CAP GROUP SHORT MUNI INCOME
CGSMInvestment objective: The funds investment objective is to provide current income exempt from regular federal income tax, consistent with a short duration profile as described in this prospectus and with the preservation of capital.
Principal investment strategies: The fund will normally invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from regular federal income tax. Such securities consist of municipal bonds, which are debt obligations that pay interest that is exempt from federal income taxation, with payments made from a wide variety of sources, including governmental revenue streams and private enterprises. The fund will invest up to 20% of its assets in private activity bonds whose interest is generally subject to the federal alternative minimum tax. The fund will invest at least 80% of its assets in bonds and other debt instruments. The fund may invest in insured municipal bonds, which are municipal bonds that are insured generally as to the timely payment of interest and repayment of principal. In addition, the fund may invest in debt securities of varying credit quality, including up to 10% of its assets in debt securities rated BB+ or below and Ba1 or below by Nationally Recognized Statistical Rating Organizations designated by the funds investment adviser, or unrated but determined by the funds investment adviser to be of equivalent quality. Securities rated BB+ or below and Ba1 or below are sometimes referred to as junk bonds. The fund may invest in debt securities of any maturity. The fund will maintain a weighted average effective portfolio duration that is within 1 year of that of the Bloomberg Municipal Short 1-5 Years Index. The fund is nondiversified, which means it may invest a greater portion of its assets in fewer issuers than would otherwise be the case. The funds assets are managed by a team of portfolio managers. Under this approach, the funds managers work together to oversee the funds entire portfolio. For more information regarding the investment process of the fund, see the Management and organization section of this prospectus. The fund relies on the professional judgment of its investment adviser to make decisions about the funds portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities. Continue reading...
Top 25 holdings · as of Dec 31, 2023
101 positions reported · net assets $46.4M · filed Feb 21, 2024
| # | Holding | Shares / principal | Value | % of net assets |
|---|---|---|---|---|
| 1 | California State Public Works Board CUSIP 13068XGZ6 | 1.0M principal | $1.0M | 2.24% |
| 2 | Kentucky Public Energy Authority CUSIP 74440DCM4 | 1.0M principal | $1.0M | 2.16% |
| 3 | Minnesota Housing Finance Agency CUSIP 60416TQQ4 | 935.0K principal | $920.6K | 1.98% |
| 4 | Metropolitan Government of Nashville & Davidson County TN CUSIP 592112QL3 | 850.0K principal | $877.9K | 1.89% |
| 5 | Virginia Public Building Authority CUSIP 9281724G7 | 800.0K principal | $871.2K | 1.88% |
| 6 | Virginia Small Business Financing Authority CUSIP 928104MK1 | 855.0K principal | $863.5K | 1.86% |
| 7 | Iowa Finance Authority CUSIP 462467WR8 | 820.0K principal | $821.2K | 1.77% |
| 8 | Pennsylvania Economic Development Financing Authority CUSIP 708692BZ0 | 750.0K principal | $758.5K | 1.63% |
| 9 | Pennsylvania Economic Development Financing Authority CUSIP 708692BH0 | 750.0K principal | $750.0K | 1.62% |
| 10 | Connecticut Housing Finance Authority CUSIP 20775CU85 | 745.0K principal | $746.5K | 1.61% |
| 11 | Fairfax County Industrial Development Authority CUSIP 303823LP1 | 700.0K principal | $737.8K | 1.59% |
| 12 | Humble Independent School District CUSIP 445047LR2 | 640.0K principal | $705.3K | 1.52% |
| 13 | Capital Trust Agency Inc CUSIP 140532BR2 | 650.0K principal | $652.2K | 1.41% |
| 14 | City of San Antonio TX Electric & Gas Systems Revenue CUSIP 79625GBD4 | 600.0K principal | $622.5K | 1.34% |
| 15 | Louisiana Stadium & Exposition District CUSIP 546410CK5 | 500.0K principal | $581.6K | 1.25% |
| 16 | Iowa Finance Authority CUSIP 462467YJ4 | 570.0K principal | $561.4K | 1.21% |
| 17 | State of California CUSIP 13063D7M4 | 500.0K principal | $559.4K | 1.21% |
| 18 | Port Authority of New York & New Jersey CUSIP 73358WTN4 | 550.0K principal | $556.7K | 1.2% |
| 19 | County of Harris TX Toll Road Revenue CUSIP 41423PCU9 | 500.0K principal | $555.6K | 1.2% |
| 20 | County of Franklin OH CUSIP 353202FK5 | 550.0K principal | $550.4K | 1.19% |
| 21 | City of Salt Lake City UT Airport Revenue CUSIP 795576LL9 | 500.0K principal | $545.8K | 1.18% |
| 22 | Metropolitan Washington Airports Authority Aviation Revenue CUSIP 592647KW0 | 525.0K principal | $539.6K | 1.16% |
| 23 | Main Street Natural Gas Inc CUSIP 56035DFC1 | 500.0K principal | $533.4K | 1.15% |
| 24 | Texas A&M University CUSIP 88213AFB6 | 500.0K principal | $529.4K | 1.14% |
| 25 | Asheville Housing Authority CUSIP 044034CQ7 | 515.0K principal | $528.3K | 1.14% |
As reported by the fund on Form N-PORT for the period ended Dec 31, 2023. View the filing on SEC.gov
Holdings reports by period
| As of | Positions | Net assets |
|---|---|---|
| Jun 30, 2026 | 1,011 | $1.5B |
| Mar 31, 2026 | 886 | $1.1B |
| Dec 31, 2025 | 799 | $953.8M |
| Sep 30, 2025 | 736 | $853.0M |
| Jun 30, 2025 | 638 | $709.4M |
| Mar 31, 2025 | 564 | $637.6M |
| Dec 31, 2024 | 511 | $547.7M |
| Sep 30, 2024 | 409 | $465.9M |
| Jun 30, 2024 | 126 | $52.4M |
| Mar 31, 2024 | 102 | $46.3M |
| Dec 31, 2023 | 101 | $46.4M |
| Sep 30, 2023 | 46 | $30.0M |
As reported on Form N-PORT.