by issuing
a second bond, the proceeds of which are used to purchase U.S. government securities. The securities are placed in an escrow account
pursuant to an agreement between the municipality and an independent escrow agent. The principal and interest payments on the securities
are then used to pay off the original bondholders. For purposes of diversification, pre-refunded bonds will be treated as governmental
issues.

Temporary investments — The fund may invest in short-term municipal obligations of up to one year in maturity when temporary defensive
strategies are used as a result of abnormal market conditions, or when such investments are considered advisable for liquidity.
Generally, the income from such short-term municipal obligations is exempt from federal income tax. Further, a portion of a fund’s
assets, which will normally be less than 20%, may be held in cash or invested in high-quality taxable short-term securities
of up to one year in maturity. Such investments may include: (a) obligations of the U.S. Treasury; (b) obligations
of agencies and instrumentalities of the U.S. government; (c) money market instruments, such as certificates of deposit
issued by domestic banks, corporate commercial paper, and bankers' acceptances; and (d) repurchase agreements.

Issue classification — Securities
with the same general quality rating and maturity characteristics, but which vary according to the purpose for which they were
issued, often tend to trade at different yields. Correspondingly, securities issued for similar purposes and with the same general
maturity characteristics, but which vary according to the creditworthiness of their respective issuers, tend to trade at different
yields. These yield differentials tend to fluctuate in response to political and economic developments, as well as temporary imbalances
in normal supply/demand relationships. The investment adviser monitors these fluctuations closely, and will attempt to adjust portfolio
concentrations in various issue classifications according to the value disparities brought about by these yield relationship fluctuations.

The investment adviser believes that,
in general, the market for municipal bonds is less liquid than that for taxable fixed-income securities. Accordingly, the ability
of the fund to make purchases and sales of securities in the foregoing manner may, at any particular time and with respect to any
particular securities, be limited or non-existent.

Private placements — Generally,
municipal securities acquired in private placements are subject to contractual restrictions on resale. Accordingly, all private
placements will be considered illiquid unless

Capital Group Private Client Services Funds - Page 10





they have been specifically determined
to be liquid, taking into account factors such as the frequency and volume of trading and the commitment of dealers to make markets
under procedures adopted by thefund’s board of trustees.

Concentration of investments —
The fund may invest more than 25% of its assets in industrial development bonds. Certain economic, business or political developments
might adversely affect all municipal bonds of a similar category or type, or adversely affect all municipal bonds issued by issuers
within a particular geographical area or jurisdiction.

Tax-exempt securities —
While the fund seeks to purchase securities which bear interest that is exempt from federal income taxes – and in the case
of Capital Group California Core Municipal Fund and Capital Group California Short–Term Municipal Fund, also seeks to purchase
securities which bear interest that is exempt from California income taxes – there are risks that such interest may be reclassified
as taxable by the Internal Revenue Service, or a state tax authority. Actions by the issuer or future legislative, administrative
or court actions also could adversely affect the tax-exempt status of interest paid by such securities. Such reclassifications
or actions could cause interest from a security to become includable in the gross income of the holder of the security, possibly
retroactively, subjecting fund shareholders to increased tax liability. In addition, such reclassifications or actions could cause
the value of a security, and therefore the value of the fund’s shares, to decline.

Maturity — In calculating
the effective maturity or average life of a particular debt security, a put, call, sinking fund or other feature will be considered
to the extent it results in a security whose market characteristics indicate an effective maturity or average life that is shorter
than its nominal or stated maturity. The investment adviser will consider the impact on effective maturity of potential changes
in the financial condition of issuers and in market interest rates in making investment selections for the fund.

Capital Group Private Client Services Funds - Page 11







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

Risk factors relating to California
debt obligations — Because the fund invests primarily in securities issued by the State of California, its agencies
and municipalities, the fund is more susceptible to developments adversely affecting issuers of California securities than a municipal
bond fund that does not concentrate its investments in a single state. The information below constitutes only a brief summary
and does not purport to be a complete description of risk factors relating to California debt obligations. Certain information
is drawn from official statements relating to securities offerings of the State of California and various local agencies in California
available as of the date of this statement of additional information.

Many factors including both state
and national economic, political, regulatory, social and environmental policies and conditions, which are not within the control
of the issuers of state related bonds, could have an adverse impact on the financial condition of the state, its various agencies
and political subdivisions, as well as other municipal issuers in California. A variety of events, such as, tax base erosion,
state constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings
assigned to California’s municipal issuers may have an adverse impact on the fund. In addition, natural disasters, such
as earthquakes and droughts, may have an adverse effect on the state’s economy.

California’s economy and general
financial condition affect the ability of state and local governments to raise revenues to make timely payments on their obligations.
Events such as budgetary problems at the state level, fiscal weakness or an overall slowdown in the California economy could adversely
impact the fund. Such events can negatively impact the state’s credit rating, make it more expensive for the state to borrow
money, and impact municipal issuers’ ability to pay their obligations. Such events could also heighten the risk that prices
of debt obligations purchased by the fund, and the fund’s net asset value, will experience greater volatility.

California is the most populous state
in the nation and has a diverse economy. Major employers include the agriculture, manufacturing, high technology, services, trade,
entertainment and construction sectors. However, certain of California’s significant industries are sensitive to economic
disruptions in their export markets. The state’s rate of economic growth, therefore, could be adversely affected by any
such disruption. A significant downturn in the housing market or U.S. stock market prices could adversely affect California’s
economy by reducing household spending and business investment, particularly in the high technology sector. Moreover, a large
and increasing share of the State of California’s General Fund revenue in the form of income and capital gains taxes is
directly related to, and would be adversely affected by a significant downturn in the performance of, the stock markets.

Future California constitutional
amendments, legislative measures, executive orders, administrative regulations, court decisions and voter initiatives could have
an adverse effect on the debt obligations of California issuers. The initiative process is used quite often in California, resulting
in numerous initiative items on the ballot for most state and many local elections, any of which could affect the ability of municipal
issuers to pay their obligations. For example, revenue and expenditure limitations adopted by California voters, such as Propositions
13 (limiting ad valorem taxes on real property and restricting local taxing entities’ ability to raise real property taxes)
and 218 (limiting local governments' ability to impose “property related” fees, assessments and taxes) have constrained
local governments’ ability to raise revenue, consequently raising concerns about whether municipalities have sufficient
revenue to pay their debt obligations.

While the fund’s portfolio
managers try to reduce risks by investing in a diversified portfolio of securities, including state related bonds, it is not possible
to predict the extent to which any or all of

Capital Group Private Client Services Funds - Page 12





the factors described above will
affect the ability of the state or other municipal issuers to pay interest or principal on their bonds or the ability of such
bonds to maintain market value or marketability.

Capital Group Core Bond Fund

Obligations backed by the “full
faith and credit” of the U.S. government — U.S. government obligations include the following types of securities:

U.S. Treasury securities
— U.S. Treasury securities include direct obligations of the U.S. Treasury, such as Treasury bills, notes and
bonds. For these securities, the payment of principal and interest is unconditionally guaranteed by the U.S. government, and thus
they are of high credit quality. Such securities are subject to variations in market value due to fluctuations in interest rates
and in government policy, but, if held to maturity, are expected to be paid in full (either at maturity or thereafter).

Federal agency securities —
The securities of certain U.S. government agencies and government-sponsored entities are guaranteed as to the timely payment of
principal and interest by the full faith and credit of the U.S. government. Such agencies and entities include The Federal Financing
Bank (FFB), the Government National Mortgage Association (Ginnie Mae), the Veterans Administration (VA), the Federal Housing Administration
(FHA), the Export-Import Bank (Exim Bank), the Overseas Private Investment Corporation (OPIC), the Commodity Credit Corporation
(CCC) and the Small Business Administration (SBA).

Other federal agency obligations —
Additional federal agency securities are neither direct obligations of, nor guaranteed by, the U.S. government. These obligations
include securities issued by certain U.S. government agencies and government-sponsored entities. However, they generally involve
some form of federal sponsorship: some operate under a government charter; some are backed by specific types of collateral; some
are supported by the issuer’s right to borrow from the Treasury; and others are supported only by the credit of the issuing
government agency or entity. These agencies and entities include, but are not limited to: Federal Home Loan Bank, Federal Home
Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), Tennessee Valley Authority and Federal
Farm Credit Bank System.

On September 7, 2008, Freddie Mac and
Fannie Mae were placed into conservatorship by their new regulator, the Federal Housing Finance Agency (“FHFA”). Simultaneously,
the U.S. Treasury made a commitment of indefinite duration to maintain the positive net worth of both firms. As conservator, the
FHFA has the authority to repudiate any contract either firm has entered into prior to FHFA’s appointment as conservator
(or receiver should either firm go into default) if the FHFA, in its sole discretion determines that performance of the contract
is burdensome and repudiation would promote the orderly administration of Fannie Mae’s or Freddie Mac’s affairs. While
the FHFA has indicated that it does not intend to repudiate the guaranty obligations of either entity, doing so could adversely
affect holders of their mortgage-backed securities. For example, if a contract were repudiated, the liability for any direct compensatory
damages would accrue to the entity’s conservatorship estate and could only be satisfied to the extent the estate had available
assets. As a result, if interest payments on Fannie Mae or Freddie Mac mortgage-backed securities held by the fund were reduced
because underlying borrowers failed to make payments or such payments were not advanced by a loan servicer, the fund’s only
recourse might be against the conservatorship estate, which might not have sufficient assets to offset any shortfalls.

The FHFA, in its capacity as conservator,
has the power to transfer or sell any asset or liability of Fannie Mae or Freddie Mac. The FHFA has indicated it has no current
intention to do this; however, should it do so a holder of a Fannie Mae or Freddie Mac mortgage-backed security would have to rely
on

Capital Group Private Client Services Funds - Page 13





another party for satisfaction of the
guaranty obligations and would be exposed to the credit risk of that party.

Certain rights provided to holders of
mortgage-backed securities issued by Fannie Mae or Freddie Mac under their operative documents may not be enforceable against FHFA,
or enforcement may be delayed during the course of the conservatorship or any future receivership. For example, the operative documents
may provide that upon the occurrence of an event of default by Fannie Mae or Freddie Mac, holders of a requisite percentage of
the mortgage-backed security may replace the entity as trustee. However, under the Federal Housing Finance Regulatory Reform Act
of 2008, holders may not enforce this right if the event of default arises solely because a conservator or receiver has been appointed.

Pass-through securities —The
fund may invest in various debt obligations backed by pools of mortgages or other assets including, but not limited to, loans on
single family residences, home equity loans, mortgages on commercial buildings, credit card receivables and leases on airplanes
or other equipment. Principal and interest payments made on the underlying asset pools backing these obligations are typically
passed through to investors, net of any fees paid to any insurer or any guarantor of the securities. Pass-through securities
may have either fixed or adjustable coupons. These securities include:

Mortgage-backed securities
— These securities may be issued by U.S. government agencies and government-sponsored entities, such as Ginnie Mae, Fannie
Mae and Freddie Mac, and by private entities. The payment of interest and principal on mortgage-backed obligations issued by U.S.
government agencies may be guaranteed by the full faith and credit of the U.S. government (in the case of Ginnie Mae), or may be
guaranteed by the issuer (in the case of Fannie Mae and Freddie Mac). However, these guarantees do not apply to the market prices
and yields of these securities, which vary with changes in interest rates.

Mortgage-backed securities issued
by private entities are structured similarly to those issued by U.S. government agencies. However, these securities and the underlying
mortgages are not guaranteed by any government agencies and the underlying mortgages are not subject to the same underwriting requirements.
These securities generally are structured with one or more types of credit enhancements such as insurance or letters of credit
issued by private companies. Borrowers on the underlying mortgages are usually permitted to prepay their underlying mortgages.
Prepayments can alter the effective maturity of these instruments. In addition, delinquencies, losses or defaults by borrowers
can adversely affect the prices and volatility of these securities. Such delinquencies and losses can be exacerbated by declining
or flattening housing and property values. This, along with other outside pressures, such as bankruptcies and financial difficulties
experienced by mortgage loan originators, decreased investor demand for mortgage loans and mortgage-related securities and increased
investor demand for yield, can adversely affect the value and liquidity of mortgage-backed securities.

Collateralized mortgage obligations
(CMOs) — CMOs are also backed by a pool of mortgages or mortgage loans, which are divided into two or more separate bond
issues. CMOs issued by U.S. government agencies are backed by agency mortgages, while privately issued CMOs may be backed by either
government agency mortgages or private mortgages. Payments of principal and interest are passed through to each bond issue at varying
schedules resulting in bonds with different coupons, effective maturities and sensitivities to interest rates. Some CMOs may be
structured in a way that when interest rates change, the impact of changing prepayment rates on the effective maturities of certain
issues of these securities is magnified. CMOs may be less liquid or may exhibit greater price volatility than other types of mortgage
or asset-backed securities.

Capital Group Private Client Services Funds - Page 14





Commercial mortgage-backed securities
— These securities are backed by mortgages on commercial property, such as hotels, office buildings, retail stores, hospitals
and other commercial buildings. These securities may have a lower prepayment uncertainty than other mortgage-related securities
because commercial mortgage loans generally prohibit or impose penalties on prepayments of principal. In addition, commercial mortgage-related
securities often are structured with some form of credit enhancement to protect against potential losses on the underlying mortgage
loans. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate
securing the underlying mortgage loans, including the effects of local and other economic conditions on real estate markets, the
ability of tenants to make rental payments and the ability of a property to attract and retain tenants. Commercial mortgage-backed
securities may be less liquid or exhibit greater price volatility than other types of mortgage or asset-backed securities and may
be more difficult to value.

Asset-backed securities —
These securities are backed by other assets such as credit card, automobile or consumer loan receivables, retail installment loans
or participations in pools of leases. Credit support for these securities may be based on the underlying assets and/or provided
through credit enhancements by a third party. The values of these securities are sensitive to changes in the credit quality of
the underlying collateral, the credit strength of the credit enhancement, changes in interest rates and at times the financial
condition of the issuer. Obligors of the underlying assets also may make prepayments that can change effective maturities of the
asset-backed securities. These securities may be less liquid and more difficult to value than other securities.

Inflation-indexed bonds —The
fund may invest in inflation-indexed bonds issued by governments, their agencies or instrumentalities and corporations. The fund
has no current intention of investing in inflation index bonds issued by corporations.

The principal amount of an inflation-indexed
bond is adjusted in response to changes in the level of the consumer price index. Repayment of the original bond principal upon
maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, and therefore the principal
amount of such bonds cannot be reduced below par even during a period of deflation. However, the current market value of these
bonds is not guaranteed and will fluctuate, reflecting the rise and fall of yields. In certain jurisdictions outside the United
States the repayment of the original bond principal upon the maturity of an inflation-indexed bond is not guaranteed, allowing
for the amount of the bond repaid at maturity to be less than par.

The interest rate for inflation-indexed
bonds is fixed at issuance as a percentage of this adjustable principal. Accordingly, the actual interest income may both rise
and fall as the principal amount of the bonds adjusts in response to movements of the consumer price index. For example, typically
interest income would rise during a period of inflation and fall during a period of deflation.

Forward commitment, when issued
and delayed delivery transactions — The fund may enter into roll transactions, such as a mortgage dollar roll
where the fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially
similar (same type, coupon, and maturity) securities on a specified future date, at a pre-determined price. During the period
between the sale and repurchase (the “roll period”), the fund forgoes principal and interest paid on the mortgage-backed
securities. The fund is compensated by the difference between the current sales price and the lower forward price for the future
purchase (often referred to as the “drop”), if any, as well as by the interest earned on the cash proceeds of the
initial sale. The fund could suffer a loss if the contracting party fails to perform the future transaction and the fund is therefore
unable to buy back the mortgage-backed securities it initially sold. The fund also takes the risk that the mortgage-backed securities
that it repurchases at a later date will have less favorable market

Capital Group Private Client Services Funds - Page 15





characteristics than the securities
originally sold (e.g., greater prepayment risk). These transactions are accounted for as purchase and sale transactions, which
may increase the fund’s portfolio turnover rate.

With to be announced (TBA) transactions,
the particular securities (i.e., specified mortgage pools) to be delivered or received are not identified at the trade date, but
are “to be announced” at a later settlement date. However, securities to be delivered must meet specified criteria,
including face value, coupon rate and maturity, and must be within industry-accepted “good delivery” standards.

The fund may also enter into “roll”
transactions which involve the sale of mortgage-backed or other securities together with a commitment to purchase similar, but
not identical, securities at a later date. The fund assumes the risk of price and yield fluctuations during the time of the commitment.
The fund will segregate liquid assets which will be marked to market daily in an amount sufficient to meet its payment obligations
in these transactions.

Investing outside the U.S. —
The fund may only invest in securities outside the U.S. that are U.S. dollar-denominated and are in the four highest rating categories.
Accordingly, the risks described below are substantially lessened.

Investing outside the United States involves
special risks, caused by, among other things: fluctuating local currency values; different accounting, auditing, and financial
reporting regulations and practices in some countries; changing local and regional economic, political, and social conditions;
expropriation or confiscatory taxation and greater market volatility. However, in the opinion of the fund’s investment adviser,
investing outside the United States also can reduce certain portfolio risks due to greater diversification opportunities.

The risks described above may be heightened
in connection with investments in emerging markets. Although there is no universally accepted definition, the investment adviser
generally considers emerging markets to refer to the securities markets of countries in the earlier stages of their industrialization
cycle with a low per capita gross domestic product (“GDP”) and a low market capitalization to GDP ratio relative to
those in the United States and the European Union. Historically, emerging markets have been more volatile than the markets of developed
countries. The fund may invest in securities of issuers in developing countries only to a limited extent.

Capital Group Global Equity Fund
Capital Group Non-U.S. Equity Fund
Capital Group U.S. Equity Fund

Equity securities —Equity
securities represent an ownership position in a company. Equity securities held by the fund typically consist of common stocks.
The prices of equity securities fluctuate based on, among other things, events specific to their issuers and market, economic and
other conditions. For example, prices of these securities can be affected by financial contracts held by the issuer or third parties
(such as derivatives) relating to the security or other assets or indices. Holders of equity securities are not creditors of the
issuer. As such, if an issuer liquidates, holders of equity securities are entitled to their pro rata share of the issuer’s
assets, if any, after creditors (including the holders of fixed income securities and senior equity securities) are paid.

There may be little trading in the secondary
market for particular equity securities, which may adversely affect the fund’s ability to value accurately or dispose of
such equity securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease
the value and/or liquidity of equity securities.The growth-oriented, equity-type securities generally purchased by the fund may
involve large price swings and potential for loss. To the extent the fund invests in income-oriented, equity-type securities, income
provided by the fund may be reduced by

Capital Group Private Client Services Funds - Page 16





changes in the dividend policies of,
and the capital resources available at, the companies in which the fund invests.

Investing in smaller capitalization
stocks — The fund may invest in the stocks of smaller capitalization companies (typically companies with market capitalizations
of less than $3.5 billion at the time of purchase). The investment adviser believes that the issuers of smaller capitalization
stocks often provide attractive investment opportunities. However, investing in smaller capitalization stocks can involve greater
risk than is customarily associated with investing in stocks of larger, more established companies. For example, smaller companies
often have limited product lines, limited operating histories, limited markets or financial resources, may be dependent on one
or a few key persons for management and can be more susceptible to losses. Also, their securities may be thinly traded (and therefore
have to be sold at a discount from current prices or sold in small lots over an extended period of time), may be followed by fewer
investment research analysts and may be subject to wider price swings, thus creating a greater chance of loss than securities of
larger capitalization companies.

Securities with equity and debt characteristics
— The fund may invest in securities that have a combination of equity and debt characteristics. These securities may
at times behave more like equity than debt or vice versa. Some types of convertible bonds, preferred stocks or other preferred
securities automatically convert into common stocks or other securities at a stated conversion ratio and some may be subject to
redemption at the option of the issuer at a predetermined price. These securities ordinarily do not have voting rights and, prior
to conversion, may pay a fixed rate of interest or a dividend. They may have preference over common stocks with respect to dividends
and any residual assets after payment to creditors should the issuer be dissolved. Because convertible securities have both debt
and equity characteristics, their values vary in response to many factors, including the values of the securities into which they
are convertible, general market and economic conditions, and convertible market valuations, as well as changes in interest rates,
credit spreads and the credit quality of the issuer.The prices and yields of nonconvertible preferred securities or preferred stocks
generally move with changes in interest rates and the issuer’s credit quality, similar to the factors affecting debt securities.
Nonconvertible preferred securities will be treated as debt for fund investment limit purposes.

Warrants and rights — The
fund may purchase warrants, which may be issued together with bonds or preferred stocks. Warrants generally entitle the holder
to buy a proportionate amount of common stock at a specified price, usually higher than the current market price. Warrants may
be issued with an expiration date or in perpetuity. Rights are similar to warrants except that they normally entitle the holder
to purchase common stock at a lower price than the current market price.

Investing outside the U.S. —Investing outside the United States may involve additional risks caused by, among other things, currency controls and fluctuating
currency values; different accounting, auditing, financial reporting, disclosure, and regulatory and legal standards and practices;
changing local, regional and global economic, political and social conditions; expropriation; changes in tax policy; greater market
volatility; different securities market structures; higher transaction costs; and various administrative difficulties, such as
delays in clearing and settling portfolio transactions or in receiving payment of dividends.

The risks described above may be heightened
in connection with investments in emerging markets. Although there is no universally accepted definition, the investment adviser
generally considers an emerging market country as a country that is in the earlier stages of its industrialization cycle with a
low per capita gross domestic product (“GDP”) and a low market capitalization to GDP ratio relative to those in the
United States and the European Union. Historically, emerging markets have been more volatile than the markets of developed countries,
reflecting the greater uncertainties of investing in less established markets and economies. In particular, emerging markets may
have less stable governments, may present the risks of nationalization of businesses, may have restrictions on foreign ownership
and prohibitions on the repatriation of assets and may have less protection of property

Capital Group Private Client Services Funds - Page 17





rights than more developed countries.
The economies of emerging markets may be reliant on only a few industries, may be highly vulnerable to changes in local or global
trade conditions and may suffer from high and volatile debt burdens or inflation rates. Local securities markets may trade a small
number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation
of holdings difficult or impossible at times.

Additional costs could be incurred in
connection with the fund’s investment activities outside the United States. Brokerage commissions may be higher outside the
United States, and the fund will bear certain expenses in connection with its currency transactions. Furthermore, increased custodian
costs may be associated with maintaining assets in certain jurisdictions.

In determining the domicile of an issuer,
the fund’s investment adviser will consider the domicile determination of a leading provider of global indexes, such as Morgan
Stanley Capital International, and may also take into account such factors as where the company’s securities are listed and
where the company is legally organized, maintains principal corporate offices and/or conducts its principal operations.

Currency transactions —
The fund may enter into currency transactions to provide for the purchase or sale of a currency needed to purchase a security denominated
in that currency (often referred to as a spot or cover transaction). The fund may also enter into forward currency contracts to
protect against changes in currency exchange rates. A forward currency contract is an obligation to purchase or sell a specific
currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a
price set at the time of the contract. Although forward contracts entered into by the fund will typically involve the purchase
or sale of a currency against the U.S. dollar, the fund also may cross hedge and purchase or sell one currency against another
currency (other than the U.S. dollar). The fund has no current intention to cross hedge one currency against another currency (other
than the U.S. dollar).

Currency exchange rates generally are
determined by forces of supply and demand in the foreign exchange markets and the relative merits of investment in different countries
as viewed from an international perspective. Currency exchange rates can also be affected unpredictably by intervention by U.S.
or foreign governments or central banks or by currency controls or political developments in the United States or abroad.

Generally, the fund will not attempt
to protect against all potential changes in exchange rates and the use of forward contracts does not eliminate the risk of fluctuations
in the prices of the underlying securities. If the value of the underlying securities declines or the amount of the fund’s
commitment increases because of changes in exchange rates, the fund may need to provide additional cash or securities to satisfy
its commitment under the forward contract. The fund is also subject to the risk that it may be delayed or prevented from obtaining
payments owed to it under the forward contract as a result of the insolvency or bankruptcy of the counterparty with which it entered
into the forward contract or the failure of the counterparty to comply with the terms of the contract.

While entering into forward currency
transactions could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential
gain that may result from an increase in the value of the currency. Entering into forward currency transactions may change the
fund’s exposure to currency exchange rates and could result in losses to the fund if currencies do not perform as expected
by the fund’s investment adviser. For example, if the fund’s investment adviser increases the fund’s exposure
to a foreign currency using forward contracts and that foreign currency’s value declines, the fund may incur a loss. The
fund will segregate liquid assets that will be marked to market daily to meet its forward contract commitments to the extent required
by the U.S. Securities and Exchange Commission.

Capital Group Private Client Services Funds - Page 18





Forward currency transactions also may
affect the character and timing of income, gain, or loss recognized by the fund for U.S. tax purposes. The use of forward currency
contracts could result in the application of the mark-to-market provisions of the Internal Revenue Code and may cause an increase
(or decrease) in the amount of taxable dividends paid by the fund.

* * * * * *

The investment adviser attempts to reduce
the risks described above through diversification of the fund’s portfolio and by credit analysis of each issuer, as well
as by monitoring broad economic trends and corporate and legislative developments, but there can be no assurance that it will be
successful in doing so.

* * * * * *

Portfolio turnover — Portfolio
changes will be made without regard to the length of time particular investments may have been held. Short-term trading profits
are not the fund’s objective, and changes in its investments are generally accomplished gradually, though short-term transactions
may occasionally be made. High portfolio turnover may involve correspondingly greater transaction costs in the form of dealer spreads
or brokerage commissions. It may also result in the realization of net capital gains, which are taxable when distributed to shareholders,
unless the shareholder is exempt from taxation or his or her account is tax-favored.

Fixed-income securities are generally
traded on a net basis and usually neither brokerage commissions nor transfer taxes are involved. Transaction costs are usually
reflected in the spread between the bid and asked price.

|Fund                                                   | Fiscal
    year | Portfolio
    turnover rate
|------------------------------------------------------ | --------------- | ---------------------------
|Capital
    Group Core Municipal Fund                  | 2013            | 18%                        
|                                                       | 2012            | 13                         
|Capital
    Group Short-Term Municipal Fund            | 2013            | 18                         
|                                                       | 2012            | 25                         
|Capital
    Group California Core Municipal Fund       | 2013            | 17                         
|                                                       | 2012            | 21                         
|Capital
    Group California Short-Term Municipal Fund | 2013            | 9                          
|                                                       | 2012            | 14                         
|Capital
    Group Core Bond Fund                       | 2013            | 192                        
|                                                       | 2012            | 134                        
|Capital
    Group Global Equity Fund                   | 2013            | 25                         
|                                                       | 2012            | 35                         
|Capital
    Group Non-U.S. Equity Fund                 | 2013            | 25                         
|                                                       | 2012            | 17                         
|Capital
    Group U.S. Equity Fund                     | 2013            | 25                         
|                                                       | 2012            | 53                         

A fund’s portfolio turnover rate
would equal 100% if each security in the fund’s portfolio were replaced once per year.

Capital Group Private Client Services Funds - Page 19







Fund policies

All percentage limitations in the following
fund policies are considered at the time securities are purchased and are based on the fund’s net assets unless otherwise
indicated. None of the following policies involving a maximum percentage of assets will be considered violated unless the excess
occurs immediately after, and is caused by, an acquisition by the fund. In managing the fund, the fund’s investment adviser
may apply more restrictive policies than those listed below.

Fundamental policies — The
fund has adopted the following policies, which may not be changed without approval by holders of a majority of its outstanding
shares. Such majority is currently defined in the Investment Company Act of 1940, as amended (the “1940 Act”), as the
vote of the lesser of (a) 67% or more of the voting securities present at a shareholder meeting, if the holders of
more than 50% of the outstanding voting securities are present in person or by proxy, or (b) more than 50% of the outstanding
voting securities.

1.	Except as permitted by (i)
the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registered investment
companies, or interpretations or modifications thereof by the U.S. Securities and Exchange Commission (“SEC”), SEC
staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff
or other authority of competent jurisdiction, the fund may not:

| | a. | Borrow money;
| | -- | -------------

| | b. | Issue senior securities;
| | -- | ------------------------

| | c. | Underwrite the securities of other issuers;
| | -- | -------------------------------------------

| | d. | Purchase or sell real estate or commodities;
| | -- | --------------------------------------------

| | e. | Make loans; or
| | -- | --------------

| | f. | Purchase the securities of any issuer if, as a result of such purchase, the fund’s investments
would be concentrated in any particular industry.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------

2.	The Municipal Bond Funds will maintain
their status as tax-exempt funds consistent with (i) the 1940 Act and the rules and regulations thereunder, or other successor
law governing the regulation of registered investment companies, or interpretations or modifications thereof by the SEC, SEC staff
or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other
authority of competent jurisdiction.

3.	The fund may not invest in companies
for the purpose of exercising control or management.



Capital Group Private Client Services Funds - Page 20





Additional information about the fund’s
policies — The information below is not part of the fund’s fundamental or nonfundamental policies. This information
is intended to provide a summary of what is currently required or permitted by the 1940 Act and the rules and regulations thereunder,
or by the interpretive guidance thereof by the SEC or SEC staff, for particular fundamental policies of the fund. Information is
also provided regarding the fund’s current intention with respect to certain investment practices permitted by the 1940 Act.

For purposes of fundamental policy 1a,
the fund may borrow money in amounts of up to 33-1/3% of its total assets from banks for any purpose. Additionally, the fund may
borrow up to 5% of its total assets from banks or other lenders for temporary purposes (a loan is presumed to be for temporary
purposes if it is repaid within 60 days and is not extended or renewed).

For purposes of fundamental policy 1b,
a senior security does not include any promissory note or evidence of indebtedness if such loan is for temporary purposes only
and in an amount not exceeding 5% of the value of the total assets of the fund at the time the loan is made (a loan is presumed
to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). Further, to the extent the fund covers
its commitments under certain types of agreements and transactions, including reverse repurchase agreements, mortgage-dollar-roll
transactions, sale-buybacks, when-issued, delayed-delivery, or forward commitment transactions, and other similar trading practices,
by segregating or earmarking liquid assets equal in value to the amount of the fund’s commitment, such agreement or transaction
will not be considered a senior security by the fund.

For purposes of fundamental policy 1c,
the policy will not apply to the fund to the extent the fund may be deemed an underwriter within the meaning of the 1933 Act in
connection with the purchase and sale of fund portfolio securities in the ordinary course of pursuing its investment objectives
and strategies.

For purposes of fundamental policy 1e,
the fund may not lend more than 33-1/3% of its total assets, provided that this limitation shall not apply to the fund’s
purchase of debt obligations.

For purposes of fundamental policy 1f,
the fund may not invest more than 25% of its total assets in the securities of issuers in a particular industry. This policy does
not apply to investments in securities of the U.S. Government, its agencies or Government Sponsored Enterprises or repurchase agreements
with respect thereto.

For purposes of fundamental policy 2,
each of the Municipal Bond Funds will, under normal circumstances, invest at least 80% of its assets in, or derive at least 80%
of its income from securities that are exempt from regular federal income tax.

The fund currently does not intend to
engage in securities lending, purchase securities on margin, sell securities short or invest in puts, calls, straddles or spreads
or combinations thereof.

Capital Group Private Client Services Funds - Page 21







Management of the fund

Board of trustees and officers

“Independent” trustees1

The fund’s nominating committee
and board select independent trustees with a view toward constituting a board that, as a body, possesses the qualifications, skills,
attributes and experience to appropriately oversee the actions of the fund’s service providers, decide upon matters of general
policy and represent the long-term interests of fund shareholders. In doing so, they consider the qualifications, skills, attributes
and experience of the current board members, with a view toward maintaining a board that is diverse in viewpoint, experience, education
and skills.

The fund seeks independent trustees who
have high ethical standards and the highest levels of integrity and commitment, who have inquiring and independent minds, mature
judgment, good communication skills, and other complementary personal qualifications and skills that enable them to function effectively
in the context of the fund’s board and committee structure and who have the ability and willingness to dedicate sufficient
time to effectively fulfill their duties and responsibilities.

Each independent trustee has a significant
record of accomplishments in governance, business, not-for-profit organizations, government service, academia, law, accounting
or other professions. Although no single list could identify all experience upon which the fund’s independent trustees draw
in connection with their service, the following table summarizes key experience for each independent trustee. These references
to the qualifications, attributes and skills of the trustees are pursuant to the disclosure requirements of the SEC, and shall
not be deemed to impose any greater responsibility or liability on any trustee or the board as a whole. Notwithstanding the accomplishments
listed below, none of the independent trustees is considered an “expert” within the meaning of the federal securities
laws with respect to information in the fund’s registration statement.

Capital Group Private Client Services Funds - Page 22







|Name,
    age and
    position with fund
    (year first elected
    as a trustee2) | Principal
    occupation(s)
    during the
    past five years                                                                                 | Number
    of
    portfolios3
    overseen
    by
    trustee | Other
    directorships4 held
    by trustee during the past five years                                                                                                                                                                                                | Other
    relevant experience                                                                                                                                                                                                        
|----------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Richard
    G. Capen, Jr., 79
    Trustee (2009)                                    | Corporate
    director and author                                                                                                              | 9                                                             | Former
    director of 16 American Funds portfolios; former director of Carnival Corporation                                                                                                                                                                           | · Service as chief executive officer, Miami Herald
        · Senior management experience, Miami Herald
        · Former U.S. Ambassador to Spain                                                                                    
|H.
    Frederick Christie, 80
    Trustee (2009)                                    | Private
    investor                                                                                                                           | 9                                                             | Former director of 45 American Funds portfolios;
        former director of Valero; former director of SouthWest Water Company; former director of AECOM Technology Corporation;
        former director of DineEquity, Inc.; former director of Ducommun Incorporated | · Service as chief executive officer and chief financial officer for The Mission Group and affiliates
        · Senior corporate management experience
        · Service on trustee board of charitable organization
        · M.B.A.
|Martin
    Fenton, 78
    (2009)                                                    | Chairman,
    Senior Resource Group LLC (development and management of senior living communities)                                              | 9                                                             | Former
    director of 47 American Funds portfolios                                                                                                                                                                                                                    | · Service as chief executive officer of multiple companies                                                                                                                                                                           
|Richard
    G. Newman, 79
    Trustee (2009)                                        | Founder,
    Chairman Emeritus and Director, AECOM Technology Corporation (global engineering, consulting and professional technical services) | 9                                                             | Former
    director of 15 American Funds portfolios; former director of Sempra Energy; former director of SouthWest Water Company                                                                                                                                      | · Service as chief executive officer for multiple international companies
        · Experience as an engineer
        · M.S., civil engineering
        · Experience in global mergers and acquisitions and business                 



Capital Group Private Client Services Funds - Page 23







“Interested” trustees5

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

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



Other officers

|Name, age and
position with fund
(year first elected
as an officer2) | Principal occupation(s) during the past five years
and positions held with affiliated entities
or the Principal Underwriter of the fund                                                                                                                                                                                                                          
|-------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|John
    S. Armour, 56
    President (2013)                          | Senior
    Vice President, Capital Guardian Trust Company; President – Private Client Services Division, Capital Guardian Trust
    Company; Chairman of the Board, Capital Guardian Trust Company, a Nevada Corporation*                                                                                                                                        
|Shelby
    Notkin, 72
    Senior Vice President (2010)               | Senior
    Vice President – Capital International Investors, Capital Guardian Trust Company; Chairman of the Board – Private
    Client Services Division, Capital Guardian Trust Company; Director, Capital Guardian Trust Company, a Nevada Corporation*;
    Senior Vice President – Capital International Investors, Capital Research and Management Company*
|John
    R. Queen, 48
    Senior Vice President (2009)               | Senior
    Vice President – Private Client Services Division, Capital Guardian Trust Company; Vice President – Capital Fixed
    Income Investors, Capital Guardian Trust Company; Vice President – Capital Fixed Income Investors, Capital Research
    and Management Company*                                                                                 
|Timothy
    W. McHale, 35
    Vice President (2009)                  | Associate
    Counsel – Fund Business Management Group, Capital Research and Management Company*; Secretary, American Funds Distributors,
    Inc.*                                                                                                                                                                                                              
|Courtney
    R. Taylor, 38
    Secretary (2009)                      | Assistant
    Vice President – Fund Business Management Group, Capital Research and Management Company*                                                                                                                                                                                                                                                          
|Kevin
    M. Saks, 41
    Treasurer (2009)                           | Vice
    President, Capital Guardian Trust Company; Senior Vice President – Private Client Services Division, Capital Guardian
    Trust Company; Director, Capital Guardian Trust Company, a Nevada Corporation*                                                                                                                                                

Capital Group Private Client Services Funds - Page 24







|Name, age and
position with fund
(year first elected
as an officer2) | Principal occupation(s) during the past five years
and positions held with affiliated entities
or the Principal Underwriter of the fund                                                                       
|-------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Susan
    K. Countess, 47
    Assistant Secretary (2012)             | Associate
    – Fund Business Management Group, Capital Research and Management Company*                                                                                                                      
|Susan
    R. Sunga, 58
    Assistant Treasurer (2011)                | Vice
    President, Capital Guardian Trust Company; Senior Manager – Private Client Services Division, Capital Guardian Trust
    Company; Tax Officer – Capital Guardian Trust Company, a Nevada Corporation*

| | * | Company affiliated with Capital Guardian Trust Company.
| | - | -------------------------------------------------------

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

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

| | 3 | Funds
                                                                                                                                 managed
                                                                                                                                 by
                                                                                                                                 Capital
                                                                                                                                 Guardian
                                                                                                                                 Trust
                                                                                                                                 Company,
                                                                                                                                 including
                                                                                                                                 Capital
                                                                                                                                 Group
                                                                                                                                 Emerging
                                                                                                                                 Markets
                                                                                                                                 Total
                                                                                                                                 Opportunities
                                                                                                                                 Fund
                                                                                                                                 and
                                                                                                                                 Capital
                                                                                                                                 Group
                                                                                                                                 Private
                                                                                                                                 Client
                                                                                                                                 Services
                                                                                                                                 Funds.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

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

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

Capital Group Private Client Services Funds - Page 25







Fund shares owned by trustees as
of December 31, 2012:

|Name                   | Aggregate dollar 
range1 of fund
shares owned | Aggregate dollar
range1 of shares
owned in all funds in
family of funds
overseen by trustee | Aggregate dollar
range1 of shares
owned in Capital Group
Private Client
Services Funds and
American Funds2
|---------------------- | --------------------------------------------- | ------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------
|“Independent” trustees
|Richard G. Capen, Jr.  | Over $100,000                                 | Over $100,000                                                                               | Over $100,000                                                                                             
|H. Frederick Christie  | Over $100,000                                 | Over $100,000                                                                               | Over $100,000                                                                                             
|Martin Fenton          | $10,001 – $50,000                             | $10,001 – $50,000                                                                           | Over $100,000                                                                                             
|Richard G. Newman      | Over $100,000                                 | Over $100,000                                                                               | Over $100,000                                                                                             



|Name                  | Aggregate dollar 
range1 of fund
shares owned | Aggregate dollar
range1 of shares
owned in all funds in
family of funds
overseen by trustee | Aggregate dollar
range1 of shares
owned in Capital Group
Private Client 
Services Funds and
American Funds2
|--------------------- | --------------------------------------------- | ------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------
|“Interested” trustees
|Paul F. Roye          | Over $100,000                                 | Over $100,000                                                                               | Over $100,000                                                                                              

| | 1 | Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 –
$100,000; and Over $100,000.
| | - | --------------------------------------------------------------------------------------------------------------------------------------

| | 2 | Mr.
                                                                                                                                   Capen,
                                                                                                                                   Mr.
                                                                                                                                   Christie,
                                                                                                                                   Mr.
                                                                                                                                   Fenton
                                                                                                                                   and
                                                                                                                                   Mr.
                                                                                                                                   Newman
                                                                                                                                   formerly
                                                                                                                                   served
                                                                                                                                   as
                                                                                                                                   independent
                                                                                                                                   directors
                                                                                                                                   of
                                                                                                                                   certain
                                                                                                                                   of
                                                                                                                                   the
                                                                                                                                   American
                                                                                                                                   Funds
                                                                                                                                   which
                                                                                                                                   are
                                                                                                                                   managed
                                                                                                                                   by
                                                                                                                                   an
                                                                                                                                   affiliate
                                                                                                                                   of
                                                                                                                                   Capital
                                                                                                                                   Guardian
                                                                                                                                   Trust
                                                                                                                                   Company.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Capital Group Private Client Services Funds - Page 26







Trustee compensation — No
compensation is paid by the funds to any officer or trustee who is a director, officer or employee of the investment adviser or
its affiliates. Except for the independent trustees listed in the “Board of trustees and officers —‘Independent’
trustees” table under the “Management of the fund” section in this statement of additional information, all other
officers and trustees of the fund are directors, officers or employees of the investment adviser or its affiliates. The trust pays
each independent trustee an annual fee of $20,000. No pension or retirement benefits are accrued as part of fund expenses.

Trustee compensation earned during
the fiscal year ended October 31, 2013:

|Name                      | Aggregate
    compensation
    from the trust | Total
    compensation from all funds managed by Capital Guardian Trust Company or its affiliates
|------------------------- | --------------------------------------------- | -------------------------------------------------------------------------------------------------
|Richard
    G. Capen, Jr. | $25,350                                       | $38,000                                                                                          
|H.
    Frederick Christie | 23,675                                        | 35,500                                                                                           
|Martin
    Fenton         | 23,675                                        | 35,500                                                                                           
|Richard
    G. Newman     | 23,675                                        | 34,871                                                                                           



As of December 1, 2013, the officers
and trustees of the fund and their families, as a group, owned beneficially or of record less than 1% of the outstanding shares
of the fund.

Trust organization and the board of
trustees — The trust, an open-end, diversified management investment company, was organized as a Delaware statutory trust
on October 22, 2009. Although the board of trustees has delegated day-to-day oversight to the investment adviser, all
fund operations are supervised by the trust’s board of trustees which meets periodically and performs duties required by
applicable state and federal laws.

Delaware law charges trustees with the
duty of managing the business affairs of the trust. Trustees are considered to be fiduciaries of the trust and must act with the
care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and
familiar with such matters would use to attain the purposes of the trust. Independent board members are paid certain fees for services
rendered to the trust as described above.

The trust has eight funds and one class
of shares. Fund shares have pro rata rights as to voting, redemption, dividends and liquidation. In addition, the trustees have
the authority to establish new funds and classes of shares, and to split or combine outstanding shares into a greater or lesser
number, without shareholder approval.

The trust does not hold annual meetings
of shareholders. However, significant matters that require shareholder approval, such as certain elections of board members or
a change in a fundamental investment policy, will be presented to shareholders at a meeting called for such purpose. Shareholders
have one vote per share owned. At the request of the holders of at least 10% of the shares, the trust will hold a meeting at which
any member of the board could be removed by a majority vote.

The trust’s declaration of trust
and by-laws, as well as separate indemnification agreements that the trust has entered into with independent trustees, provide
in effect that, subject to certain conditions, the trust will indemnify its officers and trustees against liabilities or expenses
actually and reasonably incurred by them relating to their service to the trust. However, trustees are not protected from liability
by reason of their willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct
of their office.

Capital Group Private Client Services Funds - Page 27





Leadership structure— The
board’s chair is currently an “interested person” of the trust within the meaning of the 1940 Act. The trustees
have determined that an interested chair is appropriate and benefits shareholders because an interested chair has a personal and
professional stake in the quality and continuity of services provided to the fund. Independent trustees exercise their informed
business judgment to appoint an individual of their choosing to serve as chair, regardless of whether the trustee happens to be
independent or a member of management. The independent trustees have determined that they can act independently and effectively
without having an independent trustee serve as chair and that key structural components for assuring that they are in a position
to do so is for the independent trustees to constitute a substantial majority of the board and to have board committees that consist
solely of independent trustees. The chair’s duties include, without limitation, generally presiding at meetings of the board,
approving board meeting schedules and agendas, facilitating communication with committee chairs and serving as the principal contact
for fund management and independent fund counsel. Richard G. Capen, Jr. serves as lead independent trustee.

Risk oversight — Day-to-day
management of the fund, including risk management, is the responsibility of the fund’s contractual service providers, including
the fund’s investment adviser, principal underwriter/distributor and transfer agent. Each of these entities is responsible
for specific portions of the fund’s operations, including the processes and associated risks relating to the fund’s
investments, integrity of cash movements, financial reporting, operations and compliance. The board of trustees oversees the service
providers’ discharge of their responsibilities, including the processes they use to manage relevant risks. In that regard,
the board receives reports regarding the fund’s service providers’ operations, including risks. For example, the board
receives reports from investment professionals regarding risks related to the fund’s investments and trading. The board also
receives compliance reports from the fund’s and the investment adviser’s chief compliance officers addressing certain
areas of risk.

Committees of the fund’s board
also explore risk management procedures in particular areas and then report back to the full board. For example, the fund’s
audit committee oversees the processes and certain attendant risks relating to financial reporting, valuation of fund assets, and
related controls.

Not all risks that may affect the fund
can be identified or processes and controls developed to eliminate or mitigate their effect. Moreover, it is necessary to bear
certain risks (such as investment-related risks) to achieve the fund’s objectives. As a result of the foregoing and other
factors, the ability of the fund’s service providers to eliminate or mitigate risks is subject to limitations.

Committees of the board of trustees
— The trust has an audit committee comprised of the independent trustees. The committee provides oversight regarding
the trust’s accounting and financial reporting policies and practices, its internal controls and the internal controls of
the trust’s principal service providers. The committee acts as a liaison between the trust’s independent registered
public accounting firm and the full board of trustees. The audit committee held two meetings during the 2013 fiscal year.

The trust has a contracts committee
comprised of the independent trustees. The committee’s principal function is to request, review and consider the information
deemed necessary to evaluate the terms of certain agreements between the trust and its investment adviser and other service providers,
such as the Investment Advisory and Service Agreement, Principal Underwriting Agreement, and Transfer Agency and Service Agreement.
The contracts committee held one meeting during the 2013 fiscal year.

The trust has a nominating committee
comprised of the independent trustees. The committee periodically reviews such issues as the board’s composition, responsibilities,
committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. The
committee also evaluates, selects and nominates independent trustee candidates to

Capital Group Private Client Services Funds - Page 28





the full board of trustees. While
the committee normally is able to identify from its own and other resources an ample number of qualified candidates, it will consider
shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be
sent in writing to the nominating committee of the trust, addressed to the trust’s secretary, and must be accompanied by
complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee
for consideration of his or her name by the committee. The nominating committee held two meetings during the 2013 fiscal year.

Proxy voting procedures and principles
—The investment adviser votes the proxies of securities held by the fund according to the investment adviser’s
proxy voting policy and procedures (as stated below), which have been adopted by the board.

Information relating to how the fund
voted proxies relating to portfolio securities during the twelve month period ending June 30 of each year will be available on
or about September 1 of each year (i) without charge, upon request, by calling (800) 421-4996 or (ii) on the SEC’s
website at www.sec.gov.

Policy —The investment
adviser, a U.S. based investment adviser, provides investment management services to clients including institutional retirement
plans and U.S and non-U.S. investment funds. The investment adviser considers proxy voting an important part of those management
services, and seeks to vote all proxies of securities held in client accounts for which it has proxy voting authority in the best
interest of those clients. The procedures that govern this activity are reasonably designed to ensure that proxies are voted in
the best interest of the investment adviser’s clients.

Fiduciary responsibility and
long-term shareholder value —The investment adviser’s fiduciary obligation to manage its accounts in the best
interest of its clients extends to proxy voting. When voting proxies, the investment adviser considers those factors which would
affect the value of its clients’ investment and acts solely in the interest of, and for the exclusive purpose of providing
benefits to, its clients. As required by ERISA, the investment adviser votes proxies solely in the interest of the participants
and beneficiaries of retirement plans and does not subordinate the interest of participants and beneficiaries in their retirement
income to unrelated objectives.

The investment adviser believes
the best interests of clients are served by voting proxies in a way that maximizes long-term shareholder value. Therefore, the
investment professionals responsible for voting proxies have the discretion to make the best decision given the individual facts
and circumstances of each issue. Proxy issues are evaluated on their merits and considered in the context of the analyst’s
knowledge of a company, its current management, management’s past record, and the investment adviser’s general position
on the issue. In addition, many proxy issues are reviewed and voted on by a proxy voting committee comprised primarily of investment
professionals, bringing a wide range of experience and views to bear on each decision.

As the management of a portfolio
company is responsible for its day-to-day operations, the investment adviser believes that management, subject to the oversight
of the relevant board of directors, is often in the best position to make decisions that serve the interests of shareholders. However,
the investment adviser votes against management on proposals where it perceives a conflict may exist between management and client
interests, such as those that may insulate management or diminish shareholder rights. The investment adviser also votes against
management in other cases where the facts and circumstances indicate that the proposal is not in its clients’ best interests.

Capital Group Private Client Services Funds - Page 29





Special review —From
time to time the investment adviser may vote a) on proxies of portfolio companies that are also clients of the investment adviser
or its affiliates, b) on shareholder proposals submitted by clients, or c) on proxies for which clients have publicly supported
or actively solicited the investment adviser or its affiliates to support a particular position. When voting these proxies, the
investment adviser analyzes the issues on their merits and does not consider any client relationship in a way that interferes with
its responsibility to vote proxies in the best interest of its clients. The investment adviser’s Special Review Committee
(“SRC”) reviews certain of these proxy decisions for any improper influences on the decision-making process and takes
appropriate action, if necessary.

Proxy review process —Associates on the proxy voting team are responsible for coordinating the voting of proxies. These associates work with outside
proxy voting service providers and custodian banks and are responsible for coordinating and documenting the internal review of
proxies. The proxy voting team reviews each proxy ballot for standard and non-standard items. Standard proxy items are typically
voted with management unless the research analyst who follows the company or a member of an investment or proxy voting committee
requests additional review. Standard items currently include the uncontested election of directors, ratifying auditors, adopting
reports and accounts, setting dividends and allocating profits for the prior year and certain other administrative items. All other
items are voted in accordance with the decision of the analyst, the portfolio investment advisers, the appropriate proxy voting
committee or the full investment committee(s) depending on the parameters determined by those investment committee(s) from time
to time. Various proxy voting committees specialize in regional mandates and review the proxies of portfolio companies within their
mandates. The proxy voting committees are typically comprised primarily of members of the investment adviser’s and its institutional
affiliates’ investment committees and their activity is subject to oversight by those committees.

The investment adviser seeks to
vote all of its clients’ proxies. In certain circumstances, the investment adviser may decide not to vote a proxy because
the costs of voting outweigh the benefits to its clients (e.g., when voting could lead to share blocking where the investment adviser
wishes to retain flexibility to trade shares). In addition, proxies with respect to securities on loan through client directed
lending programs are not available to the investment adviser to vote and therefore are not voted.

Proxy voting guidelines —The investment adviser has developed proxy voting guidelines that reflect its general position and practice on various issues.
To preserve the ability of decision makers to make the best decision in each case, these guidelines are intended only to provide
context and are not intended to dictate how the issue must be voted. The guidelines are reviewed and updated as necessary, but
at least annually, by the appropriate proxy voting and investment committees.

The investment adviser’s
general position related to corporate governance, capital structure, stock option and compensation plans and social and corporate
responsibility issues is reflected below.

Corporate governance — The investment adviser
supports strong corporate governance practices. It generally votes against proposals that serve as anti-takeover devices or diminish
shareholder rights, such as poison pill plans and supermajority vote requirements, and generally supports proposals that encourage
responsiveness to shareholders, such as initiatives to declassify the board or establish a majority voting standard for the election
of the board of directors. Mergers and acquisitions, reincorporations and other corporate restructurings are considered on a case-by-case
basis, based on the investment merits of the proposal.

Capital Group Private Client Services Funds - Page 30





Capital structure — The investment adviser
generally supports increases to capital stock for legitimate financing needs. It generally does not support changes in capital
stock that can be used as an anti-takeover device, such as the creation of or increase in blank-check preferred stock or of a dual
class capital structure with different voting rights.

Stock-related compensation plans — The investment
adviser supports the concept of stock-related compensation plans as a way to align employee and shareholder interests. However,
plans that include features which undermine the connection between employee and shareholder interests generally are not supported.
When voting on proposals related to new plans or changes to existing plans, the investment adviser considers, among other things,
the following information to the extent it is available: the exercise price of the options, the size of the overall plan and/or
the size of the increase, the historical dilution rate, whether the plan permits option repricing, the duration of the plan, and
the needs of the company. Additionally, the investment adviser supports option expensing in theory and will generally support shareholder
proposals on option expensing if such proposal language is non-binding and does not require the company to adopt a specific expensing
methodology.

Corporate social responsibility — The investment
adviser votes on these issues based on the potential impact to the value of its clients’ investment in the portfolio company.

Special review procedures —If a research analyst has a personal conflict in making a voting recommendation on a proxy issue, he or she must disclose such
conflict, along with his or her recommendation. If a member of the proxy voting committee has a personal conflict in voting the
proxy, he or she must disclose such conflict to the appropriate proxy voting committee and must not vote on the issue. Clients
representing 0.0025 or more of assets under investment management across all affiliates owned by The Capital Group Companies, Inc.,
are deemed to be “Interested Clients.” Each proxy is reviewed to determine whether the portfolio company, a proponent
of a shareholder proposal, or a known supporter of a particular proposal is an Interested Client. If the voting decision for a
proxy involving an Interested Client is against such client, then it is presumed that there was no undue influence in favor of
the Interested Client. If the decision is in favor of the Interested Client, then the decision, the rationale for such decision,
information about the client relationship and all other relevant information is reviewed by the SRC. The SRC reviews such information
in order to identify whether there were improper influences on the decision-making process so that it may determine whether the
decision was in the best interest of the investment adviser’s clients.

Based on its review, the SRC may
accept or override the decision, or determine another course of action. The SRC is comprised of senior representatives from the
investment adviser’s and its institutional affiliates’ investment and legal groups and does not include representatives
from the marketing department. Any other proxy may be referred to the SRC if facts or circumstances warrant further review.

In cases where the investment adviser
has discretion to vote proxies for shares issued by an affiliated mutual fund, the investment adviser will instruct that the shares
be voted in the same proportion as votes cast by shareholders for whom the investment adviser does not have discretion to vote
proxies.

The investment adviser’s
proxy voting record —Upon client request, the investment adviser will provide reports of its proxy voting record as
it relates to the securities held in the client’s account(s) for which the investment adviser has proxy voting authority.

Capital Group Private Client Services Funds - Page 31





Annual assessment —The
investment adviser will conduct an annual assessment of this proxy voting policy and related procedures and will notify clients
for which it has proxy voting authority of any material changes to the policy.

Principal fund shareholders — The following table identifies those investors who own of record, or are known by the fund to own beneficially, 5%
or more of any class of its shares as of the opening of business on December 1, 2013. Unless otherwise indicated, the ownership
percentages below represent ownership of record rather than beneficial ownership.

|Name
    and address                                                                                   | Fund                                                   | Ownership | Ownership
    percentage
|------------------------------------------------------------------------------------------------------ | ------------------------------------------------------ | --------- | ------------------------
|Capital Private Client Services Account #1
        
        6455 Irvine Center Drive, Irvine, CA 92618 | Capital
    Group California Short-Term Municipal Fund | Record    | 15.36%                  
|Capital Private Client Services Account #2
        
        6455 Irvine Center Drive, Irvine, CA 92618 | Capital
    Group California Short-Term Municipal Fund | Record    | 8.31%                   
|Capital Private Client Services Account #3
        
        6455 Irvine Center Drive, Irvine, CA 92618 | Capital
    Group California Short-Term Municipal Fund | Record    | 6.57%                   
|Capital Private Client Services Account #4
        
        6455 Irvine Center Drive, Irvine, CA 92618 | Capital
    Group Global Equity Fund                   | Record    | 5.92%                   



Capital Group Private Client Services Funds - Page 32







Investment adviser —
Capital Guardian Trust Company, the fund’s investment adviser, maintains research facilities in the United States (Los Angeles,
San Francisco, New York, and Washington D.C.). These facilities are staffed with experienced investment professionals. The investment
adviser is located at 333 South Hope Street, Los Angeles, CA 90071 and 6455 Irvine Center Drive, Irvine, CA 92618. It is a wholly
owned subsidiary of Capital Group International, Inc., a holding company for several investment management subsidiaries. The fund
is operated by the investment adviser, which has claimed an exclusion from the definition of the term commodity pool operator
under the Commodity Exchange Act (the “CEA”) with respect to the fund and, therefore, is not subject to registration
or regulation as such under the CEA with respect to the fund.

The investment adviser has adopted policies
and procedures that address issues that may arise as a result of an investment professional’s management of the fund and
other funds and accounts. Potential issues could involve allocation of investment opportunities and trades among funds and accounts,
use of information regarding the timing of fund trades, investment professional compensation and voting relating to portfolio securities.
The investment adviser believes that its policies and procedures are reasonably designed to address these issues.

Compensation of investment professionals
— As described in the prospectus, the investment adviser uses a system of multiple portfolio managers in managing fund
assets.

Portfolio managers and investment analysts
are paid competitive salaries by Capital Guardian Trust Company. In addition, they may receive bonuses based on their individual
portfolio results. Investment professionals also may participate in profit-sharing plans. The relative mix of compensation represented
by bonuses, salary and profit-sharing plans will vary depending on the individual’s portfolio results, contributions to the
organization and other factors.

To encourage a long-term focus, bonuses
based on investment results are principally determined by comparing pretax total investment returns to relevant benchmarks over
the most recent year, a four-year rolling average and an eight-year rolling average with greater weight placed on the four-year
and eight-year rolling averages. For portfolio managers, benchmarks may include measures of the marketplaces in which the fund
invests and measures of the results of comparable mutual funds. For investment analysts, benchmarks may include relevant market
measures and appropriate industry or sector indexes reflecting their areas of expertise. Capital Guardian Trust Company makes periodic
subjective assessments of analysts’ contributions to the investment process and this is an element of their overall compensation.
The investment results of each of the fund’s portfolio managers may be measured against one or more benchmarks, depending
on his or her investment focus:

Capital Group Core Municipal Fund
– Barclays 1-10 Year Intermediate-Short Municipal Bond Index and Lipper Intermediate Municipal Debt Funds Average;

Capital Group Short-Term Municipal
Fund – Barclays 1-5 Year Short Municipal Bond Index and Lipper Short Municipal Debt Funds Average;

Capital Group California Core Municipal
Fund – Barclays California 1-10 Year Intermediate-Short Municipal Bond Index and Lipper California Intermediate Municipal
Debt Funds Average;

Capital Group California Short-Term
Municipal Fund – Barclays California Short Municipal Bond Index and Lipper California Short-Intermediate Municipal Debt Funds
Average;

Capital Group Core Bond Fund –
Barclays U.S. Government/Credit 1-10 Year ex BBB Index, Lipper Short-Intermediate Investment Grade Debt Funds Average; and Lipper
Short-Intermediate U.S. Government Funds Average;

Capital Group Private Client Services Funds - Page 33





Capital Group Global Equity Fund
– MSCI World Index; Lipper Global Funds Index; a median of a customized Global Developed Equity Competitive Universe compiled
from eVestment Alliance; MSCI EAFE Index; a median of a customized Non-U.S. Developed Equity Competitive Universe compiled from
eVestment Alliance; S&P 500 Index; a median of a customized U.S. Equity Competitive Universe compiled from eVestment Alliance;
and Lipper Growth and Income Funds Index;

Capital Group Non-U.S. Equity Fund
– MSCI EAFE Index; and a median of a customized Non-U.S. Developed Equity Competitive Universe compiled from eVestment Alliance;
and

Capital Group U.S. Equity Fund
– S&P 500 Index; a median of a customized U.S. Equity Competitive Universe compiled from eVestment Alliance; and Lipper
Growth and Income Funds Index.

From time to time, the fund’s investment
adviser may adjust or customize these benchmarks to better reflect the universe of comparably managed funds of competitive investment
management firms.

Portfolio manager fund holdings and
other managed accounts — As described below, portfolio managers may personally own shares of the fund. In addition, portfolio
managers may manage portions of other mutual funds or accounts advised by Capital Guardian Trust Company or its affiliates.

The following table reflects information
as of October 31, 2013:

|Portfolio
    manager                                  | Dollar
    range
    of fund shares
    owned1 | Number
    of other
    registered
    investment
    companies (RICs)
    for which
    portfolio
    manager
    is a manager
    (assets of RICs
    in billions)2 | Number
    of other
    pooled
    investment
    vehicles (PIVs)
    for which
    portfolio
    manager
    is a manager
    (assets of PIVs
    in billions)3 | Number
    of other
    accounts
    for which
    portfolio
    manager
    is a manager
    (assets of
    other accounts
    in billions)4
|------------------------------------------------------ | ---------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------
|Capital
    Group Core Municipal Fund                 
|John
    R. Queen                                      | None                                           | 5                                                                                                                                                                     | $5.2                                                                                                                                                             | None                                                                                                                                         
|Neil
    L. Langberg                                   | None                                           | 6                                                                                                                                                                     | $17.3                                                                                                                                                            | None                                                                                                                                         
|Capital
    Group Short-Term Municipal Fund           
|John
    R. Queen                                      | None                                           | 5                                                                                                                                                                     | $5.4                                                                                                                                                             | None                                                                                                                                         
|Neil
    L. Langberg                                   | None                                           | 6                                                                                                                                                                     | $17.5                                                                                                                                                            | None                                                                                                                                         
|Capital
    Group California Core Municipal Fund      
|John
    R. Queen                                      | $50,001
    – $100,000                         | 5                                                                                                                                                                     | $5.3                                                                                                                                                             | None                                                                                                                                         
|Karl
    J. Zeile                                      | $100,001
    – $500,000                        | 5                                                                                                                                                                     | $13.6                                                                                                                                                            | None                                                                                                                                         
|Capital
    Group California Short-Term Municipal Fund
|John
    R. Queen                                      | None                                           | 5                                                                                                                                                                     | $5.4                                                                                                                                                             | None                                                                                                                                         
|Karl
    J. Zeile                                      | $100,001
    – $500,000                        | 5                                                                                                                                                                     | $13.7                                                                                                                                                            | None                                                                                                                                         

Capital Group Private Client Services Funds - Page 34







|Capital
    Group Core Bond Fund      
|--------------------------------------
|John
    R. Queen                     
|David
    A. Hoag                     
|Capital
    Group Global Equity Fund  
|Shelby
    Notkin                     
|Gerald
    Du Manoir                  
|Gregory
    D. Fuss                   
|Todd
    S. James                     
|Theodore
    R. Samuels               
|Capital
    Group Non-U.S. Equity Fund
|Shelby
    Notkin                     
|Gerald
    Du Manoir                  
|Gregory
    D. Fuss                   
|Todd
    S. James                     
|Capital
    Group U.S. Equity Fund    
|Shelby
    Notkin                     
|Gregory
    D. Fuss                   
|Todd
    S. James                     
|Theodore
    R. Samuels               
|                                      

| | 1 | Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 –
$100,000; $100,001 – $500,000; $500,001 – $1,000,000; and Over $1,000,000.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2 | Indicates
                                                                                                                                 fund(s)
                                                                                                                                 where
                                                                                                                                 the
                                                                                                                                 portfolio
                                                                                                                                 manager
                                                                                                                                 also
                                                                                                                                 has
                                                                                                                                 significant
                                                                                                                                 responsibilities
                                                                                                                                 for
                                                                                                                                 the
                                                                                                                                 day
                                                                                                                                 to
                                                                                                                                 day
                                                                                                                                 management
                                                                                                                                 of
                                                                                                                                 the
                                                                                                                                 fund(s).
                                                                                                                                 Assets
                                                                                                                                 noted
                                                                                                                                 are
                                                                                                                                 the
                                                                                                                                 total
                                                                                                                                 net
                                                                                                                                 assets
                                                                                                                                 of
                                                                                                                                 the
                                                                                                                                 registered
                                                                                                                                 investment
                                                                                                                                 companies
                                                                                                                                 and
                                                                                                                                 are
                                                                                                                                 not
                                                                                                                                 the
                                                                                                                                 total
                                                                                                                                 assets
                                                                                                                                 managed
                                                                                                                                 by
                                                                                                                                 the
                                                                                                                                 individual,
                                                                                                                                 which
                                                                                                                                 is
                                                                                                                                 a
                                                                                                                                 substantially
                                                                                                                                 lower
                                                                                                                                 amount.
                                                                                                                                 No
                                                                                                                                 fund
                                                                                                                                 has
                                                                                                                                 an
                                                                                                                                 advisory
                                                                                                                                 fee
                                                                                                                                 that
                                                                                                                                 is
                                                                                                                                 based
                                                                                                                                 on
                                                                                                                                 the
                                                                                                                                 performance
                                                                                                                                 of
                                                                                                                                 the
                                                                                                                                 fund
                                                                                                                                 unless
                                                                                                                                 otherwise
                                                                                                                                 noted.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3 | Represents
                                                                                                                                 funds
                                                                                                                                 advised
                                                                                                                                 or
                                                                                                                                 sub-advised
                                                                                                                                 by
                                                                                                                                 Capital
                                                                                                                                 Guardian
                                                                                                                                 Trust
                                                                                                                                 Company
                                                                                                                                 or
                                                                                                                                 its
                                                                                                                                 affiliates
                                                                                                                                 and
                                                                                                                                 sold
                                                                                                                                 outside
                                                                                                                                 the
                                                                                                                                 United
                                                                                                                                 States
                                                                                                                                 and/or
                                                                                                                                 fixed-income
                                                                                                                                 assets
                                                                                                                                 in
                                                                                                                                 institutional
                                                                                                                                 accounts
                                                                                                                                 managed
                                                                                                                                 by
                                                                                                                                 investment
                                                                                                                                 adviser
                                                                                                                                 subsidiaries
                                                                                                                                 of
                                                                                                                                 Capital
                                                                                                                                 Group
                                                                                                                                 International,
                                                                                                                                 Inc.,
                                                                                                                                 an
                                                                                                                                 affiliate
                                                                                                                                 of
                                                                                                                                 Capital
                                                                                                                                 Guardian
                                                                                                                                 Trust
                                                                                                                                 Company.
                                                                                                                                 Assets
                                                                                                                                 noted
                                                                                                                                 are
                                                                                                                                 the
                                                                                                                                 total
                                                                                                                                 net
                                                                                                                                 assets
                                                                                                                                 of
                                                                                                                                 the
                                                                                                                                 funds
                                                                                                                                 or
                                                                                                                                 accounts
                                                                                                                                 and
                                                                                                                                 are
                                                                                                                                 not
                                                                                                                                 the
                                                                                                                                 total
                                                                                                                                 assets
                                                                                                                                 managed
                                                                                                                                 by
                                                                                                                                 the
                                                                                                                                 individual,
                                                                                                                                 which
                                                                                                                                 is
                                                                                                                                 a
                                                                                                                                 substantially
                                                                                                                                 lower
                                                                                                                                 amount.
                                                                                                                                 No
                                                                                                                                 fund
                                                                                                                                 or
                                                                                                                                 account
                                                                                                                                 has
                                                                                                                                 an
                                                                                                                                 advisory
                                                                                                                                 fee
                                                                                                                                 that
                                                                                                                                 is
                                                                                                                                 based
                                                                                                                                 on
                                                                                                                                 the
                                                                                                                                 performance
                                                                                                                                 of
                                                                                                                                 the
                                                                                                                                 fund
                                                                                                                                 or
                                                                                                                                 account
                                                                                                                                 unless
                                                                                                                                 otherwise
                                                                                                                                 noted.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4 | Reflects other professionally managed accounts held at companies affiliated with Capital Guardian Trust Company. Personal brokerage
accounts of portfolio managers and their families are not reflected. Assets noted are the total net assets of the accounts and
are not the total assets managed by the individual, which is a substantially lower amount.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5 | The
                                                                                                                                 advisory
                                                                                                                                 fee
                                                                                                                                 of
                                                                                                                                 four
                                                                                                                                 of
                                                                                                                                 these
                                                                                                                                 accounts
                                                                                                                                 (representing
                                                                                                                                 $0.59
                                                                                                                                 billion
                                                                                                                                 in
                                                                                                                                 total
                                                                                                                                 assets)
                                                                                                                                 is
                                                                                                                                 based
                                                                                                                                 partially
                                                                                                                                 on
                                                                                                                                 its
                                                                                                                                 investment
                                                                                                                                 results.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6 | The
                                                                                                                                 advisory
                                                                                                                                 fee
                                                                                                                                 of
                                                                                                                                 five
                                                                                                                                 of
                                                                                                                                 these
                                                                                                                                 accounts
                                                                                                                                 (representing
                                                                                                                                 $0.47
                                                                                                                                 billion
                                                                                                                                 in
                                                                                                                                 total
                                                                                                                                 assets)
                                                                                                                                 is
                                                                                                                                 based
                                                                                                                                 partially
                                                                                                                                 on
                                                                                                                                 its
                                                                                                                                 investment
                                                                                                                                 results.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7 | The
                                                                                                                                 advisory
                                                                                                                                 fee
                                                                                                                                 of
                                                                                                                                 one
                                                                                                                                 of
                                                                                                                                 these
                                                                                                                                 accounts
                                                                                                                                 (representing
                                                                                                                                 $0.03
                                                                                                                                 billion
                                                                                                                                 in
                                                                                                                                 total
                                                                                                                                 assets)
                                                                                                                                 is
                                                                                                                                 based
                                                                                                                                 partially
                                                                                                                                 on
                                                                                                                                 its
                                                                                                                                 investment
                                                                                                                                 results.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Capital Group Private Client Services Funds - Page 35







Investment Advisory and Service Agreement
— The Investment Advisory and Service Agreement (the “Agreement”) between the trust and the investment adviser
will continue in effect until March 31, 2014, unless sooner terminated, and may be renewed from year to year thereafter, provided
that any such renewal has been specifically approved at least annually by (a) the board of trustees, or by the vote of a
majority (as defined in the 1940 Act) of the outstanding voting securities of the fund, and (b) the vote of a majority of
trustees who are not parties to the Agreement or interested persons (as defined in the 1940 Act) of any such party, cast in person
at a meeting called for the purpose of voting on such approval. The Agreement provides that the investment adviser has no liability
to the fund for its acts or omissions in the performance of its obligations to the fund not involving willful misconduct, bad faith,
gross negligence or reckless disregard of its obligations under the Agreement. The Agreement also provides that either party has
the right to terminate it, without penalty, upon 60 days’ written notice to the other party, and that the Agreement automatically
terminates in the event of its assignment (as defined in the 1940 Act). In addition, the Agreement provides that the investment
adviser may delegate all, or a portion of, its investment management responsibilities to one or more subsidiary advisers approved
by the fund’s board, pursuant to an agreement between the investment adviser and such subsidiary. Any such subsidiary adviser
will be paid solely by the investment adviser out of its fees.

In addition to providing investment advisory
services, the investment adviser furnishes the services and pays the compensation and travel expenses of persons to perform the
fund’s executive, administrative, clerical and bookkeeping functions, and provides suitable office space, necessary small
office equipment and utilities, supplies and postage used at the Trust’s offices.

The Municipal Bond Funds and the Core
Bond Fund pay all expenses not assumed by the investment adviser, including, but not limited to: custodian, stock transfer and
dividend disbursing fees and expenses; shareholder recordkeeping and administrative expenses; costs of the designing, printing
and mailing of reports, prospectuses, proxy statements and notices to shareholders; taxes; expenses of the issuance and redemption
of fund shares (registration and qualification fees and expenses); legal, accounting and auditing expenses; compensation, fees
and expenses paid to independent trustees (including legal counsel fees); association dues; costs of stationery and forms prepared
exclusively for the funds; and costs of assembling and storing shareholder account data. The Equity Funds pay brokerage expenses,
taxes, interest, compensation, fees and expenses of the independent trustees (including legal counsel fees) and extraordinary expenses,
such as litigation expenses. All other fees for the Equity Funds are paid by the investment adviser out of its management fee.



Capital Group Private Client Services Funds - Page 36







The investment adviser receives a monthly
fee based on the following annualized rates and net asset levels:

|Capital Group Core Municipal Fund                  | 0.35%
|-------------------------------------------------- | -----
|Capital Group Short-Term Municipal Fund            | 0.35%
|Capital Group California Core Municipal Fund       | 0.35%
|Capital Group California Short-Term Municipal Fund | 0.35%
|Capital Group Core Bond Fund                       | 0.35%
|Capital Group Global Equity Fund                   | 0.85%
|Capital Group Non-U.S. Equity Fund                 | 0.85%
|Capital Group U.S. Equity Fund                     | 0.65%



For the fiscal years ended October
31, 2013 and 2012, the investment adviser was entitled to receive from the funds the following management fees:

|Capital
    Group Core Municipal Fund                  | 2013 | $1,076,000
|------------------------------------------------------ | ---- | ----------
|                                                       | 2012 | 1,002,000 
|Capital
    Group Short Term Municipal Fund            | 2013 | 446,000   
|                                                       | 2012 | 478,000   
|Capital
    Group California Core Municipal Fund       | 2013 | 804,000   
|                                                       | 2012 | 650,000   
|Capital
    Group California Short-Term Municipal Fund | 2013 | 391,000   
|                                                       | 2012 | 330,000   
|Capital
    Group Core Bond Fund                       | 2013 | 1,039,000 
|                                                       | 2012 | 1043,000  
|Capital
    Group Global Equity Fund                   | 2013 | 2,613,000 
|                                                       | 2012 | 1,483,000 
|Capital
    Group Non-U.S. Equity Fund                 | 2013 | 4,930,000 
|                                                       | 2012 | 859,000   
|Capital
    Group U.S. Equity Fund                     | 2013 | 887,000   
|                                                       | 2012 | 544,000   



Capital Group Private Client Services Funds - Page 37







Principal Underwriter — American
Funds Distributors, Inc. (the “Principal Underwriter”) is the principal underwriter of each fund’s shares. The
Principal Underwriter is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA 92618; 3500
Wiseman Boulevard, San Antonio, TX 78251; and 12811 North Meridian Street, Carmel, IN 46032.

The Principal Underwriter does not receive
any compensation related to the sale of shares of the fund.

Capital Group Private Client Services Funds - Page 38







Execution of portfolio transactions

When executing portfolio transactions
on behalf of its clients, the investment adviser seeks the most favorable total price reasonably attainable under the circumstances,
taking into account a variety of factors (“best execution”). These factors include the size and type of transaction,
the nature and condition of the markets for the security, the likely speed of execution, the broker-dealer’s or execution
venue’s ability to offer liquidity and anonymity, the potential for minimizing market impact and the amount of any commission
or other execution costs. The investment adviser considers and weighs these factors in its judgment when selecting broker-dealers
and execution venues for client portfolio transactions. When placing orders for execution of clients’ portfolio transactions,
the investment adviser does not give any consideration to whether a broker-dealer has sold shares of investment companies advised
or sub-advised by it or its affiliates, or has otherwise referred clients to the investment adviser or its affiliates.

Purchases and sales of fixed-income securities
are generally made with a primary market-maker acting as a principal with no stated brokerage commission. Prices for fixed income
securities in secondary market transactions usually include undisclosed compensation to the market-maker reflecting the spread
between the bid and ask prices for the securities. The prices for fixed-income securities purchased in primary market transactions,
such as public offerings, new fixed-income issues, secondary offerings and private placements, may include underwriting fees.

For transactions on which commission
is payable, the investment adviser negotiates commission rates with brokers based on what the investment adviser believes is reasonably
necessary to obtain best execution. These rates vary based on the nature of the transaction, the market in which the security is
traded and the venue chosen for trading, among other factors. The investment adviser does not consider itself obligated to obtain
the lowest available commission rate if other execution costs and elements of best execution could suffer, and accordingly the
commission rates paid by its clients may not be the lowest available in the marketplace.

Brokerage commissions are only a small
part of the total execution costs and other factors, such as market impact and speed of execution, contribute significantly to
overall transaction costs. The investment adviser may execute portfolio transactions with broker-dealers who provide certain investment
research and other related services to it, but only when in the investment adviser’s judgment the broker-dealer is capable
of providing best execution for that transaction. These services may include, among other things, reports and other communications
with respect to individual companies, industries, countries and regions, economic, political and legal developments; as well as
setting up meetings with corporate executives and seminars and conferences related to relevant subject matters. This information
may be provided in the form of written reports, telephone contacts and meetings with securities analysts. The investment adviser
considers these services to be supplemental to its own internal research efforts and therefore the receipt of investment research
from broker-dealers does not tend to reduce the expenses involved in the investment adviser’s research efforts.

The investment adviser is not obligated
to pay any broker-dealer for research by generating trading commissions. When two or more broker-dealers are in a position to offer
best execution for a trade, the investment adviser may give preference to broker-dealers that have provided research or other related
services for the ultimate benefit of funds and accounts served by the investment adviser and its affiliated companies. If two or
more of these broker-dealers have provided such services, the investment adviser may consider the relative benefit of the services
to the funds and accounts served by the investment adviser and its affiliated companies, and the amount of any trading previously
executed with such broker-dealers.

Capital Group Private Client Services Funds - Page 39





The investment adviser may pay commissions
in excess of what other broker-dealers might have charged, including on an execution only basis, for certain portfolio transactions
in recognition of brokerage and research services provided by a broker-dealer. In this regard, the investment adviser has adopted
a brokerage allocation procedure consistent with the requirements of Section 28(e) of the U.S. Securities Exchange Act of 1934.
Section 28(e) permits the investment adviser to cause clients to pay a higher commission to a broker-dealer that provides certain
brokerage and/or research services to the investment adviser, if the investment adviser makes a good faith determination that such
commissions are reasonable in relation to the value of the services provided by such broker-dealer to the investment adviser in
terms of that particular transaction or the investment adviser’s overall responsibility to its clients. The investment adviser
periodically assesses the reasonableness of commissions in light of the total brokerage and research services provided by each
broker-dealer from which it receives such services. As part of its ongoing relationship with broker-dealers, the investment adviser
routinely meets with firms, typically at the firm’s request, to discuss the level and quality of the brokerage and research
service provided. In evaluating the brokerage and research services the investment adviser receives from broker-dealers for its
good faith determination of reasonableness, the investment adviser does not attribute a dollar value to such services, but rather
takes various factors into consideration, including the quantity, quality and usefulness of the services to the investment adviser.

Some investment research services provided
by broker-dealers may be used to service the funds and accounts served by the investment adviser and its affiliated companies as
a whole, while others may be used to service a specific segment of clients. Research services are not linked directly to particular
transactions and the investment adviser does not attempt to track the benefits of research services to the commissions associated
with a particular client or group of clients. Therefore, certain brokerage and investment research services provided by a broker-dealer
may not benefit all clients paying commissions to such broker-dealer.

When executing portfolio transactions
in the same fixed-income security for the funds and the other funds or accounts over which it or one of its affiliated companies
has investment discretion, the investment adviser normally aggregates such purchases or sales and executes them as part of the
same transaction or series of transactions. The objective of aggregating purchases and sales of a security is to allocate executions
in an equitable manner among the funds and other accounts that have concurrently authorized a transaction in such security.

Forward currency contracts are traded
directly between currency traders (usually large commercial banks) and their customers. The cost to the funds of engaging in such
contracts varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing.
Because such contracts are entered into on a principal basis, their prices usually include undisclosed compensation to the market
maker reflecting the spread between the bid and ask prices for the contracts. The fund may incur additional fees in connection
with the purchase or sale of certain contracts.

Brokerage commissions paid on portfolio
transactions for the fiscal years ended October 31, 2013, 2012 and 2011 were: $189,000, $98,000 and $59,000 for Capital Group
Global Equity Fund, $675,000, $111,000 and $29,000 for Capital Group Non-U.S. Equity Fund and $47,000, $43,000 and $47,000 for
Capital Group U.S. Equity Fund.

The trust is required to disclose information
regarding investments in the securities of its “regular” broker-dealers (or parent companies of its regular broker-dealers)
that derive more than 15% of their revenue from broker-dealer, underwriter or investment adviser activities. A regular broker-dealer
is (a) one of the 10 broker-dealers that received from the trust the largest amount of brokerage commissions by participating,
directly or indirectly, in the trust’s portfolio transactions during the trust’s most recently completed fiscal year;
(b) one of the 10 broker-dealers that engaged as principal in the largest dollar amount of portfolio transactions of the
trust during the trust’s most recently completed

Capital Group Private Client Services Funds - Page 40





fiscal year; or (c) one of the
10 broker-dealers that sold the largest amount of securities of the trust during the trust’s most recently completed fiscal
year.

At the end of the trust’s most
recently completed fiscal year, the trust’s regular broker-dealers included Goldman Sachs & Co., Citigroup Global Markets
Inc., Morgan Stanley, UBS Securities LLC and Deutsche Bank Securities, Inc. As of Capital Group Core Bond Fund’s most recently
completed fiscal year, the fund held debt securities of The Goldman Sachs Group, Inc. in the amount of $863,000, Citigroup Inc.
in the amount of $1,080,000, Morgan Stanley & Co. LLC in the amount of $1,219,000, UBS AG in the amount of $3,124,000 and
Deutsche Bank A.G. in the amount of $1,655,000. As of Capital Group Global Equity Fund’s most recently completed fiscal
year, the fund held equity securities of The Goldman Sachs Group, Inc. in the amount of $5,228,000. As of Capital Group U.S. Equity
Fund’s most recently completed fiscal year, the fund held equity securities of The Goldman Sachs Group, Inc. in the amount
of $2,815,000.



Capital Group Private Client Services Funds - Page 41







Disclosure of portfolio holdings

The trust’s investment adviser,
on behalf of the trust, has adopted policies and procedures with respect to the disclosure of information about fund portfolio
securities. These policies and procedures have been reviewed by the trust’s board of trustees and compliance will be periodically
assessed by the board in connection with reporting from the trust’s Chief Compliance Officer.

Under these policies and procedures,
each fund's complete list of portfolio holdings available for public disclosure, dated as of the end of each calendar quarter,
is permitted to be posted on the funds’ website (capitalpcsfunds.com) no earlier than the tenth day after such calendar
quarter. The publicly disclosed portfolio may exclude certain securities when deemed to be in the best interest of the fund as
permitted by applicable regulations. In addition, each fund’s list of top ten portfolio holdings measured by percentage
of net assets invested, dated as of the end of each calendar month, is permitted to be posted on the funds’ website no earlier
than the tenth day after such month. Such portfolio holdings information may then be disclosed to any person pursuant to an ongoing
arrangement to disclose portfolio holdings information to such person no earlier than one day after the day on which the information
is posted on the funds’ website.

The trust’s custodian, outside
counsel, auditor, financial printers, proxy voting service providers, pricing information vendors, consultants or agents operating
under a contract with the investment adviser or its affiliates and co-litigants (such as in connection with a bankruptcy proceeding
related to a fund holding), each of which requires portfolio holdings information for legitimate business and fund oversight purposes,
may receive the information earlier. See the “General information” section in this statement of additional information
for further information about the trust’s custodian, outside counsel and auditor.

Affiliated persons of the trust,
including officers of the trust and employees of the investment adviser and its affiliates, who receive portfolio holdings information
are subject to restrictions and limitations on the use and handling of such information pursuant to applicable codes of ethics,
including requirements not to trade in securities based on confidential and proprietary investment information, to maintain the
confidentiality of such information, and to pre-clear securities trades and report securities transactions activity, as applicable.
For more information on these restrictions and limitations, please see the “Code of ethics” section in this statement
of additional information and the Code of Ethics. Third party service providers of the trust, as described in this statement of
additional information, receiving such information are subject to confidentiality obligations. When portfolio holdings information
is disclosed other than through the funds’ website to persons not affiliated with the trust (which, as described above,
would typically occur no earlier than one day after the day on which the information is made available), such persons will be
bound by agreements (including confidentiality agreements) or fiduciary or other obligations that restrict and limit their use
of the information to legitimate business uses only. None of the trust nor its investment adviser or any affiliate thereof receives
compensation or other consideration in connection with the disclosure of information about portfolio securities.

Subject to board policies, the authority
to disclose a fund's portfolio holdings, and to establish policies with respect to such disclosure, resides with the investment
adviser. In exercising its authority, the investment adviser determines whether disclosure of information about a fund's portfolio
securities is appropriate and in the best interest of fund shareholders. The investment adviser has implemented policies and procedures
to address conflicts of interest that may arise from the disclosure of fund holdings. For example, the investment adviser’s
code of ethics specifically requires, among other things, the safeguarding of information about fund holdings and contains prohibitions
designed to prevent the personal use of confidential, proprietary investment information in a way that would conflict with fund
transactions. In addition, the investment adviser believes that its current policy of not selling portfolio holdings information
and not disclosing such information to unaffiliated third parties until such holdings have been made public on the funds’
website (other than to certain service

Capital Group Private Client Services Funds - Page 42





providers of the trust for legitimate
business and fund oversight purposes) helps reduce potential conflicts of interest between fund shareholders and the investment
adviser and its affiliates.

The trust’s investment adviser
and its affiliates provide investment advice to clients other than the funds that have investment objectives that may be substantially
similar to those of the funds. These clients also may have portfolios consisting of holdings substantially similar to those of
a fund and generally have access to current portfolio holdings information for their accounts. These clients do not owe the trust’s
investment adviser or a fund a duty of confidentiality with respect to disclosure of their portfolio holdings.

Capital Group Private Client Services Funds - Page 43







Price of shares

Shares are purchased or sold (redeemed)
at the net asset value next determined after the purchase or sell order is received and accepted by the trust, Capital Guardian
Trust Company or the Transfer Agent. The offering or net asset value price is effective for orders received prior to the time of
determination of the net asset value and, in the case of orders placed with Capital Group Private Client Services investment counselors
or their authorized designees, accepted by the Capital Guardian Trust Company, the Transfer Agent or any of its designees.

Orders received by Capital Group Private
Client Services investment counselors or an authorized designee, the Transfer Agent or the trust after the time of the determination
of the net asset value will be entered at the next calculated offering price. Note that Capital Group Private Client Services investment
counselors may have their own rules about share transactions and may have earlier cut-off times than those of the trust. For more
information about how to purchase through Capital Group Private Client Services investment counselors, contact your Capital Group
Private Client Services investment counselor directly.

Prices listed do not always indicate
prices at which you will be purchasing and redeeming shares of the fund, since such prices generally reflect the previous day’s
closing price, while purchases and redemptions are made at the next calculated price. The price you pay for shares, the offering
price, is based on the net asset value per share, which is calculated once daily as of approximately 4 p.m. New York time, which
is the normal close of trading on the New York Stock Exchange, each day the New York Stock Exchange is open. If, for example,
the New York Stock Exchange closes at 1 p.m. New York time, the fund’s share price would still be determined as of
4 p.m. New York time. In such example, portfolio securities traded on the New York Stock Exchange would
be valued at their closing prices unless the investment adviser determines that a fair value adjustment is appropriate due to
subsequent events. The New York Stock Exchange is currently closed on weekends and on the following holidays: New Year’s
Day; Martin Luther King, Jr. Day; Presidents’ Day; Good Friday; Memorial Day; Independence Day; Labor Day; Thanksgiving;
and Christmas Day. Each fund has a separately calculated net asset value (and share price). The fund may also calculate its share
price on days the New York Stock Exchange is closed when deemed prudent to do so by thetrust’s officers.

All portfolio securities of the fund
are valued, and the net asset values per share are determined, as indicated below. The fund follows standard industry practice
by typically reflecting changes in its holdings of portfolio securities on the first business day following a portfolio trade.

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

Fixed-income securities, including short-term
securities purchased with more than 60 days left to maturity, are generally valued at prices obtained from one or more independent
pricing vendors. The pricing vendors base bond prices on, among other things, benchmark yields, transactions, bids, offers, quotations
from dealers and trading systems, new issues, underlying equity of the issuer, interest rate volatilities, 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, prepayment information, default rates, delinquency and loss assumptions, financial or collateral characteristics
or performance, credit enhancements, liquidation value calculations, specific deal information and other reference data. The fund’s
investment adviser performs certain checks on vendor prices prior to calculation of the fund’s net asset value. When the
investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be

Capital Group Private Client Services Funds - Page 44





representative), fixed income securities
will be valued in good faith at the mean quoted bid and asked prices that are reasonably and timely available (or bid prices, if
asked prices are not available) or at prices for securities of comparable maturity, quality and type.

Securities with both fixed-income and
equity characteristics (e.g., convertible bonds, preferred stocks, units comprised of more than one type of security, etc.), or
equity securities traded principally among fixed-income dealers, are generally valued in the manner described above for either
equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser.

Securities with original maturities of
one year or less having 60 days or less to maturity are amortized to maturity based on their cost if acquired within 60 days of
maturity, or if already held on the 60th day, based on the value determined on the 61st day. Forward currency contracts are valued
at the mean of representative quoted bid and asked prices, generally based on prices supplied by one or more pricing vendors.

Assets or liabilities initially expressed
in terms of currencies other than U.S. dollars are translated prior to the next determination of the net asset value of the fund’s
shares into U.S. dollars at the prevailing market rates.

Securities and other assets for which
representative market quotations are not readily available or are considered unreliable by the investment adviser are fair-valued
as determined in good faith under fair value guidelines adopted by authority of the trust’s board. Subject to board oversight,
the trust’s board has delegated the obligation to make fair valuation determinations to a valuation committee established
by the fund’s investment adviser. The board receives regular reports describing fair-valued securities and the valuation
methods used.

The valuation committee has adopted guidelines
and procedures (consistent with SEC rules and guidance) to consider certain relevant principles and factors when making all fair
value determinations. As a general principle, securities lacking readily available market quotations, or that have quotations that
are considered unreliable by the investment adviser, are valued in good faith by the valuation committee based upon what the fund
might reasonably expect to receive upon their current sale. Fair valuations and valuations of investments that are not actively
trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
The valuation committee considers relevant indications of value that are reasonably and timely available to it in determining the
fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions
on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities,
conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading
in the security and changes in overall market conditions. The valuation committee employs additional fair value procedures to address
issues related to equity holdings of applicable fund portfolios outside the United States. Securities owned by the fund trade in
markets that open and close at different times, reflecting time zone differences. If significant events occur after the close of
a market (and before the fund’s net asset values are next determined) which affect the value of portfolio securities, appropriate
adjustments from closing market prices may be made to reflect these events. Events of this type could include, for example, earthquakes
and other natural disasters or significant price changes in other markets (e.g., U.S. stock markets).

Capital Group Private Client Services Funds - Page 45







Taxes and distributions

Disclaimer: Some of the following
information may not apply to certain shareholders including those holding fund shares in a tax-deferred account, such as a retirement
plan. Shareholders should consult their tax advisers about the application of federal, state and local tax law in light of their
particular situation.

Taxation as a regulated investment
company — The fund intends to qualify each year as a “regulated investment company” under Subchapter M of
the Internal Revenue Code (“Code”) so that it will not be liable for federal tax on income and capital gains distributed
to shareholders. In order to qualify as regulated investment companies, and avoid being subject to federal income taxes, the fund
intends to distribute substantially all of its net investment income and realized net capital gains on a fiscal year basis, and
intend to comply with other tests applicable to regulated investment companies under Subchapter M.

The Code includes savings provisions
allowing the fund to cure inadvertent failures certain qualification tests required under Subchapter M. However, should the fund
fail to qualify under Subchapter M, the fund would be subject to federal, and possibly state, corporate taxes on its taxable income
and gains, and distributions to shareholders would be taxed as dividend income to the extent of the fund’s earnings and profits.

Amounts not distributed by the fund on
a timely basis in accordance with the calendar year distribution requirement may be subject to a nondeductible 4% excise tax. Unless
an applicable exception applies, to avoid the tax, the fund must distribute during each calendar year an amount equal to the sum
of (1) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (2) at
least 98.2% of its capital gains in excess of its capital losses for the twelve-month period ending on October 31, and (3) all
ordinary income and capital gains for previous years that were not distributed during such years.

Dividends paid by the fund from ordinary
income or from an excess of net short-term capital gain over net long-term capital loss are taxable to shareholders as ordinary
income dividends. For corporate shareholders, a portion of the fund’s ordinary income dividends may be eligible for the 70%
deduction for dividends received by corporations to the extent the fund’s income consists of dividends paid by U.S. corporations.
This deduction does not include dividends received from non-U.S. corporations and dividends on stocks the fund has not held for
more than 45 days during the 90-day period beginning 45 days before the stock became ex-dividend (90 and 180 days for certain preferred
stock). Corporate shareholders can only apply the lower rate to the qualified portion of a fund’s dividends if they have
held the shares in the fund on which the dividends were paid for the applicable 45 day or 90 day holding period surrounding the
ex-dividend date of the fund’s dividends.

The fund may declare a capital gain distribution
consisting of the entire excess of net realized long-term capital gains over net realized short-term capital losses. Net capital
gains for a fiscal year are computed by taking into account any capital loss carryforward of the fund. For fund fiscal years beginning
on or after December 22, 2010, capital losses may be carried forward indefinitely and retain their character as either short-term
or long-term. Under prior law, net capital losses could be carried forward for eight tax years and were treated as short-term capital
losses. The fund is required to use capital losses arising in fiscal years beginning on or after December 22, 2010 before using
capital losses arising in fiscal years prior to December 22, 2010.

Capital Group Private Client Services Funds - Page 46





The fund may retain a portion of net
capital gain for reinvestment and may elect to treat such capital gain as having been distributed to shareholders of the fund.
Shareholders may receive a credit for the tax that the fund paid on such undistributed net capital gain and could increase the
basis of their shares of the fund by the difference between the amount of includible gains and the tax deemed paid by the shareholder.

Distributions of net capital gain that
the fund properly designates as a capital gain dividend generally will be taxable as long-term capital gain, regardless of the
length of time the shares of the fund have been held by a shareholder. Any loss realized upon the redemption of shares held at
the time of redemption for six months or less from the date of their purchase will be treated as a long-term capital loss to the
extent of any net realized long-term capital gains (including any undistributed amounts treated as distributed capital gains, as
described above) during such six-month period.

Distributions by the fund result in a
reduction in the net asset value of the fund’s shares. Investors should consider the tax implications of buying shares just
prior to a distribution. The price of shares purchased at that time includes the amount of the forthcoming distribution. Those
purchasing just prior to a distribution will subsequently receive a partial return of their investment capital upon payment of
the distribution, which will be taxable to them.

Redemptions and exchanges of fund
shares — Redemptions of shares, including exchanges for shares of other Capital Group Private Client Services Funds,
may result in federal, state and local tax consequences (gain or loss) to the shareholder.

Any loss realized on a redemption or
exchange of shares of the fund will be disallowed to the extent substantially identical shares are reacquired within the 61-day
period beginning 30 days before and ending 30 days after the shares are disposed of. Any loss disallowed under this rule will be
added to the shareholder’s tax basis in the new shares purchased.

Tax consequences applicable to tax-exempt
funds — Interest on the municipal securities purchased by the Municipal Bond Funds is believed to be free from regular
federal income tax based on opinions issued by bond counsel. However, there is no guarantee that the opinion is correct or that
the IRS will agree with the opinion. If interest on a municipal security is not free from regular federal income tax, then the
interest on that security would become taxable. If this were to happen, dividends derived from this interest may be taxable to
shareholders.

By meeting certain requirements of the
Code, the Municipal Bond Funds qualify to pay exempt-interest dividends to shareholders. These exempt-interest dividends are derived
from interest income exempt from regular federal income tax, and are not subject to regular federal income tax when they are distributed
to fund shareholders. In addition, to the extent that exempt-interest dividends are derived from interest on obligations of a state
or its political subdivisions, or from interest on qualifying U.S. territorial obligations (including qualifying obligations of
Puerto Rico, the U.S. Virgin Islands or Guam), they also may be exempt from that state's personal income taxes.

Distributions paid by a tax-exempt fund
that are designated as exempt-interest dividends will not be subject to regular federal income tax. Exempt-interest dividends paid
by the fund will be reported to both the IRS and shareholders of the fund.

Private activity bonds are bonds that,
although federally tax-exempt, are used for purposes other than those generally performed by governmental units and that benefit
non-governmental entities. Interest on certain private activity bonds, while exempt from regular federal income tax, is a preference
item for taxpayers when determining their alternative minimum tax under the Code and under the income tax provisions of several
states.

Capital Group Private Client Services Funds - Page 47





The price of a bond purchased after its
original issuance may reflect market discount which, depending on the particular circumstances, may result in the fund recognizing
taxable ordinary income. In determining whether a bond is purchased with market discount, certain de minimis rules apply.

Tax consequences of investments in
non-U.S. securities — Dividend and interest income received by a fund from sources outside the United States may be subject
to withholding and other taxes imposed by such foreign jurisdictions. Tax conventions between certain countries and the United
States, however, may reduce or eliminate these foreign taxes. Some foreign countries impose taxes on capital gains with respect
to investments by foreign investors.

If more than 50% of the value of the
total assets of the fund at the close of the taxable year consists of securities of foreign corporations, the fund may elect to
pass through to shareholders the foreign taxes paid by the fund. If such an election is made, shareholders may claim a credit or
deduction on their federal income tax returns for, and will be required to treat as part of the amounts distributed to them, their
pro rata portion of qualified taxes paid by the fund to foreign countries. The application of the foreign tax credit depends upon
the particular circumstances of each shareholder.

Foreign currency gains and losses, including
the portion of gain or loss on the sale of debt securities attributable to fluctuations in foreign exchange rates, are generally
taxable as ordinary income or loss. These gains or losses may increase or decrease the amount of dividends payable by the fund
to shareholders. A fund may elect to treat gain and loss on certain foreign currency contracts as capital gain and loss instead
of ordinary income or loss.

If the fund invests in stock of certain
passive foreign investment companies (PFICs), the fund intends to mark-to-market these securities and recognize any gains at the
end of its fiscal and excise tax years. Deductions for losses are allowable only to the extent of any previously recognized gains.
Both gains and losses will be treated as ordinary income or loss, and the fund is required to distribute any resulting income.
If the fund is unable to identify an investment as a PFIC security and thus does not make a timely mark-to-market election, the
fund may be subject to adverse tax consequences.





Capital Group Private Client Services Funds - Page 48





Other tax considerations —
After the end of each calendar year, individual shareholders holding fund shares in taxable accounts will receive a statement of
the federal income tax status of all distributions. Shareholders of the fund also may be subject to state and local taxes on distributions
received from the fund.

For fund shares acquired on or after
January 1, 2012, the fund is required to report cost basis information for redemptions, including exchanges, to both shareholders
and the IRS.

Under the backup withholding provisions
of the Code, the fund generally will be required to withhold federal income tax on all payments made to a shareholder if the shareholder
either does not furnish the fund with the shareholder’s correct taxpayer identification number or fails to certify that
the shareholder is not subject to backup withholding. Backup withholding also applies if the IRS notifies the shareholder or the
fund that the taxpayer identification number provided by the shareholder is incorrect or that the shareholder has previously failed
to properly report interest or dividend income.

The foregoing discussion of U.S.
federal income tax law relates solely to the application of that law to U.S. persons (i.e., U.S. citizens and legal residents
and U.S. corporations, partnerships, trusts and estates). Each shareholder who is not a U.S. person should consider the U.S. and
foreign tax consequences of ownership of shares of the fund, including the possibility that such a shareholder may be subject
to U.S. withholding taxes.

Capital Group Private Client Services Funds - Page 49







Purchase and exchange of shares

Shares of the fund are available to clients
of Capital Group Private Client Services, a division of Capital Guardian Trust Company and Capital Guardian Trust Company of Nevada,
the trust’s trustees and officers, and the fund’s portfolio managers. Shares are also available to former shareholders
of Endowments – Growth and Income Portfolio, who obtained shares of Capital Group U.S. Equity Fund in connection with the
acquisition of Endowments – Growth and Income Portfolio by Capital Group U.S. Equity Fund. Shares may be made available to
other individuals if the investment adviser determines it is appropriate. As described in the fund’s prospectus, please contact
your Capital Group Private Client Services investment counselor or the fund’s transfer agent to purchase shares.

Capital Group Private Client Services Funds - Page 50







Selling shares

The methods for selling (redeeming) shares
are described more fully in the prospectus. If you wish to sell your shares, please contact Capital Group Private Client Services
investment counselor or the fund’s transfer agent.

A signature guarantee may be required
for certain redemptions. In such an event, your signature may be guaranteed by a domestic stock exchange or the Financial Industry
Regulatory Authority, bank, savings association or credit union that is an eligible guarantor institution. Capital Group Private
Client Services reserves the right to require a signature guarantee on any redemptions.

Additional documentation may be required
for sales of shares held in corporate, partnership or fiduciary accounts.

Redemption proceeds will not be mailed
until sufficient time has passed to provide reasonable assurance that checks or drafts (including certified or cashier’s
checks) for shares purchased have cleared (which may take up to 10 business days from the purchase date). Except for delays relating
to clearance of checks for share purchases or in extraordinary circumstances (and as permissible under the 1940 Act), sale proceeds
will be paid on or before the seventh day following receipt and acceptance of an order. Interest will not accrue or be paid on
amounts that represent uncashed distribution or redemption checks.

Redemption of shares — The
trust’s declaration of trust permits the trust to direct the Transfer Agent to redeem the shares of any shareholder for their
then current net asset value per share if at such time the shareholder of record owns shares having an aggregate net asset value
of less than the minimum initial investment amount required of new shareholders as set forth in the trust’s current registration
statement under the 1940 Act, and subject to such further terms and conditions as the board of trustees of the trust may from time
to time adopt.

While payment of redemptions normally
will be in cash, the trust’s declaration of trust permits payment of the redemption price wholly or partly with portfolio
securities or other fund assets under conditions and circumstances determined by the trust’s board of trustees. For example,
redemptions could be made in this manner if the board determined that making payments wholly in cash over a particular period would
be unfair and/or harmful to other fund shareholders.

Frequent trading of fund shares —
As noted in the prospectus, certain redemptions may trigger a purchase block lasting 30 calendar days under the fund’s “purchase
blocking policy.” Under this policy, systematic redemptions will not trigger a purchase block and systematic purchases will
not be prevented where the transaction is identified as a systematic redemption or purchase. For purposes of this policy, systematic
redemptions include, for example, regular periodic automatic redemptions. Systematic purchases include, for example, regular periodic
automatic purchases and automatic reinvestments of dividends and capital gain distributions. Generally, purchases and redemptions
will not be considered “systematic” unless the transaction is prescheduled for a specific date.

Other potentially abusive activity
— In addition to implementing purchase blocks, the fund will monitor for other types of activity that could potentially
be harmful to the fund — for example, short-term trading activity in multiple funds. When identified, Capital Group Private
Client Services will request that the shareholder discontinue the activity. If the activity continues, Capital Group Private Client
Services will freeze the shareholder account to prevent all activity other than redemptions of fund shares.

Telephone purchases, redemptions and
exchanges —By using the telephone purchase, redemption and/or exchange options, you agree to hold the fund, Capital
Guardian Trust Company (“CGTC”), any

Capital Group Private Client Services Funds - Page 51





of its affiliates or mutual funds managed
by such affiliates, the fund’s transfer agent and each of their respective directors, trustees, officers, employees and agents
harmless from any losses, expenses, costs or liabilities (including attorney fees) that may be incurred in connection with the
exercise of these privileges. Generally, all shareholders are automatically eligible to use these services. However, you may elect
to opt out of these services by writing CGTC (you may also reinstate them at any time by writing CGTC). If CGTC does not employ
reasonable procedures to confirm that the instructions received from any person with appropriate account information are genuine,
it and/or the fund may be liable for losses due to unauthorized or fraudulent instructions. In the event that shareholders are
unable to reach the fund by telephone because of technical difficulties, market conditions or a natural disaster, redemption and
exchange requests may be made in writing only.

Share certificates — Shares
are credited to your account. The fund does not issue share certificates.

Capital Group Private Client Services Funds - Page 52







General information

Custodian of assets —
Securities and cash owned by the fund, including proceeds from the sale of shares of the fund and of securities in the fund’s
portfolios, are held by State Street Bank and Trust Company, as custodian. If the fund holds securities of issuers outside the
U.S., the custodian may hold these securities pursuant to sub-custodial arrangements in banks outside the U.S. or branches of
U.S. banks outside the U.S. The principal office of State Street Bank and Trust Company is located at One Lincoln Street Boston,
MA 02111.

Transfer agent services
— State Street Bank and Trust Company maintains the records of shareholder accounts, processes purchases and redemptions
of the fund’s shares, acts as dividend and capital gain distribution disbursing agent, and performs other related shareholder
service functions. The principal office of State Street Bank and Trust Company is located at One Lincoln Street Boston, MA 02111.
State Street Bank and Trust Company was entitled to a fee of $62,000 for the 2013 fiscal year for transfer agency services provided
to the Municipal Bond Funds and the Core Bond Fund.

Fund accounting —
State Street Bank and Trust Company provides fund accounting services and net asset value calculations for the fund. The principal
office of State Street Bank and Trust Company is located at One Lincoln Street Boston, MA 02111. State Street Bank and Trust Company
was entitled to a fee of $315,000 for accounting and administrative services provided to the Municipal Bond Funds and the Core
Bond Fund in the 2013 fiscal year.

Administration –
State Street Bank and Trust Company provides certain administrative services to the fund. The principal office of State Street
Bank and Trust Company is located at One Lincoln Street Boston, MA 02111.

Independent registered public
accounting firm — Deloitte & Touche LLP, 695 Town Center Drive, Costa Mesa, CA 92626, serves as the fund’s
independent registered public accounting firm, providing audit services, preparation of tax returns and review of certain documents
to be filed with the SEC. The selection of the fund’s independent registered public accounting firm is reviewed and determined
annually by the board of trustees.

Independent legal counsel
— Bingham McCutchen LLP, 355 South Grand Avenue, Suite 4400, Los Angeles, CA 90071 serves as independent legal counsel
(“counsel”) for the fund and for independent trustees in their capacities as such. A determination with respect to
the independence of the fund’s counsel will be made at least annually by the independent trustees of the fund, as prescribed
by the 1940 Act and related rules.

Codes of ethics — The trust
and Capital Guardian Trust Company and its affiliated companies, including the fund’s Principal Underwriter, have adopted
codes of ethics that allow for personal investments, including securities in which the fund may invest from time to time. These
codes include a ban on acquisitions of securities pursuant to an initial public offering; restrictions on acquisitions of private
placement securities; preclearance and reporting requirements; review of duplicate confirmation statements; annual recertification
of compliance with codes of ethics; blackout periods on personal investing for certain investment personnel; ban on short-term
trading profits for investment personnel; limitations on service as a director of publicly traded companies; disclosure of personal
securities transactions; and policies regarding political contributions.

Capital Group Private Client Services Funds - Page 53







Other information — The
trust reserves the right to modify the privileges described in this statement of additional information at any time.

Capital Group Core Municipal
Fund

Determination of net asset value,
redemption price — October 31, 2013

|Net asset value and redemption price per share
    (Net assets divided by shares outstanding) | $10.44
|--------------------------------------------------------------------------------------------- | ------

Capital Group Short-Term
Municipal Fund

Determination of net asset value,
redemption price — October 31, 2013

|Net asset value and redemption price per share
    (Net assets divided by shares outstanding) | $10.21
|--------------------------------------------------------------------------------------------- | ------

Capital Group California Core
Municipal Fund

Determination of net asset value,
redemption price — October 31, 2013

|Net asset value and redemption price per share
    (Net assets divided by shares outstanding) | $10.40
|--------------------------------------------------------------------------------------------- | ------

Capital Group California Short-Term
Municipal Fund

Determination of net asset value,
redemption price — October 31, 2013

|Net asset value and redemption price per share
    (Net assets divided by shares outstanding) | $10.27
|--------------------------------------------------------------------------------------------- | ------

Capital Group Core Bond Fund

Determination of net asset value,
redemption price — October 31, 2013

|Net asset value and redemption price per share
    (Net assets divided by shares outstanding) | $10.24
|--------------------------------------------------------------------------------------------- | ------



Capital Group Private Client Services Funds - Page 54





Capital Group Global Equity
Fund

Determination of net asset value,
redemption price — October 31, 2013

|Net asset value and redemption price per share
    (Net assets divided by shares outstanding) | $12.43
|--------------------------------------------------------------------------------------------- | ------

Capital Group Non-U.S. Equity
Fund

Determination of net asset value,
redemption price — October 31, 2013

|Net asset value and redemption price per share
    (Net assets divided by shares outstanding) | $11.72
|--------------------------------------------------------------------------------------------- | ------

Capital Group U.S. Equity Fund

Determination of net asset value,
redemption price — October 31, 2013

|Net asset value and redemption price per share
    (Net assets divided by shares outstanding) | $18.33
|--------------------------------------------------------------------------------------------- | ------



Capital Group Private Client Services Funds - Page 55







Appendix

The following descriptions of debt security
ratings are based on information provided by Moody’s Investors Service and Standard & Poor’s.

Description of bond ratings

Moody’s

Municipal long-term rating definitions

Aaa

Issuers or issues rated Aaa demonstrate
the strongest creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.

Aa

Issuers or issues rated Aa demonstrate
very strong creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.

A

Issuers or issues rated A present above-average
creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.

Baa

Issuers or issues rated Baa represent
average creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.

Ba

Issuers or issues rated Ba demonstrate
below-average creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.

B

Issuers or issues rated B demonstrate
weak creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.

Caa

Issuers or issues rated Caa demonstrate
very weak creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.

Ca

Issuers or issues rated Ca demonstrate
extremely weak creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.

C

Issuers or issues rated C demonstrate
the weakest creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.

Note: Moody’s appends numerical
modifiers 1, 2, and 3 to each generic rating category from Aa through Caa. The modifier 1 indicates that the issuer or obligation
ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates
a ranking in the lower end of that generic rating category.

Capital Group Private Client Services Funds - Page 56







Standard & Poor’sLong-term issue credit ratings

AAA
An obligation rated AAA has the highest rating assigned by Standard & Poor’s. The obligor’s capacity to meet its
financial commitment on the obligation is extremely strong.

AA
An obligation rated AA differs from the highest-rated obligations only to a small degree. The obligor’s capacity to meet
its financial commitment on the obligation is very strong.

A
An obligation rated A is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than
obligations in higher-rated categories. However, the obligor’s capacity to meet its financial commitment on the obligation
is still strong.

BBB
An obligation rated BBB exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances
are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

BB, B, CCC, CC, and C

Obligations rated BB, B, CCC, CC, and
C are regarded as having significant speculative characteristics. BB indicates the least degree of speculation and C the highest.
While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties
or major exposures to adverse conditions.

BB
An obligation rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties
or exposure to adverse business, financial, or economic conditions which could lead to the obligor’s inadequate capacity
to meet its financial commitment on the obligation.

B
An obligation rated B is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to
meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor’s
capacity or willingness to meet its financial commitment on the obligation.

CCC
An obligation rated CCC is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic
conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or
economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

CC
An obligation rated CC is currently highly vulnerable to nonpayment.

Capital Group Private Client Services Funds - Page 57





C
A C rating is assigned to obligations that are currently highly vulnerable to nonpayment, obligations that have payment arrearages
allowed by the terms of the documents, or obligations of an issuer that is the subject of a bankruptcy petition or similar action
which have not experienced a payment default. Among others, the C rating may be assigned to subordinated debt, preferred stock
or other obligations on which cash payments have been suspended in accordance with the instrument’s terms or when preferred
stock is the subject of a distressed exchange offer, whereby some or all of the issue is either repurchased for an amount of cash
or replaced by other instruments having a total value that is less than par.

D
An obligation rated D is in payment default. The D rating category is used when payments on an obligation are not made on the date
due even if the applicable grace period has not expired, unless Standard & Poor’s believes that such payments will be
made during such grace period. The D rating also will be used upon the filing of a bankruptcy petition or the taking of a similar
action if payments on an obligation are jeopardized. An obligation’s rating is lowered to D upon completion of a distressed
exchange offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by other instruments having
a total value that is less than par.

Plus (+) or minus (–)

The ratings from AA to CCC may be modified
by the addition of a plus or minus sign to show relative standing within the major rating categories.

NR

This indicates that no rating has been
requested, that there is insufficient information on which to base a rating, or that Standard & Poor’s does not rate
a particular obligation as a matter of policy.

Capital Group Private Client Services Funds - Page 58







Description of note ratings

Moody’s

Municipal short-term debt ratings

MIG 1

This designation denotes superior credit
quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based
access to the market for refinancing.

MIG 2

This designation denotes strong credit
quality. Margins of protection are ample, although not as large as in the preceding group.

MIG 3

This designation denotes acceptable credit
quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

SG

This designation denotes speculative-grade
credit quality. Debt instruments in this category may lack sufficient margins of protection.

Capital Group Private Client Services Funds - Page 59





Standard & Poor’s

Short-term issue credit ratings

SP-1

Strong capacity to pay principal and interest.
An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.



SP-2

Satisfactory capacity to pay principal
and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

SP-3

Speculative capacity to pay principal
and interest.

Capital Group Private Client Services Funds - Page 60







Description of commercial paper ratings

Moody’s

Commercial paper ratings (highest
three ratings)

P-1

Issuers (or supporting institutions)
rated Prime-1 have a superior ability to repay short-term debt obligations.

P-2

Issuers (or supporting institutions)
rated Prime-2 have a strong ability to repay short-term debt obligations.

P-3

Issuers (or supporting institutions)
rated Prime-3 have an acceptable ability to repay short-term obligations.

Standard & Poor’s

Commercial paper ratings (highest
three ratings)

A-1

A short-term obligation rated A-1 is
rated in the highest category by Standard & Poor’s. The obligor’s capacity to meet its financial commitment on
the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the
obligor’s capacity to meet its financial commitment on these obligations is extremely strong.

A-2

A short-term obligation rated A-2 is
somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher
rating categories. However, the obligor’s capacity to meet its financial commitment on the obligation is satisfactory.

A-3

A short-term obligation rated A-3 exhibits
adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened
capacity of the obligor to meet its financial commitment on the obligation.

Capital Group Private Client Services Funds - Page 61







Fitch Ratings, Inc.Long-term credit ratings

AAA 
Highest credit quality. AAA ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally
strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable
events.

AA 
Very high credit quality. AA ratings denote expectations of very low default risk. They indicate very strong capacity for payment
of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A 
High credit quality. A ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered
strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the
case for higher ratings.

BBB 
Good credit quality. BBB ratings indicate that expectations of default risk are low. The capacity for payment of financial commitments
is considered adequate but adverse changes in circumstances and economic conditions are more likely to impair this capacity.

BB 
Speculative. BB ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business
or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial
commitments.

B 
Highly speculative. B ratings indicate that material default risk is present, but a limited margin of safety remains. Financial
commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and
economic environment.

CCC 
Substantial credit risk. Default is a real possibility.

CC 
Very high levels of credit risk. Default of some kind appears probable.

C 
Exceptionally high levels of credit risk. Default is imminent or inevitable, or the issuer is in standstill. Conditions that are
indicative of a C category rating for an issuer include:

| | · | The
                                                                                                           issuer has entered
                                                                                                           into a grace or cure
                                                                                                           period following nonpayment
                                                                                                           of a material financial
                                                                                                           obligation;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | The
                                                                                                           issuer has entered
                                                                                                           into a temporary negotiated
                                                                                                           waiver or standstill
                                                                                                           agreement following
                                                                                                           a payment default on
                                                                                                           a material financial
                                                                                                           obligation; or
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Fitch
                                                                                                           Ratings otherwise believes
                                                                                                           a condition of RD or
                                                                                                           D to be imminent or
                                                                                                           inevitable, including
                                                                                                           through the formal
                                                                                                           announcement of a distressed
                                                                                                           debt exchange.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Capital Group Private Client Services Funds - Page 62





RD 
Restricted default. RD ratings indicate an issuer that in Fitch Ratings’ opinion has experienced an uncured payment default
on a bond, loan or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership,
liquidation or other formal winding up procedure, and which has not otherwise ceased operating. This would include:

| | · | The
                                                                                                           selective payment default
                                                                                                           on a specific class
                                                                                                           or currency of debt;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | The
                                                                                                           uncured expiry of any
                                                                                                           applicable grace period,
                                                                                                           cure period or default
                                                                                                           forbearance period
                                                                                                           following a payment
                                                                                                           default on a bank loan,
                                                                                                           capital markets security
                                                                                                           or other material financial
                                                                                                           obligation;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | The
                                                                                                           extension of multiple
                                                                                                           waivers or forbearance
                                                                                                           periods upon a payment
                                                                                                           default on one or more
                                                                                                           material financial
                                                                                                           obligations, either
                                                                                                           in series or in parallel;
                                                                                                           or
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Execution
                                                                                                           of a distressed debt
                                                                                                           exchange on one or
                                                                                                           more material financial
                                                                                                           obligations.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

D 
Default. D ratings indicate an issuer that in Fitch Ratings’ opinion has entered into bankruptcy filings, administration,
receivership, liquidation or other formal winding up procedure, or which has otherwise ceased business.

Default ratings are not assigned
prospectively to entities or their obligations; within this context, nonpayment on an instrument that contains a deferral feature
or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless
a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

Imminent default typically refers
to the occasion where a payment default has been intimated by the issuer, and is all but inevitable. This may, for example, be
where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default.
Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still
lies several days or weeks in the immediate future.

In all cases, the assignment of a
default rating reflects the agency’s opinion as to the most appropriate rating category consistent with the rest of its
universe of ratings, and may differ from the definition of default under the terms of an issuer’s financial obligations
or local commercial practice.

Note: The modifiers
“+” or “–” may be appended to a rating to denote relative status within major rating categories.
Such suffixes are not added to the AAA long-term rating category, or to categories below B.







Capital Group Private Client Services Funds - Page 63







|Capital Group Core Municipal Fund
|---------------------------------
|October 31, 2013                 









Investment portfolio – quality ratings*



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









Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013



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

See Notes to Financial Statements







Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013



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

See Notes to Financial Statements







Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013



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

See Notes to Financial Statements







Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013



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

See Notes to Financial Statements







Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013



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

See Notes to Financial Statements







Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013



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

See Notes to Financial Statements







Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013



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

See Notes to Financial Statements







Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013



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

See Notes to Financial Statements







Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013



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

See Notes to Financial Statements







Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013



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

See Notes to Financial Statements







Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013



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

See Notes to Financial Statements







Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013



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

See Notes to Financial Statements







Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013



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

See Notes to Financial Statements







Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013



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

See Notes to Financial Statements







Capital Group Core Municipal Fund

Schedule of Investments

at October 31, 2013



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



See Notes to Financial Statements







|Capital Group Short-Term Municipal Fund
|---------------------------------------
|October 31, 2013                       







Investment portfolio – quality ratings*







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









Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013



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

See Notes to Financial Statements





Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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





See Notes to Financial Statements







|Capital Group California Core Municipal Fund
|--------------------------------------------
|October 31, 2013                            









Investment portfolio – quality ratings*



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









Capital Group  California Core Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Core Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Core Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Core Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Core Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Core Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Core Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Core Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Core Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Core Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Core Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Core Municipal Fund

Schedule of Investments

at October 31, 2013

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





See Notes to Financial Statements







|Capital Group California Short-Term Municipal Fund
|--------------------------------------------------
|October 31, 2013                                  









Investment portfolio – quality ratings*





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







Capital Group  California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  California Short-Term Municipal Fund

Schedule of Investments

at October 31, 2013

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





See Notes to Financial Statements







|Capital Group Core Bond Fund
|----------------------------
|October 31, 2013            









Investment portfolio – quality ratings*





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







Capital Group  Core Bond Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  Core Bond Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  Core Bond Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  Core Bond Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  Core Bond Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  Core Bond Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  Core Bond Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  Core Bond Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  Core Bond Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  Core Bond Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  Core Bond Fund

Schedule of Investments

at October 31, 2013

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



See Notes to Financial Statements







|Capital Group Global Equity Fund
|--------------------------------
|October 31, 2013                





Investment portfolio – sector diversification







Other includes short-term securities
and other assets less liabilities









|Capital Group Global Equity Fund
|--------------------------------
|October 31, 2013                





Investment portfolio - country diversification





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





See Notes to Financial Statements





Capital Group  Global Equity Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  Global Equity Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  Global Equity Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  Global Equity Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  Global Equity Fund

Schedule of Investments

at October 31, 2013

|   
|---
|   
|   
|   
|1  
|2  
|   
|   
|ADR
|GDR
|   





See Notes to Financial Statements







|Capital Group Non-U.S. Equity Fund
|----------------------------------
|October 31, 2013                  







Investment portfolio – sector diversification







Other includes short-term securities and other
assets less liabilities









|Capital Group Non-U.S. Equity Fund
|----------------------------------
|October 31, 2013                  





Investment portfolio - country diversification





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



See Notes to Financial Statements





Capital Group  Non-U.S. Equity Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  Non-U.S. Equity Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  Non-U.S. Equity Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements







|Capital Group U.S. Equity Fund
|------------------------------
|October 31, 2013              





Investment portfolio – sector diversification







Other includes short-term securities and other
assets less liabilities







Capital Group  U.S. Equity Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  U.S. Equity Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements





Capital Group  U.S. Equity Fund

Schedule of Investments

at October 31, 2013

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

See Notes to Financial Statements







|Capital Group Core Municipal Fund  
|-----------------------------------
|Statement of assets and liabilities
|at October 31, 2013                
|                                   
|                                   
|Assets:                            
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|Liabilities:                       
|                                   
|                                   
|                                   
|                                   
|                                   
|Net assets at October 31, 2013:    
|                                   
|Net assets consist of:             
|                                   
|                                   
|                                   
|                                   
|Net assets at October 31, 2013     
|                                   
|Shares outstanding:                
|                                   
|Net asset value per share:         
|                                   

See Notes to Financial Statements







|Capital Group Short-Term Municipal Fund
|---------------------------------------
|Statement of assets and liabilities    
|at October 31, 2013                    
|                                       
|                                       
|Assets:                                
|                                       
|                                       
|                                       
|                                       
|                                       
|                                       
|                                       
|                                       
|                                       
|                                       
|                                       
|Liabilities:                           
|                                       
|                                       
|                                       
|                                       
|                                       
|Net assets at October 31, 2013:        
|                                       
|Net assets consist of:                 
|                                       
|                                       
|                                       
|                                       
|Net assets at October 31, 2013         
|                                       
|Shares outstanding:                    
|                                       
|Net asset value per share:             
|                                       
|1                                      
|                                       





See Notes to Financial Statements







|Capital Group California Core Municipal Fund
|--------------------------------------------
|Statement of assets and liabilities         
|at October 31, 2013                         
|                                            
|                                            
|Assets:                                     
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|Liabilities:                                
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|Net assets at October 31, 2013:             
|                                            
|Net assets consist of:                      
|                                            
|                                            
|                                            
|                                            
|Net assets at October 31, 2013              
|                                            
|Shares outstanding:                         
|                                            
|Net asset value per share:                  
|                                            
|                                            

See Notes to Financial Statements







|Capital Group California Short-Term Municipal Fund
|--------------------------------------------------
|Statement of assets and liabilities               
|at October 31, 2013                               
|                                                  
|                                                  
|Assets:                                           
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|Liabilities:                                      
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|Net assets at October 31, 2013:                   
|                                                  
|Net assets consist of:                            
|                                                  
|                                                  
|                                                  
|                                                  
|Net assets at October 31, 2013                    
|                                                  
|Shares outstanding:                               
|                                                  
|Net asset value per share:                        
|                                                  
|1                                                 
|                                                  





See Notes to Financial Statements







|Capital Group Core Bond Fund       
|-----------------------------------
|Statement of assets and liabilities
|at October 31, 2013                
|                                   
|                                   
|Assets:                            
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|Liabilities:                       
|                                   
|                                   
|                                   
|                                   
|                                   
|Net assets at October 31, 2013:    
|                                   
|Net assets consist of:             
|                                   
|                                   
|                                   
|                                   
|Net assets at October 31, 2013     
|                                   
|Shares outstanding:                
|                                   
|Net asset value per share:         
|                                   
|                                   



See Notes to Financial Statements







|Capital Group Global Equity Fund   
|-----------------------------------
|Statement of assets and liabilities
|at October 31, 2013                
|                                   
|                                   
|Assets:                            
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|Liabilities:                       
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|Net assets at October 31, 2013:    
|                                   
|Net assets consist of:             
|                                   
|                                   
|                                   
|                                   
|Net assets at October 31, 2013     
|                                   
|Shares outstanding:                
|                                   
|Net asset value per share:         
|                                   
|1                                  
|                                   





See Notes to Financial Statements







|Capital Group Non-U.S. Equity Fund 
|-----------------------------------
|Statement of assets and liabilities
|at October 31, 2013                
|                                   
|                                   
|Assets:                            
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|Liabilities:                       
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|Net assets at October 31, 2013:    
|                                   
|Net assets consist of:             
|                                   
|                                   
|                                   
|                                   
|Net assets at October 31, 2013     
|                                   
|Shares outstanding:                
|                                   
|Net asset value per share:         
|                                   
|1                                  
|                                   





See Notes to Financial Statements







|Capital Group U.S. Equity Fund     
|-----------------------------------
|Statement of assets and liabilities
|at October 31, 2013                
|                                   
|                                   
|Assets:                            
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|Liabilities:                       
|                                   
|                                   
|                                   
|                                   
|                                   
|                                   
|Net assets at October 31, 2013:    
|                                   
|Net assets consist of:             
|                                   
|                                   
|                                   
|                                   
|Net assets at October 31, 2013     
|                                   
|Shares outstanding:                
|                                   
|Net asset value per share:         
|                                   
|1                                  
|                                   

See Notes to Financial Statements







|Capital Group Core Municipal Fund                            
|-------------------------------------------------------------
|Statement of operations                                      
|for the year ended October 31, 2013                          
|                                                             
|                                                             
|                                                             
|Investment income:                                           
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|Net realized gain and unrealized depreciation on investments:
|                                                             
|                                                             
|                                                             
|Net decrease in net assets resulting from operations         
|                                                             
|                                                             
|                                                             





See Notes to Financial Statements







|Capital Group Short-Term Municipal Fund                      
|-------------------------------------------------------------
|Statement of operations                                      
|for the year ended October 31, 2013                          
|                                                             
|                                                             
|                                                             
|Investment income:                                           
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|Net realized gain and unrealized depreciation on investments:
|                                                             
|                                                             
|                                                             
|Net increase in net assets resulting from operations         
|                                                             
|                                                             
|                                                             





See Notes to Financial Statements







|Capital Group California Core Municipal Fund                 
|-------------------------------------------------------------
|Statement of operations                                      
|for the year ended October 31, 2013                          
|                                                             
|                                                             
|                                                             
|Investment income:                                           
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|Net realized loss and unrealized depreciation on investments:
|                                                             
|                                                             
|                                                             
|Net decrease in net assets resulting from operations         
|                                                             
|                                                             
|                                                             





See Notes to Financial Statements







|Capital Group California Short-Term Municipal Fund           
|-------------------------------------------------------------
|Statement of operations                                      
|for the year ended October 31, 2013                          
|                                                             
|                                                             
|                                                             
|Investment income:                                           
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|Net realized gain and unrealized depreciation on investments:
|                                                             
|                                                             
|                                                             
|Net increase in net assets resulting from operations         
|                                                             
|                                                             
|                                                             





See Notes to Financial Statements







|Capital Group Core Bond Fund                                 
|-------------------------------------------------------------
|Statement of operations                                      
|for the year ended October 31, 2013                          
|                                                             
|                                                             
|                                                             
|Investment income:                                           
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|                                                             
|Net realized gain and unrealized depreciation on investments:
|                                                             
|                                                             
|                                                             
|Net decrease in net assets resulting from operations         
|                                                             
|                                                             
|                                                             





See Notes to Financial Statements







|Capital Group Global Equity Fund                                                 
|---------------------------------------------------------------------------------
|Statement of operations                                                          
|for the year ended October 31, 2013                                              
|                                                                                 
|                                                                                 
|                                                                                 
|Investment income:                                                               
|                                                                                 
|                                                                                 
|                                                                                 
|                                                                                 
|                                                                                 
|                                                                                 
|                                                                                 
|                                                                                 
|                                                                                 
|                                                                                 
|                                                                                 
|                                                                                 
|                                                                                 
|                                                                                 
|Net realized gain (loss) and unrealized appreciation on investments and currency:
|                                                                                 
|                                                                                 
|                                                                                 
|                                                                                 
|                                                                                 
|Net increase in net assets resulting from operations                             
|                                                                                 
|                                                                                 
|1                                                                                
|                                                                                 





See Notes to Financial Statements







|Capital Group Non-U.S. Equity Fund                                        
|--------------------------------------------------------------------------
|Statement of operations                                                   
|for the year ended October 31, 2013                                       
|                                                                          
|                                                                          
|                                                                          
|Investment income:                                                        
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|Net realized loss and unrealized appreciation on investments and currency:
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|Net increase in net assets resulting from operations                      
|                                                                          
|                                                                          
|1                                                                         
|                                                                          





See Notes to Financial Statements







|Capital Group U.S. Equity Fund                                            
|--------------------------------------------------------------------------
|Statement of operations                                                   
|for the year ended October 31, 2013                                       
|                                                                          
|                                                                          
|                                                                          
|Investment income:                                                        
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|Net realized gain and unrealized appreciation on investments and currency:
|                                                                          
|                                                                          
|                                                                          
|                                                                          
|Net increase in net assets resulting from operations                      
|                                                                          
|                                                                          
|1                                                                         
|                                                                          





See Notes to Financial Statements







|Capital Group Core Municipal Fund           
|--------------------------------------------
|Statements of changes in net assets         
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|Operations:                                 
|                                            
|                                            
|                                            
|                                            
|                                            
|Dividends and distributions to shareholders:
|                                            
|                                            
|                                            
|                                            
|Net capital share transactions              
|                                            
|Total increase in net assets                
|                                            
|Net assets:                                 
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            





See Notes to Financial Statements







|Capital Group Short-Term Municipal Fund     
|--------------------------------------------
|Statements of changes in net assets         
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|Operations:                                 
|                                            
|                                            
|                                            
|                                            
|                                            
|Dividends and distributions to shareholders:
|                                            
|                                            
|                                            
|                                            
|Net capital share transactions              
|                                            
|Total increase (decrease) in net assets     
|                                            
|Net assets:                                 
|                                            
|                                            
|                                            
|                                            
|                                            
|1                                           
|                                            





See Notes to Financial Statements







|Capital Group California Core Municipal Fund
|--------------------------------------------
|Statements of changes in net assets         
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|Operations:                                 
|                                            
|                                            
|                                            
|                                            
|                                            
|Dividends and distributions to shareholders:
|                                            
|                                            
|                                            
|                                            
|Net capital share transactions              
|                                            
|Total increase in net assets                
|                                            
|Net assets:                                 
|                                            
|                                            
|                                            
|                                            
|                                            
|1                                           
|                                            





See Notes to Financial Statements







|Capital Group California Short-Term Municipal Fund
|--------------------------------------------------
|Statements of changes in net assets               
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|Operations:                                       
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|Dividends and distributions to shareholders:      
|                                                  
|                                                  
|                                                  
|                                                  
|Net capital share transactions                    
|                                                  
|Total increase in net assets                      
|                                                  
|Net assets:                                       
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|1                                                 
|                                                  





See Notes to Financial Statements







|Capital Group Core Bond Fund                
|--------------------------------------------
|Statements of changes in net assets         
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|Operations:                                 
|                                            
|                                            
|                                            
|                                            
|                                            
|Dividends and distributions to shareholders:
|                                            
|                                            
|                                            
|                                            
|Net capital share transactions              
|                                            
|Total (decrease) increase in net assets     
|                                            
|Net assets:                                 
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            





See Notes to Financial Statements







|Capital Group Global Equity Fund            
|--------------------------------------------
|Statements of changes in net assets         
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|Operations:                                 
|                                            
|                                            
|                                            
|                                            
|                                            
|Dividends and distributions to shareholders:
|                                            
|                                            
|                                            
|                                            
|Net capital share transactions              
|                                            
|Total increase in net assets                
|                                            
|Net assets:                                 
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            





See Notes to Financial Statements







|Capital Group Non-U.S. Equity Fund          
|--------------------------------------------
|Statements of changes in net assets         
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|Operations:                                 
|                                            
|                                            
|                                            
|                                            
|                                            
|Dividends and distributions to shareholders:
|                                            
|                                            
|                                            
|                                            
|Net capital share transactions              
|                                            
|Total increase in net assets                
|                                            
|Net assets:                                 
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            





See Notes to Financial Statements







|Capital Group U.S. Equity Fund              
|--------------------------------------------
|Statements of changes in net assets         
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            
|Operations:                                 
|                                            
|                                            
|                                            
|                                            
|                                            
|Dividends and distributions to shareholders:
|                                            
|                                            
|                                            
|                                            
|Net capital share transactions              
|                                            
|Total increase in net assets                
|                                            
|Net assets:                                 
|                                            
|                                            
|                                            
|                                            
|                                            
|                                            



See Notes to Financial Statements





Capital Group Private Client Services
Funds



Notes to financial statements





1. Organization



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



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



2. Significant accounting policies



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



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



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



Currency translation – Assets and
liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars
at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities
and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. On the accompanying
financial statements, the effects of changes in exchange rates on investment securities are included with the net realized gain
or loss and net unrealized appreciation or depreciation on investments. The realized gain or loss and unrealized appreciation or
depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.



3. Valuation



Capital Guardian Trust Company “CGTC”,
the fund’s investment adviser, values the Funds’ investments at fair value as defined by accounting principles generally
accepted in the United States of America. The net asset value of each Fund is generally determined as of approximately 4:00 p.m.
New York time each day the New York Stock Exchange is open.



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







Capital Group Private Client Services
Funds



Notes to financial statements (continued)





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



Fixed-income securities, including short-term
securities purchased with more than 60 days left to maturity, are generally valued at prices obtained from one or more pricing
vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides
examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the Funds are
authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class
of fixed-income security.



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



When the investment adviser deems it appropriate
to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued
in good faith at the mean quoted bid and asked prices that are reasonably and timely available (or bid prices, if asked prices
are not available) or at prices for securities of comparable maturity, quality and type. Some securities may be valued based on
their effective maturity or average life, which may be shorter than the stated maturity.



Securities with both fixed-income and equity characteristics, or
equity securities traded principally among fixed-income dealers, are generally valued in the manner described above for either
equity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser. Short-term securities
purchased within 60 days to maturity are valued at amortized cost, which approximates fair value. The value of short-term securities
originally purchased with maturities greater than 60 days is determined based on an amortized value to par when they reach 60 days.



Securities and other assets for which representative
market quotations are not readily available or are considered unreliable by the investment adviser are fair valued as determined
in good faith under guidelines adopted by authority of the Funds’ Board of Trustees as further described below. The investment
adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission (“SEC”) rules and
guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant
indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular
security, such as, the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial
or







Capital Group Private Client Services
Funds



Notes to financial statements (continued)





business developments of the issuer; actively
traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events
occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices
of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after
the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations
of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used
had greater market activity occurred.



Processes and structure – The Funds’
Board of Trustees has delegated authority to the Funds’ investment adviser to make fair value determinations, subject to
board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”)
to administer, implement and oversee the fair value process, and to make fair value decisions. The Fair Valuation Committee regularly
reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s
valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed
appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues.
The Fair Valuation Committee reports any changes to the fair valuation guidelines to the Board of Trustees with supplemental information
to support the changes. The Funds’ board and audit committee also regularly review reports that describe fair value determinations
and methods.



The fund’s investment adviser has also
established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use
of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes,
and controls over security valuation are also subject to internal reviews including an annual control self-evaluation program facilitated
by the investment adviser’s compliance group.



Classifications –The Funds’
investment adviser classifies the Funds’ assets and liabilities into three levels based on the inputs used to value the assets
or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based
on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain
securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant
market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect
the investment adviser’s determinations of assumptions that market participants might reasonably use in valuing the securities.
The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For
example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be
quoted prices in an active market. The following table presents the Funds’ valuation levels as of October 31, 2013 (dollars
in thousands):



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



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







Capital Group Private Client Services
Funds



Notes to financial statements (continued)







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



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









Capital Group Private Client Services
Funds



Notes to financial statements (continued)





4. Risk factors



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



Market conditions – The prices
of, and the income generated by, the securities held by the Funds may decline due to market conditions and other factors, including
those directly involving the issuers of securities held by the Funds.



Investing in bonds – Rising interest
rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject
to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to
redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds
in lower yielding securities.



Bonds and other debt securities are subject
to credit risk,which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will
fail to make timely payments of principal or interest and the security will go into default. Credit risk is gauged, in part, by
the credit ratings of the debt securities in which the fund invests. However, ratings are only the opinions of the rating agencies
issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies
on its own credit analysts to research issuers and issues in seeking to mitigate various credit and default risks.



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



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



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



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



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



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



Investing in securities backed by the U.S.
government–Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed
only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these
securities will fluctuate with changes in interest rates. Securities issued by government-sponsored entities and federal agencies
and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed
by the U.S. government.











Capital Group Private Client Services
Funds



Notes to financial statements (continued)





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



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



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



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



5. Certain investment techniques



Mortgage dollar rolls –The Capital
Group Core Bond Fund has entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a
counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific
future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase
the fund’s portfolio turnover rate.



6. Taxation and distributions



Federal income taxation –The Funds
comply with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intend to distribute
substantially all of their net income and net capital gains each year. The Funds are not subject to income taxes to the extent
taxable income and net capital gains are distributed. Therefore, no federal income tax provision is required. Generally, income
earned by Capital Group Core Municipal Fund, Capital Group Short-Term Municipal Fund, Capital Group California Core Municipal Fund
and Capital Group California Short-Term Municipal Fund is exempt from federal income taxes; however, these funds may earn taxable
income from certain investments.



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



Capital Group Core Municipal Fund, Capital Group
Short-Term Municipal Fund, Capital Group California Core Municipal Fund, Capital Group California Short-Term Municipal Fund and
Capital Group Core Bond Fund are not subject to examination by U.S. federal and state tax authorities for tax years before 2010,
the year the funds commenced operations.



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



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







Capital Group Private Client Services
Funds



Notes to financial statements (continued)





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



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



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



Additional tax basis disclosures for each fund are as follows (dollars
in thousands):



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







Capital Group Private Client Services
Funds



Notes to financial statements (continued)







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

1Rounds to less than $1,000.



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



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







Capital Group Private Client Services
Funds



Notes to financial statements (continued)







|                                   | Tax-Exempt | Ordinary Income | Long-Term
        Capital Gains
|---------------------------------- | ---------- | --------------- | -------------------------------
|                                   | 2013       | 2012            | 2013                           
|Capital Group Global Equity Fund   | –          | –               | 2,750                          
|Capital Group Non-U.S. Equity Fund | –          | –               | 1,697                          
|Capital Group U.S. Equity Fund     | –          | –               | 1,770                          

1Rounds to less than $1,000.



7. Fees and transactions with related parties



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



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



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



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



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



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



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



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









Capital Group Private Client Services
Funds



Notes to financial statements (continued)





8.	Capital share transactions



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



|                                                   | Sales    | Reinvestment of
        Dividends
        and Distributions | Repurchases | NetIncrease/(Decrease)
|-------------------------------------------------- | -------- | ----------------------------------------------------------- | ----------- | ----------------------
|Fund                                               | Amount   | Shares                                                      | Amount      | Shares                
|Year ended October 31, 2013                       
|Capital Group Core Municipal Fund                  | $ 84,091 | 7,946                                                       | $  3,708    | 352                   
|Capital Group Short-Term Municipal Fund            | 63,518   | 6,209                                                       | 1,797       | 175                   
|Capital Group California Core Municipal Fund       | 67,952   | 6,433                                                       | 3,435       | 327                   
|Capital Group California Short-Term Municipal Fund | 61,860   | 6,019                                                       | 898         | 87                    
|Capital Group Core Bond Fund                       | 54,710   | 5,276                                                       | 7,189       | 691                   
|Capital Group Global Equity Fund                   | 172,155  | 15,573                                                      | 1,982       | 196                   
|Capital Group Non-U.S. Equity Fund                 | 705,982  | 65,958                                                      | 414         | 41                    
|Capital Group U.S. Equity Fund                     | 58,147   | 3,592                                                       | 1,511       | 94                    
|                                                   |          |                                                             |             |                       





|Year ended October 31, 2012                       
|--------------------------------------------------
|Capital Group Core Municipal Fund                 
|Capital Group Short-Term Municipal Fund           
|Capital Group California Core Municipal Fund      
|Capital Group California Short-Term Municipal Fund
|Capital Group Core Bond Fund                      
|Capital Group Global Equity Fund                  
|                                                  







Capital Group Private Client Services
Funds



Notes to financial statements (continued)







|                                   | Sales   | Reinvestment of
        Dividends
        and Distributions | Repurchases | Net Increase/(Decrease)
|---------------------------------- | ------- | ----------------------------------------------------------- | ----------- | -----------------------
|Fund                               | Amount  | Shares                                                      | Amount      | Shares                 
|Year ended October 31, 2012       
|Capital Group Non-U.S. Equity Fund | 216,260 | 22,929                                                      | 239         | 28                     
|Capital Group U.S. Equity Fund     | 58,062  | 4,038                                                       | 4,202       | 316                    
|                                  
|                                   |         |                                                             |             |                        



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



9.	Investment transactions



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



|Fund                                               | Cost of
        Investments Purchased | Proceeds from
        Investments Sold    
|-------------------------------------------------- | ------------------------------------- | ------------------------------------------
|U.S. Government
        Agency Obligations         | Other Investments                     | U.S. Government
        Agency Obligations
|Capital Group Core Municipal Fund                  | $	–                                   | $	57,205                                  
|Capital Group Short-Term Municipal Fund            | –                                     | 26,365                                    
|Capital Group California Core Municipal Fund       | –                                     | 71,420                                    
|Capital Group California Short-Term Municipal Fund | –                                     | 25,939                                    
|Capital Group Core Bond Fund                       | 490,111                               | 77,299                                    
|Capital Group Global Equity Fund                   | –                                     | $207,830                                  
|Capital Group Non-U.S. Equity Fund                 | –                                     | 743,265                                   
|Capital Group U.S. Equity Fund                     | –                                     | 66,973                                    



















|Capital Group Core Municipal Fund             
|----------------------------------------------
|Financial highlights1                         
|(for a share outstanding throughout each year)
|                                              
|                                              
|                                              
|                                              
|                                              
|Selected per share data:                      
|                                              
|Net asset value, beginning of year            
|                                              
|Income from investment operations:            
|                                              
|                                              
|                                              
|                                              
|Dividends and distributions:                  
|                                              
|                                              
|                                              
|                                              
|Net asset value, end of year                  
|                                              
|Total Return5                                 
|                                              
|Net assets, end of year (in millions)         
|                                              
|Ratios / Supplemental Data:                   
|                                              
|                                              
|                                              
|                                              
|                                              
|                                              
|                                              
|1                                             
|2                                             
|3                                             
|4                                             
|5                                             
|6                                             
|7                                             
|                                              



See Notes to Financial Statements







|Capital Group Short-Term Municipal Fund       
|----------------------------------------------
|Financial highlights1                         
|(for a share outstanding throughout each year)
|                                              
|                                              
|                                              
|                                              
|                                              
|Selected per share data:                      
|                                              
|Net asset value, beginning of year            
|                                              
|Income from investment operations:            
|                                              
|                                              
|                                              
|                                              
|Dividends and distributions:                  
|                                              
|                                              
|                                              
|                                              
|Net asset value, end of year                  
|                                              
|Total Return5                                 
|                                              
|Net assets, end of year (in millions)         
|                                              
|Ratios / Supplemental Data:                   
|                                              
|                                              
|                                              
|                                              
|                                              
|                                              
|                                              
|1                                             
|2                                             
|3                                             
|4                                             
|5                                             
|6                                             
|7                                             
|                                              





See Notes to Financial Statements







|Capital Group California Core Municipal Fund  
|----------------------------------------------
|Financial highlights1                         
|(for a share outstanding throughout each year)
|                                              
|                                              
|                                              
|                                              
|                                              
|Selected per share data:                      
|                                              
|Net asset value, beginning of year            
|                                              
|Income from investment operations:            
|                                              
|                                              
|                                              
|                                              
|Dividends and distributions:                  
|                                              
|                                              
|                                              
|                                              
|Net asset value, end of year                  
|                                              
|Total Return5                                 
|                                              
|Net assets, end of year (in millions)         
|                                              
|Ratios / Supplemental Data:                   
|                                              
|                                              
|                                              
|                                              
|                                              
|                                              
|                                              
|1                                             
|2                                             
|3                                             
|4                                             
|5                                             
|6                                             
|7                                             
|                                              





See Notes to Financial Statements







|Capital Group California Short-Term Municipal Fund
|--------------------------------------------------
|Financial highlights1                             
|(for a share outstanding throughout each year)    
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|Selected per share data:                          
|                                                  
|Net asset value, beginning of year                
|                                                  
|Income from investment operations:                
|                                                  
|                                                  
|                                                  
|                                                  
|Dividends and distributions:                      
|                                                  
|                                                  
|                                                  
|                                                  
|Net asset value, end of year                      
|                                                  
|Total Return5                                     
|                                                  
|Net assets, end of year (in millions)             
|                                                  
|Ratios / Supplemental Data:                       
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|                                                  
|1                                                 
|2                                                 
|3                                                 
|4                                                 
|5                                                 
|6                                                 
|7                                                 
|                                                  





See Notes to Financial Statements







|Capital Group Core Bond Fund                  
|----------------------------------------------
|Financial highlights1                         
|(for a share outstanding throughout each year)
|                                              
|                                              
|                                              
|                                              
|                                              
|Selected per share data:                      
|                                              
|Net asset value, beginning of year            
|                                              
|Income from investment operations:            
|                                              
|                                              
|                                              
|                                              
|Dividends and distributions:                  
|                                              
|                                              
|                                              
|                                              
|Net asset value, end of year                  
|                                              
|Total Return4                                 
|                                              
|Net assets, end of year (in millions)         
|                                              
|Ratios / Supplemental Data:                   
|                                              
|                                              
|                                              
|                                              
|                                              
|                                              
|                                              
|1                                             
|2                                             
|3                                             
|4                                             
|5                                             
|6                                             
|                                              





See Notes to Financial Statements







|Capital Group Global Equity Fund               |                                                             
|---------------------------------------------- | ------------------------------------------------------------
|Financial highlights1                          |                                                             
|(for a share outstanding throughout each year) |                                                             
|                                               |                                                             
|                                               |                                                             
|                                               |                                                             
|                                               | 10/31/13                                                    
|                                               |                                                             
|Selected per share data:                       |                                                             
|                                               |                                                             
|Net asset value, beginning of year             | $                                                           
|                                               |                                                             
|Income from investment operations:             |                                                             
|                                               | Net investment income3                                      
|                                               | Net realized and unrealized gains (losses) on securities    
|                                               |                                                             
|                                               |                                                             
|Dividends and distributions:                   |                                                             
|                                               | Dividends from net investment income                        
|                                               | Distributions from capital gain                             
|                                               |                                                             
|                                               |                                                             
|Net asset value, end of year                   | $                                                           
|                                               |                                                             
|Total Return4                                  |                                                             
|                                               |                                                             
|Net assets, end of year (in millions)          | $                                                           
|                                               |                                                             
|Ratios / Supplemental Data:                    |                                                             
|                                               | Ratio of expenses to average net assets before reimbursement
|                                               | Ratio of expenses to average net assets after reimbursement4
|                                               | Ratio of net investment income to average net assets4       
|                                               |                                                             
|                                               | Portfolio turnover rate                                     
|                                               |                                                             
|                                               |                                                             
|1                                              |                                                             
|2                                              |                                                             
|3                                              |                                                             
|4                                              |                                                             
|5                                              |                                                             
|6                                              |                                                             
|                                               |                                                             





See Notes to Financial Statements







|Capital Group Non-U.S. Equity Fund             |                                                             
|---------------------------------------------- | ------------------------------------------------------------
|Financial highlights1                          |                                                             
|(for a share outstanding throughout each year) |                                                             
|                                               |                                                             
|                                               |                                                             
|                                               |                                                             
|                                               | 10/31/13                                                    
|                                               |                                                             
|Selected per share data:                       |                                                             
|                                               |                                                             
|Net asset value, beginning of year             | $                                                           
|                                               |                                                             
|Income from investment operations:             |                                                             
|                                               | Net investment income3                                      
|                                               | Net realized and unrealized gains (losses) on securities    
|                                               |                                                             
|                                               |                                                             
|Dividends and distributions:                   |                                                             
|                                               | Dividends from net investment income                        
|                                               | Distributions from capital gain                             
|                                               |                                                             
|                                               |                                                             
|Net asset value, end of year                   | $                                                           
|                                               |                                                             
|Total Return4                                  |                                                             
|                                               |                                                             
|Net assets, end of year (in millions)          | $                                                           
|                                               |                                                             
|Ratios / Supplemental Data:                    |                                                             
|                                               | Ratio of expenses to average net assets before reimbursement
|                                               | Ratio of expenses to average net assets after reimbursement4
|                                               | Ratio of net investment income to average net assets4       
|                                               |                                                             
|                                               | Portfolio turnover rate                                     
|                                               |                                                             
|                                               |                                                             
|1                                              |                                                             
|2                                              |                                                             
|3                                              |                                                             
|4                                              |                                                             
|5                                              |                                                             
|6                                              |                                                             
|7                                              |                                                             
|                                               |                                                             





See Notes to Financial Statements







|Capital Group U.S. Equity Fund                 |                                                                      
|---------------------------------------------- | ---------------------------------------------------------------------
|Financial highlights1                          |                                                                      
|(for a share outstanding throughout each year) |                                                                      
|                                               |                                                                      
|                                               | For the year ended                                                   
|                                               | 10/31/13                                                             
|                                               |                                                                      
|Selected per share data:                       |                                                                      
|                                               |                                                                      
|Net asset value, beginning of year             | $    14.75                                                           
|                                               |                                                                      
|Income from investment operations:             |                                                                      
|                                               | Net investment income3                                               
|                                               | Net realized and unrealized gains (losses) on securities and currency
|                                               |                                                                      
|                                               |                                                                      
|Dividends and distributions:                   |                                                                      
|                                               | Dividends from net investment income                                 
|                                               | Distributions from capital gain                                      
|                                               |                                                                      
|                                               |                                                                      
|Net asset value, end of year                   | $    18.33                                                           
|                                               |                                                                      
|Total Return4                                  | 26.06 %                                                              
|                                               |                                                                      
|                                               |                                                                      

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





See Notes to Financial Statements









See Notes to Financial Statements









REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To the Board of Trustees and Shareholders of

Capital Group Private Client Services Funds:



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



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



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



DELOITTE & TOUCHE LLP



Costa Mesa, California

December 17, 2013



























Capital Group Private Client Services Funds



Part C

Other Information





Item 28. Exhibits for Registration
Statement(1940 Act No. 811-22349 and 1933 Act No. 333-163115)



| | (a-1) | Amended and Restated Agreement and Declaration of Trust of Registrant – previously
filed (see P/E Amendment No. 3 filed 2/15/11)
| | ----- | --------------------------------------------------------------------------------------------------------------------------------



| | (a-2) | Amended and Restated Agreement
and Declaration of Trust dated 3/14/13
| | ----- | ---------------------------------------------------------------------





| | (b) | By-laws of Registrant – By-laws as amended 3/14/13
| | --- | --------------------------------------------------



| | (c) | Instruments Defining Rights of Security Holders – None
| | --- | ------------------------------------------------------



| | (d-1) | Investment Advisory Contracts – Form of Amended and Restated Investment Advisory and
Service Agreement between Registrant and Capital Guardian Trust Company – previously filed (see P/E Amendment No. 3 filed
2/15/11)
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d-2) | Form of Amendment to Investment Advisory and Service Agreement effective 12/6/13
| | ----- | --------------------------------------------------------------------------------



| | (e-1) | Underwriting Contracts – Form of Principal Underwriting Agreement – previously
filed (see Pre-Effective Amendment No. 3 filed 4/6/10)
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------



| | (e-2) | Form of Amendment to Principal Underwriting Agreement effective 12/6/13
| | ----- | -----------------------------------------------------------------------



| | (f) | Bonus or Profit Sharing Contracts – None
| | --- | ----------------------------------------



| | (g) | Custodian Agreements – Form of Custodian Agreement – previously filed (see Pre-Effective
Amendment No. 3 filed 4/6/10)
| | --- | ----------------------------------------------------------------------------------------------------------------------



| | (h-1) | Other Material Contracts - Form of Transfer Agency and Service Agreement – previously
filed (see Pre-Effective Amendment No. 3 filed 4/6/10); Form of Accounting Services Agreement – previously filed (see Pre-Effective
Amendment No. 3 filed 4/6/10); Form of Administration Agreement – previously filed (see Pre-Effective Amendment No. 3 filed
4/6/10); and Form of Indemnification Agreement – previously filed (see Pre-Effective Amendment No. 3 filed 4/6/10)
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h-2) | Form of Indemnification Agreement
| | ----- | ---------------------------------



| | (i) | Legal Opinion– previously filed (see P/E Amendment No.
3 filed 2/15/11)
| | --- | -----------------------------------------------------------------------



| | (j) | Other Opinions – Consent of Independent Registered Public Accounting Firm
| | --- | -------------------------------------------------------------------------



(k)	Omitted financial statements -
None



(l)	Initial capital agreements –
previously filed (see P/E Amendment No. 3 filed 2/15/11)



| | (m) | Rule 12b-1 Plan – None
| | --- | ----------------------



| | (n) | Rule 18f-3 Plan – None
| | --- | ----------------------









(o)	Reserved



| | (p) | Code of Ethics – Code of Ethics for The Capital Group Companies dated September 2013;
and Code of Ethics for Registrant
| | --- | -----------------------------------------------------------------------------------------------------------------------





Item 29.	Persons Controlled by or Under
Common Control with the Fund



None





Item 30.	Indemnification



The
Registrant is a joint-insured under Investment Adviser/Mutual Fund Errors and Omissions Policies, which insure its officers and
trustees against certain liabilities. However, in no event will Registrant maintain insurance to indemnify any such person for
any act for which Registrant itself is not permitted to indemnify the individual.



Article 8 of the Registrant’s
Declaration of Trust as well as the indemnification agreements that the Registrant has entered into with each of its trustees who
is not an “interested person” of the Registrant (as defined under the Investment Company Act of 1940, as amended),
provide in effect that the Registrant will indemnify its officers and trustees against any liability or expenses actually and reasonably
incurred by such person in any proceeding arising out of or in connection with his or her service to the Registrant, to the fullest
extent permitted by applicable law, subject to certain conditions. In accordance with Section 17(h) and 17(i) of the Investment
Company Act of 1940, as amended, and their respective terms, these provisions do not protect any person against any liability to
the Registrant or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith,
gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.



Insofar as indemnification
for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the U.S. Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will,
unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.



Registrant will comply with
the indemnification requirements contained in the Investment Company Act of 1940, as amended, and Release Nos. 7221 (June 9, 1972)
and 11330 (September 4, 1980).





Item 31.	Business and Other
Connections of the Investment Adviser



None











Item 32.	Principal Underwriters



(a) 	American Funds Distributors,
Inc. is the Principal Underwriter of shares of: AMCAP Fund, American Balanced Fund, American Funds College Target Date Series,
American Funds Corporate Bond Fund, American Funds Developing World Growth and Income Fund, American Funds Fundamental Investors,
American Funds Global Balanced Fund, American Funds Global High-Income Opportunities Fund, The American Funds Income Series, American
Funds Inflation Linked Bond Fund; American Funds Money Market Fund, American Funds Mortgage Fund, American Funds Portfolio Series,
American Funds Short-Term Tax-Exempt Bond Fund, American Funds Target Date Retirement Series, American Funds Tax-Exempt Fund of
New York, The American Funds Tax-Exempt Series I, The American Funds Tax-Exempt Series II, American High-Income Municipal
Bond Fund, American High-Income Trust, American Mutual Fund, The Bond Fund of America, Capital Emerging Markets Total Opportunities
Fund, Capital Income Builder, Capital Private Client Services Funds, Capital World Bond Fund, Capital World Growth and Income Fund,
Emerging Markets Growth Fund, Inc., EuroPacific Growth Fund, The Growth Fund of America, The Income Fund of America, Intermediate
Bond Fund of America, International Growth and Income Fund, The Investment Company of America, Limited Term Tax-Exempt Bond
Fund of America, The New Economy Fund, New Perspective Fund, New World Fund, Inc., Short-Term Bond Fund of America, SMALLCAP World
Fund, Inc., The Tax-Exempt Bond Fund of America and Washington Mutual Investors Fund



(b)



|    | (1)
        Name and Principal
        Business Address | (2)
        Positions and Offices
        with Underwriter          | (3)
        Positions
        and Offices
        with Registrant
|--- | ------------------------------------------------------- | ------------------------------------------------------------------- | -----------------------------------------------------------------
|IRV | Laurie M. Allen                                         | Director and Senior Vice President                                  | None                                                             
|LAO | Dianne L. Anderson                                      | Vice President                                                      | None                                                             
|LAO | William C. Anderson                                     | Director, Senior Vice President and Director of Investment Services | None                                                             
|LAO | Dion T. Angelopoulos                                    | Assistant Vice President                                            | None                                                             
|LAO | T. Patrick Bardsley                                     | Vice President                                                      | None                                                             
|LAO | Shakeel A. Barkat                                       | Vice President                                                      | None                                                             
|LAO | Brad A. Barrett                                         | Director                                                            | None                                                             
|IRV | Carl R. Bauer                                           | Vice President                                                      | None                                                             
|LAO | Brett A. Beach                                          | Assistant Vice President                                            | None                                                             
|LAO | Roger J. Bianco, Jr.                                    | Vice President                                                      | None                                                             
|LAO | John A. Blanchard                                       | Senior Vice President                                               | None                                                             
|LAO | Gerard M. Bockstie, Jr.                                 | Senior Vice President                                               | None                                                             









|LAO | Jonathan W. Botts      | Vice President                                                                       | None
|--- | ---------------------- | ------------------------------------------------------------------------------------ | ----
|LAO | Bill Brady             | Director and Senior Vice President                                                   | None
|LAO | Mick L. Brethower      | Senior Vice President                                                                | None
|LAO | C. Alan Brown          | Vice President                                                                       | None
|LAO | Gary D. Bryce          | Regional Vice President                                                              | None
|LAO | Sheryl M. Burford      | Assistant Vice President                                                             | None
|LAO | Steven Calabria        | Vice President                                                                       | None
|LAO | Thomas E. Callahan     | Vice President                                                                       | None
|SNO | Susan H. Campbell      | Vice President                                                                       | None
|LAO | James D. Carter        | Vice President                                                                       | None
|LAO | Brian C. Casey         | Senior Vice President                                                                | None
|LAO | Christopher J. Cassin  | Senior Vice President                                                                | None
|LAO | Denise M. Cassin       | Director, Senior Vice President and Director of Individual
        Investor Business | None
|LAO | Craig L. Castner       | Regional Vice President                                                              | None
|LAO | David D. Charlton      | Director, Senior Vice President and Director of Marketing                            | None
|LAO | Thomas M. Charon       | Vice President                                                                       | None
|LAO | Paul A. Cieslik        | Vice President                                                                       | None
|LAO | Kevin G. Clifford      | Director, Chairman, President and Chief Executive Officer                            | None
|LAO | Ruth M. Collier        | Senior Vice President                                                                | None
|LAO | Christopher M. Conwell | Regional Vice President                                                              | None
|LAO | Charles H. Cote        | Vice President                                                                       | None
|SNO | Kathleen D. Cox        | Vice President                                                                       | None









|LAO | Michael D. Cravotta       | Assistant Vice President              | None
|--- | ------------------------- | ------------------------------------- | ----
|LAO | Joseph G. Cronin          | Vice President                        | None
|LAO | D. Erick Crowdus          | Regional Vice President               | None
|LAO | Katherine Randall Danella | Assistant Vice President              | None
|LAO | Brian M. Daniels          | Vice President                        | None
|LAO | William F. Daugherty      | Senior Vice President                 | None
|LAO | Shane L. Davis            | Regional Vice President               | None
|LAO | Peter J. Deavan           | Vice President                        | None
|LAO | Guy E. Decker             | Senior Vice President                 | None
|LAO | Renee A. Degner           | Regional Vice President               | None
|LAO | Daniel J. Delianedis      | Senior Vice President                 | None
|LAO | James W. DeLouise         | Assistant Vice President              | None
|LAO | Hedy B. Donahue           | Assistant Vice President              | None
|LAO | Michael J. Downer         | Director                              | None
|LAO | Ryan T. Doyle             | Regional Vice President               | None
|LAO | Alan J. Dumas             | Regional Vice President               | None
|LAO | Bryan K. Dunham           | Regional Vice President               | None
|LAO | Kevin C. Easley           | Regional Vice President               | None
|LAO | Damian Eckstein           | Regional Vice President               | None
|LAO | Timothy L. Ellis          | Senior Vice President                 | None
|LAO | John M. Fabiano           | Regional Vice President               | None
|LAO | Lorna Fitzgerald          | Vice President                        | None
|LAO | William F. Flannery       | Senior Vice President                 | None
|LAO | John R. Fodor             | Director and Executive Vice President | None









|SFO | Cheryl E. Frank        | Director                                                     | None
|--- | ---------------------- | ------------------------------------------------------------ | ----
|LAO | Charles L. Freadhoff   | Vice President                                               | None
|LAO | Daniel B. Frick        | Senior Vice President                                        | None
|SNO | Arturo V. Garcia, Jr.  | Assistant Vice President                                     | None
|LAO | Brian K. Geiger        | Regional Vice President                                      | None
|LAO | J. Christopher Gies    | Senior Vice President                                        | None
|LAO | Robert E. Greeley, Jr. | Regional Vice President                                      | None
|LAO | Jeffrey J. Greiner     | Senior Vice President                                        | None
|LAO | Eric M. Grey           | Senior Vice President                                        | None
|LAO | Christopher M. Guarino | Senior Vice President                                        | None
|IRV | Steven Guida           | Director and Senior Vice President                           | None
|LAO | Susan L. Hallock Smith | Vice President                                               | None
|IND | Thomas P. Halloran     | Regional Vice President                                      | None
|LAO | David R. Hanna         | Regional Vice President                                      | None
|LAO | Derek S. Hansen        | Vice President                                               | None
|LAO | John R. Harley         | Senior Vice President                                        | None
|LAO | Robert J. Hartig, Jr.  | Senior Vice President                                        | None
|LAO | Craig W. Hartigan      | Vice President                                               | None
|LAO | Russell K. Holliday    | Vice President                                               | None
|LAO | Heidi Horwitz-Marcus   | Director and Senior Vice President                           | None
|LAO | Kevin B. Hughes        | Vice President                                               | None
|LAO | David K. Hummelberg    | Director and Senior Vice President, Treasurer and Controller | None









|LAO | Jeffrey K. Hunkins       | Regional Vice President            | None
|--- | ------------------------ | ---------------------------------- | ----
|LAO | Marc Ialeggio            | Vice President                     | None
|IND | David K. Jacocks         | Assistant Vice President           | None
|LAO | W. Chris Jenkins         | Regional Vice President            | None
|LAO | Daniel J. Jess II        | Regional Vice President            | None
|IND | Jameel S. Jiwani         | Regional Vice President            | None
|LAO | Linda Johnson            | Vice President                     | None
|LAO | Brendan M. Jonland       | Regional Vice President            | None
|    |                          |                                    |     
|LAO | Marc J. Kaplan           | Vice President                     | None
|LAO | John P. Keating          | Senior Vice President              | None
|LAO | Brian G. Kelly           | Vice President                     | None
|LAO | Christopher J. Kennedy   | Regional Vice President            | None
|LAO | Ryan C. Kidwell          | Vice President                     | None
|LAO | Mark Kistler             | Vice President                     | None
|NYO | Dorothy Klock            | Senior Vice President              | None
|LAO | Stephen J. Knutson       | Assistant Vice President           | None
|IRV | Elizabeth K. Koster      | Vice President                     | None
|LAO | Christopher F. Lanzafame | Vice President                     | None
|IRV | Laura Lavery             | Vice President                     | None
|LAO | R. Andrew LeBlanc        | Director and Senior Vice President | None
|LAO | Matthew N. Leeper        | Regional Vice President            | None
|LAO | Clay M. Leveritt         | Regional Vice President            | None
|LAO | Susan B. Lewis           | Assistant Vice President           | None









|LAO | Lorin E. Liesy          | Vice President           | None          
|--- | ----------------------- | ------------------------ | --------------
|LAO | Louis K. Linquata       | Senior Vice President    | None          
|LAO | James M. Maher          | Regional Vice President  | None          
|LAO | Brendan T. Mahoney      | Senior Vice President    | None          
|LAO | Nathan G. Mains         | Regional Vice President  | None          
|LAO | Mark A. Marinella       | Senior Vice President    | None          
|LAO | Paul R. Mayeda          | Assistant Vice President | None          
|LAO | Eleanor P. Maynard      | Vice President           | None          
|LAO | Dana C. McCollum        | Vice President           | None          
|LAO | Joseph A. McCreesh, III | Vice President           | None          
|LAO | Ross M. McDonald        | Regional Vice President  | None          
|LAO | Timothy W. McHale       | Secretary                | Vice President
|LAO | Will McKenna            | Vice President           | None          
|LAO | Scott M. Meade          | Senior Vice President    | None          
|LAO | David A. Merrill        | Assistant Vice President | None          
|LAO | William C. Miller, Jr.  | Senior Vice President    | None          
|LAO | William T. Mills        | Vice President           | None          
|LAO | Sean C. Minor           | Regional Vice President  | None          
|LAO | James R. Mitchell III   | Regional Vice President  | None          
|LAO | Charles L. Mitsakos     | Senior Vice President    | None          
|LAO | Linda M. Molnar         | Vice President           | None          
|LAO | Monty L. Moncrief       | Vice President           | None          
|LAO | Jon Christian Nicolazzo | Regional Vice President  | None          
|LAO | Earnest M. Niemi        | Regional Vice President  | None          









|LAO | Jack Nitowitz           | Vice President                        | None
|--- | ----------------------- | ------------------------------------- | ----
|LAO | William E. Noe          | Senior Vice President                 | None
|LAO | Matthew P. O’Connor     | Director and Executive Vice President | None
|LAO | Peter A. Olsen          | Regional Vice President               | None
|LAO | Jonathan H. O’Flynn     | Vice President                        | None
|LAO | Jeffrey A. Olson        | Vice President                        | None
|LAO | Thomas A. O’Neil        | Vice President                        | None
|LAO | Shawn M. O’Sullivan     | Vice President                        | None
|IND | Lance T. Owens          | Regional Vice President               | None
|LAO | Rodney Dean Parker II   | Regional Vice President               | None
|LAO | W. Burke Patterson, Jr. | Senior Vice President                 | None
|LAO | Gary A. Peace           | Senior Vice President                 | None
|LAO | David K. Petzke         | Senior Vice President                 | None
|IRV | John H. Phelan, Jr.     | Director                              | None
|LAO | Joseph M. Piccolo       | Regional Vice President               | None
|LAO | Keith A. Piken          | Vice President                        | None
|LAO | Carl S. Platou          | Senior Vice President                 | None
|LAO | Charles R. Porcher      | Regional Vice President               | None
|LAO | Julie K. Prather        | Vice President                        | None
|SNO | Richard P. Prior        | Senior Vice President                 | None
|LAO | Steven J. Quagrello     | Vice President                        | None
|LAO | Mike Quinn              | Vice President                        | None
|SNO | John P. Raney           | Vice President                        | None
|LAO | James P. Rayburn        | Vice President                        | None









|LAO | Rene M. Reincke       | Vice President                                               | None
|--- | --------------------- | ------------------------------------------------------------ | ----
|LAO | Jeffrey Robinson      | Vice President                                               | None
|LAO | Suzette M. Rothberg   | Senior Vice President                                        | None
|LAO | James F. Rothenberg   | Director                                                     | None
|LAO | Romolo D. Rottura     | Senior Vice President                                        | None
|LAO | Shane A. Russell      | Regional Vice President                                      | None
|LAO | William M. Ryan       | Vice President                                               | None
|LAO | Dean B. Rydquist      | Director, Senior Vice President and Chief Compliance Officer | None
|LAO | Richard A. Sabec, Jr. | Senior Vice President                                        | None
|LAO | Paul V. Santoro       | Senior Vice President                                        | None
|LAO | Keith A. Saunders     | Regional Vice President                                      | None
|LAO | Joseph D. Scarpitti   | Senior Vice President                                        | None
|IRV | MaryAnn Scarsone      | Assistant Vice President                                     | None
|LAO | Kim D. Schmidt        | Assistant Vice President                                     | None
|LAO | David L. Schroeder    | Vice President                                               | None
|LAO | James J. Sewell III   | Senior Vice President                                        | None
|LAO | Arthur M. Sgroi       | Senior Vice President                                        | None
|LAO | Michael J. Sheldon    | Vice President                                               | None
|LAO | Brad Short            | Vice President                                               | None
|LAO | Nathan W. Simmons     | Regional Vice President                                      | None
|LAO | Connie F. Sjursen     | Vice President                                               | None
|LAO | Jerry L. Slater       | Senior Vice President                                        | None
|LAO | Matthew Smith         | Assistant Vice President                                     | None
|SNO | Stacy D. Smolka       | Vice President                                               | None









|LAO | J. Eric Snively      | Vice President           | None
|--- | -------------------- | ------------------------ | ----
|LAO | Therese L. Soullier  | Vice President           | None
|LAO | Kristen J. Spazafumo | Vice President           | None
|LAO | Mark D. Steburg      | Senior Vice President    | None
|LAO | Michael P. Stern     | Vice President           | None
|NYO | Andrew B. Suzman     | Director                 | None
|LAO | Libby J. Syth        | Vice President           | None
|LAO | David R. Therrien    | Assistant Vice President | None
|LAO | Gary J. Thoma        | Senior Vice President    | None
|LAO | John B. Thomas       | Regional Vice President  | None
|LAO | Mark R. Threlfall    | Vice President           | None
|IND | James P. Toomey      | Vice President           | None
|LAO | Luke N. Trammell     | Vice President           | None
|IND | Christopher E. Trede | Vice President           | None
|LAO | David E. Unanue      | Senior Vice President    | None
|LAO | Scott W. Ursin-Smith | Senior Vice President    | None
|LAO | Patrick D. Vance     | Regional Vice President  | None
|SNO | Cindy Vaquiax        | Vice President           | None
|LAO | Srinkanth Vemuri     | Vice President           | None
|LAO | J. David Viale       | Senior Vice President    | None
|DCO | Bradley J. Vogt      | Director                 | None









|LAO | Jon N. Wainman      | Regional Vice President  | None
|--- | ------------------- | ------------------------ | ----
|LAO | Sherrie S. Walling  | Assistant Vice President | None
|SNO | Chris L. Wammack    | Assistant Vice President | None
|LAO | Thomas E. Warren    | Senior Vice President    | None
|LAO | George J. Wenzel    | Senior Vice President    | None
|LAO | Adam B. Whitehead   | Regional Vice President  | None
|LAO | Steven C. Wilson    | Vice President           | None
|LAO | Steven Wilson       | Vice President           | None
|LAO | Kurt A. Wuestenberg | Senior Vice President    | None
|LAO | Jason P. Young      | Senior Vice President    | None
|LAO | Jonathan A. Young   | Vice President           | None



__________

|DCO   | Business Address, 3000 K Street N.W., Suite 230, Washington, DC 20007-5140      
|----- | --------------------------------------------------------------------------------
|GVO-1 | Business Address, 3 Place des Bergues, 1201 Geneva, Switzerland                 
|HRO   | Business Address, 5300 Robin Hood Road, Norfolk, VA 23513                       
|IND   | Business Address, 12811 North Meridian Street, Carmel, IN 46032                 
|IRV   | Business Address, 6455 Irvine Center Drive, Irvine, CA 92618                    
|LAO   | Business Address, 333 South Hope Street, Los Angeles, CA  90071                 
|LAO-W | Business Address, 11100 Santa Monica Blvd., 15th Floor, Los Angeles, CA  90025  
|NYO   | Business Address, 630 Fifth Avenue, 36th Floor, New York, NY 10111              
|SFO   | Business Address, One Market, Steuart Tower, Suite 2000, San Francisco, CA 94105
|SNO   | Business Address, 3500 Wiseman Boulevard, San Antonio, TX  78251                



(c)	None











Item 33.	Location of Accounts and Records



Accounts, books and other
records required by Rules 31a-1 and 31a-2 under the Investment Company Act of 1940, as amended, are maintained and kept in the
offices of the Registrant’s investment adviser, Capital Guardian Trust Company, 6455 Irvine Center Drive, Irvine, CA 92618
and State Street Bank and Trust Company, One Lincoln Street, Boston, MA 02111.



Registrant’s records
covering shareholder accounts are maintained and kept by its transfer agent, State Street Bank and Trust Company, One Lincoln Street,
Boston, MA 02111.



Registrant’s records
covering portfolio transactions are maintained and kept by its custodian, State Street Bank and Trust Company, One Lincoln Street,
Boston, MA 02111.





Item 34.	Management Services



None





Item 35.	Undertakings



n/a







SIGNATURES



Pursuant to the
requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly
caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Irvine, in the
County of Orange and State of California, on the 30th day of December, 2013.



CAPITAL GROUP PRIVATE CLIENT SERVICES
FUNDS



By: /s/ Paul F. Roye

(Paul F. Roye, Chairman of the Board)



Pursuant to the requirements of the Securities
Act of 1933, this amendment to Registration Statement has been signed below on December 30, 2013, by the following persons in the
capacities indicated.



|    | Signature                                                            | Title                
|--- | -------------------------------------------------------------------- | ---------------------
|    |                                                                     
|(1) | Principal Executive Officer:                                        
|    |                                                                      |                      
|    | /s/ John S. Armour                                                   | President            
|    | (John S. Armour)                                                    
|   
|(2) | Principal Financial Officer and Principal Accounting Officer:       
|    |                                                                      |                      
|    | /s/ Kevin M. Saks                                                    | Treasurer            
|    | (Kevin M. Saks)                                                     
|   
|(3) | Trustees:                                                           
|    |                                                                      |                      
|    | Richard G. Capen, Jr.*                                               | Trustee              
|    | H. Frederick Christie*                                               | Trustee              
|    | Martin Fenton*                                                       | Trustee              
|    | Richard G. Newman*                                                   | Trustee              
|    |                                                                      |                      
|    | /s/ Paul F. Roye                                                     | Chairman of the Board
|    | (Paul F. Roye)                                                      
|    |                                                                      |                      
|    | *By: /s/ Courtney R. Taylor                                          |                      
|    | (Courtney R. Taylor, pursuant to a power of attorney filed herewith) |                      
|    |                                                                      |                      



Counsel represents that this
amendment does not contain disclosures that would make the amendment ineligible for effectiveness under the provisions of Rule
485(b).





/s/
Timothy W. McHale

(Timothy W. McHale, Counsel)









POWER OF ATTORNEY



I, Richard G. Capen, Jr.,
the undersigned trustee of the Capital Group Private Client Services Funds (the “Trust”) hereby revoke all previous
powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Trust and do hereby constitute
and appoint



|Courtney R. Taylor
        Timothy W. McHale
        Kevin M. Saks
        Susan K. Countess | 
|-------------------------------------------------------------------------------------------- | 



each of them singularly, my true and lawful
attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate
capacities, all Registration Statements of the Trust on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments
to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith,
and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate,
to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related
requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their
substitutes may do or cause to be done by virtue hereof.



EXECUTED at Irvine,
CA, this 5th day of December, 2013.

(City, State)





/s/ Richard G. Capen, Jr.

Richard G. Capen, Jr., Trustee







POWER OF ATTORNEY



I, H. Frederick Christie,
the undersigned trustee of the Capital Group Private Client Services Funds (the “Trust”) hereby revoke all previous
powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Trust and do hereby constitute
and appoint



|Courtney R. Taylor
        Timothy W. McHale
        Kevin M. Saks
        Susan K. Countess | 
|-------------------------------------------------------------------------------------------- | 



each of them singularly, my true and lawful
attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate
capacities, all Registration Statements of the Trust on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments
to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith,
and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate,
to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related
requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their
substitutes may do or cause to be done by virtue hereof.



EXECUTED at Irvine,
CA, this 5th day of December, 2013.

(City, State)





/s/ H. Frederick Christie

H. Frederick Christie, Trustee







POWER OF ATTORNEY



I, Martin Fenton, the undersigned
trustee of the Capital Group Private Client Services Funds (the “Trust”) hereby revoke all previous powers of attorney
I have signed and otherwise act in my name and behalf in matters involving the Trust and do hereby constitute and appoint



|Courtney R. Taylor
        Timothy W. McHale
        Kevin M. Saks
        Susan K. Countess | 
|-------------------------------------------------------------------------------------------- | 



each of them singularly, my true and lawful
attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate
capacities, all Registration Statements of the Trust on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments
to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith,
and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate,
to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related
requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their
substitutes may do or cause to be done by virtue hereof.



EXECUTED at Irvine,
CA, this 5th day of December, 2013.

(City, State)



/s/ Martin Fenton

Martin Fenton, Trustee







POWER OF ATTORNEY



I, Richard G. Newman, the
undersigned trustee of the Capital Group Private Client Services Funds (the “Trust”) hereby revoke all previous powers
of attorney I have signed and otherwise act in my name and behalf in matters involving the Trust and do hereby constitute and appoint



|Courtney R. Taylor
        Timothy W. McHale
        Kevin M. Saks
        Susan K. Countess | 
|-------------------------------------------------------------------------------------------- | 



each of them singularly, my true and lawful
attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate
capacities, all Registration Statements of the Trust on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments
to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith,
and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate,
to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related
requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their
substitutes may do or cause to be done by virtue hereof.



EXECUTED at Irvine,
CA, this 5th day of December, 2013.

(City, State)





/s/Richard G. Newman

Richard G. Newman, Trustee