# EDGAR Filing Document

**Accession Number:** 0001474365
**File Stem:** 0001193125-26-005835
**Filing Date:** 2026-1
**Character Count:** 180923
**Document Hash:** 0065a76e58466a0263de3d47ccf77c0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-005835.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001193125-26-005835

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAPITAL GROUP PRIVATE CLIENT SERVICES FUNDS
- **CENTRAL INDEX KEY:** 0001474365

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22349
- **FILM NUMBER:** 26514680

**BUSINESS ADDRESS:**
- **STREET 1:** 6455 IRVINE CENTER DRIVE
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92618
- **BUSINESS PHONE:** 213-486-9200

**MAIL ADDRESS:**
- **STREET 1:** 333 SOUTH HOPE STREET
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90071

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAPITAL PRIVATE CLIENT SERVICES FUNDS
- **DATE OF NAME CHANGE:** 20100323

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PERSONAL INVESTMENT MANAGEMENT PORTFOLIO SERIES
- **DATE OF NAME CHANGE:** 20091014

## Series and Classes Contracts Data

### Capital Group California Core Municipal Fund (Series ID: S000027396)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000082664 | Share class  | CCCMX           |

### Capital Group California Short-Term Municipal Fund (Series ID: S000027397)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000082665 | Share class  | CCSTX           |

?xml version='1.0' encoding='ASCII'? 34f983c3-1566-4aa5-a111-575e3260d6cd

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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#### FORM N-CSR

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#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-22349

#### Capital Group Private Client Services Funds
(Exact name of registrant as specified in charter)

------

6455 Irvine Center Drive

Irvine, California 92618

(Address of principal executive offices)

Becky L. Park

6455 Irvine Center Drive

Irvine, California 92618

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### October 31

#### Date of reporting period:

#### October 31, 2025
ITEM 1 - Reports to Stockholders

![TSR - PCS Logo](images_2328.jpg)

ANNUAL SHAREHOLDER REPORT

## Capital Group California Core Municipal Fund
**CCCMX** for the year ended October 31, 2025

This annual shareholder report contains important information about Capital Group California Core Municipal Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at **capitalgroup.com/PCS-literature**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;CCCMX | &nbsp;&nbsp;$28 | 0.27% |

---

#### Management's discussion of fund performance
The fund's shares gained 4.49% for the year ended October 31, 2025. That result compares with a 4.70% gain for the Bloomberg California Short-Intermediate Municipal Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/PCS-returns**.

#### What factors influenced results
During the fund's fiscal year, U.S. municipal bonds posted strong returns. The U.S. Federal Reserve cut rates four times in response to growing labor market weakness, driving short-term yields lower. Long-term municipal yields initially rose but finished the period lower amid strong investor demand and a steepening yield curve. Meanwhile, Treasury yields declined since June, reflecting a shift toward safe-haven assets due to reduced issuance and economic slowdown concerns.

Within the fund, holdings in special tax debt were particularly additive to results relative to the index. Housing and health care bonds also contributed to relative returns. Curve positioning also modestly helped relative returns.

Conversely, the fund's holdings in the transportation, non-general obligation government issues and education sectors pulled down returns relative to the index. Additionally, duration positioning somewhat weighed on relative results.

#### How a hypothetical $25,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1492666.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Capital Group California Core Municipal Fund\* | 4.49% | 1.24% | 1.86% |
| Bloomberg Municipal Bond Index† | 4.17% | 1.16% | 2.42% |
| Bloomberg California Short-Intermediate Municipal Index† | 4.70% | 1.22% | 1.81% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in millions) | $700 |
| Total number of portfolio holdings | 475 |
| Total advisory fees paid (in millions) | $2 |
| Portfolio turnover rate | 36% |

---

**Portfolio quality summary \*** (percent of net assets)

<sup>\*</sup> Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/or Fitch as an indication of an issuer's creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor's, Moody's and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund's investment policies. Securities in the "unrated" category (above) have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with the fund's investment policies.

<sup>†</sup> Includes derivatives.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/PCS-literature**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFMXARX-119-1225© 2025 Capital Group. All rights reserved.

![TSR - PCS Logo](images_2328.jpg)

ANNUAL SHAREHOLDER REPORT

## Capital Group California Short-Term Municipal Fund
**CCSTX** for the year ended October 31, 2025

This annual shareholder report contains important information about Capital Group California Short-Term Municipal Fund (the "fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the fund at **capitalgroup.com/PCS-literature**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;CCSTX | &nbsp;&nbsp;$31 | 0.30% |

---

#### Management's discussion of fund performance
The fund's shares gained 3.77% for the year ended October 31, 2025. That result compares with a 3.64% gain for the Bloomberg California Short Municipal Index. For information on returns for additional periods, including the fund lifetime, please refer to **capitalgroup.com/PCS-returns**.

#### What factors influenced results
During the fund's fiscal year, U.S. municipal bonds posted strong returns. The U.S. Federal Reserve cut rates four times in response to growing labor market weakness, driving short-term yields lower. Long-term municipal yields initially rose but finished the period lower amid strong investor demand and a steepening yield curve. Meanwhile, Treasury yields declined since June, reflecting a shift toward safe-haven assets due to reduced issuance and economic slowdown concerns.

Within the fund, holdings in special tax debt were particularly additive to the results relative to the index. Housing and utility bonds also boosted relative returns, as did curve positioning.

Conversely, the fund's holdings in the transportation, education and non-general obligation government issues sectors weighed on returns relative to the index. The fund's duration positioning also reduced relative results.

#### How a hypothetical $25,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![Fund Performance - Growth of 10K](chartimages_1492710.jpg)

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 year** | &nbsp;&nbsp;**5 years** | &nbsp;&nbsp;**10 years** |
| Capital Group California Short-Term Municipal Fund\* | 3.77% | 1.17% | 1.32% |
| Bloomberg Municipal Bond Index† | 4.17% | 1.16% | 2.42% |
| Bloomberg California Short Municipal Index† | 3.64% | 1.25% | 1.45% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $123294 |
| Total number of portfolio holdings | 173 |
| Total advisory fees paid (in thousands) | $291 |
| Portfolio turnover rate | 46% |

---

**Portfolio quality summary \*** (percent of net assets)

<sup>\*</sup> Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/or Fitch as an indication of an issuer's creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor's, Moody's and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund's investment policies. Securities in the "unrated" category (above) have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with the fund's investment policies.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **capitalgroup.com/PCS-literature**.

#### Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. MFMXARX-120-1225© 2025 Capital Group. All rights reserved.

------

#### ITEM 2 - Code of Ethics
The Registrant has adopted a Code of Ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. A copy of the code of ethics is available without charge at https://www.capitalgroup.com/individual/pdf/shareholder/cg_code_of_ethics.pdf.

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#### ITEM 3 - Audit Committee Financial Expert
The Registrant's board has determined that Paul S. Williams, a member of the Registrant's audit committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item. This designation will not increase the designee's duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant's financial statements and condition.

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#### ITEM 4 - Principal Accountant Fees and Services

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Registrant<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees | (c) Tax Fees | (d) All Other Fees |
| **October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82000 |  | &nbsp;&nbsp;15000 |  |
| **October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 |  | &nbsp;&nbsp;15000 |  |
| **Adviser and Affiliates<sup>2</sup>** |  |  |  |  |
| **October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable |  |  |  |
| **October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable | &nbsp;&nbsp;44000 |  |  |

---

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| | |
|:---|:---|
| **Registrant, Adviser and Affiliates<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Aggregate |
| **Registrant, Adviser and Affiliates<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**non-audit fees** |
| **October 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 |
| **October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58000 |

---

<sup>1</sup>The audit fees represents fees billed for professional services rendered for the audit and review of the Registrant's annual financial statements. The audit-related fees represents fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant's financial statements, but not reported under "audit fees". The tax fees consist of professional services relating to the preparation of the Registrant's tax returns. The other fees represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported under the "audit fees", "audit-related fees", and "tax fees".

<sup>2</sup>This includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below. The audit-related fees consist of assurance and related services relating to the examination of the Registrant's transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants. The tax fees consist of consulting services relating to the Registrant's investments. The other fees consist of subscription services related to an accounting research tool.

<sup>3</sup>Aggregate non-audit fees paid to the Registrant's auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors' independence.

**(e1)(e2)(h)** All audit and permissible non-audit services that the Registrant's audit committee considers compatible with maintaining the independent registered public accounting firm's independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre- approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.

**(f)**Not applicable.

**(i)**Not applicable.

**(j)**Not applicable.

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#### ITEM 5 - Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.

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#### ITEM 6 - Investments
The schedule of investments is included as part of the material filed under Item 7 of this Form.

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#### ITEM 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies

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![](imgffd326d81.jpg)

**Capital Group Private Client Services Funds**

Financial Statements and Other Information N-CSR Items 7-11

for the year ended October 31, 2025

Lit. No. MFGEFP4-380-1225© 2025 Capital Group. All rights reserved.

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Capital Group California Core Municipal Fund

**Investment portfolio** October 31, 2025

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 92.64% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California 92.24%** | **California 92.24%** | **California 92.24%** |
| County of Alameda, Union Sanitary Dist., Fncg. Auth. Interim Notes, Series 2025-A, 5.00% 3/15/2030  | USD2,600 | $2916 |
| City of Alhambra, Insured Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 1/1/2027  | 1130 | 1156 |
| Anaheim Union High School Dist., GO Bonds, CAB, 2002 Election, Series 2003, NATL, 0% 8/1/2028  | 1000 | 933 |
| Antelope Valley Community College Dist., GO Bonds, CAB, 2016 Election, Series 2022-C, 0% 8/1/2029  | 1000 | 902 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-S-7, 4.00% 4/1/2031  | 2040 | 2080 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2001-A, (SIFMA Municipal Swap Index <br> + 1.25%) 4.47% 4/1/2036 (put 4/1/2027) <sup>(a)</sup>  | 1000 | 994 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-D, (SIFMA Municipal Swap Index <br> + 0.30%) 3.52% 4/1/2056 (put 4/1/2027) <sup>(a)</sup>  | 1895 | 1860 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Green Bonds, Series 2024-F-2, 5.00% 4/1/2040  | 860 | 952 |
| Burbank Unified School Dist., GO Bonds, CAB, 1997 Election, Series 2002-C, NATL, 0% 7/1/2027  | 1500 | 1436 |
| California County Tobacco Securitization Agcy., Tobacco Settlement Rev. Bonds (Los Angeles County <br> Securitization Corp.), Series 2020-A, 5.00% 6/1/2026  | 600 | 607 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2023-B, 5.00% 11/1/2026  | 920 | 944 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2024-A, 5.00% 11/1/2027  | 1040 | 1096 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-A, 5.00% 11/1/2028  | 2705 | 2739 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2015-A, 5.00% 11/1/2032  | 140 | 140 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2, 0.55% 11/1/2049 (put <br>11/1/2026)  | 1980 | 1931 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-3, 3.125% 11/1/2051 (put <br> 11/1/2026)  | 100 | 100 |
| Central Valley Energy Auth., Commodity Supply Rev. Bonds, Series 2025, 5.00% 12/1/2055 (put 8/1/2035)  | 3585 | 3969 |
| Cerritos Community College Dist., GO Bonds, CAB, 2004 Election, Series 2012-D, 0% 8/1/2027  | 830 | 794 |
| Chabot-Las Positas Community College Dist., GO Rev. Ref. Bonds, Series 2016, 4.00% 8/1/2033  | 1580 | 1590 |
| City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2027  | 465 | 470 |
| City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2028  | 480 | 488 |
| City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2029  | 500 | 511 |
| City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2030  | 520 | 534 |
| City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2031  | 540 | 556 |
| City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% <br> 9/1/2026  | 780 | 789 |
| City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% <br> 9/1/2027  | 430 | 442 |
| City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% <br> 9/1/2028  | 355 | 371 |
| City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% <br> 9/1/2029  | 225 | 239 |
| City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, 5.00% <br> 9/1/2030  | 60 | 65 |
| Clovis Unified School Dist., GO Bonds, CAB, 2004 Election, Series 2006-B, NATL, 0% 8/1/2030  | 1000 | 883 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, 4.00% 2/1/2052 (put <br>8/1/2031)  | 8975 | 9173 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-A, 4.00% 10/1/2052 (put <br> 12/1/2027)  | 1600 | 1624 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-B-1, 5.00% 7/1/2053 (put <br> 8/1/2029)  | 4470 | 4729 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, 5.00% 12/1/2053 (put <br>8/1/2029)  | 3945 | 4206 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-E-1, 5.00% 2/1/2054 (put <br>3/1/2031)  | 5720 | 6178 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-A, 5.00% 5/1/2054 (put <br>4/1/2032)  | 3000 | 3269 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-D, 5.50% 5/1/2054 (put <br>8/1/2028)  | 5000 | 5328 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-G, 5.25% 11/1/2054 (put <br>4/1/2030)  | 5465 | 5873 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-B, 5.00% 1/1/2055 (put <br> 12/1/2032)  | 5625 | 5978 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-D, 5.00% 2/1/2055 (put <br>9/1/2032)  | 8000 | 8756 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-C, 5.00% 8/1/2055 (put <br> 10/1/2032)  | 7795 | 8368 |

---

---

| | |
|:---|:---|
| **1** | Private Client Services Funds |

---

------

Capital Group California Core Municipal Fund

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-G, 5.00% 11/1/2055 (put <br>8/1/2032)  | USD4,000 | $4275 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-C, 5.00% 12/1/2055 (put <br>10/1/2033)  | 6965 | 7467 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-H, 5.00% 1/1/2056 (put <br>8/1/2033)  | 7630 | 8515 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-A, 5.00% 1/1/2056 (put <br>5/1/2035)  | 3370 | 3616 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-B, 5.00% 3/1/2056 (put <br> 11/1/2035)  | 12770 | 14028 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-E, 5.00% 10/1/2056 (put <br>5/1/2035)  | 9445 | 10409 |
| Compton Community College Dist., GO Rev. Ref. Bonds, 2014 Election, Series 2024-B, BAM, 5.00% 8/1/2035  | 625 | 746 |
| Compton Community College Dist., GO Rev. Ref. Bonds, 2014 Election, Series 2024-B, BAM, 5.00% 8/1/2036  | 795 | 937 |
| Compton Community College Dist., GO Rev. Ref. Bonds, 2014 Election, Series 2024-B, BAM, 5.00% 8/1/2037  | 855 | 1000 |
| Compton Unified School Dist., GO Bonds, CAB, 2015 Election, Series 2019-B, BAM, 0% 6/1/2033  | 1750 | 1347 |
| Corona-Norco Unified School Dist., Community Facs. Dist. No. 05-1, Special Tax Bonds, Series 2016, 5.00% <br> 9/1/2036  | 2010 | 2035 |
| Davis Joint Unified School Dist., G.O Bonds, 2018 Election, Series 2020, BAM, 3.00% 8/1/2034  | 750 | 746 |
| Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 9/1/2026  | 400 | 402 |
| Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 9/1/2027  | 880 | 914 |
| Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 9/1/2028  | 925 | 976 |
| Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 9/1/2029  | 675 | 723 |
| East Side Union High School Dist., GO Bonds, 2014 Election, Series 2023-D, 5.00% 8/1/2030  | 570 | 643 |
| Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 2.75% 7/1/2028  | 535 | 535 |
| Educational Facs. Auth., Rev. Bonds (University of Southern California), Series 2025-A, 5.00% 10/1/2035  | 2835 | 3466 |
| Educational Facs. Auth., Rev. Ref. Bonds (University of the Pacific), Series 2015, 5.00% 11/1/2027  | 500 | 500 |
| City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, AGI, 5.00% 10/1/2026  | 530 | 531 |
| City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, AGI, 5.00% 10/1/2027  | 500 | 501 |
| City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, AGI, 5.00% 10/1/2030  | 1000 | 1001 |
| El Rancho Unified School Dist., GO Bonds, 2016 Election, Series 2023-D, BAM, 5.50% 8/1/2028  | 235 | 255 |
| Elk Grove Unified School Dist., GO Bonds, 2016 Election, Series 2021, 2.00% 8/1/2039  | 500 | 384 |
| Escondido Union High School Dist., GO Bonds, CAB, 2008 Election, Series 2009-A, AGI, 0% 8/1/2027  | 3000 | 2871 |
| Etiwanda School Dist., GO Bonds, 2016 Election, Series 2020-A, 4.00% 8/1/2029  | 570 | 599 |
| Folsom Cordova Unified School Dist., School Facs. Improvement Dist. No. 1, GO Bonds, CAB, 2002 Election, <br> Series 2004-B, NATL, 0% 10/1/2026  | 1000 | 977 |
| City of Fontana, Community Facs. Dist. No. 109 (Narra Hills), Special Tax Bonds, Series 2024, 5.00% 9/1/2026  | 585 | 594 |
| City of Fontana, Community Facs. Dist. No. 109 (Narra Hills), Special Tax Bonds, Series 2024, 5.00% 9/1/2027  | 615 | 636 |
| City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 9/1/2026  | 100 | 101 |
| City of Fontana, Community Facs. Dist. No. 86 (Etiwanda Ridge), Special Tax Bonds, Series 2020, 4.00% 9/1/2027  | 120 | 122 |
| City of Fontana, Public Facs. Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2021-A, 4.00% 9/1/2027  | 625 | 632 |
| City of Fontana, Public Facs. Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2021-A, 4.00% 9/1/2029  | 390 | 399 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Bonds, CAB, Series 1995-A, 0% 1/1/2028 (escrowed <br> to maturity)  | 2000 | 1898 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2021-C, 5.00% 1/15/2027  | 350 | 359 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 5.90% 1/15/2027  | 2000 | 2073 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2021-C, 5.00% 1/15/2028  | 320 | 336 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2021-C, 5.00% 1/15/2029  | 360 | 385 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2021-C, 5.00% 1/15/2030  | 400 | 435 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2021-C, 5.00% 1/15/2031  | 470 | 520 |
| Foothill-De Anza Community College Dist., GO Bonds, CAB, 2006 Election, AMBAC, Series 2007-B, 0% 8/1/2032  | 1000 | 838 |
| Fresno Unified School Dist., GO Rev. Ref. Bonds, Series 2016-B, 4.00% 8/1/2031  | 500 | 504 |
| Glendale Community College Dist., GO Rev. Ref. Bonds, CAB, 2016 Election, Series 2020-B, 0% 8/1/2036  | 1240 | 842 |
| GO Bonds, Series 2020, 4.00% 3/1/2028  | 750 | 776 |
| GO Bonds, Series 2021, 5.00% 10/1/2029  | 2000 | 2195 |
| GO Bonds, Series 2018, 5.00% 10/1/2030  | 1000 | 1074 |
| GO Bonds, Series 2019, 5.00% 11/1/2032  | 1270 | 1363 |
| GO Bonds, Series 2023, 5.00% 9/1/2034  | 7000 | 8183 |
| GO Bonds, Series 2023, 5.00% 10/1/2034  | 2920 | 3388 |
| GO Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2027  | 745 | 772 |
| GO Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2028  | 1675 | 1776 |
| GO Rev. Ref. Bonds, Series 2017, 5.00% 11/1/2029  | 6000 | 6306 |
| GO Rev. Ref. Bonds, Series 2017, 5.00% 8/1/2030  | 1335 | 1395 |

---

Private Client Services Funds<sub>2</sub>

------

Capital Group California Core Municipal Fund

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| GO Rev. Ref. Bonds, Series 2018-C, 5.00% 8/1/2030  | USD3,535 | $3783 |
| GO Rev. Ref. Bonds, Series 2021, 5.00% 9/1/2030  | 3500 | 3922 |
| GO Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2031  | 3000 | 3398 |
| GO Rev. Ref. Bonds, Series 2023, 5.00% 9/1/2031  | 1000 | 1142 |
| GO Rev. Ref. Bonds, Series 2021-C, 5.00% 10/1/2031  | 1000 | 1144 |
| GO Rev. Ref. Bonds, Series 2020, 5.00% 3/1/2032  | 4000 | 4424 |
| GO Rev. Ref. Bonds, Series 2007, AGI, 5.25% 8/1/2032  | 2000 | 2318 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, CAB, Series <br> 2005-A, AMBAC, 0% 6/1/2027 (escrowed to maturity)  | 1325 | 1272 |
| Greenfield Elementary School Dist., GO Bonds, CAB, 2006 Election, Series 2007-A, AGI, 0% 8/1/2029  | 1270 | 1137 |
| City of Grossmont, Healthcare Dist., GO Bonds, CAB, 2006 Election, Series 2007-A, AMBAC, 0% 7/15/2032  | 1500 | 1247 |
| Hayward Unified School Dist., GO Rev. Ref. Bonds, Series 2025-B, AGI, 5.00% 8/1/2032  | 1750 | 2027 |
| Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Communities & Services), Series 2024-A, 3.85% 11/15/2027  | 1520 | 1522 |
| Health Facs. Fncg. Auth., Rev. Bonds (Scripps Health), Series 2024-A, 5.00% 11/15/2037  | 5000 | 5731 |
| Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 11/15/2026 (preref. 11/15/2025)  | 300 | 300 |
| Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 11/15/2026  | 2300 | 2355 |
| Health Facs. Fncg. Auth., Rev. Ref. Bonds (Lucile Salter Packard Children's Hospital at Stanford), Series 2022-A, <br> 5.00% 5/15/2026  | 830 | 841 |
| Health Facs. Fncg. Auth., Rev. Ref. Bonds (Lucile Salter Packard Children's Hospital at Stanford), Series 2024-A, <br> 5.00% 8/15/2036  | 2000 | 2342 |
| Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 11/15/2032  | 4575 | 4812 |
| Housing Fin. Agcy., Affordable Housing Rev. Bonds, Series 2024-A-2, 3.25% 8/1/2064 (put 2/1/2028)  | 1920 | 1930 |
| Housing Fin. Agcy., Limited Obligation Multi Family Housing Rev. Bonds (Foothill Family Apartments), Series <br> 2025-II, 2.75% 5/1/2044 (put 5/1/2028)  | 2850 | 2841 |
| Housing Fin. Agcy., Limited Obligation Multi Family Housing Rev. Bonds (Sutter Street), Series 2025-D, 2.75% <br> 11/1/2029 (put 11/1/2028)  | 2075 | 2065 |
| Housing Fin. Agcy., Multi Family Housing Rev. Bonds (VA Building 408), Series 2025-JJ, 2.90% 5/1/2047 (put <br> 5/1/2029)  | 2485 | 2483 |
| Housing Fin. Agcy., Municipal Certs., Series 2021-A-3, 3.25% 8/20/2036  | 1181 | 1139 |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, <br> 5.00% 11/1/2025  | 100 | 100 |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, <br> 5.00% 11/1/2026  | 125 | 128 |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, <br> 5.00% 11/1/2027  | 110 | 114 |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, <br> 5.00% 11/1/2028  | 375 | 397 |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, <br> 5.00% 11/1/2029  | 140 | 148 |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, <br> 5.00% 11/1/2030  | 340 | 360 |
| Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2020-A-1, 4.00% 4/1/2030  | 825 | 887 |
| Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B, 5.00% <br> 7/1/2030  | 3855 | 4258 |
| City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. Project), Series <br> 2017-A, BAM, 5.00% 5/1/2031  | 500 | 518 |
| City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Merged Redev. Project), <br> Series 2017-A, BAM, 5.00% 5/1/2027  | 650 | 672 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2036  | 1000 | 1214 |
| City of Irvine, Facs. Fncg. Auth., Special Tax Rev. Bonds (Irvine Great Park Infrastructure Project), Series 2023-A, <br> 5.00% 9/1/2033  | 1200 | 1412 |
| City of Irvine, Facs. Fncg. Auth., Special Tax Rev. Bonds (Irvine Great Park Infrastructure Project), Series 2023-A, <br> 5.00% 9/1/2034  | 2120 | 2477 |
| City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021, 4.00% 9/2/2028  | 500 | 517 |
| City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021, BAM, 4.00% <br> 9/2/2030  | 1265 | 1333 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, 5.00% 9/1/2026  | 385 | 390 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 5.00% 9/1/2027  | 140 | 145 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 5.00% 9/1/2028  | 345 | 364 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 5.00% 9/1/2030  | 210 | 226 |
| City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM, 4.00% 9/1/2027  | 1615 | 1657 |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and <br> 15), Series 2021-A, BAM, 4.00% 9/1/2029  | 335 | 352 |

---

---

| | |
|:---|:---|
| **3** | Private Client Services Funds |

---

------

Capital Group California Core Municipal Fund

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and <br> 15), Series 2021-A, BAM, 4.00% 9/1/2031  | USD375 | $401 |
| Kern Community College Dist., School Facs. Improvement Dist. GO Bonds (Mammoth Campus), 2000 Election, <br> Series 2025-A, 5.00% 8/1/2029  | 750 | 826 |
| La Habra School Dist., GO Bonds, CAB, 2000 Election, Series 2002-A, AGI, 0% 8/1/2026  | 1010 | 988 |
| Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2024-1 (Mountain House School Facs.), Special <br> Tax Bonds, Series 2025, 5.00% 9/1/2033  | 185 | 202 |
| Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2024-1 (Mountain House School Facs.), Special <br> Tax Bonds, Series 2025, 5.00% 9/1/2034  | 180 | 197 |
| Lammersville Joint Unified School Dist., Community Facs. Dist. No. 2024-1 (Mountain House School Facs.), Special <br> Tax Bonds, Series 2025, 5.00% 9/1/2035  | 125 | 137 |
| City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% 5/15/2032  | 1000 | 1130 |
| City of Long Beach, Marina Rev. Ref. Bonds (Alamitos Bay Marina Project), Series 2025, 5.00% 5/15/2034  | 800 | 923 |
| Long Beach Community College Dist., GO Bonds, 2016 Election, Series 2025-E, 5.00% 8/1/2040  | 500 | 576 |
| Long Beach Community College Dist., GO Bonds, 2016 Election, Series 2025-E, 5.00% 8/1/2041  | 500 | 569 |
| Long Beach Community College Dist., GO Bonds, CAB, 2008 Election, Series 2008-A, AGI, 0% 6/1/2027  | 3865 | 3715 |
| Los Altos School Dist., GO Bonds, CAB, 2014 Election, Series 2019-A, 4.00% 8/1/2029  | 1000 | 1030 |
| City of Los Angeles, Community Facs. Dist. No. 4 (Playa Vista - Phase 1), Special Tax Rev. Ref. Bonds, Series 2024, <br> AGI, 5.00% 9/1/2030  | 800 | 892 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Bonds, Series 2021-B, <br> 5.00% 5/15/2031  | 420 | 484 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Green Bonds, Series <br> 2025-E, 5.00% 5/15/2034  | 2750 | 3319 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-E, 5.00% <br> 5/15/2039  | 1130 | 1193 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-D, 5.00% 7/1/2029  | 760 | 821 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2030  | 775 | 854 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-B, 5.00% 7/1/2030  | 1000 | 1102 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-D, 5.00% 7/1/2031  | 1775 | 1985 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2032  | 1000 | 1135 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 7/1/2033  | 935 | 987 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2021-C, 5.00% 7/1/2033  | 1500 | 1669 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2033  | 670 | 746 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-A, 5.00% 7/1/2035  | 900 | 1028 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, BAM, 5.00% 7/1/2036  | 500 | 575 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 7/1/2028  | 750 | 795 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-B, 4.00% 7/1/2030  | 1465 | 1531 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-C, 5.00% 7/1/2036  | 805 | 870 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-B, 5.00% 7/1/2037  | 5035 | 5695 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2030  | 4880 | 5487 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-C, 5.00% 6/1/2033  | 4900 | 5856 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax <br> Bonds, Series 2022, 5.00% 9/1/2027  | 100 | 104 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax <br> Bonds, Series 2022, 5.00% 9/1/2031  | 225 | 245 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax <br> Bonds, Series 2022, 5.00% 9/1/2032  | 175 | 189 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax <br> Bonds, Series 2022, 5.00% 9/1/2033  | 170 | 183 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 2, Special Tax <br> Bonds, Series 2024, 5.00% 9/1/2029  | 180 | 191 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 2, Special Tax <br> Bonds, Series 2024, 5.00% 9/1/2030  | 215 | 231 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 2, Special Tax <br> Bonds, Series 2024, 5.00% 9/1/2031  | 260 | 282 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 2, Special Tax <br> Bonds, Series 2024, 5.00% 9/1/2032  | 305 | 333 |
| County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Bonds, Series 2021-A, 4.00% <br> 6/1/2036  | 3450 | 3660 |
| County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Bonds, Series 2021-A, 4.00% <br> 6/1/2037  | 1885 | 1983 |
| County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Bonds, Series 2021-A, <br> 5.00% 7/1/2034  | 1000 | 1146 |

---

Private Client Services Funds<sub>4</sub>

------

Capital Group California Core Municipal Fund

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Ref. Bonds, Series 2023-A, <br> 5.00% 7/1/2034  | USD1,075 | $1279 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2024-A, 5.00% <br> 7/1/2030  | 765 | 866 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-RYQ, <br> 4.00% 7/1/2036  | 3000 | 3112 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2024-QRR, <br> 5.00% 7/1/2038  | 3000 | 3512 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, 2008 Election, Series <br> 2018-B-1, BAM, 5.00% 7/1/2036  | 1000 | 1051 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series <br> 2025-A, 5.00% 7/1/2029  | 7000 | 7734 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series <br> 2021-A, 4.00% 7/1/2032  | 1395 | 1495 |
| Los Angeles Unified School Dist., GO Rev. Ref. Bonds, Series 2019-A, 3.00% 1/1/2034  | 4780 | 4770 |
| Los Rios Community College Dist., GO Bonds, 2008 Election, Series 2021-E, 3.00% 8/1/2033  | 1750 | 1757 |
| Los Rios Community College Dist., GO Bonds, 2008 Election, Series 2021-E, 3.00% 8/1/2034  | 2750 | 2752 |
| Madera Unified School Dist., GO Bonds, CAB, 2002 Election, Series 2006, AGI, 0% 8/1/2029  | 585 | 528 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, Special Tax <br> Bonds, Series 2024, 5.00% 9/1/2026  | 25 | 25 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, Special Tax <br> Bonds, Series 2024, 5.00% 9/1/2027  | 40 | 41 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, Special Tax <br> Bonds, Series 2024, 5.00% 9/1/2028  | 50 | 52 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, Special Tax <br> Bonds, Series 2024, 5.00% 9/1/2029  | 65 | 69 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, Special Tax <br> Bonds, Series 2024, 5.00% 9/1/2030  | 80 | 85 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, Special Tax <br> Bonds, Series 2024, 5.00% 9/1/2031  | 95 | 102 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, Special Tax <br> Bonds, Series 2024, 5.00% 9/1/2032  | 110 | 119 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, Special Tax <br> Bonds, Series 2024, 5.00% 9/1/2033  | 130 | 141 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, Special Tax <br> Bonds, Series 2024, 5.00% 9/1/2034  | 150 | 163 |
| Manteca Unified School Dist., GO Bonds, CAB, 2004 Election, Series 2006, NATL, 0% 8/1/2027  | 560 | 535 |
| Menifee Union School Dist., Community Facs. Dist. No. 2011-1, Improvement Area No. 5, Special Tax Bonds, <br> Series 2021, 4.00% 9/1/2028  | 275 | 280 |
| City of Merced Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, AGI, 5.00% 10/1/2028  | 250 | 251 |
| Merced Union High School Dist., GO Bonds, CAB, 2008 Election, Series 2011-C, 0% 8/1/2033  | 615 | 490 |
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2027  | 4260 | 4464 |
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2022-B, 5.00% 7/1/2033  | 500 | 588 |
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2022-B, 5.00% 7/1/2034  | 500 | 585 |
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2024-B-3, 5.00% 7/1/2037 (put <br>7/1/2031)  | 1875 | 2081 |
| Modesto Irrigation Dist. Fncg. Auth., Electric System Rev. Bonds, Series 2023-A, 5.00% 10/1/2031  | 900 | 1026 |
| Modesto Irrigation Dist. Fncg. Auth., Electric System Rev. Bonds, Series 2023-A, 5.00% 10/1/2034  | 700 | 813 |
| Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% 9/1/2030  | 525 | 541 |
| Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2024-A, AGI, 5.00% 9/1/2034  | 1250 | 1458 |
| Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2024-A, AGI, 5.00% 9/1/2035  | 500 | 577 |
| Mountain View - Los Altos Union School Dist., GO Bonds, 2018 Election, Series 2022-C, 4.00% 8/1/2031  | 2465 | 2695 |
| City of Mountain House, Community Facs. Dist. No. 2024-1 (Public Facs. and Services), Improvement Area No. 1, <br> Special Tax Bonds, Series 2025, 4.00% 9/1/2030  | 325 | 327 |
| City of Mountain House, Community Facs. Dist. No. 2024-1 (Public Facs. and Services), Improvement Area No. 1, <br> Special Tax Bonds, Series 2025, 4.25% 9/1/2035  | 400 | 406 |
| Mt. Diablo Unified School Dist., GO Rev. Ref. Bonds, Series 2023, 5.00% 6/1/2031  | 1000 | 1154 |
| Mt. San Antonio Community College Dist., GO Bonds, 2024 Election, Series 2025-A, 5.00% 8/1/2041  | 500 | 568 |
| Mt. San Antonio Community College Dist., GO Bonds, 2024 Election, Series 2025-A, 5.00% 8/1/2042  | 305 | 343 |
| Municipal Fin. Auth., Certs. of Part. (Palomar Health), Series 2022-A, AGI, 5.00% 11/1/2028  | 125 | 131 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-6 (County of Sacramento - Wildhawk North), Improvement <br> Area No. 1, Special Tax Bonds, Series 2024, 5.00% 9/1/2026  | 70 | 71 |

---

---

| | |
|:---|:---|
| **5** | Private Client Services Funds |

---

------

Capital Group California Core Municipal Fund

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-6 (County of Sacramento - Wildhawk North), Improvement <br> Area No. 1, Special Tax Bonds, Series 2024, 5.00% 9/1/2027  | USD105 | $108 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-6 (County of Sacramento - Wildhawk North), Improvement <br> Area No. 1, Special Tax Bonds, Series 2024, 5.00% 9/1/2028  | 140 | 146 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-6 (County of Sacramento - Wildhawk North), Improvement <br> Area No. 1, Special Tax Bonds, Series 2024, 5.00% 9/1/2030  | 210 | 223 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-8 (City of Palmdale - Wildflower/Creekside Encore), Special <br> Tax Bonds, Series 2024, 4.00% 9/1/2034  | 350 | 354 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-8 (City of Palmdale - Wildflower/Creekside Encore), Special <br> Tax Bonds, Series 2024, 5.00% 9/1/2039  | 680 | 710 |
| Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, <br> 4.00% 6/1/2026  | 45 | 45 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Gibson Drive Apartments Project), Series 2024-B, 3.75% <br> 6/1/2028 (put 6/1/2027)  | 715 | 723 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Pleasant View Apartments Project), Series 2025, 2.80% <br> 2/1/2028 (put 2/1/2027)  | 3000 | 2983 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (SJ3 Portfolio), Series 2025-A, 2.75% 9/1/2028 (put <br> 9/1/2027)  | 900 | 894 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Terracina at Westpark Apartments), Series 2024-A, 3.20% <br> 9/1/2045 (put 8/1/2027)  | 3415 | 3413 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Wildomar Family Housing LP), Series 2024, 3.05% <br> 12/1/2064 (put 6/1/2028)  | 1075 | 1077 |
| Municipal Fin. Auth., Municipal Certs., Series 2025-1, 3.439% 2/20/2041 <sup>(a)</sup>  | 3744 | 3495 |
| Municipal Fin. Auth., Rev. and Rev. Ref. Bonds (HumanGood California Obligated Group), Series 2019-A, 4.00% <br> 10/1/2030  | 2510 | 2527 |
| Municipal Fin. Auth., Rev. Bonds (California Institute of the Arts), Series 2021, 4.00% 10/1/2033  | 250 | 253 |
| Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2026  | 900 | 913 |
| Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, 5.00% 2/1/2027  | 955 | 974 |
| Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, 5.00% 2/1/2028  | 750 | 776 |
| Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, 5.00% 2/1/2029  | 825 | 867 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 10/1/2026  | 1050 | 1068 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Eskaton Properties, Inc. Obligated Group), Series 2024, 5.00% 11/15/2030  | 1050 | 1124 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Eskaton Properties, Inc. Obligated Group), Series 2024, 5.00% 11/15/2031  | 1105 | 1196 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 11/1/2025  | 500 | 500 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2028  | 1600 | 1610 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2029  | 1135 | 1143 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2031  | 610 | 614 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2035  | 1175 | 1179 |
| Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, 5.00% 4/1/2029  | 250 | 264 |
| Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, 5.00% 4/1/2030  | 200 | 214 |
| Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, 5.00% 4/1/2031  | 210 | 228 |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2009-A, 3.30% <br> 2/1/2039 (put 2/1/2028) <sup>(b)</sup>  | 1845 | 1846 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-C, 4.00% 9/1/2034  | 500 | 506 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-D, 4.25% 9/1/2034  | 500 | 509 |
| Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2030  | 525 | 532 |
| Napa Valley Community College Dist., GO Bonds, CAB, 2002 Election, Series 2005-B, NATL, 0% 8/1/2028  | 1600 | 1492 |
| Napa Valley Community College Dist., GO Rev. Ref. Bonds, Convertible CAB, Series 2018, 4.00% 8/1/2033 <sup>(c)</sup>  | 2190 | 2194 |
| Napa Valley Unified School Dist., GO Bonds, 2016 Election, Series 2019-C, AGI, 4.00% 8/1/2034  | 1030 | 1037 |
| National Fin. Auth., Municipal Certs., Series 2024-4, Class A-CA, 3.81% 7/20/2039 <sup>(a)</sup>  | 3383 | 3336 |
| New Haven Unified School Dist., GO Bonds, CAB, Series 2008-C, AGI, 0% 8/1/2030  | 5075 | 4466 |
| Newport-Mesa Unified School Dist., GO Bonds, CAB, 2005 Election, Series 2007, NATL, 0% 8/1/2030  | 2575 | 2287 |
| Newport-Mesa Unified School Dist., GO Bonds, CAB, 2005 Election, Series 2007, NATL, 0% 8/1/2031  | 1000 | 864 |
| Northern California Energy Auth. Commodity Supply Rev. Ref. Bonds, Series 2024, 5.00% 12/1/2054 (put <br>8/1/2030)  | 6000 | 6497 |
| Oak Park Unified School Dist., GO Bonds, CAB, 2006 Election, Series 2009-B, AGI, 0% 8/1/2029  | 605 | 543 |
| Oakland Unified School Dist., GO Bonds, 2012 Election, Series 2019-A, AGI, 5.00% 8/1/2028  | 1000 | 1042 |
| Oakland Unified School Dist., GO Bonds, 2012 Election, Series 2019-A, AGI, 4.00% 8/1/2034  | 2000 | 2033 |
| City of Ontario, Community Facs. Dist. No. 66 (Olive and Oleander Facs.), Special Tax Bonds, Series 2024, 5.00% <br> 9/1/2034  | 245 | 267 |
| County of Orange, Community Facs. Dist. No. 2016-1 (Village of Esencia), Special Tax Bonds, Series 2016-A, <br> 5.00% 8/15/2026  | 570 | 579 |

---

Private Client Services Funds<sub>6</sub>

------

Capital Group California Core Municipal Fund

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00% <br> 8/15/2031  | USD1,025 | $1118 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00% <br> 8/15/2032  | 1000 | 1085 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, 5.00% <br> 8/15/2033  | 500 | 541 |
| County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series 2023-A, 5.00% <br> 8/15/2029  | 280 | 299 |
| County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series 2023-A, 5.00% <br> 8/15/2030  | 500 | 539 |
| County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series 2023-A, 5.00% <br> 8/15/2031  | 325 | 356 |
| County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series 2023-A, 5.00% <br> 8/15/2032  | 495 | 547 |
| County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series 2023-A, 5.00% <br> 8/15/2033  | 440 | 485 |
| City of Oxnard, Wastewater Rev. Ref. Bonds, Series 2025, BAM, 5.00% 6/1/2031  | 1000 | 1140 |
| City of Oxnard, Wastewater Rev. Ref. Bonds, Series 2025, BAM, 5.00% 6/1/2032  | 900 | 1044 |
| Oxnard Union High School Dist., GO Bond Anticipation Notes, Series 2025, 6.00% 2/1/2030  | 2100 | 2429 |
| Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2026  | 250 | 255 |
| Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2027  | 200 | 208 |
| Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2028  | 285 | 302 |
| Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2029  | 400 | 433 |
| Peralta Community College Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2032  | 2810 | 3307 |
| Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2028  | 450 | 451 |
| Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2032  | 2675 | 2680 |
| Perris Union High School Dist., GO Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2028  | 185 | 194 |
| Perris Union High School Dist., GO Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2029  | 200 | 213 |
| Perris Union High School Dist., GO Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2030  | 215 | 228 |
| Perris Union High School Dist., GO Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2031  | 350 | 371 |
| Pleasant Valley School Dist., GO Bonds, 2018 Election, Series 2018-A, 5.00% 8/1/2029 (preref. 8/1/2026)  | 645 | 657 |
| Pollution Control Fncg. Auth., Water Facs. Rev. Bonds (American Water Capital Corp. Project), Series 2020, 3.70% <br> 8/1/2040 (put 9/1/2028)  | 3550 | 3616 |
| Public Fin. Auth., Reassessment Rev. Ref. Bonds, Series 2019, 5.00% 9/2/2029  | 1000 | 1066 |
| Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2028  | 250 | 267 |
| Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2030  | 250 | 278 |
| Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2033  | 330 | 379 |
| Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2034  | 350 | 400 |
| Public Fin. Auth., Rev. Ref. Bonds (O'Conner Woods), Series 2022, 4.00% 1/1/2028  | 450 | 461 |
| Public Fin. Auth., Rev. Ref. Bonds (O'Conner Woods), Series 2022, 4.00% 1/1/2029  | 500 | 518 |
| Public Fin. Auth., Rev. Ref. Bonds (O'Conner Woods), Series 2022, 4.00% 1/1/2031  | 520 | 550 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-D, 5.00% 4/1/2028  | 400 | 408 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2024-C, 5.00% 9/1/2029  | 2855 | 3124 |
| City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), Improvement Area No. 2, <br> Special Tax Bonds, Series 2024, 5.00% 9/1/2027  | 90 | 93 |
| City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), Improvement Area No. 2, <br> Special Tax Bonds, Series 2024, 5.00% 9/1/2028  | 115 | 120 |
| City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), Improvement Area No. 2, <br> Special Tax Bonds, Series 2024, 5.00% 9/1/2029  | 140 | 147 |
| City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), Improvement Area No. 2, <br> Special Tax Bonds, Series 2024, 5.00% 9/1/2030  | 165 | 176 |
| City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), Improvement Area No. 2, <br> Special Tax Bonds, Series 2024, 5.00% 9/1/2033  | 255 | 276 |
| City of Rancho Cordova, Community Facs. Dist. No. 2023-1 (The Grantline 220 Project), Improvement Area No. 2, <br> Special Tax Bonds, Series 2024, 5.00% 9/1/2034  | 290 | 314 |
| Rialto Unified School Dist., GO Bonds, 2010 Election, Series 2019, 3.00% 8/1/2026  | 600 | 602 |
| Rialto Unified School Dist., GO Bonds, 2010 Election, Series 2019, 3.00% 8/1/2027  | 750 | 752 |
| Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, BAM, 5.00% 9/1/2032  | 240 | 245 |
| Rio Hondo Community College Dist., GO Bonds, CAB, 2004 Election, Series 2009-B, 0% 8/1/2031  | 770 | 658 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1, Special Tax Rev. Ref. Bonds, Series 2022-A-1, <br> AGI, 5.00% 9/1/2028  | 500 | 530 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1, Special Tax Rev. Ref. Bonds, Series 2022-A-1, <br> AGI, 5.00% 9/1/2029  | 500 | 541 |

---

---

| | |
|:---|:---|
| **7** | Private Client Services Funds |

---

------

Capital Group California Core Municipal Fund

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| County of Riverside, Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Jurupa Valley Redev. Project Area), Series <br> 2015-B, 5.00% 10/1/2027  | USD260 | $261 |
| Riverside Community College Dist., GO Bonds, 2004 Election, Series 2019-F, 3.00% 8/1/2034  | 580 | 578 |
| Riverside Unified School Dist., GO Bonds, 2016 Election, Series 2019, 4.00% 8/1/2029  | 850 | 874 |
| Rowland Unified School Dist., GO Bonds, CAB, 2006 Election, Series 2009-B, 0% 8/1/2034  | 2420 | 1784 |
| City of Sacramento, Municipal Utility Dist., Electric Rev. Ref. Bonds, Series 2023-D, 5.00% 8/15/2049 (put <br> 4/15/2030)  | 3150 | 3492 |
| County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-E, 5.00% 7/1/2027  | 1015 | 1055 |
| County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-E, 5.00% 7/1/2030  | 200 | 214 |
| Sacramento Unified School Dist., GO Bonds, 2012 Election, Series 2019-D, BAM, 4.00% 8/1/2027  | 585 | 600 |
| Sacramento Unified School Dist., GO Bonds, 2012 Election, Series 2017-E, 5.00% 8/1/2027  | 555 | 578 |
| Sacramento Unified School Dist., GO Bonds, 2012 Election, Series 2019-D, BAM, 4.00% 8/1/2028  | 610 | 635 |
| Sacramento Unified School Dist., GO Bonds, 2012 Election, Series 2019-D, BAM, 4.00% 8/1/2029  | 635 | 669 |
| Sacramento Unified School Dist., GO Rev. Ref. Bonds, Series 2024, BAM, 5.00% 8/1/2026  | 220 | 224 |
| Sacramento Unified School Dist., GO Rev. Ref. Bonds, Series 2024, BAM, 5.00% 8/1/2027  | 575 | 599 |
| Sacramento Unified School Dist., GO Rev. Ref. Bonds, Series 2022, BAM, 5.00% 7/1/2030  | 1050 | 1172 |
| Sacramento Unified School Dist., GO Rev. Ref. Bonds, Series 2024-B, BAM, 5.00% 8/1/2037  | 855 | 978 |
| City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2027  | 635 | 647 |
| City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2028  | 875 | 898 |
| City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2029  | 430 | 445 |
| City of San Diego, Housing Auth., Multi Family Housing Rev. Bonds, Series 2023-B, 5.00% 5/1/2057 (put <br>11/1/2026)  | 1779 | 1805 |
| City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A, <br> 5.00% 10/15/2030  | 200 | 228 |
| City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A, <br> 5.00% 10/15/2031  | 150 | 171 |
| City of San Diego, Public Facs. Fncg. Auth., Water Rev. Bonds, Series 2020-A, 5.00% 8/1/2029  | 500 | 553 |
| County of San Diego, Community Facs. Dist. No. 2008-1 (Harmony Grove Village), Improvement Area No. 2, <br> Special Tax Bonds, Series 2020-A, 4.00% 9/1/2026  | 255 | 256 |
| County of San Diego, Grossmont Healthcare Dist., GO Rev. Ref. Bonds, Series 2021-E, 5.00% 7/15/2030  | 500 | 561 |
| County of San Diego, Grossmont Healthcare Dist., GO Rev. Ref. Bonds, Series 2021-E, 5.00% 7/15/2031  | 625 | 716 |
| County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2027  | 400 | 416 |
| County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2028  | 320 | 342 |
| County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2029  | 585 | 641 |
| County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2028  | 1000 | 1069 |
| County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2029  | 1000 | 1096 |
| County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 7/1/2031  | 1405 | 1567 |
| County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Bonds, Series 2021-B, 5.00% <br> 4/1/2029  | 320 | 350 |
| County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Green Bonds, Series 2020-A, <br> 5.00% 4/1/2028  | 850 | 910 |
| County of San Diego, Water Auth., Water Rev. Bonds, Series 2022-A, 5.00% 5/1/2028  | 250 | 268 |
| County of San Diego, Water Auth., Water Rev. Bonds, Series 2022-A, 5.00% 5/1/2029  | 500 | 549 |
| San Diego Unified School Dist., GO Bonds, CAB, Election 2008, Series 2010-C, 0% 7/1/2033  | 800 | 645 |
| San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, 2008 Election, Series <br> 2012-E, 0% 7/1/2034  | 3000 | 2297 |
| San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Green Bonds, 2022 Election, <br> Series 2024-B-3, 5.00% 7/1/2031  | 800 | 928 |
| San Diego Unified School Dist., GO Rev. Ref. Bonds, 2012 Election, Series 2025-ZR-5C, 5.00% 7/1/2036  | 750 | 894 |
| San Diego Unified School Dist., GO Rev. Ref. Bonds, 2012 Election, Series 2025-ZR-5C, 5.00% 7/1/2038  | 750 | 879 |
| San Diego Unified School Dist., GO Rev. Ref. Bonds, 2012 Election, Series 2025-ZR-5C, 5.00% 7/1/2039  | 695 | 808 |
| City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Community Facs. Dist. No. 6 (Mission Bay <br> South Public Improvements), Special Tax Rev. Ref. Bonds, Series 2023, AGI, 5.00% 8/1/2033  | 1000 | 1156 |
| San Francisco Community College Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 6/15/2030  | 2500 | 2811 |
| San Francisco Unified School Dist., GO Bonds, 2016 Election, Series 2020-B, 4.00% 6/15/2029  | 1000 | 1039 |
| San Francisco Unified School Dist., GO Bonds, 2016 Election, Series 2020-B, 4.00% 6/15/2034  | 975 | 997 |
| San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2026  | 155 | 158 |
| City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, 5.00% 3/1/2029  | 500 | 543 |
| City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, 5.00% 3/1/2030  | 250 | 278 |
| City of San Jose, Airport Rev. Ref. Bonds, Series 2021-B, 5.00% 3/1/2032  | 1250 | 1413 |

---

Private Client Services Funds<sub>8</sub>

------

Capital Group California Core Municipal Fund

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of San Jose, Multi Family Housing Rev. Bonds (Kooser Apartments), Series 2025-A-2, 5.00% 3/1/2030 (put <br> 3/1/2029)  | USD4,248 | $4261 |
| City of San Jose, Multi Family Housing Rev. Bonds (Parkmoor), Series 2023-F-2, 5.00% 6/1/2027 (put 6/1/2026)  | 1120 | 1132 |
| San Juan Unified School Dist., GO Bonds, 2012 Election, Series 2019-N, 4.00% 8/1/2031  | 1700 | 1716 |
| Santa Monica-Malibu Unified School Dist., GO Bonds, 2012 Election, Series 2019-E, 3.00% 8/1/2033  | 1785 | 1786 |
| Santa Monica-Malibu Unified School Dist., School Facs. Improvement Dist. No. 2 (Malibu Schools), GO Bonds, <br> 2018 Election, Series 2018-B, 3.00% 8/1/2037  | 1000 | 963 |
| Santa Rosa High School Dist., GO Bonds, 2014 Election, Series 2021-E, BAM, 4.00% 8/1/2027  | 500 | 514 |
| Santa Rosa High School Dist., GO Bonds, 2014 Election, Series 2021-E, BAM, 4.00% 8/1/2029  | 500 | 531 |
| School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 4.00% 7/1/2027 <br> <sup>(b)</sup>  | 740 | 742 |
| School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 4.00% 7/1/2029 <br> <sup>(b)</sup>  | 805 | 809 |
| School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 5.00% 7/1/2031 <br> <sup>(b)</sup>  | 875 | 885 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 7/1/2026 <sup>(b)</sup>  | 505 | 508 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 7/1/2027 <sup>(b)</sup>  | 730 | 748 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/2026 <sup>(b)</sup>  | 315 | 317 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/2026 <sup>(b)</sup>  | 220 | 221 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/2027 <sup>(b)</sup>  | 220 | 225 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/2027 <sup>(b)</sup>  | 100 | 102 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/2028 <sup>(b)</sup>  | 200 | 208 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/2029 <sup>(b)</sup>  | 400 | 422 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/2030 <sup>(b)</sup>  | 300 | 321 |
| City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), Special Tax Rev. Ref. <br> Bonds, Series 2016, 3.00% 9/1/2026  | 150 | 149 |
| Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2021-B, 0.50% 3/1/2026  | 5040 | 4996 |
| South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2032  | 500 | 591 |
| Southern California Public Power Auth., Clean Energy Project Rev. Bonds, Series 2024-A, 5.00% 4/1/2055 (put <br>9/1/2030)  | 2510 | 2714 |
| Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), Series <br> 2021-1, 5.00% 7/1/2027  | 400 | 416 |
| Southwestern Community College Dist., GO Bonds, CAB, 2000 Election, Series 2004, NATL, 0% 8/1/2028  | 750 | 699 |
| Statewide Communities Dev. Auth., Health Fac. Rev. Ref. Bonds (Los Angeles Jewish Home for the Aging), Series <br> 2019-B, 5.00% 11/15/2030  | 100 | 110 |
| Statewide Communities Dev. Auth., Rev. Bonds (Jewish Home of San Francisco), Series 2016, 5.00% 11/1/2026  | 575 | 588 |
| Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Foundation Hospitals), Series 2025-B, 5.00% 10/1/2032 <sup>(b)</sup>  | 5000 | 5757 |
| Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2016, 5.00% 10/1/2030  | 1100 | 1111 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Odd Fellows Home of California Project), Series 2023-A, <br> 5.00% 4/1/2026  | 275 | 278 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Odd Fellows Home of California Project), Series 2023-A, <br> 5.00% 4/1/2027  | 425 | 440 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Rady Children's Hospital), Series 2016-B, 5.00% 8/15/2028  | 860 | 922 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2026  | 245 | 248 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2027  | 310 | 320 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2028  | 360 | 378 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2029  | 435 | 461 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2030  | 380 | 408 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2031  | 565 | 612 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2032  | 635 | 692 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2033  | 720 | 789 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2034  | 510 | 561 |
| Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC - University of California, Irvine <br> East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM, 5.00% 5/15/2029  | 1915 | 2044 |

---

---

| | |
|:---|:---|
| **9** | Private Client Services Funds |

---

------

Capital Group California Core Municipal Fund

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC - University of California, Irvine <br> East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM, 5.00% 5/15/2031  | USD3,000 | $3300 |
| Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC - University of California, Irvine <br> East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM, 5.00% 5/15/2032  | 3500 | 3857 |
| Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, <br> Irvine East Campus Apartments), Series 2016, 5.00% 5/15/2029  | 1250 | 1263 |
| Stockton Unified School Dist., GO Bonds, 2012 Election, Series 2018-C, BAM, 5.00% 8/1/2030  | 2145 | 2307 |
| Stockton Unified School Dist., GO Bonds, 2022 Election, Series 2025-A, BAM, 5.00% 8/1/2034  | 700 | 843 |
| Stockton Unified School Dist., GO Bonds, CAB, 2008 Election, Series 2011-D, AGI, 0% 8/1/2033  | 2500 | 2002 |
| Stockton Unified School Dist., GO Rev. Ref. Bonds, Series 2023-B, AGI, 5.00% 8/1/2033  | 1480 | 1762 |
| Sweetwater Union High School Dist., GO Bonds, 2006 Election, Series 2006, 4.00% 8/1/2026  | 515 | 517 |
| Temescal Valley Water Dist., Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2024, AGI, 5.00% 9/1/2032  | 825 | 950 |
| Temescal Valley Water Dist., Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2024, AGI, 5.00% 9/1/2033  | 550 | 641 |
| Temescal Valley Water Dist., Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2024, AGI, 5.00% 9/1/2034  | 115 | 135 |
| Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San Diego <br> County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 6/1/2031  | 215 | 232 |
| Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds (San Diego <br> County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 6/1/2032  | 250 | 269 |
| Tobacco Securitization Auth., Tobacco Settlement Asset-Backed Rev. Ref. Senior Bonds (Sacramento County <br> Tobacco Securitization Corp.), Series 2021-A-1, 5.00% 6/1/2027  | 1550 | 1600 |
| City of Tracy, Successor Agcy. to the Community Dev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, AGI, <br> 5.00% 8/1/2030  | 545 | 546 |
| Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2027  | 600 | 618 |
| Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2028  | 700 | 731 |
| Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2029  | 660 | 698 |
| Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2030  | 1500 | 1586 |
| Transbay Joint Powers Auth., Tax Allocation Green Bonds, Series 2020-B, 5.00% 10/1/2031  | 765 | 805 |
| City of Turlock, Irrigation Dist., Rev. Ref. Bonds, Series 2020, 5.00% 1/1/2031  | 1600 | 1781 |
| Regents of the University of California, General Rev. Bonds, Series 2023-BM, 5.00% 5/15/2031  | 750 | 857 |
| Regents of the University of California, General Rev. Bonds, Series 2025-CC, 5.00% 5/15/2036  | 5000 | 5965 |
| Regents of the University of California, Limited Project Rev. Bonds, Series 2022-S, 5.00% 5/15/2031  | 1150 | 1313 |
| Various Purpose GO Bonds, Series 2025, 5.00% 3/1/2028  | 2650 | 2804 |
| Various Purpose GO Bonds, Series 2024, 5.00% 8/1/2029  | 500 | 547 |
| Various Purpose GO Bonds, Series 2025, 4.00% 8/1/2031  | 500 | 504 |
| Various Purpose GO Bonds, Series 2025, 5.00% 8/1/2039  | 3265 | 3783 |
| Various Purpose GO Rev. Ref. Bonds, Series 2024, 5.00% 8/1/2029  | 500 | 547 |
| Various Purpose GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2032  | 7215 | 8364 |
| Various Purpose GO Rev. Ref. Bonds, Series 2025, 5.00% 3/1/2035  | 2620 | 3134 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 4/1/2028  | 2305 | 2408 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 12/1/2045  | 260 | 260 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 12/1/2049  | 2095 | 2104 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2020-A, 3.00% 12/1/2050  | 3540 | 3507 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2022-A, 5.50% 12/1/2052  | 2185 | 2297 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2017-CQ, 4.00% 12/1/2047  | 305 | 306 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2018-CR, 4.00% 12/1/2048  | 1400 | 1407 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2019-CS, 4.00% 12/1/2049  | 865 | 869 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2020-CT, 3.00% 12/1/2050  | 2480 | 2466 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2022-CU, 5.50% 12/1/2052  | 1565 | 1647 |
| Victor Valley Union High School Dist., GO Rev. Ref. Bonds, Series 2016-B, AGI, 4.00% 8/1/2026  | 270 | 273 |
| Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2016-AV, 4.00% 12/1/2033  | 3260 | 3281 |
| West Basin Municipal Water Dist., Rev. Ref. Bonds, Series 2021-A, 5.00% 8/1/2031  | 745 | 859 |
| West Contra Costa Unified School Dist., GO Bonds, 2010 Election, Series 2020-F, AGI, 4.00% 8/1/2028  | 600 | 626 |
| West Contra Costa Unified School Dist., GO Bonds, 2012 Election, Series 2020-E, AGI, 4.00% 8/1/2030  | 900 | 964 |
| West Contra Costa Unified School Dist., GO Bonds, CAB, 2002 Election, Series 2005-D, NATL, 0% 8/1/2026  | 2425 | 2372 |
| West Contra Costa Unified School Dist., GO Bonds, CAB, 2002 Election, Series 2005-D, NATL, 0% 8/1/2031  | 2585 | 2171 |
| West Contra Costa Unified School Dist., GO Rev. Ref. Bonds, CAB, Series 2010-D-2, AGI, 0% 8/1/2036  | 1000 | 700 |
| Westside Union School Dist., GO Bonds, CAB, Series 2002-A, NATL, 0% 8/1/2027  | 800 | 761 |
| Whittier City School Dist., GO Rev. Ref. Bonds, Series 2016, 4.00% 8/1/2030  | 825 | 832 |
| Whittier Union High School Dist., GO Rev. Ref. Bonds, CAB, Series 2016, 0% 8/1/2032  | 1000 | 807 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series <br> 2021, AGI, 4.00% 9/1/2029  | 215 | 225 |

---

Private Client Services Funds<sub>10</sub>

------

Capital Group California Core Municipal Fund

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series <br> 2021, AGI, 4.00% 9/1/2030  | USD235 | $247 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series <br> 2021, AGI, 4.00% 9/1/2031  | 260 | 274 |
| Yosemite Community College Dist., GO Bonds, CAB, 2004 Election, Series 2010-D, 0% 8/1/2031  | 500 | 435 |
|  |  | 645571 |
| **Guam 0.15%** | **Guam 0.15%** | **Guam 0.15%** |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-B, 5.00% 10/1/2032  | 400 | 436 |
| Business Privilege Tax Rev. Ref. Bonds, Series 2025-G, 5.00% 1/1/2033  | 595 | 656 |
|  |  | 1092 |
| **Missouri 0.00%** | **Missouri 0.00%** | **Missouri 0.00%** |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series <br> 2015-A, 3.75% 5/1/2038  | 5 | 5 |
| **United States 0.25%** | **United States 0.25%** | **United States 0.25%** |
| Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class ACA, 3.35% 11/25/2033  | 1807 | 1740 |
| **Total bonds, notes & other debt instruments** (cost: $645,067,000) |  | 648408 |
| Short-term securities 6.49% |  |  |
| **Municipals 6.49%** | **Municipals 6.49%** | **Municipals 6.49%** |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2023-B, 3.05% 4/1/2055 <sup>(a)</sup>  | 6360 | 6360 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2024-H, 3.05% 4/1/2059 <sup>(a)</sup>  | 1200 | 1200 |
| Eastern Municipal Water Dist., Water and Wastewater Ref. Rev. Bonds, Series 2024-A, 2.90% 7/1/2046 <sup>(a)</sup>  | 5300 | 5300 |
| Municipal Fin. Auth., Recovery Zone Fac. Bonds (Chevron USA, Inc. Project), Series 2010-A, 2.90% 11/1/2035 <sup>(a)</sup>  | 3500 | 3500 |
| Municipal Fin. Auth., Recovery Zone Fac. Bonds (Chevron USA, Inc. Project), Series 2010-B, 2.90% 11/1/2035 <sup>(a)</sup>  | 6620 | 6620 |
| Municipal Fin. Auth., Recovery Zone Fac. Bonds (Chevron USA, Inc. Project), Series 2010-C, 2.90% 11/1/2035 <sup>(a)</sup>  | 15000 | 15000 |
| Regents of the University of California, General Rev. Bonds, Series 2013-AL-2, 3.30% 5/15/2048 <sup>(a)</sup>  | 7400 | 7400 |
| **Total short-term securities** (cost: $45,380,000) |  | 45380 |
| **Total investment securities 99.13%** (cost: $690,447,000) |  | 693788 |
| **Other assets less liabilities 0.87%** |  | 6106 |
| **Net assets 100.00%** |  | $699894 |

---

**Futures contracts**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of <br>contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration <br>date<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br>amount <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value and <br>unrealized <br>appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) <br>at 10/31/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 135 | 1/6/2026 | USD28,113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(49)<br>|
| 10 Year Ultra U.S. Treasury Note Futures | Short | 56 | 12/31/2025 | (6467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(141)<br>|

---

---

| | |
|:---|:---|
| **11** | Private Client Services Funds |

---

------

Capital Group California Core Municipal Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. 

<sup>(b)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $13,111,000, which represented 1.87% of the net assets of the fund. 

<sup>(c)</sup> Step bond; coupon rate may change at a later date.

---

| |
|:---|
| **Key to abbreviation(s)** |
| Agcy. = Agency |
| AGI = Assured Guaranty insured |
| AMBAC = American Municipal Bond Assurance Company insured |
| Auth. = Authority |
| BAM = Build America Mutual insured |
| CAB = Capital Appreciation Bonds |
| Certs. = Certificates |
| Dept. = Department |
| Dev. = Development |
| Dist. = District |
| Dists. = Districts |
| Econ. = Economic |
| Fac. = Facility |

---

---

| |
|:---|
| Facs. = Facilities |
| Fin. = Finance |
| Fncg. = Financing |
| GO = General Obligation |
| NATL = National Public Finance Guarantee Corp. insured |
| Part. = Participation |
| Preref. = Prerefunded |
| Redev. = Redevelopment |
| Ref. = Refunding |
| Rev. = Revenue |
| SIFMA = Securities Industry and Financial Markets Association |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

Private Client Services Funds<sub>12</sub>

------

Capital Group California Short-Term Municipal Fund

**Investment portfolio** October 31, 2025

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 91.46% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California 91.46%** | **California 91.46%** | **California 91.46%** |
| County of Alameda, Union Sanitary Dist., Fncg. Auth. Interim Notes, Series 2025-A, 5.00% 3/15/2030  | USD520 | $583 |
| Anaheim City School Dist., GO School Bonds, CAB, 2002 Election, Series 2007, AGI, 0% 8/1/2031  | 530 | 450 |
| Burbank Unified School Dist., GO Bonds, CAB, 1997 Election, Series 2002-C, NATL, 0% 7/1/2027  | 500 | 479 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2024-A, 5.00% 11/1/2027  | 210 | 221 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2015-A, 5.00% 11/1/2032  | 70 | 70 |
| Chino Basin Regional Fin. Auth., Rev. Notes (Inland Empire Utilities Interim Fncg.), Series 2020-B, 4.00% <br> 11/1/2025 (escrowed to maturity)  | 500 | 500 |
| Communities Dev. Auth., Rev. Bonds (John Muir Health), Series 2024-A, 5.00% 12/1/2030  | 1000 | 1118 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, 4.00% 2/1/2052 (put <br>8/1/2031)  | 1000 | 1022 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-B-1, 5.00% 7/1/2053 (put <br> 8/1/2029)  | 1300 | 1375 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, 5.00% 12/1/2053 (put <br>8/1/2029)  | 1000 | 1066 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-E-1, 5.00% 2/1/2054 (put <br>3/1/2031)  | 1000 | 1080 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-A, 5.00% 5/1/2054 (put <br>4/1/2032)  | 1000 | 1090 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-D, 5.00% 2/1/2055 (put <br>9/1/2032)  | 500 | 547 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-C, 5.00% 8/1/2055 (put <br> 10/1/2032)  | 1500 | 1610 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-G, 5.00% 11/1/2055 (put <br>8/1/2032)  | 750 | 802 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-H, 5.00% 1/1/2056 (put <br>8/1/2033)  | 755 | 843 |
| East Side Union High School Dist., GO Bonds, 2014 Election, Series 2023-D, 5.00% 8/1/2030  | 190 | 214 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2018-80 (Willow Springs), Special Tax Bonds, Series <br> 2025, 5.00% 9/1/2030  | 275 | 296 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2018-80 (Willow Springs), Special Tax Bonds, Series <br> 2025, 5.00% 9/1/2031  | 290 | 314 |
| Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2026  | 300 | 305 |
| Educational Facs. Auth., Rev. Ref. Bonds (University of the Pacific), Series 2015, 5.00% 11/1/2027  | 500 | 500 |
| Escondido Union High School Dist., GO Bonds, CAB, 2008 Election, Series 2009-A, AGI, 0% 8/1/2028  | 500 | 467 |
| GO Bonds, Series 2022, 5.00% 4/1/2028  | 500 | 530 |
| GO Rev. Ref. Bonds, Series 2022, 5.00% 11/1/2027  | 1100 | 1154 |
| GO Rev. Ref. Bonds, Series 2022-B, 4.00% 9/1/2028  | 700 | 730 |
| GO Rev. Ref. Bonds, Series 2022, 4.00% 9/1/2029  | 750 | 792 |
| GO Rev. Ref. Bonds, Series 2021, 5.00% 9/1/2029  | 500 | 548 |
| GO Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2032  | 2000 | 2306 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, CAB, Series <br> 2005-A, AMBAC, 0% 6/1/2027 (escrowed to maturity)  | 1000 | 960 |
| Health Facs. Fncg. Auth., Rev. Bonds (CommonSpirit Health), Series 2020-A, 4.00% 4/1/2049 (preref. 4/1/2030)  | 495 | 528 |
| Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2006-C-2, 5.00% 6/1/2041 (put 11/1/2029)  | 805 | 878 |
| Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 11/15/2025  | 1000 | 1001 |
| Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 11/15/2026 (preref. 11/15/2025)  | 275 | 275 |
| Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 11/15/2046 (preref. 11/15/2025)  | 250 | 250 |
| Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 11/1/2028  | 315 | 316 |
| Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 11/15/2026  | 700 | 717 |
| Housing Fin. Agcy., Affordable Housing Rev. Bonds, Series 2024-A-2, 3.25% 8/1/2064 (put 2/1/2028)  | 505 | 508 |
| Housing Fin. Agcy., Limited Obligation Multi Family Housing Rev. Bonds (Foothill Family Apartments), Series <br> 2025-II, 2.75% 5/1/2044 (put 5/1/2028)  | 250 | 249 |
| Housing Fin. Agcy., Limited Obligation Multi Family Housing Rev. Bonds (Sutter Street), Series 2025-D, 2.75% <br> 11/1/2029 (put 11/1/2028)  | 415 | 413 |
| Housing Fin. Agcy., Multi Family Housing Rev. Bonds (VA Building 408), Series 2025-JJ, 2.90% 5/1/2047 (put <br> 5/1/2029)  | 515 | 515 |
| Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2021-B-2, 3.00% 10/1/2047 (put <br> 10/1/2026)  | 1500 | 1502 |
| Inglewood Unified School Dist., GO Bonds, 2020 Election, Series 2025-B, 5.00% 8/1/2032  | 625 | 713 |
| City of Irvine Facs. Fncg. Auth., Special Tax Rev. Bonds (Irvine Great Park Infrastructure Project), Series 2023-A, <br> 5.00% 9/1/2029  | 300 | 329 |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and <br> 15), Series 2021-A, 4.00% 9/1/2027  | 285 | 292 |

---

---

| | |
|:---|:---|
| **13** | Private Client Services Funds |

---

------

Capital Group California Short-Term Municipal Fund

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds (Community Facs. Dists. Nos. 10, 12, 13 and <br> 15), Series 2021-A, BAM, 4.00% 9/1/2028  | USD275 | $286 |
| Kern Community College Dist., Facs. Improvement Dist. No. 1, GO Bonds, 2016 Election, Series 2020-C, 4.00% <br> 8/1/2026  | 645 | 653 |
| City of Lake Elsinore, Facs. Fin. Auth., Local Agcy. Rev. Ref. Bonds, Series 2021-B, AGI, 4.00% 9/1/2026  | 195 | 197 |
| City of Lake Elsinore, Facs. Fin. Auth., Local Agcy. Rev. Ref. Bonds, Series 2021-B, AGI, 4.00% 9/1/2027  | 210 | 215 |
| Lake Tahoe Unified School Dist., GO Bonds, CAB, 2008 Election, Series 2009, AGI, 0% 8/1/2031  | 500 | 429 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2022-E, 5.00% <br> 5/15/2030  | 250 | 282 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2025-C, 5.00% <br> 5/15/2030  | 625 | 704 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2025-A, 5.00% 7/1/2028  | 610 | 639 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-D, 5.00% 7/1/2029  | 95 | 103 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2020-A, 5.00% 7/1/2029  | 120 | 130 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-E, 5.00% 7/1/2030  | 470 | 518 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2017-B, 5.00% 7/1/2033  | 700 | 716 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 7/1/2026  | 300 | 304 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-B, 4.00% 7/1/2030  | 275 | 287 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% 7/1/2030  | 60 | 66 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2022-C, 5.00% 6/1/2026  | 15 | 15 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-C, 5.00% 6/1/2027  | 1000 | 1043 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-A, 5.00% 6/1/2030  | 850 | 956 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-C, 5.00% 6/1/2032  | 500 | 587 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax <br> Bonds, Series 2022, 5.00% 9/1/2029  | 150 | 160 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, Special Tax <br> Bonds, Series 2022, 5.00% 9/1/2030  | 175 | 189 |
| County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Ref. Green Bonds, Series <br> 2020-A, 5.00% 6/1/2026  | 400 | 406 |
| Los Angeles County Dev. Auth. Multi Family Housing Rev. Bonds (Century and Restorative Care Village Phase I), <br> Series 2025-C, 3.35% 9/1/2059 (put 9/1/2028)  | 950 | 960 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2016-B, 5.00% <br> 7/1/2027  | 750 | 763 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2024-A, 5.00% <br> 7/1/2030  | 385 | 436 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series <br> 2025-A, 5.00% 7/1/2030  | 1000 | 1133 |
| Los Angeles Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, Series <br> 2024-A, 5.00% 7/1/2031  | 525 | 608 |
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2022-B, 3.00% 7/1/2028  | 955 | 970 |
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2024-B-3, 5.00% 7/1/2037 (put <br>7/1/2031)  | 1090 | 1210 |
| Modesto Irrigation Dist. Fncg. Auth., Electric System Rev. Bonds, Series 2023-A, 5.00% 10/1/2029  | 440 | 483 |
| Modesto Irrigation Dist. Fncg. Auth., Electric System Rev. Ref. Bonds, Series 2015-B, 5.00% 10/1/2028  | 595 | 596 |
| Modesto Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2021, 5.00% 7/1/2026  | 635 | 645 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Lake Isabella Senior Apartments I & II), Series 2025-A, <br> 2.75% 9/1/2028 (put 9/1/2027)  | 1020 | 1013 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Maison's Sierra II), Series 2025-B, 2.80% 5/1/2029 (put <br> 5/1/2028)  | 800 | 798 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Pleasant View Apartments Project), Series 2025, 2.80% <br> 2/1/2028 (put 2/1/2027)  | 2000 | 1989 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (SJ3 Portfolio), Series 2025-A, 2.75% 9/1/2028 (put <br> 9/1/2027)  | 225 | 223 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (View At San Bruno), Series 2024-A-1, 5.00% 6/1/2056 (put <br> 7/1/2028)  | 1870 | 1977 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Wildomar Family Housing LP), Series 2024, 3.05% <br> 12/1/2064 (put 6/1/2028)  | 325 | 326 |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2009-A, 3.30% <br> 2/1/2039 (put 2/1/2028) <sup>(a)</sup>  | 400 | 400 |
| Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2029  | 100 | 101 |
| Napa Valley Community College Dist., GO Bonds, CAB, 2002 Election, Series 2005-B, NATL, 0% 8/1/2028  | 2000 | 1864 |
| North Natomas Community Facs. Dist. No. 4, Special Tax Rev. Ref. Bonds, Series 2023-G, AGI, 5.00% 9/1/2028  | 745 | 794 |

---

Private Client Services Funds<sub>14</sub>

------

Capital Group California Short-Term Municipal Fund

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of Ontario, Community Facs. Dist. No. 35 (Countryside Phase 2 South - Facs.), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2029  | USD205 | $217 |
| City of Ontario, Community Facs. Dist. No. 35 (Countryside Phase 2 South - Facs.), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2030  | 215 | 230 |
| City of Ontario, Community Facs. Dist. No. 66 (Olive and Oleander Facs.), Special Tax Bonds, Series 2024, 5.00% <br> 9/1/2031  | 210 | 227 |
| County of Orange, Sanitation Dist., Wastewater Rev. Ref. Obligations, Series 2021-A, 5.00% 2/1/2026  | 750 | 755 |
| City of Oxnard, Wastewater Rev. Ref. Bonds, Series 2025, BAM, 5.00% 6/1/2028  | 700 | 747 |
| Oxnard Union High School Dist., GO Bond Anticipation Notes, Series 2025, 6.00% 2/1/2030  | 700 | 810 |
| Peralta Community College Dist., GO Bonds, 2018 Election, Series 2025-C-1, 5.00% 8/1/2026  | 2000 | 2039 |
| Peralta Community College Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2029  | 750 | 827 |
| Pollution Control Fncg. Auth., Water Facs. Rev. Bonds (American Water Capital Corp. Project), Series 2020, 3.70% <br> 8/1/2040 (put 9/1/2028)  | 410 | 418 |
| Public Fin. Auth., Rev. Ref. Bonds (O'Conner Woods), Series 2022, 4.00% 1/1/2026  | 440 | 441 |
| Public Works Board, Lease Rev. Bonds (Dept. of Corrections and Rehabilitation), Series 2015-H, 5.00% 12/1/2026  | 470 | 471 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2024-C, 5.00% 9/1/2030  | 665 | 743 |
| City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (The Grantline 208 Project), Special Tax Bonds, Series <br> 2021-B, 4.00% 9/1/2026  | 105 | 105 |
| City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (The Grantline 208 Project), Special Tax Bonds, Series <br> 2021-B, 4.00% 9/1/2028  | 120 | 122 |
| County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Bonds (Redev. Project Area No. 1, Desert Communities <br> Redev. Project Area, Interstate 215 Corridor Redev. Area), Series 2024-A, AGI, 5.00% 10/1/2029  | 315 | 345 |
| County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Bonds (Redev. Project Area No. 1, Desert Communities <br> Redev. Project Area, Interstate 215 Corridor Redev. Area), Series 2024-A, AGI, 5.00% 10/1/2032  | 1000 | 1157 |
| RNR School Fncg. Auth., Community Facs. Dist. No. 92-1, Special Tax Bonds, Series 2017-A, BAM, 5.00% 9/1/2028  | 1000 | 1021 |
| Roseville Joint Union High School Dist., GO Bonds, CAB, 2004 Election, Series 2007-C, AGI, 0% 8/1/2026  | 870 | 853 |
| City of Sacramento, Municipal Utility Dist., Electric Rev. Ref. Bonds, Series 2018-F, 5.00% 8/15/2026  | 500 | 510 |
| Sacramento Unified School Dist., GO Rev. Ref. Bonds, Series 2022, BAM, 5.00% 7/1/2027  | 815 | 848 |
| Sacramento Unified School Dist., GO Rev. Ref. Bonds, Series 2024-B, BAM, 5.00% 8/1/2029  | 500 | 547 |
| City of San Diego, Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Rev. Ref. Bonds, <br> Series 2021, 4.00% 9/1/2026  | 485 | 489 |
| City of San Diego, Housing Auth., Multi Family Housing Rev. Bonds, Series 2023-B, 5.00% 5/1/2057 (put <br>11/1/2026)  | 498 | 505 |
| City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A, <br> 5.00% 10/15/2027  | 255 | 269 |
| County of San Diego, Grossmont Healthcare Dist., GO Rev. Ref. Bonds, Series 2021-E, 5.00% 7/15/2028  | 320 | 343 |
| County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Bonds, Series 2021-B, 5.00% <br> 4/1/2026  | 140 | 141 |
| County of San Diego, Water Auth., Water Rev. Ref. Green Bonds, Series 2021-B, 5.00% 5/1/2030  | 230 | 259 |
| San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Green Bonds, 2018 Election, <br> Series 2023-G-2, 5.00% 7/1/2028  | 600 | 645 |
| San Diego Unified School Dist., GO Dedicated Unlimited Ad Valorem Property Tax Green Bonds, 2022 Election, <br> Series 2024-B-3, 5.00% 7/1/2030  | 325 | 368 |
| San Diego Unified School Dist., GO Green Bonds, 2018 Election, Series 2022-F-2, 5.00% 7/1/2029  | 960 | 1061 |
| City and County of San Francisco, Community Facs. Dist. No. 2014-1 (Transbay Transit Center), Special Tax Bonds, <br> Series 2022-A, 5.00% 9/1/2028  | 145 | 154 |
| City and County of San Francisco, Community Facs. Dist. No. 2014-1 (Transbay Transit Center), Special Tax Bonds, <br> Series 2022-A, 5.00% 9/1/2029  | 195 | 212 |
| City and County of San Francisco, Community Facs. Dist. No. 2014-1 (Transbay Transit Center), Special Tax Bonds, <br> Series 2022-A, 5.00% 9/1/2030  | 155 | 171 |
| City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, Series 2023-A, <br> 5.00% 11/1/2029  | 500 | 557 |
| City of San Francisco, Bay Area Rapid Transit Dist., GO Rev. Ref. Green Bonds, 2004 Election, Series 2025-H, 5.00% <br> 8/1/2032  | 1000 | 1178 |
| San Francisco Community College Dist., GO Rev. Ref. Bonds, Series 2025, 5.00% 6/15/2028  | 1000 | 1071 |
| San Francisco Unified School Dist., GO Bonds, 2024 Election, Series 2024-A, 5.00% 6/15/2031  | 505 | 574 |
| San Francisco Unified School Dist., GO Bonds, 2024 Election, Series 2024-A, 5.00% 6/15/2032  | 825 | 954 |
| City of San Jacinto, Community Facs. Dist. No. 2002-1 (Rancho San Jacinto Phase 2), Special Tax Rev. Ref. Bonds, <br> Series 2016, 5.00% 9/1/2027  | 900 | 913 |
| San Joaquin Hills Transportation Corridor Agcy., Toll Road Rev. and Rev. Ref. Bonds, CAB, Series 1997-A, NATL, <br> 0% 1/15/2029  | 225 | 204 |
| City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, 5.00% 3/1/2026  | 440 | 443 |

---

---

| | |
|:---|:---|
| **15** | Private Client Services Funds |

---

------

Capital Group California Short-Term Municipal Fund

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| City of San Jose, Multi Family Housing Rev. Bonds (Kooser Apartments), Series 2025-A-2, 5.00% 3/1/2030 (put <br> 3/1/2029)  | USD1,000 | $1003 |
| San Mateo Community College Dist., GO Bonds, CAB, 2001 Election, Series 2005-B, NATL, 0% 9/1/2027  | 1130 | 1082 |
| Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, <br> 5.00% 9/1/2029  | 1000 | 1002 |
| Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2021-B, 0.50% 3/1/2026  | 1350 | 1338 |
| Simi Valley Unified School Dist., GO Bonds, CAB, 2004 Election, Series 2007-C, AGI, 0% 8/1/2031  | 2500 | 2155 |
| Southern California Public Power Auth., Clean Energy Project Rev. Bonds, Series 2024-A, 5.00% 4/1/2055 (put <br>9/1/2030)  | 650 | 703 |
| Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Vintage at Folsom), Series 2024-E-2, 5.00% <br> 10/1/2028 (put 10/1/2027)  | 395 | 410 |
| Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 5.00% 7/1/2026  | 325 | 330 |
| Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Foundation Hospitals), Series 2025-A, 5.00% 10/1/2028 <sup>(a)</sup>  | 1200 | 1281 |
| Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2003-D, 5.00% 5/1/2033 (put <br> 11/1/2029)  | 1000 | 1091 |
| Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC - University of California, <br> Irvine East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM, 5.00% 5/15/2027  | 850 | 876 |
| City of Stockton, Public Fncg. Auth., Wastewater Rev. Ref. Bonds (Wastewater Ref. Project), Series 2024, AGI, <br> 5.00% 9/1/2029  | 295 | 322 |
| Temescal Valley Water Dist., Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2024, AGI, 5.00% 9/1/2028  | 500 | 533 |
| Tobacco Securitization Auth., Tobacco Settlement Asset-Backed Rev. Ref. Senior Bonds (Sacramento County <br> Tobacco Securitization Corp.), Series 2021-A-1, 5.00% 6/1/2027  | 440 | 454 |
| Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2026  | 550 | 557 |
| Tuolumne Wind Project Auth., Rev. Ref. Bonds (Tuolumne Wind Project), Series 2016-A, 5.00% 1/1/2027 <br> (escrowed to maturity)  | 670 | 689 |
| Twin Rivers Unified School Dist., GO Rev. Ref. Bonds, Series 2016-B, AGI, 5.00% 8/1/2027  | 225 | 230 |
| Ukiah Unified School Dist., GO Bonds, CAB, 2005 Election, Series 2006, NATL, 0% 8/1/2028  | 1000 | 929 |
| Regents of the University of California, General Rev. Bonds, Series 2023-C, 5.00% 5/15/2029  | 500 | 548 |
| Regents of the University of California, General Rev. Bonds, Series 2022-BK, 5.00% 5/15/2032  | 425 | 496 |
| Various Purpose GO Bonds, Series 2025, 5.00% 3/1/2028  | 3490 | 3693 |
| Various Purpose GO Bonds, Series 2025, 5.00% 3/1/2029  | 1730 | 1873 |
| Various Purpose GO Rev. Ref. Bonds, Series 2021, 5.00% 12/1/2025  | 100 | 100 |
| Various Purpose GO Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2032  | 1445 | 1675 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 4/1/2028  | 150 | 157 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 12/1/2045  | 30 | 30 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 12/1/2049  | 610 | 613 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2020-A, 3.00% 12/1/2050  | 695 | 689 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2022-A, 5.50% 12/1/2052  | 475 | 499 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2017-CQ, 4.00% 12/1/2047  | 140 | 140 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2018-CR, 4.00% 12/1/2048  | 350 | 352 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2020-CT, 3.00% 12/1/2050  | 990 | 984 |
| Dept. of Veterans Affairs, Veterans GO Bonds, Series 2022-CU, 5.50% 12/1/2052  | 1210 | 1273 |
| Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2021-BD, 5.00% 12/1/2028  | 625 | 680 |
| West Contra Costa Unified School Dist., GO Bonds, Series 2023, BAM, 5.00% 8/1/2028  | 1175 | 1258 |
| West Contra Costa Unified School Dist., GO Bonds, 2012 Election, Series 2020-E, AGI, 4.00% 8/1/2026  | 640 | 647 |
| Westside Union School Dist., GO Bonds, CAB, Series 2002-A, NATL, 0% 8/1/2027  | 1000 | 951 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series <br> 2021, 4.00% 9/1/2026  | 160 | 161 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series <br> 2021, AGI, 4.00% 9/1/2027  | 180 | 184 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, Series <br> 2021, AGI, 4.00% 9/1/2028  | 200 | 207 |
| **Total bonds, notes & other debt instruments** (cost: $111,732,000) |  | 112771 |
| Short-term securities 7.54% |  |  |
| **Municipals 7.54%** | **Municipals 7.54%** | **Municipals 7.54%** |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2023-B, 3.05% 4/1/2055 <sup>(b)</sup>  | 1200 | 1200 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2024-E, 3.05% 4/1/2059 <sup>(b)</sup>  | 1075 | 1075 |
| Municipal Fin. Auth., Recovery Zone Fac. Bonds (Chevron USA, Inc. Project), Series 2010-A, 2.90% 11/1/2035 <sup>(b)</sup>  | 500 | 500 |

---

---

| | |
|:---|:---|
| Private Client Services Funds | **16** |

---

------

Capital Group California Short-Term Municipal Fund

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **Municipals (continued)** | **Municipals (continued)** | **Municipals (continued)** |
| Municipal Fin. Auth., Recovery Zone Fac. Bonds (Chevron USA, Inc. Project), Series 2010-B, 2.90% 11/1/2035 <sup>(b)</sup>  | USD2,820 | $2820 |
| Municipal Fin. Auth., Recovery Zone Fac. Bonds (Chevron USA, Inc. Project), Series 2010-C, 2.90% 11/1/2035 <sup>(b)</sup>  | 2700 | 2700 |
| Regents of the University of California, General Rev. Bonds, Series 2013-AL-2, 3.30% 5/15/2048 <sup>(b)</sup>  | 1000 | 1000 |
| **Total short-term securities** (cost: $9,295,000) |  | 9295 |
| **Total investment securities 99.00%** (cost: $121,027,000) |  | 122066 |
| **Other assets less liabilities 1.00%** |  | 1228 |
| **Net assets 100.00%** |  | $123294 |

---

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,681,000, which represented 1.36% of the net assets of the fund. 

<sup>(b)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. 

---

| |
|:---|
| **Key to abbreviation(s)** |
| Agcy. = Agency |
| AGI = Assured Guaranty insured |
| AMBAC = American Municipal Bond Assurance Company insured |
| Auth. = Authority |
| BAM = Build America Mutual insured |
| CAB = Capital Appreciation Bonds |
| Dept. = Department |
| Dev. = Development |
| Dist. = District |
| Dists. = Districts |
| Econ. = Economic |

---

---

| |
|:---|
| Fac. = Facility |
| Facs. = Facilities |
| Fin. = Finance |
| Fncg. = Financing |
| GO = General Obligation |
| NATL = National Public Finance Guarantee Corp. insured |
| Preref. = Prerefunded |
| Redev. = Redevelopment |
| Ref. = Refunding |
| Rev. = Revenue |
| USD = U.S. dollars |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **17** | Private Client Services Funds |

---

------

Financial statements

**Statements of assets and liabilities** at October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Capital Group** <br>**California** <br>**Core Municipal** <br>**Fund**<br>| &nbsp;&nbsp; **Capital Group** <br>**California** <br>**Short-Term** <br>**Municipal Fund**<br>|
| **Assets:** |  |  |
| Investment securities in unaffiliated issuers, at value | &nbsp;&nbsp;&nbsp; $693788 | &nbsp;&nbsp;&nbsp; $122066 |
| Cash | &nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp; 239 |
| Cash collateral pledged for futures contracts | &nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp; — |
| Receivables for: |  |  |
| Sales of fund's shares | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Dividends and interest | &nbsp;&nbsp;&nbsp; 6797 | &nbsp;&nbsp;&nbsp; 1185 |
| Services provided by related parties | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — |
| Total assets | &nbsp;&nbsp;&nbsp; 701053 | &nbsp;&nbsp;&nbsp; 123500 |
| **Liabilities:** |  |  |
| Payables for: |  |  |
| Repurchases of fund's shares | &nbsp;&nbsp;&nbsp; 974 | &nbsp;&nbsp;&nbsp; 143 |
| Investment advisory services | &nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp; 26 |
| Audit fees | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 37 |
| Other | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Total liabilities | &nbsp;&nbsp;&nbsp; 1159 | &nbsp;&nbsp;&nbsp; 206 |
| **Net assets at October 31, 2025** | &nbsp;&nbsp;&nbsp; $699894 | &nbsp;&nbsp;&nbsp; $123294 |
| **Net assets consist of:** |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp;&nbsp; $706537 | &nbsp;&nbsp;&nbsp; $124483 |
| Total distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp; (6643)<br>| &nbsp;&nbsp;&nbsp; (1189)<br>|
| **Net assets at October 31, 2025** | &nbsp;&nbsp;&nbsp; $699894 | &nbsp;&nbsp;&nbsp; $123294 |
| Investment securities in unaffiliated issuers, at cost | &nbsp;&nbsp;&nbsp; $690447 | &nbsp;&nbsp;&nbsp; $121027 |
| Shares outstanding | &nbsp;&nbsp;&nbsp; 67165 | &nbsp;&nbsp;&nbsp; 12172 |
| Net asset value per share | &nbsp;&nbsp;&nbsp; $10.42 | &nbsp;&nbsp;&nbsp; $10.13 |

---

\*

Amount less than one thousand.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| Private Client Services Funds | **18** |

---

------

Financial statements (continued)

**Statements of operations** for the year ended October 31, 2025

(dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Capital Group** <br>**California** <br>**Core Municipal** <br>**Fund**<br>| &nbsp;&nbsp; **Capital Group** <br>**California** <br>**Short-Term** <br>**Municipal Fund**<br>|
| **Investment income:** |  |  |
| Income: |  |  |
| Interest from unaffiliated issuers | &nbsp;&nbsp;&nbsp; $17958 | &nbsp;&nbsp;&nbsp; $3024 |
| Fees and expenses\*: |  |  |
| Investment advisory services | &nbsp;&nbsp;&nbsp; 1613 | &nbsp;&nbsp;&nbsp; 291 |
| Transfer agent services | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 2 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 7 |
| Registration statement and prospectus | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 7 |
| Trustees' compensation | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|
| Auditing and legal | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 48 |
| Custodian | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 5 |
| Other | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 2 |
| Total fees and expenses before waivers and/or reimbursements | &nbsp;&nbsp;&nbsp; 1720 | &nbsp;&nbsp;&nbsp; 362 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |
| Miscellaneous fee reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 |
| Total reimbursements of fees and expenses | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 |
| Total fees and expenses after waivers and/or reimbursements | &nbsp;&nbsp;&nbsp; 1720 | &nbsp;&nbsp;&nbsp; 352 |
| Net investment income | &nbsp;&nbsp;&nbsp; 16238 | &nbsp;&nbsp;&nbsp; 2672 |
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments in unaffiliated issuers | &nbsp;&nbsp;&nbsp; (2285)<br>| &nbsp;&nbsp;&nbsp; (30)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; (4)<br>|
|  | &nbsp;&nbsp;&nbsp; (2145)<br>| &nbsp;&nbsp;&nbsp; (34)<br>|
| Net unrealized appreciation (depreciation) on: |  |  |
| Investments in unaffiliated issuers | &nbsp;&nbsp;&nbsp; 14556 | &nbsp;&nbsp;&nbsp; 1805 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; 17 |
|  | &nbsp;&nbsp;&nbsp; 14553 | &nbsp;&nbsp;&nbsp; 1822 |
| Net realized gain (loss) and unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 12408 | &nbsp;&nbsp;&nbsp; 1788 |
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; $28646 | &nbsp;&nbsp;&nbsp; $4460 |

---

\*

Additional information related to fees and expenses is included in the notes to financial statements.

<sup>†</sup>

Amount less than one thousand.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **19** | Private Client Services Funds |

---

------

Financial statements (continued)

**Statements of changes in net assets**

(dollars in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Capital Group** <br>**California** <br>**Core Municipal** <br>**Fund** | **Capital Group** <br>**California** <br>**Core Municipal** <br>**Fund** | **Capital Group** <br>**California** <br>**Short-Term** <br>**Municipal Fund** | **Capital Group** <br>**California** <br>**Short-Term** <br>**Municipal Fund** |
|  | Year ended October 31, | Year ended October 31, | Year ended October 31, | Year ended October 31, |
|  | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |
| Net investment income (loss) | $16238 | $15439 | $2672 | $2158 |
| Net realized gain (loss) | (2145)<br>| (815)<br>| (34)<br>| (71)<br>|
| Net unrealized appreciation (depreciation) | 14553 | 27237 | 1822 | 3429 |
| Net increase (decrease) in net assets resulting from operations | 28646 | 41861 | 4460 | 5516 |
| **Distributions paid to shareholders** | (16480)<br>| (15222)<br>| (2704)<br>| (2140)<br>|
| **Net capital share transactions** | 52764 | (37227)<br>| 13842 | (4384)<br>|
| **Total increase (decrease) in net assets** | 64930 | (10588)<br>| 15598 | (1008)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of year | 634964 | 645552 | 107696 | 108704 |
| End of year | $699894 | $634964 | $123294 | $107696 |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| Private Client Services Funds | **20** |

---

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

------

Capital Group Private Client Services Funds (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management investment company. The series consists of two funds: Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund (each a "fund," collectively the "funds"). The assets of each fund are segregated, with each fund accounted for separately.

Each fund's investment objectives are as follows:

**Capital Group California Core Municipal Fund** — Seeks to provide current income exempt from federal and California income taxes while preserving 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.

**2. Significant accounting policies**

------

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB"). Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the funds' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Operating segments** — Each fund represents a single operating segment as the operating results of each fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the funds' Principal Executive Officer and Principal Financial Officer, serves as the funds' chief operating decision maker ("CODM"), who act in accordance with Board of Trustees reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess each fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

**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.

**Distributions paid to shareholders** — Income dividends and capital gain distributions are recorded on the ex-dividend date.

**New accounting pronouncements** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the ASU and its impact to the financial statements.

**3. Valuation**

------

Capital Research and Management Company ("CRMC"), the funds' investment adviser, values each fund's investments at fair value as defined by accounting principles generally accepted in the United State of America. The net asset value per share of each fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

---

| | |
|:---|:---|
| **21** | Private Client Services Funds |

---

------

**Methods and inputs** — The funds' investment adviser uses the following methods and inputs to establish the fair value of each fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

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

---

| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| All | &nbsp;&nbsp; Benchmark yields, transactions, bids, offers, quotations from dealers and <br> trading systems, new issues, spreads and other relationships observed in <br> the markets among comparable securities; and proprietary pricing models <br> such as yield measures calculated using factors such as cash flows, financial <br> or collateral performance and other reference data (collectively referred to <br> as "standard inputs")<br>|
| Municipal securities | &nbsp;&nbsp; Standard inputs and, for certain distressed securities, cash flows or <br> liquidation values using a net present value calculation based on inputs that <br> include, but are not limited to, financial statements and debt contracts<br>|

---

Exchange-traded futures are generally valued at the official settlement price on the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the funds' investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the funds' investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each of the funds is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

**Processes and structure** — The funds' board of trustees has designated the fund's investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Committee") to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The funds' board and audit committee also regularly review reports that describe fair value determinations and methods.

---

| | |
|:---|:---|
| Private Client Services Funds | **22** |

---

------

**Classifications** — The funds' investment adviser classifies each fund's assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The funds' valuation levels as of October 31, 2025, were as follows (dollars in thousands):

**Capital Group California Core Municipal Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Municipals | $— | $648408 | $— | $648408 |
| Short-term securities  |  | 45380 |  | 45380 |
| Total | $— | $693788 | $— | $693788 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | $(141)<br>| $— | $— | $(141)<br>|
| Total  | $(141)<br>| $— | $— | $(141)<br>|

---

\*

Futures contracts are not included in the fund's investment portfolio.

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

As of October 31, 2025, all of the fund's investments were classified as Level 2.

**4. Risk factors**

------

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

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

---

| | |
|:---|:---|
| **23** | Private Client Services Funds |

---

------

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund's investments may be negatively affected by developments in other countries and regions.

**Issuer risks** — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, 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. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund's securities could cause the value of the fund's shares to decrease. 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 assessing credit and default risks.

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

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, 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.

**Liquidity risk** — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or to try to limit losses, or may be forced to sell at a loss.

**Investing in similar municipal bonds** — Investing significantly in municipal obligations of multiple 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 fund has greater risk of volatility, and greater risk of loss, from these investments.

---

| | |
|:---|:---|
| Private Client Services Funds | **24** |

---

------

**Investing in municipal bonds of issuers within the state of California** — Because the funds invest primarily in securities of issuers within the state of California, the funds are 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.

**Insured municipal bonds** – The fund may invest in municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. Insurance that covers a municipal bond does not guarantee the market value of the bond or the prices of the fund's shares. Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurers. If the credit rating of the insurer were downgraded or withdrawn by rating agencies, this could have an adverse effect upon the credit rating of the insured bond and, therefore, its market value, despite the quality of the underlying issuer.

**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, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.

**5. Certain investment techniques**

------

**Futures contracts** — Each fund has entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund's statement of assets and liabilities. In addition, each fund segregates liquid assets equivalent to the fund's outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations.

The following table presents the average month-end notional amounts of futures contracts while held for each fund (dollars in thousands):

---

| | |
|:---|:---|
|  | **Futures** <br>**contracts**<br>|
| Capital Group California Core Municipal Fund | &nbsp;&nbsp; $26983 |
| Capital Group California Short-Term Municipal Fund | &nbsp;&nbsp; 6,955\* |

---

\*

No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

---

| | |
|:---|:---|
| **25** | Private Client Services Funds |

---

------

The following tables identify the location and fair value amounts on the funds' statements of assets and liabilities and/or the effect on the funds' statements of operations resulting from the funds' use of futures contracts as of, or for the year ended, October 31, 2025 (dollars in thousands):

**Capital Group California Core Municipal Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | &nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br>**assets and liabilities**<br>| **Value** |
| Futures | Interest | Unrealized appreciation\* | $— | Unrealized depreciation\* | $141 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $140 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $(3)<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | &nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** | &nbsp;&nbsp;&nbsp;&nbsp; **Location on statement of** <br> **operations**<br>| **Value** |
| Futures | Interest | &nbsp;&nbsp; Net realized gain (loss) on futures <br> contracts<br>| $(4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $17 |

---

\*

Includes cumulative appreciation/depreciation on futures contracts as reported in the applicable table following each fund's investment portfolio. Only current day's variation margin is reported within each fund's statement of assets and liabilities.

**Collateral** — Each fund either receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to its use of futures contracts. For futures contracts, the program calls for the fund to pledge collateral for initial and variation margin by contract. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligations. Non-cash collateral pledged by the fund, if any, is disclosed in the fund's investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund's custodian, which is reflected as pledged cash collateral in each fund's statement of assets and liabilities.

**6. Taxation and distributions**

------

**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its 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.

As of and during the year ended October 31, 2025, neither of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, neither of the funds incurred any significant interest or penalties.

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

**Distributions** — Distributions determined on a tax basis 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 short-term capital gains and losses; amortization of premiums and discounts; income on certain investments; net capital losses and cost of investments sold. 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. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

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| | |
|:---|:---|
| Private Client Services Funds | **26** |

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Additional tax basis disclosures for each fund as of October 31, 2025, were as follows (dollars in thousands):

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| | | |
|:---|:---|:---|
|  | **Capital** <br> **Group** <br>**California** <br>**Core** <br> **Municipal** <br>**Fund**<br>| **Capital** <br> **Group** <br>**California** <br>**Short-Term** <br>**Municipal** <br> **Fund**<br>|
| Undistributed tax-exempt income | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 4 |
| Capital loss carryforward\* | &nbsp;&nbsp; (10134)<br>| &nbsp;&nbsp; (2215)<br>|
| Gross unrealized appreciation on investments | &nbsp;&nbsp; 8566 | &nbsp;&nbsp; 1383 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp; (5203)<br>| &nbsp;&nbsp; (362)<br>|
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 3363 | &nbsp;&nbsp; 1021 |
| Cost of investments | &nbsp;&nbsp; 690284 | &nbsp;&nbsp; 121045 |
| Reclassification from total accumulated loss to capital paid in on shares of beneficial interest | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 8 |

---

\*

Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

Tax-exempt income distributions paid or accrued from each fund were as follows (dollars in thousands):

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| | | |
|:---|:---|:---|
| **Fund** | **Year ended** <br>**October 31,** <br>**2025**<br>| **Year ended** <br>**October 31,** <br>**2024**<br>|
| Capital Group California Core Municipal Fund | &nbsp;&nbsp; 16,480 | &nbsp;&nbsp; 15,222 |
| Capital Group California Short-Term Municipal Fund | &nbsp;&nbsp; 2,704 | &nbsp;&nbsp; 2,140 |

---

**7. Fees and transactions with related parties**

------

CRMC, the funds' investment adviser, is the parent company of American Funds Service Company® ("AFS"), the funds' transfer agent. CRMC and AFS are considered related parties to each fund.

**Investment advisory services** — Each fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. The fee for Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund is 0.25% of the daily net assets of each fund.

**Transfer agent services** — Each fund has a shareholder services agreement with AFS under which each fund compensates AFS for providing transfer agent services. These services include recordkeeping, shareholder communications and transaction processing. In addition, each fund reimburses AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

**Miscellaneous fee reimbursements** — CRMC has agreed to reimburse a portion of miscellaneous fees and expenses for Capital Group California Short-Term Municipal Fund to limit the fund's total annual operating expenses to 0.30% (as a percentage of daily net assets). Miscellaneous expenses exclude investment advisory services fees. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series' prospectus. For the year ended October 31, 2025, total fees and expenses reimbursed by CRMC were $10,000 for Capital Group California Short-Term Municipal Fund. CRMC will not recoup all or a portion of these reimbursements. Fees and expenses in each fund's statement of operations are presented gross of any reimbursements from CRMC.

**Affiliated officers and trustees** — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC. No affiliated officers or trustees received any compensation directly from the series.

**Security transactions with related funds** — The funds may purchase from, or sell securities to, other CRMC-managed funds (or accounts managed by certain affiliates of CRMC) under procedures adopted by the funds' board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

---

| | |
|:---|:---|
| **27** | Private Client Services Funds |

---

------

The following table presents purchase and sales transactions, if any, between each fund and related funds and the net realized loss from such sales as of October 31, 2025 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Purchases**  | **Sales**  | **Net** <br>**realized** <br>**loss**<br>|
| Capital Group California Core Municipal Fund | &nbsp;&nbsp; $7255 | &nbsp;&nbsp; $5670 | &nbsp;&nbsp; $(295) |
| Capital Group California Short-Term Municipal Fund | &nbsp;&nbsp; 773 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**Interfund lending** — Pursuant to an exemptive order issued by the SEC, the funds, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The funds did not lend or borrow cash through the interfund lending program at any time during the year ended October 31, 2025.

**8. Indemnifications**

------

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

**9. Capital share transactions**

------

Capital share transactions in each fund were as follows (dollars and shares in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Sales** | **Sales** | **Reinvestments of** <br>**distributions** | **Reinvestments of** <br>**distributions** | **Repurchases** | **Repurchases** | **Net increase** <br>**(decrease)** | **Net increase** <br>**(decrease)** |
| **Fund**  | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended October 31, 2025** | **Year ended October 31, 2025** | **Year ended October 31, 2025** | **Year ended October 31, 2025** | **Year ended October 31, 2025** | **Year ended October 31, 2025** | **Year ended October 31, 2025** | **Year ended October 31, 2025** | **Year ended October 31, 2025** |
| Capital Group <br>California Core Municipal Fund<br>| &nbsp;&nbsp; $129785 | &nbsp;&nbsp; 12626 | &nbsp;&nbsp;&nbsp; $16480 | &nbsp;&nbsp; 1609 | &nbsp;&nbsp;&nbsp; $(93501)<br>| &nbsp;&nbsp; (9131)<br>| &nbsp;&nbsp;&nbsp; $52764 | &nbsp;&nbsp; 5104 |
| Capital Group California <br>Short-Term Municipal Fund<br>| &nbsp;&nbsp; 56402 | &nbsp;&nbsp; 5625 | &nbsp;&nbsp;&nbsp; 2704 | &nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; (45264)<br>| &nbsp;&nbsp; (4508)<br>| &nbsp;&nbsp;&nbsp; 13842 | &nbsp;&nbsp; 1386 |
| **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** | **Year ended October 31, 2024** |
| Capital Group <br>California Core Municipal Fund<br>| &nbsp;&nbsp; $144565 | &nbsp;&nbsp; 14131 | &nbsp;&nbsp;&nbsp; $15222 | &nbsp;&nbsp; 1490 | &nbsp;&nbsp;&nbsp; $(197014)<br>| &nbsp;&nbsp; (19344)<br>| &nbsp;&nbsp;&nbsp; $(37227)<br>| &nbsp;&nbsp; (3723)<br>|
| Capital Group California <br>Short-Term Municipal Fund<br>| &nbsp;&nbsp; 36156 | &nbsp;&nbsp; 3641 | &nbsp;&nbsp;&nbsp; 2139 | &nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; (42679)<br>| &nbsp;&nbsp; (4295)<br>| &nbsp;&nbsp;&nbsp; (4384)<br>| &nbsp;&nbsp; (439)<br>|

---

**10. Investment transactions**

------

The funds made purchases and sales of investment securities during the year ended October 31, 2025, as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **Capital Group** <br>**California** <br>**Core Municipal** <br>**Fund**<br>| **Capital Group** <br>**California** <br>**Short-Term** <br>**Municipal Fund**<br>|
| Purchases of investment securities\* | &nbsp;&nbsp; $254299 | &nbsp;&nbsp; $60788 |
| Sales of investment securities\* | &nbsp;&nbsp; 223453 | &nbsp;&nbsp; 50699 |

---

\*

Excludes short-term securities and U.S. government obligations, if any.

---

| | |
|:---|:---|
| Private Client Services Funds | **28** |

---

------

Financial highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net asset <br>value, <br>beginning <br>of year | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | Income (loss) from investment operations<sup>1</sup> | Dividends and distributions | Dividends and distributions | Dividends and distributions | Net asset <br>value, end <br>of year | Total <br>return<sup>2</sup>  | Net assets, <br>end of year <br>(in millions) | Ratio of <br>expenses to <br>average net <br>assets before <br>waivers/ <br>reimbursements | Ratio of <br>expenses to <br>average net <br>assets after <br>waivers/ <br>reimbursements<sup>2</sup>  | Ratio of <br>net income <br>(loss) <br>to average <br>net assets<sup>2</sup>  |
| Year ended  | Net asset <br>value, <br>beginning <br>of year | Net <br>investment <br>income <br>(loss)<br>| Net gains <br>(losses) on <br>securities <br>(both <br>realized and <br>unrealized)<br>| Total from <br>investment <br>operations<br>| Dividends <br>(from net <br>investment <br>income)<br>| Distributions <br>(from capital <br>gains)<br>| Total <br>dividends <br>and <br>distributions<br>| Net asset <br>value, end <br>of year | Total <br>return<sup>2</sup>  | Net assets, <br>end of year <br>(in millions) | Ratio of <br>expenses to <br>average net <br>assets before <br>waivers/ <br>reimbursements | Ratio of <br>expenses to <br>average net <br>assets after <br>waivers/ <br>reimbursements<sup>2</sup>  | Ratio of <br>net income <br>(loss) <br>to average <br>net assets<sup>2</sup>  |
| **Capital Group California Core Municipal Fund** | **Capital Group California Core Municipal Fund** | **Capital Group California Core Municipal Fund** | **Capital Group California Core Municipal Fund** | **Capital Group California Core Municipal Fund** | **Capital Group California Core Municipal Fund** | **Capital Group California Core Municipal Fund** | **Capital Group California Core Municipal Fund** | **Capital Group California Core Municipal Fund** | **Capital Group California Core Municipal Fund** | **Capital Group California Core Municipal Fund** | **Capital Group California Core Municipal Fund** | **Capital Group California Core Municipal Fund** | **Capital Group California Core Municipal Fund** |
| 10/31/2025 | $10.23 | $.26 | $.19 | $.45 | $(.26)<br>| $— | $(.26)<br>| $10.42 | 4.49<br> %<br>| $700 | .27<br> %<br>| .27<br> %<br>| 2.52<br> %<br>|
| 10/31/2024 | 9.81 | .24 | .42 | .66 | (.24)<br>|  | (.24)<br>| 10.23 | 6.74 | 635 | .26 | .26 | 2.36 |
| 10/31/2023 | 9.91 | .20 | (.10)<br>| .10 | (.20)<br>|  | (.20)<br>| 9.81 | .92 | 646 | .28 | .28 | 1.97 |
| 10/31/2022 | 10.75 | .13 | (.77)<br>| (.64)<br>| (.14)<br>| (.06)<br>| (.20)<br>| 9.91 | (6.02)<br>| 586 | .27 | .27 | 1.23 |
| 10/31/2021 | 10.90 | .13 | (.08)<br>| .05 | (.11)<br>| (.09)<br>| (.20)<br>| 10.75 | .53 | 664 | .27 | .27 | 1.17 |
| **Capital Group California Short-Term Municipal Fund** | **Capital Group California Short-Term Municipal Fund** | **Capital Group California Short-Term Municipal Fund** | **Capital Group California Short-Term Municipal Fund** | **Capital Group California Short-Term Municipal Fund** | **Capital Group California Short-Term Municipal Fund** | **Capital Group California Short-Term Municipal Fund** | **Capital Group California Short-Term Municipal Fund** | **Capital Group California Short-Term Municipal Fund** | **Capital Group California Short-Term Municipal Fund** | **Capital Group California Short-Term Municipal Fund** | **Capital Group California Short-Term Municipal Fund** | **Capital Group California Short-Term Municipal Fund** | **Capital Group California Short-Term Municipal Fund** |
| 10/31/2025 | $9.98 | $.23 | $.15 | $.38 | $(.23)<br>| $— | $(.23)<br>| $10.13 | 3.77<br> %<br>| $123 | .31<br> %<br>| .30<br> %<br>| 2.29<br> %<br>|
| 10/31/2024 | 9.68 | .21 | .30 | .51 | (.21)<br>|  | (.21)<br>| 9.98 | 5.27 | 108 | .31 | .30 | 2.11 |
| 10/31/2023 | 9.75 | .17 | (.07)<br>| .10 | (.17)<br>|  | (.17)<br>| 9.68 | 1.13 | 109 | .32 | .30 | 1.73 |
| 10/31/2022 | 10.29 | .08 | (.51)<br>| (.43)<br>| (.08)<br>| (.03)<br>| (.11)<br>| 9.75 | (4.17)<br>| 125 | .30 | .30 | .79 |
| 10/31/2021 | 10.39 | .08 | (.07)<br>| .01 | (.08)<br>| (.03)<br>| (.11)<br>| 10.29 | .12 | 182 | .29 | .29 | .76 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio turnover rate** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
| **Portfolio turnover rate** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Capital Group California Core Municipal Fund | &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>|
| Capital Group California Short-Term Municipal Fund | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |

---

<sup>1</sup> Based on average shares outstanding. <br> <sup>2</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **29** | Private Client Services Funds |

---

------

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Capital Group Private Client Services Funds and Shareholders of Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of Capital Group California Core Municipal Fund and Capital Group California Short-Term Municipal Fund (constituting Capital Group Private Client Services Funds, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

December 11, 2025

We have served as the auditor of one or more investment companies in The Capital Group group of investment companies since 1934.

---

| | |
|:---|:---|
| Private Client Services Funds | **30** |

---

------

Tax informationunaudited

------

We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The funds hereby designate the following amounts for the funds' fiscal year ended October 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Capital Group** <br>**California** <br>**Core Municipal** <br>**Fund**<br>| **Capital Group** <br>**California** <br>**Short-Term** <br>**Municipal Fund**<br>|
| Exempt interest dividends | &nbsp;&nbsp; 100% | &nbsp;&nbsp; 100% |

---

**Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2026, to determine the *calendar year* amounts to be included on their 2025 tax returns. Shareholders should consult their tax advisors.**

---

| | |
|:---|:---|
| **31** | Private Client Services Funds |

---

------

Changes in and disagreements with accountants

------

None

Matters submitted for shareholder vote

------

None

Remuneration paid to directors, officers and others

------

This information is disclosed under fees and expenses in the statement of operations.

Approval of Investment Advisory and Service Agreement

------

Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

---

| | |
|:---|:---|
| Private Client Services Funds | **32** |

---

------

#### ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies
None

------

#### ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies
None

------

#### ITEM 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
This information is included as part of the material filed under Item 7 of this Form under fees and expenses in the statement of operations.

------

#### ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

------

#### ITEM 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 13 - Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 15 - Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ''interested persons'' of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board's composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. The committee also coordinates annual self-assessments of the board and evaluates, selects and nominates independent trustee candidates to 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 and governance committee of the Registrant, c/o the Registrant's Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.

------

#### ITEM 16 - Controls and Procedures
(a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b) There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

#### ITEM 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

------

#### ITEM 18 - Recovery of Erroneously Awarded Compensation
None

------

#### ITEM 19 - Exhibits
(a)(1) Code of Ethics - See Item 2

(a)(2) The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections [302](cert302.htm) and [906](cert906.htm) of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto.

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

**Capital Group Private Client Services Funds**

By /s/ Kristine M. Nishiyama

Kristine M. Nishiyama,

Principal Executive Officer

Date: January 07, 2026

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

By /s/ Kristine M. Nishiyama

Kristine M. Nishiyama,

Principal Executive Officer

Date: January 07, 2026

By /s/ Becky L. Park

Becky L. Park, Treasurer and

Principal Financial Officer

Date: January 07, 2026

------

## Ex-99.Cert

**CERTIFICATION**

**I, Kristine M. Nishiyama, certify that:**

1. I have reviewed this report on Form N-CSR of **Capital Group Private Client Services Funds**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 07, 2026

<u>/s/ Kristine M. Nishiyama</u> Kristine M. Nishiyama, Principal Executive Officer

Capital Group Private Client Services Funds

**CERTIFICATION**

I, **Becky L. Park**, certify that:

1. I have reviewed this report on Form N-CSR of **Capital Group Private Client Services Funds**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 07, 2026

<u>/s/ Becky L. Park</u> Becky L. Park,

Treasurer and Principal Financial Officer

Capital Group Private Client Services Funds

------

## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

KRISTINE M. NISHIYAMA, Principal Executive Officer, and BECKY L. PARK, Treasurer and Principal Financial Officer of Capital Group Private Client Services Funds (the "Registrant"), each certify to the best of her or his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer

**Capital Group Private Client Services Funds**

<u>/s/ Kristine M. Nishiyama</u>

Kristine M. Nishiyama, Principal Executive Officer

Date: January 07, 2026

Principal Financial Officer

**Capital Group Private Client Services Funds**

<u>/s/ Becky L. Park</u>

Becky L. Park, Treasurer and Principal Financial Officer

Date: January 07, 2026

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to **Capital Group Private Client Services Funds** and will be retained by **Capital Group Private Client Services Funds** and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

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