# EDGAR Filing Document

**Accession Number:** 0001474365
**File Stem:** 0000051931-25-001496
**Filing Date:** 2025-12
**Character Count:** 20905
**Document Hash:** 2f774d78f667514d85c8b83d864c2afd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000051931-25-001496.hdr.sgml**: 20251231

**ACCESSION NUMBER**: 0000051931-25-001496

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251231

**DATE AS OF CHANGE**: 20251231

**EFFECTIVENESS DATE**: 20251231

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-163115
- **FILM NUMBER:** 251616083

**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 Short-Term Municipal Fund (Series ID: S000027397)

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

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| | |
|:---|:---|
| **Private Client Services Funds**<br> Capital Group <br> California Short-Term Municipal Fund<br> Summary prospectus<br> January 1, 2026 | ![](image_001.jpg) |

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![](image_002.jpg)

<br>Ticker CCSTX

**Before you invest, you may want to review the fund's** **prospectus and statement of additional information, which contain more information about the fund and its risks. You can find the fund's prospectus, statement of additional information, reports to shareholders and other information about the fund online at capitalgrouppcsfunds.com. You can also get this information at no cost by calling (800) 421-4996 or by sending an email request to prospectusrequest@capgroup.com. The current prospectus and statement of additional information, dated January 1, 2026, are incorporated by reference into this summary prospectus.**

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

**Fees and expenses of the fund** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees to financial intermediaries, which are not reflected in the tables and examples below.**

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| | |
|:---|:---|
| **Shareholder fees**<br> (fees paid directly from your investment) | **Shareholder fees**<br> (fees paid directly from your investment) |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | none |
| Maximum deferred sales charge (load) (as a percentage of the amount redeemed) | none |
| Maximum sales charge (load) imposed on reinvested dividends | none |
| Redemption or exchange fees | none |

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| | |
|:---|:---|
| **Annual fund operating expenses**<br> (expenses that you pay each year as a percentage of the net asset value of your investment) | **Annual fund operating expenses**<br> (expenses that you pay each year as a percentage of the net asset value of your investment) |
| Management fees | 0.25% |
| Distribution and/or service (12b-1) fees |  |
| Other expenses | 0.06 |
| Total annual fund operating expenses | 0.31 |
| Expense reimbursement\* | 0.01 |
| Total annual fund operating expenses after expense reimbursement | 0.30 |

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<sup>\*</sup>The investment adviser is currently reimbursing a portion of other expenses. This reimbursement will be in effect through at least January 1, 2027. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time.

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

The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The example reflects the expense reimbursement described above through the expiration date of such reimbursement and total annual fund operating expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| 1 year | 3 years | 5 years | 10 years |
| $31 | $99 | $173 | $392 |

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**Portfolio turnover** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 46% of the average value of its portfolio.

1&nbsp;&nbsp;&nbsp;&nbsp; Capital Group California Short-Term Municipal Fund / Summary prospectus

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**Principal investment strategies** The fund seeks to achieve its objectives by primarily investing in municipal bonds issued by the state of California and its agencies and municipalities. Consistent with the fund's objectives, the fund may also invest in municipal securities that are issued by jurisdictions outside California.

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

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

The fund may invest in municipal obligations of multiple issuers in the same state or backed by revenues of similar types of projects or industries. The fund may also invest more than 25% of its assets in industrial development bonds.

The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.

Capital Group California Short-Term Municipal Fund / Summary prospectus&nbsp;&nbsp;&nbsp;&nbsp; 2

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**Principal risks**

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

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

*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.

*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.

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.

*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.

3&nbsp;&nbsp;&nbsp;&nbsp; Capital Group California Short-Term Municipal Fund / Summary prospectus

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*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.

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

**Investment results** The following bar chart shows how the fund's investment results have varied from year to year, and the following table shows how the fund's average annual total returns for various periods compare with a broad measure of securities market results and, if applicable, other measures of market results that reflect the fund's investment universe. This information provides some indication of the risks of investing in the fund. Past investment results (before and after taxes) are not predictive of future investment results. Updated information on the fund's investment results can be obtained by calling the fund's transfer agent at (800) 421-4996.

![](image_003.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average annual total returns For the periods ended December 31, 2024:** | **Average annual total returns For the periods ended December 31, 2024:** | **Average annual total returns For the periods ended December 31, 2024:** | **Average annual total returns For the periods ended December 31, 2024:** | **Average annual total returns For the periods ended December 31, 2024:** | **Average annual total returns For the periods ended December 31, 2024:** |
|  | Inception date | 1 year | 5 years | 10 years | Lifetime |
| - Before taxes | 4/13/2010 | 2.04% | 0.84% | 1.06% | 1.19% |
| - After taxes on distributions |  | 2.04 | 0.81 | 1.03 | N/A |
| - After taxes on distributions and sale of fund shares | - After taxes on distributions and sale of fund shares | 2.08 | 0.95 | 1.10 | N/A |

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| | | | | |
|:---|:---|:---|:---|:---|
| Indexes | 1 year | 5 years | 10 years | Lifetime |
| Bloomberg Municipal Bond Index (reflects no deductions for account fees or U.S. federal income taxes) | 1.05% | 0.99% | 2.25% | 3.18% |
| Bloomberg California Short Municipal Index (reflects no deductions for account fees, expenses or U.S. federal income taxes) | 1.95 | 1.00 | 1.25 | 1.49% |
| The fund's annualized 30-day yield at October 31, 2025: 2.02%<br>(For current yield information, please call the fund's transfer agent at (800) 421-4996.) | The fund's annualized 30-day yield at October 31, 2025: 2.02%<br>(For current yield information, please call the fund's transfer agent at (800) 421-4996.) | The fund's annualized 30-day yield at October 31, 2025: 2.02%<br>(For current yield information, please call the fund's transfer agent at (800) 421-4996.) | The fund's annualized 30-day yield at October 31, 2025: 2.02%<br>(For current yield information, please call the fund's transfer agent at (800) 421-4996.) | The fund's annualized 30-day yield at October 31, 2025: 2.02%<br>(For current yield information, please call the fund's transfer agent at (800) 421-4996.) |

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

Capital Group California Short-Term Municipal Fund / Summary prospectus&nbsp;&nbsp;&nbsp;&nbsp; 4

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**Management**

**Investment adviser** Capital Research and Management Company

**Portfolio manager** The individual primarily responsible for the portfolio management of the fund is:

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| | | |
|:---|:---|:---|
| **Portfolio manager/**<br>**Fund title (if applicable)** | **Portfolio manager**<br> **in this fund since:** | **Primary title**<br>**with investment adviser** |
| **Mark Marinella** President | 2017 | Partner – Capital Fixed Income Investors |

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**Purchase and sale of fund shares** The minimum amount required to establish an account is $25,000. You may sell (redeem) shares on any business day by contacting your Capital Group Private Client Services investment counselor or by calling (866) 421-2166.

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

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|:---|:---|
| You can access the fund's statutory prospectus or SAI at capitalgrouppcsfunds.com. | You can access the fund's statutory prospectus or SAI at capitalgrouppcsfunds.com. |
| MFGEIPX-120-0126P Printed in USA CGD/AFD/10210 | Investment Company File No. 811-22349 |

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