N-CSRS 1 ccbf_ncsrs.htm N-CSRS

 

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

(Address of Principal Executive Offices)

 

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

 

Date of fiscal year end: May 31

 

Date of reporting period: November 30, 2023

 

Becky L. Park

Capital Group Central Fund Series II

6455 Irvine Center Drive

Irvine, California 92618

(Name and Address of Agent for Service)

 
 

 

ITEM 1 – Reports to Stockholders

 

 

Capital Group
Central Corporate Bond Fund

 

Semi-annual report
for the six months ended
November 30, 2023

 

 

A research-driven
fund seeking total
return with an eye
toward risk

 

The Securities and Exchange Commission has adopted new regulations that will change the content and design of annual and semi-annual shareholder reports beginning in July 2024. Certain types of information, including investment portfolio and financial statements, will not be included in the shareholder reports but will be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR.

 

If you would like to receive shareholder reports and other communications from the fund electronically, you may update your mailing preferences with your financial intermediary or enroll in e-delivery at capitalgroup.com (for accounts held directly with the fund).

 

 

Capital Group Central Corporate Bond Fund seeks to provide maximum total return consistent with capital preservation and prudent risk management.

 

Shares of the fund are restricted securities and cannot be transferred or resold without registration under the Securities Act of 1933, as amended (“1933 Act”), or an exemption from registration under the 1933 Act. This report does not constitute an offer to sell, or the solicitation of an offer to buy, any shares of the fund.

 

This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

 

Fund results shown in this report, unless otherwise indicated, are past results for Class M shares and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, refer to capitalgroup.com.

 

Here are total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2023 (the most recent calendar quarter-end):

 

   Cumulative total return  Average annual total return
   1 year  Lifetime (since 4/23/21)
       
Class M shares  8.25%  –2.63%

 

The fund’s 30-day yield for Class M shares as of November 30, 2023, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula, was 5.61%.

 

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Investing in bonds issued outside the U.S. may be subject to additional risks. They include currency fluctuations, political and social instability, differing securities regulations and accounting standards, higher transaction costs, possible changes in taxation, illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

 

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

 

Fellow investors:

 

Results for Capital Group Central Corporate Bond Fund for the periods ended November 30, 2023, are shown in the table below, as well as results of the fund’s primary benchmark. This fund is currently not available for public sale.

 

You can access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

 

Contents

 

1 Results at a glance
   
2 Investment portfolio
   
19 Financial statements
   
21 Notes to financial statements
   
30 Financial highlights

 

Results at a glance

 

For periods ended November 30, 2023, with all distributions reinvested

 

   Cumulative
total returns		  Average annual total returns
   6 months  1 year  Lifetime (since
inception on 4/23/21)
                
Capital Group Central Corporate Bond Fund (Class M shares)   0.63%   3.35%   –4.22%   
Bloomberg U.S. Corporate Investment Grade Index*   1.19    3.55    –4.10 

 

Past results are not predictive of results in future periods.

 

* Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. There have been periods when the fund has lagged the index.

 

Capital Group Central Corporate Bond Fund 1
 
Investment portfolio November 30, 2023 unaudited
   
Sector diversification Percent of net assets

 

 

Portfolio quality summary*  Percent of
net assets
U.S. Treasury bonds & notes†   7.72%
AAA/Aaa   1.20 
AA/Aa   11.52 
A/A   41.55 
BBB/Baa   34.40 
Short-term securities & other assets less liabilities   3.61 
   
* Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies.
†  These securities are guaranteed by the full faith and credit of the U.S. government.
   
Bonds, notes & other debt instruments 96.39%  Principal amount
(000)		   Value
(000)		 
Corporate bonds, notes & loans 87.61%          
Financials 24.11%          
AerCap Ireland Capital DAC 2.45% 10/29/2026  USD23,564   $21,476 
AerCap Ireland Capital DAC 3.30% 1/30/2032   25,809    21,404 
AerCap Ireland Capital DAC 3.40% 10/29/2033   9,311    7,538 
AerCap Ireland Capital DAC 3.85% 10/29/2041   14,177    10,594 
AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028)1,2   8,269    8,437 
American Express Co. 1.65% 11/4/2026   29,158    26,436 
American Express Co. 2.55% 3/4/2027   4,360    4,013 
American Express Co. 4.05% 5/3/2029   10,617    10,186 
American International Group, Inc. 5.125% 3/27/2033   14,360    13,969 
American International Group, Inc. 4.375% 6/30/2050   16,675    13,581 
Aon Corp. 5.35% 2/28/2033   8,516    8,473 
Aon Corp. 3.90% 2/28/2052   16,284    12,259 
Arthur J. Gallagher & Co. 3.50% 5/20/2051   3,452    2,374 
Bank of America Corp. 2.456% 10/22/2025 (3-month USD CME Term SOFR + 1.132% on 10/22/2024)2   22,781    22,062 
Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028)2   61,701    60,781 
Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028)2   24,739    24,972 
Bank of America Corp. 1.898% 7/23/2031 (USD-SOFR + 1.53% on 7/23/2030)2   87,667    68,879 
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)2   1,595    1,248 
Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033)2   20,004    19,240 
Bank of America Corp. 5.872% 9/15/2034 (USD-SOFR + 1.84% on 9/15/2033)2   68,935    69,195 
Bank of New York Mellon Corp. 5.802% 10/25/2028 (USD-SOFR + 1.802% on 10/25/2027)2   15,571    15,840 
Bank of New York Mellon Corp. 5.834% 10/25/2033 (USD-SOFR + 2.074% on 10/25/2032)2   11,259    11,474 
Bank of Nova Scotia (The) 4.75% 2/2/2026   23,326    23,025 
Barclays PLC 6.224% 5/9/2034 (USD-SOFR + 2.98% on 5/9/2033)2   30,300    29,790 
Barclays PLC 6.692% 9/13/2034 (USD-SOFR + 2.62% on 9/13/2033)2   13,534    13,796 
Berkshire Hathaway Finance Corp. 4.20% 8/15/2048   18,200    15,660 
Berkshire Hathaway Finance Corp. 3.85% 3/15/2052   8,398    6,575 
BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)1,2   5,795    5,260 
   
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)          
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)1,2  USD5,000   $4,233 
BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)1,2   30,575    28,072 
BPCE SA 2.045% 10/19/2027 (USD-SOFR + 1.087% on 10/19/2026)1,2   7,069    6,307 
BPCE SA 6.612% 10/19/2027 (USD-SOFR + 1.98% on 10/19/2026)1,2   17,550    17,785 
BPCE SA 2.277% 1/20/2032 (USD-SOFR + 1.312% on 1/20/2031)1,2   39,368    30,198 
BPCE SA 5.748% 7/19/2033 (USD-SOFR + 2.865% on 7/19/2032)1,2   3,917    3,743 
BPCE SA 7.003% 10/19/2034 (USD-SOFR + 2.59% on 10/19/2033)1,2   1,500    1,547 
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)1,2   18,989    18,893 
CaixaBank, SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033)1,2   8,070    8,120 
Chubb INA Holdings, Inc. 3.35% 5/3/2026   8,585    8,282 
Chubb INA Holdings, Inc. 4.35% 11/3/2045   400    347 
Citigroup, Inc. 3.352% 4/24/2025 (3-month USD CME Term SOFR + 1.158% on 4/24/2024)2   3,920    3,878 
Citigroup, Inc. 0.981% 5/1/2025 (USD-SOFR + 0.669% on 5/1/2024)2   10,269    10,038 
Citigroup, Inc. 1.281% 11/3/2025 (USD-SOFR + 0.528% on 11/3/2024)2   11,250    10,743 
Citigroup, Inc. 2.014% 1/25/2026 (USD-SOFR + 0.694% on 1/25/2025)2   11,432    10,899 
Citigroup, Inc. 2.976% 11/5/2030 (USD-SOFR + 1.422% on 11/5/2029)2   5,000    4,327 
Citigroup, Inc. 2.572% 6/3/2031 (USD-SOFR + 2.107% on 6/3/2030)2   27,283    22,538 
Citigroup, Inc. 2.561% 5/1/2032 (USD-SOFR + 1.167% on 5/1/2031)2   13,071    10,519 
Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031)2   11,568    9,162 
Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032)2   23,670    20,491 
Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)2   18,910    19,510 
Cooperatieve Rabobank UA 2.625% 7/22/20241   4,450    4,362 
Corebridge Financial, Inc. 3.90% 4/5/2032   37,593    32,935 
Corebridge Financial, Inc. 4.35% 4/5/2042   5,006    4,022 
Corebridge Financial, Inc. 4.40% 4/5/2052   13,246    10,342 
Crédit Agricole SA 4.375% 3/17/20251   6,115    5,959 
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)1,2   15,850    15,034 
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)2   21,982    19,654 
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)2   17,979    16,077 
Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028)2   24,458    24,904 
Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028)2   6,675    6,802 
Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)2   450    377 
Deutsche Bank AG 3.035% 5/28/2032 (USD-SOFR + 1.718% on 5/28/2031)2   1,827    1,451 
Discover Financial Services 6.70% 11/29/2032   1,432    1,422 
DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)1,2   700    629 
Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028)2   11,835    11,955 
Five Corners Funding Trust III 5.791% 2/15/20331   7,730    7,868 
Global Payments, Inc. 2.90% 11/15/2031   9,667    7,951 
Goldman Sachs Group, Inc. 3.50% 4/1/2025   33,751    32,785 
Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)2   10,479    9,414 
Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027)2   12,763    12,013 
Goldman Sachs Group, Inc. 6.484% 10/24/2029 (USD-SOFR + 1.77% on 10/24/2028)2   16,395    16,978 
Goldman Sachs Group, Inc. 2.60% 2/7/2030   6,239    5,290 
Goldman Sachs Group, Inc. 1.992% 1/27/2032 (USD-SOFR + 1.09% on 1/27/2031)2   35,461    27,515 
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)2   13,433    11,081 
Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041)2   20,000    13,707 
HSBC Holdings PLC 2.251% 11/22/2027 (USD-SOFR + 1.10% on 11/22/2026)2   11,472    10,384 
HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027)2   27,714    26,820 
HSBC Holdings PLC 7.39% 11/03/2028 (USD-SOFR + 7.39% on 11/3/2027)2   12,675    13,391 
HSBC Holdings PLC 4.583% 6/19/2029 (3-month USD CME Term SOFR + 1.796% on 6/19/2028)2   1,420    1,352 
HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028)2   55,575    47,196 
HSBC Holdings PLC 3.973% 5/22/2030 (3-month USD CME Term SOFR + 1.872% on 5/22/2029)2   12,600    11,457 
HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)2   6,479    5,205 
HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)2   7,367    5,876 
HSBC Holdings PLC 6.254% 3/9/2034 (USD-SOFR + 2.39% on 3/9/2033)2   5,000    5,095 
HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043)2   21,590    21,948 
Huntington Bancshares, Inc. 6.208% 8/21/2029 (USD-SOFR + 2.02% on 8/21/2028)2   23,030    23,080 
Intercontinental Exchange, Inc. 4.60% 3/15/2033   7,402    7,048 
Intercontinental Exchange, Inc. 4.95% 6/15/2052   17,410    16,140 
Intercontinental Exchange, Inc. 3.00% 9/15/2060   4,790    2,950 
JPMorgan Chase & Co. 3.875% 9/10/2024   10,000    9,858 
   
Capital Group Central Corporate Bond Fund 3
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Corporate bonds, notes & loans (continued)          
Financials (continued)          
JPMorgan Chase & Co. 4.023% 12/5/2024 (3-month USD CME Term SOFR + 1.262% on 12/5/2023)2  USD7,560   $7,560 
JPMorgan Chase & Co. 2.301% 10/15/2025 (USD-SOFR + 1.16% on 10/15/2024)2   10,783    10,457 
JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)2   14,932    14,259 
JPMorgan Chase & Co. 2.005% 3/13/2026 (USD-SOFR + 1.585% on 3/13/2025)2   1,610    1,534 
JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)2   4,468    4,372 
JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026)2   18,746    17,006 
JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)2   7,500    6,830 
JPMorgan Chase & Co. 5.299% 7/24/2029 (USD-SOFR + 1.45% on 7/24/2028)2   5,000    4,986 
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)2   65,944    51,863 
JPMorgan Chase & Co. 2.58% 4/22/2032 (USD-SOFR + 1.25% on 4/22/2031)2   18,881    15,438 
JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031)2   3,245    2,610 
JPMorgan Chase & Co. 5.35% 6/1/2034 (USD-SOFR + 1.845% on 6/1/2033)2   46,869    45,788 
JPMorgan Chase & Co. 6.254% 10/23/2034 (USD-SOFR + 1.81% on 10/23/2033)2   7,327    7,656 
JPMorgan Chase & Co. 3.328% 4/22/2052 (USD-SOFR + 1.58% on 4/22/2051)2   4,110    2,865 
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   9,400    9,334 
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    17,782 
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    4,018 
Lloyds Banking Group PLC 5.985% 8/7/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.48% on 8/7/2026)2   29,500    29,584 
Lloyds Banking Group PLC 5.871% 3/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 3/6/2028)2   685    687 
Marsh & McLennan Companies, Inc. 3.875% 3/15/2024   7,500    7,459 
Marsh & McLennan Companies, Inc. 2.25% 11/15/2030   6,708    5,587 
Marsh & McLennan Companies, Inc. 5.40% 9/15/2033   13,230    13,493 
Marsh & McLennan Companies, Inc. 2.90% 12/15/2051   1,777    1,113 
Marsh & McLennan Companies, Inc. 5.70% 9/15/2053   9,439    9,625 
MetLife, Inc. 5.375% 7/15/2033   24,157    24,078 
Metropolitan Life Global Funding I 0.95% 7/2/20251   3,632    3,391 
Metropolitan Life Global Funding I 5.05% 1/6/20281   6,669    6,610 
Metropolitan Life Global Funding I 2.95% 4/9/20301   778    671 
Metropolitan Life Global Funding I 1.55% 1/7/20311   25,721    19,736 
Metropolitan Life Global Funding I 5.15% 3/28/20331   2,940    2,873 
Mitsubishi UFJ Financial Group, Inc. 2.309% 7/20/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.95% on 7/20/2031)2   398    318 
Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032)2   7,692    7,513 
Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.65% on 7/6/2028)2   37,319    37,741 
Morgan Stanley 2.72% 7/22/2025 (USD-SOFR + 1.152% on 7/22/2024)2   18,080    17,706 
Morgan Stanley 3.875% 1/27/2026   7,796    7,576 
Morgan Stanley 2.63% 2/18/2026 (USD-SOFR + 0.94% on 2/18/2025)2   5,045    4,847 
Morgan Stanley 2.188% 4/28/2026 (USD-SOFR + 1.99% on 4/28/2025)2   44,269    42,102 
Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)2   22,288    20,212 
Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)2   6,475    6,376 
Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)2   25,584    25,169 
Morgan Stanley 6.407% 11/1/2029 (USD-SOFR + 1.83% on 11/1/2028)2   12,872    13,333 
Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031)2   86,434    66,258 
Morgan Stanley 1.928% 4/28/2032 (USD-SOFR + 1.02% on 4/28/2031)2   19,222    14,780 
Morgan Stanley 2.239% 7/21/2032 (USD-SOFR + 1.178% on 7/21/2031)2   11,428    8,941 
Morgan Stanley 2.511% 10/20/2032 (USD-SOFR + 1.20% on 10/20/2031)2   5,571    4,421 
Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)2   7,215    6,761 
Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033)2   19,150    18,580 
Morgan Stanley 6.627% 11/1/2034 (USD-SOFR + 2.05% on 11/1/2033)2   15,820    16,767 
Nasdaq, Inc. 5.35% 6/28/2028   11,657    11,716 
Nasdaq, Inc. 5.55% 2/15/2034   17,730    17,728 
Nasdaq, Inc. 5.95% 8/15/2053   7,302    7,403 
Nasdaq, Inc. 6.10% 6/28/2063   6,339    6,464 
National Rural Utilities Cooperative Finance Corp. 3.25% 11/1/2025   715    688 
National Rural Utilities Cooperative Finance Corp. 3.05% 4/25/2027   2,500    2,332 
New York Life Global Funding 2.35% 7/14/20261   4,760    4,427 
New York Life Global Funding 4.90% 6/13/20281   15,380    15,213 
New York Life Global Funding 1.20% 8/7/20301   13,997    10,851 
New York Life Global Funding 4.55% 1/28/20331   11,533    10,991 
   
Capital Group Central Corporate Bond Fund 4
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Corporate bonds, notes & loans (continued)          
Financials (continued)          
New York Life Insurance Co. 3.75% 5/15/20501  USD1,209   $883 
Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/20281   9,220    9,097 
PayPal Holdings, Inc. 5.05% 6/1/2052   9,314    8,935 
PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028)2   27,107    26,927 
PNC Financial Services Group, Inc. 6.037% 10/28/2033 (USD-SOFR + 2.14% on 10/28/2032)2   25,835    25,867 
PNC Financial Services Group, Inc. 5.939% 8/18/2034 (USD-SOFR + 1.946% on 8/18/2033)2   1,204    1,200 
PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033)2   18,225    19,358 
Prudential Financial, Inc. 3.878% 3/27/2028   325    311 
Prudential Financial, Inc. 4.35% 2/25/2050   15,900    12,918 
Prudential Financial, Inc. 3.70% 3/13/2051   7,435    5,465 
Royal Bank of Canada 5.00% 2/1/2033   24,720    23,824 
State Street Corp. 4.821% 1/26/2034 (USD-SOFR + 1.567% on 1/26/2033)2   2,000    1,880 
State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033)2   9,388    9,056 
Sumitomo Mitsui Financial Group, Inc. 5.88% 7/13/2026   18,475    18,660 
Sumitomo Mitsui Financial Group, Inc. 5.80% 7/13/2028   6,207    6,303 
Sumitomo Mitsui Financial Group, Inc. 5.776% 7/13/2033   10,601    10,789 
Sumitomo Mitsui Financial Group, Inc. 5.808% 9/14/2033   16,680    16,972 
Toronto-Dominion Bank (The) 1.15% 6/12/2025   4,000    3,751 
Toronto-Dominion Bank (The) 5.523% 7/17/2028   30,640    30,888 
Travelers Companies, Inc. 4.00% 5/30/2047   6,385    5,152 
Travelers Companies, Inc. 4.05% 3/7/2048   2,753    2,225 
Travelers Companies, Inc. 2.55% 4/27/2050   859    521 
Travelers Companies, Inc. 5.45% 5/25/2053   6,021    6,016 
Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028)2   8,657    9,054 
Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033)2   5,999    5,844 
U.S. Bancorp 3.70% 1/30/2024   2,500    2,489 
U.S. Bancorp 2.40% 7/30/2024   1,000    978 
U.S. Bancorp 2.215% 1/27/2028 (USD-SOFR + 0.73% on 1/27/2027)2   40,604    36,610 
U.S. Bancorp 4.653% 2/1/2029 (USD-SOFR + 1.23% on 2/1/2028)2   23,148    22,218 
U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033)2   3,225    2,955 
U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033)2   16,496    16,251 
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    7,409 
UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)1,2   1,498    1,356 
UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)1,2   4,131    3,671 
UBS Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)1,2,3   10,964    10,101 
UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)1,2   10,300    8,413 
UBS Group AG 6.301% 9/22/2034 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.00% on 9/22/2033)1,2   3,160    3,192 
Wells Fargo & Co. 2.406% 10/30/2025 (3-month USD CME Term SOFR + 1.087% on 10/30/2024)2   38,139    36,903 
Wells Fargo & Co. 3.00% 4/22/2026   14,293    13,526 
Wells Fargo & Co. 3.196% 6/17/2027 (3-month USD CME Term SOFR + 1.432% on 6/17/2026)2   6,950    6,553 
Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033)2   16,820    16,188 
Wells Fargo & Co. 5.557% 7/25/2034 (USD-SOFR + 1.99% on 7/25/2033)2   7,926    7,725 
Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033)2   52,385    54,734 
Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)2   61,629    51,659 
         2,627,802 
           
Utilities 15.25%          
AEP Texas, Inc. 3.45% 5/15/2051   9,168    6,112 
AEP Transmission Co., LLC 3.65% 4/1/2050   1,735    1,257 
AEP Transmission Co., LLC 2.75% 8/15/2051   16,250    9,744 
Alabama Power Co. 5.85% 11/15/2033   4,100    4,237 
Ameren Corp. 2.50% 9/15/2024   7,615    7,421 
Ameren Corp. 1.75% 3/15/2028   7,540    6,495 
American Electric Power Co., Inc. 1.00% 11/1/2025   614    563 
American Transmission Systems, Inc. 2.65% 1/15/20321   20,450    16,594 
Atlantic City Electric Co. 2.30% 3/15/2031   2,175    1,772 
Berkshire Hathaway Energy Co. 4.60% 5/1/2053   1,787    1,463 
CenterPoint Energy Houston Electric, LLC 5.30% 4/1/2053   2,050    2,002 
   
Capital Group Central Corporate Bond Fund 5
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Corporate bonds, notes & loans (continued)          
Utilities (continued)          
CenterPoint Energy, Inc. 2.95% 3/1/2030  USD5,450   $4,686 
CenterPoint Energy, Inc. 2.65% 6/1/2031   14,497    11,890 
Cleveland Electric Illuminating Co. (The) 3.50% 4/1/20281   7,637    7,036 
Cleveland Electric Illuminating Co. (The) 4.55% 11/15/20301   27,195    25,152 
CMS Energy Corp. 3.00% 5/15/2026   10,303    9,726 
Commonwealth Edison Co. 2.95% 8/15/2027   5,000    4,632 
Commonwealth Edison Co. 3.125% 3/15/2051   2,000    1,320 
Connecticut Light and Power Co. (The) 3.20% 3/15/2027   1,143    1,081 
Connecticut Light and Power Co. (The) 2.05% 7/1/2031   13,568    10,864 
Consumers Energy Co. 3.80% 11/15/2028   12,103    11,400 
Consumers Energy Co. 4.90% 2/15/2029   17,976    17,880 
Consumers Energy Co. 3.60% 8/15/2032   8,125    7,221 
Consumers Energy Co. 4.625% 5/15/2033   28,837    27,570 
Dominion Energy, Inc. 3.30% 3/15/2025   6,227    6,049 
Dominion Energy, Inc. 3.375% 4/1/2030   11,614    10,334 
DTE Electric Co. 3.70% 3/15/2045   657    500 
DTE Energy Co. 2.25% 3/1/2030   7,051    5,954 
Duke Energy Carolinas, LLC 2.45% 8/15/2029   27,049    23,456 
Duke Energy Carolinas, LLC 2.55% 4/15/2031   3,362    2,806 
Duke Energy Carolinas, LLC 3.70% 12/1/2047   777    569 
Duke Energy Carolinas, LLC 3.20% 8/15/2049   1,943    1,304 
Duke Energy Carolinas, LLC 5.35% 1/15/2053   12,525    11,888 
Duke Energy Corp. 3.75% 4/15/2024   3,487    3,464 
Duke Energy Corp. 3.50% 6/15/2051   250    170 
Duke Energy Corp. 5.00% 8/15/2052   4,223    3,682 
Duke Energy Florida, LLC 3.20% 1/15/2027   10,387    9,847 
Duke Energy Florida, LLC 2.50% 12/1/2029   10,308    8,949 
Duke Energy Florida, LLC 1.75% 6/15/2030   12,027    9,711 
Duke Energy Florida, LLC 5.95% 11/15/2052   6,839    7,030 
Duke Energy Progress, LLC 3.45% 3/15/2029   10,000    9,284 
Duke Energy Progress, LLC 2.00% 8/15/2031   7,802    6,194 
Duke Energy Progress, LLC 2.50% 8/15/2050   6,250    3,569 
Duke Energy Progress, LLC 2.90% 8/15/2051   13,825    8,542 
Edison International 3.55% 11/15/2024   5,000    4,884 
Edison International 4.95% 4/15/2025   2,225    2,195 
Edison International 4.125% 3/15/2028   36,809    34,620 
Edison International 6.95% 11/15/2029   7,181    7,606 
Electricité de France SA 4.75% 10/13/20351   3,900    3,467 
Electricité de France SA 6.90% 5/23/20531   3,800    3,925 
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    27,372 
Emera US Finance, LP 0.833% 6/15/2024   6,250    6,052 
Emera US Finance, LP 2.639% 6/15/2031   27,375    21,621 
Entergy Corp. 2.80% 6/15/2030   4,997    4,250 
Entergy Corp. 2.40% 6/15/2031   32,675    26,200 
Entergy Corp. 3.75% 6/15/2050   1,675    1,171 
Entergy Louisiana, LLC 2.40% 10/1/2026   3,288    3,032 
Entergy Louisiana, LLC 3.12% 9/1/2027   5,975    5,556 
Entergy Louisiana, LLC 1.60% 12/15/2030   5,600    4,326 
Entergy Louisiana, LLC 4.20% 9/1/2048   1,300    1,020 
Entergy Louisiana, LLC 2.90% 3/15/2051   746    459 
Entergy Texas, Inc. 1.75% 3/15/2031   11,696    9,118 
Eversource Energy 3.15% 1/15/2025   3,265    3,175 
FirstEnergy Corp. 1.60% 1/15/2026   600    553 
FirstEnergy Corp. 3.40% 3/1/2050   10,233    6,744 
FirstEnergy Transmission, LLC 4.35% 1/15/20251   1,574    1,549 
FirstEnergy Transmission, LLC 2.866% 9/15/20281   20,000    17,702 
Florida Power & Light Co. 3.30% 5/30/2027   8,557    8,054 
Florida Power & Light Co. 5.05% 4/1/2028   13,225    13,258 
Florida Power & Light Co. 5.10% 4/1/2033   17,325    17,201 
Florida Power & Light Co. 4.80% 5/15/2033   12,006    11,649 
Florida Power & Light Co. 2.875% 12/4/2051   52,425    33,497 
Florida Power & Light Co. 5.30% 4/1/2053   4,377    4,266 
Georgia Power Co. 4.95% 5/17/2033   18,515    17,929 
Jersey Central Power & Light Co. 4.30% 1/15/20261   2,872    2,785 
Jersey Central Power & Light Co. 2.75% 3/1/20321   29,125    23,590 
MidAmerican Energy Co. 3.10% 5/1/2027   21,335    20,050 
   
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)          
MidAmerican Energy Co. 3.65% 4/15/2029  USD2,300   $2,141 
MidAmerican Energy Co. 3.15% 4/15/2050   1,139    758 
MidAmerican Energy Co. 5.85% 9/15/2054   17,025    17,446 
Mid-Atlantic Interstate Transmission, LLC 4.10% 5/15/20281   25,775    24,410 
Mississippi Power Co. 3.95% 3/30/2028   814    771 
NiSource, Inc. 5.40% 6/30/2033   6,200    6,144 
Northern States Power Co. 2.25% 4/1/2031   5,000    4,103 
Northern States Power Co. 2.90% 3/1/2050   1,282    819 
Northern States Power Co. 2.60% 6/1/2051   17,623    10,477 
Northern States Power Co. 3.20% 4/1/2052   2,051    1,368 
Northern States Power Co. 4.50% 6/1/2052   1,028    872 
Oncor Electric Delivery Co., LLC 0.55% 10/1/2025   14,490    13,305 
Oncor Electric Delivery Co., LLC 4.55% 9/15/2032   8,795    8,321 
Oncor Electric Delivery Co., LLC 5.65% 11/15/20331   12,475    12,813 
Oncor Electric Delivery Co., LLC 2.70% 11/15/2051   8,150    4,834 
Pacific Gas and Electric Co. 3.40% 8/15/2024   1,554    1,523 
Pacific Gas and Electric Co. 3.15% 1/1/2026   8,749    8,247 
Pacific Gas and Electric Co. 2.95% 3/1/2026   16,719    15,615 
Pacific Gas and Electric Co. 3.30% 3/15/2027   18,750    17,162 
Pacific Gas and Electric Co. 2.10% 8/1/2027   56,741    50,086 
Pacific Gas and Electric Co. 3.30% 12/1/2027   1,065    968 
Pacific Gas and Electric Co. 3.00% 6/15/2028   6,291    5,559 
Pacific Gas and Electric Co. 4.65% 8/1/2028   12,186    11,395 
Pacific Gas and Electric Co. 4.55% 7/1/2030   12,177    11,192 
Pacific Gas and Electric Co. 2.50% 2/1/2031   173,574    138,345 
Pacific Gas and Electric Co. 3.25% 6/1/2031   1,750    1,455 
Pacific Gas and Electric Co. 4.40% 3/1/2032   3,082    2,717 
Pacific Gas and Electric Co. 5.90% 6/15/2032   951    930 
Pacific Gas and Electric Co. 6.15% 1/15/2033   4,140    4,127 
Pacific Gas and Electric Co. 6.40% 6/15/2033   16,903    17,116 
Pacific Gas and Electric Co. 3.30% 8/1/2040   30,739    21,035 
Pacific Gas and Electric Co. 4.20% 6/1/2041   13,143    9,750 
Pacific Gas and Electric Co. 4.95% 7/1/2050   2,948    2,349 
Pacific Gas and Electric Co. 3.50% 8/1/2050   35,674    22,511 
Pennsylvania Electric Co. 3.25% 3/15/20281   3,000    2,740 
Progress Energy, Inc. 7.00% 10/30/2031   6,700    7,331 
Public Service Company of Colorado 3.70% 6/15/2028   1,437    1,352 
Public Service Company of Colorado 1.90% 1/15/2031   7,599    6,047 
Public Service Company of Colorado 1.875% 6/15/2031   8,433    6,664 
Public Service Company of Colorado 4.10% 6/15/2048   1,945    1,489 
Public Service Company of Colorado 3.20% 3/1/2050   5,016    3,294 
Public Service Company of Colorado 2.70% 1/15/2051   11,227    6,575 
Public Service Company of Colorado 4.50% 6/1/2052   2,797    2,262 
Public Service Company of Colorado 5.25% 4/1/2053   15,041    13,892 
Public Service Electric and Gas Co. 3.05% 11/15/2024   10,065    9,836 
Public Service Electric and Gas Co. 0.95% 3/15/2026   12,660    11,572 
Public Service Electric and Gas Co. 3.65% 9/1/2028   5,838    5,512 
Public Service Electric and Gas Co. 3.20% 5/15/2029   11,867    10,804 
Public Service Electric and Gas Co. 2.45% 1/15/2030   5,664    4,834 
Public Service Electric and Gas Co. 5.20% 8/1/2033   6,650    6,673 
Public Service Electric and Gas Co. 3.85% 5/1/2049   6,758    5,230 
Public Service Electric and Gas Co. 2.70% 5/1/2050   649    400 
Public Service Electric and Gas Co. 2.05% 8/1/2050   15,458    8,273 
Public Service Electric and Gas Co. 5.125% 3/15/2053   5,868    5,607 
Public Service Electric and Gas Co. 5.45% 8/1/2053   3,225    3,199 
Puget Energy, Inc. 3.65% 5/15/2025   8,500    8,217 
San Diego Gas & Electric Co. 4.95% 8/15/2028   10,000    9,969 
San Diego Gas & Electric Co. 1.70% 10/1/2030   1,343    1,075 
Southern California Edison Co. 1.10% 4/1/2024   3,535    3,478 
Southern California Edison Co. 0.975% 8/1/2024   24,760    23,929 
Southern California Edison Co. 1.20% 2/1/2026   14,929    13,693 
Southern California Edison Co. 4.70% 6/1/2027   27,639    27,193 
Southern California Edison Co. 5.85% 11/1/2027   7    7 
Southern California Edison Co. 3.65% 3/1/2028   16,294    15,262 
Southern California Edison Co. 5.65% 10/1/2028   21,595    21,988 
Southern California Edison Co. 4.20% 3/1/2029   10,270    9,749 
Southern California Edison Co. 2.85% 8/1/2029   53,351    47,145 
   
Capital Group Central Corporate Bond Fund 7
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Corporate bonds, notes & loans (continued)          
Utilities (continued)           
Southern California Edison Co. 2.25% 6/1/2030  USD2,566   $2,128 
Southern California Edison Co. 2.50% 6/1/2031   13,365    10,968 
Southern California Edison Co. 2.75% 2/1/2032   4,445    3,665 
Southern California Edison Co. 5.75% 4/1/2035   8,218    8,245 
Southern California Edison Co. 3.60% 2/1/2045   4,425    3,150 
Southern California Edison Co. 4.00% 4/1/2047   2,296    1,755 
Southern California Edison Co. 4.125% 3/1/2048   10,109    7,878 
Southern California Edison Co. 3.65% 2/1/2050   6,322    4,478 
Southern California Edison Co. 2.95% 2/1/2051   1,648    1,018 
Southern California Edison Co. 3.45% 2/1/2052   10,387    6,973 
Southwestern Electric Power Co. 3.25% 11/1/2051   17,427    10,919 
Union Electric Co. 2.15% 3/15/2032   26,450    21,042 
Union Electric Co. 2.625% 3/15/2051   3,600    2,139 
Virginia Electric & Power 2.95% 11/15/2026   4,000    3,768 
Virginia Electric & Power 2.30% 11/15/2031   3,008    2,419 
Virginia Electric & Power 2.40% 3/30/2032   12,008    9,627 
WEC Energy Group, Inc. 5.15% 10/1/2027   10,700    10,717 
Wisconsin Power and Light Co. 1.95% 9/16/2031   5,900    4,596 
Wisconsin Power and Light Co. 3.65% 4/1/2050   800    564 
Wisconsin Public Service Corp. 2.85% 12/1/2051   7,684    4,674 
Xcel Energy, Inc. 3.35% 12/1/2026   7,840    7,410 
Xcel Energy, Inc. 2.60% 12/1/2029   46,341    39,801 
Xcel Energy, Inc. 2.35% 11/15/2031   30,577    24,000 
Xcel Energy, Inc. 4.60% 6/1/2032   2,550    2,385 
Xcel Energy, Inc. 5.45% 8/15/2033   26,475    26,229 
Xcel Energy, Inc. 3.50% 12/1/2049   7,490    5,129 
         1,661,928 
           
Health care 12.96%          
AbbVie, Inc. 2.60% 11/21/2024   16,000    15,557 
AbbVie, Inc. 3.80% 3/15/2025   5,573    5,469 
AbbVie, Inc. 3.60% 5/14/2025   7,960    7,773 
AbbVie, Inc. 2.95% 11/21/2026   30,984    29,336 
AbbVie, Inc. 4.25% 11/21/2049   2,100    1,768 
Amgen, Inc. 2.20% 2/21/2027   4,014    3,686 
Amgen, Inc. 5.15% 3/2/2028   19,901    19,952 
Amgen, Inc. 3.00% 2/22/2029   3,843    3,502 
Amgen, Inc. 4.05% 8/18/2029   14,530    13,833 
Amgen, Inc. 2.45% 2/21/2030   6,250    5,371 
Amgen, Inc. 2.30% 2/25/2031   6,250    5,182 
Amgen, Inc. 2.00% 1/15/2032   12,963    10,201 
Amgen, Inc. 4.20% 3/1/2033   43,000    39,620 
Amgen, Inc. 5.25% 3/2/2033   38,376    38,003 
Amgen, Inc. 3.15% 2/21/2040   3,515    2,594 
Amgen, Inc. 5.60% 3/2/2043   11,710    11,469 
Amgen, Inc. 3.375% 2/21/2050   9,900    6,870 
Amgen, Inc. 3.00% 1/15/2052   325    211 
Amgen, Inc. 4.20% 2/22/2052   2,715    2,145 
Amgen, Inc. 4.875% 3/1/2053   19,000    16,703 
Amgen, Inc. 5.65% 3/2/2053   36,581    36,107 
Amgen, Inc. 4.40% 2/22/2062   7,664    6,032 
Amgen, Inc. 5.75% 3/2/2063   18,450    18,072 
AstraZeneca Finance, LLC 4.875% 3/3/2028   1,205    1,206 
AstraZeneca Finance, LLC 1.75% 5/28/2028   25,133    22,143 
AstraZeneca Finance, LLC 4.90% 3/3/2030   13,260    13,300 
AstraZeneca Finance, LLC 2.25% 5/28/2031   11,185    9,315 
AstraZeneca Finance, LLC 4.875% 3/3/2033   11,205    11,159 
AstraZeneca PLC 3.375% 11/16/2025   2,125    2,060 
AstraZeneca PLC 0.70% 4/8/2026   33,069    30,099 
AstraZeneca PLC 4.00% 1/17/2029   19,681    18,999 
AstraZeneca PLC 1.375% 8/6/2030   20,505    16,509 
AstraZeneca PLC 2.125% 8/6/2050   3,568    2,069 
AstraZeneca PLC 3.00% 5/28/2051   1,432    1,001 
Baxter International, Inc. 2.272% 12/1/2028   3,975    3,437 
Baxter International, Inc. 2.539% 2/1/2032   32,129    25,771 
Baxter International, Inc. 3.132% 12/1/2051   8,051    5,069 
Bayer US Finance, LLC 6.50% 11/21/20331   32,745    32,552 
   
Capital Group Central Corporate Bond Fund 8
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Corporate bonds, notes & loans (continued)          
Health care (continued)          
Bayer US Finance, LLC 6.875% 11/21/20531  USD11,431   $11,435 
Becton, Dickinson and Co. 3.363% 6/6/2024   5,211    5,145 
Becton, Dickinson and Co. 3.734% 12/15/2024   412    404 
Boston Scientific Corp. 3.45% 3/1/2024   4,952    4,923 
Boston Scientific Corp. 1.90% 6/1/2025   12,361    11,731 
Boston Scientific Corp. 2.65% 6/1/2030   14,202    12,246 
Boston Scientific Corp. 4.70% 3/1/2049   170    152 
Bristol-Myers Squibb Co. 3.20% 6/15/2026   5,546    5,334 
Bristol-Myers Squibb Co. 5.90% 11/15/2033   7,645    8,049 
Bristol-Myers Squibb Co. 2.55% 11/13/2050   9,143    5,484 
Bristol-Myers Squibb Co. 3.70% 3/15/2052   9,511    7,101 
Bristol-Myers Squibb Co. 6.25% 11/15/2053   20,119    21,932 
Bristol-Myers Squibb Co. 6.40% 11/15/2063   10,790    11,907 
Bristol-Myers Squibb Co. 3.875% 8/15/2025   619    605 
Cencora, Inc. 2.70% 3/15/2031   44,102    37,045 
Centene Corp. 4.25% 12/15/2027   9,190    8,683 
Centene Corp. 2.45% 7/15/2028   53,045    46,018 
Centene Corp. 4.625% 12/15/2029   19,560    18,184 
Centene Corp. 3.375% 2/15/2030   2,687    2,325 
Centene Corp. 3.00% 10/15/2030   22,250    18,584 
Centene Corp. 2.50% 3/1/2031   23,930    19,115 
Centene Corp. 2.625% 8/1/2031   13,005    10,338 
CVS Health Corp. 1.30% 8/21/2027   10,000    8,696 
CVS Health Corp. 3.25% 8/15/2029   4,775    4,299 
CVS Health Corp. 1.75% 8/21/2030   7,924    6,339 
CVS Health Corp. 1.875% 2/28/2031   9,225    7,297 
CVS Health Corp. 5.25% 2/21/2033   32,070    31,539 
CVS Health Corp. 5.625% 2/21/2053   15,609    14,798 
CVS Health Corp. 5.875% 6/1/2053   6,956    6,817 
CVS Health Corp. 6.00% 6/1/2063   8,095    7,957 
Elevance Health, Inc. 4.10% 5/15/2032   8,581    7,861 
Elevance Health, Inc. 4.75% 2/15/2033   16,302    15,710 
Elevance Health, Inc. 4.55% 5/15/2052   7,712    6,532 
Elevance Health, Inc. 5.125% 2/15/2053   5,704    5,292 
Eli Lilly and Co. 3.375% 3/15/2029   7,917    7,476 
Eli Lilly and Co. 4.70% 2/27/2033   21,435    21,272 
Eli Lilly and Co. 4.875% 2/27/2053   4,751    4,640 
Eli Lilly and Co. 4.95% 2/27/2063   2,227    2,151 
EMD Finance, LLC 3.25% 3/19/20251   18,845    18,296 
GE HealthCare Technologies, Inc. 5.857% 3/15/2030   9,630    9,817 
GE HealthCare Technologies, Inc. 6.377% 11/22/2052   8,900    9,564 
Gilead Sciences, Inc. 5.25% 10/15/2033   27,074    27,183 
Gilead Sciences, Inc. 2.80% 10/1/2050   1,885    1,204 
Gilead Sciences, Inc. 5.55% 10/15/2053   16,323    16,491 
HCA, Inc. 4.125% 6/15/2029   2,250    2,088 
HCA, Inc. 2.375% 7/15/2031   8,178    6,509 
HCA, Inc. 3.625% 3/15/2032   6,778    5,853 
HCA, Inc. 4.625% 3/15/2052   10,329    8,186 
Johnson & Johnson 2.25% 9/1/2050   1,450    892 
Kaiser Foundation Hospitals 2.81% 6/1/2041   5,790    4,018 
Mass General Brigham, Inc. 3.192% 7/1/2049   1,920    1,298 
Merck & Co., Inc. 2.90% 3/7/2024   9,066    9,009 
Merck & Co., Inc. 1.70% 6/10/2027   20,527    18,507 
Merck & Co., Inc. 1.45% 6/24/2030   4,493    3,631 
Merck & Co., Inc. 4.00% 3/7/2049   3,170    2,621 
Merck & Co., Inc. 5.00% 5/17/2053   13,506    13,005 
Merck & Co., Inc. 5.15% 5/17/2063   4,970    4,838 
Novartis Capital Corp. 1.75% 2/14/2025   1,459    1,403 
Novartis Capital Corp. 2.00% 2/14/2027   5,000    4,604 
Novartis Capital Corp. 2.20% 8/14/2030   14,257    12,162 
Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028   11,091    10,893 
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033   13,152    12,800 
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053   35,949    35,077 
Pfizer, Inc. 2.95% 3/15/2024   7,112    7,059 
Pfizer, Inc. 3.45% 3/15/2029   8,700    8,198 
Pfizer, Inc. 1.70% 5/28/2030   17,700    14,705 
Roche Holdings, Inc. 2.076% 12/13/20311   41,261    33,381 
   
Capital Group Central Corporate Bond Fund 9
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Corporate bonds, notes & loans (continued)          
Health care (continued)          
Roche Holdings, Inc. 5.593% 11/13/20331  USD30,963   $32,182 
Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026   12,937    12,300 
Summa Health 3.511% 11/15/2051   2,320    1,541 
Thermo Fisher Scientific, Inc. 5.00% 1/31/2029   18,102    18,140 
Thermo Fisher Scientific, Inc. 2.00% 10/15/2031   2,372    1,924 
Thermo Fisher Scientific, Inc. 5.086% 8/10/2033   20,430    20,395 
Thermo Fisher Scientific, Inc. 2.80% 10/15/2041   4,325    3,069 
UnitedHealth Group, Inc. 2.375% 8/15/2024   625    612 
UnitedHealth Group, Inc. 1.25% 1/15/2026   12,524    11,623 
UnitedHealth Group, Inc. 3.875% 12/15/2028   2,500    2,394 
UnitedHealth Group, Inc. 2.875% 8/15/2029   285    257 
UnitedHealth Group, Inc. 2.00% 5/15/2030   5,765    4,822 
UnitedHealth Group, Inc. 4.20% 5/15/2032   3,952    3,727 
UnitedHealth Group, Inc. 5.35% 2/15/2033   5,556    5,675 
UnitedHealth Group, Inc. 3.05% 5/15/2041   12,150    8,986 
UnitedHealth Group, Inc. 4.45% 12/15/2048   13,315    11,506 
UnitedHealth Group, Inc. 3.70% 8/15/2049   2,760    2,092 
UnitedHealth Group, Inc. 3.25% 5/15/2051   7,753    5,456 
UnitedHealth Group, Inc. 4.75% 5/15/2052   20,281    18,288 
UnitedHealth Group, Inc. 4.95% 5/15/2062   9,058    8,270 
UnitedHealth Group, Inc. 6.05% 2/15/2063   7,082    7,659 
Zoetis, Inc. 5.60% 11/16/2032   8,400    8,608 
         1,412,379 
           
Consumer staples 7.69%          
7-Eleven, Inc. 0.95% 2/10/20261   13,050    11,864 
7-Eleven, Inc. 1.30% 2/10/20281   12,018    10,231 
7-Eleven, Inc. 1.80% 2/10/20311   30,226    23,641 
7-Eleven, Inc. 2.80% 2/10/20511   17,924    10,573 
Altria Group, Inc. 2.35% 5/6/2025   1,833    1,755 
Altria Group, Inc. 4.40% 2/14/2026   8,148    7,997 
Altria Group, Inc. 2.625% 9/16/2026   1,375    1,282 
Altria Group, Inc. 3.40% 5/6/2030   3,426    3,045 
Altria Group, Inc. 3.875% 9/16/2046   6,139    4,323 
Altria Group, Inc. 5.95% 2/14/2049   2,522    2,460 
Altria Group, Inc. 4.45% 5/6/2050   1,515    1,138 
Altria Group, Inc. 3.70% 2/4/2051   39,547    26,401 
Anheuser-Busch Companies, LLC 4.90% 2/1/2046   4,569    4,235 
Anheuser-Busch InBev Worldwide, Inc. 4.00% 4/13/2028   47,124    45,662 
Anheuser-Busch InBev Worldwide, Inc. 4.75% 1/23/2029   25,627    25,567 
Anheuser-Busch InBev Worldwide, Inc. 3.50% 6/1/2030   15,000    13,858 
Anheuser-Busch InBev Worldwide, Inc. 5.45% 1/23/2039   2,070    2,078 
Anheuser-Busch InBev Worldwide, Inc. 4.35% 6/1/2040   15,000    13,301 
Anheuser-Busch InBev Worldwide, Inc. 4.439% 10/6/2048   660    575 
Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049   2,500    2,551 
Anheuser-Busch InBev Worldwide, Inc. 4.50% 6/1/2050   2,560    2,260 
BAT Capital Corp. 3.222% 8/15/2024   12,758    12,520 
BAT Capital Corp. 2.789% 9/6/2024   4,000    3,908 
BAT Capital Corp. 3.215% 9/6/2026   21,609    20,372 
BAT Capital Corp. 4.70% 4/2/2027   6,420    6,269 
BAT Capital Corp. 3.557% 8/15/2027   51,004    47,772 
BAT Capital Corp. 2.259% 3/25/2028   21,130    18,524 
BAT Capital Corp. 3.462% 9/6/2029   2,000    1,782 
BAT Capital Corp. 4.906% 4/2/2030   2,500    2,387 
BAT Capital Corp. 6.421% 8/2/2033   15,511    15,808 
BAT Capital Corp. 4.39% 8/15/2037   7,961    6,435 
BAT Capital Corp. 3.734% 9/25/2040   9,098    6,454 
BAT Capital Corp. 4.54% 8/15/2047   362    265 
BAT Capital Corp. 4.758% 9/6/2049   8,359    6,244 
BAT Capital Corp. 3.984% 9/25/2050   8,322    5,606 
BAT Capital Corp. 5.65% 3/16/2052   9,168    7,856 
BAT Capital Corp. 7.081% 8/2/2053   26,263    26,674 
BAT International Finance PLC 3.95% 6/15/20251   16,500    16,124 
Conagra Brands, Inc. 4.30% 5/1/2024   5,000    4,965 
Conagra Brands, Inc. 4.60% 11/1/2025   6,790    6,660 
Conagra Brands, Inc. 1.375% 11/1/2027   5,165    4,441 
Conagra Brands, Inc. 5.30% 11/1/2038   2,381    2,168 
   
Capital Group Central Corporate Bond Fund 10
 
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  USD8,526   $7,617 
Constellation Brands, Inc. 3.60% 2/15/2028   5,313    4,993 
Constellation Brands, Inc. 2.875% 5/1/2030   3,082    2,673 
Constellation Brands, Inc. 2.25% 8/1/2031   24,098    19,405 
Constellation Brands, Inc. 4.75% 5/9/2032   24,906    23,817 
Constellation Brands, Inc. 4.90% 5/1/2033   11,113    10,717 
J. M. Smucker Co. (The) 6.50% 11/15/2043   4,038    4,221 
J. M. Smucker Co. (The) 6.50% 11/15/2053   7,266    7,729 
Keurig Dr Pepper, Inc. 4.417% 5/25/2025   3,581    3,525 
Keurig Dr Pepper, Inc. 3.20% 5/1/2030   2,894    2,567 
Keurig Dr Pepper, Inc. 3.80% 5/1/2050   3,185    2,368 
Nestle Holdings, Inc. 1.875% 9/14/20311   8,861    7,173 
PepsiCo, Inc. 1.625% 5/1/2030   9,611    7,952 
PepsiCo, Inc. 1.40% 2/25/2031   14,189    11,327 
PepsiCo, Inc. 1.95% 10/21/2031   29,114    23,750 
Philip Morris International, Inc. 2.875% 5/1/2024   15,827    15,645 
Philip Morris International, Inc. 1.50% 5/1/2025   1,004    953 
Philip Morris International, Inc. 3.375% 8/11/2025   27,395    26,523 
Philip Morris International, Inc. 4.875% 2/13/2026   25,000    24,835 
Philip Morris International, Inc. 3.375% 8/15/2029   2,363    2,144 
Philip Morris International, Inc. 2.10% 5/1/2030   9,300    7,753 
Philip Morris International, Inc. 5.50% 9/7/2030   15,000    15,068 
Philip Morris International, Inc. 1.75% 11/1/2030   20,239    16,037 
Philip Morris International, Inc. 5.75% 11/17/2032   29,976    30,681 
Philip Morris International, Inc. 5.375% 2/15/2033   29,599    29,168 
Philip Morris International, Inc. 5.625% 9/7/2033   14,795    14,876 
Philip Morris International, Inc. 4.125% 3/4/2043   8,725    6,933 
Philip Morris International, Inc. 4.25% 11/10/2044   1,532    1,237 
Reynolds American, Inc. 4.45% 6/12/2025   20,220    19,888 
Reynolds American, Inc. 5.70% 8/15/2035   1,555    1,460 
Reynolds American, Inc. 5.85% 8/15/2045   27,544    24,359 
Target Corp. 4.80% 1/15/2053   2,730    2,505 
Walmart, Inc. 4.10% 4/15/2033   8,828    8,402 
Walmart, Inc. 4.50% 4/15/2053   12,472    11,375 
         837,707 
           
Industrials 7.36%          
Boeing Co. 2.80% 3/1/2024   2,999    2,976 
Boeing Co. 2.75% 2/1/2026   78,514    74,287 
Boeing Co. 2.196% 2/4/2026   25,000    23,378 
Boeing Co. 3.10% 5/1/2026   7,750    7,362 
Boeing Co. 3.25% 2/1/2028   55,094    51,179 
Boeing Co. 5.15% 5/1/2030   47,949    47,527 
Boeing Co. 3.625% 2/1/2031   22,379    20,144 
Boeing Co. 3.60% 5/1/2034   34,795    29,546 
Boeing Co. 3.90% 5/1/2049   8,164    6,073 
Boeing Co. 5.805% 5/1/2050   19,640    19,175 
Burlington Northern Santa Fe, LLC 3.05% 2/15/2051   9,535    6,355 
Burlington Northern Santa Fe, LLC 3.30% 9/15/2051   4,780    3,367 
Burlington Northern Santa Fe, LLC 2.875% 6/15/2052   1,470    952 
Canadian National Railway Co. 6.125% 11/1/2053   8,316    9,225 
Canadian Pacific Railway Co. 1.75% 12/2/2026   12,099    10,975 
Canadian Pacific Railway Co. 3.10% 12/2/2051   28,847    19,299 
Carrier Global Corp. 5.90% 3/15/20341   7,990    8,226 
Carrier Global Corp. 3.577% 4/5/2050   1,025    731 
Carrier Global Corp. 6.20% 3/15/20541   9,028    9,551 
CSX Corp. 3.80% 3/1/2028   28,360    27,130 
CSX Corp. 4.25% 3/15/2029   12,943    12,529 
CSX Corp. 2.40% 2/15/2030   5,892    5,040 
CSX Corp. 4.10% 11/15/2032   10,489    9,767 
CSX Corp. 5.20% 11/15/2033   7,415    7,389 
CSX Corp. 4.30% 3/1/2048   14,250    11,755 
CSX Corp. 4.50% 3/15/2049   6,729    5,665 
CSX Corp. 3.35% 9/15/2049   873    608 
CSX Corp. 2.50% 5/15/2051   15,870    9,342 
Emerson Electric Co. 1.80% 10/15/2027   14,050    12,589 
Emerson Electric Co. 1.95% 10/15/2030   5,950    4,926 
   
Capital Group Central Corporate Bond Fund 11
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Corporate bonds, notes & loans (continued)          
Industrials (continued)          
Honeywell International, Inc. 1.95% 6/1/2030  USD1,936   $1,623 
L3Harris Technologies, Inc. 5.40% 7/31/2033   7,971    7,951 
Lockheed Martin Corp. 4.95% 10/15/2025   11,679    11,683 
Lockheed Martin Corp. 5.10% 11/15/2027   8,299    8,422 
Lockheed Martin Corp. 1.85% 6/15/2030   2,008    1,659 
Lockheed Martin Corp. 5.25% 1/15/2033   28,670    29,288 
Lockheed Martin Corp. 5.70% 11/15/2054   10,372    10,915 
Lockheed Martin Corp. 5.20% 2/15/2055   5,289    5,177 
Lockheed Martin Corp. 5.90% 11/15/2063   1,016    1,095 
Norfolk Southern Corp. 2.55% 11/1/2029   3,485    3,010 
Norfolk Southern Corp. 5.05% 8/1/2030   14,320    14,245 
Norfolk Southern Corp. 4.45% 3/1/2033   5,753    5,422 
Norfolk Southern Corp. 3.40% 11/1/2049   2,406    1,683 
Norfolk Southern Corp. 5.35% 8/1/2054   15,816    15,124 
Northrop Grumman Corp. 4.70% 3/15/2033   31,860    30,849 
Northrop Grumman Corp. 4.95% 3/15/2053   13,330    12,277 
RTX Corp. 4.125% 11/16/2028   4,205    4,004 
RTX Corp. 1.90% 9/1/2031   8,014    6,282 
RTX Corp. 6.10% 3/15/2034   11,414    11,967 
RTX Corp. 3.125% 7/1/2050   13,901    9,123 
RTX Corp. 2.82% 9/1/2051   8,880    5,444 
RTX Corp. 3.03% 3/15/2052   5,000    3,169 
RTX Corp. 6.40% 3/15/2054   8,016    8,709 
Union Pacific Corp. 3.15% 3/1/2024   21,052    20,915 
Union Pacific Corp. 3.75% 7/15/2025   388    380 
Union Pacific Corp. 2.40% 2/5/2030   3,000    2,585 
Union Pacific Corp. 2.80% 2/14/2032   31,546    26,723 
Union Pacific Corp. 2.891% 4/6/2036   49,415    39,203 
Union Pacific Corp. 3.375% 2/14/2042   4,360    3,340 
Union Pacific Corp. 4.30% 3/1/2049   2,800    2,308 
Union Pacific Corp. 3.25% 2/5/2050   424    300 
Union Pacific Corp. 3.50% 2/14/2053   6,170    4,510 
Union Pacific Corp. 3.839% 3/20/2060   3,297    2,455 
Union Pacific Corp. 3.75% 2/5/2070   2,443    1,719 
Union Pacific Corp. 3.799% 4/6/2071   10,530    7,545 
Waste Management, Inc. 1.50% 3/15/2031   3,889    3,067 
Waste Management, Inc. 4.15% 4/15/2032   6,401    6,026 
Waste Management, Inc. 4.875% 2/15/2034   15,000    14,722 
         801,987 
           
Communication services 6.06%          
AT&T, Inc. 1.70% 3/25/2026   5,094    4,710 
AT&T, Inc. 2.30% 6/1/2027   2,909    2,649 
AT&T, Inc. 1.65% 2/1/2028   11,990    10,450 
AT&T, Inc. 4.35% 3/1/2029   17,514    16,834 
AT&T, Inc. 4.30% 2/15/2030   21,111    19,980 
AT&T, Inc. 2.25% 2/1/2032   20,507    16,260 
AT&T, Inc. 2.55% 12/1/2033   15,124    11,778 
AT&T, Inc. 3.50% 9/15/2053   69,200    46,108 
Charter Communications Operating, LLC 4.50% 2/1/2024   2,500    2,493 
Charter Communications Operating, LLC 4.908% 7/23/2025   7,500    7,379 
Charter Communications Operating, LLC 3.75% 2/15/2028   1,400    1,300 
Charter Communications Operating, LLC 4.20% 3/15/2028   3,945    3,714 
Charter Communications Operating, LLC 2.80% 4/1/2031   4,864    3,958 
Charter Communications Operating, LLC 4.40% 4/1/2033   8,000    7,101 
Charter Communications Operating, LLC 3.70% 4/1/2051   44,316    27,452 
Charter Communications Operating, LLC 3.90% 6/1/2052   8,780    5,622 
Charter Communications Operating, LLC 5.25% 4/1/2053   18,137    14,539 
Comcast Corp. 4.55% 1/15/2029   14,774    14,514 
Comcast Corp. 4.80% 5/15/2033   22,158    21,600 
Comcast Corp. 2.887% 11/1/2051   3,682    2,322 
Comcast Corp. 2.45% 8/15/2052   16,515    9,534 
Comcast Corp. 5.35% 5/15/2053   32,755    31,658 
Netflix, Inc. 4.875% 4/15/2028   17,979    17,832 
Netflix, Inc. 5.875% 11/15/2028   25,782    26,582 
Netflix, Inc. 6.375% 5/15/2029   25,397    27,062 
Netflix, Inc. 5.375% 11/15/20291   21,469    21,624 
   
Capital Group Central Corporate Bond Fund 12
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Corporate bonds, notes & loans (continued)          
Communication services (continued)          
Netflix, Inc. 4.875% 6/15/20301  USD12,171   $11,967 
Tencent Holdings, Ltd. 3.68% 4/22/2041   1,889    1,394 
Tencent Holdings, Ltd. 3.24% 6/3/2050   2,162    1,333 
Tencent Holdings, Ltd. 3.84% 4/22/2051   5,814    4,049 
T-Mobile USA, Inc. 3.50% 4/15/2025   12,285    11,951 
T-Mobile USA, Inc. 1.50% 2/15/2026   17,750    16,347 
T-Mobile USA, Inc. 3.75% 4/15/2027   10,000    9,538 
T-Mobile USA, Inc. 2.05% 2/15/2028   2,185    1,923 
T-Mobile USA, Inc. 3.875% 4/15/2030   14,841    13,635 
T-Mobile USA, Inc. 2.55% 2/15/2031   7,659    6,351 
T-Mobile USA, Inc. 2.875% 2/15/2031   742    629 
T-Mobile USA, Inc. 3.50% 4/15/2031   5,158    4,547 
T-Mobile USA, Inc. 5.20% 1/15/2033   3,392    3,341 
T-Mobile USA, Inc. 5.05% 7/15/2033   12,899    12,511 
T-Mobile USA, Inc. 5.75% 1/15/2034   7,835    7,982 
T-Mobile USA, Inc. 3.00% 2/15/2041   12,986    9,167 
T-Mobile USA, Inc. 3.30% 2/15/2051   8,465    5,674 
T-Mobile USA, Inc. 3.40% 10/15/2052   25,878    17,447 
T-Mobile USA, Inc. 5.75% 1/15/2054   15,893    15,743 
T-Mobile USA, Inc. 6.00% 6/15/2054   9,265    9,476 
Verizon Communications, Inc. 3.00% 3/22/2027   12,377    11,597 
Verizon Communications, Inc. 2.10% 3/22/2028   5,000    4,430 
Verizon Communications, Inc. 3.875% 2/8/2029   2,232    2,112 
Verizon Communications, Inc. 1.68% 10/30/2030   6,715    5,323 
Verizon Communications, Inc. 1.75% 1/20/2031   10,248    8,081 
Verizon Communications, Inc. 2.55% 3/21/2031   2,849    2,367 
Verizon Communications, Inc. 2.355% 3/15/2032   455    363 
Verizon Communications, Inc. 2.65% 11/20/2040   67,456    45,948 
Verizon Communications, Inc. 3.40% 3/22/2041   31,778    24,050 
Verizon Communications, Inc. 2.875% 11/20/2050   5,490    3,478 
Verizon Communications, Inc. 3.55% 3/22/2051   1,737    1,250 
Vodafone Group PLC 4.125% 5/30/2025   2,500    2,456 
Vodafone Group PLC 4.25% 9/17/2050   1,900    1,472 
WarnerMedia Holdings, Inc. 5.05% 3/15/2042   8,688    7,179 
         660,166 
           
Energy 4.65%          
BP Capital Markets America, Inc. 4.893% 9/11/2033   47,387    46,248 
BP Capital Markets America, Inc. 2.772% 11/10/2050   10,111    6,368 
BP Capital Markets America, Inc. 3.001% 3/17/2052   5,000    3,264 
Canadian Natural Resources, Ltd. 2.05% 7/15/2025   11,363    10,723 
Canadian Natural Resources, Ltd. 3.85% 6/1/2027   11,548    10,989 
Canadian Natural Resources, Ltd. 2.95% 7/15/2030   2,690    2,302 
Cenovus Energy, Inc. 3.75% 2/15/2052   1,191    827 
Chevron Corp. 1.554% 5/11/2025   1,950    1,856 
Chevron Corp. 2.236% 5/11/2030   34,096    29,319 
Chevron Corp. 3.078% 5/11/2050   7,101    5,017 
Chevron USA, Inc. 0.687% 8/12/2025   4,896    4,560 
Chevron USA, Inc. 1.018% 8/12/2027   6,577    5,766 
Chevron USA, Inc. 3.25% 10/15/2029   4,050    3,746 
Chevron USA, Inc. 2.343% 8/12/2050   1,497    898 
Columbia Pipelines Holding Co., LLC 6.544% 11/15/20531   6,016    6,162 
Columbia Pipelines Operating Co., LLC 5.927% 8/15/20301   6,699    6,728 
Columbia Pipelines Operating Co., LLC 6.036% 11/15/20331   10,158    10,257 
Columbia Pipelines Operating Co., LLC 6.497% 8/15/20431   3,062    3,102 
Columbia Pipelines Operating Co., LLC 6.714% 8/15/20631   1,600    1,652 
ConocoPhillips Co. 3.80% 3/15/2052   15,556    11,866 
ConocoPhillips Co. 5.30% 5/15/2053   19,621    18,923 
ConocoPhillips Co. 5.55% 3/15/2054   11,792    11,765 
Enbridge, Inc. 6.70% 11/15/2053   25,840    28,276 
Energy Transfer, LP 6.55% 12/1/2033   23,218    24,304 
Energy Transfer, LP 5.00% 5/15/2050   4,935    4,167 
Equinor ASA 3.70% 4/6/2050   3,550    2,750 
Exxon Mobil Corp. 2.992% 3/19/2025   1,700    1,655 
Exxon Mobil Corp. 2.61% 10/15/2030   1,850    1,612 
Exxon Mobil Corp. 3.452% 4/15/2051   38,813    28,771 
Kinder Morgan, Inc. 5.20% 6/1/2033   19,462    18,646 
   
Capital Group Central Corporate Bond Fund 13
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Corporate bonds, notes & loans (continued)          
Energy (continued)          
ONEOK, Inc. 5.55% 11/1/2026  USD6,791   $6,843 
ONEOK, Inc. 5.65% 11/1/2028   8,778    8,840 
ONEOK, Inc. 5.80% 11/1/2030   6,899    6,945 
ONEOK, Inc. 6.05% 9/1/2033   54,987    56,004 
ONEOK, Inc. 5.20% 7/15/2048   3,684    3,239 
ONEOK, Inc. 7.15% 1/15/2051   5,140    5,512 
ONEOK, Inc. 6.625% 9/1/2053   38,358    40,326 
Petroleos Mexicanos 6.70% 2/16/2032   1,874    1,464 
Pioneer Natural Resources Co. 2.15% 1/15/2031   8,353    6,875 
Shell International Finance BV 3.875% 11/13/2028   1,849    1,777 
Shell International Finance BV 2.75% 4/6/2030   25,000    22,197 
Shell International Finance BV 3.25% 4/6/2050   24,590    17,471 
Shell International Finance BV 3.00% 11/26/2051   3,015    2,003 
TotalEnergies Capital International SA 2.986% 6/29/2041   4,110    3,014 
TotalEnergies Capital International SA 3.127% 5/29/2050   17,208    11,866 
         506,895 
           
Information technology 3.12%          
Adobe, Inc. 1.90% 2/1/2025   7,105    6,852 
Adobe, Inc. 2.15% 2/1/2027   25,694    23,783 
Adobe, Inc. 2.30% 2/1/2030   13,520    11,752 
Analog Devices, Inc. 2.10% 10/1/2031   6,258    5,106 
Analog Devices, Inc. 2.80% 10/1/2041   4,230    2,972 
Analog Devices, Inc. 2.95% 10/1/2051   7,728    5,103 
Apple, Inc. 3.35% 8/8/2032   6,947    6,319 
Apple, Inc. 3.95% 8/8/2052   7,376    6,140 
Apple, Inc. 4.85% 5/10/2053   8,537    8,272 
Broadcom Corp. 3.875% 1/15/2027   11,718    11,265 
Broadcom, Inc. 4.00% 4/15/20291   3,863    3,619 
Broadcom, Inc. 4.75% 4/15/2029   11,265    10,982 
Broadcom, Inc. 4.15% 11/15/2030   6,099    5,656 
Broadcom, Inc. 3.469% 4/15/20341   25,094    20,875 
Broadcom, Inc. 3.50% 2/15/20411   1,361    1,017 
Broadcom, Inc. 3.75% 2/15/20511   12,980    9,462 
Intel Corp. 5.70% 2/10/2053   8,612    8,758 
Intel Corp. 5.90% 2/10/2063   3,355    3,512 
Intuit, Inc. 1.35% 7/15/2027   5,000    4,426 
Microsoft Corp. 2.875% 2/6/2024   5,150    5,127 
Microsoft Corp. 3.125% 11/3/2025   3,250    3,151 
Microsoft Corp. 2.40% 8/8/2026   15,000    14,188 
Microsoft Corp. 3.30% 2/6/2027   35,655    34,322 
Microsoft Corp. 2.525% 6/1/2050   436    281 
Microsoft Corp. 2.921% 3/17/2052   1,814    1,254 
Oracle Corp. 3.60% 4/1/2040   7,345    5,589 
Oracle Corp. 3.65% 3/25/2041   7,960    6,035 
Oracle Corp. 3.60% 4/1/2050   48,244    33,718 
Oracle Corp. 3.95% 3/25/2051   3,626    2,685 
Oracle Corp. 5.55% 2/6/2053   12,700    11,984 
Salesforce, Inc. 1.95% 7/15/2031   8,925    7,328 
Salesforce, Inc. 2.70% 7/15/2041   9,200    6,555 
Salesforce, Inc. 2.90% 7/15/2051   10,588    7,036 
ServiceNow, Inc. 1.40% 9/1/2030   55,955    44,520 
         339,644 
           
Consumer discretionary 2.83%          
Amazon.com, Inc. 3.80% 12/5/2024   10,000    9,865 
Amazon.com, Inc. 1.50% 6/3/2030   7,522    6,177 
Amazon.com, Inc. 3.60% 4/13/2032   17,571    16,168 
Amazon.com, Inc. 3.10% 5/12/2051   10,000    7,009 
Amazon.com, Inc. 2.70% 6/3/2060   3,735    2,292 
American Honda Finance Corp. 1.20% 7/8/2025   2,546    2,391 
BMW US Capital, LLC 3.15% 4/18/20241   11,000    10,894 
Daimler Trucks Finance North America, LLC 5.15% 1/16/20261   6,155    6,117 
Daimler Trucks Finance North America, LLC 5.125% 1/19/20281   3,467    3,424 
Daimler Trucks Finance North America, LLC 2.50% 12/14/20311   12,864    10,330 
Ford Motor Co. 3.25% 2/12/2032   6,305    5,031 
Ford Motor Co. 6.10% 8/19/2032   3,695    3,596 
   
Capital Group Central Corporate Bond Fund 14
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Corporate bonds, notes & loans (continued)          
Consumer discretionary (continued)          
Ford Motor Co. 4.75% 1/15/2043  USD20,390   $15,766 
Ford Motor Co. 5.291% 12/8/2046   8,622    7,016 
Ford Motor Credit Co., LLC 3.375% 11/13/2025   240    226 
Ford Motor Credit Co., LLC 6.95% 3/6/2026   1,390    1,403 
Ford Motor Credit Co., LLC 6.95% 6/10/2026   1,070    1,082 
Ford Motor Credit Co., LLC 2.70% 8/10/2026   200    181 
Ford Motor Credit Co., LLC 4.271% 1/9/2027   200    188 
Ford Motor Credit Co., LLC 4.95% 5/28/2027   2,435    2,324 
Ford Motor Credit Co., LLC 4.125% 8/17/2027   855    791 
Ford Motor Credit Co., LLC 3.815% 11/2/2027   220    200 
Ford Motor Credit Co., LLC 7.35% 11/4/2027   1,545    1,591 
Ford Motor Credit Co., LLC 2.90% 2/16/2028   200    175 
Ford Motor Credit Co., LLC 6.80% 5/12/2028   4,405    4,485 
Ford Motor Credit Co., LLC 6.798% 11/7/2028   8,322    8,502 
Ford Motor Credit Co., LLC 2.90% 2/10/2029   810    687 
Ford Motor Credit Co., LLC 5.113% 5/3/2029   1,920    1,805 
Ford Motor Credit Co., LLC 7.35% 3/6/2030   960    997 
Ford Motor Credit Co., LLC 7.20% 6/10/2030   3,740    3,869 
Ford Motor Credit Co., LLC 4.00% 11/13/2030   2,000    1,720 
Ford Motor Credit Co., LLC 3.625% 6/17/2031   570    474 
Ford Motor Credit Co., LLC 7.122% 11/7/2033   6,454    6,730 
General Motors Financial Co., Inc. 1.50% 6/10/2026   9,185    8,281 
Home Depot, Inc. 2.50% 4/15/2027   3,400    3,159 
Home Depot, Inc. 2.95% 6/15/2029   20,000    18,315 
Home Depot, Inc. 2.70% 4/15/2030   2,180    1,922 
Home Depot, Inc. 1.375% 3/15/2031   11,140    8,769 
Home Depot, Inc. 3.125% 12/15/2049   1,102    759 
Home Depot, Inc. 2.375% 3/15/2051   10,000    5,836 
Hyundai Capital America 1.50% 6/15/20261   8,205    7,378 
Hyundai Capital America 1.65% 9/17/20261   22,825    20,448 
Hyundai Capital America 2.375% 10/15/20271   2,245    1,979 
Hyundai Capital America 2.00% 6/15/20281   10,148    8,593 
Hyundai Capital America 2.10% 9/15/20281   8,734    7,416 
Hyundai Capital America 6.50% 1/16/20291   1,303    1,338 
McDonald’s Corp. 3.60% 7/1/2030   5,888    5,425 
McDonald’s Corp. 4.60% 5/26/2045   1,962    1,725 
McDonald’s Corp. 4.45% 3/1/2047   5,665    4,832 
McDonald’s Corp. 3.625% 9/1/2049   4,467    3,329 
McDonald’s Corp. 5.15% 9/9/2052   10,121    9,519 
Morongo Band of Mission Indians (The) 7.00% 10/1/20391   5,000    5,113 
Toyota Motor Corp. 0.681% 3/25/2024   9,735    9,589 
Toyota Motor Corp. 5.275% 7/13/2026   9,162    9,238 
Toyota Motor Credit Corp. 1.15% 8/13/2027   21,098    18,452 
Toyota Motor Credit Corp. 3.375% 4/1/2030   3,910    3,562 
         308,483 
           
Real estate 2.39%          
Alexandria Real Estate Equities, Inc. 4.30% 1/15/2026   1,400    1,363 
Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031   12,168    10,511 
American Tower Corp. 5.50% 3/15/2028   8,964    8,969 
American Tower Corp. 2.70% 4/15/2031   7,612    6,270 
American Tower Corp. 4.05% 3/15/2032   4,221    3,782 
American Tower Corp. 5.65% 3/15/2033   6,328    6,309 
Boston Properties, LP 2.55% 4/1/2032   1,489    1,100 
Boston Properties, LP 2.45% 10/1/2033   2,723    1,913 
Boston Properties, LP 6.50% 1/15/2034   10,408    10,252 
Corporate Office Properties, LP 2.25% 3/15/2026   4,255    3,906 
Crown Castle, Inc. 5.00% 1/11/2028   20,790    20,306 
Crown Castle, Inc. 2.50% 7/15/2031   5,874    4,725 
Equinix, Inc. 1.55% 3/15/2028   6,290    5,375 
Equinix, Inc. 3.20% 11/18/2029   11,707    10,348 
Equinix, Inc. 2.15% 7/15/2030   7,728    6,289 
Equinix, Inc. 2.50% 5/15/2031   7,790    6,342 
Equinix, Inc. 3.00% 7/15/2050   9,983    6,212 
Prologis, LP 4.75% 6/15/2033   5,665    5,412 
Prologis, LP 5.125% 1/15/2034   15,137    14,853 
Prologis, LP 5.25% 6/15/2053   9,031    8,521 
   
Capital Group Central Corporate Bond Fund 15
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Corporate bonds, notes & loans (continued)          
Real estate (continued)          
Public Storage Operating Co. 2.30% 5/1/2031  USD2,792   $2,291 
VICI Properties, LP 4.75% 2/15/2028   36,173    34,316 
VICI Properties, LP 4.95% 2/15/2030   25,255    23,504 
VICI Properties, LP 5.125% 5/15/2032   54,074    49,833 
VICI Properties, LP 5.625% 5/15/2052   8,802    7,598 
         260,300 
           
Materials 1.19%          
BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033   9,745    9,757 
BHP Billiton Finance (USA), Ltd. 5.50% 9/8/2053   15,879    16,144 
Celanese US Holdings, LLC 6.379% 7/15/2032   12,650    12,781 
Celanese US Holdings, LLC 6.70% 11/15/2033   9,310    9,653 
Dow Chemical Co. (The) 4.80% 5/15/2049   21,763    18,307 
Dow Chemical Co. (The) 3.60% 11/15/2050   1,874    1,316 
EIDP, Inc. 4.80% 5/15/2033   5,019    4,889 
International Flavors & Fragrances, Inc. 3.468% 12/1/20501   2,050    1,293 
Linde, Inc. 1.10% 8/10/2030   17,617    14,178 
Linde, Inc. 2.00% 8/10/2050   6,029    3,256 
Nutrien, Ltd. 5.00% 4/1/2049   985    849 
Nutrien, Ltd. 3.95% 5/13/2050   6,043    4,492 
Nutrien, Ltd. 5.80% 3/27/2053   1,742    1,719 
OCI NV 6.70% 3/16/20331   7,779    7,600 
Sherwin-Williams Co. 2.20% 3/15/2032   8,365    6,647 
Sherwin-Williams Co. 2.90% 3/15/2052   3,515    2,180 
South32 Treasury, Ltd. 4.35% 4/14/20321   16,579    14,326 
         129,387 
           
Total corporate bonds, notes & loans        9,546,678 
           
U.S. Treasury bonds & notes 7.72%          
U.S. Treasury 7.72%          
U.S. Treasury 3.875% 3/31/2025   49,192    48,479 
U.S. Treasury 4.00% 2/15/20264   123,365    121,755 
U.S. Treasury 3.625% 5/15/2026   124,507    121,881 
U.S. Treasury 4.375% 8/15/2026   21,327    21,253 
U.S. Treasury 0.875% 9/30/20264   9,000    8,157 
U.S. Treasury 1.125% 10/31/2026   12,275    11,169 
U.S. Treasury 4.875% 10/31/2028   175,695    180,060 
U.S. Treasury 4.50% 11/15/2033   261,663    264,996 
U.S. Treasury 4.375% 8/15/20434   40,366    38,590 
U.S. Treasury 4.125% 8/15/2053   27,041    25,294 
         841,634 
           
Asset-backed obligations 0.90%          
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/20371,5   10,747    9,264 
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20601,5   9,269    8,492 
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20601,5   705    598 
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20611,5   6,625    5,849 
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20611,5   85,198    73,752 
         97,955 
           
Municipals 0.08%           
California 0.04%          
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034   1,600    1,291 
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.316% 5/15/2027   2,285    2,030 
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.614% 5/15/2030   1,340    1,094 
         4,415 
           
Ohio 0.04%          
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031   5,805    4,928 
           
Total municipals        9,343 
   
Capital Group Central Corporate Bond Fund 16
 
Bonds, notes & other debt instruments (continued)  Principal amount
(000)		   Value
(000)		 
Bonds & notes of governments & government agencies outside the U.S. 0.08%          
Panama (Republic of) 6.875% 1/31/2036  USD8,640   $8,255 
           
Total bonds, notes & other debt instruments (cost: $11,359,741,000)        10,503,865 
           
Short-term securities 2.45%   Shares      
Money market investments 2.45%          
Capital Group Central Cash Fund 5.46%6,7   2,668,450    266,845 
Total short-term securities (cost: $266,842,000)        266,845 
           
Total investment securities 98.84% (cost: $11,626,583,000)        10,770,710 
Other assets less liabilities 1.16%        126,412 
Net assets 100.00%       $10,897,122 

 

Futures contracts

 

Contracts  Type   Number of
contracts		   Expiration
date		  Notional
amount
(000)		   Value and
unrealized
appreciation
(depreciation)
at 11/30/2023
(000)		 
2 Year U.S. Treasury Note Futures  Long    2,586   4/3/2024   USD528,736   $1,528 
5 Year U.S. Treasury Note Futures  Long    542   4/3/2024   57,914    309 
10 Year U.S. Treasury Note Futures  Short    4,947   3/28/2024   (543,165)   (2,613)
10 Year Ultra U.S. Treasury Note Futures  Short    7,564   3/28/2024   (858,632)   (6,021)
20 Year U.S. Treasury Bond Futures  Long    7,978   3/28/2024   928,938    7,977 
30 Year Ultra U.S. Treasury Bond Futures  Long    604   3/28/2024   74,292    1,242 
                    $2,422 

 

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
11/30/2023
(000)		   Upfront
premium
paid
(received)
(000)		   Unrealized
appreciation
(depreciation)
at 11/30/2023
(000)		 
CDX.NA.IG.41  1.00%   Quarterly  12/20/2028  USD468,783  $(7,921)  $(6,415)  $(1,506)

 

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
11/30/2023
(000)		   Dividend
or interest
income
(000)		 
Short-term securities 2.45%                         
Money market investments 2.45%                         
Capital Group Central Cash Fund 5.46%6  $648,298   $2,121,675   $2,503,186   $24   $34   $266,845   $12,659 
   
Capital Group Central Corporate Bond Fund 17
 
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 $989,699,000, which represented 9.08% 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 $26,408,000, which represented .24% 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 11/30/2023.
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.

 

Capital Group Central Corporate Bond Fund 18
 

Financial statements

 

Statement of assets and liabilities
at November 30, 2023		   unaudited
(dollars in thousands)

 

Assets:          
Investment securities, at value:          
Unaffiliated issuers (cost: $11,359,741)  $10,503,865      
Affiliated issuers (cost: $266,842)   266,845   $10,770,710 
Cash        3,433 
Receivables for:          
Sales of investments   103,133      
Dividends and interest   102,998      
Variation margin on futures contracts   7,988    214,119 
         10,988,262 
Liabilities:          
Payables for:          
Purchases of investments   81,220      
Trustees’ deferred compensation   46      
Variation margin on futures contracts   9,710      
Variation margin on centrally cleared swap contracts   158      
Other   6    91,140 
Net assets at November 30, 2023       $10,897,122 
           
Net assets consist of:          
Capital paid in on shares of beneficial interest       $13,549,358 
Total accumulated loss        (2,652,236)
Net assets at November 30, 2023       $10,897,122 

 

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

 

Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (1,334,062 total shares outstanding)

 

   Net assets   Shares
outstanding		   Net asset value
per share		 
Class M  $10,897,122    1,334,062   $8.17 

 

Refer to the notes to financial statements.

 

Capital Group Central Corporate Bond Fund 19
 

Financial statements (continued)

 

Statement of operations
for the six months ended November 30, 2023		   unaudited
(dollars in thousands)

 

Investment income:          
Income:          
Interest from unaffiliated issuers  $223,880      
Dividends from affiliated issuers   12,659   $236,539 
Fees and expenses:          
Reports to shareholders   7      
Trustees’ compensation   30      
Auditing and legal   74      
Custodian   32      
Other   2    145 
Net investment income        236,394 
           
Net realized loss and unrealized appreciation:          
Net realized (loss) gain on:          
Investments:          
Unaffiliated issuers   (335,849)     
Affiliated issuers   24      
Futures contracts   (49,570)     
Swap contracts   (5,196)   (390,591)
Net unrealized appreciation (depreciation) on:          
Investments:          
Unaffiliated issuers   208,032      
Affiliated issuers   34      
Futures contracts   (3,856)     
Swap contracts   (449)   203,761 
Net realized loss and unrealized appreciation        (186,830)
           
Net increase in net assets resulting from operations       $49,564 

 

Statements of changes in net assets  
  (dollars in thousands)

 

   Six months ended
November 30, 2023*		   Year ended
May 31, 2023		 
Operations:          
Net investment income  $236,394   $466,043 
Net realized loss   (390,591)   (1,070,091)
Net unrealized appreciation   203,761    405,222 
Net increase (decrease) in net assets resulting from operations   49,564    (198,826)
           
Distributions paid or accrued to shareholders   (229,543)   (455,908)
           
Net capital share transactions   (436,692)   (2,125,023)
           
Total decrease in net assets   (616,671)   (2,779,757)
           
Net assets:          
Beginning of period   11,513,793    14,293,550 
End of period  $10,897,122   $11,513,793 

 

* Unaudited.

 

Refer to the notes to financial statements.

 

Capital Group Central Corporate Bond Fund 20
 
Notes to financial statements unaudited

 

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 21
 

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, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each 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.

 

Capital Group Central Corporate Bond Fund 22
 

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 November 30, 2023 (dollars in thousands):

 

   Investment securities 
   Level 1   Level 2   Level 3   Total 
Assets:                    
Bonds, notes & other debt instruments:                    
Corporate bonds, notes & loans  $—   $9,546,678   $—   $9,546,678 
U.S. Treasury bonds & notes   —    841,634    —    841,634 
Asset-backed obligations   —    97,955    —    97,955 
Municipals   —    9,343    —    9,343 
Bonds & notes of governments & government agencies outside the U.S.   —    8,255    —    8,255 
Short-term securities   266,845    —    —    266,845 
Total  $266,845   $10,503,865   $—   $10,770,710 
                     
   Other investments* 
   Level 1   Level 2   Level 3   Total 
Assets:                    
Unrealized appreciation on futures contracts  $11,056   $—   $—   $11,056 
Liabilities:                    
Unrealized depreciation on futures contracts   (8,634)   —    —    (8,634)
Unrealized depreciation on centrally cleared credit default swaps   —    (1,506)   —    (1,506)
Total  $2,422   $(1,506)  $—   $916 

 

* 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.

 

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.

 

Capital Group Central Corporate Bond Fund 23
 

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 are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise 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 failing to recoup the full amount of its initial investment and 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. 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).

 

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

 

Capital Group Central Corporate Bond Fund 24
 

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, and may be 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.

 

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 $3,902,832,000.

 

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.

 

Capital Group Central Corporate Bond Fund 25
 

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 $534,402,000.

 

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 six months ended, November 30, 2023 (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*  $11,056   Unrealized depreciation*  $8,634 
Swap (centrally cleared)  Credit   Unrealized appreciation*    —   Unrealized depreciation*   1,506 
         $11,056      $10,140 
                    
      Net realized loss   Net unrealized depreciation 
Contracts  Risk type  Location on statement of operations  Value   Location on statement of operations  Value 
Futures  Interest  Net realized loss on futures contracts  $(49,570)  Net unrealized depreciation on futures contracts  $(3,856)
Swap  Credit  Net realized loss on swap contracts   (5,196)  Net unrealized depreciation on swap contracts   (449)
         $(54,766)     $(4,305)

 

* 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.

 

Capital Group Central Corporate Bond Fund 26
 

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 period ended November 30, 2023, 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 period, 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; cost of investments sold; net capital losses 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.

 

The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of May 31, 2023, the components of distributable earnings on a tax basis were as follows (dollars in thousands):

 

Capital loss carryforward*  $(1,384,888)

 

*The capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

 

As of November 30, 2023, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):

 

Gross unrealized appreciation on investments  $73,963 
Gross unrealized depreciation on investments   (947,781)
Net unrealized depreciation on investments   (873,818)
Cost of investments   11,651,859 

 

Tax-basis distributions paid or accrued to shareholders from ordinary income were as follows (dollars in thousands):

 

Share class  Six months ended
November 30,
2023		   Year ended
May 31,
2023		 
Class M  $229,543   $455,908 

 

Capital Group Central Corporate Bond Fund 27
 

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 $30,000 in the fund’s statement of operations reflects $31,000 in current fees (either paid in cash or deferred) and a net decrease of $1,000 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 six months ended November 30, 2023, 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 six months ended November 30, 2023.

 

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 decrease 
Share class  Amount   Shares   Amount   Shares   Amount   Shares   Amount   Shares 
                                 
Six months ended November 30, 2023                         
                          
Class M  $1,391,090    170,134   $229,543    28,388   $(2,057,325)   (252,638)  $(436,692)   (54,116)
                                         
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)

 

Capital Group Central Corporate Bond Fund 28
 

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 $3,087,841,000 and $2,992,707,000, respectively, during the six months ended November 30, 2023.

 

Capital Group Central Corporate Bond Fund 29
 

Financial highlights

 

       Income (loss) from
investment operations1		   Dividends and distributions                     
Year ended  Net asset
value,
beginning
of year		   Net
investment
income		   Net 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
to average
net assets		 
Class M:                                                            
11/30/20233,4  $8.29   $.17   $(.12)  $.05   $(.17)  $—   $(.17)  $8.17    .63%5   $10,897    —%6,7    4.29%7 
5/31/2023   8.69    .29    (.40)   (.11)   (.29)   —    (.29)   8.29    (1.23)   11,514    —6    3.54 
5/31/2022   10.00    .25    (1.23)   (.98)   (.24)   (.09)   (.33)   8.69    (10.08)   14,294    —6    2.57 
5/31/20213,8   10.00    —9    —    —9    —    —    —    10.00    .00    —10    —    —5,6 

 

   Six months
ended
November 30,		  Year ended May 31,
   20233,4,5    2023   2022   20213,8
Portfolio turnover rate for all share classes11   59%           132%   94%   —%12

 

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  Based on operations for a period that is less than a full year.
4  Unaudited.
5  Not annualized.
6  Amount less than .01%.
7  Annualized.
8  Class M shares began investment operations on April 23, 2021.
9  Amount less than $.01.
10  Amount less than $1 million.
11  Rates do not include the fund’s portfolio activity with respect to any Central Funds.
12  There was no turnover.

 

Refer to the notes to financial statements.

 

Capital Group Central Corporate Bond Fund 30
 
Expense example unaudited

 

This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (June 1, 2023, through November 30, 2023).

 

Actual expenses:

The first line in the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

 

Hypothetical example for comparison purposes:

The second line in the table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

 

Note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

 

   Beginning
account value
6/1/2023		   Ending
account value
11/30/2023		   Expenses paid
during period1		   Annualized
expense ratio		 
Class M – actual return  $1,000.00   $1,006.31   $0.002    —%3 
Class M – assumed 5% return   1,000.00    1,025.07    0.002    —3 

 

1  The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
2  Amount less than $.01.
3  Amount less than .01%.

 

Capital Group Central Corporate Bond Fund 31
 

Office of the fund

6455 Irvine Center Drive

Irvine, CA 92618-4518

 

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

 

Transfer agent for shareholder accounts

American Funds Service Company

(Write to the address nearest you.)

 

P.O. Box 6007

Indianapolis, IN 46206-6007

 

P.O. Box 2280

Norfolk, VA 23501-2280

 

Custodian of assets

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111-2900

 

Counsel

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110-1726

 

Independent registered public accounting firm

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

 

Distributor

American Funds Distributors, Inc.

333 South Hope Street

Los Angeles, CA 90071-1406

 

Capital Group Central Corporate Bond Fund 32
 

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained on sec.gov and should be read carefully before investing.

 

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on our website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.

 

Capital Group Central Corporate Bond Fund files a complete list of its portfolio holdings for the first and third quarters of each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.

 

BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

 

American Funds Distributors, Inc.

 

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

 

 

 

ITEM 2 – Code of Ethics

 

Not applicable for filing of semi-annual reports to shareholders.

 

ITEM 3 – Audit Committee Financial Expert

 

Not applicable for filing of semi-annual reports to shareholders.

 

ITEM 4 – Principal Accountant Fees and Services

 

Not applicable for filing of semi-annual reports to shareholders.

 

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 – Schedule of Investments

 

Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

 

ITEM 7 – 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 8 – 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 9 – 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 10 – 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 11 – 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 12 – Exhibits

 

(a)(1) Not applicable for filing of semi-annual reports to shareholders.
   
(a)(2) The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 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: January 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: January 31, 2024

 

 

 

By ___/s/ Becky L. Park    __________

Becky L. Park, Treasurer and

Principal Financial Officer

 
Date: January 31, 2024