Statement of Additional Information - The Tax ... - American Funds

American Funds Short-Term Tax-Exempt Bond Fund ®Limited Term Tax-Exempt Bond Fund of America ®The Tax-Exempt Bond Fund of America ®American High-Income Municipal Bond Fund ®The American Funds Tax-Exempt Series II SM(The Tax-Exempt Fund of California ® )American Funds Tax-Exempt Fund of New York ®Part BStatement of Additional InformationOctober 1, 2014This document is not a prospectus but should be read in conjunction with the current prospectus of American Funds Short-Term Tax-Exempt BondFund (“STEX”), Limited Term Tax-Exempt Bond Fund of America (“LTEX”), The Tax-Exempt Bond Fund of America (“TEBF”), American High-Income Municipal Bond Fund (“AHIM”), The American Funds Tax-Exempt Series II – The Tax-Exempt Fund of California (“TEFCA”), and AmericanFunds Tax-Exempt Fund of New York (“TEFNY”), dated October 1, 2014, and, where applicable, the Class R-6 prospectus for LTEX, TEBF andAHIM, dated October 1, 2014. Except where the context indicates otherwise, all references herein to the “fund” apply to each of the funds listedbelow. The prospectus may be obtained from your financial advisor, by calling American Funds Service Company® at (800) 421-4225 or by writingto the funds at the following address:Attention: SecretaryAmerican Funds Short-Term Tax-Exempt Bond FundAmerican Funds Tax-Exempt Fund of New YorkLimited Term Tax-Exempt Bond Fund of AmericaThe Tax-Exempt Bond Fund of AmericaAmerican High-Income Municipal Bond FundThe American Funds Tax-Exempt Series II(The Tax-Exempt Fund of California)333 South Hope Street One Market, Steuart Tower, Suite 1800Los Angeles, California 90071 San Francisco, California 94105Class A Class B Class C Class F-1 Class F-2 Class R-6American Funds Short-Term Tax-Exempt Bond Fund ASTEX N/A N/A FSTTX ASTFX N/ALimited Term Tax-Exempt Bond Fund of America LTEBX LTXBX LTXCX LTXFX LTEFX N/AThe Tax-Exempt Bond Fund of America AFTEX TEBFX TEBCX AFTFX TEAFX N/AAmerican High-Income Municipal Bond Fund AMHIX ABHMX AHICX ABHFX AHMFX N/AThe Tax-Exempt Fund of California TAFTX TECBX TECCX TECFX TEFEX N/AAmerican Funds Tax-Exempt Fund of New York NYAAX NYABX NYACX NYAEX NYAFX N/ATable of ContentsItemPage no.Certain investment limitations and guidelines 2Description of certain securities and investment techniques 5Fund policies 15Management of the fund 17Execution of portfolio transactions 56Disclosure of portfolio holdings 59Price of shares 61Taxes and distributions 64Purchase and exchange of shares 67Sales charges 72Sales charge reductions and waivers 75Selling shares 79Shareholder account services and privileges 80General information 83Appendix 90Investment portfolioFinancial statementsTax-exempt income funds - Page 1Lit. No. MFGEPBX-965-1214 Printed in USA CGD/AFD/8020

Statement of AdditionalInformation SupplementDecember 22, 2014For all the following funds with statements of additional information dated October 1, 2014:American Funds Short-Term Tax-Exempt Bond Fund®American Funds Tax-Exempt Fund of New York®American High-Income Municipal Bond Fund®Limited Term Tax-Exempt Bond Fund of America®The Tax-Exempt Bond Fund of America®The Tax-Exempt Fund of California®The Tax-Exempt Fund of Maryland®The Tax-Exempt Fund of Virginia®Effective January 1, 2015, the first eight paragraphs in the “Execution of portfolio transactions” section of thestatement of additional information are amended in their entirety to read as follows:The investment adviser places orders with broker-dealers for the fund’s portfolio transactions. Purchases and sales ofequity securities on a securities exchange or an over-the-counter market are effected through broker-dealers whoreceive commissions for their services. Generally, commissions relating to securities traded on foreign exchanges willbe higher than commissions relating to securities traded on U.S. exchanges and may not be subject to negotiation.Equity securities may also be purchased from underwriters at prices that include underwriting fees. Purchases andsales of fixed-income securities are generally made with an issuer or a primary market maker acting as principal withno stated brokerage commission. The price paid to an underwriter for fixed-income securities includes underwritingfees. Prices for fixed-income securities in secondary trades usually include undisclosed compensation to the marketmaker reflecting the spread between the bid and ask prices for the securities.In selecting broker-dealers, the investment adviser strives to obtain “best execution” (the most favorable total pricereasonably attainable under the circumstances) for the fund’s portfolio transactions, taking into account a variety offactors. These factors include the size and type of transaction, the nature and character of the markets for the securityto be purchased or sold, the cost, quality, likely speed and reliability of execution and settlement, the broker-dealer’sor execution venue’s ability to offer liquidity and anonymity and the potential for minimizing market impact. Theinvestment adviser considers these factors, which involve qualitative judgments, when selecting broker-dealers andexecution venues for fund portfolio transactions. The investment adviser views best execution as a process that shouldbe evaluated over time as part of an overall relationship with particular broker-dealer firms. The investment adviserand its affiliates negotiate commission rates with broker-dealers based on what they believe is necessary to obtainbest execution. They seek, on an ongoing basis, to determine what the reasonable levels of commission rates are inthe marketplace — taking various considerations into account, including the extent to which a broker-dealer has put itsown capital at risk, historical commission rates, commission rates that other institutional investors are paying, and theprovision of brokerage and research products and services. The fund does not consider the investment adviser ashaving an obligation to obtain the lowest commission rate available for a portfolio transaction to the exclusion ofprice, service and qualitative considerations. Brokerage commissions are only a small part of total execution costs andother factors, such as market impact and speed of execution, contribute significantly to overall transaction costs.The investment adviser may execute portfolio transactions with broker-dealers who provide certain brokerage and/orinvestment research services to it, either directly or through a commission sharing arrangement, but only when in theinvestment adviser’s judgment the broker-dealer is capable of providing best execution for that transaction. Thereceipt of these services permits the investment adviser to supplement its own research and analysis and makesavailable the views of, and information from, individuals and the research staffs of other firms. Such views andinformation may be provided in the form of written reports, telephone contacts and meetings with securities analysts.These services may include, among other things, reports and other communications with respect to individual

The fund will not purchase debt securities rated BB+ or below and Ba1 or below (by NRSROs designated by the fund’s investment adviser)or unrated but determined by the fund’s investment adviser to be of equivalent quality.The dollar-weighted average effective maturity of the fund’s portfolio will be between three and 10 years.The Tax-Exempt Bond Fund of AmericaThe fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities exempt from regular federal incometax.The fund will not invest in securities that subject fund shareholders to federal alternative minimum tax.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).The fund will invest at least 65% of its assets in debt securities rated A- or better or A3 or better (by NRSROs designated by the fund’sinvestment adviser) or unrated but determined by the fund’s investment adviser to be of equivalent quality, including cash and moneymarket instruments. The fund currently intends to look to the ratings from Moody’s Investors Service, Standard & Poor’s Corporation andFitch Ratings. If rating agencies differ, securities will be considered to have received the highest of these ratings, consistent with the fund'sinvestment policies.The fund may invest up to 35% of its assets in debt securities rated BBB+ or below and Baa1 or below (by NRSROs designated by thefund’s investment adviser) or unrated but determined by the fund’s investment adviser to be of equivalent quality.The fund may invest up to 10% of its assets in debt securities rated BB+ or below and Ba1 or below (by NRSROs designated by the fund’sinvestment adviser) or unrated but determined by the fund’s investment adviser to be of equivalent quality.American High-Income Municipal Bond FundThe fund will invest at least 80% of its assets in, or derive at least 80% of its income from, securities exempt from regular federal income tax(including securities subject to alternative minimum tax).The fund may invest, without limitation, in securities that may subject fund shareholders to federal alternative minimum tax.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).The fund will invest at least 65% of its assets in debt securities rated A+ or below or A1 or below (by NRSROs designated by the fund’sinvestment adviser) or unrated but determined by the fund’s investment adviser to be of equivalent quality. The fund currently intends tolook to the ratings from Moody’s Investors Service, Standard & Poor’s Corporation and Fitch Ratings. If rating agencies differ, securities willbe considered to have received the lowest of these ratings, consistent with the fund’s investment policies.Tax-exempt income funds - Page 3

Liquidity and valuation — There may be little trading in the secondary market for particular debt securities, which may affect adversely thefund’s ability to value accurately or dispose of such debt securities. Adverse publicity and investor perceptions, whether or not based onfundamental analysis, may decrease the value and/or liquidity of debt securities.The investment adviser attempts to reduce the risks described above through diversification of the fund’s portfolio and by credit analysis of eachissuer, as well as by monitoring broad economic trends and corporate and legislative developments, but there can be no assurance that it will besuccessful in doing so.Credit ratings for debt securities provided by rating agencies reflect an evaluation of the safety of principal and interest payments, not market valuerisk. The rating of an issuer is a rating agency’s view of past and future potential developments related to the issuer and may not necessarily reflectactual outcomes. There can be a lag between the time of developments relating to an issuer and the time a rating is assigned and updated. Theinvestment adviser considers these ratings of securities as one of many criteria in making its investment decisions.Bond rating agencies may assign modifiers (such as +/–) to ratings categories to signify the relative position of a credit within the rating category.Investment policies that are based on ratings categories should be read to include any security within that category, without giving consideration tothe modifier except where otherwise provided. See the Appendix to this statement of additional information for more information about credit ratings.Municipal bonds — Municipal bonds are debt obligations generally issued to obtain funds for various public purposes, including the construction ofpublic facilities. Opinions relating to the validity of municipal bonds, exclusion of municipal bond interest from an investor’s gross income for federalincome tax purposes and, where applicable, state and local income tax, are rendered by bond counsel to the issuing authorities at the time ofissuance.The two principal classifications of municipal bonds are general obligation bonds and limited obligation or revenue bonds. General obligation bondsare secured by the issuer’s pledge of its full faith and credit including, if available, its taxing power for the payment of principal and interest. Issuersof general obligation bonds include states, counties, cities, towns and various regional or special districts. The proceeds of these obligations areused to fund a wide range of public facilities, such as the construction or improvement of schools, highways and roads, water and sewer systemsand facilities for a variety of other public purposes. Lease revenue bonds or certificates of participation in leases are payable from annual leaserental payments from a state or locality. Annual rental payments are payable to the extent such rental payments are appropriated annually.Typically, the only security for a limited obligation or revenue bond is the net revenue derived from a particular facility or class of facilities financedthereby or, in some cases, from the proceeds of a special tax or other special revenues. Revenue bonds have been issued to fund a wide variety ofrevenue-producing public capital projects including: electric, gas, water and sewer systems; highways, bridges and tunnels; port and airportfacilities; colleges and universities; hospitals; and convention, recreational, tribal gaming and housing facilities. Although the security behind thesebonds varies widely, many provide additional security in the form of a debt service reserve fund which may also be used to make principal andinterest payments on the issuer's obligations. In addition, some revenue obligations (as well as general obligations) are insured by a bond insurancecompany or backed by a letter of credit issued by a banking institution.Revenue bonds also include, for example, pollution control, health care and housing bonds, which, although nominally issued by municipalauthorities, are generally not secured by the taxing power of the municipality but by the revenues of the authority derived from payments by theprivate entity whichTax-exempt income funds - Page 6

owns or operates the facility financed with the proceeds of the bonds. Obligations of housing finance authorities have a wide range of securityfeatures, including reserve funds and insured or subsidized mortgages, as well as the net revenues from housing or other public projects. Many ofthese bonds do not generally constitute the pledge of the credit of the issuer of such bonds. The credit quality of such revenue bonds is usuallydirectly related to the credit standing of the user of the facility being financed or of an institution which provides a guarantee, letter of credit or othercredit enhancement for the bond issue.Municipal lease obligations — The fund may invest, without limitation, in municipal lease revenue obligations that are determined to be liquid bythe investment adviser. In determining whether these securities are liquid, the investment adviser will consider, among other things, the credit qualityand support, including strengths and weaknesses of the issuers and lessees, the terms of the lease, the frequency and volume of trading and thenumber of dealers trading the securities.Municipal inflation-indexed bonds — The fund may invest in inflation-indexed bonds issued by municipalities. Interest payments are made tobondholders semi-annually and are made up of two components: a fixed “real coupon” or spread, and a variable coupon linked to an inflation index.Accordingly, payments will increase or decrease each period as a result of changes in the inflation index. In a period of deflation payments maydecrease to zero, but in any event will not be less than zero.Insured municipal bonds — The fund may invest in municipal bonds that are insured generally as to the timely payment of interest and principal.The insurance for such bonds may be purchased by the bond issuer, the fund or any other party, and is usually purchased from private, nongovernmentalinsurance companies. When assigning a credit rating to an insured municipal bond the investment adviser considers the higher of thecredit rating of the insurer, based on the insurer’s claims-paying ability, and the credit rating of the issuer (or the equivalent as determined by theinvestment adviser if the issuer is not rated by the rating agencies). Insurance that covers a municipal bond does not guarantee the market value ofthe bond or the prices of the fund’s shares. If the credit rating of the insurer were reduced, this could have an adverse effect upon the credit rating ofthe insured bond and, therefore, its market value.U.S. Territories and Commonwealth obligations — The fund may invest in obligations of the territories and Commonwealths of the United States,such as Puerto Rico, the U.S. Virgin Islands, Guam and their agencies and authorities, to the extent such obligations are exempt from federalincome taxes. Adverse political and economic conditions and developments affecting any territory or Commonwealth may, in turn, affect negativelythe value of the fund’s holdings in such obligations.For the last several years, certain municipal issuers in Puerto Rico have experienced — and, in some cases, continue to experience — significantfinancial difficulties. The Puerto Rican economy is characterized by ongoing economic stagnation and fiscal challenges, including persistent budgetdeficits, underfunded public pensions, high unemployment, significant debt service obligations and liquidity issues. As a result, each of Moody’sInvestors Service, Standard & Poor’s Corporation and Fitch Ratings has downgraded its respective ratings of Puerto Rico’s general obligation debtand of certain related Puerto Rican issuers to below investment grade. Each of these credit rating agencies also maintains a negative outlook oncertain Puerto Rican issuers. Credit rating downgrades could potentially lead to less market demand, less liquidity, wider spreads and lower pricesfor Puerto Rico municipal securities. Puerto Rico’s continued financial difficulties could reduce its ability to access financial markets, potentiallyincreasing the likelihood of a restructuring or default for Puerto Rico municipal securities that may adversely affect the fund’s investments andperformance.In June 2014, Puerto Rico enacted legislation to allow certain Puerto Rico public corporations, including Puerto Rico’s Electric Power Authority,Aqueduct and Sewer Authority, and Highway andTax-exempt income funds - Page 7

Transportation Authority, to seek protection from creditors and to restructure their debt obligations should they become insolvent. Under thislegislation, holders of debt of an insolvent public corporation could lose certain of their rights and likely would not receive timely payments ofprincipal and interest. Shortly after the passage of the legislation, credit rating agencies further downgraded the ratings of Puerto Rico and many ofits public corporations and authorities. Additionally, certain holders of Puerto Rico municipal debt filed suit to have the legislation declaredunconstitutional and unenforceable. The results, timing and course of this litigation are presently unpredictable and will remain uncertain until finalresolution of the matter. However, if the legislation is ultimately found to be valid, its enforcement may have a negative impact on the fund’sinvestment results to the extent the fund holds securities of public corporations covered by the law.Zero coupon bonds — Municipalities may issue zero coupon securities which are debt obligations that do not entitle the holder to any periodicpayments of interest prior to maturity or a specified date when the securities begin paying current interest. They are issued and traded at a discountfrom their face amount or par value, which discount varies depending on the time remaining until cash payments begin, prevailing interest rates,liquidity of the security, and the perceived credit quality of the issuer.Pre-refunded bonds — From time to time, a municipality may refund a bond that it has already issued prior to the original bond’s call date byissuing a second bond, the proceeds of which are used to purchase U.S. government securities. The securities are placed in an escrow accountpursuant to an agreement between the municipality and an independent escrow agent. The principal and interest payments on the securities arethen used to pay off the original bondholders. For purposes of diversification, pre-refunded bonds will be treated as governmental issues.Cash and cash equivalents — The fund may hold cash and invest in cash equivalents. Cash equivalents include, but are not limited to: (a) taxexemptcommercial paper (e.g., short-term notes obligations issued by municipalities that mature, or that may be redeemed in 270 days or less); (b)municipal notes (e.g., bond anticipation notes, revenue anticipation notes, and tax anticipation notes issued by municipalities that mature, or thatmay be redeemed in one year or less); (c) municipal obligations backed by letters of credit issued by banks or other financial institutions orgovernment agencies that mature, or that may be redeemed in one year or less; (d) tax-exempt variable rate debt issued by municipal conduits forcorporate obligors; and (e) securities of the U.S. government, its agencies or instrumentalities that mature, or that may be redeemed in one year orless.Temporary investments — The fund may invest in short-term municipal obligations of up to one year in maturity when temporary defensivestrategies are used as a result of abnormal market conditions, or when such investments are considered advisable for liquidity. Generally, theincome from such short-term municipal obligations is exempt from federal income tax. Further, a portion of the fund’s assets may be held in cash orinvested in high-quality taxable short-term securities of up to one year in maturity. Such investments may include: (a) obligations of the U.S.Treasury; (b) obligations of agencies and instrumentalities of the U.S. government; (c) money market instruments, such as certificates of depositissued by domestic banks, corporate commercial paper, and bankers' acceptances; and (d) repurchase agreements.Tax-exempt income funds - Page 8

Forward commitment, when issued and delayed delivery transactions — The fund may enter into commitments to purchase or sell securities ata future date. When the fund agrees to purchase such securities, it assumes the risk of any decline in value of the security from the date of theagreement. If the other party to such a transaction fails to deliver or pay for the securities, the fund could miss a favorable price or yield opportunity,or could experience a loss.The fund will not use these transactions for the purpose of leveraging and will segregate liquid assets that will be marked to market daily in anamount sufficient to meet its payment obligations in these transactions. Although these transactions will not be entered into for leveraging purposes,to the extent the fund’s aggregate commitments in connection with these transactions exceed its segregated assets, the fund temporarily could be ina leveraged position (because it may have an amount greater than its net assets subject to market risk). Should market values of the fund’s portfoliosecurities decline while the fund is in a leveraged position, greater depreciation of its net assets would likely occur than if it were not in such aposition. The fund will not borrow money to settle these transactions and, therefore, will liquidate other portfolio securities in advance of settlement ifnecessary to generate additional cash to meet its obligations. After a transaction is entered into, the fund may still dispose of or renegotiate thetransaction. Additionally, prior to receiving delivery of securities as part of a transaction, the fund may sell such securities.Variable and floating rate obligations — The interest rates payable on certain securities in which the fund may invest may not be fixed but mayfluctuate based upon changes in market rates or credit ratings. Variable and floating rate obligations bear coupon rates that are adjusted atdesignated intervals, based on the then current market rates of interest or credit ratings. The rate adjustment features tend to limit the extent towhich the market value of the obligations will fluctuate.Adjustment of maturities — The investment adviser seeks to anticipate movements in interest rates and may adjust the maturity distribution of thefund’s portfolio accordingly, keeping in mind the fund’s objectives.Issue classification — Securities with the same general quality rating and maturity characteristics, but which vary according to the purpose forwhich they were issued, often tend to trade at different yields. Correspondingly, securities issued for similar purposes and with the same generalmaturity characteristics, but which vary according to the creditworthiness of their respective issuers, tend to trade at different yields. These yielddifferentials tend to fluctuate in response to political and economic developments, as well as temporary imbalances in normal supply/demandrelationships. The investment adviser monitors these fluctuations closely, and will attempt to adjust portfolio concentrations in various issueclassifications according to the value disparities brought about by these yield relationship fluctuations.The investment adviser believes that, in general, the market for municipal bonds is less liquid than that for taxable fixed-income securities.Accordingly, the ability of the fund to make purchases and sales of securities in the foregoing manner may, at any particular time and with respect toany particular securities, be limited or non-existent.Private placements — Generally, municipal securities acquired in private placements are subject to contractual restrictions on resale. Accordingly,all private placements will be considered illiquid unless they have been specifically determined to be liquid, taking into account factors such as thefrequency and volume of trading and the commitment of dealers to make markets under procedures adopted by each fund’s board of trustees.Tax-exempt income funds - Page 9

Restricted or illiquid securities — The fund may purchase securities subject to restrictions on resale. Difficulty in selling such securities may resultin a loss or be costly to the fund. Securities (including restricted securities) not actively traded will be considered illiquid unless they have beenspecifically determined to be liquid under procedures adopted by the fund’s board of trustees, taking into account factors such as the frequency andvolume of trading, the commitment of dealers to make markets and the availability of qualified investors, all of which can change from time to time.The fund may incur certain additional costs in disposing of illiquid securities.Investing in similar municipal bonds — The fund may invest more than 25% of its assets in municipal obligations of issuers located in the samestate or in municipal obligations of the same type that may pay interest on their obligations with revenue from similar projects. This may make a fundmore susceptible to economic, political, or regulatory occurrences that affect such issuers, obligation types and projects, such as changes inhealthcare regulations, environmental considerations, construction cost increases and labor problems, failure of healthcare facilities to maintainadequate occupancy levels, and inflation. As the similarity in issuers of municipal obligations held by a fund increases, the potential for fluctuationsin the fund’s share price also may increase.Tax-exempt securities — While the fund seeks to purchase securities which bear interest that is exempt from federal income taxes – and in thecase of TEFCA and TEFNY, also seeks to purchase securities which bear interest that is exempt from (1) California income taxes and (2) New YorkCity and New York state taxes, respectively – there are risks that such interest may be reclassified as taxable by the Internal Revenue Service, or astate tax authority. Actions by the issuer or future legislative, administrative or court actions also could adversely affect the tax-exempt status ofinterest paid by such securities. Such reclassifications or actions could cause interest from a security to become includable in the gross income ofthe holder of the security, possibly retroactively, subjecting fund shareholders to increased tax liability. In addition, such reclassifications or actionscould cause the value of a security, and therefore the value of the fund’s shares, to decline.Securities subject to alternative minimum tax — The fund (other than TEBF) may invest in tax-exempt securities believed to pay interestconstituting an item of tax preference subject to alternative minimum tax. Therefore, while the fund’s distributions from tax-exempt securities are notsubject to regular federal income tax, a portion or all may be included in determining a shareholder's federal alternative minimum tax.Maturity — In calculating the effective maturity or average life of a particular debt security, a put, call, sinking fund or other feature will beconsidered to the extent it results in a security whose market characteristics indicate an effective maturity or average life that is shorter than itsnominal or stated maturity. The investment adviser will consider the impact on effective maturity of potential changes in the financial condition ofissuers and in market interest rates in making investment selections for the fund.Tax-exempt income funds - Page 10

Risk factors relating to California debt obligations — Because TEFCA invests primarily in securities issued by the State of California, itsagencies and municipalities, the fund is more susceptible to developments adversely affecting issuers of California securities than a municipal bondfund that does not concentrate its investments in a single state. The information below constitutes only a brief summary and does not purport to be acomplete description of risk factors relating to California debt obligations. Certain information is drawn from official statements relating to securitiesofferings of the State of California and various local agencies in California available as of the date of this statement of additional information and issubject to change. The fund assumes no obligation to independently verify or update this information.Many factors including both state and national economic, political, regulatory, social and environmental policies and conditions, which are not withinthe control of the issuers of state related bonds, could have an adverse impact on the financial condition of the state, its various agencies andpolitical subdivisions, as well as other municipal issuers in California. A variety of events, such as, tax base erosion, state constitutional limits on taxincreases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to California’s municipal issuers may have anadverse impact on the fund. In addition, natural disasters, such as earthquakes and droughts, may have an adverse effect on the state’s economy.California’s economy and general financial condition affect the ability of state and local governments to raise revenues to make timely payments ontheir obligations. Events such as budgetary problems at the state level, fiscal weakness or an overall slowdown in the California economy couldadversely impact the fund. Such events can negatively impact the state’s credit rating, make it more expensive for the state to borrow money, andimpact municipal issuers’ ability to pay their obligations. Such events could also heighten the risk that prices of debt obligations purchased by thefund, and the fund’s net asset value, will experience greater volatility.California is the most populous state in the nation and has a diverse economy. Major employers include the agriculture, manufacturing, hightechnology, services, trade, entertainment and construction sectors. However, certain of California’s significant industries are sensitive to economicdisruptions in their export markets. The state’s rate of economic growth, therefore, could be adversely affected by any such disruption. A significantdownturn in the housing market or U.S. stock market prices could adversely affect California’s economy by reducing household spending andbusiness investment, particularly in the high technology sector. Moreover, a large and increasing share of the State of California’s General Fundrevenue in the form of income and capital gains taxes is directly related to, and would be adversely affected by a significant downturn in theperformance of, the stock markets.Future California constitutional amendments, legislative measures, executive orders, administrative regulations, court decisions and voter initiativescould have an adverse effect on the debt obligations of California issuers. The initiative process is used quite often in California, resulting innumerous initiative items on the ballot for most state and many local elections, any of which could affect the ability of municipal issuers to pay theirobligations. For example, revenue and expenditure limitations adopted by California voters, such as Propositions 13 (limiting ad valorem taxes onreal property and restricting local taxing entities’ ability to raise real property taxes) and 218 (limiting local governments' ability to impose “propertyrelated” fees, assessments and taxes) have constrained local governments’ ability to raise revenue, consequently raising concerns about whethermunicipalities have sufficient revenue to pay their debt obligations.While the fund’s portfolio managers try to reduce risks by investing in a diversified portfolio of securities, including state related bonds, it is notpossible to predict the extent to which any or all of the factors described above will affect the ability of the state or other municipal issuers to payinterest or principal on their bonds or the ability of such bonds to maintain market value or marketability.Tax-exempt income funds - Page 11

Risk factors relating to New York debt obligations — Because TEFNY invests primarily in securities issued by the State of New York, itsagencies and municipalities, the fund is more susceptible to developments adversely affecting issuers of New York securities than a municipal bondfund that does not concentrate its investments in a single state. The information below constitutes only a brief summary and does not purport to be acomplete description of risk factors relating to New York debt obligations. Certain information is drawn from official statements relating to securitiesofferings of the State of New York and various local agencies in New York available as of the date of this statement of additional information and issubject to change. The fund assumes no obligation to independently verify or update this information.Many factors including both state and national economic, political, regulatory, social and environmental policies and conditions, which are not withinthe control of the issuers of state related bonds, could have an adverse impact on the financial condition of the state, its various agencies andpolitical subdivisions, as well as other municipal issuers in New York. New York’s economy and general financial condition affect the ability of stateand local governments to raise revenues to make timely payments on their obligations. A variety of events, such as, tax base erosion, stateconstitutional limits on tax increases, budget deficits and other financial difficulties, changes in the credit ratings assigned to New York’s municipalissuers and natural disasters may have an adverse impact on the fund. Such events can negatively impact the state’s credit rating, make it moreexpensive for the state to borrow money, and impact issuers’ ability to pay their obligations. Such events could also heighten the risk that prices ofdebt obligations purchased by the fund, and the fund’s net asset value, will experience greater volatility.In addition, New York State and New York City represent a large portion of the municipal bond market in New York. Therefore, fiscal and economicchallenges facing these entities may have an adverse impact on the overall New York municipal bond market.The ability of some New York issuers to make principal and interest payments depends in large part on their ability to raise revenues, primarilythrough taxes, and to control spending. Many factors can affect the state’s revenues including the rate of population growth, unemployment rates,personal income growth, federal aid, and the ability to attract and keep successful businesses. A number of factors can also affect the state’sspending including the need for infrastructure improvements, increased costs for education and other services, current debt levels, and theexistence of accumulated budget deficits.While New York State’s economy is diverse, it has a comparatively large share of the nation’s financial activities, information, education and healthservices employment, and a very small share of the nation’s farming and mining activity. Travel and tourism constitute an important part of theeconomy. Like the rest of the nation, the state has a declining proportion of its workforce engaged in manufacturing and an increasing proportionengaged in service industries.The services sector, which includes professional and business services, private education and healthcare, leisure and hospitality services, amongothers, is the state’s leading economic sector. New York State is more likely to be affected by a recession that is concentrated in the services sectorthan other states. Additionally, New York State and New York City’s heavy reliance on the financial services sector makes it vulnerable to aneconomic slowdown and volatility in the financial services sector. Within New York City, the Finance, Insurance, and Real Estate (FIRE) sectorrepresents the third largest number of jobs, but the largest amount of wages on a sector basis.Today, unemployment rates remain significantly higher than before the recession that began in late 2007.Future New York constitutional amendments, legislative measures, executive orders, administrative regulations, court decisions and voter initiativescould have an adverse effect on the debt obligationsTax-exempt income funds - Page 12

of New York issuers. In addition, if constitutional challenges to state laws or other court actions are brought against the state or its agencies andmunicipalities relating to financing, or the amount and use of taxes, these actions could adversely affect the ability of the state and its politicalsubdivisions to meet their debt obligations, and may require extraordinary appropriations, expenditure reductions, or both.While the fund’s portfolio managers try to reduce risks by investing in a diversified portfolio of securities, including state related bonds, it is notpossible to predict the extent to which any or all of the factors described above will affect the ability of the state or other municipal issuers to payinterest or principal on their bonds or the ability of such bonds to maintain market value or marketability.Risk of non-compliance with certain federal requirements — The Internal Revenue Code of 1986 (the “Code”) imposes limitations on the useand investment of the proceeds of state and local governmental bonds and of other funds of the issuers of such bonds. These limitations must besatisfied on a continuing basis to maintain the exclusion from gross income of interest on such bonds. The investment adviser relies on the opinionof bond counsel. Bond counsel qualify their opinions as to the federal tax status of new issues of bonds by making such opinions contingent on theissuer’s future compliance with these limitations. Any failure on the part of an issuer to comply could cause the interest on its bonds to becometaxable to investors retroactive to the date the bonds were issued. These restrictions in the Code also may affect the availability of certain municipalsecurities.* * * * * *Tax-exempt income funds - Page 13

Portfolio turnover — Portfolio changes will be made without regard to the length of time particular investments may have been held. Short-termtrading profits are not the fund’s objective, and changes in its investments are generally accomplished gradually, though short-term transactionsmay occasionally be made. High portfolio turnover may involve correspondingly greater transaction costs in the form of dealer spreads or brokeragecommissions. It may also result in the realization of net capital gains, which are taxable when distributed to shareholders, unless the shareholder isexempt from taxation or his or her account is tax-favored.Fixed-income securities are generally traded on a net basis and usually neither brokerage commissions nor transfer taxes are involved. Transactioncosts are usually reflected in the spread between the bid and asked price.A fund’s portfolio turnover rate would equal 100% if each security in the fund’s portfolio were replaced once per year.Fiscal yearPortfolio turnover rateSTEX 2014 20%2013 22LTEX 2014 92013 13TEBF 2014 102013 16AHIM 2014 242013 25TEFCA 2014 82013 12TEFNY 2014 252013 23See “Financial highlights” in the fund’s prospectus for annual portfolio turnover rates for each of the last five fiscal years for LTEX, TEBF, AHIM andTEFCA and annual portfolio turnover rates for STEX and TEFNY.Tax-exempt income funds - Page 14

Fund policiesAll percentage limitations in the following fund policies are considered at the time securities are purchased and are based on the fund’s net assetsunless otherwise indicated. None of the following policies involving a maximum percentage of assets will be considered violated unless the excessoccurs immediately after, and is caused by, an acquisition by the fund. In managing the fund, the fund’s investment adviser may apply morerestrictive policies than those listed below.Fundamental policies — The fund has adopted the following policies, which may not be changed without approval by holders of a majority of itsoutstanding shares. Such majority is currently defined in the Investment Company Act of 1940, as amended (the “1940 Act”), as the vote of thelesser of (a) 67% or more of the voting securities present at a shareholder meeting, if the holders of more than 50% of the outstanding votingsecurities are present in person or by proxy, or (b) more than 50% of the outstanding voting securities.1. Except as permitted by (i) the 1940 Act and the rules and regulations thereunder, or other successor law governing the regulation of registeredinvestment companies, or interpretations or modifications thereof by the U.S. Securities and Exchange Commission (“SEC”), SEC staff or otherauthority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction,the fund may not:a. Borrow money;b. Issue senior securities;c. Underwrite the securities of other issuers;d. Purchase or sell real estate or commodities;e. Make loans; orf. Purchase the securities of any issuer if, as a result of such purchase, such fund’s investments would be concentrated in anyparticular industry.2. The fund may not invest in companies for the purpose of exercising control or management.3. The fund will maintain its status as a tax-exempt fund consistent with (i) the 1940 Act and the rules and regulations thereunder, or othersuccessor law governing the regulation of registered investment companies, or interpretations or modifications thereof by the SEC, SEC staff orother authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competentjurisdiction.Nonfundamental policies — The following policy may be changed without shareholder approval and applies to STEX, LTEX, TEBF and AHIMonly:The fund may not acquire securities of open-end investment companies or unit investment trusts registered under the 1940 Act in reliance onSections 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act.Tax-exempt income funds - Page 15

Additional information about the fund’s policies — The information below is not part of the fund’s fundamental or nonfundamental policies. Thisinformation is intended to provide a summary of what is currently required or permitted by the 1940 Act and the rules and regulations thereunder, orby the interpretive guidance thereof by the SEC or SEC staff, for particular fundamental policies of the funds. Information is also provided regardingthe fund’s current intention with respect to certain investment practices permitted by the 1940 Act.For purposes of fundamental policy 1a, the fund may borrow money in amounts of up to 33-1/3% of its total assets from banks for any purpose.Additionally, the fund may borrow up to 5% of its total assets from banks or other lenders for temporary purposes (a loan is presumed to be fortemporary purposes if it is repaid within 60 days and is not extended or renewed).For purposes of fundamental policy 1b, a senior security does not include any promissory note or evidence of indebtedness if such loan is fortemporary purposes only and in an amount not exceeding 5% of the value of the total assets of the fund at the time the loan is made (a loan ispresumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). Further, to the extent the fund covers itscommitments under certain types of agreements and transactions, including reverse repurchase agreements, mortgage-dollar-roll transactions,sale-buybacks, when-issued, delayed-delivery, or forward commitment transactions, and other similar trading practices, by segregating orearmarking liquid assets equal in value to the amount of the fund’s commitment, such agreement or transaction will not be considered a seniorsecurity by the fund.For purposes of fundamental policy 1c, the policy will not apply to the fund to the extent the fund may be deemed an underwriter within the meaningof the 1933 Act in connection with the purchase and sale of fund portfolio securities in the ordinary course of pursuing its investment objectives andstrategies.For purposes of fundamental policy 1e, the fund may not lend more than 33-1/3% of its total assets, provided that this limitation shall not apply to thefund’s purchase of debt obligations.For purposes of fundamental policy 1f, the fund may not invest more than 25% of its total assets in the securities of issuers in a particular industry.This policy does not apply to investments in securities of the U.S. Government, its agencies or Government Sponsored Enterprises or repurchaseagreements with respect thereto.For purposes of fundamental policy 3, the fund will, under normal circumstances, invest at least 80% of its assets in, or derive at least 80% of itsincome from securities that are exempt from regular federal income tax. Additionally, each of STEX, LTEX, TEFCA and TEFNY may only invest upto 20% of its assets in securities that are subject to the alternative minimum tax.Tax-exempt income funds - Page 16

Management of the fundBoard of trustees and officers“Independent” trustees 1The fund’s nominating and governance committee and board selects independent trustees with a view toward constituting a board that, as a body,possesses the qualifications, skills, attributes and experience to appropriately oversee the actions of such fund’s service providers, decide uponmatters of general policy and represent the long-term interests of fund shareholders. In doing so, they consider the qualifications, skills, attributesand experience of the current board members, with a view toward maintaining a board that is diverse in viewpoint, experience, education and skills.The fund seeks independent trustees who have high ethical standards and the highest levels of integrity and commitment, who have inquiring andindependent minds, mature judgment, good communication skills, and other complementary personal qualifications and skills that enable them tofunction effectively in the context of such fund’s board and committee structure and who have the ability and willingness to dedicate sufficient time toeffectively fulfill their duties and responsibilities.Each independent trustee has a significant record of accomplishments in governance, business, not-for-profit organizations, government service,academia, law, accounting or other professions. Although no single list could identify all experience upon which each fund’s independent trusteesdraw in connection with their service, the following table summarizes key experience for each independent trustee. These references to thequalifications, attributes and skills of the trustees are pursuant to the disclosure requirements of the SEC, and shall not be deemed to impose anygreater responsibility or liability on any trustee or the board as a whole. Notwithstanding the accomplishments listed below, none of the independenttrustees is considered an “expert” within the meaning of the federal securities laws with respect to information in each fund’s registration statement.Tax-exempt income funds - Page 17

Name, age andposition with fund(year first electedas a trustee 2 )William H. Baribault, 69Trustee (2010)James G. Ellis, 67Trustee (STEX–2009;LTEX–2006; TEBF–2006;AHIM–2006; TEFCA–2006;TEFNY–2010)Leonard R. Fuller, 68Trustee (STEX–1995;LTEX–1994; TEBF–1994;AHIM–1994; TEFCA–1994;TEFNY–2010)Principaloccupation(s)during thepast five yearsCEO and President, RichardNixon Foundation; formerChairman of the Board and CEO,Oakwood Enterprises (privateinvestment and consulting)Dean and Professor ofMarketing, Marshall School ofBusiness, University of SouthernCaliforniaPresident and CEO, FullerConsulting (financialmanagement consulting firm)Number ofportfoliosin fundcomplexoverseenbytrusteeOtherdirectorships 3held by trusteeduring thepast five yearsOther relevantexperience70 Former director of Henry Co. Service as chief(until 2009); Professional executive officer forBusiness Bank (until 2009) multiple companies Corporate boardexperience Service on advisory andtrustee boards forcharitable, educationaland nonprofitorganizations70 Service as chiefexecutive officer forMercury General Corp. multiple companies Corporate boardFormer director ofexperienceQuiksilver, Inc. (until 2014) Service on advisory andtrustee boards forcharitable, municipal andnonprofit organizations M.B.A.70 None Former partner, publicaccounting firm Financial managementconsulting Service on advisory andtrustee boards formunicipal, educationaland nonprofitorganizationsM.B.A.Tax-exempt income funds - Page 18

Name, age andposition with fund(year first electedas a trustee 2 )R. Clark Hooper, 68Chairman of the Board(Independent and Non-Executive)(STEX–2005; LTEX–2005;TEBF–2005; AHIM–2005;TEFCA–2005; TEFNY–2010)Merit E. Janow, 56Trustee (2010)Laurel B. Mitchell, Ph.D., 59Trustee(STEX–2009; LTEX–2010;TEBF–2010; AHIM–2010;TEFCA–2009; TEFNY–2010)Principaloccupation(s)during thepast five yearsNumber ofportfoliosin fundcomplexoverseenbytrusteeOtherdirectorships 3held by trusteeduring thepast five yearsPrivate investor 72 The Swiss Helvetia Fund,Inc.Dean and Professor, ColumbiaUniversity, School ofInternational and Public AffairsClinical Professor and Director,Accounting Program, Universityof RedlandsFormer director ofJPMorgan ValueOpportunities Fund, Inc.(until 2014)69 MasterCard Incorporated;The NASDAQ Stock MarketLLC; Trimble NavigationLimited66 NoneOther relevantexperience Senior regulatory andmanagement experience,National Association ofSecurities Dealers (nowFINRA)Service on trustee boardsfor charitable,educational and nonprofitorganizations Service with Office ofthe U.S. TradeRepresentative and U.S.Department of Justice Corporate boardexperience Service on advisory andtrustee boards forcharitable, educationaland nonprofitorganizations Experience as corporatelawyer J.D. Assistant professor,accounting Service in the Office ofChief Accountant andEnforcement Division ofthe U.S. Securities andExchange Commission Experience in corporatemanagement and publicaccounting Service on advisory andtrustee boards forcharitable, educationaland nonprofitorganizations Ph.D., accounting Formerly licensed asC.P.A.Tax-exempt income funds - Page 19

Name, age andposition with fund(year first electedas a trustee 2 )Frank M. Sanchez, 70Trustee (STEX–1999;LTEX–1999; TEBF–1999;AHIM–1999; TEFCA–1999;TEFNY–2010)Margaret Spellings, 56Trustee(STEX–2009; LTEX–2010;TEBF–2010; AHIM–2010;TEFCA–2010; TEFNY–2010)Steadman Upham, Ph.D., 65Trustee (STEX–2009;LTEX–2007; TEBF–2007;AHIM–2007; TEFCA–2007;TEFNY–2010)Principaloccupation(s)during thepast five yearsPrincipal, The Sanchez FamilyCorporation dba McDonald’sRestaurants (McDonald’slicensee)President, George W. BushFoundation; former Presidentand CEO, Margaret Spellings &Company (public policy andstrategic consulting); formerPresident, U.S. ChamberFoundation and Senior Advisor tothe President and CEO, U.S.Chamber of Commerce; formerU.S. Secretary of Education, U.S.Department of EducationPresident and UniversityProfessor, The University ofTulsaNumber ofportfoliosin fundcomplexoverseenbytrustee66 NoneOtherdirectorships 3held by trusteeduring thepast five yearsOther relevantexperience Senior academicleadership position Corporate boardexperience Service on advisory andtrustee boards forcharitable and nonprofitorganizationsPh.D., education administrationand finance70 Former director of ApolloEducation Group, Inc. (until2013) Former Assistant to thePresident for Domestic69 NonePolicy, The White House Former senior advisor tothe Governor of TexasService on advisory andtrustee boards forcharitable and nonprofitorganizations Senior academicleadership positions formultiple universities Service on advisory andtrustee boards foreducational and nonprofitorganizations Ph.D., anthropologyTax-exempt income funds - Page 20

“Interested” trustee(s) 4,5Interested trustees have similar qualifications, skills and attributes as the independent trustees. Interested trustees are senior executive officersand/or directors of Capital Research and Management Company or its affiliates. Such management roles with the funds’ service providers alsopermit the interested trustees to make a significant contribution to the funds’ boards.Name, age andposition with fund(year first elected as atrustee/officer 2 )Karl J. Zeile, 47Vice Chairman of the Board andPresident(AHIM-2008; TEFNY-2010)Vice Chairman of the Board andVice President(LTEX-2004; TEBF-2009; TEFCA -2009)Vice Chairman of the Board(STEX-2011)Principal occupation(s)during thepast five yearsand positionsheld with affiliatedentities or thePrincipal Underwriterof the fundSenior Vice President – Capital FixedIncome Investors, Capital Research andManagement Company; Director, CapitalResearch and Management CompanyNumber ofportfoliosin fundcomplexoverseenby trustee6 NoneOther directorships 3held by trusteeduring thepast five yearsOther officers 5Name, age andposition with fund(year first electedas an officer 2 )Brenda S. Ellerin, 51President(STEX-2009; LTEX-1997)Senior Vice President(TEBF–1999)Neil L. Langberg, 61President(TEBF-1985; TEFCA-1986)Senior Vice President(STEX–1989; LTEX–1993; AHIM–1994)Kristine M. Nishiyama, 44Senior Vice President (STEX,LTEX, TEBF, AHIM and TEFCA –2003; TEFNY–2010)Jerome H. Solomon, 51Vice President(TEFNY–2011)Principal occupation(s) during the past five yearsand positions held with affiliated entitiesor the Principal Underwriter of the fundsSenior Vice President – Capital Fixed Income Investors, Capital Research and Management CompanySenior Vice President – Capital Fixed Income Investors, Capital Research and Management CompanySenior Vice President and Senior Counsel – Fund Business Management Group, Capital Research andManagement Company; Senior Vice President and General Counsel, Capital Bank and Trust Company*Vice President — Capital Fixed Income Investors, Capital Research and Management CompanyTax-exempt income funds - Page 21

Name, age andposition with fund(year first electedas an officer 2 )Courtney R. Taylor, 39Secretary(STEX, LTEX, TEBF, AHIM andTEFCA–2006; TEFNY–2010)Karl C. Grauman, 46Treasurer(TEBF, TEFCA and TEFNY–2010)Assistant Treasurer(STEX–2010; LTEX and AHIM–2012)Dori Laskin, 63Treasurer(STEX, LTEX and AHIM–2010)Assistant Treasurer(TEBF, TEFCA and TEFNY–2010)Steven I. Koszalka, 50Assistant Secretary (2010)Brian C. Janssen, 42Assistant Treasurer(TEBF, TEFCA and TEFNY–2012)Principal occupation(s) during the past five yearsand positions held with affiliated entitiesor the Principal Underwriter of the fundsAssistant Vice President – Fund Business Management Group, Capital Research and ManagementCompanyVice President – Investment Operations, Capital Research and Management CompanyVice President – Investment Operations, Capital Research and Management CompanyVice President – Fund Business Management Group, Capital Research and Management CompanyVice President — Investment Operations, Capital Research and Management Company* Company affiliated with Capital Research and Management Company.1 The term “independent” trustee refers to a trustee who is not an “interested person” of the funds within the meaning of the 1940 Act.2 Trustees and officers of the funds serve until their resignation, removal or retirement.3 This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research andManagement Company or its affiliates) that are held by each trustee as a director/trustee of a public company or a registered investmentcompany. Unless otherwise noted, all directorships/trusteeships are current.4The term “interested” trustee refers to a trustee who is an “interested person” of the funds within the meaning of the 1940 Act, on the basis of his orher affiliation with the funds’ investment adviser, Capital Research and Management Company, or affiliated entities (including the funds’ principalunderwriter). The listed individual may not be a trustee of all funds listed for him or her, but rather may be an officer of one or more such funds.5All of the officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and ManagementCompany serves as investment adviser.The address for all trustees and officers of the fund is 333 South Hope Street, 55th Floor, Los Angeles, California 90071, Attention:Secretary.Tax-exempt income funds - Page 22

Fund shares owned by trustees as of December 31, 2013:NameDollar range 1of fundshares ownedAggregatedollar range 1of sharesowned inall fundsin theAmerican Fundsfamily overseenby trusteeDollarrange 1,2 ofindependenttrusteesdeferred compensation 3 allocatedto fundAggregatedollarrange 1,2 ofindependenttrusteesdeferredcompensation 3 allocated toall fundswithinAmerican Fundsfamily overseenby trustee“Independent” trusteesWilliam H. BaribaultSTEX:LTEX:TEBF:AHIM:TEFCA:TEFNY:NoneNoneNoneNoneNoneNoneOver $100,000STEX:LTEX:TEBF:AHIM:TEFCA:TEFNY:N/AN/AN/AN/AN/AN/A$10,001 – $50,000James G. EllisSTEX: NoneLTEX: $10,001 – $50,000TEBF: $10,001 – $50,000AHIM: $10,001 – $50,000TEFCA: NoneTEFNY: NoneOver $100,000STEX:LTEX:TEBF:AHIM:TEFCA:TEFNY:N/AN/AN/AN/AN/AN/AN/ALeonard R. FullerSTEX:LTEX:TEBF:AHIM:TEFCA:TEFNY:NoneNoneNoneNoneNoneNoneOver $100,000 STEX: $1 – $10,000LTEX: $1 – $10,000TEBF: N/AAHIM: N/ATEFCA: N/ATEFNY: N/AOver $100,000R. Clark Hooper STEX: NoneLTEX: NoneTEBF: $10,001 – $50,000AHIM: NoneTEFCA: NoneTEFNY: NoneMerit E. JanowSTEX:LTEX:TEBF:AHIM:TEFCA:TEFNY:NoneNoneNoneNoneNoneNoneOver $100,000Over $100,000STEX:LTEX:TEBF:AHIM:TEFCA:TEFNY:STEX:LTEX:TEBF:AHIM:TEFCA:TEFNY:N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AOver $100,000N/ATax-exempt income funds - Page 23

Dollar range 1of fundNameshares ownedLaurel B. Mitchell STEX: $1 – $10,000LTEX: $1 – $10,000TEBF: $1 – $10,000AHIM: $10,001 – $50,000TEFCA: $1 – $10,000TEFNY: NoneFrank M. Sanchez STEX: $1 – $10,000LTEX: $1 – $10,000TEBF: $1 – $10,000AHIM: $1 – $10,000Margaret SpellingsTEFCA: $1 – $10,000TEFNY: NoneSTEX: NoneLTEX: NoneTEBF: NoneAHIM: $10,001 – $50,000TEFCA: NoneTEFNY: NoneAggregatedollar range 1of sharesowned inall fundsin theAmerican Fundsfamily overseenby trusteeOver $100,000Dollarrange 1,2 ofindependenttrusteesdeferred compensation 3 allocatedto fundSTEX:LTEX:TEBF:AHIM:TEFCA:TEFNY:$10,001 – $50,000 STEX:LTEX:TEBF:AHIM:TEFCA:TEFNY:Over $100,000STEX:LTEX:TEBF:AHIM:TEFCA:TEFNY:N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AAggregatedollarrange 1,2 ofindependenttrusteesdeferredcompensation 3 allocated toall fundswithinAmerican Fundsfamily overseenby trustee$10,001 – $50,000N/A$50,001 – $100,000Steadman UphamSTEX:LTEX:TEBF:AHIM:TEFCA:TEFNY:NoneNoneNoneNoneNoneNoneOver $100,000STEX:LTEX:TEBF:AHIM:TEFCA:TEFNY:N/AN/AN/AN/AN/AN/AOver $100,000Tax-exempt income funds - Page 24

NameDollar range 1,2of fundshares ownedAggregatedollar range 1of sharesowned inall fundsin theAmerican Fundsfamily overseenby trustee“Interested” trusteeKarl J. ZeileSTEX:LTEX:TEBF:AHIM:TEFCA:TEFNY:Over $100,000Over $100,000Over $100,000Over $100,000Over $100,000NoneOver $100,0001 Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 – $100,000; and Over $100,000. Theamounts listed for “interested” trustees include shares owned through The Capital Group Companies, Inc. retirement plan and 401(k) plan.2 N/A indicates that the listed individual, as of December 31, 2013, was not a trustee of a particular fund, did not allocate deferred compensation tothe fund or did not participate in the deferred compensation plan.3 Eligible trustees may defer their compensation under a nonqualified deferred compensation plan. Amounts deferred by the trustee accumulate atan earnings rate determined by the total return of one or more American Funds as designated by the trustee.Trustee compensation — No compensation is paid by the fund to any officer or trustee who is a director, officer or employee of the investmentadviser or its affiliates. Except for the independent trustees listed in the “Board of trustees and officers — ‘Independent’ trustees” table under the“Management of the fund” section in this statement of additional information, all other officers and trustees of the fund are directors, officers oremployees of the investment adviser or its affiliates. The boards of funds advised by the investment adviser typically meet either individually orjointly with the boards of one or more other such funds with substantially overlapping board membership (in each case referred to as a “boardcluster”). The fund typically pays each independent trustee an annual fee, which ranges from $202 to $405 for STEX, $775 to $1,551 for LTEX,$2,333 to $4,667 for TEBF, $677 to $1,353 for AHIM, $369 to $739 for TEFCA and from $31 to $62 for TEFNY, based primarily on the total numberof board clusters on which that independent trustee serves.In addition, the fund generally pays independent trustees attendance and other fees for meetings of the board and their committees. Board andcommittee chairs receive additional fees for their services.Independent trustees also receive attendance fees for certain special joint meetings and information sessions with directors and trustees of othergroupings of funds advised by the investment adviser. The fund and the other funds served by each independent trustee each pay an equal portionof these attendance fees.No pension or retirement benefits are accrued as part of fund expenses. Independent trustees may elect, on a voluntary basis, to defer all or aportion of their fees through a deferred compensation plan in effect for the fund. The fund also reimburses certain expenses of the independenttrustees.Tax-exempt income funds - Page 25

Trustee compensation earned during the fiscal year ended July 31, 2014:NameWilliam H. BaribaultAggregate compensation(including voluntarilydeferred compensation 1 )from the fundsSTEXLTEXTEBFAHIMTEFCATEFNY$ 5342,1826,7671,9931,07489Total compensation (includingvoluntarily deferredcompensation 1 )from all funds managed byCapital Research andManagementCompany or its affiliates$294,541James G. EllisSTEXLTEXTEBFAHIMTEFCATEFNY4992,0306,2841,8511,00082294,010Leonard R. Fuller 2STEXLTEXTEBFAHIMTEFCATEFNY5032,0606,3961,8851,01585301,842R. Clark Hooper STEXLTEXTEBFAHIMTEFCATEFNY5522,2516,9782,0531,10594387,893Merit E. JanowSTEXLTEXTEBFAHIMTEFCATEFNY4581,8745,8121,71392576271,721Laurel B. Mitchell 2STEXLTEXTEBFAHIMTEFCATEFNY6702,7298,4662,4951,346111219,794Frank M. SanchezSTEXLTEXTEBFAHIMTEFCATEFNY6282,5537,9122,3311,259103199,097Tax-exempt income funds - Page 26

NameMargaret Spellings 2Aggregate compensation(including voluntarilydeferred compensation 1 )from the fundsSTEXLTEXTEBFAHIMTEFCATEFNY4581,8745,8121,71392576Total compensation (includingvoluntarily deferredcompensation 1 )from all funds managed byCapital Research andManagementCompany or its affiliates276,106Steadman Upham 2STEXLTEXTEBFAHIMTEFCATEFNY5022,0486,3511,8721,01083253,3881 Amounts may be deferred by eligible trustees under a nonqualified deferred compensation plan adopted by the funds in 1993. Deferred amountsaccumulate at an earnings rate determined by the total return of one or more American Funds as designated by the trustees. Compensationshown in this table for the fiscal year ended July 31, 2014 does not include earnings on amounts deferred in previous fiscal years. See footnote 3to this table for more information.2 Since the deferred compensation plans’ adoption, the total amount of deferred compensation accrued by the funds (plus earnings thereon)through the end of the 2014 fiscal year for participating trustees is as follows:STEX – Leonard R. Fuller ($826), Laurel B. Mitchell ($179), Margaret Spellings ($313) and Steadman Upham ($2,790);LTEX – Leonard R. Fuller ($31,905), Laurel B. Mitchell ($775), Margaret Spellings ($1,356) and Steadman Upham ($16,509);TEBF – Leonard R. Fuller ($73,231), Laurel B. Mitchell ($2,447), Margaret Spellings ($4,271) and Steadman Upham ($58,561);AHIM – Leonard R. Fuller ($23,121), Laurel B. Mitchell ($695), Margaret Spellings ($1,214) and Steadman Upham ($17,638);TEFCA – Leonard R. Fuller ($31,482), Laurel B. Mitchell ($394), Margaret Spellings ($699) and Steadman Upham ($13,838); andTEFNY – Leonard R. Fuller ($43), Laurel B. Mitchell ($29), Margaret Spellings ($50) and Steadman Upham ($246).Amounts deferred and accumulated earnings thereon are not funded and are general unsecured liabilities of the funds until paid to the trustees.As of September 1, 2014, the officers and trustees of the fund and their families, as a group, owned beneficially or of record less than 1% of theoutstanding shares of the fund.Tax-exempt income funds - Page 27

Fund organization and the board of trustees — The fund, is an open-end, diversified management investment company. American Funds Short-Term Tax-Exempt Bond Fund was organized as The Tax-Exempt Money Fund of America, a Massachusetts business trust, on December 5, 1988,and reorganized as a Delaware statutory trust on August 7, 2009. Limited Term Tax-Exempt Bond Fund of America was organized as aMassachusetts business trust on July 12, 1993 and reorganized as a Delaware statutory trust on November 1, 2010. The Tax-Exempt Bond Fund ofAmerica was organized as a Maryland corporation on July 20, 1979 and reorganized as a Delaware statutory trust on November 1, 2010. AmericanHigh-Income Municipal Bond Fund was organized as a Maryland corporation on June 14, 1994 and reorganized as a Delaware statutory trust onNovember 1, 2010. The Tax-Exempt Fund of California was organized as a Massachusetts business trust on May 30, 1986 and reorganized as aDelaware statutory trust on November 1, 2010. American Funds Tax-Exempt Fund of New York was organized as a Delaware statutory trust on July16, 2010. All fund operations are supervised by the fund’s boards of trustees (“board”) which meets periodically and performs duties required byapplicable state and federal laws.Delaware law charges trustees with the duty of managing the business affairs of the trust. Trustees are considered to be fiduciaries of the trust andowe duties of care and loyalty to the trust and its shareholders.Independent board members are paid certain fees for services rendered to each fund as described above. They may elect to defer all or a portion ofthese fees through a deferred compensation plan in effect for each fund.The fund has several different classes of shares. Shares of each class represent an interest in the same investment portfolio. Each class has prorata rights as to voting, redemption, dividends and liquidation, except that each class bears different distribution expenses and may bear differenttransfer agent fees and other expenses properly attributable to the particular class as approved by the board of trustees and set forth in each fund’srule 18f-3 Plan. Each class’ shareholders have exclusive voting rights with respect to the respective class’ rule 12b-1 plans adopted in connectionwith the distribution of shares and on other matters in which the interests of one class are different from interests in another class. Shares of allclasses of the fund vote together on matters that affect all classes in substantially the same manner. Each class votes as a class on matters thataffect that class alone. In addition, the trustees have the authority to establish new series and classes of shares, and to split or combine outstandingshares into a greater or lesser number, without shareholder approval.The fund does not hold annual meetings of shareholders. However, significant matters that require shareholder approval, such as certain electionsof board members or a change in a fundamental investment policy, will be presented to shareholders at a meeting called for such purpose.Shareholders have one vote per share owned.The fund’s declaration of trust and by-laws, as well as separate indemnification agreements with independent trustees, provide in effect that, subjectto certain conditions, the fund will indemnify its officers and trustees against liabilities or expenses actually and reasonably incurred by them relatingto their service to the fund. However, trustees are not protected from liability by reason of their willful misfeasance, bad faith, gross negligence orreckless disregard of the duties involved in the conduct of their office.Removal of trustees by shareholders — At any meeting of shareholders, duly called and at which a quorum is present, shareholders of the fundmay, by the affirmative vote of the holders of two-thirds of the votes entitled to be cast, remove any trustee from office with the fund and may elect asuccessor or successors to fill any resulting vacancies for the unexpired terms of removed trustees. In addition, the trustees of the fund will promptlycall a meeting of shareholders for the purpose of voting upon theTax-exempt income funds - Page 28

emoval of any trustees of the fund when requested in writing to do so by the record holders of at least 10% of such fund’s outstanding shares.Leadership structure — The board’s chair is currently an independent trustee who is not an “interested person” of the fund within the meaning ofthe 1940 Act. The board has determined that an independent chair facilitates oversight and enhances the effectiveness of the board. Theindependent chair’s duties include, without limitation, generally presiding at meetings of the board, approving board meeting schedules andagendas, leading meetings of the independent trustees in executive session, facilitating communication with committee chairs, and serving as theprincipal independent trustee contact for fund management and counsel to the independent trustees and the fund.Risk oversight — Day-to-day management of the fund, including risk management, is the responsibility of the fund’s contractual service providers,including the fund’s investment adviser, principal underwriter/distributor and transfer agent. Each of these entities is responsible for specific portionsof the fund’s operations, including the processes and associated risks relating to the fund’s investments, integrity of cash movements, financialreporting, operations and compliance. The board of trustees oversees the service providers’ discharge of their responsibilities, including theprocesses they use to manage relevant risks. In that regard, the board receives reports regarding the operations of the fund’s service providers,including risks. For example, the board receives reports from investment professionals regarding risks related to the fund’s investments and trading.The board also receives compliance reports from the fund’s and the investment adviser’s chief compliance officers addressing certain areas of risk.Committees of the fund’s board, as well as joint committees of independent board members of funds managed by Capital Research andManagement Company, also explore risk management procedures in particular areas and then report back to the full board. For example, the fund’saudit committee oversees the processes and certain attendant risks relating to financial reporting, valuation of fund assets, and related controls.Similarly, a joint review and advisory committee oversees certain risk controls relating to the fund's transfer agency services.Not all risks that may affect the fund can be identified or processes and controls developed to eliminate or mitigate their effect. Moreover, it isnecessary to bear certain risks (such as investment-related risks) to achieve the fund’s objectives. As a result of the foregoing and other factors, theability of the fund’s service providers to eliminate or mitigate risks is subject to limitations.Committees of the board of trustees — The fund has an audit committee comprised of William H. Baribault, James G. Ellis, Leonard R. Fuller,Laurel B. Mitchell, Frank M. Sanchez, and Steadman Upham, none of whom is an “interested person” of the fund within the meaning of the 1940Act. The committee provides oversight regarding the funds’ accounting and financial reporting policies and practices, their internal controls and theinternal controls of the funds’ principal service providers. The committee acts as a liaison between the funds’ independent registered publicaccounting firm and the full board of trustees. The audit committee held five meetings during the 2014 fiscal year.The fund has a contracts committee comprised of all of its independent board members, none of whom is an “interested person” of the fund withinthe meaning of the 1940 Act. The committee’s principal function is to request, review and consider the information deemed necessary to evaluatethe terms of certain agreements between the fund and their investment adviser or the investment adviser’s affiliates, such as the InvestmentAdvisory and Service Agreement, Principal Underwriting Agreement, Administrative Services Agreement and Plans of Distribution adopted pursuantto rule 12b-1 under the 1940 Act, that the fund may enter into, renew or continue, and to make its recommendations to the full board of trustees onthese matters. The contracts committee held one meeting during the 2014 fiscal year.Tax-exempt income funds - Page 29

The fund has a nominating and governance committee comprised of William H. Baribault, James G. Ellis, Leonard R. Fuller, R. Clark Hooper, MeritE. Janow, Laurel B. Mitchell, Frank M. Sanchez and Margaret Spellings, none of whom is an “interested person” of the fund within the meaning ofthe 1940 Act. The committee periodically reviews such issues as each board’s composition, responsibilities, committees, compensation and otherrelevant issues, and recommends any appropriate changes to the full board of trustees. The committee also evaluates, selects and nominatesindependent trustee candidates to the full board of trustees. While the committee normally is able to identify from its own and other resources anample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies onthe boards. Such suggestions must be sent in writing to the nominating and governance committee of the fund, addressed to the fund’s secretary,and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of theprospective nominee for consideration of his or her name by the committee. The fund’s nominating and governance committee held two meetingsduring the 2014 fiscal year.Proxy voting procedures and principles — The fund’s investment adviser, in consultation with the fund’s board, has adopted Proxy VotingProcedures and Principles (the “Principles”) with respect to voting proxies of securities held by the fund, other American Funds and American FundsInsurance Series. The complete text of these principles is available on the American Funds website at americanfunds.com. Proxies are voted by acommittee of the appropriate equity investment division of the investment adviser under authority delegated by the funds’ boards. Therefore, if morethan one fund invests in the same company, they may vote differently on the same proposal. In addition, the funds’ boards monitor the proxy votingprocess and generally provide guidance with respect to the Principles through a joint proxy committee of the American Funds.The investment adviser seeks to vote all U.S. proxies; however, in certain circumstances it may be impracticable or impossible to do so. Proxies forcompanies outside the U.S. also are voted, provided there is sufficient time and information available. After a proxy statement is received, theinvestment adviser prepares a summary of the proposals contained in the proxy statement. A notation of any potential conflicts of interest also isincluded in the summary (see below for a description of Capital Research and Management Company’s special review procedures). For proxies ofsecurities managed by a particular investment division of the investment adviser, the initial voting recommendation is made by one or more of thedivision’s investment analysts familiar with the company and industry. A second recommendation is made by a proxy coordinator (an investmentanalyst or other individual with experience in corporate governance and proxy voting matters) within the appropriate investment division, based onknowledge of these Principles and familiarity with proxy-related issues. The proxy summary and voting recommendations are made available to theappropriate proxy voting committee for a final voting decision.The boards of the equity-oriented funds managed by the investment adviser have established a Joint Proxy Committee (“JPC”) composed ofindependent board members from each board. The JPC’s role is to facilitate appropriate oversight of the proxy voting process and provide valuableinput on corporate governance and related matters. Members of the JPC also may be called upon to resolve voting conflicts involving funds comanagedby the investment adviser’s equity investment divisions and vote proxies when necessary as a result of regulatory requirements (seebelow for more information).From time to time the investment adviser may vote proxies issued by, or on proposals sponsored or publicly supported by (1) a client withsubstantial assets managed by the investment adviser or its affiliates, (2) an entity with a significant business relationship with the American Fundsorganization, or (3) a company with a director of an American Fund on its board (each referred to as an “Interested Party”). Other persons or entitiesmay also be deemed an Interested Party if facts or circumstances appear to give rise to a potential conflict. The investment adviser analyzes theseproxies and proposals on their merits and does not consider these relationships when casting its vote.Tax-exempt income funds - Page 30

The investment adviser has developed procedures to identify and address instances where a vote could appear to be influenced by such arelationship. Under the procedures, prior to a final vote being cast by the investment adviser, the relevant proxy committees’ voting results forproxies issued by Interested Parties are reviewed by a Special Review Committee (“SRC”) of the investment division voting the proxy if the vote wasin favor of the Interested Party.If a potential conflict is identified according to the procedure above, the SRC will be provided with a summary of any relevant communications withthe Interested Party, the rationale for the voting decision, information on the organization’s relationship with the party and any other pertinentinformation. The SRC will evaluate the information and determine whether the decision was in the best interest of fund shareholders. It will thenaccept or override the voting decision or determine alternative action. The SRC includes senior investment professionals and legal and complianceprofessionals.In cases where a fund is co-managed and a portfolio company is held by more than one of the investment adviser’s equity investment divisions,voting ties are resolved by one of the following methods. First, for those funds that have delegated tie-breaking authority to the investment adviser,the outcome will be determined by the equity investment division with the larger position in the portfolio company as of the record date for theshareholder meeting. For the remaining funds, members of the JPC representing those funds will determine the outcome based on a review of thesame information provided to the relevant investment analysts, proxy coordinators and proxy committee members.The Principles, which have been in effect in substantially their current form for many years, provide an important framework for analysis anddecision-making by all funds. However, they are not exhaustive and do not address all potential issues. The Principles provide a certain amount offlexibility so that all relevant facts and circumstances can be considered in connection with every vote. As a result, each proxy received is voted on acase-by-case basis considering the specific circumstances of each proposal. The voting process reflects the funds’ understanding of the company’sbusiness, its management and its relationship with shareholders over time.Information regarding how the fund voted proxies relating to portfolio securities during the 12-month period ended June 30 of each year will beavailable on or about September 1 of each year (a) without charge, upon request by calling American Funds Service Company at (800) 421-4225,(b) on the American Funds website and (c) on the SEC’s website at sec.gov.The following summary sets forth the general positions of the American Funds, American Funds Insurance Series and the investment adviser onvarious proposals. A copy of the full Principles is available upon request, free of charge, by calling American Funds Service Company or visiting theAmerican Funds website.Director matters — The election of a company’s slate of nominees for director generally is supported. Votes may be withheld for some orall of the nominees if this is determined to be in the best interest of shareholders. Separation of the chairman and CEO positions also maybe supported.Governance provisions — Typically, proposals to declassify a board (elect all directors annually) are supported based on the belief thatthis increases the directors’ sense of accountability to shareholders. Proposals for cumulative voting generally are supported in order topromote management and board accountability and an opportunity for leadership change. Proposals designed to make director electionsmore meaningful, either by requiring a majority vote or by requiring any director receiving more withhold votes than affirmative votes totender his or her resignation, generally are supported.Tax-exempt income funds - Page 31

Shareholder rights — Proposals to repeal an existing poison pill generally are supported. (There may be certain circumstances, however,when a proxy voting committee of a fund or an investment division of the investment adviser believes that a company needs to maintainanti-takeover protection.) Proposals to eliminate the right of shareholders to act by written consent or to take away a shareholder’s right tocall a special meeting typically are not supported.Compensation and benefit plans — Option plans are complicated, and many factors are considered in evaluating a plan. Each plan isevaluated based on protecting shareholder interests and a knowledge of the company and its management. Considerations include thepricing (or repricing) of options awarded under the plan and the impact of dilution on existing shareholders from past and future equityawards. Compensation packages should be structured to attract, motivate and retain existing employees and qualified directors; however,they should not be excessive.Routine matters — The ratification of auditors, procedural matters relating to the annual meeting and changes to company name areexamples of items considered routine. Such items generally are voted in favor of management’s recommendations unless circumstancesindicate otherwise.Tax-exempt income funds - Page 32

Principal fund shareholders — The following tables identify those investors who own of record, or are known by the fund to own beneficially, 5%or more of any class of its shares as of the opening of business on September 1, 2014. Unless otherwise indicated, the ownership percentagesbelow represent ownership of record rather than beneficial ownership.American Funds Short-Term Tax-Exempt Bond FundName and address Ownership Ownership percentageEdward D. Jones & Co.Record Class A 13.98%Omnibus AccountSaint Louis, MOFirst Clearing, LLCCustody AccountSaint Louis, MORecordClass AClass F-19.8325.98Pershing, LLCCustody AccountJersey City, NJTrust AccountLos Angeles, CANational Financial Services, LLCOmnibus AccountJersey City, NJCharles Schwab & Co., Inc.Custody AccountSan Francisco, CARaymond JamesOmnibus AccountSt. Petersburg, FLUBS WM USAOmnibus AccountJersey City, NJCapital Group Private Client Services AccountIrvine, CALPL FinancialOmnibus AccountSan Diego, CARecordClass AClass F-1Class F-26.5926.8813.56Beneficial Class A 5.55RecordClass AClass F-15.4113.02Record Class F-1 29.44Record Class F-1 7.09Record Class F-1 5.37Record Class F-2 26.75Record Class F-2 11.12Tax-exempt income funds - Page 33

Limited Term Tax-Exempt Bond Fund of AmericaName and address Ownership Ownership percentageEdward D. Jones & Co.Omnibus AccountSaint Louis, MORecordClass AClass BClass CPershing, LLCCustody AccountJersey City, NJFirst Clearing, LLCCustody AccountSaint Louis, MONational Financial Services, LLCOmnibus AccountJersey City, NJUBS WM USAOmnibus AccountJersey City, NJMerrill LynchOmnibus AccountJacksonville, FLMorgan Stanley & Co., Inc.Omnibus AccountJersey City, NJRaymond JamesOmnibus AccountSt. Petersburg, FLLPL FinancialOmnibus AccountSan Diego, CACapital Group Private Client Services Account #1Irvine, CACapital Group Private Client Services Account #2Irvine, CACharles Schwab & Co., Inc.Custody AccountSan Francisco, CAAmerican Funds Tax-Exempt Preservation PortfolioIrvine, CARecordRecordRecordRecordRecordClass AClass BClass CClass F-1Class F-2Class AClass BClass CClass F-2Class AClass CClass F-1Class AClass F-1Class F-2Class AClass BClass CClass F-1Class F-225.60%32.019.2010.105.9311.1516.3223.499.4915.329.737.245.865.6917.585.138.288.135.108.639.145.6911.67Record Class C 5.23Record Class F-1 14.64Record Class F-1 6.44Record Class F-2 11.17Record Class F-2 9.17Record Class F-2 5.76Record Class R-6 100.00Tax-exempt income funds - Page 34

The Tax-Exempt Bond Fund of AmericaName and address Ownership Ownership percentageEdward D. Jones & Co.Omnibus AccountSaint Louis, MORecordClass AClass BClass CPershing, LLCCustody AccountJersey City, NJFirst Clearing, LLCCustody AccountSaint Louis, MONational Financial Services, LLCOmnibus AccountJersey City, NJMerrill LynchOmnibus AccountJacksonville, FLMorgan Stanley & Co., Inc.Omnibus AccountJersey City, NJUBS WM USAOmnibus AccountJersey City, NJAmerican Funds Tax-Advantaged Income PortfolioIrvine, CAAmerican Funds Tax-Exempt Preservation PortfolioIrvine, CARecordRecordRecordRecordRecordClass F-1Class AClass BClass CClass F-1Class F-2Class AClass BClass CClass AClass BClass CClass F-1Class F-2Class CClass F-2Class CClass F-227.10%28.7211.6466.599.166.7510.186.8222.779.0611.359.405.5011.575.099.6823.917.666.316.609.43Record Class F-2 6.36Record Class R-6 65.38Record Class R-6 34.62Tax-exempt income funds - Page 35

American High-Income Municipal Bond FundName and address Ownership Ownership percentageEdward D. Jones & Co.Omnibus AccountSaint Louis, MORecordClass AClass BClass CFirst Clearing, LLCCustody AccountSaint Louis, MOPershing, LLCCustody AccountJersey City, NJCharles Schwab & Co., Inc.Custody AccountSan Francisco, CANational Financial Services, LLCOmnibus AccountJersey City, NJMerrill LynchOmnibus AccountJacksonville, FLMorgan Stanley & Co., Inc.Omnibus AccountJersey City, NJRaymond JamesOmnibus AccountSt. Petersburg, FLCapital Group Private Client Services AccountIrvine, CAUBS WM USAOmnibus AccountJersey City, NJAmerican Funds Tax-Advantaged Income PortfolioIrvine, CARecordRecordRecordRecordRecordRecordRecordClass AClass BClass CClass F-2Class AClass BClass CClass F-1Class F-2Class BClass F-1Class BClass F-1Class F-2Class CClass F-2Class CClass F-2Class CClass F-134.39%28.2010.819.146.7414.276.277.159.808.7611.799.795.7914.065.7942.0711.448.3511.027.438.286.545.73Record Class F-2 16.19Record Class F-2 7.72Record Class R-6 100.00Tax-exempt income funds - Page 36

The Tax-Exempt Fund of CaliforniaName and address Ownership Ownership percentageEdward D. Jones & Co.Omnibus AccountSaint Louis, MORecordClass AClass BFirst Clearing, LLCCustody AccountSaint Louis, MOPershing, LLCCustody AccountJersey City, NJMorgan Stanley & Co., Inc.Omnibus AccountJersey City, NJUBS WM USAOmnibus AccountJersey City, NJMerrill LynchOmnibus AccountJacksonville, FLNational Financial Services, LLCOmnibus AccountJersey City, NJLPL FinancialOmnibus AccountSan Diego, CACharles Schwab & Co., Inc.Custody AccountSan Francisco, CACapital Group Private Client Services Account #1Irvine, CACapital Group Private Client Services Account #2Irvine, CARecordRecordRecordRecordRecordRecordRecordClass AClass BClass CClass F-1Class F-2Class AClass BClass CClass F-1Class AClass CClass F-2Class AClass F-1Class F-2Class AClass CClass F-1Class F-2Class BClass CClass F-1Class F-2Class BClass CClass F-1Record Class F-1Class F-215.17%6.5210.8538.5314.665.277.807.896.527.5522.966.9010.588.925.846.0310.365.7115.625.8814.857.155.4117.409.277.076.247.9314.9514.80Record Class F-2 19.88Record Class F-2 5.03Tax-exempt income funds - Page 37

American Funds Tax-Exempt Fund of New YorkName and address Ownership Ownership percentageCapital Research & Management CompanyCorporate AccountLos Angeles, CARecordClass AClass BClass F-1Pershing, LLCCustody AccountJersey City, NJEdward D. Jones & Co.Omnibus AccountSaint Louis, MOMorgan Stanley & Co., Inc.Omnibus AccountJersey City, NJIndividual Investor #1Fond Du Lac, WIIndividual Investor #2Andover, MDIndividual Investor #3Honeoye, NYNational Financial Services, LLCOmnibus AccountJersey City, NJIndividual Investor #4Pittsburgh, PAFirst Clearing, LLCCustody AccountSaint Louis, MORaymond JamesOmnibus AccountSt. Petersburg, FLMerrill LynchOmnibus AccountJacksonville, FLTrust AccountBrooklyn, NYCapital Group Private Client Services Account #1Irvine, CACapital Group Private Client Services Account #2Irvine, CARecordRecordClass AClass CClass F-1Class AClass B37.66%20.6744.667.4018.9811.456.4525.54Record Class A 6.18Beneficial Class B 18.00Beneficial Class B 10.77Beneficial Class B 6.27RecordClass BClass CClass F-16.208.2511.00Beneficial Class B 5.35Record Class C 12.69Record Class C 7.73RecordClass CClass F-16.139.29Beneficial Class F-1 9.97Record Class F-2 47.26Record Class F-2 17.97Unless otherwise noted, references in this statement of additional information to Class F shares refer to both Class F-1 and F-2 shareclasses.Tax-exempt income funds - Page 38

Investment adviser — Capital Research and Management Company, the fund’s investment adviser, founded in 1931, maintains research facilitiesin the United States and abroad (Los Angeles, San Francisco, New York, Washington, D.C., London, Geneva, Hong Kong, Singapore and Tokyo).These facilities are staffed with experienced investment professionals. The investment adviser is located at 333 South Hope Street, Los Angeles,CA 90071. It is a wholly owned subsidiary of The Capital Group Companies, Inc., a holding company for several investment managementsubsidiaries. Capital Research and Management Company manages equity assets through three equity investment divisions and fixed-incomeassets through its fixed-income investment division, Capital Fixed Income Investors. The three equity investment divisions — Capital WorldInvestors, Capital Research Global Investors and Capital International Investors — make investment decisions independently of one another.Portfolio managers in Capital International Investors rely on a research team that also provides investment services to institutional clients and otheraccounts advised by affiliates of Capital Research and Management Company. The investment adviser, which is deemed to operate the fund underthe Commodity Exchange Act (the “CEA”), has claimed an exclusion from the definition of the term commodity pool operator under the CEA withrespect to the fund and, therefore, is not subject to registration or regulation as such under the CEA with respect to the fund.The investment adviser has adopted policies and procedures that address issues that may arise as a result of an investment professional’smanagement of the fund and other funds and accounts. Potential issues could involve allocation of investment opportunities and trades amongfunds and accounts, use of information regarding the timing of fund trades, investment professional compensation and voting relating to portfoliosecurities. The investment adviser believes that its policies and procedures are reasonably designed to address these issues.Compensation of investment professionals — As described in the prospectus, the investment adviser uses a system of multiple portfoliomanagers in managing fund assets. In addition, for The Tax-Exempt Bond Fund of America and American High-Income Municipal Bond Fund,Capital Research and Management Company’s investment analysts may make investment decisions with respect to a portion of a fund’s portfolio,within their research coverage. For the Tax-Exempt Fund of New York, while the size of the fund is still small, the portfolio managers will worktogether to oversee the fund’s entire portfolio.Portfolio managers and investment analysts are paid competitive salaries by Capital Research and Management Company. In addition, they mayreceive bonuses based on their individual portfolio results. Investment professionals also may participate in profit-sharing plans. The relative mix ofcompensation represented by bonuses, salary and profit-sharing plans will vary depending on the individual’s portfolio results, contributions to theorganization and other factors.To encourage a long-term focus, bonuses based on investment results are principally determined by comparing pretax total investment returns torelevant benchmarks over the most recent year, a four-year rolling average and an eight-year rolling average with greater weight placed on the fouryearand eight-year rolling averages. For portfolio managers, benchmarks may include measures of the marketplaces in which the fund invests andmeasures of the results of comparable mutual funds. For investment analysts, benchmarks may include relevant market measures and appropriateindustry or sector indexes reflecting their areas of expertise. Capital Research and Management Company makes periodic subjective assessmentsof analysts’ contributions to the investment process and this is an element of their overall compensation. The investment results of the fund’sportfolio managers may be measured against one or more benchmarks, depending on his or her investment focus, such as:Tax-exempt income funds - Page 39

American Funds Short-Term Tax-Exempt Bond Fund — Lipper Short Municipal Debt Funds Average and Barclays Municipal Short 1-5Years Index;Limited Term Tax-Exempt Bond Fund of America — Lipper Intermediate Municipal Debt Funds Average and Barclays Municipal Short-Intermediate 1-10 Years Index;The Tax-Exempt Bond Fund of America — Lipper General & Insured Municipal Debt Funds Average and Barclays Municipal Bond Index;American High-Income Municipal Bond Fund — Lipper High Yield Municipal Debt Funds Average, Barclays Municipal Bond Index andBarclays High Yield Municipal Index;The Tax-Exempt Fund of California — Lipper California Municipal Debt Funds Average and Barclays California Municipal Index; andAmerican Funds Tax-Exempt Fund of New York — Lipper New York Municipal Debt Funds Average and Barclays New York MunicipalIndex.From time to time, Capital Research and Management Company may adjust or customize these benchmarks to better reflect the universe ofcomparably managed funds of competitive investment management firms.Portfolio manager fund holdings and other managed accounts — As described below, portfolio managers may personally own shares of thefund. In addition, portfolio managers may manage portions of other mutual funds or accounts advised by Capital Research and ManagementCompany or its affiliates.The following table reflects information as of July 31, 2014:Dollar rangeof fundPortfoliosharesmanagerowned 1American Funds Short-Term Tax-Exempt Bond FundBrenda S. Ellerin $100,001 –$500,000Neil L. Langberg $100,001 –$500,000Limited Term Tax-Exempt Bond Fund of AmericaBrenda S. Ellerin $500,001 –$1,000,000Neil L. Langberg $100,001 –$500,000Numberof otherregisteredinvestmentcompanies (RICs)for whichportfoliomanageris a manager(assets of RICsin billions) 2Numberof otherpooledinvestmentvehicles (PIVs)for whichportfoliomanageris a manager(assets of PIVsin billions) 3Numberof otheraccountsfor whichportfoliomanageris a manager(assets ofother accountsin billions) 44 $13.2 None None6 $17.4 None None4 $10.9 None None6 $15.1 None NoneTax-exempt income funds - Page 40

Dollar rangeof fundPortfoliosharesmanagerowned 1The Tax-Exempt Bond Fund of AmericaKarl J. Zeile $500,001 –$1,000,000Neil L. Langberg $100,001 –$500,000Brenda S. Ellerin $500,001 –$1,000,000American High-Income Municipal Bond FundKarl J. Zeile $500,001 –$1,000,000Neil L. Langberg $100,001 –$500,000Numberof otherregisteredinvestmentcompanies (RICs)for whichportfoliomanageris a manager(assets of RICsin billions) 2Numberof otherpooledinvestmentvehicles (PIVs)for whichportfoliomanageris a manager(assets of PIVsin billions) 3Numberof otheraccountsfor whichportfoliomanageris a manager(assets ofother accountsin billions) 45 $5.0 None None6 $8.9 None None4 $4.7 None None5 $11.3 None None6 $15.2 None NoneChad M. Rach Over $1,000,000 2 $0.8 None NoneThe Tax-Exempt Bond Fund of CaliforniaKarl J. Zeile $100,001 –$500,0005 $12.8 None NoneNeil L. Langberg $100,001 –6 $16.7 None None$500,000American Funds Tax-Exempt Fund of New YorkKarl J. Zeile None 5 5 $14.2 None NoneJerome Solomon None 5 None None None1 Ownership disclosure is made using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 – $100,000; $100,001 – $500,000;$500,001 – $1,000,000; and Over $1,000,000.2 Indicates RIC(s) for which the portfolio manager also has significant day to day management responsibilities. Assets noted are the total net assetsof the RIC(s) and are not the total assets managed by the individual, which is a substantially lower amount. No RIC or account has an advisory feethat is based on the performance of the RIC or account.3 Represents funds advised or sub-advised by Capital Research and Management Company or its affiliates and sold outside the United Statesand/or fixed-income assets in institutional accounts managed by investment adviser subsidiaries of Capital Group International, Inc., an affiliate ofCapital Research and Management Company. Assets noted are the total net assets of the funds or accounts and are not the total assets managedby the individual, which is a substantially lower amount. No fund or account has an advisory fee that is based on the performance of the fund oraccount.4 Reflects other professionally managed accounts held at companies affiliated with Capital Research and Management Company. Personalbrokerage accounts of portfolio managers and their families are not reflected.5 Funds are designed primarily for taxable residents in the state of New York. Because the portfolio managers do not reside in this state, investmentin the fund may not be appropriate for their personal portfolio.Tax-exempt income funds - Page 41

Investment Advisory and Service Agreement — The Investment Advisory and Service Agreement (the “Agreement”) between the fund and theinvestment adviser will continue in effect until March 31, 2015, unless sooner terminated, and may be renewed from year to year thereafter,provided that any such renewal has been specifically approved at least annually by (a) the board of trustees, or by the vote of a majority (as definedin the 1940 Act) of the outstanding voting securities of the fund, and (b) the vote of a majority of trustees who are not parties to the Agreement orinterested persons (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval. TheAgreement provides that the investment adviser has no liability to the fund for its acts or omissions in the performance of its obligations to the fundnot involving willful misconduct, bad faith, gross negligence or reckless disregard of its obligations under the Agreement. The Agreement alsoprovides that either party has the right to terminate them, without penalty, upon 60 days’ written notice to the other party, and that the Agreementautomatically terminates in the event of its assignment (as defined in the 1940 Act). In addition, the Agreement provides that the investment advisermay delegate all, or a portion of, its investment management responsibilities to one or more subsidiary advisers approved by the fund’s board,pursuant to an agreement between the investment adviser and such subsidiary. Any such subsidiary adviser will be paid solely by the investmentadviser out of its fees.In addition to providing investment advisory services, the investment adviser furnishes the services and pays the compensation and travel expensesof persons to perform the fund’s executive, administrative, clerical and bookkeeping functions, and provides suitable office space, necessary smalloffice equipment and utilities, general purpose accounting forms, supplies and postage used at the fund’s offices. The fund pays all expenses notassumed by the investment adviser, including, but not limited to: custodian, stock transfer and dividend disbursing fees and expenses; shareholderrecordkeeping and administrative expenses; costs of the designing, printing and mailing of reports, prospectuses, proxy statements and notices totheir shareholders; taxes; expenses of the issuance and redemption of fund shares (including stock certificates, registration and qualification feesand expenses); expenses pursuant to the fund’s plans of distribution (described below); legal and auditing expenses; compensation, fees andexpenses paid to independent trustees; association dues; costs of stationery and forms prepared exclusively for the fund; and costs of assemblingand storing shareholder account data.Tax-exempt income funds - Page 42

American Funds Short-Term Tax-Exempt Bond Fund: The investment adviser receives a monthly fee based on the following annualized ratesand net asset levels:RateNet asset levelIn excess ofUp to0.39% $ 0 $ 200,000,0000.37 200,000,000 600,000,0000.33 600,000,000 1,200,000,0000.29 1,200,000,000For the fiscal years ended July 31, 2014, 2013 and 2012, the investment adviser was entitled to receive from the fund management fees of$2,903,000, $2,614,000 and $2,257,000, respectively.Limited Term Tax-Exempt Bond Fund of America: The investment adviser receives a monthly fee based on the following annualized rates andnet asset levels:RateNet asset levelIn excess ofUp to0.30% $ 0 $ 60,000,0000.18 60,000,000 1,000,000,0000.15 1,000,000,000The Agreement also provides for fees based on monthly gross investment income at the following annualized rates:RateMonthly gross investment incomeIn excess ofUp to3.00% $ 0 $ 3,333,3332.50 3,333,333For the purposes of such computations under the Agreement, the fund’s gross investment income is determined in accordance with generallyaccepted accounting principles and does not reflect any net realized gains or losses on the sale of portfolio securities.For the fiscal years ended July 31, 2014, 2013 and 2012, the investment adviser was entitled to receive from the fund management fees of$7,459,000, $7,710,000 and $6,954,000, respectively.Tax-exempt income funds - Page 43

The Tax-Exempt Bond Fund of America: The investment adviser receives a monthly fee based on the following annualized rates and net assetlevels:RateNet asset levelIn excess ofUp to0.30% $ 0 $ 60,000,0000.21 60,000,000 1,000,000,0000.18 1,000,000,000 3,000,000,0000.15 3,000,000,000 6,000,000,0000.13 6,000,000,000 10,000,000,0000.12 10,000,000,000The Agreement also provides for fees based on monthly gross investment income at the following annualized rates:RateMonthly gross investment incomeIn excess ofUp to3.00% $ 0 $ 3,333,3332.50 3,333,333 8,333,3332.00 8,333,333For the purposes of such computations under the Agreement, the fund’s gross investment income is determined in accordance with generallyaccepted accounting principles and does not reflect any net realized gains or losses on the sale of portfolio securities.For the fiscal years ended July 31, 2014 and 2013, and August 31, 2012, the investment adviser was entitled to receive from the fund managementfees of $22,494,000, $22,050,000 and $22,562,000, respectively.Tax-exempt income funds - Page 44

American High-Income Municipal Bond Fund: The investment adviser receives a monthly fee based on the following annualized rates and netasset levels:RateNet asset levelIn excess ofUp to0.30% $ 0 $ 60,000,0000.21 60,000,000 1,000,000,0000.18 1,000,000,000 3,000,000,0000.15 3,000,000,000The Agreement also provides for fees based on monthly gross investment income at the following annualized rates:RateMonthly gross investment incomeIn excess ofUp to3.00% $ 0 $ 3,333,3332.50 3,333,333For the purposes of such computations under the Agreement, the fund’s gross investment income is determined in accordance with generallyaccepted accounting principles and does not reflect any net realized gains or losses on the sale of portfolio securities.For the fiscal years ended July 31, 2014, 2013 and 2012, the investment adviser was entitled to receive from the fund management fees of$9,178,000, $9,503,000 and $8,099,000, respectively.Tax-exempt income funds - Page 45

The Tax-Exempt Fund of California: The investment adviser receives a monthly fee based on the following annualized rates and net asset levels:RateNet asset levelIn excess ofUp to0.30% $ 0 $ 60,000,0000.21 60,000,000 1,000,000,0000.18 1,000,000,000The Agreement also provides for fees based on monthly gross investment income at the following annualized rates:RateMonthly gross investment incomeIn excess ofUp to3.00% $ 0 $ 3,333,3332.50 3,333,333For the purposes of such computations under the Agreement, the fund’s gross investment income is determined in accordance with generallyaccepted accounting principles and does not reflect any net realized gains or losses on the sale of portfolio securities.For the fiscal years ended July 31, 2014 and 2013, and August 31, 2012, the investment adviser was entitled to receive from the fund managementfees of $4,787,000, $4,749,000 and $4,978,000, respectively.American Funds Tax-Exempt Fund of New York: The management fee is based on the following annualized rates and daily net asset levels:RateDaily net asset levelIn excess ofUp to0.30% $ 0 $ 60,000,0000.21 60,000,000 1,000,000,0000.18 1,000,000,000The Agreement also provides for fees based on monthly gross investment income at the following annualized rates:RateMonthly gross investment incomeIn excess ofUp to3.00% $ 0 $3,333,3332.50 3,333,333For the fiscal years ended July 31, 2014, 2013, and 2012 the investment adviser was entitled to receive from the fund a management fee of$446,000, $471,000 and $376,000, respectively.Fee waiver - The investment adviser has agreed to reimburse a portion of the fees and expenses of the fund during its start-up period for TEFNY.This reimbursement will be in effect at least through September 30, 2014. The adviser may elect at its discretion to extend, modify or terminate thereimbursement at that time. For the periods ended July 31, 2014, 2013 and 2012, the total fees and expenses reimbursed by the investment adviserwere $114,000, $100,000 and $122,000, respectively. Fees and expenses in the statement of operations are presented gross of anyreimbursements from the investment adviser.Tax-exempt income funds - Page 46

Administrative services — The investment adviser and its affiliates provide certain administrative services for shareholders of the fund’s Class A,C, F and R-6 shares, to the extent that they are offered by the fund. Services include, but are not limited to, coordinating, monitoring, assisting andoverseeing third parties that provide services to fund shareholders.These services are provided pursuant to an Administrative Services Agreement (the “Administrative Agreement”) between the fund and theinvestment adviser relating to the fund’s Class A, C, F and R-6 shares, to the extent that they are offered by the fund. Each fund’s AdministrativeAgreement will continue in effect until at least March 31, 2015, unless sooner terminated or renewed. It may be renewed from year to yearthereafter, provided that any such renewal has been specifically approved at least annually by the vote of a majority of the members of the fund’sboard who are not parties to the Administrative Agreement or interested persons (as defined in the 1940 Act) of any such party, cast in person at ameeting called for the purpose of voting on such approval. The fund may terminate the Administrative Agreement at any time by vote of a majority ofindependent board members. The investment adviser has the right to terminate the Administrative Agreement upon 60 days’ written notice to thefund. The Administrative Agreement automatically terminates in the event of its assignment (as defined in the 1940 Act).Under the Administrative Agreement, the investment adviser receives an administrative services fee at the annual rate of .01% of the average dailynet assets of the fund attributable to Class A shares and .05% of the average daily net assets of the fund attributable to Class C, F and R-6 sharesto the extent they are offered by the fund, for administrative services. Administrative services fees are paid monthly and accrued daily.Tax-exempt income funds - Page 47

During the 2014 fiscal year, administrative services fees were:Administrative services feeSTEX Class A $ 73,000Class F-1 13,000Class F-2 19,000LTEX Class A 258,000Class C 22,000Class F-1 59,000Class F-2 79,000Class R-6 61,000TEBF Class A 665,000Class C 167,000Class F-1 766,000Class F-2 220,000Class R-6 65,000AHIM Class A 219,000Class C 76,000Class F-1 88,000Class F-2 81,000Class R-6 39,000TEFCA Class A 122,000Class C 39,000Class F-1 34,000Class F-2 46,000TEFNY Class A 10,000Class C 4,000Class F-1 1,000Class F-2 7,000STEX did not offer Class B or C shares in the 2014 fiscal year and is not currently offering B and C shares.Tax-exempt income funds - Page 48

Principal Underwriter and plans of distribution — American Funds Distributors, Inc. (the “Principal Underwriter”) is the principal underwriter ofthe fund’s shares. The Principal Underwriter is located at 333 South Hope Street, Los Angeles, CA 90071; 6455 Irvine Center Drive, Irvine, CA92618; 3500 Wiseman Boulevard, San Antonio, TX 78251; and 12811 North Meridian Street, Carmel, IN 46032.The Principal Underwriter receives revenues relating to sales of the fund’s shares, as follows:For Class A shares, the Principal Underwriter receives commission revenue consisting of the balance of the Class A sales chargeremaining after the allowances by the Principal Underwriter to investment dealers.For Class B shares sold prior to April 21, 2009, the Principal Underwriter sold its rights to the .75% distribution-related portion of the12b-1 fees paid by the fund, as well as any contingent deferred sales charges, to a third party. The Principal Underwritercompensated investment dealers for sales of Class B shares out of the proceeds of this sale and kept any amounts remaining afterthis compensation was paid.For Class C shares, the Principal Underwriter receives any contingent deferred sales charges that apply during the first year afterpurchase.In addition, the fund reimburses the Principal Underwriter for advancing immediate service fees to qualified dealers and advisors upon the sale ofClass C shares. The fund also reimburses the Principal Underwriter for service fees paid on a quarterly basis to intermediaries, such as qualifieddealers or financial advisors, in connection with investments in Class F-1 shares.Commissions, revenue or service fees retained by the Principal Underwriter after allowances or compensation to dealers were:Fiscal yearClass A 2014 STEXLTEXTEBFAHIMTEFCATEFNY2013 STEXLTEXTEBFAHIMTEFCATEFNY2012 STEXLTEXTEBFAHIMTEFCATEFNYCommissions,revenueor fees retained$135,000536,0001,368,000781,000220,00046,000132,000780,0002,770,0001,349,000303,00059,00096,000702,0002,302,000909,000278,00064,000Allowance orcompensationto dealersSTEXLTEXTEBFAHIMTEFCATEFNYSTEXLTEXTEBFAHIMTEFCATEFNYSTEXLTEXTEBFAHIMTEFCATEFNY$543,0002,115,0005,231,0003,020,000811,000177,000566,0003,105,00010,653,0005,187,0001,174,000229,000382,0002,755,0008,862,0003,508,0001,068,000251,000Tax-exempt income funds - Page 49

Fiscal yearCommissions,revenueor fees retainedAllowance orcompensationto dealersClass C * 2014 LTEXTEBFAHIMTEFCATEFNY31,000133,000—14,0001,000LTEXTEBFAHIMTEFCATEFNY5,000341,000281,00063,00016,0002013 LTEXTEBFAHIMTEFCATEFNY53,0006,00014,00032,0009,000LTEXTEBFAHIMTEFCATEFNY4,000862,000427,000123,00026,0002012 LTEXTEBFAHIMTEFCATEFNY4,000————LTEXTEBFAHIMTEFCATEFNY—754,00041,000148,00034,000* STEX does not currently offer Class C shares.Tax-exempt income funds - Page 50

Plans of distribution — The fund has adopted plans of distribution (the “Plans”) pursuant to rule 12b-1 under the 1940 Act. The Plans permit thefund to expend amounts to finance any activity primarily intended to result in the sale of fund shares, provided the fund’s board of trustees hasapproved the category of expenses for which payment is being made.Each Plan is specific to a particular share class of the fund. As the fund has not adopted a Plan for Class F-2 or Class R-6, no 12b-1 fees are paidfrom Class F-2 or Class R-6 share assets and the following disclosure is not applicable to these share classes.Payments under the Plans may be made for service-related and/or distribution-related expenses. Service-related expenses include paying servicefees to qualified dealers. Distribution-related expenses include commissions paid to qualified dealers. The amounts actually paid under the Plans forthe past fiscal year, expressed as a percentage of the fund’s average daily net assets attributable to the applicable share class, are disclosed in theprospectus under “Fees and expenses of the fund.” Further information regarding the amounts available under each Plan is in the “Plans ofDistribution” section of the prospectus.Following is a brief description of the Plans:Class A — For Class A shares, up to .25% (and, in the case of STEX, up to .15%) of the fund's average daily net assets attributable to suchshares is reimbursed to the Principal Underwriter for paying service-related expenses, and the balance available under the applicable Planmay be paid to the Principal Underwriter for distribution-related expenses. STEX may annually expend up to .15%, LTEX, AHIM and TEFNYmay annually expend up to .30%, and TEBF and TEFCA may annually expend up to .25% for Class A shares under the applicable Plan.Distribution-related expenses for Class A shares include dealer commissions and wholesaler compensation paid on sales of shares of $1million or more purchased without a sales charge. Commissions on these “no load” purchases (which are described in further detail underthe “Sales Charges” section of this statement of additional information document) in excess of the Class A Plan limitations and notreimbursed to the Principal Underwriter during the most recent fiscal quarter are recoverable for 15 months, provided that thereimbursement of such commissions does not cause the fund to exceed the annual expense limit. After 15 months, these commissions arenot recoverable. As of the fund’s most recent fiscal year, unreimbursed expenses which remained subject to reimbursement under the Planfor Class A shares totaled $875,000 or .12% of Class A net assets for STEX, $2,802,000 or .04% of Class A net assets for TEBF and$426,000 or .03% of Class A net assets for TEFCA.Class B — The Plan for Class B shares provide for payments to the Principal Underwriter of up to .25% of each fund’s average daily netassets attributable to such shares for paying service-related expenses and .75% for distribution-related expenses, which include thefinancing of commissions paid to qualified dealers.Class C — The Plan for Class C shares provide for payments to the Principal Underwriter of up to .25% of each fund’s average daily netassets attributable to such shares for paying service-related expenses and .75% for distribution-related expenses.Class F-1 — The Plan for Class F-1 shares provide for payments to the Principal Underwriter of up to .25% of each fund’s average daily netassets attributable to such shares for paying service-related expenses. The fund may annually expend up to .50% for Class F-1 sharesunder the applicable Plan with the approval of the board of trustees.Tax-exempt income funds - Page 51

During the 2014 fiscal year, 12b-1 expenses, accrued and paid, and if applicable, unpaid were:Class AClass BClass CClass F-1*Amount less than $1,000.12b-1 expensesSTEXLTEXTEBFAHIMTEFCATEFNYLTEXTEBFAHIMTEFCATEFNYLTEXTEBFAHIMTEFCATEFNYSTEXLTEXTEBFAHIMTEFCATEFNY$1,098,0007,738,00016,611,0005,373,0003,061,000158,00025,000155,00074,00027,0001,000433,0003,333,0001,517,000773,00075,00063,000293,0003,821,000440,000171,0002,000STEX did not offer Class B or C shares during the 2014 fiscal year and is not currently offering B and C shares.12b-1 unpaid liabilityoutstandingSTEXLTEXTEBFAHIMTEFCATEFNYLTEXTEBFAHIMTEFCATEFNYLTEXTEBFAHIMTEFCATEFNYSTEXLTEXTEBFAHIMTEFCATEFNY$ 62,000617,0001,564,000432,000300,0007,0002,00012,0006,0002,000—*44,000360,000174,00081,0009,0003,00027,000336,00043,00017,0002,000Approval of the Plans — As required by rule 12b-1 and the 1940 Act, the Plans (together with the Principal Underwriting Agreement) have beenapproved by the full board of trustees and separately by a majority of the independent trustees of the fund who have no direct or indirect financialinterest in the operation of the Plans or the Principal Underwriting Agreement. In addition, the selection and nomination of independent trustees ofthe fund are committed to the discretion of the independent trustees during the existence of the Plans.Potential benefits of the Plans to the fund include quality shareholder services, savings to the fund in transfer agency costs, and benefits to theinvestment process from growth or stability of assets. The Plans may not be amended to increase materially the amount spent for distributionwithout shareholder approval. Plan expenses are reviewed quarterly by the board of trustees and the Plans must be renewed annually by the boardof trustees.A portion of the fund’s 12b-1 expense is paid to financial advisors to compensate them for providing ongoing services. If you have questionsregarding your investment in the fund or need assistance with your account, please contact your financial advisor. If you need a financial advisor,please call American Funds Distributors at (800) 421-4120 for assistance.Tax-exempt income funds - Page 52

Other compensation to dealers — As of July 2014, the top dealers (or their affiliates) that American Funds Distributors anticipates will receiveadditional compensation (as described in the prospectus) include:AEGON / Transamerica / DiversifiedDiversified Capital CorporationDiversified Resources, LLCDiversified Securities, IncorporatedMerrill Lynch Life Insurance CompanyMerrill Lynch Life Insurance Company of New YorkTransam Securities, Inc.Transamerica Financial Advisors, Inc.Transamerica Financial Life Insurance CompanyTransamerica Investors Securities CorporationAXA Advisors, LLCCadaret, Grant & Co., Inc.CambridgeCambridge Investment Research, Inc.Cetera Financial GroupCetera Advisor Networks LLCCetera Advisors LLCCetera Financial Specialists LLCCetera Investment Services LLCCIMAS, LLCCommonwealthCommonwealth Financial NetworkD.A. Davidson & Co.Edward JonesEdward Jones Health Savings PlanH. Beck, Inc.Hefren-Tillotson, Inc.HTK / Janney Montgomery GroupHornor, Townsend & Kent, Inc.Janney Montgomery Scott LLCING GroupING Financial Advisers, LLCING Financial Partners, Inc.ING Investment Advisors, LLCJ.J.B. Hilliard LyonsHilliard Lyons Trust Company LLCJ. J. B. Hilliard, W. L. Lyons, LLCJ.P. Morgan Chase Banc OneJ.P. Morgan Institutional Investments, Inc.J.P. Morgan Securities LLCJP Morgan Chase Bank, N.A.Ladenburg Thalmann GroupInvestacorp, Inc.Ladenburg, Thalmann & Co., Inc.Securities America, Inc.Triad Advisors, Inc.Tax-exempt income funds - Page 53

Lincoln NetworkLincoln Capital Corp (RI)Lincoln Financial Advisors CorporationLincoln Financial Distributors, Inc.Lincoln Financial Securities CorporationLincoln Investment Advisors CorporationLincoln ManagementLincoln-LegacyLPL GroupLPL Financial LLCMass Mutual / MMLMassMutual Trust Company FSBMassmutual Trust Company, FSB (The)MML Investors Services, LLCMerrill Lynch Banc of AmericaBank of AmericaMerrill Lynch, Pierce, Fenner & Smith IncorporatedMetlife EnterprisesMetlife Securities Inc.New England SecuritiesTower Square Securities, Inc.Walnut Street Securities, Inc.Morgan Stanley Smith BarneyMorgan Stanley Smith Barney LLCNFP Securities, Inc.NMISNorthwestern Mutual Investment Services, LLCNPH / Jackson NationalInvest Financial CorporationInvestment Centers of America, Inc.National Planning CorporationSII Investments, Inc.Park Avenue Securities LLCPFSPFS Investments Inc.Puplava Securities, Inc.Raymond James GroupMorgan Keegan & Company, Inc.Raymond James & Associates, Inc.Raymond James Financial Services Inc.RBC Capital Markets CorporationRobert W. Baird & Co. IncorporatedStifel, Nicolaus & Company, IncorporatedThe Advisor GroupFSC Securities CorporationRoyal Alliance Associates, Inc.SagePoint Financial, Inc.Woodbury Financial Services, Inc.UBSUBS Financial Services Inc.UBS Securities, LLCTax-exempt income funds - Page 54

Wells Fargo NetworkFirst Clearing LLCWells FargoWells Fargo Advisors Financial Network, LLCWells Fargo Advisors Investment Services GroupWells Fargo Advisors Latin American ChannelWells Fargo Advisors Private Client GroupWells Fargo Bank, N.A.Wells Fargo Securities, LLCTax-exempt income funds - Page 55

Execution of portfolio transactionsThe investment adviser places orders with broker-dealers for the fund’s portfolio transactions. Purchases and sales of equity securities on asecurities exchange or an over-the-counter market are effected through broker-dealers who receive commissions for their services. Generally,commissions relating to securities traded on foreign exchanges will be higher than commissions relating to securities traded on U.S. exchanges andmay not be subject to negotiation. Equity securities may also be purchased from underwriters at prices that include underwriting fees. Purchasesand sales of fixed-income securities are generally made with an issuer or a primary market-maker acting as principal with no stated brokeragecommission. The price paid to an underwriter for fixed-income securities includes underwriting fees. Prices for fixed-income securities in secondarytrades usually include undisclosed compensation to the market-maker reflecting the spread between the bid and ask prices for the securities.In selecting broker-dealers, the investment adviser strives to obtain “best execution” (the most favorable total price reasonably attainable under thecircumstances) for the fund’s portfolio transactions, taking into account a variety of factors. These factors include the size and type of transaction,the nature and character of the markets for the security to be purchased or sold, the cost, quality, likely speed and reliability of the executions, thebroker-dealer’s or execution venue’s ability to offer liquidity and anonymity and the potential for minimizing market impact. The investment adviserconsiders these factors, which involve qualitative judgments, when selecting broker-dealers and execution venues for fund portfolio transactions.The investment adviser views best execution as a process that should be evaluated over time as part of an overall relationship with particularbroker-dealer firms. The fund does not consider the investment adviser as having an obligation to obtain the lowest commission rate available for aportfolio transaction to the exclusion of price, service and qualitative considerations.The investment adviser may execute portfolio transactions with broker-dealers who provide certain brokerage and/or investment research servicesto it, but only when in the investment adviser’s judgment the broker-dealer is capable of providing best execution for that transaction. The receipt ofthese services permits the investment adviser to supplement its own research and analysis and makes available the views of, and information from,individuals and the research staffs of other firms. Such views and information may be provided in the form of written reports, telephone contacts andmeetings with securities analysts. These services may include, among other things, reports and other communications with respect to individualcompanies, industries, countries and regions, economic, political and legal developments, as well as scheduling meetings with corporate executivesand seminars and conferences related to relevant subject matters. The investment adviser considers these services to be supplemental to its owninternal research efforts and therefore the receipt of investment research from broker-dealers does not tend to reduce the expenses involved in theinvestment adviser’s research efforts. If broker-dealers were to discontinue providing such services it is unlikely the investment adviser wouldattempt to replicate them on its own, in part because they would then no longer provide an independent, supplemental viewpoint. Nonetheless, if itwere to attempt to do so, the investment adviser would incur substantial additional costs. Research services that the investment adviser receivesfrom broker-dealers may be used by the investment adviser in servicing the fund and other funds and accounts that it advises; however, not all suchservices will necessarily benefit the fund.The investment adviser may pay commissions in excess of what other broker-dealers might have charged, including on an execution-only basis, forcertain portfolio transactions in recognition of brokerage and/or investment research services provided by a broker-dealer. In this regard, theinvestment adviser has adopted a brokerage allocation procedure consistent with the requirements of Section 28(e) of the U.S. Securities ExchangeAct of 1934. Section 28(e) permits an investment adviser to cause an account to pay a higher commission to a broker-dealer that provides certainbrokerage and/or investment research services to the investment adviser, if the investment adviser makes a goodTax-exempt income funds - Page 56

faith determination that such commissions are reasonable in relation to the value of the services provided by such broker-dealer to the investmentadviser in terms of that particular transaction or the investment adviser’s overall responsibility to the fund and other accounts that it advises. Certainbrokerage and/or investment research services may not necessarily benefit all accounts paying commissions to each such broker-dealer; therefore,the investment adviser assesses the reasonableness of commissions in light of the total brokerage and investment research services provided byeach particular broker-dealer.In accordance with its internal brokerage allocation procedure, each equity investment division of the investment adviser periodically assesses thebrokerage and investment research services provided by each broker-dealer from which it receives such services. Using its judgment, each equityinvestment division of the investment adviser provides its trading desks with information regarding the relative value of services provided byparticular broker-dealers. Neither the investment adviser nor the fund incurs any obligation to any broker-dealer to pay for research by generatingtrading commissions. As part of its ongoing relationships with broker-dealers, the investment adviser routinely meets with firms, typically at the firm’srequest, to discuss the level and quality of the brokerage and research services provided, as well as the perceived value and cost of such services.In valuing the brokerage and investment research services the investment adviser receives from broker-dealers in connection with its good faithdetermination of reasonableness, the investment adviser does not attribute a dollar value to such services, but rather takes various factors intoconsideration, including the quantity, quality and usefulness of the services to the investment adviser.The investment adviser seeks, on an ongoing basis, to determine what the reasonable levels of commission rates are in the marketplace. Theinvestment adviser takes various considerations into account when evaluating such reasonableness, including, (a) rates quoted by broker-dealers,(b) the size of a particular transaction in terms of the number of shares and dollar amount, (c) the complexity of a particular transaction, (d) thenature and character of the markets on which a particular trade takes place, (e) the ability of a broker-dealer to provide anonymity while executingtrades, (f) the ability of a broker-dealer to execute large trades while minimizing market impact, (g) the extent to which a broker-dealer has put itsown capital at risk, (h) the level and type of business done with a particular broker-dealer over a period of time, (i) historical commission rates, and(j) commission rates that other institutional investors are paying.When executing portfolio transactions in the same equity security for the funds and accounts, or portions of funds and accounts, over which theinvestment adviser, through its equity investment divisions, has investment discretion, each of the investment divisions normally aggregates itsrespective purchases or sales and executes them as part of the same transaction or series of transactions. When executing portfolio transactions inthe same fixed-income security for the fund and the other funds or accounts over which it or one of its affiliated companies has investmentdiscretion, the investment adviser normally aggregates such purchases or sales and executes them as part of the same transaction or series oftransactions. The objective of aggregating purchases and sales of a security is to allocate executions in an equitable manner among the funds andother accounts that have concurrently authorized a transaction in such security.The investment adviser may place orders for the fund’s portfolio transactions with broker-dealers who have sold shares of the funds managed by theinvestment adviser or its affiliated companies; however, it does not consider whether a broker-dealer has sold shares of the funds managed by theinvestment adviser or its affiliated companies when placing any such orders for the fund’s portfolio transactions.Tax-exempt income funds - Page 57

Brokerage commissions paid on portfolio transactions by AHIM for the 2014 fiscal year amounted to $6,000. No brokerage commissions were paidon portfolio transactions by AHIM for the 2013 and 2012 fiscal years.No brokerage commissions were paid on portfolio transactions by STEX, LTEX, TEBF, TEFCA and TEFNY for the 2014, 2013 and 2012 fiscalyears.Tax-exempt income funds - Page 58

Disclosure of portfolio holdingsThe fund’s investment adviser, on behalf of the fund, has adopted policies and procedures with respect to the disclosure of information about fundportfolio securities. These policies and procedures have been reviewed by the fund’s board of trustees, and compliance will be periodicallyassessed by the board in connection with reporting from the fund’s Chief Compliance Officer.Under these policies and procedures, the fund’s complete list of portfolio holdings available for public disclosure, dated as of the end of eachcalendar quarter, is permitted to be posted on the American Funds website no earlier than the 10th day after such calendar quarter. In practice, thepublicly disclosed portfolio is typically posted on the American Funds website within 30 days after the end of the calendar quarter. The publiclydisclosed portfolio may exclude certain securities when deemed to be in the best interest of the fund as permitted by applicable regulations. Inaddition, the fund’s list of top 10 equity portfolio holdings measured by percentage of net assets, dated as of the end of each calendar month, ispermitted to be posted on the American Funds website no earlier than the 10th day after such month. Such portfolio holdings information may bedisclosed to any person pursuant to an ongoing arrangement to disclose portfolio holdings information to such person no earlier than one day afterthe day on which the information is posted on the American Funds website.The fund’s custodian, outside counsel, auditor, financial printers, proxy voting service providers, pricing information vendors, consultants or agentsoperating under a contract with the investment adviser or its affiliates, co-litigants (such as in connection with a bankruptcy proceeding related to afund holding) and certain other third parties described below, each of which requires portfolio holdings information for legitimate business and fundoversight purposes, may receive fund portfolio holdings information earlier. See the “General information” section in this statement of additionalinformation for further information about the fund’s custodian, outside counsel and auditor.The fund’s portfolio holdings, dated as of the end of each calendar month, are made available to up to 20 key broker-dealer relationships withresearch departments to help them evaluate the fund for eligibility on approved lists or in model portfolios. These firms include certain of those listedunder the “Other compensation to dealers” section of this statement of additional information and certain broker-dealer firms that offer tradingplatforms for registered investment advisers. Monthly holdings may be provided to these intermediaries no earlier than the 10th day after the end ofthe calendar month. In practice, monthly holdings are provided within 30 days after the end of the calendar month. Holdings may also be disclosedmore frequently to certain statistical and data collection agencies including Morningstar, Lipper, Inc., Value Line, Vickers Stock Research,Bloomberg, Overlap and Thomson Financial Research.Affiliated persons of the fund, including officers of the fund and employees of the investment adviser and its affiliates, who receive portfolio holdingsinformation are subject to restrictions and limitations on the use and handling of such information pursuant to applicable codes of ethics, includingrequirements not to trade in securities based on confidential and proprietary investment information, to maintain the confidentiality of suchinformation, and to pre-clear securities trades and report securities transactions activity, as applicable. For more information on these restrictionsand limitations, please see the “Code of ethics” section in this statement of additional information and the Code of Ethics. Third-party serviceproviders of the fund and other entities, as described in this statement of additional information, receiving such information are subject toconfidentiality obligations. When portfolio holdings information is disclosed other than through the American Funds website to persons not affiliatedwith the fund, such persons will be bound by agreements (including confidentiality agreements) or fiduciary or other obligations that restrict and limittheir use of the information to legitimate business uses only. None of the fund, its investment adviser or any of their affiliates receives compensationor other consideration in connection with the disclosure of information about portfolio securities.Tax-exempt income funds - Page 59

Subject to board policies, the authority to disclose a fund’s portfolio holdings, and to establish policies with respect to such disclosure, resides withthe appropriate investment-related committees of the fund’s investment adviser. In exercising their authority, the committees determine whetherdisclosure of information about the fund’s portfolio securities is appropriate and in the best interest of fund shareholders. The investment adviser hasimplemented policies and procedures to address conflicts of interest that may arise from the disclosure of fund holdings. For example, theinvestment adviser’s code of ethics specifically requires, among other things, the safeguarding of information about fund holdings and containsprohibitions designed to prevent the personal use of confidential, proprietary investment information in a way that would conflict with fundtransactions. In addition, the investment adviser believes that its current policy of not selling portfolio holdings information and not disclosing suchinformation to unaffiliated third parties until such holdings have been made public on the American Funds website (other than to certain fund serviceproviders and other third parties for legitimate business and fund oversight purposes) helps reduce potential conflicts of interest between fundshareholders and the investment adviser and its affiliates.The fund’s investment adviser and its affiliates provide investment advice to clients other than the fund that have investment objectives that may besubstantially similar to those of the fund. These clients also may have portfolios consisting of holdings substantially similar to those of the fund andgenerally have access to current portfolio holdings information for their accounts. These clients do not owe the fund’s investment adviser or the funda duty of confidentiality with respect to disclosure of their portfolio holdings.Tax-exempt income funds - Page 60

Price of sharesShares are purchased at the offering price or sold at the net asset value price next determined after the purchase or sell order is received by thefund or the Transfer Agent provided that your request contains all information and legal documentation necessary to process the transaction. TheTransfer Agent may accept written orders for the sale of fund shares on a future date. These orders are subject to the Transfer Agent’s policies,which generally allow shareholders to provide a written request to sell shares at the net asset value on a specified date no more than five businessdays after receipt of the order by the Transfer Agent. Any request to sell shares on a future date will be rejected if the request is not in writing, if therequested transaction date is more than five business days after the Transfer Agent receives the request or if the request does not contain allinformation and legal documentation necessary to process the transaction.The offering or net asset value price is effective for orders received prior to the time of determination of the net asset value and, in the case oforders placed with dealers or their authorized designees, accepted by the Principal Underwriter, the Transfer Agent, a dealer or any of theirdesignees. In the case of orders sent directly to the fund or the Transfer Agent, an investment dealer should be indicated. The dealer is responsiblefor promptly transmitting purchase and sell orders to the Principal Underwriter.Orders received by the investment dealer or authorized designee, the Transfer Agent or the fund after the time of the determination of the net assetvalue will be entered at the next calculated offering price. Note that investment dealers or other intermediaries may have their own rules about sharetransactions and may have earlier cut-off times than those of the fund. For more information about how to purchase through your intermediary,contact your intermediary directly.Prices that appear in the newspaper do not always indicate prices at which you will be purchasing and redeeming shares of the fund, since suchprices generally reflect the previous day’s closing price, while purchases and redemptions are made at the next calculated price. The price you payfor shares, the offering price, is based on the net asset value per share, which is calculated once daily as of approximately 4 p.m. New York time,which is the normal close of trading on the New York Stock Exchange, each day the New York Stock Exchange is open. If, for example, the NewYork Stock Exchange closes at 1 p.m. New York time, the fund’s share price would still be determined as of 4 p.m. New York time. In such example,portfolio securities traded on the New York Stock Exchange would be valued at their closing prices unless the investment adviser determines that afair value adjustment is appropriate due to subsequent events. The New York Stock Exchange is currently closed on weekends and on the followingholidays: New Year’s Day; Martin Luther King, Jr. Day; Presidents’ Day; Good Friday; Memorial Day; Independence Day; Labor Day; Thanksgiving;and Christmas Day. Each share class of the fund has a separately calculated net asset value (and share price).All portfolio securities of funds managed by Capital Research and Management Company (other than American Funds Money Market Fund®) arevalued, and the net asset values per share for each share class are determined, as indicated below. The fund follows standard industry practice bytypically reflecting changes in its holdings of portfolio securities on the first business day following a portfolio trade.Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange ormarket on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the lastavailable bid price. Prices for each security are taken from the principal exchange or market on which the security trades.Tax-exempt income funds - Page 61

Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. The pricingvendors base prices on, among other things, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues,underlying equity of the issuer, interest rate volatilities, spreads and other relationships observed in the markets among comparable securities andproprietary pricing models such as yield measures calculated using factors such as cash flows, prepayment information, default rates, delinquencyand loss assumptions, financial or collateral characteristics or performance, credit enhancements, liquidation value calculations, specific dealinformation and other reference data. The fund’s investment adviser performs certain checks on vendor prices prior to calculation of the fund’s netasset value. When the investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to berepresentative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available(or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.Securities with both fixed-income and equity characteristics (e.g., convertible bonds, preferred stocks, units comprised of more than one type ofsecurity, etc.), or equity securities traded principally among fixed-income dealers, are generally valued in the manner described above for eitherequity or fixed-income securities, depending on which method is deemed most appropriate by the investment adviser.Forward currency contracts are valued at the mean of representative quoted bid and ask prices, generally based on prices supplied by one or morepricing vendors.Assets or liabilities initially expressed in terms of currencies other than U.S. dollars are translated prior to the next determination of the net assetvalue of the fund’s shares into U.S. dollars at the prevailing market rates.Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the investmentadviser are valued at fair value as determined in good faith under fair value guidelines adopted by authority of the fund’s board. Subject to boardoversight, the fund’s board has delegated the obligation to make fair valuation determinations to a valuation committee established by the fund’sinvestment adviser. The board receives regular reports describing fair-valued securities and the valuation methods used.The valuation committee has adopted guidelines and procedures (consistent with SEC rules and guidance) to consider certain relevant principlesand factors when making all fair value determinations. As a general principle, securities lacking readily available market quotations, or that havequotations that are considered unreliable by the investment adviser, are valued in good faith by the valuation committee based upon what the fundmight reasonably expect to receive upon their current sale. Fair valuations and valuations of investments that are not actively trading involvejudgment and may differ materially from valuations that would have been used had greater market activity occurred. The valuation committeeconsiders relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particularsecurity, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or businessdevelopments of the issuer, actively traded similar or related securities, conversion or exchange rights on the security, related corporate actions,significant events occurring after the close of trading in the security and changes in overall market conditions.Each class of shares represents interests in the same portfolio of investments and is identical in all respects to each other class, except fordifferences relating to distribution, service and other charges and expenses, certain voting rights, differences relating to eligible investors, thedesignation of each class of shares, conversion features and exchange privileges. Expenses attributable to the fund, but not to a particular class ofshares, are borne by each class pro rata based on relative aggregate netTax-exempt income funds - Page 62

assets of the classes. Expenses directly attributable to a class of shares are borne by that class of shares. Liabilities attributable to particular shareclasses, such as liabilities for repurchase of fund shares, are deducted from total assets attributable to such share classes.Net assets so obtained for each share class are then divided by the total number of shares outstanding of that share class, and the result, roundedto the nearest cent, is the net asset value per share for that class.Tax-exempt income funds - Page 63

Taxes and distributionsDisclaimer: Some of the following information may not apply to certain shareholders including those holding fund shares in a tax-deferred account,such as a retirement plan or education savings account. Shareholders should consult their tax advisors about the application of federal, state andlocal tax law in light of their particular situation.Taxation as a regulated investment company — The fund intends to qualify each year as a “regulated investment company” under Subchapter Mof the Internal Revenue Code (“Code”) so that it will not be liable for federal tax on income and capital gains distributed to shareholders. In order toqualify as a regulated investment company, and avoid being subject to federal income taxes, the fund intends to distribute substantially all of its netinvestment income and realized net capital gains on a fiscal year basis, and intends to comply with other tests applicable to regulated investmentcompanies under Subchapter M.The Code includes savings provisions allowing the fund to cure inadvertent failures of certain qualification tests required under Subchapter M.However, should the fund fail to qualify under Subchapter M, the fund would be subject to federal, and possibly state, corporate taxes on its taxableincome and gains.Amounts not distributed by the fund on a timely basis in accordance with a calendar year distribution requirement may be subject to a nondeductible4% excise tax. Unless an applicable exception applies, to avoid the tax, the fund must distribute during each calendar year an amount equal to thesum of (1) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year, (2) at least 98.2% of itscapital gains in excess of its capital losses for the twelve month period ending on October 31, and (3) all ordinary income and capital gains forprevious years that were not distributed during such years.Dividends paid by the fund from ordinary income or from an excess of net short-term capital gain over net long-term capital loss are taxable toshareholders as ordinary income dividends. For corporate shareholders, a portion of the fund’s ordinary income dividends may be eligible for the70% deduction for dividends received by corporations to the extent the fund’s income consists of dividends paid by U.S. corporations. Thisdeduction does not include dividends received from non-U.S. corporations and dividends on stocks the fund has not held for more than 45 daysduring the 90-day period beginning 45 days before the stock became ex-dividend (90 and 180 days for certain preferred stock). Corporateshareholders can only apply the lower rate to the qualified portion of a fund’s dividends if they have held the shares in the fund on which thedividends were paid for the applicable 45 day or 90 day holding period surrounding the ex-dividend date of the fund’s dividends.The fund may declare a capital gain distribution consisting of the excess of net realized long-term capital gains over net realized short-term capitallosses. Net capital gains for a fiscal year are computed by taking into account any capital loss carryforward of the fund. For fund fiscal yearsbeginning on or after December 22, 2010, capital losses may be carried forward indefinitely and retain their character as either short-term or longterm.Under prior law, net capital losses could be carried forward for eight tax years and were treated as short-term capital losses. The fund isrequired to use capital losses arising in fiscal years beginning on or after December 22, 2010 before using capital losses arising in fiscal years priorto December 22, 2010.The fund may retain a portion of net capital gain for reinvestment and may elect to treat such capital gain as having been distributed to shareholdersof the fund. Shareholders may receive a credit for the tax that the fund paid on such undistributed net capital gain and would increase the basis intheir shares of the fund by the difference between the amount of includible gains and the tax deemed paid by the shareholder.Tax-exempt income funds - Page 64

Distributions of net capital gain that the fund properly designates as a capital gain distribution generally will be taxable as long-term capital gain,regardless of the length of time the shares of the fund have been held by a shareholder. Any loss realized upon the redemption of shares held at thetime of redemption for six months or less from the date of their purchase will be treated as a long-term capital loss to the extent of any capital gaindistributions (including any undistributed amounts treated as distributed capital gains, as described above) during such six-month period.Capital gain distributions by the fund result in a reduction in the net asset value of the fund’s shares. Investors should consider the tax implicationsof buying shares just prior to a capital gain distribution. The price of shares purchased at that time includes the amount of the forthcomingdistribution. Those purchasing just prior to a distribution will subsequently receive a partial return of their investment capital upon payment of thedistribution, which will be taxable to them.Redemptions and exchanges of fund shares — Redemptions of shares, including exchanges for shares of other American Funds, may result infederal, state and local tax consequences (gain or loss) to the shareholder.Any loss realized on a redemption or exchange of shares of the fund will be disallowed to the extent substantially identical shares are reacquiredwithin the 61-day period beginning 30 days before and ending 30 days after the shares are disposed of. Any loss disallowed under this rule will beadded to the shareholder’s tax basis in the new shares purchased.If a shareholder exchanges or otherwise disposes of shares of the fund within 90 days of having acquired such shares, and if, as a result of havingacquired those shares, the shareholder subsequently pays a reduced or no sales charge for shares of the fund, or of a different fund acquiredbefore January 31 st of the year following the year the shareholder exchanged or otherwise disposed of the original fund shares, the sales chargepreviously incurred in acquiring the fund’s shares will not be taken into account (to the extent such previous sales charges do not exceed thereduction in sales charges) for the purposes of determining the amount of gain or loss on the exchange, but will be treated as having been incurredin the acquisition of such other fund(s).Tax consequences applicable to tax-exempt funds — Interest on the municipal securities purchased by the fund is believed to be free fromregular federal income tax based on opinions issued by bond counsel. However, there is no guarantee that the opinion is correct or that the IRS willagree with the opinion. If interest on a municipal security is not free from regular federal income tax, then the interest on that security would becometaxable. If this were to happen, dividends derived from this interest may be taxable to shareholders.By meeting certain requirements of the Code, the fund qualifies to pay exempt-interest dividends to shareholders. These exempt-interest dividendsare derived from interest income exempt from regular federal income tax, and are not subject to regular federal income tax when they are distributedto fund shareholders. In addition, to the extent that exempt-interest dividends are derived from interest on obligations of a state or its politicalsubdivisions, or from interest on qualifying U.S. territorial obligations (including qualifying obligations of Puerto Rico, the U.S. Virgin Islands orGuam), they also may be exempt from that state’s personal income taxes.Distributions paid by a tax-exempt fund that are designated as exempt-interest dividends will not be subject to regular federal income tax. Exemptinterestdividends paid by the fund will be reported to both the IRS and shareholders of the fund.Private activity bonds are bonds that, although federally tax-exempt, are used for purposes other than those generally performed by governmentalunits and that benefit non-governmental entities. Interest on certain private activity bonds, while exempt from regular federal income tax, is apreference itemTax-exempt income funds - Page 65

for taxpayers when determining their alternative minimum tax under the Code and under the income tax provisions of several states.The price of a bond purchased after its original issuance may reflect market discount which, depending on the particular circumstances, may resultin the fund recognizing taxable ordinary income. In determining whether a bond is purchased with market discount, certain de minimis rules apply.Other tax considerations — After the end of each calendar year, individual shareholders holding fund shares in taxable accounts will receive astatement of the federal income tax status of all distributions. Shareholders of the fund also may be subject to state and local taxes on distributionsreceived from the fund.For fund shares acquired on or after January 1, 2012, the fund is required to report cost basis information for redemptions, including exchanges, toboth shareholders and the IRS.Shareholders may obtain more information about cost basis online at americanfunds.com/costbasis.Under the backup withholding provisions of the Code, the fund generally will be required to withhold federal income tax on all payments made to ashareholder if the shareholder either does not furnish the fund with the shareholder’s correct taxpayer identification number or fails to certify that theshareholder is not subject to backup withholding. Backup withholding also applies if the IRS notifies the shareholder or the fund that the taxpayeridentification number provided by the shareholder is incorrect or that the shareholder has previously failed to properly report interest or dividendincome.The foregoing discussion of U.S. federal income tax law relates solely to the application of that law to U.S. persons (i.e., U.S. citizens and legalresidents and U.S. corporations, partnerships, trusts and estates). Each shareholder who is not a U.S. person should consider the U.S. and foreigntax consequences of ownership of shares of the fund, including the possibility that such a shareholder may be subject to U.S. withholding taxes.Tax-exempt income funds - Page 66

Purchase and exchange of sharesPurchases by individuals — As described in the prospectus, you may generally open an account and purchase fund shares by contacting afinancial advisor or investment dealer authorized to sell the fund’s shares. You may make investments by any of the following means:Contacting your financial advisor — Deliver or mail a check to your financial advisor.By mail — For initial investments, you may mail a check, made payable to the fund, directly to the address indicated on the accountapplication. Please indicate an investment dealer on the account application. You may make additional investments by filling out the“Account Additions” form at the bottom of a recent transaction confirmation and mailing the form, along with a check made payable to thefund, using the envelope provided with your confirmation.The amount of time it takes for us to receive regular U.S. postal mail may vary and there is no assurance that we will receive such mail onthe day you expect. Mailing addresses for regular U.S. postal mail can be found in the prospectus. To send investments or correspondenceto us via overnight mail or courier service, use either of the following addresses:American Funds12711 North Meridian StreetCarmel, IN 46032-9181American Funds5300 Robin Hood RoadNorfolk, VA 23513-2407By telephone — Using the American FundsLine. Please see the “Shareholder account services and privileges” section of this statement ofadditional information for more information regarding this service.By Internet — Using americanfunds.com. Please see the “Shareholder account services and privileges” section of this statement ofadditional information for more information regarding this service.Tax-exempt income funds - Page 67

By wire — If you are making a wire transfer, instruct your bank to wire funds to:Wells Fargo BankABA Routing No. 121000248Account No. 4600-076178Your bank should include the following information when wiring funds:For credit to the account of:American Funds Service Company(fund’s name)For further credit to:(shareholder’s fund account number)(shareholder’s name)You may contact American Funds Service Company at (800) 421-4225 if you have questions about making wire transfers.Other purchase information — The American Funds state tax-exempt funds are qualified for sale only in certain jurisdictions, and tax-exemptfunds in general should not serve as retirement plan investments. The fund and the Principal Underwriter reserve the right to reject any purchaseorder.Class R-6 shares are generally only available to American Funds Portfolio Series and other registered investment companies approved by thefund’s investment adviser or distributor.Purchase minimums and maximums — All investments are subject to the purchase minimums and maximums described in the prospectus. Asnoted in the prospectus, purchase minimums may be waived or reduced in certain cases.In the case of American Funds non-tax-exempt funds, the initial purchase minimum of $25 may be waived for the following account types:Payroll deduction retirement plan accounts (such as, but not limited to, 403(b), 401(k), SIMPLE IRA, SARSEP and deferredcompensation plan accounts); andEmployer-sponsored CollegeAmerica accounts.Tax-exempt income funds - Page 68

The following account types may be established without meeting the initial purchase minimum:The following account types may be established without meeting the initial purchase minimum, but shareholders wishing to invest in two or morefunds must meet the normal initial purchase minimum of each fund:Retirement accounts that are funded with employer contributions; andAccounts that are funded with monies set by court decree.Accounts that are funded with (a) transfers of assets, (b) rollovers from retirement plans, (c) rollovers from 529 college savingsplans or (d) required minimum distribution automatic exchanges; andAmerican Funds Money Market Fund accounts registered in the name of clients of Capital Guardian Trust Company’s Capital GroupPrivate Client Services division.Certain accounts held on the fund’s books, known as omnibus accounts, contain multiple underlying accounts that are invested in shares of thefund. These underlying accounts are maintained by entities such as financial intermediaries and are subject to the applicable initial purchaseminimums as described in the prospectus and this statement of additional information. However, in the case where the entity maintaining theseaccounts aggregates the accounts’ purchase orders for fund shares, such accounts are not required to meet the fund’s minimum amount forsubsequent purchases.Exchanges — You may only exchange shares into other American Funds within the same share class. However, exchanges from Class A sharesof American Funds Money Market Fund may be made to Class C shares of other American Funds for dollar cost averaging purposes. Exchangesare not permitted from Class A shares of American Funds Money Market Fund to Class C shares of American Funds Short-Term Tax-Exempt BondFund, Intermediate Bond Fund of America, Limited Term Tax-Exempt Bond Fund of America or Short-Term Bond Fund of America. Exchangepurchases are subject to the minimum investment requirements of the fund purchased and no sales charge generally applies. However, exchangesof shares from American Funds Money Market Fund are subject to applicable sales charges, unless the American Funds Money Market Fundshares were acquired by an exchange from a fund having a sales charge, or by reinvestment or cross-reinvestment of dividends or capital gaindistributions. Exchanges of Class F shares generally may only be made through fee-based programs of investment firms that have specialagreements with the fund’s distributor and certain registered investment advisors.You may exchange shares of other classes by contacting the Transfer Agent, by contacting your investment dealer or financial advisor, by usingAmerican FundsLine or americanfunds.com, or by telephoning (800) 421-4225 toll-free, or faxing (see “American Funds Service Company serviceareas” in the prospectus for the appropriate fax numbers) the Transfer Agent. For more information, see “Shareholder account services andprivileges” in this statement of additional information. These transactions have the same tax consequences as ordinary sales and purchases.Shares held in employer-sponsored retirement plans may be exchanged into other American Funds by contacting your plan administrator orrecordkeeper. Exchange redemptions and purchases are processed simultaneously at the share prices next determined after the exchange order isreceived (see “Price of shares” in this statement of additional information).Conversion — Currently, Class C shares of the fund automatically convert to Class F-1 shares in the month of the 10-year anniversary of thepurchase date. The board of trustees of the fund reserves the right at any time, without shareholder approval, to amend the conversion feature ofthe Class C shares, including without limitation, providing for conversion into a different share class or for no conversion.Tax-exempt income funds - Page 69

In making its decision, the board of trustees will consider, among other things, the effect of any such amendment on shareholders.Frequent trading of fund shares — As noted in the prospectus, certain redemptions may trigger a purchase block lasting 30 calendar days underthe fund’s “purchase blocking policy.” Under this policy, systematic redemptions will not trigger a purchase block and systematic purchases will notbe prevented if the entity maintaining the shareholder account is able to identify the transaction as a systematic redemption or purchase. Forpurposes of this policy, systematic redemptions include, for example, regular periodic automatic redemptions and statement of intention escrowshare redemptions. Systematic purchases include, for example, regular periodic automatic purchases and automatic reinvestments of dividends andcapital gain distributions. Generally, purchases and redemptions will not be considered “systematic” unless the transaction is prescheduled for aspecific date.Other potentially abusive activity — In addition to implementing purchase blocks, American Funds Service Company will monitor for other typesof activity that could potentially be harmful to the American Funds — for example, short-term trading activity in multiple funds. When identified,American Funds Service Company will request that the shareholder discontinue the activity. If the activity continues, American Funds ServiceCompany will freeze the shareholder account to prevent all activity other than redemptions of fund shares.Moving between share classesIf you wish to “move” your investment between share classes (within the same fund or between different funds), we generally will processyour request as an exchange of the shares you currently hold for shares in the new class or fund. Below is more information about howsales charges are handled for various scenarios. Class B and C shares are not currently offered by STEX.Exchanging Class B shares for Class A shares — If you exchange Class B shares for Class A shares during the contingent deferredsales charge period you are responsible for paying any applicable deferred sales charges attributable to those Class B shares, but you willnot be required to pay a Class A sales charge. If, however, you exchange your Class B shares for Class A shares after the contingentdeferred sales charge period, you are responsible for paying any applicable Class A sales charges.Exchanging Class C shares for Class A shares — If you exchange Class C shares for Class A shares, you are still responsible forpaying any Class C contingent deferred sales charges and applicable Class A sales charges.Exchanging Class C shares for Class F shares — If you are part of a qualified fee-based program and you wish to exchange your ClassC shares for Class F shares to be held in the program, you are still responsible for paying any applicable Class C contingent deferred salescharges.Exchanging Class F shares for Class A shares — You can exchange Class F shares held in a qualified fee-based program for Class Ashares without paying an initial Class A sales charge if you are leaving or have left the fee-based program. You can exchange Class Fshares received in a conversion from Class C shares for Class A shares at any time without paying an initial Class A sales charge if younotify American Funds Service Company of the conversion when you make your request. If you have already redeemed your Class Fshares, the foregoing requirements apply and you must purchase Class A shares within 90 days after redeeming your Class F shares toreceive the Class A shares without paying an initial Class A sales charge.Tax-exempt income funds - Page 70

Exchanging Class A shares for Class F shares — If you are part of a qualified fee-based program and you wish to exchange your ClassA shares for Class F shares to be held in the program, any Class A sales charges (including contingent deferred sales charges) that youpaid or are payable will not be credited back to your account.Exchanging Class F-1 shares for Class F-2 shares — If you are part of a qualified fee-based program that offers Class F-2 shares, youmay exchange your Class F-1 shares for Class F-2 shares to be held in the program.Moving between other share classes — If you desire to move your investment between share classes and the particular scenario is notdescribed in this statement of additional information, please contact American Funds Service Company at (800) 421-4225 for moreinformation.Non-reportable transactions — Automatic conversions described in the prospectus will be non-reportable for tax purposes. In addition, anexchange of shares from one share class of a fund to another share class of the same fund will be treated as a non-reportable exchange fortax purposes, provided that the exchange request is received in writing by American Funds Service Company and processed as a singletransaction.Tax-exempt income funds - Page 71

Sales chargesClass A purchasesPurchases by certain 403(b) plansTax-exempt funds in general should not serve as retirement plan investments.A 403(b) plan may not invest in Class A or C shares unless such plan was invested in Class A or C shares before January 1, 2009.Participant accounts of a 403(b) plan that were treated as an individual-type plan for sales charge purposes before January 1, 2009, maycontinue to be treated as accounts of an individual-type plan for sales charge purposes. Participant accounts of a 403(b) plan that weretreated as an employer-sponsored plan for sales charge purposes before January 1, 2009, may continue to be treated as accounts of anemployer-sponsored plan for sales charge purposes. Participant accounts of a 403(b) plan that is established on or after January 1, 2009,are treated as accounts of an employer-sponsored plan for sales charge purposes.Purchases by SEP plans and SIMPLE IRA plansParticipant accounts in a Simplified Employee Pension (SEP) plan or a Savings Incentive Match Plan for Employees of Small EmployersIRA (SIMPLE IRA) plan will be aggregated together for Class A sales charge purposes if the SEP plan or SIMPLE IRA plan was establishedafter November 15, 2004, by an employer adopting a prototype plan produced by American Funds Distributors, Inc. In the case where theemployer adopts any other plan (including, but not limited to, an IRS model agreement), each participant’s account in the plan will beaggregated with the participant’s own personal investments that qualify under the aggregation policy. A SEP plan or SIMPLE IRA plan witha certain method of aggregating participant accounts as of November 15, 2004, may continue with that method so long as the employer hasnot modified the plan document since that date.Other purchasesPursuant to a determination of eligibility by a vice president or more senior officer of the Capital Research and Management Company FundAdministration Unit, or by his or her designee, Class A shares of the American Funds stock, stock/bond and bond funds may be sold at netasset value to:(1) current or retired directors, trustees, officers and advisory board members of, and certain lawyers who provide services to, thefunds managed by Capital Research and Management Company, current or retired employees and partners of The Capital GroupCompanies, Inc. and its affiliated companies, certain family members of the above persons, and trusts or plans primarily for suchpersons;(2) currently registered representatives and assistants directly employed by such representatives, retired registered representativeswith respect to accounts established while active, or full-time employees (collectively, “Eligible Persons”) (and their (a) spouses orequivalents if recognized under local law, (b) parents and children, including parents and children in step and adoptiverelationships, sons-in-law and daughters-in-law, and (c) parents-in-law, if the Eligible Persons or the spouses, children or parentsof the Eligible Persons are listed in the account registration with the parents-in-law) of dealers who have sales agreements with theTax-exempt income funds - Page 72

Principal Underwriter (or who clear transactions through such dealers), plans for the dealers, and plans that include as participantsonly the Eligible Persons, their spouses, parents and/or children (these policies are subject to the dealer’s policies and systemcapabilities);(3) currently registered investment advisors (“RIAs”) and assistants directly employed by such RIAs, retired RIAs with respect toaccounts established while active, or full-time employees (collectively, “Eligible RIAs”) (and their (a) spouses or equivalents ifrecognized under local law, (b) parents and children, including parents and children in step and adoptive relationships, sons-in-lawand daughters-in-law and (c) parents-in-law, if the Eligible RIAs or the spouses, children or parents of the Eligible RIAs are listed inthe account registration with the parents-in-law) of RIA firms that are authorized to sell shares of the funds, plans for the RIA firms,and plans that include as participants only the Eligible RIAs, their spouses, parents and/or children (these policies are subject tothe RIA’s policies and system capabilities);(4) companies exchanging securities with the fund through a merger, acquisition or exchange offer;(5) insurance company separate accounts;(6) accounts managed by subsidiaries of The Capital Group Companies, Inc.;(7) The Capital Group Companies, Inc. and its affiliated companies;(8) an individual or entity with a substantial business relationship with The Capital Group Companies, Inc. or its affiliates, or anindividual or entity related or relating to such individual or entity;(9) wholesalers and full-time employees directly supporting wholesalers involved in the distribution of insurance company separateaccounts whose underlying investments are managed by any affiliate of The Capital Group Companies, Inc.; and(10) full-time employees of banks that have sales agreements with the Principal Underwriter, who are solely dedicated to directlysupporting the sale of mutual funds.Shares are offered at net asset value to these persons and organizations due to anticipated economies in sales effort and expense. Oncean account is established under this net asset value privilege, additional investments can be made at net asset value for the life of theaccount. These privileges may not be available if your account is held with an investment dealer or through an employer-sponsoredretirement plan.Moving between accounts — Investments in certain account types may be moved to other account types without incurring additional Class Asales charges. These transactions include, for example:redemption proceeds from a non-retirement account (for example, a joint tenant account) used to purchase fund shares in an IRA orother individual-type retirement account;required minimum distributions from an IRA or other individual-type retirement account used to purchase fund shares in a nonretirementaccount; anddeath distributions paid to a beneficiary’s account that are used by the beneficiary to purchase fund shares in a different account.Tax-exempt income funds - Page 73

Loan repayments — Repayments on loans taken from a retirement plan are not subject to sales charges if American Funds Service Company isnotified of the repayment.Dealer commissions and compensation — Commissions (up to 1.00%) are paid to dealers who initiate and are responsible for certain Class Ashare purchases not subject to initial sales charges. These purchases consist of a) purchases of $1 million or more, and b) purchases by employersponsoreddefined contribution-type retirement plans investing $1 million or more or with 100 or more eligible employees. Only with respect to TheTax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York, commissions on such investments (other than IRA rollover assets that roll over at no sales charge under the fund’s IRArollover policy as described in the prospectus) are paid to dealers at the following rates: 1.00% on amounts of less than $10 million, .50% onamounts of at least $10 million but less than $25 million and .25% on amounts of at least $25 million. Commissions are based on cumulativeinvestments over the life of the account with no adjustment for redemptions, transfers, or market declines. For example, if a shareholder hasaccumulated investments in excess of $10 million (but less than $25 million) and subsequently redeems all or a portion of the account(s), purchasesfollowing the redemption will generate a dealer commission of .50%.Commissions (up to 1.00%) are paid to dealers who initiate and are responsible for certain Class A share purchases not subject to initial salescharges. These purchases consist of purchases of $1 million or more and purchases by employer-sponsored defined contribution-type retirementplans investing $1 million or more or with 100 or more eligible employees. Only with respect to American Funds Short-Term Tax-Exempt Bond Fundand Limited Term Tax-Exempt Bond Fund of America, commissions on such investments (other than IRA rollover assets that roll over at no salescharge under the fund’s IRA rollover policy as described in the prospectus) are paid to dealers at the following rates: 1.00% on amounts of less than$4 million, .50% on amounts of at least $4 million but less than $10 million and .25% on amounts of at least $10 million. Commissions are based oncumulative investments over the life of the account with no adjustment for redemptions, transfers, or market declines. For example, if a shareholderhas accumulated investments in excess of $4 million (but less than $10 million) and subsequently redeems all or a portion of the account(s),purchases following the redemption will generate a dealer commission of .50%.A dealer concession of up to 1% may be paid by the fund under its Class A plan of distribution to reimburse the Principal Underwriter in connectionwith dealer and wholesaler compensation paid by it with respect to investments made with no initial sales charge.Class C purchasesDirect purchases of Class C shares of Limited Term Tax-Exempt Bond Fund of America are not permitted. Class C shares of Limited Term Tax-Exempt Bond Fund of America may be acquired only by exchanging from Class C shares of other American Funds.Tax-exempt income funds - Page 74

Sales charge reductions and waiversReducing your Class A sales charge — As described in the prospectus, there are various ways to reduce your sales charge when purchasingClass A shares. Additional information about Class A sales charge reductions is provided below.Statement of intention — By establishing a statement of intention (the “Statement”), you enter into a nonbinding commitment to purchaseshares of the American Funds (excluding American Funds Money Market Fund) over a 13-month period and receive the same sales charge(expressed as a percentage of your purchases) as if all shares had been purchased at once, unless the Statement is upgraded asdescribed below.The Statement period starts on the date on which your first purchase made toward satisfying the Statement is processed. Your accumulatedholdings (as described in the paragraph below titled “Rights of accumulation”) eligible to be aggregated as of the day immediately before thestart of the Statement period may be credited toward satisfying the Statement.You may revise the commitment you have made in your Statement upward at any time during the Statement period. If your priorcommitment has not been met by the time of the revision, the Statement period during which purchases must be made will remainunchanged. Purchases made from the date of the revision will receive the reduced sales charge, if any, resulting from the revisedStatement. If your prior commitment has been met by the time of the revision, your original Statement will be considered met and a newStatement will be established.The Statement will be considered completed if the shareholder dies within the 13-month Statement period. Commissions to dealers will notbe adjusted or paid on the difference between the Statement amount and the amount actually invested before the shareholder’s death.When a shareholder elects to use a Statement, shares equal to 5% of the dollar amount specified in the Statement may be held in escrow inthe shareholder’s account out of the initial purchase (or subsequent purchases, if necessary) by the Transfer Agent. All dividends and anycapital gain distributions on shares held in escrow will be credited to the shareholder’s account in shares (or paid in cash, if requested). Ifthe intended investment is not completed within the specified Statement period the investments made during the statement period will beadjusted to reflect the difference between the sales charge actually paid and the sales charge which would have been paid if the total ofsuch purchases had been made at a single time. Any dealers assigned to the shareholder’s account at the time a purchase was madeduring the Statement period will receive a corresponding commission adjustment if appropriate.In addition, if you currently have individual holdings in American Legacy variable annuity contracts or variable life insurance policies thatwere established on or before March 31, 2007, you may continue to apply purchases under such contracts and policies to a Statement.Shareholders purchasing shares at a reduced sales charge under a Statement indicate their acceptance of these terms and those in theprospectus with their first purchase.Aggregation — Qualifying investments for aggregation include those made by you and your “immediate family” as defined in theprospectus, if all parties are purchasing shares for their own accounts and/or:Tax-exempt income funds - Page 75

individual-type employee benefit plans, such as an IRA, single-participant Keogh-type plan, or a participant account of a 403(b) planthat is treated as an individual-type plan for sales charge purposes (see “Purchases by certain 403(b) plans” under “Sales charges”in this statement of additional information);SEP plans and SIMPLE IRA plans established after November 15, 2004, by an employer adopting any plan document other than aprototype plan produced by American Funds Distributors, Inc.;business accounts solely controlled by you or your immediate family (for example, you own the entire business);trust accounts established by you or your immediate family (for trusts with only one primary beneficiary, upon the trustor’s death thetrust account may be aggregated with such beneficiary’s own accounts; for trusts with multiple primary beneficiaries, upon thetrustor’s death the trustees of the trust may instruct American Funds Service Company to establish separate trust accounts for eachprimary beneficiary; each primary beneficiary’s separate trust account may then be aggregated with such beneficiary’s ownaccounts);endowments or foundations established and controlled by you or your immediate family; orCollegeAmerica® accounts invested in American Funds other than the funds, which will be aggregated at the account owner level.(Class 529-E accounts may only be aggregated with an eligible employer plan. For more information about CollegeAmerica andClass 529 shares, please see the prospectus of American Funds that offer Class 529 shares.)Individual purchases by a trustee(s) or other fiduciary(ies) may also be aggregated if the investments are:for a single trust estate or fiduciary account, including employee benefit plans other than the individual-type employee benefit plansdescribed above;made for two or more employee benefit plans of a single employer or of affiliated employers as defined in the 1940 Act, excludingthe individual-type employee benefit plans described above;for a diversified common trust fund or other diversified pooled account not specifically formed for the purpose of accumulating fundshares;for nonprofit, charitable or educational organizations, or any endowments or foundations established and controlled by suchorganizations, or any employer-sponsored retirement plans established for the benefit of the employees of such organizations, theirendowments, or their foundations;for participant accounts of a 403(b) plan that is treated as an employer-sponsored plan for sales charge purposes (see “Purchasesby certain 403(b) plans” under “Sales charges” in this statement of additional information), or made for participant accounts of two ormore such plans, in each case of a single employer or affiliated employers as defined in the 1940 Act; orfor a SEP or SIMPLE IRA plan established after November 15, 2004, by an employer adopting a prototype plan produced byAmerican Funds Distributors, Inc.Purchases made for nominee or street name accounts (securities held in the name of an investment dealer or another nominee such as abank trust department instead of the customer) may not be aggregated with those made for other accounts and may not beTax-exempt income funds - Page 76

aggregated with other nominee or street name accounts unless otherwise qualified as described above.Joint accounts may be aggregated with other accounts belonging to the primary owner and/or his or her immediate family. The primaryowner of a joint account is the individual responsible for taxes on the account.Concurrent purchases — As described in the prospectus, you may reduce your Class A sales charge by combining purchases of allclasses of shares in the American Funds, as well as applicable holdings in the American Funds Target Date Retirement Series, AmericanFunds Portfolio Series and American Funds College Target Date Series. Shares of American Funds Money Market Fund purchased throughan exchange, reinvestment or cross-reinvestment from a fund having a sales charge also qualify. However, direct purchases of AmericanFunds Money Market Fund are excluded. If you currently have individual holdings in American Legacy variable annuity contracts or variablelife insurance policies that were established on or before March 31, 2007, you may continue to combine purchases made under suchcontracts and policies to reduce your Class A sales charge.Rights of accumulation — Subject to the limitations described in the aggregation policy, you may take into account your accumulatedholdings in all share classes of the American Funds, as well as applicable holdings in the American Funds Target Date Retirement Series,American Funds Portfolio Series and American Funds College Target Date Series, to determine your sales charge on investments inaccounts eligible to be aggregated. Direct purchases of American Funds Money Market Fund are excluded. Subject to your investmentdealer’s or recordkeeper’s capabilities, your accumulated holdings will be calculated as the higher of (a) the current value of your existingholdings (the “market value”) as of the day prior to your American Funds investment or (b) the amount you invested (including reinvesteddividends and capital gains, but excluding capital appreciation) less any withdrawals (the “cost value”). Depending on the entity on whosebooks your account is held, the value of your holdings in that account may not be eligible for calculation at cost value. For example,accounts held in nominee or street name may not be eligible for calculation at cost value and instead may be calculated at market value forpurposes of rights of accumulation.The value of all of your holdings in accounts established in calendar year 2005 or earlier will be assigned an initial cost value equal to themarket value of those holdings as of the last business day of 2005. Thereafter, the cost value of such accounts will increase or decreaseaccording to actual investments or withdrawals. You must contact your financial advisor or American Funds Service Company if you haveadditional information that is relevant to the calculation of the value of your holdings.When determining your American Funds Class A sales charge, if your investment is not in an employer-sponsored retirement plan, you mayalso continue to take into account the market value (as of the day prior to your American Funds investment) of your individual holdings invarious American Legacy variable annuity contracts and variable life insurance policies that were established on or before March 31, 2007.An employer-sponsored retirement plan may also continue to take into account the market value of its investments in American LegacyRetirement Investment Plans that were established on or before March 31, 2007.You may not purchase Class C shares of American High-Income Municipal Bond Fund or American Funds Tax-Exempt Fund of New York ifsuch combined American Funds and American Funds Legacy holdings cause you to be eligible to purchase Class A shares at the $1 millionor more sales charge discount rate (i.e. at net asset value).Tax-exempt income funds - Page 77

If you make a gift of American Funds Class A shares, upon your request, you may purchase the shares at the sales charge discountallowed under rights of accumulation of all of your American Funds and applicable American Legacy accounts.CDSC waivers for Class A, B and C shares — As noted in the prospectus, a contingent deferred sales charge (“CDSC”) may be waived forredemptions due to death or post-purchase disability of a shareholder (this generally excludes accounts registered in the names of trusts and otherentities). In the case of joint tenant accounts, if one joint tenant dies, a surviving joint tenant, at the time he or she notifies the Transfer Agent of theother joint tenant’s death and removes the decedent’s name from the account, may redeem shares from the account without incurring a CDSC.Redemptions made after the Transfer Agent is notified of the death of a joint tenant will be subject to a CDSC.In addition, a CDSC may be waived for the following types of transactions, if together they do not exceed 12% of the value of an “account” (definedbelow) annually (the “12% limit”):Required minimum distributions taken from retirement accounts upon the shareholder’s attainment of age 70½ (required minimumdistributions that continue to be taken by the beneficiary(ies) after the account owner is deceased also qualify for a waiver).Redemptions through an automatic withdrawal plan (“AWP”) (see “Automatic withdrawals” under “Shareholder account services andprivileges” in this statement of additional information). For each AWP payment, assets that are not subject to a CDSC, such asshares acquired through reinvestment of dividends and/or capital gain distributions, will be redeemed first and will count toward the12% limit. If there is an insufficient amount of assets not subject to a CDSC to cover a particular AWP payment, shares subject tothe lowest CDSC will be redeemed next until the 12% limit is reached. Any dividends and/or capital gain distributions taken in cashby a shareholder who receives payments through an AWP will also count toward the 12% limit. In the case of an AWP, the 12% limitis calculated at the time an automatic redemption is first made, and is recalculated at the time each additional automatic redemptionis made. Shareholders who establish an AWP should be aware that the amount of a payment not subject to a CDSC may vary overtime depending on fluctuations in the value of their accounts. This privilege may be revised or terminated at any time.For purposes of this paragraph, “account” means your investment in the applicable class of shares of the particular fund from which you are makingthe redemption.CDSC waivers are allowed only in the cases listed here and in the prospectus.Tax-exempt income funds - Page 78

Selling sharesThe methods for selling (redeeming) shares are described more fully in the prospectus. If you wish to sell your shares by contacting AmericanFunds Service Company directly, any such request must be signed by the registered shareholders. To contact American Funds Service Companyvia overnight mail or courier service, see “Purchase and exchange of shares.”A signature guarantee may be required for certain redemptions. In such an event, your signature may be guaranteed by a domestic stock exchangeor the Financial Industry Regulatory Authority, bank, savings association or credit union that is an eligible guarantor institution. The Transfer Agentreserves the right to require a signature guarantee on any redemptions.Additional documentation may be required for sales of shares held in corporate, partnership or fiduciary accounts. You must include with yourwritten request any shares you wish to sell that are in certificate form.If you sell Class A, B or C shares and request a specific dollar amount to be sold, we will sell sufficient shares so that the sale proceeds, afterdeducting any applicable CDSC, equals the dollar amount requested.If you hold multiple American Funds and a CDSC applies to the shares you are redeeming, the CDSC will be calculated based on the applicableclass of shares of the particular fund from which you are making the redemption.Redemption proceeds will not be mailed until sufficient time has passed to provide reasonable assurance that checks or drafts (including certified orcashier’s checks) for shares purchased have cleared (which may take up to 10 business days from the purchase date). Except for delays relating toclearance of checks for share purchases or in extraordinary circumstances (and as permissible under the 1940 Act), sale proceeds will be paid on orbefore the seventh day following receipt and acceptance of an order. Interest will not accrue or be paid on amounts that represent uncasheddistribution or redemption checks.You may request that redemption proceeds of $1,000 or more from American Funds Money Market Fund be wired to your bank by writing AmericanFunds Service Company. A signature guarantee is required on all requests to wire funds.Tax-exempt income funds - Page 79

Shareholder account services and privilegesThe following services and privileges are generally available to all shareholders. However, certain services and privileges described in theprospectus and this statement of additional information may not be available if your account is held with an investment dealer.Automatic investment plan — An automatic investment plan enables you to make monthly or quarterly investments in the American Fundsthrough automatic debits from your bank account. To set up a plan, you must fill out an account application and specify the amount that you wouldlike to invest and the date on which you would like your investments to occur. The plan will begin within 30 days after your account application isreceived. Your bank account will be debited on the day or a few days before your investment is made, depending on the bank’s capabilities. TheTransfer Agent will then invest your money into the fund you specified on or around the date you specified. If the date you specified falls on aweekend or holiday, your money will be invested on the following business day. However, if the following business day falls in the next month, yourmoney will be invested on the business day immediately preceding the weekend or holiday. If your bank account cannot be debited due toinsufficient funds, a stop-payment or the closing of the account, the plan may be terminated and the related investment reversed. You may changethe amount of the investment or discontinue the plan at any time by contacting the Transfer Agent.Automatic reinvestment — Dividends and capital gain distributions are reinvested in additional shares of the same class and fund at net assetvalue unless you indicate otherwise on the account application. You also may elect to have dividends and/or capital gain distributions paid in cashby informing the fund, the Transfer Agent or your investment dealer.If you have elected to receive dividends and/or capital gain distributions in cash, and the postal or other delivery service is unable to deliver checksto your address of record, or you do not respond to mailings from American Funds Service Company with regard to uncashed distribution checks,your distribution option may be automatically converted to having all dividends and other distributions reinvested in additional shares.Cross-reinvestment of dividends and distributions — You may cross-reinvest dividends and capital gains (distributions) into other AmericanFunds in the same share class at net asset value, subject to the following conditions:(1) the aggregate value of your account(s) in the fund(s) paying distributions equals or exceeds $5,000 (this is waived if the value of the account inthe fund receiving the distributions equals or exceeds that fund’s minimum initial investment requirement);(2) if the value of the account of the fund receiving distributions is below the minimum initial investment requirement, distributions must beautomatically reinvested; and(3) if you discontinue the cross-reinvestment of distributions, the value of the account of the fund receiving distributions must equal or exceed theminimum initial investment requirement. If you do not meet this requirement within 90 days of notification, the fund has the right to automaticallyredeem the account.Automatic exchanges — For all share classes, you may automatically exchange shares of the same class in amounts of $50 or more among anyof the American Funds on any day (or preceding business day if the day falls on a nonbusiness day) of each month you designate.Automatic withdrawals — Depending on the type of account, for all share classes except R shares, you may automatically withdraw shares fromany of the American Funds. You can make automaticTax-exempt income funds - Page 80

withdrawals of $50 or more. You can designate the day of each period for withdrawals and request that checks be sent to you or someone else.Withdrawals may also be electronically deposited to your bank account. The Transfer Agent will withdraw your money from the fund you specify onor around the date you specify. If the date you specified falls on a weekend or holiday, the redemption will take place on the previous business day.However, if the previous business day falls in the preceding month, the redemption will take place on the following business day after the weekendor holiday. You should consult with your advisor or intermediary to determine if your account is eligible for automatic withdrawals.Withdrawal payments are not to be considered as dividends, yield or income. Generally, automatic investments may not be made into a shareholderaccount from which there are automatic withdrawals. Withdrawals of amounts exceeding reinvested dividends and distributions and increases inshare value would reduce the aggregate value of the shareholder’s account. The Transfer Agent arranges for the redemption by the fund ofsufficient shares, deposited by the shareholder with the Transfer Agent, to provide the withdrawal payment specified.Redemption proceeds from an automatic withdrawal plan are not eligible for reinvestment without a sales charge.Account statements — Your account is opened in accordance with your registration instructions. Transactions in the account, such as additionalinvestments, will be reflected on regular confirmation statements from the Transfer Agent. Dividend and capital gain reinvestments, purchasesthrough automatic investment plans and certain retirement plans, as well as automatic exchanges and withdrawals, will be confirmed at leastquarterly.American FundsLine and americanfunds.com — You may check your share balance, the price of your shares or your most recent accounttransaction; redeem shares (up to $125,000 per American Funds shareholder each day) from nonretirement plan accounts; or exchange sharesaround the clock with American FundsLine or using americanfunds.com. To use American FundsLine, call (800) 325-3590 from a TouchTonetelephone. Redemptions and exchanges through American FundsLine and americanfunds.com are subject to the conditions noted above and in“Telephone and Internet purchases, redemptions and exchanges” below. You will need your fund number (see the list of the American Funds underthe “General information — fund numbers” section in this statement of additional information), personal identification number (generally the last fourdigits of your Social Security number or other tax identification number associated with your account) and account number.Generally, all shareholders are automatically eligible to use these services. However, if you are not currently authorized to do so, you may completean American FundsLink Authorization Form. Once you establish this privilege, you, your financial advisor or any person with your accountinformation may use these services.Telephone and Internet purchases, redemptions and exchanges — By using the telephone (including American FundsLine) or the Internet(including americanfunds.com), or fax purchase, redemption and/or exchange options, you agree to hold the fund, the Transfer Agent, any of itsaffiliates or mutual funds managed by such affiliates, and each of their respective directors, trustees, officers, employees and agents harmless fromany losses, expenses, costs or liabilities (including attorney fees) that may be incurred in connection with the exercise of these privileges. Generally,all shareholders are automatically eligible to use these services. However, you may elect to opt out of these services by writing the Transfer Agent(you may also reinstate them at any time by writing the Transfer Agent). If the Transfer Agent does not employ reasonable procedures to confirmthat the instructions received from any person with appropriate account information are genuine, it and/or the fund may be liable for losses due tounauthorized or fraudulent instructions. In the event that shareholders are unable toTax-exempt income funds - Page 81

each the fund by telephone because of technical difficulties, market conditions or a natural disaster, redemption and exchange requests may bemade in writing only.Checkwriting — You may establish check writing privileges for Class A shares (but not Class 529-A shares) of American Funds Money MarketFund upon meeting the fund’s initial purchase minimum of $1,000. This can be done by using an account application. If you request check writingprivileges, you will be provided with checks that you may use to draw against your account. These checks may be made payable to anyone youdesignate and must be signed by the authorized number of registered shareholders exactly as indicated on your account application.Redemption of shares — The fund’s declaration of trust permits the fund to direct the Transfer Agent to redeem the shares of any shareholder fortheir then current net asset value per share if at such time the shareholder of record owns shares having an aggregate net asset value of less thanthe minimum initial investment amount required of new shareholders as set forth in the fund’s current registration statement under the 1940 Act, andsubject to such further terms and conditions as the board of trustees of the fund may from time to time adopt.While payment of redemptions normally will be in cash, the fund’s declaration of trust permits payment of the redemption price wholly or partly withportfolio securities or other fund assets under conditions and circumstances determined by the fund’s board of trustees. For example, redemptionscould be made in this manner if the board determined that making payments wholly in cash over a particular period would be unfair and/or harmfulto other fund shareholders.Share certificates — Shares are credited to your account. The fund does not issue share certificates.Tax-exempt income funds - Page 82

General informationCustodian of assets — Securities and cash owned by the fund, including proceeds from the sale of shares of the fund and of securities in thefund’s portfolios, are held by JP Morgan Chase Bank N.A., 270 Park Avenue, New York, NY 10017-2070 for STEX, LTEX, TEBF, AHIM andTEFCA, and by Bank of New York Mellon, One Wall Street, New York, NY 10286 for TEFNY, as custodian. If the fund holds securities of issuersoutside the U.S., the custodian may hold these securities pursuant to subcustodial arrangements in banks outside the U.S. or branches of U.S.banks outside the U.S.Transfer agent services — American Funds Service Company, a wholly owned subsidiary of the investment adviser, maintains the records ofshareholder accounts, processes purchases and redemptions of the fund’s shares, acts as dividend and capital gain distribution disbursing agent,and performs other related shareholder service functions. The principal office of American Funds Service Company is located at 6455 Irvine CenterDrive, Irvine, CA 92618. Transfer agent fees are paid according to a fee schedule, based principally on the number of accounts serviced, containedin a Shareholder Services Agreement between the fund and American Funds Service Company.In the case of certain shareholder accounts, third parties who may be unaffiliated with the investment adviser provide transfer agency andshareholder services in place of American Funds Service Company. These services are rendered under agreements with American Funds ServiceCompany or its affiliates and the third parties receive compensation according to such agreements. Compensation for transfer agency andshareholder services, whether paid to American Funds Service Company or such third parties, is ultimately paid from fund assets and is reflected inthe expenses of the fund as disclosed in the prospectus.During the 2014 fiscal year, transfer agent fees, gross of any payments made by American Funds Service Company to third parties, were:Transfer agent feeSTEX Class A $ 192,000Class F-1 31,000Class F-2 39,000LTEX Class A 738,000Class B 1,000Class C 13,000Class F-1 134,000Class F-2 174,000Class R-6 —*TEBF Class A 2,175,000Class B 6,000Class C 115,000Class F-1 1,788,000Class F-2 456,000Class R-6 —*Tax-exempt income funds - Page 83

Transfer agent feeAHIM Class A 1,151,000Class B 4,000Class C 83,000Class F-1 203,000Class F-2 179,000Class R-6 —*TEFCA Class A 282,000Class B 1,000Class C 19,000Class F-1 75,000Class F-2 103,000TEFNY Class A 35,000Class B —*Class C 3,000Class F-1 1,000Class F-2 14,000* Amount less than $1,000.Independent registered public accounting firm — PricewaterhouseCoopers LLP, 601 South Figueroa Street, Los Angeles, CA 90017, serves asthe fund’s independent registered public accounting firm, providing audit services, preparation of tax returns and review of certain documents to befiled with the SEC. The financial statements of each fund included in this statement of additional information from the annual report have beenaudited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report appearing herein. Suchfinancial statements have been so included in reliance upon the respective reports of such firms given upon their authority as experts in accountingand auditing.Independent legal counsel — Bingham McCutchen LLP, 355 South Grand Avenue, Suite 4400, Los Angeles, CA 90071, serves as independentlegal counsel (“counsel”) for the fund and for independent trustees in their capacities as such. A determination with respect to the independence ofthe fund’s counsel will be made at least annually by the independent trustees of the fund, as prescribed by applicable 1940 Act rules.Prospectuses, reports to shareholders and proxy statements — The fund’s fiscal year ends on July 31. Shareholders are provided updatedsummary prospectuses annually and at least semi-annually with reports showing the fund’s investment portfolio or summary investment portfolio,financial statements and other information. Shareholders may request a copy of the fund’s current prospectus at no cost by calling (800) 421-4225or by sending an email request to prospectus@americanfunds.com. Shareholders may also access the fund’s current summary prospectus,prospectus, statement of additional information and shareholder reports at americanfunds.com/prospectus. The annual financial statements for eachfund are audited by the fund’s independent registered public accounting firm, PricewaterhouseCoopers LLP. In addition, shareholders may alsoreceive proxy statements for the fund. In an effort to reduce the volume of mail shareholders receive from the fund when a household owns morethan one account, the Transfer Agent has taken steps to eliminate duplicate mailings of summary prospectuses, shareholder reports and proxystatements. To receive additional copies of a summary prospectus, report or proxy statement, shareholders should contact the Transfer Agent.Shareholders may also elect to receive updated summary prospectuses, annual reports and semi-annual reports electronically by signing up forelectronic delivery on our website, americanfunds.com.Tax-exempt income funds - Page 84

Upon electing the electronic delivery of updated summary prospectuses and other reports, a shareholder will no longer automatically receive suchdocuments in paper form by mail. A shareholder who elects electronic delivery is able to cancel this service at any time and return to receivingupdated summary prospectuses and other reports in paper form by mail.Summary prospectuses, prospectuses, annual reports and semi-annual reports that are mailed to shareholders by the American Funds organizationare printed with ink containing soy and/or vegetable oil on paper containing recycled fibers.Codes of ethics — The fund and Capital Research and Management Company and its affiliated companies, including the fund’s PrincipalUnderwriter, have adopted codes of ethics that allow for personal investments, including securities in which the fund may invest from time to time.These codes include a ban on acquisitions of securities pursuant to an initial public offering; restrictions on acquisitions of private placementsecurities; preclearance and reporting requirements; review of duplicate confirmation statements; annual recertification of compliance with codes ofethics; blackout periods on personal investing for certain investment personnel; ban on short-term trading profits for investment personnel;limitations on service as a director of publicly traded companies; disclosure of personal securities transactions; and policies regarding politicalcontributions.Tax-exempt income funds - Page 85

American Funds Short-Term Tax-Exempt Bond FundDetermination of net asset value, redemption price and maximum offering price per share for Class A shares — July 31, 2014Net asset value and redemption price per share(Net assets divided by shares outstanding) $10.25Maximum offering price per share (100/97.50 of net asset value per share, which takes into account the fund’s currentmaximum sales charge) $10.51Limited Term Tax-Exempt Bond Fund of AmericaDetermination of net asset value, redemption price and maximum offering price per share for Class A shares — July 31, 2014Net asset value and redemption price per share(Net assets divided by shares outstanding) $16.10Maximum offering price per share (100/97.50 of net asset value per share, which takes into account the fund’s currentmaximum sales charge) $16.51The Tax-Exempt Bond Fund of AmericaDetermination of net asset value, redemption price and maximum offering price per share for Class A shares — July 31, 2014Net asset value and redemption price per share(Net assets divided by shares outstanding) $12.92Maximum offering price per share (100/96.25 of net asset value per share, which takes into account the fund’s currentmaximum sales charge) $13.42American High-Income Municipal Bond FundDetermination of net asset value, redemption price and maximum offering price per share for Class A shares — July 31, 2014Net asset value and redemption price per share(Net assets divided by shares outstanding) $15.22Maximum offering price per share (100/96.25 of net asset value per share, which takes into account the fund’s currentmaximum sales charge) $15.81The Tax-Exempt Fund of CaliforniaDetermination of net asset value, redemption price and maximum offering price per share for Class A shares — July 31, 2014Net asset value and redemption price per share(Net assets divided by shares outstanding) $17.52Maximum offering price per share (100/96.25 of net asset value per share, which takes into account the fund’s currentmaximum sales charge) $18.20Tax-exempt income funds - Page 86

American Funds Tax-Exempt Fund of New YorkDetermination of net asset value, redemption price and maximum offering price per share for Class A shares — July 31, 2014Net asset value and redemption price per share(Net assets divided by shares outstanding) $10.58Maximum offering price per share (100/96.25 of net asset value per share, which takes into account the fund’s currentmaximum sales charge) $10.99Other information — The fund reserves the right to modify the privileges described in this statement of additional information at any time.The fund’s financial statements, including the investment portfolio and the reports of the fund’s independent registered public accounting firmscontained in the annual reports, are included in this statement of additional information.Tax-exempt income funds - Page 87

Fund numbers — Here are the fund numbers for use with our automated telephone line, American FundsLine®, or when making share transactions:Fund numbersFund Class A Class B Class C Class F-1 Class F-2Stock and stock/bond fundsAMCAP Fund® 002 202 302 402 602American Balanced Fund® 011 211 311 411 611American Funds Developing World Growth and Income Fund SM 30100 32100 33100 34100 36100American Funds Global Balanced Fund SM 037 237 337 437 637American Mutual Fund® 003 203 303 403 603Capital Income Builder® 012 212 312 412 612Capital World Growth and Income Fund® 033 233 333 433 633EuroPacific Growth Fund® 016 216 316 416 616Fundamental Investors® 010 210 310 410 610The Growth Fund of America® 005 205 305 405 605The Income Fund of America® 006 206 306 406 606International Growth and Income Fund SM 034 234 334 434 634The Investment Company of America® 004 204 304 404 604The New Economy Fund® 014 214 314 414 614New Perspective Fund® 007 207 307 407 607New World Fund® 036 236 336 436 636SMALLCAP World Fund® 035 235 335 435 635Washington Mutual Investors Fund SM 001 201 301 401 601Bond fundsAmerican Funds Mortgage Fund® 042 242 342 442 642American Funds Short-Term Tax-Exempt039 N/A N/A 439 639Bond Fund®American Funds Tax-Exempt Fund of041 241 341 441 641New York®American High-Income Municipal Bond Fund® 040 240 340 440 640American High-Income Trust® 021 221 321 421 621The Bond Fund of America® 008 208 308 408 608Capital World Bond Fund® 031 231 331 431 631Intermediate Bond Fund of America® 023 223 323 423 623Limited Term Tax-Exempt Bond Fund043 243 343 443 643of America®Short-Term Bond Fund of America® 048 248 348 448 648The Tax-Exempt Bond Fund of America® 019 219 319 419 619The Tax-Exempt Fund of California® 020 220 320 420 620The Tax-Exempt Fund of Maryland®* 024 224 324 424 624The Tax-Exempt Fund of Virginia®* 025 225 325 425 625U.S. Government Securities Fund® 022 222 322 422 622Money market fundAmerican Funds Money Market Fund® 059 259 359 459 659___________*Qualified for sale only in certain jurisdictions.Tax-exempt income funds - Page 88

Fund numbersFund Class A Class B Class C Class F-1 Class F-2American Funds Portfolio Series SMAmerican Funds Global Growth Portfolio SM 055 255 355 455 655American Funds Growth Portfolio SM 053 253 353 453 653American Funds Growth and Income Portfolio SM 051 251 351 451 651American Funds Balanced Portfolio SM 050 250 350 450 650American Funds Income Portfolio SM 047 247 347 447 647American Funds Tax-Advantaged Income Portfolio SM 046 246 346 446 646American Funds Preservation Portfolio SM 045 245 345 445 645American Funds Tax-Exempt Preservation Portfolio SM 044 244 344 444 644Tax-exempt income funds - Page 89

AppendixThe following descriptions of debt security ratings are based on information provided by Moody’s Investors Service and Standard & Poor’s.Moody’sMunicipal long-term rating definitionsDescription of bond ratingsAaaIssuers or issues rated Aaa demonstrate the strongest creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.AaIssuers or issues rated Aa demonstrate very strong creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.AIssuers or issues rated A present above-average creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.BaaIssuers or issues rated Baa represent average creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.BaIssuers or issues rated Ba demonstrate below-average creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.BIssuers or issues rated B demonstrate weak creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.CaaIssuers or issues rated Caa demonstrate very weak creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.CaIssuers or issues rated Ca demonstrate extremely weak creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.CIssuers or issues rated C demonstrate the weakest creditworthiness relative to other U.S. municipal or tax-exempt issuers or issues.Note: Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating category from Aa through Caa. The modifier 1 indicates that theissuer or obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates aranking in the lower end of that generic rating category.Tax-exempt income funds - Page 90

Standard & Poor’sLong-term issue credit ratingsAAAAn obligation rated AAA has the highest rating assigned by Standard & Poor’s. The obligor’s capacity to meet its financial commitment on theobligation is extremely strong.AAAn obligation rated AA differs from the highest-rated obligations only to a small degree. The obligor’s capacity to meet its financial commitment onthe obligation is very strong.AAn obligation rated A is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations inhigher-rated categories. However, the obligor’s capacity to meet its financial commitment on the obligation is still strong.BBBAn obligation rated BBB exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are morelikely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.BB, B, CCC, CC, and CObligations rated BB, B, CCC, CC, and C are regarded as having significant speculative characteristics. BB indicates the least degree ofspeculation and C the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by largeuncertainties or major exposures to adverse conditions.BBAn obligation rated BB is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure toadverse business, financial, or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on theobligation.BAn obligation rated B is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the capacity to meet its financialcommitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet itsfinancial commitment on the obligation.CCCAn obligation rated CCC is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions forthe obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is notlikely to have the capacity to meet its financial commitment on the obligation.CCAn obligation rated CC is currently highly vulnerable to nonpayment. The CC rating is used when a default has not occurred, but Standard & Poor’sexpects default to be a virtual certainty, regardless of the anticipated time to default.Tax-exempt income funds - Page 91

CAn obligation rated C is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimaterecovery compared to obligations that are rated higher.DAn obligation rated D is in default or in breach of an imputed promise. For non-hybrid capital instruments, the D rating category is used whenpayments on an obligation are not made on the date due, unless Standard & Poor’s believes that such payments will be made within five businessdays in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The D rating also will be used uponthe filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automaticstay provisions. An obligation’s rating is lowered to D if it is subject to a distressed exchange offer.Plus (+) or minus (–)The ratings from AA to CCC may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.NRThis indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that Standard & Poor’s does notrate a particular obligation as a matter of policy.Tax-exempt income funds - Page 92

Fitch Ratings, Inc.Long-term credit ratingsAAAHighest credit quality. AAA ratings denote the lowest expectation of default risk. They are assigned only in case of exceptionally strong capacity forpayment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.AAVery high credit quality. AA ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financialcommitments. This capacity is not significantly vulnerable to foreseeable events.AHigh credit quality. A ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. Thiscapacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings.BBBGood credit quality. BBB ratings indicate that expectations of default risk are low. The capacity for payment of financial commitments is consideredadequate but adverse changes in circumstances and economic conditions are more likely to impair this capacity.BBSpeculative. BB ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economicconditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments.BHighly speculative. B ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments arecurrently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.CCCSubstantial credit risk. Default is a real possibility.CCVery high levels of credit risk. Default of some kind appears probable.CExceptionally high levels of credit risk. Default is imminent or inevitable, or the issuer is in standstill. Conditions that are indicative of a C categoryrating for an issuer include:The issuer has entered into a grace or cure period following nonpayment of a material financial obligation;The issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a materialfinancial obligation; orFitch Ratings otherwise believes a condition of RD or D to be imminent or inevitable, including through the formal announcement ofa distressed debt exchange.Tax-exempt income funds - Page 93

RDRestricted default. RD ratings indicate an issuer that in Fitch Ratings’ opinion has experienced an uncured payment default on a bond, loan or othermaterial financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding upprocedure, and which has not otherwise ceased operating. This would include:The selective payment default on a specific class or currency of debt;The uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bankloan, capital markets security or other material financial obligation;The extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations,either in series or in parallel; orExecution of a distressed debt exchange on one or more material financial obligations.DDefault. D ratings indicate an issuer that in Fitch Ratings’ opinion has entered into bankruptcy filings, administration, receivership, liquidation orother formal winding up procedure, or which has otherwise ceased business.Default ratings are not assigned prospectively to entities or their obligations; within this context, nonpayment on an instrument that contains adeferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default isotherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.Imminent default typically refers to the occasion where a payment default has been intimated by the issuer, and is all but inevitable. This may, forexample, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default.Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies severaldays or weeks in the immediate future.In all cases, the assignment of a default rating reflects the agency’s opinion as to the most appropriate rating category consistent with the rest of itsuniverse of ratings, and may differ from the definition of default under the terms of an issuer’s financial obligations or local commercial practice.Note: The modifiers “+” or “–” may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added tothe AAA long-term rating category, or to categories below B.Tax-exempt income funds - Page 94

Description of note ratingsMoody’sMunicipal short-term debt ratingsMIG 1This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, ordemonstrated broad-based access to the market for refinancing.MIG 2This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.MIG 3This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely tobe less well-established.SGThis designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.Tax-exempt income funds - Page 95

Standard & Poor’sShort-term issue credit ratingsSP-1Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+)designation.SP-2Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.SP-3Speculative capacity to pay principal and interest.Moody’sCommercial paper ratings (highest three ratings)Description of commercial paper ratingsP-1Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.P-2Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.P-3Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.Standard & Poor’sCommercial paper ratings (highest three ratings)A-1A short-term obligation rated A-1 is rated in the highest category by Standard & Poor’s. The obligor’s capacity to meet its financial commitment onthe obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor’s capacity to meetits financial commitment on these obligations is extremely strong.A-2A short-term obligation rated A-2 is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions thanobligations in higher rating categories. However, the obligor’s capacity to meet its financial commitment on the obligation is satisfactory.A-3A short-term obligation rated A-3 exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances aremore likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.Tax-exempt income funds - Page 96

American Funds Short-Term Tax-Exempt Bond Fund ®Investment portfolioJuly 31, 2014Bonds, notes & other debt instruments 85.15%Alabama 1.19%Principal amount(000)Value(000)21st Century Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2012-A, 5.00% 2018 $1,500 $ 1,710Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2017 1,750 1,977Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2018 2,315 2,674City of Mobile Industrial Dev. Board, Pollution Control Rev. Bonds (Alabama Power Co. Barry Plant Project), Series 2007-C, 5.00%2034 (put 2015) 1,000 1,027Public School and College Auth., Capital Improvement Rev. Ref. Bonds, Series 2009-A, 5.00% 2015 2,000 2,073Alaska 0.10%9,461Housing Fin. Corp., Home Mortgage Rev. Ref. Bonds, Series 2012-A, 4.00% 2040 785 839Arizona 1.39%Pima County, Sewer System Rev. Obligations, Series 2012-A, 4.00% 2017 1,000 1,099Pima County, Sewer System Rev. Obligations, Series 2012-A, 5.00% 2018 500 578School Facs. Board, Ref. Certs. of Part., Series 2005-A-1, FGIC-National insured, 5.00% 2014 2,585 2,596School Facs. Board, State School Trust Rev. Ref. Bonds, Series 2007, AMBAC insured, 5.00% 2018 2,000 2,268Transportation Board Highway Rev. Ref. Bonds, Series 2011-A, 5.00% 2017 2,000 2,256Board of Regents, Ref. Certs. of Part. (University of Arizona Projects), Series 2012-C, 5.00% 2018 2,000 2,29111,088California 7.81%Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds,Series 2006-C-1, 0.96% 2045 (put 2023) 1 6,600 6,522Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds,Series 2007-E-3, 0.76% 2047 (put 2019) 1 3,000 2,987Various Purpose G.O. Ref. Bonds, 5.00% 2018 3,000 3,453Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds,Series 2013-A, 5.00% 2019 2,000 2,348Health Facs. Fncg. Auth., Insured Rev. Ref. Bonds (NCROC - Paradise Valley Estates Project),Series 2013, 4.00% 2018 450 495Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2011-D, 5.00% 2018 515 598Health Facs. Fncg. Auth., Rev. Ref. Bonds (City of Hope), Series 2012-A, 5.00% 2017 500 568Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-B, 5.00% 2015 1,000 1,044Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-C, 5.00% 2034 (put 2014) 4,500 4,546Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2013-B, 5.00% 2043 (put 2017) 1,145 1,299Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2013-D, 5.00% 2043 (put 2020) 1,500 1,769Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust),Series 2012-B-1, 0.36% 2047 (put 2015) 1 530 530Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust),Series 2013-A-1, 0.34% 2047 (put 2016) 1 2,000 2,000Successor Agcy. to the La Quinta Redev. Agcy., Tax Allocation Ref. Bonds (La Quinta Redev. Project Areas No. 1 and 2), Series 2014-A, 4.00% 2018 500 557

City of Los Angeles Harbor Dept., Rev. Ref. Bonds, Series 2011-A, AMT, 3.00% 2015 1,000 1,029Los Angeles County Metropolitan Transportation Auth., Proposition A, Sales Tax Rev. Ref. Bonds, Series 2013-A, 5.00% 2018 3,000 3,494American Funds Short-Term Tax-Exempt Bond Fund — Page 1 of 14Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)Metropolitan Water Dist. of Southern California, Waterworks Rev. Ref. Bonds,Series 2012-B-2, 0.41% 2027 (put 2015) 1 $2,000 $ 2,003Municipal Fin. Auth., Multi-family Housing Rev. Bonds (Meadowbrook Apartments),Series 2013-A, 0.50% 2015 2,500 2,502Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project),Series 2013, 4.00% 2018 2,500 2,767Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project),Series 2013, 5.00% 2017 2,510 2,821Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project),Series 2013, 5.00% 2018 1,085 1,244Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project),Series 2013, 5.00% 2019 1,000 1,163Port of Oakland, Rev. Ref. Bonds, Series 2011-O, AMT, 5.00% 2016 1,500 1,625Port of Oakland, Rev. Ref. Bonds, Series 2011-O, AMT, 5.00% 2017 1,000 1,123Public Works Board, Lease Rev. Bonds (Trustees of the California State University), Series 2013-H, 5.00% 2017 600 682Public Works Board, Lease Rev. Bonds (Trustees of the California State University), Series 2013-H, 5.00% 2018 650 756Regional Airports Improvement Corp., Facs. Lease Rev. Ref. Bonds (LAXFUEL Corp., Los Angeles International Airport), Issue of2005, AMT, Assured Guaranty Municipal insured, 5.00% 2017 1,120 1,142Regional Airports Improvement Corp., Facs. Lease Rev. Ref. Bonds (LAXFUEL Corp., Los Angeles International Airport), Issue of2012, AMT, 5.00% 2018 310 352Regional Airports Improvement Corp., Facs. Lease Rev. Ref. Bonds (LAXFUEL Corp., Los Angeles International Airport), Issue of2012, AMT, 5.00% 2019 525 606Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series2011-A, AMT, 5.00% 2015 1,000 1,036City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.00% 2015 1,000 1,027City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.00% 2017 1,595 1,769Santa Cruz County Redev. Successor Agcy., Tax Allocation Ref. Bonds, Series 2014, 3.00% 2015 1,065 1,094Santa Cruz County Redev. Successor Agcy., Tax Allocation Ref. Bonds, Series 2014, 5.00% 2018 300 345Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2002-C, 5.00% 2029 (put 2017) 1,700 1,902Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2010-L, 5.00% 2015 2,000 2,073Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2010-L, 5.00% 2017 905 1,018Colorado 1.14%62,289Compark Business Campus Metropolitan Dist., Douglas County, G.O. Ref. and Improvement Bonds, Series 2007-A, RADIAN insured,5.00% 2016 (escrowed to maturity) 1,000 1,102City and County of Denver, Airport System Rev. Bonds, Series 2013-A, AMT, 5.00% 2020 1,000 1,170Health Facs. Auth., Rev. Ref. Bonds (Sisters of Charity of Leavenworth Health System),Series 2010-B, 5.00% 2015 1,220 1,244Dept. of Transportation, Transportation Rev. Ref. Anticipation Notes, 5.00% 2016 5,000 5,545Connecticut 0.24%9,061Health and Educational Facs. Auth., Rev. Bonds (Yale University Issue),Series 2010-A-4, 5.00% 2049 (put 2015) 1,000 1,026Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2012-F-2, AMT, 2.75% 2035 875 887

1,913Delaware 0.09%Housing Auth., Single-family Mortgage Rev. Bonds, Series 2007-D-1, AMT, 5.60% 2039 710 717American Funds Short-Term Tax-Exempt Bond Fund — Page 2 of 14Bonds, notes & other debt instrumentsDistrict of Columbia 1.00%Principal amount(000)Value(000)Dist. of Columbia, Income Tax Secured Rev. Ref. Bonds, Series 2011-E, 0.66% 2015 1 $2,500 $ 2,511Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2010-B, AMT, 4.00% 2014 1,000 1,006Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2011-C, AMT, 4.00% 2016 2,000 2,151Water and Sewer Auth., Public Utility Rev. Bonds, Series 2012-B, 0.64% 2040 (put 2016) 1 2,300 2,3067,974Florida 8.14%Broward County, Airport System Rev. Ref. Bonds, Series 2009-O, 5.00% 2015 1,575 1,663Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2009-A-1, 6.00% 2017 1,300 1,490Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2010-A-1, 5.00% 2015 1,000 1,040Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds,Series 2012-A-1, 5.00% 2017 1,000 1,119Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds,Series 2012-A-1, 5.00% 2019 6,450 7,482Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2009-A, AMT, 5.50% 2015 1,800 1,913Hillsborough County Aviation Auth., Tampa International Airport Rev. Ref. Bonds, Series 2001-A,Assured Guaranty Municipal insured, 5.50% 2015 2,200 2,336Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2009-2, 5.50% 2041 1,440 1,546Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2011-C, 4.50% 2030 820 896Housing Fin. Corp., Homeowner Mortgage Rev. Ref. Bonds, Series 2011-1, AMT, 5.00% 2041 1,315 1,427Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2010-A, 5.00% 2015 (escrowed to maturity) 4,000 4,176Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2010-A, 5.00% 2016 (escrowed to maturity) 5,295 5,768JEA, St. Johns River Power Park System Rev. Ref. Bonds, Issue Two, Series 23, 5.00% 2017 1,750 1,985City of Lakeland, Energy System Rev. Ref. Bonds, Series 2012, 0.81% 2017 1 3,800 3,806Lee County, Airport Rev. Ref. Bonds, Series 2010-A, AMT, Assured Guaranty insured, 5.00% 2014 2,575 2,596Miami-Dade County Expressway Auth., Toll System Rev. Ref. Bonds, Series 2013-A, 5.00% 2018 1,000 1,149Miami-Dade County Expressway Auth., Toll System Rev. Ref. Bonds, Series 2013-A, 5.00% 2019 1,000 1,166Miami-Dade County Expressway Auth., Toll System Rev. Ref. Bonds, Series 2013-A, 5.00% 2020 1,000 1,177Miami-Dade County, Aviation Rev. Ref. Bonds, Series 2005-B, AMT,Assured Guaranty Municipal insured, 5.00% 2016 3,000 3,162Miami-Dade County, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 4.00% 2017 2,115 2,313Orlando Utilities Commission, Utility System Rev. Ref. Bonds, Series 2006, 5.00% 2018 1,500 1,650Orlando-Orange County Expressway Auth., Rev. Ref. Bonds, Series 2012, 5.00% 2018 1,250 1,442Ports Fncg. Commission, Rev. Ref. Bonds (State Transportation Trust Fund), Series 2011-B, AMT, 5.00% 2015 1,000 1,040State Board of Education, Public Education Capital Outlay Ref. Bonds, Series 2009-B, 5.00% 2015 3,000 3,122State Board of Education, Public Education Capital Outlay Ref. Bonds, Series 2009-D, 5.00% 2015 1,000 1,041City of Tampa, Health System Rev. Ref. Bonds (Baycare Health System Issue), Series 2010, 5.00% 2015 750 796City of Tampa, Rev. Ref. and Capital Improvement Cigarette Tax Allocation Bonds (H. Lee Moffitt Cancer Center Project), Series 2012-A, 4.00% 2017 925 1,011City of Tampa, Utility Tax Rev. Ref. Bonds, National insured, 5.00% 2015 3,615 3,818

City of Tampa, Utility Tax Rev. Ref. Bonds, National insured, 5.00% 2015 (escrowed to maturity) 270 285Tampa Bay Water, Utility System Rev. Ref. Bonds, Series 2011-A, 5.00% 2016 1,250 1,375Water Pollution Control Fncg. Corp., Water Pollution Control Rev. Bonds, Series 2008-A, 4.00% 2017 1,000 1,08764,877American Funds Short-Term Tax-Exempt Bond Fund — Page 3 of 14Bonds, notes & other debt instrumentsGeorgia 2.82%Principal amount(000)Value(000)Atlanta Dev. Auth., Student Housing Facs. Rev. Ref. Bonds (Piedmont/Ellis, LLC University Commons Project), Series 2013, 5.00%2017 $ 850 $ 957Atlanta Dev. Auth., Student Housing Facs. Rev. Ref. Bonds (Piedmont/Ellis, LLC University Commons Project), Series 2013, 5.00%2018 1,000 1,151Atlanta Dev. Auth., Student Housing Facs. Rev. Ref. Bonds (Piedmont/Ellis, LLC University Commons Project), Series 2013, 5.00%2019 760 887City of Atlanta, Water and Wastewater Rev. Ref. Bonds, Series 2013-B, 5.00% 2019 2,000 2,356DeKalb County, Water and Sewerage Rev. Bonds (Second Resolution), Series 2011-A, 5.00% 2017 500 567Municipal Gas Auth., Gas Rev. Bonds (Gas Portfolio III Project), Series 2014-U, 4.00% 2017 1,000 1,102Housing and Fin. Auth., Single-family Mortgage Bonds, Series 2013-A, 3.00% 2043 1,565 1,618Housing and Fin. Auth., Single-family Mortgage Bonds, Series 2014-A-1, 4.00% 2044 1,000 1,096Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Ref. Bonds (Third Indenture Series),Series 2014-A, 0.36% 2025 (put 2017) 1 5,250 5,248Public Gas Partners, Inc., Gas Project Rev. Ref. Bonds (Gas Supply Pool No. 1), Series A, 5.00% 2014 2,450 2,469Public Gas Partners, Inc., Gas Project Rev. Ref. Bonds (Gas Supply Pool No. 1), Series A, 5.00% 2015 2,000 2,102State Road and Tollway Auth., Federal Highway Grant Anticipation Rev. Bonds, Series 2009-A, 5.00% 2019 2,500 2,919Hawaii 0.65%22,472G.O. Bonds of 2011, Series DZ, 5.00% 2017 2,500 2,860City and County of Honolulu, G.O. Bonds, Series 2012-B, 5.00% 2018 1,000 1,167Dept. of Transportation, Aiports Division Lease Rev. Certs. of Part., Series 2013, AMT, 5.00% 2019 1,000 1,1395,166Idaho 0.36%Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund),Series 2009-A, 5.00% 2017 2,525 2,834Illinois 5.83%Build Bonds (Sales Tax Rev. Bonds), Series June 2013, 5.00% 2020 3,500 4,127City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2004-B, AMBAC insured, 5.00% 2015 1,000 1,020City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-B, 4.00% 2015 1,000 1,016City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds,Series 2010-D, AMT, 5.25% 2018 750 854City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds,Series 2013-A, AMT, 4.00% 2019 1,925 2,115

City of Chicago, Wastewater Transmission Rev. Project Bonds, Series 2012, 5.00% 2018 600 671City of Chicago, Wastewater Transmission Rev. Ref. Bonds, Series 2006-B, FGIC-National insured, 5.00% 2018 370 401Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Bonds, Series 2000-A, Nationalinsured, 6.25% 2015 1,425 1,505Education Facs. Auth. Rev. Bonds (University of Chicago), Series 1998-B, 1.65% 2025 (put 2019) 10,390 10,433Educational Facs. Auth., Rev. Bonds (University of Chicago), Series 2001-B-1, 1.10% 2036 (put 2018) 1,250 1,250Fin. Auth., Clean Water Initiative Revolving Fund Rev. Bonds, Series 2013, 5.00% 2019 2,000 2,335Fin. Auth., Rev. Ref. Bonds (Advocate Health Care Network), Series 2008-A-1, 5.00% 2030 (put 2020) 2,500 2,890Fin. Auth., Rev. Ref. Bonds (Advocate Health Care Network), Series 2008-A-3, 5.00% 2030 (put 2019) 2,000 2,312Fin. Auth., Rev. Ref. Bonds (Art Institute of Chicago), Series 2010-A, 5.00% 2015 1,100 1,130Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2013, 5.00% 2018 500 575Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2015 1,200 1,259G.O. Bonds, Illinois FIRST, Series of May 2001, Assured Guaranty Municipal insured, 5.50% 2016 2,000 2,164State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-A, 5.00% 2019 1,500 1,773State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2013-B, 5.00% 2018 1,750 2,039Unemployment Insurance Fund Building Receipts Rev. Bonds (Illinois Dept. of Employment Security),Series 2012-A, 5.00% 2016 4,000 4,437American Funds Short-Term Tax-Exempt Bond Fund — Page 4 of 14Bonds, notes & other debt instrumentsIllinois (continued)Principal amount(000)Value(000)Unemployment Insurance Fund Building Receipts Rev. Bonds (Illinois Dept. of Employment Security),Series 2012-B, 5.00% 2017 $1,500 $ 1,657Board of Trustees of The University of Illinois, University of Illinois Auxiliary Facs. System Rev. Bonds,Series 2011-A, 4.00% 2015 500 513Indiana 2.13%46,476Fin. Auth., Hospital Rev. Ref. Bonds (Beacon Health Obligated Group), Series 2013-A, 5.00% 2016 1,000 1,092Fin. Auth., Hospital Rev. Ref. Bonds (Beacon Health Obligated Group), Series 2013-A, 5.00% 2017 1,250 1,404Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2011-N, 5.00% 2017 2,500 2,774Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System Obligated Group), Series 2009-A, 5.00% 2015 2,000 2,069Health and Educational Fac. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group),Series 2005-A-5, 2.00% 2027 (put 2017) 2,000 2,065Health and Educational Fac. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group),Series 2011-A-1, 1.50% 2036 (put 2014) 2,000 2,000Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2006-F, AMT, AMBAC insured,5.00% 2015 2,000 2,041Indianapolis Local Public Improvement Bond Bank Rev. Bonds (Waterworks Project), Series 2009-A,Assured Guaranty insured, 5.00% 2017 1,325 1,462Indianapolis Local Public Improvement Bond Bank Rev. Ref. Bonds, Series 2009-B, 5.00% 2015 2,000 2,049Kansas 0.03%16,956Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),Series 2009-D, 5.00% 2014 225 228Louisiana 0.54%Jefferson Parish Fin. Auth., Single-family Mortgage Rev. Bonds, Series 2007-C, 5.70% 2039 960 1,005City of New Orleans, Sewerage Service Rev. and Ref. Bonds, Series 2014, 5.00% 2017 500 556City of New Orleans, Sewerage Service Rev. and Ref. Bonds, Series 2014, 5.00% 2018 500 567Regional Transit Auth. (New Orleans), Sales Tax Rev. Bonds, Series 2010,

Assured Guaranty Municipal insured, 4.00% 2015 1,000 1,048Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.00% 2017 1,000 1,0984,274Maine 0.36%Housing Auth., Mortgage Purchase Rev. Ref. Bonds, Series 2013-B, 4.00% 2043 1,695 1,852Housing Auth., Mortgage Purchase Rev. Ref. Bonds, Series 2014-A-1, AMT, 3.25% 2043 1,000 1,0492,901Maryland 0.93%Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds,Series 2014-B, AMT, 3.25% 2044 3,595 3,769Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Johns Hopkins Health System Obligated Group Issue), Series 2012-D,0.932% 2038 (put 2017) 1 1,400 1,407Stadium Auth., Sports Facs. Lease Rev. Ref. Bonds (Baseball Stadium Issue), Series 2011-B, AMT, 5.00% 2017 1,000 1,134Transportation Auth., Airport Parking Rev. Ref. Bonds (Baltimore/Washington International Thurgood Marshall Airport Projects), Series2012-B, AMT, 5.00% 2018 1,000 1,1267,436American Funds Short-Term Tax-Exempt Bond Fund — Page 5 of 14Bonds, notes & other debt instrumentsMassachusetts 3.95%Principal amount(000)Value(000)Dev. Fin. Agcy., Rev. Bonds (Boston University Issue), Series 2013-U-1, 0.64% 2040 (put 2017) 1 $1,000 $ 1,000Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2012-L, 5.00% 2016 890 968Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System), Series 2014-M-3, 0.61% 2038 (put 2018) 1 6,075 6,070Dev. Fin. Agcy., Rev. Ref. Bonds (Partners HealthCare System Issue), Series 2011-K-4, 5.00% 2035 (put 2016) 500 533Educational Fncg. Auth., Education Loan Rev. Bonds, Issue J, Series 2012, AMT, 5.00% 2018 1,000 1,127Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2014-I, AMT, 4.00% 2017 400 428Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2014-I, AMT, 4.00% 2018 500 541Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2014-I, AMT, 5.00% 2021 3,000 3,384G.O. Bonds, Consolidated Loan of 2012, Series A, 0.51% 2015 1 2,500 2,505G.O. Bonds, Consolidated Loan of 2012, Series A,0.58% 2016 1 2,000 2,008G.O. Bonds, Consolidated Loan of 2012, Series D, 0.49% 2018 1 1,000 1,003G.O. Bonds, Consolidated Loan of 2014, Series D-2, 0.36% 2043 (put 2017) 1 2,000 2,000Housing Fin. Agcy., Single-family Housing Rev. Bonds, Series 167, 4.00% 2043 1,080 1,186Housing Fin. Agcy., Single-family Housing Rev. Bonds, Series 169, 4.00% 2044 1,000 1,096Housing Fin. Agcy., Single-family Housing Rev. Ref. Bonds, Series 160, AMT, 3.75% 2034 760 782Housing Fin. Agcy., Single-family Housing Rev. Ref. Bonds, Series 162, 2.75% 2041 790 817Housing Fin. Agcy., Single-family Housing Rev. Ref. Bonds, Series 165, 2.65% 2041 2,535 2,639Port Auth., Rev. Bonds, Series 2012-A, AMT, 3.00% 2017 660 702Port Auth., Rev. Bonds, Series 2012-A, AMT, 5.00% 2015 360 376School Building Auth., Dedicated Sales Tax Rev. Ref. Bonds, Series 2012-B, 5.00% 2018 2,000 2,32231,487Michigan 4.24%City of Royal Oak Hospital Fin. Auth., Hospital Rev. Ref. Bonds (William Beaumont Hospital Obligated Group), Series 2014-D, 5.00%2019 500 579

City of Royal Oak Hospital Fin. Auth., Hospital Rev. Ref. Bonds (William Beaumont Hospital Obligated Group), Series 2014-D, 5.00%2020 500 585School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.), Series2012-A, 5.00% 2018 2,225 2,480Fin. Auth. State Revolving Fund, Clean Water Revolving Fund Rev. Bonds, Series 2012, 5.00% 2018 1,000 1,163Fin. Auth., Rev. Ref. Bonds (School Dist. of the City of Detroit), Series 2012, 5.00% 2016 500 535Fin. Auth., Rev. Ref. Bonds (Trinity Health Credit Group), Series 2010-A, 5.00% 2015 1,000 1,062Fin. Auth., Unemployment Obligation Assessment Rev. Ref. Bonds, Series 2012-A, 5.00% 2018 2,000 2,312County of Genesee, Water Supply System Rev. Ref. Bonds (Limited Tax G.O.), Series 2014, Build America Mutual insured, 4.00%2018 420 460Kent Hospital Fin. Auth., Rev. Ref. Bonds (Spectrum Health System), Series 2008-A, 5.50% 2047 (put 2015) 5,000 5,120Board of Trustees of Michigan State University, General Rev. Ref. Bonds, Series 2010-C, 5.00% 2015 2,000 2,101City of Royal Oak Hospital Fin. Auth., Hospital Rev. Ref. Bonds (William Beaumont Hospital Obligated Group), Series 2009-V, 6.25%2014 (escrowed to maturity) 2,500 2,513State Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2008-I, 5.50% 2017 1,000 1,148State Hospital Fin. Auth., Project Rev. Ref. Bonds (Ascension Health Credit Group),Series 2010-F3, 1.40% 2047 (put 2018) 1,500 1,504Regents of the University of Michigan, General Rev. Ref. Bonds, Series 2012-F, 0.46% 2043 (put 2016) 1 3,000 3,004Wayne County Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport),Series 2005, AMT, National insured, 5.25% 2016 2,000 2,117Wayne County Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport),Series 2007, AMT, FGIC-National insured, 5.00% 2018 2,660 2,958Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2010-A, AMT, 5.00% 2018 1,900 2,154Board of Governors of Wayne State University, General Rev. Ref. Bonds, Series 2009-A, 5.00% 2014 2,000 2,02833,823American Funds Short-Term Tax-Exempt Bond Fund — Page 6 of 14Bonds, notes & other debt instrumentsMinnesota 0.96%Principal amount(000)Value(000)General Fund Annual Appropriation Rev. Ref. Bonds, Series 2012-B, 5.00% 2017 $2,000 $ 2,231Housing Fin. Agcy., Homeownership Fin. Bonds (Mortgage-Backed Securities Program),Series 2011-G, 4.25% 2035 1,040 1,132Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2012-D, 4.00% 2040 1,375 1,494Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2013-A, AMT, 3.00% 2031 1,065 1,093Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 2038 1,575 1,727Mississippi 0.48%7,677Dev. Bank, Special Obligation Rev. Ref. Bonds (Harrison County, Mississippi Highway Ref. Project),Series 2013-A, 5.00% 2019 850 988Home Corp., Single-family Mortgage Rev. Bonds, Series 2009-A-2, 5.00% 2039 1,020 1,103Jackson State University Educational Building Corp., Rev. Bonds (Campus Facs. Project), Series 2007,Assured Guaranty Municipal insured, 5.00% 2034 (put 2015) 1,695 1,738Missouri 1.17%3,829Housing Dev. Commission, Single-family Mortgage Rev. Bonds (Homeownership Loan Program),Series 2009-C, 4.90% 2036 615 627Housing Dev. Commission, Single-family Mortgage Rev. Bonds (Homeownership Loan Program),Series 2009-D, 4.80% 2040 975 1,035

Housing Dev. Commission, Single-family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2009-E-4, 4.25%2030 810 882Housing Dev. Commission, Single-family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2014-A, 4.00% 2041 1,300 1,428City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2007-B, AMT, Assured Guaranty Municipalinsured, 5.00% 2016 5,000 5,392Montana 0.31%9,364Board of Housing, Single-family Homeownership Rev. Ref. Bonds, Series 2012-A-2, AMT, 4.00% 2038 2,440 2,502Nebraska 0.99%Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2013-A, 2.50% 2034 1,500 1,557Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2013-E, 3.00% 2043 1,995 2,106Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2014-A, 4.00% 2044 1,000 1,100Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2014-A, 3.00% 2044 3,000 3,1617,924Nevada 1.07%Clark County, Jet Aviation Fuel Tax Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2019 2,000 2,280Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2010-F-1, 5.00% 2015 1,500 1,565Las Vegas Valley Water Dist., G.O. (Limited Tax) Ref. Bonds, Series 2011-C, 5.00% 2016 2,000 2,169Las Vegas Valley Water Dist., G.O. (Limited Tax) Ref. Bonds, Series 2011-D, 5.00% 2017 1,185 1,331Las Vegas Valley Water Dist., G.O. (Limited Tax) Water Bonds, Series 2012-B, 5.00% 2018 1,000 1,1518,496New Hampshire 0.28%Turnpike System Rev. Bonds, Ref. Series 2012-B, 5.00% 2017 2,000 2,220American Funds Short-Term Tax-Exempt Bond Fund — Page 7 of 14Bonds, notes & other debt instrumentsNew Jersey 4.10%Principal amount(000)Value(000)Econ. Dev. Auth., School Facs. Construction Bonds, Assured Guaranty Municipal insured,Subseries J-5, 5.00% 2029 (preref. 2015) $2,000 $ 2,104Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2010-DD-1, 5.00% 2016 1,500 1,650Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2014-PP, 5.00% 2019 4,000 4,554Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2010-2, 5.00% 2014 2,000 2,032Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2012-1A, AMT, 4.00% 2017 3,500 3,815Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2012-1A, AMT, 5.00% 2018 2,000 2,276Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2014-1A1, AMT, 4.00% 2017 1,750 1,908Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2014-1A1, AMT, 5.00% 2016 1,000 1,097Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2014-1A1, AMT, 5.00% 2018 2,250 2,561Transit Corp., Grant Anticipation Notes (Federal Transit Administration Section 5307 Urbanized Area Formula Funds) Series 2014-A,5.00% 2019 1,000 1,150Transit Corp., Grant Anticipation Notes (Federal Transit Administration Section 5307 Urbanized Area Formula Funds) Series 2014-A,5.00% 2018 2,000 2,276Transportation Trust Fund Auth., Transportation System Bonds, Series 2012-AA, 5.00% 2017 1,000 1,110Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Series 2003-A,AMBAC insured, 5.50% 2015 2,000 2,138Turnpike Auth., Turnpike Rev. Ref. Bonds, Series 2013-D, 0.68% 2023 (put 2017) 1 2,000 2,003

Turnpike Auth., Turnpike Rev. Ref. Bonds, Series 2013-D, 0.74% 2024 (put 2018) 1 2,000 2,006New Mexico 0.76%32,680Educational Assistance Foundation, Education Loan Rev. Ref. Bonds, Series 2009-C, AMT, 3.90% 2014 3,000 3,008Educational Assistance Foundation, Education Loan Rev. Ref. Bonds, Series 2010-A-2, 0.877% 2028 1 160 159Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2009-D, Class I, 5.35% 2040 1,170 1,251Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2012-A, Class I, 4.25% 2043 1,445 1,6056,023New York 9.99%Dormitory Auth., North Shore-Long Island Jewish Obligated Group, Rev. Ref. Bonds,Series 2011-A, 4.00% 2016 2,555 2,707Dormitory Auth., Consolidated Service Contract Rev. Ref. Bonds, Series 2009-A, 5.00% 2015 2,000 2,089Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2009-D, 5.00% 2015 2,500 2,607Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2011-A, 5.00% 2017 2,500 2,792Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2014-A, 5.00% 2020 2,000 2,366Erie County Industrial Dev. Agcy., School Fac. Rev. Ref. Bonds (City School Dist. of the City of Buffalo Project), Series 2012-A, 5.00%2018 1,500 1,719Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2002-B-3A, 0.81% 2017 1 2,000 2,008Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds,Series 2008-A-2B, 0.64% 2031 (put 2019) 1 2,500 2,496Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2011-A, 4.00% 2014 2,000 2,023Metropolitan Transportation Auth., State Service Contract Rev. Ref. Bonds,Series 2002-A, XLCA insured, 5.75% 2016 1,525 1,645Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-B-1, 5.00% 2015 2,000 2,123Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-A-1, 4.00% 2019 750 843Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2020 2,000 2,373Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 178, 3.50% 2043 2,305 2,480City of New York, G.O. Bonds, Fiscal 2008 Series J-4, 0.61% 2025 1 5,000 4,996City of New York, G.O. Bonds, Fiscal 2010 Series C, 5.00% 2014 1,000 1,000City of New York, G.O. Bonds, Fiscal 2010 Series C, 5.00% 2015 1,000 1,049City of New York, G.O. Bonds, Fiscal 2011 Series B, 5.00% 2015 1,000 1,049City of New York, G.O. Bonds, Fiscal 2011 Series I-1, 5.00% 2015 1,000 1,049City of New York, G.O. Bonds, Fiscal 2011 Series I-1, 5.00% 2017 1,000 1,129City of New York, G.O. Bonds, Fiscal 2012 Series I, 5.00% 2018 1,000 1,155City of New York, G.O. Bonds, Fiscal 2014 Series A-6, 0.56% 2031 1 2,500 2,471American Funds Short-Term Tax-Exempt Bond Fund — Page 8 of 14Bonds, notes & other debt instrumentsNew York (continued)Principal amount(000)Value(000)New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2003 Series B, 5.00% 2016 $ 500 $ 536New York City Transitional Fin. Auth., New York City Recovery Bonds, Fiscal 2003 Subseries 3B-1, 5.00% 2014 2,000 2,025New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2010-A, 5.00% 2015 1,000 1,026New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2010-A, 5.00% 2017 3,000 3,320Port Auth., Consolidated Rev. Ref. Bonds, Series 167, AMT, 5.00% 2014 2,000 2,012Port Auth., Consolidated Rev. Ref. Bonds, Series 167, AMT, 5.00% 2015 1,500 1,580Port Auth., Consolidated Rev. Ref. Bonds, Series 169, AMT, 5.00% 2015 2,000 2,113Port Auth., Consolidated Rev. Ref. Bonds, Series 169, AMT, 5.00% 2017 1,000 1,131County of Rockland G.O. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2019 675 775Thruway Auth., General Rev. Junior Indebtedness Obligations Series 2013-A, 5.00% 2019 4,700 5,450

Thruway Auth., Local Highway and Bridge Service Contract Rev. Ref. Bonds, Series 2009, 5.00% 2015 2,000 2,065Tobacco Settlement Fncg. Corp., Asset-Backed Rev. Bonds, Series 2013-B, 5.00% 2020 2,900 3,140Tobacco Settlement Fncg. Corp., Asset-Backed Rev. Bonds, Series 2013-B, 5.00% 2020 1,000 1,038Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds (State Contingency Contract Secured),Series 2011-B, 5.00% 2015 2,000 2,082Triborough Bridge and Tunnel Auth. (MTA Bridges and Tunnels), General Rev. Ref. Bonds,Series 2005-B-4A, 0.482% 2028 (put 2014) 1 2,800 2,803Urban Dev. Corp., Service Contract Rev. Ref. Bonds, Series 2010-A, 4.00% 2016 2,000 2,108Urban Dev. Corp., State Personal Income Tax Rev. Bonds (Econ. Dev. and Housing),Series 2009-A-1, 5.00% 2017 2,010 2,297North Carolina 0.36%79,670Medical Care Commission, Health Care Facs. Rev. Ref. Bonds (Wake Forest Baptist Obligated Group),Series 2012-C, 0.80% 2033 (put 2017) 1 2,905 2,895North Dakota 0.55%Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2012-A, 3.75% 2042 3,440 3,740Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2014-A, 4.00% 2034 620 6784,418Ohio 2.25%County of Allen, Hospital Facs. Rev. Ref. Bonds (Catholic Healthcare Partners), Series 2010-B, 5.00% 2014 2,000 2,008City of Cleveland, Airport System Rev. Bonds, Series 2000-C,Assured Guaranty Municipal insured, 5.00% 2017 2,500 2,747City of Cleveland, Airport System Rev. Ref. Bonds, Series 2011-A,Assured Guaranty Municipal insured, 5.00% 2016 4,500 4,784Higher Education G.O. Ref. Bonds, Series 2011-A, 5.00% 2016 1,750 1,923Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2010-1, 5.00% 2028 1,290 1,387Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2011-1, 4.80% 2028 640 691Major New State Infrastructure Project Rev. Bonds, Series 2012-1, 4.00% 2018 1,750 1,962Major New State Infrastructure Project Rev. Bonds, Series 2012-1, 5.00% 2017 1,000 1,138Warren County, Health Care Facs., Rev. Ref. Bonds (Otterbein Homes Obligated Group),Series 2013-A, 3.00% 2015 1,250 1,273Oklahoma 0.40%17,913Municipal Power Auth., Power Supply System Rev. Ref. Bonds, Series 2005-A, 0.86% 2023 (put 2018) 1 1,840 1,843Turnpike Auth., Turnpike System Rev. Ref. Bonds, Series 2011-A, 5.00% 2017 1,215 1,3483,191American Funds Short-Term Tax-Exempt Bond Fund — Page 9 of 14Bonds, notes & other debt instrumentsOregon 1.40%Principal amount(000)Value(000)Dept. of Administrative Services, Lottery Rev. Ref. Bonds, Series 2012-B, 5.00% 2018 $1,300 $ 1,496Dept. of Administrative Services, Ref. Certs. of Part., Series 2009-D, 5.00% 2014 1,000 1,012Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2013-C, 0.94% 2020 (put 2017) 1 1,500 1,506Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2013-C, 1.06% 2022 (put 2018) 1 3,000 3,013Port of Portland, Portland International Airport Rev. Bonds, Subseries 20-C, AMT, 5.00% 2015 1,000 1,044

Port of Portland, Portland International Airport Rev. Ref. Bonds, Subseries 21-B, AMT, 5.00% 2015 2,000 2,088Tri-County Metropolitan Transportation Dist., Payroll Tax and Grant Receipt Rev. Bonds,Series 2013, 3.00% 2016 1,000 1,020Pennsylvania 1.86%11,179Econ. Dev. Fncg. Auth., Unemployment Compensation Rev. Bonds, Series 2012-A, 5.00% 2019 1,500 1,765Econ. Dev. Fncg. Auth., Unemployment Compensation Rev. Bonds, Series 2012-B, 5.00% 2021 4,000 4,528Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds (City of Philadelphia Funding Program), Series 2010, 5.00% 2015 750 782School Dist. of Philadelphia, G.O. Bonds, Series 2010-A, 5.00% 2015 2,000 2,078State Public School Building Auth., School Lease Rev. Bonds (School Dist. of Philadelphia Project),Series 2012, 5.00% 2017 2,500 2,766Turnpike Commission, Turnpike Rev. Bonds, Series 2009-A, Assured Guaranty insured, 5.00% 2015 1,340 1,394Turnpike Commission, Turnpike Rev. Bonds, Series 2013-A, 0.74% 2018 1 1,500 1,507Puerto Rico 0.08%14,820Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher EducationRev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2016 620 639Rhode Island 0.61%Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue), Series 2006-A, AssuredGuaranty Municipal insured, 5.00% 2016 3,000 3,210Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 4.00% 2015 350 365Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 5.00% 2016 450 490Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 5.00% 2017 700 778South Dakota 0.38%4,843Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2013-A, AMT, 3.00% 2030 850 885Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2013-E, AMT, 4.00% 2044 520 554Housing Dev. Auth., Homeownership Mortgage Rev. Ref. Bonds, Series 2012-A, AMT, 4.50% 2031 1,470 1,5783,017Tennessee 2.21%Health and Educational Facs. Board of the Metropolitan Government of Nashville and Davidson County, Rev. Ref. Bonds (VanderbiltUniversity), Series 2012-B, 0.66% 2038 (put 2017) 1 1,000 1,004Housing Dev. Agcy., Homeownership Program Bonds, Issue 2012-1-C, 4.50% 2037 1,255 1,401Housing Dev. Agcy., Homeownership Program Bonds, Issue 2012-2-C, 4.00% 2038 895 983Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Issue 2011-1-A, AMT, 4.50% 2031 2,215 2,381Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Issue 2012-1-A, AMT, 4.50% 2038 1,055 1,135Housing Dev. Agcy., Residential Fin. Program Bonds, Issue 2013-1-C, 3.00% 2038 1,845 1,948Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 2043 970 1,036Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-1-A, AMT, 4.00% 2039 2,000 2,166Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2008-A, AMT,Assured Guaranty Municipal insured, 5.00% 2016 1,000 1,070American Funds Short-Term Tax-Exempt Bond Fund — Page 10 of 14Bonds, notes & other debt instrumentsTennessee (continued)Principal amount(000)Value(000)Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.00% 2016 $3,220 $ 3,485

Health, Educational and Housing Fac. Board of the County of Shelby, Rev. Bonds (Baptist Memorial Health Care), Series 2004-A,5.00% 2014 1,000 1,004Texas 6.24%17,613Amarillo Health Facs. Corp., Hospital Rev. Ref. Bonds (Baptist St. Anthony’s Hospital Corp. Project),Series 1998, Assured Guaranty Municipal insured, 5.50% 2015 (escrowed to maturity) 1,820 1,853Canadian River Municipal Water Auth., Contract Rev. Ref. Bonds (Conjunctive Use Groundwater Supply Project), Series 2005,AMBAC insured, 5.00% 2016 2,285 2,344City of Dallas, G.O. Limited Bonds, 5.00% 2018 (preref. 2017) 1,610 1,792Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds,Series 2013-E, AMT, 5.00% 2019 2,000 2,331Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds,Series 2013-F, 5.00% 2018 1,000 1,159Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds,Series 2013-F, 5.00% 2019 500 586Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bond Anticipation Notes,Series 2014-A, 3.00% 2016 8,150 8,630Harris County Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Healthcare System), Series 2014-B, 0.64% 2042(put 2019) 1 2,000 1,994Harris County, Toll Road Rev. Ref. Bonds, Series 2012-B, 0.65% 2021 (put 2015) 1 1,000 1,002City of Houston, Higher Education Fin. Corp., Higher Education Rev. Ref. Bonds (Rice University Project), Series 2013-B, 0.59% 2048(put 2017) 1 2,000 2,007City of Houston, Airport System Rev. Ref. Bonds, Series 2011-A, AMT, 5.00% 2015 1,000 1,044City of Houston, Airport System Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2018 1,000 1,146City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2012-B, 0.81% 2034 (put 2017) 1 2,450 2,464City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2012-C, 0.66% 2034 (put 2016) 1 1,000 1,006City of Houston, Combined Utility System Rev. Ref. Bonds, Series 2014-C, 5.00% 2020 1,000 1,187City of Houston, Public Improvement Ref. Bonds, Series 2011-A, 5.00% 2016 2,000 2,150Houston Independent School Dist. (Harris County), Limited Tax Schoolhouse Bonds,Series 2013-B, 2.00% 2037 (put 2016) 3,400 3,497Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project),Series 2008, AMT, 6.00% 2020 (put 2013) 2,000 2,000North Central Texas Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (Children’s Medical Center of Dallas Project), Series 2012,5.00% 2018 1,000 1,148North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2011-A, 0.86% 2050 (put 2019) 1 1,300 1,298North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2012-C, 1.95% 2038 (put 2019) 2,380 2,392City of San Antonio, Airport System Rev. Ref. Bonds, Series 2012, AMT, 5.00% 2017 1,050 1,182City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, Series 2012-C, 2.00% 2027 (put 2016) 1,160 1,200City of San Antonio, Passenger Fac. Charge and Airport System Rev. Ref. Bonds,Series 2012, AMT, 5.00% 2018 1,515 1,699Transportation Commission, State Highway Fund Rev. Bonds, Series 2006-A, 4.50% 2015 1,000 1,029Transportation Commission, State Highway Fund Rev. Bonds, Series 2014-B, 0.41% 2032 (put 2017) 1 1,600 1,602Utah 0.29%49,742Intermountain Power Agcy., Subordinated Power Supply Rev. Ref. Bonds, Series 2013-A, 5.00% 2018 2,000 2,307Vermont 0.41%Student Assistance Corp., Education Loan Rev. Notes, Series 2012-B, AMT, 1.732% 2022 1 3,271 3,277American Funds Short-Term Tax-Exempt Bond Fund — Page 11 of 14

Bonds, notes & other debt instrumentsVirginia 0.72%Principal amount(000)Value(000)Commonwealth Transportation Board, Federal Transportation Grant Anticipation Rev. Notes,Series 2013-A, 5.00% 2020 $3,000 $ 3,553Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Bonds,Series 2005, 5.50% 2026 (preref. 2014) 2,135 2,224Washington 3.19%5,777Econ. Dev. Fin. Auth., Lease Rev. Bonds (Washington Biomedical Research Properties II), Series 2006-J, National insured, 5.50%2015 1,625 1,698Energy Northwest, Electric Rev. Ref. Bonds (Project 1), Series 2012-A, 5.00% 2015 1,250 1,306Energy Northwest, Electric Rev. Ref. Bonds (Project 1), Series 2012-A, 5.00% 2017 5,000 5,641Federal Highway Grant Anticipation Rev. Bonds (SR 520 Corridor Program), Series 2012-F, 5.00% 2018 2,000 2,308Federal Highway Grant Anticipation Rev. Bonds (SR 520 Corridor Program), Series 2014-C, 5.00% 2018 1,750 2,020Various Purpose G.O. Ref. Bonds, Series R-2012-A, 5.00% 2017 1,250 1,409Public Utility Dist. No. 2 of Grant County, Electric System Rev. Ref. Bonds,Series 2011-I, 5.00% 2017 (escrowed to maturity) 1,250 1,385Public Utility Dist. No. 2 of Grant County, Rev. Ref. Bonds (Priest Rapids Hydroelectric Project),Series 2010-B, AMT, 5.00% 2016 1,250 1,332Health Care Facs. Auth., Rev. Ref. Bonds (PeaceHealth), Series 2014-A, 5.00% 2019 500 584Health Care Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2012-A, 5.00% 2018 500 576Housing Fin. Commission, Homeownership Program Bonds, Series 2010-A, 4.70% 2028 570 608Housing Fin. Commission, Single-family Program Bonds, Series 2014-1-N, 3.00% 2037 1,435 1,512Housing Fin. Commission, Single-family Program Rev. Ref. Bonds, Series 2013-1-N, 3.00% 2043 810 841Port of Seattle, Rev. Ref. Bonds, Series 2011-B, AMT, 5.00% 2015 1,000 1,052Public Utility Dist. No. 1 of Snohomish County, Generation System Rev. Ref. Bonds, Series 2010-A, 5.00% 2015 2,000 2,130Tobacco Settlement Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2013, 5.00% 2026 1,000 1,052Wisconsin 1.15%25,454Health and Educational Facs. Auth., Rev. Bonds (UnityPoint Health), Series 2014-A, 5.00% 2017 325 369Health and Educational Facs. Auth., Rev. Bonds (UnityPoint Health), Series 2014-A, 5.00% 2018 435 504Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group),Series 2013-B-2, 4.00% 2043 (put 2019) 1,000 1,113Health and Educational Facs. Auth., Rev. Ref. Bonds (Aurora Health Care, Inc.), Series 2012-A, 4.00% 2015 600 619Health and Educational Facs. Auth., Rev. Ref. Bonds (Aurora Health Care, Inc.), Series 2012-A, 5.00% 2017 2,000 2,209Milwaukee County, Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.00% 2015 1,315 1,400Transportation Rev. Ref. Bonds, Series 2012-2, 4.00% 2018 2,000 2,239University of Wisconsin Hospitals and Clinics Auth., Rev. Bonds, Series 2013-A, 4.00% 2016 680 720Total bonds, notes & other debt instruments (cost: $668,562,000) 678,9159,173

American Funds Short-Term Tax-Exempt Bond Fund — Page 12 of 14Short-term securities 15.57%Principal amount(000)Value(000)State of Arizona, Maricopa County, Pollution Control Corp., Pollution Control Rev. Ref. Bonds (Arizona Public Service Co. Palo VerdeProject), Series 2009-B, JPMorgan Chase LOC, 0.07% 2029 1 $ 7,500 $ 7,500State of California, Antelope Valley-East Kern Water Agcy., Series 2008-A2,Wells Fargo & Co. LOC, 0.04% 2037 1 1,000 1,000State of California, Infrastructure and Econ. Dev. Bank, Demand Rev. Bonds (Buck Institute for Age Research) Series 2001, U.S. BankLOC, 0.05% 2037 1 12,000 12,000State of California, Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 1996-E,JPMorgan Chase LOC, 0.04% 2026 1 2,100 2,100State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2014-A, 1.50% 6/26/2015 19,000 19,239State of Idaho, Tax Anticipation Notes, Series 2014, 2.00% 6/30/2015 2,850 2,900State of Illinois, City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2004-C-2, AMT,Wells Fargo & Co. LOC, 0.08% 2035 1 2,330 2,330State of Iowa, Fin. Auth., Demand Health Facs. Rev. Ref. Bonds (Health System), Series 2009-B, JPMorgan Chase LOC, 0.07% 2035 1 950 950State of Louisiana, Industrial Dev. Board of the Parish of East Baton Rouge, Inc., Gulf Opportunity ZoneRev. Bonds (ExxonMobil Project), Series 2010-B, 0.05% 2040 1 3,350 3,350State of Massachusetts, Health and Educational Facs. Auth., Demand Rev. Bonds (Stonehill College Issue), Series 2008-K, 0.07%2037 1 1,860 1,860State of Minnesota, Housing and Redev. Auth. of the City of Saint Paul, sHealth Care System Demand Rev. Bonds (Allina HealthSystem), Series 2009-B-1, JPMorgan Chase LOC, 0.06% 2035 1 2,100 2,100State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-F, 0.05% 2030 1 2,100 2,100State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-B, 0.05% 2030 1 1,000 1,000State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-K, 0.05% 2035 1 2,700 2,700State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2011-A, 0.04% 2035 1 6,445 6,445State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds (Washington University), Series 1996-D,0.04% 2030 1 5,300 5,300State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds (Washington University), Series 2003-B,0.05% 2033 1 3,550 3,550State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds(Washington University), Series 2004-A, 0.05% 2034 1 1,745 1,745State of New Jersey, Health Care Facs. Fncg. Auth., Rev. Ref. Bonds, Series 2006-A,Wells Fargo & Co. LOC, 0.05% 2036 1 2,700 2,700State of New York, City of New York, G.O. Bonds, Fiscal 2008 Series L, Subseries L-4, 0.06% 2038 1 2,000 2,000State of New York, City of New York, G.O. Bonds, Fiscal 2012 Series G, Subseries G-5, 0.04% 2042 1 2,300 2,300State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2014-A, 2.00% 6/15/2015 4,950 5,031State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (ExxonMobil Project),Series 2000, AMT, 0.06% 2030 1 1,700 1,700State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (ExxonMobil Project),

Series 2001-B, AMT, 0.06% 2025 1 4,200 4,200State of Texas, Lower Neches Valley Auth., Industrial Dev. Corp. Rev. Bonds (ExxonMobil Project),Series 2011, 0.04% 2038 1 8,000 8,000State of Texas, Tax and Rev. Anticipation Notes, Series 2013, 2.00% 8/28/2014 20,000 20,029Total short-term securities (cost: $124,125,000) 124,129Total investment securities 100.72% (cost: $792,687,000) 803,044Other assets less liabilities (0.72%) (5,770)Net assets 100.00% $797,2741 Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.American Funds Short-Term Tax-Exempt Bond Fund — Page 13 of 14Key to abbreviationsAgcy. = AgencyAMT = Alternative Minimum TaxAuth. = AuthorityCerts. of Part. = Certificates of ParticipationDept. = DepartmentDev. = DevelopmentDist. = DistrictEcon. = EconomicFac. = FacilityFacs. = FacilitiesFin. = FinanceFncg. = FinancingG.O. = General ObligationLOC = Letter of CreditPreref. = PrerefundedRedev. = RedevelopmentRef. = RefundingRev. = RevenueTECP = Tax-Exempt Commercial PaperInvestments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus andsummary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds ServiceCompany (AFS) at (800) 421-4225 or visit the American Funds website at americanfunds.com.

MFGEFPX-039-0914O-S42249 American Funds Short-Term Tax-Exempt Bond Fund — Page 14 of 14Report of Independent Registered Public Accounting FirmTo the Board of Trustees and Shareholders of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund ofAmerica, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund and The Tax-Exempt Fund of CaliforniaIn our opinion, the accompanying statements of assets and liabilities, including the summary investment portfolios, and the related statements ofoperations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the investment portfolios (includedin Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of American Funds Short-Term Tax-Exempt Bond Fund,Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund and TheTax-Exempt Fund of California (the “Funds”) at July 31, 2014, the results of each of their operations for the year then ended, the changes in each oftheir net assets and the financial highlights for each of the periods presented (other than as noted below for The Tax-Exempt Fund of California), inconformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights, andinvestment portfolios (hereafter referred to as "financial statements") are the responsibility of the Funds’ management. Our responsibility is toexpress an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with thestandards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimatesmade by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation ofsecurities at July 31, 2014 by correspondence with the custodians and brokers, provide a reasonable basis for our opinion. The financial statementsof The Tax-Exempt Fund of California as of July 31, 2013, and for the fiscal years ended through July 31, 2013 as appearing herein, were auditedby other auditors whose report dated September 9, 2013, expressed an unqualified opinion on those statements.PricewaterhouseCoopers LLPLos Angeles, CaliforniaSeptember 9, 2014

Limited Term Tax-Exempt Bond Fund of America ®Investment portfolioJuly 31, 2014Bonds, notes & other debt instruments 91.02%Alabama 0.87%Principal amount(000)Value(000)21st Century Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2012-A, 5.00% 2020 $$2,500 $ 2,906Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2018 1,000 1,155Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2022 5,385 6,391Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2023 2,500 2,936City of Mobile Industrial Dev. Board, Pollution Control Rev. Bonds (Alabama Power Co. Barry Plant Project), Series 2007-C, 5.00%2034 (put 2015) 7,000 7,190Special Care Facs. Fncg. Auth. of the City of Pell City, Rev. Ref. Bonds (Noland Health Services, Inc.),Series 2012-A, 5.00% 2020 1,140 1,309Board of Trustees of the University of Alabama, Birmingham Hospital Rev. Ref. Bonds,Series 2006-A, 5.00% 2015 500 526Board of Trustees of the University of Alabama, Birmingham Hospital Rev. Ref. Bonds,Series 2008-A, 5.25% 2017 1,160 1,311Board of Trustees of the University of Alabama, General Rev. Ref. Bonds, Series 2012-A, 5.00% 2020 2,500 2,974Alaska 0.04%26,698Student Loan Corp., Education Loan Rev. Bonds, Series 2006-A-2, AMT, 5.00% 2016 1,000 1,075Arizona 2.01%Health Facs. Auth., Rev. Ref. Bonds (Phoenix Children’s Hospital), Series 2013-A-1, 1.91% 2048 (put 2020) 1 4,000 3,981City of Glendale, Water and Sewer Rev. Ref. Obligations, Series 2012, 5.00% 2020 1,550 1,827City of Glendale, Water and Sewer Rev. Ref. Obligations, Series 2012, 5.00% 2021 1,000 1,184Industrial Dev. Auth. of the City of Glendale, Rev. Ref. Bonds (Midwestern University),Series 2007, 5.25% 2018 1,135 1,276Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-A, 5.00% 2017 3,000 3,313Health Facs. Auth., Rev. Ref. Bonds (Banner Health), Series 2007-A, 5.00% 2016 1,900 2,024Health Facs. Auth., Rev. Ref. Bonds (Banner Health), Series 2007-A, 5.00% 2018 500 565Industrial Dev. Auth. of the County of Maricopa, Health Fac. Rev. Ref. Bonds (Catholic Healthcare West),Series 2007-A, 4.125% 2015 1,000 1,035Industrial Dev. Auth. of the County of Maricopa, Health Fac. Rev. Ref. Bonds (Catholic Healthcare West),Series 2007-A, 5.00% 2016 2,000 2,167Industrial Dev. Auth. of the County of Maricopa, Health Fac. Rev. Ref. Bonds (Catholic Healthcare West),Series 2009-A, 5.00% 2016 2,400 2,601Maricopa County Community College Dist., G.O. Bonds (Project of 2004), Series 2009-C, 5.00% 2018 3,500 4,052City of Phoenix Civic Improvement Corp., Airport Rev. Bonds, Series 2010-A, 5.00% 2019 1,000 1,168City of Phoenix Civic Improvement Corp., Airport Rev. Ref. Bonds, Series 2008-D, AMT, 5.25% 2017 2,000 2,259City of Phoenix Civic Improvement Corp., Airport Rev. Ref. Bonds, Series 2008-D, AMT, 5.25% 2018 1,000 1,158City of Phoenix Civic Improvement Corp., Wastewater System Rev. Ref. Bonds, Series 2008, 5.50% 2018 1,000 1,177City of Phoenix Civic Improvement Corp., Water System Rev. Bonds, Series 2009-A, 5.00% 2018 2,300 2,662Industrial Dev. Auth. of the City of Phoenix and the County of Pima, Single-family Mortgage Rev. Bonds, Series 2006-3A, AMT, 5.25%2038 40 41Industrial Dev. Authorities of the City of Phoenix and the County of Maricopa, Single-family Mortgage Rev. Bonds, Series 2007-A-2,

AMT, 5.80% 2040 85 87Pima County, Sewer System Rev. Obligations, Series 2012-A, 5.00% 2021 400 478Pima County, Sewer System Rev. Obligations, Series 2012-A, 5.00% 2022 800 960Town of Queen Creek, Improvement Dist. No. 001, Improvement Bonds, 5.00% 2015 1,250 1,270Limited Term Tax-Exempt Bond Fund of America — Page 1 of 31Bonds, notes & other debt instrumentsArizona (continued)Principal amount(000)Value(000)School Facs. Board, Certs. of Part., Series 2008, 5.50% 2016 $ 1,500 $ 1,655School Facs. Board, Certs. of Part., Series 2008, 5.50% 2017 3,000 3,434School Facs. Board, Ref. Certs. of Part., Series 2005-A-1, FGIC-National insured, 5.00% 2015 5,000 5,260School Facs. Board, State School Improvement Rev. Ref. Bonds, Series 2005, 5.00% 2015 2,000 2,041School Facs. Board, State School Trust Rev. Ref. Bonds, Series 2007, AMBAC insured, 5.00% 2017 2,000 2,226State Lottery Rev. Bonds, Series 2010-A, Assured Guaranty Municipal insured, 5.00% 2019 3,770 4,384Transportation Board Highway Rev. Ref. Bonds, Series 2011-A, 5.00% 2020 3,270 3,890Board of Regents, Ref. Certs. of Part. (University of Arizona Projects), Series 2012-C, 5.00% 2020 3,180 3,72861,903California 11.91%Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2021 1,750 2,089Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Ref. Bonds (Channing House), Series 2010, 4.00% 2016 1,500 1,504Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp HealthCare),Series 2012-A, 4.00% 2021 935 1,039Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp HealthCare),Series 2012-A, 5.00% 2019 980 1,144Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds,Series 2006-C-1, 0.96% 2045 (put 2023) 1 20,500 20,259Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds,Series 2007-C-1, 0.96% 2047 (put 2023) 1 3,500 3,459Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds,Series 2007-E-3, 0.76% 2047 (put 2019) 1 1,000 996Successor Agcy. to the Brea Redev. Agcy. (Redev. Project AB), 2013 Tax Allocation Ref. Bonds, 5.00% 2021 725 867City of Cathedral City, Cove Improvement Dist. No. 2004-02,Limited Obligation Improvement Bonds, 4.40% 2014 695 697Central Valley Fncg. Auth., Cogeneration Project Rev. Ref. Bonds (Carson Ice-Gen Project),Series 2009, 5.00% 2016 800 870Central Valley Fncg. Auth., Cogeneration Project Rev. Ref. Bonds (Carson Ice-Gen Project),Series 2009, 5.00% 2017 1,130 1,270Cerritos Public Fin. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series 2002-A,AMBAC insured, 5.00% 2021 1,000 1,099Cerritos Public Fncg. Auth., 2002 Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series A,AMBAC insured, 5.00% 2019 1,570 1,757Econ. Recovery Bonds, Ref. Series 2009-A, 5.00% 2019 3,000 3,554Econ. Recovery Bonds, Ref. Series 2009-A, 5.00% 2020 9,000 10,645Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2011, 5.00% 2020 1,640 1,917Successor Agcy. to the Emeryville Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A,Assured Guaranty Municipal insured, 5.00% 2025 1,780 2,110City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 2022 525 599G.O. Bonds, Series 2013-C, 0.61% 2028 (put 2016) 1 5,000 5,001Various Purpose G.O. Ref. Bonds, 5.00% 2020 5,000 5,953Various Purpose G.O. Ref. Bonds, 5.00% 2021 5,000 6,058Various Purpose G.O. Ref. Bonds, 5.00% 2023 6,500 7,797

Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds,Series 2013-A, 5.00% 2020 6,100 7,201Health Facs. Fncg. Auth., Insured Rev. Ref. Bonds (NCROC - Paradise Valley Estates Project),Series 2013, 5.00% 2023 550 649Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2008-I, 5.125% 2022 540 562Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2008-K, 5.125% 2022 540 562Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2011-D, 5.00% 2019 750 887Health Facs. Fncg. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2008-C, 5.25% 2016 500 552Health Facs. Fncg. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2008-C, 5.50% 2017 500 573Health Facs. Fncg. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2008-C, 6.00% 2018 600 720Limited Term Tax-Exempt Bond Fund of America — Page 2 of 31Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-B, 5.00% 2015 $4,260 $4,447Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-D, 5.00% 2034 (put 2016) 7,500 8,231Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2013-D, 5.00% 2043 (put 2020) 1,200 1,415Independent Cities Lease Fin. Auth., Mobile Home Park Rev. Bonds (San Juan Mobile Estates),Series 2006-A, 5.00% 2016 1,255 1,332Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust),Series 2013-A-1, 0.34% 2047 (put 2016) 1 3,500 3,500Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust),Series 2013-A-2, 0.34% 2047 (put 2016) 1 3,500 3,500Irvine Public Facs. and Infrastructure Auth., Assessment Rev. Bonds, Series 2012-A, 4.00% 2020 2,345 2,418Jurupa Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013-A, 5.00% 2021 750 862Jurupa Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013-A, 5.00% 2022 1,000 1,156Successor Agcy. to the La Quinta Redev. Agcy., Tax Allocation Ref. Bonds (La Quinta Redev. ProjectAreas No. 1 and 2), Series 2013-A, 5.00% 2023 590 693Successor Agcy. to the La Quinta Redev. Agcy., Tax Allocation Ref. Bonds (La Quinta Redev. ProjectAreas No. 1 and 2), Series 2014-A, 5.00% 2022 615 736Successor Agcy. to the La Quinta Redev. Agcy., Tax Allocation Ref. Bonds (La Quinta Redev. ProjectAreas No. 1 and 2), Series 2014-A, 5.00% 2023 1,205 1,443City of La Verne, Rev. Certs. of Part. (Brethren Hillcrest Homes), Series 2014, 5.00% 2022 250 277City of La Verne, Rev. Certs. of Part. (Brethren Hillcrest Homes), Series 2014, 5.00% 2023 300 330Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.00% 2019 1,805 2,061Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.00% 2020 890 1,020Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.00% 2022 1,090 1,260City of Long Beach, Harbor Rev. Ref. Bonds, Series 1998-A, AMT, FGIC-National insured, 6.00% 2016 8,430 9,267City of Long Beach, Harbor Rev. Ref. Bonds, Series 1998-A, AMT, FGIC-National insured, 6.00% 2019 3,500 4,229City of Long Beach, Harbor Rev. Ref. Bonds, Series 2005-A, AMT, National insured, 5.00% 2022 1,300 1,347City of Los Angeles Harbor Dept., Rev. Ref. Bonds, Series 2006-D, AMT, National insured, 5.00% 2020 3,100 3,143City of Los Angeles Harbor Dept., Rev. Ref. Bonds, Series 2011-A, AMT, 5.00% 2019 1,500 1,746City of Los Angeles, Dept. of Water and Power, Power System Rev. Ref. Bonds, Series 2011-A, 5.00% 2018 770 896City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2002-A, FGIC-National insured, 6.00% 2021 3,000 3,837City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2009-A, 5.00% 2018 2,500 2,899Los Angeles Convention and Exhibition Center Auth., Lease Rev. Ref. Bonds, Series 2008-A, 5.00% 2016 1,570 1,714Los Angeles County Metropolitan Transportation Auth., Proposition C, Sales Tax Rev. Ref. Bonds,Series 2009-B, 5.00% 2017 2,500 2,833Los Angeles County Metropolitan Transportation Auth., Proposition C, Sales Tax Rev. Ref. Bonds,Series 2012-B, 5.00% 2020 3,140 3,781Los Angeles County Metropolitan Transportation Auth., Proposition C, Sales Tax Rev. Ref. Bonds,Series 2012-B, 5.00% 2021 6,230 7,589Los Angeles Unified School Dist. (County of Los Angeles), Election of 2004 G.O. Bonds,

Series 2009-I, 5.00% 2020 3,500 4,137Los Angeles Unified School Dist. (County of Los Angeles), G.O. Ref. Bonds, Series 2011-A-1, 5.00% 2018 7,010 8,139Municipal Improvement Corp. of Los Angeles, Lease Rev. Ref. Bonds, Series 2012-C, 5.00% 2020 2,000 2,328Municipal Improvement Corp. of Los Angeles, Lease Rev. Ref. Bonds, Series 2012-C, 5.00% 2022 3,250 3,839Morongo Band of Mission Indians, Enterprise Rev. Ref. Bonds, Series 2008-B, 5.50% 2018 1,000 1,061Murrieta Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2020 1,000 1,126Northern California Power Agcy., Hydroelectric Project Number One Rev. Ref. Bonds,Series 2010-A, 5.00% 2019 1,000 1,179Northern California Power Agcy., Hydroelectric Project Number One Rev. Ref. Bonds,Series 2010-A, 5.00% 2020 2,000 2,320Northern California Power Agcy., Hydroelectric Project Number One Rev. Ref. Bonds,Series 2010-A, 5.00% 2021 1,000 1,144Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project),Series 2013, 5.00% 2019 2,000 2,327Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project),Series 2013, 5.00% 2020 2,500 2,920Limited Term Tax-Exempt Bond Fund of America — Page 3 of 31Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project),Series 2013, 5.00% 2021 $2,000 $2,350Port of Oakland, Rev. Ref. Bonds, Series 2007-A, AMT, National insured, 5.00% 2015 2,220 2,355Port of Oakland, Rev. Ref. Bonds, Series 2007-C, National insured, 5.00% 2016 1,000 1,105Port of Oakland, Rev. Ref. Bonds, Series 2007-C, National insured, 5.00% 2017 1,000 1,141Port of Oakland, Rev. Ref. Bonds, Series 2011-O, AMT, 5.00% 2020 2,020 2,375Port of Oakland, Rev. Ref. Bonds, Series 2012-P, AMT, 5.00% 2021 7,750 9,109Port of Oakland, Rev. Ref. Bonds, Series 2012-P, AMT, 5.00% 2022 4,000 4,712Port of Oakland, Rev. Ref. Bonds, Series 2012-P, AMT, 5.00% 2023 2,750 3,212City of Orange, Community Facs. Dist. No. 91-2, Special Tax Ref. Bonds (Serrano Heights Public Improvements), Series 2013, 4.00%2022 1,000 1,087City of Orange, Community Facs. Dist. No. 91-2, Special Tax Ref. Bonds (Serrano Heights Public Improvements), Series 2013, 5.00%2023 750 870Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc. Project),Series 2002-C, AMT, 5.25% 2023 (put 2017) 2 8,250 8,989Public Works Board, Lease Rev. Bonds (Judicial Council of California, Various Judicial Council Projects),Series 2011-D, 5.00% 2019 2,000 2,367Public Works Board, Lease Rev. Bonds (Trustees of the California State University), Series 2013-H, 5.00% 2021 3,250 3,894Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2011-A, 5.00% 2019 2,000 2,359Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2013-I, 5.00% 2021 1,000 1,203Successor Agcy. to the Rancho Mirage Redev. Agcy., Tax Allocation Housing Ref. Bonds,Series 2013-A, 5.00% 2022 1,495 1,754Regional Airports Improvement Corp., Facs. Lease Rev. Ref. Bonds (LAXFUEL Corp., Los Angeles International Airport), Issue of2012, AMT, 5.00% 2020 545 634Regional Airports Improvement Corp., Facs. Lease Rev. Ref. Bonds (LAXFUEL Corp., Los Angeles International Airport), Issue of2012, AMT, 5.00% 2021 1,700 1,977Sacramento Cogeneration Auth., Cogeneration Project Rev. Ref. Bonds (Procter & Gamble Project),Series 2009, 5.00% 2016 1,000 1,087Sacramento Cogeneration Auth., Cogeneration Project Rev. Ref. Bonds (Procter & Gamble Project),Series 2009, 5.00% 2017 1,000 1,124Sacramento Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.75% 2018 5,170 6,152Sacramento Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.80% 2019 3,000 3,661City of San Bernardino, Unified School Dist. G.O. Ref. Bonds, Series 2013-A, 5.00% 2017 400 452City of San Bernardino, Unified School Dist. G.O. Ref. Bonds, Series 2013-A,Assured Guaranty Municipal insured, 5.00% 2023 1,100 1,291

County of San Bernardino, Certs. of Part. (Arrowhead Ref. Project), Series 2009-A, 5.00% 2017 6,000 6,697Public Facs. Fncg. Auth. of the City of San Diego, Sewer Rev. Bonds, Series 2009-A, 5.00% 2017 8,500 9,585Public Facs. Fncg. Auth. of the City of San Diego, Sewer Rev. Ref. Bonds, Series 2009-B, 5.00% 2017 2,500 2,819Redev. Agcy. of the City and County of San Francisco, Community Facs. Dist. No. 6, Special Tax Ref. Bonds (Mission Bay SouthPublic Improvements), Series 2013-A, 5.00% 2022 1,000 1,141San Francisco State Building Auth., Lease Rev. Ref. Bonds (San Francisco Civic Center Complex),Series 2005-A, FGIC-National insured, 5.00% 2016 2,500 2,656City of San Jose, Airport Rev. Bonds, Series 2007-A, AMT, AMBAC insured, 5.50% 2020 7,820 8,607City of San Jose, Airport Rev. Bonds, Series 2007-A, AMT, AMBAC insured, 5.50% 2022 2,500 2,740City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.00% 2018 3,750 4,237City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.00% 2019 3,000 3,432City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.25% 2020 3,070 3,571City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.25% 2022 3,650 4,229Santa Cruz County Redev. Successor Agcy., Tax Allocation Ref. Bonds, Series 2014, 5.00% 2020 985 1,146Sonoma-Marin Area Rail Transit Dist., Measure Q Sales Tax Rev. Bonds, Series 2011-A, 5.00% 2022 2,795 3,398South Orange County Public Fncg. Auth., Special Tax Rev. Bonds (Ladera Ranch), Series 2005-A,AMBAC insured, 5.00% 2016 2,420 2,531Southern California Public Power Auth., Gas Project Rev. Bonds (Project No. 1), Series 2007-A, 5.00% 2016 1,000 1,082Southern California Public Power Auth., Transmission Project Rev. Ref. Bonds (Southern Transmission Project), Series 2009-A, 5.00%2019 2,500 2,962Limited Term Tax-Exempt Bond Fund of America — Page 4 of 31Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2002-C, 5.00% 2029 (put 2017) $5,700 $ 6,377Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2009-A, 5.00% 2019 2,000 2,339Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 5.00% 2019 1,100 1,304Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West),Series 2010, 5.375% 2020 2,730 3,038Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series2008, 5.00% 2018 2,500 2,812Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase I),Series 2011, 5.00% 2020 750 855Stockton Unified School Dist., G.O. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2026 850 975Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-backed Rev. Ref. Bonds(San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 4.75% 2025 7,200 6,992Tuolumne Wind Project Auth., Rev. Bonds (Tuolumne Co. Project), Series 2009-A, 5.00% 2017 2,000 2,208Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2005-F-3, 5.00% 2021 1,500 1,719Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2010-L, 5.00% 2017 2,250 2,530Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2011-N, 5.00% 2019 2,500 2,949Dept. of Water Resources, Power Supply Rev. Ref. Bonds, Series 2011-N, 5.00% 2020 2,500 3,000Dept. of Water Resources, Water System Rev. Ref. Bonds (Central Valley Project), Series AM, 5.00% 2019 2,000 2,388Colorado 1.63%366,451Arapahoe County, Ref. Certs. of Part. (Sheriff/Coroner Building and Centrepoint Plaza), Series 2006,AMBAC insured, 5.00% 2015 2,000 2,050City and County of Denver, Airport System Rev. Bonds, Series 2013-A, AMT, 5.00% 2021 1,000 1,169City and County of Denver, Airport System Rev. Bonds, Series 2013-A, AMT, 5.00% 2022 1,300 1,520City and County of Denver, Airport System Rev. Ref. Bonds, Series 2008-A1-4, AMT, 5.25% 2015 2,800 2,984City and County of Denver, Airport System Rev. Ref. Bonds, Series 2010-A, 5.00% 2021 3,000 3,470City and County of Denver, Airport System Rev. Ref. Bonds, Series 2011-A, AMT, 5.00% 2021 3,445 4,087

City and County of Denver, Airport System Rev. Ref. Bonds, Series 2011-A, AMT, 5.25% 2018 2,500 2,919City and County of Denver, Airport System Rev. Ref. Bonds, Series 2011-A, AMT, 5.75% 2020 2,700 3,314Denver Urban Renewal Auth., Stapleton Tax Increment Rev. Bonds, Series 2013-A-1, 5.00% 2021 3,800 4,419Denver Urban Renewal Auth., Stapleton Tax Increment Rev. Bonds, Series 2013-A-1, 5.00% 2022 4,000 4,662Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project),Series 2006, 5.00% 2015 1,420 1,470Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project),Series 2009-B, 5.00% 2039 (put 2014) 3,200 3,240Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),Series 2006-F, 5.00% 2015 440 467Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),Series 2006-F, 5.00% 2015 (escrowed to maturity) 980 1,040Health Facs. Auth., Hospital Rev. Ref. Bonds (Longmont United Hospital Project), Series 2006-B,RADIAN insured, 5.25% 2014 1,810 1,830Health Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series D-3, 5.50% 2038 (put 2015) 3,500 3,732Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2014 1,320 1,337Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2015 1,145 1,197Health Facs. Auth., Rev. Ref. Bonds (Catholic Health Initiatives), Series 2008-C-2, 4.00% 2040 (put 2015) 1,000 1,047Public Auth. for Colorado Energy, Natural Gas Purchase Rev. Bonds, Series 2008, 5.75% 2018 350 391Regional Transportation Dist., Certs. of Part., Series 2010-A, 5.00% 2018 1,640 1,880Regents of the University of Colorado, University Enterprise Rev. Bonds, Series 2009-A, 5.00% 2018 1,750 2,01950,244Limited Term Tax-Exempt Bond Fund of America — Page 5 of 31Bonds, notes & other debt instrumentsConnecticut 0.46%Principal amount(000)Value(000)Higher Education Supplemental Loan Auth., Rev. Ref. Bonds (Connecticut Family Education Loan Program), Series 2005-A, AMT,National insured, 4.20% 2014 $ 595 $ 600Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2012-F-2, AMT, 2.75% 2035 875 887Special Tax Obligation Ref. Bonds, Transportation Infrastructure Purposes, Series 2009-1, 5.00% 2018 2,500 2,857Special Tax Obligation Ref. Bonds, Transportation Infrastructure Purposes, Series 2009-1, 5.00% 2019 8,550 9,936Delaware 0.04%14,280Housing Auth., Single-family Mortgage Rev. Bonds, Series 2007-D-1, AMT, 5.60% 2039 255 257Housing Auth., Single-family Mortgage Rev. Ref. Bonds, Series 2009-A-1, 5.45% 2040 975 1,0131,270District of Columbia 1.22%Convention Center Auth., Dedicated Tax Rev. Ref. Bonds, Series 2007-A, AMBAC insured, 5.00% 2016 2,500 2,723Convention Center Auth., Dedicated Tax Rev. Ref. Bonds, Series 2007-A, AMBAC insured, 5.00% 2018 5,000 5,444G.O. Ref. Bonds, Series 2007-B, AMBAC insured, 5.00% 2017 3,000 3,372G.O. Ref. Bonds, Series B, XLCA-Assured Guaranty Municipal insured, 5.25% 2020 2,000 2,396University Rev. Bonds (Georgetown University Issue), Series 2001-B, 4.70% 2031 (put 2018) 8,500 9,428Dist. of Columbia, Income Tax Secured Rev. Ref. Bonds, Series 2009-B, 5.00% 2017 4,000 4,570Dist. of Columbia, Income Tax Secured Rev. Ref. Bonds, Series 2011-E, 0.66% 2015 1 5,000 5,021Metropolitan Washington Airports Auth., Airport System Rev. Bonds, Series 2008-A, AMT, 5.50% 2017 1,000 1,144Metropolitan Washington Airports Auth., Airport System Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2020 3,000 3,524

37,622Florida 9.74%Broward County, Airport System Rev. Ref. Bonds, Series 2009-O, 5.00% 2015 1,000 1,056Broward County, Airport System Rev. Ref. Bonds, Series 2009-O, 5.00% 2016 1,000 1,097Broward County, Airport System Rev. Ref. Bonds, Series 2012-P-1, AMT, 5.00% 2024 5,000 5,708Dept. of Children and Family Services, Certs. of Part. (Florida Civil Commitment Center Project), Series 2006, National insured, 5.00%2016 1,000 1,099Citizens Property Insurance Corp., Coastal Account Secured Bonds, Series 2011-A-1, 5.00% 2018 2,000 2,285Citizens Property Insurance Corp., Coastal Account Secured Bonds, Series 2011-A-1, 5.00% 2019 5,000 5,800Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2009-A-1, 5.50% 2017 10,035 11,371Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2010-A-1, 5.00% 2015 5,500 5,722Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2010-A-1, 5.25% 2017 5,850 6,588Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds,Series 2012-A-1, 5.00% 2020 4,500 5,235Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds,Series 2012-A-1, 5.00% 2021 1,000 1,170Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds,Series 2012-A-1, 5.00% 2022 10,200 12,027City of Coral Gables, Health Facs. Auth., Hospital Rev. Bonds (Baptist Health South Florida Obligated Group), Series 2004, AssuredGuaranty Municipal insured, 5.00% 2034 (preref. 2014) 1,000 1,002Dept. of Environmental Protection, Forever Rev. Bonds, Series 2007-B, National insured, 5.00% 2018 3,000 3,395Escambia County Health Facs. Auth., Health Care Facs. Rev. Bonds (Baptist Hospital, Inc. Project),Series 2010-A, 5.00% 2017 2,510 2,761Escambia County Health Facs. Auth., Health Care Facs. Rev. Bonds (Baptist Hospital, Inc. Project),Series 2010-A, 5.125% 2020 1,270 1,446Escambia County Housing Fin. Auth., Single-family Mortgage Rev. Bonds (Multi-County Program),Series 2007-B, AMT, 4.70% 2039 930 937Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2007-A, AMT,Assured Guaranty Municipal insured, 5.00% 2016 2,000 2,198Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2008-A, AMT,Assured Guaranty Municipal insured, 5.25% 2018 1,200 1,397Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2009-A, AMT, 6.00% 2016 2,500 2,801Limited Term Tax-Exempt Bond Fund of America — Page 6 of 31Bonds, notes & other debt instrumentsFlorida (continued)Principal amount(000)Value(000)Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2021 $ 5,915 $ 7,011Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2005-B,5.00% 2014 1,025 1,040Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2005-B,5.00% 2014 (escrowed to maturity) 145 147Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G,5.00% 2015 1,610 1,708Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G,5.00% 2015 (escrowed to maturity) 30 32Hillsborough County Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Tampa Electric Co. Project), Series 2007-A, 5.65% 2018 4,000 4,611School Board of Hillsborough County, Master Lease Program, Series 2006-B, National insured, 5.00% 2015 2,000 2,088Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2009-A-1, 5.00% 2028 2,265 2,436Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2007-6, AMT, 4.35% 2016 300 300Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2007-6, AMT, 4.45% 2017 285 285Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2007-6, AMT, 5.75% 2037 365 384Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2009-2, 5.50% 2041 475 510Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2010-A, 5.00% 2015 (escrowed to maturity) 1,900 1,984

Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2010-A, 5.00% 2016 (escrowed to maturity) 5,000 5,446City of Jacksonville, Better Jacksonville Sales Tax Rev. Ref. Bonds, Series 2011, 5.00% 2017 4,000 4,534City of Jacksonville, Better Jacksonville Sales Tax Rev. Ref. Bonds, Series 2011, 5.00% 2019 5,000 5,875Jacksonville Aviation Auth., Rev. Bonds, Series 2006, AMT, AMBAC insured, 5.00% 2018 7,585 8,268Jacksonville Aviation Auth., Rev. Bonds, Series 2006, AMT, AMBAC insured, 5.00% 2021 1,830 1,976Jacksonville Aviation Auth., Rev. Bonds, Series 2006, AMT, AMBAC insured, 5.00% 2023 1,935 2,090City of Lakeland, Retirement Community First Mortgage Rev. Ref. Bonds (Carpenter’s Home Estates, Inc. Project), Series 2008,5.875% 2019 865 967Lee County, Airport Rev. Ref. Bonds, Series 2010-A, AMT, Assured Guaranty insured, 5.00% 2016 2,535 2,777Lee County, Solid Waste System Rev. Bonds, Series 2006-A, AMT, AMBAC insured, 5.00% 2015 2,260 2,360Dept. of Management Services, Certs. of Part., Series 2009-A, 5.00% 2017 4,990 5,615Dept. of Management Services, Certs. of Part., Series 2009-A, 5.00% 2019 2,500 2,864City of Miami Beach Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2012, 5.00% 2019 1,650 1,861City of Miami Beach Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2012, 5.00% 2021 1,000 1,137Miami-Dade County Educational Facs. Auth., Rev. Bonds (University of Miami Issue),Series 2008-A, 5.25% 2020 2,270 2,441Miami-Dade County Educational Facs. Auth., Rev. Ref. Bonds (University of Miami Issue), Series 2007-B, AMBAC insured, 5.25%2018 3,760 4,267Miami-Dade County Expressway Auth., Toll System Rev. Ref. Bonds, Series 2013-A, 5.00% 2020 1,225 1,442Miami-Dade County Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (Waste Manahement Inc. of Florida Project), Series 2008,AMT, 2.625% 2023 (put 2017) 1 2,500 2,500Miami-Dade County, Aviation Rev. Bonds, Series 2010-A, 5.00% 2021 2,250 2,599Miami-Dade County, Aviation Rev. Ref. Bonds, AMT, 5.00% 2023 945 1,095Miami-Dade County, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2020 5,750 6,718Miami-Dade County, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2021 11,600 13,554Miami-Dade County, G.O. Bonds (Building Better Communities Program), Series 2008-B, 5.00% 2017 2,500 2,813Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds,Series 2003-E, AMT, National insured, 5.375% 2017 2,000 2,277Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds,Series 2005-B, AMT, XLCA insured, 5.00% 2018 1,000 1,052Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds,Series 2009-A, 5.75% 2022 1,500 1,790Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds,Series 2009-B, 5.50% 2018 3,580 4,206Limited Term Tax-Exempt Bond Fund of America — Page 7 of 31Bonds, notes & other debt instrumentsFlorida (continued)Principal amount(000)Value(000)Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds,Series 2009-B, 5.75% 2021 $ 2,000 $ 2,404Miami-Dade County, Transit System Sales Surtax Rev. Bonds, Series 2012, 5.00% 2019 1,250 1,460Miami-Dade County, Transit System Sales Surtax Rev. Bonds, Series 2012, 5.00% 2020 550 649Miami-Dade County, Transit System Sales Surtax Rev. Bonds, Series 2012, 5.00% 2021 1,500 1,773Miami-Dade County, Water and Sewer System Rev. Ref. Bonds, Series 2008-C, 5.25% 2017 3,000 3,407School Board of Miami-Dade County, Certs. of Part., Series 2006-C, AMBAC insured, 5.00% 2017 1,140 1,288School Board of Miami-Dade County, Certs. of Part., Series 2008-A, AMBAC insured, 5.00% 2017 5,000 5,624School Board of Miami-Dade County, Certs. of Part., Series 2011-B, 5.00% 2032 (put 2016) 3,000 3,227Miami-Dade County Expressway Auth., Toll System Rev. Ref. Bonds, Series 2013-A, 5.00% 2021 1,500 1,776Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2008-A, 5.00% 2017 2,500 2,822Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2008-A, 5.00% 2018 4,650 5,360Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2009, 5.25% 2020 2,430 2,867

Municipal Power Agcy., Rev. Bonds (St. Lucie Project), Series 2009-A, 5.00% 2017 3,455 3,900Municipal Power Agcy., Stanton Project Rev. Ref. Bonds, Series 2008, 5.125% 2017 5,000 5,663Orlando Utilities Commission, Utility System Rev. Ref. Bonds, Series 2006, 5.00% 2018 1,000 1,100Orlando-Orange County Expressway Auth., Rev. Ref. Bonds, Series 2012, 5.00% 2019 1,250 1,465Orlando-Orange County Expressway Auth., Rev. Ref. Bonds, Series 2012, 5.00% 2020 1,500 1,776Orlando-Orange County Expressway Auth., Rev. Ref. Bonds, Series 2012-B, 5.00% 2020 1,000 1,184Orlando-Orange County Expressway Auth., Rev. Ref. Bonds, Series 2012-B, 5.00% 2022 1,250 1,491Orlando-Orange County Expressway Auth., Rev. Ref. Bonds, Series 2012-B, 5.00% 2023 1,500 1,788Palm Beach County Health Facs. Auth., Hospital Rev. Bonds (Jupiter Medical Center, Inc. Project),Series 2013-A, 4.00% 2014 600 605Solid Waste Auth. of Palm Beach County, Improvement Rev. Ref. Bonds, Series 2011, 5.00% 2019 5,000 5,867Ports Fncg. Commission, Rev. Ref. Bonds (State Transportation Trust Fund), Series 2011-B, AMT, 5.00% 2017 1,500 1,680Ports Fncg. Commission, Rev. Ref. Bonds (State Transportation Trust Fund), Series 2011-B, AMT, 5.00% 2021 2,500 2,939Putnam County Dev. Auth., Pollution Control Rev. Ref. Bonds (Seminole Electric Cooperative, Inc. Project), Series 2007-B, AMBACinsured, 5.35% 2042 (put 2018) 10,370 11,814State Board of Education, Public Education Capital Outlay Bonds, Series 2007-D, 5.00% 2020 3,500 4,055Sumter County Industrial Dev. Auth., Hospital Rev. Bonds (Central Florida Health Alliance Projects),Series 2014-A, 5.00% 2021 500 557Sumter County Industrial Dev. Auth., Hospital Rev. Bonds (Central Florida Health Alliance Projects),Series 2014-A, 5.00% 2026 500 537Sumter County Industrial Dev. Auth., Hospital Rev. Bonds (Central Florida Health Alliance Projects),Series 2014-A, 5.00% 2027 330 353City of Tallahassee, Energy System Rev. Ref. Bonds, Series 2010, 5.00% 2016 1,410 1,542City of Tampa, Health System Rev. Ref. Bonds (Baycare Health System Issue), Series 2010, 5.00% 2017 1,500 1,700City of Tampa, Health System Rev. Ref. Bonds (Baycare Health System Issue), Series 2010, 5.00% 2018 5,000 5,796City of Tampa, Rev. Ref. and Capital Improvement Cigarette Tax Allocation Bonds (H. Lee Moffitt Cancer Center Project), Series 2012-A, 5.00% 2018 885 1,015Tampa Bay Water, Utility System Rev. Ref. Bonds, Series 2011-A, 5.00% 2017 2,250 2,556Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Bonds, Series 2008-A, 5.00% 2017 3,435 3,877Dept. of Transportation, Right-of-Way Acquisition and Bridge Construction Ref. Bonds,Series 2012-B, 5.00% 2023 3,000 3,617Dept. of Transportation, Turnpike Rev. Bonds, Series 2007-A, National insured, 5.00% 2016 5,000 5,445Water Pollution Control Fncg. Corp., Water Pollution Control Rev. Bonds, Series 2008-A, 4.00% 2017 2,000 2,174Water Pollution Control Fncg. Corp., Water Pollution Control Rev. Bonds, Series 2008-A, 5.00% 2020 2,000 2,298299,606Limited Term Tax-Exempt Bond Fund of America — Page 8 of 31Bonds, notes & other debt instrumentsGeorgia 2.71%Principal amount(000)Value(000)Atlanta Dev. Auth., Student Housing Facs. Rev. Ref. Bonds (Piedmont/Ellis, LLC University Commons Project), Series 2013, 5.00%2022 $ 1,210 $ 1,436Atlanta Dev. Auth., Student Housing Facs. Rev. Ref. Bonds (Piedmont/Ellis, LLC University Commons Project), Series 2013, 5.00%2023 1,825 2,169City of Atlanta, Water and Wastewater Rev. Ref. Bonds, Series 2013-B, 5.00% 2020 2,000 2,376DeKalb County Hospital Auth., Rev. Ref. Anticipation Certificates (DeKalb Medical Center, Inc. Project),Series 2010, 5.25% 2020 8,750 9,766DeKalb County, Water and Sewerage Rev. Bonds (Second Resolution), Series 2011-A, 5.00% 2022 1,000 1,188Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2015 1,525 1,565

Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2016 4,470 4,759Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2017 1,500 1,626Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2020 5,000 5,621Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.125% 2015 190 199Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Ref. Bonds (Third Indenture Series), Series 2005-A, FGIC-National insured,5.00% 2020 4,000 4,736Municipal Electric Auth., Project One Bonds, Series 2011-A, 5.00% 2021 4,900 5,828Municipal Electric Auth., Project One Rev. Ref. Bonds, Series 2008-D, 5.75% 2019 16,000 18,830Public Gas Partners, Inc., Gas Project Rev. Ref. Bonds (Gas Supply Pool No. 1), Series A, 5.00% 2017 5,000 5,589Public Gas Partners, Inc., Gas Project Rev. Ref. Bonds (Gas Supply Pool No. 1), Series A, 5.00% 2018 10,930 12,431Savannah Econ. Dev. Auth., Pollution Control Rev. Ref. Bonds (International Paper Co. Projects),Series 2003-A, 5.10% 2014 1,000 1,000State Road and Tollway Auth., Federal Highway Grant Anticipation Rev. Bonds, Series 2009-A, 5.00% 2019 3,500 4,085Guam 0.23%83,204A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 5.00% 2018 750 833A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 5.00% 2021 3,320 3,723Education Fncg. Foundation, Certs. of Part. (Public School Facs. Project), Series 2006-A, 5.00% 2014 1,000 1,006Education Fncg. Foundation, Certs. of Part. (Public School Facs. Project), Series 2006-A, 5.00% 2016 1,000 1,064Power Auth., Rev. Ref. Bonds, Series 2012-A, Assured Guaranty Municipal insured, 5.00% 2021 500 5847,210Hawaii 0.82%Airports System Rev. Bonds, Series 2010-B, AMT, 5.00% 2018 9,900 11,329G.O. Bonds of 2011, Series DZ, 5.00% 2020 1,885 2,265G.O. Bonds, Series CM, FGIC-Assured Guaranty Municipal insured, 6.50% 2016 3,000 3,427G.O. Bonds, Series DQ, 5.00% 2016 (escrowed to maturity) 455 494G.O. Ref. Bonds of 2011, Series EA, 5.00% 2019 1,000 1,187Harbor System Rev. Ref. Bonds, Series 2007-A, AMT, Assured Guaranty Municipal insured, 5.25% 2016 1,000 1,090City and County of Honolulu, G.O. Bonds, Series 2007-A, Assured Guaranty Municipal insured, 5.00% 2019 1,000 1,126City and County of Honolulu, G.O. Bonds, Series 2012-B, 5.00% 2021 1,250 1,507Pacific Health Obligated Group, Special Purpose Rev. Bonds (Dept. of Budget and Fin.),Series 2010-B, 5.00% 2016 450 481Pacific Health Obligated Group, Special Purpose Rev. Bonds (Dept. of Budget and Fin.),Series 2010-B, 5.00% 2017 450 491Pacific Health Obligated Group, Special Purpose Rev. Bonds (Dept. of Budget and Fin.),Series 2010-B, 5.00% 2018 500 554Dept. of Transportation, Airpots Division Lease Rev. Certs. of Part., Series 2013, AMT, 5.00% 2023 1,000 1,16125,112Limited Term Tax-Exempt Bond Fund of America — Page 9 of 31Bonds, notes & other debt instrumentsIdaho 0.34%Principal amount(000)Value(000)Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund),Series 2009-A, 5.00% 2017 $ 4,500 $ 5,050Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund),

Series 2009-A, 5.00% 2020 3,000 3,432Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-C, Class III, AMT, 4.50% 2023 305 305Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-E, Class III, AMT, 5.15% 2023 395 396Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2006-G, Class III, AMT, 4.60% 2028 295 302Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-B, Class III, AMT, 4.60% 2028 470 474Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-C, Class III, AMT, 4.75% 2028 415 42010,379Illinois 7.98%Build Bonds (Sales Tax Rev. Bonds), Series 2009-B, 5.00% 2015 2,500 2,606Build Bonds (Sales Tax Rev. Bonds), Series June 2013, 5.00% 2020 1,000 1,179Build Bonds (Sales Tax Rev. Ref. Bonds), Second Series May 2002, FGIC-National insured, 5.75% 2019 2,390 2,851Build Bonds (Sales Tax Rev. Ref. Bonds), Series June 2010, 5.00% 2016 1,000 1,088Build Bonds (Sales Tax Rev. Ref. Bonds), Series June 2010, 5.00% 2020 1,000 1,179Village of Cary, McHenry County, Special Service Area Number One, Special Tax Ref. Bonds, Series 2006, RADIAN insured, 4.40%2016 190 191Village of Cary, McHenry County, Special Service Area Number Two, Special Tax Ref. Bonds, Series 2006, RADIAN insured, 4.40%2016 258 258City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2013-A, AMT, 5.00% 2022 3,055 3,546Chicago Transit Auth., Capital Grant Receipts Rev. Bonds, Assured Guaranty insured, 5.00% 2019 4,595 4,985Chicago Transit Auth., Capital Grant Receipts Rev. Bonds, Assured Guaranty insured,5.00% 2019 (preref. 2016) 905 1,003Chicago Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2011, 5.00% 2021 2,000 2,324City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2010-B, 5.00% 2034 (preref. 2015) 1,000 1,020City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2023 1,000 1,150City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2024 7,000 8,020City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-B, 5.00% 2017 1,500 1,658City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-B, 5.00% 2019 2,785 3,217City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2012-B, AMT, 5.00% 2024 2,000 2,237City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2005-B,FGIC-National insured, 5.25% 2015 1,500 1,532City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2005-B,National insured, 5.25% 2016 1,000 1,069City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2008-A,Assured Guaranty Municipal insured, 5.00% 2019 2,000 2,242City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds,Series 2012-A, AMT, 5.00% 2025 6,170 6,827City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds,Series 2013-A, AMT, 5.00% 2021 10,000 11,566City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds,Series 2013-A, AMT, 5.00% 2023 5,000 5,749City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds,Series 2012-B, AMT, 5.00% 2018 2,000 2,260City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds,Series 2012-B, AMT, 5.00% 2019 2,000 2,288City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds,Series 2013-B, AMT, 5.00% 2022 3,000 3,482City of Chicago, Sales Tax Rev. Ref. Bonds, Series 2009-A, 5.00% 2022 3,000 3,351City of Chicago, Wastewater Transmission Rev. Project Bonds, Series 2012, 5.00% 2021 850 975County of Cook, G.O. Ref. Bonds, Series 2009-A, 5.00% 2016 2,500 2,747County of Cook, G.O. Ref. Bonds, Series 2011-A, 5.00% 2019 2,500 2,867Limited Term Tax-Exempt Bond Fund of America — Page 10 of 31

Bonds, notes & other debt instrumentsIllinois (continued)Principal amount(000)Value(000)Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Bonds,Series 2001-A, FGIC-National insured, 5.50% 2020 $ 2,000 $ 2,408Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Rev. Ref. Bonds, Series 1997, FGIC-National insured, 6.00% 2020 4,000 4,815Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Rev. Ref. Bonds, Series 1999, AssuredGuaranty Municipal insured, 5.75% 2017 5,000 5,710Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Rev. Ref. Bonds, Series 1999, AssuredGuaranty Municipal insured, 5.75% 2023 1,000 1,237Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Rev. Ref. Bonds, Series 2003-A, FGIC-National insured, 5.50% 2018 7,720 9,023Dev. Fin. Auth., Gas Supply Rev. Ref. Bonds (Peoples Gas Light and Coke Co. Project), Series 2003-E, AMT, AMBAC insured,4.875% 2038 (put 2018) 5,000 5,052Educational Facs. Auth., Rev. Bonds (University of Chicago), Series 2001-B-1, 1.10% 2036 (put 2018) 1,250 1,250Fin. Auth., Charter School Project and Rev. Ref. Bonds (Chicago Charter School Foundation Project),Series 2007-A, 5.00% 2014 725 735Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-D, 5.25% 2016 1,000 1,104Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-D, 5.50% 2018 1,000 1,162Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2010-D, 5.00% 2019 1,000 1,153Fin. Auth., Rev. Bonds (Art Institute of Chicago), Series 2009-A, 5.25% 2019 1,400 1,624Fin. Auth., Rev. Bonds (Ascension Health Alliance Credit Group), Series 2012-E, 5.00% 2042 (put 2017) 1,000 1,114Fin. Auth., Rev. Bonds (Central DuPage Health), Series 2009, 5.00% 2017 2,180 2,441Fin. Auth., Rev. Bonds (Central DuPage Health), Series 2009, 5.00% 2018 2,230 2,546Fin. Auth., Rev. Bonds (Central DuPage Health), Series 2009, 5.00% 2019 2,185 2,513Fin. Auth., Rev. Bonds (Memorial Health System), Series 2009-A, 5.00% 2019 1,600 1,835Fin. Auth., Rev. Bonds (Memorial Health System), Series 2009-A, 5.25% 2020 1,645 1,875Fin. Auth., Rev. Bonds (Rehab Institute of Chicago), Series 2013-A, 5.00% 2022 1,665 1,852Fin. Auth., Rev. Bonds (University of Chicago), Series 2008-B, 5.00% 2017 2,500 2,812Fin. Auth., Rev. Bonds (University of Chicago), Series 2008-B, 5.50% 2019 2,500 2,884Fin. Auth., Rev. Ref. Bonds (Advocate Health Care Network), Series 2008-A-3, 5.00% 2030 (put 2019) 6,000 6,935Fin. Auth., Rev. Ref. Bonds (Art Institute of Chicago), Series 2010-A, 5.00% 2015 1,400 1,439Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), Series 2012-B, 5.00% 2023 1,970 2,254Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.00% 2016 1,820 1,905Fin. Auth., Rev. Ref. Bonds (Northwestern Memorial Hospital), Series 2009-A, 5.00% 2018 3,000 3,442Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2010-A, 5.50% 2017 2,500 2,734Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-A, 5.00% 2017 2,500 2,810Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-A, 5.00% 2018 7,500 8,640Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center),Series 2006-B, 5.00% 2015 2,000 2,037Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center),Series 2006-B, 5.00% 2016 4,295 4,457G.O. Bonds, Illinois FIRST, Series of August 2001, National insured, 5.50% 2017 1,575 1,757G.O. Bonds, Series of March 2013, 5.00% 2022 1,250 1,369G.O. Ref. Bonds, Series of February 2010, 5.00% 2019 3,000 3,338Housing Dev. Auth., Housing Rev. Ref. Bonds, Series K, 4.25% 2015 140 144Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Rev. Ref. Bonds,Series 2012-B, 5.00% 2020 1,000 1,164City of Quincy, Adams County, Rev. Ref. Bonds (Blessing Hospital), Series 2007, 5.00% 2015 2,165 2,271Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.125% 2019 6,500 7,514Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.25% 2020 6,500 7,607Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.375% 2021 1,000 1,183Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.50% 2023 12,425 14,475City of Springfield, Electric Rev. Bonds, Series 2008, 5.00% 2017 3,000 3,310

State Toll Highway Auth., Toll Highway Priority Rev. Ref. Bonds, Series 1998-A,Assured Guaranty Municipal insured, 5.50% 2015 9,825 10,045Limited Term Tax-Exempt Bond Fund of America — Page 11 of 31Bonds, notes & other debt instrumentsIllinois (continued)Principal amount(000)Value(000)State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2005-A, Assured Guaranty Municipal insured,5.00% 2019 (preref. 2015) $ 3,000 $ 3,133State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2006-A-1, Assured Guaranty Municipal insured, 5.00% 2018 2,000 2,172State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-A, 5.00% 2021 1,250 1,493Unemployment Insurance Fund Building Receipts Rev. Bonds (Illinois Dept. of Employment Security),Series 2012-B, 5.00% 2017 2,000 2,214Board of Trustees of the University of Illinois, Certs. of Part. (Academic Facs. Projects), Series 2006-A,AMBAC insured, 5.00% 2015 2,315 2,370Board of Trustees of the University of Illinois, Ref. Certs. of Part., Series 2009-A, 5.00% 2014 1,630 1,643Board of Trustees of The University of Illinois, University of Illinois Auxiliary Facs. System Rev. Bonds,Series 2011-A, 5.00% 2019 770 893Indiana 3.16%245,360Dev. Fin. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project),Series 2001, AMT, 4.70% 2031 (put 2015) 1,280 1,345Fin. Auth., Hospital Rev. Ref. Bonds (Beacon Health Obligated Group), Series 2013-A, 5.00% 2021 1,000 1,165Fin. Auth., Hospital Rev. Ref. Bonds (Community Health Network Project), Series 2012-A, 5.00% 2020 1,460 1,692Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2011-N, 5.00% 2020 5,000 5,767Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System Obligated Group), Series 2009-A, 5.00% 2017 1,640 1,814Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System Obligated Group), Series 2012-A, 5.00% 2021 2,000 2,314Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System Obligated Group), Series 2012-A, 5.00% 2022 2,000 2,309Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project),Series 2013-B, AMT, 5.00% 2019 10,440 11,267Fin. Auth., State Revolving Fund Program Bonds, Series 2007-B, 5.00% 2018 3,545 4,060Fin. Auth., State Revolving Fund Program Rev. Ref. Bonds, Series 2005-A, 5.25% 2018 3,000 3,461Fin. Auth., Wastewater Utility Rev. Bonds (CWA Auth. Project), Series 2011-B, 5.00% 2019 1,000 1,170Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group),Series 2006-B, 5.00% 2015 1,785 1,832Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group),Series 2006-B, 5.00% 2016 1,090 1,168Health and Educational Fac. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group),Series 2005-A-1, 2.80% 2027 (put 2019) 2,000 2,101Health and Educational Fac. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group),Series 2005-A-5, 2.00% 2027 (put 2017) 1,000 1,033Health and Educational Fac. Fncg. Auth., Rev. Bonds (Ascension Health Credit Group),Series 2006-B-7, 4.10% 2046 (put 2016) 2,000 2,156Trustees of Indiana University, Consolidated Rev. Bonds, Series 2009-A, 5.00% 2017 1,000 1,125Trustees of Indiana University, Consolidated Rev. Bonds, Series 2009-A, 5.00% 2018 1,000 1,155Trustees of Indiana University, Consolidated Rev. Bonds, Series 2009-A, 5.00% 2019 1,000 1,175Indianapolis Airport Auth., Special Fac. Rev. Ref. Bonds (Federal Express Corp. Project),Series 2004, AMT, 5.10% 2017 20,545 22,593Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2006-F, AMT, AMBAC insured,5.00% 2016 2,000 2,122Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2006-F, AMT, AMBAC insured,5.00% 2022 7,500 8,055Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series 2006-F, AMT, AMBAC insured,5.00% 2023 2,500 2,675

Indianapolis Local Public Improvement Bond Bank Rev. Ref. Bonds, Series 2009-B, 5.00% 2017 3,000 3,329Jasper County, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), Series 1988-A, National insured,5.60% 2016 4,000 4,351Jasper County, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), Series 1988-C, National insured,5.85% 2019 2,000 2,289Limited Term Tax-Exempt Bond Fund of America — Page 12 of 31Bonds, notes & other debt instrumentsIndiana (continued)Principal amount(000)Value(000)Jasper County, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), Series 2003, AMBAC insured, 5.70%2017 $2,000 $ 2,212Trustees of Purdue University, Purdue University Student Facs. System, Rev. Ref. Bonds.,Series 2011-A, 5.00% 2022 1,200 1,427Iowa 0.05%97,162City of Altoona, Annual Appropriation Urban Renewal Tax Increment Rev. Bonds, Series 2008, 5.00% 2015 1,000 1,036Fin. Auth., Single-family Mortgage Bonds (Mortgage-backed Securities Program), Series 2009-A, 5.00% 2038 405 4281,464Kansas 0.11%Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),Series 2009-D, 5.00% 2020 1,150 1,319Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),Series 2009-D, 5.00% 2022 1,750 1,947Kentucky 1.32%3,266Asset/Liability Commission, Project Notes, Federal Highway Trust Fund, Series 2007-1,National insured, 5.00% 2015 2,500 2,632Asset/Liability Commission, Project Notes, Federal Highway Trust Fund, Series 2014-A, 5.00% 2024 3,000 3,596Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group),Series 2009-A, 5.00% 2015 2,000 2,092Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group),Series 2009-A, 5.00% 2017 2,000 2,237Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group),Series 2009-A, 5.00% 2018 2,250 2,560Public Transportation Infrastructure Auth., Toll Rev. Bond Anticipation Notes (Downtown Crossing Project), Series 2013-A, 5.00% 2017 8,625 9,600State Property and Buildings Commission, Rev. Bonds (Project No. 89), Assured Guaranty Municipal insured, 5.00% 2018 2,500 2,906State Property and Buildings Commission, Rev. Ref. Bonds (Project No. 87),FGIC-National insured, 5.00% 2018 3,000 3,324State Property and Buildings Commission, Rev. Ref. Bonds (Project No. 90), 5.00% 2018 2,500 2,894State Property and Buildings Commission, Road Fund Rev. Bonds (Project No. 94), 5.00% 2018 3,630 4,137Turnpike Auth., Econ. Dev. Road Rev. Bonds (Revitalization Projects), Series 2012-A, 5.00% 2019 4,000 4,689Louisiana 1.68%40,667Citizens Property Insurance Corp., Assessment Rev. Bonds, Series 2006-B, AMBAC insured, 5.00% 2017 2,500 2,688Citizens Property Insurance Corp., Assessment Rev. Bonds, Series 2006-B, AMBAC insured, 5.00% 2018 5,000 5,377Citizens Property Insurance Corp., Assessment Rev. Ref. Bonds, Series 2012, 5.00% 2024 1,000 1,140G.O. Bonds, Series 2011-A, 5.00% 2020 6,000 7,162Gasoline and Fuels Tax Rev. Ref. Bonds, Series 2012-A-1, 5.00% 2020 2,000 2,374Military Dept., Custodial Receipts, 5.00% 2014 870 870

Military Dept., Custodial Receipts, 5.00% 2015 1,725 1,797City of New Orleans, Water Rev. and Ref. Bonds, Series 2014, 5.00% 2017 200 224City of New Orleans, Water Rev. and Ref. Bonds, Series 2014, 5.00% 2018 560 639Office Facs. Corp., Lease Rev. Ref. Bonds (Capitol Complex Program), Series 2009, 5.00% 2015 2,005 2,060Office Facs. Corp., Lease Rev. Ref. Bonds (Capitol Complex Program), Series 2009, 5.00% 2016 1,000 1,070Office Facs. Corp., Lease Rev. Ref. Bonds (Capitol Complex Program), Series 2009, 5.00% 2017 1,125 1,245Public Facs. Auth., Rev. Ref. Bonds (CHRISTUS Health), Series 2009-A, 5.00% 2015 1,875 1,946Public Facs. Auth., Rev. Ref. Bonds (CHRISTUS Health), Series 2009-A, 5.00% 2015 (escrowed to maturity) 1,125 1,175Public Facs. Auth., Rev. Ref. Bonds (CHRISTUS Health), Series 2009-A, 5.00% 2016 2,000 2,151Limited Term Tax-Exempt Bond Fund of America — Page 13 of 31Bonds, notes & other debt instrumentsLouisiana (continued)Principal amount(000)Value(000)Regional Transit Auth. (New Orleans), Sales Tax Rev. Bonds, Series 2010, Assured Guaranty Municipal insured, 5.00% 2020 $1,250 $ 1,467Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.00% 2020 5,000 5,716Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.00% 2022 8,235 9,383Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.00% 2024 3,000 3,07451,558Maine 0.09%Housing Auth., Mortgage Purchase Rev. Ref. Bonds, Series 2013-B, 4.00% 2043 1,060 1,158Municipal Bond Bank, Transportation Infrastructure Rev. Bonds (TransCap Program),Series 2009-A, 5.00% 2015 1,435 1,510Maryland 0.65%2,668Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds,Series 2006-F, AMT, 6.00% 2039 290 298Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Frostburg State University Project),Series 2013, 5.00% 2023 1,000 1,096Health and Higher Educational Facs. Auth., Rev. Bonds (University of Maryland Medical System Issue),Series 2010, 5.00% 2020 1,000 1,135Prince George’s County, Special Obligation Bonds (Woodview Village Infrastructure Improvements),Series 1997-A, 4.40% 2015 340 353Transportation Auth., Airport Parking Rev. Ref. Bonds (Baltimore/Washington International Thurgood Marshall Airport Projects), Series2012-B, AMT, 5.00% 2020 8,150 9,378Transportation Auth., Airport Parking Rev. Ref. Bonds (Baltimore/Washington International Thurgood Marshall Airport Projects), Series2012-B, AMT, 5.00% 2021 6,565 7,576Massachusetts 1.53%19,836Dev. Fin. Agcy., Higher Education Rev. Bonds (Emerson College Issue), Series 2006-A, 5.00% 2015 1,000 1,017Dev. Fin. Agcy., Rev. Bonds (Berkshire Health Systems Issue), Series 2012-G, 5.00% 2020 1,205 1,368Dev. Fin. Agcy., Rev. Bonds (Berkshire Health Systems Issue), Series 2012-G, 5.00% 2021 1,500 1,716Dev. Fin. Agcy., Rev. Ref. Bonds (Emerson College Issue), Series 2010-A, 5.00% 2015 1,915 1,947Dev. Fin. Agcy., Rev. Ref. Bonds, UMass Memorial Issue, Series 2011-H, 5.00% 2020 1,000 1,083Educational Fncg. Auth., Education Loan Rev. Bonds, Issue I, Series 2009, 5.25% 2016 2,000 2,130Educational Fncg. Auth., Education Loan Rev. Bonds, Issue J, Series 2012, AMT, 5.00% 2020 3,635 4,117Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2014-I, AMT, 5.00% 2022 3,000 3,368Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2014-I, AMT, 5.00% 2023 3,000 3,357Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2014-I, AMT, 5.00% 2025 3,000 3,328G.O. Ref. Bonds, Series 2008-A, 5.00% 2014 3,000 3,012

Health and Educational Facs. Auth., Rev. Bonds (Baystate Medical Center Issue),Series 2009-K-2, 5.00% 2039 (put 2015) 2,300 2,393Health and Educational Facs. Auth., Rev. Ref. Bonds (CareGroup Issue), Series 2008-E-2, 5.00% 2017 5,000 5,606Housing Fin. Agcy., Single-family Housing Rev. Bonds, Series 167, 4.00% 2043 1,000 1,098Massachusetts Bay Transportation Auth., Sales Tax Rev. Ref. Bonds, Series 2004-B, 5.25% 2015 2,500 2,618Massachusetts Bay Transportation Auth., Sales Tax Rev. Ref. Bonds, Series 2004-C, 5.50% 2018 3,000 3,534Port Auth., Rev. Bonds, Series 2012-A, AMT, 4.00% 2020 525 575Port Auth., Rev. Bonds, Series 2012-A, AMT, 5.00% 2019 465 538Port Auth., Rev. Bonds, Series 2012-A, AMT, 5.00% 2021 305 357Port Auth., Special Facs. Rev. Ref. Bonds (BOSFUEL Project), Series 2007, AMT,FGIC-National insured, 5.00% 2015 1,000 1,044Special Obligation Dedicated Tax Rev. Ref. Bonds, Series 2005, FGIC-National insured, 5.00% 2020 2,580 2,98947,195Limited Term Tax-Exempt Bond Fund of America — Page 14 of 31Bonds, notes & other debt instrumentsMichigan 4.27%Principal amount(000)Value(000)City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Bonds, Series 2012-A,Assured Guaranty Municipal insured, 5.00% 2018 $ 1,500 $ 1,521School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.), Series2012-A, 5.00% 2019 1,200 1,353Fin. Auth., Hospital Rev. Ref. Bonds (Oakwood Obligated Group), Series 2012, 5.00% 2022 5,000 5,816Fin. Auth., Rev. Bonds (School Dist. of the City of Detroit), Series 2011, 5.50% 2021 3,500 4,072Fin. Auth., Unemployment Obligation Assessment Rev. Ref. Bonds, Series 2012-A, 5.00% 2018 5,000 5,780G.O. Bonds (Environmental Program and Ref.), Series 2008-A, 5.00% 2018 5,000 5,750G.O. Bonds (Environmental Program and Ref.), Series 2008-A, 5.00% 2019 4,500 5,167County of Genesee, Water Supply System Rev. Ref. Bonds (Limited Tax G.O.), Series 2014,Build America Mutual insured, 5.00% 2022 515 589County of Genesee, Water Supply System Rev. Ref. Bonds (Limited Tax G.O.), Series 2014,Build America Mutual insured, 5.00% 2023 500 572County of Genesee, Water Supply System Rev. Ref. Bonds (Limited Tax G.O.), Series 2014,Build America Mutual insured, 5.00% 2024 850 968Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2006-A, 5.00% 2015 2,000 2,094Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2009, 5.50% 2017 1,000 1,115Hospital Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2012-A, 5.00% 2021 2,000 2,330Hospital Fin. Auth., Rev. Ref. Bonds (McLaren Health Care), Series 2008-A, 5.25% 2016 3,000 3,255Hospital Fin. Auth., Rev. Ref. Bonds (Trinity Health Credit Group), Series 2008-A, 6.00% 2034 (put 2017) 4,000 4,661Kent Hospital Fin. Auth., Rev. Ref. Bonds (Spectrum Health System), Series 2008-A, 5.50% 2047 (put 2015) 2,000 2,048Kent Hospital Fin. Auth., Rev. Ref. Bonds (Spectrum Health System), Series 2011-A, 5.00% 2017 1,500 1,691Municipal Bond Auth., State Revolving Fund and Clean Water Revolving Fund Rev. Ref. Bonds,Series 2002, 5.50% 2015 3,315 3,521Fin. Auth., Local Government Loan Program Rev. Bonds (Public Lighting Auth. Local Project Bonds),Series 2014-B, 5.00% 2021 2,725 3,084Public Power Agcy., Rev. Ref. Bonds (Belle River Project), Series 2002-A, National insured, 5.25% 2018 6,000 6,799City of Royal Oak Hospital Fin. Auth., Hospital Rev. Ref. Bonds (William Beaumont Hospital Obligated Group), Series 2009-V, 6.25%2014 (escrowed to maturity) 5,200 5,226City of Saginaw Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Covenant Medical Center, Inc.),Series 2010-H, 5.00% 2020 2,400 2,694State Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2008-I, 5.50% 2017 6,500 7,461State Hospital Fin. Auth., Project Rev. Ref. Bonds (Ascension Health Credit Group), Series 2010-B, 5.00% 2019 2,000 2,325Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project),Series 2008-ET-2, 5.50% 2029 (put 2016) 7,000 7,576

Wayne County Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport),Series 2005, AMT, National insured, 5.25% 2016 3,000 3,175Wayne County Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport),Series 2007, AMT, FGIC-National insured, 5.00% 2018 1,000 1,112Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2008-A, AMT, Assured Guaranty insured, 5.25% 2018 1,465 1,587Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2010-A, AMT, 5.00% 2017 1,615 1,809Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2010-A, AMT, 5.00% 2018 3,590 4,070Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2011-A, AMT, 5.00% 2019 1,000 1,145Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2011-A, AMT, 5.00% 2020 10,000 11,507Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2011-A, AMT, 5.00% 2021 8,240 9,480Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2011-B, 5.00% 2019 1,000 1,148Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2012-D, AMT, 5.00% 2019 3,560 4,077Limited Term Tax-Exempt Bond Fund of America — Page 15 of 31Bonds, notes & other debt instrumentsMichigan (continued)Principal amount(000)Value(000)Board of Governors of Wayne State University, General Rev. Ref. Bonds, Series 2009-A, 5.00% 2014 $1,050 $ 1,065Board of Governors of Wayne State University, General Rev. Ref. Bonds, Series 2009-A, 5.00% 2016 3,235 3,560131,203Minnesota 0.36%Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2006-I, AMT, 5.75% 2038 300 303Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2007-L, AMT, 5.50% 2048 565 588Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2012-D, 4.00% 2040 760 826Minneapolis-St. Paul Metropolitan Airports Commission, Airport Rev. Ref. Bonds,Series 2010-D, AMT, 5.00% 2018 4,460 5,033Public Housing Capital Fund Rev. Trust I, Trust Certificates, 4.50% 2022 2 3,100 3,253Regents of the University of Minnesota, G.O. Bonds, Series 2009-C, 5.00% 2018 1,000 1,171Mississippi 0.29%11,174Dev. Bank, Special Obligation Rev. Ref. Bonds (Madison County, Mississippi Highway Ref. Project),Series 2013-C, 5.00% 2020 1,750 2,058Jackson State University Educational Building Corp., Rev. Bonds (Campus Facs. Project), Series 2007,Assured Guaranty Municipal insured, 5.00% 2034 (put 2015) 6,660 6,829Missouri 0.77%8,887Industrial Dev. Auth. of the County of Cape Girardeau, Health Facs. Rev. Bonds (Southeast Missouri Hospital Assn.), Series 2007,5.00% 2016 1,000 1,054Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services),Series 2007-A, 5.00% 2015 1,365 1,393Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services),Series 2007-A, 5.00% 2016 1,440 1,526Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services),Series 2007-A, 5.00% 2017 1,510 1,648Highways and Transportation Commission, Rev. Ref. State Road Bonds, Series 2006, 5.00% 2018 2,700 3,093

Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Ref. Bonds (John Knox Village Obligated Group), Series2007-A, 5.00% 2015 2,240 2,324Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Ref. Bonds (John Knox Village Obligated Group), Series2007-A, 5.00% 2016 2,300 2,457Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Ref. Bonds (John Knox Village Obligated Group), Series2007-A, 5.00% 2017 2,420 2,641City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2007-A, Assured Guaranty Municipal insured,5.00% 2021 2,000 2,205City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2007-B, AMT, Assured Guaranty Municipalinsured, 5.00% 2015 1,260 1,310City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2011-B, 5.00% 2015 1,500 1,564Public Building Corp. of the City of Springfield, Leasehold Rev. Improvement Bonds (Springfield-Branson National Airport TerminalProject), Series 2006-B, AMT, AMBAC insured, 5.00% 2015 2,480 2,590Montana 0.00%23,805Board of Housing, Single-family Mortgage Bonds, Series 2006-B, AMT, 5.50% 2037 60 61Limited Term Tax-Exempt Bond Fund of America — Page 16 of 31Bonds, notes & other debt instrumentsNebraska 0.39%Principal amount(000)Value(000)Hospital Auth. No. 3 of Douglas County, Health Facs. Rev. Ref. Bonds (Methodist Health System),Series 2008, 5.50% 2018 $ 4,130 $ 4,403Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2013-A, 3.00% 2043 1,370 1,445Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2014-A, 4.00% 2044 2,000 2,200Public Power Dist., General Rev. Ref. Bonds, Series 2005-B-1, FGIC-National insured, 5.00% 2015 2,875 2,934Public Power Dist., General Rev. Ref. Bonds, Series 2012-A, 4.00% 2020 1,000 1,124Nevada 2.12%12,106Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2005-C,Assured Guaranty Municipal insured, 5.00% 2015 2,500 2,607Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2005-C,Assured Guaranty Municipal insured, 5.00% 2018 2,000 2,127Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2007-C, 5.00% 2017 2,500 2,811Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2008-A, 5.00% 2021 1,000 1,136Clark County Water Reclamation Dist., G.O. (Limited Tax) Water Reclamation Bonds, Series 2009-B,5.00% 2016 2,660 2,891Clark County, Airport System Rev. Bonds, Series 2010-D, 5.00% 2021 1,500 1,745Clark County, Highway Rev. (Motor Vehicle Fuel Tax) Improvement and Ref. Bonds, Series 2007,AMBAC insured, 5.00% 2020 4,500 5,008Clark County, Highway Rev. (Motor Vehicle Fuel Tax) Ref. Bonds, Series 2011, 5.00% 2020 12,320 14,557Clark County, Jet Aviation Fuel Tax Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2021 1,035 1,191Clark County, Jet Aviation Fuel Tax Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2022 2,810 3,230Clark County, Jet Aviation Fuel Tax Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2023 1,000 1,143Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds, Series 2007-A-1, AMT, AMBAC insured,5.00% 2022 1,780 1,949Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds, Series 2007-A-1, AMT, AMBAC insured,5.00% 2023 1,000 1,086

Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds, Series 2007-A-1, AMT, AMBAC insured,5.00% 2024 2,000 2,175Clark County, Sales and Excise Tax Rev. (Streets and Highway Projects) Improvement and Ref. Bonds,Series 2010-B, 5.00% 2019 3,000 3,494City of Henderson, Local Improvement Dist. No. T-14 (Anthem Master Planned Community), Limited Obligation Ref. Bonds, Series2007-A, Assured Guaranty Municipal insured, 5.00% 2016 1,760 1,860Highway Improvement Rev. Bonds (Motor Vehicle Fuel Tax), Series 2008, 5.00% 2017 4,000 4,574Las Vegas Valley Water Dist., G.O. (Limited Tax) Ref. Bonds, Series 2011-C, 5.00% 2019 7,760 9,059Las Vegas Valley Water Dist., G.O. (Limited Tax) Water and Ref. Bonds, Series 2009-D, 5.00% 2018 1,000 1,151Las Vegas Valley Water Dist., G.O. (Limited Tax) Water Bonds, Series 2012-B, 5.00% 2020 1,080 1,275Rural Housing Auth., Single-family Mortgage Rev. Bonds (Mortgage-backed Securities Program),Series 2007-B, AMT, 5.70% 2041 265 272New Jersey 2.60%65,341Certs. of Part., Series 2004-A, 5.00% 2015 2,000 2,048Certs. of Part., Series 2008-A, 5.00% 2015 1,500 1,562Certs. of Part., Series 2008-A, 5.00% 2018 1,000 1,129Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2010-DD-1, 5.00% 2017 5,000 5,610Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2014-PP, 5.00% 2027 2,000 2,240G.O. Ref. Bonds, Series Q, 5.00% 2020 2,650 3,121Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2009-A, 5.00% 2017 3,500 3,844Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2010-2, 5.00% 2017 2,000 2,253Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2012-1A, AMT, 5.00% 2021 4,000 4,554Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2013-1-A, AMT, 5.00% 2019 2,000 2,285Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2013-1-A, AMT, 5.00% 2022 1,000 1,145Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2010-1A, 5.25% 2019 1,000 1,164Limited Term Tax-Exempt Bond Fund of America — Page 17 of 31Bonds, notes & other debt instrumentsNew Jersey (continued)Principal amount(000)Value(000)Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2011-1, AMT, 5.00% 2017 $2,500 $ 2,798Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2011-1, AMT, 5.00% 2019 2,500 2,840Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2014-1A1, AMT, 5.00% 2021 2,000 2,284Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2014-1A1, AMT, 5.00% 2022 1,500 1,703Pollution Control Fncg. Auth. of Salem County, Rev. Ref. Bonds (Chambers Project),Series 2014-A, AMT, 5.00% 2023 1,500 1,663Rutgers State University, G.O. Bonds (State University of New Jersey), Series 2009-F, 5.00% 2019 1,000 1,170Transit Corp., Certs. of Part., Series 2003-A, AMBAC insured, 5.25% 2014 8,000 8,050Transit Corp., Grant Anticipation Notes (Federal Transit Administration Section 5307 Urbanized Area Formula Funds), Series 2014-A,5.00% 2019 1,000 1,150Transit Corp., Grant Anticipation Notes (Federal Transit Administration Section 5307 Urbanized Area Formula Funds) Series 2014-A,5.00% 2020 4,000 4,605Transit Corp., Grant Anticipation Notes (Federal Transit Administration Section 5307 Urbanized Area Formula Funds) Series 2014-A,5.00% 2021 2,000 2,317Transportation Trust Fund Auth., Transportation System Bonds, Series 1999-A, 5.75% 2017 5,000 5,653Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Current Interest Bonds,Series 2006-A, 5.50% 2021 4,070 4,775Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Series 2003-B-2, 5.00% 2016 2,500 2,746Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Series 2003-B-2, 5.00% 2017 2,500 2,809Turnpike Auth., Turnpike Rev. Ref. Bonds, Series 2013-D, 0.74% 2024 (put 2018) 1 2,000 2,006Turnpike Auth., Turnpike Rev. Ref. Bonds, Series 2013-E, 0.74% 2024 (put 2018) 1 2,375 2,382

79,906New Mexico 0.08%Fin. Auth., State Transportation Rev. Ref. Bonds, Series 2010-B, 5.00% 2020 1,000 1,193Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2009-C-2, Class I, 5.70% 2040 565 588Mortgage Fin. Auth., Single-family Mortgage Program Rev. Ref. Bonds, Series 2009-B-2, Class I, 5.65% 2039 535 5822,363New York 8.85%City of Albany Industrial Dev. Agcy., Civic Fac. Rev. Ref. Bonds (St. Peter’s Hospital of the City of Albany Project), Series 2008-A,5.25% 2017 1,500 1,702Dormitory Auth., City University System, Consolidated Fifth General Resolution Rev. Ref. Bonds,Series 2008-B, 5.00% 2017 4,550 5,107Dormitory Auth., Mental Health Services Facs. Improvement Rev. Ref. Bonds, Series 2009-A-1, 5.50% 2018 2,500 2,898Dormitory Auth., Mental Health Services Facs. Improvement Rev. Ref. Bonds, Series 2010-A, 5.00% 2019 2,995 3,507Dormitory Auth., Mental Health Services Facs. Improvement Rev. Ref. Bonds,Series 2010-A, 5.00% 2019 (escrowed to maturity) 5 6Dormitory Auth., Mount Sinai Hospital Obligated Group Rev. Ref. Bonds, Series 2010-A, 5.00% 2018 2,000 2,271Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2009-A, 5.00% 2020 2,000 2,343Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2011-A, 5.00% 2017 2,500 2,792Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2011-A, 5.00% 2019 5,000 5,836Dormitory Auth., State Personal Income Tax Rev. Ref. Bonds (General Purpose), Series 2012-A, 5.00% 2022 2,000 2,421Dormitory Auth., State University Educational Facs. Rev. Ref. Bonds. Series 2000-C,Assured Guaranty Municipal insured, 5.75% 2017 1,475 1,684Dormitory Auth., Third General Resolution Rev. Ref. Bonds (State University Educational Facs. Issue),Series 2012-A, 5.00% 2018 3,000 3,458Dormitory Auth., Third General Resolution Rev. Ref. Bonds (State University Educational Facs. Issue),Series 2012-A, 5.00% 2020 1,000 1,184Environmental Facs. Corp., State Clean Water and Drinking Water Rev. Second Resolution Bonds(New York City Municipal Water Fin. Auth. Projects), Series 2009-A, 5.00% 2017 2,500 2,824Erie County Industrial Dev. Agcy., School Fac. Rev. Bonds (City School Dist. of the City of Buffalo Project), Series 2011-A, 5.00% 2020 4,780 5,631Erie County Industrial Dev. Agcy., School Fac. Rev. Ref. Bonds (City School Dist. of the City of Buffalo Project), Series 2012-A, 5.00%2020 2,770 3,261Limited Term Tax-Exempt Bond Fund of America — Page 18 of 31Bonds, notes & other debt instrumentsNew York (continued)Principal amount(000)Value(000)Town of Hempstead Local Dev. Corp., Rev. Bonds (Hofstra University Project), Series 2011, 5.00% 2025 $1,670 $1,891Long Island Power Auth., Electric System General Rev. Ref. Bonds, Series 2006-E, 5.00% 2017 2,500 2,746Long Island Power Auth., Electric System General Rev. Ref. Bonds, Series 2009-A, 5.25% 2020 2,005 2,268Long Island Power Auth., Electric System General Rev. Ref. Bonds, Series 2009-A, 5.25% 2021 2,000 2,255Metropolitan Transportation Auth., Dedicated Tax Fund Bonds, Series 2009-B, 5.00% 2018 500 582Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2002-B-3A, 0.81% 2017 1 4,000 4,016Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds,Series 2008-A-2B, 0.64% 2031 (put 2019) 1 1,500 1,498Metropolitan Transportation Auth., State Service Contract Rev. Ref. Bonds, Series 2002-A, 5.50% 2017 5,000 5,706Metropolitan Transportation Auth., State Service Contract Rev. Ref. Bonds, Series 2002-A,National insured, 5.75% 2017 1,500 1,688Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2003-B,FGIC-National insured, 5.25% 2020 5,500 6,607Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-C, 5.50% 2018 8,500 9,298Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-A2, 0.33% 2041 (put 2016) 1 1,000 1,000Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-E, 5.00% 2020 3,250 3,856

Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-A-1, 4.00% 2021 3,470 3,888Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2024 5,000 6,010Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds,Series 2002-G-1H, 0.952% 2026 (put 2016) 1 2,650 2,681Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2011-C, 5.00% 2018 1,105 1,286Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2020 7,000 8,306Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-F, 5.00% 2021 1,000 1,192Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2014-A-2, 5.00% 2028 3,000 3,453Mortgage Agcy., Mortgage Rev. Ref. Bonds, Series 48, 2.625% 2041 410 425City of New York, G.O. Bonds, Fiscal 2008 Series J-4, 0.61% 2025 1 6,325 6,320City of New York, G.O. Bonds, Fiscal 2009 Series H-1, 5.00% 2016 2,000 2,151City of New York, G.O. Bonds, Fiscal 2011 Series B, 5.00% 2015 3,500 3,671City of New York, G.O. Bonds, Fiscal 2011 Series I-1, 5.00% 2017 5,000 5,647City of New York, G.O. Bonds, Fiscal 2012 Series I, 5.00% 2020 5,000 5,914City of New York, G.O. Bonds, Series 2013-E, 5.25% 2022 5,000 6,063City of New York, G.O. Bonds, Series 2014-G, 5.00% 2023 1,500 1,802New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 4.70% 2015 615 640New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 4.75% 2016 635 680New York City Industrial Dev. Agcy., Special Fac. Rev. Ref. Bonds (Terminal One Group Assn., LP Project), Series 2005, AMT, 5.50%2015 2,485 2,537New York City Industrial Dev. Agcy., Special Fac. Rev. Ref. Bonds (Terminal One Group Assn., LP Project), Series 2005, AMT, 5.50%2016 7,025 7,479New York City Industrial Dev. Agcy., Special Fac. Rev. Ref. Bonds (Terminal One Group Assn., LP Project), Series 2005, AMT, 5.50%2024 2,000 2,122New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2009 Series EE,5.00% 2018 (escrowed to maturity) 2,500 2,894New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Ref. Bonds, Fiscal 2009 SeriesFF-1, 5.00% 2018 2,000 2,311New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2009 Series S-4, 5.00% 2018 2,545 2,900New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2009 Series S-5, 5.00% 2017 2,500 2,769New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2013 Series S-1, 5.00% 2021 650 772New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2003 Series A-1, 5.00% 2022 1,305 1,562New York City Transitional Fin. Auth., Multi-Modal Rev. Ref. Bonds, Series 2011-B, 5.00% 2022 1,750 2,071New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2008-A, 5.00% 2017 2,000 2,209New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2008-A, 5.50% 2019 4,000 4,595New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2010-A, 5.00% 2017 6,180 6,839New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2010-A, 5.00% 2021 1,500 1,719Port Auth., Consolidated Rev. Ref. Bonds, Series 136, AMT, National insured, 5.00% 2021 2,000 2,027Port Auth., Consolidated Rev. Ref. Bonds, Series 167, AMT, 5.00% 2020 4,790 5,625Limited Term Tax-Exempt Bond Fund of America — Page 19 of 31Bonds, notes & other debt instrumentsNew York (continued)Principal amount(000)Value(000)Port Auth., Consolidated Rev. Ref. Bonds, Series 167, AMT, 5.00% 2021 $ 3,420 $ 3,999Port Auth., Consolidated Rev. Ref. Bonds, Series 169, AMT, 5.00% 2015 2,000 2,113Port Auth., Consolidated Rev. Ref. Bonds, Series 169, AMT, 5.00% 2020 5,000 5,876Port Auth., Consolidated Rev. Ref. Bonds, Series 172, AMT, 5.00% 2022 2,210 2,601County of Rockland G.O. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2022 1,250 1,470Suffolk County Econ. Dev. Corp., Rev. Ref. Bonds (Catholic Health Services of Long Island Obligated Group Project), Series 2011,5.00% 2019 3,000 3,388Thruway Auth., General Rev. Bonds, Series I, 5.00% 2020 2,000 2,343

Thruway Auth., General Rev. Bonds, Series I, 5.00% 2021 4,000 4,728Thruway Auth., General Rev. Junior Indebtedness Obligations Series 2013-A, 5.00% 2019 1,000 1,160Thruway Auth., Local Highway and Bridge Service Contract Rev. Ref. Bonds, Series 2009, 5.00% 2017 10,000 11,171Thruway Auth., Second General Highway and Bridge Trust Fund Rev. Ref. Bonds, Series 2005-B,AMBAC insured, 5.00% 2019 1,370 1,447Thruway Auth., Second General Highway and Bridge Trust Fund Rev. Ref. Bonds, Series 2005-B,AMBAC insured, 5.00% 2019 (preref. 2015) 210 222Thruway Auth., Second General Highway and Bridge Trust Fund Rev. Ref. Bonds,Series 2009-A-1, 5.00% 2018 4,000 4,591Thruway Auth., State Personal Income Tax Rev. Bonds (Transportation), Series 2009-A, 5.00% 2016 1,250 1,346Tobacco Settlement Fncg. Corp., Asset-Backed Rev. Bonds, Series 2013-B, 5.00% 2021 1,000 1,081Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds (State Contingency Contract Secured),Series 2011-B, 5.00% 2017 2,000 2,251Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds (State Contingency Contract Secured),Series 2011-B, 5.00% 2018 2,500 2,885Urban Dev. Corp., Service Contract Rev. Ref. Bonds, Series 2008-B, 5.00% 2017 2,500 2,773Urban Dev. Corp., State Personal Income Tax Rev. Bonds (Econ. Dev. and Housing),Series 2009-A-1, 5.00% 2017 1,000 1,143Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2013-C, 5.00% 2021 5,000 5,979Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2013-D, 5.00% 2021 5,000 5,979Westchester County Health Care Corp., Rev. Bonds, Series 2010-B, 5.00% 2017 2,500 2,778North Carolina 0.55%272,220Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2008-A, 5.00% 2016 2,000 2,132Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2009-B, 5.00% 2017 1,500 1,656Municipal Power Agcy. No. 1, Catawba Electric Rev. Ref. Bonds, Series 2008-A, 5.25% 2017 3,000 3,334Municipal Power Agcy. No. 1, Catawba Electric Rev. Ref. Bonds, Series 2010-A, 5.00% 2021 2,500 2,889Onslow County Hospital Auth., FHA insured Mortgage Rev. Ref. Bonds (Onslow Memorial Hospital Project), Series 2006, Nationalinsured, 5.00% 2015 740 774Dept. of State Treasurer, Grant Anticipation Rev. Vehicle Bonds, Series 2009, 5.00% 2018 1,590 1,817Dept. of State Treasurer, Grant Anticipation Rev. Vehicle Bonds, Series 2011, 4.00% 2023 (put 2018) 4,000 4,355North Dakota 0.13%16,957Burleigh County, Health Care Rev. Bonds (St. Alexius Medical Center Project), Series 2014-A, 5.00% 2023 1,435 1,577Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2012-A, 3.75% 2042 1,105 1,201Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2014-A, 4.00% 2034 1,000 1,0943,872Limited Term Tax-Exempt Bond Fund of America — Page 20 of 31Bonds, notes & other debt instrumentsOhio 2.71%Principal amount(000)Value(000)Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project),Series 2009-C, 5.625% 2018 $4,875 $ 5,448Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2009-A, 5.75% 2033(put 2016) 2,500 2,685

Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2014-A, 3.75% 2023(put 2018) 4,000 4,168County of Allen, Hospital Facs. Rev. Ref. and Improvement Bonds (Catholic Health Partners), Series 2012-A, 5.00% 2021 2,250 2,633County of Allen, Hospital Facs. Rev. Ref. and Improvement Bonds (Catholic Health Partners), Series 2012-A, 5.00% 2022 3,300 3,867County of Allen, Hospital Facs. Rev. Ref. Bonds (Catholic Healthcare Partners), Series 2010-B, 5.00% 2019 2,500 2,892American Municipal Power - Ohio, Inc., Prairie State Energy Campus Project Rev. Ref. Bonds, Series 2008-A, 5.00% 2017 1,500 1,664City of Cleveland, Airport System Rev. Bonds, Series 2000-C, Assured Guaranty Municipal insured,5.00% 2017 2,200 2,418City of Cleveland, Airport System Rev. Ref. Bonds, Series 2006-A, AMBAC insured, 5.25% 2017 450 494City of Cleveland, Airport System Rev. Ref. Bonds, Series 2011-A, 5.00% 2020 3,540 4,050City of Cleveland, Airport System Rev. Ref. Bonds, Series 2011-A, Assured Guaranty Municipal insured,5.00% 2021 2,345 2,696City of Cleveland, Airport System Rev. Ref. Bonds, Series A, Assured Guaranty insured, 5.25% 2019 5,000 5,728City of Cleveland, Water Rev. Ref. Bonds, Series 2009-T, 5.00% 2018 3,620 4,136County of Hamilton, Healthcare Facs. Rev. Bonds (Christ Hospital Project), Series 2012, 5.00% 2020 2,360 2,666County of Hamilton, Healthcare Facs. Rev. Bonds (Christ Hospital Project), Series 2012, 5.00% 2021 1,000 1,132Higher Education G.O. Ref. Bonds, Series 2009-A, 5.00% 2017 5,000 5,672Hospital Rev. Bonds (University Hospitals Health System, Inc.), Series 2009-C-2, 4.875% 2039 (put 2015) 1,800 1,880Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2006-E, AMT, 5.375% 2037 760 793Housing Fin. Agcy., Residential Mortgage Rev. Ref. Bonds, Series 2009-C, 4.50% 2039 460 482Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2010-1, 5.00% 2028 1,385 1,489Infrastructure Improvement G.O. Bonds, Series 2012-A, 5.00% 2019 4,560 5,319Infrastructure Improvement G.O. Ref. Bonds, Series 2011-B, 5.00% 2018 2,000 2,320County of Lake, Hospital Facs. Rev. Ref. Bonds (Lake Hospital System, Inc.), Series 2008-C, 5.00% 2017 1,375 1,524County of Lake, Hospital Facs. Rev. Ref. Bonds (Lake Hospital System, Inc.), Series 2008-C, 5.00% 2018 1,195 1,347County of Lucas, Hospital Rev. Ref. Bonds (ProMedica Healthcare Obligated Group), Series 2005-B,AMBAC insured, 5.00% 2018 6,350 6,717Major New State Infrastructure Project Rev. Bonds, Series 2008-1, 5.75% 2019 1,000 1,176Major New State Infrastructure Project Rev. Bonds, Series 2012-1, 4.00% 2019 1,250 1,404County of Miami, Hospital Facs. Rev. Ref. and Improvement Bonds (Upper Valley Medical Center),Series 2006, 5.25% 2016 1,815 1,965Turnpike Rev. Ref. Bonds, Series 2009-A, 5.00% 2015 2,500 2,566Turnpike Rev. Ref. Bonds, Series 2009-A, 5.00% 2020 1,000 1,148Water Dev. Auth., Solid Waste Rev. Bonds (Waste Management Project), Series 2004, 2.25% 2021 (put 2016) 1,000 1,030Oklahoma 0.16%83,509Dev. Fin. Auth., Health System Rev. Ref. Bonds (Obligated Group Consisting of INTEGRIS Baptist Medical Center, Inc., INTEGRISSouth Oklahoma City Hospital Corp. and INTEGRIS Rural Health, Inc.),Series 2008-C, 5.00% 2018 1,000 1,147Housing Fin. Agcy., Single-family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2009-B, 4.90% 2036 845 850Municipal Power Auth., Power Supply System Rev. Ref. Bonds, Series 2005-A, 0.86% 2023 (put 2018) 1 1,845 1,848Tulsa County Industrial Auth., Health Care Rev. Bonds (St. Francis Health System, Inc.),Series 2006, 5.00% 2015 1,000 1,0624,907Limited Term Tax-Exempt Bond Fund of America — Page 21 of 31Bonds, notes & other debt instrumentsOregon 0.50%Principal amount(000)Value(000)Dept. of Administrative Services, Certs. of Part., Series 2009-A, 5.00% 2020 $2,500 $ 2,904

Dept. of Administrative Services, Lottery Rev. Bonds, Series 2009-A, 5.00% 2017 2,000 2,238Facs. Auth., Rev. Ref. Bonds (Legacy Health System), Series 2010-A, 5.00% 2016 1,500 1,604Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2013-C, 0.94% 2020 (put 2017) 1 1,500 1,506City of Portland, Sewer System Rev. Ref. Bonds, Series 2007-A, National insured, 5.00% 2015 2,500 2,602Port of Portland, Portland International Airport Rev. Bonds, Subseries 20-C, AMT, 5.00% 2017 1,000 1,121Port of Portland, Portland International Airport Rev. Bonds, Subseries 20-C, AMT, 5.00% 2021 1,000 1,157Port of Portland, Portland International Airport Rev. Ref. Bonds, Subseries 21-B, AMT, 5.00% 2018 2,000 2,29315,425Pennsylvania 3.48%Allegheny County Airport Auth., Airport Rev. Bonds, Series 2012-A-1, AMT, 5.00% 2024 1,025 1,141Allegheny County Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Bonds,Series 2008-A, 5.00% 2017 4,500 5,052Allegheny County Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Bonds,Series 2008-A, 5.00% 2018 4,000 4,593Allegheny County Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Bonds,Series 2008-B, 5.00% 2018 3,250 3,719Allegheny County Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Ref. Bonds,Series 2010-A, 5.00% 2017 2,000 2,228Redev. Auth. of Allegheny County, Tax Increment Fncg. Ref. Bonds (Waterfront Project),Series 2007-A, 4.25% 2014 1,405 1,424Redev. Auth. of Allegheny County, Tax Increment Fncg. Ref. Bonds (Waterfront Project),Series 2007-A, 4.25% 2016 1,540 1,643Beaver County Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Project),Series 2006-A, 2.50% 2041 (put 2017) 3,500 3,555Beaver County Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Project), Series 2008-A,2.70% 2035 (put 2018) 2,000 2,023Dauphin County General Auth., Health System Rev. Ref. Bonds (Pinnacle Health System Project),Series 2009-A, 5.25% 2017 2,500 2,715Delaware River Port Auth., Port Dist. Project Rev. Ref. Bonds, Series 2012, 5.00% 2019 1,740 1,984Delaware River Port Auth., Port Dist. Project Rev. Ref. Bonds, Series 2012, 5.00% 2022 1,300 1,481Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project),Series 2004-A, 3.70% 2021 (put 2015) 4,900 5,024Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project),Series 2009, 1.75% 2033 (put 2015) 2,000 2,033Econ. Dev. Fncg. Auth., Unemployment Compensation Rev. Bonds, Series 2012-A, 5.00% 2019 5,000 5,885Econ. Dev. Fncg. Auth., Unemployment Compensation Rev. Bonds, Series 2012-B, 5.00% 2020 5,000 5,856G.O. Bonds, Second Ref. Series 2009, 5.00% 2020 2,000 2,372Higher Educational Facs. Auth., Health System Rev. Ref. Bonds (University of Pennsylvania), Series 2005-A, AMBAC insured, 5.00%2014 2,000 2,004Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project),Series 2008, 5.00% 2018 1,120 1,193Higher Educational Facs. Auth., Rev. Bonds (State System of Higher Education), Series AJ, 5.00% 2017 5,000 5,620Higher Educational Facs. Auth., Student Housing Rev. Bonds (University Properties, Inc. Student Housing Project at East StroudsburgUniversity of Pennsylvania), Series 2010, 5.25% 2019 1,300 1,437Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2006-93-A, AMT, 5.75% 2037 70 70Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds (City of Philadelphia Funding Program), Series 2009, 5.00% 2016 2,500 2,716Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds (City of Philadelphia Funding Program), Series 2010, 5.00% 2017 1,500 1,687Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds (City of Philadelphia Funding Program), Series 2010, 5.00% 2019 2,000 2,340Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. ObligatedGroup), Series 2009-A-1, 5.25% 2017 1,110 1,234Limited Term Tax-Exempt Bond Fund of America — Page 22 of 31Bonds, notes & other debt instrumentsPennsylvania (continued)Principal amount(000)Value(000)

Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. ObligatedGroup), Series 2009-A-1, 5.50% 2018 $ 935 $ 1,064Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. ObligatedGroup), Series 2009-A-1, 5.50% 2019 975 1,116Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc.Obligated Group), Series 2006-B, 5.00% 2015 2,755 2,890Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc.Obligated Group), Series 2006-B, 5.00% 2016 2,570 2,777Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc.Obligated Group), Series 2012, 5.00% 2023 2,400 2,636Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc.Obligated Group), Series 2012, 5.00% 2024 1,000 1,088City of Philadelphia, Airport Rev. Bonds, Series 2007-A, AMT, Assured Guaranty Municipal insured,5.00% 2016 1,000 1,084City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2009-A, 5.75% 2018 2,500 2,904City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2009-A, 5.75% 2019 3,000 3,568Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Bonds (Children’s Hospital of Philadelphia Project), Series2007-A, 4.25% 2016 700 750State Public School Building Auth., School Lease Rev. Bonds (School Dist. of Philadelphia Project),Series 2012, 5.00% 2019 1,000 1,128State Public School Building Auth., School Lease Rev. Bonds (School Dist. of Philadelphia Project),Series 2012, 5.00% 2021 2,000 2,278Health Care Facs. Auth. of Sayre, Rev. Ref. Bonds (Guthrie Health Issue), Series 2007, 0.802% 2017 1 4,295 4,243Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2012-A, AMT, 5.00% 2021 2,840 3,149Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2012-A, AMT, 5.00% 2022 1,000 1,106Turnpike Commission, Turnpike Rev. Bonds, Series 2014-B-1, 0.76% 2019 1 2,000 1,998Turnpike Commission, Turnpike Rev. Bonds, Series 2014-B-1, 1.04% 2021 1 2,200 2,202Puerto Rico 0.15%107,010Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (HospitalAuxilio Mutuo Obligated Group Project), Series 2011-A, 5.00% 2020 3,345 3,533Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series 2009-A, 5.50% 2021 1,400 1,166Rhode Island 0.31%4,699Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue), Series 2006-A, AssuredGuaranty Municipal insured, 5.00% 2015 2,635 2,720City of Providence, Special Obligation Tax Increment Ref. Bonds, Series E, RADIAN insured, 5.00% 2015 1,250 1,264Student Loan Auth., Student Loan Program Rev. Bonds, Series 2013-A, AMT, 3.00% 2014 250 252Student Loan Auth., Student Loan Program Rev. Bonds, Series 2013-A, AMT, 4.00% 2015 400 417Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 5.00% 2018 800 899Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 5.00% 2019 900 1,012Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 5.00% 2020 1,250 1,404Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 5.00% 2021 1,400 1,5639,531Limited Term Tax-Exempt Bond Fund of America — Page 23 of 31

Bonds, notes & other debt instrumentsSouth Carolina 0.65%Principal amount(000)Value(000)Jobs-Econ. Dev. Auth., Hospital Rev. Ref. and Improvement Bonds (Palmetto Health), Series 2009, 5.00% 2017 $1,085 $ 1,180Lexington County Health Services Dist., Inc., Hospital Rev. Ref. Bonds (Lexington Medical Center),Series 2007, 5.00% 2016 2,000 2,198Piedmont Municipal Power Agcy., Electric Rev. Ref. Bonds, Ref. Series 2008-A-3, 5.00% 2016 1,500 1,597Public Service Auth., Rev. Obligations (Santee Cooper), Series 2009-B, 5.00% 2016 1,995 2,127Public Service Auth., Rev. Obligations (Santee Cooper), Series 2009-B, 5.00% 2017 2,000 2,214Public Service Auth., Rev. Obligations (Santee Cooper), Series 2009-B, 5.00% 2018 1,275 1,450Transportation Infrastructure Bank, Rev. Ref. Bonds, Series 2005-A, AMBAC insured, 5.25% 2018 8,000 9,356South Dakota 0.12%20,122Educational Enhancement Funding Corp, Tobacco Settlement Rev. Bonds, Series 2013-B, 5.00% 2023 1,000 1,152Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2013-A, AMT, 3.00% 2030 850 884Housing Dev. Auth., Homeownership Mortgage Rev. Ref. Bonds, Series 2012-D, AMT, 4.00% 2029 1,450 1,5363,572Tennessee 1.42%Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Issue 2006-1, AMT, 5.75% 2036 190 199Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Issue 2011-1-A, AMT, 4.50% 2031 2,265 2,435Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Issue 2012-1-A, AMT, 4.50% 2038 835 898Housing Dev. Agcy., Housing Fin. Program Bonds, Issue 2010-A-1, 5.00% 2027 600 641Housing Dev. Agcy., Residential Fin. Program Bonds, Issue 2013-1-C, 3.00% 2038 3,135 3,310Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 2043 1,600 1,710Health, Educational and Housing Fac. Board of the County of Knox, Hospital Rev. Ref. Bonds(Covenant Health), Series 2012-A, 5.00% 2019 1,000 1,143Health, Educational and Housing Fac. Board of the County of Knox, Hospital Rev. Ref. Bonds(Covenant Health), Series 2012-A, 5.00% 2020 1,220 1,412Health, Educational and Housing Fac. Board of the County of Knox, Hospital Rev. Ref. Bonds(Covenant Health), Series 2012-A, 5.00% 2022 3,320 3,874Health, Educational and Housing Fac. Board of the County of Knox, Hospital Rev. Ref. Bonds(Covenant Health), Series 2012-A, 5.00% 2023 1,000 1,167Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2008-A, AMT,Assured Guaranty Municipal insured, 5.00% 2016 3,000 3,209Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.00% 2017 5,375 5,966Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.375% 2018 6,590 7,532Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.50% 2019 2,500 2,912Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.00% 2015 1,000 1,044Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2011-C, AMT, 5.00% 2018 2,500 2,822Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2011-C, AMT, 5.00% 2019 1,500 1,712Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2021 1,580 1,77443,760

Limited Term Tax-Exempt Bond Fund of America — Page 24 of 31Bonds, notes & other debt instrumentsTexas 7.94%Principal amount(000)Value(000)Austin Community College Dist. Public Fac. Corp., Lease Rev. Bonds (Educational Fac. Project - Round Rock Campus), Series 2008,5.25% 2017 $1,500 $1,698City of Austin (Travis and Williamson Counties), Water and Wastewater System Rev. Ref. Bonds, Series 2009, 5.00% 2018 1,500 1,749Bexar County Hospital Dist., Combination Tax and Rev. Certificates of Obligation, Series 2008, 5.00% 2017 2,665 2,958Bexar County Hospital Dist., Combination Tax and Rev. Certificates of Obligation, Series 2008, 5.00% 2018 3,015 3,436Brownsville Independent School Dist. (Cameron County), Unlimited Tax School Building Bonds,Series 2006, 5.00% 2015 2,235 2,294Central Texas Regional Mobility Auth., Rev. Bonds, Series 2005, FGIC-National insured,4.20% 2015 (escrowed to maturity) 1,700 1,728Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2010, 5.75% 2020 1,000 1,168Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2023 1,000 1,164Clint Independent School Dist. (El Paso County), Unlimited Tax School Building Bonds,Series 2006, 5.00% 2015 1,025 1,077Clint Independent School Dist. (El Paso County), Unlimited Tax School Building Bonds,Series 2006, 5.00% 2016 1,080 1,183Corpus Christi Independent School Dist., Unlimited Tax School Building Bonds (Nueces County),Series 2009, 5.00% 2019 2,070 2,442Cypress-Fairbanks Independent School Dist. (Harris County), Unlimited Tax Schoolhouse Bonds,Series 2009-A, 5.00% 2016 1,315 1,410City of Dallas (Dallas, Denton, Collin and Rockwall Counties), G.O. Bonds, Series 2007, 5.00% 2018 1,080 1,195City of Dallas, G.O. Limited Bonds, 5.00% 2018 (preref. 2017) 4,420 4,919Dallas Area Rapid Transit, Sales Tax Rev. Bonds, Series 2008, 5.00% 2018 1,000 1,166Dallas Area Rapid Transit, Sales Tax Rev. Ref. Bonds, Series 2007, AMBAC insured, 5.00% 2016 2,000 2,217Dallas County Community College Dist. (Dallas County), G.O. Ref. and Improvement Bonds,Series 2008, 5.00% 2018 5,690 6,513Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds,Series 2013-A, AMT, 5.00% 2026 1,000 1,115Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds,Series 2013-A, AMT, 5.00% 2027 1,200 1,326Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds,Series 2013-E, AMT, 5.00% 2020 5,000 5,873Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds,Series 2013-F, 5.00% 2021 2,000 2,378Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds,Series 2009-A, 5.00% 2017 5,000 5,675Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds,Series 2009-A, 5.00% 2018 1,000 1,159Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds,Series 2011-C, 5.00% 2022 1,430 1,676Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds,Series 2012-B, 5.00% 2021 2,500 2,939

Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds,Series 2013-D, 5.00% 2021 1,000 1,189Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds,Series 2014-A, AMT, 5.25% 2026 2,000 2,281Fort Bend County, Fort Bend Independent School Dist., Unlimited Tax Ref. Bonds, Series 2009, 5.00% 2018 1,000 1,143G.O. Bonds, College Student Loan Bonds, Series 2011-A, AMT, 5.00% 2019 1,700 1,996G.O. Bonds, Water Financial Assistance Bonds (Water Infrastructure Fund), Series 2009-A, 5.00% 2019 1,000 1,161Harris County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Methodist Hospital System),Series 2008-B, 5.25% 2017 3,500 3,984Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System),Series 2004-A, 5.25% 2014 1,500 1,526Harris County Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Healthcare System), Series 2014-A, 5.00% 2025 2,850 3,357Limited Term Tax-Exempt Bond Fund of America — Page 25 of 31Bonds, notes & other debt instrumentsTexas (continued)Principal amount(000)Value(000)Harris County Industrial Dev. Corp., Solid Waste Disposal Rev. Bonds (Deer Park Refining Limited Partnership Project), Series 2006,4.70% 2018 $ 2,000 $ 2,185Harris County, Metropolitan Transit Auth., Sales and Use Tax Bonds, Series 2009-A, 5.00% 2017 3,990 4,543Harris County, Toll Road Rev. Bonds, Series 2009-A, 5.00% 2017 1,100 1,240Harris County, Toll Road Rev. Bonds, Series 2009-A, 5.00% 2020 1,255 1,491Harris County, Toll Road Rev. Ref. Bonds, Series 2007-A, National insured, 4.50% 2020 2,000 2,203City of Houston, Higher Education Fin. Corp., Higher Education Rev. Ref. Bonds (Rice University Project), Series 2013-B, 0.59% 2048(put 2017) 1 1,000 1,003Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2009-A, 5.375% 2039 655 714City of Houston, Airport System Rev. Ref. Bonds, Series 2007-B, FGIC-National insured, 5.00% 2017 1,000 1,121City of Houston, Airport System Rev. Ref. Bonds, Series 2009-A, 5.00% 2016 2,100 2,280City of Houston, Airport System Rev. Ref. Bonds, Series 2009-A, 5.00% 2017 1,600 1,795City of Houston, Airport System Rev. Ref. Bonds, Series 2009-A, 5.00% 2019 1,500 1,694City of Houston, Airport System Rev. Ref. Bonds, Series 2011-A, AMT, 5.00% 2019 10,000 11,594City of Houston, Airport System Rev. Ref. Bonds, Series 2011-B, 5.00% 2025 1,000 1,128City of Houston, Airport System Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2021 3,785 4,451City of Houston, Public Improvement Ref. Bonds, Series 2009-A, 5.00% 2020 2,500 2,915Houston Independent School Dist. (Harris County), Limited Tax Schoolhouse Bonds, Series 2008, 5.00% 2018 1,500 1,666Port of Houston Auth. of Harris County, Unlimited Tax Forward Ref. Bonds, Series 2006-A, AMT,National insured, 5.00% 2015 1,530 1,616Lone Star College System (Harris and Montgomery Counties), Limited Tax G.O. Bonds,Series 2009, 5.00% 2018 1,000 1,157Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2011-B,5.00% 2019 5,000 5,797Mansfield Independent School Dist. (Tarrant and Johnson Counties), Unlimited Tax Ref. Bonds,Series 2010, 5.00% 2020 5,890 6,988Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.00% 2015 3,500 3,708Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2017 1,500 1,678Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2021 3,500 4,005Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2022 2,800 3,219Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2023 2,000 2,258North Texas Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (United Regional Health Care System, Inc. Project), Series 2007,Assured Guaranty Municipal insured, 5.00% 2022 1,400 1,542North Texas Tollway Auth., Dallas North Tollway System Rev. Ref. Bonds, Series 2005-C, 5.00% 2019 2,000 2,277North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 5.50% 2018 3,000 3,407North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2019 5,000 5,706North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-E-3, 5.75% 2038 (put 2016) 9,850 10,523

North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2011-B, 5.00% 2019 1,250 1,423North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2012-C, 1.95% 2038 (put 2019) 5,400 5,428City of Olmos Park, Higher Education Facs. Corp., Higher Education Rev. Improvement and Ref. Bonds (University of the IncarnateWord Project), Series 2012, 5.00% 2022 2,000 2,356City of Olmos Park, Higher Education Facs. Corp., Higher Education Rev. Improvement and Ref. Bonds (University of the IncarnateWord Project), Series 2012, 5.00% 2023 1,500 1,743Plano Independent School Dist. (Collin County), School Building Unlimited Tax Bonds,Series 2008-A, 5.00% 2017 1,000 1,114Public Fin. Auth., Unemployment Compensation Obligation Assessment, Rev. Bonds,Series 2010-A, 5.00% 2016 3,500 3,739SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.25% 2017 1,000 1,103Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2012, 5.00% 2018 2,000 2,276City of San Antonio, Airport System Rev. Improvement Bonds, Series 2007, AMT,Assured Guaranty Municipal insured, 5.00% 2016 1,000 1,089City of San Antonio, Airport System Rev. Ref. Bonds, Series 2012, AMT, 4.00% 2021 1,000 1,100City of San Antonio, Electric and Gas Systems Rev. Bonds, New Series 2006-A, 5.00% 2015 1,000 1,024City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, New Series 2008-A, 5.50% 2015 2,000 2,054City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, New Series 2012, 5.00% 2021 2,500 2,988Limited Term Tax-Exempt Bond Fund of America — Page 26 of 31Bonds, notes & other debt instrumentsTexas (continued)Principal amount(000)Value(000)City of San Antonio, General Improvement and Ref. Bonds, Series 2005, 5.25% 2015 $3,000 $ 3,077City of San Antonio, Passenger Fac. Charge and Airport System Rev. Improvement Bonds, Series 2007, AMT,Assured Guaranty Municipal insured, 5.00% 2016 2,015 2,194City of San Antonio, Passenger Fac. Charge and Airport System Rev. Ref. Bonds,Series 2012, AMT, 5.00% 2020 1,680 1,961City of San Antonio, Passenger Fac. Charge and Airport System Rev. Ref. Bonds,Series 2012, AMT, 5.00% 2021 1,770 2,059Tarrant County Cultural Education Facs. Fin. Corp., Health Resources System Rev. Ref. Bonds,Series 2007-A, 5.00% 2016 1,000 1,071Tarrant County Cultural Education Facs. Fin. Corp., Health Resources System Rev. Ref. Bonds,Series 2007-A, 5.00% 2017 1,000 1,105Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Scott and White Memorial Hospital and Scott, Sherwoodand Brindley Foundation Project), Series 2008-A, 5.00% 2017 1,500 1,678Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds (Buckner Retirement Services, Inc. Project),Series 2007, 5.00% 2015 1,170 1,220Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds (Buckner Retirement Services, Inc. Project),Series 2007, 5.00% 2016 1,280 1,368Tarrant County Health Facs. Dev. Corp., Hospital Rev. Bonds (Cook Children’s Medical Center Project),Series 2010-A, 4.50% 2022 500 541Tarrant Regional Water Dist., Water Control and Improvement Dist., Water Rev. Ref. and Improvement Bonds, Series 2009, 5.00%2020 1,710 1,977Board of Regents of Texas Tech University System, Rev. Fncg. System Ref. and Improvement Bonds,Series 2012-A, 5.00% 2023 1,000 1,177Board of Regents of Texas Tech University System, Rev. Fncg. System Ref. and Improvement Bonds,Series 2012-A, 5.00% 2024 1,735 2,029Tomball Hospital Auth., Hospital Rev. Ref. Bonds, Series 2005, 5.00% 2015 (escrowed to maturity) 1,355 1,414Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2020 3,640 4,170Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2020 (preref. 2018) 360 414Transportation Commission, State Highway Fund Rev. Bonds, Series 2007, 5.00% 2015 1,000 1,033Board of Regents of the University of Houston System, Consolidated Rev. Ref. Bonds,Series 2009, 5.00% 2017 1,060 1,181Board of Regents of the University of Houston System, Consolidated Rev. Ref. Bonds,Series 2009, 5.00% 2018 1,000 1,145Board of Regents of the University of Houston System, Consolidated Rev. Ref. Bonds,

Series 2009, 5.00% 2020 2,200 2,532Board of Regents of the University of North Texas System, Rev. Fncg. System Bonds,Series 2009-A, 5.00% 2018 1,000 1,147Board of Regents of the University of Texas System, Rev. Ref. Fncg. System Bonds, Series 2002-B, 5.25% 2015 6,670 7,029Weslaco Independent School Dist. (Hidalgo County), Unlimited Tax Ref. Bonds, Series 2005, 5.00% 2015 2,360 2,422Utah 0.38%244,380Housing Corp., Single-family Mortgage Bonds, Series 2002-C-2, Class III, AMT, 5.25% 2018 320 322Housing Corp., Single-family Mortgage Bonds, Series 2002-D-2, Class III, AMT, 5.00% 2018 175 175Housing Corp., Single-family Mortgage Bonds, Series 2007-A-1, Class III, AMT, 4.625% 2027 815 816Housing Corp., Single-family Mortgage Rev. Ref. Bonds, Series 2002-E-2, Class III, AMT, 4.95% 2019 60 60Intermountain Power Agcy., Subordinated Power Supply Rev. Ref. Bonds, Series 2009-A, 5.00% 2015 4,000 4,180Transit Auth., Sales Tax Rev. Bonds, Series 2008-A, Assured Guaranty Municipal insured, 5.25% 2019 5,250 6,22411,777Vermont 0.02%Student Assistance Corp., Education Loan Rev. Notes, Series 2012-B, AMT, 1.732% 2022 1 739 741Limited Term Tax-Exempt Bond Fund of America — Page 27 of 31Bonds, notes & other debt instrumentsVirgin Islands 0.29%Principal amount(000)Value(000)Public Fin. Auth., Rev. Bonds (Matching Fund Loan Notes), Series 2013-A, 5.00% 2018 $1,000 $ 1,122Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2009-B, 5.00% 2018 3,000 3,367Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2009-C, 5.00% 2015 3,745 3,904Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2012-A, 2.25% 2017 400 4068,799Virginia 0.11%Public Building Auth., Public Facs. Rev. Bonds, Series 2008-B, 5.00% 2014 1,525 1,525Public School Auth., School Fncg. Bonds (1997 Resolution), Series 2005-C, 5.00% 2015 1,750 1,8353,360Washington 2.47%Public Utility Dist. No. 1 of Clark County, Electric System Rev. Ref. Bonds, Series 2007,FGIC-National insured, 5.00% 2017 2,000 2,216Energy Northwest, Electric Rev. Ref. Bonds (Project 1), Series 2007-C, 5.00% 2017 3,000 3,384Energy Northwest, Electric Rev. Ref. Bonds (Project 1), Series 2009-A, 5.25% 2018 1,250 1,459Energy Northwest, Electric Rev. Ref. Bonds (Project 1), Series 2012-A, 5.00% 2017 5,000 5,641Federal Highway Grant Anticipation Rev. Bonds (SR 520 Corridor Program), Series 2012-F, 5.00% 2020 5,000 5,907Federal Highway Grant Anticipation Rev. Bonds (SR 520 Corridor Program), Series 2014-C, 5.00% 2019 1,000 1,171Federal Highway Grant Anticipation Rev. Bonds (SR 520 Corridor Program), Series 2014-C, 5.00% 2021 2,500 2,967Various Purpose G.O. Bonds, Series 1992-B, 6.40% 2017 7,265 8,031Various Purpose G.O. Ref. Bonds, Series R-2006-A, AMBAC insured, 5.00% 2015 2,500 2,612Public Utility Dist. No. 2 of Grant County, Electric System Rev. Ref. Bonds,Series 2011-I, 5.00% 2017 (escrowed to maturity) 5,000 5,539Health Care Facs. Auth., Rev. Ref. Bonds (PeaceHealth), Series 2014-A, 5.00% 2026 1,000 1,150Health Care Facs. Auth., Rev. Ref. Bonds (Providence Health & Services),Series 2012-B, 5.00% 2042 (put 2021) 1,000 1,174

Health Care Facs. Auth., Rev. Ref. Bonds (Seattle Children’s Hospital), Series 2010-B, 5.00% 2021 1,235 1,418Higher Education Facs. Auth., Rev. Ref. Bonds (Gonzaga University Project), Series 2009-B, 5.00% 2016 1,015 1,078Higher Education Facs. Auth., Rev. Ref. Bonds (Gonzaga University Project), Series 2009-B, 5.00% 2018 2,235 2,493Higher Education Facs. Auth., Rev. Ref. Bonds (Gonzaga University Project), Series 2009-B, 5.00% 2019 2,350 2,655Higher Education Facs. Auth., Rev. Ref. Bonds (Gonzaga University Project), Series 2010-A, 5.00% 2018 1,000 1,114Housing Fin. Commission, Homeownership Program Bonds, Series 2011-A, 4.50% 2029 860 920King County, Public Hospital Dist. No. 1, Limited Tax G.O. and Ref. Bonds, Series 2008-A,Assured Guaranty insured, 5.00% 2016 2,595 2,854Port of Seattle, Special Fac. Rev. Ref. Bonds (Seatac Fuel Facs. LLC), AMT, 5.00% 2022 1,000 1,163Port of Seattle, Special Fac. Rev. Ref. Bonds (Seatac Fuel Facs. LLC), AMT, 5.00% 2023 1,100 1,274City of Seattle, Municipal Light and Power Improvement and Rev. Ref. Bonds, Series 2008, 5.25% 2015 1,500 1,551Housing Auth. of the City of Seattle, Capital Fund Program Rev. Bonds (High Rise RehabilitationProgram - Phase III), Series 2007, AMT, Assured Guaranty Municipal insured, 4.55% 2017 1,145 1,187Port of Seattle, Passenger Fac. Charge Rev. Ref. Bonds, Series 2010-B, AMT, 5.00% 2016 2,000 2,201Port of Seattle, Rev. Ref. Bonds, Series 2010-C, AMT, 5.00% 2016 2,000 2,139Public Utility Dist. No. 1 of Snohomish County, Electric System Rev. Ref. Bonds, Series 2005,Assured Guaranty Municipal insured, 5.00% 2019 2,000 2,126Snohomish County, Limited Tax G.O. Ref. Bonds, Series 2005-B, FGIC-National insured, 5.00% 2014 1,115 1,133Tobacco Settlement Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2013, 5.00% 2026 6,300 6,631Tobacco Settlement Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2013, 5.00% 2027 2,500 2,67075,858Limited Term Tax-Exempt Bond Fund of America — Page 28 of 31Bonds, notes & other debt instrumentsWisconsin 1.31%Principal amount(000)Value(000)City of Franklin, Regional Solid Waste Fin. Commission, Solid Waste Disposal Rev. Bonds(Waste Management of Wisconsin, Inc. Project), Series 2003-A, AMT, 4.95% 2016 $ 3,500 $ 3,701G.O. Ref. Bonds, Series 2005-1, National insured, 5.00% 2017 2,500 2,589General Fund Annual Appropriation Rev. Ref. Bonds, Series 2009-A, 5.00% 2018 2,000 2,295Health and Educational Facs. Auth., Rev. Bonds (UnityPoint Health), Series 2014-A, 5.00% 2022 1,000 1,177Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group),Series 2013-B-1, 4.00% 2043 (put 2018) 1,500 1,658Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group),Series 2013-B-3, 5.00% 2043 (put 2020) 6,000 7,030Health and Educational Facs. Auth., Rev. Bonds (Thedacare, Inc.), Series 2009-A, 5.25% 2017 2,000 2,267Health and Educational Facs. Auth., Rev. Ref. Bonds (Aurora Health Care, Inc.), Series 2012-A, 5.00% 2021 7,765 8,775Health and Educational Facs. Auth., Rev. Ref. Bonds (Aurora Health Care, Inc.), Series 2012-A, 5.00% 2022 2,145 2,408Health and Educational Facs. Auth., Rev. Ref. Bonds (Ministry Health Care), Series 2012-C, 5.00% 2021 1,200 1,384Health and Educational Facs. Auth., Rev. Ref. Bonds (Thedacare, Inc.), Series 2009-B, 5.00% 2017 2,000 2,251Milwaukee County, Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.00% 2017 1,250 1,415Milwaukee County, Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.00% 2018 1,500 1,729Milwaukee County, Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.00% 2020 1,500 1,721Total bonds, notes & other debt instruments (cost: $2,647,273,000) 2,799,975Short-term securities 8.64%40,400

State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project),Series 1993-B, 0.05% 2033 1 3,600 3,600State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (ExxonMobil Project),Series 2001, 0.05% 2029 1 5,300 5,300State of California, Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds(Pacific Gas and Electric Co.), Series 1996-C, JPMorgan Chase LOC, 0.04% 2026 1 9,900 9,900State of California, Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds(Pacific Gas and Electric Co.), Series 1996-E, JPMorgan Chase LOC, 0.04% 2026 1 16,300 16,300State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2014-A, 1.50% 6/26/2015 25,000 25,314State of Florida, Sarasota County, Public Hospital Dist., Hospital Rev. Ref. Bonds (Sarasota Memorial Hospital Project), Series 2009-B,JPMorgan Chase LOC, 0.07% 2037 1 2,925 2,925State of Georgia, Dev. Auth. of the Unified Government of Athens-Clarke County, Rev. Bonds(University of Georgia Athletic Assn. Project), Series 2005-B, 0.05% 2035 1 2,000 2,000State of Idaho, Tax Anticipation Notes, Series 2014, 2.00% 6/30/2015 3,800 3,866State of Illinois, City of Chicago, G.O. Ref. Bonds, Series 2007-E, Barclays Bank PLC LOC, 0.08% 2042 1 3,700 3,700State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2010-B,Wells Fargo LOC, 0.04% 2044 1 3,470 3,470State of Kentucky, Econ. Dev. Fin. Auth., Demand Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), Series2009-B-1, JPMorgan Chase LOC, 0.05% 2038 1 5,900 5,900State of Kentucky, Econ. Dev. Fin. Auth., Demand Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), Series2009-B-2, JPMorgan Chase LOC, 0.05% 2038 1 600 600State of Louisiana, Industrial Dev. Board of the Parish of East Baton Rouge, Inc., Gulf Opportunity ZoneRev. Bonds (ExxonMobil Project), Series 2010-B, 0.05% 2040 1 5,000 5,000State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project),Series 2010-A, 0.05% 2035 1 3,700 3,700State of Massachusetts, Health and Educational Facs. Auth., Rev. Bonds (Children's Hospital Issue),Series 2010-N-4, JPMorgan Chase LOC, 0.05% 2049 1 1,500 1,500State of Michigan, Fin. Auth., State Aid Rev. Notes (School Dist. of the City of Detroit),Series 2013-C, 4.375% 8/20/2014 1,000 1,002State of Minnesota, Housing and Redev. Auth. of the City of Saint Paul, Health Care System DemandRev. Bonds (Allina Health System), Series 2009-B-2, JPMorgan Chase LOC, 0.07% 2035 1 2,750 2,750Limited Term Tax-Exempt Bond Fund of America — Page 29 of 31Short-term securitiesPrincipal amount(000)Value(000)State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2007-A, 0.05% 2030 1 $ 4,000 $ 4,000State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2007-E, 0.05% 2030 1 1,700 1,700State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2009-E, 0.05% 2030 1 3,000 3,000State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2009-G, 0.04% 2030 1 1,200 1,200State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2010-G, 0.04% 2035 1 6,840 6,840State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2010-I, 0.04% 2035 1 1,300 1,300State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2010-K, 0.05% 2035 1 3,000 3,000State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2011-F, 0.05% 2035 1 2,745 2,745State of Mississippi, Jackson County, Port Fac. Rev. Ref. Bonds (Chevron U.S.A. Inc. Project),Series 1993, 0.04% 2023 1 3,900 3,900State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds(Washington University), Series 1996-D, 0.04% 2030 1 3,400 3,400State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds(Washington University), Series 2003-B, 0.05% 2033 1 2,500 2,500

State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Ref. Bonds(Washington University), Series 1996-B, 0.06% 2030 1 1,000 1,000State of New Jersey, Health Care Facs. Fin. Auth., Rev. Bonds (Virtua Health Issue), Series 2009-B,JPMorgan Chase LOC, 0.05% 2043 1 1,300 1,300State of New York, City of New York, G.O. Bonds, Fiscal 1994 Series E-2, 0.06% 2020 1 3,000 3,000State of New York, City of New York, G.O. Bonds, Fiscal 2008 Series L, Subseries L-4, 0.06% 2038 1 10,800 10,800State of New York, City of New York, G.O. Bonds, Fiscal 2012 Series G, Subseries G-5, 0.04% 2042 1 1,800 1,800State of New York, Housing Fin. Agcy, Gotham West Housing Fin. Agcy. Rev. Bonds, Series 2011-A-1,Wells Fargo & Co. LOC, 0.05% 2045 1 2,950 2,950State of New York, Trust for Cultural Resources of the City of New York, Rev. Ref. Bonds (Lincoln Center for the Performing Arts, Inc.),Series 2008-A-1, JPMorgan Chase LOC, 0.05% 2035 1 3,000 3,000State of North Carolina, Charlotte-Mecklenburg Hospital Auth., Carolinas HealthCare System, Health Care Rev. Ref. Bonds, Series2007-B, Wells Fargo Bank LOC, 0.04% 2045 1 13,695 13,695State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2014-A, 2.00% 6/15/2015 6,600 6,708State of Tennessee, Public Building Auth. of the City of Clarksville, Pooled Fncg. Rev. Bonds, Series 2004, Bank of America LOC,0.08% 2034 1 645 645State of Tennessee, Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds(Tennessee County Loan Pool), Series 2002, Bank of America LOC, 0.08% 2032 1 1,385 1,385State of Texas, Brazos River Harbor Navigation Dist. of Brazoria County, Environmental Facs. Rev. Bonds (Merey Sweeny, L.P.Project), Series 2001-A, AMT, Bank of America LOC, 0.07% 2021 1 2,300 2,300State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (ExxonMobil Project),Series 2000, AMT, 0.06% 2030 1 1,100 1,100State of Texas, Tarrant County, Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds(Methodist Hospitals of Dallas Project), Series 2008-A, JPMorgan Chase LOC, 0.05% 2041 1 2,400 2,400State of Texas, Tax and Rev. Anticipation Notes, Series 2013, 2.00% 8/28/2014 75,000 75,111Limited Term Tax-Exempt Bond Fund of America — Page 30 of 31Short-term securitiesPrincipal amount(000)Value(000)State of Wyoming, Lincoln County, Pollution Control Rev. Bonds (Exxon Project),Series 1984-C, 0.05% 11/1/2014 1 $4,800 $ 4,800State of Wyoming, Uinta County, Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project),Series 1993, 0.04% 2020 1 3,300 3,300Total short-term securities (cost: $265,694,000) 265,706Total investment securities 99.66% (cost: $2,912,967,000) 3,065,681Other assets less liabilities 0.34% 10,545Net assets 100.00% $3,076,2261 Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.2 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualifiedinstitutional buyers. The total value of all such securities, including those in "Miscellaneous," was $12,242,000, which represented .40% of the net assets of the fund.Key to abbreviationsAgcy. = AgencyAMT = Alternative Minimum TaxAuth. = AuthorityCerts. of Part. = Certificates of ParticipationDept. = Department

Dev. = DevelopmentDist. = DistrictEcon. = EconomicFac. = FacilityFacs. = FacilitiesFin. = FinanceFncg. = FinancingG.O. = General ObligationLOC = Letter of CreditPreref. = PrerefundedRedev. = RedevelopmentRef. = RefundingRev. = RevenueTECP = Tax-Exempt Commercial PaperInvestments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus andsummary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds ServiceCompany (AFS) at (800) 421-4225 or visit the American Funds website at americanfunds.com.MFGEFPX-043-0914O-S42232 Limited Term Tax-Exempt Bond Fund of America — Page 31 of 31Report of Independent Registered Public Accounting FirmTo the Board of Trustees and Shareholders of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund ofAmerica, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund and The Tax-Exempt Fund of CaliforniaIn our opinion, the accompanying statements of assets and liabilities, including the summary investment portfolios, and the related statements ofoperations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the investment portfolios (includedin Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of American Funds Short-Term Tax-Exempt Bond Fund,Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund and TheTax-Exempt Fund of California (the “Funds”) at July 31, 2014, the results of each of their operations for the year then ended, the changes in each oftheir net assets and the financial highlights for each of the periods presented (other than as noted below for The Tax-Exempt Fund of California), inconformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights, andinvestment portfolios (hereafter referred to as "financial statements") are the responsibility of the Funds’ management. Our responsibility is toexpress an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with thestandards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimatesmade by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation ofsecurities at July 31, 2014 by correspondence with the custodians and brokers, provide a reasonable basis for our opinion. The financial statementsof The Tax-Exempt Fund of California as of July 31, 2013, and for the fiscal years ended through July 31, 2013 as appearing herein, were auditedby other auditors whose report dated September 9, 2013, expressed an unqualified opinion on those statements.PricewaterhouseCoopers LLPLos Angeles, CaliforniaSeptember 9, 2014

The Tax-Exempt Bond Fund of America ®Investment portfolioJuly 31, 2014Bonds, notes & other debt instruments 89.87%Alabama 0.99%Principal amount(000)Value(000)Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2021 $10,000 $ 11,826Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2025 12,000 13,849Federal Aid Highway Fin. Auth., Federal Highway Grant Anticipation Bonds, Series 2012, 5.00% 2026 10,470 11,937Incentives Fncg. Auth., Special Obligation Bonds, Series 2009-C, 5.00% 2024 2,375 2,660Incentives Fncg. Auth., Special Obligation Bonds, Series 2009-C, 5.00% 2029 1,250 1,391Jefferson County, Sewer Rev. Warrants, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2044 11,355 11,884Jefferson County, Sewer Rev. Warrants, Series 2013-A, Assured Guaranty Municipal insured, 5.25% 2048 4,500 4,787Jefferson County, Sewer Rev. Warrants, Series 2013-D, 6.00% 2042 4,750 5,182Jefferson County, Sewer Rev. Warrants, Series 2013-D, 6.50% 2053 13,000 14,717Jefferson County, Sewer Rev. Warrants, Series 2013-D, 7.00% 2051 1,500 1,760City of Mobile Industrial Dev. Board, Pollution Control Rev. Bonds (Alabama Power Co. Barry Plant Project), Series 2007-C, 5.00%2034 (put 2015) 3,000 3,082Industrial Dev. Board. of the City of Selma, Gulf Opportunity Zone Bonds (International Paper Co. Project), Series 2011-A, 5.375%2035 4,000 4,385Special Care Facs. Fncg. Auth. of the City of Pell City, Rev. Ref. Bonds (Noland Health Services, Inc.),Series 2012-A, 5.00% 2039 3,200 3,345Board of Trustees of the University of Alabama, Birmingham Hospital Rev. Ref. Bonds,Series 2008-A, 5.25% 2025 1,000 1,085Alaska 0.08%91,890City of Anchorage, Lease Rev. Ref. Bonds, Correctional Fac., Assured Guaranty Municipal insured, 5.00% 2016 870 891City of Anchorage, Lease Rev. Ref. Bonds, Correctional Fac., Assured Guaranty Municipal insured, 5.00% 2016 (preref. 2015) 1,165 1,193Municipality of Anchorage, Municipal Light & Power Electric Rev. Ref. Bonds, Series 1996, National insured, 6.50% 2014 5,000 5,1027,186Arizona 2.99%Board of Regents, University of Arizona SPEED Rev. Bonds (Stimulus Plan for Econ. and Educational Dev.), Series 2014, 5.00% 2033 1,000 1,123Health Facs. Auth., Rev. Ref. Bonds (Phoenix Children’s Hospital), Series 2013-A-1, 1.91% 2048 (put 2020) 1 4,000 3,981Certs. of Part., Series 2010-A, Assured Guaranty Municipal insured, 5.00% 2015 5,365 5,667Certs. of Part., Series 2010-A, Assured Guaranty Municipal insured, 5.25% 2025 2,500 2,805Estrella Mountain Ranch Community Facs. Dist. (City of Goodyear), Dist. G.O. Bonds,Series 2007, 6.125% 2027 660 696Estrella Mountain Ranch Community Facs. Dist. (City of Goodyear), Dist. G.O. Bonds,Series 2007, 6.20% 2032 1,000 1,049City of Glendale, Water and Sewer Rev. Ref. Obligations, Series 2012, 5.00% 2027 1,500 1,696Industrial Dev. Auth. of the City of Glendale, Rev. Bonds (Midwestern University), Series 2010, 5.00% 2025 1,000 1,081Industrial Dev. Auth. of the City of Glendale, Rev. Bonds (Midwestern University), Series 2010, 5.00% 2035 3,130 3,303Industrial Dev. Auth. of the City of Glendale, Rev. Bonds (Midwestern University), Series 2010, 5.125% 2040 6,215 6,561Industrial Dev. Auth. of the City of Glendale, Rev. Ref. Bonds (Midwestern University),Series 2007, 5.00% 2023 3,725 4,210

Industrial Dev. Auth. of the City of Glendale, Rev. Ref. Bonds (Midwestern University),Series 2007, 5.00% 2024 2,910 3,250The Tax-Exempt Bond Fund of America — Page 1 of 60Bonds, notes & other debt instrumentsArizona (continued)Principal amount(000)Value(000)Industrial Dev. Auth. of the City of Glendale, Rev. Ref. Bonds (Midwestern University),Series 2007, 5.00% 2025 $ 2,610 $ 2,884Industrial Dev. Auth. of the City of Glendale, Rev. Ref. Bonds (Midwestern University),Series 2007, 5.00% 2026 1,630 1,786Industrial Dev. Auth. of the City of Glendale, Rev. Ref. Bonds (Midwestern University),Series 2007, 5.00% 2031 3,510 3,766Industrial Dev. Auth. of the City of Glendale, Rev. Ref. Bonds (Midwestern University),Series 2007, 5.25% 2020 1,795 2,060Industrial Dev. Auth. of the City of Glendale, Rev. Ref. Bonds (Midwestern University),Series 2007, 5.25% 2021 1,000 1,152Industrial Dev. Auth. of the City of Glendale, Rev. Ref. Bonds (Midwestern University),Series 2007, 5.25% 2022 2,185 2,533Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Beatitudes Campus Project), Series 2006, 5.20% 2037 2 5,645 5,059Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-A, 5.00% 2020 2,000 2,196Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-B, 0.967% 2037 1 22,200 19,279Health Facs. Auth., Rev. Ref. Bonds (Banner Health), Series 2007-A, 5.25% 2022 1,500 1,696McAllister Academic Village LLC, Rev. Ref. Bonds (Arizona State University Hassayampa Academic Village Project), Series 2008,5.00% 2027 5,035 5,605McAllister Academic Village LLC, Rev. Ref. Bonds (Arizona State University Hassayampa Academic Village Project), Series 2008,5.00% 2028 4,000 4,405McAllister Academic Village LLC, Rev. Ref. Bonds (Arizona State University Hassayampa Academic Village Project), Series 2008,5.00% 2038 10,000 10,799McAllister Academic Village LLC, Rev. Ref. Bonds (Arizona State University Hassayampa Academic Village Project), Series 2008,5.25% 2026 3,500 3,943City of Phoenix Civic Improvement Corp., Airport Rev. Bonds, Series 2008-A, 5.00% 2028 2,970 3,317City of Phoenix Civic Improvement Corp., Airport Rev. Bonds, Series 2008-A, 5.00% 2038 3,000 3,286City of Phoenix Civic Improvement Corp., Airport Rev. Bonds, Series 2010-A, 5.00% 2029 5,400 5,952City of Phoenix Civic Improvement Corp., Airport Rev. Bonds, Series 2010-A, 5.00% 2040 12,000 12,597City of Phoenix Civic Improvement Corp., Wastewater System Rev. Ref. Bonds, Series 2008, 5.50% 2024 1,000 1,163City of Phoenix Civic Improvement Corp., Water System Rev. Bonds, Series 2009-A, 5.00% 2024 4,895 5,671Industrial Dev. Auth. of the City of Phoenix, Education Fac. Rev. Bonds (Legacy Traditional Schools Project), Series 2014-A, 6.75%2044 2 1,500 1,657Industrial Dev. of the City of Phoenix, Lease Rev. Bonds (Rowan University Project), Series 2012, 5.00% 2042 12,000 12,565Industrial Dev. of the City of Phoenix, Lease Rev. Bonds (Rowan University Project), Series 2012, 5.25% 2034 15,000 15,974Industrial Dev. Auth. of the County of Pima, Industrial Dev. Rev. Bonds (Tucson Electric Power Co. Project), 4.00% 2029 1,140 1,144Pima County, Sewer System Rev. Obligations, Series 2012-A, 5.00% 2026 1,500 1,731Quail Creek Community Facs. Dist. (Sahuarita), G.O. Bonds, Series 2006, 5.55% 2030 1,000 1,000Town of Queen Creek, Improvement Dist. No. 001, Improvement Bonds, 5.00% 2026 4,075 4,095Town of Queen Creek, Improvement Dist. No. 001, Improvement Bonds, 5.00% 2032 4,000 4,011Salt River Project Agricultural Improvement and Power Dist., Salt River Project Electric System Rev. Bonds, Series 2008-A, 5.00%2024 3,000 3,380Salt River Project Agricultural Improvement and Power Dist., Salt River Project Electric System Rev. Bonds, Series 2008-A, 5.00%2028 8,500 9,453School Facs. Board, Certs. of Part., Series 2008, 5.125% 2021 13,000 14,690City of Scottsdale Municipal Property Corp., Excise Tax Rev. Ref. Bonds, Series 2006, 5.00% 2030 8,000 9,665State Lottery Rev. Bonds, Series 2010-A, Assured Guaranty Municipal insured, 5.00% 2021 8,250 9,471

State Lottery Rev. Bonds, Series 2010-A, Assured Guaranty Municipal insured, 5.00% 2025 5,000 5,557State Lottery Rev. Bonds, Series 2010-A, Assured Guaranty Municipal insured, 5.00% 2026 2,500 2,759Industrial Dev. Auth. of the City of Tempe, Rev. Ref. Bonds (Friendship Village of Tempe),Series 2012-A, 6.25% 2042 2,500 2,632Transportation Board Highway Rev. Bonds, Series 2008-A, 5.00% 2032 5,000 5,578Transportation Board Highway Rev. Ref. Bonds, Series 2011-A, 5.25% 2030 5,000 5,823Transportation Board Highway Rev. Ref. Bonds, Series 2013-A, 5.00% 2023 2,000 2,402Transportation Board Highway Rev. Ref. Bonds, Series 2013-A, 5.00% 2036 6,585 7,357The Tax-Exempt Bond Fund of America — Page 2 of 60Bonds, notes & other debt instrumentsArizona (continued)Principal amount(000)Value(000)Board of Regents, University of Arizona SPEED Rev. Bonds (Stimulus Plan for Econ. and Educational Dev.), Series 2013, 5.00% 2043 $ 3,000 $ 3,274Verrado Dist. 1 Community Facs. Dist. (Town of Buckeye), Dist. G.O. Ref. Bonds, Series 2013-A, 6.00% 2027 2,000 2,229Verrado Dist. 1 Community Facs. Dist. (Town of Buckeye), Dist. G.O. Ref. Bonds, Series 2013-A, 5.00% 2023 825 895Vistancia Community Facs. Dist. (Peoria), G.O. Bonds, Series 2005, 5.50% 2020 1,000 1,026Vistancia Community Facs. Dist. (Peoria), G.O. Bonds, Series 2006, 4.55% 2026 11,350 11,515Water Infrastructure Fin. Auth., Water Quality Rev. Bonds, Series 2008-A, 5.00% 2023 4,000 4,595279,049California 11.57%City of Whittier, Health Fac. Rev. Bonds (PIH Health), Series 2014, 5.00% 2044 3,000 3,209Jurupa Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2025 500 575Jurupa Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2032 1,260 1,382Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2024 5,000 5,886Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2025 11,600 13,538Community Facs. Dist. of the City of Aliso Viejo, 2014 Special Tax Bonds (Glenwood at Aliso Viejo),5.00% 2032 1,235 1,339Community Facs. Dist. of the City of Aliso Viejo, 2014 Special Tax Bonds (Glenwood at Aliso Viejo),5.00% 2033 1,330 1,438Community Facs. Dist. of the City of Aliso Viejo, 2014 Special Tax Bonds (Glenwood at Aliso Viejo),5.00% 2034 1,620 1,742Community Facs. Dist. of the City of Aliso Viejo, 2014 Special Tax Bonds (Glenwood at Aliso Viejo),5.00% 2038 3 2,900 3,095City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 1, Special Tax Bonds, Series 2007, 5.00% 2037 2,050 2,097Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Health Fac. Rev. Bonds (Institute on Aging), Series 2008-A,5.65% 2038 1,000 1,078Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Ref. Bonds (Casa de las Campanas, Inc.), Series 2010,6.00% 2037 4,025 4,481Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Ref. Bonds (Channing House), Series 2010, 6.00% 2030 2,000 2,279Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Senior Living Rev. Ref. Bonds (Odd Fellows Home ofCalifornia), Series 2012-A, 5.00% 2032 4,250 4,726Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Senior Living Rev. Ref. Bonds (Odd Fellows Home ofCalifornia), Series 2012-A, 5.00% 2042 1,000 1,076Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (Windemere Ranch Infrastructure Fncg. Program), Series2007-A, CIFG insured, 5.00% 2021 1,005 1,074Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (Windemere Ranch Infrastructure Fncg. Program), Series2007-A, CIFG insured, 5.00% 2024 1,150 1,202Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2011,6.125% 2041 1,715 1,898Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-A,5.00% 2042 2,000 2,070Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-A,5.00% 2047 7,315 7,564

Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-C-3,2.15% 2019 3,875 3,814Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series2013, 5.00% 2035 1,740 1,792Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp HealthCare),Series 2009-B, 6.00% 2024 1,000 1,172Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp HealthCare),Series 2009-B, 6.125% 2029 1,000 1,164Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp HealthCare),Series 2012-A, 5.00% 2023 1,640 1,898The Tax-Exempt Bond Fund of America — Page 3 of 60Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp HealthCare),Series 2014-A, 5.00% 2043 $ 2,000 $ 2,163Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Windemere Ranch Infrastructure Fncg. Program),Series 2007-B, 5.00% 2034 1,630 1,680Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds,Series 2006-C-1, 0.96% 2045 (put 2023) 1 5,000 4,941Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds,Series 2007-C-1, 0.96% 2047 (put 2023) 1 4,000 3,953Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2008-B-1,1.16% 2045 (put 2024) 1 10,000 10,033Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2008-F-1,5.00% 2034 (preref. 2018) 3,980 4,593Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2009-F-1,5.125% 2039 (preref. 2019) 10,000 11,831Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2012-F-1, 5.00% 2030 2,500 2,863Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2012-F-1, 5.00% 2031 2,000 2,277Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-B, 1.50% 2047 1,000 1,010Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-C, 1.875% 2047 1,780 1,803Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2014-F1, 5.00% 2054 2,000 2,188Successor Agcy. to the Brea Redev. Agcy. (Redev. Project AB), 2013 Tax Allocation Ref. Bonds, 5.00% 2026 1,200 1,393Trustees of the California State University, Systemwide Rev. Ref. Bonds, Series 2011-A, 5.00% 2037 4,000 4,356City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 4.125% 2030 1,450 1,444City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 4.125% 2031 800 791City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 5.00% 2035 1,000 1,052Successor Agcy. to the Carson Redev. Agcy., Tax Allocation Ref. Bonds (Redev. Project Area No.1), Series 2014-A, Assured GuarantyMunicipal insured, 4.25% 2033 750 765Castaic Lake Water Agcy., Rev. Ref. Certs. of Part. (1999 Ref. Project), Series 2006-A,AMBAC insured, 5.00% 2020 2,015 2,188Cerritos Public Fin. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series 2002-A,AMBAC insured, 5.00% 2020 5,000 5,535Cerritos Public Fncg. Auth., 2002 Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series A,AMBAC insured, 5.00% 2017 2,880 3,234Cerritos Public Fncg. Auth., 2002 Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series A,AMBAC insured, 5.00% 2019 1,000 1,119Cerritos Public Fncg. Auth., 2002 Tax Allocation Rev. Ref. Bonds (Cerritos Redev. Projects), Series A,AMBAC insured, 5.00% 2024 1,640 1,765Certs. of Part., Palomar Pomerado Health, 6.00% 2030 7,500 7,820Successor Agcy. to the Redev. Agcy. of the City of Chino, Tax Allocation Ref. Bonds,Series 2014-A, 5.00% 2028 1,370 1,556Successor Agcy. to the Redev. Agcy. of the City of Chino, Tax Allocation Ref. Bonds,Series 2014-A, 5.00% 2029 1,325 1,494Chula Vista Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2034 2,495 2,661

Coast Community College Dist., Election of 2002 G.O. Bonds, Series 2006-B, Assured Guaranty Municipal insured, 5.00% 2024(preref. 2016) 4,990 5,459Community Facs. Dist. No. 2002-1, City of Corona (Dos Lagos), Special Tax Bonds (Improvement Area No. 1), Series 2007, 4.875%2037 315 316Community Facs. Dist. No. 2002-1, City of Corona (Dos Lagos), Special Tax Bonds, Series 2005-A, 4.90% 2025 3,015 3,048Econ. Recovery Bonds, Ref. Series 2009-A, 5.25% 2021 17,750 21,116Educational Facs. Auth., Rev. Bonds (Loyola Marymount University), Series 2010-A, 5.125% 2040 1,750 1,880Educational Facs. Auth., Rev. Bonds (Mills College), Series 2005-A, 5.00% 2020 1,115 1,160Educational Facs. Auth., Rev. Bonds (Mills College), Series 2005-A, 5.00% 2034 2,720 2,736Educational Facs. Auth., Rev. Bonds (Pitzer College), Series 2005-A, 5.00% 2030 1,000 1,024Educational Facs. Auth., Rev. Bonds (Pitzer College), Series 2009, 5.25% 2024 400 459Educational Facs. Auth., Rev. Bonds (Pitzer College), Series 2009, 5.50% 2029 1,850 2,116Educational Facs. Auth., Rev. Bonds (Pitzer College), Series 2009, 6.00% 2040 2,840 3,333The Tax-Exempt Bond Fund of America — Page 4 of 60Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)Educational Facs. Auth., Rev. Bonds (Stanford University), Series U-1, 5.25% 2040 $ 2,000 $ 2,608Educational Facs. Auth., Rev. Bonds (University of San Francisco), Series 2011, 6.125% 2036 3,450 4,110Educational Facs. Auth., Rev. Bonds (University of the Pacific), 5.50% 2039 (preref. 2019) 85 102Educational Facs. Auth., Rev. Bonds (University of the Pacific), Series 2006, 5.00% 2021 850 895Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2011, 5.00% 2026 3,070 3,454Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2011, 5.00% 2031 6,015 6,560Educational Facs. Auth., Rev. Ref. Bonds (Loyola Marymount University), Series 2010-B, 0.86% 2015 1 2,300 2,302Educational Facs. Auth., Rev. Ref. Bonds (Loyola Marymount University), Series 2011, 5.00% 2020 250 294Educational Facs. Auth., Rev. Ref. Bonds (Loyola Marymount University), Series 2011, 5.00% 2021 750 882Educational Facs. Auth., Rev. Ref. Bonds (Mills College), Series 2005-B, 5.00% 2020 680 739Educational Facs. Auth., Rev. Ref. Bonds (University of La Verne), Series 2005-A, 5.00% 2026 965 981Educational Facs. Auth., Rev. Ref. Bonds (University of San Diego), Series 2011, 5.00% 2021 100 118Educational Facs. Auth., Rev. Ref. Bonds (University of San Diego), Series 2011, 5.00% 2022 600 708Educational Facs. Auth., Rev. Ref. Bonds (University of the Pacific), 5.50% 2039 910 989Educational Facs. Auth., Rev. Ref. Bonds (University of the Pacific), 5.50% 2039 (preref. 2019) 55 67Educational Facs. Auth., Rev. Ref. Bonds (University of the Pacific), Series 2012-A, 5.00% 2026 895 1,012Educational Facs. Auth., Rev. Ref. Bonds (University of the Pacific), Series 2012-A, 5.00% 2030 750 827Community Facs. Dist. No. 1, Elk Grove Unified School Dist. (Sacramento County),2012 Special Tax Ref. Bonds, 4.00% 2033 5,000 4,916Community Facs. Dist. No. 1, Elk Grove Unified School Dist. (Sacramento County),Special Tax Ref. Bonds, Series 2012, Assured Guaranty Municipal insured, 3.375% 2030 1,500 1,407Successor Agcy. to the Emeryville Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A,Assured Guaranty Municipal insured, 5.00% 2025 1,000 1,185Successor Agcy. to the Emeryville Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured,5.00% 2026 2,000 2,342Successor Agcy. to the Emeryville Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured,5.00% 2032 890 1,004Successor Agcy. to the Emeryville Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured,5.00% 2033 775 869City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 2031 880 947City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 2034 1,250 1,334Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 5.75% 2046 10,260 11,593Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 6.00% 2053 24,000 27,483Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-B-1,5.00% 2053 (put 2018) 2,500 2,743

Various Purpose G.O. Bonds, 5.25% 2018 5,000 5,773Various Purpose G.O. Bonds, 5.25% 2028 10,185 11,919Various Purpose G.O. Bonds, 5.25% 2028 3,000 3,516Various Purpose G.O. Bonds, 6.00% 2038 8,000 9,425Various Purpose G.O. Bonds, 6.00% 2039 10,000 12,009Various Purpose G.O. Bonds, 6.50% 2033 7,000 8,524Various Purpose G.O. Ref. Bonds, 5.00% 2032 4,000 4,489Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds,Series 2007-A-1, 5.125% 2047 15,000 11,088Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds, Series 2013-A, 5.00% 2021 1,800 2,140Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds, Series 2013-A, 5.00% 2029 1,000 1,111Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds,Series 2007-A-1, 5.75% 2047 4,000 3,218Health Facs. Fncg. Auth. Rev. Bonds (Scripps Health), Series 2012-A, 5.00% 2029 1,215 1,357Health Facs. Fncg. Auth., Insured Rev. Ref. Bonds (NCROC - Paradise Valley Estates Project), Series 2013, 5.00% 2024 1,295 1,510Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2008-I, 5.125% 2022 725 754Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2008-K, 5.125% 2022 2,750 2,860The Tax-Exempt Bond Fund of America — Page 5 of 60Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Home), Series 2002-B, 5.10% 2019 (escrowed to maturity) $ 610 $ 676Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Home), Series 2002-B, 6.00% 2032 (preref. 2020) 3,800 4,701Health Facs. Fncg. Auth., Rev. Bonds (Kaiser Permanente), Series 2006-A, 5.00% 2037 5,480 5,620Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2011-D, 5.25% 2031 2,000 2,260Health Facs. Fncg. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2011-A, 5.25% 2041 4,230 4,518Health Facs. Fncg. Auth., Rev. Ref. Bonds (Cedars-Sinai Medical Center), Series 2005, 5.00% 2020 2,500 2,641Health Facs. Fncg. Auth., Rev. Ref. Bonds (City of Hope), Series 2012-A, 5.00% 2032 4,250 4,625Health Facs. Fncg. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2008-C,6.50% 2038 (preref. 2018) 980 1,205Health Facs. Fncg. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2008-C,6.50% 2038 (preref. 2018) 20 25Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-D, 5.00% 2034 (put 2016) 4,000 4,390Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2013-A, 5.00% 2033 1,300 1,430Independent Cities Lease Fin. Auth., Mobile Home Park Rev. Ref. Bonds (Westlake Mobilehome Park),Series 2007-A, 4.50% 2037 1,000 1,008Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust),Series 2011-A-2, 0.34% 2038 (put 2017) 1 4,000 3,998Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust),Series 2013-A-2, 0.34% 2047 (put 2016) 1 3,500 3,500Successor Agcy. to the Inland Valley Dev. Agcy., Tax Allocation Ref. Bonds,Series 2014-A 5.00% 2044 16,500 17,633City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 12-1, 4.00% 2028 675 687City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 12-1, 5.00% 2023 1,235 1,420City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 13-1, 5.00% 2023 1,100 1,272City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 13-1, 5.00% 2027 325 355City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 13-1, 5.00% 2030 700 752Jurupa Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013-A, 5.25% 2024 1,145 1,332Jurupa Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2042 1,250 1,340Successor Agcy. to the La Quinta Redev. Agcy., Tax Allocation Ref. Bonds (La Quinta Redev. Project Areas No. 1 and 2), Series 2013-A, 5.00% 2029 1,435 1,578Successor Agcy. to the La Quinta Redev. Agcy., Tax Allocation Ref. Bonds (La Quinta Redev. Project Areas No. 1 and 2), Series 2013-A, 5.00% 2030 1,500 1,638

Successor Agcy. to the La Quinta Redev. Agcy., Tax Allocation Ref. Bonds (La Quinta Redev. Project Areas No. 1 and 2), Series 2014-A, 5.00% 2024 1,200 1,437Successor Agcy. to the La Quinta Redev. Agcy., Tax Allocation Ref. Bonds (La Quinta Redev. Project Areas No. 1 and 2), Series 2014-A, 5.00% 2033 1,890 2,104City of La Verne, Rev. Certs. of Part. (Brethren Hillcrest Homes), Series 2014, 5.00% 2029 500 526Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.00% 2032 3,750 4,038Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.125% 2035 1,250 1,342Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.25% 2024 1,000 1,163Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.25% 2025 1,385 1,593Lincoln Public Fin. Auth., Special Tax Rev. Bonds, Series 2007-A, AMBAC insured, 4.50% 2034 5,000 5,018City of Long Beach, Harbor Rev. Bonds, Series 2010-A, 5.00% 2025 3,000 3,413Long Beach Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 5.00% 2027 1,000 1,114Long Beach Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 5.00% 2028 1,000 1,106City of Los Angeles Harbor Dept., Rev. Bonds, Series 2009-A, 5.00% 2026 6,555 7,630City of Los Angeles, Dept. of Water and Power, Power System Rev. Ref. Bonds, Series 2014-B, 5.00% 2043 750 837City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2002-A, FGIC-National insured, 6.00% 2022 5,000 6,509Community Redev. Agcy. of the City of Los Angeles, Lease Rev. Bonds (Vermont Manchester Social Services Project), Series 2005,AMBAC insured, 5.00% 2020 2,675 2,798Community Redev. Agcy. of the City of Los Angeles, Lease Rev. Bonds (Vermont Manchester Social Services Project), Series 2005,AMBAC insured, 5.00% 2022 1,500 1,569Community Redev. Agcy. of the City of Los Angeles, Lease Rev. Bonds (Vermont Manchester Social Services Project), Series 2005,AMBAC insured, 5.00% 2023 1,500 1,569The Tax-Exempt Bond Fund of America — Page 6 of 60Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)County of Los Angeles Redev. Ref. Auth., Tax Allocation Rev. Ref. Bonds (Various Redev. Project Areas), Series 2013-D, AssuredGuaranty Municipal insured, 5.00% 2027 $1,950 $2,207Dept. of Airports of the City of Los Angeles, Los Angeles International Airport, Rev. Bonds, Series 2013-B, 5.00% 2038 1,500 1,635Dept. of Airports of the City of Los Angeles, Los Angeles International Airport, Rev. Ref. Bonds, Series 2009-A, 5.25% 2029 7,000 8,135Dept. of Airports of the City of Los Angeles, Los Angeles International Airport, Rev. Ref. Bonds, Series 2010-A, 5.00% 2035 5,000 5,543Housing Auth. of the City of Los Angeles, Mortgage Rev. Ref. Bonds (Property Acquisition Refundings), Series 2009-A, 6.00% 2029 1,000 1,044Housing Auth. of the City of Los Angeles, Mortgage Rev. Ref. Bonds (Property Acquisition Refundings),Series 2009-A, 6.375% 2039 3,000 3,149Los Angeles Community College Dist. (County of Los Angeles), G.O. Bonds, 2008 Election, Series 2010-C, 5.25% 2039 2,000 2,299Los Angeles Convention and Exhibition Center Auth., Lease Rev. Ref. Bonds, Series 2008-A, 5.00% 2020 3,000 3,465Los Angeles County, Regional Fncg. Auth., Insured Rev. Bonds (MonteCedro Inc. Project), Series 2014-B3, 2.50% 2020 2,335 2,377Los Angeles Unified School Dist. (County of Los Angeles), Election of 2004 G.O. Bonds, Series 2009-I,5.00% 2024 2,580 2,998Los Rios Community College Dist. (Sacramento County), 2012 G.O. Ref. Bonds, 5.00% 2028 3,000 3,448M-S-R Energy Auth., Gas Rev. Bonds, Series 2009-B, 6.50% 2039 2,000 2,611Mobilehome Park Fncg. Auth., Mobile Home Park Rev. Ref. Bonds (Union City Tropics),Series 2006-A, 4.50% 2027 1,125 1,135Mobilehome Park Fncg. Auth., Mobile Home Park Rev. Ref. Bonds (Union City Tropics),Series 2006-A, 4.50% 2036 3,260 3,235Modesto Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2012-A, Assured Guaranty Municipal insured, 5.00% 2026 2,500 2,936Community Facs. Dist. No. 2004-6, Moreno Valley Unified School Dist., Special Tax Bonds,Series 2005, 5.10% 2028 2,410 2,436Successor Agcy. to Morgan Hill Redev. Agcy., Rev. Ref. Bonds, Series 2013-A, 5.00% 2026 2,000 2,329Morongo Band of Mission Indians, Enterprise Rev. Ref. Bonds, Series 2008-B, 5.50% 2018 2,755 2,923Morongo Band of Mission Indians, Enterprise Rev. Ref. Bonds, Series 2008-B, 6.50% 2028 5,400 5,872Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.25% 2024 3,785 4,081

Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.25% 2037 2,770 2,821Municipal Fin. Auth., Rev. Bonds (Biola University), Series 2013, 5.00% 2038 1,000 1,058Municipal Fin. Auth., Rev. Bonds (Biola University), Series 2013, 5.00% 2042 1,000 1,055Municipal Fin. Auth., Rev. Bonds (Loma Linda University), Series 2007, 5.00% 2037 1,000 1,032Municipal Fin. Auth., Rev. Bonds (University Students’ Cooperative Assn.), Series 2007, 5.00% 2037 1,000 1,005Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2011-B, 8.00% 2041 2 3,400 4,012Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2008-A, 5.00% 2018 2,130 2,396Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2008-A, 5.80% 2028 500 554Municipal Fin. Auth., Rev. Ref. Bonds (University of San Diego), Series 2011-B, 5.00% 2035 1,200 1,296Municipal Fin. Auth., Rev. Ref. Bonds (University of San Diego), Series 2012-A, 5.00% 2030 2,330 2,577Murrieta Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2031 2,810 2,952City of Norco, Community Facs. Dist. No. 2001-1 (Norco Ridge Ranch), Special Tax Ref. Bonds, Issue of 2006, AMBAC insured,4.875% 2033 3,000 3,020Northern California Power Agcy., Hydroelectric Project Number One Rev. Ref. Bonds, Series 2010-A,5.00% 2023 5,000 5,611Northern California Power Agcy., Hydroelectric Project Number One Rev. Ref. Bonds,Series 2012-A, 5.00% 2032 1,400 1,558Northern California Power Agcy., Lodi Energy Center Rev. Bonds, Issue One, Series 2010-A, 5.00% 2025 5,000 5,633Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project),Series 2013, 5.00% 2021 4,590 5,393City of Orange, Community Facs. Dist. No. 91-2, Special Tax Ref. Bonds (Serrano Heights Public Improvements), Series 2013, 5.00%2026 1,070 1,205The Tax-Exempt Bond Fund of America — Page 7 of 60Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)City of Orange, Community Facs. Dist. No. 91-2, Special Tax Ref. Bonds (Serrano Heights Public Improvements), Series 2013, 5.00%2027 $ 1,300 $ 1,456City of Orange, Community Facs. Dist. No. 91-2, Special Tax Ref. Bonds (Serrano Heights Public Improvements), Series 2013, 5.00%2028 750 835Orange County Sanitation Dist., Certs. of Part., Series 2007-B, Assured Guaranty Municipal insured,5.00% 2037 15,000 16,285Orange County Sanitation Dist., Certs. of Part., Series 2009-A, 5.00% 2027 2,925 3,337City of Palm Desert, Section 29 Assessment Dist. (No. 2004-02), Limited Obligation Improvement Bonds, Series 2007, 5.10% 2037 1,820 1,844Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2011, 6.00% 2033 1,000 1,031Pollution Control Fncg. Auth., Water Furnishing Rev. Bonds (San Diego County Water Auth. Desalination Project Pipeline), Series2012, 5.00% 2045 2 14,920 15,119Poway Unified School Dist., Community Facs. Dist. No. 14 (Del Sur), Improvement Area A Special Tax Bonds, Series 2006, 4.90%2018 1,790 1,829Poway Unified School Dist., Community Facs. Dist. No. 14 (Del Sur), Improvement Area A Special Tax Bonds, Series 2006, 5.10%2021 1,290 1,321Poway Unified School Dist., Community Facs. Dist. No. 14 (Del Sur), Improvement Area A Special Tax Bonds, Series 2006, 5.125%2026 1,770 1,811Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013, 4.00% 2021 325 355Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013, 4.00% 2023 715 777Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2011, 5.375% 2030 2,305 2,378Public Works Board, Lease Rev. Bonds (Judicial Council of California), Series 2014-B, 5.00% 2039 1,000 1,105Public Works Board, Lease Rev. Bonds (Trustees of the California State University), Series 2013-H, 5.00% 2038 7,450 8,122Public Works Board, Lease Rev. Bonds (Trustees of the California State University, J. Paul Leonard & Sutro Library), Series 2009-J,6.00% 2034 3,000 3,550Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2009-I-1, 5.50% 2023 10,000 11,928Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2009-I-1, 6.125% 2029 3,000 3,603Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2009-I-1, 6.625% 2034 1,005 1,010Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2012-A, 5.00% 2033 2,000 2,204

Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2012-A, 5.00% 2037 3,000 3,261Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2013-I, 5.00% 2038 3,500 3,846Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2013-I, 5.25% 2032 2,500 2,885Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections, Various State Prisons), Series 1993-A, AMBAC insured, 5.00%2019 4,240 4,700City of Rancho Cordova, Sunridge Anatolia Community Facs. Dist. No. 2003-1, Special Tax Bonds,Series 2007, 5.375% 2037 2,000 2,041Successor Agcy. to the Rancho Cucamonga Redev. Agcy., Rancho Redev. Project Area, Tax Allocation Ref. Bonds, Series 2014,Assured Guaranty Municipal insured, 5.00% 2026 1,450 1,694Successor Agcy. to the Rancho Cucamonga Redev. Agcy., Rancho Redev. Project Area, Tax Allocation Ref. Bonds, Series 2014,Assured Guaranty Municipal insured, 5.00% 2028 1,830 2,099Successor Agcy. to the Rancho Cucamonga Redev. Agcy., Rancho Redev. Project Area, Tax Allocation Ref. Bonds, Series 2014,Assured Guaranty Municipal insured, 5.00% 2031 755 848Successor Agcy. to the Rancho Mirage Redev. Agcy., Tax Allocation Housing Ref. Bonds,Series 2013-A, 5.00% 2021 1,000 1,165Successor Agcy. to the Rancho Mirage Redev. Agcy., Tax Allocation Housing Ref. Bonds,Series 2013-A, 5.00% 2023 1,835 2,149Successor Agcy. to the Rancho Mirage Redev. Agcy., Tax Allocation Housing Ref. Bonds,Series 2013-A, 5.00% 2024 1,930 2,247Successor Agcy. to the Rancho Mirage Redev. Agcy., Tax Allocation Housing Ref. Bonds,Series 2013-A, 5.00% 2033 2,540 2,774Regents of the University of California, Limited Project Rev. Bonds, Series 2012-G, 5.00% 2042 5,000 5,470Successor Agcy. Richmond Community Redev. Agcy. Rev. Ref. Tax Allocation., Series 2014-A, 4.50% 2025 160 177Successor Agcy. to the Richmond Community Redev. Agcy., Ref. Bonds, Series 2014-A, 5.00% 2024 425 495Rio Elementary School Dist., Community Facs. Dist. #1, Special Tax Bonds, Series 2013, 5.50% 2039 1,500 1,639The Tax-Exempt Bond Fund of America — Page 8 of 60Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)Community Facs. Dist. No. 15 (Mission Ranch) of Riverside Unified School Dist., Special Tax Bonds (Improvement Area No. 2), Series2005-A, 5.15% 2025 $ 1,250 $ 1,264City of Sacramento, North Natomas Community Facs. Dist. No. 4, Special Tax Bonds,Series 2013-E, 5.25% 2024 1,160 1,349City of Sacramento, North Natomas Community Facs. Dist. No. 4, Special Tax Bonds,Series 2013-E, 5.25% 2033 1,500 1,640Sacramento City Fncg. Auth., Rev. Ref. Bonds (Master Lease Program Facs.), Series 2006-E, AMBAC insured, 5.25% 2025 7,500 9,145Sacramento County Water Fncg. Auth., Rev. Ref. Bonds (Sacramento County Water Agcy. Zones 40 and 41 2007 Water SystemProject), Series 2007-B, FGIC-National insured, 0.702% 2034 1 5,000 4,410Sacramento Municipal Utility Dist. Fncg. Auth., Cosumnes Project Rev. Bonds, Series 2006, National insured, 5.125% 2029 15,500 16,515Sacramento Municipal Utility Dist., Electric Rev. Bonds, Series 2013-A, 5.00% 2037 3,000 3,335Sacramento Municipal Utility Dist., Electric Rev. Bonds, Series 2013-A, 5.00% 2041 2,500 2,755Sacramento Municipal Utility Dist., Electric Rev. Ref. Bonds, Series 2012-Y, 5.00% 2032 1,675 1,898Sacramento Regional Transit Dist., Farebox Rev. Bonds, Series 2012, 5.00% 2020 825 951City of San Bernardino, Unified School Dist. G.O. Ref. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2026 1,000 1,149City of San Bernardino, Unified School Dist. G.O. Ref. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2027 1,000 1,144County of San Bernardino, Certs. of Part. (Arrowhead Ref. Project), Series 2009-A, 5.00% 2022 4,000 4,459County of San Bernardino, Certs. of Part. (Arrowhead Ref. Project), Series 2009-A, 5.125% 2024 7,000 7,643City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041 19,600 22,608Public Facs. Fncg. Auth. of the City of San Diego, Sewer Rev. Bonds, Series 2009-A, 5.25% 2034 2,000 2,285Public Facs. Fncg. Auth. of the City of San Diego, Sewer Rev. Bonds, Series 2009-A, 5.375% 2034 1,000 1,149Public Facs. Fncg. Auth. of the City of San Diego, Water Rev. Bonds, Series 2009-B, 5.00% 2026 4,015 4,574Public Facs. Fncg. Auth. of the City of San Diego, Water Rev. Ref. Bonds, Series 2009-A, 5.00% 2021 1,000 1,155San Diego County Regional Airport Auth., Airport Rev. Bonds, Series 2010-A, 5.00% 2029 2,000 2,233

San Diego County Regional Airport Auth., Airport Rev. Bonds, Series 2010-A, 5.00% 2034 1,355 1,475San Diego Unified School Dist., G.O. Bonds (Election of 2008), Series 2012-E, 0% 2036 2,500 927Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Bonds, Series 2009-E,5.25% 2032 16,500 18,834Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series2009-A, 4.90% 2029 5,000 5,648City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2014-A,5.00% 2031 400 438City and County of San Francisco, Ref. Certs. of Part., Series 2010-A, 5.00% 2026 3,020 3,479Public Utilities Commission of the City and County of San Francisco, San Francisco Water Rev. Bonds,Series 2009-A, 5.00% 2024 7,500 8,795Public Utilities Commission of the City and County of San Francisco, San Francisco Water Rev. Bonds,Series 2009-A, 5.00% 2029 5,665 6,489San Francisco State Building Auth., Lease Rev. Ref. Bonds (San Francisco Civic Center Complex),Series 2005-A, FGIC-National insured, 5.00% 2019 4,000 4,240San Francisco State Building Auth., Lease Rev. Ref. Bonds (San Francisco Civic Center Complex), Series 2005-A, FGIC-Nationalinsured, 5.00% 2020 4,000 4,238City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-2, 5.25% 2034 3,000 3,259Redev. Agcy. of the City of San Jose, Housing Set-Aside Tax Allocation Bonds (Merged Area Redev. Project), Series 2010-A-1, 5.00%2018 400 455Redev. Agcy. of the City of San Jose, Housing Set-Aside Tax Allocation Bonds (Merged Area Redev. Project), Series 2010-A-1, 5.00%2024 800 868Redev. Agcy. of the City of San Jose, Housing Set-Aside Tax Allocation Bonds (Merged Area Redev. Project), Series 2010-A-1,5.125% 2025 840 907Redev. Agcy. of the City of San Jose, Housing Set-Aside Tax Allocation Bonds (Merged Area Redev. Project), Series 2010-A-1, 5.50%2035 1,500 1,596The Tax-Exempt Bond Fund of America — Page 9 of 60Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)Redev. Agcy. of the City of San Jose, Tax Allocation Ref. Bonds (Merged Area Redev. Project), Series 2006-C, National insured,3.75% 2028 $ 2,000 $ 1,937Redev. Agcy. of the City of San Jose, Tax Allocation Ref. Bonds (Merged Area Redev. Project), Series 2006-D, AMBAC insured,5.00% 2021 5,000 5,381San Mateo County Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds (Capital Projects),Series 2009-A, 5.25% 2023 2,000 2,305San Mateo County Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds (Capital Projects),Series 2009-A, 5.25% 2024 1,000 1,149Community Redev. Agcy. of the City of Santa Ana, Tax Allocation Bonds, Series 2011-A, 6.00% 2022 3,350 3,990City of Santa Clara, Electric Rev. Ref. Bonds, Series 2011-A, 6.00% 2031 1,250 1,470Redev. Agcy. of the City of Santa Monica, 2011 Tax Allocation Bonds (Earthquake Recovery Redev. Project), 5.875% 2042 4,250 4,836Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds, Series 2006, 4.875% 2016 2 1,040 1,046Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds, Series 2006, 5.00% 2020 2 2,600 2,579School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2013-A-1, 7.375% 2043 1,000 1,104South Orange County Public Fncg. Auth., Special Tax Rev. Bonds (Ladera Ranch), Series 2005-A, AMBAC insured, 5.00% 2023 4,080 4,171Southern California Public Power Auth., Gas Project Rev. Bonds (Project No. 1), Series 2007-A, 5.00% 2029 2,000 2,186Southern California Public Power Auth., Rev. Bonds (Milford Wind Corridor Phase I Project),Series 2010-1, 5.00% 2030 7,165 8,194Statewide Communities Dev. Auth., Certs. of Part. (Internext Group), 5.375% 2017 555 557Statewide Communities Dev. Auth., Insured Health Fac. Rev. Bonds (Catholic Healthcare West), Series 2007-F, Assured GuarantyMunicipal insured, 0.23% 2040 1 12,775 12,775Statewide Communities Dev. Auth., Rev. Bonds (California Baptist University), Series 2014-A, 6.125% 2033 1,565 1,711Statewide Communities Dev. Auth., Rev. Bonds (California Baptist University), Series 2014-A, 6.375% 2043 1,335 1,471Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services Project),Series 2007-A, 5.125% 2037 2 8,900 9,007

Statewide Communities Dev. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2014-A, Assured Guaranty Municipalinsured, 5.25% 2043 2,100 2,268Statewide Communities Dev. Auth., Rev. Bonds (Inland Regional Center Project), Series 2007, 5.375% 2037 1,500 1,556Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2009-A, 5.00% 2019 2,000 2,339Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2012-A, 5.00% 2042 6,000 6,508Statewide Communities Dev. Auth., Rev. Bonds (Lancer Plaza Project), Series 2013, 5.125% 2023 1,000 1,046Statewide Communities Dev. Auth., Rev. Bonds (Redwoods, a Community of Seniors),Series 2013, 5.375% 2044 2,000 2,218Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 6.00% 2042 9,000 10,786Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West),Series 2010, 5.375% 2020 2,000 2,225Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West),Series 2010, 6.00% 2029 2,625 2,837Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West),Series 2010, 6.25% 2039 4,200 4,509Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West),Series 2013-B-3, 2.10% 2019 1,250 1,250Statewide Communities Dev. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2008-B, 5.50% 2030 1,955 2,139Statewide Communities Dev. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2008-D, 5.50% 2031 5,860 6,404Statewide Communities Dev. Auth., Rev. Ref. Bonds (Cottage Health System Obligated Group), Series 2010, 5.25% 2030 4,850 5,280Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), Series 2006-A, 4.875%2036 2,000 1,988Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), Series 2009, 6.625%2024 1,680 1,921Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), Series 2009, 7.25%2041 2,750 3,157The Tax-Exempt Bond Fund of America — Page 10 of 60Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series2008, 6.00% 2040 $ 5,500 $ 5,912Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase I),Series 2011, 5.125% 2031 5,310 5,676Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II),Series 2006, 5.00% 2018 2,695 2,872Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II),Series 2006, 5.00% 2027 4,180 4,285Stockton Public Fncg. Auth., Rev. Bonds (Redev. Projects), Series 2006-A, RADIAN insured, 5.00% 2019 2,515 2,480Stockton Unified School Dist., G.O. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2042 1,000 1,067City of Thousand Oaks Community Facs. Dist. No. 1994-1, Special Tax Ref. Bonds (Marketplace Public Pedestrian, Traffic Circulationand Parking Facs.), Series 2012, 5.375% 2031 1,000 1,074Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-backed Rev. Ref. Bonds(San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 5.00% 2037 9,525 7,581Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-backed Rev. Ref. Bonds(San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 5.125% 2046 25,440 19,205City of Torrance, Rev. Bonds (Torrance Memorial Medical Center), Series 2010-A, 5.00% 2040 3,000 3,149Tuolumne Wind Project Auth., Rev. Bonds (Tuolumne Co. Project), Series 2009-A, 5.25% 2023 3,000 3,407Tuolumne Wind Project Auth., Rev. Bonds (Tuolumne Co. Project), Series 2009-A, 5.625% 2029 2,120 2,481Turlock Irrigation Dist., Rev. Ref. Bonds, Series 2011, 5.50% 2041 17,990 20,152Tustin Community Redev. Agcy., Tax Allocation Bonds (MCAS-Tustin Redev. Project Area), Series 2010,4.50% 2023 1,160 1,256Tustin Community Redev. Agcy., Tax Allocation Bonds (MCAS-Tustin Redev. Project Area), Series 2010,5.00% 2028 705 754Tustin Community Redev. Agcy., Tax Allocation Bonds (MCAS-Tustin Redev. Project Area), Series 2010,

5.00% 2032 1,000 1,052Regents of the University of California, Limited Project Rev. Ref. Bonds, Series 2012-G, 5.00% 2031 5,000 5,647Regents of the University of California, Limited Project Rev. Ref. Bonds, Series 2012-G, 5.00% 2037 3,000 3,305Ventura County Public Fncg. Auth., Lease Rev. Bonds, Series 2013-A, 5.00% 2029 3,000 3,451Washington Township Health Care Dist., Rev. Bonds, Series 2009-A, 5.75% 2024 1,020 1,128Washington Township Health Care Dist., Rev. Ref. Bonds, Series 2007-A, 5.00% 2022 1,435 1,519Dept. of Water Resources, Water System Rev. Ref. Bonds (Central Valley Project), Series AF, 5.00% 2029 3,590 4,1221,078,888Colorado 2.68%Central Platte Valley Metropolitan Dist., City and County of Denver, G.O. Ref. Bonds, Series 2013-A,5.375% 2033 1,750 1,952Central Platte Valley Metropolitan Dist., City and County of Denver, G.O. Ref. Bonds, Series 2013-A,5.625% 2038 1,000 1,129Compark Business Campus Metropolitan Dist., Douglas County, G.O. Ref. and Improvement Bonds, Series 2007-A, RADIAN insured,5.25% 2021 2,650 2,778Compark Business Campus Metropolitan Dist., Douglas County, G.O. Ref. and Improvement Bonds,Series 2007-A, RADIAN insured, 5.60% 2034 3,610 3,672Cross Creek Metropolitan Dist. No. 2 (City of Aurora), Limited Tax G.O. Ref. Bonds, Series 2006, 5.00% 2037 1 1,000 848City and County of Denver, Airport System Rev. Ref. Bonds, Series 2005-A, XLCA insured, 5.00% 2020 2,215 2,348City and County of Denver, Airport System Rev. Ref. Bonds, Series 2005-A, XLCA insured,5.00% 2020 (preref. 2015) 1,285 1,365City and County of Denver, Airport System Rev. Ref. Bonds, Series 2005-A, XLCA insured, 5.00% 2023 7,400 7,841City and County of Denver, Airport System Rev. Ref. Bonds, Series 2009-A, 5.00% 2031 3,000 3,304City and County of Denver, Airport System Rev. Ref. Bonds, Series 2009-A, 5.25% 2036 7,000 7,764City and County of Denver, Airport System Rev. Ref. Bonds, Series 2012-B, 5.00% 2025 3,000 3,444Denver Convention Center Hotel Auth., Rev. Ref. Bonds, Series 2006, XLCA insured, 5.00% 2035 1,500 1,521Denver Convention Center Hotel Auth., Rev. Ref. Bonds, Series 2006, XLCA insured, 5.25% 2019 4,155 4,409Denver Health and Hospital Auth., Healthcare Rev. Bonds, Series 2014-A, 5.00% 2039 1,000 1,053Denver Health and Hospital Auth., Healthcare Rev. Ref. Bonds, Series 2007-B, 1.252% 2033 1 9,450 7,806The Tax-Exempt Bond Fund of America — Page 11 of 60Bonds, notes & other debt instrumentsColorado (continued)Principal amount(000)Value(000)Denver Urban Renewal Auth., Stapleton Tax Increment Rev. Bonds, Series 2013-A-1, 5.00% 2024 $ 1,045 $ 1,197Denver Urban Renewal Auth., Stapleton Tax Increment Rev. Bonds, Series 2013-A-1, 5.00% 2025 3,500 3,975E-470 Public Highway Auth., Rev. Bonds, Series 2007-CD-2, National insured, 1.81% 2039 (put 2017) 1 6,400 6,446Educational and Cultural Facs Auth., Rev. Bonds (Johnson & Wales University Project), Series 2013-A,5.25% 2043 2,000 2,199Educational and Cultural Facs. Auth., Rev. Ref. Bonds (Johnson & Wales Univ. Project), Series 2013-B,5.00% 2027 1,500 1,692Educational and Cultural Facs. Auth., Student Housing Rev. Ref. Bonds (Campus Village Apartments Project), Series 2008, 5.375%2028 2,000 2,235Educational and Cultural Facs. Auth., Student Housing Rev. Ref. Bonds (Campus Village Apartments Project), Series 2008, 5.50%2038 3,000 3,308Health Facs. Auth., Health Care Facs. Rev. Bonds (American Baptist Homes of the Midwest Obligated Group), Series 2013, 8.00%2043 6,300 7,312Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project),Series 2004-A, 5.25% 2034 1,300 1,301Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project),Series 2005, 5.00% 2016 420 436Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project),Series 2005, 5.00% 2035 1,500 1,523Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project),

Series 2005, 5.25% 2023 1,725 1,795Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project),Series 2006, 5.25% 2017 1,000 1,066Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project),Series 2006, 5.25% 2018 2,250 2,384Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project),Series 2006, 5.25% 2020 1,100 1,157Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project),Series 2006, 5.25% 2025 4,215 4,495Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project),Series 2006, 5.25% 2031 3,970 4,053Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project),Series 2012, 5.00% 2033 5,490 5,780Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project),Series 2012, 5.00% 2042 26,000 26,988Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project),Series 2013, 5.625% 2043 1,000 1,097Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),Series 2006-E, 5.00% 2015 (escrowed to maturity) 135 143Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group),Series 2006-E, 5.125% 2017 (preref. 2016) 175 194Health Facs. Auth., Hospital Rev. Ref. Bonds (Longmont United Hospital Project), Series 2006-B,RADIAN insured, 5.00% 2017 2,065 2,177Health Facs. Auth., Hospital Rev. Ref. Bonds (Longmont United Hospital Project), Series 2006-B,RADIAN insured, 5.00% 2018 2,000 2,092Health Facs. Auth., Hospital Rev. Ref. Bonds (Longmont United Hospital Project), Series 2006-B,RADIAN insured, 5.00% 2019 2,310 2,397Health Facs. Auth., Rev. Bonds (Catholic Health Initiatives), Series 2008-D-1, 6.25% 2033 1,000 1,150Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2035 18,310 18,431Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.25% 2025 3,510 3,573Health Facs. Auth., Rev. Bonds (Senior Residences Project), Series 2012, 7.00% 2042 2,500 2,632Health Facs. Auth., Rev. Bonds (Senior Residences Project), Series 2012, 7.125% 2047 2,665 2,823Health Facs. Auth., Rev. Bonds (Total Longterm Care National Obligated Group Project),Series 2011, 5.00% 2021 830 870The Tax-Exempt Bond Fund of America — Page 12 of 60Bonds, notes & other debt instrumentsColorado (continued)Principal amount(000)Value(000)Health Facs. Auth., Rev. Bonds (Total Longterm Care National Obligated Group Project),Series 2011, 5.75% 2031 $ 1,235 $ 1,329Health Facs. Auth., Rev. Bonds (Total Longterm Care National Obligated Group Project),Series 2011, 6.00% 2040 1,000 1,077Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2012-A, 5.00% 2033 5,000 5,189Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2013-A, 5.75% 2036 4,000 4,255Health Facs. Auth., Rev. Ref. Bonds (Total Longterm Care National Obligated Group Project), Series 2010-A, 6.00% 2030 350 381Health Facs. Auth., Rev. Ref. Bonds (Total Longterm Care National Obligated Group Project), Series 2010-A, 6.25% 2040 975 1,056City of Lakewood, Plaza Metropolitan Dist. No. 1, Rev. Ref. Bonds, Series 2013, 5.00% 2021 1,000 1,077Maher Ranch Metropolitan Dist. No. 4 (Town of Castle Rock), G.O. Limited Tax Ref. Bonds, Series 2007, RADIAN insured, 5.00%2022 2,560 2,684North Range Metropolitan Dist. No. 1 (Adams County), Limited Tax G.O. Ref. Bonds, Series 2007,ACA insured, 5.00% 2021 1,000 1,014Park Meadows Business Improvement Dist. in the City of Lone Tree, Shared Sales Tax Rev. Bonds, Series 2007, 5.00% 2017 1,030 1,105Prairie Center Metropolitan Dist. No. 3 (City of Brighton, Adams County), Limited Property Tax Supported Primary Improvements Rev.Bonds, Series 2006-A, 5.25% 2021 1,070 1,114Public Auth. for Colorado Energy, Natural Gas Purchase Rev. Bonds, Series 2008, 6.25% 2028 4,000 4,987

Public Auth. for Colorado Energy, Natural Gas Purchase Rev. Bonds, Series 2008, 6.50% 2038 4,500 5,853Regional Transportation Dist., Certs. of Part., Series 2010-A, 5.375% 2031 3,000 3,289Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2010, 6.00% 2034 1,600 1,783Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2010, 6.00% 2041 23,765 26,348Regional Transportation Dist., Certs. of Part., Series 2014-A, 5.00% 2044 9,500 10,168Southlands Metropolitan Dist. No. 1 (City of Aurora), G.O. Ref. and Improvement Bonds, Series 2007,RADIAN insured, 5.00% 2017 1,115 1,168Tallgrass Metropolitan Dist., Arapahoe County, G.O. (Limited Tax Convertible to Unlimited Tax) Ref. and Improvement Bonds, Series2007, 5.25% 2037 1,250 1,206Tallyn’s Reach Metropolitan Dist. No. 3 (City of Aurora), Limited Tax G.O. Bonds (Convertible to Unlimited Tax), Series 2007, 5.20%2036 1,500 1,507Regents of the University of Colorado, University Enterprise Rev. Bonds, Series 2009-A, 5.375% 2032 1,500 1,734Vista Ridge Metropolitan Dist. (Weld County), Limited Tax G.O. Improvement and Ref. Bonds, Series 2006-A, RADIAN insured, 5.00%2026 1,500 1,522Vista Ridge Metropolitan Dist. (Weld County), Limited Tax G.O. Improvement and Ref. Bonds, Series 2006-A, RADIAN insured, 5.00%2036 2,000 2,003Connecticut 0.17%250,004Town of Hamden, Rev. Bonds (Whitney Center Project), Series 2009-A, 7.75% 2043 1,000 1,046Housing Fin. Auth., Housing Mortgage Fin. Program Rev. Ref. Bonds, Series 2013-B-2, 4.00% 2032 4,865 5,342Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds,Series 2003, 5.125% 2023 2,720 2,726Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Rev. Ref. Bonds, Series 2001, 6.00% 2016 435 436Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Rev. Ref. Bonds, Series 2001, 6.25% 2021 4,500 4,507Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Rev. Ref. Bonds, Series 2001, 6.25% 2031 1,500 1,50115,558The Tax-Exempt Bond Fund of America — Page 13 of 60Bonds, notes & other debt instrumentsDelaware 0.04%Principal amount(000)Value(000)Housing Auth., Single-family Mortgage Rev. Ref. Bonds, Series 2009-A-1, 5.45% 2040 $ 495 $ 514New Castle County, G.O. Bonds, Series 2009-A, 5.00% 2026 1,715 1,957New Castle County, G.O. Bonds, Series 2009-A, 5.00% 2027 1,395 1,5834,054District of Columbia 0.73%Ballpark Rev. Bonds, Series 2006-B-1, FGIC-National insured, 5.00% 2017 2,370 2,490Ballpark Rev. Bonds, Series 2006-B-1, FGIC-National insured, 5.25% 2016 1,000 1,060Dist. of Columbia, Rev. Bonds (Brookings Institution Issue), Series 2009, 5.75% 2039 8,000 8,738Dist. of Columbia, Rev. Ref. Bonds (Catholic University of America Issue), Series 2007, National insured,5.00% 2029 4,000 4,316Certs. of Part., Lease Rev. Bonds, Series 2006, FGIC-National insured, 5.00% 2019 2,000 2,116Certs. of Part., Lease Rev. Bonds, Series 2006, FGIC-National insured, 5.00% 2020 2,780 2,939Certs. of Part., Lease Rev. Bonds, Series 2006, FGIC-National insured, 5.00% 2023 1,575 1,665Certs. of Part., Lease Rev. Bonds, Series 2006, FGIC-National insured, 5.00% 2024 7,000 7,362University Rev. Bonds (Georgetown University Issue), Series 2001-C, 5.25% 2034 (put 2023) 12,000 13,634Dist. of Columbia, Income Tax Secured Rev. Ref. Bonds, Series 2009-B, 5.25% 2034 5,000 5,754Dist. of Columbia, Tax Increment Rev. Bonds (City Market at O Street Project), Series 2011, 5.125% 2041 5,700 5,984Water and Sewer Auth., Public Utility Rev. Bonds, Series 2012-A, 5.00% 2037 3,000 3,339

Water and Sewer Auth., Public Utility Rev. Bonds, Series 2012-B, 0.64% 2040 (put 2016) 1 7,500 7,519Water and Sewer Auth., Public Utility Rev. Ref. Bonds, Series 2009-A, 6.00% 2035 1,000 1,15168,067Florida 7.91%Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2014-B, 0%/7.25% 2022 4 385 329Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2014-A, 0%/7.25% 2035 3,4 430 368Alachua County Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Shands HealthCare Project),Series 2008-D-2, 6.75% 2030 9,000 9,956Alachua County, Industrial Dev. Rev. Ref. Bonds (North Florida Retirement Village, Inc. Project),Series 2007-A, 5.75% 2026 2,000 2,013City of Atlantic Beach, Health Care Facs. Rev. Bonds (Fleet Landing Project), Series 2013-B, 5.625% 2043 3,250 3,456Bartram Park Community Dev. Dist. (Jacksonville), Special Assessment Bonds, Series 2005, 5.30% 2035 1,715 1,723Dept. of Children and Family Services, Certs. of Part. (Florida Civil Commitment Center Project), Series 2006, National insured, 5.00%2017 1,300 1,423Dept. of Children and Family Services, Certs. of Part. (Florida Civil Commitment Center Project), Series 2006, National insured, 5.00%2019 2,900 3,170Dept. of Children and Family Services, Certs. of Part. (Florida Civil Commitment Center Project), Series 2006, National insured, 5.00%2021 3,210 3,503Dept. of Children and Family Services, Certs. of Part. (Florida Civil Commitment Center Project), Series 2006, National insured, 5.00%2023 3,545 3,860Dept. of Children and Family Services, Certs. of Part. (Florida Civil Commitment Center Project), Series 2006, National insured, 5.00%2024 3,725 4,052Dept. of Children and Family Services, Certs. of Part. (Florida Civil Commitment Center Project), Series 2006, National insured, 5.00%2025 3,920 4,258Dept. of Children and Family Services, Certs. of Part. (Florida Civil Commitment Center Project), Series 2006, National insured, 5.00%2026 3,120 3,378Citizens Property Insurance Corp., Coastal Account Secured Bonds, Series 2011-A-1, 5.00% 2018 2,000 2,285Citizens Property Insurance Corp., Coastal Account Secured Bonds, Series 2011-A-1, 5.00% 2019 12,000 13,919Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2009-A-1, 6.00% 2017 20,000 22,931Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2010-A-1, 5.25% 2017 5,500 6,194Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds,Series 2012-A-1, 5.00% 2019 5,000 5,800The Tax-Exempt Bond Fund of America — Page 14 of 60Bonds, notes & other debt instrumentsFlorida (continued)Principal amount(000)Value(000)Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds,Series 2012-A-1, 5.00% 2020 $ 5,000 $ 5,817Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds,Series 2012-A-1, 5.00% 2021 10,500 12,286School Board of Collier County, Certs. of Part. (Master Lease Program), Series 2007, Assured Guaranty Municipal insured, 5.00%2024 4,080 4,483Dept. of Environmental Protection, Forever Rev. Bonds, Series 2007-B, National insured, 5.00% 2018 3,920 4,436Dept. of Environmental Protection, Forever Rev. Bonds, Series 2007-B, National insured, 5.00% 2020 5,780 6,499Escambia County Health Facs. Auth., Health Care Facs. Rev. Bonds (Baptist Hospital, Inc. Project),Series 2010-A, 5.75% 2029 14,755 16,591Crossings at Fleming Island Community Dev. Dist. (Clay County), Special Assessment Ref. Bonds,Series 2000-C, 7.10% 2030 5 8,145 6,492Crossings at Fleming Island Community Dev. Dist. (Clay County), Special Assessment Ref. Bonds,Series 2014-A2, 7.00% 2030 775 758Gramercy Farms Community Dev. Dist. (St. Cloud), Special Assessment Bonds, Series 2007-B, 5.10% 2014 5 10,125 —Gramercy Farms Community Dev. Dist. (St. Cloud), Special Assessment Ref. Bonds, Series 2011, 0% 2039 39,660 5,254Greater Orlando Aviation Auth., Airport Facs. Rev. Bonds, Series 2010-A, 5.00% 2024 1,000 1,125

Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2009-C, 5.00% 2022 2,350 2,705Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2009-C, 5.00% 2023 2,465 2,827Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2009-C, 5.00% 2024 2,110 2,411Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2009-C, 5.00% 2025 2,715 3,079Greater Orlando Aviation Auth., Airport Facs. Rev. Ref. Bonds, Series 2009-C, 5.00% 2026 2,855 3,232Harbor Bay Community Dev. Dist. (Hillsborough County), Capital Improvement Rev. Bonds, Series 2002, 6.75% 2034 2,960 2,971Heritage Harbour Market Place Community Dev. Dist. (Manatee County), Capital Improvement Rev. Bonds, Series 2005, 5.60% 2036 2,720 2,526Higher Educational Facs. Fin. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), Series 2012-A, 5.00%2027 2,000 2,144Higher Educational Facs. Fin. Auth., Educational Facs. Rev. Ref. Bonds (Nova Southeastern University Project), Series 2012-A, 5.00%2032 1,000 1,042Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2005-B,5.00% 2014 875 887Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2005-B,5.00% 2014 (escrowed to maturity) 125 127Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2005-B,5.00% 2015 1,160 1,231Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2005-B,5.00% 2015 (escrowed to maturity) 165 175Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2005-B,5.00% 2017 (preref. 2015) 150 159Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2005-B,5.00% 2020 (preref. 2015) 140 149Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G,5.00% 2016 1,360 1,499Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G,5.00% 2016 (escrowed to maturity) 50 55Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G,5.125% 2017 (preref. 2016) 85 94Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G,5.125% 2019 2,165 2,381Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G,5.125% 2019 (preref. 2016) 75 83Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G,5.125% 2022 1,930 2,116The Tax-Exempt Bond Fund of America — Page 15 of 60Bonds, notes & other debt instrumentsFlorida (continued)Principal amount(000)Value(000)Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G,5.125% 2022 (preref. 2016) $ 70 $ 78Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G,5.125% 2023 1,780 1,949Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G,5.125% 2023 (preref. 2016) 145 161Hillsborough County Industrial Dev. Auth., Hospital Rev. Bonds (H. Lee Moffitt Cancer Center Project),Series 2007-A, 5.25% 2022 3,945 4,240Hillsborough County Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (Tampa Electric Co. Project), Series 2007-A, 5.65% 2018 2,000 2,306Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2009-A-1, 5.00% 2028 2,265 2,436Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2010-A, 5.00% 2028 775 829Housing Fin. Corp., Homeowner Mortgage Rev. Bonds (Special Program), Series 2011-B, 4.50% 2029 740 800Housing Fin. Corp., Homeowner Mortgage Rev. Bonds, Series 2011-C, 4.50% 2030 1,000 1,092Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2010-A, 5.00% 2016 (escrowed to maturity) 5,000 5,446City of Jacksonville, Better Jacksonville Sales Tax Rev. Ref. Bonds, Series 2011, 5.00% 2023 5,000 5,783City of Jacksonville, Better Jacksonville Sales Tax Rev. Ref. Bonds, Series 2012-A, 5.00% 2028 5,000 5,579

City of Jacksonville, Better Jacksonville Sales Tax Rev. Ref. Bonds, Series 2012-A, 5.00% 2030 5,000 5,515Jacksonville Econ. Dev. Commission, Health Care Facs. Rev. Ref. Bonds (Proton Therapy Institute Project), Series 2007-A, 6.25%2027 2 3,435 3,732Jacksonville Health Facs. Auth., Hospital Rev. Bonds (Baptist Medical Center Project),Series 2007-A, 5.00% 2023 2,130 2,356Jacksonville Health Facs. Auth., Hospital Rev. Bonds (Baptist Medical Center Project),Series 2007-A, 5.00% 2024 1,205 1,329JEA, Electric System Rev. Ref. Bonds, Series 2012-A, 4.00% 2033 3,000 3,059JEA, St. Johns River Power Park System Rev. Bonds, Issue Three, Series 2, 5.00% 2037 11,325 12,415Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds,Series 2001-A, 7.40% 2032 595 579Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds,Series 2003-A, 6.50% 2032 1,300 1,260Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds,Series 2006-A, 5.30% 2038 5 2,985 985Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds,Series 2006-B, 5.00% 2011 5 4,750 1,568City of Lakeland, Energy System Rev. Ref. Bonds, Series 2012, 0.81% 2017 1 11,880 11,899City of Lakeland, Hospital Rev. Ref. Bonds (Lakeland Regional Health Systems), Series 2006, 5.00% 2020 2,030 2,135City of Lakeland, Hospital Rev. Ref. Bonds (Lakeland Regional Health Systems), Series 2006, 5.00% 2024 2,000 2,067City of Lakeland, Retirement Community First Mortgage Rev. Ref. Bonds (Carpenter’s Home Estates, Inc. Project), Series 2008,5.875% 2019 1,170 1,308Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Country Club East Project),Series 2006, 5.40% 2037 2,700 2,322Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lake Club Project),Series 2006, 5.50% 2036 850 665Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Shell Point/Alliance Obligated Group, Shell Point Village Project),Series 2006, 5.00% 2032 9,050 9,082Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Shell Point/Alliance Obligated Group, Shell Point Village Project),Series 2006, 5.125% 2036 2,750 2,758Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell Point Project), Series2011-B, 6.125% 2026 500 554Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell Point Village/AllianceCommunity Project), Series 2007, 5.00% 2014 4,040 4,078Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell Point Village/AllianceCommunity Project), Series 2007, 5.00% 2015 2,000 2,080Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell Point Village/AllianceCommunity Project), Series 2007, 5.00% 2016 1,000 1,064The Tax-Exempt Bond Fund of America — Page 16 of 60Bonds, notes & other debt instrumentsFlorida (continued)Principal amount(000)Value(000)Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell Point Village/AllianceCommunity Project), Series 2007, 5.00% 2017 $ 4,680 $ 5,010Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell Point Village/AllianceCommunity Project), Series 2007, 5.00% 2022 8,150 8,408Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell Point Village/AllianceCommunity Project), Series 2007, 5.00% 2029 12,295 12,425Dept. of Management Services, Certs. of Part., Series 2009-A, 5.00% 2023 5,000 5,677Dept. of Management Services, Certs. of Part., Series 2009-A, 5.00% 2024 3,000 3,394Marion County Hospital Dist., Health System Rev. Ref. and Improvement Bonds (Munroe Regional Health System), Series 2007,5.00% 2022 (preref. 2017) 1,460 1,659Marshall Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds,Series 2000-A, 7.65% 2032 3,300 3,302Marshall Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds,Series 2002, 6.625% 2032 2,850 2,501Martin County Health Facs. Auth., Hospital Rev. Bonds (Martin Memorial Medical Center),

Series 2012, 5.50% 2042 2,000 2,127Meadow Pointe II, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Ref. Bonds, Series 2004, 4.60% 2018 2,620 2,625Meadow Pointe III, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2004-A, 6.00% 2035 1,370 1,375Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2004-A, 6.00% 2036 5 2,085 —Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2005, 5.25% 2015 5 725 —Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2007-A, 6.25% 2038 5 3,005 —Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2007-B, 6.15% 2014 5 1,385 —Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2012, 5.25% 2015 5 590 —Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2012-A-1, 6.00% 2036 1,210 1,144Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2012-A-2, 6.25% 2038 2,305 2,113Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2012-B, 6.81% 2020 2,630 2,616Midtown Miami Community Dev. Dist., Special Assessment and Rev. Ref. Bonds (Parking Garage Project), Series 2014-A, 4.25% 2024 2,480 2,528Midtown Miami Community Dev. Dist., Special Assessment and Rev. Ref. Bonds (Parking Garage Project), Series 2014-A, 5.00% 2029 1,000 1,029City of Miami Beach Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2012, 4.00% 2018 2,000 2,148City of Miami Beach Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2012, 5.00% 2020 1,000 1,136Miami-Dade County Educational Facs. Auth., Rev. Bonds (University of Miami Issue), Series 2012-A,4.00% 2037 1,000 998Miami-Dade County Educational Facs. Auth., Rev. Ref. Bonds (University of Miami Issue), Series 2007-B, AMBAC insured, 5.25%2024 5,000 5,975Miami-Dade County Expressway Auth., Toll System Rev. Ref. Bonds, Series 2010-A, 5.00% 2040 3,050 3,222Miami-Dade County Expressway Auth., Toll System Rev. Ref. Bonds, Series 2013-A, 5.00% 2022 2,500 2,950Miami-Dade County Expressway Auth., Toll System Rev. Ref. Bonds, Series 2013-A, 5.00% 2023 2,350 2,737Miami-Dade County Expressway Auth., Toll System Rev. Ref. Bonds, Series 2013-A, 5.00% 2024 5,000 5,747Miami-Dade County Expressway Auth., Toll System Rev. Ref. Bonds, Series 2013-A, 5.00% 2025 4,140 4,712Miami-Dade County Expressway Auth., Toll System Rev. Ref. Bonds, Series 2013-A, 5.00% 2026 4,335 4,898Miami-Dade County Expressway Auth., Toll System Rev. Ref. Bonds, Series 2013-A, 5.00% 2033 2,600 2,837The Tax-Exempt Bond Fund of America — Page 17 of 60Bonds, notes & other debt instrumentsFlorida (continued)Principal amount(000)Value(000)Miami-Dade County Expressway Auth., Toll System Rev. Ref. Bonds, Series 2014-A, 5.00% 2039 $ 4,800 $ 5,224Miami-Dade County Expressway Auth., Toll System Rev. Ref. Bonds, Series 2014-A, 5.00% 2044 4,000 4,326Miami-Dade County, Aviation Rev. Bonds, Series 2010-A, 5.00% 2029 3,555 3,974Miami-Dade County, Aviation Rev. Bonds, Series 2010-A, 5.375% 2035 1,000 1,138Miami-Dade County, Aviation Rev. Bonds, Series 2010-A, 5.375% 2041 4,000 4,464Miami-Dade County, Aviation Rev. Bonds, Series 2010-A, 5.50% 2041 2,800 3,218Miami-Dade County, Aviation Rev. Bonds, Series 2010-B, 5.00% 2041 5,000 5,351Miami-Dade County, G.O. Bonds (Building Better Communities Program), Series 2008-B-1, 5.75% 2033 5,000 5,693Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds,Series 2009-A, 5.50% 2036 8,000 8,968Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds,Series 2009-A, 5.75% 2023 5,480 6,515Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds,Series 2009-B, 5.75% 2021 2,390 2,873Miami-Dade County, Water and Sewer System Rev. Bonds, Series 2010, 5.00% 2028 8,000 9,037Miami-Dade County, Water and Sewer System Rev. Ref. Bonds, Series 2008-B, Assured Guaranty Municipal insured, 5.25% 2022 5,000 6,064Miami-Dade County, Water and Sewer System Rev. Ref. Bonds, Series 2008-C, 5.375% 2024 7,500 8,620School Board of Miami-Dade County, Certs. of Part., Series 2006-C, AMBAC insured, 5.00% 2021 4,900 5,695School Board of Miami-Dade County, Certs. of Part., Series 2007-A, FGIC-National insured, 5.00% 2020 5,155 5,688Mid-Bay Bridge Auth., Rev. Ref. Bonds, Series 1993-D, 6.10% 2022 (escrowed to maturity) 105 133Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2008-A, 5.00% 2027 1,000 1,123

Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2008-A, 5.00% 2028 5,000 5,597Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2008-A, 5.00% 2031 6,500 7,155Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2008-A, 5.25% 2020 2,740 3,109Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2009-A, 5.25% 2023 3,000 3,504Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2009-A, 5.25% 2026 1,500 1,739Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2009-A, 5.50% 2024 3,255 3,830Municipal Power Agcy., Rev. Ref. Bonds (St. Lucie Project), Series 2012-A, 5.00% 2026 2,345 2,682North Springs Improvement Dist. (Broward County), Special Assessment Bonds (Parkland Golf and Country Club Assessment Area),Series 2005-A-1, 5.45% 2026 690 692Orange County Health Facs. Auth., Hospital Rev. Bonds (Orlando Health, Inc.), Series 2009, 5.00% 2014 1,000 1,008Orlando Utilities Commission, Utility System Rev. Bonds, Series 2005-B, 5.00% 2025 (preref. 2015) 5,030 5,311Orlando Utilities Commission, Utility System Rev. Ref. Bonds, Series 2012-A, 5.00% 2024 1,000 1,232Orlando Utilities Commission, Utility System Rev. Ref. Bonds, Series 2013-A, 5.00% 2020 2,000 2,387Orlando Utilities Commission, Utility System Rev. Ref. Bonds, Series 2013-A, 5.00% 2021 3,000 3,614Orlando-Orange County Expressway Auth., Rev. Bonds, Series 2010-A, 5.00% 2029 5,505 6,021Orlando-Orange County Expressway Auth., Rev. Bonds, Series 2010-A, 5.00% 2035 5,000 5,366Orlando-Orange County Expressway Auth., Rev. Bonds, Series 2010-A, 5.00% 2040 3,000 3,195Orlando-Orange County Expressway Auth., Rev. Bonds, Series 2010-C, 5.00% 2040 7,500 7,987Orlando-Orange County Expressway Auth., Rev. Ref. Bonds, Series 2012-B, 5.00% 2024 2,000 2,374Orlando-Orange County Expressway Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2035 27,350 29,888Palm Beach County Health Facs. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. ObligatedGroup), Series 2010, 5.50% 2033 3,500 3,703Palm Beach County Health Facs. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc. ObligatedGroup), Series 2006-B, 5.00% 2020 9,295 9,703Palm Beach County Health Facs. Auth., Rev. Bonds (Harbour’s Edge Project), Series 2004-B, 2.75% 2034 1,200 1,158Solid Waste Auth. of Palm Beach County, Improvement Rev. Bonds, Series 2008-B, 5.50% 2028 5,000 5,797Solid Waste Auth. of Palm Beach County, Improvement Rev. Bonds, Series 2009, 5.25% 2021 4,000 4,749Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2005-B, 4.875% 2010 5 1,210 —Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2006, 5.00% 2011 5 575 —Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2011-A-1, 5.40% 2036 295 304Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2011-A-2, 0% 2036 3,310 1,354Pine Air Lakes Community Dev. Dist. (Collier County), Special Assessment Bonds, Series 2008, 6.75% 2039 3,290 3,351The Tax-Exempt Bond Fund of America — Page 18 of 60Bonds, notes & other debt instrumentsFlorida (continued)Principal amount(000)Value(000)Ports Fncg. Commission, Rev. Ref. Bonds (State Transportation Trust Fund - Intermodal Program), Series 2011-A, 5.00% 2029 $ 1,240 $ 1,397Putnam County Dev. Auth., Pollution Control Rev. Ref. Bonds (Seminole Electric Cooperative, Inc. Project), Series 2007-B, AMBACinsured, 5.35% 2042 (put 2018) 1,000 1,139City of St. Cloud, Stevens Plantation Community Dev. Dist., Special Assessment Rev. Bonds, Series 2003-B, 6.375% 2013 5 1,775 1,243St. Johns County Industrial Dev. Auth., First Mortgage Rev. Bonds (Presbyterian Retirement Communities Project), Series 2004-A,5.625% 2034 1,000 1,010St. Johns County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Vicar’s Landing Project), Series 2007, 5.00% 2017 1,485 1,542St. Johns County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Vicar’s Landing Project), Series 2007, 5.00% 2027 4,130 4,204St. Johns County Industrial Dev. Auth., Rev. Ref. Bonds (Presbyterian Retirement Communities Project),Series 2010-A, 5.75% 2030 1,000 1,080St. Johns County Industrial Dev. Auth., Rev. Ref. Bonds (Presbyterian Retirement Communities Project),Series 2010-A, 5.875% 2040 5,625 6,031St. Johns County Industrial Dev. Auth., Rev. Ref. Bonds (Presbyterian Retirement Communities Project),Series 2010-A, 6.00% 2045 3,500 3,760Sampson Creek Community Dev. Dist. (St. Johns County), Capital Improvement Rev. Ref. Bonds, Series 2006, RADIAN insured,

4.50% 2026 1,000 986Sarasota County, G.O. Bonds, 5.00% 2020 2,410 2,659Sarasota County, G.O. Bonds, 5.00% 2020 (preref. 2018) 285 332Sarasota County, G.O. Bonds, 5.00% 2021 2,555 2,792Sarasota County, G.O. Bonds, 5.00% 2021 (preref. 2018) 300 350Seminole Tribe of Florida, Series A, 5.25% 2027 2 8,500 9,073Seminole Tribe of Florida, Series A, 5.50% 2024 2 8,000 8,709Seminole Tribe of Florida, Series A, 5.75% 2022 2 2,125 2,317South Broward Hospital Dist., Hospital Rev. Ref. Bonds (South Broward Hospital Dist. Obligated Group), Series 2008, 5.00% 2028 13,000 14,337South Lake County Hospital Dist., Rev. Ref. Bonds (South Lake Hospital, Inc.), Series 2010, 5.25% 2034 1,000 1,066City of South Miami Health Facs. Auth., Hospital Rev. Ref. Bonds (Baptist Health South Florida Obligated Group), Series 2007, 5.00%2022 5,000 5,593State Board of Education, Lottery Rev. Bonds, Series 2008-A, 5.00% 2022 10,425 11,755State Board of Education, Lottery Rev. Bonds, Series 2008-A, 5.00% 2023 3,045 3,429State Board of Education, Lottery Rev. Bonds, Series 2008-B, 5.00% 2023 4,000 4,598City of Tallahassee, Energy System Rev. Ref. Bonds, Series 2010, 5.00% 2026 2,000 2,288City of Tallahassee, Energy System Rev. Ref. Bonds, Series 2010, 5.00% 2027 2,000 2,276City of Tallahassee, Energy System Rev. Ref. Bonds, Series 2010, 5.00% 2028 5,000 5,672City of Tampa, Health System Rev. Ref. Bonds (Baycare Health System Issue), Series 2010, 5.00% 2023 1,000 1,123City of Tampa, Rev. Ref. and Capital Improvement Cigarette Tax Allocation Bonds (H. Lee Moffitt Cancer Center Project), Series 2012-A, 4.00% 2033 3,000 3,001City of Tampa, Rev. Ref. and Capital Improvement Cigarette Tax Allocation Bonds (H. Lee Moffitt Cancer Center Project), Series 2012-A, 5.00% 2029 1,430 1,581Tampa-Hillsborough County Expressway Auth., Rev. Ref. Bonds, Series 2012-A, 5.00% 2027 1,000 1,125Tampa-Hillsborough County Expressway Auth., Rev. Ref. Bonds, Series 2012-A, 5.00% 2028 1,250 1,395Tampa-Hillsborough County Expressway Auth., Rev. Ref. Bonds, Series 2012-A, 5.00% 2032 4,000 4,367Tampa-Hillsborough County Expressway Auth., Rev. Ref. Bonds, Series 2012-B, 5.00% 2042 3,000 3,201Tolomato Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2006, 5.40% 2037 1,230 1,236Dept. of Transportation, Turnpike Rev. Ref. Bonds, Series 2008-A, 5.00% 2035 5,000 5,493Urban Orlando Community Dev. Dist. (City of Orlando), Capital Improvement Rev. Bonds,Series 2004, 6.00% 2020 560 564Urban Orlando Community Dev. Dist. (City of Orlando), Capital Improvement Rev. Bonds,Series 2004, 6.25% 2034 5,700 5,724The Tax-Exempt Bond Fund of America — Page 19 of 60Bonds, notes & other debt instrumentsFlorida (continued)Principal amount(000)Value(000)Water Pollution Control Fncg. Corp., Water Pollution Control Rev. Bonds, Series 2008-A, 5.10% 2029 $ 5,055 $ 5,733Waterset North Community Dev. Dist. (Hillsborough County), Special Assessment Rev. Bonds, Series 2007-A, 6.60% 2039 1,175 1,126737,275Georgia 3.30%Atlanta Dev. Auth., Student Housing Facs. Rev. Bonds (Piedmont/Ellis, LLC Project Located on the Campus of Georgia StateUniversity), Series 2005-A, XLCA insured, 5.00% 2022 (preref. 2015) 3,000 3,157Atlanta Dev. Auth., Student Housing Facs. Rev. Ref. Bonds (Piedmont/Ellis, LLC University Commons Project), Series 2013, 5.00%2024 2,000 2,348Atlanta Dev. Auth., Student Housing Facs. Rev. Ref. Bonds (Piedmont/Ellis, LLC University Commons Project), Series 2013, 5.00%2025 1,000 1,163Atlanta Dev. Auth., Student Housing Facs. Rev. Ref. Bonds (Piedmont/Ellis, LLC University Commons Project), Series 2013, 5.00%2026 4,000 4,597Atlanta Dev. Auth., Student Housing Facs. Rev. Ref. Bonds (Piedmont/Ellis, LLC University Commons Project), Series 2013, 5.00%

2027 7,165 8,175Atlanta Dev. Auth., Student Housing Facs. Rev. Ref. Bonds (Piedmont/Ellis, LLC University Commons Project), Series 2013, 5.00%2032 1,500 1,653Atlanta Dev. Auth., Student Housing Rev. Bonds (ADA/CAU Partners, Inc. Project at Clark Atlanta University), Series 2004-A, ACAinsured, 6.25% 2024 1,500 1,314City of Atlanta, Airport General Rev. Bonds, Series 2012-B, 5.00% 2037 2,000 2,172City of Atlanta, Airport General Rev. Ref. Bonds, Series 2010-C, 5.00% 2025 10,000 11,381City of Atlanta, Airport Passenger Fac. Charge and General Rev. Bonds, Series 2010-B, 5.00% 2024 7,000 8,005City of Atlanta, Water and Wastewater Rev. Bonds, Series 2001-A, National insured, 5.50% 2027 5,000 6,065City of Atlanta, Water and Wastewater Rev. Ref. Bonds, Series 1999-A, FGIC-National insured, 5.50% 2022 20,500 24,182Dev. Auth. of Burke County, Pollution Control Rev. Bonds (Oglethorpe Power Corp. Vogtle Project),Series 2008-E, 7.00% 2023 19,670 22,927Dev. Auth. of Burke County, Pollution Control Rev. Ref. Bonds (Oglethorpe Power Corp. Vogtle Project),Series 2008-C, 5.70% 2043 8,000 8,602Dev. Auth. of Cobb County, Student Recreation and Activities Center Rev. Bonds (KSU SRAC Real Estate Foundation, LLC Project),Series 2013, 5.00% 2035 1,000 1,076Dev. Auth. of Cobb County, Student Recreation and Activities Center Rev. Bonds (KSU SRAC Real Estate Foundation, LLC Project),Series 2013, 5.00% 2038 1,500 1,602DeKalb County Hospital Auth., Rev. Ref. Anticipation Certificates (DeKalb Medical Center, Inc. Project),Series 2010, 6.00% 2030 5,950 6,397DeKalb County Hospital Auth., Rev. Ref. Anticipation Certificates (DeKalb Medical Center, Inc. Project),Series 2010, 6.125% 2040 10,625 11,270DeKalb County, Water and Sewerage Rev. Bonds (Second Resolution), Series 2011-A, 5.25% 2030 2,500 2,861DeKalb County, Water and Sewerage Rev. Bonds (Second Resolution), Series 2011-A, 5.25% 2031 1,500 1,708DeKalb County, Water and Sewerage Rev. Bonds (Second Resolution), Series 2011-A, 5.25% 2036 2,500 2,811Joint Dev. Auth. of DeKalb County, Newton County and Gwinnett County, Rev. Bonds (GGC Foundation, LLC Project), Series 2009,6.00% 2029 5,000 5,624Joint Dev. Auth. of DeKalb County, Newton County and Gwinnett County, Rev. Bonds (GGC Foundation, LLC Project), Series 2009,6.125% 2040 5,000 5,566Dev. Auth. of Fulton County, Rev. Bonds (TUFF CAUB LLC Project), Series 2007-A, 5.25% 2028 5,185 4,798Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), Series 2007, 5.00% 2018 3,455 3,501Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), Series 2007, 5.125% 2027 4,000 3,816Dev. Auth. of Gwinnett County, Certs. of Part. (Gwinnett County Public Schools Project), Series 2006,National insured, 5.25% 2021 5,000 5,949Dev. Auth. of Gwinnett County, Certs. of Part. (Gwinnett County Public Schools Project), Series 2006,National insured, 5.25% 2024 2,500 3,049Dev. Auth. of Gwinnett County, Certs. of Part. (Gwinnett County Public Schools Project), Series 2006,National insured, 5.25% 2025 2,500 3,064The Tax-Exempt Bond Fund of America — Page 20 of 60Bonds, notes & other debt instrumentsGeorgia (continued)Principal amount(000)Value(000)Hospital Auth. of Hall County and City of Gainesville, Rev. Anticipation Certificates (Northeast Georgia Health System, Inc. Project),Series 2010-A, 5.00% 2030 $12,345 $ 13,060Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation I, LLC Project),Series 2008, 6.00% 2034 9,500 10,831Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation II, LLC Project),Series 2009-A, 5.375% 2029 2,500 2,733Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation II, LLC Project),Series 2009-A, 5.50% 2039 2,135 2,278Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation III, LLC Project),Series 2010-A, Assured Guaranty insured, 5.00% 2022 1,940 2,200Housing and Fin. Auth., Single-family Mortgage Bonds, Series 2013-A, 3.00% 2043 1,500 1,551Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-A, 5.00% 2017 2,000 2,174Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-A, 5.00% 2018 1,165 1,287

Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-A, 5.00% 2022 2,000 2,278Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2017 4,500 4,879Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2019 9,000 10,043Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2006-B, 5.00% 2021 5,000 5,638Medical Center Hospital Auth., Rev. Ref. Bonds (Spring Harbor at Green Island Project),Series 2007, 4.625% 2015 875 894Medical Center Hospital Auth., Rev. Ref. Bonds (Spring Harbor at Green Island Project),Series 2007, 4.75% 2017 1,945 2,036Medical Center Hospital Auth., Rev. Ref. Bonds (Spring Harbor at Green Island Project),Series 2007, 5.25% 2027 3,625 3,675Medical Center Hospital Auth., Rev. Ref. Bonds (Spring Harbor at Green Island Project),Series 2007, 5.25% 2037 3,025 3,025Dev. Auth. of the City of Milledgeville and Baldwin County, Rev. Bonds (Georgia College & State University Foundation Property III,LLC Student Housing System Project), Series 2004, 5.00% 2014 (escrowed to maturity) 2,000 2,008Dev. Auth. of the City of Milledgeville and Baldwin County, Rev. Bonds (Georgia College & State University Foundation Property III,LLC Student Housing System Project), Series 2004, 5.00% 2015 (preref. 2014) 1,000 1,014Dev. Auth. of the City of Milledgeville and Baldwin County, Rev. Bonds (Georgia College & State University Foundation Property III,LLC Student Housing System Project), Series 2004, 5.625% 2030 (preref. 2014) 3,000 3,044Dev. Auth. of the City of Milledgeville and Baldwin County, Student Housing Rev. Ref. Bonds (Georgia College & State UniversityFoundation Property V, LLC Project), Series 2007,AMBAC insured, 0.807% 2033 1 7,000 5,581Municipal Electric Auth., Project One Bonds, Series 2011-A, 5.00% 2021 3,250 3,866Municipal Electric Auth., Project One Rev. Ref. Bonds, Series 2008-D, 5.50% 2026 6,000 6,932Municipal Electric Auth., Project One Rev. Ref. Bonds, Series 2008-D, 5.75% 2019 23,000 27,068Municipal Electric Auth., Project One Rev. Ref. Bonds, Series 2008-D, 6.00% 2023 11,100 13,104Public Gas Partners, Inc., Gas Project Rev. Ref. Bonds (Gas Supply Pool No. 1), Series A, 5.00% 2016 7,000 7,621Guam 0.21%307,653Education Fncg. Foundation, Certs. of Part. (Public School Facs. Project), Series 2006-A, 5.00% 2023 2,000 2,067Government of Guam, Business Privilege Tax Bonds, Series 2011-A, 5.00% 2031 1,100 1,161Government of Guam, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2011-A, 6.125% 2031 1,000 1,115Power Auth., Rev. Ref. Bonds, Series 2010-A, 5.50% 2030 2,500 2,767Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2010, 5.625% 2040 3,810 4,101Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2013, 5.00% 2028 1,500 1,617Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2013, 5.50% 2043 6,350 6,97119,799The Tax-Exempt Bond Fund of America — Page 21 of 60Bonds, notes & other debt instrumentsHawaii 0.27%Principal amount(000)Value(000)Pacific Health Obligated Group, Special Purpose Rev. Bonds (Dept. of Budget and Fin.),Series 2010-B, 5.625% 2030 $ 1,000 $ 1,099Pacific Health Obligated Group, Special Purpose Rev. Bonds (Dept. of Budget and Fin.),Series 2013-A, 5.50% 2043 17,000 18,957Board of Regents of the University of Hawaii, University Rev. Bonds, Series 2009-A, 5.25% 2034 1,575 1,786Board of Regents of the University of Hawaii, University Rev. Bonds, Series 2009-A, 6.00% 2038 2,645 3,125Idaho 0.12%24,967

Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund),Series 2009-A, 5.00% 2027 2,260 2,519Housing and Fin. Assn., Grant and Rev. Anticipation Bonds (Federal Highway Trust Fund),Series 2009-A, 5.25% 2025 3,260 3,698Housing and Fin. Auth., Rev Bonds (Terraces of Boise Project), Series 2014-A, 8.00% 2044 5,000 5,150Illinois 8.90%11,367Village of Bartlett, Cook, DuPage and Kane Counties, Tax Increment Rev. Ref. Bonds (Bartlett Quarry Redev. Project), Series 2007,5.35% 2017 1,495 1,576Village of Bolingbrook, Will and DuPage Counties, Special Service Area No. 2005-1, Special Tax Bonds (Forest City Project), Series2005, 5.90% 2027 2,000 1,946Build Bonds (Sales Tax Rev. Bonds), Series 2009-A, 5.00% 2027 6,450 7,263Build Bonds (Sales Tax Rev. Bonds), Series 2009-B, 5.00% 2024 5,510 6,270Build Bonds (Sales Tax Rev. Bonds), Series 2009-B, 5.25% 2034 2,500 2,768Build Bonds (Sales Tax Rev. Bonds), Series April 2002, FGIC-National insured, 6.00% 2023 1,000 1,266Build Bonds (Sales Tax Rev. Bonds), Series October 2011, 5.00% 2029 4,000 4,440Build Bonds (Sales Tax Rev. Ref. Bonds), Second Series May 2002, FGIC-National insured, 5.75% 2019 6,250 7,457Build Bonds (Sales Tax Rev. Ref. Bonds), Series June 2010, 5.00% 2020 5,000 5,895Village of Cary, McHenry County, Special Service Area Number One, Special Tax Ref. Bonds, Series 2006, RADIAN insured, 5.00%2030 1,925 1,937Chicago Housing Auth., Capital Program Rev. Ref. Bonds, Series 2006, Assured Guaranty Municipal insured, 5.00% 2019 (preref.2016) 3,000 3,259Chicago Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2011, 5.00% 2022 2,250 2,584Chicago Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2011, 5.25% 2036 3,000 3,269Chicago Transit Auth., Sales Tax Receipts Rev. Bonds, Series 2014, 5.25% 2049 12,500 13,499City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2010-B, 5.00% 2034 (preref. 2015) 3,100 3,162City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2013-B, 5.25% 2034 3,000 3,307City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-B, 5.00% 2026 1,000 1,147City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-B, 5.00% 2034 5,000 5,440City of Chicago, G.O. Bonds (Emergency Telephone System), Ref. Series 1999,FGIC-National insured, 5.25% 2020 2,000 2,238City of Chicago, G.O. Bonds, Ref. Series 2009-A, 5.00% 2026 5,000 5,205City of Chicago, G.O. Bonds, Ref. Series 2009-A, Assured Guaranty Municipal insured, 5.00% 2026 5,000 5,290City of Chicago, O’Hare International Airport, Customer Fac. Charge Rev. Bonds, Series 2013, 5.25% 2024 1,000 1,150City of Chicago, O’Hare International Airport, Customer Fac. Charge Rev. Bonds, Series 2013, 5.50% 2027 2,000 2,292City of Chicago, O’Hare International Airport, Customer Fac. Charge Rev. Bonds, Series 2013, 5.75% 2038 4,000 4,357City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2005-A,AMBAC insured, 5.00% 2020 1,000 1,060City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2005-A,FGIC-National insured, 5.00% 2033 5,000 5,203City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2010-F, 5.00% 2035 8,515 8,949City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2010-F, 5.00% 2040 1,500 1,570City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-A, 5.75% 2039 13,000 14,648City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-C, 5.50% 2031 3,000 3,369City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2013-D, 5.00% 2039 10,000 10,544The Tax-Exempt Bond Fund of America — Page 22 of 60Bonds, notes & other debt instrumentsIllinois (continued)Principal amount(000)Value(000)City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2005-B,FGIC-National insured, 5.25% 2015 $1,500 $ 1,532

City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2005-B,National insured, 5.25% 2016 5,000 5,346City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2005-B,National insured, 5.25% 2017 4,000 4,444City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2008-A,Assured Guaranty Municipal insured, 5.00% 2023 4,000 4,450City of Chicago, Sales Tax Rev. Ref. Bonds, Series 2009-A, 5.00% 2029 5,000 5,343City of Chicago, Sales Tax Rev. Ref. Bonds, Series 2011-A, 5.00% 2041 1,500 1,561City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series1997-A, AMBAC insured, 0% 2015 3,245 3,207City of Chicago, Wastewater Transmission Rev. Project Bonds, Series 2012, 5.00% 2042 5,000 5,225City of Chicago, Wastewater Transmission Rev. Project Bonds, Series 2012,Assured Guaranty Municipal insured, 5.00% 2037 400 426Metropolitan Water Reclamation Dist. of Greater Chicago, G.O. Ref. Bonds, Unlimited Tax Series A of March 2007, 5.00% 2020 6,000 7,114Public Building Commission of Chicago, Building Rev. Ref. Bonds (Chicago Transit Auth.), Series 2006, AMBAC insured, 5.25% 2023 2,000 2,295Public Building Commission of Chicago, Building Rev. Ref. Bonds (Chicago Transit Auth.), Series 2006, AMBAC insured, 5.25% 2025 1,000 1,133Public Building Commission of Chicago, Building Rev. Ref. Bonds (Chicago Transit Auth.), Series 2006, AMBAC insured, 5.25% 2026 4,175 4,709Public Building Commission of Chicago, Building Rev. Ref. Bonds (Chicago Transit Auth.), Series 2006, AMBAC insured, 5.25% 2027 1,000 1,129Civic Center Bonds, Special State Obligation Bonds, Series 1991, AMBAC insured, 6.25% 2020 5,355 5,958Community College Dist. No. 508, County of Cook (City Colleges of Chicago), Unlimited Tax G. O. Bonds, Series 2013, 5.25% 2043 3,650 3,950County of Cook, Sales Tax Rev. Bonds, Series 2012, 5.00% 2037 3,500 3,826Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Bonds,Series 1994-D, FGIC-National insured, 7.75% 2019 4,500 5,314Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Bonds,Series 2003-B, National insured, 5.75% 2033 9,630 11,968Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Bonds,Series 2004-A, Assured Guaranty Municipal insured, 5.50% 2021 8,540 10,325Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Bonds,Series 2004-A, Assured Guaranty Municipal insured, 5.50% 2022 6,500 7,915Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Rev. Ref. Bonds, Series 1997, FGIC-National insured, 6.00% 2020 3,820 4,598Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Rev. Ref. Bonds, Series 1999, AssuredGuaranty Municipal insured, 5.75% 2023 2,000 2,475Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Rev. Ref. Bonds, Series 1999, AssuredGuaranty Municipal insured, 6.00% 2025 2,150 2,713Build Bonds (Sales Tax Rev. Bonds), Series 2009-B, 5.00% 2024 (preref. 2019) 2,810 3,300Educational Facs. Auth., Rev. Bonds (Field Museum of Natural History), Series 2002, 4.45% 2036 (put 2014) 1,000 1,010Educational Facs. Auth., Rev. Bonds (Field Museum of Natural History), Series 2002, 4.60% 2036 (put 2015) 6,000 6,269Educational Facs. Auth., Rev. Bonds (Field Museum of Natural History), Series 2002, 4.75% 2036 (put 2016) 2,000 2,174Fin. Auth., Rev. Bonds (University of Chicago), Series 2012-A, 5.00% 2051 5,000 5,286Fin. Auth. Rev. Bonds (Silver Cross Hospital and Medical Centers), Series 2009, 7.00% 2044 3,000 3,438Fin. Auth., Charter School Project and Rev. Ref. Bonds (Chicago Charter School Foundation Project),Series 2007-A, 5.00% 2021 1,975 2,065Fin. Auth., Charter School Project and Rev. Ref. Bonds (Chicago Charter School Foundation Project),Series 2007-A, 5.00% 2026 1,475 1,496Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2008-D, 6.50% 2038 3,000 3,472Fin. Auth., Rev. Bonds (Advocate Health Care Network), Series 2012, 5.00% 2042 4,000 4,227The Tax-Exempt Bond Fund of America — Page 23 of 60Bonds, notes & other debt instrumentsIllinois (continued)Principal amount(000)Value(000)Fin. Auth., Rev. Bonds (DePaul University), Series 2008, 4.75% 2028 $ 500 $ 524Fin. Auth., Rev. Bonds (DePaul University), Series 2008, 5.00% 2024 2,650 2,860Fin. Auth., Rev. Bonds (DePaul University), Series 2011-A, 6.125% 2040 16,020 18,395

Fin. Auth., Rev. Bonds (Elmhurst Memorial Healthcare), Series 2008-A, 5.625% 2037 9,500 10,200Fin. Auth., Rev. Bonds (Hospital Sisters Services, Inc. - Obligated Group), Series 2007-A, 5.00% 2026 11,050 12,106Fin. Auth., Rev. Bonds (Lutheran Home and Services Obligated Group), Series 2012, 5.50% 2030 1,500 1,537Fin. Auth., Rev. Bonds (Northwest Community Hospital), Series 2008-A, 5.25% 2028 3,000 3,256Fin. Auth., Rev. Bonds (Rehab Institute of Chicago), Series 2013-A, 6.00% 2043 2,700 2,993Fin. Auth., Rev. Bonds (SwedishAmerican Hospital), Series 2004, AMBAC insured, 5.00% 2014 1,740 1,758Fin. Auth., Rev. Bonds (Three Crowns Park Project), Series 2006-A, 5.625% 2018 2,320 2,404Fin. Auth., Rev. Bonds (Three Crowns Park Project), Series 2006-A, 5.875% 2038 1,250 1,254Fin. Auth., Rev. Bonds (University of Chicago), Series 2007, 5.00% 2020 1,340 1,484Fin. Auth., Rev. Bonds (University of Chicago), Series 2007, 5.00% 2021 2,455 2,719Fin. Auth., Rev. Bonds (University of Chicago), Series 2008-B, 5.50% 2028 4,630 5,283Fin. Auth., Rev. Bonds (University of Chicago), Series 2008-B, 5.75% 2033 2,250 2,594Fin. Auth., Rev. Bonds (University of Chicago), Series 2008-B, 6.25% 2038 12,000 13,811Fin. Auth., Rev. Ref. Bonds (Advocate Health Care Network), Series 2008-A-3, 5.00% 2030 (put 2019) 1,000 1,156Fin. Auth., Rev. Ref. Bonds (Advocate Health Care Network), Series 2010-B, 5.375% 2044 1,000 1,086Fin. Auth., Rev. Ref. Bonds (Art Institute of Chicago), Series 2010-A, 5.00% 2015 4,250 4,368Fin. Auth., Rev. Ref. Bonds (Art Institute of Chicago), Series 2010-A, 5.25% 2040 5,350 5,735Fin. Auth., Rev. Ref. Bonds (Art Institute of Chicago), Series 2012-A, 5.00% 2034 4,950 5,350Fin. Auth., Rev. Ref. Bonds (Ascension Health Alliance Credit Group), Series 2012-A, 5.00% 2042 7,500 8,046Fin. Auth., Rev. Ref. Bonds (Clare at Water Tower), Series 2010-A-6, 6.00% 2028 5 700 —Fin. Auth., Rev. Ref. Bonds (Clare at Water Tower), Series 2010-A-7, 6.125% 2041 5 8,750 —Fin. Auth., Rev. Ref. Bonds (Clare at Water Tower), Series 2010-B, 0% 2050 4,050 —Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2004-A, 5.375% 2016 2,035 2,243Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2004-A, 5.375% 2018 1,010 1,177Fin. Auth., Rev. Ref. Bonds (DePaul University), Series 2013, 5.00% 2024 600 692Fin. Auth., Rev. Ref. Bonds (Franciscan Communities, Inc.), Series 2004-B, 6.50% 2034 1,250 1,289Fin. Auth., Rev. Ref. Bonds (Franciscan Communities, Inc.), Series 2004-B, 6.50% 2034 (preref. 2017) 1,200 1,395Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), 5.00% 2022 3,095 3,417Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), 5.00% 2022 (preref. 2017) 345 389Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), 5.00% 2023 5,850 6,459Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), 5.00% 2023 (preref. 2017) 650 732Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), Series 2012-B, 5.00% 2025 3,000 3,346Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), Series 2012-B, 5.00% 2026 1,500 1,661Fin. Auth., Rev. Ref. Bonds (Loyola University of Chicago), Series 2012-B, 5.00% 2042 9,385 9,889Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.00% 2018 1,070 1,133Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.125% 2026 7,800 7,969Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.25% 2037 9,530 9,661Fin. Auth., Rev. Ref. Bonds (Northwestern Memorial HealthCare), Series 2013, 5.00% 2037 1,000 1,083Fin. Auth., Rev. Ref. Bonds (Northwestern Memorial Hospital), Series 2009-A, 6.00% 2039 14,000 16,181Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2007-A, 5.25% 2022 2,500 2,747Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2007-A, 5.75% 2033 2,000 2,124Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2007-A, 5.75% 2037 4,500 4,764Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2010-A, 6.00% 2039 15,335 17,199Fin. Auth., Rev. Ref. Bonds (Palos Community Hospital), Series 2007-A, National insured, 5.00% 2021 2,300 2,461Fin. Auth., Rev. Ref. Bonds (Palos Community Hospital), Series 2007-A, National insured, 5.00% 2022 4,520 4,764Fin. Auth., Rev. Ref. Bonds (Palos Community Hospital), Series 2007-A, National insured, 5.00% 2023 4,755 4,979Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2009-A, 7.75% 2034 8,000 9,893Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2010-A, 6.00% 2028 14,000 15,297Fin. Auth., Rev. Ref. Bonds (Riverside Health System), Series 2006-C, 4.50% 2026 5,360 5,464Fin. Auth., Rev. Ref. Bonds (Riverside Health System), Series 2006-C, 5.00% 2018 1,910 2,036Fin. Auth., Rev. Ref. Bonds (Riverside Health System), Series 2006-C, 5.00% 2019

2,005 2,117Fin. Auth., Rev. Ref. Bonds (Riverside Health System), Series 2006-C, 5.00% 2020 2,105 2,212The Tax-Exempt Bond Fund of America — Page 24 of 60Bonds, notes & other debt instrumentsIllinois (continued)Principal amount(000)Value(000)Fin. Auth., Rev. Ref. Bonds (Sherman Health Systems), Series 2007-A, 5.50% 2037 $ 3,000 $ 3,261Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2025 10,500 11,740Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2026 4,000 4,437Fin. Auth., Student Housing Rev. Bonds (CHF-Normal, L.L.C. - Illinois State University Project), Series 2011, 6.75% 2031 1,000 1,144Fin. Auth., Student Housing Rev. Bonds (CHF-Normal, L.L.C. - Illinois State University Project), Series 2011, 7.00% 2043 10,000 11,525Fin. Auth., Student Housing Rev. Ref. Bonds (CHF-DeKalb II, L.L.C. - Northern Illinois University Project),Series 2011, 6.875% 2043 27,500 31,750Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center),Series 2006-A, 5.25% 2034 7,890 8,008Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center),Series 2006-B, 5.00% 2025 10,000 10,189Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center),Series 2006-B, 5.25% 2019 4,000 4,223G.O. Bonds, Series 2014, 5.00% 2039 5,000 5,047G.O. Bonds, Series of March 2012, 5.00% 2023 2,000 2,159G.O. Bonds, Series of March 2012, 5.00% 2035 1,000 1,017G.O. Bonds, Series of May 2014, 5.00% 2026 2,000 2,130G.O. Bonds, Series of May 2014, 5.00% 2039 4,400 4,442Health Facs. Auth., Rev. Bonds (Evangelical Hospitals Corp.), Series 1992-C,6.25% 2022 (escrowed to maturity) 4,000 4,987Health Facs. Auth., Rev. Ref. Bonds (Lutheran General Health), Series 1993-C, 6.00% 2018 2,705 2,995Housing Dev. Auth., Housing Rev. Bonds, Series 2013-A, 2.45% 2043 3 1,536 1,481Housing Dev. Auth., Housing Rev. Ref. Bonds, Series G, 4.55% 2021 405 414Housing Dev. Auth., Housing Rev. Ref. Bonds, Series G, 4.65% 2026 1,445 1,465Village of Lakemoor, McHenry and Lake Counties, Special Service Area Number 97-1, Special Tax Ref. Bonds, Series 2006, RADIANinsured, 4.55% 2016 357 362Village of Manhattan (Will County), Special Service Area Number 2007-5, Special Tax Bonds (Lakeside Towns at Liberty CenterProject), Series 2007, 6.125% 2040 5 2,300 667Village of Manhattan (Will County), Special Service Area Number 2007-6, Special Tax Bonds (Groebe Farm-Stonegate Project), Series2007, 5.75% 2022 5 1,900 323Metropolitan Pier and Exposition Auth., McCormick Place Expansion Project Bonds, Series 2012-A,5.00% 2042 3,100 3,272Village of Montgomery, Kane and Kendall Counties, Special Assessment Improvement Ref. Bonds (Lakewood Creek Project), Series2006, RADIAN insured, 4.70% 2030 822 797City of Quincy, Adams County, Rev. Ref. Bonds (Blessing Hospital), Series 2007, 5.00% 2017 1,000 1,104Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.125% 2019 3,500 4,046Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.25% 2020 7,500 8,778Southwestern Illinois Dev. Auth., Health Fac. Rev. Bonds (Memorial Group, Inc.), Series 2013, 7.625% 2048 7,790 8,660Sports Facs. Auth., Sports Facs. Ref. Bonds (State Tax Supported), Series 2014,Assured Guaranty Municipal insured, 5.25% 2032 1,000 1,086City of Springfield, Electric Rev. Bonds, Series 2008, 5.00% 2036 5,500 5,692State Toll Highway Auth., Toll Highway Priority Rev. Bonds, Series 2006-A-1, Assured Guaranty Municipal insured, 5.00% 2024 5,000 5,398State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2008-B, 5.50% 2033 18,210 20,206State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2027 1,305 1,501State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2028 1,000 1,138State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2029 3,000 3,399State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2030 7,100 7,989

State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2032 1,000 1,111State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2033 2,200 2,429State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2038 28,250 30,767State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-B, 5.00% 2038 2,500 2,745State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-B, 5.00% 2039 3,000 3,289The Tax-Exempt Bond Fund of America — Page 25 of 60Bonds, notes & other debt instrumentsIllinois (continued)Principal amount(000)Value(000)State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 4.50% 2027 $ 6,000 $ 6,479State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 5.00% 2025 10,000 11,289State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 5.00% 2028 10,000 11,098State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 5.00% 2031 4,000 4,417Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2001-A, AMBAC insured, 5.50% 2021 2,670 3,221Board of Trustees of the University of Illinois, Auxiliary Facs. System Rev. Ref. Bonds, Series 2013-A,5.00% 2025 10,000 11,574Board of Trustees of the University of Illinois, Certs. of Part. (Ref. and Projects), Series 2007-A, Assured Guaranty Municipal insured,5.00% 2025 7,145 7,963Board of Trustees of the University of Illinois, Ref. Certs. of Part., Series 2009-A, 5.00% 2019 1,000 1,116Board of Trustees of The University of Illinois, University of Illinois Auxiliary Facs. System Rev. Bonds,Series 2011-A, 5.25% 2041 1,750 1,896Board of Trustees of The University of Illinois, University of Illinois Auxiliary Facs. System Rev. Bonds,Series 2011-A, 5.50% 2031 2,000 2,221Board of Trustees of the University of Illinois, University of Illinois Auxiliary Facs. System Rev. Bonds,Series 2014-A, 5.00% 2039 2,000 2,171Community Unit School Dist. No. 365-U, Will County (Valley View), G.O. Capital Appreciation School Bonds, Series 2002, AssuredGuaranty Municipal insured, 0% 2017 2,000 1,917Forest Preserve Dist. of Will County, G.O. Bonds, Series 2005-A, National insured, 5.00% 2017 (preref. 2015) 1,500 1,598Indiana 2.25%829,878Bond Bank, Special Program Gas Rev. Bonds, Series 2007-A, 5.25% 2020 985 1,136Fin. Auth., Educational Facs. Rev. Bonds (Valparaiso University Project), Series 2007, 5.00% 2027 1,800 1,985Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), Series 2009-B, 6.00% 2039 3,000 3,365Fin. Auth., Health System Rev. Bonds (Sisters of St. Francis Health Services, Inc. Obligated Group),Series 2009-A, 5.25% 2039 1,000 1,065Fin. Auth., Hospital Rev. Ref. Bonds (Community Health Network Project), Series 2012-A, 5.00% 2042 1,350 1,437Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2011-N, 5.00% 2031 7,000 7,514Fin. Auth., Hospital Rev. Ref. Bonds (Parkview Health System Obligated Group), Series 2012-A, 5.00% 2029 1,450 1,602Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project),Series 2012-A, 5.00% 2032 6,500 6,706Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project),Series 2012-A, 5.00% 2039 18,415 18,815Fin. Auth., Rev. Ref. Bonds (Trinity Health Credit Group), Series 2010-B, 5.00% 2028 2,000 2,219Fin. Auth., State Revolving Fund Program Bonds, Series 2007-B, 5.00% 2024 5,535 6,281Fin. Auth., State Revolving Fund Program Rev. Ref. Bonds, Series 2005-A, 5.25% 2017 1,500 1,678Fin. Auth., Wastewater Utility Rev. Bonds (CWA Auth. Project), Series 2011-A, 5.25% 2031 5,000 5,660Fin. Auth., Rev. Bonds (Greencroft Obligated Group), Series 2013-A, 7.00% 2043 1,000 1,131Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Clarian Health Obligated Group),Series 2006-A, 5.00% 2039 17,750 18,049Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Community Foundation of Northwest Indiana Obilgated Group), Series2007, 5.25% 2017 1,400 1,552Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Community Foundation of Northwest Indiana Obilgated Group), Series

2007, 5.50% 2022 5,000 5,441Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Community Foundation of Northwest Indiana Obligated Group), Series2007, 5.50% 2027 3,700 4,026Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Community Foundation of Northwest Indiana Obligated Group), Series2007, 5.50% 2037 7,000 7,359Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group),Series 2006-B, 5.00% 2018 1,125 1,200Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group),Series 2006-B, 5.00% 2023 7,500 7,973The Tax-Exempt Bond Fund of America — Page 26 of 60Bonds, notes & other debt instrumentsIndiana (continued)Principal amount(000)Value(000)Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group),Series 2006-B, 5.00% 2033 $ 5,000 $ 5,098Health and Educational Fac. Fncg. Auth., Rev. Ref. Bonds (Ascension Health Credit Group), Series 2006-B-5, 5.00% 2036 10,000 10,499Health Fac. Fncg. Auth., Hospital Rev. Bonds (Community Health Network Project), Series 2005-A, AMBAC insured, 5.00% 2019(preref. 2015) 4,195 4,347Trustees of Indiana University, Consolidated Rev. Bonds, Series 2009-A, 5.00% 2028 2,000 2,295Trustees of Indiana University, Consolidated Rev. Ref. Bonds, Series 2012-A, 5.00% 2037 1,500 1,670Trustees of Indiana University, Student Fee Rev. Ref. Bonds, Series O, FGIC-National insured, 5.375% 2016 4,690 5,165Indianapolis Local Public Improvement Bond Bank Rev. Ref. Bonds (Waterworks Project), Series 2007-B, National insured, 5.25%2023 10,420 12,326Indianapolis Local Public Improvement Bond Bank Rev. Ref. Bonds (Waterworks Project), Series 2007-B, National insured, 5.25%2023 6,055 7,192Indianapolis Local Public Improvement Bond Bank Rev. Ref. Bonds, Series 2011-K, 5.00% 2024 2,000 2,310Jasper County, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), Series 1988-A, National insured,5.60% 2016 1,000 1,088Jasper County, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), Series 1988-C, National insured,5.60% 2016 1,000 1,088Jasper County, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), Series 1988-C, National insured,5.85% 2019 3,000 3,433Jasper County, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), Series 2003, AMBAC insured, 5.70%2017 3,000 3,318Municipal Power Agcy., Power Supply System Rev. Bonds, Series 2009-B, 5.50% 2026 2,000 2,301Municipal Power Agcy., Power Supply System Rev. Bonds, Series 2013-A, 5.00% 2042 2,750 2,943Municipal Power Agcy., Power Supply System Rev. Bonds, Series 2013-A, 5.25% 2030 1,500 1,703Municipal Power Agcy., Power Supply System Rev. Bonds, Series 2013-A, 5.25% 2032 2,000 2,246Municipal Power Agcy., Power Supply System Rev. Bonds, Series 2013-A, 5.25% 2038 2,000 2,207Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2011-A, 5.00% 2031 2,000 2,189North Side High School Building Corp. (Fort Wayne), First Mortgage Rev. Ref. Bonds, Series 2007, Assured Guaranty Municipalinsured, 5.00% 2018 1,650 1,873City of Petersburg, Pollution Control Rev. Ref. Bonds (Indianapolis Power & Light Co. Project), Series 1993-B, AMBAC insured, 5.40%2017 5,000 5,625Trustees of Purdue University, Certs. of Part., Series 2006, 5.25% 2018 1,130 1,308Trustees of Purdue University, Certs. of Part., Series 2006, 5.25% 2019 1,430 1,679Trustees of Purdue University, Certs. of Part., Series 2006, 5.25% 2025 1,980 2,462Trustees of Purdue University, Purdue University Student Fee Bonds, Rev. Ref. Bonds,Series 2012-AA, 5.00% 2030 1,500 1,708Trustees of Purdue University, Purdue University Student Fee Bonds, Series X, 5.25% 2021 1,620 1,927Trustees of Purdue University, Purdue University Student Fee Bonds, Series X, 5.25% 2022 1,825 2,165Trustees of Purdue University, Purdue University Student Fee Bonds, Series X, 5.25% 2027 1,000 1,174City of Rockport, Pollution Control Rev. Ref. Bonds (Indiana Michigan Power Co. Project), Series 2014-A, 1.75% 2025 (put 2018) 1,000 1,002Vanderburgh County Redev. Dist., Tax Increment Rev. Bonds of 2006, 5.00% 2018 (preref. 2016) 1,185 1,295

Vanderburgh County Redev. Dist., Tax Increment Rev. Bonds of 2006, 5.00% 2019 (preref. 2016) 1,245 1,361Vanderburgh County Redev. Dist., Tax Increment Rev. Bonds of 2006, 5.00% 2026 (preref. 2016) 4,000 4,371Hospital Auth. of Vigo County, Hospital Rev. Bonds (Union Hospital, Inc.), Series 2007, 5.75% 2042 2,000 1,979209,541The Tax-Exempt Bond Fund of America — Page 27 of 60Bonds, notes & other debt instrumentsIowa 0.45%Principal amount(000)Value(000)Fin. Auth., Single-family Mortgage Bonds (Mortgage-backed Securities Program), Series 2009-A, 5.00% 2038 $ 405 $ 428Fin. Auth., Single-family Mortgage Bonds (Mortgage-backed Securities Program), Series 2013-1, 2.15% 2043 3 932 863Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013, 5.00% 2019 23,000 24,235Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013, 5.25% 2025 5,000 5,289Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013, 5.50% 2022 2,000 2,089IJOBS Program Special Obligation Bonds, Series 2009-A, 5.00% 2027 3,500 4,027IJOBS Program Special Obligation Bonds, Series 2010-A, 5.00% 2029 4,590 5,26242,193Kansas 0.54%Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2012-A, 5.00% 2032 1,500 1,659Dev. Fin. Auth., Rev. Ref. Bonds (Lifespace Communities, Inc.), Series 2010-S, 5.00% 2030 5,625 5,886City of Lawrence, Hospital Rev. Ref. Bonds (Lawrence Memorial Hospital), Series 2006, 5.25% 2018 890 947City of Lawrence, Hospital Rev. Ref. Bonds (Lawrence Memorial Hospital), Series 2006, 5.25% 2020 530 557City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2009, 7.125% 2029 250 278City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2009, 7.25% 2039 750 826City of Lenexa, Health Care Fac. Rev. Ref. and Improvement Bonds (Lakeview Village, Inc. Project),Series 2007, 5.25% 2022 2,500 2,580City of Lenexa, Health Care Fac. Rev. Ref. and Improvement Bonds (Lakeview Village, Inc. Project),Series 2007, 5.50% 2039 14,500 14,610City of Overland Park, Transportation Dev. Dist. Special Assessment Bonds (Tallgrass Creek Project),Series 2006, 4.85% 2016 621 637City of Overland Park, Transportation Dev. Dist. Special Assessment Bonds (Tallgrass Creek Project),Series 2006, 5.125% 2028 1,894 1,895City of Salina, Hospital Rev. Ref. and Improvement Bonds (Salina Regional Health Center, Inc.), Series 2006, 4.625% 2031 1,825 1,849Dept. of Transportation, Highway Rev. Ref. Bonds, Series 2012-B, 5.00% 2019 15,000 17,771Unified Government of Wyandotte County/Kansas City, Transportation Dev. Dist. Sales Tax Rev. Bonds (Legends at Village WestProject), Series 2006, 4.60% 2016 610 640Kentucky 0.49%50,135Asset/Liability Commission, Project Notes, Federal Highway Trust Fund, Series 2013-A, 5.25% 2024 5,000 6,023Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group),Series 2009-A, 5.00% 2017 1,500 1,678Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), Series 2009-A, 5.375% 2024 1,000 1,121Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Bonds (Louisville Arena Auth., Inc.), Series 2008-A-1, Assured Guaranty insured,6.00% 2033 1,000 1,058Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Bonds (Louisville Arena Auth., Inc.), Series 2008-A-1, Assured Guaranty insured,

6.00% 2042 3,000 3,157Housing Corp., Housing Rev. Bonds, Series 2013-D, 3.50% 2033 1,310 1,409Public Transportation Infrastructure Auth., Toll Rev. Bond Anticipation Notes (Downtown Crossing Project), Series 2013-A, 5.00% 2017 4,500 5,009Public Transportation Infrastructure Auth., Toll Rev. Bonds (Downtown Crossing Project),Series 2013-A, 5.75% 2049 5,000 5,597Public Transportation Infrastructure Auth., Toll Rev. Bonds (Downtown Crossing Project),Series 2013-A, 6.00% 2053 18,020 20,37445,426The Tax-Exempt Bond Fund of America — Page 28 of 60Bonds, notes & other debt instrumentsLouisiana 2.04%Principal amount(000)Value(000)Citizens Property Insurance Corp., Assessment Rev. Bonds, Series 2006-B, AMBAC insured, 5.00% 2019 $10,000 $ 10,764Citizens Property Insurance Corp., Assessment Rev. Bonds, Series 2006-B, AMBAC insured, 5.00% 2020 4,000 4,290Citizens Property Insurance Corp., Assessment Rev. Ref. Bonds, Series 2012, 5.00% 2024 1,750 1,996East Baton Rouge Mortgage Fin. Auth., Single-family Mortgage Rev. Bonds (Mortgage-backed Securities Program), Series 2007-A,5.40% 2038 235 245East Baton Rouge Mortgage Fin. Auth., Single-family Mortgage Rev. Ref. Bonds (Mortgage-backed Securities Program), Series 2009-A-2, 5.25% 2039 700 717G.O. Bonds, Series 2011-A, 5.00% 2022 10,000 11,816Housing Fin. Agcy., Single-family Mortgage Rev. Bonds (Home Ownership Program),Series 2007-A-1, 5.85% 2038 2,055 2,181Housing Fin. Agcy., Single-family Mortgage Rev. Bonds (Home Ownership Program),Series 2008-A, 6.55% 2040 190 202Jefferson Parish Fin. Auth., Single-family Mortgage Rev. Bonds, Series 2007-C, 5.70% 2039 885 927Jefferson Parish Hospital Dist. No. 1, Parish of Jefferson, Hospital Rev. Ref. Bonds (West Jefferson Medical Center), Series 2011-A,6.00% 2039 6,500 7,363Lafayette Public Trust Fncg. Auth., Single-family Mortgage Rev. Bonds (Mortgage-backed Securities Program), Series 2007 (Go Zone),5.35% 2041 1,854 1,901Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Capital Project and Equipment Acquisition Program),Series 2000-A, AMBAC insured, 6.30% 2030 10,270 10,987Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2007,6.75% 2032 24,360 27,135Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2009-A,6.50% 2029 3,100 3,561Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2010-A-1,6.50% 2035 11,275 12,977Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2010-A-2,6.50% 2035 3,500 4,028Louisiana Stadium and Exposition Dist., Rev. Ref. Bonds, Series 2013-A, 5.00% 2024 2,000 2,302Louisiana Stadium and Exposition Dist., Rev. Ref. Bonds, Series 2013-A, 5.00% 2025 5,000 5,693Louisiana Stadium and Exposition Dist., Rev. Ref. Bonds, Series 2013-A, 5.00% 2032 2,500 2,736Military Dept., Custodial Receipts, 5.00% 2021 10,435 10,903City of New Orleans, Water Rev. and Ref. Bonds, Series 2014, 5.00% 2044 4,000 4,257Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2007-A, 5.25% 2038 6,695 6,987Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2007-A, 5.375% 2043 1,740 1,815Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2011, 6.25% 2031 2,500 2,907Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2011, 6.50% 2037 2,420 2,804Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2011, 6.75% 2041 2,000 2,342Public Facs. Auth., Rev. Ref. Bonds (CHRISTUS Health), Series 2009-A, 6.00% 2029 3,000 3,317

Public Facs. Auth., Rev. Ref. Bonds (Ochsner Community Hospitals Project), Series 2007-B, 5.25% 2027 1,500 1,574Regional Transit Auth. (New Orleans), Sales Tax Rev. Bonds, Series 2010, Assured Guaranty Municipal insured, 5.00% 2030 1,000 1,088Parish of St. Charles, Gulf Opportunity Zone Rev. Bonds (Valero Project), Series 2010, 4.00% 2040 (put 2022) 1,100 1,168Parish of St. John the Baptist, Rev. Bonds (Marathon Oil Corp. Project), Series 2007-A, 5.125% 2037 9,325 9,796Fin. Auth. of St. Tammany Parish, Single-family Mortgage Rev. Bonds (Home Ownership Program),Series 2007-A, 4.85% 2039 323 324Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.00% 2024 12,000 12,297Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.00% 2025 3,420 3,586Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.00% 2026 7,500 7,977Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.50% 2028 4,500 4,897189,860The Tax-Exempt Bond Fund of America — Page 29 of 60Bonds, notes & other debt instrumentsMaine 0.13%Principal amount(000)Value(000)Health and Higher Educational Facs. Auth., Rev. Bonds (MaineGeneral Medical Center Issue), 6.75% 2036 $ 8,000 $ 8,829Health and Higher Educational Facs. Auth., Rev. Bonds (MaineGeneral Medical Center Issue), 6.75% 2041 2,000 2,191Health and Higher Educational Facs. Auth., Rev. Bonds (MaineGeneral Medical Center Issue), 7.00% 2041 500 556Housing Auth., Mortgage Purchase Rev. Ref. Bonds, Series 2013-B, 4.00% 2043 635 69412,270Maryland 0.65%City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-B, 4.75% 2034 (preref. 2015) 632 650Baltimore County, Rev. Ref. Bonds (Oak Crest Village, Inc. Fac.), Series 2007-A, 5.00% 2022 2,050 2,141Baltimore County, Rev. Ref. Bonds (Oak Crest Village, Inc. Fac.), Series 2007-A, 5.00% 2027 2,000 2,059Baltimore County, Rev. Ref. Bonds (Oak Crest Village, Inc. Fac.), Series 2007-A, 5.00% 2037 17,000 17,332Econ. Dev. Corp., Student Housing Rev. Bonds (Towson University Project), Series 2007-A, 5.25% 2024 2,000 2,101Econ. Dev. Corp., Student Housing Rev. Bonds (University of Maryland, College Park Projects), Series 2008, 5.25% 2023 1,300 1,404Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (University of Maryland, College Park Projects),Series 2006, Assured Guaranty insured, 5.00% 2020 1,000 1,066Frederick County, Special Obligation Bonds (Urbana Community Dev. Auth.), Series 2010-A, 5.00% 2023 1,295 1,446City of Gaithersburg, Econ. Dev. Rev. Ref. Bonds (Asbury Maryland Obligated Group),Series 2006-A, 5.125% 2026 2,265 2,318Health and Higher Educational Facs. Auth., Rev. Bonds (Washington County Hospital Issue),Series 2008, 5.75% 2033 1,500 1,552Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Charlestown Community Issue), Series 2010, 6.25% 2045 1,000 1,100Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (Howard County General Hospital Issue),Series 1993, 5.50% 2021 (escrowed to maturity) 1,100 1,168Health and Higher Educational Facs. Auth., Rev. Ref. Bonds (LifeBridge Health Issue), Series 2008, Assured Guaranty insured, 5.00%2019 1,500 1,626Howard County Housing Commission Rev. Bonds (Oakland Mills Project), Series 2013, 5.00% 2028 3,000 3,256Montgomery County Housing Opportunities Commission, Single-family Housing Rev. Bonds,Series 2013-A, 4.00% 2031 1,315 1,437Montgomery County, G.O. Consolidated Public Improvement Bonds, Series 2012-A, 5.00% 2019 10,000 11,882Montgomery County, Special Obligation Bonds (West Germantown Dev. Dist.),Series 2002-A, RADIAN insured, 5.375% 2020 815 818Prince George’s County, Special Obligation Bonds (National Harbor Project), Series 2004, 5.20% 2034 2,300 2,314Prince George’s County, Special Obligation Bonds (Woodview Village Infrastructure Improvements),Series 1997-A, 4.70% 2026 1,000 1,048

Prince George’s County, Special Tax Dist. Bonds (Victoria Falls Project), Series 2005, 5.25% 2035 1,199 1,203Mayor and Common Council of Westminster, Project and Rev. Ref. Bonds (Carroll Lutheran Village, Inc.), Series 2014, 5.125% 2040 750 755Mayor and Common Council of Westminster, Project and Rev. Ref. Bonds (Carroll Lutheran Village, Inc.), Series 2014, 5.50% 2044 2,000 2,07160,747Massachusetts 2.46%Bay Transportation Auth., Sales Tax Rev. Ref. Bonds, Series 2004-C, 5.50% 2017 2,905 3,321Bay Transportation Auth., Sales Tax Rev. Ref. Bonds, Series 2004-C, 5.50% 2017 (escrowed to maturity) 95 109Berkshire Wind Power Cooperative Corp. (Massachusetts Municipal Lighting Plant Cooperative), Wind Project Rev. Bonds, BerkshireSeries 1, 5.25% 2026 3,000 3,269Catholic Health East, Health System Rev. Ref. Bonds, Series 2009, 6.25% 2032 1,090 1,248Dev. Fin. Agcy., Higher Education Rev. Bonds (Emerson College Issue), Series 2006-A, 5.00% 2019 1,000 1,088Dev. Fin. Agcy., Higher Education Rev. Bonds (Emerson College Issue), Series 2006-A, 5.00% 2021 3,000 3,257Dev. Fin. Agcy., Higher Education Rev. Bonds (Emerson College Issue), Series 2006-A, 5.00% 2022 1,495 1,619Dev. Fin. Agcy., Hospital Rev. Bonds (Healthcare Obligated Group Issue), Series 2013, 5.25% 2041 4,500 4,896Dev. Fin. Agcy., Resource Recovery Rev. Ref. Bonds (Covanta Energy Project), Series 2012-B, 4.875% 2042 16,920 16,987Dev. Fin. Agcy., Rev. Bonds (Boston University Issue), Series 2013-U-1, 0.64% 2040 (put 2017) 1 1,000 1,000The Tax-Exempt Bond Fund of America — Page 30 of 60Bonds, notes & other debt instrumentsMassachusetts (continued)Principal amount(000)Value(000)Dev. Fin. Agcy., Rev. Bonds (Boston University Issue), Series 2013-X, 5.00% 2048 $17,500 $ 18,926Dev. Fin. Agcy., Rev. Bonds (Boston University Issue), Series U-4, 5.60% 2035 5,000 5,850Dev. Fin. Agcy., Rev. Bonds (Curry College Issue), Series 2006-A, ACA insured, 5.00% 2036 1,000 1,011Dev. Fin. Agcy., Rev. Bonds (Curry College Issue), Series 2006-A, ACA insured, 5.25% 2026 1,490 1,577Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2019 1,040 1,005Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2020 1,089 1,039Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2026 1,412 1,254Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2031 1,056 904Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2039 705 574Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2046 1,773 1,404Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-2, 5.50% 2046 376 262Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-B, 0% 2056 1,868 8Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2011-K-6, 5.375% 2041 1,000 1,101Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2012-L, 5.00% 2031 1,000 1,108Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2014-M-4, 5.00% 2044 1,000 1,088Dev. Fin. Agcy., Rev. Ref. Bonds (Boston University Issue), Series V-1, 5.00% 2029 9,800 11,171Dev. Fin. Agcy., Rev. Ref. Bonds (Emerson College Issue), Series 2010-A, 5.00% 2040 8,375 8,731Dev. Fin. Agcy., Rev. Ref. Bonds (Harvard University Issue), Series 2010-B-2, 5.25% 2034 7,185 8,370Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.75% 2036 2,000 2,343Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.875% 2041 3,000 3,515Dev. Fin. Agcy., Rev. Ref. Bonds, UMass Memorial Issue, Series 2011-H, 5.50% 2031 1,500 1,583Dev. Fin. Agcy., Rev. Bonds (Williams College), Series 2011-N, 0.34% 2041 (put 2017) 1 2,000 1,995G.O. Bonds, Consolidated Loan of 2008, Series A, 5.00% 2033 8,070 9,009G.O. Ref. Bonds, Series 2013-B, 5.00% 2023 1,000 1,223Health and Educational Facs. Auth., Rev. Bonds (Baystate Medical Center Issue),Series 2009-K-2, 5.00% 2039 (put 2015) 1,200 1,249Health and Educational Facs. Auth., Rev. Bonds (Massachusetts Institute of Technology Issue), Series 2008-O, 6.00% 2036 7,000 8,261Health and Educational Facs. Auth., Rev. Bonds (Partners HealthCare System Issue), Series 2007-G-2, Assured Guaranty Municipalinsured, 0.40% 2042 1 5,000 5,000

Health and Educational Facs. Auth., Rev. Ref. Bonds (CareGroup Issue), Series 2008-E-1, 5.125% 2033 2,500 2,623Health and Educational Facs. Auth., Rev. Ref. Bonds (CareGroup Issue), Series 2008-E-2, 5.375% 2025 2,500 2,806Health and Educational Facs. Auth., Rev. Ref. Bonds (Harvard University Issue), Series 2009-A, 5.50% 2036 12,320 14,388Health and Educational Facs. Auth., Rev. Ref. Bonds (Northeastern University Issue), Series 2008-T-1,5.00% 2032 1,050 1,157Health and Educational Facs. Auth., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A,5.75% 2039 (preref. 2019) 8,380 9,065Health and Educational Facs. Auth., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 6.00% 2024 5,500 6,432Housing Fin. Agcy., Housing Bonds, Series 2009-C, 5.35% 2049 4,000 4,206Housing Fin. Agcy., Housing Rev. Ref. Bonds, Series 2010-A, 3.375% 2016 2,710 2,836Housing Fin. Agcy., Single-family Housing Rev. Bonds, Series 167, 4.00% 2043 1,340 1,471Housing Fin. Agcy., Single-family Housing Rev. Ref. Bonds, Series 162, 2.75% 2041 2,840 2,939Housing Fin. Agcy., Single-family Housing Rev. Ref. Bonds, Series 165, 2.65% 2041 4,230 4,403Massachusetts Bay Transportation Auth., Sales Tax Rev. Ref. Bonds, Series 2007-A-1, 5.25% 2032 10,000 12,552Port Auth., Rev. Ref. Bonds, Series 2012-B, 5.00% 2023 1,090 1,293Port Auth., Special Facs. Rev. Bonds (ConRAC Project), Series 2011-A, 5.125% 2041 9,250 9,836Special Obligation Dedicated Tax Rev. Ref. Bonds, Series 2005, FGIC-National insured, 5.00% 2020 5,000 5,793State College Building Auth., Project and Rev. Ref. Bonds, Series 2003-B, XLCA insured, 5.375% 2017 3,550 4,018State College Building Auth., Project and Rev. Ref. Bonds, Series 2003-B, XLCA insured, 5.375% 2018 5,045 5,879State College Building Auth., Rev. Ref. Bonds, Series 2012-B, 5.00% 2030 1,000 1,142229,194The Tax-Exempt Bond Fund of America — Page 31 of 60Bonds, notes & other debt instrumentsMichigan 3.38%Principal amount(000)Value(000)City of Royal Oak Hospital Fin. Auth., Hospital Rev. Ref. Bonds (William Beaumont Hospital Obligated Group), Series 2014-D, 5.00%2025 $ 500 $ 576City of Royal Oak Hospital Fin. Auth., Hospital Rev. Ref. Bonds (William Beaumont Hospital Obligated Group), Series 2014-D, 5.00%2030 1,160 1,285Econ. Dev. Corp. of the City of Dearborn, Limited Obligation Rev. Ref. Bonds (Henry Ford Village, Inc. Project), Series 2008, 7.00%2038 5,800 5,906City of Detroit, Distributable State Aid G.O. (Limited Tax) Bonds, Series 2010, 5.25% 2035 10,665 11,099City of Detroit, G.O. Bonds, Series 2001-A-1, National insured, 5.375% 2018 3,600 3,548City of Detroit, Sewage Disposal System Rev. Ref. Bonds, Series 2006-D, Assured Guaranty Municipal insured, 0.757% 2032 1 4,850 3,873City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Bonds, Series 2001-C-1, Assured Guaranty MunicipalInsured, 7.00% 2027 4,000 4,346City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Bonds, Series 2012-A,5.25% 2039 5,900 5,799City of Detroit, Water Supply System Rev. Bonds, Series 2011-A, 5.25% 2041 16,000 15,716School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.), Series1998-C, FGIC insured, 5.25% 2025 1,955 2,164School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.), Series2005-A, Assured Guaranty Municipal insured, 5.00% 2016 4,000 4,129School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.), Series2005-A, Assured Guaranty Municipal insured, 5.00% 2018 4,920 5,078School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.), Series2012-A, 5.00% 2026 2,000 2,190School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.), Series2012-A, 5.00% 2027 3,500 3,813School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.), Series2012-A, 5.00% 2028 3,610 3,910

School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.), Series2012-A, 5.00% 2030 4,000 4,296Fin. Auth., Hospital Rev. Ref. Bonds (Oakwood Obligated Group), Series 2012, 5.00% 2024 9,145 10,422Fin. Auth., Hospital Rev. Ref. Bonds (Oakwood Obligated Group), Series 2012, 5.00% 2027 3,000 3,340Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2011, 5.00% 2039 1,250 1,336Fin. Auth., Rev. Bonds (School Dist. of the City of Detroit), Series 2011, 5.50% 2021 6,865 7,986Fin. Auth., Rev. Ref. Bonds (School Dist. of the City of Detroit), Series 2012, 5.00% 2019 900 1,019City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2013-A, 5.25% 2028 3,000 2,832City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2013-A, 5.25% 2039 500 443G.O. Bonds (Environmental Program and Ref.), Series 2008-A, 5.00% 2018 5,000 5,750Hospital Fin. Auth., Hospital Rev. Bonds (MidMichigan Obligated Group), Series 2006-A, 4.75% 2031 3,360 3,393Hospital Fin. Auth., Hospital Rev. Bonds (MidMichigan Obligated Group), Series 2006-A, 5.00% 2026 6,665 6,813Hospital Fin. Auth., Hospital Rev. Bonds (MidMichigan Obligated Group), Series 2006-A, 5.00% 2036 12,705 12,853Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2006-A, 5.00% 2020 1,115 1,205Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2006-A, 5.00% 2021 2,165 2,290Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2006-A, 5.00% 2038 10,000 10,339Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2009, 5.625% 2029 1,500 1,667Hospital Fin. Auth., Hospital Rev. Ref. Bonds (McLaren Health Care), Series 2012-A, 5.00% 2035 1,000 1,073Hospital Fin. Auth., Rev. Bonds (McLaren Health Care), Series 2005-C, 5.00% 2020 2,310 2,408Hospital Fin. Auth., Rev. Bonds (Trinity Health Credit Group), Series 2009-B, 5.00% 2048 3,705 3,905Hospital Fin. Auth., Rev. Ref. Bonds (Trinity Health Credit Group), Series 2008-A, 6.00% 2034 (put 2017) 2,500 2,913Hospital Fin. Auth., Rev. Ref. Bonds (Trinity Health Credit Group), Series 2008-A, 6.50% 2033 5,000 5,872Kent Hospital Fin. Auth., Rev. Ref. Bonds (Spectrum Health System), Series 2008-A, 5.50% 2047 (put 2015) 6,000 6,144Kent Hospital Fin. Auth., Rev. Ref. Bonds (Spectrum Health System), Series 2011-A, 5.00% 2029 2,000 2,210County of Wayne, Livonia Public Schools School Dist., School Building and Site G.O bonds, Series 2013-I, Assured GuarantyMunicipal insured, 5.00% 2038 2,000 2,139County of Monroe Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Mercy Memorial Hospital Corp. Obligated Group), Series 2006, 5.50%2019 1,405 1,488The Tax-Exempt Bond Fund of America — Page 32 of 60Bonds, notes & other debt instrumentsMichigan (continued)Principal amount(000)Value(000)County of Monroe Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Mercy Memorial Hospital Corp. Obligated Group), Series 2006, 5.50%2035 $ 1,500 $ 1,517Fin. Auth., Local Government Loan Program Rev. Bonds (Public Lighting Auth. Local Project Bonds),Series 2014-B, 5.00% 2030 1,000 1,057Fin. Auth., Local Government Loan Program Rev. Bonds (Public Lighting Auth. Local Project Bonds),Series 2014-B, 5.00% 2039 5,600 5,694Public Power Agcy., Rev. Ref. Bonds (Belle River Project), Series 2002-A, National insured, 5.25% 2018 2,000 2,266City of Royal Oak Hospital Fin. Auth., Hospital Rev. Ref. Bonds (William Beaumont Hospital Obligated Group), Series 2009-V, 8.00%2029 (preref. 2018) 2,000 2,562City of Royal Oak Hospital Fin. Auth., Hospital Rev. Ref. Bonds (William Beaumont Hospital Obligated Group), Series 2009-V, 8.25%2039 (preref. 2018) 3,000 3,873City of Royal Oak Hospital Fin. Auth., Hospital Rev. Ref. Bonds (William Beaumont Hospital Obligated Group), Series 2014-D, 5.00%2039 2,750 2,944City of Saginaw Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2010-H, 5.00% 2030 5,300 5,585State Trunk Line Fund Bonds, Series 2011, 5.00% 2036 2,000 2,206State Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2008-I, 6.00% 2038 8,000 9,191State Hospital Fin. Auth., Rev. Bonds (Ascension Health Credit Group), Series 1999-B-3,2.00% 2033 (put 2014) 5,400 5,400Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project),Series 2008-ET-1, 5.25% 2029 (put 2014) 4,750 4,750Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project),

Series 2008-ET-2, 5.50% 2029 (put 2016) 2,000 2,164Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project),Series 2008-KT, 5.625% 2020 1,500 1,781Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A, 6.00% 2034 1,000 836Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds,Series 2007-A, 6.00% 2048 43,205 34,108Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.875%2042 10,010 9,267Wayne County Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport),Series 2012-A, 5.00% 2032 2,500 2,653Wayne County Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport),Series 2012-A, 5.00% 2037 7,400 7,799Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2010-C, 5.00% 2021 12,190 13,542Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2010-C, 5.00% 2022 2,140 2,362Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2010-C, 5.50% 2020 9,000 10,557Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2010-D, 5.00% 2016 1,400 1,534Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2011-B, 5.00% 2019 1,290 1,481Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2012-A, Assured Guaranty Municipal insured, 5.00% 2042 2,000 2,085314,782The Tax-Exempt Bond Fund of America — Page 33 of 60Bonds, notes & other debt instrumentsMinnesota 0.16%Principal amount(000)Value(000)Housing Fin. Agcy., Homeownership Fin. Bonds (GNMA and FNMA Pass-Through Program),Series 2012-B, 2.25% 2042 3 $8,797 $ 8,361Housing Fin. Agcy., Homeownership Fin. Bonds (Mortgage-Backed Securities Program),Series 2010-A, 4.25% 2028 1,410 1,497Housing Fin. Agcy., Homeownership Fin. Bonds (Mortgage-Backed Securities Program),Series 2011-B, 4.50% 2031 675 722Housing Fin. Agcy., Homeownership Fin. Bonds (Mortgage-Backed Securities Program),Series 2011-D, 4.50% 2034 725 776Housing Fin. Agcy., Homeownership Fin. Bonds (Mortgage-Backed Securities Program),Series 2011-G, 4.25% 2035 1,040 1,133Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2012-D, 4.00% 2040 765 831Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-B, 4.00% 2038 1,000 1,097Minneapolis/St. Paul Housing Fin. Board, Single-family Mortgage Rev. Bonds (Mortgage-backed Securities Program - City Living HomePrograms), Series 2006-A-3, 5.70% 2027 304 317Mississippi 0.32%14,734Dev. Bank, Special Obligation Bonds (Municipal Energy Agcy. of Mississippi Power Supply Project),Series 2006-A, XLCA insured, 5.00% 2026 5,065 5,202Dev. Bank, Special Obligation Rev. Ref. Bonds (Harrison County, Mississippi Highway Ref. Project),Series 2013-A, 5.00% 2025 3,000 3,624Dev. Bank, Special Obligation Rev. Ref. Bonds (Madison County, Mississippi Highway Ref. Project),

Series 2013-C, 5.00% 2026 4,000 4,831Home Corp., Homeownership Mortgage Rev. Bonds, Series 2010-A, 4.50% 2031 780 831Home Corp., Single-family Mortgage Rev. Bonds, Series 2007-A-1, 5.50% 2038 2,530 2,702Home Corp., Single-family Mortgage Rev. Bonds, Series 2009-A-2, 5.00% 2039 1,265 1,368Hospital Equipment and Facs. Auth., Rev. Ref. Bonds (Mississippi Baptist Health Systems, Inc.), Series 2007-A, 5.00% 2017 3,000 3,316Hospital Equipment and Facs. Auth., Rev. Ref. Bonds (Mississippi Baptist Health Systems, Inc.), Series 2007-A, 5.00% 2026 2,000 2,064Jackson State University Educational Building Corp., Rev. Bonds (Campus Facs. Project), Series 2007,Assured Guaranty Municipal insured, 5.00% 2034 (put 2015) 3,635 3,727Warren County, Gulf Opportunity Zone Bonds, Series 2010-A, 5.80% 2034 2,000 2,214Missouri 0.78%29,879Industrial Dev. Auth. of the County of Cape Girardeau, Health Facs. Rev. Bonds (Southeast Missouri Hospital Assn.), Series 2007,5.00% 2017 1,000 1,073Industrial Dev. Auth. of the County of Cape Girardeau, Health Facs. Rev. Bonds (Southeast Missouri Hospital Assn.), Series 2007,5.00% 2018 1,500 1,595Industrial Dev. Auth. of the County of Cape Girardeau, Health Facs. Rev. Bonds (Southeast Missouri Hospital Assn.), Series 2007,5.00% 2036 5,000 5,047Chesterfield Valley Transportation Dev. Dist. (Chesterfield), Transportation Sales Tax Rev. Bonds, Series 2006, Assured Guarantyinsured, 4.00% 2026 1,250 1,250Health and Educational Facs. Auth., Health Facs. Rev. Bonds (SSM Health Care), Series 2010-B, 5.00% 2030 2,835 3,068Health and Educational Facs. Auth., Health Facs. Rev. Bonds, Series 2014-A, 5.00% 2027 1,000 1,149Health and Educational Facs. Auth., Health Facs. Rev. Ref. Bonds (St. Luke’s Episcopal-Presbyterian Hospitals), Series 2006, 5.00%2019 2,830 3,007Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services Projects),Series 2010, 5.50% 2042 2,250 2,365Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services),Series 2007-A, 4.875% 2027 2,930 3,009Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services),Series 2007-A, 4.875% 2037 2,065 2,087The Tax-Exempt Bond Fund of America — Page 34 of 60Bonds, notes & other debt instrumentsMissouri (continued)Principal amount(000)Value(000)Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services),Series 2007-B, 4.875% 2038 $ 4,215 $ 4,258Housing Dev. Commission, Single-family Mortgage Rev. Bonds (Homeownership Loan Program),Series 2009-C, 4.90% 2036 745 760Housing Dev. Commission, Single-family Mortgage Rev. Bonds (Homeownership Loan Program),Series 2009-D, 4.80% 2040 1,000 1,061Housing Dev. Commission, Single-family Mortgage Rev. Bonds (Special Homeownership Loan Program), Series 2014-A, 4.00% 2041 645 708I-470 and 350 Transportation Dev. Dist. (Lee’s Summit), Transportation Sales Tax Rev. Ref. and Improvement Bonds, Series 2007,RADIAN insured, 4.60% 2029 1,485 1,500Joint Municipal Electric Utility Commission, Power Project Rev. Bonds (Plum Point Project), Series 2006, National insured, 5.00% 2020 1,620 1,704Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Ref. Bonds (John Knox Village Obligated Group), Series2007-A, 5.125% 2026 7,500 7,712Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Ref. Bonds (John Knox Village Obligated Group), Series2007-A, 5.125% 2032 7,300 7,396Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Ref. Bonds (John Knox Village Obligated Group), Series2014-A, 5.25% 2039 1,310 1,292City of St. Louis, Airport Rev. Bonds (Lambert-St. Louis International Airport), Series 2009-A-1, 6.25% 2029 2,025 2,302City of St. Louis, Airport Rev. Bonds (Lambert-St. Louis International Airport), Series 2009-A-1, 6.625% 2034 3,000 3,442City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005,National insured, 5.50% 2027 6,270 7,375

City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005,National insured, 5.50% 2029 3,125 3,665Transportation Dev. Dist. (Hazelwood, St. Louis County), Transportation Rev. Bonds (Missouri Bottom Road/Taussig Road), Series2002, 7.20% 2033 5,500 5,507Nebraska 0.42%72,332Central Plains Energy Project, Gas Project Rev. Bonds (Project No. 1), Series 2007-A, 5.25% 2018 2,100 2,372Central Plains Energy Project, Gas Project Rev. Bonds (Project No. 3), Series 2012, 5.00% 2027 3,985 4,403Central Plains Energy Project, Gas Project Rev. Bonds (Project No. 3), Series 2012, 5.00% 2042 1,000 1,048Central Plains Energy Project, Gas Project Rev. Bonds (Project No. 3), Series 2012, 5.25% 2037 6,275 6,727Hospital Auth. No. 3 of Douglas County, Health Facs. Rev. Ref. Bonds (Methodist Health System), Series 2008, 5.75% 2028 10,795 11,508Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2013-A, 3.00% 2043 1,105 1,166Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2013-C, 2.50% 2035 3,390 3,498Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2014-A, 4.00% 2044 1,000 1,100Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2014-A, 3.00% 2044 1,500 1,580Omaha Public Power Dist., Electric System Rev. Bonds, Series 2008-A, 5.50% 2033 1,000 1,120Public Power Dist., General Rev. Bonds, Series 2008-B, 5.00% 2028 4,490 4,97739,499Nevada 2.00%Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2008-A, 5.00% 2021 2,420 2,750Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2008-A, 5.00% 2022 8,000 9,067Clark County School Dist., G.O. (Limited Tax) Building Bonds, Series 2008-A, 5.00% 2023 7,000 7,914Clark County Water Reclamation Dist., G.O. (Limited Tax) Water Reclamation Bonds,Series 2008, 5.625% 2032 1,000 1,147Clark County, Airport System Rev. Bonds, Series 2010-B, 5.125% 2036 18,000 19,436Clark County, Airport System Rev. Bonds, Series 2010-D, 5.00% 2023 7,025 8,127Clark County, G.O. (Limited Tax) Bond Bank Bonds, Series 2008, 5.00% 2021 11,155 12,753Clark County, Highway Rev. (Motor Vehicle Fuel Tax) Ref. Bonds, Series 2011, 5.00% 2022 10,580 12,607Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds,Series 2010-A, 5.00% 2030 2,000 2,178The Tax-Exempt Bond Fund of America — Page 35 of 60Bonds, notes & other debt instrumentsNevada (continued)Principal amount(000)Value(000)Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds,Series 2010-A, 5.125% 2034 $10,980 $ 11,890Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Ref. Bonds,Series 2012-B, 5.00% 2028 5,780 6,492Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Ref. Bonds,Series 2012-B, 5.00% 2033 1,885 2,063Clark County, Sales and Excise Tax Rev. (Streets and Highway Projects) Improvement and Ref. Bonds,Series 2010-B, 5.00% 2019 3,000 3,494Clark County, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Ref. Bonds, Series 2006-B, 5.30%2029 3,780 3,607Clark County, Special Improvement Dist. No. 128 (Summerlin Centre), Local Improvement Bonds,Series 2001-B, 6.75% 2021 1,255 1,276Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Ref. Bonds,Series 2012, 5.00% 2019 4,250 4,567G.O. (Limited Tax) Capital Improvement and Cultural Affairs Bonds, Series 2007-B, FGIC-National insured, 5.00% 2026 9,640 10,865City of Henderson, Health Fac. Rev. Ref. Bonds (Catholic Healthcare West), Series 2007-B, 5.00% 2015 2,000 2,086City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Limited Obligation Improvement Bonds, 5.00% 2018 355 366

City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Limited Obligation Improvement Bonds, 5.00% 2025 3,865 3,983City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.25% 2026 4,990 4,433City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.30% 2035 8,495 6,955City of Henderson, Local Improvement Dist. No. T-4C (Green Valley Properties), Limited ObligationRef. Bonds, Series 1999-A, 5.90% 2018 2,815 2,836Highway Improvement Rev. Bonds (Motor Vehicle Fuel Tax), Series 2008, 5.00% 2024 4,850 5,508Las Vegas Valley Water Dist., G.O. (Limited Tax) Ref. Bonds, Series 2011-C, 5.00% 2030 8,000 8,979Las Vegas Valley Water Dist., G.O. (Limited Tax) Water and Ref. Bonds, Series 2009-D, 5.00% 2025 2,360 2,678Las Vegas Valley Water Dist., G.O. (Limited Tax) Water and Ref. Bonds, Series 2009-D, 5.00% 2026 4,330 4,913Las Vegas Valley Water Dist., G.O. (Limited Tax) Water Bonds, Series 2012-B, 5.00% 2032 2,000 2,257Las Vegas Valley Water Dist., G.O. (Limited Tax) Water Bonds, Series 2012-B, 5.00% 2037 3,500 3,820Las Vegas Valley Water Dist., G.O. (Limited Tax) Water Bonds, Series 2012-B, 5.00% 2042 1,000 1,082City of Reno, Hospital Rev. Bonds (Renown Regional Medical Center Project), Series 2007-A, 5.00% 2022 3,295 3,456City of Reno, Hospital Rev. Bonds (Renown Regional Medical Center Project), Series 2007-A, 5.00% 2027 9,385 9,687City of Reno, Hospital Rev. Bonds (Washoe Medical Center Project), Series 2004-A, AMBAC insured,5.50% 2028 1,625 1,708Redev. Agcy. of the City of Reno, Tax Increment Bonds, Series 2007-B, 5.00% 2027 2,000 1,522New Hampshire 0.38%186,502Business Fin. Auth., Rev. Bonds (Elliot Hospital Obligated Group Issue), Series 2009-A, 6.00% 2027 3,000 3,267Business Fin. Auth., Rev. Bonds (Elliot Hospital Obligated Group Issue), Series 2009-A, 6.125% 2039 18,115 19,518Health and Education Facs. Auth., Rev. Ref. Bonds (Southern New Hampshire Medical Center Issue), Series 2007-A, 5.00% 2037 8,500 8,765Health and Education Facs. Auth., Rev. Ref. Bonds (Southern New Hampshire Medical Center Issue), Series 2007-A, 5.25% 2028 1,500 1,591Health and Educational Facs. Auth., Healthcare System Rev. Bonds (Covenant Health Systems Obligated Group Issue), Series 2007-A, 5.25% 2024 1,910 2,05035,191The Tax-Exempt Bond Fund of America — Page 36 of 60Bonds, notes & other debt instrumentsNew Jersey 2.30%Principal amount(000)Value(000)Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Current Interest Bonds,Series 2012-A, 5.00% 2042 $ 2,240 $ 2,364Camden County Improvement Auth., Health Care Redev. Project Rev. Bonds (Cooper Health System Obligated Group Issue), Series2013-A, 5.75% 2042 1,335 1,448Certs. of Part., Series 2008-A, 5.00% 2023 1,000 1,085Econ. Dev. Auth., Cigarette Tax Rev. Bonds, Series 2004, RADIAN insured,5.375% 2015 (escrowed to maturity) 1,500 1,568Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Seabrook Village, Inc. Fac.),Series 2006, 5.00% 2016 1,000 1,065Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Seabrook Village, Inc. Fac.),Series 2006, 5.25% 2026 1,925 1,976Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Seabrook Village, Inc. Fac.),Series 2006, 5.25% 2036 5,250 5,320Econ. Dev. Auth., Rev. Bonds (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project),Series 2010-A, 5.375% 2025 4,160 4,529Econ. Dev. Auth., Rev. Bonds (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project),Series 2010-A, 5.875% 2042 5,000 5,463Econ. Dev. Auth., Rev. Ref. Bonds (Crane’s Mill Project), Series 2005-A, 5.00% 2015 165 168Econ. Dev. Auth., Rev. Ref. Bonds (Crane’s Mill Project), Series 2005-A, 5.50% 2018 615 658

Econ. Dev. Auth., School Facs. Construction Bonds, Series 2005-O, 5.00% 2018 (preref. 2015) 2,000 2,056Econ. Dev. Auth., School Facs. Construction Bonds, Series 2005-P, 5.25% 2018 (preref. 2015) 1,500 1,582Econ. Dev. Auth., School Facs. Construction Notes, Series 2012-H, 0.96% 2017 1 4,250 4,258Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2014-PP, 5.00% 2027 3,000 3,360Educational Facs. Auth., Rev. Ref. Bonds (Kean University Issue), Series 2009-A, 5.50% 2036 2,500 2,839Health Care Facs. Fncg. Auth., Rev. Bonds (AHS Hospital Corp. Issue), Series 2011, 6.00% 2041 1,500 1,739Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Barnabas Health Issue), Series 2011-A, 5.625% 2032 3,500 3,838Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Barnabas Health Issue), Series 2011-A, 5.625% 2037 3,500 3,808Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Barnabas Health Issue), Series 2012-A, 5.00% 2025 1,000 1,119Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (St. Clare’s Hospital, Inc. Issue), Series 2004-A, RADIAN insured, 5.25% 2016(escrowed to maturity) 4,740 5,166Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (St. Clare’s Hospital, Inc. Issue), Series 2004-B, National insured, 5.25% 2015(escrowed to maturity) 2,150 2,245Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (St. Peter’s University Hospital Obligated Group Issue),Series 2011, 6.00% 2026 1,000 1,096Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2009-A, 5.00% 2017 8,000 8,786Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2010-1A, 5.00% 2015 3,000 3,183Rutgers State University, G.O. Bonds (State University of New Jersey), Series 2013-J, 5.00% 2028 7,000 8,153Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds,Series 2007-1-A, 4.625% 2026 1,000 868Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds,Series 2007-1-A, 5.00% 2041 38,100 28,343Transit Corp., Certs. of Part., Series 2005-A, FGIC-National insured, 5.00% 2018 7,750 8,166Transit Corp., Certs. of Part., Series 2005-A, FGIC-National insured, 5.00% 2021 5,000 5,269Transit Corp., Grant Anticipation Notes (Federal Transit Administration Section 5307 Urbanized Area Formula Funds) Series 2014-A,5.00% 2021 2,125 2,462Transportation Trust Fund Auth., Transportation System Bonds (Capital Appreciation Bonds), Series 2010-A, 0% 2030 10,000 4,652Transportation Trust Fund Auth., Transportation System Bonds, Series 2004-A, FGIC-National insured,5.75% 2025 5,000 6,075Transportation Trust Fund Auth., Transportation System Bonds, Series 2005-D, 5.00% 2020 (preref. 2015) 4,000 4,170Transportation Trust Fund Auth., Transportation System Bonds, Series 2008-A, 6.00% 2038 3,255 3,796Transportation Trust Fund Auth., Transportation System Bonds, Series 2008-A, 6.00% 2038 (preref. 2018) 1,745 2,124Transportation Trust Fund Auth., Transportation System Bonds, Series 2011-B, 5.50% 2031 2,000 2,285Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Current Interest Bonds,Series 2006-A, 5.25% 2020 10,000 11,684The Tax-Exempt Bond Fund of America — Page 37 of 60Bonds, notes & other debt instrumentsNew Jersey (continued)Principal amount(000)Value(000)Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Current Interest Bonds,Series 2006-A, 5.25% 2021 $10,000 $ 11,568Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Current Interest Bonds,Series 2006-A, 5.25% 2022 20,000 23,216Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Series 2005-B, AMBAC insured, 5.25% 2023 8,000 9,297Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Series 2013-A, 5.00% 2020 1,000 1,149Turnpike Auth., Turnpike Rev. Ref. Bonds, Series 2013-D, 0.74% 2024 (put 2018) 1 3,100 3,109Turnpike Auth., Turnpike Rev. Ref. Bonds, Series 2013-E, 0.68% 2023 (put 2017) 1 4,015 4,020Turnpike Auth., Turnpike Rev. Ref. Bonds, Series 2013-E, 0.74% 2024 (put 2018) 1 3,625 3,635New Mexico 0.14%214,760Bernalillo County, Gross Receipts Tax Rev. Ref. Bonds, Series 1998, 5.20% 2021 6,040 7,032Educational Assistance Foundation, Education Loan Rev. Ref. Bonds, Series 2010-A-2, 0.877% 2028 1 790 786

Hospital Equipment Loan Council, Rev. Ref. Bonds (Haverland Charter Lifestyle Group), Series 2012,5.00% 2032 1,415 1,417Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2009-C-2, Class I, 5.70% 2040 570 594Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2009-D, Class I, 5.35% 2040 325 348Mortgage Fin. Auth., Single-family Mortgage Program Class I Bonds, Series 2010-A, 4.50% 2028 760 802Mortgage Fin. Auth., Single-family Mortgage Program Class I Bonds, Series 2010-A, 4.625% 2025 385 400Mortgage Fin. Auth., Single-family Mortgage Program Rev. Ref. Bonds, Series 2009-B-2, Class I, 5.65% 2039 795 864Mortgage Fin. Auth., Single-family Mortgage Program Rev. Ref. Bonds, Series 2009-E, Class I, 5.30% 2040 1,120 1,161New York 5.57%13,404City of Albany Industrial Dev. Agcy., Civic Fac. Rev. Ref. Bonds (St. Peter’s Hospital of the City of Albany Project), Series 2008-A,5.25% 2027 1,000 1,098Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Buffalo State College Foundation Housing Corp. Project), Series2011-A, 6.00% 2031 1,000 1,152County of Chautauqua Industrial Dev. Agcy., Exempt Fac. Rev. Bonds (NRG Dunkirk Power Project),Series 2009, 5.875% 2042 2,000 2,175Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2008-A-2A,0.44% 2026 (put 2017) 1 500 500Dormitory Auth., North Shore-Long Island Jewish Obligated Group, Rev. Ref. Bonds, Series 2011-A,5.00% 2032 11,000 11,894Dormitory Auth., FHA insured Mortgage Hospital Rev. Bonds (Kaleida Health), Series 2006, 4.60% 2027 6,720 7,156Dormitory Auth., Fordham University Rev. Bonds, Series 2011-A, 5.50% 2036 500 559Dormitory Auth., Mental Health Services Facs. Improvement Rev. Ref. Bonds, Series 2010-A, 5.00% 2021 5,000 5,844Dormitory Auth., Mount Sinai Hospital Obligated Group Rev. Ref. Bonds, Series 2010-A, 5.00% 2026 1,250 1,386Dormitory Auth., Municipal Health Facs. Improvement Program Lease Rev. Bonds, Series 2001-2,Subseries 2-2, 5.00% 2023 10,000 11,217Dormitory Auth., Municipal Health Facs. Improvement Program Lease Rev. Bonds, Series 2001-2,Subseries 2-3, 5.00% 2023 7,150 8,020Dormitory Auth., Municipal Health Facs. Improvement Program Lease Rev. Bonds, Series 2001-2,Subseries 2-3, 5.00% 2026 3,535 3,939Dormitory Auth., Rochester General Hospital Insured Rev. Bonds, Series 2005, RADIAN insured,5.00% 2015 (escrowed to maturity) 1,495 1,591Dormitory Auth., School Districts Rev. Bond Fncg. Program Rev. Bonds, Series 2012-F,Assured Guaranty Municipal insured, 5.00% 2020 1,100 1,307Dormitory Auth., Secured Hospital Rev. Ref. Bonds (Interfaith Medical Center), Series 2007, 5.00% 2019 2,100 2,223Dormitory Auth., Secured Hospital Rev. Ref. Bonds (Interfaith Medical Center), Series 2007, 5.00% 2020 3,400 3,634Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2008-B, 5.00% 2023 10,000 11,538Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2009-A, 5.00% 2028 8,000 9,121Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2011-A, 5.00% 2033 8,760 9,830The Tax-Exempt Bond Fund of America — Page 38 of 60Bonds, notes & other debt instrumentsNew York (continued)Principal amount(000)Value(000)Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2011-C, 5.00% 2041 $ 1,890 $ 2,070Dormitory Auth., State Personal Income Tax Rev. Bonds (General Purpose), Series 2014-A, 5.00% 2030 2,500 2,888Dormitory Auth., State Sales Tax Rev. Bonds, Series 2013-A, 5.00% 2038 1,600 1,788Environmental Facs. Corp., State Clean Water and Drinking Water Rev. Ref. Second Resolution Bonds (New York City MunicipalWater Fin. Auth. Projects), Series 2002-K, 5.50% 2017 5,000 5,719Environmental Facs. Corp., State Clean Water and Drinking Water Revolving Funds Rev. Bonds (New York City Municipal Water Fin.Auth. Projects - Second Resolution Bonds), Series 2011-B, 5.00% 2036 2,500 2,800Erie County Industrial Dev. Agcy., School Fac. Rev. Bonds (City School Dist. of the City of Buffalo Project), Series 2011-A, 5.25% 2025 500 588Erie County Industrial Dev. Agcy., School Fac. Rev. Ref. Bonds (City School Dist. of the City of Buffalo Project), Series 2011-B, 5.00%2024 1,000 1,168

Erie County Industrial Dev. Agcy., School Fac. Rev. Ref. Bonds (City School Dist. of the City of Buffalo Project), Series 2012-A, 5.00%2025 1,000 1,166Erie County Industrial Dev. Agcy., School Fac. Rev. Ref. Bonds (City School Dist. of the City of Buffalo Project), Series 2013-A, 5.00%2026 6,000 7,014Erie County Industrial Dev. Agcy., School Fac. Rev. Ref. Bonds (City School Dist. of the City of Buffalo Project), Series 2013-A, 5.00%2027 3,000 3,481City of New York, G.O. Bonds, Series 2014-J, 5.00% 2030 2,000 2,307Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012 Series A, 5.25% 2047 6,000 6,543Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012 Series A, 5.75% 2047 9,500 10,822Liberty Dev. Corp., Liberty Rev. Ref. Bonds (4 World Trade Center Project), Series 2011, 5.00% 2031 3,500 3,824Liberty Dev. Corp., Liberty Rev. Ref. Bonds (4 World Trade Center Project), Series 2011, 5.00% 2044 4,000 4,302Liberty Dev. Corp., Liberty Rev. Ref. Bonds (7 World Trade Center Project), Series 2012, 5.00% 2043 4,000 4,316Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project), Series 2010, 6.375% 2049 21,000 23,173Liberty Dev. Corp., Rev. Bonds (Goldman Sachs Headquarters Issue), Series 2005, 5.25% 2035 1,000 1,159Long Island Power Auth., Electric System General Rev. Bonds, Series 2003-C, CIFG insured, 5.25% 2029 4,000 4,771Long Island Power Auth., Electric System General Rev. Bonds, Series 2012-A, 5.00% 2042 8,600 9,204Dobbs Ferry Local Dev. Corp., Rev. Bonds, Series 2014, 5.00% 2044 1,250 1,357Metropolitan Transportation Auth., Dedicated Tax Fund Bonds, Series 2009-B, 5.00% 2034 1,000 1,113Metropolitan Transportation Auth., Dedicated Tax Fund Bonds, Series 2009-B, 5.25% 2022 5,000 5,981Metropolitan Transportation Auth., Dedicated Tax Fund Bonds, Series 2009-B, 5.25% 2030 2,000 2,280Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2002-B-3C, 1.01% 2019 1 8,900 8,921Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2002-B-3D, 1.06% 2020 1 11,100 11,128Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2012-A, 5.00% 2022 1,680 2,035Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2003-B, FGIC-National insured,5.25% 2021 5,000 6,043Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2005-C, 5.00% 2016 1,000 1,104Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-C, 5.50% 2018 6,500 7,110Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2011-D, 5.00% 2036 6,000 6,500Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-E, 5.00% 2024 2,000 2,355Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-A-1, 5.00% 2044 4,250 4,627Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-B, 5.00% 2044 13,000 14,203Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-G-1G,0.752% 2026 (put 2015) 1 5,000 5,023Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2011-C, 5.00% 2023 5,000 5,873Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2024 10,000 11,775Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2029 7,000 7,892Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2032 3,105 3,448Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-F, 5.00% 2030 10,000 11,212Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2014-A-2, 5.00% 2028 3,000 3,453Monroe County Industrial Dev. Corp., FHA insured Mortgage Rev. Bonds (Unity Hospital of Rochester Project), Series 2010, 5.50%2040 1,000 1,146Mortgage Agcy., Mortgage Rev. Ref. Bonds, Series 48, 2.625% 2041 410 425The Tax-Exempt Bond Fund of America — Page 39 of 60Bonds, notes & other debt instrumentsNew York (continued)Principal amount(000)Value(000)Municipal Bond Bank Agcy., Special School Purpose Rev. Ref. Bonds (Prior Year Claims - City of New York), Series 2012-A, 5.00%2021 $ 2,000 $ 2,377Nassau County Local Econ. Assistance Corp., Rev. Ref. Bonds (Winthrop-University Hospital Association Project), Series 2012, 5.00%2037 1,000 1,041City of New York, G.O. Bonds Series H, 5.00% 2015 (preref. 2014) 940 940

City of New York, G.O. Bonds, Fiscal 2004 Series H, 5.00% 2016 1,585 1,591City of New York, G.O. Bonds, Fiscal 2004 Series H, 5.00% 2016 (preref. 2014) 1,415 1,415City of New York, G.O. Bonds, Fiscal 2005 Series N, 5.00% 2020 590 618City of New York, G.O. Bonds, Fiscal 2005 Series N, 5.00% 2020 (preref. 2015) 1,910 2,003City of New York, G.O. Bonds, Fiscal 2006 Series J, 5.00% 2021 10 11City of New York, G.O. Bonds, Fiscal 2006 Series J, 5.00% 2021 (preref. 2016) 3,740 4,065City of New York, G.O. Bonds, Fiscal 2008 Series J-4, 0.61% 2025 1 2,350 2,348City of New York, G.O. Bonds, Fiscal 2013 Series F-1, 5.00% 2037 3,000 3,311City of New York, G.O. Bonds, Fiscal 2013 Series H, 5.00% 2023 3,855 4,630City of New York, G.O. Bonds, Fiscal 2013 Series J, 5.00% 2023 500 601City of New York, G.O. Bonds, Series 2014-G, 5.00% 2023 2,500 3,003City of New York, G.O. Bonds, Series H, 5.00% 2015 1,060 1,064New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2009-C-1, 5.50% 2034 1,000 1,067New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2009-K, 4.90% 2034 3,000 3,137New York City Municipal Water Fin. Auth., Water and Sewer System Rev. Ref. Bonds, Fiscal 2006 Series C, 4.75% 2033 5,000 5,279New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2009 Series EE,5.00% 2018 (escrowed to maturity) 5,000 5,788New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2012 Series BB,5.25% 2044 3,000 3,337New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Ref. Bonds, Fiscal 2007 SeriesDD, 4.75% 2035 7,500 8,021New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Ref. Bonds, Fiscal 2010 SeriesFF, 5.00% 2025 2,255 2,630New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Ref. Bonds, Fiscal 2011 SeriesGG, 5.00% 2026 2,000 2,337New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Ref. Bonds, Fiscal 2011 SeriesGG, 5.00% 2043 2,000 2,166New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2009 Series S-5, 5.25% 2022 5,000 5,857New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2012 Series S-1-A, 5.00% 2032 12,730 14,305New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2013 Series S-1, 5.00% 2033 1,825 2,044New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011 Series D, 5.00% 2024 1,000 1,177New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2012 Series E-1, 5.00% 2037 2,000 2,231New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2012 Series F-1, 5.00% 2039 1,000 1,102New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2013 Series F-1, 5.00% 2028 1,500 1,734New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2013 Series F-1, 5.00% 2036 1,000 1,114New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2014-D-1, 5.00% 2036 500 562New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series A-1, 5.00% 2021 (preref. 2016) 3,500 3,831New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2014-A1, 5.00% 2037 2,500 2,813New York City Transitional Fin. Auth., Multi-Modal Rev. Ref. Bonds, Series 2011-B, 5.00% 2020 1,500 1,783New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2010-A, 5.00% 2021 1,500 1,719New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2010-A, 5.00% 2024 5,000 5,696Port Auth., Special Project Bonds (JFK International Air Terminal LLC Project), Series 8, 5.00% 2020 1,000 1,159Port Auth., Special Project Bonds (JFK International Air Terminal LLC Project), Series 8, 6.00% 2036 7,000 8,096Port Auth., Special Project Bonds (JFK International Air Terminal LLC Project), Series 8, 6.00% 2042 13,000 14,955County of Rockland G.O. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2022 1,750 2,058Seneca Nation of Indians, Rev. Bonds, Series A, 5.00% 2023 2 18,900 19,814Seneca Nation of Indians, Rev. Bonds, Series A, 5.25% 2016 2 2,000 2,117Suffolk County Econ. Dev. Corp., Rev. Ref. Bonds (Catholic Health Services of Long Island Obligated Group Project), Series 2011,5.00% 2028 2,500 2,703The Tax-Exempt Bond Fund of America — Page 40 of 60

Bonds, notes & other debt instrumentsNew York (continued)Principal amount(000)Value(000)Suffolk County Industrial Dev. Agcy., Continuing Care Retirement Community Rev. Ref. Bonds (Jefferson’s Ferry Project), Series 2006,5.00% 2028 $ 3,000 $ 3,098Thruway Auth., General Rev. Bonds, Series I, 5.00% 2042 2,500 2,718Thruway Auth., General Rev. Junior Indebtedness Obligations Series 2013-A, 5.00% 2019 2,800 3,247Thruway Auth., Second General Highway and Bridge Trust Fund Bonds, Series 2008-A, 5.00% 2022 1,500 1,714Thruway Auth., Second General Highway and Bridge Trust Fund Rev. Ref. Bonds, Series 2012-A, 5.00% 2030 1,000 1,127Tobacco Settlement Fncg. Corp., Asset-Backed Rev. Bonds, Series 2013-B, 5.00% 2020 2,000 2,166Tobacco Settlement Fncg. Corp., Asset-Backed Rev. Bonds, Series 2013-B, 5.00% 2021 800 865Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds (State Contingency Contract Secured),Series 2011-B, 5.00% 2018 500 577Triborough Bridge and Tunnel Auth. (MTA Bridges and Tunnels), General Rev. Ref. Bonds, Series 2005-B-4E, 11.035% 2032 (put2017) 1 4,000 4,009Triborough Bridge and Tunnel Auth. (MTA Bridges and Tunnels), Rev. Ref. Bonds, Series 2013-A, 5.00% 2023 2,500 3,015Urban Dev. Corp., Service Contract Rev. Ref. Bonds, Series 2008-D, 5.25% 2021 8,500 9,796Urban Dev. Corp., State Personal Income Tax Rev. Bonds (General Purpose), Series 2013-D, 5.00% 2021 5,000 5,979Utility Debt Securitization Auth., Restructuring Bonds, Series 2013-TE, 5.00% 2030 2,500 2,927North Carolina 0.99%519,179Broad River Water Auth., Water System Rev. Ref. Bonds, Series 2005, XLCA insured, 5.00% 2016 1,220 1,264Broad River Water Auth., Water System Rev. Ref. Bonds, Series 2005, XLCA insured, 5.00% 2017 1,390 1,437Capital Improvement Limited Obligation Bonds, Series 2009-A, 5.00% 2027 2,500 2,882Capital Facs. Fin. Agcy., Rev. Ref. Bonds (Johnson & Wales University), Series 2013-A, 5.00% 2022 740 869Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, 6.00% 2022 2,815 3,499Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, 6.00% 2026 1,990 2,538Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, FGIC-National insured,6.00% 2025 11,225 14,282Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, National insured, 6.00% 2026 2,500 3,188Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2005-A, AMBAC insured, 5.00% 2020 11,000 11,703Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2008-A, 5.00% 2023 1,400 1,543Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2008-A, 5.00% 2024 9,855 10,777Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 2009-B, 5.00% 2026 2,000 2,221Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (Lutheran Services for the Aging), Series 2012-A, 5.00%2037 1,000 1,006Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (Lutheran Services for the Aging), Series 2012-A, 5.00%2042 3,360 3,368Medical Care Commission, Health Care Facs. Rev. Ref. Bonds (Wake Forest Baptist Obligated Group),Series 2012-C, 0.80% 2033 (put 2017) 1 1,935 1,928Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Carolina Village Project),Series 2008-A, 6.00% 2038 5,000 5,144Municipal Power Agcy. No. 1, Catawba Electric Rev. Ref. Bonds, Series 2009-A, 5.00% 2030 2,000 2,221Municipal Power Agcy. No. 1, Catawba Electric Rev. Ref. Bonds, Series 2010-B, 5.00% 2020 3,350 3,924Municipal Power Agcy. No. 1, Catawba Electric Rev. Ref. Bonds, Series 2012-A, 4.00% 2019 2,500 2,784Municipal Power Agcy. No. 1, Catawba Electric Rev. Ref. Bonds, Series 2012-A, 4.00% 2020 1,000 1,120Municipal Power Agcy. No. 1, Catawba Electric Rev. Ref. Bonds, Series 2012-A, 5.00% 2019 5,000 5,781Municipal Power Agcy. No. 1, Catawba Electric Rev. Ref. Bonds, Series 2012-A, 5.00% 2020 1,250 1,464Onslow County Hospital Auth., FHA insured Mortgage Rev. Ref. Bonds (Onslow Memorial Hospital Project), Series 2006, Nationalinsured, 5.00% 2023 1,125 1,178Onslow County Hospital Auth., FHA insured Mortgage Rev. Ref. Bonds (Onslow Memorial Hospital Project), Series 2006, Nationalinsured, 5.00% 2024 1,155 1,203Onslow County Hospital Auth., FHA insured Mortgage Rev. Ref. Bonds (Onslow Memorial Hospital Project), Series 2006, Nationalinsured, 5.00% 2024 1,185 1,234

Onslow County Hospital Auth., FHA insured Mortgage Rev. Ref. Bonds (Onslow Memorial Hospital Project), Series 2006, Nationalinsured, 5.125% 2021 500 528The Tax-Exempt Bond Fund of America — Page 41 of 60Bonds, notes & other debt instrumentsNorth Carolina (continued)Principal amount(000)Value(000)Onslow County Hospital Auth., FHA insured Mortgage Rev. Ref. Bonds (Onslow Memorial Hospital Project), Series 2006, Nationalinsured, 5.125% 2022 $ 1,040 $ 1,094Dept. of State Treasurer, Grant Anticipation Rev. Vehicle Bonds, Series 2009, 5.00% 2018 2,000 2,286North Dakota 0.05%92,466Burleigh County, Health Care Rev. Bonds (St. Alexius Medical Center Project), Series 2014-A, 5.00% 2024 1,210 1,315Burleigh County, Health Care Rev. Bonds (St. Alexius Medical Center Project), Series 2014-A, 5.00% 2035 700 736Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2012-A, 3.75% 2042 1,440 1,565Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2014-A, 4.00% 2034 1,000 1,0944,710Ohio 4.00%Air Quality Dev. Auth., Air Quality Dev. Rev. Bonds (FirstEnergy Generation Corp. Project), Series 2009-A, 5.70% 2020 14,215 16,359Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project),Series 2009-C, 5.625% 2018 17,200 19,223Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2009-A, 5.75% 2033(put 2016) 1,000 1,074Akron, Bath and Copley Joint Township Hospital Dist., Hospital Facs. Rev. Bonds (Akron General Health System), Series 2012, 5.00%2031 3,000 3,157County of Allen, Hospital Facs. Rev. Ref. and Improvement Bonds (Catholic Health Partners), Series 2012-A, 5.00% 2033 16,000 17,305County of Allen, Hospital Facs. Rev. Ref. Bonds (Catholic Healthcare Partners), Series 2010-A, 5.00% 2038 5,850 6,190American Municipal Power, Inc., AMP Fremont Energy Center Project Rev. Bonds, Series 2012-B, 5.00% 2037 2,000 2,147Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Convertible Capital Appreciation Bonds, Series2007-A-3, 6.25% 2037 5,000 4,160Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.875%2030 38,990 31,740Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.875%2047 35,790 27,999Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 6.50%2047 51,125 43,131Building Auth., State Facs. Rev. Ref. Bonds (Adult Correctional Building Fund Projects), Series 2004-C, National insured, 5.25% 2017 10,000 11,461County of Butler, Hospital Facs. Rev. Bonds (Cincinnati Children’s Hospital Medical Center Project),Series 2006-K, FGIC-National insured, 4.25% 2030 4,000 4,009County of Butler, Hospital Facs. Rev. Bonds (UC Health), Series 2010, 5.50% 2040 6,000 6,538County of Butler, Hospital Facs. Rev. Bonds (UC Health), Series 2010, 5.75% 2040 11,000 12,157City of Centerville, Health Care Rev. Ref. Bonds (Bethany Lutheran Village Continuing Care Fac. Expansion Project), Series 2007-A,6.00% 2027 3,080 3,198City of Centerville, Health Care Rev. Ref. Bonds (Bethany Lutheran Village Continuing Care Fac. Expansion Project), Series 2007-A,6.00% 2038 2,000 2,046City of Cleveland, Airport System Rev. Ref. Bonds, Series 2000-C, Assured Guaranty Municipal insured,5.00% 2031 8,000 8,280City of Cleveland, Airport System Rev. Ref. Bonds, Series 2006-A, AMBAC insured, 5.25% 2021 8,000 9,315City of Cleveland, Airport System Rev. Ref. Bonds, Series 2011-A, 5.00% 2022 3,000 3,403City of Cleveland, Airport System Rev. Ref. Bonds, Series 2011-A, Assured Guaranty Municipal insured,5.00% 2021 2,000 2,299City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2026 3,000 3,334City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2028 3,000 3,244

City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2029 3,000 3,226City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2030 3,655 3,906City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2031 2,000 2,124The Tax-Exempt Bond Fund of America — Page 42 of 60Bonds, notes & other debt instrumentsOhio (continued)Principal amount(000)Value(000)City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, Assured Guaranty Municipal insured,5.00% 2028 $4,000 $ 4,379County of Franklin, Health Care Facs. Improvement Rev. Bonds (OPRS Communities), Series 2013-A,6.00% 2035 2,700 2,926County of Franklin, Health Care Facs. Improvement Rev. Bonds (OPRS Communities), Series 2013-A,6.125% 2040 4,000 4,278County of Franklin, Health Care Facs. Improvement Rev. Bonds (Presbyterian Retirement Services Project), Series 2010-A, 5.625%2026 1,600 1,724County of Gallia, Hospital Facs. Rev. Ref. and Improvement Bonds (Holzer Health System Obligated Group Project), Series 2012-A,8.00% 2042 5,000 5,494County of Hamilton, Healthcare Facs. Rev. Bonds (Christ Hospital Project), Series 2012, 5.00% 2042 3,500 3,661County of Hamilton, Healthcare Facs. Rev. Bonds (Christ Hospital Project), Series 2012, 5.25% 2032 4,075 4,414County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A,5.00% 2037 9,955 10,131Higher Education G.O. Ref. Bonds, Series 2009-A, 5.00% 2019 5,000 5,878Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series 2008-A, 5.25% 2029 2,000 2,204Hospital Rev. Bonds (Cleveland Clinic Health System Obligated Group), Series 2008-A, 5.25% 2033 3,000 3,294Hospital Rev. Bonds (University Hospitals Health System, Inc. Project), Series 2007-A, 4.50% 2031 2,750 2,799Hospital Rev. Bonds (University Hospitals Health System, Inc.), Series 2009-C-2, 4.875% 2039 (put 2015) 1,000 1,044Hospital Rev. Ref. Bonds (Cleveland Clinic Health System Obligated Group), Series 2012-A, 5.00% 2038 5,000 5,467Housing Fin. Agcy., Capital Fund Rev. Bonds, Series 2007-A, Assured Guaranty Municipal insured,5.00% 2022 5,565 6,135Housing Fin. Agcy., Residential Mortgage Rev. Ref. Bonds (Mortgage-backed Securities Program),Series 2009-E, 5.00% 2039 540 579Housing Fin. Agcy., Residential Mortgage Rev. Ref. Bonds, Series 2009-C, 4.50% 2039 805 843Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2010-1, 5.00% 2028 4,940 5,310Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2011-1, 4.80% 2028 625 675Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2011-2, 4.50% 2028 360 390Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2011-3, 4.50% 2029 1,020 1,121Infrastructure Improvement G.O. Bonds, Series 2008-A, 5.375% 2028 1,575 1,791County of Lake, Hospital Facs. Rev. Ref. Bonds (Lake Hospital System, Inc.), Series 2008-C, 5.625% 2029 3,000 3,221County of Lucas, Hospital Rev. Ref. Bonds (ProMedica Healthcare Obligated Group), Series 2005-B,AMBAC insured, 5.00% 2020 5,000 5,289Major New State Infrastructure Project Rev. Bonds, Series 2012-1, 5.00% 2020 1,000 1,187Major New State Infrastructure Project Rev. Bonds, Series 2012-1, 5.00% 2021 1,750 2,090County of Miami, Hospital Facs. Rev. Ref. and Improvement Bonds (Upper Valley Medical Center),Series 2006, 5.25% 2021 1,660 1,773County of Miami, Hospital Facs. Rev. Ref. and Improvement Bonds (Upper Valley Medical Center),Series 2006, 5.25% 2026 3,250 3,441County of Muskingum, Hospital Facs. Rev. Ref. Bonds (Genesis HealthCare System Obligated Group Project), Series 2013, 5.00%2033 6,500 6,522County of Muskingum, Hospital Facs. Rev. Ref. Bonds (Genesis HealthCare System Obligated Group Project), Series 2013, 5.00%2044 1,500 1,466Public Housing Capital Fund Rev. Trust II, Trust Certificates, 4.50% 2022 2 2,391 2,399Public Housing Capital Fund Rev. Trust II, Trust Certificates, 5.00% 2022 2 3,291 3,409County of Richland, Hospital Facs. Rev. Ref. Bonds (MedCentral Health System Obligated Group),

Series 2006, 5.125% 2021 1,000 1,054Turnpike Rev. Ref. Bonds, Series 2010-A, 5.25% 2027 2,500 3,108University of Cincinnati, General Receipts Rev. Ref. Bonds, Series 2009-C, Assured Guaranty insured,5.00% 2016 3,520 3,822University of Cincinnati, General Receipts Rev. Ref. Bonds, Series 2009-C, Assured Guaranty insured,5.00% 2017 2,335 2,626The Tax-Exempt Bond Fund of America — Page 43 of 60Bonds, notes & other debt instrumentsOhio (continued)Principal amount(000)Value(000)Warren County, Health Care Facs., Rev. Ref. Bonds (Otterbein Homes Obligated Group), Series 2013-A, 5.75% 2033 $1,000 $ 1,103Water Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2014-B, 4.00%2033 (put 2019) 5,000 5,288Oklahoma 0.34%373,360Dev. Fin. Auth., Health System Rev. Ref. Bonds (Obligated Group Consisting of INTEGRIS Baptist Medical Center, Inc., INTEGRISSouth Oklahoma City Hospital Corp. and INTEGRIS Rural Health, Inc.),Series 2008-B, 5.25% 2038 5,000 5,326Housing Fin. Agcy., Single-family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2009-A, 5.25% 2029 325 342Housing Fin. Agcy., Single-family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2009-B, 4.90% 2036 2,130 2,143Housing Fin. Agcy., Single-family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2012-A, 5.00% 2043 920 1,036Langston Econ. Dev. Auth., Rev. Ref. Bonds (Langston University Student Housing/LDF Student Housing,LLC Project), Series 2006-A, ACA insured, 4.75% 2021 950 969Langston Econ. Dev. Auth., Rev. Ref. Bonds (Langston University Student Housing/LDF Student Housing,LLC Project), Series 2006-A, ACA insured, 4.75% 2023 2,035 2,060Langston Econ. Dev. Auth., Rev. Ref. Bonds (Langston University Student Housing/LDF Student Housing,LLC Project), Series 2006-A, ACA insured, 4.875% 2030 3,000 3,014Municipal Power Auth., Power Supply System Rev. Ref. Bonds, Series 2005-A, 0.86% 2023 (put 2018) 1 8,290 8,306Tulsa County Industrial Auth., Health Care Rev. Bonds (St. Francis Health System, Inc.), Series 2006,5.00% 2020 1,250 1,374Tulsa County Industrial Auth., Health Care Rev. Bonds (St. Francis Health System, Inc.), Series 2006,5.00% 2023 2,045 2,242Tulsa Industrial Auth., Rev. Ref. Bonds (University of Tulsa), Series 2009, 6.00% 2027 3,000 3,473Turnpike Auth., Turnpike System Rev. Bonds, Series 2011-B, 5.00% 2029 1,650 1,887Oregon 0.11%32,172Cow Creek Band of Umpqua Tribe of Indians, Tax Rev. Bonds, Series 2006-C, 5.625% 2026 7,080 7,021Port of Portland, Portland International Airport Passenger Fac. Charge Rev. Bonds, Series 2011-A, 5.50% 2031 3,000 3,36510,386Pennsylvania 1.79%Allegheny County Hospital Dev. Auth., University of Pittsburgh Medical Center Rev. Bonds,Series 2008-B, 5.00% 2018 9,250 10,585Beaver County Industrial Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Project), Series 2008-A,2.70% 2035 (put 2018) 3,000 3,034Chester County Health and Education Facs. Auth., Health System Rev. Ref. Bonds (Jefferson Health System), Series 2010-A, 5.00%2031 5,000 5,383Commonwealth Fncg. Auth., Rev. Bonds, Series 2013-B, 5.00% 2036 1,500 1,609Cumberland County Municipal Auth., Rev. Ref. Bonds (Presbyterian Homes Obligated Group Project),Series 2008-A, 5.00% 2017 1,070 1,097

Delaware River Port Auth., Port Dist. Project Rev. Ref. Bonds, Series 2012, 5.00% 2021 3,100 3,546Delaware River Port Auth., Port Dist. Project Rev. Ref. Bonds, Series 2012, 5.00% 2022 1,275 1,452East Hempfield Township Industrial Dev. Auth. Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University ofPennsylvania), Series 2013, 5.00% 2030 1,000 1,049East Hempfield Township Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University ofPennsylvania), Series 2013, 5.00% 2045 200 204East Hempfield Township Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University ofPennsylvania), Series 2014, 5.00% 2039 435 446The Tax-Exempt Bond Fund of America — Page 44 of 60Bonds, notes & other debt instrumentsPennsylvania (continued)Principal amount(000)Value(000)East Hempfield Township Industrial Dev. Auth. Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University ofPennsylvania), Series 2014, 5.00% 2046 $ 750 $ 766Econ. Dev. Fncg. Auth., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project),Series 2009, 1.75% 2033 (put 2015) 500 508Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project),Series 2008, 5.00% 2018 1,500 1,598Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project),Series 2008, 6.00% 2042 2,500 2,589Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project),Series 2010, 6.00% 2043 2,600 2,733Higher Educational Facs. Auth., Rev. Bonds (Shippensburg University Student Services, Inc. Student Housing Project at ShippensburgUniversity of Pennsylvania), Series 2011, 6.25% 2043 690 757Higher Educational Facs. Auth., Rev. Bonds (Shippensburg University Student Services, Inc. Student Housing Project at ShippensburgUniversity of Pennsylvania), Series 2012, 5.00% 2030 1,000 1,033Higher Educational Facs. Auth., Rev. Bonds (Shippensburg University Student Services, Inc. Student Housing Project at ShippensburgUniversity of Pennsylvania), Series 2012, 5.00% 2044 1,350 1,364Higher Educational Facs. Auth., Student Housing Rev. Bonds (University Properties, Inc. Student Housing Project at East StroudsburgUniversity of Pennsylvania), Series 2010, 5.00% 2031 6,170 6,355Higher Educational Facs. Auth., Student Housing Rev. Bonds (University Properties, Inc. Student Housing Project at East StroudsburgUniversity of Pennsylvania), Series 2010, 5.00% 2042 3,000 3,052Higher Educational Facs. Auth., University of Pennsylvania Health System, Rev. Bonds, Series 2011-A,5.75% 2041 1,000 1,128Intergovernmental Cooperation Auth., Special Tax Rev. Ref. Bonds (City of Philadelphia Funding Program), Series 2009, 5.00% 2020 6,285 7,320Lancaster Industrial Dev. Auth., Rev. Bonds (Garden Spot Village Project), Series 2013, 5.00% 2023 1,100 1,160Lancaster Industrial Dev. Auth., Rev. Bonds (Garden Spot Village Project), Series 2013, 5.375% 2028 1,250 1,320Lancaster Industrial Dev. Auth., Rev. Bonds (Garden Spot Village Project), Series 2013, 5.75% 2035 1,150 1,229Lycoming County Auth., Health System Rev. Bonds (Susquehanna Health System Project), Series 2009-A, 5.75% 2039 2,000 2,114Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds (Whitemarsh Continuing Care Retirement Community Project), Series2005, 6.00% 2021 4,500 4,571Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. ObligatedGroup), Series 2006-A, 4.50% 2036 7,500 7,468Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc.Obligated Group), Series 2012, 5.00% 2024 2,500 2,721Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc.Obligated Group), Series 2012, 5.00% 2025 1,500 1,621Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc.Obligated Group), Series 2012, 5.00% 2026 3,000 3,223Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc.Obligated Group), Series 2012, 5.00% 2028 500 531Pennsylvania State University Bonds, Series 2009-A, 5.00% 2024 1,000 1,132Pennsylvania State University Bonds, Series 2009-A, 5.00% 2027 1,000 1,132City of Philadelphia, G.O. Bonds, Series 2013-A, 5.25% 2027 3,000 3,373City of Philadelphia, G.O. Bonds, Series 2013-A, 5.25% 2028 2,000 2,239

City of Philadelphia, Water and Wastewater Rev. Bonds, Series 2009-A, 5.25% 2025 2,000 2,200Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Bonds (Children’s Hospital of Philadelphia Project), Series2007-A, 4.50% 2026 2,395 2,494Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Bonds (Children’s Hospital of Philadelphia Project), Series2007-A, 4.50% 2027 2,505 2,603Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Bonds (Temple University Health System Obligated Group),Series 2012-A, 5.625% 2042 12,100 12,281State Public School Building Auth., School Lease Rev. Bonds (School Dist. of Philadelphia Project),Series 2012, 5.00% 2023 1,180 1,336The Tax-Exempt Bond Fund of America — Page 45 of 60Bonds, notes & other debt instrumentsPennsylvania (continued)Principal amount(000)Value(000)State Public School Building Auth., School Lease Rev. Bonds (School Dist. of Philadelphia Project),Series 2012, 5.00% 2025 $ 2,000 $ 2,215State Public School Building Auth., School Lease Rev. Bonds (School Dist. of Philadelphia Project),Series 2012, 5.00% 2026 1,000 1,099State Public School Building Auth., School Lease Rev. Bonds (School Dist. of Philadelphia Project),Series 2012, 5.00% 2027 1,000 1,094Health Care Facs. Auth. of Sayre, Rev. Ref. Bonds (Guthrie Health Issue), Series 2007, 0.932% 2024 1 14,525 13,413State Public School Building Auth., School Lease Rev. Ref. Bonds (School Dist. of Philadelphia Project),Series 2006-B, Assured Guaranty Municipal insured, 5.00% 2027 9,820 11,050Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2012-B, 4.00% 2033 11,600 11,268Susquehanna Area Regional Airport Auth., Subordinate Airport System Rev. Bonds, Series 2012-C,3.00% 2017 2,490 2,551Turnpike Commission, Turnpike Rev. Bonds, Series 2013-A, 0.66% 2017 1 2,000 2,004University of Pittsburgh of the Commonwealth System of Higher Education, University Capital Project Bonds, Series 2009-B, 5.00%2028 4,000 4,562Redev. Auth. of the County of Washington, Redev. Bonds (Victory Centre Project - Tanger Outlet Dev.),Series 2006-A, 5.45% 2035 2,575 2,616Westmoreland County Industrial Dev. Auth., Retirement Community Rev. Ref. Bonds (Redstone Presbyterian SeniorCare ObligatedGroup), Series 2005-A, 5.75% 2026 (preref. 2016) 2,800 3,011Puerto Rico 0.53%167,239Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2008-A, 6.125% 2024 5,255 3,922Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.75% 2037 6,140 4,331Electric Power Auth., Power Rev. Bonds, Series 2013-A, 7.00% 2033 2,000 986Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds(Inter American University of Puerto Rico Project), Series 2012, 5.00% 2017 1,600 1,663Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher EducationRev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2020 1,510 1,564Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds(Inter American University of Puerto Rico Project), Series 2012, 5.00% 2031 1,120 1,041Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds(University of the Sacred Heart Project), Series 2012, 3.25% 2019 880 817Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds(University of the Sacred Heart Project), Series 2012, 4.00% 2017 830 824Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds(University of the Sacred Heart Project), Series 2012, 4.00% 2025 955 793Public Buildings Auth., Government Facs. Rev. Ref. Bonds, Series M-1, 6.25% 2021 3,000 2,329Public Improvement Ref. Bonds (G.O. Bonds), Series 2007-A, FGIC insured, 5.50% 2021 1,500 1,221Public Improvement Ref. Bonds (G.O. Bonds), Series 2008-A, 5.00% 2023 4,040 3,106Public Improvement Ref. Bonds (G.O. Bonds), Series 2012-A, 5.00% 2020 2,500 2,033Public Improvement Ref. Bonds (G.O. Bonds), Series 2012-A, 5.00% 2041 490 348

Public Improvement Ref. Bonds (G.O. Bonds), Series 2012-A, 5.50% 2039 6,000 4,443Public Improvement Ref. Bonds (G.O. Bonds), Series 2014-A, 8.00% 2035 2,000 1,804Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2009-A, 6.00% 2042 500 380Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 5.375% 2039 3,270 2,345Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2011-A-1, 5.25% 2043 4,000 2,800Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2011-C, 5.00% 2046 1,500 1,137Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2011-C, 5.25% 2040 11,055 8,867Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series 2011-C, 5.00% 2040 4,000 3,10349,857The Tax-Exempt Bond Fund of America — Page 46 of 60Bonds, notes & other debt instrumentsRhode Island 0.20%Principal amount(000)Value(000)Depositors Econ. Protection Corp., Special Obligation Rev. Ref. Bonds, Series 1993-A, 5.75% 2021(escrowed to maturity) $ 2,715 $ 3,393Depositors Econ. Protection Corp., Special Obligation Rev. Ref. Bonds, Series 1993-A, 5.75% 2021(escrowed to maturity) 1,210 1,512Econ. Dev. Corp., Airport Rev. Ref. Bonds, Series 2013-B, 5.00% 2023 2,990 3,396Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue), Series 2006-A, AssuredGuaranty Municipal insured, 5.00% 2016 6,030 6,452Health and Educational Building Corp., Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue), Series 2006-A, AssuredGuaranty Municipal insured, 5.00% 2018 1,060 1,128Health and Educational Building Corp., Hospital Fncg. Rev. Bonds (Bryant University), Series 2014, 5.00% 2032 1,000 1,106City of Providence, Special Obligation Tax Increment Ref. Bonds, Series E, RADIAN insured, 5.00% 2015 1,250 1,264South Carolina 1.35%18,251Building Equity Sooner for Tomorrow (BEST), Installment Purchase Rev. Ref. Bonds (School Dist. of Greenville County, South CarolinaProject), Series 2006, 5.00% 2023 19,845 21,707Building Equity Sooner for Tomorrow (BEST), Installment Purchase Rev. Ref. Bonds (School Dist. of Greenville County, South CarolinaProject), Series 2006, Assured Guaranty insured, 5.00% 2025 5,000 5,461Charleston Educational Excellence Fncg. Corp., Installment Purchase Rev. Bonds (Charleston County School Dist., South CarolinaProject), Series 2005, 5.25% 2020 (preref. 2015) 4,500 4,804Charleston Educational Excellence Fncg. Corp., Installment Purchase Rev. Bonds (Charleston County School Dist., South CarolinaProject), Series 2006, 5.00% 2021 8,190 9,049SCAGO Educational Facs. Corp. for Colleton School Dist., Installment Purchase Rev. Bonds (School Dist. of Colleton County Project),Series 2006, Assured Guaranty insured, 5.00% 2017 1,000 1,097SCAGO Educational Facs. Corp. for Colleton School Dist., Installment Purchase Rev. Bonds (School Dist. of Colleton County Project),Series 2006, Assured Guaranty insured, 5.00% 2018 2,000 2,193Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), Series 2006, 5.00% 2016 1,170 1,219Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), Series 2006, 5.125% 2026 1,515 1,515Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), Series 2006, 5.30% 2036 1,190 1,146Jobs-Econ. Dev. Auth., Student Housing Rev. Bonds (Coastal Housing Foundation, LLC Project),Series 2009-A, 6.50% 2042 4,000 4,591Lancaster County, Sun City Carolina Lakes Improvement Dist., Assessment Rev. Bonds, Series 2006,5.45% 2037 4,420 4,445Lexington County Health Services Dist., Inc., Hospital Rev. Ref. Bonds (Lexington Medical Center),Series 2007, 5.00% 2019 1,000 1,122Lexington County Health Services Dist., Inc., Hospital Rev. Ref. Bonds (Lexington Medical Center),Series 2007, 5.00% 2020 1,265 1,414Lexington County Health Services Dist., Inc., Hospital Rev. Ref. Bonds (Lexington Medical Center),Series 2007, 5.00% 2032 2,000 2,130

Lexington One School Facs. Corp., Installment Purchase Rev. Bonds (Lexington County School Dist. No. 1, South Carolina Project),Series 2006, 5.00% 2018 1,000 1,096City of Myrtle Beach, Tax Increment Bonds (Myrtle Beach Air Force Base Redev. Project Area), Series 2006-A, 5.25% 2026 1,700 1,675SCAGO Educational Facs. Corp. for Pickens School Dist., Installment Purchase Rev. Bonds (School Dist. of Pickens County Project),Series 2006, Assured Guaranty Municipal insured, 5.00% 2017 5,000 5,497SCAGO Educational Facs. Corp. for Pickens School Dist., Installment Purchase Rev. Bonds (School Dist. of Pickens County Project),Series 2006, Assured Guaranty Municipal insured, 5.00% 2018 4,000 4,394Piedmont Municipal Power Agcy., Electric Rev. Ref. Bonds, Series 1991, FGIC-National insured, 6.25% 2021 4,640 5,794Public Service Auth., Rev. Obligations (Santee Cooper), Series 2013-E, 5.00% 2048 1,000 1,075Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-A, 5.00% 2049 4,400 4,713Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-A, 5.50% 2054 10,500 11,648The Tax-Exempt Bond Fund of America — Page 47 of 60Bonds, notes & other debt instrumentsSouth Carolina (continued)Principal amount(000)Value(000)Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2008-A, 5.50% 2038 $20,000 $ 22,570Transportation Infrastructure Bank, Rev. Ref. Bonds, Series 2005-A, AMBAC insured, 5.25% 2018 5,000 5,847126,202South Dakota 0.06%Building Auth., Rev. Ref. Capital Appreciation Bonds, Series 1996-A, AMBAC insured, 0% 2014 3,780 3,776Educational Enhancement Funding Corp, Tobacco Settlement Rev. Bonds, Series 2013-B, 5.00% 2026 1,400 1,5355,311Tennessee 0.82%City of Chattanooga, Electric System Rev. Bonds (Electric Power Board of Chattanooga), Series 2008-A,5.00% 2028 4,500 4,999Natural Gas Acquisition Corp. of the City of Clarksville, Gas Rev. Bonds, Series 2006, 5.00% 2018 6,500 7,301Health and Educational Facs. Board of the Metropolitan Government of Nashville and Davidson County,Rev. Ref. and Improvement Bonds (Blakeford at Green Hills), Series 2012, 5.00% 2037 1,200 1,249Housing Dev. Agcy., Homeownership Program Bonds, Issue 2012-1-C, 4.50% 2037 2,100 2,344Housing Dev. Agcy., Homeownership Program Bonds, Issue 2012-2-C, 4.00% 2038 3,150 3,461Housing Dev. Agcy., Housing Fin. Program Bonds, Issue 2010-A-1, 5.00% 2027 580 620Housing Dev. Agcy., Residential Fin. Program Bonds, Issue 2013-1-C, 3.00% 2038 6,090 6,429Health, Educational and Housing Fac. Board of the County of Knox, Hospital Rev. Ref. Bonds(Covenant Health), Series 2012-A, 5.00% 2021 1,325 1,545Health, Educational and Housing Fac. Board of the County of Knox, Hospital Rev. Ref. Bonds(Covenant Health), Series 2012-A, 5.00% 2024 4,055 4,664Health, Educational and Housing Facs. Board of the County of Sullivan, Hospital Rev. Bonds(Wellmont Health System Project), Series 2006-C, 5.25% 2036 540 563Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-A, 5.25% 2017 3,000 3,318Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-A, 5.25% 2019 10,000 11,351Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-A, 5.25% 2020 10,000 11,415Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2018 4,000 4,388Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2020 10,000 11,163Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2027 1,885 2,096Texas 9.32%76,906Amarillo Health Facs. Corp., Hospital Rev. Ref. Bonds (Baptist St. Anthony’s Hospital Corp. Project),Series 1998, Assured Guaranty Municipal insured, 5.50% 2015 (escrowed to maturity) 1,500 1,527Arlington Independent School Dist.,Ref. Bonds, Series 2006, 5.00% 2020 160 171Arlington Independent School Dist.,Ref. Bonds, Series 2006, 5.00% 2020 (preref. 2016) 1,840 1,975

Austin Community College Dist. Public Fac. Corp., Lease Rev. Bonds (Educational Fac. Project - Round Rock Campus), Series 2008,5.50% 2024 2,770 3,190Austin Independent School Dist., (Travis County), Ref. Bonds, Series 2013-A, 5.00% 2027 1,000 1,185City of Austin (Travis and Williamson Counties), Water and Wastewater System Rev. Ref. Bonds, Series 2009, 5.125% 2029 1,500 1,723City of Austin (Travis, Williamson and Hays Counties), Water and Wastewater System Rev. Ref. Bonds,Series 2011, 5.00% 2036 3,000 3,315Bexar County Hospital Dist., Combination Tax and Rev. Certificates of Obligation, Series 2008, 5.00% 2032 20,500 22,590Brownsville Independent School Dist. (Cameron County), Unlimited Tax School Building Bonds, Series 2006, 5.00% 2018 (preref.2016) 1,000 1,074Brownsville Independent School Dist. (Cameron County), Unlimited Tax School Building Bonds, Series 2006, 5.00% 2019 (preref.2016) 5,000 5,371Central Texas Regional Mobility Auth., Rev. Bonds, Series 2005, FGIC-National insured, 5.00% 2035(preref. 2015) 2,500 2,550Central Texas Regional Mobility Auth., Rev. Bonds, Series 2011, 6.00% 2041 5,300 5,921Central Texas Regional Mobility Auth., Rev. Bonds, Series 2011, 6.25% 2046 10,300 11,591Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2010, 5.75% 2025 11,945 13,213The Tax-Exempt Bond Fund of America — Page 48 of 60Bonds, notes & other debt instrumentsTexas (continued)Principal amount(000)Value(000)Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2033 $ 2,000 $ 2,125HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Legacy at Willow Bend Project), Series 2006-A, 5.625% 2026 1,000 1,019HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Legacy at Willow Bend Project), Series 2006-A, 5.75% 2036 3,000 3,030HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Village at Gleannloch Farms, Inc. Project),Series 2006-A, 5.50% 2027 2,300 2,304Colorado River Municipal Water Dist. Water System Rev. Bonds, Series 2011, 5.00% 2028 9,175 10,106Cypress-Fairbanks Independent School Dist. (Harris County), Unlimited Tax Schoolhouse and Ref. Bonds, Series 2007, 5.00% 2020 2,205 2,452Cypress-Fairbanks Independent School Dist. (Harris County), Unlimited Tax Schoolhouse and Ref. Bonds, Series 2007, 5.00% 2021 2,000 2,222Cypress-Fairbanks Independent School Dist. (Harris County), Unlimited Tax Schoolhouse Bonds,Series 2009-A, 5.00% 2025 2,760 3,175City of Dallas (Dallas, Denton, Collin and Rockwall Counties), G.O. Bonds, Series 2007, 5.00% 2018 385 426City of Dallas (Dallas, Denton, Collin and Rockwall Counties), G.O. Bonds, Series 2007, 5.00% 2018(preref. 2017) 5 6Dallas Area Rapid Transit, Sales Tax Rev. Bonds, Series 2008, 5.00% 2025 2,535 2,918Dallas Independent School Dist. (Dallas County), Unlimited Tax School Building Bonds, Series 2006,5.00% 2017 2,000 2,190Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds,Series 2013-B, 5.00% 2028 8,565 9,638Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds,Series 2013-B, 5.00% 2029 5,000 5,584Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds,Series 2013-B, 5.00% 2031 6,540 7,200Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2012-B, 5.00% 2035 2,250 2,424Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2012-G, 5.00% 2025 2,000 2,317Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2012-G, 5.00% 2035 1,000 1,077Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Ref. Bonds, Series 2013-D, 5.25% 2024 5,000 5,965Decatur Hospital Auth., Hospital Rev. Bonds (Wise Regional Health System), Series 2014-A, 5.25% 2044 1,500 1,519Elgin Independent School Dist. (Bastrop County), Unlimited Tax School Building Bonds, Series 2007,5.00% 2022 (preref. 2017) 1,895 2,143Fort Bend County Industrial Dev. Corp., Industrial Dev. Rev. Bonds (NRG Energy, Inc. Project), Series 2012-A, 4.75% 2038 5,500 5,582Fort Bend County Industrial Dev. Corp., Industrial Dev. Rev. Bonds (NRG Energy, Inc. Project), Series 2012-B, 4.75% 2042 8,340 8,522Fort Worth Independent School Dist. (Tarrant County), Unlimited Tax Ref. Bonds, Series 2005, 5.00% 2015 10,945 11,235Friendswood Independent School Dist. (Galveston County), Unlimited Tax Schoolhouse Bonds, Series 2008, 5.00% 2029 3,360 3,733G.O. Bonds, Water Financial Assistance Bonds (Water Infrastructure Fund), Series 2009-A, 5.00% 2028 1,500 1,702

G.O. Bonds, Water Financial Assistance Bonds (Water Infrastructure Fund), Series 2011-A, 5.00% 2021 1,400 1,696G.O. Bonds, Water Financial Assistance Bonds (Water Infrastructure Fund), Series 2013-B, 5.00% 2026 1,600 1,918Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Bonds, Series 2013-B, 5.00% 2053 24,800 26,519Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Bonds, Series 2013-B, 5.25% 2051 4,000 4,363Harris County Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2013-A, 4.00% 2023 1,325 1,341Harris County Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2013-A, 5.00% 2033 1,090 1,075Harris County Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2013-B, 7.00% 2043 3,000 3,362The Tax-Exempt Bond Fund of America — Page 49 of 60Bonds, notes & other debt instrumentsTexas (continued)Principal amount(000)Value(000)Harris County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Methodist Hospital System),Series 2008-B, 5.25% 2017 $ 3,000 $ 3,415Harris County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Methodist Hospital System), Series 2008-B, 5.50% 2018 3,500 4,104Harris County Cultural Education, Facs. Fin. Corp., Thermal Utility Rev. Bonds (Teco Project), Series 2009-A, 5.25% 2035 2,000 2,184Harris County Cultural Education, Facs. Fin. Corp., Thermal Utility Rev. Bonds (Teco Project), Series 2010, 5.00% 2031 1,000 1,080Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System),Series 2004-A, 5.25% 2015 (preref. 2014) 3,120 3,173Harris County Health Facs. Dev. Corp., Hospital Rev. Bonds (Memorial Hermann Healthcare System),Series 2004-A, 5.25% 2016 (preref. 2014) 3,000 3,051Harris County Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Healthcare System), Series 2008-B, 7.25% 2035(preref. 2018) 1,500 1,895Harris County Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Healthcare System), Series 2014-A, 5.00% 2027 2,500 2,888Harris County Health Facs. Dev. Corp., Rev. Ref. Bonds (CHRISTUS Health), Series 2005-A-4, Assured Guaranty Municipal insured,0.44% 2031 1 11,800 11,800Harris County Industrial Dev. Corp., Solid Waste Disposal Rev. Bonds (Deer Park Refining Limited Partnership Project), Series 2006,5.00% 2023 2,500 2,714Harris County, Metropolitan Transit Auth., Sales and Use Tax Bonds, Series 2011-A, 5.00% 2036 11,350 12,658Harris County, Toll Road Rev. Bonds, Series 2009-A, 5.00% 2026 4,000 4,676Harris County, Toll Road Rev. Bonds, Series 2009-C, 5.00% 2033 1,000 1,122Harris County, Toll Road Rev. Ref. Bonds, Series 2008-B, 5.00% 2033 7,000 7,792Harris County, Toll Road Rev. Ref. Bonds, Series 2012-C, 4.00% 2033 3,150 3,201Hidalgo County Health Services Corp., Hospital Rev. Bonds (Mission Hospital, Inc. Project), Series 2005,5.00% 2014 505 506City of Houston, Higher Education Fin. Corp., Higher Education Rev. Ref. Bonds (Rice University Project), Series 2013-B, 0.59% 2048(put 2017) 1 2,000 2,007Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2009-A, 5.375% 2039 2,570 2,802Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2011-B, 4.25% 2034 1,925 2,096City of Houston, Airport System Rev. Ref. Bonds, Series 2007-B, FGIC-National insured, 5.00% 2019 5,000 5,503City of Houston, Airport System Rev. Ref. Bonds, Series 2009-A, 5.50% 2034 8,000 9,092City of Houston, Airport System Rev. Ref. Bonds, Series 2009-A, 5.50% 2039 2,000 2,265City of Houston, Airport System Rev. Ref. Bonds, Series 2011-B, 5.00% 2019 1,000 1,159City of Houston, Airport System Rev. Ref. Bonds, Series 2011-B, 5.00% 2025 2,000 2,257City of Houston, Airport System Rev. Ref. Bonds, Series 2012-B, 5.00% 2031 5,305 5,776City of Houston, Public Improvement Ref. Bonds, Series 2008-A, 5.50% 2025 5,000 5,756City of Houston, Water and Sewer System Rev. Ref. Bonds, Series 1998-A, Assured Guaranty Municipal insured, 0% 2019 845 767City of Houston, Water and Sewer System Rev. Ref. Bonds, Series 1998-A, Assured Guaranty Municipal insured, 0% 2019 (escrowedto maturity) 2,155 2,001Houston Community College System Public Fac. Corp., Lease Rev. Bonds (Northline Mall Campus Project), Series 2007, AMBACinsured, 5.00% 2017 1,035 1,155Houston Community College System, Student Fee Rev. Ref. Bonds (Harris and Fort Bend Counties),

Series 2006, XLCA insured, 5.00% 2022 5,500 5,907Houston Independent School Dist. (Harris County), Limited Tax SchoolHouse Bonds, Series 2008, 5.00% 2024 7,350 8,116Keller Independent School Dist. (Tarrant County), Unlimited Tax School Building Bonds, Series 2007,5.00% 2020 3,720 4,209La Vernia Higher Education Fin. Corp., Education Rev. Bonds (KIPP, Inc.), Series 2009-A, 6.25% 2039 2,500 2,790Lone Star College System (Harris and Montgomery Counties), Limited Tax G.O. Bonds, Series 2009,5.00% 2034 1,000 1,122Longview Independent School Dist. (Gregg County), Unlimited Tax School Building Bonds, Series 2008, 5.00% 2025 2,000 2,299The Tax-Exempt Bond Fund of America — Page 50 of 60Bonds, notes & other debt instrumentsTexas (continued)Principal amount(000)Value(000)Longview Independent School Dist. (Gregg County), Unlimited Tax School Building Bonds, Series 2008, 5.00% 2026 $ 1,500 $ 1,721Love Field Airport Modernization Corp., Special Facs. Rev. Bonds (Southwest Airlines Co. - Love Field Modernization ProgramProject), Series 2010, 5.25% 2040 10,525 11,045Lower Colorado River Auth., Transmission Contract Rev. Ref. and Improvement Bonds (LCRA Transmission Services Corp. Project),Series 2010, 5.00% 2030 2,520 2,729Lower Colorado River Auth., Transmission Contract Rev. Ref. and Improvement Bonds (LCRA Transmission Services Corp. Project),Series 2010, 5.00% 2040 6,550 6,904Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2011-A,5.00% 2041 1,500 1,592Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2013, 5.00%2026 5,000 5,671Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2013-A,5.00% 2027 3,500 3,990Lower Colorado River Auth., Transmission Contract Rev. Ref. Bonds (LCRA Transmission Services Corp. Project), Series 2013-A,5.00% 2036 7,000 7,511City of Lubbock, Tax and Waterworks System Surplus Rev. Certificates of Obligation, Series 2007-A, Assured Guaranty Municipalinsured, 5.25% 2027 5,000 5,466Matagorda County Navigation Dist. Number One, Pollution Control Rev. Ref. Bonds (AEP Texas Central Co. Project), Series 2005-A,AMBAC insured, 4.40% 2030 3,450 3,597Midlothian Dev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2007-A, RADIAN insured, 5.00% 2017 1,940 2,019Midlothian Dev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2007-A, RADIAN insured, 5.00% 2021 1,235 1,258Midlothian Dev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2007-A, RADIAN insured, 5.00% 2026 2,190 2,218Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2017 2,500 2,797Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2019 5,000 5,730Municipal Gas Acquisition and Supply Corp. I, Gas Supply Rev. Bonds, Series 2006-A, 5.25% 2021 1,000 1,157Municipal Gas Acquisition and Supply Corp. II, Gas Supply Rev. Bonds, Series 2007-A, 1.025% 2027 1 20,000 17,713Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2021 6,155 7,042Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2022 1,000 1,149Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2026 15,000 16,449Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2030 8,250 8,838Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2031 1,500 1,593New Hope Cultural Education Facs. Fin. Corp., First Mortgage Rev. Ref. Bonds (Morningside Ministries Project), Series 2013, 6.50%2043 1,000 1,067North Central Texas Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (Children’s Medical Center of Dallas Project), Series 2012,5.00% 2032 3,000 3,306North East Independent School Dist., Unlimited Tax Ref. Bonds, Series 2007, 5.25% 2026 4,655 5,857North Forest Independent School Dist. (Harris County), Unlimited Tax Schoolhouse Ref. Bonds, Series 2006-A, 5.00% 2020 1,995 2,174North Texas Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (United Regional Health Care System, Inc. Project), Series 2007,Assured Guaranty Municipal insured, 5.00% 2019 1,075 1,184North Texas Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (United Regional Health Care System, Inc. Project), Series 2007,Assured Guaranty Municipal insured, 5.00% 2023 1,600 1,762North Texas Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (United Regional Health Care System, Inc. Project), Series 2007,

Assured Guaranty Municipal insured, 5.00% 2025 5,295 5,810North Texas Municipal Water Dist., Water System Rev. Bonds, Series 2008, 5.00% 2038 5,000 5,591North Texas Tollway Auth., Special Projects System Rev. Bonds, Current Interest Bonds, Series 2011-D,5.00% 2031 6,500 7,335North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 5.50% 2018 1,000 1,136North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 5.625% 2033 15,100 16,811North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2021 3,760 4,287North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2023 12,570 14,332North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.00% 2025 5,000 5,662North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-E-3, 5.75% 2038 (put 2016) 2,150 2,297North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-F, 5.75% 2033 11,000 12,269The Tax-Exempt Bond Fund of America — Page 51 of 60Bonds, notes & other debt instrumentsTexas (continued)Principal amount(000)Value(000)North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-F, 5.75% 2038 $ 8,500 $ 9,454North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.00% 2028 16,000 18,763North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.10% 2028 5,000 5,857North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.25% 2039 5,000 5,794North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2010, 6.00% 2034 1,500 1,752North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2010, 6.00% 2038 5,000 5,780North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2011-A, 0.86% 2050 (put 2019) 1 3,600 3,595North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2011-B, 5.00% 2038 8,000 8,502North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2012-C, 1.95% 2038 (put 2019) 8,600 8,644City of Olmos Park, Higher Education Facs. Corp., Higher Education Rev. Improvement and Ref. Bonds (University of the IncarnateWord Project), Series 2012, 5.00% 2026 2,075 2,352Private Activity Bond Surface Transportation Corp., Rev. Bonds (NTE Mobility Partners LLC North Tarrant Express Managed LanesProject), Series 2009, 6.875% 2039 5,250 6,177Public Fin. Auth. Charter School Fin. Corp., Education Rev. Ref. Bonds (KIPP, Inc.), Series 2006-A, ACA insured, 5.00% 2036 20 20Public Fin. Auth., G.O. Bonds, Series 2007, 5.00% 2024 1,525 1,718SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.25% 2018 2,000 2,240SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2022 1,220 1,417SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2023 1,980 2,305SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2027 1,920 2,229Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2012, 5.00% 2021 1,915 2,217City of San Antonio, Bexar County, Water System Rev. Ref. Bonds, Series 2005, National insured, 5.00% 2019 1,540 1,598City of San Antonio, Bexar County, Water System Rev. Ref. Bonds, Series 2005, National insured, 5.00% 2019 (preref. 2015) 4,630 4,808City of San Antonio, Electric and Gas Systems Rev. Bonds (CPS Energy), Series 2014, 5.00% 2044 3,000 3,349City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, New Series 2007, 5.00% 2017 5,000 5,564City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, New Series 2007, 5.00% 2023 10,000 11,015City of San Antonio, Electric and Gas Systems Rev. Ref. Bonds, New Series 2009-A, 5.00% 2030 13,080 14,838San Leanna Education Facs. Corp., Higher Education Rev. Ref. Bonds (St. Edward’s University Project),Series 2007, 5.00% 2020 1,100 1,176San Leanna Education Facs. Corp., Higher Education Rev. Ref. Bonds (St. Edward’s University Project),Series 2007, 5.125% 2021 1,410 1,500San Leanna Education Facs. Corp., Higher Education Rev. Ref. Bonds (St. Edward’s University Project),Series 2007, 5.125% 2023 1,000 1,055San Leanna Education Facs. Corp., Higher Education Rev. Ref. Bonds (St. Edward’s University Project),Series 2007, 5.125% 2036 1,600 1,639Sherman Independent School Dist. (Grayson County), Unlimited Tax School Building and Ref. Bonds,Series 2005-A, 5.00% 2017 275 282Sherman Independent School Dist. (Grayson County), Unlimited Tax School Building and Ref. Bonds,

Series 2005-A, 5.00% 2017 (preref. 2015) 1,210 1,242South San Antonio Independent School Dist. (Bexar County), Unlimited Tax School Building Bonds,Series 2005, 5.50% 2030 7,510 9,570Tarrant County Cultural Education Facs. Fin. Corp., Health Resources System Rev. Ref. Bonds, Series 2007-A, 5.00% 2024 2,000 2,195Tarrant County Cultural Education Facs. Fin. Corp., Health Resources System Rev. Ref. Bonds, Series 2007-A, 5.00% 2036 2,000 2,081Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Baylor Health Care System Project), Series 2011-A,5.00% 2030 3,000 3,294Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Scott & White Healthcare Project), Series 2013-A,5.00% 2033 1,000 1,107Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Scott and White Memorial Hospital and Scott, Sherwoodand Brindley Foundation Project), Series 2008-A, 5.00% 2019 5,000 5,628Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Scott and White Memorial Hospital and Scott, Sherwoodand Brindley Foundation Project), Series 2008-A, 5.25% 2028 2,000 2,167The Tax-Exempt Bond Fund of America — Page 52 of 60Bonds, notes & other debt instrumentsTexas (continued)Principal amount(000)Value(000)Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Scott and White Memorial Hospital and Scott, Sherwoodand Brindley Foundation Project), Series 2008-A, 5.50% 2031 $ 3,000 $ 3,226Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds (Buckner Retirement Services, Inc. Project),Series 2007, 5.25% 2022 1,855 1,945Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds (Buckner Retirement Services, Inc. Project),Series 2007, 5.25% 2027 6,900 7,118Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds (Buckner Retirement Services, Inc. Project),Series 2007, 5.25% 2037 14,355 14,631Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds (Northwest Senior Housing Corp. - EdgemereProject), Series 2006-A, 6.00% 2036 1,000 1,027Tarrant County Health Facs. Dev. Corp., Health Resources System Rev. Ref. Bonds, Series 1997-A, National insured, 5.75% 2015(escrowed to maturity) 3,000 3,090Tarrant Regional Water Dist., Water Control and Improvement Dist., Water Rev. Ref. and Improvement Bonds, Series 2009, 5.00%2021 1,400 1,609Tarrant Regional Water Dist., Water Control and Improvement Dist., Water Rev. Ref. and Improvement Bonds, Series 2009, 5.00%2022 1,000 1,150Tarrant Regional Water Dist., Water Control and Improvement Dist., Water Rev. Ref. and Improvement Bonds, Series 2009, 5.00%2023 1,000 1,150Board of Regents of the Texas A&M University System, Rev. Fncg. System Bonds, Series 2009-B, 5.00% 2021 1,955 2,290Board of Regents of the Texas A&M University System, Series 2009-A, 5.00% 2020 3,355 3,930Board of Regents of the Texas A&M University System, Series 2009-A, 5.00% 2021 2,360 2,764Board of Regents, Texas State University System, Rev. Fncg. System Ref. Bonds, Series 2008, 5.25% 2025 4,500 5,093Board of Regents of Texas Tech University System, Rev. Fncg. Ref. System and Improvement Bonds,Series 2009-12, 5.00% 2024 2,000 2,263Tomball Hospital Auth., Hospital Rev. Ref. Bonds, Series 2005, 5.00% 2020 (preref. 2015) 3,000 3,131Transportation Commission, Central Texas Turnpike System, Rev. Ref. Bonds, Series 2012-A, 4.00% 2038 7,500 7,214Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2017 2,050 2,297Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2017 (escrowed to maturity) 200 224Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2021 11,420 13,059Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2021 (preref. 2018) 1,125 1,295Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2028 6,375 7,134Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2028 (preref. 2018) 625 720Transportation Commission, State Highway Fund Rev. Bonds, Series 2006, 5.00% 2018 (preref. 2016) 7,500 8,089Travis County Health Facs. Dev. Corp., Retirement Fac. Rev. Bonds (Querencia at Barton Creek Project),Series 2005-A, 5.50% 2025 2,500 2,524Travis County Health Facs. Dev. Corp., Retirement Fac. Rev. Bonds (Querencia at Barton Creek Project),Series 2005-A, 5.65% 2035 5,635 5,659

Travis County Health Facs. Dev. Corp., Rev. Bonds (Westminster Manor Project), Series 2010, 7.00% 2030 1,000 1,133Travis County Health Facs. Dev. Corp., Rev. Bonds (Westminster Manor Project), Series 2010, 7.125% 2040 2,750 3,086Board of Regents of the University of Houston System, Consolidated Rev. Ref. Bonds, Series 2009,5.00% 2025 2,735 3,085Board of Regents of the University of North Texas System, Rev. Fncg. System Bonds, Series 2009-A,5.00% 2035 1,000 1,099Board of Regents of the University of Texas System, Rev. Ref. Fncg. System Bonds, Series 2002-B, 5.25% 2016 7,280 8,019Waco Education Fin. Corp., Rev. Bonds (Baylor University Issue), Series 2012, 5.00% 2043 3,500 3,792Waco Health Facs. Dev. Corp., FHA insured Mortgage Rev. Bonds (Hillcrest Health System Project),Series 2006-A, National insured, 5.00% 2016 (escrowed to maturity) 1,000 1,092Waco Health Facs. Dev. Corp., FHA insured Mortgage Rev. Bonds (Hillcrest Health System Project),Series 2006-A, National insured, 5.00% 2019 (preref. 2016) 3,465 3,792Water Dev. Board, State Revolving Fund, Rev. Bonds, Program Series 2008-B, 5.00% 2028 6,500 7,140Water Dev. Board, State Revolving Fund, Rev. Bonds, Program Series 2008-B, 5.00% 2029 5,000 5,493Water Dev. Board, State Revolving Fund, Rev. Bonds, Program Series 2008-B, 5.00% 2033 2,000 2,203Weatherford Independent School Dist., Capital Appreciation Ref. Bonds, 0% 2018 2,380 2,294The Tax-Exempt Bond Fund of America — Page 53 of 60Bonds, notes & other debt instrumentsTexas (continued)Principal amount(000)Value(000)Weatherford Independent School Dist., Capital Appreciation Ref. Bonds, 0% 2018 (escrowed to maturity) $ 245 $ 238Ysleta Independent School Dist. (El Paso County), Unlimited Tax School Building Bonds, Series 2006, 5.00% 2018 (preref. 2016) 2,480 2,717869,430Utah 0.06%Housing Corp., Single-family Mortgage Bonds, Series 2010-B-1, Class III, 4.00% 2024 645 665Intermountain Power Agcy., Subordinated Power Supply Rev. Ref. Bonds, Series 2009-A, 5.00% 2015 3,000 3,135Salt Lake County, College Rev. Ref. Bonds (Westminster College Project), Series 2007, 5.00% 2026 1,875 1,9865,786Virgin Islands 0.40%Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note - Diageo Project), Series 2009-A, 6.625% 2029 5,000 5,500Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note - Diageo Project), Series 2009-A, 6.75% 2019 1,250 1,398Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note), Series 2010-A, 5.00% 2029 10,500 11,273Public Fin. Auth., Rev. Bonds (Matching Fund Loan Notes), Series 2012-A, 5.00% 2032 2,750 2,954Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Note), Series 2010-B, 5.00% 2025 1,000 1,068Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Note), Series 2013-B, 5.00% 2024 4,000 4,537Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2009-B, 5.00% 2018 3,500 3,928Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2009-C, 5.00% 2015 2,000 2,085Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2012-A, 2.25% 2017 1,655 1,678Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2012-A, 4.00% 2022 2,500 2,63837,059Virginia 0.31%Industrial Dev. Auth. of Botetourt County, Residential Care Fac. Rev. Ref. Bonds (Glebe, Inc.), Series 2014-A, 6.00% 2044 3,500 3,350City of Chesapeake, Chesapeake Transportation System Toll Road Rev. Ref. Bonds (Capital Appreciation Bonds), Series 2012-B,0%/4.875% 2040 4 2,000 1,210City of Chesapeake, Chesapeake Transportation System Toll Road Rev. Ref. Bonds,Series 2012-A, 5.00% 2047 3,000 3,087Fairfax County Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Greenspring Village, Inc. Fac.), Series 2006-A, 4.75% 2026 1,500 1,539

Industrial Dev. Auth. of the City of Harrisonburg, Residential Care Fac. Rev. Ref. Bonds (Sunnyside Presbyterian Home), Series 2013-B, 6.50% 2039 2,000 2,114Econ. Dev. Auth. of Henrico County, Residential Care Fac. Rev. Ref. Bonds (United Methodist Homes),5.00% 2022 655 709Heritage Hunt Commercial Community Dev. Auth. (Prince William County), Special Assessment Bonds,Series 1999-B, 7.00% 2029 580 581Industrial Dev. Auth. of Loudoun County, Residential Care Fac. Rev. Ref. Bonds (Falcons Landing Project), Series 2004-B, 6.00%2028 2,000 2,114Peninsula Town Center Community Dev. Auth., Special Obligation Bonds, Series 2007, 6.35% 2028 1,000 1,083Peninsula Town Center Community Dev. Auth., Special Obligation Bonds, Series 2007, 6.45% 2037 4,450 4,805Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2008-B, 5.00% 2027 4,845 5,491Resources Auth., Infrastructure Rev. Bonds (Pooled Fncg. Program), Series 2008-B, 5.00% 2027(preref. 2018) 155 181Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds,Series 2007-B-1, 5.00% 2047 4,235 2,82529,089The Tax-Exempt Bond Fund of America — Page 54 of 60Bonds, notes & other debt instrumentsWashington 3.04%Principal amount(000)Value(000)Central Puget Sound Regional Transit Auth., Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999, FGIC-National insured,4.75% 2028 $11,940 $12,075Central Puget Sound Regional Transit Auth., Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999, FGIC-National insured,5.25% 2021 4,500 5,312Central Puget Sound Regional Transit Auth., Sales Tax Bonds, Series 2007-A, 5.00% 2034 5,000 5,504Clark County, Vancouver School Dist. No. 37, Unlimited Tax Deferred Interest G.O. Bonds, Series 2001-C, FGIC-National insured, 0%2016 2,500 2,466Energy Northwest, Columbia Generating Station Electric Rev. Bonds, Series 2006-A, 5.00% 2020 4,125 4,488Energy Northwest, Columbia Generating Station Electric Rev. Bonds, Series 2006-A, 5.00% 2020(preref. 2016) 1,875 2,044Energy Northwest, Electric Rev. Ref. Bonds (Project 1), Series 2006-A, 5.00% 2016 2,000 2,180Energy Northwest, Electric Rev. Ref. Bonds (Project 1), Series 2012-A, 5.00% 2017 17,000 19,178Federal Highway Grant Anticipation Rev. Bonds (SR 520 Corridor Program), Series 2012-F, 5.00% 2023 5,000 5,890Federal Highway Grant Anticipation Rev. Bonds (SR 520 Corridor Program), Series 2014-C, 5.00% 2021 2,500 2,967FYI Properties, Lease Rev. Bonds (State of Washington DIS Project), Series 2009, 5.00% 2027 4,000 4,436FYI Properties, Lease Rev. Bonds (State of Washington DIS Project), Series 2009, 5.25% 2029 2,500 2,793FYI Properties, Lease Rev. Bonds (State of Washington DIS Project), Series 2009, 5.50% 2039 6,500 7,362Various Purpose G.O. Ref. Bonds, Series R-2005-A, AMBAC insured, 5.00% 2018 10,000 10,201Health Care Facs. Auth., Rev. Bonds (Group Health Cooperative), Series 2006, RADIAN insured, 5.00% 2023 1,000 1,020Health Care Facs. Auth., Rev. Bonds (Group Health Cooperative), Series 2006, RADIAN insured, 5.00% 2024 2,805 2,852Health Care Facs. Auth., Rev. Bonds (Group Health Cooperative), Series 2006, RADIAN insured, 5.00% 2025 2,000 2,029Health Care Facs. Auth., Rev. Bonds (Kadlec Regional Medical Center), Series 2012, 5.00% 2032 750 795Health Care Facs. Auth., Rev. Ref. Bonds (Children’s Hospital and Regional Medical Center), Series 2008-C, 5.375% 2031 3,000 3,345Health Care Facs. Auth., Rev. Ref. Bonds (Children’s Hospital and Regional Medical Center), Series 2008-C, 5.50% 2035 5,000 5,642Health Care Facs. Auth., Rev. Ref. Bonds (Kadlec Medical Center), Series 2006-A, Assured Guaranty insured, 5.00% 2021 3,025 3,196Health Care Facs. Auth., Rev. Ref. Bonds (PeaceHealth), Series 2014-A, 5.00% 2027 500 571Health Care Facs. Auth., Rev. Ref. Bonds (Providence Health & Services),Series 2012-B, 5.00% 2042 (put 2021) 1,000 1,173Health Care Facs. Auth., Rev. Ref. Bonds (Virginia Mason Medical Center), Series 2007-A, 6.125% 2037 18,500 19,436

Higher Education Facs. Auth., Rev. Bonds (Gonzaga University Project), Series 2013-A, 5.25% 2043 9,765 10,655Higher Education Facs. Auth., Rev. Ref. Bonds (Gonzaga University Project), Series 2009-B, 5.00% 2020 2,850 3,178Higher Education Facs. Auth., Rev. Ref. Bonds (Gonzaga University Project), Series 2009-B, 5.00% 2029 6,000 6,343Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Emerald Heights Project), Series 2013,5.00% 2028 1,100 1,176Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Rockwood Retirement Project), Series 2014-A, 7.375% 2044 2 15,880 17,154Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Rockwood Retirement Project), Series 2014-A, 7.50% 2049 2 6,000 6,528Housing Fin. Commission, Homeownership Program Bonds, Series 2010-A, 4.70% 2028 580 619Housing Fin. Commission, Homeownership Program Bonds, Series 2011-B, 4.25% 2032 2,280 2,483Housing Fin. Commission, Single-family Program Bonds, Series 2014-1-N, 3.00% 2037 435 459Housing Fin. Commission, Single-family Program Rev. Ref. Bonds, Series 2013-1-N, 3.00% 2043 350 363King County, Limited Tax G.O. Bonds, Series 2007-E, 5.00% 2027 6,045 6,771King County, Sewer Rev. Ref. Bonds, Series 2011-B, 5.00% 2034 10,000 11,112King County, Sewer Rev. Ref. Bonds, Series 2013-B, 5.00% 2044 1,500 1,676Motor Vehicle Fuel Tax G.O. Bonds, Series 2014-B, 5.00% 2031 2,000 2,307Motor Vehicle Fuel Tax G.O. Ref. Bonds, 5.00% 2025 3,000 3,549Motor Vehicle Fuel Tax G.O. Ref. Bonds, Series R-2005-B, 5.00% 2028 5,000 5,657Public Power Supply System, Rev. Ref. Bonds (Nuclear Project No. 3), Series 1989-B, 7.125% 2016 5,250 5,926City of Seattle, Municipal Light and Power Improvement and Rev. Ref. Bonds, Series 2008, 5.25% 2015 1,000 1,034City of Seattle, Water System Rev. Ref. and Improvement Bonds, Series 2008, 5.00% 2027 3,000 3,374City of Seattle, Water System Rev. Ref. and Improvement Bonds, Series 2008, 5.00% 2029 5,000 5,572The Tax-Exempt Bond Fund of America — Page 55 of 60Bonds, notes & other debt instrumentsWashington (continued)Principal amount(000)Value(000)Port of Seattle, Passenger Fac. Charge Rev. Ref. Bonds, Series 2010-A, 5.00% 2023 $ 5,000 $ 5,660Port of Seattle, Rev. Bonds, Series 1999-A, FGIC-National insured, 5.50% 2016 1,080 1,191Port of Seattle, Rev. Bonds, Series 1999-A, FGIC-National insured, 5.50% 2018 7,920 9,277Port of Seattle, Rev. Bonds, Series 1999-A, FGIC-National insured, 5.50% 2019 3,630 4,309Port of Seattle, Rev. Bonds, Series 2009-A, 5.25% 2028 10,425 11,746Port of Seattle, Rev. Ref. Bonds, Series 2010-B, 5.00% 2030 2,600 2,877Public Utility Dist. No. 1 of Snohomish County, Electric System Rev. Ref. Bonds, Series 2005,Assured Guaranty Municipal insured, 5.00% 2019 5,000 5,315Tobacco Settlement Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2013, 5.00% 2026 9,940 10,462Tobacco Settlement Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2013, 5.00% 2027 2,500 2,670Tobacco Settlement Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2013, 5.25% 2029 5,000 5,370Tobacco Settlement Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2013, 5.25% 2031 1,940 2,103West Virginia 0.13%283,871County Commission of Pleasants County, Pollution Control Rev. Ref. Bonds (Allegheny Energy Supply Co., LLC Pleasants StationProject), Series 2007-F, 5.25% 2037 11,500 11,823Wisconsin 1.95%Clean Water Rev. Bonds, Series 2008-1, 5.00% 2027 7,245 8,239Clean Water Rev. Bonds, Series 2008-1, 5.00% 2028 2,620 2,954General Fund Annual Appropriation Rev. Ref. Bonds, Series 2009-A, 5.75% 2033 5,000 5,839General Fund Annual Appropriation Rev. Ref. Bonds, Series 2009-A, 6.00% 2036 52,960 62,553Health and Educational Facs. Auth., Health Facs. Rev. Bonds (SSM Health Care), Series 2010-A, 5.25% 2034 2,000 2,156Health and Educational Facs. Auth., Rev. Bonds (Agnesian HealthCare, Inc.), Series 2013-B, 5.00% 2036 4,500 4,803Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group),

Series 2013-B-1, 4.00% 2043 (put 2018) 2,500 2,763Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Alliance Senior Credit Group),Series 2013-B-4, 5.00% 2043 (put 2021) 7,000 8,212Health and Educational Facs. Auth., Rev. Bonds (Ascension Health Credit Group), Series 2010-E, 5.00% 2033 11,000 11,881Health and Educational Facs. Auth., Rev. Bonds (Wheaton Franciscan Healthcare System), Series 2006-A, 5.25% 2022 11,855 12,682Health and Educational Facs. Auth., Rev. Ref. Bonds (Aurora Health Care, Inc.), Series 2012-A, 5.00% 2026 11,000 11,992Health and Educational Facs. Auth., Rev. Ref. Bonds (Aurora Health Care, Inc.), Series 2012-A, 5.00% 2028 1,000 1,076Health and Educational Facs. Auth., Rev. Ref. Bonds (Aurora Health Care, Inc.), Series 2013-A, 5.125% 2031 1,750 1,871Health and Educational Facs. Auth., Rev. Ref. Bonds (Children’s Hospital of Wisconsin, Inc.), Series 1998, AMBAC insured, 5.625%2015 1,130 1,162Health and Educational Facs. Auth., Rev. Ref. Bonds (Children’s Hospital of Wisconsin, Inc.), Series 2008-A, 5.25% 2022 3,645 4,148Health and Educational Facs. Auth., Rev. Ref. Bonds (Childre’s Hospital of Wisconsin, Inc.), Series 2008-A, 5.25% 2023 3,990 4,524Health and Educational Facs. Auth., Rev. Ref. Bonds (Children’s Hospital of Wisconsin, Inc.), Series 2008-A, 5.25% 2024 3,360 3,782Health and Educational Facs. Auth., Rev. Ref. Bonds (Gundersen Lutheran), Series 2011-A, 5.25% 2039 9,000 9,692Health and Educational Facs. Auth., Rev. Ref. Bonds (Milwaukee Catholic Home, Inc.), Series 2006,5.00% 2026 (preref. 2016) 2,250 2,449Milwaukee County, Airport Rev. Bonds, Series 2010-A, 5.00% 2034 2,000 2,113Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2012, 5.50% 2032 1,000 1,050Public Fin. Auth., Senior Living Rev. Bonds (Rose Villa Project), Series 2014-B2, 4.25% 2020 600 603Public Fin. Auth., Senior Living Rev. Bonds (Rose Villa Project), Series 2014-B3, 3.75% 2019 1,000 1,009City of Superior, Limited Obligation Rev. Ref. Bonds (Midwest Energy Resources Co. Project), Series 1991-E, FGIC-National insured,6.90% 2021 6,000 7,550The Tax-Exempt Bond Fund of America — Page 56 of 60Bonds, notes & other debt instrumentsWisconsin (continued)Principal amount(000)Value(000)University of Wisconsin Hospitals and Clinics Auth., Rev. Bonds, Series 2013-A, 5.00% 2038 $ 3,000 $ 3,230WPPI Energy, Power Supply System Rev. Ref. Bonds, Series 2013-A, 5.00% 2037 3,650 3,957182,290Total bonds, notes & other debt instruments (cost: $7,869,514,000) 8,381,471Short-term securities 9.47%State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project), Series 1993-A, 0.05% 2033 1 3,500 3,500State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project), Series 1993-C, 0.05% 2033 1 13,100 13,100State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project),Series 1993-B, 0.05% 2033 1 9,000 9,000State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (ExxonMobil Project),Series 2001, 0.05% 2029 1 7,600 7,600State of California, County of Los Angeles, 2014-15 Tax and Rev. Anticipation Notes, 1.50% 2015 22,670 22,961State of California, County of Ventura, 2014-15 Tax and Rev. Anticipation Notes 1.50% 2015 20,000 20,252State of California, Dept. of Water and Power of the City of Los Angeles, Power System Demand Rev. Bonds, Series 2001-B,Subseries B-6, 0.04% 2034 1 2,700 2,700State of California, Econ. Recovery Bonds, Series 2004-C-4, JPMorgan Chase LOC, 0.04% 2023 1 4,500 4,500State of California, Health Facs. Fncg. Auth., Health Fac. Rev. Bonds (Catholic Healthcare West), Series 2005-H, Bank of AmericaLOC, 0.05% 2035 1 5,450 5,450State of California, Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 1996-E,JPMorgan Chase LOC, 0.04% 2026 1 1,500 1,500State of California, Sacramento Municipal Utility Dist. Fncg. Auth., Electric Rev. Bonds, Series 2012-L,US Bank LOC, 0.05% 2041 1 11,400 11,400State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2014-A, 1.50% 6/26/2015 56,000 56,704State of Connecticut, Health and Educational Facs. Auth., Rev. Bonds (Yale-New Haven Hospital Issue),

Series 2014-C, 0.04% 2025 1 10,000 10,000State of District of Columbia, Demand Rev. Ref. Bonds (American University Issue), Series 2008,JPMorgan Chase LOC, 0.08% 2038 1 3,750 3,750State of Florida, Sarasota County, Public Hospital Dist., Hospital Rev. Ref. Bonds (Sarasota Memorial Hospital Project), Series 2009-B,JPMorgan Chase LOC, 0.07% 2037 1 9,750 9,750State of Idaho, Tax Anticipation Notes, Series 2014, 2.00% 6/30/2015 8,550 8,699State of Illinois, City of Chicago, G.O. Ref. Bonds, Series 2007-E, Barclays Bank PLC LOC, 0.08% 2042 1 2,300 2,300State of Illinois, City of Chicago, G.O. Ref. Bonds, Series 2007-F, JPMorgan Chase LOC, 0.08% 2042 1 12,000 12,000State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2009-E-1,JPMorgan Chase LOC, 0.08% 2043 1 5,650 5,650State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2010-B,Wells Fargo LOC, 0.04% 2044 1 1,510 1,510State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2011-B,Wells Fargo LOC, 0.04% 2044 1 4,700 4,700State of Iowa, Fin. Auth., Demand Health Facs. Rev. Ref. Bonds (Health System), Series 2009-B, JPMorgan Chase LOC, 0.07% 2035 1 5,030 5,030State of Iowa, Fin. Auth., Demand Private College Rev. Ref. Bonds (Drake University Project), Series 2008, Wells Fargo Bank LOC,0.07% 2031 1 935 935State of Iowa, Fin. Auth., Health Facs. Rev. Bonds (Health System), Series 2009-A, JPMorganChase LOC, 0.07% 2035 1 10,120 10,120State of Kentucky, Econ. Dev. Fin. Auth., Demand Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), Series2009-B-1, JPMorgan Chase LOC, 0.05% 2038 1 3,700 3,700State of Kentucky, Econ. Dev. Fin. Auth., Demand Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), Series2009-B-2, JPMorgan Chase LOC, 0.05% 2038 1 12,210 12,210State of Louisiana, Industrial Dev. Board of the Parish of East Baton Rouge, Inc., Gulf Opportunity ZoneRev. Bonds (ExxonMobil Project), Series 2010-B, 0.05% 2040 1 4,550 4,550The Tax-Exempt Bond Fund of America — Page 57 of 60Short-term securitiesPrincipal amount(000)Value(000)State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (Exxon Project), Series 1989, 0.04% 2019 1 $ 7,020 $ 7,020State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project),Series 2010-A, 0.05% 2035 1 5,200 5,200State of Massachusetts, Health and Educational Facs. Auth., Demand Rev. Bonds (Dana Farber Cancer Institute Issue), Series 2008-L1, JPMorgan Chase LOC, 0.04% 2046 1 20,000 20,000State of Massachusetts, Health and Educational Facs. Auth., Rev. Bonds (Massachusetts Institute of Technology Issue), Series J-2,0.05% 2031 1 15,070 15,070State of Michigan, Fin. Auth., State Aid Rev. Notes (School Dist. of the City of Detroit),Series 2013-C, 4.375% 8/20/2014 1,000 1,002State of Minnesota, City of Rochester, Health Care Facs. Rev. Bonds (Mayo Foundation), Series 2002-B,0.05% 2032 1 10,000 10,000State of Minnesota, Housing and Redev. Auth. of the City of Saint Paul, Health Care System DemandRev. Bonds (Allina Health System), Series 2009-B-2, JPMorgan Chase LOC, 0.07% 2035 1 3,215 3,215State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-B, 0.05% 2030 1 20,200 20,200State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2007-E, 0.05% 2030 1 22,100 22,100State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-A, 0.05% 2030 1 12,400 12,400State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-F, 0.05% 2030 1 4,000 4,000State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2009-G, 0.04% 2030 1 2,300 2,300State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-G, 0.04% 2035 1 2,400 2,400State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-H, 0.04% 2035 1 1,100 1,100State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-K, 0.05% 2035 1 14,100 14,100

State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-L, 0.04% 2035 1 1,275 1,275State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds (Chevron U.S.A. Inc. Project), Series 2010-L, 0.05% 2035 1 1,780 1,780State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2007-A, 0.05% 2030 1 18,800 18,800State of Mississippi, Jackson County, Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project),Series 1992, 0.05% 2016 1 1,200 1,200State of Mississippi, Jackson County, Port Fac. Rev. Ref. Bonds (Chevron U.S.A. Inc. Project),Series 1993, 0.04% 2023 1 5,430 5,430State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds(Washington University), Series 2000-C, 0.04% 2040 1 4,300 4,300State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds(Washington University), Series 2004-A, 0.05% 2034 1 3,455 3,455State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds(Washington University), Series 2004-B, 0.05% 2034 1 8,800 8,800State of Montana, Fac. Fin. Auth., Demand Rev. Bonds (Sisters of Charity of Leavenworth Health System), Series 2003, 0.08% 2025 1 2,260 2,260State of New Hampshire, Health and Education Facs. Auth., Rev. Ref. Bonds (Dartmouth College Issue),Series 2007-A, 0.08% 2031 1 4,600 4,600State of New Hampshire, Health and Education Facs. Auth., Rev. Ref. Bonds (Dartmouth College Issue),Series 2007-B, 0.04% 2041 1 7,200 7,200State of New Jersey, Health Care Facs. Fin. Auth., Rev. Bonds (Virtua Health Issue), Series 2009-B,JPMorgan Chase LOC, 0.05% 2043 1 8,600 8,600The Tax-Exempt Bond Fund of America — Page 58 of 60Short-term securitiesPrincipal amount(000)Value(000)State of New Jersey, Health Care Facs. Fncg. Auth., Rev. Ref. Bonds, Series 2006-A-4, Wells Fargo & Co. LOC, 0.05% 2027 1 $ 4,000 $ 4,000State of New Jersey, South Jersey Transportation Auth.,Transportation System Rev. Bonds, Series 2009-A-4, 0.05% 2039 1 9,920 9,920State of New Jersey, Transportation Trust Fund Auth., Transportation System Bonds, Series 2009-C,0.06% 2032 1 6,250 6,250State of New York, City of New York, G.O. Bonds, Fiscal 1993 Series A-7, JPMorgan Chase LOC, 0.06% 2020 1 5,500 5,500State of New York, City of New York, G.O. Bonds, Fiscal 1999 Series B-2, JPMorgan Chase LOC, 0.05% 2023 1 1,550 1,550State of New York, City of New York, G.O. Bonds, Fiscal 2008 Series L, Subseries L-4, 0.06% 2038 1 12,000 12,000State of New York, City of New York, G.O. Bonds, Fiscal 2012 Series G, Subseries G-5, 0.04% 2042 1 3,000 3,000State of New York, Dormitory Auth., Rev. Bonds (St. John’s University), Series 2008-B-1, Bank of America LOC, 0.08% 2034 1 9,715 9,715State of New York, Housing Fin. Agcy, Gotham West Housing Fin. Agcy. Rev. Bonds, Series 2011-A-1,Wells Fargo & Co. LOC, 0.05% 2045 1 8,535 8,535State of New York, Housing Fin. Agcy., 2180 Broadway Housing Rev. Bonds, Series 2011-A,Wells Fargo Bank LOC, 0.05% 2044 1 10,000 10,000State of New York, New York City, Municipal Water Fin. Auth., Water and Sewer System Rev. Ref. Bonds,Fiscal 2003 Series A, Subseries F-1-A, 0.05% 2035 1 10,000 10,000State of New York, New York City, Transitional Fin. Auth., New York City Recovery Bonds, Fiscal Series 2003-1, Subseries 1-C, 0.06%2022 1 7,940 7,940State of New York, Trust for Cultural Resources of the City of New York, Rev. Ref. Bonds (Lincoln Center for the Performing Arts, Inc.),Series 2008-A-1, JPMorgan Chase LOC, 0.05% 2035 1 4,155 4,155State of North Carolina, Charlotte-Mecklenburg Hospital Auth., Carolinas HealthCare System, Health Care Rev. Ref. Bonds, Series2007-B, Wells Fargo Bank LOC, 0.04% 2045 1 4,200 4,200State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2014-A, 2.00% 6/15/2015 14,850 15,093State of South Carolina, Educational Facs. Auth. for Private Nonprofit Institutions of Higher Learning, Rev. Ref. Improvement Bonds(Anderson College Project), Series 2004-A, Bank of America LOC, 0.09% 2025 1 1,200 1,200State of South Carolina, North Charleston Public Facs. Corp. Ref. Certs. of Part. (Convention Center Complex Projects), Series 2005,Bank of America LOC, 0.06% 2019 1 3,595 3,595State of Tennessee, Public Building Auth. of the City of Clarksville, Pooled Fncg. Rev. Bonds, Series 2003, Bank of America LOC,0.08% 2033 1 770 770State of Tennessee, Public Building Auth. of the City of Clarksville, Pooled Fncg. Rev. Bonds, Series 2004, Bank of America LOC,

0.08% 2034 1 1,715 1,715State of Tennessee, Public Building Auth. of the City of Clarksville, Pooled Fncg. Rev. Bonds, Series 2008, Bank of America LOC,0.08% 2038 1 830 830State of Tennessee, Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool),Series 2002, Bank of America LOC, 0.08% 2032 1 3,400 3,400State of Tennessee, Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds (Tennessee County Loan Pool),Series 2004, Bank of America LOC, 0.08% 2034 1 1,035 1,035State of Texas, Harris County Cultural Education Facs. Fin. Corp., Special Facs. Rev. Ref. Bonds (Medical Center), Series 2008,Subseries 2008-B-2, JPMorgan Chase LOC, 0.07% 2031 1 2,700 2,700State of Texas, Harris County Cultural Education Facs. Fin. Corp., Special Facs. Rev. Ref. Bonds (Medical Center), Series 2008-A,JPMorgan Chase LOC, 0.07% 2031 1 2,900 2,900State of Texas, Harris County Cultural Education Facs. Fin. Corp., Special Facs. Rev. Ref. Bonds (Medical Center), Series 2008-B-1,JPMorgan Chase LOC, 0.07% 2031 1 9,030 9,030State of Texas, Lower Neches Valley Auth., Industrial Dev. Corp. Rev. Bonds (ExxonMobil Project),Series 2011, 0.04% 2038 1 21,800 21,800State of Texas, Tarrant County, Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Methodist Hospitals of Dallas Project),Series 2008-A, JPMorgan Chase LOC, 0.05% 2041 1 5,500 5,500State of Texas, Tax and Rev. Anticipation Notes, Series 2013, 2.00% 8/28/2014 225,000 225,333State of Virginia, Industrial Dev. Auth. of Montgomery County, Rev. Ref. Bonds (Virginia Tech Foundation), Series 2005-A, Bank ofAmerica LOC, 0.06% 2035 1 615 615The Tax-Exempt Bond Fund of America — Page 59 of 60Short-term securitiesPrincipal amount(000)Value(000)State of Wyoming, Sublette County, Pollution Control Rev. Bonds (Exxon Project), Series 1984,0.04% 11/1/2014 1 $ 9,500 $ 9,500State of Wyoming, Uinta County, Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project),Series 1993, 0.04% 2020 1 19,520 19,520Total short-term securities (cost: $882,640,000) 882,679Total investment securities 99.34% (cost: $8,752,154,000) 9,264,150Other assets less liabilities 0.66% 61,625Net assets 100.00% $9,325,7751 Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.2 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualifiedinstitutional buyers. The total value of all such securities was $113,731,000, which represented 1.22% of the net assets of the fund.3 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.4 Step bond; coupon rate will increase at a later date.5 Scheduled interest and/or principal payment was not received.Key to abbreviationsAgcy. = AgencyAuth. = AuthorityCerts. of Part. = Certificates of ParticipationDept. = DepartmentDev. = DevelopmentDist. = DistrictEcon. = EconomicFac. = FacilityFacs. = FacilitiesFin. = FinanceFncg. = Financing

G.O. = General ObligationLOC = Letter of CreditPreref. = PrerefundedRedev. = RedevelopmentRef. = RefundingRev. = RevenueTECP = Tax-Exempt Commercial PaperInvestments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus andsummary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds ServiceCompany (AFS) at (800) 421-4225 or visit the American Funds website at americanfunds.com.MFGEFPX-019-0914O-S42259 The Tax-Exempt Bond Fund of America — Page 60 of 60Report of Independent Registered Public Accounting FirmTo the Board of Trustees and Shareholders of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund ofAmerica, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund and The Tax-Exempt Fund of CaliforniaIn our opinion, the accompanying statements of assets and liabilities, including the summary investment portfolios, and the related statements ofoperations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the investment portfolios (includedin Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of American Funds Short-Term Tax-Exempt Bond Fund,Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund and TheTax-Exempt Fund of California (the “Funds”) at July 31, 2014, the results of each of their operations for the year then ended, the changes in each oftheir net assets and the financial highlights for each of the periods presented (other than as noted below for The Tax-Exempt Fund of California), inconformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights, andinvestment portfolios (hereafter referred to as "financial statements") are the responsibility of the Funds’ management. Our responsibility is toexpress an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with thestandards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimatesmade by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation ofsecurities at July 31, 2014 by correspondence with the custodians and brokers, provide a reasonable basis for our opinion. The financial statementsof The Tax-Exempt Fund of California as of July 31, 2013, and for the fiscal years ended through July 31, 2013 as appearing herein, were auditedby other auditors whose report dated September 9, 2013, expressed an unqualified opinion on those statements.PricewaterhouseCoopers LLPLos Angeles, CaliforniaSeptember 9, 2014

American High-Income Municipal Bond Fund ®Investment portfolioJuly 31, 2014Bonds, notes & other debt instruments 91.25%Alabama 0.65%Principal amount(000)Value(000)Jefferson County, Sewer Rev. Warrants, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2044 $$500 $ 523Jefferson County, Sewer Rev. Warrants, Series 2013-A, Assured Guaranty Municipal insured, 5.25% 2048 500 532Jefferson County, Sewer Rev. Warrants, Series 2013-D, 6.00% 2042 750 818Jefferson County, Sewer Rev. Warrants, Series 2013-D, 6.50% 2053 6,000 6,793Jefferson County, Sewer Rev. Warrants, Series 2013-D, 7.00% 2051 500 587Jefferson County, Sewer Rev. Warrants, Series 2013-E, 0% 2035 15,000 3,128Jefferson County, Sewer Rev. Warrants, Series 2013-E, 0% 2036 7,500 1,434Jefferson County, Sewer Rev. Warrants, Series 2013-F, 0%/7.75% 2046 1 2,500 1,487Industrial Dev. Board of the City of Phenix City, Environmental Improvement Rev. Ref. Bonds (MeadWestvaco-Mead Coated BoardProject), Series 2012-A, AMT, 4.125% 2035 3,500 3,178Special Care Facs. Fncg. Auth. of the City of Pell City, Rev. Ref. Bonds (Noland Health Services, Inc.),Series 2012-A, 5.00% 2039 1,100 1,150Arizona 2.62%19,630Health Facs. Auth., Rev. Ref. Bonds (Phoenix Children’s Hospital), Series 2013-A-1, 1.91% 2048 (put 2020) 2 2,500 2,488Estrella Mountain Ranch Community Facs. Dist. (City of Goodyear), Special Assessment Rev. Bonds (Montecito Assessment Dist.),Series 2007, 5.70% 2027 441 447Estrella Mountain Ranch Community Facs. Dist. (City of Goodyear), Special Assessment Rev. Bonds (Montecito Assessment Dist.),Series 2007, 5.80% 2032 928 934Health Facs. Auth., Health Care Facs. Rev. Ref. Bonds (Beatitudes Campus Project), Series 2006, 5.20% 2037 3 3,550 3,181Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-B, 0.967% 2037 2 5,000 4,342La Paz County, Industrial Dev. Rev. Bonds (Imperial Regional Detention Fac. Project), Series 2013, 7.80% 2039 4,500 4,721City of Phoenix Civic Improvement Corp., Airport Rev. Ref. Bonds, Series 2008-D, AMT, 5.00% 2020 2,000 2,229Industrial Dev. Auth. of the City of Phoenix and the County of Pima, Single-family Mortgage Rev. Bonds, Series 2006-3A, AMT, 5.25%2038 345 355Industrial Dev. Auth. of the City of Phoenix, Education Fac. Rev. Bonds (Legacy Traditional Schools Project), Series 2014-A, 6.50%2034 3 1,560 1,703Industrial Dev. Auth. of the City of Phoenix, Education Fac. Rev. Bonds (Legacy Traditional Schools Project), Series 2014-A, 6.75%2044 3 4,500 4,971Industrial Dev. of the City of Phoenix, Lease Rev. Bonds (Rowan University Project), Series 2012, 5.00% 2042 6,160 6,450Industrial Dev. of the City of Phoenix, Lease Rev. Bonds (Rowan University Project), Series 2012, 5.25% 2034 5,000 5,325Industrial Dev. Auth. of the County of Pima, Water and Wastewater Rev. Bonds (Global Water Resources, LLC Project), Series 2007,AMT, 6.55% 2037 17,000 17,244Industrial Dev. Auth. of the County of Pima, Water and Wastewater Rev. Bonds (Global Water Resources, LLC Project), Series 2008,AMT, 7.50% 2038 10,000 10,485Quail Creek Community Facs. Dist. (Sahuarita), G.O. Bonds, Series 2006, 5.55% 2030 4,520 4,520Town of Queen Creek, Improvement Dist. No. 001, Improvement Bonds, 5.00% 2032 3,000 3,008Industrial Dev. Auth. of the City of Tempe, Rev. Ref. Bonds (Friendship Village of Tempe),Series 2012-A, 6.25% 2042 1,000 1,053University Medical Center Corp. (Tucson), Hospital Rev. Bonds, Series 2009, 6.50% 2039 1,000 1,158Verrado Dist. 1 Community Facs. Dist. (Town of Buckeye), Dist. G.O. Ref. Bonds, Series 2013-A, 5.00% 2021 500 546

Verrado Dist. 1 Community Facs. Dist. (Town of Buckeye), Dist. G.O. Ref. Bonds, Series 2013-A, 5.00% 2022 500 545Verrado Dist. 1 Community Facs. Dist. (Town of Buckeye), Dist. G.O. Ref. Bonds, Series 2013-B, 5.00% 2023 500 543Verrado Dist. 1 Community Facs. Dist. (Town of Buckeye), Dist. G.O. Ref. Bonds, Series 2013-B, 5.70% 2029 770 830Verrado Dist. 1 Community Facs. Dist. (Town of Buckeye), Dist. G.O. Ref. Bonds, Series 2013-B, 6.00% 2033 700 758American High-Income Municipal Bond Fund — Page 0 of 34Bonds, notes & other debt instrumentsArizona (continued)Principal amount(000)Value(000)Vistancia Community Facs. Dist. (Peoria), G.O. Bonds, Series 2006, 4.55% 2026 1,000 $ 1,015Westpark Community Facs. Dist., Dist. G.O. Bonds (Town of Buckeye), Series 2006, 5.25% 2031 725 72479,575California 14.00%City of Alhambra, Rev. Bonds (Atherton Baptist Homes Project), Series 2010-A, 7.50% 2030 2,535 2,695City of Alhambra, Rev. Bonds (Atherton Baptist Homes Project), Series 2010-A, 7.625% 2040 2,295 2,422City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 1, Special Tax Bonds, Series 2007, 5.00% 2020 820 846City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 1, Special Tax Bonds, Series 2007, 5.00% 2037 3,905 3,994Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Ref. Bonds(Casa de las Campanas, Inc.), Series 2010, 6.00% 2037 500 557Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Ref. Bonds(Channing House), Series 2010, 6.00% 2030 1,000 1,139Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Senior Living Rev. Ref. Bonds(Odd Fellows Home of California), Series 2012-A, 5.00% 2032 2,250 2,502Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2011, 6.00%2031 1,250 1,397Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds(Episcopal Senior Communities), Series 2012-A, 5.00% 2047 5,000 5,170Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-C-1,3.00% 2019 2,000 2,002Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds(Eskaton Properties Inc. Obligated Group), Series 2013, 5.00% 2035 2,500 2,575Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2008-B-1,1.16% 2045 (put 2024) 2 1,500 1,505Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2012-D-1,0.957% 2045 (put 2017) 2 4,000 4,044Bonita Canyon Public Facs. Fncg. Auth., Community Facs. Dist. No. 98-1, Special Tax Bonds, Series 2012, 4.25% 2023 1,000 1,030Bonita Canyon Public Facs. Fncg. Auth., Community Facs. Dist. No. 98-1, Special Tax Bonds, Series 2012, 5.00% 2028 1,000 1,031City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 3.70% 2024 600 608City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 3.80% 2025 650 658City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 3.90% 2026 625 629City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 4.00% 2027 650 652City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 4.00% 2028 600 597City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 4.125% 2029 1,205 1,207Successor Agcy. to the Carson Redev. Agcy., Tax Allocation Ref. Bonds (Redev. Project Area No.1),Series 2014-A, Assured Guaranty Municipal insured, 4.25% 2034 1,250 1,274Cathedral City Public Fncg. Auth., Tax Allocation Rev. Bonds (Cathedral City 2006 Merged Redev. Project Area), Series 2007-C,5.00% 2025 1,165 1,038Cerritos Public Fin. Auth., Rev. Bonds (Los Coyotes Redev. Project Loan), Series A, AMBAC insured,6.50% 2023 955 1,157Cerritos Public Fin. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series 2002-A,AMBAC insured, 5.00% 2020 4,165 4,611Cerritos Public Fin. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series 2002-A,

AMBAC insured, 5.00% 2021 1,000 1,099Cerritos Public Fncg. Auth., 2002 Tax Allocation Rev. Bonds (Cerritos Redev. Agcy.), Series A, AMBAC insured,5.00% 2022 2,000 2,188Certs. of Part., Palomar Pomerado Health, 6.00% 2030 2,500 2,607Certs. of Part., Palomar Pomerado Health, 6.00% 2041 2,290 2,359Certs. of Part., Palomar Pomerado Health, 6.75% 2039 1,500 1,618Chula Vista Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2034 1,000 1,066American High-Income Municipal Bond Fund — Page 1 of 34Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)City of Chula Vista, Industrial Dev. Rev. Ref. Bonds (San Diego Gas & Electric Co.), Series 2004-C,5.875% 2034 1,100 $ 1,269Community Facs. Dist. No. 2002-1, City of Corona (Dos Lagos), Special Tax Bonds (Improvement Area No. 1), Series 2007, 5.00%2037 500 504Community Facs. Dist. No. 2002-1, City of Corona (Dos Lagos), Special Tax Bonds, Series 2005-A, 4.90% 2025 1,150 1,163Educational Facs. Auth., Rev. Bonds (University of San Francisco), Series 2011, 6.125% 2036 1,000 1,191County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), 2012 Special TaxRev. Ref. Bonds, 4.00% 2029 2,140 2,156County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), 2012 Special TaxRev. Ref. Bonds, 4.00% 2031 700 694Community Facs. Dist. No. 1, Elk Grove Unified School Dist. (Sacramento County),2012 Special Tax Ref. Bonds, 4.00% 2033 5,500 5,407Community Facs. Dist. No. 1, Elk Grove Unified School Dist. (Sacramento County),Special Tax Ref. Bonds, Series 2012, Assured Guaranty Municipal insured, 3.375% 2030 2,500 2,345City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2014, 5.00% 2030 2,080 2,265Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 0% 2042 5,000 974Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 0%/6.85% 2042 1 1,250 756Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 5.75% 2046 3,000 3,390Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 6.00% 2053 4,000 4,581Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-C, 6.50% 2043 3,500 4,075City of Fullerton Public Fin. Auth., Tax Allocation Rev. Bonds, Series 2005, AMBAC insured, 5.00% 2024 4,545 4,753Veterans G.O. Bonds, Series CD, AMT, 4.60% 2032 1,000 1,006Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds,Series 2007-A-1, 5.125% 2047 10,500 7,761Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds,Series 2007-A-1, 5.75% 2047 9,000 7,241Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Home), Series 2002-B, 6.00% 2032 (preref. 2020) 1,000 1,237Successor Agcy. to the Inland Valley Dev. Agcy., Tax Allocation Ref. Bonds,Series 2014-A 5.00% 2044 1,000 1,069City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 11-1, 4.875% 2025 1,025 1,057City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 11-1, 5.00% 2026 1,075 1,108City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 13-1, 3.35% 2022 1,175 1,215City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 13-1, 5.00% 2020 450 517Irvine Public Facs. and Infrastructure Auth., Assessment Rev. Bonds, Series 2012-A, 4.50% 2025 645 665Jurupa Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2026 1,435 1,636Jurupa Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2028 625 702City of La Verne, Rev. Certs. of Part. (Brethren Hillcrest Homes), Series 2014, 5.00% 2024 310 337City of La Verne, Rev. Certs. of Part. (Brethren Hillcrest Homes), Series 2014, 5.00% 2025 550 592City of La Verne, Rev. Certs. of Part. (Brethren Hillcrest Homes), Series 2014, 5.00% 2026 350 373City of La Verne, Rev. Certs. of Part. (Brethren Hillcrest Homes), Series 2014, 5.00% 2029 250 263Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.125% 2035 1,000 1,074Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.25% 2025 1,000 1,150

Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.25% 2026 2,000 2,275Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-B, 5.375% 2035 1,000 1,070Long Beach Community College Dist. (Los Angeles County), G.O. Bonds, 2008 Election, Series 2012-B,0% 2034 1,250 510Los Angeles County, Regional Fncg. Auth., Insured Rev. Bonds (MonteCedro Inc. Project), Series 2014-A, 5.00% 2044 500 536M-S-R Energy Auth., Gas Rev. Bonds, Series 2009-B, 6.50% 2039 4,900 6,396Community Facs. Dist. No. 2004-6, Moreno Valley Unified School Dist., Special Tax Bonds, Series 2005,5.20% 2036 2,850 2,878Community Redev. Agcy. of the City of Moreno Valley, Tax Allocation Bonds, Series 2007-A, AMBAC insured, 5.00% 2038 6,270 6,511Morongo Band of Mission Indians, Enterprise Rev. Ref. Bonds, Series 2008-B, 5.50% 2018 2,470 2,621Morongo Band of Mission Indians, Enterprise Rev. Ref. Bonds, Series 2008-B, 6.50% 2028 9,750 10,602American High-Income Municipal Bond Fund — Page 2 of 34Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.00% 2020 1,500 $1,652Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.00% 2021 1,500 1,629Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.25% 2037 1,000 1,018Municipal Fin. Auth., Education Rev. Ref. Bonds (American Heritage Education Foundation Project),Series 2006-A, 5.25% 2026 500 500Municipal Fin. Auth., Education Rev. Ref. Bonds (American Heritage Education Foundation Project),Series 2006-A, 5.25% 2036 2,100 2,016Municipal Fin. Auth., Educational Fac. Rev. Bonds (High Tech High Projects, Chula Vista), Series 2008-B,6.00% 2028 3 845 876Municipal Fin. Auth., Educational Fac. Rev. Bonds (High Tech High Projects, Chula Vista), Series 2008-B, 6.125% 2038 3 750 773Municipal Fin. Auth., Educational Fac. Rev. Bonds (High Tech High Projects, Chula Vista), Series 2008-B, 6.125% 2048 3 1,000 1,026Municipal Fin. Auth., Rev. Bonds (Caritas Mobile Home Park), Series 2014-A, 5.25% 2039 1,200 1,283Municipal Fin. Auth., Rev. Bonds (Caritas Mobile Home Park), Series 2014-B, 5.875% 2049 1,000 1,025Municipal Fin. Auth., Rev. Bonds (Harbor Regional Center Project), Series 2009, 8.00% 2029 1,420 1,686Municipal Fin. Auth., Rev. Bonds (Harbor Regional Center Project), Series 2009, 8.50% 2039 2,000 2,395Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2010-A, 6.25% 2040 1,000 1,111Municipal Fin. Auth., Rev. Bonds (University Students’ Cooperative Assn.), Series 2007, 4.75% 2027 1,600 1,610Municipal Fin. Auth., Rev. Bonds (University Students’ Cooperative Assn.), Series 2007, 5.00% 2037 1,000 1,005Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2011-B, 8.00% 2041 3 7,500 8,850Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2008-A, 5.80% 2028 500 554Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2008-A, 5.875% 2034 1,500 1,655Murrieta Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2012, 4.00% 2034 2,965 2,850Murrieta Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2031 1,250 1,313Newport-Mesa Unified School Dist. (County of Orange), G.O. Bonds, Election of 2005, Series 2011, 0% 2038 4,000 1,444City of Norco, Community Facs. Dist. No. 2001-1 (Norco Ridge Ranch), Special Tax Ref. Bonds, Issue of 2006, AMBAC insured,4.875% 2033 7,000 7,047Port of Oakland, Rev. Ref. Bonds, Series 2011-O, AMT, 5.00% 2029 2,000 2,192Port of Oakland, Rev. Ref. Bonds, Series 2012-P, AMT, 5.00% 2025 2,000 2,286Port of Oakland, Rev. Ref. Bonds, Series 2012-P, AMT, 5.00% 2026 2,000 2,263City of Palm Desert, Section 29 Assessment Dist. (No. 2004-02), Limited Obligation Improvement Bonds, Series 2007, 5.05% 2027 1,820 1,871City of Pasadena, Certs. of Part. (Conference Center Project, Capital Appreciation Certificates), Series 2006-A, AMBAC insured, 0%2020 4,815 4,273City of Pasadena, Certs. of Part. (Conference Center Project, Capital Appreciation Certificates), Series 2006-A, AMBAC insured, 0%2021 4,145 3,519Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2011, 6.125% 2041 1,000 1,031Pollution Control Fncg. Auth., Water Furnishing Rev. Bonds (Poseidon Resources (Channelside) LP Desalination Project), Series 2012Plant Bonds, AMT, 5.00% 2045 3 9,000 9,255

Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013, 5.00% 2030 620 682Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013, 5.00% 2032 810 878Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2011, 5.25% 2029 2,295 2,368Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2011, 5.50% 2033 1,485 1,532Public Works Board, Lease Rev. Bonds (Regents of the University of California), Series 2008-A,5.00% 2033 (preref. 2018) 50 58Public Works Board, Lease Rev. Bonds (Trustees of the California State University, J. Paul Leonard & Sutro Library), Series 2009-J,6.00% 2034 1,500 1,775Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2009-I-1, 6.125% 2029 6,000 7,207Rio Elementary School Dist., Community Facs. Dist. #1, Special Tax Bonds, Series 2013, 5.50% 2039 3,500 3,825Community Facs. Dist. No. 15 (Mission Ranch) of Riverside Unified School Dist., Special Tax Bonds (Improvement Area No. 2), Series2005-A, 5.25% 2035 1,200 1,213Sacramento County Water Fncg. Auth., Rev. Ref. Bonds (Sacramento County Water Agcy. Zones 40 and 41 2007 Water SystemProject), Series 2007-B, FGIC-National insured, 0.702% 2034 2 5,000 4,410County of San Bernardino, Certs. of Part. (Arrowhead Ref. Project), Series 2009-A, 5.00% 2022 1,000 1,115American High-Income Municipal Bond Fund — Page 3 of 34Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)County of San Bernardino, Certs. of Part. (Arrowhead Ref. Project), Series 2009-A, 5.125% 2024 3,000 $ 3,276San Bernardino Joint Powers Fncg. Auth., 2002 Tax Allocation Ref. Bonds, 6.00% 2018 165 165San Bernardino Joint Powers Fncg. Auth., 2002 Tax Allocation Ref. Bonds, 6.625% 2026 1,000 1,001City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041 12,750 14,707Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Bonds, Series 2009-E,5.25% 2032 3,500 3,995Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series2009-A, 4.90% 2029 3,000 3,389City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay North Redev. Project), Series 2009-C,6.50% 2039 1,450 1,644City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay NorthRedev. Project), Series 2011-C, 6.75% 2041 1,775 2,116City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2009-D,6.625% 2039 2,500 2,830City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay SouthRedev. Project), Series 2011-D, 7.00% 2041 2,000 2,275City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2014-A,5.00% 2032 260 284City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2014-A,5.00% 2033 500 544Redev. Agcy. of the City and County of San Francisco, Community Facs. Dist. No. 6, Special Tax Bonds (Mission Bay South PublicImprovements), Series 2013-B, 3.00% 2020 400 409Redev. Agcy. of the City and County of San Francisco, Community Facs. Dist. No. 6, Special Tax Bonds (Mission Bay South PublicImprovements), Series 2013-C, 0% 2043 5,000 950Redev. Agcy. of the City and County of San Francisco, Community Facs. Dist. No. 6, Special Tax Ref. Bonds (Mission Bay SouthPublic Improvements), Series 2013-A, 5.00% 2029 1,300 1,420Redev. Agcy. of the City and County of San Francisco, Community Facs. Dist. No. 6, Special Tax Ref. Bonds (Mission Bay SouthPublic Improvements), Series 2013-A, 5.00% 2031 1,140 1,236Redev. Agcy. of the City and County of San Francisco, Community Facs. Dist. No. 6, Special Tax Ref. Bonds (Mission Bay SouthPublic Improvements), Series 2013-A, 5.00% 2033 250 270Successor Agcy. to the Redev. Agcy. of the City and County of San Francisco, Community Facs. Dist. No. 7 (Hunters Point ShipyardPhase One Improvements), Special Tax Ref. Bonds, Series 2014, 5.00% 2044 1,000 1,025City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.75% 2034 6,925 7,768City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 6.25% 2034 1,750 2,027Redev. Agcy. of the City of San Jose, Housing Set-Aside Tax Allocation Bonds (Merged Area Redev. Project), Series 2010-A-1, 5.00%2022 1,600 1,785Redev. Agcy. of the City of San Jose, Housing Set-Aside Tax Allocation Bonds (Merged Area Redev. Project), Series 2010-A-1, 5.50%

2035 1,000 1,064Redev. Agcy. of the City of San Jose, Tax Allocation Bonds (Merged Area Redev. Project), Series 2003, FGIC-National insured, 4.90%2033 2,340 2,341Redev. Agcy. of the City of San Jose, Tax Allocation Ref. Bonds (Merged Area Redev. Project), Series 2006-C, National insured,3.75% 2028 11,545 11,182San Mateo County Community College Dist. (County of San Mateo), Election of 2005 G.O. Bonds(Capital Appreciation Bonds), Series 2006-B, National insured, 0% 2035 5,000 2,143Community Redev. Agcy. of the City of Santa Ana, Tax Allocation Bonds, Series 2011-A, 6.25% 2024 1,500 1,775Community Redev. Agcy. of the City of Santa Ana, Tax Allocation Bonds, Series 2011-A, 6.75% 2028 810 973Redev. Agcy. of the City of Santa Clara, 2011 Tax Allocation Bonds (Bayshore North Project), 0% 2024 6,070 3,568Redev. Agcy. of the City of Santa Clara, 2011 Tax Allocation Bonds (Bayshore North Project), 0% 2025 6,000 3,230Santa Clara County, Mountain View Shoreline Regional Park Community, Rev. Bonds, Series 2011-A,5.75% 2040 3,000 3,326Community Facs. Dist. No. 99-1 (Talega), Santa Margarita Water Dist., Special Tax Ref. Bonds, Series 2011-A, 5.00% 2026 1,000 1,031Community Facs. Dist. No. 99-1 (Talega), Santa Margarita Water Dist., Special Tax Ref. Bonds, Series 2011-A, 5.00% 2027 500 515American High-Income Municipal Bond Fund — Page 4 of 34Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)Community Facs. Dist. No. 99-1 (Talega), Santa Margarita Water Dist., Special Tax Ref. Bonds, Series 2011-B, 5.875% 2038 650 $ 670Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds, Series 2006, 4.875% 2016 3 2,660 2,676Santa Rosa Rancheria Tachi Yokut Tribe, Enterprise Rev. Bonds, Series 2006, 5.00% 2020 3 6,700 6,645Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Ref. Bonds, Series 2011-A, 5.10% 2030 930 1,005School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2013-A-1, 7.375% 2043 5,000 5,521Southern California Logistics Airport Auth., Tax Allocation Parity Bonds (Southern California Logistics Airport Project), Series 2005-A,RADIAN insured, 4.50% 2030 120 96Southern California Public Power Auth., Gas Project Rev. Bonds (Project No. 1), Series 2007-A, 5.00% 2028 2,500 2,764Statewide Communities Dev. Auth., Certs. of Part. (Internext Group), 5.375% 2017 200 201Statewide Communities Dev. Auth., Rev. Bonds (California Baptist University), Series 2014-A, 6.125% 2033 1,560 1,705Statewide Communities Dev. Auth., Rev. Bonds (California Baptist University), Series 2014-A, 6.375% 2043 2,700 2,975Statewide Communities Dev. Auth., Rev. Bonds (California Baptist University), Series 2014-B, 3.50% 2018 1,200 1,229Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services Project),Series 2007-A, 5.125% 2037 3 5,250 5,313Statewide Communities Dev. Auth., Rev. Bonds (Henry Mayo Newhall Memorial Hospital), Series 2014-A, Assured Guaranty Municipalinsured, 5.00% 2034 500 542Statewide Communities Dev. Auth., Rev. Bonds (Inland Regional Center Project), Series 2007, 5.25% 2027 3,000 3,160Statewide Communities Dev. Auth., Rev. Bonds (Inland Regional Center Project), Series 2007, 5.375% 2037 1,000 1,037Statewide Communities Dev. Auth., Rev. Bonds (Lancer Plaza Project), Series 2013, 5.875% 2043 940 972Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 6.00% 2042 1,500 1,798Statewide Communities Dev. Auth., Rev. Bonds (Terraces at San Joaquin Gardens Project), Series 2012-A, 5.625% 2032 1,000 1,034Statewide Communities Dev. Auth., Rev. Bonds (Terraces at San Joaquin Gardens Project), Series 2012-A, 6.00% 2042 1,000 1,045Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West),Series 2010, 6.00% 2029 2,000 2,162Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West),Series 2010, 6.25% 2039 2,500 2,684Statewide Communities Dev. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2008-B, 5.50% 2030 975 1,067Statewide Communities Dev. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2008-D, 5.50% 2031 1,675 1,831Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), Series 2006-A, 4.875%2036 1,500 1,491Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), Series 2009, 7.00%2029 1,500 1,723Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), Series 2009, 7.25%2041 4,500 5,165

Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series2008, 6.00% 2040 2,250 2,418Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase I),Series 2011, 5.125% 2031 2,000 2,138Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase I),Series 2011, 5.375% 2038 1,000 1,068Stockton Public Fncg. Auth., Rev. Bonds (Redev. Projects), Series 2006-A, RADIAN insured, 5.00% 2020 2,640 2,511Stockton Public Fncg. Auth., Rev. Bonds (Redev. Projects), Series 2006-A, RADIAN insured, 5.25% 2031 360 307Stockton Public Fncg. Auth., Rev. Bonds (Redev. Projects), Series 2006-A, RADIAN insured, 5.25% 2034 555 460Stockton Public Fncg. Auth., Rev. Bonds (Redev. Projects), Series 2006-A, RADIAN insured, 5.25% 2037 120 98City of Thousand Oaks Community Facs. Dist. No. 1994-1, Special Tax Ref. Bonds (Marketplace Public Pedestrian, Traffic Circulationand Parking Facs.), Series 2012, 5.00% 2022 1,035 1,146Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-backed Rev. Ref. Bonds(San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 5.00% 2037 4,975 3,960Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-backed Rev. Ref. Bonds(San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 5.125% 2046 14,375 10,852Tuolumne Wind Project Auth., Rev. Bonds (Tuolumne Co. Project), Series 2009-A, 5.625% 2029 3,100 3,628American High-Income Municipal Bond Fund — Page 5 of 34Bonds, notes & other debt instrumentsCalifornia (continued)Principal amount(000)Value(000)Tustin Community Redev. Agcy., Tax Allocation Bonds (MCAS-Tustin Redev. Project Area), Series 2010,5.00% 2024 1,165 $ 1,270Tustin Community Redev. Agcy., Tax Allocation Bonds (MCAS-Tustin Redev. Project Area), Series 2010,5.00% 2028 700 749Tustin Community Redev. Agcy., Tax Allocation Bonds (MCAS-Tustin Redev. Project Area), Series 2010,5.00% 2035 1,000 1,043Tustin Community Redev. Agcy., Tax Allocation Bonds (MCAS-Tustin Redev. Project Area), Series 2010,5.00% 2040 450 467Washington Township Health Care Dist., Rev. Ref. Bonds, Series 2007-A, 5.00% 2037 140 143West Hollywood Community Dev. Commission, Tax Allocation Bonds (East Side Redev. Project),Series 2011-A, 7.50% 2042 1,950 2,355Colorado 4.93%424,661Baptist Road Rural Transportation Auth. (Town of Monument and Unincorporated El Paso County), Sales and Use Tax Rev. Bonds,Series 2007, 4.80% 2017 870 869Baptist Road Rural Transportation Auth. (Town of Monument and Unincorporated El Paso County), Sales and Use Tax Rev. Bonds,Series 2007, 4.95% 2022 3,240 3,071Baptist Road Rural Transportation Auth. (Town of Monument and Unincorporated El Paso County), Sales and Use Tax Rev. Bonds,Series 2007, 5.00% 2026 1,980 1,793Central Platte Valley Metropolitan Dist., City and County of Denver, G.O. Ref. Bonds, Series 2013-A,5.625% 2038 1,000 1,129Central Platte Valley Metropolitan Dist., City and County of Denver, G.O. Ref. Bonds, Series 2013-A,6.00% 2038 1,250 1,454Compark Business Campus Metropolitan Dist., Douglas County, G.O. Ref. and Improvement Bonds,Series 2007-A, RADIAN insured, 5.60% 2034 5,610 5,707Cross Creek Metropolitan Dist. No. 2 (City of Aurora), Limited Tax G.O. Ref. Bonds, Series 2006, 5.00% 2037 2 2,000 1,695City and County of Denver, Airport System Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2024 1,000 1,155City and County of Denver, Dept. of Aviation, Special Facs. Airport Rev. Ref. Bonds (United Air Lines Project), Series 2007-A, AMT,5.25% 2032 18,000 18,385City and County of Denver, Dept. of Aviation, Special Facs. Airport Rev. Ref. Bonds (United Air Lines Project), Series 2007-A, AMT,5.75% 2032 2,905 3,010Denver Health and Hospital Auth., Healthcare Rev. Bonds, Series 2014-A, 5.00% 2039 500 527Denver Health and Hospital Auth., Healthcare Rev. Ref. Bonds, Series 2007-B, 1.252% 2033 2 4,740 3,915Denver Urban Renewal Auth., Stapleton Tax Increment Rev. Bonds, Series 2013-A-1, 5.00% 2024 2,000 2,292

E-470 Public Highway Auth., Rev. Ref. Bonds (Capital Appreciation Bonds), Series 2006-B, National insured, 0% 2035 1,585 558E-470 Public Highway Auth., Rev. Ref. Bonds (Capital Appreciation Bonds), Series 2006-B, National insured, 0% 2037 5,065 1,595Educational and Cultural Facs. Auth., Student Housing Rev. Ref. Bonds (Campus Village Apartments Project), Series 2008, 5.375%2028 1,000 1,118Educational and Cultural Facs. Auth., Student Housing Rev. Ref. Bonds (Campus Village Apartments Project), Series 2008, 5.50%2038 1,000 1,103Health Facs. Auth., Health Care Facs. Rev. Bonds (American Baptist Homes of the Midwest Obligated Group), Series 2007-A, 5.90%2037 1,625 1,587Health Facs. Auth., Health Care Facs. Rev. Bonds (American Baptist Homes of the Midwest Obligated Group), Series 2013, 8.00%2043 11,000 12,766Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project),Series 2012, 5.00% 2042 6,000 6,228Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan Society Project),Series 2013, 5.625% 2043 2,000 2,193Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2017 1,485 1,544Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2018 2,095 2,168Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2035 17,050 17,163Health Facs. Auth., Rev. Bonds (Senior Residences Project), Series 2012, 7.00% 2042 2,500 2,632American High-Income Municipal Bond Fund — Page 6 of 34Bonds, notes & other debt instrumentsColorado (continued)Principal amount(000)Value(000)Health Facs. Auth., Rev. Bonds (Senior Residences Project), Series 2012, 7.125% 2047 5,500 $ 5,826Health Facs. Auth., Rev. Bonds (Total Longterm Care National Obligated Group Project),Series 2011, 6.00% 2040 1,250 1,346Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2012-A, 5.00% 2033 2,000 2,076Health Facs. Auth., Rev. Ref. Bonds (Covenant Retirement Communities, Inc.), Series 2013-A, 5.75% 2036 1,000 1,064Health Facs. Auth., Rev. Ref. Bonds (Total Longterm Care National Obligated Group Project), Series 2010-A, 6.00% 2030 350 381Health Facs. Auth., Rev. Ref. Bonds (Total Longterm Care National Obligated Group Project), Series 2010-A, 6.25% 2040 975 1,056City of Lakewood, Plaza Metropolitan Dist. No. 1, Rev. Ref. Bonds, Series 2013, 5.00% 2020 1,500 1,611North Range Metropolitan Dist. No. 1 (Adams County), Limited Tax G.O. Ref. Bonds, Series 2007,ACA insured, 5.00% 2021 1,500 1,521Prairie Center Metropolitan Dist. No. 3 (City of Brighton, Adams County), Limited Property Tax Supported Primary Improvements Rev.Bonds, Series 2006-A, 5.40% 2031 4,200 4,338Public Auth. for Colorado Energy, Natural Gas Purchase Rev. Bonds, Series 2008, 6.25% 2028 2,000 2,493Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2010, 6.00% 2034 1,700 1,894Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project), Series 2010, 6.00% 2041 14,800 16,408Southlands Metropolitan Dist. No. 1 (City of Aurora), G.O. Ref. and Improvement Bonds, Series 2007,RADIAN insured, 5.25% 2034 430 434Tallgrass Metropolitan Dist., Arapahoe County, G.O. (Limited Tax Convertible to Unlimited Tax) Ref. and Improvement Bonds, Series2007, 5.25% 2037 3,250 3,135Tallyn’s Reach Metropolitan Dist. No. 3 (City of Aurora), Limited Tax G.O. Bonds (Convertible to Unlimited Tax), Series 2007, 5.20%2036 3,225 3,241Tallyn’s Reach Metropolitan Dist. No. 3 in the City of Aurora, Limited Tax G.O. Ref. and Improvement Bonds, Series 2013, 5.00% 2033 505 508Tallyn’s Reach Metropolitan Dist. No. 3 in the City of Aurora, Limited Tax G.O. Ref. and Improvement Bonds, Series 2013, 5.125%2038 2,070 2,086Traditions Metropolitan Dist. No. 2 (City of Aurora), G.O. (Limited Tax Convertible to Unlimited Tax) Bonds, Series 2006, 5.75% 2036 1,181 1,144Vista Ridge Metropolitan Dist. (Weld County), Limited Tax G.O. Improvement and Ref. Bonds, Series 2006-A, RADIAN insured, 5.00%2029 25 25Vista Ridge Metropolitan Dist. (Weld County), Limited Tax G.O. Improvement and Ref. Bonds, Series 2006-A, RADIAN insured, 5.00%2036 1,980 1,983Vista Ridge Metropolitan Dist. (Weld County), Limited Tax G.O. Ref. Bonds, Series 2006-B, 0%/9.50% 2040 1 2,220 1,405Connecticut 0.55%149,632

Town of Hamden, Rev. Bonds (Whitney Center Project), Series 2009-A, 7.625% 2030 1,250 1,322Town of Hamden, Rev. Bonds (Whitney Center Project), Series 2009-A, 7.75% 2043 4,500 4,707Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Bonds,Series 2003, 5.125% 2023 3,030 3,037Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Rev. Ref. Bonds, Series 2001, 6.00% 2016 2,665 2,671Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Rev. Ref. Bonds, Series 2001, 6.25% 2021 3,000 3,005Mohegan Tribe of Indians, Gaming Auth. Priority Distribution Payment, Public Improvement Rev. Ref. Bonds, Series 2001, 6.25% 2031 2,000 2,001Delaware 0.02%16,743Housing Auth., Single-family Mortgage Rev. Ref. Bonds, Series 2009-A-1, 5.45% 2040 480 498American High-Income Municipal Bond Fund — Page 7 of 34Bonds, notes & other debt instrumentsDistrict of Columbia 0.24%Principal amount(000)Value(000)Dist. of Columbia, Rev. Ref. Bonds (Catholic University of America Issue), Series 2007, National insured,5.00% 2029 1,000 $ 1,079Dulles Toll Road, Rev. Bonds (Dulles Metrorail and Capital Improvement Projects), Convertible Capital Appreciation Bonds, Series2010-B, 0%/6.50% 2044 1 5,000 4,886Dist. of Columbia, Tax Increment Rev. Bonds (City Market at O Street Project), Series 2011, 5.125% 2041 1,175 1,234Florida 7.35%7,199Alachua County Health Facs. Auth., Continuing Care Retirement Community Rev. Ref. Bonds(Oak Hammock at the University of Florida, Inc. Project), Series 2012-A, 8.00% 2032 500 592Alachua County Health Facs. Auth., Continuing Care Retirement Community Rev. Ref. Bonds(Oak Hammock at the University of Florida, Inc. Project), Series 2012-A, 8.00% 2042 2,000 2,329Alachua County Health Facs. Auth., Continuing Care Retirement Community Rev. Ref. Bonds(Oak Hammock at the University of Florida, Inc. Project), Series 2012-A, 8.00% 2046 1,500 1,745Alachua County Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Shands HealthCare Project),Series 2008-D-2, 6.75% 2030 900 996Alachua County, Industrial Dev. Rev. Ref. Bonds (North Florida Retirement Village, Inc. Project),Series 2007-A, 5.75% 2026 1,000 1,007City of Atlantic Beach, Health Care Facs. Rev. Bonds (Fleet Landing Project), Series 2013-B, 5.625% 2043 1,000 1,063Bartram Park Community Dev. Dist. (Jacksonville), Special Assessment Bonds, Series 2005, 4.875% 2015 200 201Bartram Park Community Dev. Dist. (Jacksonville), Special Assessment Bonds, Series 2005, 5.30% 2035 1,715 1,723Broward County, Airport System Rev. Ref. Bonds, Series 2012-P-1, AMT, 5.00% 2023 4,000 4,593Broward County, Airport System Rev. Ref. Bonds, Series 2013-A, 5.25% 2043 2,000 2,136Championsgate Community Dev. Dist., Capital Improvement Rev. Bonds, Series 1998-A, 6.25% 2020 1,960 1,916Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account Secured Bonds,Series 2012-A-1, 5.00% 2020 2,500 2,908Dev. Fin. Corp., Healthcare Facs. Rev. Bonds (UF Health - Jacksonville Project), Series 2013-A, 6.00% 2033 5,000 5,370Escambia County Health Facs. Auth., Health Care Facs. Rev. Bonds (Baptist Hospital, Inc. Project),Series 2010-A, 5.75% 2029 5,250 5,903Escambia County Housing Fin. Auth., Single-family Mortgage Rev. Bonds (Multi-County Program),Series 2007-B, AMT, 4.70% 2039 1,120 1,128Escambia County Housing Fin. Auth., Single-family Mortgage Rev. Ref. Bonds (Multi-County Program),Series 2006-A, AMT, 4.80% 2038 2,395 2,424Escambia County, Environmental Improvement Rev. Ref. Bonds, Series 2006-B, AMT, 5.00% 2026 1,000 1,001Crossings at Fleming Island Community Dev. Dist. (Clay County), Special Assessment andSpecial Assessment Ref. Bonds, Series 2000-C, 7.05% 2015 4 515 515Crossings at Fleming Island Community Dev. Dist. (Clay County), Special Assessment Ref. Bonds,Series 2000-C, 7.10% 2030 4 9,355 7,456

Crossings at Fleming Island Community Dev. Dist. (Clay County), Special Assessment Ref. Bonds,Series 2014-A2, 7.00% 2030 895 875Gramercy Farms Community Dev. Dist. (St. Cloud), Special Assessment Bonds, Series 2007-B, 5.10% 2014 4 10,260 —Gramercy Farms Community Dev. Dist. (St. Cloud), Special Assessment Ref. Bonds, Series 2011, 0% 2039 40,185 5,323Harbor Bay Community Dev. Dist. (Hillsborough County), Capital Improvement Rev. Bonds, Series 2002, 6.75% 2034 3,810 3,825Heritage Harbour Market Place Community Dev. Dist. (Manatee County), Capital Improvement Rev. Bonds, Series 2005, 5.60% 2036 1,115 1,036Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2005-B,5.00% 2018 (preref. 2015) 250 265Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G,5.125% 2018 (preref. 2016) 100 111Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G,5.125% 2023 930 1,018Highlands County Health Facs. Auth., Hospital Rev. Ref. Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2006-G,5.125% 2023 (preref. 2016) 70 78Jacksonville Aviation Auth., Rev. Bonds, Series 2006, AMT, AMBAC insured, 5.00% 2022 1,940 2,095American High-Income Municipal Bond Fund — Page 8 of 34Bonds, notes & other debt instrumentsFlorida (continued)Principal amount(000)Value(000)Jacksonville Aviation Auth., Rev. Bonds, Series 2006, AMT, AMBAC insured, 5.00% 2023 2,000 $ 2,160Jacksonville Econ. Dev. Commission, Health Care Facs. Rev. Ref. Bonds (Proton Therapy Institute Project), Series 2007-A, 6.25%2027 3 4,565 4,959Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds,Series 2001-A, 7.40% 2032 590 574Lake Ashton Community Dev. Dist. (City of Lake Wales, Polk County), Capital Improvement Rev. Bonds,Series 2005-A, 5.60% 2037 750 490Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds, Series 2005-A,5.375% 2036 2,190 1,657Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds,Series 2006-A, 5.30% 2038 4 1,970 650Lake Ashton II Community Dev. Dist. (Polk County), Capital Improvement Rev. Bonds,Series 2006-B, 5.00% 2011 4 7,420 2,449Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Country Club East Project),Series 2006, 5.40% 2037 850 731Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lake Club Project),Series 2006, 5.50% 2036 2,850 2,231Lakewood Ranch Stewardship Dist., Special Assessment Rev. Bonds (Lake Club Project), Series 2006-B,6.77% 2020 2,325 2,389Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Shell Point/Alliance Obligated Group,Shell Point Village Project), Series 2006, 5.00% 2032 3,000 3,011Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Bonds (Shell Point/Alliance Obligated Group,Shell Point Village Project), Series 2006, 5.125% 2036 4,250 4,263Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell Point Project), Series2011-B, 6.50% 2031 2,600 2,882Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell Point Village/AllianceCommunity Project), Series 2007, 5.00% 2022 3,000 3,095Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance Obligated Group, Shell Point Village/AllianceCommunity Project), Series 2007, 5.00% 2029 13,425 13,567Lee County, Airport Rev. Ref. Bonds, Series 2010-A, AMT, Assured Guaranty insured, 5.00% 2022 1,860 2,080Lee County, Airport Rev. Ref. Bonds, Series 2011-A, AMT, 5.375% 2032 9,935 10,836Magnolia Creek Community Dev. Dist. (City of Freeport), Capital Improvement Rev. Bonds, Series 2007-B, 5.60% 2014 4 4,255 1,469Dept. of Management Services, Certs. of Part., Series 2009-A, 5.00% 2023 3,090 3,508Marion County Hospital Dist., Health System Rev. Ref. and Improvement Bonds (Munroe Regional Health System), Series 2007,5.00% 2022 (preref. 2017) 2,110 2,398Marshall Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds,Series 2000-A, 7.65% 2032 4,980 4,984

Marshall Creek Community Dev. Dist. (St. Johns County), Special Assessment Bonds,Series 2002, 6.625% 2032 3,960 3,476Martin County Health Facs. Auth., Hospital Rev. Bonds (Martin Memorial Medical Center),Series 2012, 5.50% 2042 6,000 6,380Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2004-A, 6.00% 2036 4 1,035 —Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2012-A-1, 6.00% 2036 160 151Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2012-A-2, 6.25% 2038 305 280Meadow Pointe IV, Community Dev. Dist. (Pasco County), Capital Improvement Rev. Bonds, Series 2012-B, 6.81% 2020 345 343Midtown Miami Community Dev. Dist., Special Assessment and Rev. Ref. Bonds (Infrastructure Project),Series 2014-B, 5.00% 2037 1,750 1,770Midtown Miami Community Dev. Dist., Special Assessment and Rev. Ref. Bonds (Parking Garage Project), Series 2014-A, 4.25% 2024 1,000 1,019American High-Income Municipal Bond Fund — Page 9 of 34Bonds, notes & other debt instrumentsFlorida (continued)Principal amount(000)Value(000)Midtown Miami Community Dev. Dist., Special Assessment and Rev. Ref. Bonds (Parking Garage Project), Series 2014-A, 5.00% 2037 1,500 $ 1,515City of Miami Beach Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2012, 5.00% 2021 1,000 1,137City of Miami Beach Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2012, 5.00% 2022 1,750 1,978City of Miami Beach Health Facs. Auth., Hospital Rev. Ref. Bonds (Mount Sinai Medical Center of Florida), Series 2012, 5.00% 2023 2,250 2,507Miami-Dade County Educational Facs. Auth., Rev. Ref. Bonds (University of Miami Issue), Series 2007-B, AMBAC insured, 5.25%2024 1,000 1,195Miami-Dade County Expressway Auth., Toll System Rev. Ref. Bonds, Series 2013-A, 5.00% 2027 2,500 2,806Miami-Dade County, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2023 2,000 2,297Miami-Dade County, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2024 2,000 2,273Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds,Series 2009-A, 5.50% 2036 2,000 2,242Municipal Power Agcy., All-Requirements Power Supply Project Rev. Bonds, Series 2009-A, 5.50% 2024 1,000 1,177Orange County Industrial Dev. Auth., Industrial Dev. Rev. Bonds (VITAG Florida LLC Project), Series 2014, AMT, 8.00% 2036 3 5,000 4,865Palm Beach County Health Facs. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. ObligatedGroup), Series 2010, 5.50% 2033 1,500 1,587Palm Beach County Health Facs. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc. ObligatedGroup), Series 2006-B, 5.00% 2020 1,085 1,133Palm Beach County Health Facs. Auth., Rev. Bonds (Sinai Residences Boca Raton Project), Series 2014-A, 7.50% 2049 800 889Palm Coast Park Community Dev. Dist. (City of Palm Coast, Flagler County), Special Assessment Bonds,Series 2006, 5.70% 2037 3,365 2,304Town Center at Palm Coast Community Dev. Dist. (City of Palm Coast, Flagler County), Capital Improvement Rev. Bonds, Series2005, 6.00% 2036 2,575 2,378Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2005-B, 4.875% 2010 4 920 —Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2006, 5.00% 2011 4 1,385 —Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2011-A-1, 5.40% 2036 385 397Paseo Community Dev. Dist., Fort Myers, Capital Improvement Rev. Bonds, Series 2011-A-2, 0% 2036 4,265 1,744Ports Fncg. Commission, Rev. Ref. Bonds (State Transportation Trust Fund - Intermodal Program),Series 2011-B, AMT, 5.375% 2029 1,000 1,143City of St. Cloud, Stevens Plantation Community Dev. Dist., Special Assessment Rev. Bonds, Series 2003-B, 6.375% 2013 4 1,320 924St. Johns County Industrial Dev. Auth., First Mortgage Rev. Bonds (Presbyterian Retirement Communities Project), Series 2004-A,5.625% 2034 2,500 2,525St. Johns County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Vicar’s Landing Project), Series 2007, 5.00% 2017 970 1,007St. Johns County Industrial Dev. Auth., Health Care Rev. Ref. Bonds (Vicar’s Landing Project), Series 2007, 5.00% 2027 4,800 4,886St. Johns County Industrial Dev. Auth., Rev. Ref. Bonds (Presbyterian Retirement Communities Project),Series 2010-A, 5.875% 2040 3,625 3,886St. Johns County Industrial Dev. Auth., Rev. Ref. Bonds (Presbyterian Retirement Communities Project),Series 2010-A, 6.00% 2045 1,600 1,719Seminole Tribe of Florida, Series A, 5.25% 2027 3 10,000 10,674

Seminole Tribe of Florida, Series A, 5.50% 2024 3 1,500 1,633Seminole Tribe of Florida, Series A, 5.75% 2022 3 1,130 1,232Stevens Plantation Improvement Project Dependent Special Dist., Rev. Bonds, Series 2003, 6.375% 2013 4 2,035 1,424Tolomato Community Dev. Dist. (St. Johns County), Special Assessment Bonds, Series 2006, 5.40% 2037 1,245 1,251Tuscany Reserve Community Dev. Dist., Collier County, Capital Improvement Rev. Bonds, Series 2005-A, 5.55% 2036 5,330 5,378Tuscany Reserve Community Dev. Dist., Collier County, Capital Improvement Rev. Bonds, Series 2005-B, 5.25% 2016 1,835 1,872American High-Income Municipal Bond Fund — Page 10 of 34Bonds, notes & other debt instrumentsFlorida (continued)Principal amount(000)Value(000)Urban Orlando Community Dev. Dist. (City of Orlando), Capital Improvement Rev. Bonds,Series 2004, 6.00% 2020 595 $ 600Waterset North Community Dev. Dist. (Hillsborough County), Special Assessment Rev. Bonds, Series 2007-A, 6.60% 2039 1,570 1,504West Villages Improvement Dist. (North Port), Special Assessment Bonds (Unit of Dev. No. 2), Series 2005, 5.80% 2036 4 5,940 3,535Georgia 2.92%223,051Atlanta Dev. Auth., Student Housing Rev. Bonds (ADA/CAU Partners, Inc. Project at Clark Atlanta University), Series 2004-A, ACAinsured, 6.25% 2024 2,240 1,963Atlanta Dev. Auth., Student Housing Rev. Bonds (ADA/CAU Partners, Inc. Project at Clark Atlanta University), Series 2004-A, ACAinsured, 6.25% 2036 40 31City of Atlanta, Airport General Rev. Ref. Bonds, Series 2011-B, AMT, 5.00% 2027 2,000 2,205City of Atlanta, Tax Allocation Bonds (Beltline Project), Series 2008-B, 7.375% 2031 5,000 5,859City of Atlanta, Water and Wastewater Rev. Bonds, Series 2001-A, National insured, 5.50% 2027 3,500 4,246Dev. Auth. of Burke County, Pollution Control Rev. Bonds (Oglethorpe Power Corp. Vogtle Project),Series 2008-E, 7.00% 2023 2,000 2,331Clayton County, Tax Allocation Bonds (Ellenwood Project), Series 2008, 7.50% 2033 3,200 3,338Dev. Auth. of Clayton County, Special Facs. Rev. Ref. Bonds (Delta Air Lines, Inc. Project), Series 2009-A,8.75% 2029 5,000 6,226Dev. Auth. of Clayton County, Special Facs. Rev. Ref. Bonds (Delta Air Lines, Inc. Project), Series 2009-B, AMT, 9.00% 2035 5,905 6,194DeKalb County Hospital Auth., Rev. Ref. Anticipation Certificates (DeKalb Medical Center, Inc. Project),Series 2010, 6.00% 2030 5,250 5,645DeKalb County Hospital Auth., Rev. Ref. Anticipation Certificates (DeKalb Medical Center, Inc. Project),Series 2010, 6.125% 2040 7,250 7,690Joint Dev. Auth. of DeKalb County, Newton County and Gwinnett County, Rev. Bonds (GGC Foundation, LLC Project), Series 2009,6.00% 2029 1,850 2,081Dev. Auth. of Fulton County, Rev. Bonds (TUFF CAUB LLC Project), Series 2007-A, 5.25% 2028 3,925 3,632Gainesville and Hall County Dev. Auth., Retirement Community Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc. ObligatedGroup), Series 2009-A-2, 6.375% 2029 710 795Gainesville and Hall County Dev. Auth., Retirement Community Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc. ObligatedGroup), Series 2009-A-2, 6.625% 2039 1,350 1,491Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), Series 2007, 5.00% 2018 1,500 1,520Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), Series 2007, 5.125% 2027 1,000 954Gainesville Redev. Auth., Educational Facs. Rev. Ref. Bonds (Riverside Military Academy Project), Series 2007, 5.125% 2037 2,500 2,220Hospital Auth. of Hall County and City of Gainesville, Rev. Anticipation Certificates (Northeast Georgia Health System, Inc. Project),Series 2010-A, 5.00% 2030 2,000 2,116Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation I, LLC Project),Series 2008, 6.00% 2034 6,500 7,411Higher Education Facs. Auth., Rev. Bonds (USG Real Estate Foundation II, LLC Project),Series 2009-A, 5.50% 2039 3,500 3,734Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2023 1,000 1,175Main Street Natural Gas, Inc., Gas Project Rev. Bonds, Series 2007-A, 5.50% 2026 1,000 1,185Medical Center Hospital Auth., Rev. Ref. Bonds (Spring Harbor at Green Island Project),Series 2007, 5.25% 2027 5,250 5,322

Medical Center Hospital Auth., Rev. Ref. Bonds (Spring Harbor at Green Island Project),Series 2007, 5.25% 2037 1,525 1,525Dev. Auth. of Richmond County, Environmental Improvement Rev. Ref. Bonds, Series 2002-A, AMT,6.00% 2025 2,000 2,010American High-Income Municipal Bond Fund — Page 11 of 34Bonds, notes & other debt instrumentsGeorgia (continued)Principal amount(000)Value(000)State Road and Tollway Auth., Toll Rev. Convertible CABS (I-75 S Expressway Lanes Project), Series 2014-A, 0% 2024 3 2,115 $ 1,154State Road and Tollway Auth., Toll Rev. Convertible CABS (I-75 S Expressway Lanes Project), Series 2014-A, 0% 2034 3 3,495 941State Road and Tollway Auth., Toll Rev. Convertible CABS (I-75 S Expressway Lanes Project), Series 2014-B, 0%/7.00% 2049 1,3 6,755 3,41988,413Guam 0.33%A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 6.375% 2043 1,500 1,673Education Fncg. Foundation, Certs. of Part. (Public School Facs. Project), Series 2006-A, 5.00% 2023 1,000 1,034Government of Guam, Business Privilege Tax Bonds, Series 2011-A, 5.00% 2031 500 528Government of Guam, Business Privilege Tax Bonds, Series 2012-B-1, 5.00% 2032 2,000 2,106Government of Guam, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2011-A, 6.125% 2031 1,000 1,115Power Auth., Rev. Ref. Bonds, Series 2010-A, 5.50% 2030 625 692Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2010, 5.625% 2040 500 538Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2013, 5.00% 2028 250 269Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2013, 5.50% 2043 1,750 1,9219,876Hawaii 0.24%Dept. of Budget and Fin., Special Purpose Senior Living Rev. Bonds (15 Craigside Project), Series A,8.75% 2029 1,000 1,164Dept. of Budget and Fin., Special Purpose Senior Living Rev. Bonds (15 Craigside Project), Series A,9.00% 2044 3,250 3,791Pacific Health Obligated Group, Special Purpose Rev. Bonds (Dept. of Budget and Fin.), Series 2010-B,5.75% 2040 1,000 1,093Pacific Health Obligated Group, Special Purpose Rev. Bonds (Dept. of Budget and Fin.),Series 2013-A, 5.50% 2043 1,000 1,115Idaho 0.49%7,163Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-B, Class III, AMT, 5.10% 2023 355 356Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-C, Class III, AMT, 4.50% 2023 285 285Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2003-E, Class III, AMT, 5.15% 2023 620 621Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2004-A, Class III, AMT, 4.75% 2024 415 415Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2005-C, Class III, AMT, 4.80% 2026 530 532Housing and Fin. Assn., Single-family Mortgage Bonds, Series 2007-C, Class III, AMT, 4.75% 2028 685 693Housing and Fin. Auth., Rev Bonds (Terraces of Boise Project), Series 2014-A, 8.00% 2044 7,230 7,447Housing and Fin. Auth., Rev Bonds (Terraces of Boise Project), Series 2014-A, 8.125% 2049 4,520 4,65615,005Illinois 6.20%Village of Bolingbrook, Will and DuPage Counties, Special Service Area No. 2005-1, Special Tax Bonds (Forest City Project), Series2005, 5.90% 2027 6,000 5,838Village of Cary, McHenry County, Special Service Area Number Two, Special Tax Ref. Bonds, Series 2006, RADIAN insured, 4.40%2016 275 275

City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2031 7,500 8,026City of Chicago, Chicago Midway Airport, Rev. Ref. Bonds, Series 2014-A, AMT, 5.00% 2041 3,000 3,131City of Chicago, O’Hare International Airport, Customer Fac. Charge Rev. Bonds, Series 2013, 5.50% 2025 1,000 1,158City of Chicago, O’Hare International Airport, Customer Fac. Charge Rev. Bonds, Series 2013, 5.50% 2026 1,680 1,922City of Chicago, O’Hare International Airport, Customer Fac. Charge Rev. Bonds, Series 2013, 5.75% 2038 1,000 1,089City of Chicago, O’Hare International Airport, Customer Fac. Charge Rev. Bonds, Series 2013, 5.75% 2043 4,250 4,661City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-A, 5.75% 2039 3,000 3,380American High-Income Municipal Bond Fund — Page 12 of 34Bonds, notes & other debt instrumentsIllinois (continued)Principal amount(000)Value(000)City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2012-A, AMT,5.00% 2026 3,500 $ 3,844City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2012-B, AMT, 5.00% 2023 2,000 2,268County of DuPage, Special Service Area Number 31, Special Tax Bonds (Monarch Landing Project),Series 2006, 5.40% 2016 260 266County of DuPage, Special Service Area Number 31, Special Tax Bonds (Monarch Landing Project),Series 2006, 5.625% 2036 4,900 4,937Fin. Auth. Rev. Bonds (Silver Cross Hospital and Medical Centers), Series 2009, 7.00% 2044 2,110 2,418Fin. Auth., Charter School Project and Rev. Ref. Bonds (Chicago Charter School Foundation Project),Series 2007-A, 5.00% 2021 1,750 1,830Fin. Auth., Charter School Project and Rev. Ref. Bonds (Chicago Charter School Foundation Project),Series 2007-A, 5.00% 2026 1,000 1,014Fin. Auth., Charter School Project and Rev. Ref. Bonds (Chicago Charter School Foundation Project),Series 2007-A, 5.00% 2036 4,000 4,003Fin. Auth., Rev. Bonds (Benedictine University Project), Series 2013-A, 6.25% 2033 1,000 1,143Fin. Auth., Rev. Bonds (Elmhurst Memorial Healthcare), Series 2008-A, 5.625% 2037 6,000 6,442Fin. Auth., Rev. Bonds (Rehab Institute of Chicago), Series 2013-A, 6.00% 2043 2,300 2,549Fin. Auth., Rev. Bonds (Three Crowns Park Project), Series 2006-A, 5.875% 2038 2,000 2,007Fin. Auth., Rev. Ref. Bonds (Ascension Health Alliance Credit Group), Series 2012-A, 5.00% 2042 2,100 2,253Fin. Auth., Rev. Ref. Bonds (Clare at Water Tower), Series 2010-A-6, 6.00% 2028 4 1,575 —Fin. Auth., Rev. Ref. Bonds (Clare at Water Tower), Series 2010-A-7, 6.125% 2041 4 3,325 —Fin. Auth., Rev. Ref. Bonds (Clare at Water Tower), Series 2010-B, 0% 2050 2,100 —Fin. Auth., Rev. Ref. Bonds (Franciscan Communities, Inc.), Series 2007-A, 5.50% 2027 8,550 8,819Fin. Auth., Rev. Ref. Bonds (Franciscan Communities, Inc.), Series 2007-A, 5.50% 2037 4,025 4,095Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.00% 2017 1,020 1,090Fin. Auth., Rev. Ref. Bonds (Lutheran Hillside Village), Series 2006, 5.125% 2026 1,000 1,022Fin. Auth., Rev. Ref. Bonds (Northwestern Memorial Hospital), Series 2009-A, 6.00% 2039 6,000 6,935Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2007-A, 5.75% 2033 1,500 1,593Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2007-A, 5.75% 2037 1,000 1,059Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2010-A, 6.00% 2039 8,935 10,021Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2009-A, 7.75% 2034 9,800 12,119Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2010-A, 6.00% 2028 2,250 2,458Fin. Auth., Rev. Ref. Bonds (Riverside Health System), Series 2006-C, 4.50% 2026 1,500 1,529Fin. Auth., Rev. Ref. Bonds (Sherman Health Systems), Series 2007-A, 5.50% 2037 4,200 4,565Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-B, 5.00% 2025 3,000 3,354Fin. Auth., Student Housing Rev. Bonds (CHF-Normal, L.L.C. - Illinois State University Project), Series 2011, 7.00% 2043 6,765 7,796Fin. Auth., Student Housing Rev. Ref. Bonds (CHF-DeKalb II, L.L.C. - Northern Illinois University Project),Series 2011, 6.875% 2043 11,500 13,277Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center),Series 2006-A, 5.25% 2034 2,955 2,999

Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center),Series 2006-B, 5.00% 2025 5,000 5,094Fin. Auth., Student Housing Rev. Ref. Bonds, Educational Advancement Fund, Inc. (University Center),Series 2006-B, 5.25% 2019 2,875 3,035G.O. Bonds, Series 2014, 5.00% 2039 8,675 8,757G.O. Bonds, Series of July 2013, 5.50% 2038 1,000 1,061G.O. Bonds, Series of May 2014, 5.00% 2039 2,600 2,625Village of Hampshire (Kane County), Special Service Area Number 13, Special Tax Bonds (Tuscany Woods Project), Series 2007,5.75% 2037 4 2,493 1,378Housing Dev. Auth., Housing Rev. Ref. Bonds, Series G, 4.20% 2015 470 475Housing Dev. Auth., Housing Rev. Ref. Bonds, Series G, 4.80% 2032 1,000 1,018Village of Lakemoor, McHenry and Lake Counties, Special Service Area Number 97-1, Special Tax Ref. Bonds, Series 2006, RADIANinsured, 4.55% 2016 357 362American High-Income Municipal Bond Fund — Page 13 of 34Bonds, notes & other debt instrumentsIllinois (continued)Principal amount(000)Value(000)Village of Lincolnshire, Special Service Area No. 1, Special Tax Bonds (Sedgebrook Project), Series 2004, 6.25% 2034 1,712 $ 1,748Village of Manhattan (Will County), Special Service Area Number 2007-6, Special Tax Bonds(Groebe Farm-Stonegate Project), Series 2007, 5.75% 2022 4 1,900 323Village of Manhattan (Will County), Special Service Area Number 2007-6, Special Tax Bonds(Groebe Farm-Stonegate Project), Series 2007, 6.125% 2040 4 5,000 850Village of Montgomery, Kane and Kendall Counties, Special Assessment Improvement Ref. Bonds(Lakewood Creek Project), Series 2006, RADIAN insured, 4.70% 2030 824 799Southwestern Illinois Dev. Auth., Health Fac. Rev. Bonds (Memorial Group, Inc.), Series 2013, 7.625% 2048 11,000 12,229Sports Facs. Auth., Sports Facs. Ref. Bonds (State Tax Supported), Series 2014,Assured Guaranty Municipal insured, 5.25% 2032 1,000 1,086Indiana 2.28%188,025City of Anderson, Econ. Dev. Rev. Ref. and Improvement Bonds (Anderson University Project), Series 2007, 5.00% 2028 1,030 1,003Fin. Auth., Environmental Rev. Ref. Bonds (Duke Energy Indiana, Inc. Project), Series 2009-B, 6.00% 2039 7,000 7,853Fin. Auth., Hospital Rev. Ref. Bonds (Indiana University Health Obligated Group), Series 2011-N, 5.00% 2031 4,000 4,294Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project),Series 2012-A, 5.00% 2032 3,800 3,920Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project),Series 2012-A, 5.00% 2039 7,175 7,331Fin. Auth., Private Activity Bonds (I-69 Section 5 Project), Series 2014, AMT, 5.00% 2046 9,000 9,260Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-A, AMT,5.00% 2044 7,000 7,260Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-A, AMT,5.25% 2051 3,410 3,579Fin. Auth., Rev. Bonds (Greencroft Obligated Group), Series 2013-A, 7.00% 2043 3,610 4,083Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Community Foundation of Northwest Indiana Obligated Group), Series2007, 5.50% 2027 3,000 3,264Health and Educational Fac. Fncg. Auth., Hospital Rev. Bonds (Community Foundation of Northwest Indiana Obligated Group), Series2007, 5.50% 2037 1,000 1,051Health and Educational Fac. Fncg. Auth., Hospital Rev. Ref. Bonds (Clarian Health Obligated Group),Series 2006-B, 5.00% 2023 1,000 1,063Indianapolis Airport Auth., Special Fac. Rev. Bonds (United Air Lines, Inc., Indianapolis Maintenance Center Project), Series 1995-A,AMT, 6.50% 2031 4 3,500 43Jasper County, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), Series 1988-C, National insured,5.60% 2016 1,000 1,088Jasper County, Pollution Control Rev. Ref. Bonds (Northern Indiana Public Service Co. Project), Series 1988-C, National insured,5.85% 2019 1,000 1,144

City of Valparaiso, Exempt Facs. Rev Bonds (Pratt Paper, LLC Project), Series 2013, AMT, 7.00% 2044 4,080 4,565Vanderburgh County Redev. Dist., Tax Increment Rev. Bonds of 2006, 5.00% 2021 (preref. 2016) 1,375 1,503Hospital Auth. of Vigo County, Hospital Rev. Bonds (Union Hospital, Inc.), Series 2007, 5.70% 2037 5,000 4,963Hospital Auth. of Vigo County, Hospital Rev. Bonds (Union Hospital, Inc.), Series 2007, 5.75% 2042 1,000 990Hospital Auth. of Vigo County, Hospital Rev. Bonds (Union Hospital, Inc.), Series 2007, 5.80% 2047 1,000 99369,250American High-Income Municipal Bond Fund — Page 14 of 34Bonds, notes & other debt instrumentsIowa 1.02%Principal amount(000)Value(000)Fin. Auth., Retirement Community Rev. Bonds (Edgewater, A Wesley Active Life Community, LLC Project), Series 2007-A, 6.75% 2037 2,500 $ 2,592Fin. Auth., Retirement Community Rev. Bonds (Edgewater, A Wesley Active Life Community, LLC Project), Series 2007-A, 6.75% 2042 5,000 5,172Fin. Auth., Single-family Mortgage Bonds, Series 2006-E, AMT, 5.50% 2036 105 110Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013, 5.00% 2019 6,000 6,322Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013, 5.25% 2025 12,750 13,488Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013, 5.50% 2022 3,000 3,13430,818Kansas 0.42%Dev. Fin. Auth., Rev. Ref. Bonds (Lifespace Communities, Inc.), Series 2010-S, 5.00% 2030 1,920 2,009City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2009, 7.125% 2029 250 277City of Lenexa, Health Care Fac. Rev. Bonds (Lakeview Village, Inc. Project), Series 2009, 7.25% 2039 750 826City of Lenexa, Health Care Fac. Rev. Ref. and Improvement Bonds (Lakeview Village, Inc. Project),Series 2007, 5.125% 2017 1,200 1,288City of Lenexa, Health Care Fac. Rev. Ref. and Improvement Bonds (Lakeview Village, Inc. Project),Series 2007, 5.50% 2039 5,250 5,290City of Overland Park, Transportation Dev. Dist. Special Assessment Bonds (Tallgrass Creek Project),Series 2006, 5.125% 2028 2,562 2,564Unified Government of Wyandotte County/Kansas City, Transportation Dev. Dist. Sales Tax Rev. Bonds (Legends at Village WestProject), Series 2006, 4.60% 2016 575 604Kentucky 0.58%12,858Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), Series 2009-A, 5.375% 2024 2,000 2,241Econ. Dev. Fin. Auth., Hospital Rev. Ref. Bonds (Baptist Healthcare System Obligated Group), Series 2009-A, 5.625% 2027 1,000 1,116Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Bonds (Louisville Arena Auth., Inc.), Series 2008-A-1, Assured Guaranty insured,5.75% 2028 2,500 2,668Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Bonds (Louisville Arena Auth., Inc.), Series 2008-A-1, Assured Guaranty insured,6.00% 2033 1,000 1,058Econ. Dev. Fin. Auth., Louisville Arena Project Rev. Bonds (Louisville Arena Auth., Inc.), Series 2008-A-1, Assured Guaranty insured,6.00% 2042 2,000 2,105Public Transportation Infrastructure Auth., Toll Rev. Bonds (Downtown Crossing Project),Series 2013-A, 5.75% 2049 1,885 2,110Public Transportation Infrastructure Auth., Toll Rev. Bonds (Downtown Crossing Project),Series 2013-A, 6.00% 2053 5,500 6,21917,517

American High-Income Municipal Bond Fund — Page 15 of 34Bonds, notes & other debt instrumentsLouisiana 1.58%Principal amount(000)Value(000)Jefferson Parish Hospital Dist. No. 1, Parish of Jefferson, Hospital Rev. Ref. Bonds (West Jefferson Medical Center), Series 2011-A,6.00% 2039 2,365 $ 2,679Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2007,6.75% 2032 9,500 10,582Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2009-A,6.50% 2029 4,400 5,054Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2010-A-1,6.50% 2035 5,500 6,330Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (Westlake Chemical Corp. Projects), Series 2010-A-2,6.50% 2035 4,850 5,582Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2007-A, 5.25% 2038 3,000 3,131Public Facs. Auth., Rev. Bonds (Ochsner Clinic Foundation Project), Series 2007-A, 5.375% 2043 500 522Public Facs. Auth., Rev. Ref. Bonds (CHRISTUS Health), Series 2009-A, 6.00% 2029 2,000 2,212Public Facs., Rev. Bonds (Impala Warehousing LLC Project), Series 2013, AMT, 6.50% 2036 3,000 3,187Parish of St. Charles, Gulf Opportunity Zone Rev. Bonds (Valero Project), Series 2010, 4.00% 2040 (put 2022) 5,500 5,839Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A, 5.00% 2026 2,500 2,659Maine 0.32%47,777Health and Higher Educational Facs. Auth., Rev. Bonds (MaineGeneral Medical Center Issue), 6.75% 2036 4,000 4,415Health and Higher Educational Facs. Auth., Rev. Bonds (MaineGeneral Medical Center Issue), 6.75% 2041 3,350 3,670Health and Higher Educational Facs. Auth., Rev. Bonds (MaineGeneral Medical Center Issue), 7.00% 2041 1,500 1,6679,752Maryland 0.85%City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-A, 5.35% 2034 (preref. 2015) 2,612 2,694City of Annapolis, Special Obligation Bonds (Park Place Project), Series 2005-B, 4.75% 2034 (preref. 2015) 873 898Econ. Dev. Corp., Student Housing Rev. Bonds (Towson University Project), Series 2007-A, 5.25% 2037 500 515Econ. Dev. Corp., Student Housing Rev. Bonds (University of Maryland, College Park Projects),Series 2008, 5.80% 2038 1,000 1,068Econ. Dev. Corp., Student Housing Rev. Bonds (University of Maryland, College Park Projects),Series 2008, 5.875% 2043 950 1,015Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Bowie State University Project),Series 2003, 5.375% 2033 3,000 3,000Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Frostburg State University Project),Series 2013, 5.00% 2033 1,000 1,057Econ. Dev. Corp., Student Housing Rev. Ref. Bonds (Morgan State University Project),Series 2012, 5.00% 2034 1,500 1,534

City of Gaithersburg, Econ. Dev. Rev. Ref. Bonds (Asbury Maryland Obligated Group),Series 2006-A, 5.125% 2036 1,500 1,511Howard County Housing Commission Rev. Bonds (Oakland Mills Project), Series 2013, 5.00% 2028 1,100 1,194Prince George’s County, Special Obligation Bonds (National Harbor Project), Series 2004, 4.70% 2015 503 509Prince George’s County, Special Obligation Bonds (National Harbor Project), Series 2004, 5.20% 2034 8,250 8,300Prince George’s County, Special Tax Dist. Bonds (Victoria Falls Project), Series 2005, 5.25% 2035 976 979Mayor and Common Council of Westminster, Project and Rev. Ref. Bonds (Carroll Lutheran Village, Inc.), Series 2014, 5.50% 2044 1,500 1,55325,827American High-Income Municipal Bond Fund — Page 16 of 34Bonds, notes & other debt instrumentsMassachusetts 1.38%Principal amount(000)Value(000)Dev. Fin. Agcy., Resource Recovery Rev. Ref. Bonds (Covanta Energy Project), Series 2012-B, 4.875% 2042 1,500 $ 1,506Dev. Fin. Agcy., Resource Recovery Rev. Ref. Bonds (Covanta Energy Project), Series 2012-C, AMT,5.25% 2042 9,250 9,368Dev. Fin. Agcy., Rev. Bonds (Curry College Issue), Series 2006-A, ACA insured, 5.25% 2026 1,400 1,482Dev. Fin. Agcy., Rev. Bonds (Eastern Nazarene College Issue), Series 1999, 5.625% 2019 540 541Dev. Fin. Agcy., Rev. Bonds (Eastern Nazarene College Issue), Series 1999, 5.625% 2029 2,150 2,154Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2021 712 670Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2031 1,760 1,507Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2039 2,115 1,722Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-1, 6.25% 2046 3,226 2,554Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-A-2, 5.50% 2046 629 439Dev. Fin. Agcy., Rev. Bonds (Linden Ponds, Inc. Fac.), Series 2011-B, 0% 2056 1,591 7Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System Issue), Series 2012-L, 5.00% 2041 1,000 1,086Dev. Fin. Agcy., Rev. Ref. Bonds (Emerson College Issue), Series 2010-A, 5.00% 2040 3,265 3,404Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.75% 2036 3,190 3,737Dev. Fin. Agcy., Rev. Ref. Bonds (Tufts Medical Center Issue), Series 2011-I, 6.875% 2041 3,000 3,515Educational Fncg. Auth., Education Loan Rev. Bonds, Issue E, Series 2007, AMT, AMBAC insured, 4.70% 2027 1,130 1,150Health and Educational Facs. Auth., Rev. Bonds (Massachusetts Institute of Technology Issue), Series 2008-O, 6.00% 2036 1,000 1,180Health and Educational Facs. Auth., Rev. Ref. Bonds (Northeastern University Issue), Series 2010-A,5.00% 2035 1,800 1,948Health and Educational Facs. Auth., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A,5.75% 2039 (preref. 2019) 1,000 1,082Health and Educational Facs. Auth., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 6.00% 2024 1,500 1,754Health and Educational Facs. Auth., Rev. Ref. Bonds (Suffolk University Issue), Series 2009-A, 6.25% 2030 1,000 1,174Michigan 5.25%41,980Econ. Dev. Corp. of the City of Dearborn, Limited Obligation Rev. Ref. Bonds (Henry Ford Village, Inc. Project), Series 2008, 7.00%2038 2,500 2,546Econ. Dev. Corp. of the City of Dearborn, Limited Obligation Rev. Ref. Bonds (Henry Ford Village, Inc. Project), Series 2008, 7.125%2043 5,000 5,106City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Bonds, Series 2001-C-1, Assured Guaranty MunicipalInsured, 7.00% 2027 1,000 1,086City of Detroit, Water and Sewerage Dept., Sewage Disposal System Rev. Ref. Bonds, Series 2012-A,

5.25% 2039 7,850 7,716City of Detroit, Water Supply System Rev. Bonds, Series 2011-A, 5.25% 2041 8,200 8,055School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.), Series2012-A, 5.00% 2025 1,415 1,560School Dist. of the City of Detroit (Wayne County), School Building and Site Improvement Ref. Bonds (Unlimited Tax G.O.), Series2012-A, 5.00% 2026 1,000 1,095Fin. Auth., Hospital Rev. Ref. Bonds (Oakwood Obligated Group), Series 2012, 5.00% 2027 1,090 1,214Fin. Auth., Hospital Rev. Ref. Bonds (Trinity Health Credit Group), Series 2011, 5.00% 2039 1,250 1,336Fin. Auth., Rev. Bonds (School Dist. of the City of Detroit), Series 2011, 5.50% 2021 1,000 1,163Fin. Auth., Rev. Ref. Bonds (School Dist. of the City of Detroit), Series 2012, 5.00% 2020 1,450 1,642Fin. Auth., Hospital Rev. Ref. Bonds (Crittenton Hospital Medical Center), Series 2012-A, 5.00% 2039 2,545 2,565City of Flint, Hospital Building Auth., Rev. Ref. Rental Bonds (Hurley Medical Center), Series 2010, 6.00% 2020 450 450City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 1998-B, 5.375% 2018 160 160City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2010, 7.375% 2035 1,500 1,615City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2010, 7.50% 2039 1,750 1,886City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2013-A, 5.00% 2023 2,000 1,951City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2013-A, 5.25% 2028 4,000 3,776City of Flint, Hospital Building Auth., Rev. Rental Bonds (Hurley Medical Center), Series 2013-A, 5.25% 2039 1,000 886Hospital Fin. Auth., Hospital Rev. Bonds (MidMichigan Obligated Group), Series 2006-A, 5.00% 2036 2,000 2,023Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Henry Ford Health System), Series 2009, 5.75% 2039 5,500 5,935American High-Income Municipal Bond Fund — Page 17 of 34Bonds, notes & other debt instrumentsMichigan (continued)Principal amount(000)Value(000)Hospital Fin. Auth., Rev. Bonds (Trinity Health Credit Group), Series 2009-B, 5.00% 2048 2,000 $ 2,108Econ. Dev. Corp. of the City of Kentwood, Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series 2012, 5.125%2032 1,000 987Econ. Dev. Corp. of the City of Kentwood, Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series 2012, 5.375%2041 1,250 1,239Econ. Dev. Corp. of the City of Kentwood, Limited Obligation Rev. Ref. Bonds (Holland Home Obligated Group), Series 2012, 5.625%2041 4,000 4,051County of Monroe Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Mercy Memorial Hospital Corp. Obligated Group), Series 2006,5.375% 2026 1,250 1,274County of Monroe Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Mercy Memorial Hospital Corp. Obligated Group), Series 2006, 5.50%2035 2,995 3,030Fin. Auth., Local Government Loan Program Rev. Bonds (Public Lighting Auth. Local Project Bonds),Series 2014-B, 5.00% 2029 1,000 1,065Fin. Auth., Local Government Loan Program Rev. Bonds (Public Lighting Auth. Local Project Bonds),Series 2014-B, 5.00% 2044 3,000 3,053City of Royal Oak Hospital Fin. Auth., Hospital Rev. Ref. Bonds (William Beaumont Hospital Obligated Group), Series 2009-V, 8.25%2039 (preref. 2018) 2,000 2,582City of Royal Oak Hospital Fin. Auth., Hospital Rev. Ref. Bonds (William Beaumont Hospital Obligated Group), Series 2014-D, 5.00%2039 1,250 1,338City of Saginaw Hospital Fin. Auth., Hospital Rev. Ref. Bonds (Covenant Medical Center, Inc.), Series 2010-H, 5.00% 2030 2,700 2,845State Building Auth., Rev. Ref. Bonds (Facs. Program), Series 2008-I, 6.00% 2038 1,000 1,149State Strategic Fund, Limited Obligation Rev. Bonds (Detroit Renewable Power Project), Series 2013, AMT, 8.50% 2030 3 2,535 2,504State Strategic Fund, Limited Obligation Rev. Bonds (Detroit Thermal Project), Series 2013, AMT, 8.50% 2030 3 7,715 7,713Strategic Fund, Limited Obligation Rev. Ref. Bonds (Detroit Edison Co. Exempt Facs. Project),Series 2008-KT, 5.625% 2020 1,800 2,137Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds,Series 2007-A, 6.00% 2048 36,850 29,091Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Current Interest Bonds, Series 2008-A, 6.875%2042 5,440 5,036Wayne County Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2005, AMT, National insured,

5.00% 2034 11,000 11,403Wayne County Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series 2012-B, AMT, 5.00% 2037 2,000 2,054Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2011-A, AMT, 5.00% 2020 5,000 5,754Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2011-A, AMT, 5.00% 2022 2,000 2,264Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2012-D, AMT, 5.00% 2028 12,000 12,847Minnesota 0.12%159,290Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2013-A, AMT, 3.00% 2031 1,335 1,370Minneapolis-St. Paul Metropolitan Airports Commission, Airport Rev. Ref. Bonds, Series 2009-B, AMT,5.00% 2022 2,000 2,279Mississippi 0.24%3,649Hospital Equipment and Facs. Auth., Rev. Ref. Bonds (Mississippi Baptist Health Systems, Inc.), Series 2007-A, 5.00% 2026 1,500 1,548Warren County, Gulf Opportunity Zone Bonds (International Paper Co. Project), Series 2011-A, 5.375% 2035 5,100 5,6257,173American High-Income Municipal Bond Fund — Page 18 of 34Bonds, notes & other debt instrumentsMissouri 1.76%Principal amount(000)Value(000)Industrial Dev. Auth. of the County of Cape Girardeau, Health Facs. Rev. Bonds (Southeast Missouri Hospital Assn.), Series 2007,5.00% 2019 1,885 $ 1,986Hawk Ridge Transportation Dev. Dist. (Lake St. Louis), Transportation Sales Tax Rev. Bonds, Series 2006-A, 4.65% 2017 915 855Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services Projects),Series 2010, 5.50% 2042 2,000 2,102Health and Educational Facs. Auth., Senior Living Facs. Rev. Bonds (Lutheran Senior Services Projects),Series 2011, 6.00% 2041 1,000 1,092Health and Educational Facs. Auth., Senior Living Facs. Rev. Ref. Bonds (Lutheran Senior Services),Series 2007-B, 4.875% 2038 3,000 3,031Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Ref. Bonds (John Knox Village Obligated Group), Series2007-A, 5.125% 2026 7,950 8,175Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Ref. Bonds (John Knox Village Obligated Group), Series2007-A, 5.125% 2032 2,500 2,533Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Ref. Bonds (John Knox Village Obligated Group), Series2014-A, 5.25% 2039 9,500 9,369City of St. Louis, Airport Rev. Bonds (Lambert-St. Louis International Airport), Series 2009-A-1, 6.25% 2029 2,000 2,274City of St. Louis, Airport Rev. Bonds (Lambert-St. Louis International Airport), Series 2009-A-1, 6.625% 2034 4,000 4,589City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005,National insured, 5.50% 2027 3,275 3,852City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005,National insured, 5.50% 2028 1,000 1,176City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2005,National insured, 5.50% 2029 1,000 1,173City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2007-B, AMT,Assured Guaranty Municipal insured, 5.00% 2027 5,490 5,971City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2012, AMT,5.00% 2032 1,685 1,757Transportation Dev. Dist. (Hazelwood, St. Louis County), Transportation Rev. Bonds (Missouri Bottom Road/Taussig Road), Series2002, 7.20% 2033 3,300 3,30453,239

Montana 0.24%Fac. Fin. Auth., Senior Living Rev. Ref. Bonds (St. John’s Lutheran Ministries Project), Series 2006-A,6.00% 2025 2,250 2,311Fac. Fin. Auth., Senior Living Rev. Ref. Bonds (St. John’s Lutheran Ministries Project), Series 2006-A,6.125% 2036 4,850 4,924Nebraska 0.12%7,235Hospital Auth. No. 3 of Douglas County, Health Facs. Rev. Ref. Bonds (Methodist Health System), Series 2008, 5.75% 2028 3,500 3,731American High-Income Municipal Bond Fund — Page 19 of 34Bonds, notes & other debt instrumentsNevada 2.21%Principal amount(000)Value(000)Clark County, Airport System Rev. Bonds, Series 2007-A-1, AMT, AMBAC insured, 5.00% 2027 4,000 $4,343Clark County, Jet Aviation Fuel Tax Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2027 2,415 2,646Clark County, Jet Aviation Fuel Tax Rev. Ref. Bonds, Series 2013-A, AMT, 5.00% 2028 2,000 2,169Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds, Series 2007-A-1, AMT, AMBAC insured,5.00% 2023 5,000 5,429Clark County, Las Vegas-McCarran International Airport, Passenger Fac. Charge Rev. Bonds, Series 2007-A-1, AMT, AMBAC insured,5.00% 2025 2,000 2,175Clark County, Special Improvement Dist. No. 121 (Southern Highlands Area), Local Improvement Ref. Bonds, Series 2006-B, 5.30%2029 995 949Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Ref. Bonds,Series 2012, 5.00% 2020 1,490 1,604Clark County, Special Improvement Dist. No. 142 (Mountain’s Edge), Local Improvement Ref. Bonds,Series 2012, 5.00% 2021 1,595 1,712City of Henderson, Health Fac. Rev. Ref. Bonds (Catholic Healthcare West), Series 2007-B, 5.25% 2031 2,000 2,101City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), Limited Obligation Improvement Bonds, 5.00% 2018 1,110 1,104City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), Limited Obligation Improvement Bonds, 5.00% 2019 1,380 1,367City of Henderson, Local Improvement Dist. No. T-16 (Falls at Lake Las Vegas), Limited Obligation Improvement Bonds, 5.125% 2025 3,435 3,243City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Limited ObligationImprovement Bonds, 5.00% 2014 675 677City of Henderson, Local Improvement Dist. No. T-17 (Madeira Canyon), Limited ObligationImprovement Bonds, 5.00% 2017 935 965City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.00% 2015 1,650 1,634City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.00% 2016 930 912City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.25% 2026 4,475 3,976City of Henderson, Local Improvement Dist. No. T-18 (Inspirada), Limited Obligation Improvement Bonds, 5.30% 2035 7,275 5,956City of Henderson, Local Improvement Dist. No. T-4C (Green Valley Properties), Limited ObligationRef. Bonds, Series 1999-A, 5.90% 2018 935 942City of Henderson, Public Improvement Trust, Touro College and University System Obligated GroupRev. Bonds, 5.50% 2044 1,645 1,762City of Las Vegas Redev. Agcy., Tax Increment Rev. Bonds, Series 2009-A, 8.00% 2030 7,000 8,050

City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Ref. Bonds,Series 2013, 4.25% 2024 200 200City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Ref. Bonds,Series 2013, 5.00% 2022 485 517City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Ref. Bonds,Series 2013, 5.00% 2023 435 464City of Las Vegas, Special Improvement Dist. No. 607 (Providence), Local Improvement Ref. Bonds,Series 2013, 5.00% 2024 310 331City of Reno, Hospital Rev. Bonds (Renown Regional Medical Center Project), Series 2007-A, 5.25% 2037 3,000 3,094Redev. Agcy. of the City of Reno, Tax Increment Bonds, Series 2007-B, 5.00% 2027 2,000 1,522Redev. Agcy. of the City of Reno, Tax Increment Bonds, Series 2007-C, 5.40% 2027 7,800 4,061Rural Housing Auth., Single-family Mortgage Rev. Bonds (Mortgage-backed Securities Program),Series 2007-B, AMT, 5.70% 2041 470 483American High-Income Municipal Bond Fund — Page 20 of 34Bonds, notes & other debt instrumentsNevada (continued)Principal amount(000)Value(000)City of Sparks, Local Improvement Dist. No. 3 (Legends at Sparks Marina), Limited ObligationImprovement Bonds, 6.50% 2020 1,430 $ 1,561City of Sparks, Local Improvement Dist. No. 3 (Legends at Sparks Marina), Limited ObligationImprovement Bonds, 6.75% 2027 1,000 1,051New Hampshire 0.18%67,000Business Fin. Auth., Rev. Bonds (Elliot Hospital Obligated Group Issue), Series 2009-A, 6.125% 2039 2,445 2,634Health and Education Facs. Auth., Rev. Bonds (Rivermead Issue), Series 2011-A, 6.875% 2041 2,625 2,8775,511New Jersey 3.77%Camden County Improvement Auth., Health Care Redev. Project Rev. Bonds (Cooper Health System Obligated Group Issue), Series2013-A, 5.75% 2042 2,665 2,891Econ. Dev. Auth., Energy Fac. Rev. Bonds (ACR Energy Partners, LLC Project), Series 2011-A, AMT,10.50% 2032 3 13,000 9,587Econ. Dev. Auth., Energy Fac. Rev. Bonds (UMM Energy Partners, LLC Project), Series 2012-A, AMT,5.00% 2037 6,750 6,887Econ. Dev. Auth., Energy Fac. Rev. Bonds (UMM Energy Partners, LLC Project), Series 2012-A, AMT,5.125% 2043 750 767Econ. Dev. Auth., Private Activity Bonds (Goethals Bridge Replacement Project), Series 2013, AMT,5.375% 2043 9,225 9,823Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Seabrook Village, Inc. Fac.),Series 2006, 5.25% 2026 2,435 2,499Econ. Dev. Auth., Retirement Community Rev. Ref. Bonds (Seabrook Village, Inc. Fac.),Series 2006, 5.25% 2036 500 507Econ. Dev. Auth., Rev. Bonds (Provident Group - Montclair Properties LLC - Montclair State University Student Housing Project),Series 2010-A, 5.875% 2042 3,500 3,824Econ. Dev. Auth., Rev. Ref. Bonds (Crane’s Mill Project), Series 2005-A, 5.00% 2015 105 107Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.125% 2023 4,500 4,719Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT, 5.25% 2029 17,000 17,583Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2000-B, AMT, 5.625% 2030 1,750 1,866Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2003, AMT, 5.50% 2033 3,500 3,684Econ. Dev. Auth., Special Fac. Rev. Ref. Bonds (Continental Airlines, Inc. Project), Series 2012, AMT,

5.75% 2027 4,500 4,780Econ. Dev. Auth., Private Activity Bonds (Goethals Bridge Replacement Project), Series 2013, AMT,5.625% 2052 4,940 5,329Health Care Facs. Fncg. Auth., Rev. Bonds (AHS Hospital Corp. Issue), Series 2011, 6.00% 2041 1,000 1,159Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Barnabas Health Issue), Series 2011-A, 5.625% 2032 500 548Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Barnabas Health Issue), Series 2011-A, 5.625% 2037 1,000 1,088Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Barnabas Health Issue), Series 2012-A, 5.00% 2024 1,000 1,132Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (Chilton Memorial Hospital Issue), Series 2009, 5.75% 2039 (preref. 2019) 860 1,040Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (St. Peter’s University Hospital Obligated Group Issue),Series 2011, 6.00% 2026 2,000 2,193Health Care Facs. Fncg. Auth., Rev. Ref. Bonds (St. Peter’s University Hospital Obligated Group Issue),Series 2011, 6.25% 2035 3,000 3,226Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2013-1-A, AMT, 3.75% 2026 1,000 967Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2013-1-A, AMT, 4.00% 2020 3,000 3,254Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2013-1-A, AMT, 5.00% 2021 1,500 1,708Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2013-1-A, AMT, 5.00% 2022 1,000 1,145American High-Income Municipal Bond Fund — Page 21 of 34Bonds, notes & other debt instrumentsNew Jersey (continued)Principal amount(000)Value(000)Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds,Series 2007-1-A, 5.00% 2041 23,355 $ 17,374Transportation Trust Fund Auth., Transportation System Bonds (Capital Appreciation Bonds), Series 2010-A, 0% 2030 10,000 4,651New Mexico 0.38%114,338Dona Ana County, Improvement Dist. Bonds (Santa Teresa Improvement Dist.-Airport Road Business Center, Phase III), Series 2001-A, 8.375% 2021 1,275 1,288Dona Ana County, Improvement Dist. Bonds (Santa Teresa Improvement Dist.-Border Industrial Park,Phase I & II), Series 2001-B, 8.875% 2021 3,265 3,304Hospital Equipment Loan Council, Rev. Ref. Bonds (Haverland Charter Lifestyle Group), Series 2012,5.00% 2032 2,000 2,003Hospital Equipment Loan Council, Rev. Ref. Bonds (Haverland Charter Lifestyle Group), Series 2012,5.00% 2042 3,000 2,923Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2008-C, Class I, AMT, 6.95% 2039 405 415Mortgage Fin. Auth., Single-family Mortgage Program Bonds, Series 2009-D, Class I, 5.35% 2040 310 332Mortgage Fin. Auth., Single-family Mortgage Program Class I Bonds, Series 2010-A, 4.625% 2025 380 395Mortgage Fin. Auth., Single-family Mortgage Program Rev. Ref. Bonds, Series 2012-B-1, Class I, AMT,3.75% 2043 855 892New York 3.44%11,552Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A,5.50% 2043 500 518County of Chautauqua Industrial Dev. Agcy., Exempt Fac. Rev. Bonds (NRG Dunkirk Power Project),Series 2009, 5.875% 2042 600 653Dormitory Auth., Touro College and University System Obligated Group Rev. Bonds, Series 2014-A,5.50% 2044 1,250 1,358Dormitory Auth., North Shore-Long Island Jewish Obligated Group, Rev. Ref. Bonds, Series 2011-A,5.00% 2032 4,000 4,325Dormitory Auth., Culinary Institute of America Rev. Bonds, Series 2013, 5.50% 2033 500 547

Dormitory Auth., Mental Health Services Facs. Improvement Rev. Ref. Bonds, Series 2010-A, 5.00% 2024 1,590 1,808Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2008, 6.25% 2037 1,120 1,168Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012 Series A, 5.25% 2047 2,500 2,726Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012 Series A, 5.75% 2047 3,000 3,418Liberty Dev. Corp., Liberty Rev. Ref. Bonds (4 World Trade Center Project), Series 2011, 5.75% 2051 1,000 1,123Liberty Dev. Corp., Liberty Rev. Ref. Bonds (7 World Trade Center Project), Series 2012, 5.00% 2043 1,000 1,079Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project), Series 2010, 6.375% 2049 13,360 14,743New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2006-C, AMT, 5.00% 2026 1,250 1,269New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.05% 2022 1,500 1,566New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.125% 2032 1,000 1,024New York City Housing Dev. Corp., Multi-family Housing Rev. Bonds, Series 2007-B-1, AMT, 5.15% 2037 500 508New York City Industrial Dev. Agcy., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC Obligated Group),Series 2012-A, AMT, 5.00% 2028 2,000 2,141New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (1998 British Airways Plc Project), Series 1998, AMT, 5.25% 2032 6,995 6,994New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project),Series 2005, AMT, 7.625% 2025 15,200 16,700New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project),Series 2005, AMT, 7.75% 2031 3,130 3,458New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (American Airlines, Inc. John F. Kennedy International Airport Project),Series 2005, AMT, 8.00% 2028 2,000 2,212American High-Income Municipal Bond Fund — Page 22 of 34Bonds, notes & other debt instrumentsNew York (continued)Principal amount(000)Value(000)New York City Municipal Water Fin. Auth., Water and Sewer System Second General Resolution Rev. Bonds, Fiscal 2014 Series BB,5.00% 2046 3,500 $ 3,823New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2012 Series S-1-A, 5.00% 2032 750 843New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011 Series C, 5.00% 2039 1,000 1,120New York City Transitional Fin. Auth., Future Tax Secured Bonds, Series 2014-D-1, 5.00% 2036 2,250 2,529New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2014-A1, 5.00% 2037 1,000 1,125Niagara Area Dev. Corp. (New York), Solid Waste Disposal Fac. Rev. Ref. Bonds (Covanta Energy Project), Series 2012-A, AMT,5.25% 2042 2,250 2,279Onondaga Civic Dev. Corp., Rev. Ref. Bonds (St. Joseph’s Hospital Health Center Project), Series 2012,5.00% 2042 1,000 982Port Auth., Special Project Bonds (JFK International Air Terminal LLC Project), Series 8, 6.00% 2036 2,650 3,065Port Auth., Special Project Bonds (JFK International Air Terminal LLC Project), Series 8, 6.00% 2042 5,500 6,327County of Rockland G.O. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2024 300 355Seneca Nation of Indians, Rev. Bonds, Series A, 5.00% 2023 3 8,585 9,000Seneca Nation of Indians, Rev. Bonds, Series A, 5.25% 2016 3 1,365 1,445Suffolk County Industrial Dev. Agcy., Industrial Dev. Rev. Bonds (KeySpan-Port Jefferson Energy Center, LLC Project), Series 2003-A,AMT, 5.25% 2027 2,000 2,010North Carolina 0.25%104,241Eastern Municipal Power Agcy., Power System Rev. Ref. Bonds, Series 1993-B, 6.00% 2026 1,000 1,275Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (Lutheran Services for the Aging), Series 2012-A, 4.75%2032 3,000 2,986Medical Care Commission, Health Care Facs. First Mortgage Rev. Ref. Bonds (Lutheran Services for the Aging), Series 2012-A, 5.00%2037 1,000 1,006Medical Care Commission, Retirement Facs. First Mortgage Rev. Bonds (Carolina Village Project),Series 2008-A, 6.00% 2038 2,230 2,2947,561

North Dakota 0.06%Burleigh County, Health Care Rev. Bonds (St. Alexius Medical Center Project), Series 2014-A, 5.00% 2031 1,200 1,266Burleigh County, Health Care Rev. Bonds (St. Alexius Medical Center Project), Series 2014-A, 5.00% 2035 500 5261,792Ohio 4.27%Air Quality Dev. Auth., Air Quality Dev. Rev. Bonds (FirstEnergy Generation Corp. Project), Series 2009-A, 5.70% 2020 1,500 1,726Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project),Series 2009-C, 5.625% 2018 8,580 9,589Akron, Bath and Copley Joint Township Hospital Dist., Hospital Facs. Rev. Bonds (Akron General Health System), Series 2012, 5.00%2031 4,000 4,210County of Allen, Hospital Facs. Rev. Ref. and Improvement Bonds (Catholic Health Partners), Series 2012-A, 5.00% 2033 3,315 3,586Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.875%2030 13,000 10,583Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 5.875%2047 18,405 14,398Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds, Series 2007-A-2, 6.50%2047 23,500 19,826County of Butler, Hospital Facs. Rev. Bonds (UC Health), Series 2010, 5.50% 2040 5,125 5,585County of Butler, Hospital Facs. Rev. Bonds (UC Health), Series 2010, 5.75% 2040 1,000 1,105City of Centerville, Health Care Rev. Ref. Bonds (Bethany Lutheran Village Continuing Care Fac. Expansion Project), Series 2007-A,6.00% 2038 1,000 1,023City of Cleveland, Airport System Rev. Ref. Bonds, Series 2000-C, Assured Guaranty Municipal insured,5.00% 2031 4,000 4,140American High-Income Municipal Bond Fund — Page 23 of 34Bonds, notes & other debt instrumentsOhio (continued)Principal amount(000)Value(000)City of Cleveland, Airport System Rev. Ref. Bonds, Series 2011-A, 5.00% 2020 3,535 $ 4,045City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2025 1,095 1,225City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2026 1,000 1,111City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2027 2,300 2,521City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2030 1,000 1,069City of Cleveland, Airport System Rev. Ref. Bonds, Series 2012-A, 5.00% 2031 1,000 1,062County of Cuyahoga, Health Care Facs. Rev. Bonds (Franciscan Communities, Inc. - Mount Alverna Project), Series 2004-D, 6.50%2034 1,315 1,356County of Franklin, Health Care Facs. Improvement Rev. Bonds (OPRS Communities), Series 2013-A,6.125% 2040 2,000 2,139County of Franklin, Health Care Facs. Improvement Rev. Bonds (Presbyterian Retirement Services Project), Series 2010-A, 5.625%2026 1,600 1,724County of Gallia, Hospital Facs. Rev. Ref. and Improvement Bonds (Holzer Health System Obligated Group Project), Series 2012-A,8.00% 2042 11,000 12,086County of Hamilton, Healthcare Facs. Rev. Bonds (Christ Hospital Project), Series 2012, 5.00% 2042 1,500 1,569County of Hamilton, Healthcare Rev. Bonds (Life Enriching Communities Project), Series 2011-A, 6.625% 2046 1,000 1,108County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A,5.00% 2016 1,685 1,770County of Hamilton, Healthcare Rev. Ref. Bonds (Life Enriching Communities Project), Series 2006-A,5.00% 2037 2,000 2,035Hospital Rev. Bonds (University Hospitals Health System, Inc. Project), Series 2007-A, 4.50% 2031 1,000 1,018Hospital Rev. Ref. Bonds (Cleveland Clinic Health System Obligated Group), Series 2012-A, 5.00% 2038 1,000 1,093Housing Fin. Agcy., Residential Mortgage Rev. Bonds, Series 2006-E, AMT, 5.375% 2037 385 402County of Lake, Hospital Facs. Rev. Ref. Bonds (Lake Hospital System, Inc.), Series 2008-C, 5.625% 2029 2,000 2,147County of Muskingum, Hospital Facs. Rev. Ref. Bonds (Genesis HealthCare System Obligated Group Project), Series 2013, 5.00%

2033 1,435 1,440County of Muskingum, Hospital Facs. Rev. Ref. Bonds (Genesis HealthCare System Obligated Group Project), Series 2013, 5.00%2044 6,000 5,864Southeastern Ohio Port Auth., Hospital Facs. Rev. Ref. and Improvement Bonds (Memorial Health System Obligated Group Project),Series 2012, 6.00% 2042 4,700 4,773Water Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Nuclear Generation Corp. Project), Series 2014-B, 4.00%2033 (put 2019) 2,000 2,115Oklahoma 0.88%129,443Fort Sill Apache Ok Tribe Gaming Enterprise, Econ. Dev. Auth., Series 2011-A, 8.50% 2026 3 6,500 7,532Housing Fin. Agcy., Single-family Mortgage Rev. Bonds (Homeownership Loan Program), Series 2008-A, AMT, 6.80% 2038 670 719Trustees of the Tulsa Municipal Airport Trust, American Airlines Inc. Rev. Ref. Bonds, Series 2001-B, AMT, 5.50% 2035 16,250 16,841Trustees of the Tulsa Municipal Airport Trust, American Airlines Inc. Rev. Ref. Bonds, Series 2013-B, AMT, 5.50% 2035 120 124Tulsa Industrial Auth., Rev. Ref. Bonds (University of Tulsa), Series 2009, 6.00% 2027 1,285 1,48826,704Oregon 0.51%Cow Creek Band of Umpqua Tribe of Indians, Tax Rev. Bonds, Series 2006-C, 5.625% 2026 9,915 9,833City of Forest Grove, Oregon Campus Improvement Rev. Ref. Bonds (Pacific University Project), Series 2014-A, 5.00% 2040 1,250 1,343Port of Portland, Portland International Airport Rev. Bonds, Subseries 20-C, AMT, 5.00% 2028 4,000 4,38315,559American High-Income Municipal Bond Fund — Page 24 of 34Bonds, notes & other debt instrumentsPennsylvania 2.97%Principal amount(000)Value(000)Delaware River Port Auth., Port Dist. Project Rev. Ref. Bonds, Series 2012, 5.00% 2023 2,420 $ 2,748East Hempfield Township Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University ofPennsylvania), Series 2013, 5.00% 2035 1,000 1,031East Hempfield Township Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University ofPennsylvania), Series 2013, 5.00% 2045 2,750 2,804East Hempfield Township Industrial Dev. Auth. Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University ofPennsylvania), Series 2014, 5.00% 2029 730 778East Hempfield Township Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University ofPennsylvania), Series 2014, 5.00% 2034 875 908East Hempfield Township Industrial Dev. Auth., Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University ofPennsylvania), Series 2014, 5.00% 2039 440 451East Hempfield Township Industrial Dev. Auth. Rev. Bonds (Student Services, Inc. Student Housing Project at Millersville University ofPennsylvania), Series 2014, 5.00% 2046 2,850 2,910Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project),Series 2008, 5.75% 2028 2,500 2,598Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project),Series 2008, 5.875% 2038 5,600 5,783Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project),Series 2008, 6.00% 2042 1,000 1,036Higher Educational Facs. Auth., Rev. Bonds (Edinboro University Foundation Student Housing Project),Series 2010, 6.00% 2043 6,400 6,728Higher Educational Facs. Auth., Rev. Bonds (Shippensburg University Student Services, Inc. Student Housing Project at ShippensburgUniversity of Pennsylvania), Series 2011, 6.25% 2043 4,690 5,145Higher Educational Facs. Auth., Rev. Bonds (Shippensburg University Student Services, Inc. Student Housing Project at ShippensburgUniversity of Pennsylvania), Series 2012, 5.00% 2030 1,000 1,034Higher Educational Facs. Auth., Rev. Bonds (Shippensburg University Student Services, Inc. Student Housing Project at Shippensburg

University of Pennsylvania), Series 2012, 5.00% 2044 3,000 3,031Higher Educational Facs. Auth., Student Housing Rev. Bonds (University Properties, Inc. Student Housing Project at East StroudsburgUniversity of Pennsylvania), Series 2010, 5.00% 2031 2,370 2,441Higher Educational Facs. Auth., Student Housing Rev. Bonds (University Properties, Inc. Student Housing Project at East StroudsburgUniversity of Pennsylvania), Series 2010, 5.00% 2042 5,890 5,993Higher Educational Facs. Auth., University of Pennsylvania Health System, Rev. Bonds, Series 2011-A,5.75% 2041 1,500 1,691Housing Fin. Agcy., Single-family Mortgage Rev. Bonds, Series 2006-93-A, AMT, 5.75% 2037 40 40Lancaster Industrial Dev. Auth., Rev. Bonds (Garden Spot Village Project), Series 2013, 5.75% 2035 1,000 1,069Lycoming County Auth., Health System Rev. Bonds (Susquehanna Health System Project), Series 2009-A, 5.75% 2039 1,500 1,585Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds (Whitemarsh Continuing Care Retirement Community Project), Series2005, 6.00% 2021 1,000 1,016Montgomery County Industrial Dev. Auth., Mortgage Rev. Bonds (Whitemarsh Continuing Care Retirement Community Project), Series2008, 7.00% 2036 2,000 2,141Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Bonds (ACTS Retirement-Life Communities, Inc. ObligatedGroup), Series 2009-A-1, 6.25% 2029 725 818Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc.Obligated Group), Series 2006-B, 5.00% 2022 2,610 2,705Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc.Obligated Group), Series 2012, 5.00% 2027 2,500 2,671Montgomery County Industrial Dev. Auth., Retirement Communities Rev. Ref. Bonds (ACTS Retirement-Life Communities, Inc.Obligated Group), Series 2012, 5.00% 2028 2,800 2,976Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Bonds (Temple University Health System Obligated Group),Series 2012-A, 5.625% 2042 13,045 13,240Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Ref. Bonds (Temple University Health System ObligatedGroup), Series 2007-A, 5.00% 2034 1,000 961Susquehanna Area Regional Airport Auth., Airport System Rev. Bonds, Series 2012-A, AMT, 5.00% 2027 5,600 6,011Turnpike Commission, Turnpike Rev. Bonds, Series 2013-A, 0.66% 2017 2 1,000 1,002American High-Income Municipal Bond Fund — Page 25 of 34Bonds, notes & other debt instrumentsPennsylvania (continued)Principal amount(000)Value(000)Redev. Auth. of the County of Washington, Redev. Bonds (Victory Centre Project - Tanger Outlet Dev.),Series 2006-A, 5.45% 2035 5,285 $ 5,369Westmoreland County Industrial Dev. Auth., Retirement Community Rev. Ref. Bonds (Redstone Presbyterian SeniorCare ObligatedGroup), Series 2005-A, 5.50% 2015 (escrowed to maturity) 1,200 1,225Puerto Rico 3.29%89,939Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.00% 2021 2,040 1,539Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.00% 2022 2,260 1,686Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.00% 2033 1,495 1,022Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.125% 2037 1,500 1,026Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.25% 2042 25,565 17,490Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.75% 2037 1,450 1,023Electric Power Auth., Power Rev. Bonds, Series 2012-A, 5.00% 2042 1,000 488Electric Power Auth., Power Rev. Bonds, Series 2013-A, 7.00% 2033 1,000 493Electric Power Auth., Power Rev. Bonds, Series XX, 5.25% 2040 2,020 987Electric Power Auth., Power Rev. Ref. Bonds, Series CCC, 5.25% 2027 1,250 610Highways and Transportation Auth., Highway Rev. Ref. Bonds, Series 2007-CC, 5.00% 2016 500 410Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg Auth., Higher EducationRev. and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2012, 5.375% 2042 2,000 1,666Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher EducationRev. and Rev. Ref. Bonds (Ana G. Méndez University System Project), Series 2012, 5.00% 2027 1,350 1,212

Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher EducationRev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2004, National insured, 4.25% 2024 550 522Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher EducationRev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2016 1,200 1,237Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher EducationRev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2019 500 521Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher EducationRev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2020 2,735 2,833Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher EducationRev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2021 1,100 1,133Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher EducationRev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series 2012, 5.00% 2022 1,000 1,018Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher EducationRev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.00% 2023 960 831Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher EducationRev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.00% 2026 795 648Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher EducationRev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.125% 2027 995 800Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher EducationRev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 4.375% 2031 1,200 952Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher EducationRev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 5.00% 2016 790 807Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher EducationRev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 5.00% 2042 240 188Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., HospitalRev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 5.00% 2021 775 811Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev. and Rev. Ref. Bonds (HospitalAuxilio Mutuo Obligated Group Project), Series 2011-A, 6.00% 2033 5,705 5,875Public Improvement Ref. Bonds (G.O. Bonds), Series 2006-A, 5.00% 2023 2,000 1,538Public Improvement Ref. Bonds (G.O. Bonds), Series 2012-A, 5.00% 2041 17,895 12,693Public Improvement Ref. Bonds (G.O. Bonds), Series 2012-A, 5.50% 2039 4,070 3,014Public Improvement Ref. Bonds (G.O. Bonds), Series 2014-A, 8.00% 2035 14,850 13,391American High-Income Municipal Bond Fund — Page 26 of 34Bonds, notes & other debt instrumentsPuerto Rico (continued)Principal amount(000)Value(000)University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2018 1,855 $ 1,108Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2009-A, 6.00% 2042 2,500 1,898Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 5.375% 2039 1,000 717Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 5.50% 2037 380 283Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 5.50% 2042 4,280 3,088Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-C, 5.25% 2041 2,200 1,553Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2011-A-1, 5.25% 2043 7,145 5,002Sales Tax Fncg. Corp., Sales Tax Rev. Ref. Bonds, Series 2011-C, 5.00% 2040 200 155University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2019 1,490 885University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2020 7,130 4,218University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2022 4,000 2,33699,707Rhode Island 0.08%Health and Educational Building Corp., Hospital Fncg. Rev. Bonds (Care New England Issue), Series 2013-A, 6.00% 2033 1,250 1,345Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 4.75% 2028 800 819Student Loan Auth., Student Loan Program Rev. Bonds, Series 2014-A, AMT, 4.75% 2029 400 4092,573

South Carolina 0.77%Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), Series 2006, 5.00% 2016 1,165 1,213Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), Series 2006, 5.125% 2026 2,485 2,486Jobs-Econ. Dev. Auth., First Mortgage Health Facs. Rev. Ref. Bonds (Wesley Commons Project), Series 2006, 5.30% 2036 2,015 1,941Jobs-Econ. Dev. Auth., Student Housing Rev. Bonds (Coastal Housing Foundation, LLC Project),Series 2009-A, 6.50% 2042 6,000 6,886City of Myrtle Beach, Tax Increment Bonds (Myrtle Beach Air Force Base Redev. Project Area), Series 2006-A, 5.25% 2026 2,500 2,463City of Myrtle Beach, Tax Increment Bonds (Myrtle Beach Air Force Base Redev. Project Area), Series 2006-A, 5.30% 2035 6,000 5,872Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-A, 5.50% 2054 2,250 2,496South Dakota 0.14%23,357Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-A, AMT, 4.00% 2044 2,650 2,869Housing Dev. Auth., Homeownership Mortgage Rev. Ref. Bonds, Series 2012-D, AMT, 4.00% 2029 1,435 1,5204,389Tennessee 0.61%Health, Educational and Housing Fac. Board of the City of Chattanooga, Rev. Ref. Bonds (CDFI Phase I, LLC Project), Series 2005-A,5.00% 2015 805 825Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.50% 2019 2,500 2,912Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.625% 2020 1,685 1,996Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.75% 2024 1,000 1,149Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2010-B, AMT, 5.75% 2025 1,000 1,140Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 6.00% 2021 1,495 1,816Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 6.00% 2022 1,000 1,218Health, Educational and Housing Fac. Board of the County of Shelby, Residential Care Fac. MortgageRev. Ref. Bonds (Village at Germantown), Series 2012, 5.375% 2047 1,735 1,741Tennessee Energy Acquisition Corp., Gas Project Rev. Bonds, Series 2006-C, 5.00% 2020 5,000 5,58118,378American High-Income Municipal Bond Fund — Page 27 of 34Bonds, notes & other debt instrumentsTexas 6.46%Principal amount(000)Value(000)Brazos River Harbor Navigation Dist. of Brazoria County, Environmental Facs. Rev. Ref. Bonds(Dow Chemical Co. Project), Series 2002-A-4, AMT, 5.95% 2033 13,545 $14,814Brazos River Auth., Pollution Control Rev. Ref. Bonds (Texas Utilities Electric Co. Project), Series 1999-A, AMT, 7.70% 2033 4 8,400 777Brazos River Auth., Pollution Control Rev. Ref. Bonds (Texas Utilities Electric Co. Project), Series 1999-C, AMT, 7.70% 2032 4 5,700 527Brazos River Auth., Pollution Control Rev. Ref. Bonds (TXU Electric Co. Project), Series 2001-A, AMT,8.25% 2030 4 14,500 1,341Brazos River Auth., Pollution Control Rev. Ref. Bonds (TXU Energy Co. LLC Project), Series 2003-B, AMT,6.30% 2032 1,700 157Central Texas Regional Mobility Auth., Rev. Bonds, Series 2011, 6.00% 2041 3,000 3,352Central Texas Regional Mobility Auth., Rev. Bonds, Series 2011, 6.25% 2046 2,200 2,476Central Texas Regional Mobility Auth., Rev. Ref. Bonds, Series 2010, 5.75% 2025 2,500 2,765HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Legacy at Willow Bend Project), Series 2006-A, 5.625% 2026 1,000 1,019HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Village at Gleannloch Farms, Inc. Project),Series 2006-A, 5.50% 2027 1,150 1,152HFDC of Central Texas, Inc., Retirement Fac. Rev. Bonds (Village at Gleannloch Farms, Inc. Project),Series 2006-A, 5.50% 2037 1,850 1,754Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. Improvement Bonds,Series 2012-D, AMT, 5.00% 2042 9,000 9,397

Decatur Hospital Auth., Hospital Rev. Bonds (Wise Regional Health System), Series 2014-A, 5.25% 2044 2,000 2,025Fort Bend County Industrial Dev. Corp., Industrial Dev. Rev. Bonds (NRG Energy, Inc. Project), Series 2012-A, 4.75% 2038 6,725 6,825Fort Bend County Industrial Dev. Corp., Industrial Dev. Rev. Bonds (NRG Energy, Inc. Project), Series 2012-B, 4.75% 2042 5,000 5,109Gulf Coast Industrial Dev. Auth., Solid Waste Disposal Rev. Bonds (CITGO Petroleum Corp. Project),Series 1995, AMT, 4.875% 2025 6,000 6,151Gulf Coast Waste Disposal Auth., Solid Waste Disposal Rev. Bonds (Waste Management of Texas, Inc. Travis County Project), Series2003-C, AMT, 5.20% 2028 1,500 1,572Harris County Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2013-A, 5.00% 2038 510 478Harris County Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2013-A, 5.00% 2043 1,040 957Harris County Cultural Education Facs. Fin. Corp., First Mortgage Rev. Bonds (Brazos Presbyterian Homes, Inc. Project), Series 2013-B, 7.00% 2048 5,250 5,846Harris County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Young Men’s Christian Assn. of the Greater Houston Area), Series2013-A, 5.00% 2033 1,400 1,477Harris County Cultural Education Facs. Fin. Corp., Rev. Ref. Bonds (Young Men’s Christian Assn. of the Greater Houston Area), Series2013-A, 5.00% 2038 3,500 3,659Harris County Health Facs. Dev. Corp., Hospital Rev. Ref. Bonds (Memorial Hermann Healthcare System), Series 2008-B, 7.25% 2035(preref. 2018) 2,250 2,842Harris County Industrial Dev. Corp., Solid Waste Disposal Rev. Bonds (Deer Park Refining Limited Partnership Project), Series 2006,5.00% 2023 1,000 1,086Dept. of Housing and Community Affairs, Residential Mortgage Rev. Bonds, Series 2009-A, 5.375% 2039 485 529City of Houston, Airport System Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2032 1,000 1,069City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Airport Improvement Projects), Series 1997-C,AMT, 6.125% 2027 1,000 1,003City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Projects), Series 2011,AMT, 6.50% 2030 9,300 10,405City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. Terminal Improvement Projects), Series 2011,AMT, 6.625% 2038 3,000 3,348City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project),Series 2014, AMT, 4.75% 2024 3,000 3,098American High-Income Municipal Bond Fund — Page 28 of 34Bonds, notes & other debt instrumentsTexas (continued)Principal amount(000)Value(000)City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal E Project),Series 2014, AMT, 5.00% 2029 5,000 $ 5,066La Vernia Higher Education Fin. Corp., Education Rev. Bonds (KIPP, Inc.), Series 2009-A, 6.375% 2044 1,000 1,119Love Field Airport Modernization Corp., Special Facs. Rev. Bonds (Southwest Airlines Co. - Love Field Modernization ProgramProject), Series 2010, 5.25% 2040 2,750 2,886Matagorda County Navigation Dist. Number One, Rev. Ref. Bonds (Houston Lighting & Power Co. Project), Series 1997, AMT, AMBACinsured, 5.125% 2028 3,280 3,685Midlothian Dev. Auth., Tax Increment Contract Rev. Ref. Bonds, Series 2007-B, 5.125% 2026 740 748Mission Econ. Dev. Corp., Solid Waste Disposal Rev. Bonds (Waste Management, Inc. Project),Series 2008, AMT, 6.00% 2020 (put 2013) 2,500 2,500Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2026 5,000 5,483Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2030 3,500 3,749Municipal Gas Acquisition and Supply Corp. III, Gas Supply Rev. Bonds, Series 2012, 5.00% 2031 1,500 1,593New Hope Cultural Education Facs. Fin. Corp., First Mortgage Rev. Ref. Bonds (Morningside Ministries Project), Series 2013, 6.50%2043 3,370 3,597North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-F, 5.75% 2033 4,000 4,461North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-F, 5.75% 2038 6,000 6,673North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.00% 2028 3,000 3,518North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2010, 6.00% 2034 1,500 1,752Red River Health Facs. Dev. Corp., Retirement Fac. Rev. Bonds (MRC The Crossing Project), Series 2014-A, 7.75% 2044 3,315 3,431

Red River Health Facs. Dev. Corp., Retirement Fac. Rev. Bonds (MRC The Crossing Project), Series 2014-A, 8.00% 2049 3,300 3,443SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2019 3,000 3,434SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2020 1,000 1,153SA Energy Acquisition Public Fac. Corp., Gas Supply Rev. Bonds, Series 2007, 5.50% 2027 1,360 1,579Sam Rayburn Municipal Power Agcy., Power Supply System Rev. Ref. Bonds, Series 2012, 5.00% 2021 2,825 3,271Sanger Texas Industrial Dev. Corp., Industrial Dev. Rev. Ref. Bonds (Texas Pellets Project), Series 2012-B, AMT, 8.00% 2038 14,250 15,375Tarrant County Cultural Education Facs. Fin. Corp., Hospital Rev. Ref. Bonds (Scott and White Memorial Hospital and Scott, Sherwoodand Brindley Foundation Project), Series 2008-A, 5.00% 2019 1,370 1,542Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds (Buckner Retirement Services, Inc. Project),Series 2007, 5.25% 2022 1,855 1,944Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds (Buckner Retirement Services, Inc. Project),Series 2007, 5.25% 2027 1,000 1,032Tarrant County Cultural Education Facs. Fin. Corp., Retirement Fac. Rev. Ref. Bonds (Northwest Senior Housing Corp. - EdgemereProject), Series 2006-A, 6.00% 2026 2,200 2,286Tomball Hospital Auth., Hospital Rev. Ref. Bonds, Series 2005, 5.00% 2020 (preref. 2015) 1,660 1,733Travis County Health Facs. Dev. Corp., Retirement Fac. Rev. Bonds (Querencia at Barton Creek Project),Series 2005-A, 5.50% 2025 1,295 1,307Travis County Health Facs. Dev. Corp., Retirement Fac. Rev. Bonds (Querencia at Barton Creek Project),Series 2005-A, 5.65% 2035 3,000 3,013Travis County Health Facs. Dev. Corp., Rev. Bonds (Westminster Manor Project), Series 2010, 7.00% 2030 3,000 3,398Travis County Health Facs. Dev. Corp., Rev. Bonds (Westminster Manor Project), Series 2010, 7.125% 2040 3,750 4,208195,989American High-Income Municipal Bond Fund — Page 29 of 34Bonds, notes & other debt instrumentsUtah 0.14%Principal amount(000)Value(000)Housing Corp., Single-family Mortgage Bonds, Series 2001-E-1, Class III, AMT, 5.20% 2018 305 $ 306Housing Corp., Single-family Mortgage Bonds, Series 2001-F-1, Class III, AMT, 4.95% 2018 320 321Housing Corp., Single-family Mortgage Bonds, Series 2002-A-1, Class III, AMT, 5.30% 2018 165 165Housing Corp., Single-family Mortgage Bonds, Series 2002-C-2, Class III, AMT, 5.25% 2018 550 553Housing Corp., Single-family Mortgage Bonds, Series 2002-D-2, Class III, AMT, 5.00% 2018 265 266Housing Corp., Single-family Mortgage Bonds, Series 2002-F-1, Class III, AMT, 4.625% 2019 300 302Housing Corp., Single-family Mortgage Bonds, Series 2002-G-2, Class III, AMT, 4.875% 2019 305 306Housing Corp., Single-family Mortgage Bonds, Series 2003-B-2, Class III, AMT, 4.85% 2024 385 385Housing Corp., Single-family Mortgage Bonds, Series 2003-C, Class III, AMT, 5.00% 2025 260 260Housing Corp., Single-family Mortgage Bonds, Series 2007-B-1, Class III, AMT, 4.85% 2027 810 821Housing Corp., Single-family Mortgage Rev. Ref. Bonds, Series 2002-E-2, Class III, AMT, 4.95% 2019 265 266Housing Corp., Single-family Mortgage Rev. Ref. Bonds, Series 2004-H-1, Class III, AMT, 4.75% 2027 300 3004,251Vermont 0.11%Student Assistance Corp., Education Loan Rev. Notes, Series 2012-B, AMT, 1.732% 2022 2 3,382 3,389Virgin Islands 0.47%

Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note - Diageo Project), Series 2009-A, 6.625% 2029 2,500 2,750Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note), Series 2010-A, 5.00% 2029 500 537Public Fin. Auth., Rev. Bonds (Matching Fund Loan Notes), Series 2012-A, 5.00% 2032 2,000 2,148Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2009-B, 5.00% 2025 2,250 2,424Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2009-C, 5.00% 2022 2,000 2,149Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2012-A, 4.00% 2022 500 528Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2012-A, 5.00% 2032 3,500 3,76114,297Virginia 1.22%Industrial Dev. Auth. of Botetourt County, Residential Care Fac. Rev. Ref. Bonds (Glebe, Inc.), Series 2014-A, 6.00% 2044 2,000 1,914City of Chesapeake, Chesapeake Transportation System Toll Road Rev. Ref. Bonds (Capital Appreciation Bonds), Series 2012-B,0%/4.875% 2040 1 1,500 908City of Chesapeake, Chesapeake Transportation System Toll Road Rev. Ref. Bonds,Series 2012-A, 5.00% 2047 2,500 2,572Celebrate Virginia South Community Dev. Auth., City of Fredericksburg, Special Assessment Rev. Bonds (Celebrate Virginia SouthProject), Series 2006, 6.25% 2037 4 4,582 2,669Econ Dev. Auth. of Hanover County, Residential Care Fac. Rev. Ref. Bonds (Covenant Woods), Series 2012-A, 5.00% 2042 2,000 1,907Industrial Dev. Auth. of the City of Harrisonburg, Residential Care Fac. Rev. Ref. Bonds(Sunnyside Presbyterian Home), Series 2013-B, 6.50% 2039 1,000 1,057Econ. Dev. Auth. of Henrico County, Residential Care Fac. Rev. Ref. Bonds (United Methodist Homes),5.00% 2020 365 400Econ. Dev. Auth. of Henrico County, Residential Care Fac. Rev. Ref. Bonds (United Methodist Homes),5.00% 2025 385 405Heritage Hunt Commercial Community Dev. Auth. (Prince William County), Special Assessment Bonds,Series 1999-B, 7.00% 2029 579 580Mosaic Dist. Community Dev. Auth. (Fairfax County), Rev. Bonds, Series 2011-A, 6.875% 2036 1,210 1,387Peninsula Town Center Community Dev. Auth., Special Obligation Bonds, Series 2007, 6.25% 2024 4,000 4,345Peninsula Town Center Community Dev. Auth., Special Obligation Bonds, Series 2007, 6.45% 2037 3,550 3,833Small Business Fncg. Auth., Rev. Bonds (Elizabeth River Crossings Opco, LLC Project), Series 2012, AMT, 5.25% 2032 6,940 7,446American High-Income Municipal Bond Fund — Page 30 of 34Bonds, notes & other debt instrumentsVirginia (continued)Principal amount(000)Value(000)Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds,Series 2007-B-1, 5.00% 2047 9,400 $ 6,271Watkins Centre Community Dev. Auth., Rev. Bonds, Series 2007, 5.40% 2020 1,175 1,186Washington 1.27%36,880Health Care Facs. Auth., Rev. Bonds (Kadlec Regional Medical Center), Series 2012, 5.00% 2042 1,250 1,312Health Care Facs. Auth., Rev. Ref. Bonds (Virginia Mason Medical Center), Series 2007-A, 6.125% 2037 8,000 8,405Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Rockwood Retirement Project), Series 2014-A, 7.375% 2044 3 7,000 7,561Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Rockwood Retirement Project), Series 2014-A, 7.50% 2049 3 9,090 9,890Port of Seattle, Special Fac. Rev. Ref. Bonds (Seatac Fuel Facs. LLC), AMT, 5.00% 2030 2,000 2,195Port of Seattle, Special Fac. Rev. Ref. Bonds (Seatac Fuel Facs. LLC), AMT, 5.00% 2031 2,000 2,178Industrial Dev. Corp. of the Port of Seattle, Special Facs. Rev. Ref. Bonds (Delta Air Lines, Inc. Project),Series 2012, AMT, 5.00% 2030 4,275 4,294Tobacco Settlement Auth., Tobacco Settlement Rev. Ref. Bonds, Series 2013, 5.00% 2027 2,550 2,72438,559

West Virginia 0.17%County Commission of Harrison County, Solid Waste Disposal Rev. Ref. Bonds (Allegheny Energy Supply Co., LLC Harrison StationProject), Series 2007-D, AMT, 5.50% 2037 5,000 5,103Wisconsin 0.58%General Fund Annual Appropriation Rev. Ref. Bonds, Series 2009-A, 6.00% 2036 1,500 1,772Health and Educational Facs. Auth., Rev. Bonds (Agnesian HealthCare, Inc.), Series 2013-B, 5.00% 2036 500 534Health and Educational Facs. Auth., Rev. Ref. Bonds (Milwaukee Catholic Home, Inc.), Series 2006,5.00% 2026 (preref. 2016) 1,000 1,089Health and Educational Facs. Auth., Rev. Ref. Bonds (St. John’s Communities, Inc.), Series 2009-A, 7.25% 2029 1,000 1,129Health and Educational Facs. Auth., Rev. Ref. Bonds (St. John’s Communities, Inc.), Series 2009-A,7.625% 2039 3,000 3,462Public Fin. Auth., Airport Facs. Rev. Ref. Bonds (Transportation Infrastructure Properties, LLC Obligated Group), Series 2012-B, AMT,5.00% 2042 1,000 1,011Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2012, 5.50% 2032 500 525Public Fin. Auth., Rev. Bonds (Roseman University of Health Sciences Project), Series 2012, 5.75% 2042 3,000 3,157Public Fin. Auth., Senior Living Rev. Bonds (Rose Villa Project), Series 2014-A, 5.50% 2034 1,000 990Public Fin. Auth., Senior Living Rev. Bonds (Rose Villa Project), Series 2014-A, 5.75% 2044 1,800 1,802Public Fin. Auth., Senior Living Rev. Bonds (Rose Villa Project), Series 2014-A, 6.00% 2049 1,500 1,524Public Fin. Auth., Senior Living Rev. Bonds (Rose Villa Project), Series 2014-B2, 4.25% 2020 650 653Multi-State 0.32%17,648MuniMae TE Bond Subsidiary, LLC, Series A-4, AMT, 5.125% cumulative preferred (undated) 3 2,000 2,000MuniMae TE Bond Subsidiary, LLC, Series A-5, AMT, 5.00% cumulative preferred 2028 3,5 7,600 7,6009,600Total bonds, notes & other debt instruments (cost: $2,644,997,000) 2,767,327American High-Income Municipal Bond Fund — Page 31 of 34Short-term securities 7.96%Principal amount(000)Value(000)State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project), Series 1993-A, 0.05% 2033 2 7,740 $ 7,740State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (ExxonMobil Project),Series 2001, 0.05% 2029 2 1,200 1,200State of Arizona, Pollution Control Corp. of the County of Coconino, Pollution Control Rev. Bonds(Arizona Public Service Co. Project), Series 1998, AMT, 0.09% 2033 2 500 500State of Colorado, Educational and Cultural Facs. Auth., Demand Rev. Ref. Bonds (National Jewish Federation Bond Program), SeriesD-7, JPMorgan Chase LOC, 0.08% 2035 2 3,800 3,800State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2014-A, 1.50% 6/26/2015 25,000 25,315State of Florida, Sarasota County, Public Hospital Dist., Hospital Rev. Ref. Bonds (Sarasota Memorial Hospital Project), Series 2009-B,JPMorgan Chase LOC, 0.07% 2037 2 2,925 2,925State of Florida, University Athletic Assn., Inc., Athletic Program Rev. Bonds, Series 2001,JPMorgan Chase LOC, 0.05% 2 1,250 1,250State of Idaho, Tax Anticipation Notes, Series 2014, 2.00% 6/30/2015 3,800 3,866State of Illinois, City of Chicago, G.O. Ref. Bonds, Series 2007-F, JPMorgan Chase LOC, 0.08% 2042 2 7,600 7,600State of Illinois, Fin. Auth., Demand Rev. Bonds (University of Chicago Medical Center), Series 2010-B,Wells Fargo LOC, 0.04% 2044 2 5,345 5,345

State of Illinois, Will County, Environmental Facs. Rev. Bonds (ExxonMobil Project), Series 2001, AMT,0.06% 2026 2 1,400 1,400State of Illinois, Will County, Exempt Facs. Rev. Ref. Bonds (Exxon Project), Series 2001, AMT,0.06% 2026 2 6,500 6,500State of Iowa, Fin. Auth., Demand Health Facs. Rev. Ref. Bonds (Health System), Series 2009-B,JPMorgan Chase LOC, 0.07% 2035 2 6,015 6,015State of Iowa, Fin. Auth., Health Facs. Rev. Bonds (Health System), Series 2009-A,JPMorgan Chase LOC, 0.07% 2035 2 1,865 1,865State of Louisiana, Industrial Dev. Board of the Parish of East Baton Rouge, Inc., Gulf Opportunity ZoneRev. Bonds (ExxonMobil Project), Series 2010-B, 0.05% 2040 2 5,100 5,100State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (Exxon Project), Series 1989, 0.04% 2019 2 1,750 1,750State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobil Project),Series 2010-A, 0.05% 2035 2 1,800 1,800State of Louisiana, Parish of St. Bernard, Exempt Fac. Rev. Bonds (Mobil Oil Corp. Project), Series 1996, AMT, 0.06% 2026 2 3,800 3,800State of Massachusetts, Health and Educational Facs. Auth., Demand Rev. Bonds (Stonehill College Issue), Series 2008-K, 0.07%2037 2 2,145 2,145State of Massachusetts, Health and Educational Facs. Auth., Rev. Bonds (Children's Hospital Issue),Series 2010-N-4, JPMorgan Chase LOC, 0.05% 2049 2 1,200 1,200State of Michigan, Board of Trustees of Michigan State University, General Rev. Bonds, Series 2000-A,0.06% 2030 2 3,000 3,000State of Minnesota, Housing and Redev. Auth. of the City of Saint Paul, Health Care System DemandRev. Bonds (Allina Health System), Series 2009-B-2, JPMorgan Chase LOC, 0.07% 2035 2 7,850 7,850State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2007-A, 0.05% 2030 2 1,000 1,000State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2009-E, 0.05% 2030 2 9,000 9,000State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2009-F, 0.05% 2030 2 2,780 2,780State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2009-G, 0.04% 2030 2 1,200 1,200State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2010-I, 0.04% 2035 2 5,580 5,580State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2014-B, 0.05% 2035 2 5,870 5,870State of Mississippi, Jackson County, Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project),Series 1992, 0.05% 2016 2 3,105 3,105American High-Income Municipal Bond Fund — Page 32 of 34Short-term securitiesPrincipal amount(000)Value(000)State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds(Washington University), Series 1996-C, 0.04% 2030 2 4,500 $ 4,500State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds(Washington University), Series 2004-A, 0.05% 2034 2 4,085 4,085State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Ref. Bonds(Saint Louis University), Series 2008-A-2, 0.04% 2035 2 6,705 6,705State of Montana, Fac. Fin. Auth., Demand Rev. Bonds (Sisters of Charity of Leavenworth Health System), Series 2003, 0.08% 2025 2 3,760 3,760State of New York, City of New York, G.O. Bonds, Fiscal 2012 Series G, Subseries G-5, 0.04% 2042 2 3,500 3,500State of New York, Trust for Cultural Resources of the City of New York, Rev. Ref. Bonds (Lincoln Center for the Performing Arts, Inc.),Series 2008-A-1, JPMorgan Chase LOC, 0.05% 2035 2 2,500 2,500State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2014-A, 2.00% 6/15/2015 6,600 6,708State of Tennessee, Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds(Tennessee County Loan Pool), Series 2002, Bank of America LOC, 0.08% 2032 2 1,460 1,460State of Tennessee, Public Building Auth. of the County of Montgomery, Pooled Fncg. Rev. Bonds(Tennessee County Loan Pool), Series 2008, Bank of America LOC, 0.08% 2038 2 5,645 5,645State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (ExxonMobil Project),Series 2000, AMT, 0.06% 2030 2 2,000 2,000State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (ExxonMobil Project),

Series 2001-B, AMT, 0.06% 2025 2 2,000 2,000State of Texas, Lower Neches Valley Auth., Industrial Dev. Corp. Rev. Bonds (ExxonMobil Project), Series 2011, 0.04% 2051 2 7,950 7,950State of Texas, Lower Neches Valley Auth., Industrial Dev. Corp. Rev. Bonds (ExxonMobil Project),Series 2011, 0.04% 2038 2 5,000 5,000State of Texas, Tax and Rev. Anticipation Notes, Series 2013, 2.00% 8/28/2014 30,000 30,044State of Virginia, College Building Auth., Educational Facs. Rev. Bonds (21st Century College and Equipment Programs),Series 2006-B, 0.05% 2026 2 2,640 2,640State of West Virginia, Hospital Fin. Auth., Hospital Rev. Ref. Bonds (United Health System Obligated Group), Series 2008-B,JPMorgan Chase LOC, 0.08% 2041 2 7,385 7,385State of Wyoming, Lincoln County, Pollution Control Rev. Bonds (Exxon Project), Series 1987-A, AMT,0.04% 2017 2 2,000 2,000State of Wyoming, Lincoln County, Pollution Control Rev. Bonds (Exxon Project), Series 1987-B, AMT,0.04% 2017 2 3,900 3,900State of Wyoming, Lincoln County, Pollution Control Rev. Bonds (Exxon Project), Series 1987-C, AMT,0.04% 2017 2 3,400 3,400State of Wyoming, Uinta County, Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project),Series 1993, 0.04% 2020 2 5,600 5,600Total short-term securities (cost: $241,277,000) 241,283Total investment securities 99.21% (cost: $2,886,274,000) 3,008,610Other assets less liabilities 0.79% 24,020Net assets 100.00% $3,032,6301 Step bond; coupon rate will increase at a later date.2 Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.3 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualifiedinstitutional buyers. The total value of all such securities, including those in "Miscellaneous," was $138,978,000, which represented 4.58% of the net assets of the fund.4 Scheduled interest and/or principal payment was not received.5 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.American High-Income Municipal Bond Fund — Page 33 of 34Key to abbreviationsAgcy. = AgencyAMT = Alternative Minimum TaxAuth. = AuthorityCerts. of Part. = Certificates of ParticipationDept. = DepartmentDev. = DevelopmentDist. = DistrictEcon. = EconomicFac. = FacilityFacs. = FacilitiesFin. = FinanceFncg. = FinancingG.O. = General ObligationLOC = Letter of CreditPreref. = PrerefundedRedev. = RedevelopmentRef. = Refunding

Rev. = RevenueTECP = Tax-Exempt Commercial PaperInvestments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus andsummary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds ServiceCompany (AFS) at (800) 421-4225 or visit the American Funds website at americanfunds.com.MFGEFPX-040-0914O-S42237 American High-Income Municipal Bond Fund — Page 34 of 34Report of Independent Registered Public Accounting FirmTo the Board of Trustees and Shareholders of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund ofAmerica, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund and The Tax-Exempt Fund of CaliforniaIn our opinion, the accompanying statements of assets and liabilities, including the summary investment portfolios, and the related statements ofoperations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the investment portfolios (includedin Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of American Funds Short-Term Tax-Exempt Bond Fund,Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund and TheTax-Exempt Fund of California (the “Funds”) at July 31, 2014, the results of each of their operations for the year then ended, the changes in each oftheir net assets and the financial highlights for each of the periods presented (other than as noted below for The Tax-Exempt Fund of California), inconformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights, andinvestment portfolios (hereafter referred to as "financial statements") are the responsibility of the Funds’ management. Our responsibility is toexpress an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with thestandards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimatesmade by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation ofsecurities at July 31, 2014 by correspondence with the custodians and brokers, provide a reasonable basis for our opinion. The financial statementsof The Tax-Exempt Fund of California as of July 31, 2013, and for the fiscal years ended through July 31, 2013 as appearing herein, were auditedby other auditors whose report dated September 9, 2013, expressed an unqualified opinion on those statements.PricewaterhouseCoopers LLPLos Angeles, CaliforniaSeptember 9, 2014

The Tax-Exempt Fund of California ®Investment portfolioJuly 31, 2014Bonds, notes & other debt instruments 91.82%California 88.09%State issuers 33.99%Principal amount(000)Value(000)Del Mar Race Track Auth., Rev. Ref. Bonds, Series 2005, 5.00% 2014 $ 500 $ 501Dept. of Water Resources, Water System Rev. Ref. Bonds (Central Valley Project), Series AE, 5.00% 2028 2,000 2,282Econ. Recovery Bonds, Ref. Series 2009-A, 5.25% 2021 3,250 3,866Educational Facs. Auth., Rev. Bonds (Claremont Graduate University), Series 2007-A, 5.00% 2031 3,000 3,219Educational Facs. Auth., Rev. Bonds (Claremont Graduate University), Series 2007-A, 5.00% 2037 2,000 2,039Educational Facs. Auth., Rev. Bonds (Dominican University of California), Series 2006, 5.00% 2021 1,255 1,315Educational Facs. Auth., Rev. Bonds (Dominican University of California), Series 2006, 5.00% 2036 2,500 2,538Educational Facs. Auth., Rev. Bonds (Mills College), Series 2005-A, 5.00% 2025 4,975 5,176Educational Facs. Auth., Rev. Bonds (Mills College), Series 2005-A, 5.00% 2029 1,810 1,879Educational Facs. Auth., Rev. Bonds (Mills College), Series 2005-A, 5.00% 2034 1,000 1,006Educational Facs. Auth., Rev. Bonds (Pitzer College), Series 2005-A, 5.00% 2030 1,000 1,024Educational Facs. Auth., Rev. Bonds (Pitzer College), Series 2009, 5.00% 2021 1,625 1,869Educational Facs. Auth., Rev. Bonds (Pitzer College), Series 2009, 6.00% 2040 2,000 2,347Educational Facs. Auth., Rev. Ref. Bonds (California Lutheran University), Series 2008, 5.75% 2038 6,000 6,766Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2011, 5.00% 2026 3,000 3,375Educational Facs. Auth., Rev. Ref. Bonds (Chapman University), Series 2011, 5.00% 2031 8,615 9,396Educational Facs. Auth., Rev. Ref. Bonds (Mills College), Series 2005-B, 5.00% 2020 655 712Educational Facs. Auth., Rev. Ref. Bonds (Occidental College), Series 2013-A, 5.00% 2029 3,265 3,744Educational Facs. Auth., Rev. Ref. Bonds (University of La Verne), Series 2005-A, 5.00% 2026 2,000 2,034Educational Facs. Auth., Rev. Ref. Bonds (University of Redlands), Series 2005-A, 5.00% 2020 2,650 2,780Educational Facs. Auth., Rev. Ref. Bonds (University of the Pacific), 5.00% 2036 4,660 4,721Educational Facs. Auth., Rev. Ref. Bonds (University of the Pacific), 5.00% 2036 (preref. 2015) 340 361G.O. Bonds, Series 2013-E, 0.939% 2029 1 1,500 1,515Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-backed Bonds, Series 2013-A, 5.00% 2029 2,500 2,778Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds,Series 2007-A-1, 5.75% 2047 11,725 9,434Health Facs. Fncg. Auth. Rev. Bonds (Lucile Salter Packard Children’s Hospital at Stanford) Series 2014-A, 5.00% 2043 1,000 1,103Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2008-G, 5.50% 2025 3,500 3,980Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West), Series 2009-A, 6.00% 2029 1,500 1,724Health Facs. Fncg. Auth., Rev. Bonds (Children’s Hospital of Orange County), Series 2011-A, 5.25% 2041 2,000 2,165Health Facs. Fncg. Auth., Rev. Bonds (Episcopal Home), Series 2002-B, 6.00% 2032 (preref. 2020) 3,600 4,454Health Facs. Fncg. Auth., Rev. Bonds (Rady Children’s Hospital - San Diego), Series 2011, 5.25% 2041 5,000 5,535Health Facs. Fncg. Auth., Rev. Bonds (Sutter Health), Series 2011-D, 5.25% 2031 2,000 2,260Health Facs. Fncg. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2011-A, 5.25% 2041 2,000 2,136Health Facs. Fncg. Auth., Rev. Ref. Bonds (Cedars-Sinai Medical Center), Series 2005, 5.00% 2027 12,750 13,383Health Facs. Fncg. Auth., Rev. Ref. Bonds (Memorial Health Services), Series 2012-A, 5.00% 2033 1,000 1,093Health Facs. Fncg. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2008-C,6.50% 2038 (preref. 2018) 2,945 3,621

Health Facs. Fncg. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2008-C,6.50% 2038 (preref. 2018) 55 68Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-D, 5.00% 2034 (put 2016) 5,000 5,487Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2013-C, 5.00% 2043 (put 2019) 2,000 2,355Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Hospital and Clinics), Series 2010-B, 5.25% 2031 8,000 9,036Health Facs. Fncg. Auth., Rev. Ref. Bonds (Sutter Health), Series 2008-A, 5.25% 2022 2,000 2,321The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 1 of 18Bonds, notes & other debt instrumentsCalifornia (continued)State issuers (continued)Principal amount(000)Value(000)Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2008-A, 5.00% 2033 $11,500 $12,558Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2008-A, 5.25% 2024 2,000 2,285Imperial Irrigation Dist., Electric System Rev. Ref. Bonds, Series 2008-A, 5.25% 2025 2,000 2,276Infrastructure and Econ. Dev. Bank, Rev. Bonds (California Science Center Phase II Project), Series 2006-B, FGIC-National insured,5.00% 2015 1,000 1,033Infrastructure and Econ. Dev. Bank, Rev. Bonds (California Science Center Phase II Project), Series 2006-B, FGIC-National insured,5.00% 2022 1,000 1,034Infrastructure and Econ. Dev. Bank, Rev. Bonds (Performing Arts Center of Los Angeles County),Series 2007, 5.00% 2027 1,000 1,088Infrastructure and Econ. Dev. Bank, Rev. Bonds (Performing Arts Center of Los Angeles County),Series 2007, 5.00% 2037 1,500 1,581Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust),Series 2011-A-2, 0.34% 2038 (put 2017) 1 3,500 3,499Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (J. Paul Getty Trust),Series 2013-A-1, 0.34% 2047 (put 2016) 1 2,000 2,000Mobilehome Park Fncg. Auth., Mobile Home Park Rev. Ref. Bonds (Union City Tropics),Series 2006-A, 4.50% 2027 3,000 3,028Mobilehome Park Fncg. Auth., Mobile Home Park Rev. Ref. Bonds (Union City Tropics),Series 2006-A, 4.50% 2036 3,980 3,949Mobilehome Park Fncg. Auth., Mobile Home Park Rev. Ref. Bonds (Union City Tropics),Series 2006-A, 5.00% 2023 3,630 3,749Mobilehome Park Fncg. Auth., Mobile Home Park Rev. Ref. Bonds (Union City Tropics),Series 2006-B, 5.50% 2041 1,000 1,010Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.00% 2016 1,500 1,585Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.00% 2018 2,180 2,344Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.00% 2022 1,395 1,454Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central California Obligated Group), 5.25% 2037 5,500 5,600Municipal Fin. Auth., Education Rev. Ref. Bonds (American Heritage Education Foundation Project),Series 2006-A, 5.00% 2016 870 885Municipal Fin. Auth., Education Rev. Ref. Bonds (American Heritage Education Foundation Project),Series 2006-A, 5.25% 2026 1,500 1,500Municipal Fin. Auth., Education Rev. Ref. Bonds (American Heritage Education Foundation Project),Series 2006-A, 5.25% 2036 1,750 1,680Municipal Fin. Auth., Educational Fac. Rev. Bonds (High Tech High Projects, Chula Vista), Series 2008-B, 6.125% 2043 2 1,750 1,800Municipal Fin. Auth., Educational Fac. Rev. Bonds (High Tech High Projects, Chula Vista), Series 2008-B, 6.125% 2048 2 1,500 1,539Municipal Fin. Auth., Rev. Bonds (Biola University), Series 2013, 5.00% 2042 1,000 1,055Municipal Fin. Auth., Rev. Bonds (Caritas Mobile Home Park), Series 2014-A, 5.25% 2049 1,750 1,861Municipal Fin. Auth., Rev. Bonds (Harbor Regional Center Project), Series 2009, 8.00% 2029 1,500 1,781Municipal Fin. Auth., Rev. Bonds (Loma Linda University), Series 2007, 5.00% 2028 1,000 1,042Municipal Fin. Auth., Rev. Bonds (Loma Linda University), Series 2007, 5.00% 2037 1,420 1,465Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2010-A, 5.75% 2025 4,000 4,515Municipal Fin. Auth., Rev. Bonds (University of La Verne), Series 2010-A, 6.125% 2030 1,000 1,126

Municipal Fin. Auth., Rev. Bonds (University Students’ Cooperative Assn.), Series 2007, 4.75% 2027 1,220 1,227Municipal Fin. Auth., Rev. Bonds (University Students’ Cooperative Assn.), Series 2007, 5.00% 2037 5,000 5,027Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project), Series 2011-B, 8.00% 2041 2 8,550 10,089Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2008-A, 5.00% 2018 1,000 1,125Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2008-A, 5.625% 2023 1,500 1,675Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2008-A, 5.80% 2028 4,700 5,209Municipal Fin. Auth., Rev. Ref. Bonds (Biola University), Series 2008-A, 5.875% 2034 3,000 3,309Municipal Fin. Auth., Rev. Ref. Bonds (University of San Diego), Series 2011-B, 5.00% 2031 1,750 1,913Municipal Fin. Auth., Rev. Ref. Bonds (University of San Diego), Series 2012-A, 5.00% 2031 1,475 1,623Municipal Fin. Auth., Rev. Ref. Bonds (University of San Diego), Series 2012-A, 5.00% 2032 1,000 1,094The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 2 of 18Bonds, notes & other debt instrumentsCalifornia (continued)State issuers (continued)Principal amount(000)Value(000)Northern California Gas Auth. No. 1, Gas Project Rev. Bonds, Series 2007-B, 0.787% 2019 1 $5,000 $4,833Northern California Power Agcy., Geothermal Project Number 3 Rev. Bonds, Series 2009-A, 5.50% 2022 1,000 1,190Northern California Power Agcy., Hydroelectric Project Number One Rev. Ref. Bonds, Series 2010-A,5.00% 2023 3,680 4,129Northern California Power Agcy., Hydroelectric Project Number One Rev. Ref. Bonds, Series 2012-A,5.00% 2029 1,570 1,774Northern California Power Agcy., Hydroelectric Project Number One Rev. Ref. Bonds, Series 2012-A,5.00% 2030 1,000 1,123Northern California Power Agcy., Lodi Energy Center Rev. Bonds, Issue One, Series 2010-A, 5.00% 2020 2,010 2,391Northern California Power Agcy., Lodi Energy Center Rev. Bonds, Issue One, Series 2010-A, 5.00% 2025 6,000 6,760Northern California Transmission Agcy., Rev. Ref. Bonds (California-Oregon Transmission Project),Series 2009-A, 5.00% 2022 2,000 2,277Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 2004-C, AMT, AMBAC-FGICinsured, 4.75% 2023 5,000 5,377Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 2004-D, AMT, FGIC insured,4.75% 2023 1,000 1,075Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc. Project),Series 2002-B, AMT, 5.00% 2027 1,000 1,033Pollution Control Fncg. Auth., Water Furnishing Rev. Bonds (Poseidon Resources (Channelside) LP Desalination Project), Series 2012Plant Bonds, AMT, 5.00% 2045 2 7,000 7,198Public Works Board, Lease Rev. Bonds (Dept. of Corrections, State Prison, Imperial County),Series 1991-A, 6.50% 2017 630 674Public Works Board, Lease Rev. Bonds (Dept. of General Services, Butterfield State Office Complex),Series 2005-A, 5.00% 2015 1,000 1,040Public Works Board, Lease Rev. Bonds (Regents of the University of California, University of California Research Project), Series2006-E, 5.00% 2027 (preref. 2016) 2,275 2,504Public Works Board, Lease Rev. Bonds (Regents of the University of California, Various University of California Projects), Series 2009-E, 5.00% 2024 (preref. 2019) 2,500 2,940Public Works Board, Lease Rev. Bonds (Regents of the University of California, Various University of California Projects), Series 2009-E, 5.00% 2034 (preref. 2019) 1,500 1,764Public Works Board, Lease Rev. Bonds (Trustees of the California State University, Academic Hall II, Building 13, San MarcosCampus), Series 2006-B, 5.00% 2031 2,000 2,094Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2009-I-1, 6.125% 2029 2,000 2,402Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2009-I-1, 6.625% 2034 210 211Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2010-A-1, 5.75% 2030 2,000 2,277Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2010-A-1, 6.00% 2035 2,000 2,383Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2012-A, 5.00% 2033 1,500 1,653Public Works Board, Lease Rev. Bonds (Various Capital Projects), Series 2012-A, 5.00% 2037 4,500 4,892Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections and Rehabilitation, State Prison-Monterey County (Soledad II)),Series 2006-F, FGIC-National insured, 5.25% 2019 1,500 1,791

Public Works Board, Lease Rev. Ref. Bonds (Dept. of Corrections and Rehabilitation, Substance Abuse Treatment Fac. and StatePrison at Corcoran (Corcoran II)), Series 2005-J, 5.00% 2021 1,000 1,063Public Works Board, Lease Rev. Ref. Bonds (Regents of the University of California, Various University of California Projects), Series2007-A, FGIC-National insured, 5.25% 2023 (escrowed to maturity) 1,890 2,387Public Works Board, Lease Rev. Ref. Bonds (Trustees of the California State University, Various California University Projects), Series2006-A, FGIC-National insured, 5.00% 2016 1,000 1,099Regents of the University of California, Limited Project Rev. Bonds, Series 2007-D, FGIC-National insured, 5.00% 2037 5,000 5,379Regents of the University of California, Medical Center Pooled Rev. Ref. Bonds, Series 2007-C-2, National insured, 0.82% 2037 1 5,000 3,937Regents of the University of California, Medical Center Pooled Rev. Ref. Bonds, Series 2007-C-2, National insured, 0.89% 2043 1 8,000 5,958School Fin. Auth., Charter School Rev. Bonds (Classical Academies Project), Series 2013-A-1, 7.375% 2043 3,000 3,313Southern California Home Fncg. Auth., Single-family Mortgage Rev. Bonds, Series 2007-A, AMT, 5.80% 2049 365 372The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 3 of 18Bonds, notes & other debt instrumentsCalifornia (continued)State issuers (continued)Principal amount(000)Value(000)Southern California Logistics Airport Auth., Tax Allocation Parity Bonds (Southern California Logistics Airport Project), Series 2005-A,RADIAN insured, 5.00% 2015 $1,765 $1,701Southern California Public Power Auth., Gas Project Rev. Bonds (Project No. 1), Series 2007-A, 5.00% 2028 2,500 2,764Southern California Public Power Auth., Gas Project Rev. Bonds (Project No. 1), Series 2007-A, 5.25% 2021 2,500 2,880Southern California Public Power Auth., Gas Project Rev. Bonds (Project No. 1), Series 2007-A, 5.25% 2025 3,000 3,436Southern California Public Power Auth., Rev. Bonds (Milford Wind Corridor Phase I Project),Series 2010-1, 5.00% 2030 2,000 2,287Southern California Public Power Auth., Rev. Bonds (Milford Wind Corridor Phase II Project),Series 2011-1, 5.25% 2028 2,500 2,920Southern California Public Power Auth., Transmission Project Rev. Bonds (Southern Transmission Project), Series 2008-B, 6.00%2027 3,200 3,799Southern California Public Power Auth., Transmission Project Rev. Ref. Bonds (Southern Transmission Project), Series 2008-A, 5.00%2022 4,960 5,739Statewide Communities Dev. Auth., Certs. of Part. (Internext Group), 5.375% 2017 965 968Statewide Communities Dev. Auth., Health Fac. Rev. Bonds (Adventist Health System/West),Series 2005-A, 5.00% 2017 1,000 1,027Statewide Communities Dev. Auth., Health Fac. Rev. Bonds (Adventist Health System/West),Series 2005-A, 5.00% 2020 2,000 2,052Statewide Communities Dev. Auth., Insured Health Fac. Rev. Bonds (Los Angeles Jewish Home for the Aging), Series 2008, 5.00%2028 1,500 1,643Statewide Communities Dev. Auth., Insured Health Fac. Rev. Bonds (Los Angeles Jewish Home for the Aging), Series 2008, 5.00%2037 2,000 2,065Statewide Communities Dev. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2013-C, 5.625% 2036 2,000 2,117Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services Project),Series 2007-A, 5.125% 2037 2 9,500 9,614Statewide Communities Dev. Auth., Rev. Bonds (Inland Regional Center Project), Series 2007, 5.00% 2017 2,590 2,770Statewide Communities Dev. Auth., Rev. Bonds (Inland Regional Center Project), Series 2007, 5.25% 2027 2,000 2,106Statewide Communities Dev. Auth., Rev. Bonds (Inland Regional Center Project), Series 2007, 5.375% 2037 6,500 6,742Statewide Communities Dev. Auth., Rev. Bonds (John Muir Health), Series 2006-A, 5.00% 2019 4,465 4,850Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente), Series 2012-A, 5.00% 2042 6,500 7,050Statewide Communities Dev. Auth., Rev. Bonds (Lancer Educational Student Housing Project), Series 2007-A, 5.625% 2033 3,000 3,032Statewide Communities Dev. Auth., Rev. Bonds (Lancer Plaza Project), Series 2013, 5.625% 2033 1,350 1,395Statewide Communities Dev. Auth., Rev. Bonds (Lancer Plaza Project), Series 2013, 5.875% 2043 935 967Statewide Communities Dev. Auth., Rev. Bonds (Redlands Community Hospital), Series 2005-A,RADIAN insured, 5.00% 2016 1,330 1,363Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 5.25% 2024 1,000 1,154Statewide Communities Dev. Auth., Rev. Bonds (Sutter Health), Series 2011-A, 6.00% 2042 4,500 5,393Statewide Communities Dev. Auth., Rev. Bonds (Terraces at San Joaquin Gardens Project), Series 2012-A, 6.00% 2042 1,750 1,829

Statewide Communities Dev. Auth., Rev. Bonds (Terraces at San Joaquin Gardens Project), Series 2012-A, 6.00% 2047 2,000 2,087Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West),Series 2010, 6.00% 2029 1,125 1,216Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West),Series 2010, 6.25% 2039 5,300 5,690Statewide Communities Dev. Auth., Rev. Ref. Bonds (California Baptist University), Series 2007-A, 5.40% 2027 3,000 3,079Statewide Communities Dev. Auth., Rev. Ref. Bonds (California Baptist University), Series 2007-A, 5.50% 2038 1,500 1,520Statewide Communities Dev. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2008-B, 5.50% 2030 970 1,061Statewide Communities Dev. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2008-D, 5.50% 2031 6,090 6,656Statewide Communities Dev. Auth., Rev. Ref. Bonds (Cottage Health System Obligated Group), Series 2010, 5.00% 2040 2,000 2,095The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 4 of 18Bonds, notes & other debt instrumentsCalifornia (continued)State issuers (continued)Principal amount(000)Value(000)Statewide Communities Dev. Auth., Rev. Ref. Bonds (Episcopal Communities and Services), Series 2012, 5.00% 2032 $ 700 $ 742Statewide Communities Dev. Auth., Rev. Ref. Bonds (Episcopal Communities and Services), Series 2012, 5.00% 2047 2,100 2,173Statewide Communities Dev. Auth., Rev. Ref. Bonds (Huntington Memorial Hospital), Series 2005, 5.00% 2019 1,000 1,042Statewide Communities Dev. Auth., Rev. Ref. Bonds (Trinity Health Credit Group), Series 2011, 5.00% 2041 1,500 1,611Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), Series 2006-A, 4.75%2026 2,000 2,019Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), Series 2006-A, 4.875%2036 6,500 6,460Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds (Southern California Presbyterian Homes), Series 2009, 7.25%2041 2,000 2,296Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series2008, 5.50% 2026 3,500 3,816Statewide Communities Dev. Auth., Student Housing Rev. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series2008, 6.00% 2040 4,750 5,106Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase I),Series 2011, 5.375% 2038 1,260 1,345Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II),Series 2006, 5.00% 2017 2,565 2,751Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II),Series 2006, 5.00% 2020 1,000 1,051Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II),Series 2006, 5.00% 2026 2,980 3,059Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds (CHF-Irvine, LLC-UCI East Campus Apartments, Phase II),Series 2006, 5.00% 2038 2,000 2,026Trustees of the California State University, Systemwide Rev. Ref. Bonds, Series 2012-A, 5.00% 2027 3,000 3,484Tuolumne Wind Project Auth., Rev. Bonds (Tuolumne Co. Project), Series 2009-A, 5.00% 2019 1,000 1,156Tuolumne Wind Project Auth., Rev. Bonds (Tuolumne Co. Project), Series 2009-A, 5.00% 2021 2,000 2,260Tuolumne Wind Project Auth., Rev. Bonds (Tuolumne Co. Project), Series 2009-A, 5.625% 2029 2,780 3,253Various Purpose G.O. Bonds, 5.00% 2038 3,000 3,306Various Purpose G.O. Bonds, 5.25% 2028 2,000 2,341Various Purpose G.O. Bonds, 5.25% 2028 5,000 5,860Various Purpose G.O. Bonds, 6.00% 2038 7,000 8,247Various Purpose G.O. Bonds, 6.00% 2039 2,000 2,402Various Purpose G.O. Bonds, 6.50% 2033 5,000 6,089Various Purpose G.O. Ref. Bonds, 5.25% 2030 2,000 2,311Veterans G.O. Bonds, Series CD, AMT, 4.55% 2029 3,310 3,333515,910

The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 5 of 18Bonds, notes & other debt instrumentsCalifornia (continued)City & county issuers 54.10%Principal amount(000)Value(000)Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Bonds, Series 2009-E,6.00% 2039 $3,000 $3,560Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Issue 34-E, AMT, 5.75% 2019 3,500 4,062Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series2009-A, 4.90% 2029 5,000 5,648Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series2010-F, 5.00% 2040 3,000 3,187Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series2011-F, AMT, 5.00% 2028 2,630 2,914Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series2012-A, AMT, 5.00% 2028 1,000 1,116Airport Commission, City and County of San Francisco, San Francisco International Airport, Second Series Rev. Ref. Bonds, Series2012-A, AMT, 5.00% 2030 1,000 1,103Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2025 1,700 1,984Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2026 6,375 7,340Anaheim Public Fncg. Auth., Lease Rev. Bonds (Anaheim Public Improvement Project), Series 1997-C, Assured Guaranty Municipalinsured, 0% 2022 2,000 1,571Anaheim Public Fncg. Auth., Rev. Ref. Bonds (Electric Distribution System Ref.), Series 2012-A, 5.00% 2027 3,500 4,022Antelope Valley Community College Dist., Election of 2004 G.O. Bonds (Kern and Los Angeles Counties), Series 2004-C, Nationalinsured, 5.00% 2023 (preref. 2017) 1,000 1,133Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Health Fac. Rev. Bonds (Institute on Aging), Series 2008-A,5.65% 2038 1,665 1,795Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Ref. Bonds (Casa de las Campanas, Inc.), Series 2010,6.00% 2037 6,000 6,680Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Ref. Bonds (Channing House), Series 2010, 4.00% 2016 3,000 3,008Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Ref. Bonds (Channing House), Series 2010, 6.00% 2030 2,000 2,279Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Ref. Bonds (Channing House), Series 2010, 6.125%2040 3,000 3,406Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Senior Living Rev. Ref. Bonds (Odd Fellows Home ofCalifornia), Series 2012-A, 5.00% 2032 5,000 5,560Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (Windemere Ranch Infrastructure Fncg. Program), Series2007-A, CIFG insured, 4.75% 2034 675 685Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (Windemere Ranch Infrastructure Fncg. Program), Series2007-A, CIFG insured, 5.00% 2021 1,000 1,068Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (Windemere Ranch Infrastructure Fncg. Program), Series2007-A, CIFG insured, 5.00% 2024 1,100 1,150Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Bonds (Windemere Ranch Infrastructure Fncg. Program), Series2007-A, CIFG insured, 5.00% 2025 2,605 2,707Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2011,

6.125% 2041 3,000 3,321Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-A,5.00% 2032 1,000 1,054Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-A,5.00% 2047 4,000 4,136Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-B,5.00% 2019 545 598Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-B,5.00% 2021 265 291Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Episcopal Senior Communities), Series 2012-C-3,2.15% 2019 3,875 3,814The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 6 of 18Bonds, notes & other debt instrumentsCalifornia (continued)City & county issuers (continued)Principal amount(000)Value(000)Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series2013, 5.00% 2021 $1,000 $1,109Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Eskaton Properties Inc. Obligated Group), Series2013, 5.00% 2035 4,600 4,737Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp HealthCare), Series 2009-B, 6.25% 2039 4,000 4,627Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp HealthCare), Series 2011-A, 6.00% 2030 1,000 1,210Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Sharp HealthCare),Series 2014-A, 5.00% 2043 1,000 1,082Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Windemere Ranch Infrastructure Fncg. Program),Series 2007-B, 5.00% 2027 3,445 3,551Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Rev. Ref. Bonds (Windemere Ranch Infrastructure Fncg. Program),Series 2007-B, 5.00% 2034 2,620 2,701Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds,Series 2006-C-1, 0.96% 2045 (put 2023) 1 2,000 1,977Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2008-F-1,5.00% 2039 (preref. 2018) 2,000 2,308Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2008-F-1,5.125% 2047 (preref. 2018) 6,000 6,951Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2009-F-1,5.125% 2039 (preref. 2019) 2,000 2,366Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds, Series 2009-F-1,5.625% 2044 (preref. 2019) 1,670 2,014Bonita Canyon Public Facs. Fncg. Auth., Community Facs. Dist. No. 98-1, Special Tax Bonds, Series 2012, 5.00% 2026 500 515Burbank-Glendale-Pasadena Airport Auth., Airport Rev. Ref. Bonds, Series 2005-B, AMT, AMBAC insured, 5.00% 2024 1,500 1,554Burbank-Glendale-Pasadena Airport Auth., Airport Rev. Ref. Bonds, Series 2005-B, AMT, AMBAC insured, 5.25% 2019 1,500 1,566California County Tobacco Securitization Agcy., Tobacco Settlement Asset-backed Bonds (Alameda County Tobacco AssetSecuritization Corp.), Series 2002, 5.75% 2029 845 838Cathedral City Public Fncg. Auth., Tax Allocation Rev. Bonds (Cathedral City 2006 Merged Redev. Project Area), Series 2007-C,5.00% 2021 1,055 997Cathedral City Public Fncg. Auth., Tax Allocation Rev. Bonds (Cathedral City 2006 Merged Redev. Project Area), Series 2007-C,5.00% 2022 1,110 1,031Cathedral City Public Fncg. Auth., Tax Allocation Rev. Bonds (Cathedral City 2006 Merged Redev. Project Area), Series 2007-C,5.00% 2023 1,165 1,067Cathedral City Public Fncg. Auth., Tax Allocation Rev. Bonds (Cathedral City 2006 Merged Redev. Project Area), Series 2007-C,5.00% 2024 1,220 1,100Cathedral City Public Fncg. Auth., Tax Allocation Rev. Bonds (Cathedral City 2006 Merged Redev. Project Area), Series 2007-C,5.00% 2030 3,675 3,086Cerritos Community College Dist. (Los Angeles County), Election of 2004, G.O. Bonds, Series 2012-D,5.00% 2038 1,000 1,100Cerritos Public Fin. Auth., Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series 2002-A,AMBAC insured, 5.00% 2020 1,500 1,661

Cerritos Public Fncg. Auth., 2002 Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series A,AMBAC insured, 5.00% 2017 1,000 1,123Cerritos Public Fncg. Auth., 2002 Tax Allocation Rev. Bonds (Cerritos Redev. Projects), Series A,AMBAC insured, 5.00% 2019 2,560 2,866Certs. of Part., Palomar Pomerado Health, 6.00% 2030 1,500 1,564Certs. of Part., Palomar Pomerado Health, 6.00% 2041 3,710 3,822Certs. of Part., Palomar Pomerado Health, 6.75% 2039 3,500 3,774Chula Vista Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2021 1,000 1,149The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 7 of 18Bonds, notes & other debt instrumentsCalifornia (continued)City & county issuers (continued)Principal amount(000)Value(000)Chula Vista Municipal Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013, 5.00% 2022 $1,500 $1,734City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay North Redev. Project), Series 2011-C,6.75% 2033 500 602City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay North Redev. Project), Series 2011-C,6.75% 2041 1,875 2,236City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay North Redev. Project-Infrastructure),Series 2006-B, RADIAN insured, 5.00% 2036 5,000 5,072City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2009-D,6.50% 2030 975 1,105City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2011-D,7.00% 2033 810 934City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2011-D,7.00% 2041 2,500 2,844City and County of San Francisco Redev. Fin. Auth., Tax Allocation Rev. Bonds (Mission Bay South Redev. Project), Series 2014-A,5.00% 2043 2,100 2,258City of Alhambra, Rev. Bonds (Atherton Baptist Homes Project), Series 2010-A, 7.625% 2040 3,250 3,430City of Azusa, Community Facs. Dist. No. 2005-1 (Rosedale), Improvement Area No. 1, Special Tax Bonds, Series 2007, 5.00% 2027 1,195 1,232City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 4.25% 2032 1,350 1,350City of Carlsbad, Reassessment Dist. No. 2012-1, Limited Obligation Ref. Bonds, 5.00% 2035 1,300 1,368City of Cathedral City, Cove Improvement Dist. No. 2004-02, Limited Obligation Improvement Bonds,5.00% 2030 945 950City of Cathedral City, Cove Improvement Dist. No. 2004-02, Limited Obligation Improvement Bonds,5.05% 2035 1,330 1,336City of Chula Vista, Industrial Dev. Rev. Ref. Bonds (San Diego Gas & Electric Co.), Series 1997-A, AMT,4.90% 2023 1,000 1,023City of Chula Vista, Industrial Dev. Rev. Ref. Bonds (San Diego Gas & Electric Co.), Series 2004-C,5.875% 2034 2,260 2,607City of Fontana, Community Facs. Dist. No. 22 (Sierra Hills South), Special Tax Bonds, Series 2004,6.00% 2034 (preref. 2014) 1,000 1,005City of Fullerton Public Fin. Auth., Tax Allocation Rev. Bonds, Series 2005, AMBAC insured, 5.00% 2017 2,785 2,911City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 11-1, 4.50% 2022 1,000 1,031City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 11-1, 4.75% 2023 750 774City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 11-1, 4.75% 2024 500 515City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 11-1, 4.875% 2025 400 412City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 12-1, 4.00% 2018 750 825City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 12-1, 4.00% 2020 1,000 1,101City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 13-1, 5.00% 2024 825 924City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 13-1, 5.00% 2025 710 788City of Irvine, Limited Obligation Improvement Bonds, Reassessment Dist. No. 13-1, 5.00% 2028 1,050 1,137City of La Verne, Rev. Certs. of Part. (Brethren Hillcrest Homes), Series 2014, 5.00% 2036 1,350 1,375City of Lake Elsinore, Community Facs. Dist. No. 2003-2 (Canyon Hills), Special Tax Bonds, Series 2004-A, 5.95% 2034 2,445 2,480

City of Lake Elsinore, Community Facs. Dist. No. 2004-3 (Rosetta Canyon), Special Tax Bonds (Improvement Area No. 1), Series2005-A, 5.10% 2022 1,000 1,041City of Lake Elsinore, Community Facs. Dist. No. 2004-3 (Rosetta Canyon), Special Tax Bonds (Improvement Area No. 1), Series2005-A, 5.25% 2030 1,195 1,234City of Lake Elsinore, Community Facs. Dist. No. 2004-3 (Rosetta Canyon), Special Tax Bonds (Improvement Area No. 1), Series2005-A, 5.25% 2035 2,450 2,525City of Loma Linda, Hospital Rev. Ref. Bonds (Loma Linda University Medical Center), Series 2005-A,5.00% 2021 3,000 3,038City of Long Beach, Fncg. Auth. Rev. Ref. Bonds, Series 1992, AMBAC insured, 6.00% 2017 465 488City of Long Beach, Harbor Rev. Bonds, Series 2014-C, 5.00% 2018 4,000 4,686City of Long Beach, Harbor Rev. Ref. Bonds, Series 1998-A, AMT, FGIC-National insured, 6.00% 2019 3,500 4,229The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 8 of 18Bonds, notes & other debt instrumentsCalifornia (continued)City & county issuers (continued)Principal amount(000)Value(000)City of Long Beach, Harbor Rev. Ref. Bonds, Series 2005-A, AMT, National insured, 5.00% 2022 $ 1,300 $ 1,347City of Los Angeles Harbor Dept., Rev. Bonds, Series 2009-A, 5.00% 2027 2,000 2,324City of Los Angeles Harbor Dept., Rev. Bonds, Series 2009-B, 5.25% 2039 1,000 1,145City of Los Angeles Harbor Dept., Rev. Ref. Bonds, Issue 1988, 7.60% 2018 (escrowed to maturity) 805 926City of Los Angeles Harbor Dept., Rev. Ref. Bonds, Series 2006-A, AMT, National insured, 5.00% 2020 6,000 6,626City of Los Angeles Harbor Dept., Rev. Ref. Bonds, Series 2011-A, AMT, 5.00% 2021 2,085 2,462City of Los Angeles Harbor Dept., Rev. Ref. Bonds, Series 2011-B, 5.00% 2023 1,000 1,189City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds, Series 2008-A-2, 5.25% 2032 2,000 2,265City of Los Angeles, Dept. of Water and Power, Power System Rev. Ref. Bonds, Series 2009-A, 5.00% 2027 1,500 1,729City of Los Angeles, Dept. of Water and Power, Power System Rev. Ref. Bonds, Series 2009-A, 5.00% 2028 1,835 2,105City of Los Angeles, Dept. of Water and Power, Power System Rev. Ref. Bonds, Series 2009-B, 5.25% 2023 1,500 1,785City of Los Angeles, Dept. of Water and Power, Water System Rev. Bonds, Series 2009-A, 5.375% 2038 1,500 1,708City of Los Angeles, Wastewater System Rev. Ref. Bonds, Series 2009-A, 5.375% 2039 4,500 5,175City of Norco, Community Facs. Dist. No. 2001-1 (Norco Ridge Ranch), Special Tax Ref. Bonds, Issue of 2006, AMBAC insured,4.875% 2033 3,705 3,730City of Orange, Community Facs. Dist. No. 91-2, Special Tax Ref. Bonds (Serrano Heights Public Improvements), Series 2013, 5.00%2024 820 940City of Orange, Community Facs. Dist. No. 91-2, Special Tax Ref. Bonds (Serrano Heights Public Improvements), Series 2013, 5.00%2025 1,725 1,959City of Oxnard Fncg. Auth., Solid Waste Rev. Ref. Bonds, Series 2005, AMT, AMBAC insured, 5.00% 2015 2,390 2,461City of Oxnard Fncg. Auth., Solid Waste Rev. Ref. Bonds, Series 2005, AMT, AMBAC insured, 5.00% 2016 1,475 1,572City of Palm Desert, Section 29 Assessment Dist. (No. 2004-02), Limited Obligation Improvement Bonds, Series 2007, 5.05% 2027 2,740 2,817City of Palm Desert, Section 29 Assessment Dist. (No. 2004-02), Limited Obligation Improvement Bonds, Series 2007, 5.10% 2037 1,820 1,844City of Rancho Cordova, Sunridge Anatolia Community Facs. Dist. No. 2003-1, Special Tax Bonds,Series 2007, 5.25% 2027 1,000 1,031City of Rancho Cordova, Sunridge Anatolia Community Facs. Dist. No. 2003-1, Special Tax Bonds,Series 2007, 5.375% 2037 1,000 1,021City of Sacramento, North Natomas Community Facs. Dist. No. 4, Special Tax Bonds, Series 2013-E,5.00% 2030 1,250 1,365City of Sacramento, North Natomas Community Facs. Dist. No. 4, Special Tax Bonds, Series 2013-E,5.25% 2025 2,565 2,949City of San Bernardino, Unified School Dist. G.O. Ref. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2021 1,150 1,344City of San Bernardino, Unified School Dist. G.O. Ref. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2022 1,500 1,756City of San Bernardino, Unified School Dist. G.O. Ref. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2024 1,250 1,467City of San Bernardino, Unified School Dist. G.O. Ref. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2025 1,000 1,160City of San Bernardino, Unified School Dist. G.O. Ref. Bonds, Series 2013-A, Assured Guaranty Municipal insured, 5.00% 2028 1,245 1,414City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50% 2041 10,825 12,486

City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.50% 2030 8,000 8,891City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-2, 5.25% 2034 4,900 5,324City of Santa Clara, Electric Rev. Ref. Bonds, Series 2011-A, 5.25% 2032 2,000 2,213City of Santa Clara, Electric Rev. Ref. Bonds, Series 2011-A, 6.00% 2031 1,250 1,470City of Thousand Oaks Community Facs. Dist. No. 1994-1, Special Tax Ref. Bonds (Marketplace Public Pedestrian, Traffic Circulationand Parking Facs.), Series 2012, 5.00% 2022 1,000 1,107City of Thousand Oaks Community Facs. Dist. No. 1994-1, Special Tax Ref. Bonds (Marketplace Public Pedestrian, Traffic Circulationand Parking Facs.), Series 2012, 5.375% 2031 3,265 3,508City of Torrance, Hospital Rev. Ref. Bonds (Torrance Memorial Medical Center), Series 2001-A, 5.50% 2031 1,000 1,002City of Torrance, Rev. Bonds (Torrance Memorial Medical Center), Series 2010-A, 5.00% 2040 5,185 5,442The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 9 of 18Bonds, notes & other debt instrumentsCalifornia (continued)City & county issuers (continued)Principal amount(000)Value(000)City of Turlock, Health Fac. Rev. Certs. of Part. (Emanuel Medical Center, Inc.), Series 2007-A, 5.00% 2022 $1,500 $1,598City of Turlock, Health Fac. Rev. Certs. of Part. (Emanuel Medical Center, Inc.), Series 2007-A, 5.125% 2027 4,455 4,761City of Tustin, Community Facs. Dist. No. 07-1, Special Tax Bonds (Tustin Legacy/Retail Center), Series 2007, 6.00% 2037 1,485 1,544City of Whittier, Health Fac. Rev. Bonds (PIH Health), Series 2014, 5.00% 2044 2,000 2,139Community Facs. Dist. No. 1, Elk Grove Unified School Dist. (Sacramento County),2012 Special Tax Ref. Bonds, 4.00% 2033 2,535 2,492Community Facs. Dist. No. 15 (Mission Ranch) of Riverside Unified School Dist., Special Tax Bonds (Improvement Area No. 2), Series2005-A, 5.25% 2030 1,000 1,011Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Ref. Bonds, Series 2011-A, 5.00% 2028 895 972Community Facs. Dist. No. 2 (Santaluz), Improvement Area No. 1, Special Tax Ref. Bonds, Series 2011-A, 5.00% 2029 1,430 1,545Community Facs. Dist. No. 2002-1, City of Corona (Dos Lagos), Special Tax Bonds (Improvement Area No. 1), Series 2007, 4.75%2027 1,000 1,017Community Facs. Dist. No. 2002-1, City of Corona (Dos Lagos), Special Tax Bonds (Improvement Area No. 1), Series 2007, 4.875%2037 310 311Community Facs. Dist. No. 2002-1, City of Corona (Dos Lagos), Special Tax Bonds (Improvement Area No. 1), Series 2007, 5.00%2037 2,500 2,521Community Facs. Dist. No. 2004-1, Orange County (Ladera Ranch), Special Tax Ref. Bonds, Series 2014-A, 5.00% 2034 2,100 2,285Community Facs. Dist. No. 2004-1, Temecula Valley Unified School Dist., Special Tax Bonds (Improvement Area A), Series 2007,5.00% 2027 570 582Community Facs. Dist. No. 2004-1, Temecula Valley Unified School Dist., Special Tax Bonds (Improvement Area A), Series 2007,5.00% 2037 935 952Community Facs. Dist. No. 2004-6, Moreno Valley Unified School Dist., Special Tax Bonds, Series 2005,5.20% 2036 2,350 2,373Community Facs. Dist. No. 2005-1, William S. Hart Union School Dist., Special Tax Bonds, Series 2006,5.30% 2036 1,500 1,516Community Facs. Dist. No. 98-2, Capistrano Unified School Dist. (Ladera), Special Tax Ref. Bonds, Series 2005, FGIC-Nationalinsured, 5.00% 2016 2,120 2,228Community Facs. Dist. No. 98-2, Capistrano Unified School Dist. (Ladera), Special Tax Ref. Bonds, Series 2005, FGIC-Nationalinsured, 5.00% 2023 2,000 2,084Community Facs. Dist. No. 99-1 (Talega), Santa Margarita Water Dist., Special Tax Ref. Bonds, Series 2011-A, 5.00% 2022 1,335 1,377Community Facs. Dist. No. 99-1 (Talega), Santa Margarita Water Dist., Special Tax Ref. Bonds, Series 2011-A, 5.00% 2023 1,805 1,862Community Facs. Dist. No. 99-1 (Talega), Santa Margarita Water Dist., Special Tax Ref. Bonds, Series 2011-A, 5.00% 2024 1,960 2,021Community Facs. Dist. No. 99-1 (Talega), Santa Margarita Water Dist., Special Tax Ref. Bonds, Series 2011-A, 5.00% 2025 1,000 1,031Community Facs. Dist. No. 99-1 (Talega), Santa Margarita Water Dist., Special Tax Ref. Bonds, Series 2011-A, 5.125% 2028 1,500 1,546Community Facs. Dist. No. 99-1 (Talega), Santa Margarita Water Dist., Special Tax Ref. Bonds, Series 2011-A, 5.25% 2029 1,000 1,031Community Redev. Agcy. of the City of Los Angeles, Lease Rev. Bonds (Vermont Manchester Social Services Project), Series 2005,AMBAC insured, 5.00% 2015 1,000 1,053Community Redev. Agcy. of the City of Los Angeles, Lease Rev. Bonds (Vermont Manchester Social Services Project), Series 2005,AMBAC insured, 5.00% 2022 1,450 1,516Community Redev. Agcy. of the City of Los Angeles, Lease Rev. Bonds (Vermont Manchester Social Services Project), Series 2005,

AMBAC insured, 5.00% 2023 1,595 1,668Community Redev. Agcy. of the City of Los Angeles, Lease Rev. Bonds (Vermont Manchester Social Services Project), Series 2005,AMBAC insured, 5.00% 2024 3,250 3,399Community Redev. Agcy. of the City of Santa Ana, Tax Allocation Bonds, Series 2011-A, 6.25% 2024 3,500 4,142The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 10 of 18Bonds, notes & other debt instrumentsCalifornia (continued)City & county issuers (continued)Principal amount(000)Value(000)Corona-Norco Unified School Dist. Public Fin. Auth., Special Tax Rev. Bonds, Series 2006-B, 5.00% 2026 $1,735 $1,771Corona-Norco Unified School Dist. Public Fin. Auth., Special Tax Rev. Bonds, Series 2006-B, 5.00% 2036 1,695 1,726County of Contra Costa Public Fncg. Auth., Lease Rev. Ref. Bonds (Medical Center Ref.), Series 2007-B, National insured, 5.00%2017 5,000 5,533County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), 2012 Special Tax Rev. Ref. Bonds, 5.00% 2024 1,500 1,698County of El Dorado, Community Facs. Dist. No. 1992-1 (El Dorado Hills Dev.), 2012 Special Tax Rev. Ref. Bonds, 5.00% 2025 2,585 2,897County of Orange, Newport Coast Phase IV Assessment Dist. No. 01-1, Limited Obligation Improvement Bonds (Group 1), 5.00% 2028 875 885County of Orange, Newport Coast Phase IV Assessment Dist. No. 01-1, Limited Obligation Improvement Bonds (Group 1), 5.10% 2033 970 980County of Sacramento, Airport System Rev. Bonds, Series 2008-B, AMT, Assured Guaranty Municipal insured, 5.75% 2024 1,940 2,187County of Sacramento, Single-family Mortgage Rev. Bonds (GNMA Mortgage-backed Securities Program), Issue 1987-A, AMT, 9.00%2019 (escrowed to maturity) 1,500 2,040County of San Bernardino, Certs. of Part. (Arrowhead Ref. Project), Series 2009-A, 5.00% 2017 3,870 4,320County of San Diego, Certs. of Part. (Salk Institute for Biological Studies), 5.125% 2040 3,000 3,153County of San Diego, Certs. of Part. (Salk Institute for Biological Studies), 5.25% 2030 2,000 2,153Dept. of Airports of the City of Los Angeles, Los Angeles International Airport, Rev. Bonds, Series 2010-B, 5.00% 2035 1,000 1,103Dept. of Airports of the City of Los Angeles, Los Angeles International Airport, Rev. Ref. Bonds, Series 2008-A, AMT, 5.50% 2022 5,000 5,728Dept. of Airports of the City of Los Angeles, Los Angeles International Airport, Rev. Ref. Bonds, Series 2009-A, 5.25% 2029 2,000 2,324Dept. of Airports of the City of Los Angeles, Los Angeles International Airport, Rev. Ref. Bonds, Series 2010-A, 5.00% 2029 2,000 2,285Dept. of Airports of the City of Los Angeles, Ontario International Airport, Rev. Ref. Bonds, Series 2006-A, AMT, National insured,5.00% 2016 1,780 1,918Dept. of Airports of the City of Los Angeles, Ontario International Airport, Rev. Ref. Bonds, Series 2006-A, AMT, National insured,5.00% 2022 2,610 2,786Dept. of Airports of the City of Los Angeles, Ontario International Airport, Rev. Ref. Bonds, Series 2006-A, AMT, National insured,5.00% 2024 2,920 3,106Folsom Public Fncg. Auth., Special Tax Rev. Bonds, Series 2007-A, AMBAC insured, 5.00% 2028 1,000 1,032Folsom Public Fncg. Auth., Special Tax Rev. Bonds, Series 2007-B, 5.20% 2032 1,575 1,623Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 6.00% 2053 7,500 8,589Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-B-1,5.00% 2053 (put 2018) 1,000 1,097Housing Auth. of the City of Los Angeles, Mortgage Rev. Ref. Bonds (Property Acquisition Refundings),Series 2009-A, 6.375% 2039 2,000 2,100Housing Auth. of the City of Los Angeles, Multi-family Housing Rev. Ref. Bonds, Series 2007-A, 5.00% 2037 3,465 3,569Housing Auth. of the City of Los Angeles, Multi-family Housing Rev. Ref. Bonds, Series 2007-A, 5.05% 2037 455 469Independent Cities Lease Fin. Auth., Mobile Home Park Rev. Bonds (San Juan Mobile Estates), Series 2006-A, 5.00% 2026 1,500 1,531Independent Cities Lease Fin. Auth., Mobile Home Park Rev. Bonds (San Juan Mobile Estates), Series 2006-A, 5.00% 2031 2,000 2,028Independent Cities Lease Fin. Auth., Mobile Home Park Rev. Bonds (San Juan Mobile Estates), Series 2006-A, 5.125% 2041 4,200 4,250Independent Cities Lease Fin. Auth., Mobile Home Park Rev. Bonds (San Juan Mobile Estates), Series 2006-B, 5.85% 2041 1,150 1,162Independent Cities Lease Fin. Auth., Mobile Home Park Rev. Bonds (Santa Rosa Leisure Mobilehome Park), Series 2007-A, 5.60%2037 1,590 1,620Independent Cities Lease Fin. Auth., Mobile Home Park Rev. Bonds (Santa Rosa Leisure Mobilehome Park), Series 2007-A, 5.70%2047 1,845 1,876The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 11 of 18

Bonds, notes & other debt instrumentsCalifornia (continued)City & county issuers (continued)Principal amount(000)Value(000)Independent Cities Lease Fin. Auth., Mobile Home Park Rev. Ref. Bonds (Westlake Mobilehome Park),Series 2007-A, 4.50% 2027 $1,605 $1,642Independent Cities Lease Fin. Auth., Mobile Home Park Rev. Ref. Bonds (Westlake Mobilehome Park),Series 2007-A, 4.50% 2032 1,005 1,020Independent Cities Lease Fin. Auth., Mobile Home Park Rev. Ref. Bonds (Westlake Mobilehome Park),Series 2007-A, 5.00% 2047 3,000 3,060Jurupa Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2027 1,000 1,131Jurupa Public Fncg. Auth., Special Tax Rev. Bonds, Series 2014-A, 5.00% 2042 1,000 1,072Lancaster Redev. Agcy., Combined Redev. Project Areas (Housing Programs), Tax Allocation Ref. Bonds, Series 2003, Nationalinsured, 5.25% 2018 1,935 2,163Lee Lake Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2013-A, 5.25% 2027 2,000 2,265Lincoln Public Fin. Auth., Special Tax Rev. Bonds, Series 2007-A, AMBAC insured, 4.50% 2034 3,615 3,628Long Beach Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 5.00% 2021 1,220 1,430Long Beach Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 5.00% 2024 1,000 1,138Long Beach Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 5.00% 2025 1,000 1,128Long Beach Bond Fin. Auth., Rev. Ref. Bonds (Aquarium of the Pacific Project), Series 2012, 5.00% 2026 1,000 1,118Long Beach Community College Dist. (Los Angeles County), G.O. Bonds, 2008 Election, Series 2012-B,5.00% 2026 3,575 4,193Los Angeles Community College Dist. (County of Los Angeles), G.O. Bonds, 2008 Election, Series 2010-C, 5.25% 2039 1,000 1,150Los Angeles Convention and Exhibition Center Auth., Lease Rev. Ref. Bonds, Series 2008-A, 5.00% 2020 3,000 3,465Los Angeles County Metropolitan Transportation Auth., Proposition C, Sales Tax Rev. Ref. Bonds, Series 2009-E, 5.00% 2026 2,000 2,300Los Angeles County Sanitation Districts Fncg. Auth., Capital Projects Rev. Ref. Bonds (Dist. No. 14 Rev. Bonds), Series 2005-B, FGIC-National insured, 5.00% 2020 1,000 1,054Los Angeles County, Regional Fncg. Auth., Insured Rev. Bonds (MonteCedro Inc. Project), Series 2014-A, 5.00% 2044 1,000 1,072Los Angeles Unified School Dist. (County of Los Angeles), G.O. Bonds, Election of 2004, Series 2009-I,5.00% 2034 2,000 2,248Los Rios Community College Dist. (Sacramento County), 2012 G.O. Ref. Bonds, 5.00% 2028 3,000 3,448Manhattan Beach Unified School Dist. (Los Angeles County), G.O. Bonds, Series 1999-C, FGIC-National insured, 0% 2024 3,500 2,596Metropolitan Water Dist. of Southern California, Waterworks Rev. Ref. Bonds,Series 2012-B-2, 0.41% 2027 (put 2015) 1 5,000 5,006M-S-R Energy Auth., Gas Rev. Bonds, Series 2009-B, 6.50% 2039 2,100 2,741Municipal Improvement Corp. of Los Angeles, Lease Rev. Bonds, Series 2007-B-1, FGIC-National insured, 5.00% 2023 (preref. 2014) 155 155Municipal Improvement Corp. of Los Angeles, Lease Rev. Ref. Bonds (Capital Equipment), Series 2008-A, 5.00% 2025 3,000 3,230Murrieta Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2022 1,000 1,129Murrieta Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2024 1,000 1,103Murrieta Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2012, 5.00% 2031 3,000 3,151Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project),Series 2013, 5.00% 2018 1,000 1,146Oakland Unified School Dist., (County of Alameda), G.O. Bonds, Series 2013, 6.625% 2038 4,000 4,755Ohlone Community College Dist. (Alameda County), G.O. Ref. Bonds, Series 2012, 5.00% 2024 2,000 2,406Ohlone Community College Dist. (Alameda County), G.O. Ref. Bonds, Series 2012, 5.00% 2026 2,500 2,938Orange County Sanitation Dist., Certs. of Part., Series 2007-B, Assured Guaranty Municipal insured,5.00% 2026 (preref. 2017) 3,000 3,340Orange County Sanitation Dist., Certs. of Part., Series 2009-A, 5.00% 2027 3,500 3,993Orange County Sanitation Dist., Certs. of Part., Series 2009-A, 5.00% 2029 3,000 3,391Perris Union High School Dist., Fncg. Auth., Rev. Bonds, Series 2011, 6.125% 2041 2,340 2,412Port of Oakland, Rev. Ref. Bonds, Series 2007-A, AMT, National insured, 5.00% 2023 4,220 4,682Port of Oakland, Rev. Ref. Bonds, Series 2007-A, AMT, National insured, 5.00% 2024 1,000 1,109The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 12 of 18

Bonds, notes & other debt instrumentsCalifornia (continued)City & county issuers (continued)Principal amount(000)Value(000)Port of Oakland, Rev. Ref. Bonds, Series 2011-O, AMT, 5.00% 2029 $2,000 $2,192Port of Oakland, Rev. Ref. Bonds, Series 2012-P, AMT, 5.00% 2026 3,000 3,395Port of Oakland, Rev. Ref. Bonds, Series 2012-P, AMT, 5.00% 2033 2,000 2,134Poway Unified School Dist., Community Facs. Dist. No. 14 (Del Sur), Improvement Area A Special Tax Bonds, Series 2006, 5.25%2036 2,750 2,798Poway Unified School Dist., Community Facs. Dist. No. 6 (4S Ranch), Special Tax Bonds, Series 2012,5.00% 2033 1,000 1,067Poway Unified School Dist., Community Facs. Dist. No. 6 (4S Ranch), Special Tax Bonds, Series 2012,5.00% 2036 600 633Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Bonds, Series 2013, 5.00% 2030 1,000 1,100Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2011, 5.125% 2028 2,315 2,388Poway Unified School Dist., Public Fncg. Auth., Special Tax Rev. Ref. Bonds, Series 2011, 5.375% 2031 2,270 2,342Public Facs. Fncg. Auth. of the City of San Diego, Sewer Rev. Bonds, Series 2009-A, 5.25% 2034 1,500 1,713Public Facs. Fncg. Auth. of the City of San Diego, Sewer Rev. Bonds, Series 2009-A, 5.375% 2034 2,000 2,298Public Facs. Fncg. Auth. of the City of San Diego, Sewer Rev. Ref. Bonds, Series 2009-B, 5.00% 2022 2,000 2,343Public Facs. Fncg. Auth. of the City of San Diego, Water Rev. Ref. Bonds, Series 2012-A, 5.00% 2028 5,000 5,799Public Utilities Commission of the City and County of San Francisco, San Francisco Water Rev. Bonds, Series 2009-A, 5.00% 2023 3,000 3,540Public Utilities Commission of the City and County of San Francisco, San Francisco Water Rev. Bonds,Series 2009-A, 5.00% 2024 2,000 2,345Rancho Santiago Community College Dist. (Orange County), G.O. Ref. Bonds, Series 2005, Assured Guaranty Municipal insured,5.25% 2020 2,000 2,446Redding Redev. Agcy., Tax Allocation Bonds (SHASTEC Redev. Project), Series 2006, 5.00% 2029 655 656Redding Redev. Agcy., Tax Allocation Bonds (SHASTEC Redev. Project), Series 2006, 5.00% 2036 1,585 1,586Redev. Agcy. of the City and County of San Francisco, Community Facs. Dist. No. 6, Special Tax Ref. Bonds (Mission Bay SouthPublic Improvements), Series 2013-A, 5.00% 2024 1,510 1,696Redev. Agcy. of the City and County of San Francisco, Community Facs. Dist. No. 6, Special Tax Ref. Bonds (Mission Bay SouthPublic Improvements), Series 2013-A, 5.00% 2028 1,400 1,536Redev. Agcy. of the City of Fullerton, Certs. of Part. (Southern California College of Optometry), RADIAN insured, 5.00% 2016 1,990 2,140Redev. Agcy. of the City of San Jose, Housing Set-Aside Tax Allocation Bonds (Merged Area Redev. Project), Series 2010-A-1, 4.00%2016 1,250 1,328Redev. Agcy. of the City of San Jose, Tax Allocation Ref. Bonds (Merged Area Redev. Project), Series 2004-A, National insured,4.54% 2018 3,000 3,006Redev. Agcy. of the City of San Jose, Tax Allocation Ref. Bonds (Merged Area Redev. Project), Series 2006-C, National insured,3.75% 2028 1,220 1,182Redev. Agcy. of the City of San Jose, Tax Allocation Ref. Bonds (Merged Area Redev. Project), Series 2006-D, AMBAC insured,5.00% 2018 1,000 1,094Redev. Agcy. of the City of San Jose, Tax Allocation Ref. Bonds (Merged Area Redev. Project), Series 2006-D, AMBAC insured,5.00% 2021 2,000 2,152Redev. Agcy. of the City of Santa Clara, 2011 Tax Allocation Bonds (Bayshore North Project), 0% 2024 4,310 2,533Redev. Agcy. of the City of Santa Clara, 2011 Tax Allocation Bonds (Bayshore North Project), 0% 2025 4,000 2,154Redev. Agcy. of the City of Santa Monica, 2011 Tax Allocation Bonds (Earthquake Recovery Redev. Project), 5.00% 2032 2,000 2,180Redev. Agcy. of the City of Santa Monica, 2011 Tax Allocation Bonds (Earthquake Recovery Redev. Project), 5.875% 2036 1,250 1,432Redev. Agcy. of the City of Santa Monica, 2011 Tax Allocation Bonds (Earthquake Recovery Redev. Project), 5.875% 2042 2,500 2,845Redev. Agcy. of the City of South San Francisco, Tax Allocation Rev. Bonds (Merged Redev. Project),Series 2006-A, FGIC-National insured, 5.00% 2019 1,015 1,087Redev. Agcy. of the City of South San Francisco, Tax Allocation Rev. Bonds (Merged Redev. Project),Series 2006-A, FGIC-National insured, 5.00% 2020 2,025 2,154Redev. Agcy. of the City of South San Francisco, Tax Allocation Rev. Bonds (Merged Redev. Project),Series 2006-A, FGIC-National insured, 5.00% 2022 2,300 2,425The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 13 of 18

Bonds, notes & other debt instrumentsCalifornia (continued)City & county issuers (continued)Principal amount(000)Value(000)Redev. Agcy. of the County of San Bernardino, Tax Allocation Bonds (San Sevaine Redev. Project), Series 2005-A, RADIAN insured,5.00% 2017 $ 1,395 $ 1,443Redev. Agcy. of the County of San Bernardino, Tax Allocation Bonds (San Sevaine Redev. Project), Series 2005-A, RADIAN insured,5.00% 2020 1,730 1,779Rio Elementary School Dist., Community Facs. Dist. #1, Special Tax Bonds, Series 2013, 5.50% 2039 2,750 3,005Rio Hondo Community College Dist. (County of Los Angeles), G.O. Bonds, 2004 Election, Series 2010-C,0% 2028 1,000 567Rio Hondo Community College Dist. (County of Los Angeles), G.O. Bonds, 2004 Election, Series 2010-C,0% 2029 2,000 1,074Riverside County Public Fncg. Auth., Tax Allocation Rev. Bonds (County of Riverside Redev. Projects),Series 2005-A, XLCA insured, 5.00% 2023 2,000 2,027Riverside County Public Fncg. Auth., Tax Allocation Rev. Bonds (Jurupa Valley, Desert Communities and Interstate 215 CorridorRedev. Projects), Series 2006-A, National insured, 5.00% 2020 2,255 2,379Riverside County Public Fncg. Auth., Tax Allocation Rev. Bonds (Jurupa Valley, Desert Communities and Interstate 215 CorridorRedev. Projects), Series 2006-A, National insured, 5.00% 2021 2,885 3,027Riverside County Transportation Commission, Toll Rev. Bonds, Series 2013-A, 5.75% 2044 2,500 2,802Riverside County Transportation Commission, Toll Rev. Bonds, Series 2013-A, 5.75% 2048 3,000 3,352Roseville Natural Gas Fncg. Auth., Gas Rev. Bonds, Series 2007, 5.00% 2017 1,000 1,082Roseville Natural Gas Fncg. Auth., Gas Rev. Bonds, Series 2007, 5.00% 2022 4,920 5,548Roseville Natural Gas Fncg. Auth., Gas Rev. Bonds, Series 2007, 5.00% 2024 3,300 3,730Sacramento City Fncg. Auth., Rev. Bonds (City Hall and Redev. Projects), Series 2002-A, Assured Guaranty Municipal insured, 5.25%2016 470 472Sacramento Cogeneration Auth., Cogeneration Project Rev. Ref. Bonds (Procter & Gamble Project), Series 2009, 5.25% 2020 995 1,191Sacramento Cogeneration Auth., Cogeneration Project Rev. Ref. Bonds (Procter & Gamble Project), Series 2009, 5.25% 2021 900 1,082Sacramento County Sanitation Districts Fncg. Auth., Rev. Ref. Bonds (Sacramento Regional County Sanitation Dist.), Series 2007-B,FGIC-National insured, 0.682% 2035 1 13,500 11,805Sacramento County Water Fncg. Auth., Rev. Ref. Bonds (Sacramento County Water Agcy. Zones 40 and 41 2007 Water SystemProject), Series 2007-B, FGIC-National insured, 0.702% 2034 1 5,000 4,410Sacramento Municipal Utility Dist. Fncg. Auth., Cosumnes Project Rev. Bonds, Series 2006, National insured, 5.125% 2029 10,000 10,655Sacramento Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.25% 2024 2,000 2,383Sacramento Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.70% 2017 2,500 2,882Sacramento Municipal Utility Dist., Electric Rev. Bonds, Series 1997-K, AMBAC insured, 5.80% 2019 3,000 3,661Sacramento Municipal Utility Dist., Electric Rev. Bonds, Series 2013-A, 5.00% 2041 4,500 4,959Sacramento Regional Transit Dist., Farebox Rev. Bonds, Series 2012, 5.00% 2036 1,000 1,068Sacramento Regional Transit Dist., Farebox Rev. Bonds, Series 2012, 5.00% 2042 3,000 3,190San Bernardino County, Alta Loma School Dist., 1999 Election G.O. Bonds, Series A, FGIC-National insured, 0% 2021 2,500 2,083San Bernardino Joint Powers Fncg. Auth., 2002 Tax Allocation Ref. Bonds, 6.625% 2026 5,000 5,006San Diego County Regional Airport Auth., Airport Rev. Bonds, Series 2010-A, 5.00% 2028 1,000 1,127San Diego County Regional Airport Auth., Airport Rev. Bonds, Series 2010-A, 5.00% 2030 1,550 1,726San Diego County Regional Airport Auth., Airport Rev. Bonds, Series 2010-A, 5.00% 2034 2,000 2,178San Diego County Regional Airport Auth., Airport Rev. Bonds, Series 2013-B, AMT, 5.00% 2043 2,000 2,146San Diego County, Certs. of Part. (Burnham Institute for Medical Research), 5.00% 2017 1,645 1,735San Diego County, Certs. of Part. (Burnham Institute for Medical Research), 5.00% 2018 1,715 1,802San Diego County, Certs. of Part. (Burnham Institute for Medical Research), 5.00% 2019 1,230 1,288San Diego County, Certs. of Part. (Burnham Institute for Medical Research), 5.00% 2021 1,005 1,044San Diego County, Certs. of Part. (Burnham Institute for Medical Research), 5.00% 2022 2,065 2,138San Diego County, Certs. of Part. (Burnham Institute for Medical Research), 5.00% 2034 4,000 4,078San Diego Unified School Dist., G.O. Bonds (Election of 2012), Series 2013-C, 5.00% 2035 2,000 2,252San Francisco Municipal Transportation Agcy., Rev. Bonds, Series 2012-B, 5.00% 2042 5,000 5,504The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 14 of 18

Bonds, notes & other debt instrumentsCalifornia (continued)City & county issuers (continued)Principal amount(000)Value(000)San Francisco State Building Auth., Lease Rev. Ref. Bonds (San Francisco Civic Center Complex),Series 2005-A, FGIC-National insured, 5.00% 2019 $2,195 $2,327San Joaquin Hills Transportation Corridor Agcy. (Orange County), Toll Road Rev. Bonds, 0% 2019 (escrowed to maturity) 4,150 3,959San Joaquin Hills Transportation Corridor Agcy. (Orange County), Toll Road Rev. Bonds, 0% 2023 (escrowed to maturity) 5,900 4,891San Mateo County Community College Dist. (County of San Mateo), Election of 2005 G.O. Bonds (Capital Appreciation Bonds), Series2006-B, National insured, 0% 2035 5,000 2,143San Mateo County Joint Powers Fncg. Auth., Lease Rev. Ref. Bonds (Capital Projects Program), Series 1993-A, National insured,5.125% 2018 2,700 3,142Santa Clara County Fncg. Auth., Lease Rev. Ref. Bonds (Valley Medical Center), Series 2008-A, 5.00% 2022 4,500 5,134Santa Clara County, Mountain View Shoreline Regional Park Community, Rev. Bonds, Series 2011-A, 5.625% 2035 1,300 1,428Saugus Union School Dist., 2006 G.O. Ref. Bonds, Current Interest Bonds (Los Angeles County), FGIC-National insured, 5.25% 2021 2,000 2,430Sonoma-Marin Area Rail Transit Dist., Measure Q Sales Tax Rev. Bonds, Series 2011-A, 5.00% 2028 3,500 3,983South Orange County Public Fncg. Auth., Special Tax Rev. Bonds (Ladera Ranch), Series 2005-A, AMBAC insured, 5.00% 2020 1,000 1,032South Placer Wastewater Auth., Wastewater Rev. Ref. Bonds, Series 2011-C, 5.25% 2023 2,000 2,323South Tahoe Redev. Agcy. Community Facs. Dist. No. 2001-1, Special Tax Ref. Bonds (Park Avenue Project, Heavenly Village),Series 2007, 5.00% 2031 1,225 1,262Southeast Resource Recovery Fac. Auth., Lease Rev. Ref. Bonds, Series 2003-B, AMT, AMBAC insured,5.375% 2016 1,500 1,506Southeast Resource Recovery Fac. Auth., Lease Rev. Ref. Bonds, Series 2003-B, AMT, AMBAC insured,5.375% 2017 2,655 2,666Stockton Public Fncg. Auth., Rev. Bonds (Redev. Projects), Series 2006-A, RADIAN insured, 5.00% 2018 1,200 1,195Successor Agcy. to Morgan Hill Redev. Agcy., Rev. Ref. Bonds, Series 2013-A, 5.00% 2031 3,000 3,356Successor Agcy. to the Emeryville Redev. Agcy., Tax Allocation Rev. Ref. Bonds, Series 2014-A, Assured Guaranty Municipal insured,5.00% 2023 2,500 3,005Successor Agcy. to the Inland Valley Dev. Agcy., Tax Allocation Ref. Bonds,Series 2014-A 5.00% 2044 7,500 8,015Successor Agcy. to the La Quinta Redev. Agcy., Tax Allocation Ref. Bonds (La Quinta Redev. Project Areas No. 1 and 2), Series 2013-A, 5.00% 2028 2,130 2,358Successor Agcy. to the La Quinta Redev. Agcy., Tax Allocation Ref. Bonds (La Quinta Redev. Project Areas No. 1 and 2), Series 2014-A, 5.00% 2029 1,000 1,142Successor Agcy. to the La Quinta Redev. Agcy., Tax Allocation Ref. Bonds (La Quinta Redev. Project Areas No. 1 and 2), Series 2014-A, 5.00% 2032 1,515 1,692Successor Agcy. to the La Quinta Redev. Agcy., Tax Allocation Ref. Bonds (La Quinta Redev. Project Areas No. 1 and 2), Series 2014-A, 5.00% 2034 2,150 2,381Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-backed Rev. Ref. Bonds(San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 5.00% 2037 5,930 4,720Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-backed Rev. Ref. Bonds(San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 5.125% 2046 7,800 5,888Turlock Irrigation Dist., Rev. Ref. Bonds, Series 2010-A, 5.00% 2035 2,000 2,139Turlock Irrigation Dist., Rev. Ref. Bonds, Series 2011, 5.50% 2041 3,000 3,361Val Verde Unified School Dist., Certs. of Part. (Ref. and School Construction Project), Series 2005-B,FGIC insured, 5.00% 2018 (preref. 2015) 325 332Ventura County Public Fncg. Auth., Lease Rev. Bonds, Series 2013-A, 5.00% 2043 3,000 3,285Walnut Energy Center Auth., Rev. Ref. Bonds, Series 2010-A, 5.00% 2035 2,000 2,152Walnut Energy Center Auth., Rev. Ref. Bonds, Series 2010-A, 5.00% 2040 2,000 2,135Washington Township Health Care Dist., Rev. Bonds, Series 2010-A, 5.00% 2025 1,500 1,599Washington Township Health Care Dist., Rev. Bonds, Series 2010-A, 5.25% 2030 2,000 2,123Washington Township Health Care Dist., Rev. Ref. Bonds, Series 1999, 5.125% 2023 1,000 1,001Washington Township Health Care Dist., Rev. Ref. Bonds, Series 2007-A, 5.00% 2024 1,590 1,667The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 15 of 18

Bonds, notes & other debt instrumentsCalifornia (continued)City & county issuers (continued)Principal amount(000)Value(000)Washington Township Health Care Dist., Rev. Ref. Bonds, Series 2007-A, 5.00% 2026 $1,750 $ 1,819Washington Township Health Care Dist., Rev. Ref. Bonds, Series 2007-A, 5.00% 2028 1,930 1,984Washington Township Health Care Dist., Rev. Ref. Bonds, Series 2007-A, 5.00% 2032 1,565 1,602Washington Township Health Care Dist., Rev. Ref. Bonds, Series 2007-A, 5.00% 2037 1,135 1,158West Contra Costa Unified School Dist. (Contra Costa County), G.O. Ref. Bonds, Series 2012, 5.00% 2027 3,000 3,393West Contra Costa Unified School Dist. (Contra Costa County), G.O. Ref. Bonds, Series 2012, 5.00% 2032 3,500 3,852West Hollywood Community Dev. Commission, Tax Allocation Bonds (East Side Redev. Project),Series 2011-A, 7.50% 2042 1,250 1,509Whittier Redev. Agcy., Tax Allocation Bonds (Commercial Corridor Redev. Project), Series 2007-A, 5.00% 2038 1,200 1,124Guam 0.86%821,033Government of Guam, Business Privilege Tax Bonds, Series 2011-A, 5.00% 2023 2,000 2,275Government of Guam, Business Privilege Tax Bonds, Series 2011-A, 5.125% 2042 1,500 1,583Government of Guam, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2011-A, 6.50% 2040 4,000 4,494Power Auth., Rev. Ref. Bonds, Series 2010-A, 5.50% 2030 2,350 2,601Power Auth., Rev. Ref. Bonds, Series 2010-A, 5.50% 2040 2,000 2,16613,119Puerto Rico 1.85%Aqueduct and Sewer Auth., Rev. Bonds, Series A, Assured Guaranty insured, 5.00% 2028 3,000 2,833Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.25% 2042 4,500 3,079Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Higher Education Rev. and Rev. Ref. Bonds(University of the Sacred Heart Project), Series 2012, 5.00% 2021 500 486Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., HospitalRev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 6.00% 2033 7,150 7,363Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2001-E, 6.00% 2026 (escrowed to maturity) 1,830 2,439Public Fin. Corp., Commonwealth Appropriation Bonds, Series 2001-E, 6.00% 2026 (escrowed to maturity) 170 227Public Improvement Ref. Bonds (G.O. Bonds), Series 2006-A, 5.00% 2023 2,000 1,538Public Improvement Ref. Bonds (G.O. Bonds), Series 2012-A, 5.50% 2039 1,000 740Public Improvement Ref. Bonds (G.O. Bonds), Series 2014-A, 8.00% 2035 5,350 4,824Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 5.375% 2039 2,500 1,793Sales Tax Fncg. Corp., Sales Tax Rev. Bonds, Series 2010-A, 5.50% 2042 3,710 2,676Virgin Islands 1.02%27,998Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note - Diageo Project), Series 2009-A, 6.75% 2019 1,750 1,957Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note - Diageo Project), Series 2009-A, 6.75% 2037 1,000 1,102Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note), Series 2010-A, 5.00% 2029 2,000 2,147Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2009-B, 5.00% 2018 2,000 2,245Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2009-B, 5.00% 2025 2,250 2,424Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2009-C, 5.00% 2022 3,500 3,761Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2012-A, 5.00% 2032 1,750 1,88015,516Total bonds, notes & other debt instruments (cost: $1,310,498,000) 1,393,576

The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 16 of 18Short-term securities 7.51%Principal amount(000)Value(000)City of Irvine, Assessment Dist. No. 03-19, Limited Obligation Improvement Bonds, Series 2004-A, U.S. Bank LOC, 0.04% 2029 1 $ 1,260 $ 1,260County of Los Angeles, 2014-15 Tax and Rev. Anticipation Notes, 1.50% 2015 11,335 11,480County of Ventura, 2014-15 Tax and Rev. Anticipation Notes 1.50% 2015 15,000 15,189Dept. of Water and Power of the City of Los Angeles, Power System Demand Rev. Bonds, Series 2001-B, Subseries B-6, 0.04% 2034 1 8,900 8,900Econ. Recovery Bonds, Series 2004-C-4, JPMorgan Chase LOC, 0.04% 2023 1 2,000 2,000Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A. Inc. Project), Series 2010-A, 0.03% 2035 1 3,600 3,600Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A. Inc. Project), Series 2010-B, 0.03% 2035 1 3,650 3,650Health Facs. Fncg. Auth. Rev. Bonds (Scripps Health), Series 2008-B, 0.03% 2031 1 4,000 4,000Health Facs. Fncg. Auth., Rev. Bonds (St. Joseph Health System), Series 2011-B, 0.05% 2041 1 7,900 7,900Infrastructure and Econ. Dev. Bank, Ref. Rev. Bonds (Pacific Gas and Electric Company),Series 2009-D, 0.03% 2016 1 1,600 1,600Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Pacific Gas and Electric Company),Series 2009-C, 0.03% 2016 1 1,000 1,000Pollution Control Fncg. Auth., Exempt Facs. Rev. Ref. Bonds (ExxonMobil Project),Series 2000, AMT, 0.02% 2017 1 1,000 1,000Pollution Control Fncg. Auth., Exempt Facs. Rev. Ref. Bonds (ExxonMobil Project),Series 2001, AMT, 0.04% 2029 1 3,350 3,350Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 1996-C, JPMorgan Chase LOC,0.04% 2026 1 4,800 4,800Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 1996-E, JPMorgan Chase LOC,0.04% 2026 1 2,900 2,900Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 1996-F, JPMorgan Chase LOC,0.04% 2026 1 9,900 9,900Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.), Series 1997-B, AMT, JPMorgan ChaseLOC, 0.06% 2026 1 18,900 18,900Statewide Communities Dev. Auth., Multi-family Housing Rev. Bonds (IAC Project), Series 2001-W-1, AMT, Wells Fargo Bank LOC,0.07% 2034 1 4,600 4,600Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project),Series 2002, 0.03% 2024 1 2,265 2,265Statewide Communities Dev. Auth., Rev. Ref. Bonds (John Muir Health), Series 2008-C, Wells Fargo Bank LOC, 0.05% 2027 1 5,595 5,595Total short-term securities (cost: $113,887,000) 113,889Total investment securities 99.33% (cost: $1,424,385,000) 1,507,465Other assets less liabilities 0.67% 10,207Net assets 100.00% $1,517,6721 Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.2 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualifiedinstitutional buyers. The total value of all such securities was $30,240,000, which represented 1.99% of the net assets of the fund.

The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 17 of 18Key to abbreviationsAgcy. = AgencyAMT = Alternative Minimum TaxAuth. = AuthorityCerts. of Part. = Certificates of ParticipationDept. = DepartmentDev. = DevelopmentDist. = DistrictEcon. = EconomicFac. = FacilityFacs. = FacilitiesFin. = FinanceFncg. = FinancingG.O. = General ObligationLOC = Letter of CreditPreref. = PrerefundedRedev. = RedevelopmentRef. = RefundingRev. = RevenueTECP = Tax-Exempt Commercial PaperInvestments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus andsummary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds ServiceCompany (AFS) at (800) 421-4225 or visit the American Funds website at americanfunds.com.

MFGEFPX-012-0313O-S32842 The American Funds Tax-Exempt Series II - The Tax-Exempt Fund of California — Page 18 of 18Report of Independent Registered Public Accounting FirmTo the Board of Trustees and Shareholders of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund ofAmerica, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund and The Tax-Exempt Fund of CaliforniaIn our opinion, the accompanying statements of assets and liabilities, including the summary investment portfolios, and the related statements ofoperations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the investment portfolios (includedin Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of American Funds Short-Term Tax-Exempt Bond Fund,Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund and TheTax-Exempt Fund of California (the “Funds”) at July 31, 2014, the results of each of their operations for the year then ended, the changes in each oftheir net assets and the financial highlights for each of the periods presented (other than as noted below for The Tax-Exempt Fund of California), inconformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights, andinvestment portfolios (hereafter referred to as "financial statements") are the responsibility of the Funds’ management. Our responsibility is toexpress an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with thestandards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimatesmade by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation ofsecurities at July 31, 2014 by correspondence with the custodians and brokers, provide a reasonable basis for our opinion. The financial statementsof The Tax-Exempt Fund of California as of July 31, 2013, and for the fiscal years ended through July 31, 2013 as appearing herein, were auditedby other auditors whose report dated September 9, 2013, expressed an unqualified opinion on those statements.PricewaterhouseCoopers LLPLos Angeles, CaliforniaSeptember 9, 2014

American Funds Short-Term Tax-Exempt Bond FundSummary investment portfolio July 31, 2014Bonds, notes & other debtinstruments 85.15%Principal amount(000)California 7.81%Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds,Series 2006-C-1, 0.96% 2045 (put 2023) 1 $ 6,600 $ 6,522Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds,Series 2007-E-3, 0.76% 2047 (put 2019) 1 3,000 2,987Various Purpose G.O. Ref. Bonds, 5.00% 2018 3,000 3,453Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System),Series 2009-B, 5.00% 2015 1,000 1,044Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System),Series 2009-C, 5.00% 2034 (put 2014) 4,500 4,546Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System),Series 2013-B, 5.00% 2043 (put 2017) 1,145 1,299Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System),Series 2013-D, 5.00% 2043 (put 2020) 1,500 1,769Los Angeles County Metropolitan Transportation Auth., Proposition A, Sales Tax Rev. Ref. Bonds,Series 2013-A, 5.00% 2018 3,000 3,494Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project),Series 2013, 4.00% 2018 2,500 2,767Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project),Series 2013, 5.00% 2017 2,510 2,821Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project),Series 2013, 5.00% 2018 1,085 1,244Oakland Redev. Successor Agcy., Tax Allocation Ref. Bonds (Central Dist. Redev. Project),Series 2013, 5.00% 2019 1,000 1,163Other securities 29,18062,289Colorado 1.14%Dept. of Transportation, Transportation Rev. Ref. Anticipation Notes, 5.00% 2016 5,000 5,545Other securities 3,5169,061Florida 8.14%Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account SecuredBonds, Series 2012-A-1, 5.00% 2017 1,000 1,119Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account SecuredBonds, Series 2012-A-1, 5.00% 2019 6,450 7,482Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds,Series 2010-A, 5.00% 2015 (escrowed to maturity) 4,000 4,176Hurricane Catastrophe Fund Fin. Corp., Rev. Bonds, Series 2010-A, 5.00% 2016 (escrowed tomaturity) 5,295 5,768City of Lakeland, Energy System Rev. Ref. Bonds, Series 2012, 0.81% 20171 3,800 3,806Miami-Dade County, Aviation Rev. Ref. Bonds, Series 2005-B, AMT, Assured Guaranty Municipalinsured, 5.00% 2016 3,000 3,162State Board of Education, Public Education Capital Outlay Ref. Bonds, Series 2009-B, 5.00% 2015 3,000 3,122City of Tampa, Utility Tax Rev. Ref. Bonds, National insured, 5.00% 2015 3,615 3,818Other securities 32,42464,877Georgia 2.82%Metropolitan Atlanta Rapid Transit Auth., Sales Tax Rev. Ref. Bonds (Third Indenture Series),Series 2014-A, 0.36% 2025 (put 2017) 1 5,250 5,248Other securities 17,22422,472Value(000)American Funds Tax-Exempt Funds 17

American Funds Short-Term Tax-Exempt Bond FundBonds, notes & other debtPrincipal amount(000)instruments (continued)Illinois 5.83%Build Bonds (Sales Tax Rev. Bonds), Series June 2013, 5.00% 2020 $ 3,500 $ 4,127Educational Facs. Auth. Rev. Bonds (University of Chicago), Series 1998-B, 1.65% 2025 (put 2019) 10,390 10,433Educational Facs. Auth., Rev. Bonds (University of Chicago), Series 2001-B-1, 1.10% 2036 (put2018) 1,250 1,250Unemployment Insurance Fund Building Receipts Rev. Bonds (Illinois Dept. of EmploymentSecurity), Series 2012-A, 5.00% 2016 4,000 4,437Other securities 26,22946,476Maryland 0.93%Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Bonds,Series 2014-B, AMT, 3.25% 2044 3,595 3,769Other securities 3,6677,436Massachusetts 3.95%Dev. Fin. Agcy., Rev. Bonds (Partners HealthCare System), Series 2014-M-3, 0.61% 2038 (put2018) 1 6,075 6,070Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2014-I, AMT, 5.00% 2021 3,000 3,384Other securities 22,03331,487Michigan 4.24%Kent Hospital Fin. Auth., Rev. Ref. Bonds (Spectrum Health System), Series 2008-A, 5.50% 2047(put 2015) 5,000 5,120Regents of the University of Michigan, General Rev. Ref. Bonds, Series 2012-F, 0.46% 2043 (put2016) 1 3,000 3,004Other securities 25,69933,823Missouri 1.17%City of St. Louis, Airport Rev. Ref. Bonds (Lambert-St. Louis International Airport), Series 2007-B,AMT, Assured Guaranty Municipal insured, 5.00% 2016 5,000 5,392Other securities 3,9729,364Nebraska 0.99%Investment Fin. Auth., Single-family Housing Rev. Bonds, Series 2014-A, 3.00% 2044 3,000 3,161Other securities 4,7637,92418 American Funds Tax-Exempt FundsValue(000)

American Funds Short-Term Tax-Exempt Bond FundPrincipal amount(000)New Jersey 4.10%Econ. Dev. Auth., School Facs. Construction Bonds, Assured Guaranty Municipal insured, SubseriesJ-5, 5.00% 2029 (preref. 2015) $ 2,000 $ 2,104Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2010-DD-1, 5.00% 2016 1,500 1,650Econ. Dev. Auth., School Facs. Construction Rev. Ref. Bonds, Series 2014-PP, 5.00% 2019 4,000 4,554Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2010-2, 5.00% 2014 2,000 2,032Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2012-1A, AMT, 4.00%2017 3,500 3,815Higher Education Student Assistance Auth., Student Loan Rev. Bonds, Series 2012-1A, AMT, 5.00%2018 2,000 2,276Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2014-1A1, AMT,4.00% 2017 1,750 1,908Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2014-1A1, AMT,5.00% 2016 1,000 1,097Higher Education Student Assistance Auth., Student Loan Rev. Ref. Bonds, Series 2014-1A1, AMT,5.00% 2018 2,250 2,561Other securities 10,68332,680New Mexico 0.76%Educational Assistance Foundation, Education Loan Rev. Ref. Bonds, Series 2009-C, AMT, 3.90%2014 3,000 3,008Other securities 3,0156,023New York 9.99%City of New York, G.O. Bonds, Fiscal 2008 Series J-4, 0.61% 2025 1 5,000 4,996City of New York, G.O. Bonds, Fiscal 2010 Series C, 5.00% 2014 1,000 1,000City of New York, G.O. Bonds, Fiscal 2010 Series C, 5.00% 2015 1,000 1,049City of New York, G.O. Bonds, Fiscal 2011 Series B, 5.00% 2015 1,000 1,049City of New York, G.O. Bonds, Fiscal 2011 Series I-1, 5.00% 2015 1,000 1,049City of New York, G.O. Bonds, Fiscal 2011 Series I-1, 5.00% 2017 1,000 1,129City of New York, G.O. Bonds, Fiscal 2012 Series I, 5.00% 2018 1,000 1,155City of New York, G.O. Bonds, Fiscal 2014 Series A-6, 0.56% 2031 1 2,500 2,471New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2010-A, 5.00%2017 3,000 3,320Thruway Auth., General Rev. Junior Indebtedness Obligations Series 2013-A, 5.00% 2019 4,700 5,450Tobacco Settlement Fncg. Corp., Asset-Backed Rev. Bonds, Series 2013-B, 5.00% 2020 2,900 3,140Other securities 53,86279,670North Dakota 0.55%Housing Fin. Agcy., Housing Fin. Program Bonds (Home Mortgage Fin. Program), Series 2012-A,3.75% 2042 3,440 3,740Other securities 6784,418Value(000)American Funds Tax-Exempt Funds 19

American Funds Short-Term Tax-Exempt Bond FundBonds, notes & other debtPrincipal amount(000)instruments (continued)Ohio 2.25%City of Cleveland, Airport System Rev. Ref. Bonds, Series 2011-A, Assured Guaranty Municipalinsured, 5.00% 2016 $ 4,500 $ 4,784Other securities 13,12917,913Oregon 1.40%Facs. Auth., Rev. Ref. Bonds (Providence Health & Services), Series 2013-C, 1.06% 2022 (put2018) 1 3,000 3,013Other securities 8,16611,179Pennsylvania 1.86%Econ. Dev. Fncg. Auth., Unemployment Compensation Rev. Bonds, Series 2012-B, 5.00% 2021 4,000 4,528Other securities 10,29214,820Rhode Island 0.61%Health and Educational Building Corp.,Hospital Fncg. Rev. Ref. Bonds (Lifespan Obligated Group Issue), Series 2006-A, Assured GuarantyMunicipal insured, 5.00% 2016 3,000 3,210Other securities 1,6334,843Tennessee 2.21%Housing Dev. Agcy., Homeownership Program Bonds, Issue 2012-1-C, 4.50% 2037 1,255 1,401Housing Dev. Agcy., Homeownership Program Bonds, Issue 2012-2-C, 4.00% 2038 895 983Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Issue 2011-1-A, AMT, 4.50% 2031 2,215 2,381Housing Dev. Agcy., Homeownership Program Rev. Ref. Bonds, Issue 2012-1-A, AMT, 4.50% 2038 1,055 1,135Housing Dev. Agcy., Residential Fin. Program Bonds, Issue 2013-1-C, 3.00% 2038 1,845 1,948Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 2043 970 1,036Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2014-1-A, AMT, 4.00% 2039 2,000 2,166Memphis-Shelby County Airport Auth., Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.00% 2016 3,220 3,485Other securities 3,07817,613Texas 6.24%Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. BondAnticipation Notes, Series 2014-A, 3.00% 2016 8,150 8,630Houston Independent School Dist. (Harris County), Limited Tax Schoolhouse Bonds, Series 2013-B,2.00% 2037 (put 2016) 3,400 3,497Other securities 37,61549,74220 American Funds Tax-Exempt FundsValue(000)

American Funds Short-Term Tax-Exempt Bond FundPrincipal amount(000)Vermont 0.41%Student Assistance Corp., Education Loan Rev. Notes, Series 2012-B, AMT, 1.732% 2022 1 $ 3,271 $ 3,277Virginia 0.72%Commonwealth Transportation Board, Federal Transportation Grant Anticipation Rev. Notes, Series2013-A, 5.00% 2020 3,000 3,553Other securities 2,2245,777Washington 3.19%Energy Northwest, Electric Rev. Ref. Bonds (Project 1), Series 2012-A, 5.00% 2017 5,000 5,641Other securities 19,81325,454Other states & U.S. territories 13.84%Other securities 110,297Total bonds, notes & other debt instruments (cost: $668,562,000) 678,915Short-term securities 15.57%State of Arizona, Maricopa County, Pollution Control Corp., Pollution Control Rev. Ref. Bonds(Arizona Public Service Co. Palo Verde Project), Series 2009-B, JPMorgan Chase LOC, 0.07%2029 1 7,500 7,500State of California, Infrastructure and Econ. Dev. Bank, Demand Rev. Bonds (Buck Institute for AgeResearch) Series 2001, U.S. Bank LOC, 0.05% 2037 1 12,000 12,000State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2014-A, 1.50% 6/26/2015 19,000 19,239State of Louisiana, Industrial Dev. Board of the Parish of East Baton Rouge, Inc., Gulf OpportunityZone Rev. Bonds (ExxonMobil Project), Series 2010-B, 0.05% 2040 1 3,350 3,350State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (ExxonMobilProject), Series 2000, AMT, 0.06% 2030 1 1,700 1,700State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (ExxonMobilProject), Series 2001-B, AMT, 0.06% 2025 1 4,200 4,200State of Texas, Lower Neches Valley Auth., Industrial Dev. Corp. Rev. Bonds (ExxonMobil Project),Series 2011, 0.04% 20381 8,000 8,000State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2009-F, 0.05% 2030 1 2,100 2,100State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2010-B, 0.05% 2030 1 1,000 1,000State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2010-K, 0.05% 2035 1 2,700 2,700Value(000)American Funds Tax-Exempt Funds 21

American Funds Short-Term Tax-Exempt Bond FundShort-term securities (continued)This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See page 88for details on how to obtain a complete schedule of portfolio holdings.“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.Key to abbreviationsAgcy. = AgencyAMT = Alternative Minimum TaxAuth. = AuthorityCerts. of Part. = Certificates of ParticipationDept. = DepartmentDev. = DevelopmentDist. = DistrictEcon. = EconomicFac. = FacilityFacs. = FacilitiesFin. = FinanceFncg. = FinancingG.O. = General ObligationLOC = Letter of CreditPreref. = PrerefundedRedev. = RedevelopmentRef. = RefundingRev. = RevenueTECP = Tax-Exempt Commercial PaperSee Notes to Financial StatementsPrincipal amount(000)State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2011-A, 0.04% 2035 1 $ 6,445 $ 6,445State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds(Washington University), Series 1996-D, 0.04% 2030 1 5,300 5,300State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds(Washington University), Series 2003-B, 0.05% 2033 1 3,550 3,550State of Missouri, Health and Educational Facs. Auth., Demand Educational Facs. Rev. Bonds(Washington University), Series 2004-A, 0.05% 2034 1 1,745 1,745State of New York, City of New York, G.O. Bonds, Fiscal 2008 Series L, Subseries L-4, 0.06% 2038 1 2,000 2,000State of New York, City of New York, G.O. Bonds, Fiscal 2012 Series G, Subseries G-5, 0.04%2042 1 2,300 2,300State of Oregon, Full Faith and Credit Tax Anticipation Notes, Series 2014-A, 2.00% 6/15/2015 4,950 5,031State of Texas, Tax and Rev. Anticipation Notes, Series 2013, 2.00% 8/28/2014 20,000 20,029Other securities 15,940Total short-term securities (cost: $124,125,000) 124,129Total investment securities 100.72% (cost: $792,687,000) 803,044Other assets less liabilities (0.72)% (5,770)Net assets 100.00% $ 797,2741 Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be thematurity date.22 American Funds Tax-Exempt FundsValue(000)

Limited Term Tax-Exempt Bond Fund of AmericaSummary investment portfolio July 31, 2014Bonds, notes & other debtinstruments 91.02%Principal amount(000)California 11.91%Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds,Series 2006-C-1, 0.96% 2045 (put 2023) 1 $ 20,500 $ 20,259Econ. Recovery Bonds, Ref. Series 2009-A, 5.00% 2020 9,000 10,645Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System), Series 2009-D, 5.00% 2034(put 2016) 7,500 8,231City of Long Beach, Harbor Rev. Ref. Bonds, Series 1998-A, AMT, FGIC-National insured, 6.00%2016 8,430 9,267Los Angeles Unified School Dist. (County of Los Angeles), G.O. Ref. Bonds, Series 2011-A-1, 5.00%2018 7,010 8,139Port of Oakland, Rev. Ref. Bonds, Series 2012-P, AMT, 5.00% 2021 7,750 9,109Pollution Control Fncg. Auth., Solid Waste Disposal Rev. Ref. Bonds (Republic Services, Inc.Project), Series 2002-C, AMT, 5.25% 2023 (put 2017) 2 8,250 8,989Public Facs. Fncg. Auth. of the City of San Diego, Sewer Rev. Bonds, Series 2009-A, 5.00% 2017 8,500 9,585City of San Jose, Airport Rev. Bonds, Series 2007-A, AMT, AMBAC insured, 5.50% 2020 7,820 8,607Other securities 273,620366,451Connecticut 0.46%Special Tax Obligation Ref. Bonds, Transportation Infrastructure Purposes, Series 2009-1, 5.00%2019 8,550 9,936Other securities 4,34414,280District of Columbia 1.22%University Rev. Bonds (Georgetown University Issue), Series 2001-B, 4.70% 2031 (put 2018) 8,500 9,428Other securities 28,19437,622Florida 9.74%Citizens Property Insurance Corp., Coastal Account Secured Bonds, Series 2011-A-1, 5.00% 2018 2,000 2,285Citizens Property Insurance Corp., Coastal Account Secured Bonds, Series 2011-A-1, 5.00% 2019 5,000 5,800Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2009-A-1, 5.50% 2017 10,035 11,371Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2010-A-1, 5.00% 2015 5,500 5,722Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2010-A-1, 5.25% 2017 5,850 6,588Citizens Property Insurance Corp., Personal Lines Account/Commercial Lines Account SecuredBonds, Series 2012-A-1, 5.00% 2022 10,200 12,027Jacksonville Aviation Auth., Rev. Bonds, Series 2006, AMT, AMBAC insured, 5.00% 2018 7,585 8,268Miami-Dade County, Aviation Rev. Bonds, Series 2010-A, 5.00% 2021 2,250 2,599Miami-Dade County, Aviation Rev. Ref. Bonds, AMT, 5.00% 2023 945 1,095Miami-Dade County, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2020 5,750 6,718Miami-Dade County, Aviation Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2021 11,600 13,554Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds,Series 2003-E, AMT, National insured, 5.375% 2017 2,000 2,277Miami-Dade County, Miami International Airport (Hub of the Americas),Aviation Rev. Ref. Bonds, Series 2005-B, AMT, XLC Ainsured, 5.00% 2018 1,000 1,052Miami-Dade County, Miami International Airport (Hub of the Americas),Aviation Rev. Ref. Bonds, Series 2009-A, 5.75% 2022 1,500 1,790Value(000)American Funds Tax-Exempt Funds 23

Limited Term Tax-Exempt Bond Fund of AmericaBonds, notes & other debtPrincipal amount(000)instruments (continued)Florida (continued)Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds,Series 2009-B, 5.50% 2018 $ 3,580 $ 4,206Miami-Dade County, Miami International Airport (Hub of the Americas), Aviation Rev. Ref. Bonds,Series 2009-B, 5.75% 2021 2,000 2,404Putnam County Dev. Auth., Pollution Control Rev. Ref. Bonds (Seminole Electric Cooperative, Inc.Project), Series 2007-B, AMBAC insured, 5.35% 2042 (put 2018) 10,370 11,814Other securities 200,036299,606Georgia 2.71%DeKalb County Hospital Auth., Rev. Ref. Anticipation Certificates (DeKalb Medical Center, Inc.Project), Series 2010, 5.25% 2020 8,750 9,766Municipal Electric Auth., Project One Rev. Ref. Bonds, Series 2008-D, 5.75% 2019 16,000 18,830Public Gas Partners, Inc., Gas Project Rev. Ref. Bonds (Gas Supply Pool No.1), Series A, 5.00%2018 10,930 12,431Other securities 42,17783,204Hawaii 0.82%Airports System Rev. Bonds, Series 2010-B, AMT, 5.00% 2018 9,900 11,329Other securities 13,78325,112Illinois 7.98%City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-B, 5.00%2017 1,500 1,658City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2011-B, 5.00%2019 2,785 3,217City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2012-B, AMT,5.00% 2024 2,000 2,237City of Chicago, O’Hare International Airport, General Airport Rev. Bonds, Series 2013-A, AMT,5.00% 2022 3,055 3,546City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2005-B, FGIC-National insured, 5.25% 2015 1,500 1,532City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds,Series 2005-B, National insured, 5.25% 2016 1,000 1,069City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds,Series 2008-A, Assured Guaranty Municipal insured, 5.00% 2019 2,000 2,242City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds,Series 2012-A, AMT, 5.00% 2025 6,170 6,827City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2013-A, AMT,5.00% 2021 10,000 11,566City of Chicago, O’Hare International Airport, General Airport Rev. Ref. Bonds, Series 2013-A, AMT,5.00% 2023 5,000 5,749City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2012-B, AMT, 5.00% 2018 2,000 2,260City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2012-B, AMT, 5.00% 2019 2,000 2,288City of Chicago, O’Hare International Airport, Passenger Fac. Charge Rev. Ref. Bonds, Series 2013-B, AMT, 5.00% 2022 3,000 3,482Regional Transportation Auth. of Cook, DuPage, Kane, Lake, McHenry and Will Counties, G.O. Rev.Ref. Bonds, Series 2003-A, FGIC-National insured, 5.50% 2018 7,720 9,023Fin. Auth., Rev. Ref. Bonds (University of Chicago Medical Center), Series 2009-A, 5.00% 2018 7,500 8,640Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.125% 2019 6,500 7,514Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.25% 2020 6,500 7,60724 American Funds Tax-Exempt FundsValue(000)

Limited Term Tax-Exempt Bond Fund of AmericaPrincipal amountValue(000) (000)Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.375% 2021 $ 1,000 $ 1,183Railsplitter Tobacco Settlement Auth., Tobacco Settlement Rev. Bonds, Series 2010, 5.50% 2023 12,425 14,475State Toll Highway Auth., Toll Highway Priority Rev. Ref. Bonds, Series 1998-A, Assured GuarantyMunicipal insured, 5.50% 2015 9,825 10,045Other securities 139,200245,360Indiana 3.16%Fin. Auth., Private Activity Bonds (Ohio River Bridges East End Crossing Project), Series 2013-B,AMT, 5.00% 2019 10,440 11,267Indianapolis Airport Auth., Special Fac. Rev. Ref. Bonds (Federal Express Corp. Project), Series2004, AMT, 5.10% 2017 20,545 22,593Indianapolis Local Public Improvement Bond Bank Bonds (Indianapolis Airport Auth. Project), Series2006-F, AMT, AMBAC insured, 5.00% 2022 7,500 8,055Other securities 55,24797,162Kentucky 1.32%Public Transportation Infrastructure Auth., Toll Rev. Bond Anticipation Notes (Downtown CrossingProject), Series 2013-A, 5.00% 2017 8,625 9,600Other securities 31,06740,667Louisiana 1.68%Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-Backed Ref. Bonds, Series 2013-A,5.00% 2022 8,235 9,383Other securities 42,17551,558Maryland 0.65%Transportation Auth., Airport Parking Rev. Ref. Bonds (Baltimore/Washington InternationalThurgood Marshall Airport Projects), Series 2012-B, AMT, 5.00% 2020 8,150 9,378Other securities 10,45819,836Michigan 4.27%Wayne County Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series2005, AMT, National insured, 5.25% 2016 3,000 3,175Wayne County Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series2007, AMT, FGIC-National insured, 5.00% 2018 1,000 1,112Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2008-A, AMT, Assured Guaranty insured, 5.25% 2018 1,465 1,587Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2010-A, AMT, 5.00% 2017 1,615 1,809Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2010-A, AMT, 5.00% 2018 3,590 4,070Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2011-A, AMT, 5.00% 2019 1,000 1,145Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2011-A, AMT, 5.00% 2020 10,000 11,507Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2011-A, AMT, 5.00% 2021 8,240 9,480Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2011-B, 5.00% 2019 1,000 1,148Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2012-D, AMT, 5.00% 2019 3,560 4,077Other securities 92,093131,203American Funds Tax-Exempt Funds 25

Limited Term Tax-Exempt Bond Fund of AmericaBonds, notes & other debtPrincipal amount(000)instruments (continued)Nevada 2.12%Clark County, Highway Rev. (Motor Vehicle Fuel Tax) Ref. Bonds, Series 2011, 5.00% 2020 $ 12,320 $ 14,557Las Vegas Valley Water Dist., G.O. (Limited Tax) Ref. Bonds, Series 2011-C, 5.00% 2019 7,760 9,059Other securities 41,72565,341New Jersey 2.60%Transit Corp., Certs. of Part., Series 2003-A, AMBAC insured, 5.25% 2014 (escrowed to maturity) 8,000 8,050Other securities 71,85679,906New York 8.85%City of New York, G.O. Bonds, Fiscal 2008 Series J-4, 0.61% 2025 1 6,325 6,320City of New York, G.O. Bonds, Fiscal 2009 Series H-1, 5.00% 2016 2,000 2,151City of New York, G.O. Bonds, Fiscal 2011 Series B, 5.00% 2015 3,500 3,671City of New York, G.O. Bonds, Fiscal 2011 Series I-1, 5.00% 2017 5,000 5,647City of New York, G.O. Bonds, Fiscal 2012 Series I, 5.00% 2020 5,000 5,914City of New York, G.O. Bonds, Series 2013-E, 5.25% 2022 5,000 6,063City of New York, G.O. Bonds, Series 2014-G, 5.00% 2023 1,500 1,802Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-C, 5.00% 2024 5,000 6,010Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2003-B, FGIC-Nationalinsured, 5.25% 2020 5,500 6,607Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2008-C, 5.50% 2018 8,500 9,298Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-A2, 0.33% 2041 (put2016) 1 1,000 1,000Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-E, 5.00% 2020 3,250 3,856Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-A-1, 4.00% 2021 3,470 3,888Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-G-1H, 0.952% 2026(put 2016) 1 2,650 2,681Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2011-C, 5.00% 2018 1,105 1,286Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-D, 5.00% 2020 7,000 8,306Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2012-F, 5.00% 2021 1,000 1,192Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2014-A-2, 5.00% 2028 3,000 3,453Thruway Auth., Local Highway and Bridge Service Contract Rev. Ref. Bonds, Series 2009, 5.00%2017 10,000 11,171Other securities 181,904272,220South Carolina 0.65%Transportation Infrastructure Bank, Rev. Ref. Bonds, Series 2005-A, AMBAC insured, 5.25% 2018 8,000 9,356Other securities 10,76620,12226 American Funds Tax-Exempt FundsValue(000)

Limited Term Tax-Exempt Bond Fund of AmericaPrincipal amount(000)Texas 7.94%G.O. Bonds, College Student Loan Bonds, Series 2011-A, AMT, 5.00% 2019 $ 1,700 $ 1,996G.O. Bonds, Water Financial Assistance Bonds (Water Infrastructure Fund), Series 2009-A, 5.00%2019 1,000 1,161Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2020 3,640 4,170Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2020 (preref. 2018) 360 414City of Houston, Airport System Rev. Ref. Bonds, Series 2011-A, AMT, 5.00% 2019 10,000 11,594North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-E-3, 5.75% 2038 (put 2016) 9,850 10,523Other securities 214,522244,380Wisconsin 1.31%Health and Educational Facs. Auth., Rev. Ref. Bonds (Aurora Health Care, Inc.), Series 2012-A,5.00% 2021 7,765 8,775Other securities 31,62540,400Other states & U.S. territories 21.63%Other securities 665,545Total bonds, notes & other debt instruments (cost: $2,647,273,000) 2,799,975Short-term securities 8.64%State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project),Series 1993-B, 0.05% 2033 1 3,600 3,600State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (ExxonMobil Project), Series 2001,0.05% 2029 1 5,300 5,300State of Louisiana, Industrial Dev. Board of the Parish of East Baton Rouge, Inc., Gulf OpportunityZone Rev. Bonds (ExxonMobil Project), Series 2010-B, 0.05% 2040 1 5,000 5,000State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobilProject), Series 2010-A, 0.05% 2035 1 3,700 3,700State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (ExxonMobilProject), Series 2000, AMT, 0.06% 2030 1 1,100 1,100State of Wyoming, Lincoln County, Pollution Control Rev. Bonds (Exxon Project), Series 1984-C,0.05% 11/1/2014 1 4,800 4,800State of California, Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas andElectric Co.), Series 1996-C, JPMorgan Chase LOC, 0.04% 2026 1 9,900 9,900State of California, Pollution Control Fncg. Auth.,Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.),Series 1996-E, JPMorgan Chase LOC, 0.04% 2026 1 16,300 16,300State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2014-A, 1.50% 6/26/2015 25,000 25,314State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2007-A, 0.05% 2030 1 4,000 4,000State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2007-E, 0.05% 2030 1 1,700 1,700State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2009-E, 0.05% 2030 1 3,000 3,000Value(000)American Funds Tax-Exempt Funds 27

Limited Term Tax-Exempt Bond Fund of AmericaShort-term securities (continued)This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See page 88for details on how to obtain a complete schedule of portfolio holdings.“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.Key to abbreviationsAgcy. = AgencyAMT = Alternative Minimum TaxAuth. = AuthorityCerts. of Part. = Certificates of ParticipationDept. = DepartmentDev. = DevelopmentDist. = DistrictEcon. = EconomicFac. = FacilityFacs. = FacilitiesFin. = FinanceFncg. = FinancingG.O. = General ObligationLOC = Letter of CreditPreref. = PrerefundedRedev. = RedevelopmentRef. = RefundingRev. = RevenueTECP = Tax-Exempt Commercial PaperSee Notes to Financial StatementsPrincipal amount(000)State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2009-G, 0.04% 2030 1 $ 1,200 $ 1,200State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2010-G, 0.04% 2035 1 6,840 6,840State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2010-I, 0.04% 2035 1 1,300 1,300State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2010-K, 0.05% 2035 1 3,000 3,000State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2011-F, 0.05% 2035 1 2,745 2,745State of Mississippi, Jackson County, Port Fac. Rev. Ref. Bonds (Chevron U.S.A. Inc. Project),Series 1993, 0.04% 2023 1 3,900 3,900State of Wyoming, Uinta County, Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project),Series 1993, 0.04% 2020 1 3,300 3,300State of New York, City of New York, G.O. Bonds, Fiscal 1994 Series E-2, 0.06% 2020 1 3,000 3,000State of New York, City of New York, G.O. Bonds, Fiscal 2008 Series L, Subseries L-4, 0.06% 2038 1 10,800 10,800State of New York, City of New York, G.O. Bonds, Fiscal 2012 Series G, Subseries G-5, 0.04%2042 1 1,800 1,800State of North Carolina, Charlotte-Mecklenburg Hospital Auth., Carolinas HealthCare System, HealthCare Rev. Ref. Bonds, Series 2007-B, Wells Fargo Bank LOC, 0.04% 2045 1 13,695 13,695State of Texas, Tax and Rev. Anticipation Notes, Series 2013, 2.00% 8/28/2014 75,000 75,111Other securities 55,301Total short-term securities (cost: $265,694,000) 265,706Total investment securities 99.66% (cost: $2,912,967,000) 3,065,681Other assets less liabilities 0.34% 10,545Net assets 100.00% $ 3,076,2261 Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be thematurity date.2 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactionsexempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was$12,242,000, which represented .40% of the net assets of the fund.28 American Funds Tax-Exempt FundsValue(000)

The Tax-Exempt Bond Fund of AmericaSummary investment portfolio July 31, 2014Bonds, notes & other debtinstruments 89.87%Principal amount(000)Arizona 2.99%Health Facs. Auth., Rev. Bonds (Banner Health), Series 2007-B, 0.967% 2037 1 $ 22,200 $ 19,279Other securities 259,770279,049California 11.57%Econ. Recovery Bonds, Ref. Series 2009-A, 5.25% 2021 17,750 21,116Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds, Series 2013-A, 6.00%2053 24,000 27,483City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50%2041 19,600 22,608Airport Commission, City and County of San Francisco, San Francisco International Airport, SecondSeries Rev. Bonds, Series 2009-E, 5.25% 2032 16,500 18,834Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-backed Rev. Ref.Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 5.125% 2046 25,440 19,205Turlock Irrigation Dist., Rev. Ref. Bonds, Series 2011, 5.50% 2041 17,990 20,152Other securities 949,4901,078,888Colorado 2.68%Health Facs. Auth., Health Facs. Rev. Ref. Bonds (Evangelical Lutheran Good Samaritan SocietyProject), Series 2012, 5.00% 2042 26,000 26,988Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project),Series 2010, 6.00% 2041 23,765 26,348Other securities 196,668250,004Florida 7.91%Citizens Property Insurance Corp., High-Risk Account Secured Bonds, Series 2009-A-1, 6.00% 2017 20,000 22,931Orlando-Orange County Expressway Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2035 27,350 29,888Other securities 684,456737,275Georgia 3.30%City of Atlanta, Water and Wastewater Rev. Ref. Bonds, Series 1999-A, FGIC-National insured,5.50% 2022 20,500 24,182Dev. Auth. of Burke County,Pollution Control Rev. Bonds (Oglethorpe Power Corp. Vogtle Project), Series 2008-E, 7.00%2023 19,670 22,927Municipal Electric Auth., Project One Rev. Ref. Bonds, Series 2008-D, 5.75% 2019 23,000 27,068Other securities 233,476307,653Hawaii 0.27%Pacific Health Obligated Group, Special Purpose Rev. Bonds (Dept. of Budget and Fin.), Series2013-A, 5.50% 2043 17,000 18,957Other securities 6,01024,967Illinois 8.90%Fin. Auth., Student Housing Rev. Ref. Bonds (CHF-DeKalb II, L.L.C. – Northern Illinois UniversityProject), Series 2011, 6.875% 2043 27,500 31,750State Toll Highway Auth., Toll Highway Priority Rev. Bonds, Series 2006-A-1, Assured GuarantyMunicipal insured, 5.00% 2024 5,000 5,398State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2008-B, 5.50% 2033 18,210 20,206State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2027 1,305 1,501State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2028 1,000 1,138State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2029 3,000 3,399Value(000)American Funds Tax-Exempt Funds 29

The Tax-Exempt Bond Fund of AmericaBonds, notes & other debtPrincipal amount(000)instruments (continued)Illinois (continued)State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2030 $ 7,100 $ 7,989State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2032 1,000 1,111State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2033 2,200 2,429State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2013-A, 5.00% 2038 28,250 30,767State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-B, 5.00% 2038 2,500 2,745State Toll Highway Auth., Toll Highway Rev. Bonds, Series 2014-B, 5.00% 2039 3,000 3,289State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 4.50% 2027 6,000 6,479State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 5.00% 2025 10,000 11,289State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 5.00% 2028 10,000 11,098State Toll Highway Auth., Toll Highway Rev. Ref. Bonds, Series 2010-A-1, 5.00% 2031 4,000 4,417Other securities 684,873829,878Indiana 2.25%Fin. Auth., Midwestern Disaster Relief Rev. Bonds (Ohio Valley Electric Corp. Project), Series 2012-A, 5.00% 2039 18,415 18,815Other securities 190,726209,541Iowa 0.45%Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013,5.00% 2019 23,000 24,235Other securities 17,95842,193Kentucky 0.49%Public Transportation Infrastructure Auth., Toll Rev. Bonds (Downtown Crossing Project), Series2013-A, 6.00% 2053 18,020 20,374Other securities 25,05245,426Louisiana 2.04%Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (WestlakeChemical Corp. Projects), Series 2007, 6.75% 2032 24,360 27,135Other securities 162,725189,860Massachusetts 2.46%Dev. Fin. Agcy., Rev. Bonds (Boston University Issue), Series 2013-X, 5.00% 2048 17,500 18,926Other securities 210,268229,194Michigan 3.38%Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds,Series 2007-A, 6.00% 2048 43,205 34,108Other securities 280,674314,782Nevada 2.00%Clark County, Airport System Rev. Bonds, Series 2010-B, 5.125% 2036 18,000 19,436Other securities 167,066186,502New Hampshire 0.38%Business Fin. Auth., Rev. Bonds (Elliot Hospital Obligated Group Issue),Series 2009-A, 6.125% 2039 18,115 19,518Other securities 15,67335,19130 American Funds Tax-Exempt FundsValue(000)

The Tax-Exempt Bond Fund of AmericaPrincipal amount(000)New Jersey 2.30%Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Series 2007-1-A, 5.00% 2041 $ 38,100 $ 28,343Transit Corp., Certs. of Part., Series 2005-A, FGIC-National insured, 5.00% 2018 (preref. 2015) 7,750 8,166Transit Corp., Certs. of Part., Series 2005-A, FGIC-National insured, 5.00% 2021 (preref. 2015) 5,000 5,269Transportation Trust Fund Auth., Transportation System Bonds (Capital Appreciation Bonds),Series 2010-A, 0% 2030 10,000 4,652Transportation Trust Fund Auth., Transportation System Bonds,Series 2004-A, FGIC-National insured, 5.75% 2025 5,000 6,075Transportation Trust Fund Auth., Transportation System Bonds,Series 2005-D, 5.00% 2020 (preref. 2015) 4,000 4,170Transportation Trust Fund Auth., Transportation System Bonds,Series 2008-A, 6.00% 2038 3,255 3,796Transportation Trust Fund Auth., Transportation System Bonds,Series 2008-A, 6.00% 2038 (preref. 2018) 1,745 2,124Transportation Trust Fund Auth., Transportation System Bonds,Series 2011-B, 5.50% 2031 2,000 2,285Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Current Interest Bonds,Series 2006-A, 5.25% 2020 10,000 11,684Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Current Interest Bonds,Series 2006-A, 5.25% 2021 10,000 11,568Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Current Interest Bonds,Series 2006-A, 5.25% 2022 20,000 23,216Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds,Series 2005-B, AMBAC insured, 5.25% 2023 8,000 9,297Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds,Series 2013-A, 5.00% 2020 1,000 1,149Transportation Trust Fund Auth., Transportation System Rev. Ref. Bonds, Current Interest Bonds,Series 2012-A, 5.00% 2042 2,240 2,364Other securities 90,602214,760New York 5.57%Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project),Series 2010, 6.375% 2049 21,000 23,173Seneca Nation of Indians, Rev. Bonds, Series A, 5.00% 2023 2 18,900 19,814Other securities 476,192519,179Ohio 4.00%Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project),Series 2009-C, 5.625% 2018 17,200 19,223Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, ConvertibleCapital Appreciation Bonds, Series 2007-A-3, 6.25% 2037 5,000 4,160Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, CurrentInterest Bonds, Series 2007-A-2, 5.875% 2030 38,990 31,740Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, CurrentInterest Bonds, Series 2007-A-2, 5.875% 2047 35,790 27,999Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, CurrentInterest Bonds, Series 2007-A-2, 6.50% 2047 51,125 43,131Other securities 247,107373,360South Carolina 1.35%Building Equity Sooner for Tomorrow (BEST), Installment Purchase Rev. Ref. Bonds (School Dist. ofGreenville County, South Carolina Project), Series 2006, 5.00% 2023 19,845 21,707Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2008-A, 5.50% 2038 20,000 22,570Other securities 81,925126,202Value(000)American Funds Tax-Exempt Funds 31

The Tax-Exempt Bond Fund of AmericaBonds, notes & other debtPrincipal amount(000)instruments (continued)Texas 9.32%Bexar County Hospital Dist., Combination Tax and Rev. Certificates of Obligation, Series 2008,5.00% 2032 $ 20,500 $ 22,590G.O. Bonds, Water Financial Assistance Bonds (Water Infrastructure Fund),Series 2009-A, 5.00% 2028 1,500 1,702G.O. Bonds, Water Financial Assistance Bonds (Water Infrastructure Fund),Series 2011-A, 5.00% 2021 1,400 1,696G.O. Bonds, Water Financial Assistance Bonds (Water Infrastructure Fund),Series 2013-B, 5.00% 2026 1,600 1,918Public Fin. Auth., G.O. Bonds, Series 2007, 5.00% 2024 1,525 1,718Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2017 2,050 2,297Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2017 (escrowed tomaturity) 200 224Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2021 11,420 13,059Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2021 (preref. 2018) 1,125 1,295Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2028 6,375 7,134Transportation Commission, G.O. Mobility Fund Bonds, Series 2008, 5.00% 2028 (preref. 2018) 625 720Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Bonds,Series 2013-B, 5.00% 2053 24,800 26,519North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds,Series 2008-A, 5.50% 2018 1,000 1,136North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds,Series 2008-A, 5.625% 2033 15,100 16,811North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds,Series 2008-A, 6.00% 2021 3,760 4,287North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds,Series 2008-A, 6.00% 2023 12,570 14,332North Texas Tollway Auth., System Rev. Ref. Bonds, Current Interest Bonds,Series 2008-A, 6.00% 2025 5,000 5,662North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-E-3, 5.75% 2038 (put 2016) 2,150 2,297North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-F, 5.75% 2033 11,000 12,269North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2008-F, 5.75% 2038 8,500 9,454North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.00% 2028 16,000 18,763North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.10% 2028 5,000 5,857North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2009-A, 6.25% 2039 5,000 5,794North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2010, 6.00% 2034 1,500 1,752North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2010, 6.00% 2038 5,000 5,780North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2011-A, 0.86% 2050 (put 2019) 1 3,600 3,595North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2011-B, 5.00% 2038 8,000 8,502North Texas Tollway Auth., System Rev. Ref. Bonds, Series 2012-C, 1.95% 2038 (put 2019) 8,600 8,644Other securities 663,623869,430Washington 3.04%Energy Northwest, Electric Rev. Ref. Bonds (Project 1), Series 2012-A, 5.00% 2017 17,000 19,178Health Care Facs. Auth., Rev. Ref. Bonds (Virginia Mason Medical Center),Series 2007-A, 6.125% 2037 18,500 19,436Other securities 245,257283,871Wisconsin 1.95%General Fund Annual Appropriation Rev. Ref. Bonds, Series 2009-A, 6.00% 2036 52,960 62,553Other securities 119,737182,290Other states & U.S. territories 11.27%Other securities 1,051,976Total bonds, notes & other debt instruments(cost: $7,869,514,000) 8,381,47132 American Funds Tax-Exempt FundsValue(000)

The Tax-Exempt Bond Fund of AmericaShort-term securities 9.47%Principal amount(000)State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project),Series 1993-A, 0.05% 2033 1 $ 3,500 $ 3,500State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project),Series 1993-B, 0.05% 2033 1 9,000 9,000State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project),Series 1993-C, 0.05% 2033 1 13,100 13,100State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (ExxonMobil Project), Series 2001,0.05% 2029 1 7,600 7,600State of Louisiana, Industrial Dev. Board of the Parish of East Baton Rouge, Inc., Gulf OpportunityZone Rev. Bonds (ExxonMobil Project), Series 2010-B, 0.05% 2040 1 4,550 4,550State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (Exxon Project),Series 1989, 0.04% 2019 1 7,020 7,020State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobilProject), Series 2010-A, 0.05% 2035 1 5,200 5,200State of Texas, Lower Neches Valley Auth., Industrial Dev. Corp. Rev. Bonds (ExxonMobil Project),Series 2011, 0.04% 2038 1 21,800 21,800State of Wyoming, Sublette County, Pollution Control Rev. Bonds (Exxon Project), Series 1984,0.04% 11/1/2014 1 9,500 9,500State of California, County of Ventura, 2014-15 Tax and Rev. Anticipation Notes 1.50% 2015 20,000 20,252State of California, County of Los Angeles, 2014-15 Tax and Rev. Anticipation Notes, 1.50% 2015 22,670 22,961State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2014-A, 1.50% 6/26/2015 56,000 56,704State of Massachusetts, Health and Educational Facs. Auth., Demand Rev. Bonds (Dana FarberCancer Institute Issue), Series 2008-L1, JPMorgan Chase LOC, 0.04% 2046 1 20,000 20,000State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2007-A, 0.05% 2030 1 18,800 18,800State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2007-B, 0.05% 2030 1 20,200 20,200State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2007-E, 0.05% 2030 1 22,100 22,100State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2009-A, 0.05% 2030 1 12,400 12,400State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2009-F, 0.05% 2030 1 4,000 4,000State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2009-G, 0.04% 2030 1 2,300 2,300State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2010-G, 0.04% 2035 1 2,400 2,400State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2010-H, 0.05% 2035 1 1,100 1,100Value(000)American Funds Tax-Exempt Funds 33

The Tax-Exempt Bond Fund of AmericaShort-term securities (continued)This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See page 88for details on how to obtain a complete schedule of portfolio holdings.“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.Key to abbreviationsAgcy. = AgencyAuth. = AuthorityCerts. of Part. = Certificates of ParticipationDept. = DepartmentDev. = DevelopmentDist. = DistrictEcon. = EconomicFac. = FacilityFacs. = FacilitiesFin. = FinanceFncg. = FinancingG.O. = General ObligationLOC = Letter of CreditPreref. = PrerefundedRedev. = RedevelopmentRef. = RefundingRev. = RevenueTECP = Tax-Exempt Commercial PaperSee Notes to Financial StatementsPrincipalamount(000)State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2010-K, 0.05% 2035 1 $ 14,100 $ 14,100State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2010-L, 0.04% 2035 1 1,275 1,275State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2010-L, 0.05% 2035 1 1,780 1,780State of Mississippi, Jackson County, Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc.Project), Series 1992, 0.05% 2016 1 1,200 1,200State of Mississippi, Jackson County, Port Fac.Rev. Ref. Bonds (Chevron U.S.A. Inc. Project),Series 1993, 0.04% 2023 1 5,430 5,430State of Wyoming, Uinta County, Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project),Series 1993, 0.04% 2020 1 19,520 19,520State of New Jersey, Transportation Trust Fund Auth., Transportation System Bonds, Series 2009-C, 0.06% 2032 1 6,250 6,250State of New York, City of New York, G.O. Bonds, Fiscal 1993 Series A-7, JPMorgan Chase LOC,0.06% 2020 1 5,500 5,500State of New York, City of New York, G.O. Bonds, Fiscal 1999 Series B-2, JPMorgan Chase LOC,0.05% 2023 1 1,550 1,550State of New York, City of New York, G.O. Bonds, Fiscal 2008 Series L, Subseries L-4, 0.06% 2038 1 12,000 12,000State of New York, City of New York, G.O. Bonds, Fiscal 2012 Series G, Subseries G-5, 0.04%2042 1 3,000 3,000State of Texas, Tax and Rev. Anticipation Notes, Series 2013, 2.00% 8/28/2014 225,000 225,333Other securities 301,254Total short-term securities (cost: $882,640,000) 882,679Total investment securities 99.34% (cost: $8,752,154,000) 9,264,150Other assets less liabilities 0.66% 61,625Net assets 100.00% $ 9,325,7751 Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be thematurity date.2 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactionsexempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was$113,731,000, which represented 1.22% of the net assets of the fund.34 American Funds Tax-Exempt FundsValue(000)

American High-Income Municipal Bond FundSummary investment portfolio July 31, 2014Bonds, notes & other debt instruments 91.25%Principal amount(000)Arizona 2.62%Industrial Dev. Auth. of the County of Pima, Water and Wastewater Rev. Bonds (Global WaterResources, LLC Project), Series 2007, AMT, 6.55% 2037 $ 17,000 $ 17,244Industrial Dev. Auth. of the County of Pima, Water and Wastewater Rev. Bonds (Global WaterResources, LLC Project), Series 2008, AMT, 7.50% 2038 10,000 10,485Other securities 51,84679,575California 14.00%Morongo Band of Mission Indians, Enterprise Rev. Ref. Bonds, Series 2008-B, 6.50% 2028 9,750 10,602City of San Buenaventura, Rev. Bonds (Community Memorial Health System), Series 2011, 7.50%2041 12,750 14,707Redev. Agcy. of the City of San Jose, Tax Allocation Ref. Bonds (Merged Area Redev. Project),Series 2006-C, National insured, 3.75% 2028 11,545 11,182Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-backed Rev. Ref.Bonds (San Diego County Tobacco Asset Securitization Corp.), Series 2006-A, 5.125% 2046 14,375 10,852Other securities 377,318424,661Colorado 4.93%City and County of Denver, Dept. of Aviation, Special Facs. Airport Rev. Ref. Bonds (United AirLines Project), Series 2007-A, AMT, 5.25% 2032 18,000 18,385City and County of Denver, Dept. of Aviation, Special Facs. Airport Rev. Ref. Bonds (United AirLines Project), Series 2007-A, AMT, 5.75% 2032 2,905 3,010Health Facs. Auth., Health Care Facs. Rev. Bonds (American Baptist Homes of the MidwestObligated Group), Series 2013, 8.00% 2043 11,000 12,766Health Facs. Auth., Rev. Bonds (Covenant Retirement Communities, Inc.), Series 2005, 5.00% 2035 17,050 17,163Regional Transportation Dist., Private Activity Bonds (Denver Transit Partners Eagle P3 Project),Series 2010, 6.00% 2041 14,800 16,408Other securities 81,900149,632Florida 7.35%Lee County Industrial Dev. Auth., Healthcare Facs. Rev. Ref. Bonds (Shell Point/Alliance ObligatedGroup, Shell Point Village/Alliance Community Project), Series 2007, 5.00% 2029 13,425 13,567Lee County, Airport Rev. Ref. Bonds, Series 2011-A, AMT, 5.375% 2032 9,935 10,836Seminole Tribe of Florida, Series A, 5.25% 2027 1 10,000 10,674Other securities 187,974223,051Illinois 6.20%Fin. Auth., Rev. Ref. Bonds (OSF Healthcare System), Series 2010-A, 6.00% 2039 8,935 10,021Fin. Auth., Rev. Ref. Bonds (Provena Health), Series 2009-A, 7.75% 2034 9,800 12,119Fin. Auth., Student Housing Rev. Ref. Bonds (CHF-DeKalb II, L.L.C. – Northern Illinois UniversityProject), Series 2011, 6.875% 2043 11,500 13,277Southwestern Illinois Dev. Auth., Health Fac. Rev. Bonds (Memorial Group, Inc.), Series 2013,7.625% 2048 11,000 12,229Other securities 140,379188,025Iowa 1.02%Fin. Auth., Midwestern Disaster Area Rev. Ref. Bonds (Iowa Fertilizer Co. Project), Series 2013,5.25% 2025 12,750 13,488Other securities 17,33030,818Value(000)American Funds Tax-Exempt Funds 35

American High-Income Municipal Bond FundBonds, notes & other debt instruments (continued)Principal amount(000)Louisiana 1.58%Local Government Environmental Facs. and Community Dev. Auth., Rev. Bonds (WestlakeChemical Corp. Projects), Series 2007, 6.75% 2032 $ 9,500 $ 10,582Other securities 37,19547,777Massachusetts 1.38%Dev. Fin. Agcy., Resource Recovery Rev. Ref. Bonds (Covanta Energy Project), Series 2012-C,AMT, 5.25% 2042 9,250 9,368Other securities 32,61241,980Michigan 5.25%Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Bonds, Current Interest Bonds,Series 2007-A, 6.00% 2048 36,850 29,091Tobacco Settlement Fin. Auth., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Current InterestBonds, Series 2008-A, 6.875% 2042 5,440 5,036Wayne County Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series2005, AMT, National insured, 5.00% 2034 11,000 11,403Wayne County Airport Auth., Airport Rev. Bonds (Detroit Metropolitan Wayne County Airport), Series2012-B, AMT, 5.00% 2037 2,000 2,054Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2011-A, AMT, 5.00% 2020 5,000 5,754Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2011-A, AMT, 5.00% 2022 2,000 2,264Wayne County Airport Auth., Airport Rev. Ref. Bonds (Detroit Metropolitan Wayne County Airport),Series 2012-D, AMT, 5.00% 2028 12,000 12,847Other securities 90,841159,290Missouri 1.76%Industrial Dev. Auth. of the City of Lee’s Summit, Senior Living Facs. Rev. Ref. Bonds (John KnoxVillage Obligated Group), Series 2014-A, 5.25% 2039 9,500 9,369Other securities 43,87053,239New Jersey 3.77%Econ. Dev. Auth., Energy Fac. Rev. Bonds (ACR Energy Partners, LLC Project), Series 2011-A,AMT, 10.50% 2032 1 13,000 9,587Econ. Dev. Auth., Private Activity Bonds (Goethals Bridge Replacement Project), Series 2013, AMT,5.375% 2043 9,225 9,823Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT,5.125% 2023 4,500 4,719Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 1999, AMT,5.25% 2029 17,000 17,583Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2000-B, AMT,5.625% 2030 1,750 1,866Econ. Dev. Auth., Special Fac. Rev. Bonds (Continental Airlines, Inc. Project), Series 2003, AMT,5.50% 2033 3,500 3,684Econ. Dev. Auth., Special Fac. Rev. Ref. Bonds (Continental Airlines, Inc. Project), Series 2012,AMT, 5.75% 2027 4,500 4,780Tobacco Settlement Fncg. Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds, Series 2007-1-A, 5.00% 2041 23,355 17,374Other securities 44,922114,33836 American Funds Tax-Exempt FundsValue(000)

American High-Income Municipal Bond FundPrincipal amount(000)New York 3.44%Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project),Series 2010, 6.375% 2049 $ 13,360 $ 14,743New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (American Airlines, Inc. John F.Kennedy International Airport Project), Series 2005, AMT, 7.625% 2025 15,200 16,700New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (American Airlines, Inc. John F.Kennedy International Airport Project), Series 2005, AMT, 7.75% 2031 3,130 3,458New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (American Airlines, Inc. John F.Kennedy International Airport Project), Series 2005, AMT, 8.00% 2028 2,000 2,212Other securities 67,128104,241Ohio 4.27%Air Quality Dev. Auth., Pollution Control Rev. Ref. Bonds (FirstEnergy Generation Corp. Project),Series 2009-C, 5.625% 2018 8,580 9,589Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, CurrentInterest Bonds, Series 2007-A-2, 5.875% 2030 13,000 10,583Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, CurrentInterest Bonds, Series 2007-A-2, 5.875% 2047 18,405 14,398Buckeye Tobacco Settlement Fncg. Auth., Tobacco Settlement Asset-backed Bonds, CurrentInterest Bonds, Series 2007-A-2, 6.50% 2047 23,500 19,826County of Gallia, Hospital Facs. Rev. Ref. and Improvement Bonds (Holzer Health System ObligatedGroup Project), Series 2012-A, 8.00% 2042 11,000 12,086Other securities 62,961129,443Oklahoma 0.88%Trustees of the Tulsa Municipal Airport Trust, American Airlines Inc. Rev. Ref. Bonds, Series 2001-B, AMT, 5.50% 2035 16,250 16,841Trustees of the Tulsa Municipal Airport Trust, American Airlines Inc. Rev. Ref. Bonds, Series 2013-B, AMT, 5.50% 2035 120 124Other securities 9,73926,704Oregon 0.51%Cow Creek Band of Umpqua Tribe of Indians, Tax Rev. Bonds, Series 2006-C, 5.625% 2026 9,915 9,833Other securities 5,72615,559Pennsylvania 2.97%Hospitals and Higher Education Facs. Auth. of Philadelphia, Hospital Rev. Bonds (Temple UniversityHealth System Obligated Group), Series 2012-A, 5.625% 2042 13,045 13,240Other securities 76,69989,939Puerto Rico 3.29%Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.25% 2042 25,565 17,490Public Improvement Ref. Bonds (G.O. Bonds), Series 2006-A, 5.00% 2023 2,000 1,538Public Improvement Ref. Bonds (G.O. Bonds), Series 2012-A, 5.00% 2041 17,895 12,693Public Improvement Ref. Bonds (G.O. Bonds), Series 2012-A, 5.50% 2039 4,070 3,014Public Improvement Ref. Bonds (G.O. Bonds), Series 2014-A, 8.00% 2035 14,850 13,391Other securities 51,58199,707Value(000)American Funds Tax-Exempt Funds 37

American High-Income Municipal Bond FundBonds, notes & other debt instruments (continued)Principal amount(000)Texas 6.46%Brazos River Harbor Navigation Dist. of Brazoria County, Environmental Facs. Rev. Ref. Bonds(Dow Chemical Co. Project), Series 2002-A-4, AMT, 5.95% 2033 $ 13,545 $ 14,814Cities of Dallas and Fort Worth, Dallas/Fort Worth International Airport, Joint Rev. ImprovementBonds, Series 2012-D, AMT, 5.00% 2042 9,000 9,397City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. AirportImprovement Projects), Series 1997-C, AMT, 6.125% 2027 1,000 1,003City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. TerminalImprovement Projects), Series 2011, AMT, 6.50% 2030 9,300 10,405City of Houston, Airport System Special Facs. Rev. Bonds (Continental Airlines, Inc. TerminalImprovement Projects), Series 2011, AMT, 6.625% 2038 3,000 3,348City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal EProject), Series 2014, AMT, 4.75% 2024 3,000 3,098City of Houston, Airport System Special Facs. Rev. Ref. Bonds (United Airlines, Inc. Terminal EProject), Series 2014, AMT, 5.00% 2029 5,000 5,066Sanger Texas Industrial Dev. Corp., Industrial Dev. Rev. Ref. Bonds (Texas Pellets Project), Series2012-B, AMT, 8.00% 2038 14,250 15,375Other securities 133,483195,989Washington 1.27%Housing Fin. Commission, Nonprofit Housing Rev. Ref. Bonds (Rockwood Retirement Project),Series 2014-A, 7.50% 2049 1 9,090 9,890Other securities 28,66938,559Other states & U.S. territories 18.30%Other securities 554,800Total bonds, notes & other debt instruments (cost: $2,644,997,000) 2,767,327Short-term securities 7.96%State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (Exxon Pipeline Co. Project),Series 1993-A, 0.05% 2033 2 7,740 7,740State of Alaska, City of Valdez, Marine Terminal Rev. Ref. Bonds (ExxonMobil Project), Series 2001,0.05% 2029 2 1,200 1,200State of Illinois, Will County, Environmental Facs. Rev. Bonds (ExxonMobil Project), Series 2001,AMT, 0.06% 2026 2 1,400 1,400State of Illinois, Will County, Exempt Facs. Rev. Ref. Bonds (Exxon Project), Series 2001, AMT,0.06% 2026 2 6,500 6,500State of Louisiana, Industrial Dev. Board of the Parish of East Baton Rouge, Inc., Gulf OpportunityZone Rev. Bonds (ExxonMobil Project), Series 2010-B, 0.05% 2040 2 5,100 5,100State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (Exxon Project),Series 1989, 0.04% 2019 2 1,750 1,750State of Louisiana, Parish of East Baton Rouge, Pollution Control Rev. Ref. Bonds (ExxonMobilProject), Series 2010-A, 0.05% 2035 2 1,800 1,800State of Louisiana, Parish of St. Bernard, Exempt Fac. Rev. Bonds (Mobil Oil Corp. Project), Series1996, AMT, 0.06% 2026 2 3,800 3,800State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (ExxonMobilProject), Series 2000, AMT, 0.06% 2030 2 2,000 2,000State of Texas, Gulf Coast Waste Disposal Auth., Environmental Facs. Rev. Bonds (ExxonMobilProject), Series 2001-B, AMT, 0.06% 2025 2 2,000 2,00038 American Funds Tax-Exempt FundsValue(000)

American High-Income Municipal Bond FundThis summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See page 88for details on how to obtain a complete schedule of portfolio holdings.“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.Principal amount(000)State of Texas, Lower Neches Valley Auth., Industrial Dev. Corp. Rev. Bonds (ExxonMobil Project),Series 2011, 0.04% 2038 2 $ 5,000 $ 5,000State of Texas, Lower Neches Valley Auth., Industrial Dev. Corp. Rev. Bonds (ExxonMobil Project),Series 2011, 0.04% 2051 2 7,950 7,950State of Wyoming, Lincoln County, Pollution Control Rev. Bonds (Exxon Project), Series 1987-A,AMT, 0.04% 2017 2 2,000 2,000State of Wyoming, Lincoln County, Pollution Control Rev. Bonds (Exxon Project), Series 1987-B,AMT, 0.04% 2017 2 3,900 3,900State of Wyoming, Lincoln County, Pollution Control Rev. Bonds (Exxon Project), Series 1987-C,AMT, 0.04% 2017 2 3,400 3,400State of Colorado, General Fund Tax and Rev. Anticipation Notes, Series 2014-A, 1.50% 6/26/2015 25,000 25,315State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2007-A, 0.05% 2030 2 1,000 1,000State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2009-E, 0.05% 2030 2 9,000 9,000State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2009-F, 0.05% 2030 2 2,780 2,780State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2009-G, 0.04% 2030 2 1,200 1,200State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2010-I, 0.04% 2035 2 5,580 5,580State of Mississippi, Business Fin. Corp., Gulf Opportunity Zone Industrial Dev. Rev. Bonds(Chevron U.S.A. Inc. Project), Series 2014-B, 0.05% 2035 2 5,870 5,870State of Mississippi, Jackson County, Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc.Project), Series 1992, 0.05% 2016 2 3,105 3,105State of Wyoming, Uinta County, Pollution Control Rev. Ref. Bonds (Chevron U.S.A. Inc. Project),Series 1993, 0.04% 2020 2 5,600 5,600State of Texas, Tax and Rev. Anticipation Notes, Series 2013, 2.00% 8/28/2014 30,000 30,044Other securities 96,249Total short-term securities (cost: $241,277,000) 241,283Total investment securities 99.21% (cost: $2,886,274,000) 3,008,610Other assets less liabilities 0.79% 24,020Net assets 100.00% $ 3,032,6301 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactionsexempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was$138,978,000, which represented 4.58% of the net assets of the fund.2 Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be thematurity date.Value(000)Key to abbreviationsAgcy. = AgencyAMT = Alternative Minimum TaxAuth. = AuthorityCerts. of Part. = Certificates of ParticipationDept. = DepartmentDev. = DevelopmentDist. = DistrictEcon. = EconomicFac. = FacilityFacs. = FacilitiesFin. = FinanceFncg. = FinancingG.O. = General ObligationLOC = Letter of CreditPreref. = PrerefundedRedev. = RedevelopmentRef. = RefundingRev. = RevenueTECP = Tax-Exempt Commercial Paper

See Notes to Financial StatementsAmerican Funds Tax-Exempt Funds 39

The Tax-Exempt Fund of CaliforniaSummary investment portfolio July 31, 2014Bonds, notes & other debt instruments 91.82%Principal amount(000)California 88.09%State issuers 33.99%Educational Facs. Auth., Rev. Ref. Bonds (California Lutheran University),Series 2008, 5.75% 2038 $ 6,000 $ 6,766Educational Facs. Auth., Rev. Ref. Bonds (Chapman University),Series 2011,5.00% 2031 8,615 9,396G.O. Bonds, Series 2013-E, 0.939% 2029 1 1,500 1,515Various Purpose G.O. Bonds, 5.00% 2038 3,000 3,306Various Purpose G.O. Bonds, 5.25% 2028 2,000 2,341Various Purpose G.O. Bonds, 5.25% 2028 5,000 5,860Various Purpose G.O. Bonds, 6.00% 2038 7,000 8,247Various Purpose G.O. Bonds, 6.00% 2039 2,000 2,402Various Purpose G.O. Bonds, 6.50% 2033 5,000 6,089Various Purpose G.O. Ref. Bonds, 5.25% 2030 2,000 2,311Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-backed Rev. Ref. Bonds,Series 2007-A-1, 5.75% 2047 11,725 9,434Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West),Series 2008-G, 5.50% 2025 3,500 3,980Health Facs. Fncg. Auth., Rev. Bonds (Catholic Healthcare West),Series 2009-A, 6.00% 2029 1,500 1,724Health Facs. Fncg. Auth., Rev. Ref. Bonds (Catholic Healthcare West),Series 2011-A, 5.25% 2041 2,000 2,136Statewide Communities Dev. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2008-B,5.50% 2030 970 1,061Statewide Communities Dev. Auth., Rev. Ref. Bonds (Catholic Healthcare West), Series 2008-D,5.50% 2031 6,090 6,656Health Facs. Fncg. Auth., Rev. Bonds (Rady Children’s Hospital - San Diego),Series 2011, 5.25% 2041 5,000 5,535Health Facs. Fncg. Auth., Rev. Ref. Bonds (Cedars-Sinai Medical Center),Series 2005, 5.00% 2027 12,750 13,383Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System),Series 2009-D, 5.00% 2034 (put 2016) 5,000 5,487Health Facs. Fncg. Auth., Rev. Ref. Bonds (St. Joseph Health System),Series 2013-C, 5.00% 2043 (put 2019) 2,000 2,355Health Facs. Fncg. Auth., Rev. Ref. Bonds (Stanford Hospital and Clinics),Series 2010-B, 5.25% 2031 8,000 9,036Imperial Irrigation Dist., Electric System Rev. Ref. Bonds,Series 2008-A, 5.00% 2033 11,500 12,558Imperial Irrigation Dist., Electric System Rev. Ref. Bonds,Series 2008-A, 5.25% 2024 2,000 2,285Imperial Irrigation Dist., Electric System Rev. Ref. Bonds,Series 2008-A, 5.25% 2025 2,000 2,276Municipal Fin. Auth., Certs. of Part. (Community Hospitals of Central CaliforniaObligated Group), 5.25% 2037 5,500 5,600Municipal Fin. Auth., Rev. Ref. Bonds (Azusa Pacific University Project),Series 2011-B, 8.00% 2041 2 8,550 10,089Northern California Power Agcy., Geothermal Project Number 3 Rev. Bonds,Series 2009-A, 5.50% 2022 1,000 1,190Northern California Power Agcy., Hydroelectric Project Number One Rev. Ref. Bonds, Series 2010-A, 5.00% 2023 3,680 4,129Northern California Power Agcy., Hydroelectric Project Number One Rev. Ref. Bonds, Series 2012-A, 5.00% 2029 1,570 1,774Northern California Power Agcy., Hydroelectric Project Number One Rev. Ref. Bonds, Series 2012-A, 5.00% 2030 1,000 1,123Northern California Power Agcy., Lodi Energy Center Rev. Bonds, Issue One,Series 2010-A, 5.00% 2020 2,010 2,391Northern California Power Agcy., Lodi Energy Center Rev. Bonds, Issue One,Series 2010-A, 5.00% 2025 6,000 6,760Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.),Series 2004-C, AMT, AMBAC-FGIC insured, 4.75% 2023 5,000 5,377Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.),Series 2004-D, AMT, FGIC insured, 4.75% 2023 1,000 1,075Pollution Control Fncg. Auth., Water Furnishing Rev. Bonds (Poseidon Resources (Channelside) LPDesalination Project), Series 2012 Plant Bonds, AMT, 5.00% 2045 2 7,000 7,19840 American Funds Tax-Exempt FundsValue(000)

The Tax-Exempt Fund of CaliforniaPrincipal amount(000)Public Works Board, Lease Rev. Bonds (Regents of the University of California,Various University of California Projects), Series 2009-E, 5.00% 2024 (preref. 2019) $ 2,500 $ 2,940Public Works Board, Lease Rev. Bonds (Regents of the University of California,Various University of California Projects), Series 2009-E, 5.00% 2034 (preref.2019) 1,500 1,764Regents of the University of California, Limited Project Rev. Bonds,Series 2007-D, FGIC-National insured, 5.00% 2037 5,000 5,379Regents of the University of California, Medical Center Pooled Rev. Ref. Bonds, Series 2007-C-2,National insured, 0.82% 2037 1 5,000 3,937Regents of the University of California, Medical Center Pooled Rev. Ref. Bonds,Series 2007-C-2, National insured, 0.89% 2043 1 8,000 5,958Southern California Public Power Auth., Transmission Project Rev. Ref. Bonds(Southern Transmission Project), Series 2008-A, 5.00% 2022 4,960 5,739Statewide Communities Dev. Auth., Rev. Bonds (Front Porch Communities and Services Project),Series 2007-A, 5.125% 2037 2 9,500 9,614Statewide Communities Dev. Auth., Rev. Bonds (Inland Regional Center Project),Series 2007, 5.375% 2037 6,500 6,742Statewide Communities Dev. Auth., Rev. Bonds (Kaiser Permanente),Series 2012-A, 5.00% 2042 6,500 7,050Statewide Communities Dev. Auth., Rev. Ref. Bonds (American Baptist Homes of the West),Series 2010, 6.25% 2039 5,300 5,690Statewide Communities Dev. Auth., Senior Living Rev. Ref. Bonds(Southern California Presbyterian Homes), Series 2006-A, 4.875% 2036 6,500 6,460Statewide Communities Dev. Auth., Student Housing Rev. Bonds(CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series 2008, 5.50% 2026 3,500 3,816Statewide Communities Dev. Auth., Student Housing Rev. Bonds(CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series 2008, 6.00% 2040 4,750 5,106Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds(CHF-Irvine, LLC-UCI East Campus Apartments, Phase I), Series 2011, 5.375% 2038 1,260 1,345Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds(CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series 2006, 5.00% 2017 2,565 2,751Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds(CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series 2006, 5.00% 2020 1,000 1,051Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds(CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series 2006, 5.00% 2026 2,980 3,059Statewide Communities Dev. Auth., Student Housing Rev. Ref. Bonds(CHF-Irvine, LLC-UCI East Campus Apartments, Phase II), Series 2006, 5.00% 2038 2,000 2,026Other securities 262,638515,910City & county issuers 54.10%Alameda Corridor Transportation Auth., Rev. Ref. Bonds, Series 2013-A, 5.00% 2026 6,375 7,340Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps., Insured Rev. Ref. Bonds(Casa de las Campanas, Inc.), Series 2010, 6.00% 2037 6,000 6,680Assn. of Bay Area Governments, Fin. Auth. for Nonprofit Corps.,Insured Senior Living Rev. Ref. Bonds (Odd Fellows Home of California),Series 2012-A, 5.00% 2032 5,000 5,560Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds,Series 2006-C-1, 0.96% 2045 (put 2023) 1 2,000 1,977Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds,Series 2008-F-1, 5.00% 2039 (preref. 2018) 2,000 2,308Value(000)American Funds Tax-Exempt Funds 41

The Tax-Exempt Fund of CaliforniaBonds, notes & other debt instruments (continued)Principal amount(000)California (continued)City & county issuers (continued)Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds,Series 2008-F-1, 5.125% 2047 (preref.2018) $ 6,000 $ 6,951Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds,Series 2009-F-1, 5.125% 2039 (preref. 2019) 2,000 2,366Bay Area Toll Auth., San Francisco Bay Area Toll Bridge Rev. Ref. Bonds,Series 2009-F-1, 5.625% 2044 (preref. 2019) 1,670 2,014County of Contra Costa Public Fncg. Auth., Lease Rev. Ref. Bonds (Medical Center Ref.),Series 2007-B, National insured, 5.00% 2017 5,000 5,533Foothill/Eastern Transportation Corridor Agcy., Toll Road Rev. Ref. Bonds,Series 2013-A, 6.00% 2053 7,500 8,589Successor Agcy. to the Inland Valley Dev. Agcy., Tax Allocation Ref. Bonds,Series 2014-A 5.00% 2044 7,500 8,015City of Los Angeles Harbor Dept., Rev. Ref. Bonds,Series 2006-A, AMT, National insured, 5.00% 2020 6,000 6,626City of Los Angeles, Dept. of Water and Power, Power System Rev. Bonds,Series 2008-A-2, 5.25% 2032 2,000 2,265City of Los Angeles, Dept. of Water and Power, Power System Rev. Ref. Bonds,Series 2009-A, 5.00% 2027 1,500 1,729City of Los Angeles, Dept. of Water and Power, Power System Rev. Ref. Bonds,Series 2009-A, 5.00% 2028 1,835 2,106City of Los Angeles, Dept. of Water and Power, Power System Rev. Ref. Bonds,Series 2009-B, 5.25% 2023 1,500 1,785Dept. of Airports of the City of Los Angeles, Los Angeles International Airport, Rev. Ref. Bonds,Series 2008-A, AMT, 5.50% 2022 5,000 5,728Roseville Natural Gas Fncg. Auth., Gas Rev. Bonds,Series 2007, 5.00% 2022 4,920 5,548Sacramento Cogeneration Auth., Cogeneration Project Rev. Ref. Bonds (Procter & Gamble Project),Series 2009, 5.25% 2020 995 1,191Sacramento Cogeneration Auth., Cogeneration Project Rev. Ref. Bonds (Procter & Gamble Project),Series 2009, 5.25% 2021 900 1,082Sacramento Municipal Utility Dist., Electric Rev. Bonds,Series 1997-K, AMBAC insured, 5.25% 2024 2,000 2,383Sacramento Municipal Utility Dist., Electric Rev. Bonds,Series 1997-K, AMBAC insured, 5.70% 2017 2,500 2,882Sacramento Municipal Utility Dist., Electric Rev. Bonds,Series 1997-K, AMBAC insured, 5.80% 2019 3,000 3,661Sacramento Municipal Utility Dist., Electric Rev. Bonds,Series 2013-A, 5.00% 2041 4,500 4,959Sacramento County Sanitation Districts Fncg. Auth., Rev. Ref. Bonds(Sacramento Regional County Sanitation Dist.),Series 2007-B, FGIC-National insured, 0.682% 2035 1 13,500 11,805Sacramento Municipal Utility Dist. Fncg. Auth., Cosumnes Project Rev. Bonds, Series 2006, Nationalinsured, 5.125% 2029 10,000 10,655City of San Buenaventura, Rev. Bonds (Community Memorial Health System),Series 2011, 7.50% 2041 10,825 12,486Public Facs. Fncg. Auth. of the City of San Diego, Water Rev. Ref. Bonds,Series 2012-A, 5.00% 2028 5,000 5,79942 American Funds Tax-Exempt FundsValue(000)

The Tax-Exempt Fund of CaliforniaPrincipal amount(000)Airport Commission, City and County of San Francisco, San Francisco International Airport,Second Series Rev. Bonds, Series 2009-E, 6.00% 2039 $ 3,000 $ 3,560Airport Commission, City and County of San Francisco, San Francisco International Airport,Second Series Rev. Ref. Bonds, Issue 34-E, AMT, 5.75% 2019 3,500 4,062Airport Commission, City and County of San Francisco, San Francisco International Airport,Second Series Rev. Ref. Bonds, Series 2009-A, 4.90% 2029 5,000 5,648Airport Commission, City and County of San Francisco, San Francisco International Airport,Second Series Rev. Ref. Bonds, Series 2010-F, 5.00% 2040 3,000 3,187Airport Commission, City and County of San Francisco, San Francisco International Airport,Second Series Rev. Ref. Bonds, Series 2011-F, AMT, 5.00% 2028 2,630 2,914Airport Commission, City and County of San Francisco, San Francisco International Airport,Second Series Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2028 1,000 1,116Airport Commission, City and County of San Francisco, San Francisco International Airport,Second Series Rev. Ref. Bonds, Series 2012-A, AMT, 5.00% 2030 1,000 1,103San Francisco Municipal Transportation Agcy., Rev. Bonds, Series 2012-B, 5.00% 2042 5,000 5,504City of San Jose, Airport Rev. Ref. Bonds, Series 2011-A-1, AMT, 5.50% 2030 8,000 8,891Tobacco Securitization Auth. of Southern California, Tobacco Settlement Asset-backedRev. Ref. Bonds (San Diego County Tobacco Asset Securitization Corp.),Series 2006-A, 5.125% 2046 7,800 5,888City of Torrance, Rev. Bonds (Torrance Memorial Medical Center),Series 2010-A, 5.00% 2040 5,185 5,442Other securities 633,695821,033Puerto Rico 1.85%Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth.,Hospital Rev. and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project),Series 2011-A, 6.00% 2033 7,150 7,363Other securities 20,63527,998Other U.S. territories 1.88%Other securities 28,635Total bonds, notes & other debt instruments (cost: $1,310,498,000) 1,393,576Value(000)American Funds Tax-Exempt Funds 43

The Tax-Exempt Fund of CaliforniaShort-term securities 7.51%This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See page 88for details on how to obtain a complete schedule of portfolio holdings.“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.Key to abbreviationsAgcy. = AgencyAMT = Alternative Minimum TaxAuth. = AuthorityCerts. of Part. = Certificates of ParticipationDept. = DepartmentDev. = DevelopmentDist. = DistrictEcon. = EconomicFac. = FacilityFacs. = FacilitiesFin. = FinanceFncg. = FinancingG.O. = General ObligationLOC = Letter of CreditPreref. = PrerefundedRedev. = RedevelopmentRef. = RefundingRev. = RevenueTECP = Tax-Exempt Commercial PaperSee Notes to Financial StatementsPrincipal amount(000)Statewide Communities Dev. Auth., Rev. Ref. Bonds (John Muir Health),Series 2008-C, Wells Fargo Bank LOC, 0.05% 2027 1 $ 5,595 $ 5,595Dept. of Water and Power of the City of Los Angeles, Power System Demand Rev. Bonds,Series 2001-B, Subseries B-6, 0.04% 2034 1 8,900 8,900County of Ventura, 2014-15 Tax and Rev. Anticipation Notes 1.50% 2015 15,000 15,189County of Los Angeles, 2014-15 Tax and Rev. Anticipation Notes, 1.50% 2015 11,335 11,480Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A. Inc. Project),Series 2010-A, 0.03% 2035 1 3,600 3,600Fin. Auth., Recovery Zone Fac. Bonds (Chevron U.S.A. Inc. Project),Series 2010-B, 0.03% 2035 1 3,650 3,650Statewide Communities Dev. Auth., Pollution Control Rev. Ref. Bonds(Chevron U.S.A. Inc. Project),Series 2002, 0.03% 2024 1 2,265 2,265Health Facs. Fncg. Auth., Rev. Bonds (St. Joseph Health System),Series 2011-B, 0.05% 2041 1 7,900 7,900Infrastructure and Econ. Dev. Bank, Ref. Rev. Bonds (Pacific Gas and Electric Company),Series 2009-D, 0.03% 2016 1 1,600 1,600Infrastructure and Econ. Dev. Bank, Rev. Ref. Bonds (Pacific Gas and Electric Company),Series 2009-C, 0.03% 2016 1 1,000 1,000Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.),Series 1996-C, JPMorgan Chase LOC, 0.04% 2026 1 4,800 4,800Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.),Series 1996-E, JPMorgan Chase LOC, 0.04% 2026 1 2,900 2,900Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.),Series 1996-F, JPMorgan Chase LOC, 0.04% 2026 1 9,900 9,900Pollution Control Fncg. Auth., Pollution Control Rev. Ref. Bonds (Pacific Gas and Electric Co.),Series 1997-B, AMT, JPMorgan Chase LOC, 0.06% 2026 1 18,900 18,900Other securities 16,210Total short-term securities (cost: $113,887,000) 113,889Total investment securities 99.33% (cost: $1,424,385,000) 1,507,465Other assets less liabilities 0.67% 10,207Net assets 100.00% $ 1,517,6721 Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be thematurity date.2 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactionsexempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,”was $30,240,000, which represented 1.99% of the net assets of the fund.Value(000)

44 American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New YorkInvestment portfolio July 31, 2014Bonds, notes & other debt instruments 91.07%Principal amount(000)New York 82.34%State issuers 44.97%Build NYC Resource Corp., Rev. Bonds (Bronx Charter School for Excellence Project), Series 2013-A, 5.50% 2043 $ 1,000 $ 1,037Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2008-A-2A, 0.44%2026 (put 2017) 1 500 500Metropolitan Transportation Auth., Dedicated Tax Fund Bonds, Series 2004-C, AMBAC insured,5.50% 2017 1,000 1,156Metropolitan Transportation Auth., Dedicated Tax Fund Rev. Ref. Bonds, Series 2002-B-3D, 1.06%2020 1 2,000 2,005Dormitory Auth., Touro College and University System Obligated Group Rev. Bonds, Series 2014-A,5.50% 2039 500 547Dormitory Auth., Consolidated Service Contract Rev. Ref. Bonds, Series 2010, 5.00% 2020 500 593Dormitory Auth., Culinary Institute of America Rev. Bonds, Series 2013, 5.50% 2033 500 547Dormitory Auth., Fordham University Rev. Bonds, Series 2011-A, 5.50% 2036 1,000 1,118Dormitory Auth., Lease Rev. Bonds (State University Dormitory Facs. Issue), Series 2010-A, 5.00%2035 1,000 1,111Dormitory Auth., Third General Resolution Rev. Ref. Bonds (State University Educational Facs.Issue), Series 2012-A, 5.00% 2020 1,000 1,184Dormitory Auth., Miriam Osborn Memorial Home Association Rev. Ref. Bonds, Series 2012, 5.00%2042 970 1,015Dormitory Auth., Mount Sinai School of Medicine of New York University, Rev. Ref. Bonds, Series2010-A, 5.00% 2021 1,000 1,146Dormitory Auth., New School Rev. Bonds, Series 2010, 5.25% 2021 500 580Dormitory Auth., New School Rev. Bonds, Series 2010, 5.50% 2040 500 545Dormitory Auth., North Shore-Long Island Jewish Obligated Group, Rev. Ref. Bonds, Series 2011-A,5.00% 2032 1,500 1,622Dormitory Auth., NYU Hospitals Center Rev. Bonds, Series 2011-A, 6.00% 2040 1,000 1,116Dormitory Auth., Orange Regional Medical Center Obligated Group Rev. Bonds, Series 2008,6.25%2037 1,000 1,043Dormitory Auth., Rochester General Hospital Insured Rev. Bonds, Series 2005, RADIAN insured,5.00% 2015 (escrowed to maturity) 720 766Dormitory Auth., School Districts Rev. Bond Fncg. Program Rev. Ref. Bonds, Series 2011-A, 5.00%2024 1,000 1,165Dormitory Auth. of the State of New York, School Districts Rev. Bond Fncg. Program Rev. Bonds,Series 2013-E, Assured Guaranty Municipal insured, 5.00% 2022 1,000 1,202Dormitory Auth., Skidmore College Rev. Bonds, Series 2011-A, 5.50% 2041 1,420 1,581Dormitory Auth., State Personal Income Tax Rev. Bonds (Education), Series 2014-C, 5.00% 2038 500 562Environmental Facs. Corp., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc.Project), Series 2013-A, 2.75% 2017 1,000 1,051Environmental Facs. Corp., Solid Waste Disposal Rev. Ref. Bonds (Waste Management, Inc.Project), Series 2012, AMT, 0.45% 2030 (put 2014) 1 500 500Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012 Series A, 5.25% 2047 1,000 1,090Hudson Yards Infrastructure Corp., Rev. Bonds, Fiscal 2012 Series A, 5.75% 2047 1,000 1,139Liberty Dev. Corp., Liberty Rev. Ref. Bonds (4 World Trade Center Project), Series 2011, 5.00%2031 1,500 1,639Liberty Dev. Corp., Liberty Rev. Ref. Bonds (Bank of America Tower at One Bryant Park Project),Series 2010, 6.375% 2049 1,500 1,655Liberty Dev. Corp., Rev. Bonds (Goldman Sachs Headquarters Issue), Series 2005, 5.25% 2035 2,000 2,319Dobbs Ferry Local Dev. Corp., Rev. Bonds, Series 2014, 5.00% 2039 1,000 1,090Dobbs Ferry Local Dev. Corp., Rev. Bonds, Series 2014,5.00% 2044 750 814Value(000)American Funds Tax-Exempt Funds 45

American Funds Tax-Exempt Fund of New YorkBonds, notes & other debt instruments (continued)Principal amount(000)New York (continued)State issuers (continued)Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-A2, 0.33% 2041 (put2016) 1 $ 905 $ 905Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2012-E, 5.00% 2031 1,000 1,115Metropolitan Transportation Auth., Transportation Rev. Bonds, Series 2014-B, 5.00% 2044 1,000 1,093Metropolitan Transportation Auth., Transportation Rev. Ref. Bonds, Series 2002-G-1H, 0.952% 2026(put 2016) 1 715 723Mortgage Agcy., Homeowner Mortgage Rev. Bonds, Series 178,3.50% 2043 575 619Mortgage Agcy., Mortgage Rev. Bonds, Series 46, 5.00% 2029 310 334Mortgage Agcy., Mortgage Rev. Ref. Bonds, Series 45,4.50% 2029 630 648Mortgage Agcy., Mortgage Rev. Ref. Bonds, Series 48,2.625% 2041 820 850Port Auth., Consolidated Bonds, Series 147, AMT, FGIC-National insured, 5.00% 2021 1,000 1,101Port Auth., Consolidated Bonds, Series 166, 5.00% 2031 1,000 1,113Port Auth., Consolidated Rev. Ref. Bonds, Series 136, AMT, National insured, 5.00% 2021 500 507Port Auth., Consolidated Rev. Ref. Bonds, Series 167, AMT, 5.00% 2025 1,000 1,132Port Auth., Consolidated Rev. Ref. Bonds, Series 172, AMT, 5.00% 2034 1,000 1,090Port Auth., Special Project Bonds (JFK International Air Terminal LLC Project), Series 8, 5.00% 2020 1,000 1,159Power Auth. of the State of New York, Rev. Ref. Bonds, Series 2011-A, 5.00% 2038 1,500 1,668Thruway Auth., General Rev. Bonds, Series 2014-J, 5.00% 2027 1,000 1,165Thruway Auth., General Rev. Junior Indebtedness Obligations Series 2013-A, 5.00% 2019 500 580Thruway Auth., Local Highway and Bridge Service Contract Rev. Ref. Bonds, Series 2009, 5.00%2020 1,000 1,172Thruway Auth., Second General Highway and Bridge Trust Fund Bonds, Series 2010-A, 5.00% 2015 750 774Tobacco Settlement Fncg. Corp., Asset-Backed Rev. Bonds, Series 2013-B, 5.00% 2020 400 433Tobacco Settlement Fncg. Corp., Asset-Backed Rev. Bonds, Series 2013-B, 5.00% 2021 200 216Tobacco Settlement Fncg. Corp., Rev. Ref. Bonds (State Contingency Contract Secured), Series2011-B, 5.00% 2018 1,000 1,154Triborough Bridge and Tunnel Auth. (MTA Bridges and Tunnels), General Rev. Bonds, Series 2010-A-1,5.00% 2019 1,000 1,180Troy Industrial Dev. Auth., Civic Fac. Rev. Bonds (Rensselaer Polytechnic Institute Project), Series2011-E, 5.00% 2031 500 543Urban Dev. Corp., Service Contract Rev. Ref. Bonds, Series 2010-A-2, 5.00% 2020 1,000 1,174Urban Dev. Corp., State Personal Income Tax Rev. Bonds (State Facs. and Equipment), Series2009-B-1,5.25% 2038 1,000 1,12157,007City & county issuers 37.37%City of Albany Capital Resource Corp., Rev. Bonds (St. Peter’s Hospital of the City of AlbanyProject), Series 2011,6.25% 2038 1,000 1,131City of Albany Industrial Dev. Agcy., Civic Fac. Rev. Ref. Bonds (St. Peter’s Hospital of the City ofAlbany Project), Series 2008-A, 5.25% 2027 500 549Buffalo and Erie County Industrial Land Dev. Corp., Rev. Bonds (Buffalo State College FoundationHousing Corp. Project), Series 2011-A, 5.375% 2041 1,400 1,525Build NYC Resource Corp., Parking Fac. Rev. Ref. Bonds (Royal Charter Properties, Inc.- New Yorkand Presbyterian Hospital Leasehold Project), Series 2012, Assured Guaranty Municipal insured,4.75% 2032 1,000 1,050County of Chautauqua Industrial Dev. Agcy., Exempt Fac. Rev. Bonds (NRG Dunkirk PowerProject), Series 2009,5.875% 2042 1,000 1,08846 American Funds Tax-Exempt FundsValue(000)

American Funds Tax-Exempt Fund of New YorkPrincipal amountValue(000) (000)Dutchess County Local Dev. Corp., Rev. Ref. Bonds (Health Quest Systems, Inc. Project), Series2010, 5.75% 2030 $ 500 $ 560Dutchess County Local Dev. Corp., Rev. Ref. Bonds (Health Quest Systems, Inc. Project), Series2010, 5.75% 2040 1,000 1,102Erie County Industrial Dev. Agcy., School Fac. Rev. Bonds (City School Dist. of the City of BuffaloProject), Series 2011-A, 5.25% 2025 1,000 1,176Erie County Industrial Dev. Agcy., School Fac. Rev. Ref. Bonds (City School Dist. of the City ofBuffalo Project), Series 2012-A, 5.00% 2021 1,000 1,183Erie County Industrial Dev. Agcy., School Fac. Rev. Ref. Bonds (City School Dist. of the City ofBuffalo Project), Series 2013-A, 5.00% 2027 790 917Essex County Industrial Dev. Agcy., Solid Waste Disposal Rev. Ref. Bonds, Series 2005-A, AMT,5.20% 2023 750 776Various Purpose G.O. Bonds, Series 2007-B, 5.00% 2017 1,215 1,375Town of Hempstead Local Dev. Corp., Rev. Bonds (Hofstra University Project), Series 2011, 5.00%2027 1,300 1,452Town of Hempstead Local Dev. Corp., Rev. Bonds (Hofstra University Project), Series 2011, 5.00%2041 1,600 1,720Long Island Power Auth., Electric System General Rev. Bonds, Series 2011-A, 5.00% 2038 1,000 1,066Long Island Power Auth., Electric System General Rev. Ref. Bonds, Series 2003-B, 5.25% 2014 1,000 1,017County of Monroe Industrial Dev. Agcy., School Fac. Rev. Bonds (Rochester Schools ModernizationProject), Series 2012-A, 5.00% 2021 1,000 1,186Nassau County Local Econ. Assistance Corp., Rev. Ref. Bonds (Winthrop-University HospitalAssociation Project), Series 2012, 5.00% 2037 1,000 1,041City of New York, G.O. Bonds, Fiscal 2008 Series J-4, 0.61% 2025 1 1,500 1,499City of New York, G.O. Bonds, Fiscal 2008 Series L-1, 5.00% 2023 1,000 1,133City of New York, G.O. Bonds, Fiscal 2011 Series B, 5.00% 2019 925 1,088New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (1998 British Airways Plc Project),Series 1998, AMT, 5.25% 2032 500 500New York City Industrial Dev. Agcy., Special Fac. Rev. Bonds (American Airlines, Inc. John F.Kennedy International Airport Project), Series 2005, AMT, 7.625% 2025 1,500 1,648New York City Municipal Water Fin. Auth., Water and Sewer System Second General ResolutionRev. Ref. Bonds, Fiscal 2011 Series EE, 5.375% 2043 1,000 1,171New York City Transitional Fin. Auth., Building Aid Rev. Bonds, Fiscal 2007 Series S-2, AssuredGuaranty Municipal insured, 5.00% 2017 570 631New York City Transitional Fin. Auth., Future Tax Secured Bonds, Fiscal 2011 Series C, 5.25% 2025 1,000 1,184New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Fiscal 2010 Series D,5.00% 2023 1,000 1,167New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2014-A1, 5.00%2037 500 563New York City Transitional Fin. Auth., Future Tax Secured Rev. Ref. Bonds, Series 2014-A1, 5.00%2038 500 562New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2010-A, 5.00%2021 540 619New York City, Health and Hospitals Corp., Health System Rev. Ref. Bonds, Series 2010-A, 5.00%2025 500 566Trust for Cultural Resources of the City of New York, Rev. Bonds (Juilliard School), Series 2009-B,1.35% 2036 (put 2017) 1,500 1,521American Funds Tax-Exempt Funds 47

American Funds Tax-Exempt Fund of New YorkBonds, notes & other debt instruments (continued)Principal amount(000)New York (continued)City & county issuers (continued)Niagara Area Dev. Corp. (New York), Solid Waste Disposal Fac. Rev. Ref. Bonds (Covanta EnergyProject), Series 2012-A, AMT, 5.25% 2042 $ 750 $ 759Onondaga Civic Dev. Corp., Rev. Bonds (St. Joseph’s Hospital Health Center Project), Series 2014-A, 5.125% 2031 1,000 1,037County of Rockland G.O. Bonds, Series 2014-A, Assured Guaranty Municipal insured, 5.00% 2024 1,000 1,184Suffolk County Econ. Dev. Corp., Rev. Ref. Bonds (Catholic Health Services of Long IslandObligated Group Project), Series 2011, 5.00% 2028 1,000 1,081Suffolk County Econ. Dev. Corp., Rev. Ref. Bonds (Peconic Landing at Southold, Inc. Project),Series 2010, 5.875% 2030 1,000 1,095Suffolk County Industrial Dev. Agcy., Continuing Care Retirement Community Rev. Ref. Bonds(Jefferson’s Ferry Project), Series 2006, 5.00% 2028 1,000 1,033Suffolk County Industrial Dev. Agcy., Industrial Dev. Rev. Bonds(KeySpan-Port Jefferson Energy Center, LLC Project), Series 2003-A, AMT, 5.25% 2027 1,000 1,005Suffolk Tobacco Asset Securitization Corp., Tobacco Settlement Asset-Backed Rev. Ref. Bonds,Series 2012-B, 5.00% 2032 750 784TSASC, Inc., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2006-1, 5.00% 2034 1,230 1,012TSASC, Inc., Tobacco Settlement Asset-Backed Rev. Ref. Bonds, Series 2006-1, 5.125% 2042 2,250 1,798Westchester County Health Care Corp., Rev. Bonds, Series 2010-B, 6.00% 2030 1,000 1,136Westchester County Local Dev. Corp., Rev. Ref. Bonds (Pace University), Series 2014-A, 5.50%2042 500 539City of Yonkers, G.O. Bonds, Series 2011-A, 5.00% 2019 1,000 1,13747,366Guam 2.94%A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2013-C, AMT, 6.375% 2043 500 558Government of Guam, Business Privilege Tax Bonds, Series 2011-A, 5.00% 2031 1,200 1,267Government of Guam, Hotel Occupancy Tax Rev. Ref. Bonds, Series 2011-A, 6.125% 2031 500 557Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2013, 5.00% 2028 500 539Waterworks Auth., Water and Wastewater System Rev. Bonds, Series 2014-A, 5.00% 2029 750 8083,729Puerto Rico 3.63%Aqueduct and Sewer Auth., Rev. Ref. Bonds, Series 2012-A, 5.25% 2042 250 171Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., HigherEducation Rev. and Rev. Ref. Bonds (Inter American University of Puerto Rico Project), Series2012, 5.00% 2031 750 697Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., HigherEducation Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 5.00%2020 500 495Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., HigherEducation Rev. and Rev. Ref. Bonds (University of the Sacred Heart Project), Series 2012, 5.00%2042 500 391Industrial, Tourist, Educational, Medical and Environmental Control Facs. Fncg. Auth., Hospital Rev.and Rev. Ref. Bonds (Hospital Auxilio Mutuo Obligated Group Project), Series 2011-A, 6.00%2033 1,000 1,030Public Improvement Ref. Bonds (G.O. Bonds), Series 2012-A, 5.00% 2041 750 532Public Improvement Ref. Bonds (G.O. Bonds), Series 2014-A, 8.00% 2035 1,200 1,082University of Puerto Rico, University System Rev. Ref. Bonds, Series 2006-Q, 5.00% 2020 350 2074,60548 American Funds Tax-Exempt FundsValue(000)

American Funds Tax-Exempt Fund of New YorkPrincipal amountValue(000) (000)Virgin Islands 2.16%Public Fin. Auth., Rev. Bonds (Matching Fund Loan Note - Diageo Project), Series 2009-A, 6.625%2029 $ 500 $ 550Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Note), Series 2013-B, 5.00% 2024 500 567Public Fin. Auth., Rev. Ref. Bonds (Matching Fund Loan Notes), Series 2012-A, 5.00% 2032 1,500 1,6122,729Total bonds, notes & other debt instruments (cost: $109,374,000) 115,436Short-term securities 10.75%Trust for Cultural Resources of the City of New York, Rev. Ref. Bonds (Lincoln Center for thePerforming Arts, Inc.), Series 2008-A-1, JPMorgan Chase LOC, 0.05% 2035 1 4,050 4,050City of New York, G.O. Bonds, Fiscal 1993 Series A-7, JPMorgan Chase LOC, 0.06% 2020 1 3,100 3,100City of New York, G.O. Bonds, Fiscal 1993 Series A-7, JPMorgan Chase LOC, 0.06% 2021 1 1,100 1,100City of New York, G.O. Bonds, Fiscal 1994 Series E-2, 0.06% 2020 1 1,400 1,400New York City, Transitional Fin. Auth., New York City Recovery Bonds, Fiscal Series 2003-1,Subseries 1-C, 0.06% 2022 1 1,400 1,400Triborough Bridge and Tunnel Auth. (MTA Bridges and Tunnels), General Rev. Bonds, Series 2003-B-3, U.S. Bank LOC, 0.06% 2033 1 1,800 1,800Dormitory Auth., University of Rochester Rev. Bonds, Series 2003-A,JPMorgan Chase LOC, 0.06% 2031 1 780 780Total short-term securities (cost: $13,630,000) 13,630Total investment securities 101.82% (cost: $123,004,000) 129,066Other assets less liabilities (1.82)% (2,301)Net assets 100.00% $ 126,7651 Coupon rate may change periodically. For short-term securities, the date of the next scheduled coupon rate change is considered to be thematurity date.Key to abbreviationsAgcy. = AgencyAMT = Alternative Minimum TaxAuth. = AuthorityCerts. of Part. = Certificates of ParticipationDept. = DepartmentDev. = DevelopmentDist. = DistrictEcon. = EconomicFac. = FacilityFacs. = FacilitiesFin. = FinanceFncg. = FinancingG.O. = General ObligationLOC = Letter of CreditPreref. = PrerefundedRedev. = RedevelopmentRef. = RefundingRev. = RevenueTECP = Tax-Exempt Commercial PaperSee Notes to Financial StatementsAmerican Funds Tax-Exempt Funds 49

Financial statementsStatements of assets and liabilitiesat July 31, 2014American FundsShort-TermTax-Exempt Bond FundLimited TermTax-Exempt BondFund of AmericaAssets:Investment securities, at value $ 803,044 $ 3,065,681Cash 171 129Receivables for:Sales of fund’s shares 3,387 5,028Interest 5,705 28,842812,307 3,099,680Liabilities:Payables for:Purchases of investments 12,119 16,995Repurchases of fund’s shares 2,439 4,149Dividends on fund’s shares 93 716Investment advisory services 247 630Services provided by related parties 95 819Trustees’ deferred compensation 32 134Other 8 1115,033 23,454Net assets at July 31, 2014 $ 797,274 $ 3,076,226Net assets consist of:Capital paid in on shares of beneficial interest $ 787,344 $ 2,923,933(Distributions in excess of) undistributed net investment income (30) 323Accumulated net realized loss (397) (744)Net unrealized appreciation 10,357 152,714Net assets at July 31, 2014 $ 797,274 $ 3,076,226Investment securities, at cost $ 792,687 $ 2,912,967Shares of beneficial interest issued and outstanding (no stated par value) —unlimited shares authorizedClass ANet assets $ 736,824 $ 2,615,153Shares outstanding 71,891 162,454Net asset value per share $ 10.25 $ 16.10Class BNet assets $ 1,943Shares outstanding 121Net asset value per share $ 16.10Class CNet assets $ 37,950Shares outstanding 2,358Net asset value per share $ 16.10Class F-1Net assets $ 13,973 $ 105,156Shares outstanding 1,363 6,532Net asset value per share $ 10.25 $ 16.10Class F-2Net assets $ 46,477 $ 183,068Shares outstanding 4,535 11,372Net asset value per share $ 10.25 $ 16.10Class R-6Net assets $ 132,956Shares outstanding 8,259Net asset value per share $ 16.10* Amount less than one thousand.See Notes to Financial Statements50 American Funds Tax-Exempt Funds

(dollars and shares in thousands, except per-share amounts)The Tax-ExemptBond Fundof AmericaAmericanHigh-IncomeMunicipal Bond FundThe Tax-ExemptFund ofCaliforniaAmerican FundsTax-Exempt Fundof New York$ 9,264,150 $ 3,008,610 $ 1,507,465 $ 129,066748 128 88 5116,030 8,869 2,427 15894,173 34,422 18,451 1,0899,375,101 3,052,029 1,528,431 130,36426,621 11,580 7,357 2,59815,142 5,099 1,666 8152,541 946 729 1161,916 820 407 382,823 840 459 25274 106 133 — *9 8 8 749,326 19,399 10,759 3,599$ 9,325,775 $ 3,032,630 $ 1,517,672 $ 126,765$ 8,832,788 $ 3,026,331 $ 1,468,587 $ 121,2986,073 2,680 925 36(25,082) (118,717) (34,920) (631)511,996 122,336 83,080 6,062$ 9,325,775 $ 3,032,630 $ 1,517,672 $ 126,765$ 8,752,154 $ 2,886,274 $ 1,424,385 $ 123,004$ 6,771,633 $ 2,357,300 $ 1,265,017 $ 101,874524,281 154,863 72,211 9,628$ 12.92 $ 15.22 $ 17.52 $ 10.58$ 12,583 $ 6,072 $ 2,263 $ 51974 399 129 5$ 12.92 $ 15.22 $ 17.52 $ 10.58$ 324,944 $ 160,323 $ 75,612 $ 7,80925,158 10,532 4,316 738$ 12.92 $ 15.22 $ 17.52 $ 10.58$ 1,389,508 $ 177,912 $ 64,695 $ 1,072107,580 11,688 3,693 101$ 12.92 $ 15.22 $ 17.52 $ 10.58$ 662,219 $ 223,050 $ 110,085 $ 15,95951,271 14,653 6,284 1,508$ 12.92 $ 15.22 $ 17.52 $ 10.58$ 164,888 $ 107,97312,766 7,093$ 12.92 $ 15.22American Funds Tax-Exempt Funds 51

Statements of operationsfor the year ended July 31, 2014American FundsShort-TermTax-Exempt Bond FundLimited TermTax-Exempt BondFund of AmericaInvestment income:Income:Interest $ 12,839 $ 94,085Fees and expenses*:Investment advisory services 2,903 7,459Distribution services 1,161 8,489Transfer agent services 262 1,060Administrative services 105 479Reports to shareholders 31 96Registration statement and prospectus 96 171Trustees’ compensation 10 45Auditing and legal 50 63Custodian 2 7Federal and state income taxes — —Other state and local taxes — — †Other 10 31Total fees and expenses before reimbursement 4,630 17,900Less reimbursement of fees and expenses — —Total fees and expenses after reimbursement 4,630 17,900Net investment income 8,209 76,185Net realized (loss) gain and unrealized appreciation on investmentsNet realized (loss) gain on investments (57) (37)Net unrealized appreciation on investments 2,982 28,487Net realized (loss) gain and unrealized appreciation on investments 2,925 28,450Net increase in net assets resulting from operations $ 11,134 $ 104,635* Additional information related to class-specific fees and expenses is included in the Notes to Financial Statements.† Amount less than one thousand.See Notes to Financial Statements52 American Funds Tax-Exempt Funds

(dollars in thousands)The Tax-ExemptBond Fundof AmericaAmericanHigh-IncomeMunicipal Bond FundThe Tax-ExemptFund ofCaliforniaAmerican FundsTax-Exempt Fundof New York$ 375,746 $ 145,830 $ 63,843 $ 4,52122,494 9,178 4,787 44623,920 7,404 4,032 2364,540 1,620 480 531,883 503 241 22324 151 43 20257 159 85 82116 39 34 1111 67 105 6921 7 3 — †608 742 54 —8 — — † —63 26 26 1554,345 19,896 9,890 944— — — 11454,345 19,896 9,890 830321,401 125,934 53,953 3,69125,638 4,737 4,720 (544)302,705 131,013 62,704 4,902328,343 135,750 67,424 4,358$ 649,744 $ 261,684 $ 121,377 $ 8,049American Funds Tax-Exempt Funds 53

Statements of changes in net assetsAmerican FundsShort-Term Tax-ExemptLimited TermTax-Exempt Bond The Tax-Exempt Bond Fund of AmericaBond Fund Fund of America Year ended 11 months Year endedYear ended July 31, Year ended July 31, July 31, ended July 31, August 31,2014 2013 2014 2013 2014 2013* 2012Operations:Net investment income $ 8,209 $ 8,529 $ 76,185 $ 77,334 $ 321,401 $ 304,084 $ 331,210Net realized (loss) gain on investments (57) (257) (37) (316) 25,638 53,350 (1,791)Net unrealized appreciation(depreciation) on investments 2,982 (7,365) 28,487 (84,021) 302,705 (559,829) 583,007Net increase (decrease) in net assetsresulting from operations 11,134 907 104,635 (7,003) 649,744 (202,395) 912,426Dividends and distributions paid oraccrued to shareholders:Dividends from net investment income (8,160) (8,537) (76,058) (77,251) (319,217) (303,706) (330,173)Distributions from net realized gain oninvestments — (134) — (579) — — —Total dividends and distributions paidor accrued to shareholders (8,160) (8,671) (76,058) (77,830) (319,217) (303,706) (330,173)Net capital share transactions 26,291 137,112 (31,816) 197,263 (484,830) 283,770 600,697Total increase (decrease) in netassets 29,265 129,348 (3,239) 112,430 (154,303) (222,331) 1,182,950Net assets:Beginning of period 768,009 638,661 3,079,465 2,967,035 9,480,078 9,702,409 8,519,459End of period $ 797,274 $ 768,009 $ 3,076,226 $ 3,079,465 $ 9,325,775 $ 9,480,078 $ 9,702,409(Distribution in excess of) undistributednet investment income $ (30) $ (77) $ 323 $ 249 $ 6,073 $ 4,757 $ 5,428* In 2013, the fund changed its fiscal year-end from August to July.See Notes to Financial Statements54 American Funds Tax-Exempt Funds

(dollars in thousands)AmericanAmerican FundsHigh-Income The Tax-Exempt Fund of California Tax-Exempt FundMunicipal Bond Fund Year ended 11 months Year ended of New YorkYear ended July 31, July 31, ended July 31, August 31, Year ended July 31,2014 2013 2014 2013* 2012 2014 2013$ 125,934 $ 122,093 $ 53,953 $ 53,151 $ 57,947 $ 3,691 $ 3,7484,737 36,678 4,720 6,856 2,731 (544) 173131,013 (172,207) 62,704 (83,071) 105,471 4,902 (8,186)261,684 (13,436) 121,377 (23,064) 166,149 8,049 (4,265)(124,778) (121,785) (53,648) (52,987) (57,712) (3,671) (3,737)— — — — — — —(124,778) (121,785) (53,648) (52,987) (57,712) (3,671) (3,737)122,647 145,477 (54,918) (15,232) 48,701 (1,111) 2,834259,553 10,256 12,811 (91,283) 157,138 3,267 (5,168)2,773,077 2,762,821 1,504,861 1,596,144 1,439,006 123,498 128,666$ 3,032,630 $ 2,773,077 $ 1,517,672 $ 1,504,861 $ 1,596,144 $ 126,765 $ 123,498$ 2,680 $ 1,564 $ 925 $ 728 $ 729 $ 36 $ 25American Funds Tax-Exempt Funds 55

Notes to financial statements1. OrganizationAmerican Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America,American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California, which is presently the only series of The American Funds Tax-Exempt Series II, and American Funds Tax-Exempt Fund of New York (each a “fund” or collectively, the “funds”), are registered under theInvestment Company Act of 1940 as open-end, diversified management investment companies.Each fund’s investment objectives and the principal strategies each fund uses to achieve these objectives are as follows:American Funds Short-Term Tax-Exempt Bond Fund — Seeks to provide current income exempt from regular federal income tax, consistentwith the maturity and quality standards described in the prospectus, and to preserve capital.Limited Term Tax-Exempt Bond Fund of America — Seeks to provide current income exempt from regular federal income tax, consistent withthe maturity and quality standards described in the prospectus, and to preserve capital.The Tax-Exempt Bond Fund of America — Seeks to provide a high level of current income exempt from federal income tax, consistent with thepreservation of capital.American High-Income Municipal Bond Fund — Seeks to provide a high level of current income exempt from regular federal income tax.The Tax-Exempt Fund of California — Seeks a high level of current income exempt from regular federal and California state income taxes, with asecondary objective of preservation of capital.American Funds Tax-Exempt Fund of New York — Seeks to provide a high level of current income exempt from regular federal, New York stateand New York City income taxes, with a secondary objective of preservation of capital.American Funds Short-Term Tax-Exempt Bond Fund has three share classes (Class A, as well as two F share classes, F-1 and F-2). Limited TermTax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America and American High-Income Municipal Bond Fund each have six shareclasses consisting of five retail share classes (Classes A, B and C, as well as two F share classes, F-1 and F-2) and one share class that is onlyavailable to the American Funds Portfolio Series (Class R-6). The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of NewYork each have five retail share classes (Classes A, B and C, as well as two F share classes, F-1 and F-2). Some share classes are only availableto limited categories of investors. The funds’ share classes are described further in the following table:Share classInitial sales chargeContingent deferred salescharge upon redemptionClass AUp to 2.50% for American None (except 1% for certainFunds Short-Term Tax- redemptions within one year ofExempt Bond Fund and purchase without an initial salesLimited Term Tax-Exempt charge)Bond Fund of America; up to3.75% for all other fundsClass B* None Declines from 5% to 0% forredemptions within six years ofpurchaseClass C † None 1% for redemptions within one yearConversion featureNoneClass B converts to Class A aftereight yearsClass C converts to Class F-1 after10 yearsof purchaseClasses F-1 and F-2 None None NoneClass R-6 None None None* Class B shares are not available for purchase in Limited Term Tax-Exempt Bond Fund of America, The Tax-Exempt Bond Fund of America,American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and American Funds Tax-Exempt Fund of New York.† Class C shares are not available for purchase in Limited Term Tax-Exempt Bond Fund of America.Holders of all share classes of each fund have equal pro rata rights to the assets, dividends and liquidation proceeds of each fund held. Each shareclass of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have differentfees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for distribution, transfer agent and administrativeservices. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of differentper-share dividends by each share class of each fund.56 American Funds Tax-Exempt Funds

2. Significant accounting policiesEach fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial AccountingStandards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S.GAAP”). These principles require the funds’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures.Actual results could differ from those estimates. The funds follow the significant accounting policies described in this section, as well as the valuationpolicies described in the next section on valuation.Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executedwith brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities in eachfund. In the event a security is purchased with a delayed payment date, each impacted fund will segregate liquid assets sufficient to meet itspayment obligations. Interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-incomesecurities are amortized daily over the expected life of the security.Class allocations — Income, fees and expenses (other than class-specific fees and expenses) are allocated daily among the various share classesof each fund based on the relative value of their settled shares. Realized and unrealized gains and losses are allocated daily among the variousshare classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution, transfer agent andadministrative services, are charged directly to the respective share class of each fund.Dividends and distributions to shareholders — Dividends to shareholders are declared daily after the determination of each fund’s netinvestment income and are paid to shareholders monthly. Distributions to shareholders are recorded on each fund’s ex-dividend date.3. ValuationCapital Research and Management Company (“CRMC”), the funds’ investment adviser, values each fund’s investments at fair value as defined byU.S. GAAP. The net asset value of each share class of each fund is generally determined as of approximately 4:00 p.m. New York time each daythe New York Stock Exchange is open.Methods and inputs — The funds’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets andliabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors valuesuch securities based on one or more of the following inputs: benchmark yields, transactions, bids, offers, quotations from dealers and tradingsystems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models suchas yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data. For certain distressedsecurities, valuations may include cash flows or liquidation values using a net present value calculation based on inputs that include, but are notlimited to, financial statements and debt contracts.When the funds’ investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be notrepresentative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available(or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type. Some securities may be valuedbased on their effective maturity or average life, which may be shorter than the stated maturity.Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the funds’investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of each fund’s board of trusteesas further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules andguidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indicationsof value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and costof the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively tradedsimilar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close oftrading in the security; and changes in overall market conditions. Fair valuations and valuations of investments that are not actively trading involvejudgment and may differ materially from valuations that would have been used had greater market activity occurred.American Funds Tax-Exempt Funds 57

Processes and structure — Each fund’s board of trustees has delegated authority to the funds’ investment adviser to make fair valuedeterminations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair ValuationCommittee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committeeregularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams.The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fairvaluation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports anychanges to the fair valuation guidelines to the boards of trustees with supplemental information to support the changes. Each fund’s board and auditcommittee also regularly review reports that describe fair value determinations and methods.The funds’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuationprocess, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricingdecisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluationprogram facilitated by the investment adviser’s compliance group.Classifications — The funds’ investment adviser classifies each fund’s assets and liabilities into three levels based on the inputs used to value theassets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significantobservable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significantunobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing thesecurities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S.government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.At July 31, 2014, all of the investment securities held by each fund were classified as Level 2.4. Risk factorsInvesting in each fund may involve certain risks including, but not limited to, those described below.Market conditions — The prices of, and the income generated by, the securities held by the funds may decline — sometimes rapidly orunpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall marketchanges; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions;and currency, interest rate and commodity price fluctuations.Issuer risks — The values of, and the income generated by, securities held by the funds may also decline in response to various factors directlyrelated to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance and strategicinitiatives such as mergers, acquisitions or dispositions and the market response to any such initiative.Investing in municipal securities — The yield and/or value of the fund’s investments in municipal securities may be adversely affected by eventstied to the municipal securities markets, which can be very volatile and significantly impacted by unfavorable legislative or political developmentsand negative changes in the financial conditions of municipal securities issuers and the economy. To the extent the fund invests in obligations of amunicipal issuer, the volatility, credit quality and performance of the fund may be adversely impacted by local political and economic conditions ofthe issuer. For example, a credit rating downgrade, bond default or bankruptcy involving an issuer within a particular state or territory could affectthe market values and marketability of many or all municipal obligations of that state or territory. Income from municipal securities held by the fundcould also be declared taxable because of changes in tax laws or interpretations by taxing authorities or as a result of noncompliant conduct of amunicipal issuer. Additionally, the relative amount of publicly available information about municipal securities is generally less than that for corporatesecurities.Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by the funds may be affectedby changing interest rates and by changes in the effective maturities and credit ratings of these securities.Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Falling interest rates may cause an issuer to redeem,call or refinance a debt security before its stated maturity, which may result in a fund having to reinvest the proceeds in lower yielding securities.Longer maturity debt securities generally have higher rates of interest and may be subject to greater price fluctuations than shorter maturity debtsecurities.58 American Funds Tax-Exempt Funds

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or anissuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Lower quality debt securitiesgenerally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, inpart, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing themand are not guarantees as to credit quality or an evaluation of market risk. The funds’ investment adviser relies on its own credit analysts toresearch issuers and issues in seeking to mitigate various credit and default risks.Thinly traded securities — There may be little trading in the secondary market for particular bonds or other debt securities, which may make themmore difficult to value, acquire or sell.Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features withrespect to securities held by the funds could cause the values of these securities to decline.Investing in lower rated bonds — Certain funds may invest in lower rated bonds and other lower rated debt securities. Lower rated bonds andother lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in theissuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices ofhigher quality debt securities and may decline significantly in periods of general economic difficulty.Investing in similar municipal bonds — Investing significantly in municipal obligations of issuers in the same state or backed by revenues ofsimilar types of projects or industries may make the funds more susceptible to certain economic, political or regulatory occurrences. As a result, thepotential for fluctuations in the funds’ share prices may increase.Risks of investing in municipal bonds of issuers within the state of California — Because The Tax-Exempt Fund of California invests primarilyin securities of issuers within the state of California, the fund is more susceptible to factors adversely affecting issuers of California securities than acomparable municipal bond mutual fund that does not concentrate its investments in a single state. For example, in the past, California voters havepassed amendments to the state’s constitution and other measures that limit the taxing and spending authority of California governmental entities,and future voter initiatives may adversely affect California municipal bonds. More detailed information about the risks of investing in Californiamunicipal securities is contained in the fund’s statement of additional information.Risks of investing in municipal bonds of issuers within the state of New York — Because American Funds Tax-Exempt Fund of New Yorkinvests primarily in securities of issuers within the state of New York, the fund is more susceptible to factors adversely affecting issuers of New Yorksecurities than a comparable municipal bond mutual fund that does not concentrate its investments in a single state. For example, such factors mayinclude political policy changes, tax base erosion, state constitutional limits on tax increases, budget deficits and other financial or economicdifficulties, and changes in the credit ratings assigned to New York’s municipal issuers. New York’s economy and finances may be especiallyvulnerable to changes in the performance of the financial services sector, which historically has been volatile. More detailed information about therisks of investing in New York municipal securities is contained in the fund’s statement of additional information.Management — The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are subject to the risk thatthe methods and analyses employed by the investment adviser in this process may not produce the desired results. This could cause the funds tolose value or their investment results to lag relevant benchmarks or other funds with similar objectives.5. Taxation and distributionsFederal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutualfunds and intends to distribute substantially all of its net income and net capital gains each year. The funds are not subject to income taxes to theextent taxable income and net capital gains are distributed. Generally, income earned by each fund is exempt from federal income taxes; however,each fund may earn taxable income from certain investments.As of and during the period ended July 31, 2014, none of the funds had a liability for any unrecognized tax benefits. The funds recognize interestand penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statement of operations. During the period,none of the funds incurred any significant interest or penalties.American Funds Tax-Exempt Funds 59

The funds are not subject to examination by U.S. federal tax authorities or state tax authorities for tax years before the dates shown in the followingtable:U.S. federalStateFund tax authority tax authorityAmerican Funds Short-Term Tax-Exempt Bond Fund 2010 2009Limited Term Tax-Exempt Bond Fund of America 2010 2009The Tax-Exempt Bond Fund of America 2010 2009American High-Income Municipal Bond Fund 2010 2009The Tax-Exempt Fund of California 2010 2009American Funds Tax-Exempt Fund of New York 2010* 2010** The year the fund commenced operations.Distributions — Distributions paid to shareholders are based on each fund’s net investment income and net realized gains determined on a taxbasis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily todifferent treatment for items such as short-term capital gains and losses; capital losses related to sales of certain securities within 30 days ofpurchase; deferred expenses; cost of investments sold; net capital losses; amortization of discounts; and income on certain investments. The fiscalyear in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fundsfor financial reporting purposes. Each fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for taxpurposes.As indicated in the following tables, all of the funds had capital loss carryforwards available at July 31, 2014. These will be used to offset any capitalgains realized by these funds in future years through the expiration dates. Funds with a capital loss carryforward will not make distributions fromcapital gains while a capital loss carryforward remains.Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after July 31, 2011, (August 31,2011, for The Tax-Exempt Bond Fund of America and The Tax-Exempt Fund of California) may be carried forward indefinitely, and their character isretained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses.As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.Additional tax basis disclosures for each fund are as follows (dollars in thousands):AmericanAmericanFunds Limited Term The American The FundsShort-Term Tax-Exempt Tax-Exempt High-Income Tax-Exempt Tax-ExemptTax-Exempt Bond Fund Bond Fund Municipal Fund of Fund ofBond Fund of America of America Bond Fund California New YorkAs of July 31, 2014:Undistributed tax-exempt income $ 93 $ 716 $ 2,547 $ 1,288 $ 736 $ 117Post-October capital lossdeferral* — — (6,530) — (703) —Capital loss carryforward:No expiration (397) (744) — (6,756) — (628)Expiring 2017 — — — (14,384) (3,872) —Expiring 2018 — — (17,090) (69,969) (30,345) —Expiring 2019 — — — (24,408) — —$ (397) $ (744) $ (17,090) $ (115,517) $ (34,217) $ (628)Capital loss carryforwards utilized $ — $ — $ 31,127 $ 5,927 $ 5,444 $ —Reclassification (from) todistributions in excessof/undistributed net investmentincome (to) from accumulatednet realized loss $ (1) $ (34) $ (881) $ 126 $ (21) $ (3)Reclassification (from) todistributions in excessof/undistributed net investmentincome (to) from capital paid inon shares of beneficial interest (1) (19) 13 (166) (87) (6)Gross unrealized appreciation oninvestment securities $ 10,759 $ 154,740 $ 573,613 $ 179,571 $ 97,090 $ 6,487Gross unrealized depreciation oninvestment securities (399) (1,569) (55,616) (54,234) (12,958) (393)Net unrealized appreciation oninvestment securities $ 10,360 $ 153,171 $ 517,997 $ 125,337 $ 84,132 $ 6,094Cost of investment securities $ 792,684 $ 2,912,510 $ 8,746,153 $ 2,883,273 $ 1,423,333 $ 122,972* This deferral is considered incurred in the subsequent year.60 American Funds Tax-Exempt Funds

The tax character of distributions paid or accrued to shareholders of each fund was as follows (dollars in thousands):American Funds Short-Term Tax-Exempt Bond FundYear ended July 31, 2014 Year ended July 31, 2013Distributions Distributions Total Distributions Distributions Totalfrom tax-exempt from long-term distributions from tax-exempt from long-term distributionsShare class income capital gains paid or accrued income capital gains paid or accruedClass A $ 7,558 $ — $ 7,558 $ 7,907 $ 123 $ 8,030Class F-1 198 — 198 208 4 212Class F-2 404 — 404 422 7 429Total $ 8,160 $ — $ 8,160 $ 8,537 $ 134 $ 8,671Limited Term Tax-Exempt Bond Fund of AmericaYear ended July 31, 2014 Year ended July 31, 2013Distributions Distributions Total Distributions Distributions Totalfrom tax-exempt from long-term distributions from tax-exempt from long-term distributionsShare class income capital gains paid or accrued income capital gains paid or accruedClass A $ 64,709 $ — $ 64,709 $ 65,825 $ 492 $ 66,317Class B 46 — 46 79 1 80Class C 767 — 767 1,081 12 1,093Class F-1 2,895 — 2,895 3,150 25 3,175Class F-2 4,223 — 4,223 4,116 31 4,147Class R-6 3,418 — 3,418 3,000 18 3,018Total $ 76,058 $ — $ 76,058 $ 77,251 $ 579 $ 77,830The Tax-Exempt Bond Fund of AmericaYear ended July 31, 2014 Period ended July 31, 2013*Distributions Distributions Total Distributions Distributions Totalfrom tax-exempt from long-term distributions from tax-exempt from long-term distributionsShare class income capital gains paid or accrued income capital gains paid or accruedClass A $ 235,838 $ — $ 235,838 $ 232,946 $ — $ 232,946Class B 437 — 437 609 — 609Class C 9,228 — 9,228 9,871 — 9,871Class F-1 52,597 — 52,597 47,608 — 47,608Class F-2 16,175 — 16,175 9,865 — 9,865Class R-6 4,942 — 4,942 2,807 — 2,807Total $ 319,217 $ — $ 319,217 $ 303,706 $ — $ 303,706Year ended August 31, 2012Distributions Distributions Totalfrom tax-exempt from long-term distributionsShare class income capital gains paid or accruedClass A $ 258,693 $ — $ 258,693Class B 1,043 — 1,043Class C 11,462 — 11,462Class F-1 50,382 — 50,382Class F-2 8,330 — 8,330Class R-6 † 263 — 263Total $ 330,173 $ — $ 330,173See end of distributions tables for footnotes.American Funds Tax-Exempt Funds 61

American High-Income Municipal Bond FundYear ended July 31, 2014 Year ended July 31, 2013Distributions Distributions Total Distributions Distributions Totalfrom tax-exempt from long-term distributions from tax-exempt from long-term distributionsShare class income capital gains paid or accrued income capital gains paid or accruedClass A $ 99,609 $ — $ 99,609 $ 100,902 $ — $ 100,902Class B 283 — 283 450 — 450Class C 5,699 — 5,699 6,057 — 6,057Class F-1 7,824 — 7,824 7,852 — 7,852Class F-2 7,621 — 7,621 5,011 — 5,011Class R-6 3,742 — 3,742 1,513 — 1,513Total $ 124,778 $ — $ 124,778 $ 121,785 $ — $ 121,785The Tax-Exempt Fund of CaliforniaYear ended July 31, 2014 Period ended July 31, 2013*Distributions Distributions Total Distributions Distributions Totalfrom tax-exempt from long-term distributions from tax-exempt from long-term distributionsShare class income capital gains paid or accrued income capital gains paid or accruedClass A $ 45,341 $ — $ 45,341 $ 44,754 $ — $ 44,754Class B 81 — 81 113 — 113Class C 2,261 — 2,261 2,534 — 2,534Class F-1 2,450 — 2,450 2,537 — 2,537Class F-2 3,515 — 3,515 3,049 — 3,049Total $ 53,648 $ — $ 53,648 $ 52,987 $ — $ 52,987Year ended August 31, 2012Distributions Distributions Totalfrom tax-exempt from long-term distributionsShare class income capital gains paid or accruedClass A $ 49,306 $ — $ 49,306Class B 185 — 185Class C 2,959 — 2,959Class F-1 2,963 — 2,963Class F-2 2,299 — 2,299Total $ 57,712 $ — $ 57,712American Funds Tax-Exempt Fund of New YorkYear ended July 31, 2014 Year ended July 31, 2013Distributions Distributions Total Distributions Distributions Totalfrom tax-exempt from long-term distributions from tax-exempt from long-term distributionsShare class income capital gains paid or accrued income capital gains paid or accruedClass A $ 3,002 $ — $ 3,002 $ 3,102 $ — $ 3,102Class B 2 — 2 6 — 6Class C 163 — 163 160 — 160Class F-1 34 — 34 54 — 54Class F-2 470 — 470 415 — 415Total $ 3,671 $ — $ 3,671 $ 3,737 $ — $ 3,737* In 2013, the fund changed its fiscal year-end from August to July.†Class R-6 shares were offered beginning May 11, 2012.6. Fees and transactions with related partiesCRMC, the funds’ investment adviser, is the parent company of American Funds Distributors, ® Inc. (“AFD”), the principal underwriter of the funds’shares, and American Funds Service Company ® (“AFS”), the funds’ transfer agent. CRMC, AFD and AFS are considered related parties to eachfund.62 American Funds Tax-Exempt Funds

Investment advisory services — Each fund has an investment advisory and service agreement with CRMC that provides for monthly fees accrueddaily. These fees are based on annual rates that generally decrease as average net asset levels increase. The agreements also provide for monthlyfees accrued daily based on a series of decreasing rates on each fund’s monthly gross income.The ranges of rates, net asset levels, gross income levels and annualized rates of average net assets for each fund are as follows:RatesNet asset level(in billions)RatesMonthlygross incomeForthe yearBeginning EndingIn excess Beginning EndingIn excessendedFundwith with Up to ofwith withUp toofJuly 31, 2014American Funds Short-Term Tax-Exempt Bond Fund .390% .290% $.20 $ 1.2 None None None None .365%Limited Term Tax-Exempt Bond Fundof America .300 .150 .06 1.0 3.00% 2.50% $3,333,333 $3,333,333 .247The Tax-Exempt Bond Fund ofAmerica .300 .120 .06 10.0 3.00 2.00 3,333,333 8,333,333 .247American High-Income Municipal BondFund .300 .150 .06 3.0 3.00 2.50 3,333,333 3,333,333 .332The Tax-Exempt Fund of California .300 .180 .06 1.0 3.00 2.50 3,333,333 3,333,333 .327American Funds Tax-Exempt Fund ofNew York .300 .180 .06 1.0 3.00 2.50 3,333,333 3,333,333 .365CRMC has agreed to reimburse a portion of the fees and expenses of American Funds Tax-Exempt Fund of New York during its startup period. Thisreimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the fund’s prospectus. For the year ended July 31, 2014,total fees and expenses reimbursed by CRMC were $114,000. Fees and expenses in the statement of operations are presented gross of anyreimbursements from CRMC.Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class ofeach fund. The principal class-specific fees and expenses are further described below:Distribution services — Each fund has plans of distribution for all share classes, except Class F-2 and Class R-6 shares, if applicable. Underthe plans, each fund’s board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sellfund shares and service existing accounts. The plans provide for payments based on an annualized percentage of average daily net assets. Insome cases, the boards of trustees have limited the amounts that may be paid to less than the maximum allowed by the plans. All shareclasses with a plan may use the allotted percentage of average daily net assets to pay service fees, or to compensate AFD for paying servicefees, to firms that have entered into agreements with AFD to provide certain shareholder services. The remaining amounts available to bepaid under each plan are paid to dealers to compensate them for their sales activities.American Funds Short-TermTax-Exempt Bond FundLimited Term Tax-ExemptBond Fund of AmericaThe Tax-Exempt Bond Fundof AmericaCurrentlyCurrentlyCurrentlyShare class approved limits Plan limits approved limits Plan limits approved limits Plan limitsClass A 0.15% 0.15% 0.30% 0.30% 0.25% 0.25%Class B Not applicable Not applicable 1.00 1.00 1.00 1.00Class C Not applicable Not applicable 1.00 1.00 1.00 1.00Class F-1 0.25 0.50 0.25 0.50 0.25 0.50American High-IncomeMunicipal Bond FundThe Tax-Exempt Fundof CaliforniaAmerican Funds Tax-ExemptFund of New YorkCurrentlyCurrentlyCurrentlyShare class approved limitsPlan limits approved limits Plan limits approved limits Plan limitsClass A 0.30% 0.30% 0.25% 0.25% 0.25% 0.30%Class B 1.00 1.00 1.00 1.00 1.00 1.00Class C 1.00 1.00 1.00 1.00 1.00 1.00Class F-1 0.25 0.50 0.25 0.50 0.25 0.50American Funds Tax-Exempt Funds 63

For Class A shares, distribution-related expenses include the reimbursement of dealer and wholesaler commissions paid by AFD for certain sharessold without a sales charge. This share class of each fund reimburses AFD for amounts billed within the prior 15 months but only to the extent thatthe overall annual expense limit is not exceeded. As of July 31, 2014, unreimbursed expenses subject to reimbursement for Class A shares of eachfund were as follows (dollars in thousands):FundClass AAmerican Funds Short-Term Tax-Exempt Bond Fund $ 875Limited Term Tax-Exempt Bond Fund of America —The Tax-Exempt Bond Fund of America 2,802American High-Income Municipal Bond Fund —The Tax-Exempt Fund of California 426American Funds Tax-Exempt Fund of New York —Transfer agent services — Each fund has a shareholder services agreement with AFS under which each fund compensates AFS forproviding transfer agent services to each of the funds’ share classes. These services include recordkeeping, shareholder communications andtransaction processing. In addition, each fund reimburses AFS for amounts paid to third parties for performing transfer agent services onbehalf of its respective fund shareholders.Administrative services — Each fund has an administrative services agreement with CRMC under which each fund compensates CRMC forproviding administrative services to each of the funds’ Class A, C, F and R shares, if applicable. These services include, but are not limited to,coordinating, monitoring, assisting and overseeing third parties that provide services to each fund’s shareholders. Under the agreements,Class A shares of each fund pay an annual fee of 0.01% and Class C, F and R shares of each fund, if applicable, pay an annual fee of 0.05%of their respective average daily net assets.For the year ended July 31, 2014, class-specific expenses under the agreements for each fund were as follows (dollars in thousands):American Funds Short-Term Tax-Exempt Bond FundShare classDistributionservicesTransfer agentservicesAdministrativeservicesClass A $1,098 $192 $73Class F-1 63 31 13Class F-2 Not applicable 39 19Total class-specific expenses $1,161 $262 $105Limited Term Tax-Exempt Bond Fund of AmericaShare classDistributionservicesTransfer agentservicesAdministrativeservicesClass A $7,738 $738 $258Class B 25 1 Not applicableClass C 433 13 22Class F-1 293 134 59Class F-2 Not applicable 174 79Class R-6 Not applicable —* 61Total class-specific expenses $8,489 $1,060 $479The Tax-Exempt Bond Fund of AmericaShare classDistributionservicesTransfer agentservicesAdministrativeservicesClass A $16,611 $2,175 $665Class B 155 6 Not applicableClass C 3,333 115 167Class F-1 3,821 1,788 766Class F-2 Not applicable 456 220Class R-6 Not applicable —* 65Total class-specific expenses $23,920 $4,540 $1,88364 American Funds Tax-Exempt Funds

American High-Income Municipal Bond FundShare classDistributionservicesTransfer agentservicesAdministrativeservicesClass A $5,373 $1,151 $219Class B 74 4 Not applicableClass C 1,517 83 76Class F-1 440 203 88Class F-2 Not applicable 179 81Class R-6 Not applicable —* 39Total class-specific expenses $7,404 $1,620 $503The Tax-Exempt Fund of CaliforniaShare classDistributionservicesTransfer agentservicesAdministrativeservicesClass A $3,061 $282 $122Class B 27 1 Not applicableClass C 773 19 39Class F-1 171 75 34Class F-2 Not applicable 103 46Total class-specific expenses $4,032 $480 $241American Funds Tax-Exempt Fund of New YorkShare classDistributionservicesTransfer agentservicesAdministrativeservicesClass A $158 $35 $10Class B 1 —* Not applicableClass C 75 3 4Class F-1 2 1 1Class F-2 Not applicable 14 7Total class-specific expenses $236 $53 $22*Amount less than one thousand.Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of theircompensation. These deferred amounts, which remain as liabilities of each fund, are treated as if invested in shares of the funds or other AmericanFunds. These amounts represent general, unsecured liabilities of each fund and vary according to the total returns of the selected funds. Trustees’compensation in the funds’ statement of operations includes the current fees (either paid in cash or deferred) and a net increase in the value of thefollowing deferred amounts (dollars in thousands):FundCurrent feesIncrease in value ofdeferred amountsTotal trustees’compensationAmerican Funds Short-Term Tax-Exempt Bond Fund $ 5 $ 5 $ 10Limited Term Tax-Exempt Bond Fund of America 21 24 45The Tax-Exempt Bond Fund of America 67 49 116American High-Income Municipal Bond Fund 20 19 39The Tax-Exempt Fund of California 11 23 34American Funds Tax-Exempt Fund of New York 1 —* 1*Amount less than one thousand.Affiliated officers and trustees — Officers and certain trustees of the funds are or may be considered to be affiliated with CRMC, AFD and AFS.No affiliated officers or trustees received any compensation directly from the funds.American Funds Tax-Exempt Funds 65

7. Capital share transactionsCapital share transactions in the funds were as follows (dollars and shares in thousands):American Funds Short-Term Tax-Exempt Bond FundReinvestments of dividendsSales 1 and distributions Repurchases 1 Net increase (decrease)Share class Amount Shares Amount Shares Amount Shares Amount SharesYear ended July 31, 2014Class A $266,682 26,075 $ 6,625 647 $(240,284) (23,484) $ 33,023 3,238Class F-1 12,729 1,244 198 19 (28,743) (2,807) (15,816) (1,544)Class F-2 47,396 4,630 342 34 (38,654) (3,781) 9,084 883Total net increase(decrease) $326,807 31,949 $ 7,165 700 $(307,681) (30,072) $ 26,291 2,577Year ended July 31, 2013Class A $332,155 32,286 $ 6,918 672 $(236,422) (22,971) $ 102,651 9,987Class F-1 21,838 2,125 211 20 (10,150) (986) 11,899 1,159Class F-2 45,810 4,443 324 32 (23,572) (2,288) 22,562 2,187Total net increase(decrease) $399,803 38,854 $ 7,453 724 $(270,144) (26,245) $ 137,112 13,333Limited Term Tax-Exempt Bond Fund of AmericaReinvestments of dividendsSales 1 and distributions Repurchases 1 Net (decrease) increaseShare class Amount Shares Amount Shares Amount Shares Amount SharesYear ended July 31, 2014Class A $487,274 30,443 $ 59,752 3,729 $(581,043) (36,342) $ (34,017) (2,170)Class B 349 22 44 3 (1,603) (100) (1,210) (75)Class C 9,024 564 733 46 (21,570) (1,348) (11,813) (738)Class F-1 37,856 2,365 2,807 175 (59,138) (3,688) (18,475) (1,148)Class F-2 97,188 6,064 3,351 209 (67,054) (4,197) 33,485 2,076Class R-6 26,715 1,665 3,419 213 (29,920) (1,877) 214 1Total net increase(decrease) $658,406 41,123 $ 70,106 4,375 $(760,328) (47,552) $ (31,816) (2,054)Year ended July 31, 2013Class A $707,744 43,319 $ 61,484 3,769 $(621,149) (38,195) $ 148,079 8,893Class B 738 45 75 4 (3,419) (209) (2,606) (160)Class C 15,073 924 1,011 62 (40,512) (2,484) (24,428) (1,498)Class F-1 57,039 3,490 3,091 190 (66,099) (4,051) (5,969) (371)Class F-2 67,131 4,101 3,098 190 (80,177) (4,915) (9,948) (624)Class R-6 126,421 7,718 3,016 185 (37,302) (2,299) 92,135 5,604Total net increase(decrease) $974,146 59,597 $ 71,775 4,400 $(848,658) (52,153) $ 197,263 11,84466 American Funds Tax-Exempt Funds

The Tax-Exempt Bond Fund of AmericaSales 1 Reinvestments of dividends Repurchases 1 Net (decrease) increaseShare class Amount Shares Amount Shares Amount Shares Amount SharesYear ended July 31, 2014Class A $ 675,556 53,456 $ 213,622 16,921 $(1,341,982) (107,292) $ (452,804) (36,915)Class B 650 52 418 33 (8,667) (691) (7,599) (606)Class C 39,872 3,153 8,663 687 (110,759) (8,853) (62,224) (5,013)Class F-1 527,089 41,931 51,868 4,115 (905,891) (71,801) (326,934) (25,755)Class F-2 442,389 34,817 13,572 1,071 (136,652) (10,912) 319,309 24,976Class R-6 55,842 4,409 4,942 391 (15,362) (1,236) 45,422 3,564Total net increase(decrease) $1,741,398 137,818 $ 293,085 23,218 $(2,519,313) (200,785) $ (484,830) (39,749)Period ended July 31, 2013 2Class A $1,131,755 86,059 $ 211,228 16,170 $(1,429,360) (110,055) $ (86,377) (7,826)Class B 1,532 117 579 44 (11,683) (894) (9,572) (733)Class C 89,902 6,840 9,169 702 (123,504) (9,497) (24,433) (1,955)Class F-1 559,486 42,780 47,063 3,606 (388,334) (29,698) 218,215 16,688Class F-2 200,255 15,202 7,871 603 (101,698) (7,795) 106,428 8,010Class R-6 95,101 7,236 2,806 215 (18,398) (1,417) 79,509 6,034Total net increase(decrease) $2,078,031 158,234 $ 278,716 21,340 $(2,072,977) (159,356) $ 283,770 20,218Year ended August 31, 2012Class A $1,110,952 87,424 $ 230,874 18,149 $ (903,292) (71,308) $ 438,534 34,265Class B 3,157 248 965 76 (16,810) (1,328) (12,688) (1,004)Class C 97,430 7,659 10,365 815 (82,627) (6,515) 25,168 1,959Class F-1 415,779 32,717 49,821 3,915 (386,444) (30,571) 79,156 6,061Class F-2 77,435 6,086 6,382 502 (54,378) (4,280) 29,439 2,308Class R-6 3 43,416 3,346 265 20 (2,593) (198) 41,088 3,168Total net increase(decrease) $1,748,169 137,480 $ 298,672 23,477 $(1,446,144) (114,200) $ 600,697 46,757American High-Income Municipal Bond FundSales 1 Reinvestments of dividends Repurchases 1 Net increase (decrease)Share class Amount Shares Amount Shares Amount Shares Amount SharesYear ended July 31, 2014Class A $438,553 29,734 $ 92,218 6,274 $(526,377) (36,264) $ 4,394 (256)Class B 548 37 263 18 (4,620) (318) (3,809) (263)Class C 40,695 2,756 5,263 358 (53,623) (3,683) (7,665) (569)Class F-1 80,187 5,464 7,646 520 (91,186) (6,184) (3,353) (200)Class F-2 195,919 13,224 6,484 439 (114,860) (7,734) 87,543 5,929Class R-6 43,501 2,949 3,742 253 (1,706) (119) 45,537 3,083Total net increase(decrease) $799,403 54,164 $ 115,616 7,862 $(792,372) (54,302) $ 122,647 7,724Year ended July 31, 2013Class A $618,787 40,219 $ 92,473 6,043 $(642,382) (42,211) $ 68,878 4,051Class B 1,288 84 418 28 (7,512) (491) (5,806) (379)Class C 52,691 3,422 5,564 364 (59,620) (3,918) (1,365) (132)Class F-1 64,636 4,209 7,685 502 (83,288) (5,444) (10,967) (733)Class F-2 77,180 5,011 4,334 283 (34,989) (2,296) 46,525 2,998Class R-6 52,876 3,445 1,513 99 (6,177) (406) 48,212 3,138Total net increase(decrease) $867,458 56,390 $ 111,987 7,319 $(833,968) (54,766) $ 145,477 8,943See end of capital share transactions tables for footnotes.American Funds Tax-Exempt Funds 67

The Tax-Exempt Fund of CaliforniaSales 1 Reinvestments of dividends Repurchases 1 Net (decrease) increaseShare class Amount Shares Amount Shares Amount Shares Amount SharesYear ended July 31, 2014Class A $135,776 7,971 $ 39,000 2,290 $(216,325) (12,820) $ (41,549) (2,559)Class B 16 1 77 4 (1,265) (75) (1,172) (70)Class C 8,353 488 2,086 123 (24,821) (1,472) (14,382) (861)Class F-1 13,404 790 2,324 137 (28,125) (1,657) (12,397) (730)Class F-2 39,559 2,309 2,868 168 (27,845) (1,652) 14,582 825Total net increase(decrease) $197,108 11,559 $ 46,355 2,722 $(298,381) (17,676) $ (54,918) (3,395)Period ended July 31, 2013 2Class A $193,455 10,951 $ 38,106 2,170 $(252,947) (14,437) $ (21,386) (1,316)Class B 152 9 107 6 (1,770) (100) (1,511) (85)Class C 13,276 752 2,279 130 (25,286) (1,445) (9,731) (563)Class F-1 21,002 1,190 2,406 137 (27,933) (1,583) (4,525) (256)Class F-2 41,142 2,325 2,545 145 (21,766) (1,234) 21,921 1,236Total net increase(decrease) $269,027 15,227 $ 45,443 2,588 $(329,702) (18,799) $ (15,232) (984)Year ended August 31, 2012Class A $182,575 10,756 $ 41,258 2,425 $(198,977) (11,739) $ 24,856 1,442Class B 671 40 172 10 (3,225) (191) (2,382) (141)Class C 18,778 1,108 2,526 149 (18,309) (1,080) 2,995 177Class F-1 18,220 1,071 2,836 166 (26,762) (1,588) (5,706) (351)Class F-2 36,372 2,135 1,813 106 (9,247) (544) 28,938 1,697Total net increase(decrease) $256,616 15,110 $ 48,605 2,856 $(256,520) (15,142) $ 48,701 2,824American Funds Tax-Exempt Fund of New YorkSales 1 Reinvestments of dividends Repurchases 1 Net (decrease) increaseShare class Amount Shares Amount Shares Amount Shares Amount SharesYear ended July 31, 2014Class A $ 20,842 2,022 $ 1,772 172 $(24,070) (2,345) $ (1,456) (151)Class B 13 2 2 — 4 (138) (14) (123) (12)Class C 2,012 196 153 15 (2,385) (233) (220) (22)Class F-1 263 26 15 1 (614) (60) (336) (33)Class F-2 6,340 614 406 39 (5,722) (554) 1,024 99Total net increase(decrease) $ 29,470 2,860 $ 2,348 227 $(32,929) (3,206) $ (1,111) (119)Year ended July 31, 2013Class A $ 28,904 2,656 $ 1,752 163 $(30,561) (2,824) $ 95 (5)Class B 132 12 5 — 4 (220) (20) (83) (8)Class C 3,039 279 152 13 (1,779) (166) 1,412 126Class F-1 686 63 38 4 (1,649) (153) (925) (86)Class F-2 3,639 333 389 36 (1,693) (157) 2,335 212Total net increase(decrease) $ 36,400 3,343 $ 2,336 216 $(35,902) (3,320) $ 2,834 2391 Includes exchanges between share classes of the fund.2 In 2013, the fund changed its fiscal year-end from August to July.3 Class R-6 shares were offered beginning May 11, 2012.4 Amount less than one thousand.68 American Funds Tax-Exempt Funds

8. Investment transactionsEach fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, during theyear ended July 31, 2014, as follows (dollars in thousands):Fund Purchases SalesAmerican Funds Short-Term Tax-Exempt Bond Fund $ 199,213 $ 130,298Limited Term Tax-Exempt Bond Fund of America 252,553 304,784The Tax-Exempt Bond Fund of America 828,522 1,539,958American High-Income Municipal Bond Fund 618,593 622,348The Tax-Exempt Fund of California 112,919 212,426American Funds Tax-Exempt Fund of New York 28,192 29,3389. Ownership concentrationAt July 31, 2014, CRMC held aggregate ownership of 31% of the outstanding shares of American Funds Tax-Exempt Fund of New York. Theownership represents the seed money invested in the fund when it began operations on November 1, 2010.American Funds Tax-Exempt Funds 69

Financial highlightsAmerican Funds Short-Term Tax-Exempt Bond FundNet assetvalue,beginningof periodIncome (loss) from investment operations 1Net gains(losses) onsecuritiesNet (both Total frominvestment realized and investmentincome unrealized) operationsDividends(from netinvestmentincome)Dividends and distributionsDistributions(from capitalgains)TotaldividendsanddistributionsNet assetvalue, endof periodTotalreturn 2,3Net assets,end ofperiod(in millions)Ratio ofexpenses toaverage netassets beforereimbursementsRatio ofexpenses toaverage netassets afterreimbursements 3Ratioof netincome toaveragenet assets 3Period endedClass A:7/31/2014 $ 10.21 $ .11 $ .04 $ .15 $ (.11) $ — $ (.11) $ 10.25 1.43% $ 737 .58% .58% 1.04%7/31/2013 10.32 .13 (.11) .02 (.13) — 4 (.13) 10.21 .16 701 .59 .59 1.217/31/2012 10.23 .13 .09 .22 (.13) — (.13) 10.32 2.17 606 .59 .59 1.277/31/2011 10.20 .12 .03 .15 (.12) — (.12) 10.23 1.53 520 .60 .60 1.247/31/2010 10.00 .10 .20 .30 (.10) — (.10) 10.20 3.06 412 .65 .53 1.00Class F-1:7/31/2014 10.21 .08 .04 .12 (.08) — (.08) 10.25 1.19 14 .82 .82 .807/31/2013 10.32 .10 (.11) (.01) (.10) — 4 (.10) 10.21 (.08) 30 .84 .84 .967/31/2012 10.23 .11 .09 .20 (.11) — (.11) 10.32 1.98 18 .78 .78 1.097/31/2011 10.20 .11 .03 .14 (.11) — (.11) 10.23 1.34 14 .79 .79 1.047/31/2010 5,6 10.00 .10 .19 .29 (.09) — (.09) 10.20 2.93 5 .79 7 .64 7 1.06 7Class F-2:7/31/2014 10.21 .11 .04 .15 (.11) — (.11) 10.25 1.47 46 .54 .54 1.077/31/2013 10.32 .13 (.11) .02 (.13) — 4 (.13) 10.21 .19 37 .56 .56 1.237/31/2012 10.23 .14 .09 .23 (.14) — (.14) 10.32 2.24 15 .52 .52 1.337/31/2011 10.20 .13 .03 .16 (.13) — (.13) 10.23 1.58 17 .55 .55 1.287/31/2010 5,8 10.00 .13 .18 .31 (.11) — (.11) 10.20 3.16 8 .51 7 .45 7 1.39 7Year ended July 312014 2013 2012 2011 2010Portfolio turnover rate for all share classes 20% 22% 14% 12% 5%1 Based on average shares outstanding.2 Total returns exclude any applicable sales charges, including contingent deferred sales charges.3 This column reflects the impact, if any, of certain reimbursements from CRMC. During one of the periods shown, CRMC reduced fees forinvestment advisory services. In addition, during some of the periods shown, CRMC agreed to pay a portion of fees and expenses due to lowershort-term interest rates.4 Amount less than $.01.5 Based on operations for the period shown and, accordingly, is not representative of a full year.6 Class F-1 shares were offered beginning August 27, 2009.7 Annualized.8 Class F-2 shares were offered beginning August 12, 2009.See Notes to Financial Statements70 American Funds Tax-Exempt Funds

Limited Term Tax-Exempt Bond Fund of AmericaNet assetvalue,beginningof periodIncome (loss) from investment operations 1Net gains(losses) onsecuritiesNet(both Total frominvestment realized and investmentincome unrealized) operationsDividends(from netinvestmentincome)Dividends and distributionsDistributions(from capitalgains)TotaldividendsanddistributionsNet assetvalue, endof periodTotalreturn 2Net assets,end ofperiod(in millions)Ratio ofexpensesto averagenet assetsRatio ofnet incometo averagenet assetsPeriod endedClass A:7/31/2014 $ 15.94 $ .40 $ .16 $ .56 $ (.40) $ — $ (.40) $ 16.10 3.56% $ 2,615 .60% 2.51%7/31/2013 16.36 .40 (.42) (.02) (.40) — 3 (.40) 15.94 (.13) 2,625 .60 2.457/31/2012 15.85 .44 .51 .95 (.44) — (.44) 16.36 6.06 2,549 .60 2.727/31/2011 15.78 .46 .07 .53 (.46) — (.46) 15.85 3.41 2,232 .60 2.937/31/2010 15.11 .48 .67 1.15 (.48) — (.48) 15.78 7.71 2,316 .61 3.08Class B:7/31/2014 15.94 .29 .16 .45 (.29) — (.29) 16.10 2.85 2 1.29 1.837/31/2013 16.36 .29 (.42) (.13) (.29) — 3 (.29) 15.94 (.82) 3 1.29 1.787/31/2012 15.85 .33 .51 .84 (.33) — (.33) 16.36 5.33 6 1.30 2.047/31/2011 15.78 .35 .07 .42 (.35) — (.35) 15.85 2.69 10 1.31 2.247/31/2010 15.11 .37 .67 1.04 (.37) — (.37) 15.78 6.96 21 1.31 2.40Class C:7/31/2014 15.94 .28 .16 .44 (.28) — (.28) 16.10 2.80 38 1.34 1.787/31/2013 16.36 .28 (.42) (.14) (.28) — 3 (.28) 15.94 (.87) 49 1.34 1.727/31/2012 15.85 .32 .51 .83 (.32) — (.32) 16.36 5.27 75 1.34 1.997/31/2011 15.78 .34 .07 .41 (.34) — (.34) 15.85 2.64 69 1.36 2.197/31/2010 15.11 .36 .67 1.03 (.36) — (.36) 15.78 6.91 91 1.36 2.34Class F-1:7/31/2014 15.94 .39 .16 .55 (.39) — (.39) 16.10 3.49 105 .67 2.457/31/2013 16.36 .39 (.42) (.03) (.39) — 3 (.39) 15.94 (.22) 122 .69 2.377/31/2012 15.85 .43 .51 .94 (.43) — (.43) 16.36 6.00 132 .65 2.677/31/2011 15.78 .45 .07 .52 (.45) — (.45) 15.85 3.37 104 .65 2.897/31/2010 15.11 .47 .67 1.14 (.47) — (.47) 15.78 7.68 112 .63 3.06Class F-2:7/31/2014 15.94 .43 .16 .59 (.43) — (.43) 16.10 3.75 183 .42 2.697/31/2013 16.36 .43 (.42) .01 (.43) — 3 (.43) 15.94 .05 148 .42 2.647/31/2012 15.85 .47 .51 .98 (.47) — (.47) 16.36 6.28 162 .38 2.947/31/2011 15.78 .49 .07 .56 (.49) — (.49) 15.85 3.65 132 .38 3.157/31/2010 15.11 .52 .67 1.19 (.52) — (.52) 15.78 7.97 125 .36 3.35Class R-6:7/31/2014 15.94 .45 .16 .61 (.45) — (.45) 16.10 3.86 133 .31 2.807/31/2013 16.36 .45 (.42) .03 (.45) — 3 (.45) 15.94 .16 132 .31 2.727/31/2012 4,5 16.32 .10 .05 .15 (.11) — (.11) 16.36 .90 43 .07 .64Year ended July 312014 2013 2012 2011 2010Portfolio turnover rate for all share classes 9% 13% 9% 14% 13%1 Based on average shares outstanding.2 Total returns exclude any applicable sales charges, including contingent deferred sales charges.3 Amount less than $.01.4 Based on operations for the period shown and, accordingly, is not representative of a full year.5 Class R-6 shares were offered beginning May 11, 2012.See Notes to Financial StatementsAmerican Funds Tax-Exempt Funds 71

Financial highlights (continued)The Tax-Exempt Bond Fund of AmericaNet assetvalue,beginningof periodSee Notes to Financial StatementsIncome (loss) from investment operations 1Net gains(losses) onsecuritiesNet(bothTotal frominvestment realized and investmentincome unrealized) operationsDividends(from netinvestmentincome)Net assetvalue, endof periodTotalreturn 2,3Net assets,end ofperiod(in millions)Ratio ofexpenses toaverage netassets beforewaiversRatio ofexpenses toaverage netassets afterwaivers 3Ratioof netincome toaveragenet assets 3Period endedClass A:7/31/2014 $ 12.44 $ .45 $ .48 $ .93 $ (.45) $ 12.92 7.60% $ 6,772 .56% .56% 3.57%7/31/2013 4,5 13.08 .40 (.64) (.24) (.40) 12.44 (1.93) 6,984 .55 6 .55 6 3.35 68/31/2012 12.26 .47 .82 1.29 (.47) 13.08 10.71 7,445 .55 .55 3.738/31/2011 12.53 .48 (.27) .21 (.48) 12.26 1.85 6,557 .55 .55 4.018/31/2010 11.82 .48 .71 1.19 (.48) 12.53 10.23 7,740 .54 .54 3.928/31/2009 12.03 .50 (.21) .29 (.50) 11.82 2.65 7,130 .56 .56 4.39Class B:7/31/2014 12.44 .35 .48 .83 (.35) 12.92 6.81 13 1.30 1.30 2.847/31/2013 4,5 13.08 .31 (.64) (.33) (.31) 12.44 (2.59) 20 1.30 6 1.30 6 2.61 68/31/2012 12.26 .38 .82 1.20 (.38) 13.08 9.90 30 1.29 1.29 3.018/31/2011 12.53 .39 (.27) .12 (.39) 12.26 1.08 40 1.30 1.30 3.268/31/2010 11.82 .38 .71 1.09 (.38) 12.53 9.41 78 1.30 1.30 3.188/31/2009 12.03 .41 (.21) .20 (.41) 11.82 1.88 107 1.32 1.31 3.65Class C:7/31/2014 12.44 .35 .48 .83 (.35) 12.92 6.75 325 1.35 1.35 2.797/31/2013 4,5 13.08 .31 (.64) (.33) (.31) 12.44 (2.64) 375 1.34 6 1.34 6 2.56 68/31/2012 12.26 .37 .82 1.19 (.37) 13.08 9.85 420 1.34 1.34 2.948/31/2011 12.53 .39 (.27) .12 (.39) 12.26 1.03 370 1.35 1.35 3.218/31/2010 11.82 .38 .71 1.09 (.38) 12.53 9.35 475 1.34 1.34 3.118/31/2009 12.03 .41 (.21) .20 (.41) 11.82 1.83 399 1.36 1.36 3.58Class F-1:7/31/2014 12.44 .43 .48 .91 (.43) 12.92 7.46 1,389 .68 .68 3.467/31/2013 4,5 13.08 .39 (.64) (.25) (.39) 12.44 (2.05) 1,659 .68 6 .68 6 3.21 68/31/2012 12.26 .46 .82 1.28 (.46) 13.08 10.59 1,526 .66 .66 3.628/31/2011 12.53 .47 (.27) .20 (.47) 12.26 1.73 1,356 .66 .66 3.908/31/2010 11.82 .46 .71 1.17 (.46) 12.53 10.12 1,380 .64 .64 3.808/31/2009 12.03 .49 (.21) .28 (.49) 11.82 2.56 976 .65 .64 4.31Class F-2:7/31/2014 12.44 .46 .48 .94 (.46) 12.92 7.74 662 .42 .42 3.707/31/2013 4,5 13.08 .42 (.64) (.22) (.42) 12.44 (1.81) 327 .42 6 .42 6 3.49 68/31/2012 12.26 .49 .82 1.31 (.49) 13.08 10.88 239 .40 .40 3.878/31/2011 12.53 .50 (.27) .23 (.50) 12.26 1.99 196 .41 .41 4.158/31/2010 11.82 .50 .71 1.21 (.50) 12.53 10.41 216 .37 .37 4.098/31/2009 12.03 .51 (.21) .30 (.51) 11.82 2.80 253 .39 .39 4.36Class R-6:7/31/2014 12.44 .48 .48 .96 (.48) 12.92 7.86 165 .31 .31 3.817/31/2013 4,5 13.08 .43 (.64) (.21) (.43) 12.44 (1.71) 115 .31 6 .31 6 3.58 68/31/2012 4,7 12.94 .14 .15 .29 (.15) 13.08 2.25 42 .09 .09 1.15Year endedJuly 31For the period9/1/2012 to Year ended August 312014 7/31/2013 4,5 2012 2011 2010Portfolio turnover rate for all share classes 10% 16% 14% 12% 16%1 Based on average shares outstanding.2 Total returns exclude any applicable sales charges, including contingent deferred sales charges.3 This column reflects the impact, if any, of certain waivers from CRMC. During one of the periods shown, CRMC reduced fees for investmentadvisory services.4 Based on operations for the period shown and, accordingly, is not representative of a full year.5 In 2013, the fund changed its fiscal year-end from August to July.6 Annualized.7 Class R-6 shares were offered beginning May 11, 2012.72 American Funds Tax-Exempt Funds

American High-Income Municipal Bond FundSee Notes to Financial StatementsNet assetvalue,beginningof periodIncome (loss) from investment operations 1Net gains(losses) onsecuritiesNet (both realized Total frominvestment andinvestmentincome unrealized) operationsDividends(from netinvestmentincomeNet assetvalue, endof periodTotalreturn 2Net assets,end ofperiod(in millions)Ratio ofexpensesto averagenet assetsRatio ofnet incometo averagenet assetsPeriod endedClass A:7/31/2014 $ 14.48 $ .68 $ .73 $ 1.41 $ (.67) $ 15.22 9.99% $ 2,357 .68% 4.59%7/31/2013 15.13 .63 (.65) (.02) (.63) 14.48 (.25) 2,246 .69 4.147/31/2012 13.78 .66 1.35 2.01 (.66) 15.13 14.98 2,286 .68 4.647/31/2011 13.97 .67 (.19) .48 (.67) 13.78 3.57 1,849 .64 4.867/31/2010 12.69 .66 1.28 1.94 (.66) 13.97 15.50 2,109 .68 4.82Class B:7/31/2014 14.48 .57 .73 1.30 (.56) 15.22 9.17 6 1.44 3.877/31/2013 15.13 .52 (.65) (.13) (.52) 14.48 (.97) 10 1.42 3.427/31/2012 13.78 .56 1.35 1.91 (.56) 15.13 14.14 16 1.42 3.967/31/2011 13.97 .56 (.19) .37 (.56) 13.78 2.78 21 1.41 4.077/31/2010 12.69 .56 1.28 1.84 (.56) 13.97 14.67 36 1.42 4.11Class C:7/31/2014 14.48 .56 .73 1.29 (.55) 15.22 9.12 161 1.48 3.807/31/2013 15.13 .52 (.65) (.13) (.52) 14.48 (1.02) 161 1.46 3.377/31/2012 13.78 .55 1.35 1.90 (.55) 15.13 14.09 170 1.46 3.867/31/2011 13.97 .56 (.19) .37 (.56) 13.78 2.73 137 1.46 4.037/31/2010 12.69 .55 1.28 1.83 (.55) 13.97 14.60 163 1.46 4.03Class F-1:7/31/2014 14.48 .66 .73 1.39 (.65) 15.22 9.87 178 .79 4.497/31/2013 15.13 .62 (.65) (.03) (.62) 14.48 (.35) 172 .79 4.047/31/2012 13.78 .65 1.35 2.00 (.65) 15.13 14.89 191 .76 4.567/31/2011 13.97 .65 (.19) .46 (.65) 13.78 3.45 146 .76 4.737/31/2010 12.69 .65 1.28 1.93 (.65) 13.97 15.42 181 .75 4.75Class F-2:7/31/2014 14.48 .70 .73 1.43 (.69) 15.22 10.15 223 .53 4.717/31/2013 15.13 .66 (.65) .01 (.66) 14.48 (.09) 126 .52 4.317/31/2012 13.78 .69 1.35 2.04 (.69) 15.13 15.20 87 .49 4.817/31/2011 13.97 .69 (.19) .50 (.69) 13.78 3.74 58 .48 5.037/31/2010 12.69 .68 1.28 1.96 (.68) 13.97 15.72 50 .48 5.00Class R-6:7/31/2014 14.48 .72 .73 1.45 (.71) 15.22 10.27 108 .42 4.827/31/2013 15.13 .68 (.65) .03 (.68) 14.48 .02 58 .40 4.447/31/2012 3,4 14.86 .14 .28 .42 (.15) 15.13 2.85 13 .08 1.00Year ended July 312014 2013 2012 2011 2010Portfolio turnover rate for all share classes 24% 25% 20% 18% 15%1 Based on average shares outstanding.2 Total returns exclude any applicable sales charges, including contingent deferred sales charges.3 Based on operations for the period shown and, accordingly, is not representative of a full year.4 Class R-6 shares were offered beginning May 11, 2012.American Funds Tax-Exempt Funds 73

Financial highlights (continued)The Tax-Exempt Fund of CaliforniaNet assetvalue,beginningof periodSee Notes to Financial StatementsIncome (loss) from investment operations 1Net gains(losses) onsecuritiesNet (both realized Total frominvestment andinvestmentincome unrealized) operationsDividends(from netinvestmentincome)Net assetvalue, endof periodNet assets,end ofperiod(in millions)Ratio ofexpenses toaverage netassets beforewaiversRatio ofexpenses toaverage netassets afterwaivers 3Ratioof netincome toaveragenet assets 3TotalPeriod endedreturn 2,3Class A:7/31/2014 $ 16.72 $ .63 $ .80 $ 1.43 $ (.63) $ 17.52 8.72% $ 1,265 .63% .63% 3.72%7/31/2013 4,5 17.54 .59 (.82) (.23) (.59) 16.72 (1.45) 1,250 .63 6 .63 6 3.64 68/31/2012 16.32 .66 1.22 1.88 (.66) 17.54 11.70 1,334 .63 .63 3.898/31/2011 16.63 .65 (.31) .34 (.65) 16.32 2.24 1,218 .64 .64 4.088/31/2010 15.31 .64 1.32 1.96 (.64) 16.63 13.07 1,442 .62 .62 4.048/31/2009 15.79 .67 (.48) .19 (.67) 15.31 1.49 1,311 .63 .62 4.59Class B:7/31/2014 16.72 .51 .79 1.30 (.50) 17.52 7.93 2 1.38 1.38 3.007/31/2013 4,5 17.54 .47 (.82) (.35) (.47) 16.72 (2.12) 3 1.37 6 1.37 6 2.90 68/31/2012 16.32 .53 1.22 1.75 (.53) 17.54 10.89 5 1.37 1.37 3.178/31/2011 16.63 .53 (.31) .22 (.53) 16.32 1.48 7 1.39 1.39 3.338/31/2010 15.31 .52 1.32 1.84 (.52) 16.63 12.22 11 1.37 1.37 3.318/31/2009 15.79 .56 (.48) .08 (.56) 15.31 .73 16 1.39 1.37 3.85Class C:7/31/2014 16.72 .50 .80 1.30 (.50) 17.52 7.87 76 1.42 1.42 2.947/31/2013 4,5 17.54 .46 (.82) (.36) (.46) 16.72 (2.16) 87 1.42 6 1.42 6 2.85 68/31/2012 16.32 .52 1.22 1.74 (.52) 17.54 10.83 101 1.42 1.42 3.108/31/2011 16.63 .52 (.31) .21 (.52) 16.32 1.42 91 1.44 1.44 3.288/31/2010 15.31 .51 1.32 1.83 (.51) 16.63 12.17 116 1.42 1.42 3.248/31/2009 15.79 .55 (.48) .07 (.55) 15.31 .68 105 1.43 1.42 3.79Class F-1:7/31/2014 16.72 .61 .80 1.41 (.61) 17.52 8.59 65 .76 .76 3.607/31/2013 4,5 17.54 .56 (.82) (.26) (.56) 16.72 (1.58) 74 .77 6 .77 6 3.50 68/31/2012 16.32 .64 1.22 1.86 (.64) 17.54 11.59 82 .73 .73 3.798/31/2011 16.63 .64 (.31) .33 (.64) 16.32 2.13 82 .74 .74 3.988/31/2010 15.31 .63 1.32 1.95 (.63) 16.63 12.97 108 .70 .70 3.978/31/2009 15.79 .65 (.48) .17 (.65) 15.31 1.41 113 .71 .70 4.52Class F-2:7/31/2014 16.72 .65 .80 1.45 (.65) 17.52 8.85 110 .51 .51 3.847/31/2013 4,5 17.54 .60 (.82) (.22) (.60) 16.72 (1.35) 91 .51 6 .51 6 3.77 68/31/2012 16.32 .68 1.22 1.90 (.68) 17.54 11.87 74 .48 .48 4.028/31/2011 16.63 .67 (.31) .36 (.67) 16.32 2.38 41 .50 .50 4.228/31/2010 15.31 .67 1.32 1.99 (.67) 16.63 13.27 46 .43 .43 4.278/31/2009 15.79 .69 (.48) .21 (.69) 15.31 1.67 99 .45 .45 4.61Year endedJuly 31For the period9/1/2012 to Year ended August 312014 7/31/2013 4,5 2012 2011 2010 2009Portfolio turnover rate for all share classes 8% 12% 15% 10% 18% 17%1 Based on average shares outstanding.2 Total returns exclude any applicable sales charges, including contingent deferred sales charges.3 This column reflects the impact, if any, of certain waivers from CRMC. During one of the periods shown, CRMC reduced fees for investmentadvisory services.4 Based on operations for the period shown and, accordingly, is not representative of a full year.5 In 2013, the fund changed its fiscal year-end from August to July.6 Annualized.74 American Funds Tax-Exempt Funds

American Funds Tax-Exempt Fund of New YorkNet assetvalue,beginningof periodSee Notes to Financial StatementsIncome (loss) from investment operations 1Net gains(losses) onsecuritiesNet(bothTotal frominvestment realized and investmentincome unrealized) operationsDividends(from netinvestmentincome)Net assetvalue, endof periodNet assets,end ofperiod(in thousands)Ratio ofexpenses toaverage netassets beforereimbursementsRatio ofexpenses toaverage netassets afterreimbursements 3Ratioof netincome toaveragenet assets 3TotalPeriod endedreturn 2,3Class A:7/31/2014 $ 10.21 $ .31 $ .37 $ .68 $ (.31) $ 10.58 6.83 % $ 101,874 .73% .63% 3.07%7/31/2013 10.85 .31 (.64) (.33) (.31) 10.21 (3.16) 99,811 .66 .59 2.887/31/2012 9.98 .32 .87 1.19 (.32) 10.85 12.11 106,145 .76 .63 3.067/31/2011 4,5 10.00 .21 (.03) .18 (.20) 9.98 1.83 62,229 .97 6 .67 6 2.82 6Class B:7/31/2014 10.21 .23 .37 .60 (.23) 10.58 5.98 51 1.51 1.44 2.297/31/2013 10.85 .22 (.64) (.42) (.22) 10.21 (4.00) 174 1.53 1.46 1.997/31/2012 9.98 .23 .87 1.10 (.23) 10.85 11.18 271 1.59 1.45 2.247/31/2011 4,5 10.00 .15 (.03) .12 (.14) 9.98 1.24 120 1.76 6 1.48 6 2.21 6Class C:7/31/2014 10.21 .22 .37 .59 (.22) 10.58 5.89 7,809 1.60 1.51 2.197/31/2013 10.85 .21 (.64) (.43) (.21) 10.21 (4.04) 7,763 1.58 1.50 1.967/31/2012 9.98 .23 .87 1.10 (.23) 10.85 11.12 6,875 1.62 1.50 2.177/31/2011 4,5 10.00 .15 (.03) .12 (.14) 9.98 1.26 2,103 1.75 6 1.55 6 2.27 6Class F-1:7/31/2014 10.21 .31 .37 .68 (.31) 10.58 6.77 1,072 .77 .68 3.037/31/2013 10.85 .29 (.64) (.35) (.29) 10.21 (3.36) 1,372 .86 .79 2.677/31/2012 9.98 .31 .87 1.18 (.31) 10.85 11.95 2,392 .86 .74 2.947/31/2011 4,5 10.00 .20 (.03) .17 (.19) 9.98 1.76 872 1.03 6 .78 6 2.71 6Class F-2:7/31/2014 10.21 .32 .37 .69 (.32) 10.58 6.89 15,959 .66 .57 3.137/31/2013 10.85 .31 (.64) (.33) (.31) 10.21 (3.14) 14,378 .64 .57 2.907/31/2012 9.98 .33 .87 1.20 (.33) 10.85 12.21 12,983 .63 .53 3.137/31/2011 4,5 10.00 .22 (.03) .19 (.21) 9.98 1.92 3,162 .70 6 .55 6 3.08 6For the periodYear ended July 3111/1/2010 to2014 2013 2012 7/31/2011 4,5Portfolio turnover rate for all share classes 25% 23% 15% 16%1 Based on average shares outstanding.2 Total returns exclude any applicable sales charges, including contingent deferred sales charges.3 This column reflects the impact, if any, of certain reimbursements from CRMC. During the periods shown, CRMC reimbursed other fees andexpenses.4 Based on operations for the period shown and, accordingly, is not representative of a full year.5 For the period November 1, 2010, commencement of operations, through July 31, 2011.6 Annualized.American Funds Tax-Exempt Funds 75

Report of Independent Registered Public Accounting FirmTo the Board of Trustees and Shareholders of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund ofAmerica, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and AmericanFunds Tax-Exempt Fund of New YorkIn our opinion, the accompanying statements of assets and liabilities, including the summary investment portfolios (investment portfolio for AmericanFunds Tax-Exempt Fund of New York), and the related statements of operations and of changes in net assets and the financial highlights presentfairly, in all material respects, the financial position of American Funds Short-Term Tax-Exempt Bond Fund, Limited Term Tax-Exempt Bond Fund ofAmerica, The Tax-Exempt Bond Fund of America, American High-Income Municipal Bond Fund, The Tax-Exempt Fund of California and AmericanFunds Tax-Exempt Fund of New York (the “Funds”) at July 31, 2014, the results of each of their operations for the year then ended, the changes ineach of their net assets and the financial highlights for each of the periods presented (other than as noted below for The Tax-Exempt Fund ofCalifornia), in conformity with accounting principles generally accepted in the United States of America. These financial statements and financialhighlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express anopinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standardsof the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimatesmade by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation ofsecurities at July 31, 2014 by correspondence with the custodians and brokers, provide a reasonable basis for our opinion. The financial statementsof The Tax-Exempt Fund of California as of July 31, 2013, and for the fiscal years ended through July 31, 2013 as appearing herein, were auditedby other auditors whose report dated September 9, 2013, expressed an unqualified opinion on those statements.PricewaterhouseCoopers LLPLos Angeles, CaliforniaSeptember 9, 2014

Statement of Additional Information - The Tax ... - American Funds

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