capital international portfolios · audited annual report 2015 for the year ended 31 march 2015...

Audited Annual Report 2015

For the year ended 31 March 2015

Société d’Investissement à Capital Variable

organised under the laws of the Grand Duchy of Luxembourg

R.C.S. Luxembourg B 125.271

Capital International Portfolios

No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the prospectus accompanied by the latest annual report and the latest semi-annual report, if published thereafter.

Capital International Portfolios Audited Annual Report 2015 | 1

Audited Annual Report for the year ended 31 March 2015

Capital International Portfolios

Contents

Report of the Board of Directors of the Company to the shareholders . . . . . . . . . . . . . . 2

Summary information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Historical data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Portfolio breakdown . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Statement of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Capital Group Emerging Markets Debt Fund (LUX) . . . . . . . . . . . . . . . . . . . . . . . 15

Capital Group Emerging Markets Local Currency Debt Fund (LUX) . . . . . . . . . . 21

Capital Group Emerging Markets Total Opportunities (LUX) . . . . . . . . . . . . . . . . 24

Capital Group Screened Emerging Markets Equity Fund (LUX) . . . . . . . . . . . . . . 32

Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX) . . . . . . . . . 38

Combined statement of net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Combined statement of operations and changes in net assets . . . . . . . . . . . . . . . . . . . . 42

Combined statement of changes in the number of shares outstanding . . . . . . . . . . . . . 44

Notes to the financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

General information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

Audit report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

Other information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

Contact details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

2 | Capital International Portfolios Audited Annual Report 2015

1 Returns in USD, share class C. Fund inception: 1 February 20082 50% JPM EMBI Global / 50% JPM GBI-EM Global Diversified Total Return Index, rebalanced monthly, from 31 October 2009, with 50% JPM EMBI Global Diversified / 50% JPM GBI-EM Global

Diversified Total Return Index, rebalanced monthly from earlier periods3 Returns in USD, share class C. Fund inception: 24 July 2007The figures stated in this report are historical and not representative of future results.

The following pages contain the audited financial reports for the year ended 31 March 2015 for the funds that comprise Capital International Portfolios (CIP).

Emerging equity markets lagged developed-market stocks for a second consecutive 12-month period, hampered by concerns about the end of US quantitative easing, rising geopolitical risk, weak commodity prices and declining corporate earnings. Most emerging market currencies continued to slide against the US dollar, which undercut equity gains, although some regained some ground late in the period as the US Federal Reserve indicated it was likely to hold off raising interest rates.

Most Asian markets gained, fuelled by reform momentum and expectations that oil-importing countries might benefit from lower prices. However, currency weakness meant that commodity exporters, such as Russia and Brazil, posted steep losses in US dollar terms.

In this environment, Capital Group Emerging Markets Total Opportunities (LUX), the largest fund under the CIP umbrella, fell 1.9% during the 12 months to 31 March 2015, taking its lifetime annualised return to 3.8% 1. Meanwhile Capital Group Emerging Markets Debt Fund (LUX) posted a 2.2% decline during the period – outperforming its benchmark’s 2 3.8% fall – taking its annualised lifetime return to 5.5% 3.

Over the year, CIP’s combined total net assets increased to US$3.8 billion, up from US$3.4 billion. This increase was driven largely by net subscriptions into ETOP.

nThe Capital International Emerging Asia Equity fund was liquidated on 22 July 2014.nAs part of our initiative to consolidate our businesses under one name – Capital Group – the CIP sub-funds’ names

changed as of 26 September 2014. The “Capital International” prefix has been replaced by our new global brand “Capital Group”. This has no impact on the sub-funds’ structure and features, including their investment objectives or management.

Thank you for your investment and we look forward to reporting to you again in our semi-annual report at the end of September.

The Board of Directors of the CompanyCapital International PortfoliosLuxembourg, 18 June 2015


Report of the Board of Directors of the Company to the shareholders


Capital Group Emerging Markets Debt Fund (LUX) 1 (CGEMDLU)

Capital Group Emerging Markets Local Currency Debt Fund (LUX) 1 (CGEMLCDLU)

Capital Group Emerging Markets Total Opportunities (LUX) 1 (CGETOPLU)

Fund objective Long-term total return, of which a large component is current income, through investment primarily in government and corporate bonds, denominated in various currencies, of issuers in eligible investment countries.

Long-term total return, of which a large component is current income, through investment primarily in government and corporate bonds, denominated in the local currencies of issuers in eligible investment countries.

Long-term growth with lower volatility of returns than emerging markets equities by investing primarily in equity, hybrid securities and bonds (both corporate and sovereign).

Key factsLaunch date 24 July 2007 10 August 2010 1 February 2008Size US$619.6m US$29.2m US$3,000.3mIndex 2 50% JPM EMBI Global &

50% JPM GBI-EM Global Diversified

JPM GBI-EM Global Diversified USD

JPM GBI-EM Global DiversifiedJPM EMBI GlobalMSCI Emerging Markets IMI

Turnover 3 85.10% 95.56% 38.11%

Income yield 4 Gross 6.28%Net 6.15%

Gross 6.43%Net 6.26%


As at 31 March 2015

Summary information

Footnotes are on page 5.

Summary information



Capital Group Emerging Markets Debt Fund (LUX) 1 (CGEMDLU)

Capital Group Emerging Markets Local Currency Debt Fund (LUX) 1 (CGEMLCDLU)

Capital Group Emerging Markets Total Opportunities (LUX) 1 (CGETOPLU)

Total expense ratio by share class 5

A 1.09%A2 0.84%A4 0.69%A7 0.59%B 1.74%Bd 1.74%C 0.15%T 1.99%Tfd 1.99%Tgd 1.99%Tgdh-EUR 1.99%Th-EUR 1.99%X 1.27%Xd 1.22%Z 0.96%Zd 0.97%

B 1.77%Bd 1.78%C 0.15%T 2.02%Tgd 2.02%X 1.27%Xd 1.27%Z 0.98%Zd 6 0.93%

A 1.34%A4 0.99%A4d 6 0.99%A4dh-GBP 0.99%A4h-EUR 0.99%A4h-GBP 0.99%A7 0.94%A7d 0.94%A7dh-GBP 0.94%A7h-CHF 6 0.94%A7h-EUR 0.94%A7h-GBP 0.94%A7h-SGD 0.94%A9 6 0.84%A9d 6 0.84%A9dh-GBP 6 0.84%A9h-GBP 6 0.84%A11 6 0.79%B 1.91%Bd 1.91%Bdh-GBP 7 –Bgd 1.91%Bh-CHF 1.90%Bh-EUR 1.90%C 0.12%Cd 0.12%Cdh-GBP 0.11%Ch-CHF 7 –Ch-GBP 0.11%T 2.16%Tfd 2.16%Tgd 2.16%Tgdh-EUR 2.16%Th-EUR 2.16%X 1.40%Xd 1.39%Xdh-GBP 1.40%Xgd 1.41%Xh-CHF 6 1.41%Xh-EUR 1.41%Xh-GBP 7 –Z 1.03%Zd 1.03%Zdh-GBP 1.03%Zgd 1.03%Zgdh-GBP 1.02%Zh-EUR 1.03%Zh-GBP 1.03%

Portfolio managers (years at Capital Group)

Laurentius Harrer 21Robert Neithart 27Kirstie Spence 19

Laurentius Harrer 21Robert Neithart 27Kirstie Spence 19

Luis Freitas de Oliveira 21Laurentius Harrer 21David F. Holstein 9Shaw Wagener 33

Summary information


Capital Group Screened Emerging Markets Equity Fund (LUX) 1 (CGSEMELU)

Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX) 1 (CGEMILBLU)

Fund objective Long-term capital growth by investing primarily in equity of emerging markets screened for environmental, social and governance purposes by an independent third party service provider.

Real income and capital appreciation by investing primarily in sovereign inflation-linked bonds of emerging markets issuers.

Key factsLaunch date 23 August 2011 22 July 2013Size US$86.0m US$108.0mIndex 2 MSCI Emerging Markets Barclays EM Tradable Govt I/L

(USD unhedged)

Turnover 3 30.87% 34.04%

Income yield 4 Gross 1.99%Net 1.83%


Total expense ratio by share class 5

C 0.23% C 0.20%

Portfolio managers (years at Capital Group)

Christopher Choe 25David Fisher 45Luis Freitas de Oliveira 21Victor Kohn 29Ricardo Torres 22Shaw Wagener 33

Laurentius Harrer 21Robert Neithart 27

1 This fund was renamed as described in note 1b to the financial statements.2 Shown for indicative purposes only.3 Turnover is calculated over the last 12 months as the lesser of monthly purchases or sales divided by average net assets. Turnover calculated in accordance with the CSSF Circular 03/122 (the last

12 months’ aggregated sales and purchases less aggregated subscriptions and redemptions, divided by average net assets) is 172% for Capital Group Emerging Markets Debt Fund (LUX), 195% for Capital Group Emerging Markets Local Currency Debt Fund (LUX), (17)% for Capital Group Emerging Markets Total Opportunities (LUX), 68% for Capital Group Screened Emerging Markets Equity Fund (LUX) and 83% for Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX).

4 Yield is calculated over the last 12 months as income earned by the fund before (gross) and after (net) withholding taxes, divided by the average net assets.5 The total expense ratio is made up of the management fee, fund administration fee, custody fee and other costs such as legal and audit fees, foreign registration costs, printing and mailing costs

and the Luxembourg “taxe d’abonnement”. The total expense ratio is annualised for share classes that have been in operation for less than 12 months. The total expense ratio does not include other investment related expenses, notably (but not limited to) taxes paid on investments and brokerage expenses.

6 This share class was launched during the year.7 This share class was closed during the year.



Total returns % 1 Annualised returns % 1

Calendar

Fund and share class Launch date 2 12 months YTD 2014 2013 2012 3 years Lifetime

Capital Group Emerging Markets Debt Fund (LUX) 24 Jul 2007A 24 Jul 2007 (3.2) (1.1) 0.4 (7.2) 18.7 0.9 4.5A2 2 Apr 2012 (2.9) (1.0) 0.7 (7.0) 19.0 1.2 4.7A4 6 Nov 2012 (2.7) (0.9) 0.8 (6.8) 19.2 1.4 4.9A7 29 May 2013 (2.7) (1.0) 0.9 (6.7) 19.3 1.5 5.0B 8 Jun 2009 (3.8) (1.2) (0.3) (7.8) 18.0 0.3 3.8Bd 10 Nov 2010 (3.8) (1.2) (0.2) (7.8) 18.0 0.3 3.8C 28 Mar 2008 (2.2) (0.8) 1.3 (6.4) 19.9 1.9 5.5T 10 Jun 2010 (4.0) (1.3) (0.4) (8.1) 17.7 0.1 3.6Tfd 1 Jun 2011 (4.0) (1.3) (0.5) (8.1) 17.8 0.1 3.6Tgd 27 Jun 2013 (4.0) (1.3) (0.5) (8.0) 17.7 0.0 3.6Tgdh-EUR 3 27 Jun 2013 8.8 4.9 4.7 – – – 4.7Th-EUR 3 27 Jun 2013 8.9 4.9 4.8 – – – 4.7X 24 Jul 2007 (3.3) (1.1) 0.2 (7.4) 18.6 0.8 4.3Xd 10 Nov 2010 (3.2) (1.1) 0.3 (7.4) 18.6 0.8 4.3Z 25 Apr 2013 (3.1) (1.1) 0.5 (7.1) 18.9 1.1 4.6Zd 19 Jul 2013 (3.0) (1.0) 0.5 (7.2) 18.9 1.1 4.6

50% JPM EMBI Global Diversified / 50% JPM GBI-EM Global Diversified 4, 5 (3.8) (1.0) (0.2) (7.8) 17.7 0.2 5.7

Capital Group Emerging Markets Local Currency Debt Fund (LUX) 10 Aug 2010B 10 Aug 2010 (10.7) (4.7) (5.3) (9.1) 15.8 (3.4) (0.7)Bd 10 Aug 2010 (10.8) (4.7) (5.4) (9.1) 15.8 (3.4) (0.7)C 10 Aug 2010 (9.3) (4.3) (3.9) (7.6) 17.7 (1.9) 1.0T 27 Jun 2013 (10.6) (4.7) (5.3) (9.6) 15.5 (3.7) (0.9)Tgd 27 Jun 2013 (10.6) (4.7) (5.4) (9.6) 15.5 (3.7) (0.9)X 10 Aug 2010 (10.2) (4.5) (4.9) (8.6) 16.3 (2.9) (0.2)Xd 10 Aug 2010 (10.3) (4.6) (4.9) (8.6) 16.4 (3.0) (0.2)Z 25 Apr 2013 (9.9) (4.5) (4.6) (8.5) 16.6 (2.7) 0.1Zd 9 Feb 2015 (9.8) (4.4) (4.6) (8.5) 16.6 (2.7) 0.1

JPM GBI-EM Global Diversified USD 5 (11.1) (4.0) (5.7) (9.0) 16.8 (3.9) (0.2)

As at 31 March 2015

Results

Past results are no indication of future results.

Results




Calendar


Capital Group Emerging Markets Total Opportunities (LUX) 1 Feb 2008A 14 Sep 2009 (3.2) 0.2 (2.7) (3.8) 14.9 0.3 2.5A4 31 May 2011 (2.9) 0.2 (2.4) (3.3) 15.3 0.6 2.9A4d 17 Dec 2014 (2.8) 0.3 (2.4) (3.3) 15.3 0.7 2.9A4dh-GBP 3 19 Dec 2013 3.1 2.8 0.7 – – – 3.4A4h-EUR 3 21 Aug 2013 10.2 6.6 4.2 – – – 8.7A4h-GBP 3 13 May 2013 3.2 2.8 0.8 – – – (2.9)A7 27 Jan 2011 (2.7) 0.3 (2.3) (3.3) 15.2 0.7 3.0A7d 5 Dec 2012 (2.8) 0.3 (2.4) (3.3) 15.2 0.7 2.9A7dh-GBP 3 31 Oct 2013 3.2 2.8 0.8 – – – 0.5A7h-CHF 3 25 Apr 2014 – (0.7) – – – – 1.8A7h-EUR 3 5 Oct 2012 10.3 6.6 4.2 (5.5) – – 3.5A7h-GBP 3 23 Feb 2012 3.2 2.8 0.8 (4.1) – 2.0 1.5A7h-SGD 3 30 Jul 2013 (2.6) 0.5 (2.3) – – – 0.6A9 22 Oct 2014 (2.6) 0.3 (2.2) (3.2) 15.3 0.8 3.1A9d 24 Jun 2014 (2.6) 0.3 (2.2) (3.2) 15.3 0.8 3.1A9dh-GBP 3 24 Jun 2014 – 3.0 – – – – (0.7)A9h-GBP 3 8 Aug 2014 – 2.9 – – – – 0.7A11 20 Oct 2014 (2.6) 0.3 (2.2) (3.1) 15.3 0.8 3.1B 8 Jun 2009 (3.7) 0.1 (3.3) (4.2) 14.1 (0.3) 2.0Bd 10 Nov 2010 (3.7) 0.1 (3.3) (4.2) 14.2 (0.3) 2.0Bgd 1 Feb 2013 (3.7) 0.0 (3.2) (4.3) 14.2 (0.2) 2.0Bh-CHF 3 14 Jul 2011 1.0 (1.0) 2.1 (5.6) 12.5 0.8 1.0Bh-EUR 3 7 Aug 2012 9.3 6.4 3.2 (6.4) – – 2.6C 1 Feb 2008 (1.9) 0.5 (1.5) (2.5) 16.2 1.5 3.8Cd 30 Jan 2009 (2.0) 0.6 (1.6) (2.5) 16.3 1.5 3.8Cdh-GBP 3 12 Dec 2011 4.1 3.1 1.6 (3.2) 13.6 2.9 4.5Ch-GBP 3 7 Apr 2011 4.1 3.1 1.6 (3.2) 13.5 2.9 1.8T 10 Jun 2010 (4.0) 0.0 (3.5) (4.5) 13.9 (0.5) 1.7Tfd 20 Aug 2013 (4.0) 0.0 (3.5) (4.5) 13.9 (0.6) 1.7Tgd 20 Aug 2013 (4.0) 0.0 (3.5) (4.5) 13.9 (0.5) 1.7Tgdh-EUR 3 16 Aug 2013 8.9 6.3 2.9 – – – 5.9Th-EUR 3 16 Aug 2013 8.9 6.2 3.0 – – – 5.9X 1 Feb 2008 (3.2) 0.2 (2.8) (3.8) 14.7 0.2 2.5Xd 10 Nov 2010 (3.2) 0.1 (2.8) (3.7) 14.8 0.2 2.5Xdh-GBP 3 10 Jan 2011 2.8 2.8 0.3 (4.6) 12.2 1.6 0.9Xgd 25 Feb 2013 (3.2) 0.2 (2.8) (3.8) 14.7 0.2 2.5Xh-CHF 3 3 Oct 2014 – (0.9) – – – – (3.0)Xh-EUR 3 5 Jan 2011 9.7 6.5 3.7 (6.0) 13.7 3.8 2.3Z 6 Dec 2012 (2.8) 0.3 (2.5) (3.5) 15.1 0.5 2.8Zd 25 Apr 2013 (2.9) 0.3 (2.5) (3.6) 15.1 0.5 2.7Zdh-GBP 3 19 Feb 2013 3.2 2.9 0.6 – – – (2.2)Zgd 9 Oct 2012 (2.9) 0.3 (2.4) (3.6) 15.1 0.5 2.8Zgdh-GBP 3 9 Oct 2012 3.1 2.9 0.7 (4.3) – – 1.3Zh-EUR 3 8 Jul 2013 10.1 6.6 4.1 – – – 7.4Zh-GBP 3 14 Jan 2014 3.2 2.9 – – – – 3.3


Results


1 Results are shown in USD with net dividends reinvested. JPM Indices are shown on a total return basis. Source: JPMorgan. MSCI Indices are shown with net dividends reinvested. Source: MSCI.2 Launch date is the date as of which shares are first issued by a fund, and hence the date on which the fund or share class was first priced. Prior results back to the launch of the fund relate to the

older share classes, adjusted where necessary to reflect the management fee of the recipient share class.3 Investments results are shown in the currency referred to in the relevant class’s designation. Lifetime returns are from launch date to 31 March 2015.4 50% JPM EMBI Global/ 50% JPM GBI-EM Global Diversified Total Return Index, rebalanced monthly, from 31 October 2009, with 50% JPM EMBI Global Diversified/ 50% JPM GBI-EM Global

Diversified Total Return Index, rebalanced monthly for earlier periods. Source: JPMorgan.5 Shown for indicative purposes only.6 Realised daily volatility (annualised standard deviation) is based on daily observations in USD and is annualised on a 252-day factor.7 Based on share class X returns.


Calendar


JPM GBI-EM Global Diversified 5 (11.1) (4.0) (5.7) (9.0) 16.8 (3.9) 3.0JPM EMBI Global 5 4.1 2.1 5.5 (6.6) 18.5 4.4 7.1MSCI Emerging Markets IMI 5 0.5 2.4 (1.8) (2.2) 18.7 0.7 0.8

Capital Group Screened Emerging Markets Equity Fund (LUX) 23 Aug 2011C 23 Aug 2011 (1.8) 1.4 (5.4) 1.0 13.4 (1.0) 0.1

MSCI Emerging Markets 5 0.4 2.2 (2.2) (2.6) 18.2 0.3 2.1

Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX) 22 Jul 2013C 22 Jul 2013 (8.9) (6.4) (1.2) – – – (7.5)

Barclays EM Tradable Govt I/L (USD unhedged) 5 (7.0) (5.5) 1.6 – – – (5.2)


Why do different share classes have different returns?Each share class is designed to support the needs of different investor types and has a different total expense ratio that affects the investment returns for that share class. For example:nClass A, A2, A4, A7, A9, A11, C shares and their equivalent classes, where available, are only available to institutional

investors who qualify for the reduced Luxembourg tax of 0.01% (rather than 0.05%).nClass B, T, X and Z shares and their equivalent classes, where available, are primarily designed for distribution to

individual investors. The management fee for class B, T shares and their equivalent classes, where available, is higher than for the other share classes to allow for compensation to distributors and other intermediaries for day-to-day services to investors or similar services in relation to investments made with their assistance.

nThe management fee for class C shares and its equivalent classes, where available, is charged to shareholders outside the fund by specific separate agreement. Actual returns to shareholders of class C and its equivalent classes, where available, will be lower than those published.

nIn addition, the returns of hedged equivalent classes and dividend distributing hedged equivalent classes are impacted by the passive currency-hedging overlay programme (see note 7 to the financial statements).

Calendar

Realised daily volatility 6 YTD 2014 2013 Lifetime

Capital Group Emerging Markets Total Opportunities (LUX) 7 7.1 6.1 7.5 9.6JPM GBI-EM Global Diversified 5 10.1 7.7 9.3 11.1JPM EMBI Global 5 5.4 5.0 6.4 7.3MSCI Emerging Markets IMI 5 11.4 10.6 12.8 21.8



Net asset value per share and total net assets

Historical data

as at 31 March 2015 as at 31 March 2014 as at 31 March 2013

Capital Group Emerging Markets Debt Fund (LUX)Class A US$14.00 US$14.46 US$15.16Class A2 14.10 14.52 15.19Class A4 14.15 14.55 15.21Class A7 14.17 14.56 –Class B 13.47 14.00 14.79Class Bd 11.36 12.35 13.60Class C 14.99 15.33 15.94Class T 13.32 13.87 14.69Class Tfd 10.89 12.03 13.42Class Tgd 12.08 13.40 –Class Tgdh-EUR 10.96 13.78 –Class Th-EUR 12.10 14.27 –Class X 13.86 14.34 15.08Class Xd 11.44 12.43 13.70Class Z 13.94 14.38 –Class Zd 12.91 14.03 –

Total net assets (000s) US$619,650 US$603,320 US$609,926

Capital Group Emerging Markets Local Currency Debt Fund (LUX)Class B US$9.70 US$10.86 US$11.93Class Bd 8.21 9.65 11.00Class C 10.46 11.53 12.45Class T 9.66 10.81 –Class Tgd 8.76 10.47 –Class X 9.93 11.06 12.08Class Xd 8.22 9.66 11.02Class Z 9.97 11.07 –Class Zd 9.98 – –


Capital Group Emerging Markets Total Opportunities (LUX)Class A US$11.96 US$12.35 US$12.76Class A4 12.14 12.50 12.87Class A4d 12.14 – –Class A4dh-GBP 11.72 13.03 –Class A4h-EUR 10.89 12.68 –Class A4h-GBP 11.98 13.04 –Class A7 12.17 12.51 12.88Class A7d 11.62 12.22 12.85Class A7dh-GBP 11.21 12.47 –Class A7h-CHF 11.59 – –Class A7h-EUR 11.03 12.83 12.75Class A7h-GBP 11.86 12.91 12.66Class A7h-SGD 11.27 12.63 –Class A9 12.09 – –Class A9d 12.04 – –Class A9dh-GBP 11.28 – –Class A9h-GBP 11.46 – –Class A11 12.09 – –Class B 11.57 12.02 12.49Class Bd 10.80 11.35 11.95

Historical data


1 This fund was liquidated on 22 July 2014.

as at 31 March 2015 as at 31 March 2014 as at 31 March 2013

Class Bdh-GBP – 11.98 –Class Bgd 10.41 11.16 11.95Class Bh-CHF 10.53 11.47 11.51Class Bh-EUR 10.70 12.56 12.61Class C 13.10 13.36 13.63Class Cd 11.02 11.59 12.19Class Cdh-GBP 11.34 12.61 12.64Class Ch-CHF – 12.87 12.68Class Ch-GBP 12.53 13.52 13.15Class T 11.42 11.89 12.39Class Tfd 10.93 11.74 –Class Tgd 10.97 11.80 –Class Tgdh-EUR 9.85 11.98 –Class Th-EUR 10.26 12.09 –Class X 11.91 12.31 12.72Class Xd 10.89 11.45 12.04Class Xdh-GBP 10.72 11.92 11.95Class Xgd 11.22 11.97 12.73Class Xh-CHF 11.89 – –Class Xh-EUR 10.76 12.58 12.56Class Xh-GBP – 12.60 12.41Class Z 12.11 12.46 12.85Class Zd 10.89 11.45 –Class Zdh-GBP 11.45 12.73 12.75Class Zgd 11.26 11.97 12.77Class Zgdh-GBP 10.92 12.28 12.44Class Zh-EUR 11.07 12.90 –Class Zh-GBP 11.52 12.55 –

Total net assets (000s) US$3,000,318 US$2,585,447 US$2,191,361

Capital International Emerging Asia Equity 1

Class B – US$9.31 US$9.22Class Bd – 9.31 9.22Class C – 9.85 9.58Class T – 9.30 –Class X – 9.45 9.31Class Xd – 9.40 9.30Class Z – 9.47 –Class Zd – 9.47 –

Total net assets (000s) – US$15,110 US$14,875

Capital Group Screened Emerging Markets Equity Fund (LUX)Class C US$10.05 US$10.23 US$10.34


Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX)Class C US$8.76 US$9.62 –

Total net assets (000s) US$107,984 US$119,334 –



As at 31 March 2015

Portfolio breakdown

Capital Group Emerging Markets Debt Fund (LUX)

Sector diversification %

Government 88.8Energy 3.1Financials 1.1Telecommunication services 1.1Consumer discretionary 0.8Industrials 0.5Materials 0.4Utilities 0.3Other 1 1.7Cash at bank and other net assets/ (liabilities) 2.2

Asset type diversification %

Local currency debt 56.6Dollar-denominated debt 39.5Short-term money market funds 1.7Cash at bank and other net assets/ (liabilities) 2.2

Currency diversification 2 %

US dollar 44.6Mexican peso 8.3Indian rupee 8.2Turkish lira 6.8Indonesian rupiah 6.4South African rand 6.3Colombian peso 4.8Malaysian ringgit 3.0Brazilian real 2.4Euro 2.2Ghanaian cedi 1.9Hungarian forint 1.6Peruvian new sol 1.1Others 2.4

Capital Group Emerging Markets Local Currency Debt Fund (LUX)


Government 95.6Energy 0.5Industrials 0.3Financials 0.2Other 1 1.0Cash at bank and other net assets/ (liabilities) 2.4




Indonesian rupiah 12.8Mexican peso 12.7Turkish lira 12.6South African rand 11.4Indian rupee 9.6Malaysian ringgit 8.3Brazilian real 6.2Colombian peso 6.0US dollar 5.8Hungarian forint 4.4Ghanaian cedi 3.9Euro 1.9Russian ruble 1.6Philippine peso 1.2Peruvian new sol 1.1Others 0.5

Portfolio breakdown



Capital Group Emerging Markets Total Opportunities (LUX)


Government 29.8Industrials 9.2Information technology 7.8Consumer discretionary 6.8Financials 6.7Energy 6.4Telecommunication services 5.8Materials 5.8Consumer staples 3.8Utilities 2.2Health care 1.0Other 1 7.9Cash at bank and other net assets/ (liabilities) 6.8


Equity 49.2Local currency debt 21.6Dollar-denominated debt 14.5Short-term money market funds 7.9Cash at bank and other net assets/ (liabilities) 6.8


British pound 21.2US dollar 18.7Hong Kong dollar 15.0Indian rupee 11.4Mexican peso 5.4Euro 4.0Taiwan dollar 3.3Singapore dollar 2.2Indonesian rupiah 2.2South African rand 1.9Turkish lira 1.8Malaysian ringgit 1.7Brazilian real 1.5South Korean won 1.2Colombian peso 1.0Others 7.5

Portfolio breakdown



Capital Group Screened Emerging Markets Equity Fund (LUX)


Financials 26.3Consumer discretionary 14.1Industrials 12.8Information technology 11.3Consumer staples 7.6Health care 5.7Materials 5.4Telecommunication services 5.0Energy 4.7Utilities 4.0Government 0.4Other 1 2.4Cash at bank and other net assets/ (liabilities) 0.3


Equity 96.8Short-term money market funds 2.4Local currency debt 0.4Dollar-denominated debt 0.1Cash at bank and other net assets/ (liabilities) 0.3


Hong Kong dollar 36.6US dollar 19.1Indian rupee 13.8Taiwan dollar 5.6South Korean won 3.8Brazilian real 3.5South African rand 3.3Malaysian ringgit 2.7Mexican peso 2.2Thai baht 1.8Indonesian rupiah 1.4Canadian dollar 1.1Australian dollar 1.0Others 4.1

Portfolio breakdown


1 “Other” sector includes investments in mutual funds.2 After portfolio hedging.

Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX)


Government 92.6Other 1 6.9Cash at bank and other net assets/ (liabilities) 0.5




Mexican peso 28.0Brazilian real 17.0US dollar 15.7Turkish lira 14.5South African rand 6.1Polish zloty 5.7Uruguayan peso 4.3Chilean peso 3.3South Korean won 3.1Thai baht 2.4Colombian peso (0.1)


Country DescriptionMarket value

US$000s% total net

assets

Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market

Government bonds

Argentina Argentinean Government 8.75% 2024 1,319 0.22Argentinean Government Series X 7.00% 2017 19,785 3.19

21,104 3.41

Armenia Armenian Government 7.15% 2025 1 4,660 0.75

Brazil Brazilian Government 4.25% 2025 1,222 0.20Brazilian Government Treasury Bill 0% 2018 2,682 0.43Brazilian Government Treasury Bill Series B 6.00% 2017 1,619 0.26Brazilian Government Treasury Bill Series B 6.00% 2018 4,963 0.80Brazilian Government Treasury Bill Series B 6.00% 2020 1,920 0.31Brazilian Government Treasury Bill Series B 6.00% 2045 368 0.06Brazilian Government Treasury Bill Series F 10.00% 2017 5,115 0.83

17,889 2.89

Colombia Colombian Government 4.00% 2024 723 0.11Colombian Government 5.00% 2045 3,278 0.53Colombian Government 5.625% 2044 1,796 0.29Colombian Government Series B 5.00% 2018 1,550 0.25Colombian Government Series B 6.00% 2028 12,995 2.10Colombian Government Series B 7.75% 2030 2,272 0.37Colombian Government Series B 10.00% 2024 15,161 2.45

37,775 6.10

Croatia Croatian Government 3.875% 2022 1 2,134 0.35Croatian Government 5.50% 2023 1 3,732 0.60

5,866 0.95

Dominican Republic Dominican Republic Government 5.50% 2025 1 3,942 0.63Dominican Republic Government 6.60% 2024 1 1,853 0.30Dominican Republic Government 6.85% 2045 1 6,726 1.08Dominican Republic Government 7.45% 2044 1 6,936 1.12Dominican Republic Government 7.50% 2021 1 601 0.10Dominican Republic Government 8.625% 2027 1 359 0.06

20,417 3.29

Ethiopia Ethiopian Government 6.625% 2024 1 10,252 1.65

Gabon Gabonese Government 6.375% 2024 1 2,958 0.48

Ghana Ghanaian Government 7.875% 2023 1 3,755 0.61Ghanaian Government 8.125% 2026 1 12,588 2.03Ghanaian Government 8.50% 2017 1 618 0.10Ghanaian Government 16.73% 11/1/2016 682 0.11Ghanaian Government 21.00% 26/10/2015 1,071 0.17Ghanaian Government 21.00% 2020 1,448 0.23Ghanaian Government 23.00% 2017 811 0.13Ghanaian Government 24.00% 25/5/2015 458 0.07Ghanaian Government 25.40% 2017 5,792 0.94Ghanaian Government 25.48% 2017 753 0.12

Capital Group Emerging Markets Debt Fund (LUX) as at 31 March 2015

Statement of investments

Capital Group Emerging Markets Debt Fund (LUX) as at 31 March 2015 (continued)




US$000s% total net

assets

Ghanaian Government 26.00% 2017 430 0.07

28,406 4.58

Greece Greek Government 3.00% 2023 1,2 383 0.06Greek Government 3.00% 2024 1,2 377 0.06Greek Government 3.00% 2025 1,2 368 0.06Greek Government 3.00% 2026 1,2 354 0.06Greek Government 3.00% 2027 1,2 348 0.06Greek Government 3.00% 2028 1,2 338 0.06Greek Government 3.00% 2029 1,2 568 0.09Greek Government 3.00% 2030 1,2 558 0.09Greek Government 3.00% 2031 1,2 555 0.09Greek Government 3.00% 2032 1,2 553 0.09Greek Government 3.00% 2033 1,2 552 0.09Greek Government 3.00% 2034 1,2 552 0.09Greek Government 3.00% 2035 1,2 549 0.09Greek Government 3.00% 2036 1,2 754 0.12Greek Government 3.00% 2037 1,2 749 0.12Greek Government 3.00% 2038 1,2 751 0.12Greek Government 3.00% 2039 1,2 749 0.12Greek Government 3.00% 2040 1,2 752 0.12Greek Government 3.00% 2041 1,2 754 0.12Greek Government 3.00% 2042 1,2 759 0.12

11,323 1.83

Hungary Hungarian Government 4.00% 2019 282 0.05Hungarian Government 5.375% 2023 550 0.09Hungarian Government 5.375% 2024 225 0.04Hungarian Government 5.75% 2023 3,118 0.50Hungarian Government 6.25% 2020 1,103 0.18Hungarian Government 7.625% 2041 1,016 0.16Hungarian Government Series 23/A 6.00% 2023 951 0.15Hungarian Government Series 25/B 5.50% 2025 7,503 1.21Hungarian Government Series 28/A 6.75% 2028 1,066 0.17

15,814 2.55

India Indian Government 7.16% 2023 2,248 0.36Indian Government 7.28% 2019 26,390 4.26Indian Government 8.60% 2028 5,286 0.85Indian Government 8.83% 2023 14,214 2.30Indian Government 9.20% 2030 1,259 0.20

49,397 7.97

Indonesia Indonesian Government 3.375% 2023 1 1,231 0.20Indonesian Government 3.75% 2022 1 413 0.07Indonesian Government 4.125% 2025 1 2,568 0.41Indonesian Government 4.875% 2021 1 2,817 0.45Indonesian Government 5.125% 2045 1 3,640 0.59Indonesian Government 5.875% 2020 1 3,572 0.58Indonesian Government 5.875% 2024 1 2,723 0.44Indonesian Government 6.75% 2044 1 3,107 0.50Indonesian Government 6.875% 2018 1 735 0.12





US$000s% total net

assets

Indonesian Government 7.75% 2038 1 1,632 0.26Indonesian Government Series FR63 5.625% 2023 1,175 0.19Indonesian Government Series FR68 8.375% 2034 26,911 4.34Indonesian Government Series FR69 7.875% 2019 3,029 0.49Indonesian Government Series FR70 8.375% 2024 6,723 1.09Indonesian Government Series FR71 9.00% 2029 1,911 0.31

62,187 10.04

Iraq Iraqi Government 5.80% 2028 1 5,176 0.83

Ivory Coast Ivory Coast Government 5.375% 2024 1 4,484 0.72Ivory Coast Government 5.75% 2032 1,2 9,010 1.46

13,494 2.18

Kenya Kenyan Government 5.875% 2019 1 413 0.07Kenyan Government 6.875% 2024 1 736 0.12Kenyan Government 6.875% 2024 1 16,310 2.63

17,459 2.82

Malaysia Malaysian Government Series 0114 4.181% 2024 3,483 0.56Malaysian Government Series 0310 4.498% 2030 13,722 2.22Malaysian Government Series 0413 3.844% 2033 1,170 0.19

18,375 2.97

Mexico Mexican Government 3.60% 2025 3,960 0.64Mexican Government 4.00% 2023 7,626 1.23Mexican Government 4.60% 2046 329 0.05Mexican Government 5.55% 2045 2,132 0.34Mexican Government Series A 5.125% 2020 4,737 0.76Mexican Government Series A 6.05% 2040 541 0.09Mexican Government Series M 5.00% 2019 1,136 0.18Mexican Government Series M 6.50% 2021 8,282 1.34Mexican Government Series M 7.75% 2017 1,209 0.20Mexican Government Series M 8.00% 2020 1,844 0.30Mexican Government Series M20 10.00% 2024 16,570 2.67Mexican Government Series M30 10.00% 2036 3,577 0.58Mexican Government Series S 2.00% 2022 6,617 1.07Mexican Government Series S 2.50% 2020 4,348 0.70Mexican Government Series S 4.00% 2019 1,861 0.30Mexican Government Series S 4.00% 2040 5,341 0.86

70,110 11.31

Morocco Moroccan Government 4.25% 2022 1 3,484 0.57Moroccan Government 5.50% 2042 1 1,456 0.23

4,940 0.80

Nigeria Nigerian Government 5.125% 2018 1 1,617 0.26Nigerian Government 6.375% 2023 1 495 0.08Nigerian Government 6.75% 2021 1 4,532 0.73

6,644 1.07

Peru Peruvian Government 5.625% 2050 184 0.03Peruvian Government 5.70% 2024 1 3,466 0.56Peruvian Government 6.95% 2031 1 3,136 0.51

6,786 1.10





US$000s% total net

assets

Philippines Philippine Government 4.95% 2021 3,255 0.53Philippine Government 6.25% 2036 2,361 0.38

5,616 0.91

Poland Polish Government 4.00% 2024 1,985 0.32Polish Government Series 1023 4.00% 2023 3,041 0.49

5,026 0.81

Russian Federation Russian Government Series 5081 6.20% 2018 2,388 0.38

Senegal Senegalese Government 6.25% 2024 1 749 0.12

Slovenia Slovenian Government 5.50% 2022 1 694 0.11Slovenian Government 5.85% 2023 1 2,428 0.39

3,122 0.50

South Africa South African Government Series R208 6.75% 2021 865 0.14South African Government Series R214 6.50% 2041 16,855 2.72South African Government Series R2023 7.75% 2023 20,858 3.37

38,578 6.23

Turkey Hazine Mustesarligi Varlik Kiralama 4.557% 2018 1 2,105 0.34Turkish Government 2.00% 2024 11,538 1.86Turkish Government 3.00% 2021 789 0.13Turkish Government 3.50% 2019 4,282 0.69Turkish Government 4.00% 2020 1,250 0.20Turkish Government 5.625% 2021 3,846 0.62Turkish Government 6.875% 2036 1,689 0.27Turkish Government 7.10% 2023 2,927 0.47Turkish Government 7.375% 2025 1,038 0.17Turkish Government 8.80% 2023 765 0.12Turkish Government 9.00% 27/1/2016 3,299 0.53Turkish Government 9.00% 2024 13,667 2.21Turkish Government 9.50% 2022 2,025 0.33Turkish Government 10.50% 2020 1,210 0.20

50,430 8.14

Uruguay Uruguayan Government 4.25% 2027 2,405 0.39

Venezuela Venezuelan Government 9.25% 2028 1 285 0.04

Zambia Zambian Government 5.375% 2022 1 7,073 1.14Zambian Government 8.50% 2024 1 3,663 0.59

10,736 1.73

Total government bonds 550,367 88.82

Corporate bonds

Brazil Banco Safra 10.25% 2016 1 605 0.10Odebrecht Offshore Drilling Finance 6.625% 2022 1 263 0.04Odebrecht Offshore Drilling Finance 6.75% 2022 1 1,813 0.29Petrobras Global Finance 3.875% 27/1/2016 482 0.08Petrobras Global Finance 6.25% 2024 1,654 0.26QGOG Atlantic / Alaskan Rigs 5.25% 2018 1 416 0.07QGOG Constellation 6.25% 2019 1 114 0.02

5,347 0.86





US$000s% total net

assets

Chile Emgesa 8.75% 2021 1 1,835 0.29VTR Finance 6.875% 2024 1 2,652 0.43

4,487 0.72

Colombia Avianca Holdings 8.375% 2020 1 1,457 0.24Ecopetrol 5.875% 2023 431 0.07Ecopetrol 5.875% 2045 304 0.05Findeter 7.875% 2024 1 2,376 0.38

4,568 0.74

Hungary Magyar Export-Import Bank 4.00% 2020 1 2,624 0.42

Jamaica Digicel 6.00% 2021 1 1,429 0.23Digicel Group 8.25% 2020 1 352 0.06

1,781 0.29

Kazakhstan Halyk Savings Bank of Kazakhstan 7.25% 2021 1 474 0.08

Mexico CEMEX 9.375% 2022 1 2,280 0.37Grupo Televisa 7.25% 2043 115 0.02Petróleos Mexicanos 3.50% 2018 3,623 0.58Petróleos Mexicanos 5.50% 2021 1,929 0.31Petróleos Mexicanos 5.625% 2046 1 3,098 0.50Petróleos Mexicanos 7.19% 2024 1 1,483 0.24Red de Carreteras de Occidente 9.00% 2028 1 681 0.11

13,209 2.13

Netherlands Playa Resorts Holdings 8.00% 2020 1 1,409 0.23

Panama ENA Norte Trust 4.95% 2023 1 1,343 0.22

Peru Transportadora de Gas del Peru 4.25% 2028 1 2,049 0.33

Russian Federation Gazprom 5.338% 2020 1 829 0.13Gazprom 6.51% 2022 1 584 0.10VEB Finance 6.902% 2020 1 490 0.08

1,903 0.31

Sweden Millicom International Cellular 6.625% 2021 1 1,804 0.29

United States of America Arcos Dorados Holdings 10.25% 2016 1 651 0.11Morgan Stanley 10.09% 2017 1 76 0.01Trilogy International Partners 10.25% 2016 1 2,633 0.42

3,360 0.54

Total corporate bonds 44,358 7.16

Mutual fund

Luxembourg JPMorgan Liquidity Funds - US Dollar Treasury Liquidity Institutional (dist.) 3 10,630 1.71

Total mutual fund 10,630 1.71




1 Purchased in a private placement transaction. Resale may be limited to qualified institutional buyers.2 Variable coupon rates are quoted as at 31 March 2015.3 The fund invests part of its cash in JPMorgan Liquidity Funds - US Dollar Treasury Liquidity Institutional (dist.). This is an AAA rated (by S&P, Moody’s and Fitch), professionally managed, money

market fund that offers risk diversification and daily liquidity.


US$000s% total net

assets

Total transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 605,355 97.69

Recently issued securities

Corporate bonds

Jamaica Digicel Group 7.125% 2022 1 459 0.08

Total corporate bonds 459 0.08

Total recently issued securities 459 0.08

Total investments 605,814 97.77

Cash at bank and other net assets/(liabilities) 13,836 2.23

Total net assets 619,650 100.00

The accompanying notes form an integral part of these financial statements.



Capital Group Emerging Markets Local Currency Debt Fund (LUX) as at 31 March 2015


US$000s% total net

assets


Government bonds

Argentina Argentinean Government Series X 7.00% 2017 244 0.83

Brazil Brazilian Government Treasury Bill 0% 2018 230 0.79Brazilian Government Treasury Bill Series B 6.00% 2017 87 0.30Brazilian Government Treasury Bill Series B 6.00% 2018 446 1.52Brazilian Government Treasury Bill Series B 6.00% 2020 69 0.24Brazilian Government Treasury Bill Series F 10.00% 2017 455 1.56Brazilian Government Treasury Bill Series F 10.00% 2018 287 0.98Brazilian Government Treasury Bill Series F 10.00% 2023 136 0.46Brazilian Government Treasury Bill Series F 10.00% 2025 90 0.31

1,800 6.16

Colombia Colombian Government Series B 5.00% 2018 76 0.26Colombian Government Series B 6.00% 2028 849 2.90Colombian Government Series B 7.75% 2030 408 1.40Colombian Government Series B 10.00% 2024 549 1.88

1,882 6.44

Ethiopia Ethiopian Government 6.625% 2024 1 195 0.67

Ghana Ghanaian Government 16.73% 11/1/2016 62 0.21Ghanaian Government 16.90% 7/3/2016 143 0.49Ghanaian Government 21.00% 26/10/2015 97 0.33Ghanaian Government 21.00% 2020 274 0.94Ghanaian Government 23.00% 2017 198 0.68Ghanaian Government 24.00% 25/5/2015 42 0.14Ghanaian Government 25.40% 2017 61 0.21Ghanaian Government 25.48% 2017 147 0.50Ghanaian Government 26.00% 2017 83 0.29

1,107 3.79

Greece Greek Government 3.00% 2023 1,2 21 0.07Greek Government 3.00% 2024 1,2 21 0.07Greek Government 3.00% 2025 1,2 20 0.07Greek Government 3.00% 2026 1,2 19 0.06Greek Government 3.00% 2027 1,2 19 0.06Greek Government 3.00% 2028 1,2 19 0.06Greek Government 3.00% 2029 1,2 27 0.09Greek Government 3.00% 2030 1,2 26 0.09Greek Government 3.00% 2031 1,2 26 0.09Greek Government 3.00% 2032 1,2 26 0.09Greek Government 3.00% 2033 1,2 26 0.09Greek Government 3.00% 2034 1,2 26 0.09Greek Government 3.00% 2035 1,2 26 0.09Greek Government 3.00% 2036 1,2 36 0.13Greek Government 3.00% 2037 1,2 36 0.13Greek Government 3.00% 2038 1,2 36 0.13Greek Government 3.00% 2039 1,2 36 0.12Greek Government 3.00% 2040 1,2 36 0.12Greek Government 3.00% 2041 1,2 36 0.12

Capital Group Emerging Markets Local Currency Debt Fund (LUX) as at 31 March 2015 (continued)




US$000s% total net

assets

Greek Government 3.00% 2042 1,2 36 0.12

554 1.89

Hungary Hungarian Government Series 19/A 6.50% 2019 562 1.92Hungarian Government Series 23/A 6.00% 2023 318 1.09Hungarian Government Series 25/B 5.50% 2025 355 1.21

1,235 4.22

India Indian Government 8.60% 2028 2,728 9.33

Indonesia Indonesian Government Series FR63 5.625% 2023 526 1.80Indonesian Government Series FR68 8.375% 2034 2,604 8.90Indonesian Government Series FR69 7.875% 2019 2 0.01Indonesian Government Series FR70 8.375% 2024 505 1.73Indonesian Government Series FR71 9.00% 2029 103 0.35

3,740 12.79

Kenya Kenyan Government 6.875% 2024 1 210 0.72

Malaysia Malaysian Government Series 0114 4.181% 2024 193 0.66Malaysian Government Series 0213 3.26% 2018 255 0.87Malaysian Government Series 0214 3.394% 2017 189 0.65Malaysian Government Series 0310 4.498% 2030 1,557 5.32Malaysian Government Series 0413 3.844% 2033 154 0.53Malaysian Government Series 0203 4.24% 2018 42 0.14

2,390 8.17

Mexico Mexican Government Series M 4.75% 2018 197 0.67Mexican Government Series M 6.50% 2021 221 0.76Mexican Government Series M20 10.00% 2024 1,700 5.81Mexican Government Series M30 10.00% 2036 195 0.67Mexican Government Series S 2.50% 2020 198 0.68Mexican Government Series S 4.00% 2019 75 0.26Mexican Government Series S 4.00% 2040 928 3.17

3,514 12.02

Peru Peruvian Government 5.70% 2024 1 133 0.46Peruvian Government 6.95% 2031 1 205 0.70

338 1.16

Philippines Philippine Government 4.95% 2021 359 1.23

Russian Federation Russian Government Series 6204 7.50% 2018 391 1.34

South Africa South African Government Series R208 6.75% 2021 268 0.92South African Government Series R214 6.50% 2041 1,305 4.46South African Government Series R2023 7.75% 2023 1,733 5.93

3,306 11.31

Turkey Turkish Government 2.00% 2024 798 2.73Turkish Government 2.40% 2024 106 0.36Turkish Government 3.00% 2021 98 0.34Turkish Government 3.50% 2019 248 0.85Turkish Government 4.00% 2020 168 0.57Turkish Government 7.10% 2023 539 1.84

Capital Group Emerging Markets Local Currency Debt Fund (LUX) as at 31 March 2015 (continued)



1 Purchased in a private placement transaction. Resale may be limited to qualified institutional buyers.2 Variable coupon rates are quoted as at 31 March 2015.3 The fund invests part of its cash in JPMorgan Liquidity Funds - US Dollar Treasury Liquidity Institutional (dist.). This is an AAA rated (by S&P, Moody’s and Fitch), professionally managed, money



US$000s% total net

assets

Turkish Government 8.80% 2023 60 0.20Turkish Government 9.00% 27/1/2016 367 1.26Turkish Government 9.00% 2024 664 2.27Turkish Government 9.50% 2022 184 0.63Turkish Government 10.50% 2020 400 1.37

3,632 12.42

Uruguay Uruguayan Government 5.00% 2018 144 0.49

Zambia Zambian Government 5.375% 2022 1 185 0.63


Corporate bonds

Colombia Findeter 7.875% 2024 1 66 0.23

Mexico Petróleos Mexicanos 7.19% 2024 1 141 0.48

Russian Federation RZD Capital 8.30% 2019 1 79 0.27


Mutual fund

Luxembourg JPMorgan Liquidity Funds - US Dollar Treasury Liquidity Institutional (dist.) 3 297 1.02

Total mutual fund 297 1.02



Cash at bank and other net assets/(liabilities) 700 2.39





Capital Group Emerging Markets Total Opportunities (LUX) as at 31 March 2015


US$000s% total net

assets


Government bonds

Argentina Argentinean Government Series X 7.00% 2017 42,555 1.42 City of Buenos Aires 8.95% 2021 1 3,584 0.12

46,139 1.54

Brazil Brazilian Government 4.875% 2021 10,128 0.34 Brazilian Government Treasury Bill Series B 6.00% 2018 23,272 0.77 Brazilian Government Treasury Bill Series B 6.00% 2022 9,811 0.33 Brazilian Government Treasury Bill Series B 6.00% 2045 2,425 0.08 Brazilian Government Treasury Bill Series B 6.00% 2050 11,613 0.39 Brazilian Government Treasury Bill Series F 10.00% 2025 9,328 0.31

66,577 2.22

Chile Chilean Government 3.00% 2018 4,407 0.15 Chilean Government 3.00% 2020 1,177 0.04 Chilean Government 3.00% 1/1/2022 4,680 0.16 Chilean Government 3.00% 1/3/2022 155 0.00 Chilean Government 3.00% 2023 2,509 0.08

12,928 0.43

Colombia Colombian Government Series B 5.00% 2018 22,013 0.73 Colombian Government Series B 6.00% 2028 897 0.03 Colombian Government Series B 10.00% 2024 5,115 0.17

28,025 0.93

Dominican Republic Dominican Republic Government 5.50% 2025 1 12,673 0.42 Dominican Republic Government 7.45% 2044 1 1,444 0.05

14,117 0.47

Ethiopia Ethiopian Government 6.625% 2024 1 14,055 0.47

Ghana Ghanaian Government 7.875% 2023 1 1,668 0.05 Ghanaian Government 8.125% 2026 1 10,684 0.36 Ghanaian Government 16.90% 7/3/2016 924 0.03 Ghanaian Government 21.00% 2020 402 0.01 Ghanaian Government 23.00% 2017 807 0.03 Ghanaian Government 25.40% 2017 232 0.01 Ghanaian Government 25.48% 2017 517 0.02 Ghanaian Government 26.00% 2017 295 0.01

15,529 0.52

Greece Greek Government 3.00% 2023 1,2 1,516 0.05 Greek Government 3.00% 2024 1,2 1,492 0.05 Greek Government 3.00% 2025 1,2 1,456 0.05 Greek Government 3.00% 2026 1,2 1,398 0.05 Greek Government 3.00% 2027 1,2 1,374 0.04 Greek Government 3.00% 2028 1,2 1,337 0.04 Greek Government 3.00% 2029 1,2 2,427 0.08 Greek Government 3.00% 2030 1,2 2,388 0.08 Greek Government 3.00% 2031 1,2 2,374 0.08 Greek Government 3.00% 2032 1,2 2,366 0.08

Capital Group Emerging Markets Total Opportunities (LUX) as at 31 March 2015 (continued)




US$000s% total net

assets

Greek Government 3.00% 2033 1,2 2,361 0.08 Greek Government 3.00% 2034 1,2 2,360 0.08 Greek Government 3.00% 2035 1,2 2,349 0.08 Greek Government 3.00% 2036 1,2 3,302 0.11 Greek Government 3.00% 2037 1,2 3,277 0.11 Greek Government 3.00% 2038 1,2 3,286 0.11 Greek Government 3.00% 2039 1,2 3,279 0.11 Greek Government 3.00% 2040 1,2 3,291 0.11 Greek Government 3.00% 2041 1,2 3,299 0.11 Greek Government 3.00% 2042 1,2 3,321 0.11

48,253 1.61

Hungary Hungarian Government 4.00% 2019 2,301 0.08 Hungarian Government 4.125% 2018 2,201 0.07 Hungarian Government 5.375% 2024 1,202 0.04 Hungarian Government 5.75% 2023 26,692 0.89 Hungarian Government 6.25% 2020 2,972 0.10 Hungarian Government Series 25/B 5.50% 2025 1,354 0.04

36,722 1.22

India Indian Government 7.28% 2019 32,317 1.08 Indian Government 8.60% 2028 15,859 0.53 Indian Government 8.83% 2023 84,188 2.80 Indian Government 9.15% 2024 13,781 0.46 Indian Government 9.20% 2030 6,834 0.23

152,979 5.10

Indonesia Indonesian Government 3.75% 2022 1 1,664 0.06 Indonesian Government 4.125% 2025 1 14,850 0.49 Indonesian Government 4.875% 2021 1 2,730 0.09 Indonesian Government 5.875% 2020 1 1,533 0.05 Indonesian Government 5.875% 2024 1 1,391 0.05 Indonesian Government 7.25% 20/4/2015 1 1,443 0.05 Indonesian Government Series FR67 8.75% 2044 1,329 0.04 Indonesian Government Series FR68 8.375% 2034 38,096 1.27 Indonesian Government Series FR70 8.375% 2024 16,079 0.54 Indonesian Government Series FR71 9.00% 2029 6,712 0.22

85,827 2.86

Ivory Coast Ivory Coast Government 6.375% 2028 1 1,307 0.04 Kenya Kenyan Government 5.875% 2019 1 862 0.03

Kenyan Government 6.875% 2024 1 12,402 0.41

13,264 0.44

Malaysia Malaysian Government Series 0413 3.844% 2033 1,013 0.04 Malaysian Government Series 0310 4.498% 2030 17,791 0.59

18,804 0.63

Mexico Mexican Government 3.60% 2025 1,341 0.04 Mexican Government 4.60% 2046 3,461 0.12 Mexican Government 5.55% 2045 3,313 0.11 Mexican Government Series A 6.05% 2040 6,064 0.20 Mexican Government Series M 8.00% 2020 26,410 0.88





US$000s% total net

assets

Mexican Government Series M20 10.00% 2024 31,163 1.04 Mexican Government Series S 4.00% 2019 5,583 0.19 Mexican Government Series S 4.00% 2040 37,089 1.24 Mexican Government Series S 4.50% 2025 33,394 1.11

147,818 4.93

Peru Peruvian Government 5.625% 2050 1,252 0.04 Peruvian Government 6.95% 2031 1 8,210 0.28 Peruvian Government 8.375% 2016 3,053 0.10

12,515 0.42

Philippines Philippine Government 4.95% 2021 1,196 0.04 Philippine Government 6.25% 2036 1,427 0.05

2,623 0.09

Slovenia Slovenian Government 4.125% 2019 1 11,800 0.39 Slovenian Government 5.50% 2022 1 3,290 0.11 Slovenian Government 5.85% 2023 1 16,459 0.55

31,549 1.05

South Africa South African Government Series R186 10.50% 2026 1,299 0.04 South African Government Series R209 6.25% 2036 1,164 0.04 South African Government Series R214 6.50% 2041 4,089 0.14 South African Government Series R2023 7.75% 2023 32,040 1.07

38,592 1.29

South Korea Export-Import Bank of Korea 1.121% 2016 2 2,114 0.07

Turkey Turkish Government 7.10% 2023 11,440 0.38 Turkish Government 8.80% 2023 7,552 0.25 Turkish Government 9.00% 27/1/2016 1,196 0.04 Turkish Government 9.00% 2024 33,300 1.11

53,488 1.78

United States of America US Treasury 1.625% 2019 38,814 1.29


Zambia Zambian Government 5.375% 2022 1 10,150 0.34


Corporate bonds

Brazil Banco Votorantim 6.25% 2016 1 4,499 0.15 Cosan Luxembourg 9.50% 2018 1 627 0.02 Odebrecht Offshore Drilling Finance 6.75% 2022 1 4,108 0.14 Petrobras Global Finance 3.00% 2019 5,909 0.20 Petrobras Global Finance 3.875% 27/1/2016 1,475 0.05 Petrobras Global Finance 4.375% 2023 257 0.01 Petrobras Global Finance 4.875% 2020 2,689 0.09 Petrobras Global Finance 6.25% 2024 17,398 0.58 Petrobras Global Finance 7.875% 2019 2,890 0.09 QGOG Atlantic / Alaskan Rigs 5.25% 2018 1 1,036 0.03

40,888 1.36





US$000s% total net

assets

Canada First Quantum Minerals 6.75% 2020 1 5,673 0.19 First Quantum Minerals 7.25% 2022 1 3,515 0.12

9,188 0.31

Chile Banco Santander Chile 2.139% 2018 1,2 7,654 0.26 Emgesa 8.75% 2021 1 2,166 0.07

9,820 0.33

China CNOOC Finance 2013 1.75% 2018 1,171 0.04

Colombia Findeter 7.875% 2024 1 795 0.03

Hong Kong Wynn Macau 5.25% 2021 1 11,144 0.37

Jamaica Digicel 6.00% 2021 1 6,191 0.20 Digicel Group 8.25% 2020 1 12,254 0.41

18,445 0.61

Mexico América Móvil 2.375% 2016 2,391 0.08 América Móvil 7.125% 2024 1,408 0.05 BBVA Bancomer 6.50% 2021 1 3,513 0.12 Petróleos Mexicanos 3.50% 2020 1 25,215 0.84 Petróleos Mexicanos 4.50% 2026 1 14,521 0.48 Petróleos Mexicanos 7.47% 2026 2,118 0.07 Red de Carreteras de Occidente 9.00% 2028 1 7,519 0.25 Urbi Desarrollos Urbanos 8.50% 2016 1 737 0.02 Urbi Desarrollos Urbanos 9.50% 2020 1 1,112 0.04 Urbi Desarrollos Urbanos 9.75% 2022 1 1,278 0.04

59,812 1.99

Panama ENA Norte Trust 4.95% 2023 1 3,765 0.13

Peru Banco de Credito del Peru 6.875% 2026 1,2 7,914 0.26

Russian Federation ALROSA Finance 7.75% 2020 1 7,759 0.26

Sweden Millicom International Cellular 6.625% 2021 1 6,845 0.23

United Arab Emirates Abu Dhabi National Energy 4.125% 2017 1 839 0.03

United States of America Arcos Dorados Holdings 10.25% 2016 1 3,766 0.13 Ensco 5.20% 2025 723 0.02 Trilogy International Partners 10.25% 2016 1 1,645 0.05

6,134 0.20


Shares and convertible bonds

Argentina YPF Class D ADR 14,074 0.47

Australia Newcrest Mining 12,819 0.43 Oil Search 16,167 0.54

28,986 0.97

Austria Vienna Insurance Group 11,680 0.39





US$000s% total net

assets

Brazil Gerdau ADR 1,342 0.04 Hypermarcas ordinary nominative 8,355 0.28 Tim Participações ordinary nominative 2,262 0.08 Usinas Siderúrgicas de Minas Gerais Class A preferred nominative 1,593 0.05 Vale Class A preferred nominative ADR 2,349 0.08 Vale ordinary nominative 5,949 0.20 Vale ordinary nominative ADR 1,720 0.06

23,570 0.79

Canada Centerra Gold 3,572 0.12 First Quantum Minerals 23,021 0.77

26,593 0.89

Chile Enersis ADR 12,384 0.41 Inversiones La Construcción 12,524 0.42

24,908 0.83

China Anhui Conch Cement H Shares 10,761 0.36 Bank of China H Shares 26,128 0.87 Baoxin Auto Group 2,498 0.08 Beijing Enterprises Holdings 19,504 0.65 Boer Power Holdings 13,325 0.44 China Everbright International 40,636 1.35 China High Speed Transmission Equipment Group 9,644 0.32 China Mengniu Dairy 3,278 0.11 China Modern Dairy Holdings 7,230 0.24 China Pacific Insurance Group H Shares 7,072 0.24 China Resources Land 3,459 0.12 China Unicom (Hong Kong) 17,220 0.57 CSR H Shares 12,735 0.42 First Tractor H Shares 3,767 0.13 FU JI Food and Catering Services Holdings 11 0.00 FU JI Food and Catering Services Holdings convertible 0% 2010 1,3 0 0.00 Haitian International Holdings 21,432 0.71 Honghua Group 2,708 0.09 Huaneng Power International H Shares 12,146 0.41 Industrial and Commercial Bank of China H Shares 6,246 0.21 Lenovo Group 28,249 0.94 Minth Group 40,749 1.36 Nine Dragons Paper Holdings 6,214 0.21 Shanghai Fosun Pharmaceutical Group H Shares 10,086 0.34 Shanghai Pharmaceuticals Holding H Shares 13,192 0.44 Zhongsheng Group Holdings 2,775 0.09 Zhuzhou CSR Times Electric H Shares 32,415 1.08

353,480 11.78

Greece Titan Cement 9,167 0.30

Hong Kong AIA Group 19,281 0.64 Chow Sang Sang Holdings International 20,408 0.68 Hilong Holding 8,852 0.29 HKT Trust 35,568 1.19





US$000s% total net

assets

Melco Crown Entertainment ADR 2,459 0.08 MGM China Holdings 5,569 0.19 Wynn Macau 7,460 0.25

99,597 3.32

India Bharti Airtel 42,839 1.43 Blue Dart Express 10,264 0.34 Glenmark Pharmaceuticals 2,092 0.07 ICICI Bank 9,543 0.32 Info Edge (India) 11,278 0.38 Infosys 43,826 1.46 ITC 2,723 0.09 Just Dial 7,192 0.24 Larsen & Toubro 1,437 0.05 Lupin 2,247 0.07 Steel Authority of India 10,172 0.34 Sun Pharmaceutical Industries 3,317 0.11 Tech Mahindra 14,407 0.48 Thermax 14,994 0.50 Torrent Power 4,020 0.13 TTK Prestige 3,635 0.12

183,986 6.13

Indonesia Matahari Department Store 2,086 0.07

Italy Tenaris ADR 10,268 0.34

Malaysia Bumi Armada 9,125 0.30 Genting 13,004 0.43 Genting Wts exp. 2018 465 0.02 IJM 18,258 0.61

40,852 1.36

Mexico América Móvil Series L ADR 19,466 0.65 CEMEX ordinary participation certificate ADR 28,786 0.96 Fibra Uno Administración 3,109 0.10 Grupo Comercial Chedraui Class B 1,815 0.06 Grupo Sanborns Series B1 7,751 0.26 Impulsora del Desarrollo y el Empleo en America Latina Series B1 13,202 0.44

74,129 2.47

Netherlands Fugro 1,909 0.07 Unilever 26,448 0.88

28,357 0.95

Norway BW LPG 18,573 0.62

Oman bank muscat 6,553 0.22 bank muscat convertible 3.50% 2018 349 0.01 bank muscat convertible 4.50% 2017 178 0.01

7,080 0.24

Philippines Ayala Land 17,030 0.56

Russian Federation ALROSA 19,596 0.65





US$000s% total net

assets

Globaltrans Investment GDR 721 0.03 MegaFon GDR 3,907 0.13 Yandex convertible 1.125% 2018 8,164 0.27

32,388 1.08

Singapore KrisEnergy 2,185 0.07 Mapletree Greater China Commercial Trust 19,447 0.65 Singapore Telecommunications 4,766 0.16

26,398 0.88

South Africa Discovery 1,700 0.06 Discovery Rts 2/4/2015 44 0.00 Naspers Class N 16,493 0.55

18,237 0.61

South Korea Hyundai Mobis 13,877 0.46 Hyundai Motor 26,399 0.88 LG Uplus 14,702 0.49 Orion 17,676 0.59 Samsung Electronics 20,138 0.67 SK Telecom 3,036 0.10

95,828 3.19

Switzerland Dufry convertible 2.00% 18/6/2015 1 10,657 0.35

Taiwan AirTAC International Group 17,513 0.58 ASUSTeK Computer 2,265 0.08 CTCI 9,777 0.33 Delta Electronics 31,892 1.06 Taiwan Cement 17,565 0.58 Taiwan Semiconductor Manufacturing 58,803 1.96 Yungtay Engineering 3,244 0.11

141,059 4.70

Thailand Bangkok Bank NVDR 18,519 0.62 Glow Energy 3,171 0.11 PTT 1,352 0.04

23,042 0.77

United Arab Emirates DP World 17,239 0.57 First Gulf Bank 4,371 0.15 Union National Bank 6,768 0.23

28,378 0.95

United Kingdom Glencore 2,069 0.07 Global Ports Investments GDR 3,698 0.12 Imperial Tobacco Group 4,245 0.14 Lonmin 739 0.02 Ophir Energy 780 0.03 PZ Cussons 9,463 0.32 SABMiller 25,634 0.85 Tullow Oil 3,492 0.12





US$000s% total net

assets

Unilever 7,768 0.26

57,888 1.93

United States of America AES 30,050 1.00 Arcos Dorados Holdings Class A 9,289 0.31 Cobalt International Energy 16,373 0.55 Cognizant Technology Solutions Class A 2,577 0.09 Ensco Class A 6,721 0.22 MercadoLibre 2,230 0.07 Xoom 1,585 0.05

68,825 2.29

Total shares and convertible bonds 1,477,116 49.23

Mutual fund



Total transferable securities admitted to an official stock exchange listing or dealt in on another regulated market 2,792,908 93.09

Recently issued securities

Corporate bonds

Mexico Elementia 5.50% 2025 1 1,595 0.05

Peru Banco de Credito del Peru 2.75% 2018 1 1,841 0.06


Total recently issued securities 3,436 0.11

Total investments 2,796,344 93.20

Cash at bank and other net assets/(liabilities) 203,974 6.80

Total net assets 3,000,318 100.00


1 Purchased in a private placement transaction. Resale may be limited to qualified institutional buyers.2 Variable coupon rates are quoted as at 31 March 2015.3 Securities fair valued as per policies described in note 2b to the financial statements. As of 31 March 2015, such securities represented 0.00% of the fund’s total net assets.4 The fund invests part of its cash in JPMorgan Liquidity Funds - US Dollar Treasury Liquidity Institutional (dist.). This is an AAA rated (by S&P, Moody’s and Fitch), professionally managed, money


Abbreviations: ADR – American Depository Receipts GDR – Global Depository Receipts NVDR – Non-Voting Depository Receipts



Capital Group Screened Emerging Markets Equity Fund (LUX) as at 31 March 2015


US$000s% total net

assets


Shares and convertible bonds

Argentina YPF Class D ADR 694 0.81

Australia Oil Search 873 1.02

Austria Vienna Insurance Group 295 0.34

Brazil Banco Bradesco preferred nominative ADR 415 0.48BM&FBOVESPA ordinary nominative 471 0.55BRF ordinary nominative 18 0.02BRF ordinary nominative ADR 42 0.05BTG Pactual Group 80 0.09CCR ordinary nominative 364 0.42Gerdau ADR 100 0.12Hypermarcas ordinary nominative 1,109 1.29Itaú Unibanco Holding preferred nominative ADR 510 0.59QGEP Participações ordinary nominative 269 0.31Tim Participações ordinary nominative 113 0.13Usinas Siderúrgicas de Minas Gerais Class A preferred nominative 115 0.14Wilson Sons BDR 126 0.15

3,732 4.34

Canada Centerra Gold 256 0.30First Quantum Minerals 553 0.64

809 0.94

Chile Enersis 32 0.04Enersis ADR 723 0.84Inversiones La Construcción 217 0.25

972 1.13

China Anhui Conch Cement H Shares 405 0.47Bank of China H Shares 2,348 2.73Baoxin Auto Group 181 0.21Beijing Enterprises Holdings 976 1.14China Everbright International 1,177 1.37China High Speed Transmission Equipment Group 312 0.36China Longyuan Power Group H Shares 306 0.36China Mengniu Dairy 1,727 2.01China Merchants Bank H Shares 329 0.38China Modern Dairy Holdings 576 0.67China Overseas Grand Oceans Group 75 0.09China Overseas Land & Investment 2,288 2.66China Pacific Insurance Group H Shares 1,812 2.11China Resources Land 1,139 1.33China Shineway Pharmaceutical Group 140 0.16China Unicom (Hong Kong) 307 0.36China Vanke H Shares 344 0.40CSR H Shares 674 0.78EVA Precision Industrial Holdings 365 0.42First Tractor H Shares 74 0.09

Capital Group Screened Emerging Markets Equity Fund (LUX) as at 31 March 2015 (continued)




US$000s% total net

assets

Goodbaby International Holdings 212 0.25Great Wall Motor H Shares 392 0.46Guangdong Investment 155 0.18Haitian International Holdings 686 0.80Honghua Group 86 0.10Huaneng Power International H Shares 852 0.99Industrial and Commercial Bank of China H Shares 699 0.81Jiangsu Hengrui Medicine Class A Wts exp. 2016 156 0.18Lenovo Group 850 0.99Longfor Properties 372 0.43MicroPort Scientific 42 0.05Minth Group 656 0.76New Oriental Education & Technology Group ADR 89 0.10Nine Dragons Paper Holdings 149 0.17Sany Heavy Equipment International Holdings 76 0.09Shandong Weigao Group Medical Polymer H Shares 99 0.12Shanghai Fosun Pharmaceutical Group H Shares 415 0.48Shanghai Jahwa United Class A Wts exp. 2016 154 0.18Shanghai Pharmaceuticals Holding H Shares 583 0.68Shenguan Holdings Group 175 0.20Sino Biopharmaceutical 595 0.69Sinofert Holdings 452 0.53Tencent Holdings 199 0.23Want Want China Holdings 148 0.17Weichai Power H Shares 859 1.00Zhongsheng Group Holdings 381 0.44Zhuzhou CSR Times Electric H Shares 663 0.77

25,750 29.95

Greece Jumbo 50 0.06

Hong Kong AIA Group 1,698 1.97Cheung Kong Infrastructure Holdings 817 0.95China Yongda Automobiles Services Holdings 16 0.02Chow Sang Sang Holdings International 208 0.24Galaxy Entertainment Group 487 0.57Hilong Holding 39 0.04Jardine Matheson Holdings 128 0.15Melco Crown Entertainment ADR 1,092 1.27MGM China Holdings 186 0.22Samsonite International 1,385 1.61Stella International Holdings 198 0.23VTech Holdings 40 0.05Wynn Macau 1,063 1.24

7,357 8.56

India Apollo Hospitals Enterprise 563 0.65Bajaj Auto 97 0.11Bharat Electronics 160 0.19Bharti Airtel 1,544 1.80Emami 163 0.19Glenmark Pharmaceuticals 661 0.77HDFC Bank 1,075 1.25





US$000s% total net

assets

Housing Development Finance 1,174 1.37ICICI Bank 1,270 1.48ICICI Bank ADR 379 0.44Info Edge (India) 397 0.46Infosys 1,231 1.43ITC 227 0.26Just Dial 49 0.06Kotak Mahindra Bank 295 0.34Lupin 139 0.16Steel Authority of India 679 0.79Sun Pharmaceutical Industries 870 1.01Tata Steel 390 0.45Tech Mahindra 432 0.50Thermax 24 0.03Torrent Power 16 0.02United Spirits 51 0.06VA Tech Wabag 357 0.42

12,243 14.24

Indonesia Agung Podomoro Land 112 0.13Bank Mandiri Series B 259 0.30Bank Rakyat Indonesia 284 0.33Matahari Department Store 123 0.14Surya Citra Media 463 0.54

1,241 1.44

Italy Tenaris ADR 94 0.11

Malaysia Bumi Armada 251 0.29CIMB Group Holdings 515 0.60Genting 281 0.33Genting Wts exp. 2018 10 0.01IHH Healthcare 629 0.73IJM 627 0.73

2,313 2.69

Mexico América Móvil Series L ADR 808 0.94Fibra Uno Administración 560 0.65Grupo Comercial Chedraui Class B 130 0.15Grupo Sanborns Series B1 358 0.42Impulsora del Desarrollo y el Empleo en America Latina Series B1 805 0.94Minera Frisco Series A1 ordinary participation certificate 30 0.03Urbi Desarrollos Urbanos 9 0.01

2,700 3.14

Netherlands Fugro 279 0.32

Oman bank muscat 366 0.42bank muscat convertible 3.50% 2018 19 0.02bank muscat convertible 4.50% 2017 6 0.01

391 0.45

Peru Grana y Montero ADR 63 0.07





US$000s% total net

assets

Philippines Energy Development 155 0.18International Container Terminal Services 435 0.51SM Investments 123 0.14

713 0.83

Russian Federation ALROSA 776 0.90Globaltrans Investment GDR 14 0.02Magnit 200 0.23Mobile TeleSystems ADR 381 0.44Moscow Exchange MICEX-RTS 214 0.25Rosneft Oil Company GDR 52 0.06Sberbank of Russia 64 0.08Sberbank of Russia ADR 88 0.10Surgutneftegas preferred 111 0.13Yandex Class A 429 0.50

2,329 2.71

Singapore CapitaRetail China Trust 135 0.16KrisEnergy 47 0.05Yoma Strategic Holdings 458 0.53

640 0.74

South Africa Barloworld 378 0.44Discovery 516 0.60Discovery Rights 2/4/2015 13 0.02MTN Group 71 0.08Naspers Class N 972 1.13Shoprite Holdings 717 0.83Telkom 153 0.18

2,820 3.28

South Korea Daum Kakao 208 0.24Hana Financial Group 407 0.47Hankook Tire 192 0.22Hyundai Engineering & Construction 117 0.14Hyundai Mobis 590 0.69Hyundai Motor 957 1.11Hyundai Motor Series 2 preferred 97 0.11LG Household & Health Care 492 0.57LG Uplus 945 1.10Orion 240 0.28Samsung Electronics GDR 966 1.13

5,211 6.06

Switzerland Dufry 639 0.74

Taiwan AirTAC International Group 634 0.74CTCI 344 0.40Delta Electronics 1,508 1.75Merida Industry 157 0.18Taiwan Cement 230 0.27Taiwan Semiconductor Manufacturing 2,674 3.11Yungtay Engineering 265 0.31

5,812 6.76





US$000s% total net

assets

Thailand Bangkok Bank NVDR 984 1.14KASIKORNBANK 230 0.27KASIKORNBANK NVDR 65 0.08PTT 250 0.29

1,529 1.78

United Arab Emirates DP World 444 0.52

United Kingdom Glencore 421 0.49Global Ports Investments GDR 136 0.16Ophir Energy 54 0.06PZ Cussons 155 0.18SABMiller 107 0.13Tullow Oil 225 0.26

1,098 1.28

United States of America Alibaba Group Holding ADR 167 0.19Arcos Dorados Holdings Class A 322 0.38Cobalt International Energy 729 0.85Ctrip.com International ADR 223 0.26MercadoLibre 380 0.44Xoom 207 0.24

2,028 2.36

Total shares and convertible bonds 83,119 96.67

Government bondsBrazil Brazilian Government Treasury Bill Series B 6.00% 2050 346 0.40

Total government bonds 346 0.40

Corporate bonds

Brazil Marfrig Overseas 9.50% 2020 2 96 0.11


Mutual fund







1 Variable coupon rates are quoted as at 31 March 2015.2 Purchased in a private placement transaction. Resale may be limited to qualified institutional buyers.3 The fund invests part of its cash in JPMorgan Liquidity Funds - US Dollar Treasury Liquidity Institutional (dist.). This is an AAA rated (by S&P, Moody’s and Fitch), professionally managed, money

market fund that offers risk diversification and daily liquidity.4 Securities fair valued as per policies described in note 2b to the financial statements. As of 31 March 2015, such securities represented 0.14% of the fund’s total net assets.

Abbreviations: ADR – American Depository Receipts GDR – Global Depository Receipts NVDR – Non-Voting Depository Receipts


US$000s% total net

assets

Other transferable securities

Shares

United Kingdom Sedibelo Platinum Mines 4 123 0.14

Total shares 123 0.14

Total other transferable securities 123 0.14








US$000s% total net

assets


Government bonds

Brazil Brazilian Government Treasury Bill Series B 6.00% 15/5/2015 334 0.31 Brazilian Government Treasury Bill Series B 6.00% 2017 4,836 4.48 Brazilian Government Treasury Bill Series B 6.00% 2018 9,544 8.84 Brazilian Government Treasury Bill Series B 6.00% 2045 3,646 3.37

18,360 17.00

Chile Chilean Government 3.00% 2021 3,546 3.28

Mexico Mexican Government Series S 2.00% 2022 3,639 3.37 Mexican Government Series S 2.50% 2020 12,000 11.11 Mexican Government Series S 4.00% 2019 1,489 1.38 Mexican Government Series S 4.00% 2040 12,880 11.93

30,008 27.79

Poland Polish Government 2.75% 2023 5,186 4.80 Polish Government 3.00% 2016 895 0.83

6,081 5.63

South Africa South African Government Series R197 5.50% 2023 6,512 6.03

South Korea South Korean Government 1.125% 2023 3,299 3.06

Thailand Thai Government 1.25% 2028 1 2,564 2.38

Turkey Turkish Government 2.00% 2024 2,256 2.09 Turkish Government 3.00% 2022 4,903 4.54 Turkish Government 4.00% 2020 8,352 7.74

15,511 14.37

United States of America US Treasury Inflation-Protected Security 0.125% 2018 3,098 2.87 US Treasury Inflation-Protected Security 0.125% 2024 1,975 1.82 US Treasury Inflation-Protected Security 0.25% 2025 4,487 4.16

9,560 8.85



Mutual fund


Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX) as at 31 March 2015

Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX) as at 31 March 2015 (continued)




US$000s% total net

assets







1 Purchased in a private placement transaction. Resale may be limited to qualified institutional buyers.2 The fund invests part of its cash in JPMorgan Liquidity Funds - US Dollar Treasury Liquidity Institutional (dist.). This is an AAA rated (by S&P, Moody’s and Fitch), professionally managed, money



As at 31 March 2015

Capital Group Emerging Markets

Debt Fund (LUX)


Local Currency Debt Fund (LUX)


Total Opportunities (LUX)

Capital Group Screened Emerging

Markets Equity Fund (LUX)


Inflation-Linked Bond Fund (LUX) Combined

AssetsInvestments at market value (note 2b) US$605,814,092 US$28,537,230 US$2,796,343,918 US$85,733,057 US$107,461,424 US$3,623,889,721 Cash at bank 1,622,631 290,797 171,598,166 68,884 – 173,580,478 Dividend and interest receivable (net of withholding taxes) (note 2d, note 5b) 9,624,958 464,434 15,587,038 118,598 666,030 26,461,058 Receivable for investments sold 3,290,323 328,148 10,223,150 199,449 – 14,041,070 Unrealised gain on hedged share class forward foreign exchange contracts (note 7) 480 – 8,348,729 – – 8,349,209 Receivable for fund shares subscribed 20,499 229,539 7,011,300 – – 7,261,338 Unrealised gain on forward foreign exchange contracts (note 6) 366,873 – 4,907,035 – – 5,273,908 Prepaid expenses and other receivables 464,457 2,369 731,079 12,041 1,496 1,211,442 Receivable for closed forward foreign exchange contracts 289,577 8,502 – – – 298,079 Receivable for foreign taxes (note 5b) – – 14,582 – – 14,582

Total assets 621,493,890 29,861,019 3,014,764,997 86,132,029 108,128,950 3,860,380,885

LiabilitiesPayable for investments purchased 1,447,781 565,445 9,832,184 73,713 – 11,919,123 Management fee payable (note 3a) 109,753 26,561 2,119,278 – – 2,255,592 Accrued expenses and other payables 286,619 20,541 1,127,199 57,981 59,831 1,552,171 Payable for fund shares redeemed – 11,688 1,287,386 – – 1,299,074 Payable for closed forward foreign exchange contracts – – 80,839 – 85,402 166,241 Unrealised loss on forward foreign exchange contracts (note 6) – – – 15,173 – 15,173

Total liabilities 1,844,153 624,235 14,446,886 146,867 145,233 17,207,374

Total net assets US$619,649,737 US$29,236,784 US$3,000,318,111 US$85,985,162 US$107,983,717 US$3,843,173,511

Investment securities at cost US$649,111,867 US$32,450,912 US$2,895,279,578 US$84,122,393 US$124,374,598 US$3,785,339,348


Combined statement of net assets

Combined statement of net assets



Debt Fund (LUX)









AssetsInvestments at market value (note 2b) US$605,814,092 US$28,537,230 US$2,796,343,918 US$85,733,057 US$107,461,424 US$3,623,889,721 Cash at bank 1,622,631 290,797 171,598,166 68,884 – 173,580,478 Dividend and interest receivable (net of withholding taxes) (note 2d, note 5b) 9,624,958 464,434 15,587,038 118,598 666,030 26,461,058 Receivable for investments sold 3,290,323 328,148 10,223,150 199,449 – 14,041,070 Unrealised gain on hedged share class forward foreign exchange contracts (note 7) 480 – 8,348,729 – – 8,349,209 Receivable for fund shares subscribed 20,499 229,539 7,011,300 – – 7,261,338 Unrealised gain on forward foreign exchange contracts (note 6) 366,873 – 4,907,035 – – 5,273,908 Prepaid expenses and other receivables 464,457 2,369 731,079 12,041 1,496 1,211,442 Receivable for closed forward foreign exchange contracts 289,577 8,502 – – – 298,079 Receivable for foreign taxes (note 5b) – – 14,582 – – 14,582

Total assets 621,493,890 29,861,019 3,014,764,997 86,132,029 108,128,950 3,860,380,885

LiabilitiesPayable for investments purchased 1,447,781 565,445 9,832,184 73,713 – 11,919,123 Management fee payable (note 3a) 109,753 26,561 2,119,278 – – 2,255,592 Accrued expenses and other payables 286,619 20,541 1,127,199 57,981 59,831 1,552,171 Payable for fund shares redeemed – 11,688 1,287,386 – – 1,299,074 Payable for closed forward foreign exchange contracts – – 80,839 – 85,402 166,241 Unrealised loss on forward foreign exchange contracts (note 6) – – – 15,173 – 15,173

Total liabilities 1,844,153 624,235 14,446,886 146,867 145,233 17,207,374

Total net assets US$619,649,737 US$29,236,784 US$3,000,318,111 US$85,985,162 US$107,983,717 US$3,843,173,511

Investment securities at cost US$649,111,867 US$32,450,912 US$2,895,279,578 US$84,122,393 US$124,374,598 US$3,785,339,348




Capital Group Emerging Markets Debt

Fund (LUX)





Capital International Emerging

Asia Equity





Income (note 2d)Interest on bonds and convertible bonds (net of withholding taxes) (note 5b) US$40,006,832 US$1,934,048 US$54,473,105 – US$22,751 US$4,281,887 $100,718,623 Dividend income (net of withholding taxes) (note 5b) – – 35,991,712 US$140,439 1,599,357 – 37,731,508Interest on bank accounts 598 5 1,429 – 20 122 2,174

40,007,430 1,934,053 90,466,246 140,439 1,622,128 4,282,009 138,452,305 ExpensesManagement fee (note 3a) 1,449,447 318,466 22,861,770 54,037 – – 24,683,720 Custody (note 3b) 390,122 24,916 1,287,134 1,393 44,488 81,246 1,829,299 Administrative Manager services (note 3b) 525,503 28,904 688,185 4,231 72,492 92,908 1,412,223 Professional services 263,343 12,140 862,058 5,224 65,469 51,242 1,259,476 Taxe d’abonnement (note 5a) 67,264 15,426 418,771 767 8,846 11,987 523,061 Other 32,240 1,406 256,007 1,951 12,439 5,053 309,096 Printing and publishing 21,509 827 114,218 – 2,814 2,990 142,358

2,749,428 402,085 26,488,143 67,603 206,548 245,426 30,159,233

Reimbursement of expenses (note 3d) 464,457 75 624,154 23 – – 1,088,709

Net investment income/(loss) for the year (a) 37,722,459 1,532,043 64,602,257 72,859 1,415,580 4,036,583 109,381,781

Net realised gain/(loss) on:Sale of investments (note 2e) (18,526,841) (2,396,586) (61,689,422) 1,822,256 (2,206,198) 574,072 (82,422,719)Foreign currency transactions (note 2c) 10,241,465 471,177 (41,453,577) 8,214 421,752 (376,024) (30,686,993)

Net realised profit/(loss) for the year (b) (8,285,376) (1,925,409) (103,142,999) 1,830,470 (1,784,446) 198,048 (113,109,712)

Net change in unrealised appreciation/(depreciation) on:Investments (48,400,314) (2,956,382) (165,897,225) (1,208,715) (1,179,680) (14,913,338) (234,555,654)Foreign currency transactions (note 2c) 750,148 (5,057) 10,323,601 4,927 (17,435) 105,021 11,161,205 Foreign tax provision (note 5b) – – 14,582 (33,355) – – (18,773)

Net change in unrealised appreciation/(depreciation) for the year (c) (47,650,166) (2,961,439) (155,559,042) (1,237,143) (1,197,115) (14,808,317) (223,413,222)

Result of operations for the year (a+b+c) (18,213,083) (3,354,805) (194,099,784) 666,186 (1,565,981) (10,573,686) (227,141,153)

Dividend distribution (note 4) (246,763) (45,839) (10,923,686) (19) – – (11,216,307)

Net subscriptions/(redemptions) of shares for the year 34,789,561 3,744,154 619,894,684 (15,776,083) – (776,889) 641,875,427 Total net assets at the beginning of the year 603,320,022 28,893,274 2,585,446,897 15,109,916 87,551,143 119,334,292 3,439,655,544

Total net assets at the end of the year US$619,649,737 US$29,236,784 US$3,000,318,111 – US$85,985,162 US$107,983,717 US$3,843,173,511


Combined statement of operations and changes in net assets

Combined statement of operations and changes in net assets


Capital Group Emerging Markets Debt

Fund (LUX)





Capital International Emerging

Asia Equity





Income (note 2d)Interest on bonds and convertible bonds (net of withholding taxes) (note 5b) US$40,006,832 US$1,934,048 US$54,473,105 – US$22,751 US$4,281,887 $100,718,623 Dividend income (net of withholding taxes) (note 5b) – – 35,991,712 US$140,439 1,599,357 – 37,731,508Interest on bank accounts 598 5 1,429 – 20 122 2,174

40,007,430 1,934,053 90,466,246 140,439 1,622,128 4,282,009 138,452,305 ExpensesManagement fee (note 3a) 1,449,447 318,466 22,861,770 54,037 – – 24,683,720 Custody (note 3b) 390,122 24,916 1,287,134 1,393 44,488 81,246 1,829,299 Administrative Manager services (note 3b) 525,503 28,904 688,185 4,231 72,492 92,908 1,412,223 Professional services 263,343 12,140 862,058 5,224 65,469 51,242 1,259,476 Taxe d’abonnement (note 5a) 67,264 15,426 418,771 767 8,846 11,987 523,061 Other 32,240 1,406 256,007 1,951 12,439 5,053 309,096 Printing and publishing 21,509 827 114,218 – 2,814 2,990 142,358

2,749,428 402,085 26,488,143 67,603 206,548 245,426 30,159,233

Reimbursement of expenses (note 3d) 464,457 75 624,154 23 – – 1,088,709

Net investment income/(loss) for the year (a) 37,722,459 1,532,043 64,602,257 72,859 1,415,580 4,036,583 109,381,781

Net realised gain/(loss) on:Sale of investments (note 2e) (18,526,841) (2,396,586) (61,689,422) 1,822,256 (2,206,198) 574,072 (82,422,719)Foreign currency transactions (note 2c) 10,241,465 471,177 (41,453,577) 8,214 421,752 (376,024) (30,686,993)

Net realised profit/(loss) for the year (b) (8,285,376) (1,925,409) (103,142,999) 1,830,470 (1,784,446) 198,048 (113,109,712)

Net change in unrealised appreciation/(depreciation) on:Investments (48,400,314) (2,956,382) (165,897,225) (1,208,715) (1,179,680) (14,913,338) (234,555,654)Foreign currency transactions (note 2c) 750,148 (5,057) 10,323,601 4,927 (17,435) 105,021 11,161,205 Foreign tax provision (note 5b) – – 14,582 (33,355) – – (18,773)

Net change in unrealised appreciation/(depreciation) for the year (c) (47,650,166) (2,961,439) (155,559,042) (1,237,143) (1,197,115) (14,808,317) (223,413,222)

Result of operations for the year (a+b+c) (18,213,083) (3,354,805) (194,099,784) 666,186 (1,565,981) (10,573,686) (227,141,153)

Dividend distribution (note 4) (246,763) (45,839) (10,923,686) (19) – – (11,216,307)

Net subscriptions/(redemptions) of shares for the year 34,789,561 3,744,154 619,894,684 (15,776,083) – (776,889) 641,875,427 Total net assets at the beginning of the year 603,320,022 28,893,274 2,585,446,897 15,109,916 87,551,143 119,334,292 3,439,655,544

Total net assets at the end of the year US$619,649,737 US$29,236,784 US$3,000,318,111 – US$85,985,162 US$107,983,717 US$3,843,173,511




Class AShares outstanding at the beginning of the year 510,700 Shares subscribed 3,499 Shares redeemed (510,700)

Shares outstanding at the end of the year 3,499

Class A2Shares outstanding at the beginning of the year 1,861,060 Shares subscribed 69,645 Shares redeemed (841,843)

Shares outstanding at the end of the year 1,088,862

Class A4Shares outstanding at the beginning of the year 2,104,740 Shares subscribed 3,321 Shares redeemed (782,991)


Class A7Shares outstanding at the beginning of the year 13,272,153 Shares subscribed –Shares redeemed –


Class BShares outstanding at the beginning of the year 6,613 Shares subscribed 4,007 Shares redeemed (6,726)


Class BdShares outstanding at the beginning of the year 4,756 Shares subscribed –Shares redeemed (855)


Class CShares outstanding at the beginning of the year 22,123,296 Shares subscribed 4,106,902 Shares redeemed (304,859)

Shares outstanding at the end of the year 25,925,339 Class TShares outstanding at the beginning of the year 8,310 Shares subscribed 1,662 Shares redeemed (3,514)


Class TfdShares outstanding at the beginning of the year 121,675 Shares subscribed 154,879 Shares redeemed (259,231)


Class TgdShares outstanding at the beginning of the year 3,701 Shares subscribed 632 Shares redeemed (435)


Class Tgdh-EURShares outstanding at the beginning of the year 7,346 Shares subscribed 3,113 Shares redeemed (99)


Class Th-EURShares outstanding at the beginning of the year 7,346 Shares subscribed –Shares redeemed –


Class X Shares outstanding at the beginning of the year 3,524 Shares subscribed 270,423 Shares redeemed (270,423)


Class XdShares outstanding at the beginning of the year 162,988 Shares subscribed 129,224 Shares redeemed (284,409)


Class ZShares outstanding at the beginning of the year 117,675 Shares subscribed 514,946 Shares redeemed (58,409)


Class ZdShares outstanding at the beginning of the year 3,516 Shares subscribed –Shares redeemed –


Total shares outstanding at the end of the year 42,257,158

Combined statement of changes in the number of shares outstanding

Capital Group Emerging Markets Debt Fund (LUX)Capital Group Emerging Markets Local Currency Debt Fund (LUX)

For the year ended 31 March 2015 (continued)



Class BShares outstanding at the beginning of the year 10,256 Shares subscribed 113,341 Shares redeemed (37,422)


Class BdShares outstanding at the beginning of the year 11,303 Shares subscribed 263,703 Shares redeemed (21,794)


Class CShares outstanding at the beginning of the year 5,000 Shares subscribed –Shares redeemed –


Class TShares outstanding at the beginning of the year 4,638 Shares subscribed 10,819 Shares redeemed (1,576)


Class TgdShares outstanding at the beginning of the year 4,638 Shares subscribed 3,094 Shares redeemed –


Class X Shares outstanding at the beginning of the year 2,562,724 Shares subscribed 108,978 Shares redeemed (60,521)


Class XdShares outstanding at the beginning of the year 5,000 Shares subscribed –Shares redeemed –


Class ZShares outstanding at the beginning of the year 11,182 Shares subscribed 5,835 Shares redeemed (10,750)


Class ZdShares outstanding at the beginning of the year –Shares subscribed 4,766 Shares redeemed –



Capital Group Emerging Markets Debt Fund (LUX)Capital Group Emerging Markets Local Currency Debt Fund (LUX)




Class A Shares outstanding at the beginning of the year 848,154 Shares subscribed 18 Shares redeemed (840,125)


Class A4Shares outstanding at the beginning of the year 12,540,548 Shares subscribed 4,014,402 Shares redeemed (6,648,553)


Class A4dShares outstanding at the beginning of the year –Shares subscribed 476,388 Shares redeemed –


Class A4dh-GBPShares outstanding at the beginning of the year 875,214 Shares subscribed 20,000 Shares redeemed (480,214)Shares outstanding at the end of the year 415,000

Class A4h-EURShares outstanding at the beginning of the year 387,539 Shares subscribed 355,765 Shares redeemed –


Class A4h-GBPShares outstanding at the beginning of the year 5,026,962 Shares subscribed 3,490,023 Shares redeemed (3,816,450)


Class A7Shares outstanding at the beginning of the year 43,072,899 Shares subscribed 32,468,624 Shares redeemed (32,225,226)


Class A7dShares outstanding at the beginning of the year 2,099,389 Shares subscribed 3,143,318 Shares redeemed –


Class A7dh-GBPShares outstanding at the beginning of the year 9,130,780 Shares subscribed 2,446,391 Shares redeemed –


Class A7h-CHFShares outstanding at the beginning of the year –Shares subscribed 3,133,634 Shares redeemed (5,918)


Class A7h-EURShares outstanding at the beginning of the year 2,654,779 Shares subscribed 300,000 Shares redeemed (509,205)


Class A7h-GBPShares outstanding at the beginning of the year 39,410,563 Shares subscribed 16,715,565 Shares redeemed (4,154,756)


Class A7h-SGDShares outstanding at the beginning of the year 5,529,306 Shares subscribed –Shares redeemed –


Class A9Shares outstanding at the beginning of the year –Shares subscribed 14,586,034 Shares redeemed (25,398)


Class A9dShares outstanding at the beginning of the year –Shares subscribed 2,805,035 Shares redeemed (65,728)


Class A9dh-GBPShares outstanding at the beginning of the year –Shares subscribed 18,312,234 Shares redeemed (428,406)



Capital Group Emerging Markets Total Opportunities (LUX) (continued)




Class A9h-GBPShares outstanding at the beginning of the year –Shares subscribed 13,816,120 Shares redeemed (7,227)


Class A11Shares outstanding at the beginning of the year –Shares subscribed 27,071,511 Shares redeemed –


Class BShares outstanding at the beginning of the year 3,804,718 Shares subscribed 1,647,463 Shares redeemed (1,491,450)


Class BdShares outstanding at the beginning of the year 564,610 Shares subscribed 117,785 Shares redeemed (312,932)


Class Bdh-GBPShares outstanding at the beginning of the year 32,000 Shares subscribed –Shares redeemed (32,000)

Shares outstanding at the end of the year –

Class BgdShares outstanding at the beginning of the year 21,095 Shares subscribed 22,170 Shares redeemed (21,751)


Class Bh-CHFShares outstanding at the beginning of the year 217,701 Shares subscribed 3,400 Shares redeemed (159,054)


Class Bh-EURShares outstanding at the beginning of the year 784,691 Shares subscribed 54,907 Shares redeemed (696,624)


Class CShares outstanding at the beginning of the year 19,430,142 Shares subscribed 271,449 Shares redeemed (12,430,882)


Class CdShares outstanding at the beginning of the year 1,397,671 Shares subscribed –Shares redeemed (12,509)


Class Cdh-GBPShares outstanding at the beginning of the year 19,282,060 Shares subscribed –Shares redeemed (18,108,304)


Class Ch-CHFShares outstanding at the beginning of the year 2,182,154 Shares subscribed –Shares redeemed (2,182,154)


Class Ch-GBPShares outstanding at the beginning of the year 15,613,365 Shares subscribed –Shares redeemed (13,350,651)


Class TShares outstanding at the beginning of the year 10,344 Shares subscribed 56,804 Shares redeemed (6,580)


Class TfdShares outstanding at the beginning of the year 4,374 Shares subscribed 803 Shares redeemed –


Class TgdShares outstanding at the beginning of the year 4,374 Shares subscribed 2,620 Shares redeemed (1,348)



Capital Group Emerging Markets Total Opportunities (LUX) (continued)




Class Tgdh-EURShares outstanding at the beginning of the year 8,609 Shares subscribed 17,367 Shares redeemed (4,403)


Class Th-EURShares outstanding at the beginning of the year 8,609 Shares subscribed 1,308 Shares redeemed (1,308)


Class XShares outstanding at the beginning of the year 2,923,979 Shares subscribed 1,022,282 Shares redeemed (2,528,627)


Class XdShares outstanding at the beginning of the year 1,026,222 Shares subscribed 199,584 Shares redeemed (891,622)


Class Xdh-GBPShares outstanding at the beginning of the year 1,031,453 Shares subscribed 667 Shares redeemed (745,019)


Class XgdShares outstanding at the beginning of the year 6,705 Shares subscribed –Shares redeemed (1,527)


Class Xh-CHFShares outstanding at the beginning of the year –Shares subscribed 123,307 Shares redeemed (5,035)


Class Xh-EURShares outstanding at the beginning of the year 4,601,727 Shares subscribed 6,081,245 Shares redeemed (3,464,928)


Class Xh-GBPShares outstanding at the beginning of the year 136,977 Shares subscribed –Shares redeemed (136,977)


Class ZShares outstanding at the beginning of the year 2,897,940 Shares subscribed 7,586,673 Shares redeemed (2,629,989)


Class ZdShares outstanding at the beginning of the year 119,750 Shares subscribed 521,427 Shares redeemed (53,723)


Class Zdh-GBPShares outstanding at the beginning of the year 1,023,191 Shares subscribed 658,821 Shares redeemed (43,025)


Class ZgdShares outstanding at the beginning of the year 778,121 Shares subscribed 240,381 Shares redeemed (593,454)


Class Zgdh-GBPShares outstanding at the beginning of the year 263,324 Shares subscribed 53,726 Shares redeemed (151,175)


Class Zh-EURShares outstanding at the beginning of the year 2,431,594 Shares subscribed 1,325,658 Shares redeemed (3,756,059)


Class Zh-GBPShares outstanding at the beginning of the year 585,775 Shares subscribed 601,395 Shares redeemed –



Capital Group Emerging Markets Total Opportunities (LUX) (continued) Capital International Emerging Asia Equity




Class BShares outstanding at the beginning of the year 17,500Shares subscribed –Shares redeemed (17,500)


Class BdShares outstanding at the beginning of the year 5,000 Shares subscribed – Shares redeemed (5,000)


Class CShares outstanding at the beginning of the year 5,000 Shares subscribed – Shares redeemed (5,000)


Class TShares outstanding at the beginning of the year 5,903Shares subscribed –Shares redeemed (5,903)


Class X Shares outstanding at the beginning of the year 1,482,993Shares subscribed –Shares redeemed (1,482,993)


Class XdShares outstanding at the beginning of the year 5,098 Shares subscribed – Shares redeemed (5,098)


Class ZShares outstanding at the beginning of the year 71,838Shares subscribed 393Shares redeemed (72,231)


Class ZdShares outstanding at the beginning of the year 5,599Shares subscribed 1,739Shares redeemed (7,338)


Total shares outstanding at the end of the year –

Capital Group Emerging Markets Total Opportunities (LUX) (continued) Capital International Emerging Asia Equity




Class CShares outstanding at the beginning of the year 8,558,383 Shares subscribed –Shares redeemed –



Class CShares outstanding at the beginning of the year 12,400,285Shares subscribed –Shares redeemed (79,055)



Capital Group Screened Emerging Markets Equity Fund (LUX)

Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX)


1) Capital International Portfolios (CIP)

a. Legal structureCIP is an investment company organised as a Société d’Investissement à Capital Variable (SICAV) in the Grand Duchy of Luxembourg and is established as an Undertaking for Collective Investment in Transferable Securities (UCITS) under Part 1 of the amended law of 17 December 2010. CIP has been converted from a self-managed SICAV into a SICAV managed by a management company, namely Capital International Management Company, Sàrl (the “Management Company”), on 1 February 2013. CIP was incorporated on 16 March 2007 for an indefinite period and commenced operations on 24 July 2007.

b. FundsCIP has adopted a multiple-compartment (or “umbrella”) structure. CIP currently comprises the following funds (“the funds”): Capital Group Emerging Markets Debt Fund (LUX); Capital Group Emerging Markets Local Currency Debt Fund (LUX); Capital Group Emerging Markets Total Opportunities (LUX); Capital Group Screened Emerging Markets Equity Fund (LUX) and Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX).

On 22 July 2014, Capital International Emerging Asia Equity was liquidated following the full redemption of the last shareholder.

For the purpose of the business consolidation under one name, Capital Group, the sub-funds’ nameshave been changed on 26 September 2014. The “Capital International” prefix has been replaced by the new global brand “Capital Group”. This has no impact on the sub-funds’ structure and features, including their investment objectives or management. The full list of old and new names is as follows:

Old name New name

Capital International Emerging Markets Debt Capital Group Emerging Markets Debt Fund (LUX)Capital International Emerging Markets Local Currency Debt Capital Group Emerging Markets Local Currency

Debt Fund (LUX)Capital International Emerging Markets Total Opportunities Capital Group Emerging Markets Total Opportunities (LUX)Screened Emerging Markets Equity Capital Group Screened Emerging Markets Equity Fund

(LUX)Capital International Emerging Markets Inflation-Linked Bond Capital Group Emerging Markets Inflation-Linked Bond

Fund (LUX)

c. Share classes and currencies Shares of each fund may be divided into class A, A2, A4, A7, A9, A11, B, C, T, X and Z shares. In addition, some classes of some funds may be further broken down into equivalent classes. Classes and payment currencies available in each fund can be found in the latest prospectus. A detailed list of all active share classes as at 31 March 2015 is disclosed on pages 6 to 8.

The fund publishes net asset values (NAVs) and offers dealing and reporting in euros, US dollars, Swiss francs, pounds sterling for all share classes as well as in Japanese yen for A, A9 (only for CGETOPLU), A11 (only for CGETOPLU), C and X share classes, except class T (offered in euros and US dollars) and hedged equivalent and dividend-distributing hedged equivalent classes for which the fund publishes NAVs and offers dealing in the currency referred to in the relevant classes designation only. In addition, CGETOPLU offers hedged equivalent and dividend-distributing hedged equivalent classes in Singapore dollars. Capital Group Screened Emerging Markets Equity Fund (LUX) deals and provides net asset values in euros and US dollars. Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX) deals and provides net asset values in US

As at 31 March 2015

Notes to the financial statements



dollars only. The base currency of all funds, i.e. the accounting currency in which the financial accounts are prepared, which may be different from the operating currency, is US dollars. The operating currency is the currency in which the fund holds cash for investment purposes.

d. Dividend policynClasses A, A2, A4, A7, A9, A11, B, C, T, X, Z and hedged equivalent classes, where available: it is not at present

intended that dividends be distributed to shareholders of these classes in any fund.nDividend-distributing equivalent classes and dividend-distributing hedged equivalent classes: the Board of Directors

of the Company intends to recommend that dividends be distributed to shareholders of all dividend-distributing equivalent classes and dividend-distributing hedged equivalent classes.

Dividend-distributing equivalent classes and dividend-distributing hedged equivalent classes marked with a “d” The dividend will generally represent a substantial part of the net investment income (i.e. investment income net

of withholding taxes less expenses) of such classes. A given class may not actually pay a dividend in any given accounting period if it has no or no significant net investment income.

Dividend-distributing equivalent classes and dividend-distributing hedged equivalent classes marked with a “gd” The dividend will generally represent a substantial part of the gross investment income (i.e. investment income net of

withholding taxes but gross of expenses) of such classes. A given class may not actually pay a dividend in any given accounting period if it has no or no significant gross investment income.

Dividend-distributing equivalent classes marked with a “fd” (only available for individual investors residing in Taiwan investing with the assistance of distributors)

The dividend will generally represent a substantial part of the gross investment income (i.e. investment income net of withholding taxes but gross of expenses) of such classes. The Board of Directors of the Company intends to recommend that dividends be distributed every month to shareholders of such classes.The amount paid out as dividends may exceed that of their net investment income and may include capital gains, as well as partially be paid out of capital.

Details of actual distributions from this year can be found in note 4 to the financial statements.

e. Accounting yearThe accounting year of CIP begins on 1 April and terminates on 31 March of the following year.

2) Significant accounting policies

a. GeneralThese financial statements are prepared in accordance with the terms of the Articles of Incorporation, the Prospectus and Luxembourg laws, practices and regulatory requirements.



b. Valuation of investmentsi. Except as otherwise provided in (iv) below, securities which are listed on an official stock exchange or traded on any

other regulated market are valued at the relevant valuation date’s closing price on the principal market on which they are traded as published by such market or as furnished by a pricing service approved by the Board of Directors of the Company; and other securities are valued at prices furnished by, or yield equivalents obtained from, one or more dealers or such pricing service.

ii. Securities issued by UCITS or UCIs will be valued at their last available NAV on the relevant valuation date; they may be valued in accordance with item (i), where such securities are listed.

iii. Money market instruments will be valued at nominal value plus any accrued interest or using an amortised cost method, provided that this method of valuation ensures that such assets will be valued at their fair value as determined in good faith pursuant to the procedure established by the Board of Directors of the Company.

iv. If a price representative of a security’s fair value is not readily available from the pricing sources described under (i) to (iii) above, or if the accuracy of a portfolio’s valuation, as established pursuant to (i) above, is materially affected by events that occur prior to the NAV being calculated, the relevant security or securities will be valued at their fair value, as determined by or under the direction of the Board of Directors of the Company. Use of such fair valuation procedures is intended to result in more representative NAVs and to eliminate or substantially reduce potential arbitrage opportunities at the expense of shareholders that might otherwise be available to short-term investors.

c. Foreign currenciesAssets and liabilities in currencies other than US dollars have been translated into US dollars at the prevailing exchange rates as at 31 March 2015. Transactions during the year in currencies other than US dollars have been translated at rates prevailing at the time of the transaction. The variation of the net unrealised exchange gains or losses on open forward foreign exchange contracts and on other assets and liabilities between 31 March 2014 and 31 March 2015 is disclosed in “net change in unrealised appreciation/(depreciation) on foreign currency transactions”. The net realised gains or losses on exchange, including on open forward foreign exchange contracts closed during the year, are disclosed in “net realised gain/(loss) on foreign currency transactions”.

d. IncomeDividends are taken into income on the date upon which the relevant securities are first listed as ex-dividend. Interest income is accrued on a daily basis. Premiums and discounts on certain fixed income securities are amortised on a straight-line basis for Capital Group Emerging Markets Debt Fund (LUX), Capital Group Emerging Markets Local Currency Debt Fund (LUX), Capital Group Emerging Markets Total Opportunities (LUX) and Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX).

e. Realised gain or loss on sale of investmentsThe realised gain or loss on sale of investment securities is determined on the average cost basis.



3) Fees and expenses

a. Management feeCIP pays the management fee at the annual rates specified below. The amount of management fee paid was used by CIP to compensate distributors and the Management Company, which can in turn use it to compensate the Investment Adviser for its investment advisory services and other intermediaries for services to investors or similar services in relation to investments made with their assistance.

Class

A, X 1 and

equivalent classes

A2 and

equivalent classes

A4 and

equivalent classes

A7 and

equivalent classes

A9 and

equivalent classes

Capital Group Emerging Markets Debt Fund (LUX) 1.00% 0.75% 0.60% 0.50% 0.45%Capital Group Emerging Markets Local Currency Debt Fund (LUX) 1.00% 0.75% 0.60% 0.50% – 3

Capital Group Emerging Markets Total Opportunities (LUX) 1.25% – 3 0.90% 0.85% 0.75%Capital Group Screened Emerging Markets Equity Fund (LUX) 1.25% – 3 – 3 – 3 – 3

Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX) – 3 – 3 – 3 – 3 – 3

Class

A11 and

equivalent classes

B and

equivalent classes

C and

equivalent classes 2

T and

equivalent classes

Z and

equivalent classes

Capital Group Emerging Markets Debt Fund (LUX) 0.40% 1.50% – 1.75% 0.75%Capital Group Emerging Markets Local Currency Debt Fund (LUX) – 3 1.50% – 1.75% 0.75%Capital Group Emerging Markets Total Opportunities (LUX) 0.70% 1.75% – 2.00% 0.875%Capital Group Screened Emerging Markets Equity Fund (LUX) – 3 – 3 – – 3 – 3

Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX) – 3 – 3 – – 3 – 3

1 Class X is not available in Capital Group Screened Emerging Markets Equity Fund (LUX).2 Investments in shares of class C and equivalent classes may only be made by investors having entered into a separate agreement with respect to management fee.3 Share classes not available.

b. Custody fee and fund administration feeThe Company has appointed J.P. Morgan Bank Luxembourg S.A. as Custodian and Administrative Manager.

The custody and fund administration effective fees may vary with the total assets of the fund and, for the custody fee, with the country breakdown in the portfolio.



CIP paid fund administration and custody fees at the approximate effective annual rates specified below. Rates are calculated based on the average net assets during the year:

Custody fee Fund administration fee

Capital Group Emerging Markets Debt Fund (LUX) 0.06% 0.08%Capital Group Emerging Markets Local Currency Debt Fund (LUX) 0.08% 0.09%Capital Group Emerging Markets Total Opportunities (LUX) 0.04% 0.02%Capital Group Screened Emerging Markets Equity Fund (LUX) 0.05% 0.08%Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX) 0.07% 0.08%

c. Related party transactionsProfessional services in the statement of operations and changes in net assets include a total amount of US$485,373 charged by the Management Company for administrative services rendered during the year ended 31 March 2015.

d. Reimbursement of expenses Each share class is designed to support the needs of different investor types and has a different total expense ratio that affects the returns to shareholders. The CIP Prospectus, available on our website thecapitalgroup.com/emea, explains further the differences between share classes.

The Management Company established a reimbursement threshold, with the exception of Capital Group Screened Emerging Markets Equity Fund (LUX) and Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX) so that each fund’s total expense ratio (excluding management fee) did not exceed:

n0.39% per annum for class B, T, X, Z and equivalent classes; n0.15% per annum for class C and equivalent classes; n0.09% per annum for class A, A2, A4, A7, A9, A11 and equivalent classes for Capital Group Emerging Markets Total

Opportunities (LUX) and Capital Group Emerging Markets Debt Fund (LUX).n0.06% per annum for class A, A2, A4, A7 and equivalent classes for Capital Group Emerging Markets Local Currency

Debt Fund (LUX) and Capital International Emerging Asia Equity.

Starting 1 December 2014, the expense reimbursement threshold for class Z shares and their equivalent classes has been decreased to 0.18% for Capital Group Emerging Markets Debt Fund (LUX), Capital Group Emerging Markets Local Currency Debt Fund (LUX) and Capital Group Emerging Markets Total Opportunities (LUX).

As a result, for the year ended 31 March 2015, the total amounts of the reimbursement accrued daily in the funds and to be paid by the Management Company were as indicated below.

This reimbursement policy may be changed or withdrawn at any time at the sole discretion of the Management Company.

Capital Group Emerging Markets Debt Fund (LUX) US$464,457Capital Group Emerging Markets Local Currency Debt Fund (LUX) 75Capital Group Emerging Markets Total Opportunities (LUX) 624,154Capital International Emerging Asia Equity 23Capital Group Screened Emerging Markets Equity Fund (LUX) n/aCapital Group Emerging Markets Inflation-Linked Bond Fund (LUX) n/a

US$1,088,709



4) Dividend distribution

Details on the dividend policy can be found under note 1d to the financial statements.

The following dividends were distributed during the year ended 31 March 2015:

Dividend per share (in USD)

Ex-date 1 April 2014

Ex-date 1 July 2014

Ex-date 1 October 2014

Ex-date 2 January 2015

Pay-date 15 April 2014

Pay-date 15 July 2014

Pay-date 15 October 2014

Pay-date 16 January 2015

Capital Group Emerging Markets Debt Fund (LUX)Class Bd 0.1317 0.1611 0.1140 0.1369Class Tgd 0.1990 0.2326 0.1818 0.2039Class Tgdh-EUR 0.2062 0.2385 0.1834 0.1992Class Xd 0.1475 0.1778 0.1307 0.1551Class Zd 0.1745 0.2093 0.1564 0.1814

Capital Group Emerging Markets Local Currency Debt Fund (LUX)Class Bd 0.1109 0.1350 0.0916 0.1081Class Tgd 0.1645 0.1951 0.1426 0.1591Class Xd 0.1226 0.1500 0.1012 0.1196

Capital Group Emerging Markets Total Opportunities (LUX)Class A4d n/a n/a n/a 0.0108Class A4dh-GBP 0.0590 0.0965 0.0816 0.0405Class A7d 0.0623 0.0914 0.0777 0.0404Class A7dh-GBP 0.0608 0.0939 0.0797 0.0403Class A9d n/a 0.0107 0.0837 0.0451Class A9dh-GBP n/a 0.0107 0.0834 0.0435Class Bd 0.0280 0.0572 0.0436 0.0109Class Bdh-GBP 0.0283 0.0608 0.0463 0.0112Class Bgd 0.0853 0.1098 0.0975 0.0635Class Cd 0.0841 0.1109 0.0983 0.0615Class Cdh-GBP 0.0911 0.1216 0.1075 0.0653Class Tgd 0.0885 0.1160 0.1030 0.0671Class Tgdh-EUR 0.0897 0.1174 0.1030 0.0648Class Xd 0.0434 0.0741 0.0588 0.0249Class Xdh-GBP 0.0452 0.0756 0.0632 0.0253Class Xgd 0.0912 0.1178 0.1048 0.0684Class Zd 0.0524 0.0831 0.0700 0.0353Class Zdh-GBP 0.0582 0.0929 0.0782 0.0384Class Zgd 0.0913 0.1179 0.1049 0.0685Class Zgdh-GBP 0.0927 0.1212 0.1084 0.0685

Capital International Emerging Asia EquityClass Bd – n/a n/a n/aClass Xd 0.0038 n/a n/a n/aClass Zd – – n/a n/a

n/a Indicates that the share class was not active on ex-date.– Indicates that no distribution was made.



In addition, the following dividends were distributed for Capital Group Emerging Markets Debt Fund (LUX) and Capital Group Emerging Markets Total Opportunities (LUX) Class Tfd:

Dividend per share (in USD)

Ex-date Pay-date

Capital Group Emerging Markets Debt Fund (LUX)Class Tfd 1 April 2014 8 April 2014 0.0525Class Tfd 2 May 2014 9 May 2014 0.0577Class Tfd 2 June 2014 10 June 2014 0.0577Class Tfd 1 July 2014 8 July 2014 0.0577Class Tfd 1 August 2014 8 August 2014 0.0577Class Tfd 1 September 2014 8 September 2014 0.0577Class Tfd 1 October 2014 8 October 2014 0.0577Class Tfd 3 November 2014 10 November 2014 0.0577Class Tfd 1 December 2014 8 December 2014 0.0577Class Tfd 2 January 2015 9 January 2015 0.0577Class Tfd 2 February 2015 9 February 2015 0.0577Class Tfd 2 March 2015 9 March 2015 0.0577

Capital Group Emerging Markets Total Opportunities (LUX)Class Tfd 1 April 2014 8 April 2014 0.0297Class Tfd 2 May 2014 9 May 2014 0.0256Class Tfd 2 June 2014 10 June 2014 0.0398Class Tfd 1 July 2014 8 July 2014 0.0502Class Tfd 1 August 2014 8 August 2014 0.0405Class Tfd 1 September 2014 8 September 2014 0.0372Class Tfd 1 October 2014 8 October 2014 0.0250Class Tfd 3 November 2014 10 November 2014 0.0246Class Tfd 1 December 2014 8 December 2014 0.0170Class Tfd 2 January 2015 9 January 2015 0.0253Class Tfd 2 February 2015 9 February 2015 0.0181Class Tfd 2 March 2015 9 March 2015 0.0237

5) Taxation

a. Taxe d’abonnementIn Luxembourg, CIP is subject only to a tax (“taxe d’abonnement”) at the annual rate of 0.05% of the total net assets of each share class in each fund. However, as provided by the relevant Luxembourg laws in respect of share classes wholly held by institutional investors, a reduced rate of 0.01% per annum was applied in respect of class A, A2, A4, A7, A9, A11, C and equivalent share classes, where available, for the year ended 31 March 2015. It should be noted that there can be no guarantee that the benefit of such reduced rate will not be denied or that, once obtained, it will continue to be available in the future. Such tax is accrued daily, payable quarterly and calculated on the total NAV of each share class at the end of the relevant quarter.

b. Foreign taxesCapital gains and income on securities may be subject to respectively capital gain taxes and withholding taxes. CIP is not expected to recover such taxes in full, but may have the possibility to reclaim a portion of the withholding taxes in accordance with the tax relief provided for in the double tax treaties in place between Luxembourg and some foreign countries.



It is CIP’s policy to accrue for withholding taxes and any other significant liability for foreign capital gain taxes.

Under certain circumstances, CIP may file claims with the tax authorities of some foreign countries, when the tax treatment it has been subject to could be considered as contestable or discriminatory. The nature of these claims is complex and subject to each jurisdiction’s local procedural rules and case law. In such cases, in view of the uncertainty of success, and in accordance with the accounting principle of prudence applied in Luxembourg, CIP does not accrue for the potential tax refund. When a claim is successful, any whithholding tax or capital gain tax reimbursement is only recognised as “other income” or “net realised gain on sale of investments” respectively upon notification of the final judgment.

6) Forward foreign exchange contracts

For the purpose of efficient portfolio management and in order to achieve the most appropriate currency distribution, the funds enter into forward foreign exchange contracts aiming to reduce the risk of the depreciation in the value of specific currencies. The funds do not intend to systematically hedge currency exposures back to any currency, except in the case of hedged equivalent classes, as described in note 7 to the financial statements.

Forward foreign exchange contracts are valued on the basis of forward foreign exchange rates prevailing on the relevant reporting date and the resulting net change in unrealised gain or loss is included in the statement of operations and changes in net assets.

As at 31 March 2015, CIP had the following outstanding forward foreign exchange contracts:

Purchase Sale Maturity Counterparty Unrealised gain/(loss)

Capital Group Emerging Markets Debt Fund (LUX)USD 8,150,929 COP 21,170,000,000 13 April 2015 Bank of America US$14,176USD 4,761,921 BRL 13,991,000 10 April 2015 Citibank 393,086 USD 2,336,406 MXN 36,240,000 15 April 2015 Citibank (40,389)

US$366,873

Capital Group Emerging Markets Total Opportunities (LUX)USD 671,364 EUR 600,000 8 April 2015 Bank of America US$26,915 USD 4,657,891 EUR 4,203,000 9 April 2015 Bank of America 143,469 USD 29,126,558 EUR 26,184,000 10 April 2015 Bank of America 1,002,056 USD 9,847,287 SGD 13,673,943 14 April 2015 Bank of America (118,562)USD 20,525,611 TWD 648,363,000 17 April 2015 Bank of America (232,546)USD 6,051,785 SGD 8,274,000 8 April 2015 Citibank 20,569 USD 7,871,759 BRL 23,043,000 9 April 2015 Citibank 674,420 USD 1,122,669 COP 2,884,136,000 9 April 2015 Citibank 13,610 USD 5,633,876 GBP 3,664,000 9 April 2015 Citibank 194,907 USD 46,472,092 KRW 51,081,563,000 9 April 2015 Citibank 386,236 USD 10,473,756 TWD 329,452,000 9 April 2015 Citibank (73,771)USD 9,848,692 KRW 11,167,727,000 13 April 2015 Citibank (225,424)USD 3,071,563 AUD 4,062,000 14 April 2015 Credit Suisse (29,333)USD 10,500,300 GBP 7,035,000 14 April 2015 Credit Suisse 57,683 USD 7,648,770 MYR 28,136,000 9 April 2015 JPMorgan 54,503 USD 3,528,963 TWD 110,633,000 9 April 2015 JPMorgan (12,993)USD 332,091 ZAR 3,931,000 9 April 2015 JPMorgan 8,027 USD 17,105,843 GBP 11,351,000 13 April 2015 JPMorgan 256,516 USD 8,000,661 TWD 254,021,000 13 April 2015 JPMorgan (132,027)




USD 9,192,278 MXN 142,131,000 20 April 2015 JPMorgan (126,270)USD 2,797,843 MXN 41,776,000 27 April 2015 JPMorgan 60,153 USD 34,907,692 BRL 102,105,000 9 April 2015 UBS 3,015,826 USD 3,482,067 KRW 3,821,638,000 9 April 2015 UBS 34,180 USD 3,174,944 GBP 2,137,000 14 April 2015 UBS 2,823 USD 657,843 HUF 188,985,000 14 April 2015 UBS (18,912)USD 6,163,724 SGD 8,560,057 14 April 2015 UBS (75,020)

US$4,907,035

Capital Group Screened Emerging Markets Equity Fund (LUX)USD 473,874 EUR 426,000 10 April 2015 Bank of America US$16,303USD 1,018,741 TWD 32,180,000 17 April 2015 Bank of America (11,542)USD 948,184 KRW 1,075,174,000 13 April 2015 Citibank (21,703)USD 300,129 GBP 201,000 14 April 2015 JPMorgan 1,769

US$(15,173)

7) Hedged equivalent classes 1

The hedged equivalent classes seek to limit the exposure of their shareholders to currencies other than the currency referred to in the relevant class’s designation, through a systematic passive currency-hedging overlay performed by J.P. Morgan Chase Bank, N.A. on a significant part of the assets of the relevant fund attributable to these classes.

In the case of a net asset flow to or from such a class or fluctuation in the net asset value of the class, the passive currency-hedging overlay may not, or not immediately, be adjusted, unless the flow or fluctuation is significant. Passive currency-hedging overlay will not completely eliminate the exposure to currency movements, and proxy hedging may, for instance, be used when the underlying currency is not liquid or is closely linked to another currency. Shareholders of hedged equivalent classes should note that returns of hedged equivalent classes may be significantly different over time than those of unhedged classes and that passive currency-hedging overlay may limit their ability to benefit from the currency diversification undertaken within the portfolio (including partially offsetting the currency hedging undertaken at the level of the fund’s portfolio).

The cost of passive currency-overlay hedging and gains/losses from hedging transactions are borne by the relevant hedged equivalent class(es).

The actual passive currency-hedging overlay methodology varies from fund to fund, as described on the following pages.

Capital Group Emerging Markets Debt Fund (LUX)Capital Group Emerging Markets Debt Fund (LUX) hedged share classes aim at hedging 50% (with a reasonable margin of tolerance) of their exposure to US dollar, back into currency referred to in the relevant hedged equivalent class’s designation.

1 In this note “hedged equivalent classes” include “dividend-distributing hedged equivalent classes” as well.



As at 31 March 2015, CGEMDLU had the following outstanding forward foreign exchange contracts relative to hedged equivalent classes:


Tgdh-EUREUR 53,906 USD 57,772 20 April 2015 JPMorgan US$137

Th-EUREUR 42,421 USD 45,228 20 April 2015 JPMorgan US$343

US$480

Capital Group Emerging Markets Total Opportunities (LUX)Capital Group Emerging Markets Total Opportunities (LUX) SGD and JPY hedged share classes aim at hedging 100% and other hedged share classes aim at hedging 50% (with a reasonable margin of tolerance) of their total net assets, from US dollar (regardless of the current exposure of the portfolio to USD) into the currency referred to in the relevant class’s designation.

As at 31 March 2015, CGETOPLU had the following outstanding forward foreign exchange contracts relative to hedged equivalent classes:


A4dh-GBPGBP 1,626,436 USD 2,388,399 20 April 2015 JPMorgan US$25,744

A4h-EUREUR 3,723,247 USD 3,965,777 20 April 2015 JPMorgan US$33,967

A4h-GBPGBP 18,834,206 USD 27,657,787 20 April 2015 JPMorgan US$298,116

A7dh-GBPGBP 43,409,440 USD 63,746,199 20 April 2015 JPMorgan US$687,103

A7h-CHFCHF 17,469,017 USD 17,588,549 20 April 2015 JPMorgan US$410,135

A7h-EUREUR 12,402,110 USD 13,207,144 20 April 2015 JPMorgan US$115,977

A7h-GBPGBP 213,521,376 USD 313,553,365 20 April 2015 JPMorgan US$3,379,706 USD 10,747,079 GBP 7,319,562 20 April 2015 JPMorgan (117,460)

A7h-SGDSGD 84,301,335 USD 60,600,485 20 April 2015 JPMorgan US$829,831

A9dh-GBPGBP 67,465,602 USD 99,072,359 20 April 2015 JPMorgan US$1,067,874

A9h-GBPGBP 52,932,673 USD 77,730,942 20 April 2015 JPMorgan US$837,840

Bh-CHFCHF 314,832 USD 316,986 20 April 2015 JPMorgan US$7,392

Bh-EUREUR 713,678 USD 760,600 20 April 2015 JPMorgan US$6,077 USD 10,909 EUR 10,072 20 April 2015 JPMorgan 90




Cdh-GBPGBP 4,450,235 USD 6,535,112 20 April 2015 JPMorgan US$70,440

Ch-GBPGBP 9,478,130 USD 13,918,511 20 April 2015 JPMorgan US$150,024

Tgdh-EUREUR 97,781 USD 104,144 20 April 2015 JPMorgan US$898

Th-EUREUR 40,648 USD 43,286 20 April 2015 JPMorgan US$380

Xdh-GBPGBP 1,029,408 USD 1,511,673 20 April 2015 JPMorgan US$16,294

Xh-CHFCHF 677,548 USD 682,184 20 April 2015 JPMorgan US$15,907

Xh-EUREUR 35,741,902 USD 38,065,667 20 April 2015 JPMorgan US$330,514 USD 2,631 EUR 2,394 20 April 2015 JPMorgan 59

Zdh-GBPGBP 6,276,407 USD 9,216,823 20 April 2015 JPMorgan US$99,344 USD 3,744 GBP 2,523 20 April 2015 JPMorgan (1)

Zgdh-GBPGBP 615,280 USD 903,531 20 April 2015 JPMorgan US$9,739 USD 14,431 GBP 9,721 20 April 2015 JPMorgan 3

Zh-EUREUR 14,723 USD 15,689 20 April 2015 JPMorgan US$127 USD 9,044 EUR 8,229 20 April 2015 JPMorgan 204

Zh-GBPGBP 4,574,362 USD 6,717,391 20 April 2015 JPMorgan US$72,405

US$8,348,729

8) Calculation method of the risk exposure

The methodology used by all sub-funds in order to calculate the global exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512.

9) Transaction costs

The transaction costs are costs incurred by the funds in connection with transactions on securities and derivatives’ instruments. They consist of stamp duty, taxes, brokerage fees and are booked as part of the cost of investments.



1 This fund invests approximately 36% of its portfolio in fixed income instruments as per the asset type diversification breakdown.

For the year ended 31 March 2015, the amounts are as follows:

Capital Group Emerging Markets Total Opportunities (LUX) 1 US$2,729,784Capital International Emerging Asia Equity 31,860Capital Group Screened Emerging Markets Equity Fund (LUX) 140,613

US$2,902,257

There are no brokerage fees charged separately for transactions on fixed income instruments. The transaction costs are included in the transaction price, which is known as “marked up”. For this reason there is currently no data available to disclose for Capital Group Emerging Markets Debt Fund (LUX), Capital Group Emerging Markets Local Currency Debt Fund (LUX) and Capital Group Emerging Markets Inflation-Linked Bond Fund (LUX).


Annual General MeetingThe Annual General Meeting of the shareholders of Capital International Portfolios (CIP) is held at the registered office of CIP in Luxembourg on the last Tuesday in July of each year at 11:00 am or, if such day is not a Luxembourg business day, on the next business day. Notices of all general meetings are sent to shareholders at their addresses in the register of shareholders by post at least eight days prior to the meeting.

Information available to investors The Prospectus, Key Investor Information Document (KIID), Articles of Incorporation, audited Annual Report and unaudited Semi-annual Report are made available free of charge at the registered office of CIP or at the authorised representatives of CIP in various jurisdictions in accordance with Luxembourg law and with the laws of all relevant jurisdictions - see Authorised Agents and Country Paying Agents on pages 66 and 67.

The net asset value per share can be obtained from the registered office of CIP. In addition, information about the funds is available on our website, thecapitalgroup.com/emea.

Statement of changes in portfolio A statement giving the changes in the investment portfolio of each fund for the year ended 31 March 2015 can be obtained free of charge from the registered office of CIP.

The Investment Adviser disclosure The Investment Adviser and Affiliates (the “Affiliates”) will place trades with brokers who provide certain brokerage and/or investment research services to the Affiliates, but only when in the Affiliates judgement the broker is capable of providing best execution for that transaction. For the year ended 31March 2015, there were no transactions through connected brokers and hence no commissions were paid to connected brokers since none of the Affiliates operate any brokerage activity. These services permit the Affiliates to supplement their own research and analysis, which contributes to the efficient management of investment portfolios by Affiliates for the benefit of investors. Although Affiliates may enter into arrangements with brokers with the expectation that these services will be provided, Affiliates do not incur any obligation with any broker to pay for research by generating trading commissions. Affiliates also pay cash for certain third-party research they receive. In addition, Affiliates’ employees are governed by a global Code of Ethics, which includes rigorous personal investing and gifts and entertainment policies. Affiliates also provide fund administration, investor servicing, registration, compliance, quality control and similar administrative services to the Company, for which they receive a reasonable compensation.

General information


To the shareholders of Capital International PortfoliosWe have audited the accompanying financial statements of Capital International Portfolios (the “Company”) and of each of its sub-funds, which comprise the statement of investments and the combined statement of net assets as at 31 March 2015 and the combined statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

Responsibility of the Board of Directors of the Company for the financial statementsThe Board of Directors of the Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the “Réviseur d’entreprises agréé”Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the “Réviseur d’entreprises agréé”, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the “Réviseur d’entreprises agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Company, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements give a true and fair view of the financial position of Capital International Portfolios and of each of its sub-funds as of 31 March 2015, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Audit report

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 LuxembourgT: +352 494848-1, F: +352 494848-2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n° 10028256)R.C.S. Luxembourg B 65 477 – TVA LU25482518

Audit report


Other mattersSupplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

PricewaterhouseCoopers, Société coopérative Luxembourg, 18 June 2015Represented by

Serene Shtayyeh


Registered Office6C, route de TrèvesL-2633 Senningerberg

Board of Directors of the CompanyLuis Freitas de Oliveira (Chairman) Joanna Jonsson (Vice Chairman) Stephen GosztonyChairman Senior Vice President Senior Vice PresidentCapital International Sàrl Capital Research Company Capital International LimitedGeneva, Switzerland Los Angeles, USA London, United Kingdom

Pierre-Marie Bouvet de MaisonneuveSenior Vice PresidentCapital International, Inc.Singapore, Singapore

Management CompanyCapital International Management Company Sàrl37A, avenue John F. KennedyL-1855 LuxembourgR.C.S. Luxembourg B 41479

Custodian, Paying Agent and Administrative Manager of the Company Auditor of the CompanyJ.P. Morgan Bank Luxembourg S.A.

PricewaterhouseCoopers, Société coopérative

6C, route de Trèves 2 rue Gerhard MercatorL-2633 Senningerberg BP 1443

L-1014 Luxembourg

Investment Adviser of the Company Legal AdvisersCapital International Sàrl Linklaters LLP3, place des Bergues 35, avenue John F. KennedyCH-1201 Geneva L-1855 Luxembourg

Other information

Other information


Authorised Agents and Country Paying AgentsRepresentative in Switzerland

Paying Agent in Switzerland

Capital International Sàrl J.P. Morgan (Suisse) S.A.3, place des Bergues 8, rue de la ConfédérationCH-1201 Geneva CH-1204 Geneva

Paying and Information Agentin Austria

Paying Agentin Belgium

Paying Agent in Denmark

UniCredit Bank Austria A.G. J.P. Morgan Europe Limited, BankNordikSchottengasse 6-8 Brussels Branch I Amagerbrogade 25A-1010 Wien 1, Boulevard du Roi Albert II DK-2300 København S

B-1210 Brussels

Centralising and Financial Agent in France

Paying and Information Agent in Germany

Paying Agent in Ireland

CACEIS Bank France J.P. Morgan Bank A.G. J.P. Morgan Administration Services1-3, place Valhubert Junghofstraße 14 (Ireland) LimitedF-75013 Paris D-60311 Frankfurt am Main J.P. Morgan House

International Financial Services CentreIE-Dublin 1

Paying Agents in Italy

Paying Agent in Spain

Societe Generale Securities BNP PARIBAS Securities Services, Allfunds Bank, S.A.Services S.p.A. (SGSS S.p.A.) filiale di Milano c/ Estafeta nº6 (La Moraleja)Via Benigno Crespi Via Ansperto, 5 Complejo Plaza de la Fuente 19/A - MAC 2 I-20123 Milano -Edificio 3-I-20159 Milano E-28109 Alcobendas - Madrid

Representative Agent in Sweden

Paying Agent in The Netherlands

Nordea Bank AB Dexia Bank Nederland N.V.Smålandsgatan 17 Herengracht 182SE-105 71 Stockholm NL-1016 BR Amsterdam


Capital Group Investor Services

Call 00 800 243 38637Toll free in EU and Switzerland (9am to 6pm CET)

For Transaction or Account Information select option 1 or fax +352 22 74 43

For Fund Information or Literature Requests select option 2 or fax +41 22 807 4400

From outside the EU and Switzerland tel +352 46 26 85 611 or fax +352 22 74 43

thecapitalgroup.com/emea

Contact details

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