SEC. File Nos. 333-163115
811-22349
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________
FORM N-1A
Registration Statement
Under
the Securities Act of 1933
Post-Effective Amendment No. 7
and
Registration Statement
Under
the Investment Company Act of 1940
Amendment No. 10
___________
CAPITAL PRIVATE CLIENT SERVICES FUNDS
(Exact Name of Registrant as specified in charter)
6455 Irvine Center Drive
Irvine, CA 92618
(Address of principal executive offices)
Registrant's telephone number, including area code:
(949) 975-5000
___________
COURTNEY R. TAYLOR, Secretary
Capital Private Client Services Funds
6455
Irvine Center Drive
Irvine, California 92618
(Name and Address of Agent for Service)
Copy to:
Michael Glazer
Bingham McCutchen LLP
355 South Grand Avenue, Suite 4400
Los Angeles, CA 90071-3106
(Counsel for the Registrant)
___________
Approximate date of proposed public offering:
It is proposed that this filing become effective immediately pursuant to paragraph (b) of rule 485.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Irvine, in the County of Orange and State of California, on the 22nd day of January, 2013.
CAPITAL PRIVATE CLIENT SERVICES FUNDS
By: /s/ Paul F. Roye
Chairman of the Board
Pursuant to the requirements of the Securities Act of 1933, this amendment to Registration Statement has been signed below on January 22, 2013 by the following persons in the capacities indicated.
Signature | Title | ||
(1) | Principal Executive Officer: | ||
/s/ John B. Emerson | President | ||
(John B. Emerson) | |||
(2) | Principal Financial Officer and Principal Accounting Officer: | ||
/s/ Kevin M. Saks | Treasurer | ||
(Kevin M. Saks) | |||
(3) | Trustees: | ||
Richard G. Capen, Jr.* | Trustee | ||
H. Frederick Christie* | Trustee | ||
Martin Fenton* | Trustee | ||
Richard G. Newman* | Trustee | ||
/s/ Paul F. Roye | Chairman of the Board | ||
(Paul F. Roye) | |||
*By: /s/ Courtney R. Taylor | |||
(Courtney R. Taylor, pursuant to a power of attorney filed herewith) | |||
Counsel represents that this amendment does not contain disclosures that would make the amendment ineligible for effectiveness under the provisions of rule 485(b).
/s/ Timothy W. McHale
(Timothy W. McHale)
POWER OF ATTORNEY
I, Richard G. Capen, Jr., the undersigned trustee of the Capital Private Client Services Funds (the “Trust”) hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Trust and do hereby constitute and appoint
Courtney R. Taylor Timothy W. McHale Kevin M. Saks |
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Trust on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at San Diego, CA, this 3rd day of August, 2012.
(City, State)
/s/ Richard G. Capen, Jr.
Richard G. Capen, Jr., Trustee
POWER OF ATTORNEY
I, H. Frederick Christie, the undersigned trustee of the Capital Private Client Services Funds (the “Trust”) hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Trust and do hereby constitute and appoint
Courtney R. Taylor Timothy W. McHale Kevin M. Saks |
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Trust on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at Palos Verdes, CA, this 3rd day of August, 2012.
(City, State)
/s/ H. Frederick Christie
H. Frederick Christie, Trustee
POWER OF ATTORNEY
I, Martin Fenton, the undersigned trustee of the Capital Private Client Services Funds (the “Trust”) hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Trust and do hereby constitute and appoint
Courtney R. Taylor Timothy W. McHale Kevin M. Saks |
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Trust on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at San Diego, CA, this 2nd day of August, 2012.
(City, State)
/s/ Martin Fenton
Martin Fenton, Trustee
POWER OF ATTORNEY
I, Richard G. Newman, the undersigned trustee of the Capital Private Client Services Funds (the “Trust”) hereby revoke all previous powers of attorney I have signed and otherwise act in my name and behalf in matters involving the Trust and do hereby constitute and appoint
Courtney R. Taylor Timothy W. McHale Kevin M. Saks |
each of them singularly, my true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for me and in my name in the appropriate capacities, all Registration Statements of the Trust on Form N-1A, any and all subsequent Amendments, or Post-Effective Amendments to said Registration Statement on Form N-1A or any successor thereto, and any supplements or other instruments in connection therewith, and generally to do all such things in my name and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940 as amended, and all related requirements of the U. S. Securities and Exchange Commission. I hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause to be done by virtue hereof.
EXECUTED at Los Angeles, CA, this 2nd day of August, 2012.
(City, State)
/s/ Richard G. Newman
Richard G. Newman, Trustee
Exhibit Index
Exhibit No. | Description |
EX-101.INS | XBRL Instance Document |
EX-101.SCH | XBRL Taxonomy Extension Schema Document |
EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase |
EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase |
EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Label | Element | Value | ||||
---|---|---|---|---|---|---|
Risk Return [Abstract] | rr_RiskReturnAbstract | |||||
ProspectusDate | rr_ProspectusDate | Jan. 01, 2013 | ||||
Capital Non-U.S. Equity Fund (Prospectus Summary) | Capital Non-U.S. Equity Fund
|
||||||
Risk Return [Abstract] | rr_RiskReturnAbstract | |||||
Risk/Return [Heading] | rr_RiskReturnHeading | Capital Non-U.S. Equity FundSM | ||||
Objective [Heading] | rr_ObjectiveHeading | Investment objective | ||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The fund seeks to preserve your investment while providing growth. | ||||
Expense [Heading] | rr_ExpenseHeading | Fees and expenses of the fund | ||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. |
||||
Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder fees (fees paid directly from your investment) | ||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio turnover | ||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 17% of the average value of its portfolio. |
||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 17.00% | ||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example | ||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. |
||||
Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||
Strategy [Heading] | rr_StrategyHeading | Principal investment strategies | ||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The fund invests primarily in common stocks, or securities convertible into common stocks, of issuers outside of the United States that the investment adviser believes have the potential for growth. The fund may also invest in common stocks, or securities convertible into common stocks, of issuers outside the U.S. with the potential to pay dividends in the future. Under normal market conditions, the fund will invest at least 80% of its net assets in equity-type securities and at least 80% of its net assets in securities of issuers outside the United States. The fund may invest up to 15% of its net assets in the securities of issuers based in emerging markets. In pursuing the fund's objectives, the investment adviser will seek to preserve your investment. While the investment adviser seeks to preserve capital, investing is subject to market risks and may result in periods of volatility and the potential for loss. In pursuing the fund's growth objective, the fund's investment adviser focuses primarily on companies with attributes that are associated with long-term growth, such as strong management, participation in a growing market and the potential for above average growth in earnings, revenues, book value, cash flow and/or return on assets. The investment adviser also invests in companies with the potential to provide income in pursuing the fund's objectives. The investment adviser uses a system of multiple portfolio managers in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested. The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities. |
||||
Risk [Heading] | rr_RiskHeading | Principal risks | ||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | This section describes the principal risks associated with the fund's principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Market conditions - The prices of, and the income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the fund. Investing in growth-oriented stocks - Growth-oriented stocks may involve larger price swings and greater potential for loss than other types of investments. Investing outside the United States - Securities of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because of adverse political, social, economic or market developments in the countries or regions in which the issuer operates. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different settlement and accounting practices and different regulatory, legal and reporting standards, and may be more difficult to value, than those in the United States. The risks of investing outside the United States may be heightened in connection with investments in emerging markets. Management - The investment adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program. |
||||
Risk Lose Money [Text] | rr_RiskLoseMoney | You may lose money by investing in the fund. | ||||
Risk Not Insured Depository Institution [Text] | rr_RiskNotInsuredDepositoryInstitution | Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. | ||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Investment results | ||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | Information regarding investment results is not available as of the date of this prospectus because the fund's 2012 results were not available on January 1, 2013. |
||||
Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | Information regarding investment results is not available as of the date of this prospectus because the fund's 2012 results were not available on January 1, 2013. | ||||
Capital Non-U.S. Equity Fund (Prospectus Summary) | Capital Non-U.S. Equity Fund | Share class
|
||||||
Risk Return [Abstract] | rr_RiskReturnAbstract | |||||
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | ||||
Maximum deferred sales charge (load) (as a percentage of the amount redeemed) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | ||||
Maximum sales charge (load) imposed on reinvested dividends | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | ||||
Redemption or exchange fees | rr_RedemptionFeeOverRedemption | none | ||||
Management fees | rr_ManagementFeesOverAssets | 0.85% | ||||
Distribution and/or service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
Other expenses | rr_OtherExpensesOverAssets | 0.01% | [1] | |||
Total annual fund operating expenses | rr_ExpensesOverAssets | 0.86% | ||||
Expense reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.01%) | [2] | |||
Total annual fund operating expenses after reimbursement | rr_NetExpensesOverAssets | 0.85% | ||||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 2013-12-31 | ||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 87 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 273 | ||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 476 | ||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,060 | ||||
|
Capital Non-U.S. Equity Fund (Prospectus Summary) | Capital Non-U.S. Equity Fund | |||||||||||||||||||||||||
Capital Non-U.S. Equity FundSM | |||||||||||||||||||||||||
Investment objective | |||||||||||||||||||||||||
The fund seeks to preserve your investment while providing growth. | |||||||||||||||||||||||||
Fees and expenses of the fund | |||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. |
|||||||||||||||||||||||||
Shareholder fees (fees paid directly from your investment) | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||
Example | |||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. |
|||||||||||||||||||||||||
Although your actual costs may be higher or lower, based on these assumptions your costs would be: | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||
Portfolio turnover | |||||||||||||||||||||||||
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 17% of the average value of its portfolio. |
|||||||||||||||||||||||||
Principal investment strategies | |||||||||||||||||||||||||
The fund invests primarily in common stocks, or securities convertible into common stocks, of issuers outside of the United States that the investment adviser believes have the potential for growth. The fund may also invest in common stocks, or securities convertible into common stocks, of issuers outside the U.S. with the potential to pay dividends in the future. Under normal market conditions, the fund will invest at least 80% of its net assets in equity-type securities and at least 80% of its net assets in securities of issuers outside the United States. The fund may invest up to 15% of its net assets in the securities of issuers based in emerging markets. In pursuing the fund's objectives, the investment adviser will seek to preserve your investment. While the investment adviser seeks to preserve capital, investing is subject to market risks and may result in periods of volatility and the potential for loss. In pursuing the fund's growth objective, the fund's investment adviser focuses primarily on companies with attributes that are associated with long-term growth, such as strong management, participation in a growing market and the potential for above average growth in earnings, revenues, book value, cash flow and/or return on assets. The investment adviser also invests in companies with the potential to provide income in pursuing the fund's objectives. The investment adviser uses a system of multiple portfolio managers in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested. The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities. |
|||||||||||||||||||||||||
Principal risks | |||||||||||||||||||||||||
This section describes the principal risks associated with the fund's principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Market conditions - The prices of, and the income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the fund. Investing in growth-oriented stocks - Growth-oriented stocks may involve larger price swings and greater potential for loss than other types of investments. Investing outside the United States - Securities of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because of adverse political, social, economic or market developments in the countries or regions in which the issuer operates. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different settlement and accounting practices and different regulatory, legal and reporting standards, and may be more difficult to value, than those in the United States. The risks of investing outside the United States may be heightened in connection with investments in emerging markets. Management - The investment adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program. |
|||||||||||||||||||||||||
Investment results | |||||||||||||||||||||||||
Information regarding investment results is not available as of the date of this prospectus because the fund's 2012 results were not available on January 1, 2013. |
Capital Global Equity Fund (Prospectus Summary) | Capital Global Equity Fund | |||||||||||||||||||||||||
Capital Global Equity FundSM | |||||||||||||||||||||||||
Investment objective | |||||||||||||||||||||||||
The fund seeks to preserve your investment while providing growth. | |||||||||||||||||||||||||
Fees and expenses of the fund | |||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. |
|||||||||||||||||||||||||
Shareholder fees (fees paid directly from your investment) | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||
Example | |||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. |
|||||||||||||||||||||||||
Although your actual costs may be higher or lower, based on these assumptions your costs would be: | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||
Portfolio turnover | |||||||||||||||||||||||||
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 35% of the average value of its portfolio. |
|||||||||||||||||||||||||
Principal investment strategies | |||||||||||||||||||||||||
The fund invests primarily in common stocks, or securities convertible into common stocks, of issuers around the world that the investment adviser believes have the potential for growth. The fund may also invest in common stocks, or securities convertible into common stocks, of issuers around the world with the potential to pay dividends in the future. Under normal market conditions, the fund will invest at least 80% of its net assets in equity-type securities. The fund will allocate its assets among various countries, including the United States (but in no fewer than three countries). Under normal market conditions, the fund will invest significantly in issuers outside the United States (at least 40% of its net assets - unless market conditions are not deemed favorable by the fund's investment adviser, in which case the fund would invest at least 30% of its net assets). The fund may invest up to 10% of its net assets in the securities of issuers based in emerging markets. In pursuing the fund's objectives, the investment adviser will seek to preserve your investment. While the investment adviser seeks to preserve capital, investing is subject to market risks and may result in periods of volatility and the potential for loss. In pursuing the fund's growth objective, the fund's investment adviser focuses primarily on companies with attributes that are associated with long-term growth, such as strong management, participation in a growing market and the potential for above average growth in earnings, revenues, book value, cash flow and/or return on assets. The investment adviser also invests in companies with the potential to provide income in pursuing the fund's objectives. The investment adviser uses a system of multiple portfolio managers in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested. The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities. |
|||||||||||||||||||||||||
Principal risks | |||||||||||||||||||||||||
This section describes the principal risks associated with the fund's principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Market conditions - The prices of, and the income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the fund. Investing in growth-oriented stocks - Growth-oriented stocks may involve larger price swings and greater potential for loss than other types of investments. Investing outside the United States - Securities of issuers domiciled outside the United States, or with significant operations outside the United States, may lose value because of adverse political, social, economic or market developments in the countries or regions in which the issuer operates. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the United States may also be subject to different settlement and accounting practices and different regulatory, legal and reporting standards, and may be more difficult to value, than those in the United States. The risks of investing outside the United States may be heightened in connection with investments in emerging markets. Management - The investment adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program. |
|||||||||||||||||||||||||
Investment results | |||||||||||||||||||||||||
Information regarding investment results is not available as of the date of this prospectus because the fund's 2012 results were not available on January 1, 2013. |
Capital U.S. Equity Fund (Prospectus Summary) | Capital U.S. Equity Fund | |||||||||||||||||||||||||
Capital U.S. Equity FundSM | |||||||||||||||||||||||||
Investment objectives | |||||||||||||||||||||||||
The fund seeks to preserve your investment while providing growth. | |||||||||||||||||||||||||
The fund's secondary objective is to provide you with income. | |||||||||||||||||||||||||
Fees and expenses of the fund | |||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. |
|||||||||||||||||||||||||
Shareholder fees (fees paid directly from your investment) | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||
|
|||||||||||||||||||||||||
Example | |||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. |
|||||||||||||||||||||||||
Although your actual costs may be higher or lower, based on these assumptions your costs would be: | |||||||||||||||||||||||||
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Portfolio turnover | |||||||||||||||||||||||||
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 53% of the average value of its portfolio. |
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Principal investment strategies | |||||||||||||||||||||||||
The fund invests primarily in common stocks, or securities convertible into common stocks, of U.S. issuers that the investment adviser believes have the potential for growth. The fund may also invest in common stocks, or securities convertible into common stocks, of U.S. issuers with the potential to pay dividends in the future. Under normal market conditions, the fund will invest at least 80% of its net assets in equity-type securities and at least 80% of its net assets in securities of issuers in the United States. Investments may include U.S. registered securities of issuers outside of the United States such as American Depository Receipts. In pursuing the fund's objectives, the investment adviser will seek to preserve your investment. While the investment adviser seeks to preserve capital, investing is subject to market risks and may result in periods of volatility and the potential for loss. In pursuing the fund's growth objective, the fund's investment adviser focuses primarily on companies with attributes that are associated with long-term growth, such as strong management, participation in a growing market and the potential for above average growth in earnings, revenues, book value, cash flow and/or return on assets. The investment adviser also invests in companies with the potential to provide income in pursuing the fund's objectives. The investment adviser uses a system of multiple portfolio managers in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested. The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. The investment adviser believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers and competitors. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities. |
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Principal risks | |||||||||||||||||||||||||
This section describes the principal risks associated with the fund's principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. Market conditions - The prices of, and the income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the fund. Investing in growth-oriented stocks - Growth-oriented stocks may involve larger price swings and greater potential for loss than other types of investments. Investing in income-oriented stocks - Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. Management - The investment adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program. |
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Investment results | |||||||||||||||||||||||||
Information regarding investment results is not available as of the date of this prospectus because the fund's 2012 results were not available on January 1, 2013. |
Capital Short-Term Municipal Fund (Prospectus Summary) | Capital Short-Term Municipal Fund | ||||||||||||||||||||||||||||||
Capital Short-Term Municipal FundSM | ||||||||||||||||||||||||||||||
Investment objectives | ||||||||||||||||||||||||||||||
The fund seeks to preserve your investment | ||||||||||||||||||||||||||||||
and secondarily to provide current income exempt from federal income tax. | ||||||||||||||||||||||||||||||
Fees and expenses of the fund | ||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. |
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Shareholder fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||
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Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||
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Example | ||||||||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. |
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Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||||||||||||||||||||
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Portfolio turnover | ||||||||||||||||||||||||||||||
The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's investment results. During the most recent fiscal year, the fund's portfolio turnover rate was 25% of the average value of its portfolio. |
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Principal investment strategies | ||||||||||||||||||||||||||||||
The fund seeks to achieve its objective by investing primarily in short-term municipal bonds. The fund will invest at least 80% of its assets in bonds (for purposes of this limit, bonds include any debt instrument and cash equivalents, and may include certain preferred securities). Under normal circumstances, the fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities that are exempt from federal income tax. The fund will not invest in securities that subject you to the federal alternative minimum tax. The investment adviser will seek to manage the fund in order to minimize capital gain distributions. The fund invests primarily in municipal bonds with quality ratings of AA- or better or Aa3 or better by Nationally Recognized Statistical Ratings Organizations ("NRSROs") designated by the fund's investment adviser or unrated but determined by the fund's investment adviser to be of equivalent quality. The fund may also invest in municipal bonds in the rating categories of A- or A3 by NRSROs or unrated but determined by the fund's investment adviser to be of equivalent quality. Under normal circumstances, the fund's aggregate portfolio will have a dollar-weighted average maturity no greater than three years. The investment adviser uses a system of multiple portfolio managers in managing the fund's assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers who decide how their respective segments will be invested. The fund relies on the professional judgment of its investment adviser to make decisions about the fund's portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good investment opportunities. The investment adviser believes that an important way to accomplish this is by analyzing various factors, which may include the credit strength of the issuer, prices of similar securities issued by comparable issuers, anticipated changes in interest rates, general market conditions and other factors pertinent to the particular security being evaluated. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities. |
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Principal risks | ||||||||||||||||||||||||||||||
This section describes the principal risks associated with the fund's principal investment strategies. You may lose money by investing in the fund. The likelihood of loss may be greater if you invest for a shorter period of time. Market conditions - The prices of, and the income generated by, the securities held by the fund may decline due to market conditions and other factors, including those directly involving the issuers of securities held by the fund. Investing in bonds - Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Longer maturity debt securities may be subject to greater price fluctuations than shorter maturity debt securities. In addition, falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the fund having to reinvest the proceeds in lower yielding securities. Bonds and other debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Credit risk is gauged, in part, by the credit ratings of the securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. Credit and liquidity support - Changes in the credit quality of banks and financial institutions providing credit and liquidity support features could cause the fund to experience a loss and may affect its share price. Thinly traded securities - There may be little trading in the secondary market for particular bonds or other debt securities, which may make them more difficult to value, acquire or sell. Investing in similar municipal bonds - Investing significantly in municipal obligations of issuers in the same state or backed by revenues of similar types of projects or industries may make the fund more susceptible to certain economic, political or regulatory occurrences. As a result, the potential for fluctuations in the fund's share price may increase. Management - The investment adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. You should consider how this fund fits into your overall investment program. |
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Investment results | ||||||||||||||||||||||||||||||
The following bar chart shows the fund's investment results for its first full calendar year of operations, and the following table shows how the fund's average annual total returns for its first full calendar year of operations compare with a broad measure of market results. This information provides some indication of the risks of investing in the fund. The Lipper Short Municipal Debt Funds Average includes funds that disclose investment objectives and/or strategies reasonably comparable to the fund's objectives and/or strategies. Past investment results (before and after taxes) are not predictive of future investment results. Updated information on the fund's investment results can be obtained by calling Capital Group Private Client Services at 800/421-4996. |
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The following bar chart shows the fund's investment results for its first full calendar year of operations, and the following table shows how the fund's average annual total returns for its first full calendar year of operations compare with a broad measure of market results. |
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Calendar year total returns for fund shares | ||||||||||||||||||||||||||||||
Highest/Lowest quarterly results during this period were: Highest 1.56%(quarter ended June 30,2011) Lowest -1.13%(quarter ended December 31, 2010) The fund's total return for the nine months ended September 30, 2012, was 1.81%. |
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Average annual total returns For the periods ended December 31, 2011: | ||||||||||||||||||||||||||||||
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After-tax returns are calculated using the highest individual federal income tax rates in effect during each year of the periods shown and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation and likely will differ from the results shown above. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-favored arrangement, such as a 401(k) plan or individual retirement account (IRA). |