# EDGAR Filing Document

**Accession Number:** 0001474365
**File Stem:** 0001145549-25-045906
**Filing Date:** 2025-7
**Character Count:** 179993
**Document Hash:** 4fa8a87039ea7b870c89b5f3e07dba75
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-045906.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001145549-25-045906

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22349
- **FILM NUMBER:** 251107745

**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'? 8ddb36f765f5352

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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&nbsp;&nbsp;&nbsp;&nbsp;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)

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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:

#### April 30, 2025
ITEM 1 - Reports to Stockholders

![TSR - PCS Logo](images_2031.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## Capital Group California Core Municipal Fund
**CCCMX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about Capital Group California Core Municipal Fund (the "fund") for the period from November 1, 2024 to April 30, 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 six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;CCCMX | &nbsp;&nbsp;$13 0.26%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $630376 |
| Total number of portfolio holdings | 482 |
| Portfolio turnover rate | 23% |

---

**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

![TSR - QR Code - CGPCS](images_2054.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

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. MFMXSRX-119-0625© 2025 Capital Group. All rights reserved.

![TSR - PCS Logo](images_2031.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

## Capital Group California Short-Term Municipal Fund
**CCSTX** for the six months ended April 30, 2025

This semi-annual shareholder report contains important information about Capital Group California Short-Term Municipal Fund (the "fund") for the period from November 1, 2024 to April 30, 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 six months?** (based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Costs of a $10,000 investment** |
| &nbsp;&nbsp;CCSTX | &nbsp;&nbsp;$13 0.26%<sup>\*</sup> |

---

\*Annualized.

Key fund statistics

---

| | |
|:---|:---|
| Fund net assets (in thousands) | $118879 |
| Total number of portfolio holdings | 185 |
| Portfolio turnover rate | 21% |

---

**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

![TSR - QR Code - CGPCS](images_2054.jpg)

Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.

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. MFMXSRX-120-0625© 2025 Capital Group. All rights reserved.

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#### ITEM 2 - Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.

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#### ITEM 3 - Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.

------

#### ITEM 4 - Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.

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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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![](img803084fe1.jpg)

**Capital Group Private Client Services Funds**

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

for the six months ended April 30, 2025

Lit. No. MFGEFP2-380-0625© 2025 Capital Group. All rights reserved.

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Capital Group California Core Municipal Fundunaudited

**Investment portfolio** April 30, 2025

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 96.10% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California 95.75%** | **California 95.75%** | **California 95.75%** |
| Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2016-A, 5.00% 10/1/2025 | USD500 | $501 |
| County of Alameda, Union Sanitary Dist., Fncg. Auth. Interim Notes, Series 2025-A, 5.00% 3/15/2030 | 2600 | 2840 |
| City of Alhambra, Insured Rev. Ref. Bonds (Atherton Baptist Homes Project), Series 2016, 5.00% 1/1/2027 | 630 | 644 |
| Anaheim Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2003, <br>National insured, 0% 8/1/2028 | 1000 | 899 |
| Antelope Valley Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2016 Election, Series 2022-C, <br> 0% 8/1/2029 | 1000 | 865 |
| City of Atlanta, Water and Wastewater Rev. Bonds, Series 2004, Assured Guaranty insured, 5.00% 10/1/2027 | 260 | 261 |
| Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds <br>(Windemere Ranch Infrastructure Fncg. Program), Series 2014-A, 5.00% 9/2/2025 | 510 | 511 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2017-S-7, 4.00% 4/1/2031 | 2040 | 2068 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2001-A, <br>(SIFMA Municipal Swap Index + 1.25%) 4.87% 4/1/2036 (put 4/1/2027)<sup>1</sup>  | 1000 | 992 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2021-D, <br>(SIFMA Municipal Swap Index + 0.30%) 3.92% 4/1/2056 (put 4/1/2027)<sup>1</sup>  | 1895 | 1847 |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Green Bonds, Series 2024-F-2, 5.00% 4/1/2040 | 860 | 927 |
| City of Beaumont, Wastewater Rev. Bonds, Series 2018-A, Assured Guaranty insured, 5.00% 9/1/2026 | 500 | 513 |
| Burbank Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1997 Election, Series 2002-C, <br>National insured, 0% 7/1/2027 | 1500 | 1400 |
| California County Tobacco Securitization Agcy., Tobacco Settlement Rev. Bonds <br>(Los Angeles County Securitization Corp.), Series 2020-A, 5.00% 6/1/2026 | 600 | 609 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2023-B, 5.00% 11/1/2026 | 920 | 950 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2024-A, 5.00% 11/1/2027 | 1040 | 1098 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-A, 5.00% 11/1/2028 | 2705 | 2756 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2016-B-2, <br>0.55% 11/1/2049 (put 11/1/2026) | 1980 | 1883 |
| Central Valley Energy Auth., Commodity Supply Rev. Bonds, Series 2025, 5.00% 12/1/2055 (put 8/1/2035) | 3585 | 3789 |
| Cerritos Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2012-D, <br>0% 8/1/2027 | 830 | 772 |
| Chabot-Las Positas Community College Dist., G.O. Rev. Ref. Bonds, Series 2016, 4.00% 8/1/2033 | 1580 | 1583 |
| City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2027 | 465 | 467 |
| City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2028 | 480 | 481 |
| City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2029 | 500 | 501 |
| City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2030 | 520 | 519 |
| City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2031 | 540 | 537 |
| City of Chino, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, BAM insured, <br> 5.00% 9/1/2025 | 665 | 666 |
| City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, <br>5.00% 9/1/2026 | 780 | 791 |
| City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, <br>5.00% 9/1/2027 | 430 | 441 |
| City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, <br>5.00% 9/1/2028 | 355 | 368 |
| City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, <br>5.00% 9/1/2029 | 225 | 235 |
| City of Chino Hills, Fin. Auth., Rev. Ref. Bonds (Community Facs. Dist. Bond Program), Series 2019-D, <br>5.00% 9/1/2030 | 60 | 63 |
| Clovis Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2006-B, <br>National insured, 0% 8/1/2030 | 1000 | 836 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, <br>4.00% 2/1/2052 (put 8/1/2031) | 8975 | 8878 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-A, <br>4.00% 10/1/2052 (put 12/1/2027) | 1600 | 1600 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-B-1, <br>5.00% 7/1/2053 (put 8/1/2029) | 4470 | 4638 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, <br>5.00% 12/1/2053 (put 8/1/2029) | 3945 | 4101 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-E-1, <br>5.00% 2/1/2054 (put 3/1/2031) | 5720 | 5997 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-A, <br>5.00% 5/1/2054 (put 4/1/2032) | 500 | 526 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-D, <br>5.50% 5/1/2054 (put 8/1/2028) | 5000 | 5256 |

---

---

| | |
|:---|:---|
| **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 2023-G, <br>5.25% 11/1/2054 (put 4/1/2030) | USD5,465 | $5745 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-B, <br>5.00% 1/1/2055 (put 12/1/2032) | 3625 | 3741 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-D, <br>5.00% 2/1/2055 (put 9/1/2032) | 8000 | 8417 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-E, <br>5.00% 2/1/2055 (put 9/1/2032) | 3250 | 3426 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-C, <br>5.00% 8/1/2055 (put 10/1/2032) | 7795 | 8175 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-G, <br>5.00% 11/1/2055 (put 8/1/2032) | 4000 | 4123 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-H, <br>5.00% 1/1/2056 (put 8/1/2033) | 7630 | 8168 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2025-A, <br>5.00% 1/1/2056 (put 5/1/2035) | 3370 | 3472 |
| Compton Community College Dist., G.O. Rev. Ref. Bonds, Series 2015, BAM insured, <br>5.00% 8/1/2029 (preref. 8/1/2025) | 1000 | 1004 |
| Compton Community College Dist., G.O. Rev. Ref. Bonds, 2014 Election, Series 2024-B, BAM insured, <br>5.00% 8/1/2035 | 625 | 719 |
| Compton Community College Dist., G.O. Rev. Ref. Bonds, 2014 Election, Series 2024-B, BAM insured, <br>5.00% 8/1/2036 | 795 | 904 |
| Compton Community College Dist., G.O. Rev. Ref. Bonds, 2014 Election, Series 2024-B, BAM insured, <br>5.00% 8/1/2037 | 855 | 967 |
| Compton Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2015 Election, Series 2019-B, <br>BAM insured, 0% 6/1/2033 | 1750 | 1279 |
| Corona-Norco Unified School Dist., Community Facs. Dist. No. 05-1, Special Tax Bonds, Series 2016, <br>5.00% 9/1/2036 | 2010 | 2035 |
| Davis Joint Unified School Dist., G.O Bonds, 2018 Election, Series 2020, BAM insured, 3.00% 8/1/2034 | 750 | 697 |
| 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 | 915 |
| Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 9/1/2028 | 925 | 971 |
| Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 5.00% 9/1/2029 | 675 | 714 |
| City of Dublin, Community Facs. Dist. No. 2015-1 (Dublin Crossing), Improvement Area No. 3, Special Tax Bonds, <br> Series 2021, 3.00% 9/1/2025 | 265 | 264 |
| East Bay Municipal Utility Dist., Water System Rev. Ref. Bonds, Series 2015-A, 5.00% 6/1/2027 | 3550 | 3555 |
| East Side Union High School Dist., G.O. Bonds, 2014 Election, Series 2023-D, 5.00% 8/1/2030 | 570 | 627 |
| Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 2.75% 7/1/2028 | 535 | 524 |
| Educational Facs. Auth., Rev. Bonds (University of Southern California), Series 2025-A, 5.00% 10/1/2035 | 2835 | 3278 |
| City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty insured, <br>5.00% 10/1/2026 | 530 | 531 |
| City of El Centro, Fncg. Auth., Wastewater Rev. Ref. Bonds, Series 2014-A, Assured Guaranty insured, <br>5.00% 10/1/2027 | 500 | 500 |
| El Rancho Unified School Dist., G.O. Bonds, 2016 Election, Series 2023-D, BAM insured, 5.50% 8/1/2028 | 235 | 255 |
| City of Elk Grove, Fin. Auth., Special Tax Rev. Bonds, Series 2015, 5.00% 9/1/2025 | 580 | 582 |
| Elk Grove Unified School Dist., G.O. Bonds, 2016 Election, Series 2021, 2.00% 8/1/2039 | 500 | 355 |
| Escondido Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2009-A, <br> Assured Guaranty insured, 0% 8/1/2027 | 3000 | 2793 |
| Etiwanda School Dist., G.O. Bonds, 2016 Election, Series 2020-A, 4.00% 8/1/2029 | 570 | 592 |
| Folsom Cordova Unified School Dist., School Facs. Improvement Dist. No. 1, G.O. Bonds, <br>Capital Appreciation Bonds, 2002 Election, Series 2004-B, National insured, 0% 10/1/2026 | 1000 | 956 |
| City of Fontana, Community Facs. Dist. No. 109 (Narra Hills), Special Tax Bonds, Series 2024, 5.00% 9/1/2026 | 585 | 598 |
| City of Fontana, Community Facs. Dist. No. 109 (Narra Hills), Special Tax Bonds, Series 2024, 5.00% 9/1/2027 | 615 | 634 |
| 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 | 121 |
| City of Fontana, Public Facs. Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2021-A, 4.00% 9/1/2027 | 625 | 626 |
| City of Fontana, Public Facs. Fin. Auth., Special Tax Rev. Ref. Bonds, Series 2021-A, 4.00% 9/1/2029 | 390 | 390 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Bonds, Capital Appreciation Bonds, Series 1995-A, <br> 0% 1/1/2028 (escrowed to maturity) | 2000 | 1841 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2021-C, 5.00% 1/15/2027 | 350 | 361 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 5.90% 1/15/2027 | 2000 | 2091 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2021-C, 5.00% 1/15/2028 | 320 | 334 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2021-C, 5.00% 1/15/2029 | 360 | 381 |

---

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

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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)** |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2021-C, 5.00% 1/15/2030 | USD400 | $428 |
| Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2021-C, 5.00% 1/15/2031 | 470 | 508 |
| Foothill-De Anza Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, <br>AMBAC insured, Series 2007-B, 0% 8/1/2032 | 1000 | 787 |
| G.O. Bonds, Series 2021, 4.00% 10/1/2026 | 1000 | 1014 |
| G.O. Bonds, Series 2020, 4.00% 3/1/2028 | 750 | 769 |
| G.O. Bonds, Series 2021, 5.00% 10/1/2029 | 2000 | 2160 |
| G.O. Bonds, Series 2018, 5.00% 10/1/2030 | 1000 | 1059 |
| G.O. Bonds, Series 2019, 5.00% 11/1/2032 | 1270 | 1340 |
| G.O. Bonds, Series 2023, 5.00% 9/1/2034 | 7000 | 7869 |
| G.O. Bonds, Series 2023, 5.00% 10/1/2034 | 2920 | 3265 |
| G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2027 | 745 | 773 |
| G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2028 | 685 | 723 |
| G.O. Rev. Ref. Bonds, Series 2017, 5.00% 11/1/2029 | 6000 | 6245 |
| G.O. Rev. Ref. Bonds, Series 2017, 5.00% 8/1/2030 | 1335 | 1384 |
| G.O. Rev. Ref. Bonds, Series 2018-C, 5.00% 8/1/2030 | 3535 | 3734 |
| G.O. Rev. Ref. Bonds, Series 2021, 5.00% 9/1/2030 | 3500 | 3827 |
| G.O. Rev. Ref. Bonds, Series 2019, 5.00% 4/1/2031 | 3000 | 3306 |
| G.O. Rev. Ref. Bonds, Series 2023, 5.00% 9/1/2031 | 1000 | 1107 |
| G.O. Rev. Ref. Bonds, Series 2021-C, 5.00% 10/1/2031 | 1000 | 1108 |
| G.O. Rev. Ref. Bonds, Series 2020, 5.00% 3/1/2032 | 4000 | 4326 |
| G.O. Rev. Ref. Bonds, Series 2007, Assured Guaranty insured, 5.25% 8/1/2032 | 2000 | 2237 |
| G.O. Rev. Ref. Bonds, Series 2024, 5.00% 9/1/2035 | 3000 | 3373 |
| Glendale Community College Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, 2016 Election, <br>Series 2020-B, 0% 8/1/2036 | 1240 | 783 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Capital <br> Appreciation Bonds, Series 2005-A, Assured Guaranty insured, 0% 6/1/2025 (escrowed to maturity) | 6000 | 5983 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, <br>Capital Appreciation Bonds, Series 2005-A, AMBAC insured, 0% 6/1/2027 (escrowed to maturity) | 1325 | 1240 |
| Greenfield Elementary School Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, Series 2007-A, <br> Assured Guaranty insured, 0% 8/1/2029 | 1270 | 1084 |
| City of Grossmont, Healthcare Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, Series 2007-A, <br> AMBAC insured, 0% 7/15/2032 | 1500 | 1157 |
| Hayward Unified School Dist., G.O. Rev. Ref. Bonds, Series 2025-B, Assured Guaranty insured, 5.00% 8/1/2032 | 1750 | 1952 |
| Health Facs. Fncg. Auth., Rev. Bonds (Adventist Health System/West), Series 2024-A, 5.00% 12/1/2028 | 1000 | 1048 |
| 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 | 5536 |
| Health Facs. Fncg. Auth., Rev. Bonds (Stanford Health Care), Series 2021-A, 3.00% 8/15/2054 (put 8/15/2025) | 5470 | 5443 |
| Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 11/15/2026 (preref. 11/15/2025) | 300 | 303 |
| Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 11/15/2026 | 2300 | 2370 |
| 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 | 848 |
| 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 | 2247 |
| Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Health Care), Series 2017-A, 5.00% 11/15/2032 | 4575 | 4759 |
| Housing Fin. Agcy., Affordable Housing Rev. Bonds, Series 2024-A-2, FHA insured, <br>3.25% 8/1/2064 (put 2/1/2028) | 1920 | 1900 |
| Housing Fin. Agcy., Municipal Certs., Series 2021-A-3, 3.25% 8/20/2036 | 1192 | 1088 |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, <br> 5.00% 11/1/2025 | 100 | 101 |
| 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 | 394 |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, <br> 5.00% 11/1/2029 | 140 | 147 |
| Infrastructure and Econ. Dev. Bank, Charter School Rev. Bonds (Equitable School Revolving Fund), Series 2019-B, <br> 5.00% 11/1/2030 | 340 | 356 |
| Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2020-A-1, 4.00% 4/1/2030 | 825 | 870 |
| Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Segerstrom Center for the Arts), Series 2016-B, <br>5.00% 7/1/2030 | 3855 | 4149 |

---

---

| | |
|:---|:---|
| **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)** |
| City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Bonds (Merged Redev. Project), <br>Series 2017-A, BAM insured, 5.00% 5/1/2031 | USD500 | $516 |
| City of Inglewood, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds (Merged Redev. Project), <br>Series 2017-A, BAM insured, 5.00% 5/1/2027 | 650 | 675 |
| Inglewood Unified School Dist., G.O. Bonds, 2020 Election, Series 2025-B, 5.50% 8/1/2036 | 1000 | 1160 |
| 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 | 1364 |
| 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 | 2398 |
| City of Irvine, Reassessment Dist. No. 19-1, Limited Obligation Improvement Bonds, Series 2019, 5.00% 9/2/2025 | 250 | 251 |
| City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021, 4.00% 9/2/2025 | 500 | 501 |
| City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021, 4.00% 9/2/2028 | 500 | 512 |
| City of Irvine, Reassessment Dist. No. 21-1, Limited Obligation Improvement Bonds, Series 2021, BAM insured, <br> 4.00% 9/2/2030 | 1265 | 1305 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, 5.00% 9/1/2025 | 575 | 577 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, 5.00% 9/1/2026 | 385 | 393 |
| 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 | 362 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2019-A, 5.00% 9/1/2030 | 210 | 222 |
| City of Jurupa, Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2020-A, BAM insured, 4.00% 9/1/2027 | 1615 | 1653 |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds <br>(Community Facs. Dists. Nos. 10, 12, 13 and 15), Series 2021-A, BAM insured, 4.00% 9/1/2029 | 335 | 347 |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds <br>(Community Facs. Dists. Nos. 10, 12, 13 and 15), Series 2021-A, BAM insured, 4.00% 9/1/2031 | 375 | 389 |
| La Habra School Dist., G.O. Bonds, Capital Appreciation Bonds, 2000 Election, Series 2002-A, <br>Assured Guaranty insured, 0% 8/1/2026 | 1010 | 966 |
| Long Beach Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2008-A, <br> Assured Guaranty insured, 0% 6/1/2027 | 3865 | 3608 |
| Los Altos School Dist., G.O. Bonds, 2014 Election, Capital Appreciation Bonds, Series 2019-A, 4.00% 8/1/2029 | 1000 | 1024 |
| City of Los Angeles, Community Facs. Dist. No. 4 (Playa Vista - Phase 1), Special Tax Rev. Ref. Bonds, Series 2024, <br> Assured Guaranty insured, 5.00% 9/1/2030 | 800 | 875 |
| 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 | 464 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. and Rev. Ref. Green Bonds, <br>Series 2025-E, 5.00% 5/15/2034 | 2750 | 3110 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Bonds, Series 2019-E, <br>5.00% 5/15/2039 | 1130 | 1165 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 7/1/2025 | 500 | 501 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-D, 5.00% 7/1/2029 | 760 | 795 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2030 | 775 | 817 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-D, 5.00% 7/1/2031 | 1775 | 1887 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-B, 5.00% 7/1/2032 | 1000 | 1067 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2018-D, 5.00% 7/1/2033 | 935 | 962 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2021-C, 5.00% 7/1/2033 | 1500 | 1583 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-A, 5.00% 7/1/2033 | 670 | 707 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2024-A, 5.00% 7/1/2035 | 900 | 955 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-A, 5.00% 7/1/2028 | 650 | 674 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-B, 4.00% 7/1/2030 | 1465 | 1476 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2020-C, 5.00% 7/1/2036 | 805 | 832 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2024-B, 5.00% 7/1/2037 | 5035 | 5294 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-C, 5.00% 6/1/2033 | 4900 | 5515 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, <br>Special Tax 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, <br>Special Tax Bonds, Series 2022, 5.00% 9/1/2031 | 225 | 239 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, <br>Special Tax Bonds, Series 2022, 5.00% 9/1/2032 | 175 | 185 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, <br>Special Tax Bonds, Series 2022, 5.00% 9/1/2033 | 170 | 179 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 2, <br>Special Tax Bonds, Series 2024, 5.00% 9/1/2029 | 180 | 189 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 2, <br>Special Tax Bonds, Series 2024, 5.00% 9/1/2030 | 215 | 227 |

---

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

------

Capital Group California Core Municipal Fund

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| | | |
|:---|:---|:---|
| 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, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 2, <br>Special Tax Bonds, Series 2024, 5.00% 9/1/2031 | USD260 | $274 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 2, <br>Special Tax Bonds, Series 2024, 5.00% 9/1/2032 | 305 | 322 |
| County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Bonds, Series 2021-A, <br>4.00% 6/1/2036 | 3450 | 3501 |
| County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Bonds, Series 2021-A, <br>4.00% 6/1/2037 | 1885 | 1899 |
| County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Bonds, Series 2021-A, <br> 5.00% 7/1/2034 | 1000 | 1105 |
| County of Los Angeles, Metropolitan Transportation Auth., Proposition C Sales Tax Rev. Ref. Bonds, Series 2023-A, <br> 5.00% 7/1/2034 | 1075 | 1219 |
| Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2020-RYQ, <br> 4.00% 7/1/2036 | 3000 | 3044 |
| Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2024-QRR, <br> 5.00% 7/1/2038 | 3000 | 3321 |
| Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, 2008 Election, <br>Series 2018-B-1, BAM insured, 5.00% 7/1/2036 | 1000 | 1035 |
| Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, <br>Series 2025-A, 5.00% 7/1/2029 | 7000 | 7554 |
| Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, <br>Series 2021-A, 4.00% 7/1/2032 | 1395 | 1459 |
| Los Angeles Unified School Dist., G.O. Rev. Ref. Bonds, Series 2019-A, 3.00% 1/1/2034 | 4780 | 4471 |
| Los Rios Community College Dist., G.O. Bonds, 2008 Election, Series 2021-E, 3.00% 8/1/2033 | 1750 | 1662 |
| Los Rios Community College Dist., G.O. Bonds, 2008 Election, Series 2021-E, 3.00% 8/1/2034 | 2750 | 2578 |
| Madera Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2006, <br>Assured Guaranty insured, 0% 8/1/2029 | 585 | 505 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, <br>Special Tax 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, <br>Special Tax 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, <br>Special Tax 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, <br>Special Tax Bonds, Series 2024, 5.00% 9/1/2029 | 65 | 68 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, <br>Special Tax Bonds, Series 2024, 5.00% 9/1/2030 | 80 | 83 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, <br>Special Tax Bonds, Series 2024, 5.00% 9/1/2031 | 95 | 99 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, <br>Special Tax Bonds, Series 2024, 5.00% 9/1/2032 | 110 | 115 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, <br>Special Tax Bonds, Series 2024, 5.00% 9/1/2033 | 130 | 136 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, <br>Special Tax Bonds, Series 2024, 5.00% 9/1/2034 | 150 | 157 |
| Manteca Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2006, <br>National insured, 0% 8/1/2027 | 560 | 521 |
| 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 | 277 |
| City of Merced Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2015-A, Assured Guaranty insured, <br>5.00% 10/1/2028 | 250 | 252 |
| Merced Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2011-C, <br>0% 8/1/2033 | 615 | 454 |
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2027 | 550 | 578 |
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2022-B, 5.00% 7/1/2033 | 500 | 567 |
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2022-B, 5.00% 7/1/2034 | 500 | 563 |
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2024-B-3, <br>5.00% 7/1/2037 (put 7/1/2031) | 1875 | 2014 |
| Modesto Irrigation Dist. Fncg. Auth., Electric System Rev. Bonds, Series 2023-A, 5.00% 10/1/2031 | 900 | 1001 |
| Modesto Irrigation Dist. Fncg. Auth., Electric System Rev. Bonds, Series 2023-A, 5.00% 10/1/2034 | 700 | 777 |
| Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2018-A, 5.00% 9/1/2030 | 425 | 439 |
| Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2024-A, Assured Guaranty insured, <br> 5.00% 9/1/2034 | 1250 | 1395 |

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

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------

Capital Group California Core Municipal Fund

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| Moreno Valley Unified School Dist., Fin. Auth. Special Tax Rev. Bonds, Series 2024-A, Assured Guaranty insured, <br> 5.00% 9/1/2035 | USD500 | $553 |
| Mountain View - Los Altos Union School Dist., G.O. Bonds, 2018 Election, Series 2022-C, 4.00% 8/1/2031 | 2465 | 2625 |
| 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 | 320 |
| 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 | 388 |
| Mt. Diablo Unified School Dist., G.O. Rev. Ref. Bonds, Series 2023, 5.00% 6/1/2031 | 1000 | 1121 |
| Municipal Fin. Auth., Certs. of Part. (Palomar Health), Series 2022-A, Assured Guaranty insured, 5.00% 11/1/2028 | 125 | 130 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-6 (County of Sacramento - Wildhawk North), <br>Improvement Area No. 1, Special Tax Bonds, Series 2024, 5.00% 9/1/2026 | 70 | 71 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-6 (County of Sacramento - Wildhawk North), <br>Improvement Area No. 1, Special Tax Bonds, Series 2024, 5.00% 9/1/2027 | 105 | 107 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-6 (County of Sacramento - Wildhawk North), <br>Improvement Area No. 1, Special Tax Bonds, Series 2024, 5.00% 9/1/2028 | 140 | 144 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-6 (County of Sacramento - Wildhawk North), <br>Improvement Area No. 1, Special Tax Bonds, Series 2024, 5.00% 9/1/2030 | 210 | 217 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-8 (City of Palmdale - Wildflower/Creekside Encore), <br>Special Tax Bonds, Series 2024, 4.00% 9/1/2034 | 350 | 340 |
| Municipal Fin. Auth., Community Facs. Dist. No. 2022-8 (City of Palmdale - Wildflower/Creekside Encore), <br>Special Tax Bonds, Series 2024, 5.00% 9/1/2039 | 680 | 694 |
| Municipal Fin. Auth., Educational Rev. Bonds (American Heritage Education Foundation Project), Series 2016-A, <br> 4.00% 6/1/2026 | 85 | 84 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Gibson Drive Apartments Project), Series 2024-B, <br>3.75% 6/1/2028 (put 6/1/2027) | 715 | 721 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Terracina at Westpark Apartments), Series 2024-A, <br>3.20% 9/1/2045 (put 8/1/2027) | 3365 | 3325 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Wildomar Family Housing LP), Series 2024, <br>3.05% 12/1/2064 (put 3/5/2025) | 1075 | 1057 |
| Municipal Fin. Auth., Rev. and Rev. Ref. Bonds (HumanGood California Obligated Group), Series 2019-A, <br>4.00% 10/1/2030 | 2510 | 2519 |
| Municipal Fin. Auth., Rev. Bonds (California Institute of the Arts), Series 2021, 4.00% 10/1/2033 | 250 | 244 |
| Municipal Fin. Auth., Rev. Bonds (California Lutheran University), Series 2018, 5.00% 10/1/2026 | 900 | 916 |
| Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, 5.00% 2/1/2027 | 955 | 975 |
| Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, 5.00% 2/1/2028 | 750 | 774 |
| Municipal Fin. Auth., Rev. Bonds (Community Health System), Series 2021-A, 5.00% 2/1/2029 | 825 | 860 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2017, 5.00% 10/1/2026 | 335 | 341 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Eskaton Properties, Inc. Obligated Group), Series 2024, 5.00% 11/15/2030 | 1050 | 1106 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Eskaton Properties, Inc. Obligated Group), Series 2024, 5.00% 11/15/2031 | 1105 | 1171 |
| Municipal Fin. Auth., Rev. Ref. Bonds (Harbor Regional Center Project), Series 2015, 5.00% 11/1/2025 | 500 | 504 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2028 | 1600 | 1607 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2029 | 1135 | 1139 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2031 | 610 | 612 |
| Municipal Fin. Auth., Rev. Ref. Bonds (HumanGood Obligated Group), Series 2019-A, 4.00% 10/1/2035 | 1000 | 992 |
| Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, 5.00% 4/1/2029 | 250 | 263 |
| Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, 5.00% 4/1/2030 | 200 | 212 |
| Municipal Fin. Auth., Rev. Ref. Bonds (PRS-California Obligated Group Projects), Series 2024-A, 5.00% 4/1/2031 | 210 | 225 |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2009-A, <br>3.30% 2/1/2039 (put 2/1/2028)<sup>2</sup>  | 1845 | 1813 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-C, 4.00% 9/1/2034 | 500 | 486 |
| Municipal Fin. Auth., Special Tax Rev. Bonds (Bold Program), Series 2024-D, 4.25% 9/1/2034 | 500 | 489 |
| Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2030 | 525 | 533 |
| Napa Valley Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2005-B, <br> National insured, 0% 8/1/2028 | 1600 | 1437 |
| Napa Valley Community College Dist., G.O. Rev. Ref. Bonds, Convertible Capital Appreciation Bonds, Series 2018, <br> 4.00% 8/1/2033<sup>3</sup>  | 2190 | 2192 |
| Napa Valley Unified School Dist., G.O. Bonds, 2016 Election, Series 2019-C, Assured Guaranty insured, <br>4.00% 8/1/2034 | 1030 | 1030 |
| National Fin. Auth., Municipal Certs., Series 2024-4, Class A-CA, 3.925% 7/20/2039<sup>1</sup>  | 3398 | 3241 |
| New Haven Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2008-C, <br>Assured Guaranty insured, 0% 8/1/2030 | 5075 | 4229 |
| Newport-Mesa Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2007, <br>National insured, 0% 8/1/2030 | 2575 | 2152 |

---

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)** |
| Newport-Mesa Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2007, <br>National insured, 0% 8/1/2031 | USD1,000 | $806 |
| Northern California Energy Auth. Commodity Supply Rev. Ref. Bonds, Series 2024, <br>5.00% 12/1/2054 (put 8/1/2030) | 6000 | 6291 |
| Oak Park Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, Series 2009-B, <br>Assured Guaranty insured, 0% 8/1/2029 | 605 | 518 |
| Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty insured, <br>5.00% 8/1/2028 | 1000 | 1041 |
| Oakland Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-A, Assured Guaranty insured, <br>5.00% 10/1/2030 | 1000 | 1001 |
| City of Ontario, Community Facs. Dist. No. 66 (Olive and Oleander Facs.), Special Tax Bonds, Series 2024, <br>5.00% 9/1/2034 | 245 | 258 |
| 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 | 583 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, <br>5.00% 8/15/2031 | 1025 | 1101 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, <br>5.00% 8/15/2032 | 1000 | 1071 |
| County of Orange, Community Facs. Dist. No. 2021-1 (Rienda), Special Tax Bonds, Series 2022-A, <br>5.00% 8/15/2033 | 500 | 534 |
| County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series 2023-A, <br>5.00% 8/15/2029 | 280 | 297 |
| County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series 2023-A, <br>5.00% 8/15/2030 | 500 | 535 |
| County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series 2023-A, <br>5.00% 8/15/2031 | 325 | 350 |
| County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series 2023-A, <br>5.00% 8/15/2032 | 495 | 534 |
| County of Orange, Community Facs. Dist. No. 2023-1 (Rienda Phase 2B), Special Tax Bonds, Series 2023-A, <br>5.00% 8/15/2033 | 440 | 475 |
| Oxnard Union High School Dist., G.O. Bond Anticipation Notes, Series 2025, 6.00% 2/1/2030 | 2100 | 2382 |
| Palomar Community College Dist., G.O. Bonds, 2006 Election, Series 2015-C, 4.00% 8/1/2036 (preref. 8/1/2025) | 550 | 551 |
| Paramount Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1998 Election, Series 2001-B, <br>Assured Guaranty insured, 0% 9/1/2025 | 3000 | 2967 |
| Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2026 | 250 | 256 |
| 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 | 301 |
| Peninsula Corridor Joint Powers Board, Farebox Rev. Bonds, Series 2019-A, 5.00% 10/1/2029 | 400 | 428 |
| Peralta Community College Dist., G.O. Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2032 | 2810 | 3152 |
| Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2015, 5.00% 9/1/2025 | 425 | 426 |
| 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 | 2679 |
| Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2028 | 185 | 191 |
| Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2029 | 200 | 208 |
| Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2030 | 215 | 223 |
| Perris Union High School Dist., G.O. Bonds, 2012 Election, Series 2021-C, 4.00% 9/1/2031 | 350 | 362 |
| Pleasant Valley School Dist., G.O. Bonds, 2018 Election, Series 2018-A, 5.00% 8/1/2029 (preref. 8/1/2026) | 645 | 664 |
| Pollution Control Fncg. Auth., Water Facs. Rev. Bonds (American Water Capital Corp. Project), Series 2020, <br>3.70% 8/1/2040 (put 9/1/2028) | 3550 | 3551 |
| Public Fin. Auth., Reassessment Rev. Ref. Bonds, Series 2019, 5.00% 9/2/2029 | 1000 | 1052 |
| 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 | 275 |
| Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2033 | 330 | 365 |
| Public Fin. Auth., Rev. Bonds (Hoag Memorial Hospital Presbyterian), Series 2022-A, 5.00% 7/15/2034 | 350 | 385 |
| Public Fin. Auth., Rev. Ref. Bonds (O'Conner Woods), Series 2022, 4.00% 1/1/2028 | 450 | 459 |
| Public Fin. Auth., Rev. Ref. Bonds (O'Conner Woods), Series 2022, 4.00% 1/1/2029 | 500 | 512 |
| Public Fin. Auth., Rev. Ref. Bonds (O'Conner Woods), Series 2022, 4.00% 1/1/2031 | 520 | 536 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2016-D, 5.00% 4/1/2028 | 400 | 410 |
| 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 | 92 |
| 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 | 119 |

---

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

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Capital Group California Core Municipal Fund

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| 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 | USD140 | $145 |
| 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 | 172 |
| 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 | 266 |
| 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 | 303 |
| Rialto Unified School Dist., G.O. Bonds, 2010 Election, Series 2019, 3.00% 8/1/2026 | 600 | 601 |
| Rialto Unified School Dist., G.O. Bonds, 2010 Election, Series 2019, 3.00% 8/1/2027 | 750 | 744 |
| City of Richmond, Successor Agcy. to the Redev. Agcy., Rev. Ref. Bonds, Series 2014-A, BAM insured, <br>5.00% 9/1/2025 | 200 | 200 |
| Rio Elementary School Dist., Community Facs. Dist. No. 1, Special Tax Bonds, Series 2016, BAM insured, <br>5.00% 9/1/2032 | 240 | 246 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1, Special Tax Rev. Ref. Bonds, Series 2022-A-1, <br> Assured Guaranty insured, 5.00% 9/1/2028 | 500 | 527 |
| River Islands Public Fncg. Auth., Community Facs. Dist. No. 2003-1, Special Tax Rev. Ref. Bonds, Series 2022-A-1, <br> Assured Guaranty insured, 5.00% 9/1/2029 | 500 | 533 |
| County of Riverside, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Bonds <br>(Jurupa Valley Redev. Project Area), Series 2015-B, Assured Guaranty insured, 4.00% 8/1/2034 | 2000 | 2002 |
| Riverside Community College Dist., G.O. Bonds, 2004 Election, Series 2019-F, 3.00% 8/1/2034 | 580 | 540 |
| Riverside Unified School Dist., G.O. Bonds, 2016 Election, Series 2019, 4.00% 8/1/2029 | 850 | 867 |
| City of Roseville, Community Facs. Dist. No. 1 (Westpark), Special Tax Rev. Ref. Bonds, Series 2015, <br>5.00% 9/1/2032 | 2000 | 2003 |
| Roseville Joint Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2007-C, <br> Assured Guaranty insured, 0% 8/1/2025 | 700 | 694 |
| Rowland Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2006 Election, Series 2009-B, <br>0% 8/1/2034 | 2420 | 1669 |
| City of Sacramento, Municipal Utility Dist., Electric Rev. Ref. Bonds, Series 2023-D, <br>5.00% 8/15/2049 (put 7/13/2023) | 3150 | 3383 |
| County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-E, 5.00% 7/1/2027 | 1015 | 1059 |
| County of Sacramento, Airport System Rev. Ref. Bonds, Series 2018-E, 5.00% 7/1/2030 | 200 | 211 |
| Sacramento Transportation Auth., Sales Tax Rev. Ref. Bonds, Series 2023, 5.00% 10/1/2036 | 2500 | 2809 |
| Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2027 | 585 | 598 |
| Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2017-E, 5.00% 8/1/2027 | 555 | 579 |
| Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2028 | 610 | 629 |
| Sacramento Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-D, BAM insured, 4.00% 8/1/2029 | 635 | 660 |
| Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2024, BAM insured, 5.00% 8/1/2025 | 210 | 211 |
| Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2024, BAM insured, 5.00% 8/1/2026 | 220 | 226 |
| Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2024, BAM insured, 5.00% 8/1/2027 | 575 | 601 |
| Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2022, BAM insured, 5.00% 7/1/2030 | 1050 | 1148 |
| Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2024-B, BAM insured, 5.00% 8/1/2037 | 855 | 949 |
| 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 | 645 |
| 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 | 889 |
| 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 | 437 |
| City of San Diego, Housing Auth., Multi Family Housing Rev. Bonds, Series 2023-B, <br>5.00% 5/1/2057 (put 11/1/2026) | 1779 | 1810 |
| City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A, <br> 5.00% 10/15/2030 | 200 | 221 |
| City of San Diego, Public Facs. Fncg. Auth., Lease Rev. Bonds (Capital Improvement Projects), Series 2021-A, <br> 5.00% 10/15/2031 | 150 | 165 |
| City of San Diego, Public Facs. Fncg. Auth., Water Rev. Bonds, Series 2020-A, 5.00% 8/1/2029 | 500 | 545 |
| 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., G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 7/15/2030 | 500 | 550 |
| County of San Diego, Grossmont Healthcare Dist., G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 7/15/2031 | 625 | 697 |
| County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2027 | 400 | 417 |
| County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2028 | 320 | 340 |
| County of San Diego, Regional Airport Auth., Airport Rev. and Rev. Ref. Bonds, Series 2019-A, 5.00% 7/1/2029 | 585 | 631 |
| County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2028 | 1000 | 1061 |

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

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Capital Group California Core Municipal Fund

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California (continued)** | **California (continued)** | **California (continued)** |
| County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2029 | USD1,000 | $1078 |
| County of San Diego, Regional Airport Auth., Airport Rev. Ref. Bonds, Series 2020-B, 5.00% 7/1/2031 | 1405 | 1529 |
| County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Bonds, Series 2021-B, <br>5.00% 4/1/2029 | 320 | 347 |
| County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Green Bonds, Series 2020-A, <br> 5.00% 4/1/2028 | 850 | 905 |
| County of San Diego, Water Auth., Water Rev. Bonds, Series 2022-A, 5.00% 5/1/2028 | 250 | 266 |
| County of San Diego, Water Auth., Water Rev. Bonds, Series 2022-A, 5.00% 5/1/2029 | 500 | 541 |
| San Diego Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, Election 2008, Series 2010-C, <br>0% 7/1/2033 | 800 | 600 |
| San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, 2008 Election, <br>Series 2012-E, 0% 7/1/2034 | 3000 | 2136 |
| San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Green Bonds, 2022 Election, <br> Series 2024-B-3, 5.00% 7/1/2031 | 800 | 897 |
| San Diego Unified School Dist., G.O. Rev. Ref. Bonds, 2012 Election, Series 2025-ZR-5C, 5.00% 7/1/2036 | 750 | 850 |
| San Diego Unified School Dist., G.O. Rev. Ref. Bonds, 2012 Election, Series 2025-ZR-5C, 5.00% 7/1/2038 | 750 | 840 |
| San Diego Unified School Dist., G.O. Rev. Ref. Bonds, 2012 Election, Series 2025-ZR-5C, 5.00% 7/1/2039 | 695 | 775 |
| City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2023-C, <br> 4.00% 10/1/2048 (put 10/1/2029) | 4855 | 5013 |
| City and County of San Francisco, Successor Agcy. to the Redev. Agcy., Community Facs. Dist. No. 6 <br>(Mission Bay South Public Improvements), Special Tax Rev. Ref. Bonds, Series 2023, <br>Assured Guaranty insured, 5.00% 8/1/2033 | 1000 | 1114 |
| City of San Francisco, Bay Area Rapid Transit Dist., Sales Tax Rev. Ref. Bonds, Series 2015-A, 5.00% 7/1/2027 | 475 | 476 |
| San Francisco Community College Dist., G.O. Rev. Ref. Bonds, Series 2025, 5.00% 6/15/2030 | 2500 | 2715 |
| San Francisco Unified School Dist., G.O. Bonds, 2016 Election, Series 2020-B, 4.00% 6/15/2029 | 1000 | 1033 |
| San Francisco Unified School Dist., G.O. Bonds, 2016 Election, Series 2020-B, 4.00% 6/15/2034 | 975 | 987 |
| San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2025 | 90 | 90 |
| San Jacinto Unified School Dist., Fncg. Auth., Special Tax Rev. Bonds, Series 2019, 5.00% 9/1/2026 | 155 | 159 |
| San Joaquin Valley Clean Energy Auth., Clean Energy Project Rev. Green Bonds, Series 2025-A, <br>5.50% 1/1/2056 (put 7/1/2025) | 9880 | 10859 |
| City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, 5.00% 3/1/2029 | 500 | 536 |
| City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, 5.00% 3/1/2030 | 250 | 272 |
| City of San Jose, Airport Rev. Ref. Bonds, Series 2021-B, 5.00% 3/1/2032 | 1250 | 1370 |
| City of San Jose, Multi Family Housing Rev. Bonds (Parkmoor), Series 2023-F-2, 5.00% 6/1/2027 (put 6/1/2026) | 1045 | 1060 |
| San Juan Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-N, 4.00% 8/1/2031 | 1700 | 1710 |
| Santa Margarita Water Dist., Community Facs. Dist. No. 99-1 (Talega), Special Tax Rev. Ref. Bonds, Series 2014-B, <br> 5.00% 9/1/2025 | 375 | 375 |
| Santa Monica-Malibu Unified School Dist., G.O. Bonds, 2012 Election, Series 2019-E, 3.00% 8/1/2033 | 1785 | 1697 |
| Santa Monica-Malibu Unified School Dist., School Facs. Improvement Dist. No. 1 (Santa Monica Schools), <br>G.O. Bonds, 2018 Election, Series 2021-B, 4.00% 8/1/2025 | 405 | 406 |
| Santa Monica-Malibu Unified School Dist., School Facs. Improvement Dist. No. 2 (Malibu Schools), G.O. Bonds, <br> 2018 Election, Series 2021-B, 4.00% 8/1/2025 | 345 | 346 |
| Santa Monica-Malibu Unified School Dist., School Facs. Improvement Dist. No. 2 (Malibu Schools), G.O. Bonds, <br> 2018 Election, Series 2018-B, 3.00% 8/1/2037 | 1000 | 897 |
| City of Santa Rosa, Wastewater Rev. Bonds, Capital Appreciation Bonds, Series 2002-B, AMBAC insured, <br>0% 9/1/2025 | 5800 | 5736 |
| Santa Rosa High School Dist., G.O. Bonds, 2014 Election, Series 2021-E, BAM insured, 4.00% 8/1/2027 | 500 | 512 |
| Santa Rosa High School Dist., G.O. Bonds, 2014 Election, Series 2021-E, BAM insured, 4.00% 8/1/2029 | 500 | 521 |
| Saugus Union School Dist., Saugus/Hart School Facs. Fin. Auth., Community Facs. Dist. No. 2006-1, <br>Special Tax Rev. Bonds, Series 2016, 5.00% 9/1/2025 | 1110 | 1115 |
| School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 4.00% 7/1/2027<sup>2</sup>  | 740 | 742 |
| School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 4.00% 7/1/2029<sup>2</sup>  | 805 | 806 |
| School Fin. Auth., School Fac. Rev. Bonds (Granada Hills Charter Obligated Group), Series 2019, 5.00% 7/1/2031<sup>2</sup>  | 875 | 886 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2015-A, 3.625% 7/1/2025<sup>2</sup>  | 385 | 384 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 7/1/2026<sup>2</sup>  | 505 | 509 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP LA Projects), Series 2017-A, 5.00% 7/1/2027<sup>2</sup>  | 730 | 748 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/2025<sup>2</sup>  | 150 | 150 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/2025<sup>2</sup>  | 210 | 210 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/2026<sup>2</sup>  | 315 | 318 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/2026<sup>2</sup>  | 220 | 222 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2019-A, 5.00% 7/1/2027<sup>2</sup>  | 220 | 225 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/2027<sup>2</sup>  | 100 | 102 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/2028<sup>2</sup>  | 200 | 207 |

---

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

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------

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)** |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/2029<sup>2</sup>  | USD400 | $416 |
| School Fin. Auth., School Fac. Rev. Bonds (KIPP SoCal Projects), Series 2020-A, 5.00% 7/1/2030<sup>2</sup>  | 300 | 314 |
| City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), <br>Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 9/1/2025 | 365 | 363 |
| City of Seal Beach, Community Facs. Dist. No. 2005-1 (Pacific Gateway Business Center), <br>Special Tax Rev. Ref. Bonds, Series 2016, 3.00% 9/1/2026 | 150 | 148 |
| Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2021-B, 0.50% 3/1/2026 | 5040 | 4893 |
| South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2020, 5.00% 11/1/2032 | 500 | 560 |
| Southern California Public Power Auth., Clean Energy Project Rev. Bonds, Series 2024-A, <br>5.00% 4/1/2055 (put 9/1/2030) | 2510 | 2611 |
| Southern California Public Power Auth., Rev. Ref. Green Bonds (Milford Wind Corridor Phase II Project), <br>Series 2021-1, 5.00% 7/1/2027 | 400 | 412 |
| Southwestern Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2000 Election, Series 2004, <br> National insured, 0% 8/1/2028 | 750 | 675 |
| Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2015-A, 5.00% 3/1/2028 | 2085 | 2101 |
| Statewide Communities Dev. Auth., Rev. Bonds (Adventist Health System/West), Series 2018-A, 5.00% 3/1/2034 | 975 | 995 |
| Statewide Communities Dev. Auth., Rev. Bonds (Jewish Home of San Francisco), Series 2016, 5.00% 11/1/2026 | 575 | 592 |
| Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-M, <br>5.00% 4/1/2038 (put 11/1/2029) | 1500 | 1607 |
| Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2016, 5.00% 10/1/2030 | 1100 | 1105 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Odd Fellows Home of California Project), Series 2023-A, <br> 5.00% 4/1/2026 | 275 | 280 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Odd Fellows Home of California Project), Series 2023-A, <br> 5.00% 4/1/2027 | 425 | 442 |
| Statewide Communities Dev. Auth., Rev. Ref. Bonds (Rady Children's Hospital), Series 2016-B, 5.00% 8/15/2028 | 860 | 919 |
| 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 | 319 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2028 | 360 | 374 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2029 | 435 | 455 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2030 | 380 | 400 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2031 | 565 | 599 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2032 | 635 | 676 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2033 | 720 | 767 |
| Statewide Communities Dev. Auth., Statewide Community Infrastructure Program Rev. Bonds, Series 2024-C-1, <br> 5.00% 9/2/2034 | 510 | 545 |
| Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC - University of California, <br>Irvine East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM insured, 5.00% 5/15/2029 | 1915 | 2025 |
| Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC - University of California, <br>Irvine East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM insured, 5.00% 5/15/2031 | 3000 | 3227 |
| Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC - University of California, <br>Irvine East Campus Apartments, Phase I Ref. and Phase IV-B), Series 2021, BAM insured, 5.00% 5/15/2032 | 3500 | 3769 |
| 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 | 1264 |
| Stockton Unified School Dist., G.O. Bonds, 2012 Election, Series 2018-C, BAM insured, 5.00% 8/1/2030 | 2145 | 2280 |
| Stockton Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2011-D, <br>Assured Guaranty insured, 0% 8/1/2033 | 2500 | 1869 |
| Stockton Unified School Dist., G.O. Rev. Ref. Bonds, Series 2023-B, Assured Guaranty insured, 5.00% 8/1/2033 | 1480 | 1697 |
| Sweetwater Union High School Dist., G.O. Bonds, 2006 Election, Series 2006, 4.00% 8/1/2026 | 515 | 519 |
| Temescal Valley Water Dist., Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2024, <br>Assured Guaranty insured, 5.00% 9/1/2032 | 825 | 922 |
| Temescal Valley Water Dist., Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2024, <br>Assured Guaranty insured, 5.00% 9/1/2033 | 550 | 619 |
| Temescal Valley Water Dist., Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2024, 5.00% 9/1/2034 | 115 | 130 |
| Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-Backed Rev. Ref. Bonds <br>(San Diego County Tobacco Asset Securitization Corp.), Series 2019-A, 5.00% 6/1/2025 | 1000 | 1001 |

---

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)** |
| Tobacco Securitization Auth., Tobacco Settlement Asset-Backed Rev. Ref. Senior Bonds <br>(Sacramento County Tobacco Securitization Corp), Series 2021-A-1, 5.00% 6/1/2027 | USD1,550 | $1593 |
| City of Tracy, Successor Agcy. to the Community Dev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2016, <br>Assured Guaranty insured, 5.00% 8/1/2030 | 545 | 547 |
| Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2027 | 600 | 616 |
| Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2028 | 700 | 724 |
| Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2029 | 660 | 685 |
| Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2030 | 1500 | 1554 |
| Transbay Joint Powers Auth., Tax Allocation Green Bonds, Series 2020-B, 5.00% 10/1/2031 | 765 | 789 |
| City of Turlock, Irrigation Dist., Rev. Ref. Bonds, Series 2020, 5.00% 1/1/2031 | 1600 | 1756 |
| Regents of the University of California, General Rev. Bonds, Series 2023-BM, 5.00% 5/15/2031 | 750 | 829 |
| Regents of the University of California, General Rev. Bonds, Series 2025-CC, 5.00% 5/15/2036 | 5000 | 5612 |
| Regents of the University of California, Limited Project Rev. Bonds, Series 2022-S, 5.00% 5/15/2031 | 1150 | 1270 |
| Various Purpose G.O. Bonds, Series 2025, 5.00% 3/1/2028 | 2560 | 2698 |
| Various Purpose G.O. Bonds, Series 2024, 5.00% 8/1/2029 | 500 | 539 |
| Various Purpose G.O. Bonds, Series 2023, 5.00% 10/1/2030 | 475 | 520 |
| Various Purpose G.O. Rev. Ref. Bonds, Series 2024, 5.00% 8/1/2029 | 500 | 539 |
| Various Purpose G.O. Rev. Ref. Bonds, Series 2025, 5.00% 3/1/2035 | 2620 | 2987 |
| City of Vernon, Electric System Rev. Bonds, Series 2021-A, 5.00% 10/1/2025 | 695 | 699 |
| City of Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 4/1/2028 | 2305 | 2400 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 12/1/2045 | 640 | 639 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 12/1/2049 | 2550 | 2551 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2020-A, 3.00% 12/1/2050 | 4115 | 4046 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2022-A, 5.50% 12/1/2052 | 2375 | 2483 |
| Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2017-CQ, 4.00% 12/1/2047 | 420 | 421 |
| Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 12/1/2048 | 1735 | 1744 |
| Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2019-CS, 4.00% 12/1/2049 | 1065 | 1070 |
| Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2020-CT, 3.00% 12/1/2050 | 2860 | 2829 |
| Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2022-CU, 5.50% 12/1/2052 | 1695 | 1783 |
| Victor Valley Union High School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty insured, <br>4.00% 8/1/2026 | 270 | 274 |
| City of Vista, Successor Agcy. to the Redev. Agcy., Tax Allocation Rev. Ref. Redev. Bonds, Series 2015-B-1, <br>Assured Guaranty insured, 4.00% 9/1/2025 | 400 | 401 |
| Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2016-AV, 4.00% 12/1/2033 | 3260 | 3264 |
| West Basin Municipal Water Dist., Rev. Ref. Bonds, Series 2021-A, 5.00% 8/1/2031 | 745 | 835 |
| West Contra Costa Unified School Dist., G.O. Bonds, 2010 Election, Series 2020-F, Assured Guaranty insured, <br> 4.00% 8/1/2028 | 600 | 620 |
| West Contra Costa Unified School Dist., G.O. Bonds, 2012 Election, Series 2020-E, Assured Guaranty insured, <br> 4.00% 8/1/2030 | 900 | 941 |
| West Contra Costa Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2005-D, <br> National insured, 0% 8/1/2026 | 2425 | 2322 |
| West Contra Costa Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2005-D, <br> National insured, 0% 8/1/2031 | 2585 | 2056 |
| West Contra Costa Unified School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2010-D-2, <br> Assured Guaranty insured, 0% 8/1/2036 | 1000 | 646 |
| Westside Union School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, <br>0% 8/1/2027 | 800 | 740 |
| Whittier City School Dist., G.O. Rev. Ref. Bonds, Series 2016, 4.00% 8/1/2030 | 825 | 831 |
| Whittier Union High School Dist., G.O. Rev. Ref. Bonds, Capital Appreciation Bonds, Series 2016, 0% 8/1/2032 | 1000 | 773 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, <br>Series 2021, Assured Guaranty insured, 4.00% 9/1/2029 | 215 | 219 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, <br>Series 2021, Assured Guaranty insured, 4.00% 9/1/2030 | 235 | 239 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, <br>Series 2021, Assured Guaranty insured, 4.00% 9/1/2031 | 260 | 263 |
| Yosemite Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2010-D, <br>0% 8/1/2031 | 500 | 403 |
|  |  | 603595 |
| **Guam 0.07%** | **Guam 0.07%** | **Guam 0.07%** |
| A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2024-B, 5.00% 10/1/2032 | 400 | 430 |

---

---

| | |
|:---|:---|
| **11** | 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>|
| **Missouri 0.00%** | **Missouri 0.00%** | **Missouri 0.00%** |
| Housing Dev. Commission, Single Family Mortgage Rev. Bonds (Special Homeownership Loan Program), <br>Series 2015-A, 3.75% 5/1/2038 | USD10 | $10 |
| **United States 0.28%** | **United States 0.28%** | **United States 0.28%** |
| Freddie Mac, Multi Family Mortgage Bonds, Series 2019-ML-05, Class ACA, 3.35% 11/25/2033 | 1825 | 1744 |
| **Total bonds, notes & other debt instruments** (cost: $621,900,000) |  | 605779 |
| Short-term securities 5.93% |  |  |
| **Municipals 5.93%** | **Municipals 5.93%** | **Municipals 5.93%** |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2024-H, 1.78% 4/1/2059<sup>1</sup>  | 17400 | 17400 |
| Eastern Municipal Water Dist., Water and Wastewater Ref. Rev. Bonds, Series 2024-A, 1.65% 7/1/2046<sup>1</sup>  | 4600 | 4600 |
| Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A., Inc. Project), Series 2010-A, 1.65% 11/1/2035<sup>1</sup>  | 1200 | 1200 |
| Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A., Inc. Project), Series 2010-B, 1.65% 11/1/2035<sup>1</sup>  | 5030 | 5030 |
| City of Manteca, Community Facs. Dist. No. 2023-1, (Villa Ticino West Facs.) Improvement Area No. 2, <br>Special Tax Bonds, Series 2024, 5.00% 9/1/2025 | 85 | 85 |
| Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A., Inc. Project), Series 2005, <br>1.65% 6/1/2025<sup>1</sup>  | 2100 | 2100 |
| Regents of the University of California, General Rev. Bonds, Series 2013-AL-2, 1.65% 5/15/2048<sup>1</sup>  | 7000 | 7000 |
| **Total short-term securities** (cost: $37,416,000) |  | 37415 |
| **Total investment securities 102.03%** (cost: $659,316,000) |  | 643194 |
| **Other assets less liabilities (2.03%)** |  | (12818)<br>|
| **Net assets 100.00%** |  | $630376 |

---

**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 4/30/2025 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>|
| 2 Year U.S. Treasury Note Futures | Long | 105 | 7/3/2025 | USD21,856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $55 |
| 5 Year U.S. Treasury Note Futures | Long | 67 | 7/3/2025 | 7316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 35 | 6/30/2025 | (4016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 21 | 6/30/2025 | (2542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (91)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38 |

---

<sup>1</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>2</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 $8,052,000, which represented 1.28% of the net assets of the fund. 

<sup>3</sup> Step bond; coupon rate may change at a later date.

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

------

Capital Group California Core Municipal Fund

---

| |
|:---|
| **Key to abbreviation(s)** |
| Agcy. = Agency |
| Assn. = Association |
| Auth. = Authority |
| Certs. = Certificates |
| Dept. = Department |
| Dev. = Development |
| Dist. = District |
| Dists. = Districts |
| Econ. = Economic |
| Fac. = Facility |
| Facs. = Facilities |
| Fin. = Finance |
| Fncg. = Financing |
| G.O. = General Obligation |
| Part. = Participation |
| Preref. = Prerefunded |
| Redev. = Redevelopment |
| Ref. = Refunding |
| Rev. = Revenue |
| SIFMA = Securities Industry and Financial Markets Association |
| USD = U.S. dollars |

---

---

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

---

------

Capital Group California Short-Term Municipal Fundunaudited

**Investment portfolio** April 30, 2025

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 95.86% | Principal amount<br> (000)<br>| Value<br> (000)<br>|
| **California 95.86%** | **California 95.86%** | **California 95.86%** |
| County of Alameda, Union Sanitary Dist., Fncg. Auth. Interim Notes, Series 2025-A, 5.00% 3/15/2030 | USD520 | $568 |
| Burbank Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 1997 Election, Series 2002-C, <br>National insured, 0% 7/1/2027 | 500 | 467 |
| Trustees of the California State University, Systemwide Rev. Bonds, Series 2024-A, 5.00% 11/1/2027 | 210 | 222 |
| Chino Basin Regional Fin. Auth., Rev. Notes (Inland Empire Utilities Interim Fncg.), Series 2020-B, <br>4.00% 11/1/2025 | 500 | 501 |
| City of Chino, Community Facs. Dist. No. 2003-3, Special Tax Bonds, Series 2021, 4.00% 9/1/2025 | 430 | 430 |
| Citrus Community College Dist., G.O. Bonds, 2020 Election, Series 2021-A, 4.00% 8/1/2025 | 370 | 371 |
| Communities Dev. Auth., Rev. Bonds (John Muir Health), Series 2024-A, 5.00% 12/1/2030 | 1000 | 1093 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, <br>4.00% 2/1/2052 (put 8/1/2031) | 1000 | 989 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-B-1, <br>5.00% 7/1/2053 (put 8/1/2029) | 1300 | 1349 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2021-B-1, <br>5.00% 12/1/2053 (put 8/1/2029) | 1000 | 1039 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2023-E-1, <br>5.00% 2/1/2054 (put 3/1/2031) | 1000 | 1048 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-D, <br>5.00% 2/1/2055 (put 9/1/2032) | 500 | 526 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-C, <br>5.00% 8/1/2055 (put 10/1/2032) | 1500 | 1573 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-G, <br>5.00% 11/1/2055 (put 8/1/2032) | 750 | 773 |
| Community Choice Fncg. Auth., Clean Energy Project Rev. Green Bonds, Series 2024-H, <br>5.00% 1/1/2056 (put 8/1/2033) | 755 | 808 |
| Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 5.00% 6/1/2025 | 125 | 125 |
| Compton Unified School Dist., G.O. Bonds, 2015 Election, Series 2019-B, BAM insured, 5.00% 6/1/2027 | 500 | 523 |
| Del Mar Union School Dist., Community Facs. Dist. No. 99-1, Special Tax Bonds, Series 2019, 4.00% 9/1/2025 | 410 | 410 |
| East Bay Municipal Utility Dist., Water System Rev. Ref. Bonds, Series 2015-A, 5.00% 6/1/2028 | 1000 | 1001 |
| East Side Union High School Dist., G.O. Bonds, 2014 Election, Series 2023-D, 5.00% 8/1/2030 | 190 | 209 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2017-79 (Eagle Crest), Special Tax Bonds, Series 2021, <br> 4.00% 9/1/2025 | 275 | 275 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2018-80 (Willow Springs), Special Tax Bonds, <br>Series 2025, 5.00% 9/1/2030 | 275 | 288 |
| Eastern Municipal Water Dist., Community Facs. Dist. No. 2018-80 (Willow Springs), Special Tax Bonds, <br>Series 2025, 5.00% 9/1/2031 | 290 | 304 |
| Eastern Municipal Water Dist., Fin. Auth., Water and Wastewater Rev. Ref. Bonds, Series 2020-A, 5.00% 7/1/2026 | 300 | 308 |
| County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), Special Tax Rev. Ref. Bonds, <br>Series 2012, 5.00% 9/1/2025 | 1000 | 1001 |
| Escondido Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2009-A, <br> Assured Guaranty insured, 0% 8/1/2028 | 500 | 450 |
| G.O. Bonds, Series 2021, 4.00% 10/1/2026 | 560 | 568 |
| G.O. Bonds, Series 2022, 5.00% 4/1/2028 | 500 | 528 |
| G.O. Rev. Ref. Bonds, Series 2022, 5.00% 11/1/2027 | 1100 | 1153 |
| G.O. Rev. Ref. Bonds, Series 2022-B, 4.00% 9/1/2028 | 700 | 720 |
| G.O. Rev. Ref. Bonds, Series 2022, 4.00% 9/1/2029 | 750 | 776 |
| G.O. Rev. Ref. Bonds, Series 2021, 5.00% 9/1/2029 | 500 | 539 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2015-A, <br> 5.00% 6/1/2045 (preref. 6/1/2025) | 125 | 125 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Capital <br> Appreciation Bonds, Series 2005-A, Assured Guaranty insured, 0% 6/1/2025 (escrowed to maturity) | 1000 | 997 |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, <br>Capital Appreciation Bonds, Series 2005-A, AMBAC insured, 0% 6/1/2027 (escrowed to maturity) | 1000 | 936 |
| Health Facs. Fncg. Auth., Rev. Bonds (El Camino Hospital), Series 2017, 5.00% 8/15/2025 (escrowed to maturity) | 400 | 402 |
| Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2006-C-2, 5.00% 6/1/2041 (put 11/1/2029) | 805 | 863 |
| Health Facs. Fncg. Auth., Rev. Bonds (Stanford Health Care), Series 2021-A, 3.00% 8/15/2054 (put 8/15/2025) | 500 | 497 |
| Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2018-A, 5.00% 11/15/2025 | 1000 | 1008 |
| Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 11/15/2026 (preref. 11/15/2025) | 275 | 278 |
| Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2016-A, 5.00% 11/15/2046 (preref. 11/15/2025) | 250 | 253 |
| Health Facs. Fncg. Auth., Rev. Ref. Bonds (Marshall Medical Center), Series 2015, 5.00% 11/1/2028 | 315 | 315 |
| Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2016-B, 5.00% 11/15/2026 | 700 | 721 |
| Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2015-A, 5.00% 8/15/2043 (preref. 8/15/2025) | 140 | 141 |

---

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)** |
| Housing Fin. Agcy., Affordable Housing Rev. Bonds, Series 2024-A-2, FHA insured, <br>3.25% 8/1/2064 (put 2/1/2028) | USD400 | $396 |
| Oakland Unified School Dist., G.O. Bonds, 2020 Election, Series 2023-A, Assured Guaranty insured, <br>5.00% 8/1/2025 | 130 | 131 |
| Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust), Series 2021-B-2, <br>3.00% 10/1/2047 (put 10/1/2026) | 1500 | 1483 |
| Inglewood Unified School Dist., G.O. Bonds, 2020 Election, Series 2025-B, 5.00% 8/1/2032 | 625 | 693 |
| 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 | 325 |
| City of Irvine, Reassessment Dist. No. 12-1, Limited Obligation Improvement Bonds, Series 2015, 5.00% 9/2/2029 | 1000 | 1004 |
| Irvine Unified School Dist., Community Facs. Dist. No. 09-1, Special Tax Bonds, Series 2017-A, 5.00% 9/1/2025 | 1000 | 1004 |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds <br>(Community Facs. Dists. Nos. 10, 12, 13 and 15), Series 2021-A, 4.00% 9/1/2027 | 285 | 291 |
| Jurupa Unified School Dist., Fncg. Auth., Special Tax Rev. Ref. Bonds <br>(Community Facs. Dists. Nos. 10, 12, 13 and 15), Series 2021-A, BAM insured, 4.00% 9/1/2028 | 275 | 283 |
| Kern Community College Dist., Facs. Improvement Dist. No. 1, G.O. Bonds, 2016 Election, Series 2020-C, <br>4.00% 8/1/2026 | 645 | 655 |
| City of Lake Elsinore, Facs. Fin. Auth., Local Agcy. Rev. Ref. Bonds, Series 2021-B, Assured Guaranty insured, <br>4.00% 9/1/2026 | 195 | 197 |
| City of Lake Elsinore, Facs. Fin. Auth., Local Agcy. Rev. Ref. Bonds, Series 2021-B, Assured Guaranty insured, <br>4.00% 9/1/2027 | 210 | 214 |
| Lake Tahoe Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2008 Election, Series 2009, <br>Assured Guaranty insured, 0% 8/1/2031 | 500 | 403 |
| Lodi Unified School Dist., G.O. Bonds, Series 2022, 5.00% 8/1/2025 | 500 | 502 |
| City of Los Angeles, Community Facs. Dist. No. 4 (Playa Vista - Phase 1), Special Tax Rev. Ref. Bonds, Series 2024, <br> 5.00% 9/1/2028 | 675 | 717 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2022-E, <br>5.00% 5/15/2030 | 250 | 273 |
| City of Los Angeles, Dept. of Airports, Los Angeles International Airport, Rev. Ref. Bonds, Series 2025-C, <br>5.00% 5/15/2030 | 625 | 682 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2019-D, 5.00% 7/1/2029 | 95 | 99 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2020-A, 5.00% 7/1/2029 | 120 | 126 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2022-E, 5.00% 7/1/2030 | 470 | 496 |
| City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2017-B, 5.00% 7/1/2033 | 700 | 709 |
| 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 | 277 |
| City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2022-B, 5.00% 7/1/2030 | 60 | 63 |
| 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 | 1040 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2025-C, 5.00% 6/1/2032 | 500 | 558 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, <br>Special Tax Bonds, Series 2022, 5.00% 9/1/2029 | 150 | 158 |
| County of Los Angeles, Community Facs. Dist. No. 2021-01 (Valencia Facs.), Improvement Area No. 1, <br>Special Tax Bonds, Series 2022, 5.00% 9/1/2030 | 175 | 185 |
| County of Los Angeles, Metropolitan Transportation Auth., Measure R Sales Tax Rev. Ref. Green Bonds, <br>Series 2020-A, 5.00% 6/1/2026 | 400 | 409 |
| Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, Series 2016-B, <br> 5.00% 7/1/2027 | 750 | 767 |
| Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, <br>Series 2017-A, 5.00% 7/1/2025 | 250 | 251 |
| Los Angeles Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Rev. Ref. Bonds, <br>Series 2025-A, 5.00% 7/1/2030 | 1000 | 1095 |
| City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2022-C, 5.00% 6/1/2032 | 1370 | 1532 |
| Menifee Union School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2026 | 755 | 760 |
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2022-B, 3.00% 7/1/2028 | 955 | 954 |
| Metropolitan Water Dist. of Southern California, Water Rev. Ref. Bonds, Series 2024-B-3, <br>5.00% 7/1/2037 (put 7/1/2031) | 1090 | 1171 |
| Modesto Irrigation Dist. Fncg. Auth., Electric System Rev. Bonds, Series 2023-A, 5.00% 10/1/2029 | 440 | 477 |
| Modesto Irrigation Dist. Fncg. Auth., Electric System Rev. Ref. Bonds, Series 2015-B, 5.00% 10/1/2028 | 595 | 599 |
| Modesto Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2021, 5.00% 7/1/2026 | 635 | 650 |
| Mountain View Whisman School Dist., G.O. Bonds, 2012 Election, Series 2016-B, 5.00% 9/1/2025 | 610 | 614 |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (View At San Bruno), Series 2024-A-1, <br>5.00% 6/1/2056 (put 7/1/2028) | 1810 | 1887 |

---

---

| | |
|:---|:---|
| **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)** |
| Municipal Fin. Auth., Multi Family Housing Rev. Bonds (Wildomar Family Housing LP), Series 2024, <br>3.05% 12/1/2064 (put 3/5/2025) | USD325 | $320 |
| Municipal Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project), Series 2009-A, <br>3.30% 2/1/2039 (put 2/1/2028)<sup>1</sup>  | 400 | 393 |
| Municipal Fin. Auth., Student Housing Rev. Bonds (CHF-Davis II, LLC - Orchard Park Student Housing Project), <br> Series 2021, BAM insured, 5.00% 5/15/2025 | 400 | 400 |
| Murrieta Valley Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2016-A, 5.00% 9/1/2029 | 100 | 102 |
| Napa Valley Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2002 Election, Series 2005-B, <br> National insured, 0% 8/1/2028 | 2000 | 1796 |
| North Natomas Community Facs. Dist. No. 4, Special Tax Rev. Ref. Bonds, Series 2023-G, <br>Assured Guaranty insured, 5.00% 9/1/2028 | 745 | 791 |
| City of Ontario, Community Facs. Dist. No. 35 (Countryside Phase 2 South - Facs.), Special Tax Bonds, Series 2024, <br> 5.00% 9/1/2029 | 205 | 215 |
| 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 | 227 |
| City of Ontario, Community Facs. Dist. No. 66 (Olive and Oleander Facs.), Special Tax Bonds, Series 2024, <br>5.00% 9/1/2031 | 210 | 221 |
| County of Orange, Sanitation Dist., Wastewater Rev. Ref. Obligations, Series 2021-A, 5.00% 2/1/2026 | 750 | 762 |
| Oxnard Union High School Dist., G.O. Bond Anticipation Notes, Series 2025, 6.00% 2/1/2030 | 700 | 794 |
| Oxnard Union High School Dist., G.O. Bonds, 2018 Election, Series 2018-A, 5.00% 8/1/2042 (preref. 8/1/2026) | 500 | 513 |
| Peralta Community College Dist., G.O. Bonds, 2018 Election, Series 2025-C-1, 5.00% 8/1/2026 | 2000 | 2053 |
| Peralta Community College Dist., G.O. Rev. Ref. Bonds, Series 2025, 5.00% 8/1/2029 | 750 | 809 |
| City of Perris, Joint Powers Auth., Local Agcy. Rev. Ref. Bonds <br>(CFD No. 2001-1 IA No. 4 and No. 5; CFD No. 2005-1 IA No. 4), Series 2017-B, 5.00% 9/1/2025 | 105 | 106 |
| Pollution Control Fncg. Auth., Water Facs. Rev. Bonds (American Water Capital Corp. Project), Series 2020, <br>3.70% 8/1/2040 (put 9/1/2028) | 410 | 410 |
| Public Fin. Auth., Rev. Ref. Bonds (O'Conner Woods), Series 2022, 4.00% 1/1/2026 | 440 | 442 |
| Public Works Board, Lease Rev. Bonds (Dept. of Corrections and Rehabilitation), Series 2015-H, 5.00% 12/1/2026 | 470 | 476 |
| Public Works Board, Lease Rev. Ref. Bonds (Various Capital Projects), Series 2024-C, 5.00% 9/1/2030 | 665 | 727 |
| City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (The Grantline 208 Project), Special Tax Bonds, <br>Series 2021-B, 4.00% 9/1/2026 | 105 | 105 |
| City of Rancho Cordova, Community Facs. Dist. No. 2018-1 (The Grantline 208 Project), Special Tax Bonds, <br>Series 2021-B, 4.00% 9/1/2028 | 120 | 120 |
| County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Bonds (Redev. Project Area No. 1, <br>Desert Communities Redev. Project Area, Interstate 215 Corridor Redev. Area), Series 2024-A, <br>Assured Guaranty insured, 5.00% 10/1/2029 | 315 | 340 |
| County of Riverside, Public Fncg. Auth., Tax Allocation Rev. Bonds (Redev. Project Area No. 1, <br>Desert Communities Redev. Project Area, Interstate 215 Corridor Redev. Area), Series 2024-A, <br>Assured Guaranty insured, 5.00% 10/1/2032 | 1000 | 1119 |
| RNR School Fncg. Auth., Community Facs. Dist. No. 92-1, Special Tax Bonds, Series 2017-A, BAM insured, <br>5.00% 9/1/2028 | 1000 | 1024 |
| Roseville Joint Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2007-C, <br> Assured Guaranty insured, 0% 8/1/2025 | 510 | 506 |
| Roseville Joint Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2004 Election, Series 2007-C, <br> Assured Guaranty insured, 0% 8/1/2026 | 870 | 833 |
| City of Sacramento, Municipal Utility Dist., Electric Rev. Ref. Bonds, Series 2018-F, 5.00% 8/15/2026 | 500 | 514 |
| Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2022, BAM insured, 5.00% 7/1/2027 | 815 | 850 |
| Sacramento Unified School Dist., G.O. Rev. Ref. Bonds, Series 2024-B, BAM insured, 5.00% 8/1/2029 | 500 | 540 |
| 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 | 490 |
| City of San Diego, Housing Auth., Multi Family Housing Rev. Bonds, Series 2023-B, <br>5.00% 5/1/2057 (put 11/1/2026) | 498 | 507 |
| 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., G.O. Rev. Ref. Bonds, Series 2021-E, 5.00% 7/15/2028 | 320 | 341 |
| County of San Diego, Regional Transportation Commission, Limited Sales Tax Rev. Bonds, Series 2021-B, <br>5.00% 4/1/2026 | 140 | 143 |
| County of San Diego, Water Auth., Water Rev. Ref. Green Bonds, Series 2021-B, 5.00% 5/1/2030 | 230 | 253 |
| San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Bonds, 2016 Election, <br>Series 2012-F, 5.00% 7/1/2030 | 110 | 110 |
| San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Green Bonds, 2018 Election, <br> Series 2023-G-2, 5.00% 7/1/2028 | 600 | 641 |

---

---

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

---

------

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)** |
| San Diego Unified School Dist., G.O. Dedicated Unlimited Ad Valorem Property Tax Green Bonds, 2022 Election, <br> Series 2024-B-3, 5.00% 7/1/2030 | USD325 | $359 |
| San Diego Unified School Dist., G.O. Green Bonds, 2018 Election, Series 2022-F-2, 5.00% 7/1/2029 | 810 | 881 |
| 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 | 209 |
| 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 | 168 |
| City and County of San Francisco, G.O. Bonds (Earthquake Safety and Emergency Response), Series 2021-E-1, <br> 5.00% 6/15/2025 | 815 | 817 |
| City and County of San Francisco, Public Utilities Commission, San Francisco Water Rev. Bonds, Series 2023-A, <br> 5.00% 11/1/2029 | 500 | 545 |
| City and County of San Francisco, Public Utilities Commission, Wastewater Rev. Green Bonds, Series 2023-C, <br> 4.00% 10/1/2048 (put 10/1/2029) | 1040 | 1074 |
| San Francisco Community College Dist., G.O. Rev. Ref. Bonds, Series 2025, 5.00% 6/15/2028 | 1000 | 1056 |
| 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 | 916 |
| City of San Jose, Airport Rev. Ref. Bonds, Series 2021-A, 5.00% 3/1/2026 | 440 | 447 |
| San Mateo Community College Dist., G.O. Bonds, Capital Appreciation Bonds, 2001 Election, Series 2005-B, <br> National insured, 0% 9/1/2027 | 1130 | 1050 |
| Cities of San Mateo and Foster City, Public Fin. Auth., Wastewater Rev. Notes, Series 2021-B, <br>5.00% 8/1/2025 (escrowed to maturity) | 415 | 417 |
| San Ramon Valley Unified School Dist., G.O. Bonds, 2012 Election, Series 2015, <br>4.00% 8/1/2033 (preref. 8/1/2025) | 500 | 501 |
| 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 | 1001 |
| Santa Monica-Malibu Unified School Dist., G.O. Rev. Ref. Bonds, Series 2015, 3.50% 8/1/2029 (preref. 8/1/2025) | 1815 | 1816 |
| Santa Monica-Malibu Unified School Dist., School Facs. Improvement Dist. No. 1 (Santa Monica Schools), <br>G.O. Bonds, 2018 Election, Series 2021-B, 4.00% 8/1/2025 | 335 | 336 |
| City of Santa Rosa, Wastewater Rev. Bonds, Capital Appreciation Bonds, Series 2002-B, AMBAC insured, <br>0% 9/1/2025 | 1000 | 989 |
| Silicon Valley Clean Water, Wastewater Rev. Notes, Series 2021-B, 0.50% 3/1/2026 | 1350 | 1311 |
| Southern California Public Power Auth., Clean Energy Project Rev. Bonds, Series 2024-A, <br>5.00% 4/1/2055 (put 9/1/2030) | 650 | 676 |
| Statewide Communities Dev. Auth., Multi Family Housing Rev. Bonds (Vintage at Folsom), Series 2024-E-2, <br>5.00% 10/1/2028 (put 10/1/2027) | 395 | 409 |
| Statewide Communities Dev. Auth., Rev. Bonds (Huntington Memorial Hospital), Series 2018, 5.00% 7/1/2026 | 325 | 333 |
| Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2003-D, <br>5.00% 5/1/2033 (put 11/1/2029) | 1000 | 1072 |
| Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-L, <br>5.00% 4/1/2038 (put 11/1/2029) | 960 | 1029 |
| Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2004-M, <br>5.00% 4/1/2038 (put 11/1/2029) | 725 | 777 |
| 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 insured, 5.00% 5/15/2027 | 850 | 877 |
| City of Stockton, Public Fncg. Auth., Wastewater Rev. Ref. Bonds (Wastewater Ref. Project), Series 2024, <br>Assured Guaranty insured, 5.00% 9/1/2029 | 295 | 319 |
| Temescal Valley Water Dist., Public Fncg. Auth., Local Agcy. Rev. Ref. Bonds, Series 2024, 5.00% 9/1/2028 | 500 | 531 |
| Tobacco Securitization Auth., Tobacco Settlement Asset-Backed Rev. Ref. Senior Bonds <br>(Sacramento County Tobacco Securitization Corp), Series 2021-A-1, 5.00% 6/1/2027 | 440 | 452 |
| Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2025 | 1500 | 1506 |
| Transbay Joint Powers Auth., Senior Tax Allocation Green Bonds, Series 2020-A, 5.00% 10/1/2026 | 550 | 560 |
| Tuolumne Wind Project Auth., Rev. Ref. Bonds (Tuolumne Wind Project), Series 2016-A, <br>5.00% 1/1/2027 (escrowed to maturity) | 670 | 693 |
| Twin Rivers Unified School Dist., G.O. Rev. Ref. Bonds, Series 2016-B, Assured Guaranty insured, 5.00% 8/1/2027 | 225 | 231 |
| Ukiah Unified School Dist., G.O. Bonds, Capital Appreciation Bonds, 2005 Election, Series 2006, National insured, <br> 0% 8/1/2028 | 1000 | 895 |
| Regents of the University of California, General Rev. Bonds, Series 2020-BE, 5.00% 5/15/2027 | 1100 | 1147 |
| Regents of the University of California, General Rev. Bonds, Series 2025-CC, 5.00% 5/15/2032 | 595 | 595 |
| Regents of the University of California, Limited Project Rev. Bonds, Series 2015-I, 5.00% 5/15/2026 | 210 | 210 |
| Various Purpose G.O. Bonds, Series 2025, 5.00% 3/1/2028 | 3405 | 3589 |
| Various Purpose G.O. Bonds, Series 2025, 5.00% 3/1/2029 | 1730 | 1852 |

---

---

| | |
|:---|:---|
| **17** | 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 Vernon, Electric System Rev. Bonds, Series 2022-A, 5.00% 4/1/2028 | USD150 | $156 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2016-B, 3.50% 12/1/2045 | 80 | 80 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2019-A, 4.00% 12/1/2049 | 740 | 740 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2020-A, 3.00% 12/1/2050 | 810 | 796 |
| Dept. of Veterans Affairs, Home Purchase Rev. Bonds, Series 2022-A, 5.50% 12/1/2052 | 515 | 538 |
| Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2017-CQ, 4.00% 12/1/2047 | 195 | 195 |
| Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2018-CR, 4.00% 12/1/2048 | 435 | 437 |
| Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2020-CT, 3.00% 12/1/2050 | 1140 | 1128 |
| Dept. of Veterans Affairs, Veterans G.O. Bonds, Series 2022-CU, 5.50% 12/1/2052 | 1310 | 1378 |
| Dept. of Water Resources, Water System Rev. Bonds (Central Valley Project), Series 2021-BD, 5.00% 12/1/2028 | 325 | 349 |
| West Contra Costa Unified School Dist., G.O. Bonds, Series 2023, BAM insured, 5.00% 8/1/2028 | 1000 | 1066 |
| West Contra Costa Unified School Dist., G.O. Bonds, 2012 Election, Series 2020-E, Assured Guaranty insured, <br> 4.00% 8/1/2026 | 640 | 649 |
| Westside Union School Dist., G.O. Bonds, Capital Appreciation Bonds, Series 2002-A, National insured, <br>0% 8/1/2027 | 1000 | 926 |
| William S. Hart Union High School Dist., G.O. Bonds, Capital Appreciation Bonds, 2001 Election, Series 2005-B, <br> Assured Guaranty insured, 0% 9/1/2025 | 1000 | 989 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, <br>Series 2021, 4.00% 9/1/2026 | 160 | 161 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, <br>Series 2021, Assured Guaranty insured, 4.00% 9/1/2027 | 180 | 182 |
| City of Woodland, Community Facs. Dist. No. 2004-1 (Spring Lake), Special Tax Capital Projects Bonds, <br>Series 2021, Assured Guaranty insured, 4.00% 9/1/2028 | 200 | 203 |
| **Total bonds, notes & other debt instruments** (cost: $115,102,000) |  | 113955 |
| Short-term securities 7.69% |  |  |
| **Municipals 7.69%** | **Municipals 7.69%** | **Municipals 7.69%** |
| Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Bonds, Series 2024-H, 1.78% 4/1/2059<sup>2</sup>  | 2800 | 2800 |
| Eastern Municipal Water Dist., Water and Wastewater Ref. Rev. Bonds, Series 2024-A, 1.65% 7/1/2046<sup>2</sup>  | 1100 | 1100 |
| Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A., Inc. Project), Series 2010-A, 1.65% 11/1/2035<sup>2</sup>  | 1800 | 1800 |
| Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A., Inc. Project), Series 2010-B, 1.65% 11/1/2035<sup>2</sup>  | 300 | 300 |
| Municipal Fin. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A., Inc. Project), Series 2005, <br>1.65% 6/1/2025<sup>2</sup>  | 2550 | 2550 |
| Regents of the University of California, General Rev. Bonds, Series 2013-AL-2, 1.65% 5/15/2048<sup>2</sup>  | 600 | 600 |
| **Total short-term securities** (cost: $9,150,000) |  | 9150 |
| **Total investment securities 103.55%** (cost: $124,252,000) |  | 123105 |
| **Other assets less liabilities (3.55%)** |  | (4226)<br>|
| **Net assets 100.00%** |  | $118879 |

---

<sup>1</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 $393,000, which represented 0.33% of the net assets of the fund. 

<sup>2</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 |
| Auth. = Authority |
| Dept. = Department |
| Dev. = Development |
| Dist. = District |
| Dists. = Districts |
| Econ. = Economic |
| Fac. = Facility |
| Facs. = Facilities |

---

---

| |
|:---|
| Fin. = Finance |
| Fncg. = Financing |
| G.O. = General Obligation |
| Preref. = Prerefunded |
| Redev. = Redevelopment |
| Ref. = Refunding |
| Rev. = Revenue |
| USD = U.S. dollars |

---

---

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

---

------

Financial statements

unaudited

**Statements of assets and liabilities** at April 30, 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; $643194 | &nbsp;&nbsp;&nbsp; $123105 |
| Cash | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 232 |
| Cash collateral pledged for futures contracts | &nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; 50 |
| Receivables for: |  |  |
| Sales of fund's shares | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; — |
| Dividends and interest | &nbsp;&nbsp;&nbsp; 5847 | &nbsp;&nbsp;&nbsp; 1109 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; — |
| Total assets | &nbsp;&nbsp;&nbsp; 649407 | &nbsp;&nbsp;&nbsp; 124496 |
| **Liabilities:** |  |  |
| Payables for: |  |  |
| Purchases of investments | &nbsp;&nbsp;&nbsp; 18013 | &nbsp;&nbsp;&nbsp; 5447 |
| Repurchases of fund's shares | &nbsp;&nbsp;&nbsp; 889 | &nbsp;&nbsp;&nbsp; 145 |
| Investment advisory services | &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; 24 |
| Services provided by related parties | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Other | &nbsp;&nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp;&nbsp; —<br> \*<br>|
| Total liabilities | &nbsp;&nbsp;&nbsp; 19031 | &nbsp;&nbsp;&nbsp; 5617 |
| **Net assets at April 30, 2025** | &nbsp;&nbsp;&nbsp; $630376 | &nbsp;&nbsp;&nbsp; $118879 |
| **Net assets consist of:** |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp;&nbsp; $656191 | &nbsp;&nbsp;&nbsp; $122297 |
| Total distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp; (25815)<br>| &nbsp;&nbsp;&nbsp; (3418)<br>|
| **Net assets at April 30, 2025** | &nbsp;&nbsp;&nbsp; $630376 | &nbsp;&nbsp;&nbsp; $118879 |
| Investment securities in unaffiliated issuers, at cost | &nbsp;&nbsp;&nbsp; $659316 | &nbsp;&nbsp;&nbsp; $124252 |
| Shares outstanding | &nbsp;&nbsp;&nbsp; 62304 | &nbsp;&nbsp;&nbsp; 11953 |
| Net asset value per share | &nbsp;&nbsp;&nbsp; $10.12 | &nbsp;&nbsp;&nbsp; $9.95 |

---

\*

Amount less than one thousand.

Refer to the notes to financial statements.

---

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

---

------

Financial statements (continued)

unaudited

**Statements of operations** for the six months ended April 30, 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 (net of non-U.S. taxes<sup>\*</sup>): |  |  |
| Interest from unaffiliated issuers | &nbsp;&nbsp;&nbsp; $8639 | &nbsp;&nbsp;&nbsp; $1396 |
| Fees and expenses\*: |  |  |
| Investment advisory services | &nbsp;&nbsp;&nbsp; 787 | &nbsp;&nbsp;&nbsp; 136 |
| Transfer agent services | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 1 |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 |
| Registration statement and prospectus | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 4 |
| Trustees' compensation | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — <br><sup>†</sup><br>|
| Auditing and legal | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 4 |
| Custodian | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 3 |
| Other | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 2 |
| Total fees and expenses before waivers and/or reimbursements | &nbsp;&nbsp;&nbsp; 827 | &nbsp;&nbsp;&nbsp; 152 |
| Less waivers and/or reimbursements of fees and expenses: |  |  |
| Miscellaneous fee reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 |
| Total reimbursements of fees and expenses | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 |
| Total fees and expenses after waivers and/or reimbursements | &nbsp;&nbsp;&nbsp; 827 | &nbsp;&nbsp;&nbsp; 141 |
| Net investment income | &nbsp;&nbsp;&nbsp; 7813 | &nbsp;&nbsp;&nbsp; 1255 |
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |
| Net realized gain (loss) on: |  |  |
| Investments in unaffiliated issuers | &nbsp;&nbsp;&nbsp; (2001)<br>| &nbsp;&nbsp;&nbsp; (80)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (21)<br>|
|  | &nbsp;&nbsp;&nbsp; (2007)<br>| &nbsp;&nbsp;&nbsp; (101)<br>|
| Net unrealized appreciation (depreciation) on: |  |  |
| Investments in unaffiliated issuers | &nbsp;&nbsp;&nbsp; (4907)<br>| &nbsp;&nbsp;&nbsp; (380)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; 17 |
|  | &nbsp;&nbsp;&nbsp; (4731)<br>| &nbsp;&nbsp;&nbsp; (363)<br>|
| Net realized gain (loss) and unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (6738)<br>| &nbsp;&nbsp;&nbsp; (464)<br>|
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; $1075 | &nbsp;&nbsp;&nbsp; $791 |

---

\*

Additional information related to class-specific 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.

---

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

---

------

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** |
|  | Six months <br>ended <br>April 30,<br>| Year ended <br> October 31,<br>| Six months <br>ended <br>April 30,<br>| Year ended <br> October 31,<br>|
|  | 2025\* | 2024 | 2025\* | 2024 |
| **Operations:** |  |  |  |  |
| Net investment income (loss) | $7813 | $15439 | $1255 | $2158 |
| Net realized gain (loss) | (2007)<br>| (815)<br>| (101)<br>| (71)<br>|
| Net unrealized appreciation (depreciation) | (4731)<br>| 27237 | (363)<br>| 3429 |
| Net increase (decrease) in net assets resulting from operations | 1075 | 41861 | 791 | 5516 |
| **Distributions paid to shareholders** | (8143)<br>| (15222)<br>| (1272)<br>| (2140)<br>|
| **Net capital share transactions** | 2480 | (37227)<br>| 11664 | (4384)<br>|
| **Total increase (decrease) in net assets** | (4588)<br>| (10588)<br>| 11183 | (1008)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | 634964 | 645552 | 107696 | 108704 |
| End of period | $630376 | $634964 | $118879 | $107696 |

---

\*

Unaudited.

Refer to the notes to financial statements.

---

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

---

------

Notes to financial statementsunaudited

&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 and to preserve capital.

**Capital Group California Short-Term Municipal Fund** — Seeks to preserve capital and secondarily to provide current income exempt from federal and California income taxes.

**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** — In the reporting period, the funds early adopted FASB Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect each fund's financial position or the results of its operations. 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 Trustee 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.

**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.

**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.

---

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

---

------

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 of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued.

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.

---

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

---

------

**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 April 30, 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 | $— | $605779 | $— | $605779 |
| Short-term securities  |  | 37415 |  | 37415 |
| Total | $— | $643194 | $— | $643194 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Unrealized appreciation on futures contracts | $158 | $— | $— | $158 |
| Liabilities: |  |  |  |  |
| Unrealized depreciation on futures contracts | (120)<br>|  |  | (120)<br>|
| Total  | $38 | $— | $— | $38 |

---

\*

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Bonds, notes & other debt instruments: |  |  |  |  |
| Municipals | $— | $113955 | $— | $113955 |
| Short-term securities  |  | 9150 |  | 9150 |
| Total | $— | $123105 | $— | $123105 |

---

**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.

---

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

---

------

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 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.

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

---

------

**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; $57564 |
| Capital Group California Short-Term Municipal Fund | &nbsp;&nbsp; 9335 |

---

---

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

---

------

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 six months ended, April 30, 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\* | $158 | Unrealized depreciation\* | $120 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **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>| $(6)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation <br> &nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on futures contracts<br>| $176 |

---

**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>| $(21)<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 period ended April 30, 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 period, 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.

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

---

------

Additional tax basis disclosures for each fund are 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>|
| **As of October 31, 2024** |  |  |
| Undistributed tax-exempt income | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 6 |
| Capital loss carryforward\* | &nbsp;&nbsp; (7840)<br>| &nbsp;&nbsp; (2182)<br>|
| **As of April 30, 2025** |  |  |
| Gross unrealized appreciation on investments | &nbsp;&nbsp; 986 | &nbsp;&nbsp; 123 |
| Gross unrealized depreciation on investments | &nbsp;&nbsp; (17144)<br>| &nbsp;&nbsp; (1292)<br>|
| Net unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (16158)<br>| &nbsp;&nbsp; (1169)<br>|
| Cost of investments | &nbsp;&nbsp; 659390 | &nbsp;&nbsp; 124274 |

---

\*

Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent 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):

---

| | | |
|:---|:---|:---|
| **Fund** | **Six months** <br> **ended** <br>**April 30,** <br>**2025**<br>| **Year ended** <br>**October 31,** <br>**2024**<br>|
| Capital Group California Core Municipal Fund | &nbsp;&nbsp; 8,143 | &nbsp;&nbsp; 15,222 |
| Capital Group California Short-Term Municipal Fund | &nbsp;&nbsp; 1,272 | &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 six months ended April 30, 2025, total fees and expenses reimbursed by CRMC were $11,000 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.

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

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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 April 30, 2025 (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Purchases**  | **Sales**  | **Net** <br>**realized** <br>**loss**<br>|
| Capital Group California Core Municipal Fund | &nbsp;&nbsp; $1939 | &nbsp;&nbsp; $5670 | &nbsp;&nbsp; $(295) |

---

**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 six months ended April 30, 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** |
| **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** |
| Capital Group <br>California Core Municipal Fund<br>| &nbsp;&nbsp; $47087 | &nbsp;&nbsp; 4612 | &nbsp;&nbsp;&nbsp; $8143 | &nbsp;&nbsp; 798 | &nbsp;&nbsp;&nbsp; $(52750)<br>| &nbsp;&nbsp; (5167)<br>| &nbsp;&nbsp;&nbsp; $2480 | &nbsp;&nbsp; 243 |
| Capital Group California <br>Short-Term Municipal Fund<br>| &nbsp;&nbsp; 34696 | &nbsp;&nbsp; 3470 | &nbsp;&nbsp;&nbsp; 1272 | &nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; (24304)<br>| &nbsp;&nbsp; (2430)<br>| &nbsp;&nbsp;&nbsp; 11664 | &nbsp;&nbsp; 1167 |
| **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 six months ended April 30, 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; $142630 | &nbsp;&nbsp; $34747 |
| Sales of investment securities\* | &nbsp;&nbsp; 139835 | &nbsp;&nbsp; 21907 |

---

\*

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

---

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

---

------

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>reimbursements | Ratio of <br>expenses to <br>average net <br>assets after <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>reimbursements | Ratio of <br>expenses to <br>average net <br>assets after <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** |
| 4/30/2025<sup>3,4</sup> <br>| $10.23 | $.13 | $(.11)<br>| $.02 | $(.13)<br>| $— | $(.13)<br>| $10.12 | .20 %<sup>5</sup><br>| $630 | .26 %<sup>6</sup><br>| .26 %<sup>6</sup><br>| 2.48 %<sup>6</sup><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 |
| 10/31/2020 | 10.73 | .17 | .18 | .35 | (.17)<br>| (.01)<br>| (.18)<br>| 10.90 | 3.29 | 627 | .28 | .28 | 1.55 |
| **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** |
| 4/30/2025<sup>3,4</sup> <br>| $9.98 | $.11 | $(.03)<br>| $.08 | $(.11)<br>| $— | $(.11)<br>| $9.95 | .74 %<sup>5</sup><br>| $119 | .28 %<sup>6</sup><br>| .26 %<sup>6</sup><br>| 2.30 %<sup>6</sup><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 |
| 10/31/2020 | 10.28 | .12 | .11 | .23 | (.12)<br>|  | (.12)<br>| 10.39 | 2.26 | 199 | .30 | .30 | 1.16 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio turnover rate for all share classes** | **Six months ended** <br>**April 30, 2025**<sup>3,4,5</sup>  | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
| **Portfolio turnover rate for all share classes** | **Six months ended** <br>**April 30, 2025**<sup>3,4,5</sup>  | **2024** | **2023** | **2022** | **2021** | **2020** |
| Capital Group California Core Municipal Fund | &nbsp;&nbsp; 23<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>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37<br> %<br>|
| Capital Group California Short-Term Municipal Fund | &nbsp;&nbsp; 21 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |

---

<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>3</sup> Based on operations for a period that is less than a full year.

<sup>4</sup> Unaudited.

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

Refer to the notes to financial statements.

---

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

---

------

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.

---

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

---

------

Approval of Investment Advisory and Service Agreement

------

The series' board has approved the continuation of the series' Investment Advisory and Service Agreement (the "agreement") with Capital Research and Management Company ("CRMC") for an additional one-year term through April 30, 2026, with respect to the various series of the funds (each a "fund"). The board approved the agreement following the recommendation of the series' Contracts Committee (the "committee"), which is composed of all the series' independent board members. The board and the committee determined in the exercise of their business judgment that each fund's advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interactions with CRMC and information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and they were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

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

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC's investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund's assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC's organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the funds under the agreement and other agreements, as well as the benefits to fund shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit the funds and their shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objective. They compared each fund's investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included) and data such as publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including each fund's lifetime) through September 30, 2024. They generally placed greater emphasis on investment results over longer term periods and relative to benchmarks consistent with each fund's objective. On the basis of this evaluation and the board's and the committee's ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund's investment results have been satisfactory for renewal of the agreement, and that CRMC's record in managing the funds indicated that its continued management should benefit the funds and their shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of the funds to those of other relevant funds. They observed that each fund's advisory fees and expenses generally compared favorably to those of other similar funds included in the comparable Lipper category. The board and the committee noted that, although the fees paid by CRMC clients with separately managed accounts generally were lower than those paid by the funds, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and separately managed accounts. They also recognized that the fees for certain separately managed accounts could be lower than those of the funds due to the sizes of the accounts and the clients' overall relationships with CRMC. The board and the committee concluded that each fund's cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing the fund, and that each fund's shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by each fund.

---

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

---

------

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

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC's relationship with the funds, including fees paid to CRMC's affiliated transfer agent; sales charges and distribution fees received and retained by the funds' principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC's portfolio trading practices, noting that CRMC bears the cost of third-party research. The board and committee also noted that CRMC benefited from the use of commissions from portfolio transactions made on behalf of each fund to facilitate payments to certain broker-dealers for research to comply with regulatory requirements applicable to these firms, with all such amounts reimbursed by CRMC. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the funds.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC's costs of providing services to the funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC's costs and related cost allocation methodology, as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC's investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC's profitability and compensation data to the reported results and data of a number of large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC's long-term profitability for maintaining its independence, company culture and management continuity. They further considered CRMC's reimbursement of fund expenses through voluntary fee caps and, as applicable, the sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund's advisory fee structure reflected a reasonable sharing of benefits between CRMC and the fund's shareholders.

---

| | |
|:---|:---|
| **33** | Private Client Services Funds |

---

------

#### 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
The information is included as part of the material filed under Item 7 of this Form under Approval of Investment Advisory and Service 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), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b) There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant's semi-annual 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) Not applicable for filing of semi-annual reports to shareholders.

(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: July 07, 2025

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: July 07, 2025

By /s/ Becky L. Park

Becky L. Park, Treasurer and

Principal Financial Officer

Date: July 07, 2025

------

## 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: July 07, 2025

<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: July 07, 2025

<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 April 30, 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: July 07, 2025

Principal Financial Officer

**Capital Group Private Client Services Funds**

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

Becky L. Park, Treasurer and Principal Financial Officer

Date: July 07, 2025

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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