Capital Group Central Fund Series II
07/31/2024 | Press release | Distributed by Public on 07/31/2024 13:38
Annual Report by Investment Company Form N CSR
8dcada883729c0d
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-23633
Capital Group Central Fund Series II
(Exact name of registrant as specified in charter)
6455 Irvine Center Drive
Irvine, California 92618
Irvine, California 92618
(Address of principal executive offices)
Becky L. Park
6455 Irvine Center Drive
Irvine, California 92618
Irvine, California 92618
(Name and address of agent for service)
Registrant's telephone number, including area code:
(949) 975-5000
Date of fiscal year end:
May 31
Date of reporting period:
May 31, 2024
ITEM 1 - Reports to Stockholders
ANNUAL SHAREHOLDER REPORT
Capital Group Central Corporate Bond Fund
Class M | CCBFX
for the year ended May 31, 2024
This annual shareholder report contains important information about Capital Group Central Corporate Bond Fund for the period from June 1, 2023 to May 31, 2024.You can find additional information about the fund at
capitalgroup.com/CCBF-M
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the
(based on a
last
year?
hypothetical
$10,000 investment)
|
Share class
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
| Class M |
$
0
*
|
0.00
%
†
|
*
Amount less than $1.
†
Amount less than .01%
Management's discussion of fund performance
The fund's Class M shares gained 3.74% for the year ended May 31, 2024. That result compares with a 1.31% gain for the Bloomberg U.S. Aggregate Index.
What factors influenced results
U.S. Treasury rates rose during the first nine months of 2023, only to begin falling during the final quarter. Lower borrowing costs and an increasing appetite among investors favored high-yield corporate debt. By year-end, the decrease in bond yields led to a surge in the issuance of corporate bonds as companies started refinancing their existing debt at marginally lower rates.
Within the fund, security selection contributed positively to absolute returns. On a sector basis, smaller positions in banking and consumer cyclical helped relative results. An out-of-benchmark allocation to government-related bonds also helped returns. Investments in utilities supported relative results. In terms of valuation, the fund benefited from banking and capital goods.
Conversely, curve positioning negatively impacted the fund's overall returns. An off-benchmark allocation to U.S. Treasury bonds detracted from absolute results. Exposure to credit derivatives further hampered the fund's overall returns. Exposure to interest rate derivatives offset the positive impacts of shorter duration investments in consumer noncyclical and energy.
How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.
Average ann
ual tota
l returns
|
1 year
|
Since inception
1
|
|
|
Capital Group Central Corporate Bond Fund - Class M
2
|
3.74
%
|
-2.61
%
|
|
Bloomberg U.S. Aggregate Index
3
|
1.31 | -2.95 |
Effective July 24, 2024, the fund's primary benchmark was updated to Bloomberg U.S. Aggregate Index, a broad-based index that represents the overall securities markets, as required by the SEC. There is no change in the fund's investment strategies as a result of the benchmark update.
1
Class M shares were first offered on
April 23, 2021
.
2
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.
3
Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.
The fund's past performance is not a predictor of its future performance.
The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Key fund statistics
| Fund net assets (in millions) |
$
11,049
|
|
Tota
l n
umber of portfolio holdings
|
829 |
| Total advisory fees paid (in millions) | None |
| Portfolio turnover rate |
151
%
|
Portfolio holdings by sector
(percent of net assets)
*Includes derivatives.
Availability of additional information
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. MFMXARX-137-0724 © 2024 Capital Group. All rights reserved.
ITEM 2 - Code of Ethics
The Registrant has adopted a Code of Ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. A copy of the code of ethics is available without charge at capitalgroup.com.
ITEM 3 - Audit Committee Financial Expert
The Registrant's board has determined that Paul S. Williams, a member of the Registrant's audit committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item. This designation will not increase the designee's duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant's financial statements and condition.
ITEM 4 - Principal Accountant Fees and Services
|
Registrant1 |
(a) Audit Fees |
(b) Audit-Related Fees |
(c) Tax Fees |
(d) All Other Fees |
|
May 31, 2024 |
67,000 |
None |
9,000 |
None |
|
May 31, 2023 |
50,000 |
None |
7,000 |
None |
|
Advisor and Affiliates2 |
||||
|
May 31, 2024 |
Not Applicable |
None |
None |
None |
|
May 31, 2023 |
Not Applicable |
None |
None |
None |
|
Registrant, Advisor and Affiliates3 |
(g) Aggregate |
|
non-audit fees |
|
|
May 31, 2024 |
9,000 |
|
May 31, 2023 |
7,000 |
1The audit fees represents fees billed for professional services rendered for the audit and review of the Registrant's annual financial statements. The audit-related fees represents fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant's financial statements, but not reported under "audit fees". The tax fees consist of professional services relating to the preparation of the Registrant's tax returns. The other fees represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported under the "audit fees", "audit-related fees", and "tax fees".
2This includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below. The audit-related fees consist of assurance and related services relating to the examination of the Registrant's transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants. The tax fees consist of consulting services relating to the Registrant's investments. The other fees consist of subscription services related to an accounting research tool.
3Aggregate non-audit fees paid to the Registrant's auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors' independence.
(e1)(e2)(h) All audit and permissible non-audit services that the Registrant's audit committee considers compatible with maintaining the independent registered public accounting firm's independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre- approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates.
(f)Not applicable.
(i)Not applicable.
(j)Not applicable.
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.
ITEM 6 - Investments
The schedule of investments is included as part of the material filed under Item 7 of this Form.
ITEM 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies
Capital Group Central Corporate Bond Fund
Financial Statements and Other Information
N-CSR Items 7-11
N-CSR Items 7-11
for the year ended May 31, 2024
Lit. No. MFGEFP4-137-0724 © 2024 Capital Group. All rights reserved.
Investment portfolio May 31, 2024
|
Bonds, notes & other debt instruments 94.15%
|
|
Principal amount
(000)
|
Value
(000)
|
|
Corporate bonds, notes & loans 86.48%
|
|||
|
Financials
21.38%
|
|||
|
AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034)1,2
|
USD36,347
|
$36,110
|
|
|
American Express Co. 1.65% 11/4/2026
|
29,158
|
26,756
|
|
|
|
American Express Co. 2.55% 3/4/2027
|
4,360
|
4,064
|
|
|
American Express Co. 4.05% 5/3/2029
|
10,617
|
10,184
|
|
|
American Express Co. 5.532% 4/25/2030 (USD-SOFR + 1.09% on 4/25/2029)2
|
12,130
|
12,246
|
|
|
American International Group, Inc. 5.125% 3/27/2033
|
14,360
|
14,103
|
|
|
American International Group, Inc. 4.375% 6/30/2050
|
16,675
|
13,920
|
|
|
Aon Corp. 5.35% 2/28/2033
|
8,516
|
8,393
|
|
|
Aon Corp. 3.90% 2/28/2052
|
16,284
|
12,048
|
|
|
Aon North America, Inc. 5.45% 3/1/2034
|
45,190
|
44,790
|
|
|
Aon North America, Inc. 5.75% 3/1/2054
|
14,191
|
13,967
|
|
|
Arthur J. Gallagher & Co. 3.50% 5/20/2051
|
3,452
|
2,352
|
|
|
Bank of America Corp. 2.456% 10/22/2025
(3-month USD CME Term SOFR + 1.132% on 10/22/2024)2
|
11,162
|
11,019
|
|
|
Bank of America Corp. 1.898% 7/23/2031 (USD-SOFR + 1.53% on 7/23/2030)2
|
31,458
|
25,694
|
|
|
Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)2
|
16,563
|
13,483
|
|
|
Bank of America Corp. 5.872% 9/15/2034 (USD-SOFR + 1.84% on 9/15/2033)2
|
53,935
|
55,170
|
|
|
Bank of America Corp. 5.468% 1/23/2035
(3-month USD CME Term SOFR + 1.65% on 1/23/2034)2
|
15,533
|
15,437
|
|
|
Bank of New York Mellon Corp. 5.802% 10/25/2028
(USD-SOFR + 1.802% on 10/25/2027)2
|
15,571
|
15,859
|
|
|
Bank of New York Mellon Corp. 5.834% 10/25/2033
(USD-SOFR + 2.074% on 10/25/2032)2
|
11,259
|
11,618
|
|
|
Bank of Nova Scotia (The) 4.75% 2/2/2026
|
23,326
|
23,081
|
|
|
Barclays PLC 5.69% 3/12/2030 (USD-SOFR + 1.74% on 3/12/2029)2
|
25,726
|
25,719
|
|
|
Barclays PLC 6.036% 3/12/2055 (USD-SOFR + 2.42% on 3/12/2054)2
|
2,675
|
2,748
|
|
|
Berkshire Hathaway Finance Corp. 4.20% 8/15/2048
|
13,910
|
11,734
|
|
|
Berkshire Hathaway Finance Corp. 3.85% 3/15/2052
|
8,398
|
6,461
|
|
|
BlackRock Funding, Inc. 5.25% 3/14/2054
|
13,593
|
13,113
|
|
|
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)1,2
|
7,443
|
6,480
|
|
|
BNP Paribas SA 5.497% 5/20/2030 (USD-SOFR + 1.59% on 5/20/2029)1,2
|
2,506
|
2,497
|
|
|
BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)1,2
|
16,217
|
15,325
|
|
|
BPCE SA 6.612% 10/19/2027 (USD-SOFR + 1.98% on 10/19/2026)1,2
|
17,550
|
17,855
|
|
|
BPCE SA 5.716% 1/18/2030
(1-year UST Yield Curve Rate T Note Constant Maturity + 1.959% on 1/18/2029)1,2
|
14,417
|
14,416
|
|
|
BPCE SA 2.277% 1/20/2032 (USD-SOFR + 1.312% on 1/20/2031)1,2
|
33,047
|
26,743
|
|
|
BPCE SA 5.748% 7/19/2033 (USD-SOFR + 2.865% on 7/19/2032)1,2
|
3,917
|
3,895
|
|
|
BPCE SA 5.936% 5/30/2035 (USD-SOFR + 1.85% on 5/30/2034)1,2
|
15,236
|
15,240
|
|
|
CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029)1,2
|
11,150
|
11,112
|
|
|
CaixaBank, SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033)1,2
|
12,275
|
13,028
|
|
|
CaixaBank, SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034)1,2
|
23,240
|
23,327
|
|
|
Capital One Financial Corp. 5.70% 2/1/2030 (USD-SOFR + 1.905% on 2/1/2029)2
|
10,691
|
10,690
|
|
|
Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033)2
|
9,484
|
9,721
|
|
|
Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034)2
|
33,608
|
33,758
|
|
|
Chubb INA Holdings, LLC 3.35% 5/3/2026
|
8,585
|
8,296
|
|
|
Chubb INA Holdings, LLC 5.00% 3/15/2034
|
30,019
|
29,618
|
|
|
Chubb INA Holdings, LLC 4.35% 11/3/2045
|
400
|
345
|
|
|
Citigroup, Inc. 1.281% 11/3/2025 (USD-SOFR + 0.528% on 11/3/2024)2
|
11,250
|
11,037
|
|
|
Citigroup, Inc. 2.014% 1/25/2026 (USD-SOFR + 0.694% on 1/25/2025)2
|
11,432
|
11,156
|
|
|
Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029)2
|
31,575
|
31,279
|
|
|
Citigroup, Inc. 2.572% 6/3/2031 (USD-SOFR + 2.107% on 6/3/2030)2
|
36,001
|
30,724
|
|
|
Citigroup, Inc. 2.561% 5/1/2032 (USD-SOFR + 1.167% on 5/1/2031)2
|
15,031
|
12,501
|
|
|
Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031)2
|
4,678
|
3,838
|
|
|
Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)2
|
1,975
|
1,668
|
|
|
Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)2
|
529
|
507
|
|
|
Citizens Financial Group, Inc. 6.645% 4/25/2035 (USD-SOFR + 2.325% on 4/25/2034)2
|
8,263
|
8,483
|
|
|
Cooperatieve Rabobank UA 2.625% 7/22/20241
|
4,450
|
4,433
|
|
|
Corebridge Financial, Inc. 3.90% 4/5/2032
|
15,703
|
14,032
|
|
|
Corebridge Financial, Inc. 4.40% 4/5/2052
|
8,433
|
6,688
|
|
|
Crédit Agricole SA 4.375% 3/17/20251
|
6,115
|
6,029
|
|
|
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)2
|
5,370
|
4,953
|
|
|
Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028)2
|
11,835
|
12,137
|
|
|
Five Corners Funding Trust III 5.791% 2/15/20331
|
7,730
|
7,842
|
|
1
|
Capital Group Central Corporate Bond Fund
|
|
Bonds, notes & other debt instruments (continued)
|
|
Principal amount
(000)
|
Value
(000)
|
|
Corporate bonds, notes & loans (continued)
|
|||
|
Financials
(continued)
|
|||
|
Global Payments, Inc. 2.90% 11/15/2031
|
USD9,667
|
$8,051
|
|
|
Goldman Sachs Group, Inc. 3.50% 4/1/2025
|
33,751
|
33,171
|
|
|
|
Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)2
|
2,474
|
2,275
|
|
|
Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027)2
|
12,000
|
11,447
|
|
|
Goldman Sachs Group, Inc. 6.484% 10/24/2029 (USD-SOFR + 1.77% on 10/24/2028)2
|
2,570
|
2,675
|
|
|
Goldman Sachs Group, Inc. 2.60% 2/7/2030
|
6,239
|
5,435
|
|
|
Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029)2
|
34,625
|
35,095
|
|
|
Goldman Sachs Group, Inc. 1.992% 1/27/2032 (USD-SOFR + 1.09% on 1/27/2031)2
|
20,618
|
16,647
|
|
|
Goldman Sachs Group, Inc. 6.561% 10/24/2034 (USD-SOFR + 1.95% on 10/24/2033)2
|
672
|
721
|
|
|
Goldman Sachs Group, Inc. 5.851% 4/25/2035 (USD-SOFR + 1.552% on 4/25/2034)2
|
50,845
|
51,947
|
|
|
Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041)2
|
20,000
|
14,149
|
|
|
HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027)2
|
22,597
|
22,137
|
|
|
HSBC Holdings PLC 7.39% 11/03/2028 (USD-SOFR + 7.39% on 11/3/2027)2
|
1,994
|
2,106
|
|
|
HSBC Holdings PLC 6.161% 3/9/2029 (USD-SOFR + 1.97% on 3/9/2028)2
|
10,000
|
10,216
|
|
|
HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028)2
|
70,219
|
61,506
|
|
|
HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)2
|
2,712
|
2,274
|
|
|
HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043)2
|
26,250
|
27,745
|
|
|
Intercontinental Exchange, Inc. 5.25% 6/15/2031
|
18,480
|
18,570
|
|
|
Intercontinental Exchange, Inc. 4.95% 6/15/2052
|
5,621
|
5,158
|
|
|
Intesa Sanpaolo SpA 7.778% 6/20/2054
(1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on 6/20/2053)1,2
|
11,753
|
12,605
|
|
|
JPMorgan Chase & Co. 3.875% 9/10/2024
|
10,000
|
9,949
|
|
|
JPMorgan Chase & Co. 2.301% 10/15/2025 (USD-SOFR + 1.16% on 10/15/2024)2
|
3,450
|
3,406
|
|
|
JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)2
|
32,843
|
32,142
|
|
|
JPMorgan Chase & Co. 2.005% 3/13/2026 (USD-SOFR + 1.585% on 3/13/2025)2
|
1,610
|
1,565
|
|
|
JPMorgan Chase & Co. 2.083% 4/22/2026 (USD-SOFR + 1.85% on 4/22/2025)2
|
25,000
|
24,220
|
|
|
JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)2
|
1,732
|
1,707
|
|
|
JPMorgan Chase & Co. 5.299% 7/24/2029 (USD-SOFR + 1.45% on 7/24/2028)2
|
3,300
|
3,297
|
|
|
JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028)2
|
5,949
|
6,124
|
|
|
JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029)2
|
67,416
|
68,174
|
|
|
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)2
|
90,240
|
73,069
|
|
|
JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)2
|
5,515
|
4,674
|
|
|
JPMorgan Chase & Co. 5.336% 1/23/2035 (USD-SOFR + 1.62% on 1/23/2034)2
|
6,261
|
6,193
|
|
|
JPMorgan Chase & Co. 5.766% 4/22/2035 (USD-SOFR + 1.49% on 4/22/2034)2
|
40,550
|
41,440
|
|
|
KBC Groep NV 5.796% 1/19/2029
(1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/19/2028)1,2
|
4,575
|
4,602
|
|
|
Lloyds Banking Group PLC 3.87% 7/9/2025
(1-year UST Yield Curve Rate T Note Constant Maturity + 3.50% on 7/9/2024)2
|
18,013
|
17,976
|
|
|
Lloyds Banking Group PLC 1.627% 5/11/2027
(1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)2
|
4,450
|
4,123
|
|
|
Lloyds Banking Group PLC 5.679% 1/5/2035
(1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 1/5/2034)2
|
19,375
|
19,319
|
|
|
M&T Bank Corp. 5.053% 1/27/2034 (USD-SOFR + 1.85% on 1/27/2033)2
|
21,530
|
19,820
|
|
|
Marsh & McLennan Companies, Inc. 2.25% 11/15/2030
|
6,708
|
5,669
|
|
|
Marsh & McLennan Companies, Inc. 5.40% 9/15/2033
|
13,230
|
13,383
|
|
|
Marsh & McLennan Companies, Inc. 2.90% 12/15/2051
|
1,777
|
1,115
|
|
|
Marsh & McLennan Companies, Inc. 5.70% 9/15/2053
|
4,113
|
4,136
|
|
|
Mastercard, Inc. 4.875% 5/9/2034
|
29,813
|
29,401
|
|
|
MetLife, Inc. 5.375% 7/15/2033
|
17,216
|
17,349
|
|
|
Metropolitan Life Global Funding I 0.95% 7/2/20251
|
3,632
|
3,463
|
|
|
Metropolitan Life Global Funding I 5.05% 1/6/20281
|
6,669
|
6,642
|
|
|
Metropolitan Life Global Funding I 2.95% 4/9/20301
|
778
|
689
|
|
|
Metropolitan Life Global Funding I 1.55% 1/7/20311
|
25,721
|
20,394
|
|
|
Morgan Stanley 2.72% 7/22/2025 (USD-SOFR + 1.152% on 7/22/2024)2
|
32,502
|
32,359
|
|
|
Morgan Stanley 3.875% 1/27/2026
|
7,796
|
7,607
|
|
|
Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)2
|
7,547
|
7,004
|
|
|
Morgan Stanley 5.173% 1/16/2030 (USD-SOFR + 1.45% on 1/16/2029)2
|
4,243
|
4,214
|
|
|
Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029)2
|
35,094
|
35,566
|
|
|
Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031)2
|
99,814
|
79,505
|
|
|
Morgan Stanley 1.928% 4/28/2032 (USD-SOFR + 1.02% on 4/28/2031)2
|
14,576
|
11,649
|
|
|
Morgan Stanley 6.627% 11/1/2034 (USD-SOFR + 2.05% on 11/1/2033)2
|
5,820
|
6,261
|
|
|
Morgan Stanley 5.831% 4/19/2035 (USD-SOFR + 1.58% on 4/19/2034)2
|
38,489
|
39,272
|
|
|
Nasdaq, Inc. 6.10% 6/28/2063
|
2,508
|
2,576
|
|
|
National Rural Utilities Cooperative Finance Corp. 3.25% 11/1/2025
|
715
|
694
|
|
|
National Rural Utilities Cooperative Finance Corp. 3.05% 4/25/2027
|
2,500
|
2,363
|
|
|
New York Life Global Funding 2.35% 7/14/20261
|
4,760
|
4,485
|
|
|
New York Life Global Funding 4.90% 6/13/20281
|
15,380
|
15,260
|
|
Capital Group Central Corporate Bond Fund
|
2
|
|
Bonds, notes & other debt instruments (continued)
|
|
Principal amount
(000)
|
Value
(000)
|
|
|
Corporate bonds, notes & loans (continued)
|
||||
|
Financials
(continued)
|
||||
|
New York Life Global Funding 1.20% 8/7/20301
|
USD13,997
|
$11,088
|
||
|
New York Life Global Funding 4.55% 1/28/20331
|
11,533
|
10,935
|
||
|
|
New York Life Insurance Co. 3.75% 5/15/20501
|
1,209
|
898
|
|
|
|
Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/20281
|
9,220
|
9,131
|
|
|
|
PNC Financial Services Group, Inc. 5.582% 6/12/2029
(USD-SOFR + 1.841% on 6/12/2028)2
|
12,214
|
12,298
|
|
|
|
PNC Financial Services Group, Inc. 6.037% 10/28/2033
(USD-SOFR + 2.14% on 10/28/2032)2
|
19,193
|
19,703
|
|
|
|
PNC Financial Services Group, Inc. 6.875% 10/20/2034
(USD-SOFR + 2.284% on 10/20/2033)2
|
27,060
|
29,339
|
|
|
|
PNC Financial Services Group, Inc. 5.676% 1/22/2035
(USD-SOFR + 1.902% on 1/22/2034)2
|
2,925
|
2,926
|
|
|
|
Prudential Financial, Inc. 3.878% 3/27/2028
|
325
|
311
|
|
|
|
Prudential Financial, Inc. 4.35% 2/25/2050
|
15,900
|
13,011
|
|
|
|
Prudential Financial, Inc. 3.70% 3/13/2051
|
7,435
|
5,425
|
|
|
|
Royal Bank of Canada 5.00% 2/1/2033
|
20,000
|
19,623
|
|
|
|
State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033)2
|
9,388
|
9,242
|
|
|
|
Sumitomo Mitsui Financial Group, Inc. 5.88% 7/13/2026
|
18,475
|
18,657
|
|
|
|
Sumitomo Mitsui Financial Group, Inc. 5.80% 7/13/2028
|
6,207
|
6,335
|
|
|
|
Sumitomo Mitsui Financial Group, Inc. 5.776% 7/13/2033
|
10,601
|
10,894
|
|
|
|
Toronto-Dominion Bank (The) 5.523% 7/17/2028
|
10,659
|
10,759
|
|
|
|
Travelers Companies, Inc. 4.00% 5/30/2047
|
6,385
|
5,195
|
|
|
|
Travelers Companies, Inc. 4.05% 3/7/2048
|
2,753
|
2,241
|
|
|
|
Travelers Companies, Inc. 2.55% 4/27/2050
|
859
|
522
|
|
|
|
Travelers Companies, Inc. 5.45% 5/25/2053
|
6,021
|
6,041
|
|
|
|
Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033)2
|
7,274
|
7,301
|
|
|
|
Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034)2
|
7,143
|
7,101
|
|
|
|
U.S. Bancorp 2.40% 7/30/2024
|
1,000
|
995
|
|
|
|
U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033)2
|
1,897
|
1,788
|
|
|
|
U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033)2
|
6,299
|
6,353
|
|
|
|
U.S. Bancorp 5.678% 1/23/2035 (USD-SOFR + 1.86% on 1/23/2034)2
|
24,775
|
24,747
|
|
|
|
UBS Group AG 1.364% 1/30/2027
(5-year UST Yield Curve Rate T Note Constant Maturity + 1.08% on 1/30/2026)1,2
|
8,195
|
7,624
|
|
|
|
UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)1,2
|
1,498
|
1,391
|
|
|
|
UBS Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)1,2,3
|
10,964
|
10,352
|
|
|
|
UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)1,2
|
4,790
|
4,454
|
|
|
|
UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)1,2
|
10,300
|
8,781
|
|
|
|
UBS Group AG 2.746% 2/11/2033
(1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on 2/11/2032)1,2
|
9,304
|
7,607
|
|
|
|
UBS Group AG 5.699% 2/8/2035
(1-year UST Yield Curve Rate T Note Constant Maturity + 1.77% on 2/8/2034)1,2
|
21,575
|
21,553
|
|
|
|
Wells Fargo & Co. 2.406% 10/30/2025
(3-month USD CME Term SOFR + 1.087% on 10/30/2024)2
|
38,139
|
37,621
|
|
|
|
Wells Fargo & Co. 2.879% 10/30/2030
(3-month USD CME Term SOFR + 1.432% on 10/30/2029)2
|
158
|
139
|
|
|
|
Wells Fargo & Co. 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)2
|
3,293
|
2,841
|
|
|
|
Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033)2
|
16,820
|
16,560
|
|
|
|
Wells Fargo & Co. 5.557% 7/25/2034 (USD-SOFR + 1.99% on 7/25/2033)2
|
7,602
|
7,571
|
|
|
|
Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033)2
|
45,041
|
47,924
|
|
|
|
Wells Fargo & Co. 5.499% 1/23/2035 (USD-SOFR + 1.78% on 1/23/2034)2
|
5,945
|
5,896
|
|
|
|
Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)2
|
61,629
|
52,642
|
|
|
|
|
2,362,323
|
||
|
|
||||
|
Health care
17.79%
|
||||
|
AbbVie, Inc. 2.60% 11/21/2024
|
16,000
|
15,778
|
||
|
AbbVie, Inc. 3.80% 3/15/2025
|
5,573
|
5,499
|
||
|
|
AbbVie, Inc. 3.60% 5/14/2025
|
7,960
|
7,824
|
|
|
|
AbbVie, Inc. 2.95% 11/21/2026
|
30,984
|
29,435
|
|
|
|
AbbVie, Inc. 4.80% 3/15/2029
|
45,310
|
44,893
|
|
|
|
AbbVie, Inc. 4.95% 3/15/2031
|
27,800
|
27,579
|
|
|
|
AbbVie, Inc. 5.05% 3/15/2034
|
94,978
|
94,002
|
|
|
|
AbbVie, Inc. 5.35% 3/15/2044
|
3,825
|
3,768
|
|
|
|
AbbVie, Inc. 5.40% 3/15/2054
|
51,249
|
50,558
|
|
|
|
AbbVie, Inc. 5.50% 3/15/2064
|
7,975
|
7,847
|
|
|
|
Amgen, Inc. 2.20% 2/21/2027
|
4,014
|
3,712
|
|
|
|
Amgen, Inc. 5.15% 3/2/2028
|
19,901
|
19,852
|
|
|
|
Amgen, Inc. 3.00% 2/22/2029
|
3,843
|
3,522
|
|
3
|
Capital Group Central Corporate Bond Fund
|
|
Bonds, notes & other debt instruments (continued)
|
|
Principal amount
(000)
|
Value
(000)
|
|
Corporate bonds, notes & loans (continued)
|
|||
|
Health care
(continued)
|
|||
|
Amgen, Inc. 4.05% 8/18/2029
|
USD14,530
|
$13,830
|
|
|
Amgen, Inc. 2.45% 2/21/2030
|
6,250
|
5,419
|
|
|
|
Amgen, Inc. 2.30% 2/25/2031
|
6,250
|
5,230
|
|
|
Amgen, Inc. 2.00% 1/15/2032
|
12,963
|
10,360
|
|
|
Amgen, Inc. 4.20% 3/1/2033
|
43,000
|
39,656
|
|
|
Amgen, Inc. 5.25% 3/2/2033
|
38,376
|
38,100
|
|
|
Amgen, Inc. 3.15% 2/21/2040
|
3,515
|
2,632
|
|
|
Amgen, Inc. 5.60% 3/2/2043
|
11,710
|
11,605
|
|
|
Amgen, Inc. 3.375% 2/21/2050
|
9,900
|
6,980
|
|
|
Amgen, Inc. 3.00% 1/15/2052
|
325
|
212
|
|
|
Amgen, Inc. 4.20% 2/22/2052
|
2,715
|
2,158
|
|
|
Amgen, Inc. 4.875% 3/1/2053
|
13,175
|
11,628
|
|
|
Amgen, Inc. 5.65% 3/2/2053
|
33,827
|
33,409
|
|
|
Amgen, Inc. 4.40% 2/22/2062
|
7,664
|
6,087
|
|
|
Amgen, Inc. 5.75% 3/2/2063
|
18,450
|
18,180
|
|
|
AstraZeneca Finance, LLC 4.875% 3/3/2028
|
1,205
|
1,200
|
|
|
AstraZeneca Finance, LLC 1.75% 5/28/2028
|
25,133
|
22,211
|
|
|
AstraZeneca Finance, LLC 4.85% 2/26/2029
|
20,170
|
20,028
|
|
|
AstraZeneca Finance, LLC 4.90% 3/3/2030
|
10,521
|
10,509
|
|
|
AstraZeneca Finance, LLC 4.90% 2/26/2031
|
19,530
|
19,400
|
|
|
AstraZeneca Finance, LLC 2.25% 5/28/2031
|
5,311
|
4,465
|
|
|
AstraZeneca Finance, LLC 4.875% 3/3/2033
|
9,437
|
9,313
|
|
|
AstraZeneca Finance, LLC 5.00% 2/26/2034
|
26,925
|
26,601
|
|
|
AstraZeneca PLC 3.375% 11/16/2025
|
2,125
|
2,071
|
|
|
AstraZeneca PLC 0.70% 4/8/2026
|
33,069
|
30,512
|
|
|
AstraZeneca PLC 4.00% 1/17/2029
|
19,681
|
18,908
|
|
|
AstraZeneca PLC 1.375% 8/6/2030
|
19,388
|
15,732
|
|
|
Baxter International, Inc. 2.272% 12/1/2028
|
3,975
|
3,481
|
|
|
Baxter International, Inc. 2.539% 2/1/2032
|
32,129
|
26,111
|
|
|
Baxter International, Inc. 3.132% 12/1/2051
|
8,051
|
5,042
|
|
|
Becton, Dickinson and Co. 3.363% 6/6/2024
|
5,211
|
5,210
|
|
|
Becton, Dickinson and Co. 3.734% 12/15/2024
|
412
|
408
|
|
|
Becton, Dickinson and Co. 5.11% 2/8/2034
|
18,627
|
18,183
|
|
|
Boston Scientific Corp. 1.90% 6/1/2025
|
11,711
|
11,308
|
|
|
Boston Scientific Corp. 2.65% 6/1/2030
|
2,250
|
1,962
|
|
|
Boston Scientific Corp. 4.70% 3/1/2049
|
170
|
151
|
|
|
Bristol-Myers Squibb Co. 3.875% 8/15/2025
|
619
|
609
|
|
|
Bristol-Myers Squibb Co. 3.20% 6/15/2026
|
5,546
|
5,339
|
|
|
Bristol-Myers Squibb Co. 4.90% 2/22/2029
|
11,340
|
11,275
|
|
|
Bristol-Myers Squibb Co. 5.20% 2/22/2034
|
77,545
|
77,073
|
|
|
Bristol-Myers Squibb Co. 5.50% 2/22/2044
|
3,400
|
3,370
|
|
|
Bristol-Myers Squibb Co. 2.55% 11/13/2050
|
9,143
|
5,361
|
|
|
Bristol-Myers Squibb Co. 3.70% 3/15/2052
|
9,511
|
6,957
|
|
|
Bristol-Myers Squibb Co. 6.25% 11/15/2053
|
20,119
|
21,688
|
|
|
Bristol-Myers Squibb Co. 5.55% 2/22/2054
|
38,902
|
38,329
|
|
|
Bristol-Myers Squibb Co. 6.40% 11/15/2063
|
10,790
|
11,778
|
|
|
Bristol-Myers Squibb Co. 5.65% 2/22/2064
|
10,800
|
10,562
|
|
|
Cencora, Inc. 2.70% 3/15/2031
|
28,297
|
24,017
|
|
|
Centene Corp. 4.25% 12/15/2027
|
9,190
|
8,753
|
|
|
Centene Corp. 2.45% 7/15/2028
|
53,045
|
46,817
|
|
|
Centene Corp. 4.625% 12/15/2029
|
19,560
|
18,427
|
|
|
Centene Corp. 3.375% 2/15/2030
|
2,687
|
2,368
|
|
|
Centene Corp. 3.00% 10/15/2030
|
22,250
|
18,935
|
|
|
Centene Corp. 2.50% 3/1/2031
|
23,930
|
19,519
|
|
|
Centene Corp. 2.625% 8/1/2031
|
13,005
|
10,593
|
|
|
Cigna Group (The) 5.25% 2/15/2034
|
33,130
|
32,492
|
|
|
CVS Health Corp. 1.30% 8/21/2027
|
10,000
|
8,821
|
|
|
CVS Health Corp. 3.25% 8/15/2029
|
4,775
|
4,313
|
|
|
CVS Health Corp. 1.75% 8/21/2030
|
7,924
|
6,395
|
|
|
CVS Health Corp. 1.875% 2/28/2031
|
9,225
|
7,343
|
|
|
CVS Health Corp. 5.25% 2/21/2033
|
32,070
|
31,187
|
|
|
CVS Health Corp. 5.625% 2/21/2053
|
15,609
|
14,486
|
|
|
CVS Health Corp. 5.875% 6/1/2053
|
6,956
|
6,674
|
|
|
CVS Health Corp. 6.05% 6/1/2054
|
12,162
|
11,933
|
|
|
CVS Health Corp. 6.00% 6/1/2063
|
8,095
|
7,782
|
|
|
Elevance Health, Inc. 4.10% 5/15/2032
|
8,581
|
7,910
|
|
|
Elevance Health, Inc. 4.75% 2/15/2033
|
5,967
|
5,725
|
|
Capital Group Central Corporate Bond Fund
|
4
|
|
Bonds, notes & other debt instruments (continued)
|
|
Principal amount
(000)
|
Value
(000)
|
|
|
Corporate bonds, notes & loans (continued)
|
||||
|
Health care
(continued)
|
||||
|
Elevance Health, Inc. 4.55% 5/15/2052
|
USD7,712
|
$6,469
|
||
|
Elevance Health, Inc. 5.125% 2/15/2053
|
2,695
|
2,476
|
||
|
|
Eli Lilly and Co. 4.50% 2/9/2027
|
37,167
|
36,792
|
|
|
|
Eli Lilly and Co. 3.375% 3/15/2029
|
3,686
|
3,463
|
|
|
|
EMD Finance, LLC 3.25% 3/19/20251
|
18,845
|
18,510
|
|
|
|
GE HealthCare Technologies, Inc. 5.857% 3/15/2030
|
9,630
|
9,875
|
|
|
|
GE HealthCare Technologies, Inc. 6.377% 11/22/2052
|
8,900
|
9,659
|
|
|
|
Gilead Sciences, Inc. 5.25% 10/15/2033
|
35,515
|
35,562
|
|
|
|
Gilead Sciences, Inc. 2.80% 10/1/2050
|
1,885
|
1,176
|
|
|
|
Gilead Sciences, Inc. 5.55% 10/15/2053
|
37,836
|
37,573
|
|
|
|
HCA, Inc. 4.125% 6/15/2029
|
2,250
|
2,120
|
|
|
|
HCA, Inc. 2.375% 7/15/2031
|
8,178
|
6,675
|
|
|
|
HCA, Inc. 3.625% 3/15/2032
|
6,778
|
5,926
|
|
|
|
HCA, Inc. 4.625% 3/15/2052
|
10,329
|
8,336
|
|
|
|
Humana, Inc. 5.375% 4/15/2031
|
7,381
|
7,311
|
|
|
|
Humana, Inc. 5.75% 4/15/2054
|
6,999
|
6,744
|
|
|
|
Johnson & Johnson 4.90% 6/1/2031
|
17,930
|
17,960
|
|
|
|
Johnson & Johnson 4.95% 6/1/2034
|
40,170
|
40,236
|
|
|
|
Johnson & Johnson 2.25% 9/1/2050
|
1,450
|
855
|
|
|
|
Johnson & Johnson 5.25% 6/1/2054
|
18,620
|
18,547
|
|
|
|
Merck & Co., Inc. 1.70% 6/10/2027
|
20,527
|
18,687
|
|
|
|
Novartis Capital Corp. 2.00% 2/14/2027
|
5,000
|
4,650
|
|
|
|
Novartis Capital Corp. 2.20% 8/14/2030
|
14,257
|
12,270
|
|
|
|
Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028
|
11,091
|
10,857
|
|
|
|
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033
|
71,606
|
69,266
|
|
|
|
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053
|
71,818
|
68,710
|
|
|
|
Pfizer, Inc. 3.45% 3/15/2029
|
8,700
|
8,187
|
|
|
|
Pfizer, Inc. 1.70% 5/28/2030
|
17,700
|
14,746
|
|
|
|
Roche Holdings, Inc. 2.076% 12/13/20311
|
58,261
|
47,390
|
|
|
|
Roche Holdings, Inc. 5.593% 11/13/20331
|
17,864
|
18,463
|
|
|
|
Roche Holdings, Inc. 5.218% 3/8/20541
|
14,794
|
14,424
|
|
|
|
Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026
|
12,937
|
12,350
|
|
|
|
Solventum Corp. 5.60% 3/23/20341
|
39,700
|
39,019
|
|
|
|
UnitedHealth Group, Inc. 2.375% 8/15/2024
|
625
|
621
|
|
|
|
UnitedHealth Group, Inc. 1.25% 1/15/2026
|
12,524
|
11,766
|
|
|
|
UnitedHealth Group, Inc. 3.875% 12/15/2028
|
2,500
|
2,389
|
|
|
|
UnitedHealth Group, Inc. 2.875% 8/15/2029
|
285
|
257
|
|
|
|
UnitedHealth Group, Inc. 2.00% 5/15/2030
|
5,765
|
4,858
|
|
|
|
UnitedHealth Group, Inc. 4.20% 5/15/2032
|
3,952
|
3,703
|
|
|
|
UnitedHealth Group, Inc. 5.35% 2/15/2033
|
5,556
|
5,612
|
|
|
|
UnitedHealth Group, Inc. 3.05% 5/15/2041
|
12,150
|
8,977
|
|
|
|
UnitedHealth Group, Inc. 4.45% 12/15/2048
|
13,315
|
11,338
|
|
|
|
UnitedHealth Group, Inc. 3.70% 8/15/2049
|
2,760
|
2,078
|
|
|
|
UnitedHealth Group, Inc. 3.25% 5/15/2051
|
7,753
|
5,315
|
|
|
|
UnitedHealth Group, Inc. 4.75% 5/15/2052
|
20,281
|
17,966
|
|
|
|
UnitedHealth Group, Inc. 4.95% 5/15/2062
|
9,058
|
8,071
|
|
|
|
UnitedHealth Group, Inc. 6.05% 2/15/2063
|
7,082
|
7,437
|
|
|
|
|
1,965,064
|
||
|
|
||||
|
Utilities
14.69%
|
||||
|
AEP Texas, Inc. 3.45% 5/15/2051
|
9,168
|
6,053
|
||
|
AEP Transmission Co., LLC 5.15% 4/1/2034
|
11,675
|
11,429
|
||
|
|
AEP Transmission Co., LLC 2.75% 8/15/2051
|
4,095
|
2,466
|
|
|
|
Alabama Power Co. 5.85% 11/15/2033
|
4,100
|
4,256
|
|
|
|
Ameren Corp. 2.50% 9/15/2024
|
7,615
|
7,544
|
|
|
|
Ameren Corp. 1.75% 3/15/2028
|
7,540
|
6,633
|
|
|
|
American Electric Power Co., Inc. 1.00% 11/1/2025
|
614
|
576
|
|
|
|
American Transmission Systems, Inc. 2.65% 1/15/20321
|
20,450
|
16,895
|
|
|
|
Atlantic City Electric Co. 2.30% 3/15/2031
|
2,175
|
1,812
|
|
|
|
CenterPoint Energy, Inc. 2.65% 6/1/2031
|
9,943
|
8,369
|
|
|
|
Cleveland Electric Illuminating Co. (The) 3.50% 4/1/20281
|
7,637
|
7,113
|
|
|
|
Cleveland Electric Illuminating Co. (The) 4.55% 11/15/20301
|
27,195
|
25,643
|
|
|
|
CMS Energy Corp. 3.00% 5/15/2026
|
10,303
|
9,847
|
|
|
|
Commonwealth Edison Co. 2.95% 8/15/2027
|
5,000
|
4,671
|
|
|
|
Commonwealth Edison Co. 3.125% 3/15/2051
|
2,000
|
1,309
|
|
|
|
Connecticut Light and Power Co. (The) 2.05% 7/1/2031
|
14,377
|
11,688
|
|
|
|
Consumers Energy Co. 3.80% 11/15/2028
|
13,103
|
12,469
|
|
5
|
Capital Group Central Corporate Bond Fund
|
|
Bonds, notes & other debt instruments (continued)
|
|
Principal amount
(000)
|
Value
(000)
|
|
Corporate bonds, notes & loans (continued)
|
|||
|
Utilities
(continued)
|
|||
|
Consumers Energy Co. 4.90% 2/15/2029
|
USD16,999
|
$16,887
|
|
|
Consumers Energy Co. 4.60% 5/30/2029
|
14,668
|
14,367
|
|
|
|
Consumers Energy Co. 3.60% 8/15/2032
|
9,180
|
8,177
|
|
|
Consumers Energy Co. 4.625% 5/15/2033
|
25,729
|
24,579
|
|
|
Dominion Energy, Inc. 3.30% 3/15/2025
|
6,227
|
6,104
|
|
|
Duke Energy Carolinas, LLC 2.45% 8/15/2029
|
13,675
|
12,028
|
|
|
Duke Energy Carolinas, LLC 2.55% 4/15/2031
|
3,362
|
2,853
|
|
|
Duke Energy Carolinas, LLC 3.70% 12/1/2047
|
777
|
572
|
|
|
Duke Energy Carolinas, LLC 5.35% 1/15/2053
|
12,525
|
11,940
|
|
|
Duke Energy Corp. 5.00% 8/15/2052
|
4,223
|
3,691
|
|
|
Duke Energy Florida, LLC 3.20% 1/15/2027
|
10,387
|
9,894
|
|
|
Duke Energy Florida, LLC 1.75% 6/15/2030
|
12,027
|
9,906
|
|
|
Duke Energy Florida, LLC 5.95% 11/15/2052
|
3,664
|
3,758
|
|
|
Duke Energy Progress, LLC 2.00% 8/15/2031
|
7,802
|
6,337
|
|
|
Duke Energy Progress, LLC 2.50% 8/15/2050
|
2,109
|
1,216
|
|
|
Duke Energy Progress, LLC 2.90% 8/15/2051
|
8,825
|
5,493
|
|
|
Edison International 3.55% 11/15/2024
|
5,000
|
4,949
|
|
|
Edison International 4.95% 4/15/2025
|
2,225
|
2,208
|
|
|
Edison International 4.125% 3/15/2028
|
28,413
|
27,071
|
|
|
Electricité de France SA 9.125% junior subordinated perpetual bonds
(5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)1,2
|
25,675
|
28,268
|
|
|
Emera US Finance, LP 0.833% 6/15/2024
|
6,250
|
6,236
|
|
|
Emera US Finance, LP 2.639% 6/15/2031
|
6,743
|
5,518
|
|
|
Entergy Corp. 2.80% 6/15/2030
|
437
|
379
|
|
|
Entergy Corp. 2.40% 6/15/2031
|
32,175
|
26,461
|
|
|
Entergy Corp. 3.75% 6/15/2050
|
1,675
|
1,185
|
|
|
Entergy Louisiana, LLC 2.40% 10/1/2026
|
3,288
|
3,082
|
|
|
Entergy Louisiana, LLC 3.12% 9/1/2027
|
5,975
|
5,622
|
|
|
Entergy Louisiana, LLC 1.60% 12/15/2030
|
5,600
|
4,473
|
|
|
Entergy Louisiana, LLC 5.35% 3/15/2034
|
20,041
|
19,789
|
|
|
Entergy Louisiana, LLC 4.20% 9/1/2048
|
1,300
|
1,029
|
|
|
Entergy Louisiana, LLC 2.90% 3/15/2051
|
746
|
456
|
|
|
Entergy Louisiana, LLC 5.70% 3/15/2054
|
4,540
|
4,476
|
|
|
Entergy Texas, Inc. 1.75% 3/15/2031
|
5,629
|
4,539
|
|
|
Eversource Energy 3.15% 1/15/2025
|
3,265
|
3,214
|
|
|
Eversource Energy 1.65% 8/15/2030
|
9,528
|
7,613
|
|
|
Eversource Energy 5.50% 1/1/2034
|
15,000
|
14,693
|
|
|
FirstEnergy Corp. 1.60% 1/15/2026
|
600
|
564
|
|
|
FirstEnergy Corp. 2.65% 3/1/2030
|
13,665
|
11,754
|
|
|
FirstEnergy Corp. 2.25% 9/1/2030
|
7,514
|
6,209
|
|
|
FirstEnergy Corp., Series B, 4.15% 7/15/2027
|
4,675
|
4,455
|
|
|
FirstEnergy Pennsylvania Electric Co. 3.25% 3/15/20281
|
3,000
|
2,788
|
|
|
FirstEnergy Transmission, LLC 4.35% 1/15/20251
|
1,574
|
1,557
|
|
|
FirstEnergy Transmission, LLC 2.866% 9/15/20281
|
15,038
|
13,634
|
|
|
Florida Power & Light Co. 3.30% 5/30/2027
|
8,557
|
8,113
|
|
|
Florida Power & Light Co. 5.10% 4/1/2033
|
17,325
|
17,161
|
|
|
Florida Power & Light Co. 5.30% 6/15/2034
|
40,100
|
40,253
|
|
|
Florida Power & Light Co. 2.875% 12/4/2051
|
32,273
|
20,557
|
|
|
Florida Power & Light Co. 5.30% 4/1/2053
|
4,377
|
4,235
|
|
|
Florida Power & Light Co. 5.60% 6/15/2054
|
8,725
|
8,787
|
|
|
Georgia Power Co. 4.95% 5/17/2033
|
18,515
|
18,025
|
|
|
Georgia Power Co. 5.25% 3/15/2034
|
23,175
|
23,029
|
|
|
Jersey Central Power & Light Co. 4.30% 1/15/20261
|
2,872
|
2,815
|
|
|
Jersey Central Power & Light Co. 2.75% 3/1/20321
|
29,125
|
23,988
|
|
|
MidAmerican Energy Co. 3.65% 4/15/2029
|
2,300
|
2,163
|
|
|
MidAmerican Energy Co. 5.75% 11/1/2035
|
2,025
|
2,085
|
|
|
MidAmerican Energy Co. 3.15% 4/15/2050
|
5,000
|
3,336
|
|
|
Mid-Atlantic Interstate Transmission, LLC 4.10% 5/15/20281
|
25,775
|
24,674
|
|
|
Mississippi Power Co. 3.95% 3/30/2028
|
814
|
778
|
|
|
NiSource, Inc. 5.40% 6/30/2033
|
5,000
|
4,937
|
|
|
Northern States Power Co. 2.25% 4/1/2031
|
5,000
|
4,177
|
|
|
Northern States Power Co. 2.90% 3/1/2050
|
4,502
|
2,887
|
|
|
Northern States Power Co. 2.60% 6/1/2051
|
14,643
|
8,743
|
|
|
Northern States Power Co. 3.20% 4/1/2052
|
2,451
|
1,630
|
|
|
Northern States Power Co. 4.50% 6/1/2052
|
2,790
|
2,360
|
|
|
Northern States Power Co. 5.10% 5/15/2053
|
2,726
|
2,527
|
|
|
Northern States Power Co. 5.40% 3/15/2054
|
8,948
|
8,674
|
|
Capital Group Central Corporate Bond Fund
|
6
|
|
Bonds, notes & other debt instruments (continued)
|
|
Principal amount
(000)
|
Value
(000)
|
|
Corporate bonds, notes & loans (continued)
|
|||
|
Utilities
(continued)
|
|||
|
Oncor Electric Delivery Co., LLC 0.55% 10/1/2025
|
USD9,395
|
$8,830
|
|
|
Pacific Gas and Electric Co. 3.40% 8/15/2024
|
1,554
|
1,546
|
|
|
|
Pacific Gas and Electric Co. 3.15% 1/1/2026
|
9,187
|
8,832
|
|
|
Pacific Gas and Electric Co. 2.95% 3/1/2026
|
850
|
811
|
|
|
Pacific Gas and Electric Co. 2.10% 8/1/2027
|
49,602
|
44,715
|
|
|
Pacific Gas and Electric Co. 3.00% 6/15/2028
|
9,992
|
9,115
|
|
|
Pacific Gas and Electric Co. 3.75% 7/1/2028
|
2,702
|
2,518
|
|
|
Pacific Gas and Electric Co. 4.65% 8/1/2028
|
12,186
|
11,728
|
|
|
Pacific Gas and Electric Co. 4.55% 7/1/2030
|
12,177
|
11,503
|
|
|
Pacific Gas and Electric Co. 2.50% 2/1/2031
|
109,940
|
90,632
|
|
|
Pacific Gas and Electric Co. 4.40% 3/1/2032
|
7,492
|
6,845
|
|
|
Pacific Gas and Electric Co. 5.90% 6/15/2032
|
951
|
958
|
|
|
Pacific Gas and Electric Co. 6.15% 1/15/2033
|
4,140
|
4,226
|
|
|
Pacific Gas and Electric Co. 6.40% 6/15/2033
|
14,564
|
15,127
|
|
|
Pacific Gas and Electric Co. 5.80% 5/15/2034
|
1,412
|
1,409
|
|
|
Pacific Gas and Electric Co. 3.30% 8/1/2040
|
32,194
|
23,018
|
|
|
Pacific Gas and Electric Co. 4.20% 6/1/2041
|
9,286
|
7,326
|
|
|
Pacific Gas and Electric Co. 4.95% 7/1/2050
|
3,765
|
3,145
|
|
|
Pacific Gas and Electric Co. 3.50% 8/1/2050
|
3,426
|
2,262
|
|
|
PacifiCorp 2.70% 9/15/2030
|
9,089
|
7,795
|
|
|
PacifiCorp 5.30% 2/15/2031
|
18,030
|
17,837
|
|
|
PacifiCorp 5.45% 2/15/2034
|
29,401
|
28,759
|
|
|
PacifiCorp 4.15% 2/15/2050
|
1,411
|
1,074
|
|
|
PacifiCorp 3.30% 3/15/2051
|
5,960
|
3,826
|
|
|
PacifiCorp 2.90% 6/15/2052
|
10,429
|
6,071
|
|
|
PacifiCorp 5.35% 12/1/2053
|
11,075
|
9,932
|
|
|
PacifiCorp 5.50% 5/15/2054
|
24,362
|
22,318
|
|
|
PacifiCorp 5.80% 1/15/2055
|
35,845
|
34,157
|
|
|
Progress Energy, Inc. 7.00% 10/30/2031
|
6,700
|
7,342
|
|
|
Public Service Company of Colorado 3.70% 6/15/2028
|
2,686
|
2,541
|
|
|
Public Service Company of Colorado 1.90% 1/15/2031
|
5,165
|
4,183
|
|
|
Public Service Company of Colorado 1.875% 6/15/2031
|
7,900
|
6,320
|
|
|
Public Service Company of Colorado 5.35% 5/15/2034
|
16,500
|
16,365
|
|
|
Public Service Company of Colorado 4.10% 6/15/2048
|
2,945
|
2,246
|
|
|
Public Service Company of Colorado 3.20% 3/1/2050
|
5,016
|
3,318
|
|
|
Public Service Company of Colorado 2.70% 1/15/2051
|
11,974
|
6,999
|
|
|
Public Service Company of Colorado 4.50% 6/1/2052
|
2,797
|
2,290
|
|
|
Public Service Company of Colorado 5.25% 4/1/2053
|
15,041
|
13,815
|
|
|
Public Service Company of Colorado 5.75% 5/15/2054
|
9,575
|
9,525
|
|
|
Public Service Electric and Gas Co. 3.05% 11/15/2024
|
10,065
|
9,942
|
|
|
Public Service Electric and Gas Co. 0.95% 3/15/2026
|
7,585
|
7,047
|
|
|
Public Service Electric and Gas Co. 3.65% 9/1/2028
|
2,115
|
2,007
|
|
|
Public Service Electric and Gas Co. 2.45% 1/15/2030
|
5,664
|
4,910
|
|
|
Public Service Electric and Gas Co. 3.10% 3/15/2032
|
835
|
722
|
|
|
Public Service Electric and Gas Co. 5.20% 3/1/2034
|
4,156
|
4,133
|
|
|
Public Service Electric and Gas Co. 3.85% 5/1/2049
|
6,758
|
5,245
|
|
|
Public Service Electric and Gas Co. 3.00% 3/1/2051
|
1,900
|
1,241
|
|
|
Puget Energy, Inc. 3.65% 5/15/2025
|
8,500
|
8,331
|
|
|
San Diego Gas & Electric Co. 4.95% 8/15/2028
|
6,569
|
6,559
|
|
|
San Diego Gas & Electric Co. 1.70% 10/1/2030
|
500
|
406
|
|
|
Southern California Edison Co. 0.975% 8/1/2024
|
24,760
|
24,564
|
|
|
Southern California Edison Co. 4.70% 6/1/2027
|
21,791
|
21,485
|
|
|
Southern California Edison Co. 3.65% 3/1/2028
|
16,863
|
15,937
|
|
|
Southern California Edison Co. 5.30% 3/1/2028
|
5,000
|
5,014
|
|
|
Southern California Edison Co. 5.65% 10/1/2028
|
23,158
|
23,542
|
|
|
Southern California Edison Co. 4.20% 3/1/2029
|
10,270
|
9,812
|
|
|
Southern California Edison Co. 5.15% 6/1/2029
|
6,882
|
6,858
|
|
|
Southern California Edison Co. 2.85% 8/1/2029
|
46,638
|
41,584
|
|
|
Southern California Edison Co. 2.25% 6/1/2030
|
4,153
|
3,496
|
|
|
Southern California Edison Co. 2.50% 6/1/2031
|
13,340
|
11,136
|
|
|
Southern California Edison Co. 5.45% 6/1/2031
|
20,152
|
20,229
|
|
|
Southern California Edison Co. 2.75% 2/1/2032
|
3,150
|
2,633
|
|
|
Southern California Edison Co. 5.20% 6/1/2034
|
25,630
|
24,967
|
|
|
Southern California Edison Co. 5.75% 4/1/2035
|
8,218
|
8,307
|
|
|
Southern California Edison Co. 3.60% 2/1/2045
|
4,425
|
3,256
|
|
|
Southern California Edison Co. 4.125% 3/1/2048
|
10,000
|
7,824
|
|
|
Southern California Edison Co. 3.65% 2/1/2050
|
3,537
|
2,527
|
|
7
|
Capital Group Central Corporate Bond Fund
|
|
Bonds, notes & other debt instruments (continued)
|
|
Principal amount
(000)
|
Value
(000)
|
|
|
Corporate bonds, notes & loans (continued)
|
||||
|
Utilities
(continued)
|
||||
|
Southern California Edison Co. 2.95% 2/1/2051
|
USD941
|
$588
|
||
|
Southern California Edison Co. 3.45% 2/1/2052
|
10,796
|
7,362
|
||
|
|
Southern California Edison Co. 5.75% 4/15/2054
|
5,225
|
5,152
|
|
|
|
Southwestern Electric Power Co. 3.25% 11/1/2051
|
15,875
|
10,135
|
|
|
|
Union Electric Co. 2.625% 3/15/2051
|
3,600
|
2,139
|
|
|
|
Virginia Electric & Power 2.40% 3/30/2032
|
2,100
|
1,716
|
|
|
|
WEC Energy Group, Inc. 5.15% 10/1/2027
|
3,243
|
3,230
|
|
|
|
Wisconsin Power and Light Co. 1.95% 9/16/2031
|
5,900
|
4,707
|
|
|
|
Wisconsin Power and Light Co. 3.65% 4/1/2050
|
800
|
573
|
|
|
|
Wisconsin Public Service Corp. 2.85% 12/1/2051
|
7,684
|
4,775
|
|
|
|
Xcel Energy, Inc. 1.75% 3/15/2027
|
2,515
|
2,280
|
|
|
|
Xcel Energy, Inc. 4.00% 6/15/2028
|
6,477
|
6,165
|
|
|
|
Xcel Energy, Inc. 2.60% 12/1/2029
|
43,441
|
37,799
|
|
|
|
Xcel Energy, Inc. 3.40% 6/1/2030
|
3,000
|
2,689
|
|
|
|
Xcel Energy, Inc. 2.35% 11/15/2031
|
30,577
|
24,553
|
|
|
|
Xcel Energy, Inc. 4.60% 6/1/2032
|
4,558
|
4,244
|
|
|
|
Xcel Energy, Inc. 5.45% 8/15/2033
|
23,846
|
23,426
|
|
|
|
Xcel Energy, Inc. 5.50% 3/15/2034
|
6,925
|
6,817
|
|
|
|
Xcel Energy, Inc. 3.50% 12/1/2049
|
7,490
|
5,116
|
|
|
|
|
1,623,170
|
||
|
|
||||
|
Industrials
8.10%
|
||||
|
BAE Systems PLC 5.50% 3/26/20541
|
2,623
|
2,556
|
||
|
Boeing Co. 2.75% 2/1/2026
|
78,514
|
74,337
|
||
|
|
Boeing Co. 2.196% 2/4/2026
|
25,000
|
23,473
|
|
|
|
Boeing Co. 3.10% 5/1/2026
|
7,750
|
7,348
|
|
|
|
Boeing Co. 3.25% 2/1/2028
|
55,094
|
50,225
|
|
|
|
Boeing Co. 5.15% 5/1/2030
|
36,889
|
35,215
|
|
|
|
Boeing Co. 3.625% 2/1/2031
|
14,249
|
12,398
|
|
|
|
Boeing Co. 6.388% 5/1/20311
|
31,431
|
31,808
|
|
|
|
Boeing Co. 3.60% 5/1/2034
|
34,795
|
27,729
|
|
|
|
Boeing Co. 6.528% 5/1/20341
|
6,217
|
6,307
|
|
|
|
Boeing Co. 3.90% 5/1/2049
|
8,164
|
5,471
|
|
|
|
Boeing Co. 5.805% 5/1/2050
|
6,285
|
5,633
|
|
|
|
Boeing Co. 6.858% 5/1/20541
|
9,752
|
9,897
|
|
|
|
Burlington Northern Santa Fe, LLC 3.05% 2/15/2051
|
9,535
|
6,283
|
|
|
|
Burlington Northern Santa Fe, LLC 3.30% 9/15/2051
|
4,780
|
3,311
|
|
|
|
Burlington Northern Santa Fe, LLC 2.875% 6/15/2052
|
1,470
|
925
|
|
|
|
Canadian National Railway Co. 6.125% 11/1/2053
|
8,316
|
9,205
|
|
|
|
Canadian Pacific Railway Co. 1.75% 12/2/2026
|
12,099
|
11,112
|
|
|
|
Canadian Pacific Railway Co. 3.10% 12/2/2051
|
28,847
|
19,137
|
|
|
|
Carrier Global Corp. 5.90% 3/15/2034
|
7,990
|
8,305
|
|
|
|
Carrier Global Corp. 6.20% 3/15/2054
|
2,670
|
2,866
|
|
|
|
CSX Corp. 3.80% 3/1/2028
|
28,360
|
27,263
|
|
|
|
CSX Corp. 4.25% 3/15/2029
|
12,943
|
12,546
|
|
|
|
CSX Corp. 2.40% 2/15/2030
|
5,892
|
5,116
|
|
|
|
CSX Corp. 4.10% 11/15/2032
|
10,489
|
9,750
|
|
|
|
CSX Corp. 5.20% 11/15/2033
|
7,415
|
7,406
|
|
|
|
CSX Corp. 4.30% 3/1/2048
|
14,250
|
11,945
|
|
|
|
CSX Corp. 4.50% 3/15/2049
|
6,729
|
5,769
|
|
|
|
CSX Corp. 2.50% 5/15/2051
|
12,071
|
7,116
|
|
|
|
Emerson Electric Co. 1.80% 10/15/2027
|
14,050
|
12,739
|
|
|
|
Emerson Electric Co. 1.95% 10/15/2030
|
5,950
|
5,016
|
|
|
|
Honeywell International, Inc. 1.95% 6/1/2030
|
1,936
|
1,640
|
|
|
|
Honeywell International, Inc. 5.00% 3/1/2035
|
23,570
|
23,264
|
|
|
|
Honeywell International, Inc. 5.25% 3/1/2054
|
13,147
|
12,755
|
|
|
|
Honeywell International, Inc. 5.35% 3/1/2064
|
7,890
|
7,675
|
|
|
|
Ingersoll-Rand, Inc. 5.45% 6/15/2034
|
7,967
|
7,988
|
|
|
|
L3Harris Technologies, Inc. 5.40% 7/31/2033
|
7,971
|
7,910
|
|
|
|
Lockheed Martin Corp. 4.95% 10/15/2025
|
11,679
|
11,650
|
|
|
|
Lockheed Martin Corp. 5.10% 11/15/2027
|
8,299
|
8,344
|
|
|
|
Lockheed Martin Corp. 4.50% 2/15/2029
|
43,929
|
43,116
|
|
|
|
Lockheed Martin Corp. 1.85% 6/15/2030
|
2,008
|
1,675
|
|
|
|
Lockheed Martin Corp. 5.25% 1/15/2033
|
21,760
|
22,058
|
|
|
|
Lockheed Martin Corp. 4.75% 2/15/2034
|
3,995
|
3,871
|
|
|
|
Lockheed Martin Corp. 4.80% 8/15/2034
|
31,560
|
30,713
|
|
|
|
Lockheed Martin Corp. 5.70% 11/15/2054
|
10,372
|
10,658
|
|
Capital Group Central Corporate Bond Fund
|
8
|
|
Bonds, notes & other debt instruments (continued)
|
|
Principal amount
(000)
|
Value
(000)
|
|
|
Corporate bonds, notes & loans (continued)
|
||||
|
Industrials
(continued)
|
||||
|
Lockheed Martin Corp. 5.20% 2/15/2055
|
USD5,289
|
$5,072
|
||
|
Lockheed Martin Corp. 5.90% 11/15/2063
|
1,016
|
1,072
|
||
|
|
Lockheed Martin Corp. 5.20% 2/15/2064
|
10,516
|
9,915
|
|
|
|
Norfolk Southern Corp. 2.55% 11/1/2029
|
3,485
|
3,059
|
|
|
|
Norfolk Southern Corp. 5.05% 8/1/2030
|
14,320
|
14,252
|
|
|
|
Norfolk Southern Corp. 4.45% 3/1/2033
|
5,753
|
5,430
|
|
|
|
Norfolk Southern Corp. 3.40% 11/1/2049
|
2,406
|
1,691
|
|
|
|
Norfolk Southern Corp. 5.35% 8/1/2054
|
15,816
|
15,054
|
|
|
|
Northrop Grumman Corp. 4.70% 3/15/2033
|
31,860
|
30,660
|
|
|
|
Northrop Grumman Corp. 4.90% 6/1/2034
|
11,160
|
10,777
|
|
|
|
Northrop Grumman Corp. 4.95% 3/15/2053
|
13,330
|
12,065
|
|
|
|
RTX Corp. 4.125% 11/16/2028
|
4,205
|
4,030
|
|
|
|
RTX Corp. 1.90% 9/1/2031
|
8,014
|
6,380
|
|
|
|
RTX Corp. 6.10% 3/15/2034
|
11,414
|
11,951
|
|
|
|
RTX Corp. 2.82% 9/1/2051
|
6,000
|
3,663
|
|
|
|
RTX Corp. 3.03% 3/15/2052
|
5,000
|
3,184
|
|
|
|
RTX Corp. 6.40% 3/15/2054
|
16,918
|
18,460
|
|
|
|
Union Pacific Corp. 3.75% 7/15/2025
|
388
|
381
|
|
|
|
Union Pacific Corp. 2.40% 2/5/2030
|
3,000
|
2,610
|
|
|
|
Union Pacific Corp. 2.80% 2/14/2032
|
31,546
|
27,014
|
|
|
|
Union Pacific Corp. 2.891% 4/6/2036
|
49,415
|
39,547
|
|
|
|
Union Pacific Corp. 3.375% 2/14/2042
|
4,360
|
3,368
|
|
|
|
Union Pacific Corp. 4.30% 3/1/2049
|
2,800
|
2,334
|
|
|
|
Union Pacific Corp. 3.25% 2/5/2050
|
424
|
295
|
|
|
|
Union Pacific Corp. 3.50% 2/14/2053
|
6,170
|
4,432
|
|
|
|
Union Pacific Corp. 3.839% 3/20/2060
|
3,297
|
2,416
|
|
|
|
Union Pacific Corp. 3.75% 2/5/2070
|
2,443
|
1,718
|
|
|
|
Waste Management, Inc. 1.50% 3/15/2031
|
3,889
|
3,104
|
|
|
|
|
895,458
|
||
|
|
||||
|
Consumer staples
6.39%
|
||||
|
7-Eleven, Inc. 0.95% 2/10/20261
|
7,913
|
7,342
|
||
|
7-Eleven, Inc. 1.30% 2/10/20281
|
6,662
|
5,786
|
||
|
|
7-Eleven, Inc. 1.80% 2/10/20311
|
14,979
|
11,959
|
|
|
|
7-Eleven, Inc. 2.80% 2/10/20511
|
3,778
|
2,260
|
|
|
|
Altria Group, Inc. 2.35% 5/6/2025
|
1,833
|
1,779
|
|
|
|
Altria Group, Inc. 4.40% 2/14/2026
|
8,148
|
8,020
|
|
|
|
Altria Group, Inc. 2.625% 9/16/2026
|
1,375
|
1,294
|
|
|
|
Altria Group, Inc. 3.70% 2/4/2051
|
21,317
|
14,385
|
|
|
|
Anheuser-Busch InBev Worldwide, Inc. 4.75% 1/23/2029
|
25,627
|
25,461
|
|
|
|
Anheuser-Busch InBev Worldwide, Inc. 3.50% 6/1/2030
|
15,000
|
13,858
|
|
|
|
Anheuser-Busch InBev Worldwide, Inc. 5.00% 6/15/2034
|
6,511
|
6,403
|
|
|
|
Anheuser-Busch InBev Worldwide, Inc. 5.45% 1/23/2039
|
2,070
|
2,077
|
|
|
|
Anheuser-Busch InBev Worldwide, Inc. 4.35% 6/1/2040
|
15,000
|
13,195
|
|
|
|
Anheuser-Busch InBev Worldwide, Inc. 4.439% 10/6/2048
|
660
|
563
|
|
|
|
Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049
|
2,500
|
2,506
|
|
|
|
BAT Capital Corp. 3.222% 8/15/2024
|
12,758
|
12,691
|
|
|
|
BAT Capital Corp. 2.789% 9/6/2024
|
4,000
|
3,968
|
|
|
|
BAT Capital Corp. 3.215% 9/6/2026
|
11,050
|
10,522
|
|
|
|
BAT Capital Corp. 4.70% 4/2/2027
|
6,420
|
6,310
|
|
|
|
BAT Capital Corp. 3.557% 8/15/2027
|
47,755
|
45,256
|
|
|
|
BAT Capital Corp. 3.462% 9/6/2029
|
2,000
|
1,817
|
|
|
|
BAT Capital Corp. 4.906% 4/2/2030
|
2,500
|
2,430
|
|
|
|
BAT Capital Corp. 6.421% 8/2/2033
|
15,511
|
16,206
|
|
|
|
BAT Capital Corp. 6.00% 2/20/2034
|
6,964
|
7,041
|
|
|
|
BAT Capital Corp. 4.39% 8/15/2037
|
5,570
|
4,702
|
|
|
|
BAT Capital Corp. 4.54% 8/15/2047
|
242
|
188
|
|
|
|
BAT Capital Corp. 4.758% 9/6/2049
|
2,283
|
1,813
|
|
|
|
BAT Capital Corp. 5.65% 3/16/2052
|
9,168
|
8,252
|
|
|
|
BAT Capital Corp. 7.081% 8/2/2053
|
23,787
|
25,619
|
|
|
|
BAT International Finance PLC 3.95% 6/15/20251
|
16,500
|
16,213
|
|
|
|
Campbell Soup Co. 5.40% 3/21/2034
|
8,339
|
8,252
|
|
|
|
Coca-Cola Co. 5.00% 5/13/2034
|
24,502
|
24,431
|
|
|
|
Coca-Cola Co. 5.30% 5/13/2054
|
8,888
|
8,766
|
|
|
|
Coca-Cola Consolidated, Inc. 5.45% 6/1/2034
|
9,647
|
9,706
|
|
|
|
Conagra Brands, Inc. 4.60% 11/1/2025
|
6,790
|
6,701
|
|
|
|
Conagra Brands, Inc. 5.30% 11/1/2038
|
2,984
|
2,796
|
|
9
|
Capital Group Central Corporate Bond Fund
|
|
Bonds, notes & other debt instruments (continued)
|
|
Principal amount
(000)
|
Value
(000)
|
|
|
Corporate bonds, notes & loans (continued)
|
||||
|
Consumer staples
(continued)
|
||||
|
Conagra Brands, Inc. 5.40% 11/1/2048
|
USD5,403
|
$4,964
|
||
|
Constellation Brands, Inc. 3.60% 2/15/2028
|
2,813
|
2,657
|
||
|
|
Constellation Brands, Inc. 2.875% 5/1/2030
|
3,082
|
2,696
|
|
|
|
Constellation Brands, Inc. 2.25% 8/1/2031
|
24,098
|
19,680
|
|
|
|
Constellation Brands, Inc. 4.75% 5/9/2032
|
24,906
|
23,858
|
|
|
|
Constellation Brands, Inc. 4.90% 5/1/2033
|
11,113
|
10,688
|
|
|
|
J. M. Smucker Co. (The) 6.50% 11/15/2043
|
4,038
|
4,263
|
|
|
|
J. M. Smucker Co. (The) 6.50% 11/15/2053
|
7,266
|
7,789
|
|
|
|
Keurig Dr Pepper, Inc. 4.417% 5/25/2025
|
1,194
|
1,182
|
|
|
|
Keurig Dr Pepper, Inc. 3.80% 5/1/2050
|
2,434
|
1,819
|
|
|
|
PepsiCo, Inc. 1.625% 5/1/2030
|
3,894
|
3,242
|
|
|
|
PepsiCo, Inc. 1.40% 2/25/2031
|
14,189
|
11,345
|
|
|
|
PepsiCo, Inc. 1.95% 10/21/2031
|
29,114
|
23,810
|
|
|
|
Philip Morris International, Inc. 1.50% 5/1/2025
|
1,004
|
969
|
|
|
|
Philip Morris International, Inc. 3.375% 8/11/2025
|
27,395
|
26,785
|
|
|
|
Philip Morris International, Inc. 4.875% 2/13/2026
|
25,000
|
24,844
|
|
|
|
Philip Morris International, Inc. 3.375% 8/15/2029
|
2,363
|
2,177
|
|
|
|
Philip Morris International, Inc. 2.10% 5/1/2030
|
9,300
|
7,836
|
|
|
|
Philip Morris International, Inc. 5.50% 9/7/2030
|
15,000
|
15,154
|
|
|
|
Philip Morris International, Inc. 1.75% 11/1/2030
|
12,193
|
9,872
|
|
|
|
Philip Morris International, Inc. 5.75% 11/17/2032
|
29,976
|
30,609
|
|
|
|
Philip Morris International, Inc. 5.375% 2/15/2033
|
14,327
|
14,216
|
|
|
|
Philip Morris International, Inc. 5.625% 9/7/2033
|
16,910
|
17,061
|
|
|
|
Philip Morris International, Inc. 5.25% 2/13/2034
|
8,055
|
7,893
|
|
|
|
Procter & Gamble Co. 4.35% 1/29/2029
|
25,858
|
25,548
|
|
|
|
Reynolds American, Inc. 4.45% 6/12/2025
|
20,220
|
19,977
|
|
|
|
Reynolds American, Inc. 5.70% 8/15/2035
|
1,555
|
1,526
|
|
|
|
Reynolds American, Inc. 5.85% 8/15/2045
|
27,544
|
25,664
|
|
|
|
Walmart, Inc. 4.10% 4/15/2033
|
5,393
|
5,113
|
|
|
|
Walmart, Inc. 4.50% 4/15/2053
|
14,247
|
12,565
|
|
|
|
|
706,370
|
||
|
|
||||
|
Communication
services
4.78%
|
||||
|
AT&T, Inc. 2.30% 6/1/2027
|
1,221
|
1,123
|
||
|
AT&T, Inc. 4.35% 3/1/2029
|
17,514
|
16,901
|
||
|
AT&T, Inc. 4.30% 2/15/2030
|
21,111
|
20,129
|
||
|
|
AT&T, Inc. 2.25% 2/1/2032
|
20,507
|
16,542
|
|
|
|
AT&T, Inc. 2.55% 12/1/2033
|
15,124
|
11,936
|
|
|
|
AT&T, Inc. 3.50% 9/15/2053
|
45,211
|
30,559
|
|
|
|
Charter Communications Operating, LLC 4.908% 7/23/2025
|
1,729
|
1,712
|
|
|
|
Charter Communications Operating, LLC 3.75% 2/15/2028
|
1,400
|
1,298
|
|
|
|
Charter Communications Operating, LLC 4.20% 3/15/2028
|
3,945
|
3,712
|
|
|
|
Charter Communications Operating, LLC 2.80% 4/1/2031
|
4,864
|
3,971
|
|
|
|
Charter Communications Operating, LLC 4.40% 4/1/2033
|
8,000
|
7,033
|
|
|
|
Charter Communications Operating, LLC 3.70% 4/1/2051
|
44,316
|
27,150
|
|
|
|
Charter Communications Operating, LLC 3.90% 6/1/2052
|
8,780
|
5,515
|
|
|
|
Charter Communications Operating, LLC 5.25% 4/1/2053
|
18,137
|
14,311
|
|
|
|
Comcast Corp. 4.80% 5/15/2033
|
8,998
|
8,702
|
|
|
|
Comcast Corp. 5.30% 6/1/2034
|
58,295
|
58,272
|
|
|
|
Comcast Corp. 2.887% 11/1/2051
|
3,682
|
2,292
|
|
|
|
Comcast Corp. 5.35% 5/15/2053
|
4,260
|
4,059
|
|
|
|
Comcast Corp. 5.65% 6/1/2054
|
22,364
|
22,200
|
|
|
|
Netflix, Inc. 5.875% 11/15/2028
|
10,597
|
10,905
|
|
|
|
Netflix, Inc. 5.375% 11/15/20291
|
20,569
|
20,714
|
|
|
|
Netflix, Inc. 4.875% 6/15/20301
|
1,069
|
1,047
|
|
|
|
T-Mobile USA, Inc. 3.50% 4/15/2025
|
12,285
|
12,056
|
|
|
|
T-Mobile USA, Inc. 1.50% 2/15/2026
|
17,750
|
16,612
|
|
|
|
T-Mobile USA, Inc. 3.75% 4/15/2027
|
10,000
|
9,592
|
|
|
|
T-Mobile USA, Inc. 2.05% 2/15/2028
|
2,185
|
1,952
|
|
|
|
T-Mobile USA, Inc. 3.875% 4/15/2030
|
14,841
|
13,798
|
|
|
|
T-Mobile USA, Inc. 2.55% 2/15/2031
|
7,659
|
6,461
|
|
|
|
T-Mobile USA, Inc. 3.50% 4/15/2031
|
5,158
|
4,596
|
|
|
|
T-Mobile USA, Inc. 5.05% 7/15/2033
|
12,899
|
12,564
|
|
|
|
T-Mobile USA, Inc. 5.15% 4/15/2034
|
23,230
|
22,762
|
|
|
|
T-Mobile USA, Inc. 3.00% 2/15/2041
|
12,986
|
9,324
|
|
|
|
T-Mobile USA, Inc. 3.30% 2/15/2051
|
8,465
|
5,704
|
|
|
|
T-Mobile USA, Inc. 3.40% 10/15/2052
|
25,878
|
17,612
|
|
Capital Group Central Corporate Bond Fund
|
10
|
|
Bonds, notes & other debt instruments (continued)
|
|
Principal amount
(000)
|
Value
(000)
|
|
|
Corporate bonds, notes & loans (continued)
|
||||
|
Communication
services
(continued)
|
||||
|
T-Mobile USA, Inc. 5.50% 1/15/2055
|
USD2,290
|
$2,196
|
||
|
Verizon Communications, Inc. 3.00% 3/22/2027
|
12,377
|
11,695
|
||
|
Verizon Communications, Inc. 2.10% 3/22/2028
|
5,000
|
4,481
|
||
|
|
Verizon Communications, Inc. 1.68% 10/30/2030
|
6,715
|
5,418
|
|
|
|
Verizon Communications, Inc. 1.75% 1/20/2031
|
10,248
|
8,237
|
|
|
|
Verizon Communications, Inc. 2.55% 3/21/2031
|
2,849
|
2,403
|
|
|
|
Verizon Communications, Inc. 2.355% 3/15/2032
|
455
|
370
|
|
|
|
Verizon Communications, Inc. 2.65% 11/20/2040
|
31,866
|
21,965
|
|
|
|
Verizon Communications, Inc. 3.40% 3/22/2041
|
21,947
|
16,801
|
|
|
|
Verizon Communications, Inc. 2.875% 11/20/2050
|
1,503
|
948
|
|
|
|
Verizon Communications, Inc. 3.55% 3/22/2051
|
1,737
|
1,244
|
|
|
|
Verizon Communications, Inc. 5.50% 2/23/2054
|
609
|
594
|
|
|
|
Verizon Communications, Inc. 2.987% 10/30/2056
|
28,083
|
17,141
|
|
|
|
Vodafone Group PLC 4.125% 5/30/2025
|
2,500
|
2,466
|
|
|
|
Vodafone Group PLC 4.25% 9/17/2050
|
1,900
|
1,489
|
|
|
|
WarnerMedia Holdings, Inc. 5.05% 3/15/2042
|
8,688
|
7,184
|
|
|
|
|
527,748
|
||
|
|
||||
|
Energy
3.88%
|
||||
|
BP Capital Markets America, Inc. 4.893% 9/11/2033
|
47,387
|
46,028
|
||
|
BP Capital Markets America, Inc. 2.772% 11/10/2050
|
10,111
|
6,241
|
||
|
|
BP Capital Markets America, Inc. 3.001% 3/17/2052
|
5,000
|
3,233
|
|
|
|
Canadian Natural Resources, Ltd. 2.05% 7/15/2025
|
11,363
|
10,913
|
|
|
|
Canadian Natural Resources, Ltd. 3.85% 6/1/2027
|
11,548
|
11,079
|
|
|
|
Canadian Natural Resources, Ltd. 2.95% 7/15/2030
|
2,690
|
2,347
|
|
|
|
Chevron Corp. 1.554% 5/11/2025
|
1,950
|
1,883
|
|
|
|
Chevron Corp. 2.236% 5/11/2030
|
34,096
|
29,384
|
|
|
|
Chevron Corp. 3.078% 5/11/2050
|
7,101
|
4,825
|
|
|
|
Chevron USA, Inc. 0.687% 8/12/2025
|
4,896
|
4,654
|
|
|
|
Chevron USA, Inc. 1.018% 8/12/2027
|
6,577
|
5,823
|
|
|
|
Chevron USA, Inc. 3.25% 10/15/2029
|
4,050
|
3,746
|
|
|
|
Chevron USA, Inc. 2.343% 8/12/2050
|
1,497
|
874
|
|
|
|
ConocoPhillips Co. 3.80% 3/15/2052
|
15,556
|
11,628
|
|
|
|
ConocoPhillips Co. 5.30% 5/15/2053
|
19,621
|
18,626
|
|
|
|
ConocoPhillips Co. 5.55% 3/15/2054
|
13,992
|
13,791
|
|
|
|
Diamondback Energy, Inc. 5.40% 4/18/2034
|
10,888
|
10,738
|
|
|
|
Diamondback Energy, Inc. 5.75% 4/18/2054
|
5,821
|
5,616
|
|
|
|
Enbridge, Inc. 6.70% 11/15/2053
|
8,103
|
8,883
|
|
|
|
Eni SpA 5.50% 5/15/20341
|
11,190
|
11,120
|
|
|
|
Eni SpA 5.95% 5/15/20541
|
13,977
|
13,830
|
|
|
|
Equinor ASA 3.70% 4/6/2050
|
3,550
|
2,696
|
|
|
|
Exxon Mobil Corp. 2.992% 3/19/2025
|
1,700
|
1,669
|
|
|
|
Exxon Mobil Corp. 2.61% 10/15/2030
|
1,850
|
1,616
|
|
|
|
Exxon Mobil Corp. 3.452% 4/15/2051
|
38,813
|
28,030
|
|
|
|
Kinder Morgan, Inc. 5.20% 6/1/2033
|
6,646
|
6,419
|
|
|
|
Kinder Morgan, Inc. 5.40% 2/1/2034
|
23,433
|
22,939
|
|
|
|
ONEOK, Inc. 6.05% 9/1/2033
|
2,077
|
2,127
|
|
|
|
ONEOK, Inc. 6.625% 9/1/2053
|
6,343
|
6,788
|
|
|
|
Petroleos Mexicanos 4.25% 1/15/2025
|
3,400
|
3,340
|
|
|
|
Petroleos Mexicanos 4.50% 1/23/2026
|
5,371
|
5,080
|
|
|
|
Petroleos Mexicanos 6.875% 8/4/2026
|
4,349
|
4,238
|
|
|
|
Petroleos Mexicanos 6.50% 3/13/2027
|
11,700
|
11,076
|
|
|
|
Shell International Finance BV 3.875% 11/13/2028
|
1,849
|
1,772
|
|
|
|
Shell International Finance BV 2.75% 4/6/2030
|
25,000
|
22,204
|
|
|
|
Shell International Finance BV 3.25% 4/6/2050
|
24,590
|
17,091
|
|
|
|
Shell International Finance BV 3.00% 11/26/2051
|
3,015
|
1,966
|
|
|
|
TotalEnergies Capital International SA 2.986% 6/29/2041
|
4,110
|
2,994
|
|
|
|
TotalEnergies Capital International SA 3.127% 5/29/2050
|
17,208
|
11,686
|
|
|
|
TotalEnergies Capital SA 5.488% 4/5/2054
|
8,337
|
8,247
|
|
|
|
Williams Companies, Inc. 5.15% 3/15/2034
|
42,658
|
41,425
|
|
|
|
|
428,665
|
||
|
|
||||
|
Information
technology
3.75%
|
||||
|
Adobe, Inc. 1.90% 2/1/2025
|
7,105
|
6,946
|
||
|
Adobe, Inc. 2.15% 2/1/2027
|
25,694
|
23,923
|
||
|
Adobe, Inc. 2.30% 2/1/2030
|
13,520
|
11,758
|
||
|
|
Analog Devices, Inc. 2.10% 10/1/2031
|
6,258
|
5,147
|
|
11
|
Capital Group Central Corporate Bond Fund
|
|
Bonds, notes & other debt instruments (continued)
|
|
Principal amount
(000)
|
Value
(000)
|
|
|
Corporate bonds, notes & loans (continued)
|
||||
|
Information
technology
(continued)
|
||||
|
Analog Devices, Inc. 5.05% 4/1/2034
|
USD8,258
|
$8,212
|
||
|
Analog Devices, Inc. 2.80% 10/1/2041
|
4,230
|
2,986
|
||
|
Analog Devices, Inc. 2.95% 10/1/2051
|
7,728
|
5,049
|
||
|
|
Analog Devices, Inc. 5.30% 4/1/2054
|
17,096
|
16,656
|
|
|
|
Broadcom Corp. 3.875% 1/15/2027
|
11,718
|
11,317
|
|
|
|
Broadcom, Inc. 4.75% 4/15/2029
|
3,562
|
3,497
|
|
|
|
Broadcom, Inc. 4.15% 11/15/2030
|
1,789
|
1,676
|
|
|
|
Broadcom, Inc. 3.469% 4/15/20341
|
44,692
|
37,686
|
|
|
|
Cisco Systems, Inc. 4.85% 2/26/2029
|
13,231
|
13,196
|
|
|
|
Cisco Systems, Inc. 4.95% 2/26/2031
|
17,824
|
17,729
|
|
|
|
Cisco Systems, Inc. 5.05% 2/26/2034
|
75,498
|
75,058
|
|
|
|
Cisco Systems, Inc. 5.30% 2/26/2054
|
9,701
|
9,524
|
|
|
|
Cisco Systems, Inc. 5.35% 2/26/2064
|
4,021
|
3,918
|
|
|
|
Intel Corp. 5.70% 2/10/2053
|
8,612
|
8,431
|
|
|
|
Intel Corp. 5.90% 2/10/2063
|
3,355
|
3,338
|
|
|
|
Intuit, Inc. 1.35% 7/15/2027
|
5,000
|
4,481
|
|
|
|
Microchip Technology, Inc. 5.05% 3/15/2029
|
38,775
|
38,448
|
|
|
|
Microsoft Corp. 3.30% 2/6/2027
|
14,000
|
13,478
|
|
|
|
Microsoft Corp. 2.525% 6/1/2050
|
436
|
274
|
|
|
|
Microsoft Corp. 2.921% 3/17/2052
|
1,814
|
1,224
|
|
|
|
Oracle Corp. 3.60% 4/1/2040
|
7,345
|
5,661
|
|
|
|
Oracle Corp. 3.60% 4/1/2050
|
16,831
|
11,717
|
|
|
|
ServiceNow, Inc. 1.40% 9/1/2030
|
55,955
|
45,054
|
|
|
|
Texas Instruments, Inc. 4.60% 2/8/2029
|
5,952
|
5,896
|
|
|
|
Texas Instruments, Inc. 4.85% 2/8/2034
|
12,671
|
12,482
|
|
|
|
Texas Instruments, Inc. 5.15% 2/8/2054
|
9,618
|
9,183
|
|
|
|
|
413,945
|
||
|
|
||||
|
Real estate
2.39%
|
||||
|
Alexandria Real Estate Equities, Inc. 4.30% 1/15/2026
|
1,400
|
1,374
|
||
|
American Tower Corp. 5.50% 3/15/2028
|
8,964
|
9,007
|
||
|
|
American Tower Corp. 2.70% 4/15/2031
|
7,612
|
6,407
|
|
|
|
American Tower Corp. 4.05% 3/15/2032
|
4,221
|
3,829
|
|
|
|
American Tower Corp. 5.65% 3/15/2033
|
6,328
|
6,346
|
|
|
|
Boston Properties, LP 2.55% 4/1/2032
|
1,489
|
1,161
|
|
|
|
Boston Properties, LP 2.45% 10/1/2033
|
2,723
|
2,014
|
|
|
|
Boston Properties, LP 6.50% 1/15/2034
|
10,408
|
10,579
|
|
|
|
COPT Defense Properties, LP 2.25% 3/15/2026
|
4,255
|
4,007
|
|
|
|
Crown Castle, Inc. 5.00% 1/11/2028
|
20,790
|
20,466
|
|
|
|
Crown Castle, Inc. 2.50% 7/15/2031
|
5,874
|
4,830
|
|
|
|
Crown Castle, Inc. 5.80% 3/1/2034
|
11,218
|
11,297
|
|
|
|
Equinix Europe 2 Financing Corp., LLC 5.50% 6/15/2034
|
8,234
|
8,141
|
|
|
|
Equinix, Inc. 3.20% 11/18/2029
|
9,053
|
8,113
|
|
|
|
Equinix, Inc. 2.15% 7/15/2030
|
7,728
|
6,411
|
|
|
|
Equinix, Inc. 3.00% 7/15/2050
|
9,983
|
6,304
|
|
|
|
Kilroy Realty, LP 6.25% 1/15/2036
|
11,555
|
11,098
|
|
|
|
Prologis, LP 4.75% 6/15/2033
|
5,665
|
5,440
|
|
|
|
Prologis, LP 5.125% 1/15/2034
|
15,137
|
14,905
|
|
|
|
Prologis, LP 5.00% 3/15/2034
|
8,500
|
8,293
|
|
|
|
Prologis, LP 5.25% 6/15/2053
|
9,031
|
8,531
|
|
|
|
Prologis, LP 5.25% 3/15/2054
|
1,855
|
1,739
|
|
|
|
Public Storage Operating Co. 2.30% 5/1/2031
|
2,792
|
2,329
|
|
|
|
VICI Properties, LP 4.75% 2/15/2028
|
36,173
|
35,115
|
|
|
|
VICI Properties, LP 4.95% 2/15/2030
|
25,255
|
24,211
|
|
|
|
VICI Properties, LP 5.125% 5/15/2032
|
42,819
|
40,494
|
|
|
|
VICI Properties, LP 5.625% 5/15/2052
|
2,362
|
2,114
|
|
|
|
|
264,555
|
||
|
|
||||
|
Consumer
discretionary
2.31%
|
||||
|
Amazon.com, Inc. 3.80% 12/5/2024
|
10,000
|
9,923
|
||
|
Amazon.com, Inc. 1.50% 6/3/2030
|
7,522
|
6,233
|
||
|
Amazon.com, Inc. 3.60% 4/13/2032
|
17,571
|
16,064
|
||
|
|
American Honda Finance Corp. 1.20% 7/8/2025
|
2,546
|
2,433
|
|
|
|
Daimler Trucks Finance North America, LLC 5.15% 1/16/20261
|
6,155
|
6,123
|
|
|
|
Daimler Trucks Finance North America, LLC 5.125% 1/19/20281
|
3,467
|
3,446
|
|
|
|
Ford Motor Co. 3.25% 2/12/2032
|
6,305
|
5,186
|
|
|
|
Ford Motor Co. 6.10% 8/19/2032
|
3,695
|
3,687
|
|
Capital Group Central Corporate Bond Fund
|
12
|
|
Bonds, notes & other debt instruments (continued)
|
|
Principal amount
(000)
|
Value
(000)
|
|
|
Corporate bonds, notes & loans (continued)
|
||||
|
Consumer
discretionary
(continued)
|
||||
|
Ford Motor Credit Co., LLC 3.375% 11/13/2025
|
USD240
|
$232
|
||
|
Ford Motor Credit Co., LLC 6.95% 3/6/2026
|
1,390
|
1,413
|
||
|
Ford Motor Credit Co., LLC 6.95% 6/10/2026
|
1,070
|
1,090
|
||
|
|
Ford Motor Credit Co., LLC 2.70% 8/10/2026
|
200
|
187
|
|
|
|
Ford Motor Credit Co., LLC 4.271% 1/9/2027
|
200
|
192
|
|
|
|
Ford Motor Credit Co., LLC 4.95% 5/28/2027
|
2,435
|
2,375
|
|
|
|
Ford Motor Credit Co., LLC 4.125% 8/17/2027
|
855
|
811
|
|
|
|
Ford Motor Credit Co., LLC 3.815% 11/2/2027
|
220
|
206
|
|
|
|
Ford Motor Credit Co., LLC 7.35% 11/4/2027
|
1,545
|
1,609
|
|
|
|
Ford Motor Credit Co., LLC 2.90% 2/16/2028
|
200
|
180
|
|
|
|
Ford Motor Credit Co., LLC 6.80% 5/12/2028
|
4,405
|
4,532
|
|
|
|
Ford Motor Credit Co., LLC 6.798% 11/7/2028
|
8,322
|
8,597
|
|
|
|
Ford Motor Credit Co., LLC 2.90% 2/10/2029
|
810
|
710
|
|
|
|
Ford Motor Credit Co., LLC 5.113% 5/3/2029
|
9,664
|
9,312
|
|
|
|
Ford Motor Credit Co., LLC 7.35% 3/6/2030
|
960
|
1,012
|
|
|
|
Ford Motor Credit Co., LLC 7.20% 6/10/2030
|
3,740
|
3,917
|
|
|
|
Ford Motor Credit Co., LLC 4.00% 11/13/2030
|
2,000
|
1,774
|
|
|
|
Ford Motor Credit Co., LLC 3.625% 6/17/2031
|
570
|
487
|
|
|
|
Ford Motor Credit Co., LLC 7.122% 11/7/2033
|
6,454
|
6,811
|
|
|
|
Ford Motor Credit Co., LLC 6.125% 3/8/2034
|
24,584
|
24,288
|
|
|
|
Home Depot, Inc. 2.50% 4/15/2027
|
3,400
|
3,182
|
|
|
|
Home Depot, Inc. 2.95% 6/15/2029
|
5,000
|
4,556
|
|
|
|
Home Depot, Inc. 1.375% 3/15/2031
|
3,028
|
2,396
|
|
|
|
Home Depot, Inc. 3.125% 12/15/2049
|
1,102
|
745
|
|
|
|
Hyundai Capital America 1.65% 9/17/20261
|
17,825
|
16,319
|
|
|
|
Hyundai Capital America 2.375% 10/15/20271
|
2,245
|
2,033
|
|
|
|
Hyundai Capital America 2.10% 9/15/20281
|
8,734
|
7,619
|
|
|
|
McDonald's Corp. 5.00% 5/17/2029
|
3,400
|
3,393
|
|
|
|
McDonald's Corp. 3.60% 7/1/2030
|
5,888
|
5,425
|
|
|
|
McDonald's Corp. 5.20% 5/17/2034
|
15,255
|
15,150
|
|
|
|
McDonald's Corp. 4.60% 5/26/2045
|
1,962
|
1,711
|
|
|
|
McDonald's Corp. 4.45% 3/1/2047
|
5,665
|
4,761
|
|
|
|
McDonald's Corp. 3.625% 9/1/2049
|
4,467
|
3,248
|
|
|
|
McDonald's Corp. 5.15% 9/9/2052
|
10,121
|
9,394
|
|
|
|
Morongo Band of Mission Indians (The) 7.00% 10/1/20391
|
5,000
|
5,240
|
|
|
|
Starbucks Corp. 4.85% 2/8/2027
|
18,627
|
18,513
|
|
|
|
Toyota Motor Corp. 5.275% 7/13/2026
|
6,445
|
6,464
|
|
|
|
Toyota Motor Credit Corp. 1.15% 8/13/2027
|
21,098
|
18,725
|
|
|
|
Toyota Motor Credit Corp. 3.375% 4/1/2030
|
3,910
|
3,584
|
|
|
|
|
255,288
|
||
|
|
||||
|
Materials
1.02%
|
||||
|
BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033
|
8,245
|
8,202
|
||
|
BHP Billiton Finance (USA), Ltd. 5.50% 9/8/2053
|
11,814
|
11,677
|
||
|
|
Dow Chemical Co. (The) 5.15% 2/15/2034
|
8,420
|
8,269
|
|
|
|
Dow Chemical Co. (The) 4.80% 5/15/2049
|
21,763
|
18,661
|
|
|
|
Dow Chemical Co. (The) 3.60% 11/15/2050
|
1,874
|
1,324
|
|
|
|
Dow Chemical Co. (The) 5.60% 2/15/2054
|
11,858
|
11,461
|
|
|
|
Eastman Chemical Co. 5.625% 2/20/2034
|
19,824
|
19,721
|
|
|
|
International Flavors & Fragrances, Inc. 3.468% 12/1/20501
|
628
|
412
|
|
|
|
Linde, Inc. 1.10% 8/10/2030
|
17,617
|
14,115
|
|
|
|
Linde, Inc. 2.00% 8/10/2050
|
2,260
|
1,229
|
|
|
|
Nutrien, Ltd. 5.80% 3/27/2053
|
1,742
|
1,731
|
|
|
|
OCI NV 6.70% 3/16/20331
|
6,726
|
6,655
|
|
|
|
Sherwin-Williams Co. 2.20% 3/15/2032
|
8,365
|
6,754
|
|
|
|
Sherwin-Williams Co. 2.90% 3/15/2052
|
3,515
|
2,204
|
|
|
|
|
112,415
|
||
|
|
Total corporate bonds, notes & loans
|
9,555,001
|
|
13
|
Capital Group Central Corporate Bond Fund
|
|
Bonds, notes & other debt instruments (continued)
|
|
Principal amount
(000)
|
Value
(000)
|
|
|
U.S. Treasury bonds & notes 6.56%
|
||||
|
U.S. Treasury
6.56%
|
||||
|
U.S. Treasury 4.875% 5/31/2026
|
USD59,053
|
$59,055
|
||
|
U.S. Treasury 4.50% 5/15/2027
|
65,697
|
65,390
|
||
|
|
U.S. Treasury 4.50% 5/31/2029
|
195,893
|
195,901
|
|
|
|
U.S. Treasury 4.375% 5/15/2034
|
152,254
|
150,839
|
|
|
|
U.S. Treasury 4.625% 5/15/20444
|
137,384
|
135,817
|
|
|
|
U.S. Treasury 4.25% 2/15/2054
|
125,446
|
117,596
|
|
|
|
|
724,598
|
||
|
Asset-backed obligations 0.91%
|
||||
|
|
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/20371,5
|
10,433
|
9,173
|
|
|
|
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20601,5
|
9,269
|
8,748
|
|
|
|
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20601,5
|
703
|
607
|
|
|
|
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20611,5
|
6,625
|
6,039
|
|
|
|
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1,
1.91% 10/20/20611,5
|
85,198
|
75,521
|
|
|
|
|
100,088
|
||
|
Bonds & notes of governments & government agencies outside the U.S. 0.16%
|
||||
|
|
Abu Dhabi (Emirate of) 5.50% 4/30/20541
|
6,505
|
6,475
|
|
|
|
Panama (Republic of) 6.875% 1/31/2036
|
8,640
|
8,358
|
|
|
|
Panama (Republic of) 8.00% 3/1/2038
|
3,280
|
3,438
|
|
|
|
|
18,271
|
||
|
Municipals 0.04%
|
||||
|
Ohio
0.04%
|
||||
|
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds
(VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031
|
5,770
|
5,010
|
||
|
Total bonds, notes & other debt instruments(cost: $10,968,748,000)
|
10,402,968
|
|||
|
Short-term securities 5.21%
|
|
Shares
|
|
|
|
Money market investments 5.21%
|
||||
|
|
Capital Group Central Cash Fund 5.36%6,7
|
5,751,490
|
575,264
|
|
|
|
Total short-term securities(cost: $575,148,000)
|
575,264
|
||
|
|
Total investment securities 99.36%(cost: $11,543,896,000)
|
10,978,232
|
||
|
|
Other assets less liabilities 0.64%
|
70,787
|
||
|
|
Net assets 100.00%
|
$11,049,019
|
Futures contracts
|
Contracts
|
Type
|
Number of
contracts
|
Expiration
date
|
Notional
amount
(000)
|
Value and
unrealized
appreciation
(depreciation)
at 5/31/2024
(000)
|
|
2 Year U.S. Treasury Note Futures
|
Long
|
3,879
|
10/3/2024
|
USD790,164
|
$(204
)
|
|
5 Year U.S. Treasury Note Futures
|
Long
|
4,207
|
10/3/2024
|
445,087
|
(605
)
|
|
10 Year U.S. Treasury Note Futures
|
Short
|
3,281
|
9/30/2024
|
(356,963
)
|
425
|
|
10 Year Ultra U.S. Treasury Note Futures
|
Short
|
11,081
|
9/30/2024
|
(1,241,418
)
|
7,859
|
|
20 Year U.S. Treasury Bond Futures
|
Long
|
8,361
|
9/30/2024
|
970,399
|
(7,342
)
|
|
30 Year Ultra U.S. Treasury Bond Futures
|
Short
|
26
|
9/30/2024
|
(3,183
)
|
(35
)
|
|
|
|
|
|
$98
|
|
Capital Group Central Corporate Bond Fund
|
14
|
Swap contracts
Credit default swaps
Centrally cleared credit default swaps on credit indices - buy protection
|
Reference
index
|
Financing
rate paid
|
Payment
frequency
|
Expiration
date
|
Notional
amount
(000)
|
Value at
5/31/2024
(000)
|
Upfront
premium
paid
(received)
(000)
|
Unrealized
appreciation
(depreciation)
at 5/31/2024
(000)
|
|
CDX.NA.IG.42
|
1.00%
|
Quarterly
|
6/20/2029
|
USD366,078
|
$(8,189
)
|
$(8,126
)
|
$(63
)
|
Investments in affiliates7
|
|
Value at
6/1/2023
(000)
|
Additions
(000)
|
Reductions
(000)
|
Net
realized
gain (loss)
(000)
|
Net
unrealized
appreciation
(depreciation)
(000)
|
Value at
5/31/2024
(000)
|
Dividend
or interest
income
(000)
|
|
Short-term securities 5.21%
|
|||||||
|
Money market investments 5.21%
|
|||||||
|
Capital Group Central Cash Fund 5.36%6
|
$648,298
|
$4,949,849
|
$5,023,112
|
$82
|
$147
|
$575,264
|
$28,221
|
|
1
|
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 $984,402,000, which represented
8.91% of the net assets of the fund.
|
|
2
|
Step bond; coupon rate may change at a later date.
|
|
3
|
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.
|
|
4
|
All or a portion of this security was pledged as collateral. The total value of pledged collateral was $24,117,000, which represented .22% of the net assets of the
fund.
|
|
5
|
Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
|
|
6
|
Rate represents the seven-day yield at 5/31/2024.
|
|
7
|
Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.
|
|
Key to abbreviation(s)
|
|
Auth. = Authority
|
|
CME = CME Group
|
|
DAC = Designated Activity Company
|
|
LIBOR = London Interbank Offered Rate
|
|
Rev. = Revenue
|
|
SOFR = Secured Overnight Financing Rate
|
|
USD = U.S. dollars
|
Refer to the notes to financial statements.
|
15
|
Capital Group Central Corporate Bond Fund
|
Financial statements
Statement of assets and liabilities at May 31, 2024
(dollars in thousands)
|
Assets:
|
||
|
Investment securities, at value:
|
||
|
Unaffiliated issuers (cost: $10,968,748)
|
$10,402,968
|
|
|
Affiliated issuers (cost: $575,148)
|
575,264
|
$10,978,232
|
|
Cash
|
1,228
|
|
|
Receivables for:
|
||
|
Sales of investments
|
429,541
|
|
|
Dividends and interest
|
105,116
|
|
|
Variation margin on futures contracts
|
5,650
|
540,307
|
|
|
11,519,767
|
|
|
Liabilities:
|
||
|
Payables for:
|
||
|
Purchases of investments
|
466,036
|
|
|
Dividends on fund's shares
|
50
|
|
|
Trustees' deferred compensation
|
60
|
|
|
Variation margin on futures contracts
|
4,473
|
|
|
Variation margin on centrally cleared swap contracts
|
125
|
|
|
Other
|
4
|
470,748
|
|
Net assets at May 31, 2024
|
$11,049,019
|
|
|
Net assets consist of:
|
||
|
Capital paid in on shares of beneficial interest
|
$13,614,115
|
|
|
Total distributable earnings (accumulated loss)
|
(2,565,096
)
|
|
|
Net assets at May 31, 2024
|
$11,049,019
|
(dollars and shares in thousands, except per-share amounts)
Shares of beneficial interest issued and outstanding (no stated par value) -
unlimited shares authorized (1,341,268 total shares outstanding)
unlimited shares authorized (1,341,268 total shares outstanding)
|
|
Net assets
|
Shares
outstanding
|
Net asset value
per share
|
|
Class M
|
$11,049,019
|
1,341,268
|
$8.24
|
Refer to the notes to financial statements.
|
Capital Group Central Corporate Bond Fund
|
16
|
Financial statements (continued)
Statement of operations for the year ended May 31, 2024
(dollars in thousands)
|
Investment income:
|
||
|
Income:
|
||
|
Interest from unaffiliated issuers
|
$465,305
|
|
|
Dividends from affiliated issuers
|
28,221
|
$493,526
|
|
Fees and expenses:
|
||
|
Reports to shareholders
|
12
|
|
|
Registration statement and prospectus
|
1
|
|
|
Trustees' compensation
|
64
|
|
|
Auditing and legal
|
88
|
|
|
Custodian
|
57
|
|
|
Insurance
|
25
|
|
|
Other
|
1
|
248
|
|
Net investment income
|
493,278
|
|
|
Net realized gain (loss) and unrealized appreciation (depreciation):
|
||
|
Net realized gain (loss) on:
|
||
|
Investments:
|
||
|
Unaffiliated issuers
|
(547,453
)
|
|
|
Affiliated issuers
|
82
|
|
|
Futures contracts
|
(42,429
)
|
|
|
Swap contracts
|
(10,997
)
|
(600,797
)
|
|
Net unrealized appreciation (depreciation) on:
|
||
|
Investments:
|
||
|
Unaffiliated issuers
|
498,128
|
|
|
Affiliated issuers
|
147
|
|
|
Futures contracts
|
(6,180
)
|
|
|
Swap contracts
|
994
|
493,089
|
|
Net realized gain (loss) and unrealized appreciation (depreciation)
|
(107,708
)
|
|
|
Net increase (decrease) in net assets resulting from operations
|
$385,570
|
Statements of changes in net assets
(dollars in thousands)
|
|
Year ended May 31,
|
|
|
|
2024
|
2023
|
|
|
|
|
|
Operations:
|
||
|
Net investment income
|
$493,278
|
$466,043
|
|
Net realized gain (loss)
|
(600,797
)
|
(1,070,091
)
|
|
Net unrealized appreciation (depreciation)
|
493,089
|
405,222
|
|
Net increase (decrease) in net assets resulting from operations
|
385,570
|
(198,826
)
|
|
Distributions paid or accrued to shareholders
|
(478,409
)
|
(455,908
)
|
|
Net capital share transactions
|
(371,935
)
|
(2,125,023
)
|
|
Total increase (decrease) in net assets
|
(464,774
)
|
(2,779,757
)
|
|
Net assets:
|
||
|
Beginning of year
|
11,513,793
|
14,293,550
|
|
End of year
|
$11,049,019
|
$11,513,793
|
Refer to the notes to financial statements.
|
17
|
Capital Group Central Corporate Bond Fund
|
Notes to financial statements
1. Organization
Capital Group Central Fund Series II (the "trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management investment company and has issued one series of shares, Capital Group Central Corporate Bond Fund ("the fund"). The fund seeks to provide maximum total return consistent with capital preservation and prudent risk management.
The fund serves as a corporate bond portfolio for Capital Group and other funds, investment vehicles and accounts advised by Capital Group affiliates, and is not available to the public.
2. Significant accounting policies
The fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the fund's 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 fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.
Security transactions and related investment income- Security transactions are recorded by the fund 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 fund will segregate liquid assets sufficient to meet its 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 or accrued to shareholders- Income dividends are declared daily after the determination of the fund's net investment income and are paid to shareholders monthly. Capital gain distributions are recorded on the ex-dividend date.
3. Valuation
Capital Research and Management Company ("CRMC"), the fund's investment adviser, values the fund's investments at fair value as defined by U.S. GAAP. The net asset value per share 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 fund's investment adviser uses the following methods and inputs to establish the fair value of the 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.
|
Capital Group Central Corporate Bond Fund
|
18
|
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 fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.
|
Fixed-income class
|
Examples of standard inputs
|
|
All
|
Benchmark yields, transactions, bids, offers, quotations from dealers and
trading systems, new issues, spreads and other relationships observed in
the markets among comparable securities; and proprietary pricing models
such as yield measures calculated using factors such as cash flows, financial
or collateral performance and other reference data (collectively referred to
as "standard inputs")
|
|
Corporate bonds, notes & loans; convertible securities
|
Standard inputs and underlying equity of the issuer
|
|
Bonds & notes of governments & government agencies
|
Standard inputs and interest rate volatilities
|
|
Mortgage-backed; asset-backed obligations
|
Standard inputs and cash flows, prepayment information, default rates,
delinquency and loss assumptions, collateral characteristics, credit
enhancements and specific deal information
|
|
Municipal securities
|
Standard inputs and, for certain distressed securities, cash flows or
liquidation values using a net present value calculation based on inputs that
include, but are not limited to, financial statements and debt contracts
|
The Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series ("Central Funds"), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF's portfolio securities. The underlying securities are valued based on the policies and procedures in CCF's statement of additional information. 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. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, and terms of the contract.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund's investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund's 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, 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 share class of the fund 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 fund's 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 fund's board and audit committee also regularly review reports that describe fair value determinations and methods.
|
19
|
Capital Group Central Corporate Bond Fund
|
Classifications- The fund's investment adviser classifies the 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 following tables present the fund's valuation levels as of May 31, 2024 (dollars in thousands):
|
|
Investment securities
|
|||
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Assets:
|
||||
|
Bonds, notes & other debt instruments:
|
||||
|
Corporate bonds, notes & loans
|
$-
|
$9,555,001
|
$-
|
$9,555,001
|
|
U.S. Treasury bonds & notes
|
-
|
724,598
|
-
|
724,598
|
|
Asset-backed obligations
|
-
|
100,088
|
-
|
100,088
|
|
Bonds & notes of governments & government agencies outside
the U.S.
|
-
|
18,271
|
-
|
18,271
|
|
Municipals
|
-
|
5,010
|
-
|
5,010
|
|
Short-term securities
|
575,264
|
-
|
-
|
575,264
|
|
Total
|
$575,264
|
$10,402,968
|
$-
|
$10,978,232
|
|
|
Other investments*
|
|||
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Assets:
|
||||
|
Unrealized appreciation on futures contracts
|
$8,284
|
$-
|
$-
|
$8,284
|
|
Liabilities:
|
||||
|
Unrealized depreciation on futures contracts
|
(8,186
)
|
-
|
-
|
(8,186
)
|
|
Unrealized depreciation on centrally cleared credit default swaps
|
-
|
(63
)
|
-
|
(63
)
|
|
Total
|
$98
|
$(63
)
|
$-
|
$35
|
*
Futures contracts and credit default swaps are not included in the fund's investment portfolio.
4. Risk factors
Investing in the fund 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; 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.
|
Capital Group Central Corporate Bond Fund
|
20
|
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. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. 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.
Investing in securities backed by the U.S. government - Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.
Investing in derivatives - The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund's use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund's returns and increase the fund's price volatility. The fund's counterparty to a derivative transaction (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).
|
21
|
Capital Group Central Corporate Bond Fund
|
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 outside the U.S. - Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S. may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund's portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.
Investing in emerging markets -Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.
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- The 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 the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio.
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.
|
Capital Group Central Corporate Bond Fund
|
22
|
On a daily basis, the 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 the statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund's statement of assets and liabilities. The 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 the fund's statement of operations. The average month-end notional amount of futures contracts while held was $3,306,236,000.
Swap contracts- The fund has entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the fund enters into bilaterally negotiated swap transactions, the fund will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.
Upon entering into a centrally cleared swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.
On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the fund's statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the fund's statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the fund's statement of operations.
Swap agreements can take different forms. The fund has entered into the following types of swap agreements:
Credit default swap indices- The fund has entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSI"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.
The fund may enter into a CDSI transaction as either protection buyer or protection seller. If the fund is a protection buyer, it would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the fund, as a protection buyer, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As a protection seller, the fund would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the fund, coupled with the periodic payments previously received by the fund, may be less than the full notional value that the fund, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the fund. Furthermore, as a protection seller, the fund would effectively add leverage to its portfolio because it would have investment exposure to the notional amount of the swap transaction. The average month-end notional amount of credit default swaps while held was $428,918,000.
|
23
|
Capital Group Central Corporate Bond Fund
|
The following tables identify the location and fair value amounts on the fund's statement of assets and liabilities and the effect on the fund's statement of operations resulting from the fund's use of futures contracts and credit default swaps as of, or for the year ended, May 31, 2024 (dollars in thousands):
|
|
|
Assets
|
Liabilities
|
||
|
Contracts
|
Risk type
|
Location on statement of
assets and liabilities
|
Value
|
Location on statement of
assets and liabilities
|
Value
|
|
Futures
|
Interest
|
Unrealized appreciation*
|
$8,284
|
Unrealized depreciation*
|
$8,186
|
|
Swap (centrally
cleared)
|
Credit
|
Unrealized appreciation*
|
-
|
Unrealized depreciation*
|
63
|
|
|
|
|
$8,284
|
|
$8,249
|
|
|
|
Net realized gain (loss)
|
Net unrealized appreciation (depreciation)
|
||
|
Contracts
|
Risk type
|
Location on statement of operations
|
Value
|
Location on statement of operations
|
Value
|
|
Futures
|
Interest
|
Net realized gain (loss) on futures contracts
|
$(42,429
)
|
Net unrealized appreciation (depreciation)
on futures contracts
|
$(6,180
)
|
|
Swap
|
Credit
|
Net realized gain (loss) on swap contracts
|
(10,997
)
|
Net unrealized appreciation (depreciation)
on swap contracts
|
994
|
|
|
|
|
$(53,426
)
|
|
$(5,186
)
|
*
Includes cumulative appreciation/depreciation on futures contracts and centrally cleared credit default swaps as reported in the applicable tables following the fund's investment portfolio. Only current day's variation margin is reported within the fund's statement of assets and liabilities.
Collateral- The fund receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to its use of futures contracts and credit default swaps. For futures contracts and centrally cleared credit default swaps, the fund pledges 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 obligation. 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 the fund's statement of assets and liabilities.
6. Taxation and distributions
Federal income taxation- The 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 taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
As of and during the year ended May 31, 2024, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the year, the fund did not incur any significant interest or penalties.
The 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.
Non-U.S. taxation- Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The fund generally records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.
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; capital losses related to sales of certain securities within 30 days of purchase; deferred expenses; cost of investments sold; net capital losses; amortization of premiums and discounts and income on certain investments. 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 fund for financial reporting purposes.
|
Capital Group Central Corporate Bond Fund
|
24
|
As of May 31, 2024, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):
|
Undistributed ordinary income
|
$1,420
|
|
Capital loss carryforward*
|
(1,986,090
)
|
|
Gross unrealized appreciation on investments
|
57,134
|
|
Gross unrealized depreciation on investments
|
(638,138
)
|
|
Net unrealized appreciation (depreciation) on investments
|
(581,004
)
|
|
Cost of investments
|
11,567,397
|
*
The capital loss carryforward will be used to offset any capital gains realized by the fund in future years. The fund will not make distributions from capital gains while a capital loss carryforward remains.
Tax-basis distributions paid or accrued to shareholders from ordinary income were as follows (dollars in thousands):
|
|
Year ended May 31,
|
|
|
Share class
|
2024
|
2023
|
|
Class M
|
$478,409
|
$455,908
|
7. Fees and transactions with related parties
CRMC, the fund's investment adviser, is the parent company of American Funds Distributors®, Inc. ("AFD"), the distributor of the fund's shares, and American Funds Service Company® ("AFS"), the fund's transfer agent. CRMC, AFD and AFS are considered related parties to the fund.
Transfer agent services- The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to the fund. These services include recordkeeping and transaction processing.
Trustees' deferred compensation- Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees' compensation of $64,000 in the fund's statement of operations reflects $59,000 in current fees (either paid in cash or deferred) and a net increase of $5,000 in the value of the deferred amounts.
Affiliated officers and trustees- Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from the fund.
Investment in CCF- The fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund's short-term instruments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.
Security transactions with related funds- The fund may purchase investment securities from, or sell investment securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's 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. During the year ended May 31, 2024, the fund did not engage in any such purchase or sale transactions with any related funds.
Interfund lending- Pursuant to an exemptive order issued by the SEC, the fund, 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 fund did not lend or borrow cash through the interfund lending program at any time during the year ended May 31, 2024.
|
25
|
Capital Group Central Corporate Bond Fund
|
8. Indemnifications
The fund's organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to the fund's board members and officers.
9. Capital share transactions
Capital share transactions in the fund were as follows (dollars and shares in thousands):
|
|
Sales
|
Reinvestments of
distributions
|
Repurchases
|
Net increase
(decrease)
|
||||
|
Share class
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
|
Year ended May 31, 2024
|
||||||||
|
Class M
|
$1,688,628
|
205,902
|
$478,359
|
58,295
|
$(2,538,922
)
|
(311,107
)
|
$(371,935
)
|
(46,910
)
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
Year ended May 31, 2023
|
||||||||
|
Class M
|
$926,384
|
112,604
|
$455,908
|
55,026
|
$(3,507,315
)
|
(424,580
)
|
$(2,125,023
)
|
(256,950
)
|
10. Investment transactions
The fund engaged in purchases and sales of investment securities, excluding short-term securities and U.S. government obligations,
if any, of $7,730,119,000 and $7,749,689,000, respectively, during the year ended May 31, 2024.
if any, of $7,730,119,000 and $7,749,689,000, respectively, during the year ended May 31, 2024.
|
Capital Group Central Corporate Bond Fund
|
26
|
Financial highlights
|
|
|
Income (loss) from
investment operations1
|
Dividends and distributions
|
|
|
|
|
|
||||
|
Year ended
|
Net asset
value,
beginning
of year
|
Net
investment
income
(loss)
|
Net gains
(losses) on
securities
(both
realized and
unrealized)
|
Total from
investment
operations
|
Dividends
(from net
investment
income)
|
Distributions
(from capital
gains)
|
Total
dividends
and
distributions
|
Net asset
value, end
of year
|
Total return
|
Net assets,
end of year
(in millions)
|
Ratio of
expenses to
average
net assets2
|
Ratio of
net income
(loss) to
average
net assets
|
|
|
||||||||||||
|
Class M:
|
||||||||||||
|
5/31/2024
|
$8.29
|
$.36
|
$(.06
)
|
$.30
|
$(.35
)
|
$-
|
$(.35
)
|
$8.24
|
3.74
%
|
$11,049
|
-
%3
|
4.42
%
|
|
5/31/2023
|
8.69
|
.29
|
(.40
)
|
(.11
)
|
(.29
)
|
-
|
(.29
)
|
8.29
|
(1.23
)
|
11,514
|
-
3
|
3.54
|
|
5/31/2022
|
10.00
|
.25
|
(1.23
)
|
(.98
)
|
(.24
)
|
(.09
)
|
(.33
)
|
8.69
|
(10.08
)
|
14,294
|
-
3
|
2.57
|
|
5/31/20214,5
|
10.00
|
-
6
|
-
|
-
6
|
-
|
-
|
-
|
10.00
|
.00
|
-
7
|
-
|
-
3,8
|
|
|
Year ended May 31,
|
|||
|
2024
|
2023
|
2022
|
20214,5
|
|
|
Portfolio turnover rate for all share classes9
|
151
%
|
132
%
|
94
%
|
-
%10
|
|
1
|
Based on average shares outstanding.
|
|
2
|
Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds.
|
|
3
|
Amount less than .01%.
|
|
4
|
Based on operations for a period that is less than a full year.
|
|
5
|
Class M shares began investment operations on April 23, 2021.
|
|
6
|
Amount less than $.01.
|
|
7
|
Amount less than $1 million.
|
|
8
|
Not annualized.
|
|
9
|
Rates do not include the fund's portfolio activity with respect to any Central Funds.
|
|
10
|
There was no turnover.
|
Refer to the notes to financial statements.
|
27
|
Capital Group Central Corporate Bond Fund
|
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Capital Group Central Fund Series II and Shareholders of Capital Group Central Corporate Bond Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the investment portfolio, of Capital Group Central Corporate Bond Fund (constituting Capital Group Central Fund Series II, referred to hereafter as the "Fund") as of May 31, 2024, the related statement of operations for the year ended May 31, 2024, the statements of changes in net assets for each of the two years in the period ended May 31, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2024 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2024, by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Los Angeles, California
July 15, 2024
We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.
|
Capital Group Central Corporate Bond Fund
|
28
|
Tax informationunaudited
We are required to advise you of the federal tax status of certain distributions received by shareholders during the fiscal year. The fund hereby designates the following amounts for the fund's fiscal year ended May 31, 2024:
|
Qualified dividend income
|
$1,289,000
|
|
Section 163(j) interest dividends
|
100%
|
|
U.S. government income that may be exempt from state taxation
|
$48,625,000
|
Individual shareholders should refer to their Form 1099 or other tax information, which will be mailed in January 2025, to determine the calendar year amounts to be included on their 2024 tax returns. Shareholders should consult their tax advisors.
|
29
|
Capital Group Central Corporate Bond Fund
|
Changes in and disagreements with accountants
Not applicable
Matters submitted for shareholder vote
Not applicable
Remuneration paid to directors, officers and others
Refer to information in the financial statements.
|
Capital Group Central Corporate Bond Fund
|
30
|
Approval of Investment Advisory and Service Agreement
The fund's board has approved the continuation of the fund's Investment Advisory and Service Agreement (the "agreement") with Capital Research and Management Company ("CRMC") for an additional one-year term through April 30, 2025. The board approved the agreement following the recommendation of the fund's Contracts Committee (the "committee"), which is composed of all the fund's independent board members. The board and the committee determined in the exercise of their business judgment that approving the agreement was in the best interests of the 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.
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 the 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 fund under the agreement and other agreements. The board and the committee considered the risks assumed by CRMC in providing services to the fund, 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 fund and its shareholders.
2. Investment results
The board and the committee considered the investment results of the fund in light of its objective. They compared the 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 the fund is included) and data such as publicly disclosed benchmarks, including applicable market and fund indexes over various periods (including the fund's lifetime) through September 30, 2023 while recognizing the fund's short operational history. 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 the fund's investment results have been satisfactory for renewal of the agreement, and that CRMC's record in managing the fund indicated that its continued management should benefit the fund and its shareholders.
3. Advisory fees and total expenses
The board and the committee noted that the fund is a centralized vehicle that allows other funds advised by CRMC and its affiliates to gain investment grade bond exposure, and as such the fund does not pay an advisory fee. They considered the limited other expenses borne by the fund and concluded that those expenses were fair and reasonable in relation to the services provided, and that the fund's shareholders receive reasonable value in return for amounts paid by the fund.
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 fund and the American Funds 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 the fund to facilitate payment 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 other amounts paid by the fund.
|
31
|
Capital Group Central Corporate Bond Fund
|
5. Adviser financial information
The board and the committee reviewed information regarding CRMC's costs of providing services to the fund, 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 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 the fund's expense structure reflected a reasonable sharing of benefits between CRMC and the fund's shareholders.
|
Capital Group Central Corporate Bond Fund
|
32
|
ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable, insofar as the Registrant did not have any changes in or disagreements with accountants.
ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies
Not applicable, insofar as the Registrant did not have any proxy disclosures.
ITEM 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is included as part of the material filed under Item 7 of this Form.
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.
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. While the committee normally is able to identify from its own 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
Not applicable.
ITEM 19 - Exhibits
(a)(1) Code of Ethics - See Item 2
(a)(2) The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 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 Central Fund Series II
By /s/ Kristine M. Nishiyama
Kristine M. Nishiyama,
Principal Executive Officer
Date: July 31, 2024
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 31, 2024
By /s/ Becky L. Park
Becky L. Park, Treasurer and
Principal Financial Officer
Date: July 31, 2024