8dd3cd7f856a531
N-CSRSfalse0001841440N-1A0.06590.21240.17080.14330.06510.05720.17470.09930.0113Amount less than $1.Amount less than 0.01%Annualized.Includes derivatives. 0001841440 2024-06-01 2024-11-30 0001841440 cik0001841440:C000226800Member 2024-06-01 2024-11-30 0001841440 cik0001841440:C000226800Member 2024-11-30 0001841440 cik0001841440:C000226800Member cik0001841440:ShortTermSecuritiesAndOtherAssetsLessLiabilitiesMember 2024-11-30 0001841440 cik0001841440:C000226800Member us-gaap:FinancialServicesSectorMember 2024-11-30 0001841440 cik0001841440:C000226800Member us-gaap:HealthcareSectorMember 2024-11-30 0001841440 cik0001841440:C000226800Member oef:UtilitiesSectorMember 2024-11-30 0001841440 cik0001841440:C000226800Member oef:IndustrialSectorMember 2024-11-30 0001841440 cik0001841440:C000226800Member oef:ConsumerStaplesSectorMember 2024-11-30 0001841440 cik0001841440:C000226800Member cik0001841440:OtherCorporateBondsAndNotesMember 2024-11-30 0001841440 cik0001841440:C000226800Member cik0001841440:USTreasuryBondsAndNotesMember 2024-11-30 0001841440 cik0001841440:C000226800Member cik0001841440:OtherBondsAndNotesMember 2024-11-30 iso4217:USD xbrli:pure cik0001841440:Holding
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)

Becky L. Park
6455 Irvine Center Drive
Irvine, California 92618
(Name and address of agent for service)
Registrant's telephone number, including area code:
(949) 975-5000
Date of fiscal year end:
May 31
Date of reporting period:
November 30, 2024
ITEM 1 - Reports to Stockholders
TSR - American Funds Logo
SEMI-ANNUAL SHAREHOLDER REPORT
Capital Group Central Corporate Bond Fund
Class M
| CCBFX
for the six months ended November 30, 2024
This semi-annual shareholder report contains important information about Capital Group Central Corporate Bond Fund (the "fund") for the period from June 1, 2024 to November 30, 2024. You can find additional information about the fund at
capitalgroup.com/CCBF-M
. You can also request this information by contacting us at (800) 421-4225.
What were the fund costs for the
last six months
?
(based on a hypothetical $10,000 investment)
Share class
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class M
$
0
1
0.00
%
2,3
1
Amount less than $1.
2
Amount less than 0.01%
3
Annualized.
Key fund statistics
Fund net assets (in millions)
$
11,071
Total number of portfolio holdings775
Portfolio turnover rate88
%
Portfolio holdings by sector 
(percent of net assets)
Graphical Representation - Allocation 1 Chart
*Includes derivatives.
Availability of additional information
TSR - QR Code - CCBF
Scan the QR code to view additional information about the fund, including its prospectus, financial information, holdings and information on proxy voting. Or refer to the web address included at the beginning of this report.
Important information
To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at
(800) 421-4225
, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.
Lit. No. MFMXSRX-137-0125 © 2025 Capital Group. All rights reserved.

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 - Investments

The schedule of investments is included as part of the material filed under Item 7 of this Form.



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



 
Capital Group Central Corporate Bond Fund
Financial Statements and Other Information
N-CSR Items 7-11
for the six months ended November 30, 2024
Lit. No. MFGEFP2-137-0125 © 2025 Capital Group. All rights reserved.
Investment portfolio November 30, 2024unaudited
 
Bonds, notes & other debt instruments 93.41%
 
Principal amount
(000)
Value
(000)
Corporate bonds, notes & loans 82.35%
Financials
21.24%
American Express Co. 1.65% 11/4/2026
USD29,158
$27,588
American Express Co. 2.55% 3/4/2027
4,360
4,174
 
American Express Co. 4.05% 5/3/2029
10,617
10,444
 
American Express Co. 5.284% 7/26/2035 (USD-SOFR + 1.42% on 7/26/2034)1
31,314
31,765
 
American International Group, Inc. 5.125% 3/27/2033
14,360
14,506
 
American International Group, Inc. 4.375% 6/30/2050
16,675
14,509
 
Aon Corp. 5.35% 2/28/2033
8,516
8,718
 
Aon Corp. 3.90% 2/28/2052
16,284
12,715
 
Aon North America, Inc. 5.45% 3/1/2034
45,190
46,444
 
Aon North America, Inc. 5.75% 3/1/2054
14,191
14,716
 
Arthur J. Gallagher & Co. 3.50% 5/20/2051
3,452
2,507
 
Bank of America Corp. 2.884% 10/22/2030
(3-month USD CME Term SOFR + 1.19% on 10/22/2029)1
17,597
16,101
 
Bank of America Corp. 1.898% 7/23/2031 (USD-SOFR + 1.53% on 7/23/2030)1
41,245
35,206
 
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)1
6,000
5,078
 
Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)1
43,664
37,092
 
Bank of America Corp. 5.872% 9/15/2034 (USD-SOFR + 1.84% on 9/15/2033)1
26,173
27,615
 
Bank of America Corp. 5.468% 1/23/2035
(3-month USD CME Term SOFR + 1.65% on 1/23/2034)1
6,280
6,453
 
Bank of America Corp. 2.972% 7/21/2052 (USD-SOFR + 1.56% on 7/21/2051)1
410
278
 
Bank of New York Mellon Corp. 5.802% 10/25/2028
(USD-SOFR + 1.802% on 10/25/2027)1
15,571
16,079
 
Bank of New York Mellon Corp. 5.06% 7/22/2032 (USD-SOFR + 1.23% on 7/22/2031)1
11,485
11,634
 
Bank of New York Mellon Corp. 5.834% 10/25/2033
(USD-SOFR + 2.074% on 10/25/2032)1
11,259
11,924
 
Bank of New York Mellon Corp. 5.225% 11/20/2035
(USD-SOFR + 1.253% on 11/20/2034)1
55,130
56,254
 
Bank of Nova Scotia (The) 4.75% 2/2/2026
23,326
23,369
 
Berkshire Hathaway Finance Corp. 4.20% 8/15/2048
13,910
12,200
 
Berkshire Hathaway Finance Corp. 3.85% 3/15/2052
8,398
6,759
 
BNP Paribas SA 5.283% 11/19/2030 (USD-SOFR + 1.28% on 11/19/2029)1,2
5,000
5,024
 
BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)1,2
16,217
15,763
 
BPCE SA 6.714% 10/19/2029 (USD-SOFR + 2.27% on 10/19/2028)1,2
15,000
15,806
 
CaixaBank, SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029)1,2
3,504
3,567
 
CaixaBank, SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033)1,2
14,800
16,027
 
CaixaBank, SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034)1,2
21,414
22,064
 
Canadian Imperial Bank of Commerce 4.631% 9/11/2030
(USD-SOFR + 1.335% on 9/11/2029)1
23,275
23,047
 
Capital One Financial Corp. 5.70% 2/1/2030 (USD-SOFR + 1.905% on 2/1/2029)1
10,691
10,947
 
Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033)1
9,484
10,076
 
Capital One Financial Corp. 5.884% 7/26/2035 (USD-SOFR + 1.99% on 7/26/2034)1
34,672
35,739
 
Chubb INA Holdings, LLC 3.35% 5/3/2026
8,585
8,455
 
Chubb INA Holdings, LLC 5.00% 3/15/2034
77,669
78,524
 
Chubb INA Holdings, LLC 4.35% 11/3/2045
400
357
 
Citigroup, Inc. 2.014% 1/25/2026 (USD-SOFR + 0.694% on 1/25/2025)1
11,432
11,378
 
Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029)1
18,060
18,258
 
Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029)1
9,498
9,355
 
Citigroup, Inc. 2.572% 6/3/2031 (USD-SOFR + 2.107% on 6/3/2030)1
39,729
35,126
 
Citigroup, Inc. 2.561% 5/1/2032 (USD-SOFR + 1.167% on 5/1/2031)1
21,021
18,174
 
Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031)1
6,678
5,689
 
Corebridge Financial, Inc. 3.90% 4/5/2032
15,703
14,584
 
Corebridge Global Funding 4.90% 12/3/20292
18,100
18,144
 
Crédit Agricole SA 4.375% 3/17/20252
6,115
6,096
 
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)1
5,370
5,103
 
Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)1
2,000
1,824
 
Deutsche Bank AG 5.403% 9/11/2035 (USD-SOFR + 2.05% on 9/11/2034)1
25,650
25,016
 
Goldman Sachs Group, Inc. 3.50% 4/1/2025
33,751
33,607
 
Goldman Sachs Group, Inc. 2.60% 2/7/2030
6,239
5,605
 
Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029)1
39,706
40,993
 
Goldman Sachs Group, Inc. 4.692% 10/23/2030 (USD-SOFR + 1.135% on 10/23/2029)1
8,266
8,199
 
Goldman Sachs Group, Inc. 1.992% 1/27/2032 (USD-SOFR + 1.09% on 1/27/2031)1
3,733
3,139
 
Goldman Sachs Group, Inc. 2.383% 7/21/2032 (USD-SOFR + 1.248% on 7/21/2031)1
15,978
13,638
 
Goldman Sachs Group, Inc. 2.65% 10/21/2032 (USD-SOFR + 1.264% on 10/21/2031)1
9,820
8,440
 
1
Capital Group Central Corporate Bond Fund
Bonds, notes & other debt instruments (continued)
 
Principal amount
(000)
Value
(000)
Corporate bonds, notes & loans (continued)
Financials
 (continued)
Goldman Sachs Group, Inc. 5.851% 4/25/2035 (USD-SOFR + 1.552% on 4/25/2034)1
USD23,435
$24,573
Goldman Sachs Group, Inc. 5.33% 7/23/2035 (USD-SOFR + 1.55% on 7/23/2034)1
16,235
16,401
 
Goldman Sachs Group, Inc. 5.016% 10/23/2035 (USD-SOFR + 1.42% on 10/23/2034)1
8,222
8,129
 
Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041)1
20,000
14,640
 
Goldman Sachs Group, Inc. 5.561% 11/19/2045 (USD-SOFR + 1.58% on 11/19/2044)1
4,506
4,579
 
HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027)1
15,675
15,610
 
HSBC Holdings PLC 7.39% 11/03/2028 (USD-SOFR + 7.39% on 11/3/2027)1
1,994
2,125
 
HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028)1
41,629
37,667
 
HSBC Holdings PLC 5.286% 11/19/2030 (USD-SOFR + 1.29% on 11/19/2029)1
5,278
5,316
 
HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)1
3,235
2,794
 
HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)1
3,413
2,951
 
HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043)1
12,200
13,358
 
Intercontinental Exchange, Inc. 5.25% 6/15/2031
13,210
13,538
 
Intercontinental Exchange, Inc. 4.95% 6/15/2052
5,621
5,344
 
JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)1
28,143
28,119
 
JPMorgan Chase & Co. 2.005% 3/13/2026 (USD-SOFR + 1.585% on 3/13/2025)1
1,610
1,597
 
JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)1
1,732
1,726
 
JPMorgan Chase & Co. 1.045% 11/19/2026 (USD-SOFR + 0.80% on 11/19/2025)1
355
343
 
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)1
10,000
10,020
 
JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029)1
27,015
27,820
 
JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029)1
22,685
22,854
 
JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029)1
37,560
37,237
 
JPMorgan Chase & Co. 1.764% 11/19/2031
(3-month USD CME Term SOFR + 1.105% on 11/19/2030)1
1,728
1,455
 
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)1
4,094
3,448
 
JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)1
5,515
4,852
 
JPMorgan Chase & Co. 5.766% 4/22/2035 (USD-SOFR + 1.49% on 4/22/2034)1
19,057
19,959
 
JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034)1
43,432
43,975
 
JPMorgan Chase & Co. 4.946% 10/22/2035 (USD-SOFR + 1.34% on 10/22/2034)1
46,436
46,074
 
JPMorgan Chase & Co. 5.534% 11/29/2045 (USD-SOFR + 1.55% on 11/29/2044)1
16,230
16,653
 
JPMorgan Chase & Co. 3.109% 4/22/2051 (USD-SOFR + 3.109% on 4/22/2050)1
849
595
 
Marsh & McLennan Cos., Inc. 2.25% 11/15/2030
6,708
5,871
 
Marsh & McLennan Cos., Inc. 5.40% 9/15/2033
13,230
13,788
 
Marsh & McLennan Cos., Inc. 5.00% 3/15/2035
61,277
61,586
 
Marsh & McLennan Cos., Inc. 2.90% 12/15/2051
1,777
1,175
 
Marsh & McLennan Cos., Inc. 5.70% 9/15/2053
4,113
4,349
 
Marsh & McLennan Cos., Inc. 5.40% 3/15/2055
22,324
22,628
 
Mastercard, Inc. 4.875% 5/9/2034
28,276
28,502
 
Mastercard, Inc. 4.55% 1/15/2035
17,482
17,116
 
MetLife, Inc. 5.375% 7/15/2033
17,216
17,926
 
Metropolitan Life Global Funding I 0.95% 7/2/20252
3,632
3,555
 
Metropolitan Life Global Funding I 5.05% 1/6/20282
6,669
6,735
 
Metropolitan Life Global Funding I 2.95% 4/9/20302
778
713
 
Metropolitan Life Global Funding I 1.55% 1/7/20312
25,721
21,436
 
Morgan Stanley 3.875% 1/27/2026
7,796
7,729
 
Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)1
7,547
7,214
 
Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)1
4,714
4,766
 
Morgan Stanley 6.407% 11/1/2029 (USD-SOFR + 1.83% on 11/1/2028)1
1,872
1,978
 
Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029)1
18,586
19,148
 
Morgan Stanley 5.042% 7/19/2030 (USD-SOFR + 1.215% on 7/19/2029)1
7,141
7,195
 
Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031)1
43,027
35,829
 
Morgan Stanley 1.928% 4/28/2032 (USD-SOFR + 1.02% on 4/28/2031)1
15,114
12,583
 
Morgan Stanley 6.627% 11/1/2034 (USD-SOFR + 2.05% on 11/1/2033)1
5,820
6,430
 
Morgan Stanley 5.831% 4/19/2035 (USD-SOFR + 1.58% on 4/19/2034)1
28,535
29,936
 
Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034)1
39,329
39,916
 
Morgan Stanley 5.516% 11/19/2055 (USD-SOFR + 1.71% on 11/19/2054)1
16,253
16,800
 
Morgan Stanley Bank, NA 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029)1
43,234
42,863
 
Nasdaq, Inc. 6.10% 6/28/2063
2,508
2,673
 
National Australia Bank, Ltd. 5.181% 6/11/20342
58,233
59,837
 
National Rural Utilities Cooperative Finance Corp. 3.25% 11/1/2025
715
707
 
National Rural Utilities Cooperative Finance Corp. 3.05% 4/25/2027
2,500
2,417
 
New York Life Global Funding 2.35% 7/14/20262
4,760
4,604
 
New York Life Global Funding 1.20% 8/7/20302
13,997
11,653
 
New York Life Global Funding 4.55% 1/28/20332
5,051
4,953
 
New York Life Insurance Co. 3.75% 5/15/20502
1,209
933
 
Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/20282
9,220
9,306
 
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)
PNC Bank, National Association 4.775% 1/15/2027
(USD-SOFR + 0.504% on 1/15/2026)1
USD53,646
$53,682
PNC Financial Services Group, Inc. 5.582% 6/12/2029
(USD-SOFR + 1.841% on 6/12/2028)1
12,214
12,521
 
PNC Financial Services Group, Inc. 4.812% 10/21/2032
(USD-SOFR + 1.289% on 10/21/2031)1
11,000
10,897
 
PNC Financial Services Group, Inc. 6.875% 10/20/2034
(USD-SOFR + 2.284% on 10/20/2033)1
18,409
20,574
 
PNC Financial Services Group, Inc. 5.401% 7/23/2035
(USD-SOFR + 1.599% on 7/23/2034)1
3,308
3,367
 
Prudential Financial, Inc. 3.878% 3/27/2028
325
319
 
Prudential Financial, Inc. 4.35% 2/25/2050
15,900
13,650
 
Prudential Financial, Inc. 3.70% 3/13/2051
7,435
5,692
 
Royal Bank of Canada 4.65% 10/18/2030 (USD-SOFR + 1.08% on 10/18/2029)1
49,465
49,254
 
Royal Bank of Canada 5.00% 2/1/2033
20,000
20,113
 
State Street Bank and Trust Co. 4.594% 11/25/2026
35,835
35,945
 
State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033)1
9,388
9,557
 
Sumitomo Mitsui Financial Group, Inc. 5.88% 7/13/2026
18,475
18,816
 
Sumitomo Mitsui Financial Group, Inc. 5.80% 7/13/2028
6,207
6,433
 
Sumitomo Mitsui Financial Group, Inc. 5.776% 7/13/2033
10,601
11,208
 
Travelers Companies, Inc. 4.00% 5/30/2047
3,885
3,254
 
Travelers Companies, Inc. 4.05% 3/7/2048
2,753
2,323
 
Travelers Companies, Inc. 2.55% 4/27/2050
859
541
 
Travelers Companies, Inc. 5.45% 5/25/2053
4,404
4,565
 
Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031)1
13,480
13,545
 
U.S. Bancorp 5.678% 1/23/2035 (USD-SOFR + 1.86% on 1/23/2034)1
11,634
12,054
 
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
7,860
 
UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)1,2
749
718
 
UBS Group AG 5.617% 9/13/2030
(1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029)1,2
8,730
8,947
 
UBS Group AG 2.095% 2/11/2032
(1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/11/2031)1,2
3,405
2,865
 
UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)1,2
9,670
8,585
 
Wells Fargo & Co. 2.879% 10/30/2030
(3-month USD CME Term SOFR + 1.432% on 10/30/2029)1
158
144
 
Wells Fargo & Co. 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)1
3,293
2,953
 
Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033)1
22,636
22,937
 
Wells Fargo & Co. 5.557% 7/25/2034 (USD-SOFR + 1.99% on 7/25/2033)1
7,602
7,799
 
Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033)1
9,453
10,314
 
Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)1
22,017
19,656
 
 
2,351,582
 
Health care
17.08%
AbbVie, Inc. 3.80% 3/15/2025
5,573
5,558
AbbVie, Inc. 3.60% 5/14/2025
7,960
7,927
 
AbbVie, Inc. 2.95% 11/21/2026
30,984
30,106
 
AbbVie, Inc. 4.80% 3/15/2029
45,310
45,720
 
AbbVie, Inc. 4.95% 3/15/2031
27,800
28,154
 
AbbVie, Inc. 5.05% 3/15/2034
94,978
96,220
 
AbbVie, Inc. 5.35% 3/15/2044
3,825
3,882
 
AbbVie, Inc. 5.40% 3/15/2054
42,989
43,657
 
AbbVie, Inc. 5.50% 3/15/2064
7,975
8,123
 
Amgen, Inc. 2.20% 2/21/2027
4,014
3,815
 
Amgen, Inc. 5.15% 3/2/2028
19,901
20,203
 
Amgen, Inc. 3.00% 2/22/2029
3,843
3,605
 
Amgen, Inc. 4.05% 8/18/2029
14,530
14,143
 
Amgen, Inc. 2.45% 2/21/2030
6,250
5,593
 
Amgen, Inc. 2.30% 2/25/2031
6,250
5,414
 
Amgen, Inc. 2.00% 1/15/2032
12,963
10,724
 
Amgen, Inc. 4.20% 3/1/2033
43,000
40,633
 
Amgen, Inc. 5.25% 3/2/2033
38,376
39,012
 
Amgen, Inc. 3.15% 2/21/2040
3,515
2,717
 
Amgen, Inc. 5.60% 3/2/2043
11,710
11,893
 
Amgen, Inc. 3.375% 2/21/2050
8,850
6,419
 
Amgen, Inc. 4.20% 2/22/2052
2,715
2,231
 
Amgen, Inc. 4.875% 3/1/2053
5,975
5,442
 
3
Capital Group Central Corporate Bond Fund
Bonds, notes & other debt instruments (continued)
 
Principal amount
(000)
Value
(000)
Corporate bonds, notes & loans (continued)
Health care
 (continued)
Amgen, Inc. 5.65% 3/2/2053
USD46,487
$47,452
Amgen, Inc. 4.40% 2/22/2062
7,664
6,286
 
Amgen, Inc. 5.75% 3/2/2063
18,450
18,798
 
Astrazeneca Finance, LLC 4.875% 3/3/2028
1,205
1,221
 
Astrazeneca Finance, LLC 1.75% 5/28/2028
25,133
22,927
 
Astrazeneca Finance, LLC 4.85% 2/26/2029
20,170
20,425
 
Astrazeneca Finance, LLC 4.90% 3/3/2030
10,521
10,686
 
Astrazeneca Finance, LLC 4.90% 2/26/2031
19,530
19,822
 
Astrazeneca Finance, LLC 2.25% 5/28/2031
877
762
 
Astrazeneca Finance, LLC 4.875% 3/3/2033
9,437
9,540
 
Astrazeneca Finance, LLC 5.00% 2/26/2034
12,500
12,642
 
AstraZeneca PLC 3.375% 11/16/2025
2,125
2,102
 
AstraZeneca PLC 0.70% 4/8/2026
33,069
31,487
 
AstraZeneca PLC 4.00% 1/17/2029
19,681
19,341
 
AstraZeneca PLC 1.375% 8/6/2030
19,388
16,345
 
Baxter International, Inc. 2.272% 12/1/2028
3,975
3,606
 
Baxter International, Inc. 2.539% 2/1/2032
32,129
27,397
 
Baxter International, Inc. 3.132% 12/1/2051
8,051
5,312
 
Becton, Dickinson and Co. 3.734% 12/15/2024
412
412
 
Becton, Dickinson and Co. 5.081% 6/7/2029
36,405
36,958
 
Becton, Dickinson and Co. 5.11% 2/8/2034
18,627
18,747
 
Boston Scientific Corp. 1.90% 6/1/2025
11,711
11,542
 
Bristol-Myers Squibb Co. 3.875% 8/15/2025
619
615
 
Bristol-Myers Squibb Co. 3.20% 6/15/2026
5,546
5,446
 
Bristol-Myers Squibb Co. 4.90% 2/22/2029
11,340
11,505
 
Bristol-Myers Squibb Co. 5.20% 2/22/2034
55,329
56,661
 
Bristol-Myers Squibb Co. 5.50% 2/22/2044
3,400
3,506
 
Bristol-Myers Squibb Co. 2.55% 11/13/2050
9,143
5,632
 
Bristol-Myers Squibb Co. 3.70% 3/15/2052
9,511
7,379
 
Bristol-Myers Squibb Co. 6.25% 11/15/2053
20,119
22,583
 
Bristol-Myers Squibb Co. 5.55% 2/22/2054
50,472
52,233
 
Bristol-Myers Squibb Co. 6.40% 11/15/2063
3,890
4,426
 
Bristol-Myers Squibb Co. 5.65% 2/22/2064
4,475
4,580
 
Cencora, Inc. 2.70% 3/15/2031
14,476
12,741
 
Centene Corp. 4.25% 12/15/2027
9,190
8,894
 
Centene Corp. 2.45% 7/15/2028
53,045
48,002
 
Centene Corp. 4.625% 12/15/2029
19,560
18,766
 
Centene Corp. 3.375% 2/15/2030
2,687
2,422
 
Centene Corp. 3.00% 10/15/2030
22,250
19,418
 
Centene Corp. 2.50% 3/1/2031
23,930
20,107
 
Centene Corp. 2.625% 8/1/2031
13,005
10,880
 
Cigna Group (The) 5.25% 2/15/2034
16,720
16,888
 
CVS Health Corp. 1.30% 8/21/2027
10,000
9,110
 
CVS Health Corp. 3.25% 8/15/2029
4,775
4,418
 
CVS Health Corp. 1.75% 8/21/2030
7,924
6,602
 
CVS Health Corp. 1.875% 2/28/2031
9,225
7,588
 
CVS Health Corp. 5.25% 2/21/2033
32,070
31,838
 
CVS Health Corp. 5.625% 2/21/2053
8,540
8,167
 
CVS Health Corp. 5.875% 6/1/2053
1,955
1,928
 
CVS Health Corp. 6.00% 6/1/2063
8,095
7,996
 
Elevance Health, Inc. 5.20% 2/15/2035
39,919
40,145
 
Elevance Health, Inc. 4.55% 5/15/2052
7,712
6,629
 
Elevance Health, Inc. 5.125% 2/15/2053
2,695
2,540
 
Elevance Health, Inc. 5.70% 2/15/2055
2,698
2,770
 
Elevance Health, Inc. 5.85% 11/1/2064
8,521
8,781
 
Eli Lilly and Co. 4.50% 2/9/2027
37,167
37,329
 
Eli Lilly and Co. 3.375% 3/15/2029
3,686
3,544
 
Eli Lilly and Co. 4.60% 8/14/2034
12,985
12,810
 
EMD Finance, LLC 3.25% 3/19/20252
18,845
18,754
 
Gilead Sciences, Inc. 5.25% 10/15/2033
35,515
36,448
 
Gilead Sciences, Inc. 2.80% 10/1/2050
1,885
1,231
 
Gilead Sciences, Inc. 5.55% 10/15/2053
37,836
39,177
 
HCA, Inc. 4.125% 6/15/2029
2,250
2,173
 
HCA, Inc. 2.375% 7/15/2031
8,178
6,907
 
HCA, Inc. 3.625% 3/15/2032
6,778
6,114
 
HCA, Inc. 4.625% 3/15/2052
10,329
8,580
 
Humana, Inc. 5.375% 4/15/2031
7,381
7,460
 
Capital Group Central Corporate Bond Fund
4
Bonds, notes & other debt instruments (continued)
 
Principal amount
(000)
Value
(000)
Corporate bonds, notes & loans (continued)
Health care
 (continued)
Humana, Inc. 5.75% 4/15/2054
USD6,999
$6,963
Johnson & Johnson 4.90% 6/1/2031
17,930
18,357
 
Johnson & Johnson 4.95% 6/1/2034
20,170
20,726
 
Johnson & Johnson 2.25% 9/1/2050
1,450
898
 
Johnson & Johnson 5.25% 6/1/2054
3,620
3,759
 
Laboratory Corp. of America Holdings 4.80% 10/1/2034
21,948
21,334
 
Merck & Co., Inc. 1.70% 6/10/2027
20,527
19,279
 
Novartis Capital Corp. 2.00% 2/14/2027
5,000
4,762
 
Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028
11,091
11,069
 
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033
20,000
19,797
 
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053
77,168
76,340
 
Pfizer, Inc. 3.45% 3/15/2029
8,700
8,365
 
Pfizer, Inc. 1.70% 5/28/2030
17,700
15,257
 
Roche Holdings, Inc. 2.076% 12/13/20312
42,002
35,576
 
Roche Holdings, Inc. 5.593% 11/13/20332
17,864
18,939
 
Roche Holdings, Inc. 4.592% 9/9/20342
2,946
2,899
 
Roche Holdings, Inc. 5.218% 3/8/20542
13,295
13,457
 
Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026
296
289
 
Solventum Corp. 5.60% 3/23/20342
17,625
17,901
 
UnitedHealth Group, Inc. 1.25% 1/15/2026
12,524
12,091
 
UnitedHealth Group, Inc. 3.875% 12/15/2028
2,500
2,447
 
UnitedHealth Group, Inc. 2.875% 8/15/2029
285
265
 
UnitedHealth Group, Inc. 2.00% 5/15/2030
5,765
5,043
 
UnitedHealth Group, Inc. 4.20% 5/15/2032
3,952
3,829
 
UnitedHealth Group, Inc. 5.35% 2/15/2033
5,556
5,751
 
UnitedHealth Group, Inc. 5.15% 7/15/2034
24,733
25,181
 
UnitedHealth Group, Inc. 3.05% 5/15/2041
12,150
9,227
 
UnitedHealth Group, Inc. 4.45% 12/15/2048
13,315
11,698
 
UnitedHealth Group, Inc. 3.70% 8/15/2049
2,760
2,141
 
UnitedHealth Group, Inc. 3.25% 5/15/2051
7,753
5,480
 
UnitedHealth Group, Inc. 4.75% 5/15/2052
20,281
18,605
 
UnitedHealth Group, Inc. 5.625% 7/15/2054
11,330
11,763
 
UnitedHealth Group, Inc. 4.95% 5/15/2062
9,058
8,395
 
UnitedHealth Group, Inc. 6.05% 2/15/2063
7,082
7,717
 
Viatris, Inc. 4.00% 6/22/2050
11,416
8,191
 
 
1,890,515
 
Utilities
14.33%
AEP Texas, Inc. 3.45% 5/15/2051
5,193
3,662
AEP Transmission Co., LLC 5.15% 4/1/2034
11,675
11,815
 
AEP Transmission Co., LLC 2.75% 8/15/2051
4,095
2,626
 
Alabama Power Co. 5.85% 11/15/2033
4,100
4,366
 
Ameren Corp. 1.75% 3/15/2028
7,540
6,876
 
American Electric Power Co., Inc. 1.00% 11/1/2025
614
593
 
American Transmission Systems, Inc. 2.65% 1/15/20322
20,450
17,700
 
Atlantic City Electric Co. 2.30% 3/15/2031
2,175
1,887
 
CenterPoint Energy Houston Electric, LLC 5.05% 3/1/2035
13,475
13,591
 
CenterPoint Energy, Inc. 2.65% 6/1/2031
9,943
8,711
 
Cleveland Electric Illuminating Co. (The) 3.50% 4/1/20282
7,637
7,300
 
Cleveland Electric Illuminating Co. (The) 4.55% 11/15/20302
26,564
26,035
 
CMS Energy Corp. 3.00% 5/15/2026
10,303
10,045
 
Commonwealth Edison Co. 2.95% 8/15/2027
5,000
4,815
 
Commonwealth Edison Co. 3.125% 3/15/2051
2,000
1,380
 
Commonwealth Edison Co. 2.75% 9/1/2051
375
238
 
Connecticut Light and Power Co. (The) 2.05% 7/1/2031
14,377
12,261
 
Connecticut Light and Power Co. (The) 4.95% 8/15/2034
2,175
2,188
 
Consumers Energy Co. 3.80% 11/15/2028
13,103
12,758
 
Consumers Energy Co. 4.90% 2/15/2029
6,522
6,603
 
Consumers Energy Co. 4.60% 5/30/2029
6,800
6,826
 
Consumers Energy Co. 4.70% 1/15/2030
2,708
2,724
 
Consumers Energy Co. 3.60% 8/15/2032
8,530
7,934
 
Consumers Energy Co. 4.625% 5/15/2033
24,501
24,251
 
Dominion Energy, Inc. 3.30% 3/15/2025
6,227
6,198
 
Duke Energy Carolinas, LLC 2.45% 8/15/2029
13,675
12,444
 
Duke Energy Carolinas, LLC 2.55% 4/15/2031
3,362
2,960
 
Duke Energy Carolinas, LLC 3.70% 12/1/2047
777
605
 
Duke Energy Carolinas, LLC 5.35% 1/15/2053
12,525
12,603
 
5
Capital Group Central Corporate Bond Fund
Bonds, notes & other debt instruments (continued)
 
Principal amount
(000)
Value
(000)
Corporate bonds, notes & loans (continued)
Utilities
 (continued)
Duke Energy Corp. 3.50% 6/15/2051
USD3,620
$2,596
Duke Energy Corp. 5.00% 8/15/2052
4,223
3,882
 
Duke Energy Florida, LLC 3.20% 1/15/2027
10,387
10,139
 
Duke Energy Florida, LLC 1.75% 6/15/2030
12,027
10,327
 
Duke Energy Florida, LLC 5.875% 11/15/2033
8
9
 
Duke Energy Florida, LLC 5.95% 11/15/2052
3,664
3,948
 
Duke Energy Progress, LLC 2.00% 8/15/2031
7,802
6,589
 
Duke Energy Progress, LLC 2.50% 8/15/2050
2,109
1,305
 
Duke Energy Progress, LLC 2.90% 8/15/2051
8,825
5,817
 
Edison International 4.95% 4/15/2025
2,225
2,223
 
Edison International 4.125% 3/15/2028
18,406
18,027
 
Edison International 6.95% 11/15/2029
1,890
2,048
 
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
29,000
 
Emera US Finance, LP 2.639% 6/15/2031
6,743
5,809
 
Entergy Corp. 2.80% 6/15/2030
437
395
 
Entergy Corp. 2.40% 6/15/2031
31,875
27,401
 
Entergy Corp. 3.75% 6/15/2050
1,675
1,266
 
Entergy Louisiana, LLC 2.40% 10/1/2026
1,444
1,391
 
Entergy Louisiana, LLC 3.12% 9/1/2027
5,975
5,765
 
Entergy Louisiana, LLC 1.60% 12/15/2030
5,600
4,680
 
Entergy Louisiana, LLC 5.35% 3/15/2034
15,629
16,092
 
Entergy Louisiana, LLC 2.90% 3/15/2051
1,595
1,042
 
Entergy Texas, Inc. 1.75% 3/15/2031
3,916
3,290
 
Eversource Energy 3.15% 1/15/2025
3,265
3,258
 
Eversource Energy 5.50% 1/1/2034
15,000
15,259
 
FirstEnergy Corp. 2.65% 3/1/2030
21,021
18,834
 
FirstEnergy Corp. 2.25% 9/1/2030
9,525
8,236
 
FirstEnergy Pennsylvania Electric Co. 3.25% 3/15/20282
3,000
2,865
 
FirstEnergy Transmission, LLC 4.35% 1/15/20252
1,574
1,573
 
Florida Power & Light Co. 2.45% 2/3/2032
2,136
1,841
 
Florida Power & Light Co. 5.10% 4/1/2033
17,325
17,638
 
Florida Power & Light Co. 4.80% 5/15/2033
10,099
10,091
 
Florida Power & Light Co. 5.30% 6/15/2034
36,497
37,712
 
Florida Power & Light Co. 2.875% 12/4/2051
36,896
24,722
 
Florida Power & Light Co. 5.30% 4/1/2053
5,088
5,176
 
Florida Power & Light Co. 5.60% 6/15/2054
3,500
3,694
 
Georgia Power Co. 4.95% 5/17/2033
18,515
18,621
 
Georgia Power Co. 5.25% 3/15/2034
14,187
14,536
 
Jersey Central Power & Light Co. 4.30% 1/15/20262
2,872
2,852
 
Jersey Central Power & Light Co. 2.75% 3/1/20322
29,125
25,257
 
MidAmerican Energy Co. 3.65% 4/15/2029
2,853
2,747
 
MidAmerican Energy Co. 5.75% 11/1/2035
2,025
2,169
 
MidAmerican Energy Co. 3.15% 4/15/2050
5,000
3,575
 
NiSource, Inc. 5.40% 6/30/2033
5,000
5,110
 
Northern States Power Co. 2.25% 4/1/2031
7,934
6,876
 
Northern States Power Co. 2.90% 3/1/2050
3,468
2,357
 
Northern States Power Co. 2.60% 6/1/2051
14,643
9,330
 
Northern States Power Co. 4.50% 6/1/2052
2,790
2,492
 
Northern States Power Co. 5.10% 5/15/2053
8,644
8,480
 
Northern States Power Co. 5.40% 3/15/2054
25,532
26,231
 
Oncor Electric Delivery Co., LLC 0.55% 10/1/2025
9,395
9,091
 
Pacific Gas and Electric Co. 3.15% 1/1/2026
16,359
16,060
 
Pacific Gas and Electric Co. 2.95% 3/1/2026
850
830
 
Pacific Gas and Electric Co. 2.10% 8/1/2027
49,718
46,412
 
Pacific Gas and Electric Co. 3.30% 12/1/2027
343
328
 
Pacific Gas and Electric Co. 3.00% 6/15/2028
8,542
8,040
 
Pacific Gas and Electric Co. 4.65% 8/1/2028
4,646
4,615
 
Pacific Gas and Electric Co. 4.55% 7/1/2030
11,450
11,204
 
Pacific Gas and Electric Co. 2.50% 2/1/2031
110,315
95,595
 
Pacific Gas and Electric Co. 3.25% 6/1/2031
5,023
4,530
 
Pacific Gas and Electric Co. 4.40% 3/1/2032
4,067
3,872
 
Pacific Gas and Electric Co. 5.90% 6/15/2032
5,377
5,622
 
Pacific Gas and Electric Co. 6.15% 1/15/2033
21,964
23,204
 
Pacific Gas and Electric Co. 6.40% 6/15/2033
18,063
19,383
 
Pacific Gas and Electric Co. 5.80% 5/15/2034
5,171
5,379
 
Pacific Gas and Electric Co. 3.30% 8/1/2040
38,164
29,321
 
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)
Pacific Gas and Electric Co. 4.95% 7/1/2050
USD22,109
$19,838
Pacific Gas and Electric Co. 3.50% 8/1/2050
12,958
9,334
 
PacifiCorp 2.70% 9/15/2030
8,914
7,938
 
PacifiCorp 5.30% 2/15/2031
16,404
16,826
 
PacifiCorp 5.45% 2/15/2034
24,592
25,134
 
PacifiCorp 3.30% 3/15/2051
19,311
13,333
 
PacifiCorp 2.90% 6/15/2052
28,619
18,147
 
PacifiCorp 5.35% 12/1/2053
8,973
8,707
 
PacifiCorp 5.50% 5/15/2054
42,285
41,752
 
PacifiCorp 5.80% 1/15/2055
29,228
30,048
 
PECO Energy Co. 5.25% 9/15/2054
14,355
14,366
 
Progress Energy, Inc. 7.00% 10/30/2031
6,700
7,565
 
Public Service Company of Colorado 1.90% 1/15/2031
4,843
4,140
 
Public Service Company of Colorado 1.875% 6/15/2031
4,810
4,049
 
Public Service Company of Colorado 5.35% 5/15/2034
4,825
4,955
 
Public Service Company of Colorado 3.20% 3/1/2050
6,298
4,428
 
Public Service Company of Colorado 2.70% 1/15/2051
13,385
8,514
 
Public Service Company of Colorado 5.25% 4/1/2053
15,025
14,769
 
Public Service Company of Colorado 5.75% 5/15/2054
3,220
3,409
 
Public Service Electric and Gas Co. 0.95% 3/15/2026
7,585
7,254
 
Public Service Electric and Gas Co. 3.65% 9/1/2028
2,115
2,053
 
Public Service Electric and Gas Co. 2.45% 1/15/2030
5,299
4,787
 
Public Service Electric and Gas Co. 1.90% 8/15/2031
2,315
1,944
 
Public Service Electric and Gas Co. 3.85% 5/1/2049
6,758
5,487
 
Public Service Electric and Gas Co. 5.30% 8/1/2054
10,000
10,170
 
Puget Energy, Inc. 3.65% 5/15/2025
8,500
8,443
 
San Diego Gas & Electric Co. 4.95% 8/15/2028
6,569
6,654
 
Southern California Edison Co. 1.20% 2/1/2026
166
160
 
Southern California Edison Co. 3.65% 3/1/2028
16,797
16,320
 
Southern California Edison Co. 5.30% 3/1/2028
6,197
6,323
 
Southern California Edison Co. 5.65% 10/1/2028
23,158
23,954
 
Southern California Edison Co. 4.20% 3/1/2029
10,270
10,070
 
Southern California Edison Co. 2.85% 8/1/2029
47,555
43,897
 
Southern California Edison Co. 2.25% 6/1/2030
7,466
6,583
 
Southern California Edison Co. 2.50% 6/1/2031
12,000
10,483
 
Southern California Edison Co. 5.45% 6/1/2031
16,586
17,138
 
Southern California Edison Co. 2.75% 2/1/2032
6,477
5,670
 
Southern California Edison Co. 5.20% 6/1/2034
6,159
6,238
 
Southern California Edison Co. 5.75% 4/1/2035
8,218
8,615
 
Southern California Edison Co. 3.60% 2/1/2045
4,425
3,431
 
Southern California Edison Co. 3.65% 2/1/2050
4,943
3,756
 
Southern California Edison Co. 2.95% 2/1/2051
7,357
4,901
 
Southern California Edison Co. 3.65% 6/1/2051
800
604
 
Southern California Edison Co. 5.75% 4/15/2054
5,500
5,731
 
Southwestern Electric Power Co. 3.25% 11/1/2051
15,875
10,754
 
Union Electric Co. 2.625% 3/15/2051
3,600
2,267
 
Union Electric Co. 5.125% 3/15/2055
10,151
9,861
 
Virginia Electric & Power 2.40% 3/30/2032
2,100
1,798
 
WEC Energy Group, Inc. 5.15% 10/1/2027
3,243
3,296
 
Wisconsin Electric Power Co. 4.60% 10/1/2034
5,975
5,868
 
Wisconsin Electric Power Co. 5.05% 10/1/2054
2,975
2,880
 
Wisconsin Power and Light Co. 1.95% 9/16/2031
5,900
4,921
 
Wisconsin Power and Light Co. 3.65% 4/1/2050
800
606
 
Wisconsin Public Service Corp. 2.85% 12/1/2051
7,684
5,056
 
Xcel Energy, Inc. 2.60% 12/1/2029
36,723
33,145
 
Xcel Energy, Inc. 3.40% 6/1/2030
5,115
4,754
 
Xcel Energy, Inc. 2.35% 11/15/2031
34,852
29,461
 
Xcel Energy, Inc. 4.60% 6/1/2032
3,368
3,277
 
Xcel Energy, Inc. 5.45% 8/15/2033
18,842
19,181
 
Xcel Energy, Inc. 5.50% 3/15/2034
6,888
7,039
 
Xcel Energy, Inc. 3.50% 12/1/2049
6,013
4,360
 
 
1,586,496
 
7
Capital Group Central Corporate Bond Fund
Bonds, notes & other debt instruments (continued)
 
Principal amount
(000)
Value
(000)
Corporate bonds, notes & loans (continued)
 
Industrials
6.51%
BAE Systems PLC 5.30% 3/26/20342
USD46,170
$47,160
BAE Systems PLC 5.50% 3/26/20542
2,623
2,703
 
Boeing Co. (The) 2.75% 2/1/2026
39,990
38,911
 
Boeing Co. (The) 2.196% 2/4/2026
25,000
24,166
 
Boeing Co. (The) 3.10% 5/1/2026
7,750
7,527
 
Boeing Co. (The) 3.25% 2/1/2028
30,764
29,089
 
Boeing Co. (The) 5.15% 5/1/2030
18,913
18,839
 
Boeing Co. (The) 3.625% 2/1/2031
4,658
4,250
 
Boeing Co. (The) 6.388% 5/1/20312
31,431
33,121
 
Boeing Co. (The) 6.528% 5/1/20342
4,408
4,689
 
Boeing Co. (The) 3.90% 5/1/2049
8,164
5,852
 
Burlington Northern Santa Fe, LLC 3.05% 2/15/2051
4,717
3,267
 
Canadian National Railway Co. 4.375% 9/18/2034
18,624
17,970
 
Canadian National Railway Co. 6.125% 11/1/2053
4,393
5,019
 
Canadian Pacific Railway Co. 3.10% 12/2/2051
22,087
15,293
 
Carrier Global Corp. 5.90% 3/15/2034
6,617
7,005
 
Carrier Global Corp. 6.20% 3/15/2054
1,320
1,477
 
CSX Corp. 3.80% 3/1/2028
28,360
27,765
 
CSX Corp. 4.25% 3/15/2029
12,943
12,820
 
CSX Corp. 2.40% 2/15/2030
5,892
5,286
 
CSX Corp. 4.10% 11/15/2032
10,489
10,044
 
CSX Corp. 5.20% 11/15/2033
7,415
7,626
 
CSX Corp. 4.30% 3/1/2048
14,250
12,328
 
CSX Corp. 4.50% 3/15/2049
6,729
6,003
 
CSX Corp. 2.50% 5/15/2051
12,071
7,401
 
Emerson Electric Co. 1.80% 10/15/2027
14,050
13,092
 
Emerson Electric Co. 1.95% 10/15/2030
5,950
5,159
 
Honeywell International, Inc. 1.95% 6/1/2030
1,936
1,692
 
Honeywell International, Inc. 4.75% 2/1/2032
18,051
18,089
 
Honeywell International, Inc. 5.25% 3/1/2054
4,029
4,012
 
Ingersoll-Rand, Inc. 5.45% 6/15/2034
7,967
8,167
 
L3Harris Technologies, Inc. 5.40% 7/31/2033
7,971
8,159
 
Lockheed Martin Corp. 4.95% 10/15/2025
11,679
11,724
 
Lockheed Martin Corp. 5.10% 11/15/2027
8,299
8,465
 
Lockheed Martin Corp. 4.50% 2/15/2029
28,451
28,437
 
Lockheed Martin Corp. 5.25% 1/15/2033
5,382
5,558
 
Lockheed Martin Corp. 4.75% 2/15/2034
162
161
 
Lockheed Martin Corp. 5.70% 11/15/2054
4,159
4,453
 
Lockheed Martin Corp. 5.20% 2/15/2055
5,289
5,285
 
Lockheed Martin Corp. 5.90% 11/15/2063
1,016
1,116
 
Norfolk Southern Corp. 2.55% 11/1/2029
3,485
3,167
 
Norfolk Southern Corp. 5.05% 8/1/2030
14,320
14,610
 
Norfolk Southern Corp. 4.45% 3/1/2033
5,753
5,611
 
Norfolk Southern Corp. 3.40% 11/1/2049
2,406
1,773
 
Norfolk Southern Corp. 5.35% 8/1/2054
15,816
15,823
 
Northrop Grumman Corp. 4.70% 3/15/2033
31,860
31,503
 
Northrop Grumman Corp. 4.90% 6/1/2034
11,160
11,153
 
Northrop Grumman Corp. 4.95% 3/15/2053
6,083
5,737
 
RTX Corp. 4.125% 11/16/2028
4,205
4,132
 
RTX Corp. 1.90% 9/1/2031
8,014
6,679
 
RTX Corp. 6.10% 3/15/2034
11,414
12,284
 
RTX Corp. 2.82% 9/1/2051
6,000
3,855
 
RTX Corp. 3.03% 3/15/2052
5,000
3,336
 
RTX Corp. 6.40% 3/15/2054
13,866
15,839
 
Union Pacific Corp. 3.75% 7/15/2025
388
386
 
Union Pacific Corp. 2.40% 2/5/2030
3,000
2,699
 
Union Pacific Corp. 2.80% 2/14/2032
31,546
28,042
 
Union Pacific Corp. 2.891% 4/6/2036
49,415
41,167
 
Union Pacific Corp. 3.375% 2/14/2042
4,360
3,480
 
Union Pacific Corp. 4.30% 3/1/2049
2,800
2,446
 
Union Pacific Corp. 3.25% 2/5/2050
424
306
 
Union Pacific Corp. 3.50% 2/14/2053
6,170
4,613
 
Union Pacific Corp. 3.839% 3/20/2060
3,297
2,517
 
Union Pacific Corp. 3.75% 2/5/2070
2,443
1,766
 
Waste Management, Inc. 1.50% 3/15/2031
3,889
3,229
 
Waste Management, Inc. 4.95% 3/15/2035
15,303
15,336
 
 
720,669
 
Capital Group Central Corporate Bond Fund
8
Bonds, notes & other debt instruments (continued)
 
Principal amount
(000)
Value
(000)
Corporate bonds, notes & loans (continued)
 
Consumer staples
5.72%
Anheuser-Busch InBev Worldwide, Inc. 4.75% 1/23/2029
USD25,627
$25,889
Anheuser-Busch InBev Worldwide, Inc. 3.50% 6/1/2030
7,500
7,138
 
Anheuser-Busch InBev Worldwide, Inc. 5.00% 6/15/2034
6,511
6,632
 
Anheuser-Busch InBev Worldwide, Inc. 4.35% 6/1/2040
7,500
6,962
 
Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049
2,500
2,611
 
BAT Capital Corp. 3.215% 9/6/2026
11,050
10,764
 
BAT Capital Corp. 4.70% 4/2/2027
6,420
6,415
 
BAT Capital Corp. 3.557% 8/15/2027
47,755
46,377
 
BAT Capital Corp. 3.462% 9/6/2029
2,000
1,885
 
BAT Capital Corp. 4.906% 4/2/2030
2,500
2,497
 
BAT Capital Corp. 6.421% 8/2/2033
15,511
16,737
 
BAT Capital Corp. 6.00% 2/20/2034
6,964
7,312
 
BAT Capital Corp. 4.54% 8/15/2047
111
92
 
BAT Capital Corp. 4.758% 9/6/2049
2,283
1,944
 
BAT Capital Corp. 5.65% 3/16/2052
3,687
3,543
 
BAT International Finance PLC 3.95% 6/15/20252
8,250
8,207
 
Campbell’s Co. (The) 5.40% 3/21/2034
8,339
8,493
 
Campbell’s Co. (The) 4.75% 3/23/2035
34,197
33,069
 
Coca-Cola Co. 5.00% 5/13/2034
24,502
25,096
 
Coca-Cola Co. 4.65% 8/14/2034
3,321
3,313
 
Coca-Cola Co. 5.30% 5/13/2054
8,888
9,070
 
Coca-Cola Co. 5.20% 1/14/2055
25,449
25,574
 
Coca-Cola Co. 5.40% 5/13/2064
14,795
15,088
 
Conagra Brands, Inc. 4.60% 11/1/2025
6,790
6,777
 
Constellation Brands, Inc. 3.60% 2/15/2028
2,813
2,721
 
Constellation Brands, Inc. 2.875% 5/1/2030
3,082
2,791
 
Constellation Brands, Inc. 2.25% 8/1/2031
24,098
20,422
 
Constellation Brands, Inc. 4.75% 5/9/2032
24,906
24,603
 
Constellation Brands, Inc. 4.90% 5/1/2033
11,113
10,983
 
Keurig Dr Pepper, Inc. 4.417% 5/25/2025
1,194
1,192
 
Keurig Dr Pepper, Inc. 3.80% 5/1/2050
2,434
1,891
 
Kroger Co. 5.00% 9/15/2034
12,584
12,514
 
Philip Morris International, Inc. 1.50% 5/1/2025
1,004
991
 
Philip Morris International, Inc. 3.375% 8/11/2025
27,395
27,160
 
Philip Morris International, Inc. 4.875% 2/13/2026
25,000
25,092
 
Philip Morris International, Inc. 3.375% 8/15/2029
2,363
2,241
 
Philip Morris International, Inc. 2.10% 5/1/2030
9,300
8,152
 
Philip Morris International, Inc. 1.75% 11/1/2030
12,193
10,303
 
Philip Morris International, Inc. 4.75% 11/1/2031
12,576
12,494
 
Philip Morris International, Inc. 5.75% 11/17/2032
7,503
7,871
 
Philip Morris International, Inc. 5.375% 2/15/2033
7,900
8,085
 
Philip Morris International, Inc. 5.625% 9/7/2033
16,910
17,620
 
Philip Morris International, Inc. 5.25% 2/13/2034
8,055
8,179
 
Philip Morris International, Inc. 4.90% 11/1/2034
20,281
20,029
 
Procter & Gamble Co. 4.35% 1/29/2029
25,858
25,994
 
Procter & Gamble Co. 4.15% 10/24/2029
26,929
26,880
 
Reynolds American, Inc. 4.45% 6/12/2025
20,220
20,184
 
Reynolds American, Inc. 5.70% 8/15/2035
1,555
1,599
 
Reynolds American, Inc. 5.85% 8/15/2045
15,050
14,894
 
Target Corp. 4.50% 9/15/2034
25,687
24,980
 
Walmart, Inc. 4.50% 4/15/2053
13,134
12,128
 
 
633,478
 
Communication
services
4.17%
AT&T, Inc. 2.30% 6/1/2027
1,221
1,155
AT&T, Inc. 4.35% 3/1/2029
17,514
17,333
AT&T, Inc. 4.30% 2/15/2030
21,111
20,698
 
AT&T, Inc. 2.25% 2/1/2032
12,533
10,563
 
AT&T, Inc. 2.55% 12/1/2033
5,369
4,426
 
AT&T, Inc. 3.50% 9/15/2053
51,611
36,919
 
Charter Communications Operating, LLC 4.908% 7/23/2025
1,729
1,728
 
Charter Communications Operating, LLC 3.75% 2/15/2028
1,400
1,345
 
Charter Communications Operating, LLC 4.20% 3/15/2028
3,945
3,836
 
Charter Communications Operating, LLC 2.80% 4/1/2031
4,864
4,173
 
Charter Communications Operating, LLC 4.40% 4/1/2033
8,000
7,319
 
Charter Communications Operating, LLC 3.70% 4/1/2051
44,316
29,403
 
Charter Communications Operating, LLC 3.90% 6/1/2052
5,600
3,814
 
9
Capital Group Central Corporate Bond Fund
Bonds, notes & other debt instruments (continued)
 
Principal amount
(000)
Value
(000)
Corporate bonds, notes & loans (continued)
Communication
services
 (continued)
Charter Communications Operating, LLC 5.25% 4/1/2053
USD42,478
$35,999
Comcast Corp. 4.80% 5/15/2033
8,998
8,950
Comcast Corp. 5.30% 6/1/2034
42,445
43,564
 
Comcast Corp. 2.887% 11/1/2051
3,682
2,382
 
Comcast Corp. 5.65% 6/1/2054
36,973
38,059
 
Meta Platforms, Inc. 4.75% 8/15/2034
16,250
16,252
 
Meta Platforms, Inc. 5.40% 8/15/2054
11,780
12,037
 
Netflix, Inc. 5.375% 11/15/20292
5,903
6,078
 
Netflix, Inc. 4.90% 8/15/2034
7,752
7,804
 
Netflix, Inc. 5.40% 8/15/2054
5,002
5,120
 
T-Mobile USA, Inc. 3.50% 4/15/2025
6,142
6,110
 
T-Mobile USA, Inc. 1.50% 2/15/2026
5,250
5,053
 
T-Mobile USA, Inc. 2.05% 2/15/2028
2,185
2,017
 
T-Mobile USA, Inc. 3.875% 4/15/2030
14,841
14,183
 
T-Mobile USA, Inc. 2.55% 2/15/2031
7,659
6,697
 
T-Mobile USA, Inc. 5.15% 4/15/2034
1,677
1,691
 
T-Mobile USA, Inc. 3.00% 2/15/2041
12,986
9,697
 
T-Mobile USA, Inc. 3.40% 10/15/2052
23,466
16,665
 
T-Mobile USA, Inc. 5.50% 1/15/2055
2,290
2,289
 
Verizon Communications, Inc. 1.68% 10/30/2030
6,715
5,643
 
Verizon Communications, Inc. 1.75% 1/20/2031
10,248
8,576
 
Verizon Communications, Inc. 2.55% 3/21/2031
2,849
2,492
 
Verizon Communications, Inc. 2.355% 3/15/2032
455
384
 
Verizon Communications, Inc. 4.78% 2/15/20352
16,723
16,312
 
Verizon Communications, Inc. 2.65% 11/20/2040
31,866
22,740
 
Verizon Communications, Inc. 3.40% 3/22/2041
9,712
7,665
 
Verizon Communications, Inc. 2.875% 11/20/2050
2,503
1,631
 
Verizon Communications, Inc. 3.875% 3/1/2052
784
615
 
Verizon Communications, Inc. 5.50% 2/23/2054
609
616
 
Verizon Communications, Inc. 2.987% 10/30/2056
12,009
7,606
 
Vodafone Group PLC 4.125% 5/30/2025
2,500
2,493
 
Vodafone Group PLC 4.25% 9/17/2050
1,900
1,536
 
 
461,668
 
Information
technology
3.58%
Accenture Capital, Inc. 4.25% 10/4/2031
16,922
16,558
Accenture Capital, Inc. 4.50% 10/4/2034
47,592
46,295
Amphenol Corp. 5.00% 1/15/2035
18,075
18,072
 
Amphenol Corp. 5.375% 11/15/2054
850
856
 
Analog Devices, Inc. 2.10% 10/1/2031
6,258
5,342
 
Analog Devices, Inc. 5.05% 4/1/2034
17,317
17,616
 
Analog Devices, Inc. 2.80% 10/1/2041
4,230
3,113
 
Analog Devices, Inc. 2.95% 10/1/2051
7,728
5,242
 
Analog Devices, Inc. 5.30% 4/1/2054
17,096
17,247
 
Broadcom, Inc. 4.75% 4/15/2029
3,562
3,564
 
Broadcom, Inc. 5.05% 7/12/2029
20,280
20,513
 
Broadcom, Inc. 4.15% 11/15/2030
1,789
1,730
 
Broadcom, Inc. 5.15% 11/15/2031
6,116
6,214
 
Broadcom, Inc. 3.469% 4/15/20342
44,692
39,435
 
Broadcom, Inc. 4.80% 10/15/2034
2,079
2,034
 
Broadcom, Inc. 4.926% 5/15/20372
20,881
20,273
 
Cisco Systems, Inc. 5.05% 2/26/2034
75,498
77,011
 
Cisco Systems, Inc. 5.30% 2/26/2054
9,701
9,952
 
Cisco Systems, Inc. 5.35% 2/26/2064
4,021
4,097
 
Microchip Technology, Inc. 5.05% 3/15/2029
38,775
38,992
 
ServiceNow, Inc. 1.40% 9/1/2030
23,104
19,434
 
Texas Instruments, Inc. 4.60% 2/8/2029
5,952
5,997
 
Texas Instruments, Inc. 4.85% 2/8/2034
7,450
7,533
 
Texas Instruments, Inc. 5.15% 2/8/2054
9,618
9,554
 
 
396,674
 
Energy
3.37%
BP Capital Markets America, Inc. 4.893% 9/11/2033
30,915
30,672
Canadian Natural Resources, Ltd. 2.05% 7/15/2025
11,363
11,167
 
Canadian Natural Resources, Ltd. 3.85% 6/1/2027
11,548
11,314
 
Canadian Natural Resources, Ltd. 2.95% 7/15/2030
2,690
2,427
 
Chevron Corp. 1.554% 5/11/2025
1,950
1,924
 
Capital Group Central Corporate Bond Fund
10
Bonds, notes & other debt instruments (continued)
 
Principal amount
(000)
Value
(000)
Corporate bonds, notes & loans (continued)
Energy
 (continued)
Chevron Corp. 2.236% 5/11/2030
USD11,086
$9,853
Chevron Corp. 3.078% 5/11/2050
2,914
2,064
 
Chevron USA, Inc. 0.687% 8/12/2025
4,896
4,764
 
Chevron USA, Inc. 1.018% 8/12/2027
6,577
6,035
 
Chevron USA, Inc. 3.25% 10/15/2029
4,050
3,847
 
Chevron USA, Inc. 2.343% 8/12/2050
1,497
902
 
ConocoPhillips Co. 4.70% 1/15/2030
15,000
15,036
 
ConocoPhillips Co. 3.80% 3/15/2052
8,143
6,290
 
ConocoPhillips Co. 5.30% 5/15/2053
5,564
5,472
 
ConocoPhillips Co. 5.55% 3/15/2054
2,170
2,202
 
ConocoPhillips Co. 5.50% 1/15/2055
19,044
19,194
 
Diamondback Energy, Inc. 5.40% 4/18/2034
5,107
5,160
 
Diamondback Energy, Inc. 5.75% 4/18/2054
1,142
1,139
 
Eni SpA 5.50% 5/15/20342
11,190
11,369
 
Eni SpA 5.95% 5/15/20542
11,151
11,341
 
Enterprise Products Operating, LLC 4.95% 2/15/2035
7,791
7,749
 
EOG Resources, Inc. 5.65% 12/1/2054
27,542
28,365
 
Equinor ASA 3.70% 4/6/2050
3,550
2,808
 
Exxon Mobil Corp. 2.992% 3/19/2025
1,142
1,137
 
Exxon Mobil Corp. 2.61% 10/15/2030
1,850
1,669
 
Exxon Mobil Corp. 3.452% 4/15/2051
21,062
15,748
 
Petroleos Mexicanos 4.25% 1/15/2025
3,400
3,384
 
Petroleos Mexicanos 4.50% 1/23/2026
5,371
5,216
 
Petroleos Mexicanos 6.875% 8/4/2026
4,349
4,325
 
Petroleos Mexicanos 6.50% 3/13/2027
11,700
11,422
 
Saudi Arabian Oil Co. 5.75% 7/17/20542
12,565
12,292
 
Shell Finance US, Inc. 2.75% 4/6/2030
25,000
22,894
 
Shell Finance US, Inc. 3.25% 4/6/2050
17,000
12,240
 
Shell International Finance BV 3.875% 11/13/2028
1,849
1,817
 
Shell International Finance BV 3.00% 11/26/2051
2,085
1,410
 
South Bow USA Infrastructure Holdings, LLC 5.584% 10/1/20342
19,793
19,797
 
South Bow USA Infrastructure Holdings, LLC 6.176% 10/1/20542
10,920
11,070
 
TotalEnergies Capital International SA 2.986% 6/29/2041
2,066
1,559
 
TotalEnergies Capital International SA 3.127% 5/29/2050
12,809
8,948
 
TotalEnergies Capital SA 4.724% 9/10/2034
11,144
11,006
 
TotalEnergies Capital SA 5.488% 4/5/2054
4,190
4,232
 
TotalEnergies Capital SA 5.275% 9/10/2054
22,640
22,144
 
 
373,404
 
Consumer
discretionary
3.26%
Amazon.com, Inc. 3.80% 12/5/2024
10,000
9,999
Amazon.com, Inc. 1.50% 6/3/2030
7,522
6,434
Amazon.com, Inc. 3.60% 4/13/2032
17,571
16,526
 
American Honda Finance Corp. 1.20% 7/8/2025
2,546
2,494
 
Daimler Trucks Finance North America, LLC 5.15% 1/16/20262
6,155
6,179
 
Daimler Trucks Finance North America, LLC 5.125% 1/19/20282
3,467
3,507
 
Daimler Trucks Finance North America, LLC 5.375% 6/25/20342
12,783
13,028
 
Ford Motor Co. 3.25% 2/12/2032
6,305
5,381
 
Ford Motor Co. 6.10% 8/19/2032
3,695
3,772
 
Ford Motor Credit Co., LLC 3.375% 11/13/2025
240
236
 
Ford Motor Credit Co., LLC 6.95% 3/6/2026
1,390
1,416
 
Ford Motor Credit Co., LLC 6.95% 6/10/2026
1,070
1,096
 
Ford Motor Credit Co., LLC 2.70% 8/10/2026
200
192
 
Ford Motor Credit Co., LLC 4.271% 1/9/2027
200
196
 
Ford Motor Credit Co., LLC 4.95% 5/28/2027
2,435
2,420
 
Ford Motor Credit Co., LLC 4.125% 8/17/2027
855
831
 
Ford Motor Credit Co., LLC 3.815% 11/2/2027
220
212
 
Ford Motor Credit Co., LLC 7.35% 11/4/2027
1,545
1,630
 
Ford Motor Credit Co., LLC 2.90% 2/16/2028
200
186
 
Ford Motor Credit Co., LLC 6.80% 5/12/2028
4,405
4,595
 
Ford Motor Credit Co., LLC 6.798% 11/7/2028
8,322
8,713
 
Ford Motor Credit Co., LLC 2.90% 2/10/2029
810
733
 
Ford Motor Credit Co., LLC 7.35% 3/6/2030
960
1,030
 
Ford Motor Credit Co., LLC 7.20% 6/10/2030
3,740
3,998
 
Ford Motor Credit Co., LLC 4.00% 11/13/2030
2,000
1,833
 
Ford Motor Credit Co., LLC 3.625% 6/17/2031
570
504
 
Ford Motor Credit Co., LLC 7.122% 11/7/2033
6,454
6,944
 
11
Capital Group Central Corporate Bond Fund
Bonds, notes & other debt instruments (continued)
 
Principal amount
(000)
Value
(000)
Corporate bonds, notes & loans (continued)
Consumer
discretionary
 (continued)
Ford Motor Credit Co., LLC 6.125% 3/8/2034
USD12,358
$12,469
General Motors Financial Co., Inc. 5.45% 9/6/2034
7,575
7,578
Home Depot, Inc. 2.50% 4/15/2027
3,400
3,262
 
Home Depot, Inc. 2.95% 6/15/2029
5,000
4,684
 
Home Depot, Inc. 1.375% 3/15/2031
3,028
2,494
 
Home Depot, Inc. 4.85% 6/25/2031
26,260
26,575
 
Home Depot, Inc. 4.95% 6/25/2034
36,270
36,643
 
Home Depot, Inc. 3.125% 12/15/2049
1,102
781
 
Home Depot, Inc. 5.30% 6/25/2054
49,668
50,217
 
Hyundai Capital America 1.65% 9/17/20262
17,825
16,854
 
Hyundai Capital America 2.375% 10/15/20272
1,745
1,633
 
Hyundai Capital America 4.55% 9/26/20292
16,992
16,698
 
Marriott International, Inc. 5.35% 3/15/2035
16,380
16,522
 
McDonald’s Corp. 5.00% 5/17/2029
3,400
3,460
 
McDonald’s Corp. 3.60% 7/1/2030
5,888
5,590
 
McDonald’s Corp. 5.20% 5/17/2034
7,351
7,596
 
McDonald’s Corp. 4.60% 5/26/2045
1,962
1,772
 
McDonald’s Corp. 4.45% 3/1/2047
5,665
4,983
 
McDonald’s Corp. 3.625% 9/1/2049
4,467
3,396
 
McDonald’s Corp. 5.15% 9/9/2052
10,121
9,803
 
Morongo Band of Mission Indians (The) 7.00% 10/1/20392
5,000
5,419
 
Starbucks Corp. 4.85% 2/8/2027
18,627
18,787
 
 
361,301
 
Real estate
2.39%
Alexandria Real Estate Equities, Inc. 4.30% 1/15/2026
1,400
1,393
Boston Properties, LP 2.55% 4/1/2032
1,489
1,226
 
Boston Properties, LP 2.45% 10/1/2033
2,723
2,141
 
Boston Properties, LP 6.50% 1/15/2034
5,579
5,968
 
Boston Properties, LP 5.75% 1/15/2035
50,549
50,740
 
COPT Defense Properties, LP 2.25% 3/15/2026
4,255
4,111
 
Crown Castle, Inc. 5.00% 1/11/2028
11,077
11,153
 
Crown Castle, Inc. 2.50% 7/15/2031
5,874
5,040
 
Crown Castle, Inc. 5.80% 3/1/2034
11,218
11,662
 
Equinix Europe 2 Financing Corp., LLC 5.50% 6/15/2034
49,388
50,621
 
Equinix, Inc. 3.20% 11/18/2029
9,053
8,416
 
Equinix, Inc. 2.15% 7/15/2030
7,728
6,733
 
ERP Operating, LP 4.65% 9/15/2034
9,449
9,188
 
Kilroy Realty, LP 6.25% 1/15/2036
11,555
11,776
 
Prologis, LP 4.75% 6/15/2033
5,665
5,621
 
Prologis, LP 5.125% 1/15/2034
15,137
15,317
 
Prologis, LP 5.00% 3/15/2034
8,500
8,523
 
Prologis, LP 5.00% 1/31/2035
8,000
8,003
 
Prologis, LP 5.25% 6/15/2053
9,031
8,913
 
Prologis, LP 5.25% 3/15/2054
1,855
1,839
 
Public Storage Operating Co. 2.30% 5/1/2031
2,792
2,436
 
VICI Properties, LP 4.95% 2/15/2030
13,400
13,259
 
VICI Properties, LP 5.125% 5/15/2032
20,803
20,571
 
 
264,650
 
Materials
0.70%
BHP Billiton Finance (USA), Ltd. 5.50% 9/8/2053
11,814
12,154
Dow Chemical Co. (The) 5.15% 2/15/2034
13,901
13,960
 
Dow Chemical Co. (The) 4.80% 5/15/2049
21,763
19,306
 
Dow Chemical Co. (The) 3.60% 11/15/2050
1,874
1,367
 
Dow Chemical Co. (The) 5.60% 2/15/2054
11,858
11,892
 
International Flavors & Fragrances, Inc. 3.468% 12/1/20502
628
436
 
Linde, Inc. 2.00% 8/10/2050
1,390
780
 
Nutrien, Ltd. 5.80% 3/27/2053
1,742
1,818
 
OCI NV 6.70% 3/16/20332
5,726
5,779
 
Sherwin-Williams Co. 2.20% 3/15/2032
8,365
7,053
 
Sherwin-Williams Co. 2.90% 3/15/2052
3,515
2,292
 
 
76,837
 
Total corporate bonds, notes & loans
9,117,274
 
Capital Group Central Corporate Bond Fund
12
Bonds, notes & other debt instruments (continued)
 
Principal amount
(000)
Value
(000)
U.S. Treasury bonds & notes 9.93%
U.S. Treasury
9.93%
U.S. Treasury 4.125% 10/31/2026
USD42,500
$42,442
U.S. Treasury 3.75% 8/15/20273
10,941
10,836
 
U.S. Treasury 3.375% 9/15/2027
1,213
1,189
 
U.S. Treasury 4.125% 11/15/2027
64,682
64,710
 
U.S. Treasury 4.00% 7/31/20293
3,336
3,322
 
U.S. Treasury 4.125% 10/31/20293
279,669
280,139
 
U.S. Treasury 4.375% 5/15/2034
1
1
 
U.S. Treasury 4.25% 11/15/20343
430,608
432,594
 
U.S. Treasury 4.125% 8/15/2044
147,323
140,268
 
U.S. Treasury 4.625% 11/15/2044
3,829
3,909
 
U.S. Treasury 4.25% 8/15/20543
122,915
120,255
 
 
1,099,665
Asset-backed obligations 0.94%
 
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/20372,4
10,114
9,123
 
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20602,4
9,269
9,017
 
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20602,4
701
630
 
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20612,4
6,625
6,247
 
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1,
1.91% 10/20/20612,4
85,198
78,622
 
 
103,639
Bonds & notes of governments & government agencies outside the U.S. 0.14%
 
Abu Dhabi (Emirate of) 5.50% 4/30/20542
6,505
6,667
 
Panama (Republic of) 6.875% 1/31/2036
4,792
4,779
 
Panama (Republic of) 8.00% 3/1/2038
4,154
4,408
 
 
15,854
Municipals 0.05%
Ohio
0.05%
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds
(VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031
5,730
5,155
Total bonds, notes & other debt instruments (cost: $10,518,050,000)
10,341,587
Short-term securities 6.63%
 
Shares
 
Money market investments 6.63%
 
Capital Group Central Cash Fund 4.65%5,6
7,341,725
734,246
 
Total short-term securities (cost: $734,226,000)
734,246
 
Total investment securities 100.04% (cost: $11,252,276,000)
11,075,833
 
Other assets less liabilities (0.04%)
(4,375
)
 
Net assets 100.00%
$11,071,458
Futures contracts
 
Contracts
Type
Number of
contracts
Expiration
date
Notional
amount
(000)
Value and
unrealized
appreciation
(depreciation)
at 11/30/2024
(000)
U.S. Treasury Contracts
Long
9,119
3/31/2025
USD1,089,721
$22,810
U.S. Treasury Contracts
Short
202
3/31/2025
(22,460
)
(112
)
U.S. Treasury Contracts
Long
3,913
4/3/2025
806,506
1,477
U.S. Treasury Contracts
Long
3,337
4/3/2025
359,066
2,016
10 Year Ultra U.S. Treasury Note Futures
Short
14,462
3/31/2025
(1,660,192
)
(26,580
)
30 Year Ultra U.S. Treasury Bond Futures
Short
597
3/31/2025
(75,931
)
(2,079
)
 
 
 
 
$(2,468
)
 
13
Capital Group Central Corporate Bond Fund
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
11/30/2024
(000)
Upfront
premium
paid
(received)
(000)
Unrealized
appreciation
(depreciation)
at 11/30/2024
(000)
CDX.NA.IG.43
1.00%
Quarterly
12/20/2029
USD333,130
$(7,945
)
$(7,499
)
$(446
)
Investments in affiliates6
 
 
Value at
6/1/2024
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
11/30/2024
(000)
Dividend
or interest
income
(000)
Short-term securities 6.63%
Money market investments 6.63%
Capital Group Central Cash Fund 4.65% 5
$575,264
$2,473,906
$2,314,968
$141
$(97
)
$734,246
$16,007
 
1
Step bond; coupon rate may change at a later date.
2
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 $898,985,000, which represented
8.12% of the net assets of the fund.
3
All or a portion of this security was pledged as collateral. The total value of pledged collateral was $26,204,000, which represented .24% of the net assets of the
fund.
4
Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
5
Rate represents the seven-day yield at 11/30/2024.
6
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
ICE = Intercontinental Exchange, Inc.
Rev. = Revenue
SOFR = Secured Overnight Financing Rate
USD = U.S. dollars
Refer to the notes to financial statements.
 
Capital Group Central Corporate Bond Fund
14
Financial statements
Statement of assets and liabilities at November 30, 2024unaudited
(dollars in thousands) 
Assets:
Investment securities, at value:
Unaffiliated issuers (cost: $10,518,050)
$10,341,587
Affiliated issuers (cost: $734,226)
734,246
$11,075,833
Cash
291
Receivables for:
Sales of investments
7,595
Dividends and interest
107,999
Variation margin on futures contracts
7,289
122,883
 
11,199,007
Liabilities:
Payables for:
Purchases of investments
120,118
Trustees’ deferred compensation
73
Variation margin on futures contracts
7,170
Variation margin on centrally cleared swap contracts
182
Other
6
127,549
Net assets at November 30, 2024
$11,071,458
Net assets consist of:
Capital paid in on shares of beneficial interest
$13,317,387
Total distributable earnings (accumulated loss)
(2,245,929
)
Net assets at November 30, 2024
$11,071,458
(dollars and shares in thousands, except per-share amounts)
Shares of beneficial interest issued and outstanding (no stated par value) —
unlimited shares authorized (1,305,240 total shares outstanding) 
 
Net assets
Shares
outstanding
Net asset value
per share
Class M
$11,071,458
1,305,240
$8.48
 
Refer to the notes to financial statements.
 
15
Capital Group Central Corporate Bond Fund
Financial statements (continued)
Statement of operations for the six months ended November 30, 2024unaudited
(dollars in thousands) 
Investment income:
Income:
Interest from unaffiliated issuers
$241,133
Dividends (includes $16,007 from affiliates)
16,008
$257,141
Fees and expenses*:
Reports to shareholders
2
Registration statement and prospectus
—
†
Trustees’ compensation
30
Auditing and legal
74
Custodian
37
Other
2
145
Net investment income
256,996
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments:
Unaffiliated issuers
(76,057
)
Affiliated issuers
141
Futures contracts
7,565
Swap contracts
(2,039
)
(70,390
)
Net unrealized appreciation (depreciation) on:
Investments:
Unaffiliated issuers
389,318
Affiliated issuers
(97
)
Futures contracts
(2,566
)
Swap contracts
(383
)
386,272
Net realized gain (loss) and unrealized appreciation (depreciation)
315,882
Net increase (decrease) in net assets resulting from operations
$572,878
*
Additional information related to class-specific fees and expenses is included in the notes to financial statements.
†
Amount less than one thousand.
Statements of changes in net assets
(dollars in thousands) 
 
Six months ended
November 30,
Year ended
May 31,
 
2024*
2024
 
 
Operations:
Net investment income
$256,996
$493,278
Net realized gain (loss)
(70,390
)
(600,797
)
Net unrealized appreciation (depreciation)
386,272
493,089
Net increase (decrease) in net assets resulting from operations
572,878
385,570
Distributions paid or accrued to shareholders
(253,711
)
(478,409
)
Net capital share transactions
(296,728
)
(371,935
)
Total increase (decrease) in net assets
22,439
(464,774
)
Net assets:
Beginning of period
11,049,019
11,513,793
End of period
$11,071,458
$11,049,019
*
Unaudited.
Refer to the notes to financial statements.
 
Capital Group Central Corporate Bond Fund
16
Notes to financial statementsunaudited
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.
 
17
Capital Group Central Corporate Bond Fund
Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security. 
Fixed-income class
Examples of standard inputs
All
Benchmark yields, transactions, bids, offers, quotations from dealers and
trading systems, new issues, spreads and other relationships observed in
the markets among comparable securities; and proprietary pricing models
such as yield measures calculated using factors such as cash flows, financial
or collateral performance and other reference data (collectively referred to
as “standard inputs”)
Corporate bonds, notes & loans; convertible securities
Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies
Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations
Standard inputs and cash flows, prepayment information, default rates,
delinquency and loss assumptions, collateral characteristics, credit
enhancements and specific deal information
Municipal securities
Standard inputs and, for certain distressed securities, cash flows or
liquidation values using a net present value calculation based on inputs that
include, but are not limited to, financial statements and debt contracts
The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, and terms of the contract.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund’s investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has designated the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
 
Capital Group Central Corporate Bond Fund
18
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, 2024 (dollars in thousands): 
 
Investment securities
 
Level 1
Level 2
Level 3
Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans
$—
$9,117,274
$—
$9,117,274
U.S. Treasury bonds & notes
—
1,099,665
—
1,099,665
Asset-backed obligations
—
103,639
—
103,639
Bonds & notes of governments & government agencies outside
the U.S.
—
15,854
—
15,854
Municipals
—
5,155
—
5,155
Short-term securities
734,246
—
—
734,246
Total
$734,246
$10,341,587
$—
$11,075,833
 
 
Other investments*
 
Level 1
Level 2
Level 3
Total
Assets:
Unrealized appreciation on futures contracts
$26,303
$—
$—
$26,303
Liabilities:
Unrealized depreciation on futures contracts
(28,771
)
—
—
(28,771
)
Unrealized depreciation on centrally cleared credit default swaps
—
(446
)
—
(446
)
Total
$(2,468
)
$(446
)
$—
$(2,914
)
*
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.
 
19
Capital Group Central Corporate Bond Fund
Issuer risks — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.
Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.
Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.
Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.
Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.
Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).
 
Capital Group Central Corporate Bond Fund
20
Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or to try to limit losses, or may be forced to sell at a loss.
Investing outside the U.S. — Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S. may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.
Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.
Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.
5. Certain investment techniques
Futures contracts — The fund has entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio.
Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM“), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.
 
21
Capital Group Central Corporate Bond Fund
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 $3,746,278,000.
Swap contracts — The fund has entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant’s swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the fund enters into bilaterally negotiated swap transactions, the fund will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.
Upon entering into a centrally cleared swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.
On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the fund’s statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the fund’s statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the fund’s statement of operations.
Swap agreements can take different forms. The fund has entered into the following types of swap agreements:
Credit default swap indices — The fund has entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as “CDSI”), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.
The fund may enter into a CDSI transaction as either protection buyer or protection seller. If the fund is a protection buyer, it would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the fund, as a protection buyer, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As a protection seller, the fund would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the fund, coupled with the periodic payments previously received by the fund, may be less than the full notional value that the fund, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the fund. Furthermore, as a protection seller, the fund would effectively add leverage to its portfolio because it would have investment exposure to the notional amount of the swap transaction. The average month-end notional amount of credit default swaps while held was $367,216,000.
 
Capital Group Central Corporate Bond Fund
22
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, 2024 (dollars in thousands): 
 
 
Assets
Liabilities
Contracts
Risk type
Location on statement of
assets and liabilities
Value
Location on statement of
assets and liabilities
Value
Futures
Interest
Unrealized appreciation*
$26,303
Unrealized depreciation*
$28,771
Swap (centrally
cleared)
Credit
Unrealized appreciation*
—
Unrealized depreciation*
446
 
 
 
$26,303
 
$29,217
 
 
 
Net realized gain (loss)
Net unrealized appreciation (depreciation)
Contracts
Risk type
Location on statement of operations
Value
Location on statement of operations
Value
Futures
Interest
Net realized gain (loss) on futures contracts
$7,565
Net unrealized appreciation (depreciation)
on futures contracts
$(2,566
)
Swap
Credit
Net realized gain (loss) on swap contracts
(2,039
)
Net unrealized appreciation (depreciation)
on swap contracts
(383
)
 
 
 
$5,526
 
$(2,949
)
*
Includes cumulative appreciation/depreciation on futures contracts and centrally cleared credit default swaps as reported in the applicable tables following the fund’s investment portfolio. Only current day’s variation margin is reported within the fund’s statement of assets and liabilities.
Collateral — The fund receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to its use of futures contracts and credit default swaps. For futures contracts and centrally cleared credit default swaps, the fund pledges collateral for initial and variation margin by contract. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by the fund, if any, is disclosed in the fund’s investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in the fund’s statement of assets and liabilities.
6. Taxation and distributions
Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
As of and during the period ended November 30, 2024, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the 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.
 
23
Capital Group Central Corporate Bond Fund
The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of May 31, 2024, the components of distributable earnings on a tax basis were as follows (dollars in thousands): 
Undistributed ordinary income
$1,420
Capital loss carryforward*
(1,986,090
)
*
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, 2024, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands): 
Gross unrealized appreciation on investments
$152,637
Gross unrealized depreciation on investments
(343,721
)
Net unrealized appreciation (depreciation) on investments
(191,084
)
Cost of investments
11,271,502
Tax-basis distributions paid or accrued to shareholders from ordinary income were as follows (dollars in thousands):  
 
Six months ended
November 30,
Year ended
May 31,
Share class
2024
2024
Class M
$253,711
$478,409
7. Fees and transactions with related parties
CRMC, the fund’s investment adviser, is the parent company of Capital Client Group, Inc. (“CCG”), the distributor of the fund’s shares, and American Funds Service Company® (“AFS”), the fund’s transfer agent. CRMC, CCG 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 $24,000 in current fees (either paid in cash or deferred) and a net increase of $6,000 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, CCG 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, 2024, the fund did not engage in any such purchase or sale transactions with any related funds.
 
Capital Group Central Corporate Bond Fund
24
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, 2024.
8. Indemnifications
The fund’s organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to the fund’s board members and officers.
9. Capital share transactions
Capital share transactions in the fund were as follows (dollars and shares in thousands): 
 
Sales
Reinvestments of
distributions
Repurchases
Net increase
(decrease)
Share class
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Six months ended November 30, 2024
Class M
$187,715
22,351
$253,754
29,975
$(738,197
)
(88,354
)
$(296,728
)
(36,028
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended May 31, 2024
Class M
$1,688,628
205,902
$478,359
58,295
$(2,538,922
)
(311,107
)
$(371,935
)
(46,910
)
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 $4,062,805,000 and $4,847,572,000, respectively, during the six months ended November 30, 2024.
 
25
Capital Group Central Corporate Bond Fund
Financial highlights
 
 
 
Income (loss) from
investment operations1
Dividends and distributions
 
 
 
 
 
Year ended
Net asset
value,
beginning
of year
Net
investment
income
(loss)
Net gains
(losses) on
securities
(both
realized and
unrealized)
Total from
investment
operations
Dividends
(from net
investment
income)
Distributions
(from capital
gains)
Total
dividends
and
distributions
Net asset
value, end
of year
Total return
Net assets,
end of year
(in millions)
Ratio of
expenses to
average
net assets2
Ratio of
net income
(loss) to
average
net assets
 
Class M:
11/30/20243,4
$8.24
$.20
$.23
$.43
$(.19
)
$—
$(.19
)
$8.48
5.28
%5
$11,071
—
%6,7
4.61
%7
5/31/2024
8.29
.36
(.06
)
.30
(.35
)
—
(.35
)
8.24
3.74
11,049
—
6
4.42
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,
20243,4,5
Year ended May 31,
2024
2023
2022
20213,8
Portfolio turnover rate for all share classes11
88
%
151
%
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
26
Changes in and disagreements with accountants
Not applicable
Matters submitted for shareholder vote
Not applicable
Remuneration paid to directors, officers and others
Refer to the trustees’ deferred compensation disclosure in the notes to financial statements.
Approval of Investment Advisory and Service Agreement
Not applicable
 
27
Capital Group Central Corporate Bond Fund


ITEM 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable



ITEM 9 - Proxy Disclosures for Open-End Management Investment Companies

Not applicable



ITEM 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The information is included as part of the material filed under Item 7 of this Form within the trustees' deferred compensation disclosure in the notes to financial statements.



ITEM 11 - Statement Regarding Basis for Approval of Investment Advisory Contract

Not applicable



ITEM 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.



ITEM 13 - Portfolio Managers of Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.



ITEM 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.



ITEM 15 - Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders.  The procedures are as follows.  The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.



ITEM 16 - Controls and Procedures

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

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



ITEM 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.



ITEM 18 - Recovery of Erroneously Awarded Compensation

Not applicable



 

ITEM 19 - Exhibits

(a)(1) 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, 2025

 

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

By   /s/ Kristine M. Nishiyama

Kristine M. Nishiyama,

Principal Executive Officer

Date: January 31, 2025

 

By   /s/ Becky L. Park

Becky L. Park, Treasurer and

Principal Financial Officer

Date: January 31, 2025